First Read

IDX Gala Breaks Record
By John J. Lothian & Jim Kharouf

Last night IDX concluded with a gala dinner event with record attendance that raised over £140,000 for Futures for Kids. It was a beautiful evening in London on a day that saw buckets of rain come down earlier so hard, the ceiling in the lobby of The Brewery started leaking. This was one time you could not blame the central bankers for excessive liquidity.

Speaking of excessive liquidity, FIA Americas Chairman and RJ O’Brien Chairman and CEO Gerry Corcoran paid £1250 for a 3-litre bottle of Belvedere Vodka. He was last seen looking for a 3-litre bottle of tonic.

Bill Herder wore the kilt proudly and passed on the challenge to CME Group’s Kim Taylor, delivering the sporran to the first female member of the previously exclusive no skids club.

No Toblerone was auctioned this year, saving Taylor from having to buy it again, and again.

Bill Templer, chair of Futures for Kids, set the tone for the night’s auctions with a moving video presentation he put together showing the impact of this incredible charity. The breadth of communities the resources helps varied from African children to London kids from the East End. He and the trustees are to be commended for another incredible and successful event and for how they use their power for good.

As the saying goes from the Spiderman movies, “with great power comes great responsibility,” and they embodied this responsibility with class and humility. None showed that more, along with some humor, than David Setters as he was selected (with the help of his wife Helen) to pick the raffle winners from the tumbler of tickets.


Wizards Of Today’s Markets: Don Wilson, DRW, Part 1
Trading Technologies
Like many others, the first book I read upon entering the industry was Jack Schwager’s Market Wizards. It was—and still is—largely considered required reading for anyone looking to enter capital markets, and it’s fair to say that Mr. Schwager’s book had a lasting impact on my understanding of what makes the best traders tick.
This leads me to today’s blog post, which introduces a new Trade Talk series titled, “Wizards of Today’s Markets.” In this series, I sit down with highly accomplished traders to get an understanding of who they are and how they achieved lasting success in an often unforgiving business.

****SR: Look for Part 2 in tomorrow’s Newsletter


Everything’s a Buy as Central Banks Keep on Greasing Markets
Ye Xie, Natasha Doff, Dani Burger – Bloomberg
Risk assets rallying even as global growth outlook worsens; Markets are driven by central bank liquidity, Commerzbank says
Misery is making strange bedfellows in global markets.

****** The central banks have a view.


We’ve Hit Peak Human and an Algorithm Wants Your Job. Now What?; On Wall Street, the still-essential business of banking will go on—but maybe without as many suits.
Hugh Son – Bloomberg
Are the humans of finance an endangered species?

****** Markets are made up of opinions or views. We need humans for their views.


CME Group and CloudMargin Collaborate to Deliver an Integrated Collateral Management Service for Cleared and Non-Cleared Margin
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, and CloudMargin, the award-winning collateral management provider, today announced they have collaborated to offer CME Clearing and CME Clearing Europe customers the first cloud-based software service that integrates and automates the management of collateral in one place. This allows market participants access to a consolidated view across their complete collateral inventory that they can utilize for both cleared and non-cleared derivatives transactions at any given time.

****** I could have used the new CME Group umbrella in London promoting this margin deal.


Fundamentals of Futures and Options/Series 3 Exam Course


Open Access: Loss Leaders and Profiting from “Free”
Doug Ashburn in London, JLN

The most interesting tidbit from this year’s IDX was a seemingly offhand comment made by ICE CEO Jeff Sprecher at the exchange leaders panel. Regarding open access and clearing interoperability, which European regulators are pushing to maximize customer choice in execution and post-trade services, Sprecher said exchanges will be further incentivized to list each other’s products, with execution eventually becoming a loss leader for exchanges.

He said “take the economics out of execution, then make it back elsewhere,” which simply means more fees for data, clearing, connectivity and other add-ons. As a sort of unscientific poll among IDX attendees, I asked a number of professionals what they really thought of the idea. Each anonymous quip is followed by my view.

“You can’t give your product away without lowering the value of your enterprise.” (from a career technologist)

I was rather shocked to hear that comment, as you most certainly can. Google has earned itself a market cap of $506 billion, and many of its products are free to the end user. The trick, of course, is to make money off of “free.” Those that figure out a way to make money off of “free” get to survive. The rest will struggle. The key is to somehow differentiate.

To read the rest of the article, go here


Fintech Is Ending Money Management as We Know It
By Barry Ritholtz – Bloomberg
Financial Technology Partners is a San Francisco-based investment-banking firm focused, appropriately enough, on the financial-technology industry. I managed to get my hands on its new report of how fintech is altering the landscape for money management. The report looks at industry trends, interviews numerous fintech executives and sizes up all of the usual big picture Silicon Valley stuff.

****** People are starting to call FinTech a bubble. I am sure there is a bubble risk management app I can develop.


ASIC warns investors about dealing with GOptions, Porterfinance, Boss Capital, MaxOptions, Bloombex Options, Citrades, RBoptions and OptionsXO
ASIC has issued a public warning about a number of entities which operate websites that offer binary option trading services, but none of them are appropriately licensed or authorised to provide these types of services in Australia.

****** You have to like the creativity of the fraud artists.


Top Three Stories from Wednesday
The most read story yesterday was Buy-side waiting for ‘uberisation’ in futures market. Maybe we need an app for everything. The second most read story was Why I Can’t Stop Laughing at Paul Ryan’s Anti-Poverty Plan. We’d laugh at politics too if we weren’t crying so hard. Rounding out the top three we have Société Générale Is Ordered to Pay Trader Who Almost Ruined It which boggles the mind. I am amazed at how many people get paid well for massive screw-ups.


Lead Stories

IEX’s Pursuit of Market Fairness May Backfire, Bats CEO Says
Annie Massa – Bloomberg
IEX Group Inc. wants to bring greater fairness to the U.S. stock market, but its plan might actually help the traders it’s trying to curb, according to the head of one of the company’s competitors.

Bond Market Frustrations Revealed in Investor Mission Statement
Matthew Leising – Bloomberg
Vanguard, AQR, State Street and Loomis Sayles back plan; Firms discuss the kind of market they want at Boston summit
Leading investors in the $8 trillion U.S. corporate bond market are getting louder in expressing their frustrations.

SEC adopts trade acknowledgment, rules for swaps
The U.S. Securities and Exchange Commission on Wednesday said parties in swaps must now acknowledge their trades electronically within a day, and also promptly verify or dispute the terms of the swap under rules it had adopted.

UBS Will Cut Recruitment of New U.S. Brokers by 40%; UBS to overhaul U.S. brokerage unit, cutting some senior and middle managers
UBS Group AG’s U.S. wealth-management arm is taking a step back from aggressively recruiting brokers, a common practice that is costly for the industry. It is also moving to thin its management ranks, while providing higher pay to selected brokers already with the firm.

Central banks in Catch-22 over currency reserves; Low or negative bond yields pose problems for central banks’ currency reserves
by: Arnab Das – FT
Since the global financial crisis, the crucial controversy in central banking has shifted from foreign exchange reserve purchases, mainly by emerging market (EM) central banks, to large domestic asset purchases by developed market (DM) central banks. This is a natural consequence of crisis management: Zero or negative interest rates, and quantitative and credit easing.

Clearing house technology massively outdated, says ICE Clear Europe head; Clearing houses must update their technology to deal with cleared OTC derivatives, according to Swann.
By Joe Parsons – The Trade
Clearing houses will have to significantly revamp their technology in order to serve an increasingly cleared derivatives world, according to the head of ICE Clear Europe.

Tel Aviv exchange acts to stem flight of investors
By Sara Toth Stub – Financial News
The Tel Aviv Stock Exchange’s new building, opened at the end of 2014 and costing nearly $100 million, was supposed to give the bourse a boost into the modern era. But trading volumes on April 10 dropped to the lowest daily level since 2003 and concern is growing about how to keep the struggling exchange alive and relevant to Israel’s robust high tech-based economy.

Fund managers fear central banks will create next ‘Lehman’ moment
By Sara Sjolin – MarketWatch
Negative interest rates, ultracheap loans and aggressive quantitative easing—central banks are doing everything they can to prevent another financial crisis, but their unconventional measures are instead creating a massive risk to the global economy, top money managers say.

The CFA Exam’s Toughest Question: What’s the Payoff?
Jennifer Surane – Bloomberg
Most job postings mentioning CFA offer less than $100,000; Designation’s value is ‘difficult to quantify,’ Institute says
As financial workers from New Jersey to New Delhi sat this month for one of three grueling stages of the Chartered Financial Analyst exam, one question wasn’t on the test: Is it worth it?

A Bearish George Soros Is Trading Again; Billionaire investor sees opportunities to profit from various economic and political issues afflicting the world
After a long hiatus, George Soros has returned to trading, lured by opportunities to profit from what he sees as coming economic troubles.

Debt traders miss credit default swaps as losses loom; Demise of credit default swaps limits flexibility hedge against exposure to corporate bonds
by: Joe Rennison and Mary Childs in New York – FT
Investors looking for shelter from the next corporate bond market storm have all but lost the ability to buy financial umbrellas: single-name Credit Default Swaps.

BlackRock Trading Chief Questions Wisdom of More Stock Markets
Nick Baker – Bloomberg
Bond market should model itself on stock market: Prager; Firm’s head of trading, liquidity and investments spoke on TV
The U.S. stock market is already spread across dozens of trading venues, so attempts to open more don’t make sense, said Richard Prager, head of trading, liquidity and investments at BlackRock Inc.

Casting in Dark Pools for Corporate Bond Liquidity
Anthony J. Perrotta, Jr. – TABB Group
The new regulatory regime brought about by the financial crisis and operational changes to dealer businesses are fundamentally altering the liquidity equation in the global corporate bond markets. Investors increasingly will need to take a more active role in the liquidity equation, and after years of a ‘wait and see’ approach, an increasing number of asset managers are starting to adopt All-to-All protocols, including dark pools.


Credit Suisse and VTB probed over tuna bond; Swiss and UK regulators examine banks’ role in lending to Mozambique
by: Caroline Binham and Elaine Moore in London – FT
UK and Swiss authorities have launched early-stage inquiries into alleged irregularities around sovereign loans to Mozambique, including a so-called “tuna bond” arranged by Credit Suisse and VTB.

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions; Rules Enhance Efficiency of the Securities-Based Swaps Market
The Securities and Exchange Commission today announced that it has adopted rules that will establish timely and accurate trade acknowledgment and verification requirements for security-based swap (SBS) entities that enter into SBS transactions. The rules are designed to promote the efficient and effective operation of the SBS market.

New York financial watchdog nominee signals business-friendly tack
New York Governor Andrew Cuomo’s pick to become the state’s top financial regulator on Wednesday signaled she would take a more business-friendly approach than her predecessor, who was known for his pursuit of big banks.

Obama vetoes resolution to block new fiduciary rule
By Greg Robb – MarketWatch
President Barack Obama on Wednesday vetoed a Congressional resolution that would have killed the Labor Department’s new rule on retirement advice.

The CFTC Puts a Little Less Rat In It
Streetwise Professor
A couple of weeks ago the CFTC voted to revise its position limits regulation. My verdict: it makes the regulation less bad. Sort of like a strawberry tart, without so much rat in it.

ESMA lacks resources for MiFID II bond rules
The Trade
ESMA lacks the ‘technological resources’ to deal with the influx of data following the implementation of MiFID II, as experts advise buy-side to “arm yourself with knowledge”.

Exchanges & Trading Facilities

Does Nasdaq Shine for Chinese Firms?; CEO Bob Greifeld discusses whether the attraction has faded, and the implications of blockchain
For a long time, for many tech companies, the idea of getting a listing, especially on Nasdaq, was one of their highest goals. In the past few years, though, more companies are choosing to stay private or delay their listings.

London Metal Exchange faces new challenge, this one from its own members: Andy Home
By Andy Home – Reuters
If you want to understand why some members of the London Metal Exchange (LME) are so unhappy with the way things are going that they are considering forming their own metals-trading platform, look no further than the latest exchange notice to members.

ASX Investor Presentation at the Sandler O’Neill Global Exchange and Brokerage Conference

Securities Lending Times: “Clash of the assets” by Gerard Denham
In this article, Eurex Clearing’s Gerard Denham explains why CCPs are able to bring together the demand and supply for collateral management and liquidity.

TOCOM and TFEX Sign Memorandum of Understanding
The Tokyo Commodity Exchange (TOCOM) and Thailand Futures Exchange (TFEX), announced today that they have signed a Memorandum of Understanding (MOU), which will establish a cooperative relationship between the two exchanges. Both parties agreed to exert efforts to develop areas of cooperation and business opportunities which will mutually benefit both exchanges and lead to enhancement of liquidity, efficiency, integrity of the two marketplaces.


Algomi seeks partnership with Neptune; Algomi’s Stu Taylor told Sassan Danesh his firm is interested in working with fixed income initiative Neptune to expand bond trading network.
By Hayley McDowell – The Trade
Algomi’s chief executive officer Stu Taylor expressed interest in working with fixed income initiative Neptune to improve connectivity in bond markets.

NetOTC shelves planned margin platform
The Trade
NetOTC has decided to put on hold the launch of its bilateral margin platform for non-cleared OTC derivatives due to conflicts with regulation. The NetOTC Bilateral platform, designed by its co-founders Neeraj Sharma and Matthew Durkin, is based around a pooling structure whereby individual banks can post initial margin into one central account. However, the regulations for posting collateral for non-cleared derivatives do not allow this as it currently stands.

The fintech world beyond Silicon Valley and Europe: Emerging market contenders
According to a recent study by Accenture, investments in fintech hit $5.3 billion in the first quarter of this year (having grown 75 percent in 2015, exceeding $22 billion). These are staggering figures for a still nascent industry, which can have a monumental impact on all sectors, from lending and investments to savings and payments.

Canada’s RBC eyes Silicon Valley talent at fintech hub
Royal Bank of Canada wants to team up with Silicon Valley’s brightest talent to position itself at the forefront of new financial technologies, Vice President of Innovation Gabriel Woo said in an interview. The bank, Canada’s biggest lender, has launched an “innovation lab” in Silicon Valley, where it will identify and work with local “fintech” start-ups, Woo said on Wednesday. It has already opened similar facilities in Toronto, London, Luxembourg, New York and Orlando, Florida.


Trump, Clinton, Tarullo? Bank Investors Have Lots to Ponder; Possible outcomes for regulation and the Fed are in focus as election moves to new phase
The presidential battle lines are now clearly drawn between Hillary Clinton and Donald Trump. For bank investors, though, the picture remains blurry, and not just because the candidates’ ultimate attitudes toward Wall Street are still tough to fathom.

Trump and global warming: Americans are failing risk management; 40% of Americans don’t understand the risks posed by climate change or a President Donald Trump
Dana Nuccitelli – The Guardian
Currently, about 40% of Americans support Donald Trump in the 2016 presidential election, and about 40% of Americans are not worried about global warming. While short of a majority, this is a substantial fraction of the American public failing to grasp the risks associated with a Donald Trump presidency and potentially catastrophic climate change impacts.

Hedge Funds & Managed Futures

Bad bond data significantly delaying execution; Panel agree immediacy when trading bonds is important, but ‘imperfect’ data hampers traders’ ability to be ‘opportunistic’.
By Hayley McDowell – The Trade
Imperfect bond data and the need to analyse it is significantly reducing a trader’s ability to decide quickly on whether to execute a bond trade, according to buy-siders.

Connectivity issues a major barrier for bonds; Panel at Fixed Income Leaders says budgets do not allow firms to connect to all fixed income platforms, as number available in market rises to 101.
By Hayley McDowell – The Trade
Despite vendors building solutions for bond market connectivity, technology budgets are stopping the buy-side from linking to other firms to trade bonds, a panel has agreed.

Is the 10-year German bund yield about to turn negative?
By Ellie Ismailidou – MarketWatch
Over $10 trillion worth of sovereign bonds across the world sport negative yields—and now the 10-year German government bond looks set to soon join the club.

Negative rates stir bank mutiny; German and Japanese lenders look at sticking cash in vaults or quitting debt sales
by: James Shotter and Claire Jones in Frankfurt and Leo Lewis in Tokyo – FT
Lenders in Europe and Japan are rebelling against their central banks’ negative interest rate policies, with one big German group going so far as to weigh storing excess deposits in vaults.

Neil Woodford eyes new equity fund launch; Fund with global reach under consideration by UK’s star investment manager
by: Aime Williams – FT
Star manager Neil Woodford is planning to launch a second equity fund for retail investors with the scope to invest across global stock markets to hit higher return targets.

Fidelity snubs Jamie Dimon’s ‘code of best practice’ group; Split highlights divisions among asset managers over standards of corporate governance
by: Stephen Foley in New York – FT
Fidelity, the $2.2tn asset manager, has walked out of a Jamie Dimon-led effort to create a code of best practice for US boardrooms, underscoring the divisions among the world’s top investors over corporate governance.

Norway Wealth Fund Commits to U.K. Investments as Brexit Looms
Jonas O Bergman – Bloomberg
The world’s biggest wealth fund is committed to investing in Britain even if the country leaves the European Union after this month’s referendum.

Banks & Brokers

SEC Says Morgan Stanley Complicit in Giant Hack Attack
by Lucinda Shen – Fortune
Over 730,000 customer accounts were compromised.
The financial advisor who took confidential data of 730,000 customer accounts from Morgan Stanley servers was not the only one at fault. So, too, was his employer.

Slower Trading Boosts Broker Competition: Greenwich Associates
J.P. Morgan, Goldman Sachs, Bank of America Merrill Lynch, and Morgan Stanley all tied in US Equities Trading Share, according to research from Greenwich Associates. The market research firm found that these four large brokerages traded shares between 7.8 percent and 8.3 percent with Credit Suisse rounding out the top five.

Citigroup Sees ‘Rebalancing’ of EU Operations With a Brexit Vote
Donal Griffin- Bloomberg
EU single market access key to bank’s British base, memo says; New York-based bank employs about 9,000 people in Britain
Citigroup Inc., the U.S. lender that employs about 9,000 people in Britain, will “rebalance” operations if the U.K. votes to exit the European Union later this month, according to an internal memorandum.

Life lessons from the financier known as ‘Chuck’
In the financial world, most leaders are not instantly recognizable by their first names. Then there is “Chuck,” as in Charles Schwab. Schwab, the 78-year-old founder of his eponymous company, Charles Schwab Corp, basically created a new business category, discount brokerage services for millions of Americans. Now a billionaire many times over – Forbes put his net worth at $6.4 billion as of June 8 – Schwab has stepped away from his chief executive duties but remains chairman and the largest shareholder at Schwab.

Clearing & Settlement

CCP Update: Clash of the Assets
Securities Lending Times
CCPs are able to bring together the demand and supply for collateral management and liquidity.
The financial markets are undergoing major changes. Liquidity and leverage are at the core of the regulatory challenges facing every market participant. The impact on both the sell side and the buy side is evident. Increases in margin and collateral requirements, together with higher capital charges, are forcing banks and market participants to embrace alternative solutions for trading in order to maintain an effective level of cost management—there are higher costs for doing business on a bilateral basis.

Clearing house tech lagging behind, says ICE Clear Europe head
Global Custodian
Clearing houses will have to significantly revamp their technology in order to serve an increasingly cleared derivatives world, according to the head of ICE Clear Europe.
Speaking at the FIA IDX conference in London Paul Swann, CEO of ICE’s European clearing house, said that current systems used by central counterparties (CCPs) will not be able to facilitate increasing volumes of cleared OTC derivatives products.

Traiana goes live with Barclays and UBS on Harmony CCP Connect for…
Traiana, the leading provider of pre-trade risk and post-trade processing solutions, announces today that it has gone live with Barclays and UBS on its Harmony CCP Connect for Equities platform.

ISDA Appoints CCP and FCM to Board of Directors
Press Release
The International Swaps and Derivatives Association, Inc. (ISDA) has today appointed two senior executives from a central counterparty (CCP) and a futures commission merchant (FCM) to its Board of Directors.

Indexes & Products

Traders oust iShares from ETF top spot
Financial News
After topping the flow charts every year since 2012, the world’s biggest ETF manager has been forced to settle for second place so far in 2016.

Euronext announces Quarterly Review Results for the AEX, AMX, AScX
Euronexttoday announced the results of the quarterly review for the AEX, the AMX and the AScX. The changes due to the review will be effective from Monday 20 June 2016.

Euronext Announces Quarterly June 2016 Review Results of the BEL 20®, BEL Mid® and BEL Small
Euronext today announced the results of the quarterly review of the BEL 20®, BEL Mid® and BEL Small®. The changes will be effective from Monday 20 June 2016.

Euronext Announces Quarterly June 2016 Review Results of the PSI 20
Euronext today announced the results of the quarterly review for the PSI 20. The changes due to the review will be effective from Monday, June 20.

New WisdomTree commodity index ETF launched on Xetra; ETF tracks agriculture, energy, precious metals and industrial metals sectors
Deutsche Börse Cash Market:
A new exchange-listed index fund issued by WisdomTree has been tradable on Xetra and Börse Frankfurt since Thursday.


Regulator fines Oppenheimer for selling risky ETFs; US broker sold complex products to vulnerable retail customers
by: Joe Rennison in New York – FT
Oppenheimer & Co has agreed to pay $2.9m in fines and restitution for selling complex exchange traded funds to vulnerable retail customers, including an 89-year-old “conservative customer” with an annual income of $50,000 a year, who lost $51,847.

Morgan Stanley pays $1 mln SEC fine over hacked customer data
Morgan Stanley agreed to pay a $1 million fine to settle U.S. Securities and Exchange Commission charges that security shortfalls enabled a former employee to transfer data regarding roughly 730,000 accounts to his personal server, which was later hacked.

SEC: Morgan Stanley Failed to Safeguard Customer Data
The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney LLC has agreed to pay a $1 million penalty to settle charges related to its failures to protect customer information, some of which was hacked and offered for sale online.

Hedge Fund Manager Arrested For Paying Kickbacks To New York Union Chief
Nathan Vardi, FORBES
Federal prosecutors in Manhattan on Wednesday unsealed a criminal complaint that claimed a hedge fund manager raised $20 million from a New York City correctional officers union through kickbacks.

SEC Bars Corporate VP and Controller for False Accounting
The Securities and Exchange Commission today announced that it has barred a former corporate vice president and suspended a former controller behind false accounting at a New York-based electronics company.

FCA bans two individuals for lack of integrity
The Financial Conduct Authority has banned Mark Kelly and Patrick Gray from working in the financial services industry on the basis that they lack integrity.

SEC: Ethiopia’s Electric Utility Sold Unregistered Bonds in U.S.
The Securities and Exchange Commission today announced that Ethiopia’s electric utility has agreed to pay nearly $6.5 million to settle charges that it violated U.S. securities laws by failing to register bonds it offered and sold to U.S residents of Ethiopian descent.

Environmental & Energy

Fund managers will ‘undoubtedly’ face climate rules
Financial News
Fund managers face the prospect of a wave of new rules that will force them to tot up and publish the carbon emissions of companies they hold within their portfolios, as part of global efforts to combat climate change, regulatory experts at KPMG have warned.

Cargill releases the EWOS sustainability report; Reducing the marine dependence, using more fish trimmings and reducing greenhouse gas emissions are among the sustainability highlights for EWOS in 2015.
Cargill’s EWOS brand continues to make measureable progress in its key sustainability indicators, according to its annual sustainability report issued today. The EWOS sustainability report is an integrated report based on GRI G4 and captures important performance measures on environmental and social indicators.

US says Colorado has 40 times more natural gas than thought
Dan Elliott, Associated Press
Western Colorado has 40 times more natural gas than previously thought, but an immediate boom is unlikely because of low gas prices, government and industry experts said Wednesday.


LCH-JSCC basis to boost XVA acceptance in Japan; Prices now “can’t be explained without reference to XVAs”, says Nomura credit head
Aaron Woolner –
The recent emergence of a basis between yen-denominated interest rate swaps cleared at the Japan Securities Clearing Corporation (JSCC) versus those cleared at LCH may prompt the local market to accept a wider range of derivatives valuation adjustments, according to Nomura’s head of credit trading.

Economic monitor: China’s overbearing strategic dialogue strains
Asia Times
The Chinese and Indian stock markets, both with MSCI index losses through May, looked in vain for positive momentum from top-level bilateral meetings with the US as the annual Strategic and Economic Dialogue (SED) ended in Beijing this week and Indian Prime Minister Modi visited Washington for nuclear and commercial talks. The SED exercise is a decade old and may not be renewed as US presidential candidates vow tougher currency, trade and investment stances. The outgoing Treasury Secretary, Jack Lew, veered from previous exchange rate criticism by calling on mainland counterparts for more financial policy and statistical transparency, and curbs on “damaging and distorting” industrial overcapacity.

Non-bank FX market makers grow in Asia
Curbs on risk-based activities and internalization of client trades are pushing growth in non-bank market making in Asia, but such activity is not without challenges. Research published by East & Partners in December found that leading non-bank providers had made notable market-share and wallet-share gains in the Asian FX market.

Frontier Markets

Goldman Sachs cut staff in Russia in past few months, more cuts expected – sources
U.S. bank Goldman Sachs has cut staff in Russia in the past few months and more cuts are expected by the end of the summer, sources familiar with the layoffs told Reuters.

Delta Avengers reject Nigeria talks, blow up Chevron site
The Niger Delta Avengers militant group on Wednesday rejected an offer of talks with the government to end its attacks on oil facilities and said it had blown up a Chevron pipeline site in the Niger Delta. Attacks by militants on oil and gas pipelines in the southern delta swamps have brought Nigeria’s oil output to a 20-year low and helped push oil prices to 2016 highs.


An important life lesson for anyone working on Wall Street
Portia Crowe – Business Insider
For young people working hard on Wall Street, it’s easy to get caught up in the daily grind and lose sight of what’s important.

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