First Read

MarketsWiki Education World of Opportunity Lineup Expanded
By JLN Staff

MarketsWiki Education’s World of Opportunity keeps getting better. We are pleased to announce additional speakers for Chicago and New York.

We try to assemble a wide variety of speakers from different disciplines and risks. Our most recent additions to the speaker lineup really emphasize that, as we have software, clearing, human resources and artificial intelligence represented.

Rob D’Arco of software company Rival Systems will be joining the Chicago lineup, as will Tracy Raben, OCC‘s SVP and Chief Human Resources Officer.

Also, we are pleased to announce Neurensic CEO David Widerhorn will be presenting in Chicago. Glenstar Properties managing director Christian Domin will also be a Chicago speaker, giving us a perspective on real estate risk as it relates to trading and trading groups.

Also, LME has agreed to sponsor the social event after the series in London.

This week we announced the dates and speakers for the U.S. leg of this year’s education series. Read this week’s submissions, including the the rollout announcement and yesterday’s commentary by John Lothian, MarketsWiki Education Is More Than Paying It Forward. Register by clicking HERE or by clicking the graphic below. (Yes; it’s the same registration portal for both Chicago and New York).
MWE Chicago 2016


Meet Wall Street’s New A.I. Sheriffs; The Chicago-based Neurensic uses artificial intelligence to make sure futures traders remain in compliance.
Inc.’s 11th annual 30 Under 30 list features the young founders taking on some of the world’s biggest challenges. Here, meet Neurensic.
In 2013, a high-frequency trader named Michael Coscia was arrested in New Jersey for an activity called “spoofing”–essentially manipulating the market by flooding trading systems with future orders he had no intention of completing. He was fined $6 million–with the possibility of jail time. It was the first such prosecution under a new set of financial regulations from the 2010 banking reform law called the Dodd-Frank Act.

****** How about 60 under 60 and still moving? John Lothian Productions shot the video of David that goes with it.


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Why Dow Index Futures Are As Important As Ever
By Richard Co – CME Group Open Markets
Exactly 120 years since its debut in 1896, the Dow Jones Industrial Average – or, the Dow – blazed a trail for the entire industry of security market indexing. The idea that the dynamics of the securities market can be summarized by a single mathematical quantity have withstood the test of time; in the same span of time, countless natural, political and economic events have transpired, and the complexity of the financial market has grown tremendously. Yet, the Dow jones Industrial Average remains as strong as ever.

***** The Dow Index moves pretty well for being 120 years old.


NFA Board Update—May 2016 Meeting
NFA President and CEO Dan Roth discusses highlights and other notable information from NFA’s May Board meeting, including the Fiscal Year 2017 budget approval, margin requirements for uncleared swaps, and his plan to retire in the coming year

****** Is that a Timothy Massad baseball player bobblehead in the background?


Sebi launches prosecution in 565 ponzi cases, 1,000 others
Business Standard
Markets regulator Securities and Exchange Board of India (Sebi) has launched as many as 565 prosecution cases against those collecting public money through illegal investment schemes and over 1,000 other cases for violation of securities norms.

****** With a hat tip to Bart Chilton, this is “PONZIMONIUM!!!”


One Percenters, Beware: Feds Are Now Infiltrating Wall Street Parties to Score Inside Tips; Someone buy the movie rights.
To most, a four-day bond conference in an over-air-conditioned mega-hotel with boozed-up traders talking shop all day is a tough sell. Unless, of course, you’re a regulatory agency looking to get your fingers closer to the pulse of wrongdoings in the industry. All your key players are in one enclosed place, loose-lipped among peers and open bars.

***** I knew Gary Gensler dancing at 1 AM in Boca Raton a several years ago was just a ruse.


Thursday’s Top Three
Yesterday’s top story was a whimsical look at the history of the Dow Jones Industrial Average. I am sure everyone who clicked learned a tidbit or three. I know I did. Second place went to the Business Insider story on Goldman Sachs’ new research on potential savings to the financial markets from blockchain technology. Third prize actually went to a press release, from Nasdaq, detailing the debut of its Nasdaq Financial Network.


Lead Stories

Wall Street Crime: 7 Years, 156 Cases and Few Convictions; Proceedings against individual bank employees are rare, and authorities have had difficulty winning cases
Gary Heinz is little known on Wall Street, but he belongs to a select club. In 2013, the former UBS Group AG employee was sent to prison on charges of rigging bids tied to the municipal-bond market. Now, he sits at a halfway house in San Antonio, awaiting his release in July. It rarely happens that way.

End in Sight: Long-Delayed Commodity Trading Limits Move Toward Completion; CFTC outlines plan to exempt certain swaps and futures trades from forthcoming speculation curbs
One of the most-debated, long-delayed rules to curb bets on oil, gold and other commodities advanced toward completion Thursday.

CME’s Duffy slams transaction tax plan
Futures & Options World
CME Group executive chairman and president Terry Duffy has appeared before the Illinois House Revenue and Finance Committee to argue against a tax on financial transactions. The Financial Transaction Tax Act, called HB0106 and proposed by Democratic member of the Illinois House of Representatives Mary Flowers early last year, would impose a tax on engaging in a financial transaction on the Chicago Stock Exchange, the Chicago Mercantile Exchange (CME), the Chicago Board of Trade and the Chicago Board Options Exchange.

***DA: Read Duffy’s remarks in the press release HERE. Spoiler alert: he does not much care for it.

Currency conduct code wants raucous traders to clean up their language
Philip Stafford – FT
Raucous currency traders will have to follow much stricter rules when describing market conditions under a new code of conduct designed to restore public confidence in a foreign exchange market hit by scandal.

Instinet Europe Names Richard Parsons CEO
Press Release
Instinet Incorporated (Instinet) today announced that Richard Parsons will become CEO of Instinet Europe Limited (Instinet Europe), subject to regulatory approval.

The New Oil Traders: Moms and Millennials; Rebound in crude prices draws investors to exchange-traded products; ‘the swings are gigantic lately’
When Erika Cajic woke before dawn one morning in early May and read that wildfires were breaking out in an oil-producing region of Alberta, she sat down on the family room couch with a cup of hot chocolate and her laptop and bought shares of an investment linked to crude.

Citigroup’s Humpty Dumpty Libor Submissions; Citi’s Libor team manipulated Libor in response to allegations that Libor was manipulated.
“When I use a word,” Humpty Dumpty once scornfully told a young visitor to Wonderland named Alice, “it means just what I choose it to mean — neither more nor less.”

WSJ Analysis Shows Very Few Bankers Have Been Held Accountable For Financial Crisis
Wayne Duggan – Benzinga Staff Writer
A new Wall Street Journal report by Jean Eaglesham reveals just how rarely individual bank employees are convicted of crimes.

The Real Threat to Currency Traders
By Lionel Laurent – Bloomberg
Today’s the day when regulators give the financial world a glimpse of how they reckon traders in the $5.3 trillion-a-day foreign-exchange market should behave.

First phase of a global code of conduct for currency markets published
f the Global Code of Conduct for the Foreign Exchange Market and principles for adherence to the new standards were released today in New York by the Foreign Exchange Working Group (FXWG).

FX code proposes limits to sharing trade information
Traders in the foreign exchange market will be banned from talking about any specifics on trades but allowed to disclose general “market colour” under proposals to improve conduct in the industry.

Global FX code may help volumes rise again: CLS chief
The $5 trillion a day market in foreign exchange may be free to grow again after a static three years hampered by doubts over regulation and what traders can and cannot say to each other, the head of global settlement bank CLS said on Thursday.

Gross Trying to Short Credit to Reverse Decades of Instinct
John Gittelsohn – Bloomberg

Gross expects June Fed rate hike and gradual increases later; Janus fund has returned 1.7% since Gross took over in 2014
Bill Gross, who built a career and a $1.9 billion personal fortune as a bond investor, is trying to overcome his reluctance to bet against corporate debt, a position that he said runs contrary to his instincts and training.

Megan Butler handed permanent role at FCA
A Bank of England official who was involved in the Financial Conduct Authority’s controversial decision last year to scrap a review into Britain’s banking culture has been handed a permanent role at the City regulator.

New forex conduct code receives overwhelming support; Code covers ethics, governance, information sharing, execution, risk management, confirmation and settlement
Laura Matthews –
A new code of conduct for the foreign exchange market is receiving strong support from participants, who say they are taking the all-inclusive documents seriously and will work to ensure each player in the market understands their responsibilities.

EU regulator warns Brexit is a threat to UK funds; EU passporting rules at risk, with severe consequences for Ucits, according to Esma
by: Chris Flood
A British vote to leave the EU in next month’s referendum would threaten UK asset managers’ ability to sell funds across Europe, according to one of the EU’s most senior financial regulators.


U.S. futures regulator adds hedging exemptions to position limit proposal
The U.S. futures contract market regulator moved closer on Thursday to finishing its rule on limiting positions that traders can hold in commodity markets, which is intended to head off oil and gas hedging abuse, by responding to industry concerns about “bona fide hedges.”

***DA: Read the press release HERE and the commentary by Gary DeWaal, special counsel for Katten Muchin Rosenman HERE

CFTC Grants Registration to 3 Swap Execution Facilities
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has issued Orders of Registration to three Swap Execution Facilities (SEFs), granting them fully registered status with the CFTC.

CFTC Grants Full Registration to Bitcoin Swaps Trading Platform
Stan Higgins – Coindesk
The Commodity Futures Trading Commission (CFTC) has granted formal registration to a trading platform that was an early entrant in the market for bitcoin financial derivatives.

Central clearing, the CFTC and TLAC
Financial crime prosecutions are expensive. Since the financial crisis, justifiable public demands for the conviction of senior executives have been largely unmet, for two interconnected reasons: partly because of cost – enforcement agencies’ budgets have generally not been increased significantly – and partly due to the fact that successful prosecutions depend on proving not only malpractice but malice, which can be very difficult to do without lengthy and costly trawls of emails and documents.

Stewardship Code : 207 institutional investors have signed up to the Principles for Responsible Institutional Investors as of May 27, 2016
FSA – Japan
The Council of Experts Concerning the Japanese Version of the Stewardship Code (Chairman: Professor Hiroyuki Kansaku, The University of Tokyo) published the Principles for Institutional Investors (Japan’s Stewardship Code) in February 27, 2014. The Council requested the FSA to publish and periodically update the list of institutional investors who announced their acceptance of the Code.
(Principles for Responsible Institutional Investors «Japan’s Stewardship Code»- To promote sustainable growth of companies through investment and dialogue – Publication of the final version and invitation to institutional investors to sign up for the Code)

Megan Butler appointed permanent Director of Supervision – Investment, Wholesale and Specialists
The Financial Conduct Authority (FCA) today announced that Megan Butler has been appointed permanently to the role of Director of Supervision – Investment, Wholesale and Specialists (SIWS). Megan had previously been in the role on secondment from the Prudential Regulation Authority (PRA) where she was Executive Director of International Banks Directorate.

Statement of Chairman Timothy Massad on Enhancing Protections for Retail Forex Customers
I support the approval of these National Futures Association rules pertaining to off-exchange retail foreign currency transactions. These rule amendments and new interpretive notice will provide important additional protections for the customers of retail foreign exchange dealers and will require greater risk management on the part of the dealers themselves.

Steven Maijoor ?delivered the keynote address at last night’s Financial News 20th Anniversary Awards event in London.

The European Securities and Markets Authority (ESMA) has today published a Consultation Paper (CP) on draft implementing measures regarding the Benchmarks Regulation (BR).

The European Securities and Markets Authority (ESMA) has today issued two final draft regulatory technical standards (RTS) on indirect clearing under the Markets in Financial Instruments Regulation (MiFIR) and the European Market Infrastructure Regulation (EMIR) respectively. The draft RTS clarify provisions of indirect clearing arrangements for OTC and exchange-traded derivatives and help to ensure consistency and that an appropriate level of protection for indirect clients exists.

U.S. watchdog to review cattle pricing, high-speed trading
A U.S. watchdog agency will launch a review of cattle pricing, including the impact of high-frequency trading on futures, after ranchers complained about a sharp price drop last year.

Innovation and restrictions on insider trading
Ross Levine, Chen Lin, Lai Wei via VOX
Economic theory offers conflicting perspectives on the relationship between insider trading and innovation. To date, the empirical evidence is similarly inconclusive. This column exploits the staggered enforcement of inside trading laws across countries to explore the effect on patenting behaviour. The findings point to a robust positive effect of enforcement on various measures of patenting behaviour. Legal systems that protect outside investors from corporate insiders thus help to foster innovation.

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans

Exchanges & Trading Facilities

ICE-Trayport merger could force rivals out – CMA
Futures & Options World
The UK’s Competition and Markets Authority has detailed the reasons behind its decision to refer the Intercontinental Exchange’s planned acquisition of energy trading firm Trayport for a deeper probe, highlighting concerns ICE could have too much pricing power and squeeze out rivals.

Eurex’s head of Singapore Huitema leaves exchange
Futures & Options World
Eurex has parted ways with its head of Singapore Henk Huitema, marking the latest senior departure from the exchange group. Huitema was a senior vice president and head of office for Eurex Frankfurt’s Singapore branch, and part of the team that handled the German exchange’s strategic partnership with the Bombay Stock Exchange.

Borsa Istanbul receives “Institutional Awareness Award”
Borsa Istanbul
Borsa Istanbul received “Institutional Awareness” award in the Awareness Award Ceremony, organized for the sixth time this year by the Institute of Internal Auditing – Turkey in order to raise awareness in internal auditing. At the award ceremony, Chief Audit Executive Ahmet Yilmaz received the award on behalf of Borsa Istanbul.

Euronext lists Philips Lighting; Philips Lighting joins Euronext in largest IPO Europe year to date in 2016
Philips Lighting (ticker symbol, LIGHT), a global leader in lighting, and Euronext announced today the start of trading of Philips Lighting on the Amsterdam market of Euronext. The listing follows the company’s successful Initial Public Offering (IPO). With a total offering value of EUR 750 million Philips Lighting is the largest IPO in Europe since the start of the year.

Maisons du Monde celebrates successful listing on Euronext; EUR330 million raised (primary and secondary); market capitalisation equivalent to EUR769 million
EnterNext today celebrated the first day of trading for Maisons du Monde, the European leader in home decoration and furniture collections (ticker code : MDM).

US FOODS HOLDING CORP. LISTS IPO ON THE NEW YORK STOCK EXCHANGE; Second U.S. IPO YTD raising over $1 billion in gross proceeds to list on the NYSE; US Foods recreates a live restaurant kitchen at the NYSE and serves up signature bites from five independent restaurant customers
US Foods Holding Corp. (US Foods), a leading foodservice distributor in the United States, began trading today on the New York Stock Exchange (NYSE) under the ticker symbol “USFD,” after its initial public offering. US Foods raised $1.02 billion in gross proceeds and is the second U.S. IPO in 2016 to raise over $1 billion in proceeds, following MGM Growth Properties (NYSE: MGP), which listed in April. GTS is the NYSE Designated Market Maker (DMM) for the company’s shares.

Moscow Exchange to introduce collateral for stress
NCC Clearing Bank, part of Moscow Exchange Group, plans to introduce collateral for stress as an additional layer of its central counterparty (CCP) safeguard structure. This move will facilitate the further development of risk management and clearing systems, and bring the CCP’s operations in line with international best practices. Collateral for stress will be set based on the risk of clearing firms’ positions that are not covered by their individual clearing collateral, or by existing collective funds and NCC dedicated capital.


A Strategist’s Guide to Blockchain
The distributed ledger technology that started with bitcoin is rapidly becoming a crowdsourced system for all types of verification. Could it replace notary publics, manual vote recounts, and the way banks manage transactions?

Dear fintech firms, advertising standards are a thing. Thanks, the FCA
Izabella Kaminska – FT
Earlier this month Transferwise, the FX platform which loves to bash banks while parading women in scantily clad clothing in cold places for the sake of proving they have nothing to hide, got slammed by the UK Advertising Standards Authority for making claims about its service which the company couldn’t necessarily deliver on.

Snapchat Valuation Nears $18 Billion; Messaging startup raised more than $1.8 billion in funding round that included Sequoia, Spark
Snapchat Inc. keeps growing and raising cash, though its valuation hasn’t changed much recently.

Facebook and Microsoft to Build Fiber Optic Cable Across Atlantic; Spain’s Telefónica is also a partner in the cable, one of several Internet infrastructure projects being built by Web companies
Facebook Inc. and Microsoft Corp. have teamed up to build a new fiber optic cable under the Atlantic Ocean, the latest evidence that the biggest U.S. tech companies are seeking more control over the Internet’s plumbing.


Budget Crisis in Illinois Spurs Trading Tax Plan That CME Hates
Brian Louis – Bloomberg
Lawmakers are grappling with budget crisis, as time runs out; Bill would impose tax on transactions at exchanges in Illinois
As Illinois grapples with a budget crisis, lawmakers are floating an old idea in their search for new revenue: a tax on trading on exchanges based in the state, including some of the biggest financial markets in the world.

Hedge Funds & Managed Futures

Corporates hedge Brexit risk with FX forwards
By: Paul Golden – Euromoney
With the spectre of a ‘Leave’ vote predominating in the UK EU referendum hanging heavily over FX markets, corporates are likely to further increase their use of forwards as a hedging option.

Short sellers circle Alibaba amid SEC probe
Alibaba Group Holding Ltd (BABA.N), which disclosed it is under investigation for its accounting practices, has emerged as one of the short-selling community’s favorite targets in the relatively short time it has been in the public market.

Banks & Brokers

The Just Death Of A Swiss Bank
The Swiss financial markets regulator, FINMA, has issued the results of its investigation into the behavior of the Swiss bank BSI. It has found BSI guilty of “serious breaches of the statutory due diligence requirements in relation to money laundering and serious violations of the principles of adequate risk management and appropriate organisation.”

Instinet Europe Chief Steps Down to Eye Financial Startup Scene
John Detrixhe – Bloomberg
Adam Toms had been CEO of European brokerage for four years; Broker was spared from Nomura’s cull of European operations
The chief executive officer of Instinet Inc.’s European arm, a top-ranked equity broker in the region, is leaving to pursue opportunities in the burgeoning financial-technology scene.

BMO Harris employees bracing for job cuts
By STEVE DANIELS – Crain’s Chicago Business
The Canadian parent of BMO Harris Bank plans to cut 4 percent of its workforce, which could affect the jobs of more than 200 area employees if cuts occur proportionately.

Goldman Sachs to Stop Rating Employees With Numbers; The bank’s staffers requested ‘more frequent and constructive feedback’
Goldman Sachs Group Inc. is shaking up performance reviews for its roughly 36,500 workers.

Clearing & Settlement

CME Group Granted Recognised Clearing House Status by the Monetary Authority of Singapore
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced that Chicago Mercantile Exchange Inc. has been formally granted the status of Recognised Clearing House (RCH) by the Monetary Authority of Singapore (MAS) with effect from 18 May 2016.

ESMA issues draft RTS on indirect clearing under MiFIR and EMIR
FTSE Global Markets
The European Securities and Markets Authority (ESMA) has issued two final draft regulatory technical standards (RTS) on indirect clearing under the Markets in Financial Instruments Regulation (MiFIR) and the European Market Infrastructure Regulation (EMIR) respectively. The draft RTS clarify provisions of indirect clearing arrangements for OTC and exchange-traded derivatives and help to ensure consistency and that an appropriate level of protection for indirect clients exists.

Santander says first UK bank to use blockchain for overseas payments
Santander is the first British bank to start using the technology behind virtual currency Bitcoin for recording international payments, and may start rolling out the service to customers next year, the head of innovation at its UK arm said.Blockchain, or distributed ledger technology, creates a shared database in which participants can trace every transaction ever conducted.

Why the death of cash may have been exaggerated
FT Alphaville
despite the general push towards a fully digital and data-traceable monetary universe by those in monetary authority, the CSI study finds it’s unlikely the endeavours will be successful. For one thing the security challenges in going entirely cashless — as recent hacks on the Swift network emphasise — are significant.

Indexes & Products

First iShares ETF on US mortgage-backed securities launched on Xetra; ETF offers first-time access to mortgage-backed bonds denominated in US dollars.
Deutsche Börse Cash Market
A new iShares bond index ETF from BlackRock’s product offering has been tradable on Xetra and Börse Frankfurt since Friday.

Index IDEA: Survey says low vol, value, multi-factor most popular smart beta indexes
FTSE Russell Blog
Global index provider FTSE Russell recently asked 250 of the largest institutional investors across North America, Europe and Asia with more than $2 trillion in invested assets for their opinion on “smart beta” indexes and investment strategies based on them. For purposes of its annual survey, FTSE Russell defines a “smart beta” index as a market index which is not traditionally market cap-weighted, but rather built on other approaches such as alternative weighting, selecting for single factors or combining multiple investment factors.

China to Restrict Trading Halts in Boost to MSCI Inclusion Odds
China’s stock exchanges published rules restricting trading halts in a move that raises the odds of the country’s yuan-denominated stocks being included in MSCI Inc.’s global benchmark indexes. The rules are aimed at curbing arbitrary suspensions in Chinese stocks, known as A shares, the Shanghai and Shenzhen stock exchanges said in separate statements on Friday.

Is Smart Beta Investing Really Smarter?
Bloomberg Gadfly
In the brave new world of next generation, active investment management, smart beta is all the rage. Smart beta relies on five major strategies — or “factors” — to fine tune market returns:
Value – buying cheap companies
Size – buying small companies
Quality – buying highly profitable and stable companies
Momentum – buying the trend
Low Volatility – buying defensive companies
Investments built around each of those factors have historically beaten the market, as the following chart shows:

What You Should Know About Factor ETFs
Factor investing is all the rage today. ETFs have gathered billions of dollars in assets this year, a trend that may just be getting started. USMV’s $5.3 billion haul leads the pack, but other ETFs focused on different factors are also taking in big money from investors. We take a look at some of the most popular factors and see how they’ve been performing.


CFTC Orders Florida Residents Ted L. Romeo, Richard D. Schrutt, and Their Company Cypress Wealth Management Group, Inc. to Pay Restitution and Civil Monetary Penalties Totaling More than $530,000 in Precious Metals Enforcement Action
The CFTC Order requires Respondents jointly to pay restitution of $330,764.29 to their customers and a $100,000 civil monetary penalty. Romeo is ordered to pay an additional $100,000 civil monetary penalty. The Order also requires Respondents to cease and desist from further violations of the Commodity Exchange Act, as charged, and prohibits them from trading on or pursuant to the rules of any registered entity.



China brokerages plan Hong Kong debuts to tap mainland rebound
Nikkei Asian Review
A number of Chinese securities companies have their sights set on dual listings in Hong Kong, which could help turn a return of foreign capital to China’s equities market into sizable gains. As of mid-May, three brokerages already listed in Shanghai — China Merchants Securities, Orient Securities and Everbright Securities — had completed applications to list on the Hong Kong stock exchange, the bourse here said. Everbright could make its debut as soon as June.

One Year After Bubble Burst, China’s Stock Market Has Gone Quiet
Hellenic Shipping News Worldwide
t’s been almost 12 months since China’s equity market embarked on a precipitous decline that would erase $5 trillion of value, and the nation’s stocks have rarely been this subdued.

G7 vows growth efforts as Japan’s Abe warns of global crisis
The Group of Seven industrial powers pledged on Friday to seek strong global growth, while papering over differences on currencies and stimulus policies and expressing concern over North Korea, Russia and maritime disputes involving China. G7 leaders wrapped up a summit in central Japan vowing to use “all policy tools” to boost demand and ease supply constraints.

Beijing picks London for first yuan-bond outside China
hina’s government has launched a renminbi-denominated sovereign bond in LONDON , the first of its kind outside of the world’s second biggest economy, Britain’s Treasury said today.

Frontier Markets

West Africa bourse CEO sees foreign investors increasing after MSCI inclusion
West Africa’s regional stock exchange, BRVM, expects the number of foreign investors active on the bourse to rise to triple digits once it is included in a key frontier market benchmark later in 2016, its chief executive officer said on Thursday. The exchange, with a market capitalisation of about $15 billion, serves the eight countries that form the West African CFA franc currency union and has 39 listed companies.


Art market finds a way to shine above the gloom; Auction houses Phillips, Christie’s and Sotheby’s turnround spring sales
by: Mary Childs in New York
When Christie’s held its “Bound to Fail” auction this month, the title reflected not only the theme of the works of art, but also the current downbeat mood of the market. However, it surpassed the tempered expectations set for it.

Chicago might be good financial pick for college graduates, study shows
Becky Yerak – Chicago Tribune
Chicago is tied for eighth among major U.S. cities ranked as friendliest to college graduates when it comes to suitable job openings, affordable housing, and a good-size population of educated young adults, according to a new survey from Trulia and LinkedIn.

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