First Read

Swap Meet: Eris Exchange’s Neal Brady Sees Capital Efficiency Driving Growth of Standardized Swap Contracts

Basel III and other capital rules are coming into into force, making efficient use of capital a global priority. As Eris Exchange’s swap futures contracts continue to set new volume and open interest records, and as ICE begins listing interest rate and credit derivatives based on the Eris methodology, Eris CEO Neal Brady sat down with John Lothian News editor-at-large Doug Ashburn to discuss the emergence of swap futures as an important tool in the new financial order.
Watch the video »

Eric Ryan has left ICE/NYSE and is now an Executive Director, Global Media Relations at AT&T.

***** Nice upward move for a great and talented guy of questionable professional football allegiance. He is a Minnesota Vikings fan. Congratulations to Eric on his career move.


How the Pope Got Religion on Climate Change; Behind the scenes with the Vatican’s silent science machine
by Eric Roston, Bloomberg
Several dozen of the world’s most prominent scientists sprang from their seats and left the Vatican hall where they were holding a conference on the environment in May 2014. They were bound for a meet-and-greet with Pope Francis at the modest Vatican hotel where he lives, the Domus Sanctae Marthae.

***** The politicians who are telling the Pope to be quiet about climate change are dead wrong. We need someone clear of political and financial pressures (as much as seemingly possible) to have a strong moral voice on this important issue. Like markets, the more perspectives the better.


Americans Are Again Getting More Worried About the Climate
David Leonhardt, NY Times
The financial crisis made Americans less worried about climate change. The Democrats’ attempt to pass sweeping climate legislation in 2009 and 2010 probably reduced Americans’ anxiety level as well, as paradoxical as that may sound. But now Americans are getting more worried again. About 69 percent of adults say that global warming is either a “very serious” or “somewhat serious” problem, according to a new Pew Research Center poll, up from 63 percent in 2010. The level of concern has still not returned to that of a decade ago; in 2006, 79 percent of adults called global warming serious.

***** As someone who just experienced his 6th 100-year flood, I can tell you the environment is on my mind.


ICE to Launch Eris Standard Interest Rate Futures on June 29; Introduction will Include Euro and Sterling Rates
Business Wire
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that ICE Futures Europe, the UK’s leading multi-asset class derivatives exchange, intends to launch Eris standard interest rate futures contracts denominated in Euro (EUR) and Pound Sterling (GBP) on Monday June 29, 2015.

***** One could say the timing is perfect.


Canada stock exchange operator TMX turns to cattle sales
TMX Group Ltd, operator of Canada’s main stock exchange, hopes to rope a piece of the $90 billion North America cattle sector, and said on Tuesday that it would offer the continent’s first online sales platform of its kind.

***** They have leased the use of the eHarmony platform to help make matches.


Buy ‘WALL ST’ Vanity License Plates for $12,000; And, OK, you get a 2002 Mercedes-Benz S-Class sedan, too
by Hannah Elliott, Bloomberg
This just in: Do you wear pinstripe suits and wide-collar shirts? Do you frequent models ‘n’ bottles clubs with your fraternity chums/co-workers? Do you have an extra $12,000 to burn?

****** No, I don’t have an extra $12k to burn. If I wanted to burn $12K, I would go long bonds.


Richard Sandor Presents a Proclamation to Mark Ruffalo
Envifi via YouTube
Presentation to Mark Ruffalo by Richard Sandor commending his artistic and environmental contributions.

****** Just a word of advice, Doc, don’t get him mad.


Margie Teller Chairman of Friends For The Cure – Cirque For The Cure this Saturday
As an avid reader of your newsletter, I thought this might interest many of your readers who may remember MGI – Margie Teller from the Back Month Pit in the Eurodollars at the CME. She along with her friends from the industry have been a part of Friends For The Cure raising over $2.4 million, for finding a Cure for Diabetes. Friends for the Cure’s focus is to raise as many research dollars as possible to fund outstanding clinical and bench research happening in our own backyard, and all donations will go directly to funding University of Chicago Kovler Diabetes Center research. The ninth Friends For A Cure Charity Event this year is Cirque For A Cure taking place at the Montgomery Club in Chicago, if people are looking to do something fun this weekend this is definitely the party! But even if they cannot attend and would still like to contribute there is a wonderful Silent Auction with online bidding for many wonderful items, please see attachment. For more information they can go to the Friends For The Cure Website:

Thank you for considering including this in your newsletter, Margie and I would really appreciate it.

Kind regards,

Mary Kissane
Friends For The Cure



MarketsWiki Page of the Day
Eris Exchange

MarketsWiki Recent Updates


Maurice R. Greenberg; Marco Bianchi; Thomas F. Callahan; Michelle M. Comella; Elaine Wyder-Harshman; Jay Feuerstein; Lisa Jones; Jacob Bunge; Joyce Selander; John D. Markese

Companies, Organizations and Groups

American International Group Inc.; Eris Exchange; ICE Futures Europe; Intercontinental Exchange Group Inc.


Swap futures

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Lead Stories

You’ve Been Warned: Central Bankers Turning Less Market-Friendly
by Simon Kennedy, Bloomberg
Some things seem permanent. Greece is fighting for a bailout. A Bush and a Clinton are running for the White House. FIFA is plagued by scandal.
But for those who track the world’s central banks, change is afoot.

ISDA rallies support for derivatives data reporting rethink
by Elliott Holley, Banking Technology
Eleven financial associations have published their support for a new set of derivatives reporting standards developed by ISDA, which is calling for greater cross-border harmonisation of data standards – even if that means some national laws will have to be amended.

Britain Tries to Dodge Its Own Waterloo in Tangled EU Debate
by James G Neuger, Bloomberg
Two hundred years ago on Thursday, German, Dutch, Flemish, Walloon, Irish, Scottish, Welsh and English troops defeated Napoleon at Waterloo and ended France’s bid for European conquest.

‘Flash Crash’ Trader Navinder Sarao Worked With Fund Network Now Under Investigation; British trader accused by U.S. of contributing to 2010 market crash
When British trader Navinder Singh Sarao planned to raise money to launch a new investment fund in 2010, he was put in touch with David Cosgrove, an Irishman who had set up dozens of such funds in offshore tax havens.

Traders Look to Yellen to Reinvigorate U.S. Dollar
by David Goodman, Kevin Buckland, Bloomberg
Investors are looking to Federal Reserve Chair Janet Yellen to breathe life back into the dollar, after the currency’s latest attempt at a comeback fizzled this month.

Europeans Split Over Rules on Paying for Investment Research
by Jim Brunsden, John Detrixhe, Bloomberg
European officials are split on how they’ll overhaul the way asset managers pay for research, 18 months before the change is set to happen.

Swiss prosecutors investigate banking links to Fifa
Malcolm Moore in London, FT
Swiss prosecutors said they have identified 104 “suspicious banking relations” after sifting through nine terabytes of computer data seized from Fifa’s headquarters.

Greenberg’s AIG victory raises stakes in Fannie and Freddie case
Tom Braithwaite in New York and Gina Chon in Washington, FT
Hank Greenberg’s victory against the US government over the terms it extracted for the AIG bailout has cheered shareholders fighting a similar court battle: those in Fannie Mae and Freddie Mac.

Former AIG Chief Greenberg to Appeal Damages Ruling in Bailout Case; Ruling gave moral victory to Greenberg but no damages
A federal judge’s ruling Monday that the government overstepped its authority in demanding an equity stake in bailing out American International Group Inc. scored a moral victory for the company’s former longtime chief executive, Maurice R. “Hank” Greenberg.


LCH. Clearnet sounds alarm over declining use of repo
Joe Rennison and Philip Stafford,
One of the world’s biggest clearing houses has warned it may soon reach the limit of its ability to use the short-term financing market to park its collateral as banks are squeezed by tougher regulations. LCH.Clearnet, the world’s largest interbank swaps clearer, said there may be limits to the amount of customer margins it can send to the repurchase, or repo, market as regulation constrains customers.

EU regulators clash over structured products risk ratings
Dealers say the latest delay in Europe’s implementation of the Priips framework is down to a regulatory spat over whether quantitative or qualitative methodologies should be used to produce the risk indicator that must be included in a product’s key information document

Exclusive: Fed talks with insurers proceed on new capital rules
The U.S. Federal Reserve is considering a proposal for new nationwide insurance capital standards that would rely heavily on the current system of state-based regulations, according to a copy of the plan seen by Reuters and people familiar with the deliberations. The plan, which a group of the largest U.S. insurers discussed with the Fed on May 20, would avoid a fundamental overhaul of how state-based insurance firms are regulated, and be based on accounting methods already in use.

Esma pledges changes to Mifid II after launch
Futures & Options World
Steven Maijoor, chairman of the European Securities and Markets Authority (Esma), has said the regulator is planning to review a number of Mifid II’s more controversial provisions, including the non-equity transparency regime, after the regulation is operational.

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

    • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Update Regulatory Related References (Release No. 34-75173; File No. SR-CBOE-2015-027; June 15, 2015); see also Exhibit 5


    • ICEEU: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Natural Gas Spot Contracts Policies (Release No. 34-75170; File No. SR-ICEEU-2015-011; June 15, 2015)

Call for Input: Terms and definitions for services which are linked to payment accounts and subject to fees
We are required under the EU Payment Accounts Directive (PAD) to develop a list of the key services linked to payment accounts that are subject to a fee in the UK. We are seeking views on the services we propose to include on the list and on our suggested terms and definitions to describe these services.

Call for Input: Regulatory barriers to innovation in digital and mobile solutions
We are seeking your views about specific rules and policies that are restricting innovation or that should be introduced to facilitate innovation in digital and mobile solutions.

Macquarie Investment Management to refund clients after review of system errors
Macquarie Investment Management Limited (Macquarie) is due to refund over $5.5 million to around 2,300 clients affected by system errors. The errors occurred between 2001 and 2014, on a number of products using the Macquarie Wrap Platform. ASIC has been working with Macquarie to resolve this matter in the interest of clients.

Exchanges & Trading Facilities

Canada’s TMX Makes Foray Into Trading Agricultural Commodities
Canada’s main operator of stock and derivatives exchanges is making its first foray into the trading of agricultural commodities, on Tuesday launching a new platform for U.S. and Canadian ranchers to buy and sell cattle electronically.

CME data issue resolved after over two hours
Futures & Options World
CME Group said on Tuesday afternoon that trading had been returned to normal after a two-and-a-half hour issue with its historic data. The exchange giant said in a statement at 16.30 GMT: ” The issue that caused intermittent clearing confirmation delays in processing historical deal information has been resolved. We apologise for any inconvenience this may have caused.”

Euronext, the primary exchange in the Eurozone, today announced the launch of options on the shares of Pershing Square Holdings, Ltd. The new options, that are available for trading on the Amsterdam market as of Friday 26 June, follow the company’s successful IPO on Euronext Amsterdam in October 2014.

June 2015 Final Foreign Currency Settlement Prices – UPDATE
CME Group

Face to face with Renaud Huck
Mr. Huck, how long have you been with Eurex Exchange and what did you do before you joined our company?

Hedge Funds & Managed Futures

Warren Buffett still says derivatives are ‘weapons of mass destruction’
Australian Financial Review
Thirteen years after describing derivatives as “weapons of mass destruction” Warren Buffett has reaffirmed his view that they pose a threat to the global economy and financial markets. In an interview with Chanticleer this week, Buffett said that “at some point they are likely to cause big trouble”.

Hedge-Fund Bet Hits Pensions; Firms moved portfolios away from stock market to reduce risk, but missed out
U.S. companies from Ford Motor Co. to supermarket chain Kroger Co. have boosted their pension plans’ bets on hedge funds, a shift that left many of them on the short end of a stock-market rally.

Waddell Fund’s Sales Leave Investors With Riskier Securities; Holdings of the riskiest junk bonds by the Ivy High Income Fund have grown to 47% of assets
A Waddell & Reed Financial Inc. junk-bond fund has sold some of its safest investments to meet a wave of investors’ redemption requests since last July, leaving fund investors holding a far riskier mix of securities, a Wall Street Journal analysis of data from Morningstar Inc. shows.

Currency Volatility Took $32 Billion Chunk Out of First Quarter Results
Currency volatility’s blow to corporate earnings and revenue is at its highest level in years— amounting to a total cost of at least $31.7 billion for North American and European companies in the first quarter, up from $20.2 billion in the fourth quarter.

Franklin Templeton raises $1.3 bln in retail-friendly hedge fund
A Franklin Templeton hedge fund aimed at retail investors has taken in $1.3 billion since its 2013 launch to become its fastest growing fund launch of any stripe over the last five years, company officials said.

Banks & Brokers

Top US bank executives abandon share sale taboo
Tom Braithwaite, New York, FT
It was called the “blood oath”. The management team of Sandy Weill, an architect of the modern Citigroup and mentor to Jamie Dimon, had to commit not to sell any shares until they left.

RBS IT failure hits 600,000 customers
Nathalie Thomas, FT
Hundreds of thousands of Royal Bank of Scotland customers who were expecting payments to reach their accounts on Wednesday have been caught up in a technology failure at the state-backed lender.

G. H. Financials Becomes Participant of the Hong Kong Futures Exchange & the Hong Kong Clearing Corporation
Business Wire
G. H. Financials (GHF), a leading independent clearing provider of exchange-traded derivatives, has been accepted as a Participant of the Hong Kong Futures Exchange (HKFE) and the Hong Kong Clearing Corporation (HKCC), which are owned by the Hong Kong Exchanges and Clearing Limited (HKEx). Market access to the HKEx will be through Trading Technologies International, Inc. (TT).

Broking market like ‘Wild West’, London Libor trial told
Tom Hayes, a former trader on trial in London for alleged interest rate rigging, described the broking market he worked in as the “Wild West” with no rules and where relationships relied on lavish entertainment, a court heard on Tuesday.

Trax calls for standard 15 minute trade confirmations
The Trade News
Market participants should move towards confirming trades within 15 minutes of execution to better manage their costs and risks, according to a whitepaper from post-trade services provider Trax.

JPMorgan wins dismissal of shareholder lawsuit over London Whale
JPMorgan Chase & Co (JPM.N) officials including Chief Executive Officer Jamie Dimon do not have to face a shareholder lawsuit claiming they failed to properly investigate the “London Whale” trading scandal that caused $6.2 billion in losses, a federal appeals court ruled on Tuesday.

Clearing & Settlement

LCH. Clearnet sounds alarm over declining use of repo
Joe Rennison and Philip Stafford, FT
One of the world’s biggest clearing houses has warned the industry may soon reach the limit of its ability to use the short-term financing market to park its collateral as banks are squeezed by tougher regulations

Nasdaq Commodities Clears the Freight Market’s First Option Contracts on the New Capesize Basket
Globe Newswire
Nasdaq is proud to announce that it has cleared the market’s first CS5TC option contracts, which are options on the Capesize Basket consisting of 5 time charter routes. The trades were reported as block trades on June 15, 2015 by Clarksons Platou Futures Limited.

Indexes & Products

Is Apple succumbing to the curse of the Dow?
It’s been roughly three months since Apple replaced AT&T in the Dow Jones Industrial average, and during that time period, the stock and index have remained relatively flat. Meanwhile, AT&T shares have rallied more than 4.5 percent during that period.

A Curious Incident
Indexology – S&P Dow Jones Indices
High concentration in less volatile sectors is a result of the rankings-based methodology of the S&P 500 Low Volatility Index. The Utilities sector has had a prominent weight in the S&P 500 Low Volatility Index throughout most of its history since 1992; the current 2.7% allocation to Utilities is the lowest in the entire history of the index. In contrast, Financials, which had dwindled to a negligible weight during the 2007-08 crisis, now has a higher weight than any other sector.

S.Korea to seek measures to include stock market in MSCI developed mkts index
South Korea’s financial regulator said on Wednesday that it will develop measures for the country’s stock market to be included in MSCI’s developed markets index.

What happens when MSCI takes China A-shares
Asia Times
MSCI recently chose to not include China’s A-shares in its emerging markets index for the time being. But the US index provider did say that if China resolves a number of market accessibility issues it would reconsider adding the shares to its benchmark. The A-shares are traded only on the mainland, listed in Shanghai and Shenzhen and denominated in yuan.

MSCI Launches Indexes with the ITG Fair Value Model
MSCI Inc. a leading provider of research-based indexes and analytics, today announced the launch of MSCI Indexes with the ITG Fair Value Model, which will make it simpler for active mutual fund managers to explain some of the tracking error that may be linked to the fair value pricing adjustment of their international and global funds.


The Economist explains: Why fintech won’t kill banks
The Economist
Banks weren’t much loved before 2007, and the bailing-out of a bunch of them in the financial crisis hardly helped endear them to the public. A slew of startups in the “fintech” space—short for “financial technology”—now reckon they can do better. Bright young things based in San Francisco, New York, London and Stockholm are raising billions of dollars in venture capital to “disrupt” financial services. With much brashness, these t-shirt-wearing whizz-kids are confident they will do to banks what digital photography did to Kodak and transistors to vacuum-tube makers. Will fintech succeed in killing off today’s financial services giants?

The Next Fintech Sandbox
It’s a new day for how we interact with money. You can pay for your morning latte without reaching for a credit card, let alone cash. Most of the recent buzz around financial technology focuses on power players such as Square and Venmo — fintech products that allow users to accept payments or exchange money easily, smoothing the pain points of everyday commerce. These services are designed for banked consumers: Tap to add a credit card. Click to connect your bank account.

In Battle of Banks Versus Fintech, Consumers Will Be Victors
Bank Think – American Banker
“Silicon Valley is coming,” JPMorgan Chase chief Jamie Dimon warned in his annual letter to shareholders in April. As head of the largest bank in the U.S., Dimon clearly meant to instill a sense of urgency amongst financial institutions.

The Real FinTech Capitals of the World
Asia Outlook Magazine
What is the FinTech capital of the world? London? New York? Silicon Valley? Well, it’s actually somewhere in Africa or Asia if you heed the results of this year’s Payments Innovation Jury Report

Thomson Reuters Partners With NGOs To Fight Human Trafficking – Powerful Data Analytics Will Enable Companies To Identify Sources Of Labor In Their Supply Chains And Avoid Risk Of Involvement In Exploitation
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced new partnerships with two of the world’s premier anti-slavery organizations to turn the power of data analytics onto corrupt labor brokers and people traffickers.

In Return to Twitter, Jack Dorsey Aims to Follow Path of Steve Jobs
Perhaps we should blame Steve Jobs for Jack Dorsey’s reappointment as Twitter’s interim chief executive.

Bitcoin Opec favours 8MB blocksize increase
by Izabella Kaminska, FT
Bitcoin wants to grow. Sadly, because the Bitcoin protocol restricts the size of every block mined on the network to 1MB, it can’t scale easily. There’s a limited amount of transactions/data that can be consolidated into every block, which creates something of an artificial scarcity problem. Some maintain good old fashioned capitalism can resolve the problem. If there’s a limit, people who want to transact quickly should pay to have their transactions/data prioritised in the chain. Miners, especially those having a tough time covering their costs these days, favour this approach. Their view is that the sooner block size is restricted, the sooner the market will be able to find a true value for bitcoin transactions.


SEC Announces Charges Against Retirement Plan Custodian in Connection With Ponzi Scheme
The SEC Enforcement Division alleges that Equity Trust Company took an active role in marketing investments offered by Ephren Taylor, who targeted churchgoers while running a Ponzi scheme, and Randy Poulson, who has been indicted in federal district court for an alleged offering fraud targeting investors in New Jersey. The Enforcement Division alleges that Taylor and Poulson defrauded more than 100 investors out of $5 million invested through accounts at Equity Trust, and that Equity Trust was a cause of violations of Section 17(a) of the Securities Act of 1933 by Taylor and Poulson.

Missouri Federal Court Orders Gregory Christopher Evans to Pay a Penalty of over $1.2 Million for Fraud and Unauthorized Swaps Trading
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Senior Judge Ortrie D. Smith of the U.S. District Court for the Western District of Missouri entered a Consent Order against Defendant Gregory Christopher Evans imposing a civil monetary penalty of $1,213,578.94 and permanently banning Evans from registering with the CFTC and engaging in any commodity-related activity, including swaps trading. Evans is a resident of Kansas City, Missouri.

Asia Resource Minerals plc (formerly Bumi plc) fined £4.65m for breaching the Listing Rules
The Financial Conduct Authority (FCA) has fined Asia Resource Minerals plc (ARM), formerly Bumi plc, £4,651,200 for having inadequate systems and controls to comply with its obligations as a listed company, breaching various rules applicable to listed companies and failing to identify related party transactions valued at just over £8m.

Banks’ Civil Forex Settlements Near $2 Billion; Barclays, BNP Paribas, Goldman Sachs and HSBC recently signed agreements to settle case
The total amount paid by banks to settle a civil lawsuit tied to allegations traders manipulated the currency market has now reached almost $2 billion following a recent round of settlement agreements.

Environmental & Energy

North Korea says drought worst in 100 years
Song Jung-a in Seoul, FT
North Korea has been hit by its worst drought in a century, state media say, raising fears of another looming food crisis in the impoverished communist country.

A year after the crash, oil markets risk more trouble ahead
A year on from the start of one of the biggest oil price crashes in history, the driving force behind the slide remains intact: there is still too much crude.

Subsidies at 16 Times Carbon Prices Stymie Pollution Curbs
By Mathew Carr – Bloomberg
Subsidies for fossil fuels are overwhelming efforts to curb pollution, the International Energy Agency said.

(China’s) Carbon market may expand by next year
By Si Huan – China Daily
A national carbon market will start in late 2016 or early 2017, a senior climate official said on Monday, adding that China’s post-2020 climate action plan will inject fresh impetus into this year’s climate change meeting in Paris.

Carbon Credits Transaction is First in West Africa
By Emily Jarvis – Africa Outlook
ecosur afrique, the leading carbon finance group in Africa, has announced the first ever carbon credits transaction involving a seller and buyer from West Africa; in close collaboration with Investisseurs & Partenaires (I&P), an impact investment fund dedicated to small and medium size enterprises in Sub-Saharan Africa and Volta cars Rental Services (VRS), a car leasing company operating in West Africa.


Renewal of Contract with Chief Executive
The Board of Directors of Hong Kong Exchanges and Clearing Limited is pleased to announce that the Board has approved the renewal of the employment contract of Mr Li Xiaojia, Charles as the Chief Executive of HKEx for a further 3-year term from 16 October 2015 to 15 October 2018, inclusive.

Employees Share Award Scheme
The Board of Hong Kong Exchanges and Clearing Limited has today approved, on the recommendation of the Remuneration Committee, the amendments to the Rules and Trust Deed in respect of the HKEx Employees’ Share Award Scheme (“Scheme”). These amendments include extending the term of the Scheme and the Trust Deed from 13 September 2020 to 31 December 2025 to enable the Company to continue granting Awards under the Scheme as an incentive to attract and retain employees for the Group’s development, and provisions to permit vesting of shares in the employees who suffer from permanent disability or who qualify as Good Leavers.

The China Bubble Is Going to Burst
It’s no longer a question of whether China’s stock-market rally is a bubble, but when the bubble will burst.

Turbulent Hong Kong stock market grips financial community
Wild gyrations in Hong Kong share prices are raising concerns that a new trading link with mainland China is a conduit for questionable trading practices that could undermine the city’s reputation as a center of global finance.

China stock market bubble debate turns to when, not if, stocks will crash
Financial Post
It’s no longer a question of whether China’s stock-market rally is a bubble, but when the bubble will burst. That’s the refrain from a growing number of analysts as valuations climb to levels that by some measures already exceed the peak of China’s last equity mania in 2007.

China Breaks Out of Asia’s Orbit
Bloomberg View
In the late-1980s, the financial world created Asia Ex-Japan, a new category of investment to deal with what was then the world’s second-biggest economy. The idea was that Tokyo’s market was so big, and its valuations had diverged so widely from its peers, that Japan and the rest of the region each warranted its own asset class.

Millionaires bloom in mainland China amid stock market boom
AsiaOne Asia News
China created 1 million new millionaires last year as the country’s booming stock market bolstered the ranks of the wealthy, according to a global wealth report released on Monday. The US maintained the largest number of millionaires last year at about 6.9 million. China was in second place with 3.6 million, followed by Japan with 1.1 million, according to the Global Wealth 2015: Winning the Growth Game, released by The Boston Consulting Group.

Frontier Markets

Saudi Arabia equity market opening just the start
Philip Stafford, FT
There’s a distinct sense of déjà vu around the opening up of Saudi Arabia’s stock market to foreign investors.

India rising, China slowing doesn’t mean Narendra Modi wins
Jim O’Neill still vividly recalls a 2006 road trip he made from India’s capital, New Delhi, to a new industrial city named Gurgaon. On a two-lane road jammed with cars, motorcycles, rickshaws, and animals, it took O’Neill, then chief economist at Goldman Sachs, two-and-a-half hours to travel 30km, Bloomberg Markets magazine reports in its July/August issue. “It was insane,” he says.

Who Wins, Who Loses When Fed Raises Rates
Bloomberg Business
The longest drumroll in the 102-year history of the Federal Reserve precedes its next interest-rate increase. That doesn’t mean some of its effects won’t be surprising. “This is a major inflection point,” said Erik Davidson, chief investment officer for Wells Fargo & Co.’s private bank. “The end of free money is in sight.”


Bird Flu Sends Egg Prices Up, but Slowing Demand Prevents Shortages
Are egg prices up significantly? Or are the reports overblown that attribute higher prices to an outbreak of avian flu that has affected some 47 million chickens and turkeys?

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