John Lothian Newsletter: Commodity Benchmarks Are Open to Manipulation; Temasek buys stake in high-speed trader; UBS Turns to Artificial Intelligence to Advise Clients

Dec 8, 2014

First Read

Stuart McClymont, managing director, JDX Consulting – Financial Services Infrastructure

“We’ve got lots of people and lots of different technologies, but we’ve got common problems; common issues that try to reduce the amount of duplication and operation processes for a common function.”

Stuart McClymont, managing director at JDX Consulting, explains the infrastructure for financial services. He gives a brief history of how the industry functioned without today’s technology, and then delves into how the technology boom in the 90’s created an influx of new opportunities for the markets and its participants. One key point was how companies needed to collaborate more together in order to use new technology efficiently. McClymont also touches on opportunities for the future and where the industry is headed from here.

Watch the video »


Cities and Markets Can Fight Climate Change
By Michael R. Bloomberg, Bloomberg View
Representatives from every national government are meeting this week to work toward a global climate agreement, and the location of the conference — Lima, Peru — offers critically important lessons for negotiators.

**** Michael Bloomberg shows some leadership on climate change.

**JK – It’s also worth listening to Benjamin Barber, of City University of New York, on his Carnegie Council talk titled “If Mayors Ruled the World: Dysfunctional Nations, Rising Cities.”


One Hundred Years of Bond History Means Bears Fated to Lose
By Daniel Kruger and Liz Capo McCormick, Bloomberg
If you’re convinced the plummet in yields of U.S. government bonds is an aberration, it may be because you haven’t been in the business long enough.

***** Makes the argument I have been making since 2009.


Warren Buffett on track to win hedge-fund bet
By Mitch Tuchman, Marketwatch
There’s just four years left in the 10-year bet between billionaire Warren Buffett and a New York hedge fund firm, and it seems clear that Buffett will win handily.
More investment magic from one of the world’s richest men? Not at all. Buffett’s side of the bet was one anybody could have taken: Buy the Standard & Poor’s 500 Index SPX, +0.17% starting in January 2008 through a very low-cost index fund and wait. The hedge fund could do whatever it wanted and presumably owns a collection of hedge funds.

***** Don’t bet against Warren Buffett.


Clear Skies Ahead: Terry Duffy of CME Group Says Clearing Is Industry Driver

With the bulk of US financial reforms now in place, financial markets appear to be pulling out of their doldrums. Terry Duffy, executive chairman and president of CME Group, spoke with Jim Kharouf, editor-in-chief of John Lothian News, about his outlook for the exchange and the strong prospects for growth in the futures markets.

“The industry is really exciting right now,” Duffy said. “We’ve been going through some difficult years like all financial markets have. Now we’re getting some clarity around the rules especially here in the US and that’s very positive.”

Duffy said CME Group stands to gain from the migration of OTC trades onto exchange platforms with centralized clearing, especially in the wake of new rules and capital requirements for banks in Europe.

Watch the video »


Banks Urge Clients to Take Cash Elsewhere; New Rules Mean Some Deposits Aren’t Worth It, J.P. Morgan, Citigroup and Others Tell Large U.S. Clients
By Kirsten Grind, WSJ
Banks are urging some of their largest customers in the U.S. to take their cash elsewhere or be slapped with fees, citing new regulations that make it onerous for them to hold certain deposits.

***** You have to love banks.


Newly minted Forex Professionals Association (FXPA) adds five new member firms to board
By Mike Fox, LeapRate
Bloomberg Tradebook, Cürex, FastMatch, Nasdaq, and Singapore Exchange join Foreign Exchange Professionals Association.
The Foreign Exchange Professionals Association (FXPA) has announced the addition of five institutional members. Bloomberg Tradebook Services, Cürex, FastMatch, Nasdaq and Singapore Exchange (SGX) have joined FXPA’s Founders’ Council and become members of the initial Board of Directors.

***** Hopefully this leads to an increased level of professionalism and compliance in the forex markets.


Leading Investment Firms Join RCM Alternatives for Panel Discussion on Managed Futures in Miami
RCM Alternatives, a specialized financial services firm, is offering investors and wealth managers the opportunity to learn more about the benefits of managed futures during a panel discussion and Q&A with niche managers and best-in-class service providers.
The event will take place at the Eden Roc Hotel, 4525 Collins Avenue in Miami, Fla., on December 10, 2014 at 4:30 p.m.

***** RCM takes their message on the road, in this case to Miami, FL.


Toy Drive at the CBOT Building
GlenStar and the CBOT Building’s toy drive is going on now until Wednesday, December 10, 2014. We are collecting new and unused toys for children and teenagers. Collection tables are located on the south wall of the second floor lobby, across from the escalators. Please help the Chicago Children’s Advocacy Center by donating toys this holiday season.
(Nol Link)


Hirander Misra, CEO GMEX – Exchange Innovation: The Need to Think Outside the Box

“The key to that is how technology is used. All too often in the exchange space, we’ve been doing the same thing we’ve essentially been doing for many many years and we haven’t really seen a change.”

Hirander Misra, CEO of GMEX, compares the business model of Netflix and Blockbuster to the exchange space. Misra discusses how technology helped fuel the progress of Netflix and allowed it to overtake Blockbuster in movie rentals. He also touches on the dilemma innovators face in the exchange space due to new regulation, and how it causes disruptions for innovation. Misra says that the exist
ing model is far from optimum from a product and technology standpoint, and he addresses how GMEX addresses adapting the model with new innovation. His key takeaway is that technology is not useful unless it has the proper business model, and that it will take fresh ideas to let the old ways disappear and let new innovation thrive.

Watch the video »


MarketsWiki Page of the Day
BondCube, Ltd.

MarketsWiki Recent Updates


Philip Gocke; Bertil Lundell; Patrick Fay; Jock Percy; Joakim Dahlstedt; Joacim Wiklander; Jeremie Bacon; Blair Hull

Companies, Organizations and Groups

Barclays Bank plc; Aequitas Innovations Inc; Orc Group


55.949088 pages viewed, 8,102 articles, 187,353 edits
MarketsWiki Statistics

Lead Stories

Commodity Benchmarks Are Open to Manipulation, Law Firm Says
By Andy Hoffman, Bloomberg
Almost two-thirds of commodity market participants say that benchmarks used to set the price of everything from crude oil to ethanol to zinc are vulnerable to manipulation, according to a new study.
The report, to be published today by U.K. law firm Clyde & Co., shows that 64 percent of 170 respondents are concerned methods used by price reporting agencies to set commodity benchmarks could be manipulated. Reasons given in the survey include sample groups that are too small, a lack of independent oversight and the fact price creators are also traders who can benefit from influencing prices.

Temasek buys stake in high-speed trader
Philip Stafford, FT
Temasek, the Singaporean wealth fund, has made a further bet on the technology that is overhauling trading by taking a minority stake in Virtu Financial, the US electronic market maker.

UBS Turns to Artificial Intelligence to Advise Clients
By Jeffrey Vögeli, Bloomberg
UBS Group AG (UBSG), facing the threat of competition from Google Inc. (GOOGL) and Inc., has turned to a Singapore-based technology company that uses artificial intelligence for help delivering personalized advice to the bank’s wealthy clients.

Australian Banks Need ‘Unquestionably Strong’ Capital
By Narayanan Somasundaram, Bloomberg
Commonwealth Bank of Australia and its three main competitors may need as much as A$30 billion ($25 billion) in fresh capital after a government inquiry said lenders should have “unquestionably strong” reserves.

Investors grow impatient with Credit Suisse’s piecemeal strategy
Daniel Schäfer in London and James Shotter in Zürich, Reuters
In early 2013 Credit Suisse’s top management was convinced it had adapted to the much stricter rules that have been ushered in since the financial crisis.

Credit Suisse to shrink prime brokerage
James Shotter in Zurich and Daniel Schäfer in London, FT
Credit Suisse plans to shrink its unit serving hedge funds amid pressure from investors to reduce the leverage of its investment banking division.

Investment banks lag rivals on profitability, efficiency: study
Investment banks have been less profitable, more volatile and had consistently higher costs than commercial banks, according to a study of business models of the past decade.

A renaissance in finance
By Philippe Morel and Will Rhode, Finanical News
Online peer-to-peer and crowdfunding portals are springing up as alternatives to the traditional lending, foreign exchange and equity capital markets. New electronic trading venues are introducing all-to-all networks and competition to fixed income trading.

Libor Probe Finds No Evidence Against Jain, Handelsblatt Says
By David Scheer, Bloomberg
Germany’s financial regulator found no evidence during a two-year probe that Deutsche Bank AG (DBK) co-Chief Executive Officer Anshu Jain knew about or participated in possible interest rate manipulation, newspaper Handelsblatt reported.

Rabobank Plans Japan’s 1st Basel III Samurai Bond Sale This Week
Rabobank Groep is set to issue the first Samurai bonds that comply with tougher regulations aimed at preventing bank bailouts by taxpayers.


China publishes draft rules on stock options, signals launch is near
China’s main bourse and stock watchdog have separately published draft rules for trading of stock options and the public has up till early January to air their views, signalling a launch is drawing nearer after months of preparation.

Libor Lowballing Never Ended as Global Probes Accelerated
Banks lowballed Libor submissions long after probes began into allegations they were doing so, research suggests, raising questions of whether lenders can be relied on to provide sound data for interest-rate benchmarks.

FCA’s McDermott to replace Adamson as supervision head
FCA director of enforcement Tracey Adamson is to become the regulator’s director of supervision in a shake-up of its reporting lines, according to reports.

Futures Trader Charged by U.S. With Stealing Firm Secrets
Futures trader David Newman was indicted by a U.S. grand jury for allegedly stealing hundreds of thousands of computer files from his former firm, only to quit days after getting his annual bonus. Newman, 32, worked at WH Trading LLC, his lawyer, Thomas Leinenweber, said in a telephone interview. According to an indictment returned yesterday in Chicago, Newman secretly downloaded from the firm more than 400,000 files containing computer source code and programs. The indictment doesn’t name the firm.

Basel Committee raps EU on global capital rules
The European Union is failing to implement fully global capital rules aimed at making banks more resilient, according to a landmark assessment that shows the bloc has fallen behind other jurisdictions including the US, Switzerland and Japan.

What’s New on the SEC Website
BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.1 of BATS Exchange, Inc. (Release No. 34-73745; File No. SR-BATS-2014-062; December 4, 2014); see also Exhibit 5
BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 14.11(j)(5) of BATS Exchange, Inc., to Remove the Restriction Prohibiting Market Makers in UTP Derivative Securities from Acting or Registering as a Market Maker in Any Reference Asset of that UTP Derivative Security or Any Derivative Instrument Based on Such Reference Asset (Release No. 34-73743; File No. SR-BATS-2014-057; December 4, 2014); see also Exhibit 5
BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.1 of BATS Y-Exchange, Inc. (Release No. 34-73744; File No. SR-BYX-2014-036; December 4, 2014); see also Exhibit 5
BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 14.1(c)(5) of BATS Y-Exchange, Inc., to Remove the Restriction Prohibiting Market Makers in UTP Derivative Securities from Acting or Registering as a Market Maker in Any Reference Asset of that UTP Derivative Security or Any Derivative Instrument Based on Such Reference Asset (Release No. 34-73742; File No. SR-BYX-2014-035; December 4, 2014); see also Exhibit 5
EDGA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 14.1(c)(5) of EDGA Exchange, Inc. to Harmonize its Restrictions on Market Makers in UTP Derivative Securities with NYSE Arca, Inc. and Nasdaq Stock Market LLC (Release No. 34-73746; File No. SR-EDGA-2014-28; December 4, 2014)
EDGX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 14.1(c)(5) of EDGX Exchange, Inc. to Harmonize its Restrictions on Market Makers in UTP Derivative Securities with NYSE Arca, Inc. and Nasdaq Stock Market LLC (Release No. 34-73747; File No. SR-EDGX-2014-27; December 4, 2014)
FICC: Order Approving Proposed Rule Change to Amend the Clearing Rules of the Mortgage-Backed Securities Division to Establish a Membership Category and Minimum Financial Requirements for Insured Credit Unions (Release No. 34-73735; File No. SR-FICC-2014-07; December 4, 2014)
ICEEU: Order Approving Proposed Rule Change to Provide for the Clearance of Additional Sovereign Contracts (Release No. 34-73737; File No. SR-ICEEU-2014-18; December 4, 2014)
ISE: Notice of Filing of Proposed Rule Change to Modify the Opening Process (Release No. 34-73736; File No. SR-ISE-2014-24; December 4, 2014); see also Exhibit 5
MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 510 to Extend the Penny Pilot Program (Release No. 34-73738; File No. SR-MIAX-2014-61; December 4, 2014); see also Exhibit 5
NASDAQ: Notice of Proposed Rule Change Relating to the NASDAQ Opening and Halt Cross (Release No. 34-73739; File No. SR-NASDAQ-2014-116; December 4, 2014); see also Exhibit 5
NYSE: Order Approving a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, in Connection with the Proposed Termination of the Amended and Restated Trust Agreement, dated as of November 13, 2013 and Amended on June 2, 2014 By and Among NYSE Holdings LLC, a Delaware Limited Liability Company, NYSE Group, Inc., a Delaware Corporation, Wilmington Trust Company, as Delaware Trustee, and Each of Jacques de Larosire de Champfeu, Alan Trager and John Shepard Reed, as Trustees (Release No. 34-73740; File Nos. SR-NYSE-2014-53, SR-NYSEMKT-2014-83, SR-NYSEArca-2014-112; December 4, 2014)
NYSE Arca: Order Granting Approval of Proposed Rule Change, as Modified by Amendment No. 1, to List and Trade Shares of Hull Tactical US ETF under NYSE Arca Equities Rule 8.600 (Release No. 34-73741; File No. SR-NYSEArca-2014-30; December 4, 2014)

ASIC surveillance prompts FX provider to enhance compliance procedures
Following an ASIC surveillance, Calibre Investments Pty Ltd will implement changes to the way it offers FX services to retail clients.

Exchanges & Trading Facilities

Sprecher: Following market trends
By Daniel P. Collins
Futures magazine named Intercontinental Exchange Chairman and CEO Jeff Sprecher it first annual Person of the Year in our December 2014 issue, which is now on the newsstands. Here is a preview of the interview, which is available to our digital subscribers and will be live online on Dec. 12.

INTERVIEW: HKEx’s Charles Li on LME fees increase, regulatory changes
Metal Bulletin
Hong Kong Exchanges & Clearing (HKEx) said the increase in London Metal Exchange broker fees was part of the commercialisation process and a small part of the return on investment that the bourse gets for buying the LME for $2.2 billion.

Performance Bond Requirements – Nymex New Products – Effective Friday, December 5, 2014

NZX to spend $35m for fund manager SuperLife
The New Zealand Herald
NZX, the stock market operator, will spend up to $35 million buying fund manager and KiwiSaver provider SuperLife as part of a plan to capture the growing Kiwisaver market by launching a series of new exchange traded fund in the coming year.

London Metal Exchange trims fee increase after complaints
By Eric Onstad, Reuters
* Trims average fee increase to 31 pct from 34 pct
* To extend discount on ring trades to other deals (Adds comments from LME spokeswoman, details, background)
The London Metal Exchange (LME) on Friday trimmed a proposed average increase in transaction fees to 31 percent from 34 percent after complaints by members.

Hedge Funds & Managed Futures

Temasek to Buy 10% of High-Frequency Trading Firm Virtu Financial; Singapore Investment Firm to Pay $200 Million for Stake, Sources Say
By Bradley Hope
Temasek Holdings Pte. Ltd., Singapore’s state investment firm, agreed to buy 10% of high-frequency trading firm Virtu Financial LLC for about $200 million, according to people familiar with the matter.

Innovation spotlight: ETFs and stock indices
In the final part of our series on product innovation we look at the emergence of exchange-traded funds and developments in stock indices.

‘Replication Funds’ Prove Some Worth
By Rob Copeland, WSJ
Mutual Funds Designed as Hedge Funds for Small Investors Pass a Test
For Andrew Beer, this fall’s market jitters couldn’t have come soon enough. “I wish October had ended up worse,” says Mr. Beer, chief executive officer of Beachhead Capital Management in New York.

Gabelli on His Botched Google Bid and the Beauty of Compound Interest
By Lewis Braham, Bloomberg
Mario Gabelli is very clear on what’s luck and what’s skill. Winning a poker championship after just learning how to play Texas Hold ‘Em? Pure luck, says the founder, chairman and chief executive officer of GAMCO Investors Inc., an investment firm managing $47 billion. Making money for clients he and his firm have “dedicated their lives to”? That’s the other thing.

Banks & Brokers

BGC Partners Announces Pricing of $300 Million of 5.375% Senior Notes due 2019
BGC Partners
BGC today announced the pricing of its offering of aggregate principal amount of 5.375% senior notes (the “notes”).

On Wall Street, Edge to Deal Makers
By Nathaniel Popper, Wall Street Journal
For much of the last two decades, bankers advising big companies have watched ruefully as they lost their once-dominant position on Wall Street to powerful traders.

Clearing & Settlement

LCH.Clearnet welcomes CCP reform
Asset Servicing Times
Initial margin must remain the most important defence for central counterparties (CCPs), while stress-testing and transparency of results is the key to increasing confidence in them, according to a whitepaper from LCH.Clearnet.

Bridging the Week, December 1-5 and 8, 2014
Gary DeWaal – Katten Muchin Rosenman
Clearinghouses’ risk management controls and procedures, as well as potential recovery and resolution, continued to be the subject of much international debate, with one clearinghouse formally weighing in for the first time. In addition, another employee of a proprietary trading firm was indicted for stealing his former employer’s secrets, while an international regulator gave the United States a commendable grade for its roll-out of Basel capital standards for banks. As a result, the following matters are covered in this week’s Bridging the Week

Indexes & Products

IG Group establishes American Depository Receipt trading on OTCQX
By Andrew Saks-McLeod, LeapRate
IG Group begins trading today on OTCQX under the symbol “IGGHY,” where each ADR represents 1 ordinary share. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on


Middle Men – the new aces in the derivatives deck
In this article we examine the issues that plague derivatives middle office and look at how these can be addressed.


CME Group
UBS Securities LLC
NYMEX RULE VIOLATION: Rule 526 Block Trades (in part)
F. Unless otherwise agreed to by the principal counterparties to the block trade, the seller, or, in the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within five minutes of the time of execution in the following futures products: Brent Crude Financial, Brent Crude Oil Last Day Financial, Light Sweet Crude Oil, Gulf Coast Sour Crude Oil, NY Harbor ULSD, Henry Hub Natural Gas, RBOB Gasoline, Cocoa, Coffee, Cotton, No. 11 Sugar, Gold, Silver and Copper. In all other block-eligible products, the seller must ensure that each block trade is reported to the Exchange within fifteen minutes of the time of execution. The report must include the contract, contract month, price, quantity of the transaction, the respective clearing members, the time of execution, and, for options, strike price, put or call and expiration month. The Exchange shall promptly publish such information separately from the reports of transactions in the regular market. PENALTY:In accordance with the settlement offer, the Panel ordered UBS Securities LLC to pay a fine of $30,000.

Federal Court Orders More than $1.3 Million in Sanctions and Enters a Default Judgment Order against Florida-Based Gold Distributors, Inc. and Its Owner, Jordan Cain, for Engaging in Illegal, Off-Exchange Commodity Transactions
Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge William J. Zloch of the U.S. District Court for the Southern District of Florida entered an Order of default judgment against Defendants Gold Distributors, Inc. (GDI) of Hallandale Beach, Florida, and its sole owner Jordan Cain of Miami, Florida. The Order requires the Defendants to pay restitution in the amount of $337,266 and a civil monetary penalty of $1,011,800. The Order also imposes permanent trading, solicitation, and registration bans against the Defendants and prohibits them from violating provisions of the Commodity Exchange Act (CEA), as charged.

Environmental & Energy

US environment watchdog defends China deal and power sector plans
Barney Jopson in Washington, FT
The US environmental watchdog has defended a landmark climate deal with China that Republicans have attacked as one-sided, saying it requires Beijing as well as Washington to make “difficult adjustments”.

EC green paper poised to kick-start debate over capital markets union
Euromoney Capital Markets
Jonathan Hill faces an uphill task in attempting to stimulate Europe’s capital markets.

UN’s definition of ‘climate finance’ comes under scrutiny
Business Standard
This, after it was found $1 bn meant for combating global warming was used to build coal-fired power plants
The UN’s definition of ‘climate finance’ came under scrutiny today after it emerged that about $1 billion in Japanese funding meant for combating global warming was used to build three coal-fired power plants in Indonesia.


CFFEX to launch euro and Aussie cross-currency futures
Cross-currency volatility a major threat to China corporates, says exchange, which is looking to develop an onshore forex derivative market China Financial Futures Exchange (CFFEX) is to launch US dollar futures contracts versus the euro and Australian dollar next year, and is in discussions over introducing renminbi futures products in the Shanghai free trade zone, according to Hu Zheng,

TAIFEX, Eurex to expand cooperation
Focus Taiwan
The Taiwan Futures Exchange (TAIFEX) said Saturday that it has reached a consensus with the Eurex Exchange, a derivative exchange in Germany, to expand bilateral cooperation in the future.

Index Options Contracts whose Last Trading Day Approaches

China A-Shares ETF Slumps as Regulator Urges Caution
By Meng Meng, Bloomberg
The largest U.S. exchange-traded fund that tracks mainland stocks fell after China’s securities regulator urged caution as a rally in Shanghai shares pushed their premium over Hong Kong companies to a 30-month high.

Frontier Markets

FTIL sells additional 1.65 lakh MCX-SX shares to Jhunjhunwala
Business Standard
Jhunjhunwala, 12 other entities had picked up stake in MCX-SX in a deal worth Rs 88 crore earlier
Financial Technologies (FTIL) has sold an additional 1.65 lakh shares of stock exchange MCX-SX valued at Rs 2.47 lakh to ace investor Rakesh Jhujhunwala.

DGCX signs MoU with China Financial Futures Exchange
Albawaba Business
Dubai, Shanghai, December 8, 2014: The Dubai Gold & Commodities Exchange (DGCX) and China Financial Futures Exchange (CFFEX) today announced the signing of a Memorandum of Understanding (MoU) with each other. This is the first MoU that CFFEX has signed with a derivatives exchange in the Middle East.

Typhoon shutters financial markets
By: Krista Angela M. Montealegre,
MANILA – Financial markets won’t open Monday as the Philippine capital prepares for the onslaught of Typhoon Ruby.

Securities and Exchange Board of India Proceedings
Ex-parte order in the matter of Unicon Capital Services Pvt. Ltd.
PR – Order in the matter of M/s Sai Multi Services
PR – Order in the matter of M/s Greenworld Agro Industries Limited
PR – Order in the matter of M/s Mass Infra Realty Limited
PR – Order in the matter of M/s Orchid Cultivation Projects India Limited
PR – Order in the matter of M/s Aditya Global Industries Limited
DSP BlackRock Retirement Benefit Pension Fund


U.S. Sugar Soars Above World Prices; Candy Makers Prepare Price Increases
By Alexandra Wexler, WSJ
ORANGE, Conn.—A strong, sweet smell emanates from the office-cum-factory of PEZ Candy Inc., where colorful pellet-size treats are molded and packaged with their signature flip-top dispensers. But the bitter truth is that the price of PEZ is going up.
PEZ Candy will likely raise prices next year because of higher costs for sugar—the sweetener makes up about 95% of the candies—and labor, according to Joseph Vittoria, the privately held company’s chief executive.

The war for the Wharf
Kate Allen, Property Correspondent, FT
When the Qatar Investment Authority first called Songbird Estates last month to say it wanted Canary Wharf, it was given short shrift. Not even last week’s sweetened bid has changed Songbird’s tune — yet. The war for Britain’s second largest financial district, 70 per cent owned by Songbird, began with a phone call.

Nato seeks weapons to counter Russia’s information war
Sam Jones, Defence and Security Editor, FT
A casual consumer of Russian media might conclude the western Ukrainian city of Lviv, one of the strongholds of the country’s pro-EU uprising, has been overrun by violent fascists. So a video recently uploaded to YouTube will prove disappointing. Called “Where are all the fascists in Lviv?”, it features a correspondent walking the city’s peaceful streets, interviewing slightly bemused — decidedly un-militant — shoppers.

John Lothian Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

“John Lothian and Company… our industry intelligence.”

Rick Lane

CEO, Trading Technologies

Past JLN Newsletters

Pin It on Pinterest

Share This Story