First Read

Bits & Pieces: Back from Summer Camp
By John J. Lothian

I have returned from summer camp with my troop of Boy Scouts, with all of them accounted for and well. It was a week of beautiful weather, fun activities, bee stings and homesickness.

Luckily for the new scouts in my troop, I have worked with homesick boys before and was able to cure it quickly. We did have one homesick mom back home who insisted she had to talk to her son, just to hear his voice, so it works both ways.


Scout Camp Picture

On Sunday, my daughter Katherine and three scouts from my troop departed Chicago for Japan for the World Scout Jamboree. David Cooke, Owen Rehling and Tony Buscaglia would not be attending this event if it were not for the generosity of readers of this newsletter.

I would like to publically thank the following people and organizations for their generosity: Jeff Sprecher and Kelly Loeffler, George and Amanda Hanley , R.J. O’Brien & Associates, Harris Brumfield, Joe Guinan, Phupinder Gill, Matthew Haraburda, Peter Wind, Jim Kharouf, Lian Hao and the Elmhurst Jaycees. You are all very special and greatly appreciated to help make this a great experience for these scouts.

While I was away, we sold out the final session of our Summer Intern Education series in Chicago, the one featuring Chicago Mayor Rahm Emanuel and CME Group CEO Phupinder Gill

We have 163 total attendees signed up so far for the Chicago series, with organizations like CME Group, Tradovate, Mizuho Securities, Allston Trading, DRW, Eurex, Rosenthal Collins Group, R. J. O’Brien Associates, ADM Investor Services, CBOE, Societe Generale, Trading Technologies, National Futures Association, ABN AMRO Clearing, Akuna Capital, CTG Trading, Spot Trading, Russell, HTG Capital Partners and Transmarket Group represented among others.

There is still room for the first two days of the Summer Intern Education series to be held in the auditorium at IIT’s Stuart School of Business.

It is good to be back in the land of air conditioning, electricity and lunch I don’t have to cook while keeping the flies away. Thank you to the JLN team for their great work while I was away.


Patrol Jets to Japan for World Scout Jamboree
by Gina Circelli, Scouting NewsRoom
Checking out the scene at World Scout Jamboree will turn your mental image of Scouts on its head. The quintessential Boy Scouts in tan and olive will stand in sea of Scouts from all over the globe. Some wear kilts, others berets, as a brigade of Scouts donning hues as varied as the flags they carry march through Japan next week.

***** Katherine Lothian is pictured along with other girls in her patrol in this story.


Community Building: CME Europe’s Cees Vermaas Looks To Grow Asset Classes and Customer Base
Jim Kharouf – John Lothian News
Cees Vermaas Interview
Cees Vermaas, who took the reins as managing director and CEO of CME Europe in January, is in building mode. On his plate is a plan to expand the exchange’s product line-up and customer base to become a broad-based European derivatives market.

“One of the mandates or objectives we set with the team was to build a community and build the only multi-asset class derivatives exchange in Europe.”

Today, the exchange lists energies ranging from natural gas to power to ethanol and agricultural products that include a euro-denominated cocoa futures contract and fertilizer futures. Vermaas, who spoke with JLN at the IDX Conference in London, said the goal is to have five or six asset classes by mid-2016.

Read the rest of the interview at


Phil Gramm, Deregulator of Banks Set to Testify Before House
By MICHAEL J. de la MERCED, NY Times
When the House Financial Services Committee examines the sweeping overhaul of financial regulation on its fifth anniversary, legislators will first hear on Tuesday from a former senator with longstanding familiarity with banking regulations.

***** I believe his testimony will end in a drawl.


Pearson in Talks to Sell Its Stake in the Economist Group
Pearson, the British education company, said on Saturday that it was in discussions to sell its 50 percent stake in the Economist Group, the publisher of The Economist.

***DA: If Pearson was finding it difficult to manage an education company as well as a financial media firm, they should have called us.


Bridging the Week by Gary DeWaal: July 20 – 24 and 27, 2015 (27 Enforcement Actions; More MF Global; Lawyer Settles with CFTC; Dodd-Frank Five Years Later; Capital Requirements)
Katten Muchin Rosenman LLP
Twenty-seven disciplinary proceedings brought by the CME Group – touching upon EFRPs, transfer trades, money passes, position limits, block trades and disruptive practices – provided an abrupt reminder that a failure to comply with relatively technical rules can result in fines as well as corporate distraction while employees address regulatory inquiries and actions. Moreover, the book on the fate of customers, secured creditors and unsecured creditors of MF Global, Inc., the defunct FCM that went belly-up in 2011, appears to be finally closing with a relatively good outcome under the circumstances. As a result, the following matters are covered in this week’s edition of Bridging the Week:


MarketsWiki Education Intern Series 2015

Scooped: What The Nikkei Deal Means For The Derivatives Industry
Jim Kharouf – John Lothian News

Nikkei got the scoop of the year. It purchased the Financial Times at the 11th hour from FT parent Pearson for £844 million ($1.3 billion).

The big surprise was that Hong Kong Exchange and Clearing’s Charles Li, CEO and former journalist, didn’t buy it, a seeming bargain compared to the LME price tag of £1.39 billion.

The media world will care much more about this deal than the rest of the globe. The journalist handwringing over Rupert Murdoch’s buyout of the Wall Street Journal in 2007 for $5 billion amounted to nothing substantive. The FT will likely maintain its focus as well. Let’s hope so for this industry, because it is essentially the only mainstream newspaper (if that’s even an accurate term these days), which covers the derivatives industry with any regularity.

Read the rest of the article on


Lead Stories

The Hottest Bet for Exchanges Is Invading Currencies Market
by John Detrixhe, Bloomberg
For exchanges that historically stuck to stocks and futures contracts, the hottest new bet is challenging banks’ dominance in currency trading.
Deutsche Boerse AG, which runs the Eurex futures exchange and Xetra stock market, joined the battle on Sunday with the 725 million euro ($793 million) purchase of currency market 360T. Its decision came six months after Bats Global Markets Inc., a stocks and options specialist, waded into the business by spending $365 million on Hotspot FX.

D Börse buys forex platform in sign of currency trading’s allure
Jeevan Vasagar in Berlin and Philip Stafford in London, FT
Deutsche Börse is buying foreign exchange trading platform 360T for EUR725m in a deal that underlines the attraction of the $5.3tn a day forex market to exchanges.

ICE delays Singapore platform launch to later this year
Intercontinental Exchange will launch its Singapore platform later in the year, the bourse said on Monday, following delays after China opposed the inclusion of cotton and sugar futures that would use Chinese prices as references.

Chinese Stocks Tumble, Suffering Biggest One-Day Drop in Eight Years
Chinese shares tumbled more than 8 percent on Monday as an unprecedented government rescue effort to prop up valuations abruptly ran out of steam, throwing the viability of Beijing’s plan to stave off a deeper crash into doubt.

Ex-Deutsche Bank Chief Anshu Jain Cleared of Misleading Regulators Over Libor Rigging; German regulator BaFin is continuing investigation into other matters
German regulators told former Deutsche Bank AG co-Chief Executive Anshu Jain this month that they no longer suspected he purposely misled German central-bank officials in a private 2012 query about market manipulation, according to a confidential letter reviewed by The Wall Street Journal.

Tony Dalton Joins R.J. O’Brien as Head of FX Division
R.J. O’Brien & Associates
Chicago-based R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced that Tony Dalton has joined the firm today in its New York office as Head of the FX Division. Dalton is widely considered one of the pioneers of foreign exchange (FX) prime brokerage, after building that business for three major global banks.

Bloomberg brings derivatives execution platform to Europe
The Trade News
Bloomberg has been granted regulatory authorisation to launch a multilateral trading facility (MTF) in Europe for the trading of OTC derivatives products.

Economist stake offers investors cachet, but not control
Henry Mance, Media Correspondent, FT
Few media companies are as idiosyncratically structured as the Economist Group, publisher of one of the world’s most influential magazines.

Chi-X founder Randall sets up superfast blockchain firm
By Anna Irrera, Financial News
One of the founders of European trading venue Chi-X has developed blockchain technology that works almost 1,000 times faster than the type that supports bitcoin, in a bid to transform the settlement of securities trading.

Banks in developed markets back from 2008 near-death experience
Julia Faurschou, FT
Banks in developed markets are beginning to look more attractive to large investors again. Previously, a number of high-profile fund management groups had removed them from their portfolios over regulatory concerns.

Bond Market’s Got It All Wrong When It Comes to Biggest Foe
by Daniel Kruger, Bloomberg
Inflation is the big enemy of the bond market. But bond investors, it turns out, tend to overestimate their foe.


Andy Haldane, Bank of England’s Chief Economist, Gets Shareholder Capitalism Entirely Wrong
Tim Worstall, Forbes
It’s a bit of a worry when central bankers get caught up in the latest fashionable nonsense to sweep through the intelligentsia. They’re supposed to be the sensible, even conservative, people who don’t succumb to the winds of public opinion in that fashion. But that is what seems to have happened to Andy Haldane, the chief economist at the Bank of England.

Goldman Sachs, industry lobby SEC on overseas swap dealer plan
Neil Roland, MLex
Goldman Sachs and major banking groups are pushing hard for the US Securities and Exchange Commission to change a proposal targeting derivatives dealers that arrange trades in the US and book them overseas.

Nigerian Stock Exchange Wins African Regulator Of The Year Award
The Nigerian Stock Exchange (NSE or Exchange) has been named the African Regulator of The Year at the 6th African Business Leadership Forum & Awards which took place on July 25, 2015 in London, United Kingdom (UK). The Exchange was also presented with a Special Commendation Award by the US Georgia Legislative Black Caucus.

Risks to customers from performance management at firms
In March 2015 we consulted on proposed guidance to help firms mitigate the risks that are posed to consumers by inappropriate performance management practices in firms.

Payday lender Cash Genie to provide £20 million redress to over 92,000 customers
Ariste Holding Limited, trading as Cash Genie, has entered into an agreement with the Financial Conduct Authority (FCA) to provide over £20 million of redress to more than 92,000 customers for unfair practices.

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

    • C2: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Price Check Parameters (Release No. 34-75516; File No. SR-C2-2015-021; July 23, 2015); see also Exhibit 5


    • C2: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rules Related to Obvious Errors (Release No. 34-75513; File No. SR-C2-2015-018; July 13, 2015)


    • MIAX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 612 Regarding the Reset on Quote Functionality Included in the MIAX Aggregate Risk Manager (Release No. 34-75509; File No. SR-MIAX-2015-47; July 23, 2015); see also Exhibit 5


    • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify NASDAQ Rule 7014(g) Concerning Rebates Available Under the NBBO Program (Release No. 34-75514; File No. SR-NASDAQ-2015-084; July 23, 2015)

Press Conference by Taro Aso, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services
Japan FSA

Exchanges & Trading Facilities

Deutsche Börse AG enters into a definitive agreement regarding the full acquisition of 360T
Deutsche Börse AG
Deutsche Börse: Deutsche Börse AG enters into a definitive agreement regarding the full acquisition of 360T
Deutsche Börse AG and the shareholders of 360T Beteiligungs GmbH (“360T”) including Summit Partners 360 S.à.r.l. signed a definitive agreement regarding the full acquisition of 360T by Deutsche Börse AG for a total
purchase price of 725 million Euro.

Euronext Commodities Quarterly
Euronext has just released the first edition of its new commodities update. Newsletter highlights include a volume milestone in its rapeseed contract, status updates on the upcoming launch of dairy futures and options and the just-released milling wheat contract on the Johannesburg Stock Exchange, and more.

Euronext to Raise Profile of Listed Companies with Investors, Announces New Agreement with Morningstar
Euronext, the primary exchange in the Euro zone, today announced a new agreement with Morningstar, a leading provider of independent investment research, to give all listed companies on Euronext and Alternext markets in Paris access to This platform allows issuers to communicate directly with professional investors. It has been available to issuers for free since July 2015. First launched in France, the platform will eventually be available in all Euronext markets.

Trading Volume Of KRX Gold Market Renewed An All-Time – High Of This Year
Daily trading volume of the KRX gold market remarked the highest ever this year reaching 27.8kg on July 20 due to a great influx of low price buying by individual investors as international gold prices plummeted by 2.2% against the closing price of USD 1134.34 last weekend.

Simon M. Potter: “Trends in foreign exchange markets and the challenges ahead”
At the 2015 FX Week Conference in New York City, Simon M. Potter, Executive Vice President of the Markets Group of the Federal Reserve Bank of New York, spoke about the essential role that the foreign exchange market plays and examined some of the ways the market’s structure has changed in recent years. He summed up his speech by saying, that the foreign exchange market is one of the most vital markets in the world. Individuals, institutions, and the global financial system as a whole rely upon the ongoing effective functioning of this market. The market is constantly evolving, and it remains imperative that the industry works to strengthen the foundation of the market and helps to ensure that its integrity is upheld.

Bloomberg becomes regulated trading venue in Europe
Philip Stafford, FT
Bloomberg is set to fall under the same trading platform regulations as its rivals after the UK markets watchdog approved the fixed-income venue’s application to upgrade its legal status.

It’s In The Stars: Winklevoss Twins File To Operate Gemini Bitcoin Exchange
Tyler and Cameron Winklevoss have filed an application with the New York Department of Financial Services on behalf of Gemini Trust Company which will operate as a New York Limited Liability Trust Company. The Gemini exchange will be open to the general public as well as institutional investors once a Certificate of Authorization is issued by the NYDFS.

Hedge Funds & Managed Futures

Nouriel Roubini: Dr Doom condemns cute investment labels
Sophia Grene, FT
Nouriel Roubini is known as Dr Doom, ostensibly because of his foresight in predicting the US housing problems that led to the global financial crisis, but his foreboding appearance probably helps the image.

Fed Officials May Offer More Clarity on Rates
Central bank officials are likely to emerge from their meeting Wednesday with short-term interest rates still pinned near zero, though they could send hints that they’re getting closer to raising the rates. Chairwoman Yellen has emphasized she expects higher U.S. borrowing costs before year-end.

Wealth Adviser Daily Briefing: Advisers’ Stock Picks Don’t Help Clients, Study Says
by Karen Damato and Daisy Maxey, WSJ
Financial advisers help investors to be more diversified and avoid common pitfalls, but their stock recommendations drag down investors’ returns, according to a new study cited by Wealth Adviser at There was “consistent evidence” that stock trades made by investors in conjunction with an adviser underperformed benchmarks as well as trades investors made independently, say European researchers who examined activity between 2002 and 2005 at a large, unidentified Swiss bank. Commenting on the working paper, Meir Statman, a professor of behavioral finance at Santa Clara University in California, says it shows that advisers can be good at managing investor behavior, but “when they try to beat the market by trading, they are more likely to harm clients than help them.”

U.S. Markets Are an Oasis for Buy-and-Hold Investors
There has been no shortage of market-moving business and economic news this year. But for the overall American stock market, none of it has really seemed to matter.

5 Things to Know About Palm Oil
Palm oil is a cheap and widely consumed vegetable oil. Controversy has surrounded the palm-oil industry, even as demand for the oil has surged in recent years. Here are five things to know about palm oil and its issues.

A few big winners keep U.S. stock market afloat in 2015
Amazon’s stock price surge into Friday made it the latest of a series of companies to boom following results, and its performance this year, along with a few others, has basically kept the S&P 500 above water.

One of the richest men in the world is backing a startup that ranks Wall Street’s hedge funds
JONATHAN MARINO, Business Insider
The ability to generate conclusions about hedge fund managers’ behavior could be the tipping point for whether big investors double down in hard times or call for redemption.

Banks & Brokers

JP Morgan’s Daniel Pinto: ‘If you don’t adapt, you are dead’
By David Wighton, Financial News
For a man running a large investment bank, Daniel Pinto smiles a lot. But then, the genial Argentinian has a lot to smile about.

UBS CEO says U.S. wealth unit is not up for sale
UBS said on Monday its U.S.-based brokerage business, formed when UBS bought broker-dealer PaineWebber in 2000, is not up for sale.

UBS Profit Increases 53% in Second Quarter
The Swiss bank UBS said on Monday that its profit rose 53 percent in the second quarter, driven by gains in its wealth management business as it had higher inflows from the Asia-Pacific region and ultra-high-net-worth clients.

Morgan Stanley to sell Australian real estate unit to China’s CIC
Morgan Stanley said on Monday it has agreed a deal to sell its Australian real estate unit Investa Property Group to China Investment Corp, a sovereign wealth fund.

Citi Bike to Begin Service in Queens and Expand in Brooklyn and Manhattan
Citi Bike, the popular bike-share program in New York City, will be introduced in Queens this summer and expanded in Brooklyn as the service moves to double its size over the next two years.

Clearing & Settlement

Nodal Exchange eyes Q4 for clearing house launch
Futures & Options World
Commodities market Nodal Exchange has said it is working toward a launch of its own clearing house in the last quarter of 2015, after late last year applying for approval from US regulator. The firm has earmarked a fourth quarter transition of its clearing business from existing partner LCH.Clearnet to its own Nodal Clear, pending regulatory approval from the US Commodity Futures Trading Commission, Paul Cusenza, chief executive of the exchange told FOW.

Blockchain’s Newest Fan Is Executive Who Upended European Stocks
Bloomberg Business
Peter Randall, known for helping unleash a new era of competition for European stock exchanges in 2007, is seeking to upend the status quo yet again. This time, the goal is using the underlying technology for the digital currency bitcoin to dramatically speed up the transfer of assets.”Clearing and settlement processes are fragmented, cumbersome, costly and in need of technological innovation and simplification,” Randall said in the statement. “We are currently in discussion with a number of first-tier institutions who are looking to commercialize blockchain technology.”

ICIS Selected As Benchmark Provider For Shanghai Clearing House Petrochemical Swaps
Chemical Online
Leading petrochemical market intelligence provider, ICIS, is pleased to announce that it has been selected by the Shanghai Clearing House (SHCH) to provide price benchmarks for two upcoming petrochemical swaps contracts – styrene monomer (SM) and monoethylene glycol (MEG), approved for launch on 20 July 2015.

Supervision of non-financial counterparties under EMIR
The Central Bank of Ireland has announced its intended approach to supervising non-financial counterparties under EMIR. Significantly, this approach differs in a number of respects from that outlined in its consultation paper on the supervision of NFCs under EMIR.

Indexes & Products

Chinese fund manager GF International launches MSCI China A International ETF
Chinese asset manager GF International Investment Management Ltd on Monday said it will launch an exchange-traded fund (ETF) tracking the MSCI China A International Index, becoming the first ETF in Asia to track the index. The index was introduced in June last year and represents the A share component of the MSCI Emerging Markets Index when the latter fully includes A shares – or stock traded in Shanghai or Shenzhen by mainland investors and some foreign institutions.

FTSE Russell launches 50% hedged international indices
ETF Strategy
FTSE Russell, a global index provider, has announced the launch of the FTSE 50% Hedged Index Series. The series is designed for use as underlyings for index-tracking funds, such as ETFs, and as a performance benchmark to help US dollar-based investors evaluate their currency exposures and hedging strategies when investing internationally.

McGraw Hill Said to Weigh Acquiring SNL Financial
Insurance Journal
McGraw Hill Financial Inc. is in talks to buy SNL Financial, the financial news and data services provider owned by buyout firm New Mountain Capital, according to people familiar with the matter. A deal valuing Charlottesville, Virginia-based SNL at about $2 billion may be announced Monday, said the people, who asked to not be identified because the matter isn’t public.

Commodity-Producer ETFs Hit Multi-Year Lows as Raw-Materials Slump
The commodity rout’s hits just keep on coming. The latest: exchange-traded funds that track the raw-material producing companies. Some of these investment vehicles are hitting multi-year lows as commodities’ prices tank.

Do Big Mutual Funds and ETFs Hurt Your Wallet?
If it seems like your airplane tickets cost too much this summer or your bank is overcharging you at the ATM, you might think about blaming your mutual fund.


Facebook to scale up free mobile Internet service to boost usage
Facebook Inc plans to scale up its service to offer free basic Internet on mobile phones, an executive said, after introducing the application in 17 developing countries over the past year.

Goodbye Wall Street, Hello Silicon Valley; Blackstone finance chief Laurence Tosi is latest to head west
More top Wall Streeters are California dreaming. A technology-fueled gold rush is drawing seasoned financial executives with the promise of sunshine, fresh managerial challenges and compensation that can top even the seven-figure paychecks common in the investment world.

Goldman-Backed Instant Messaging Company Seeks New Investment; Symphony Communication Services could garner $1 billion valuation
Symphony Communication Services LLC, the instant-messaging software company backed by many of Wall Street’s biggest firms, is seeking another investment round that may value the startup at as much as $1 billion, according to people familiar with the matter.

MAS creates FinTech & Innovation Group, to start in August
Channel NewsAsia
The new group in the Monetary Authority of Singapore will be responsible for regulatory policies and development strategies to facilitate the use of tech to better manage risks, enhance efficiency and strengthen competitiveness.

Fintech gears up for the latest wave of M&A action
Financial News
As young financial technology companies continue to attract increasing amounts of venture capital funding, investment bankers are expecting more mergers and acquisitions activity in the sector.


BlackRock says Italy regulator dismisses charges over 2013 share sale
Italian market regulator Consob has dismissed all charges against BlackRock and one of its managers over the alleged use of insider information to sell shares in Saipem in 2013, BlackRock said on Monday.

Clamp Down on Tax Evaders, P-Note Misuse: SIT to Sebi
The New Indian Express
The Special Investigation Team on black money has made several recommendations to various government bodies based on the committee observations on ‘Measures to tackle black money in India and abroad’. The SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for Participatory Notes (P-Notes), while also making a case for bringing donations to educational and religious bodies under tax net.

Environmental & Energy

U.S. companies pledge financial, political support for U.N. climate deal
Thirteen big name American companies on Monday were to announce $140 billion in low-carbon investments to lend support to a global climate change deal in Paris in December, the White House said.

Investors could lose $4.2tn due to impact of climate change, report warns
By Terry Macalister – The Guardian
Private investors stand to lose $4.2tn (£2.7tn) on the value of their holdings from the impact of climate change by 2100 even if global warming is held at plus 2C, a report from the Economist Intelligence Unit (EIU) has warned.

Sand bandits: Fracking boom drives new gold rush
By Omar El Akkad – The Globe and Mail
Even the name sounds strangely illicit: Northern White. It’s not a narcotic. It’s sand – a very particular kind of sand mined in Wisconsin and elsewhere in the Midwest.


Asian Exchange Forum: Global Linkages Becoming The Norm
Stock exchange leaders from across the Asia-Pacific region agreed that international links between stock exchanges are becoming increasingly commonplace and essential for meeting the changing needs of global investors.

Beijing police shut down massive iPhone counterfeiting operation
Police in Beijing have busted a factory that produced more than 41,000 fake iPhones worth as much as 120 million yuan ($19 million), including some that reached the United States, and have arrested nine suspects in the counterfeiting operation.

China seeks to tame online finance risks
Gabriel Wildau in Shanghai, FT
China’s move to regulate internet finance is a positive step towards legitimising a sector that has largely operated in a vacuum, analysts say, but the rules also reflect the government’s support for incumbent banks.

Can All Chinese Debt Be Rated Top Quality?; Around 97% of yuan-denominated bonds hold top ratings at home
In China, Evergrande Real Estate Group Ltd.’s domestic bonds are seen as among the safest bonds going.

Frontier Markets

Kenyan bank hosts China’s yuan clearing centre to spur trade
A Kenyan bank has opened a new branch that will host a clearing house for Chinese renminbi (RMB) that would allow the settlement of trade deals to help boost economic growth.

Relaxation of foreign stock ownership restrictions likely to boost Vietnam ETFs
ETF Strategy
The Vietnamese economy has been favoured lately by investors over other frontier markets due to consistent economic growth, favourable demographics, mass urbanization, strong foreign direct investment and ongoing reforms to state companies and the banking system. However, foreign ownership levels are already at their cap level for many major companies; a relaxation on these limits could provide significant increases in trading and liquidity levels of Vietnam-based ETFs.

Deloitte release risk research for MENA region
CPI Financial
In keeping with international trends, managing Compliance Risk remains a high priority for organisations across the Middle East North Africa (MENA) region. While there has been progress in the fight against bribery and corruption in recent years, organisations in the region still lag behind in adopting Anti-Bribery and Corruption (ABC) policies.

This Week on the Frontiers: Entrepreneurs in the Limelight
African entrepreneurs are in the limelight this weekend as Kenya plays host to the sixth annual Global Entrepreneurship Summit. But two surveys released to coincide with the summit—one from the Tony Elumelu Foundation and the other from survey firm Geopoll—highlight the substantial challenges entrepreneurs on the continent face as they try to grow their businesses.

Investors Flee Russia as Morgan Stanley Sees Chill Lasting
by Elena Popina, Ye Xie, Bloomberg
Russia’s cooling market climate has spurred an exodus of international investors. And the forecast calls for the cold snap to linger.


Gawker’s Future: A Conversation With Nick Denton
On July 16, the news and gossip website Gawker, a digital-media pioneer partly responsible for the tone and sensibility of web journalism, published an article that accused a married male media executive of seeking, via text message, to pay for sex with a gay escort. It was swiftly condemned as an unseemly invasion of privacy, and Gawker’s founder and chief executive, Nick Denton, decided to remove the article from the site. Two of his editors resigned, accusing Mr. Denton of violating editorial independence.

Pearson in talks to sell Economist stake
Henry Mance and Arash Massoudi, FT
Pearson is in negotiations to sell its 50 per cent stake in the Economist Group, publisher of the Economist magazine, to other shareholders in the group including the investment vehicle of Italy’s Agnelli family.

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