First Read

Bits & Pieces
By John J. Lothian

We are in the final preparation stages for our Chicago Summer Intern Education Series, part of MarketsWiki Education’s World of Opportunity. If everything goes as planned, it should be our best series yet.

We have already begun planning for our London series, tentatively set for October 14 & 15. Hopefully this time I will get to spend more time in London than I did during my last visit. I was hoping Mike Bloomberg’s new mansion was going to be offered on Airbnb.

Doug Ashburn and I are off this afternoon to the Cubs game, courtesy of our friends at McGladrey. As Doug is a Chicago White Sox fan, he has a lot more to cheer about these days.

A former CQG salesman of mine when I was a futures broker, John Gage, III, has been hired by ICE as sales director, global connectivity for NYSE Technologies. John also previously worked with AlgoFast, CTS and Thomson Reuters

On Columbus Day, the CBOE will be participating in the Trading Tech 300 program and offering the First Aid and Fingerprinting merit badges in their office in Chicago. Details are here

On September 19, the National Futures Association will be offering the Fingerprinting merit badge as part of Trading Tech 300. Details are here

The Trading Tech 300 event hosted by Glenstar Properties on August 18 is nearly sold out. Details are here. They are offering the electricity, engineering and search and rescue merit badges.

Thank you to all the firms who have agree to participate in the Trading Tech 300 program. If you are interested in learning more about it, or having your firm participate, please contact me.

DTCC and Euroclear, who recently teamed up to create Global Collateral, a margin and collateral utility, will be hosting Collateral Conference for the Americas, their inaugural event in New York on September 16. The details are still evolving, and we will share them as soon as they become available, but for now, save the date.


MarketsWiki Education Intern Series 2015

Global equity trading volumes rise 36% in 1st half 2015 driven by China
WFE Press Release
The World Federation of Exchanges has today published its Market Highlights Report for the first semester of 2015.
Among the key trends were:
– Value of worldwide share trading rose 36% to 59 trillion USD in H1 2015 from the second-half of 2014 (+58% year on year).
– Mainland China share trading volumes rose 166% in H1 2015 from H2 2014.


Nobody Knows How Much Bonds Cost
By Matt Levine, Bloomberg View
As you may have heard, people are worried about bond market liquidity. One problem is that banks don’t want to trade bonds any more, because that is not such a good business in the modern regulatory environment. One potential solution for that problem is to have investors just trade bonds with each other, cutting out the banks as middlemen. But it turns out that doesn’t work very well, in part because investors don’t know how much bonds are supposed to cost, and need banks to tell them:


Full Committee on Agriculture – Public Hearing: Dodd-Frank Turns Five
Committee on Agriculture
Wednesday, July 29, 2015 – 10:00 a.m. – Dodd-Frank Turns Five: Assessing the Progress of Global Derivatives Reforms. Panelists include CME Group’s Terrence A. Duffy, ISDA CEO Scott O’Malia, Chris Edmonds of ICE, DTCC General Counsel Larry Thompson and John Parsons of MIT Watch live here.


Amazon Lays Out Plan for Drones to Navigate Skies
Some of the biggest players in the world of commercial drones are drawing up plans for how to safely manage the growing flock of unmanned vehicles in what are quickly becoming crowded skies. On Tuesday, Inc. laid out a proposal centered on slicing U.S. airspace into segments for different categories of unmanned aircraft, while keeping them all away from airplanes.


Lead Stories

Dick Grasso Returns to U.S. Stocks, on a Smaller Stage
Jef Feeley, Nick Baker, Ryan Hoerger, Bloomberg
Dick Grasso is returning to the U.S. equity market more than a decade after his ouster from the New York Stock Exchange, this time on a far smaller stage.

US Treasuries market faces liquidity concerns
Joe Rennison in New York, FT
Investors are asking themselves a question that until recently had never been up for debate; how “liquid” are US Treasuries?

**In case you missed yesterday’s Ken Griffin Op/Ed –

SGX delivers growth with FY2015 net profit of $349 million
Singapore Exchange (SGX) today announced net profit of $348.6 million, up 9% from the previous year, on revenue of $778.9 million, up 13% from a year earlier. Excluding Energy Market Company Pte Ltd (EMC) revenue of $18.0 million, revenue increased 11%. Earnings per share was 32.6 cents, up from 30.0 cents last year. The Board of Directors has proposed a final dividend of 16.0 cents per share, bringing the total dividend to 28.0 cents per share, unchanged from a year earlier.

A stock exchange could be coming to Wilmington; Former chairmen of the New York and Philadelphia Stock Exchanges are seeking $15 million from New Castle County.
On Tuesday, July 28, New Castle County Council will review a proposal from Delaware Board of Trade Holdings Inc., a recently incorporated Delaware company led by former New York Stock Exchange chairman and CEO Dick Grasso, Philadelphia Stock Exchange chairman John F. Wallace, former Nasdaq executive and Cincinnati Stock Exchange CEO Nick Niehoff and Dennis Toner, former aide to Vice President Joe Biden.

New case against Jignesh Shah, NSEL
N Sundaresha Subramanian, Business Standard
On a court order, the police here have registered a case against National Spot Exchange (NSEL), director Jignesh Shah and other top executives on various charges under the Indian Penal Code and the Information Technology Act. The First Information Report (FIR) was registered at the Barakhamba Road police station on Friday, on a complaint by Delhi-based broker Kunal Khaneja. The FIR adds a fresh twist to the legal proceedings in the Rs 5,600 crore NSEL payment crisis, being investigated by various agencies and with cases pending in advanced stages at different courts.

Investors boost clearing of credit swaps
Joe Rennison in New York, FT
Hopes of a revival for a languishing area of the credit derivatives market are being bolstered by an increasing number of investors voluntarily adopting a risk management practice advocated by regulators.

China’s Stock Response Has No Public Face to Calm Turbulent Markets; There is no Alan Greenspan or Mario Draghi in China
Wanted in China: a reassuring face to tell panicking investors that everything will be all right.

***DA: A little perspective here, people. This is a market that doubled over the past year, and has given back 30 percent or so.

China drives up global trading volumes
Kadhim Shubber in New York, FT
The surge of Chinese retail investors into the country’s volatile equities market drove global trading volumes up 36 per cent in the first half of the year, in a further sign of the impact of China’s financial markets.

Janet Yellen’s First 18 Months Running the Fed – The Numbers
Janet Yellen took office as chairwoman of the Federal Reserve on Feb. 3, 2014. As she approaches the 18-month mark, how has her time at the helm compared with the early experience of her predecessor, Ben Bernanke? She inherited a weaker economy in the wake of the 2007-09 recession, but oversaw rapid improvement by several measures of economic health.

China stock rescue suffers exit wounds
Gabriel Wildau in Shanghai, FT
As China’s stock markets gyrate, policy makers find themselves facing a Fed-style quandary with Chinese characteristics: how to exit.

Banks fail to persuade regulators to dilute new buffer rules
Rules will soon be finalised forcing the world’s top banks to hold enough liquid assets to cover between 16 and 20 percent of their liabilities, after industry lobbying failed to persuade regulators to relax the plan.

Private Trading Venue for Smaller Stocks Finances a Comeback
A “dark pool” stock-trading venue backed by Credit Suisse Group AG is planning a comeback following a fresh investment from a former bond-industry executive.

New Bond Trading Platforms Not a ‘Big Bang’ on Wall Street
A host of new electronic fixed-income trading platforms have cropped up in recent years, aiming to connect buyers and sellers in a liquidity-challenged corporate-bond market.

Bondcube Failure Reveals Pricing Flaw in $8 Trillion Bond Market
by Matthew Leising, John Detrixhe, Bloomberg
The collapse of fixed-income trading platform Bondcube after only three months highlighted an obstacle to creating new trading venues in the $8 trillion market: a lack of prices to foster liquidity.


Eiopa calls hearing on infrastructure-investment definitions
The European Insurance and Occupational Pensions Authority will host a hearing on possible adjustments to capital formulas for insurance companies relating to long-term investments in building physical infrastructure. The hearing is scheduled for Sept. 4, in Frankfurt.

FCA finds firms still failing to fully manage benchmark risks
Firms still have to do further work to identify the full range of their benchmark activities and improve their management of the associated risks according to the Financial Conduct Authority’s thematic review of oversight and controls of financial benchmarks published today.

Financial Benchmarks: Thematic Review of Oversight and Controls
This report presents the findings from our thematic review of firms’ oversight and controls in relation to financial benchmarks.

Barclays Pledges to Accelerate Overhaul as Profit Rises in 2nd Quarter
The British bank Barclays on Wednesday reported improved earnings in its second quarter, but its new chairman said the lender would speed up its overhaul and curtail “marginal” activity as it kept its dividend flat this year.

Sebi turns to ex-servicemen for security jobs; The hiring will be for security purposes, through an outsourcing agency for a period of one year
Sachin P Mampatta, Business Standard
In a first, the stock market regulator is in need of personnel, and it is looking for retired military staff to fill those gaps.

Exchanges & Trading Facilities

Eurex Exchange’s equity derivatives: changing market structures in the equity options space
Q2/2015 has seen some interesting developments in single equity derivatives not only in terms of volume but also in terms of overall market structure:

Johannesburg Exchange selects MillenniumIT trading solution
Automated Trader
MillenniumIT has announced that Johannesburg Stock Exchange has selected MillenniumIT to provide the technology for its derivatives and fixed income markets. The move will extend JSE’s use of MillenniumIT’s integration platform (MAP), the Millennium Exchange trading platform and Millennium Surveillance products beyond equities, providing an integrated multi-market and ultra-low latency solution in support of the JSE’s strategic objective of integrated trading and clearing.

CME Group’s Terry Duffy to Appear before the U.S. House Committee on Agriculture to Discuss the Dodd-Frank Act’s Five Year Anniversary
Jul 28, 2015
CME Group
CME Group Executive Chairman and President Terry Duffy will appear before the U.S. House Committee on Agriculture on Wednesday, July 29, to assess the progress of global derivatives reform.

Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced today that Senior Vice President for Financial Markets Christopher S. Edmonds will appear before the House Agriculture Committee to discuss the five-year anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

NYSE Amex Options and NYSE Arca Options will be introducing a market data redesign, which will include a migration from ArcaBook to XDP Options. The new XDP Options Client Specification has now been published to, and can be found here.

Greek bourse to reopen Wednesday or Thursday after ECB approval – regulator; Restrictions in place for local investors; Decree on timing expected, timing not clear; Athens Stock Exchange has been closed since June 29 (Adds comment by European official)
By Angeliki Koutantou and Lefteris Papadimas, Reuters
The Greek stock market will reopen on Wednesday or Thursday after a month-long shutdown but with restrictions on trading by local investors at the request of the European

Kevin O’Leary, founder of O’Shares and ABC Shark Tank host investor, rang The Opening Bell at the New York Stock Exchange today to celebrate the recent launch of the O’Shares FTSE US Quality Dividend Exchange Traded Fund (NYSE Arca: OUSA).

Deutsche Börse issuing EUR 500m+ hybrid bond
Hybrid bonds: back in business? Deutsche Börse, Europe’s biggest exchanges operator by value, has been on a shopping spree of late, and this morning it launched a EUR500m hybrid bond, writes Joel Lewin

Hedge Funds & Managed Futures

Man Results for the six months ended 30 June 2015

Man Group suffers net outflows but profits jump 89%
Natalie Kenway, InvestmentWeek
Man Group saw $2.6bn of net outflows during the first half of the year, largely driven by redemptions from the group’s long-only portfolios including GLG’s Japan CoreAlpha strategy, but performance fees helped profits jump 89%.

Carlyle Group’s Profit Jumps, But Another Key Measure Falls; Economic Net Income falls from year ago, but still narrowly beats Street
Carlyle Group LP on Wednesday said its second-quarter profit rose 55%, as it continued to sell stakes in the companies it owns. But it saw a decline in another key profitability measure.

Gold Is Only Going to Get Worse; Our survey shows a majority of traders and investors aren’t optimistic.
by Debarati RoyEddie Van Der Walt, Bloomberg
The problem for gold isn’t just that prices are dropping. For many, the metal also has lost its charisma.

True Gold Bugs Care About Value, Not Price
By Mark Gilbert, Bloomberg
The price of gold has fallen by almost half since it reached nearly $2,000 per ounce four years ago — that was a sixfold increase from 1999. In the past year alone, the precious metal has dropped more than 15 percent. But there’s good reason that Tim Price, who owns the yellow stuff on behalf of the clients at PFP Asset Management in London, couldn’t care less.

Banks & Brokers

EBS BrokerTec combines MyTreasury into product portfolio, entering the corporate client segment and Money Markets
EBS BrokerTec, ICAP’s market-leading electronic foreign exchange and fixed income business, announces that, in line with its multi-product expansion strategy it has combined MyTreasury into its product portfolio. MyTreasury is an ICAP owned, established Money Market Fund (MMF) platform for the corporate treasury community. Furthermore, by leveraging its existing platform and established network, EBS BrokerTec is adding an FX offering onto MyTreasury which will be available later this year. It will be branded “EBS Treasury”.

Going for Gold(man): UK bank analyst pay tops out at 71,000 pounds
Goldman Sachs (GS.N) and Morgan Stanley (MS.N) are offering the fattest bonuses to their London analysts, but if it’s a high base salary you’re after then head to Deutsche Bank (DBKGn.DE), according to a survey on Wednesday.

Barclays chairman hails investment bank performance
Martin Arnold, Banking Editor, FT
The new executive chairman of Barclays has hailed a sharp improvement in interim results at its investment bank but set a demanding new cost-cutting target after saying overall returns remained too low.

Jones quits over Santander listing delay
Santander UK’s chief financial officer has quit blaming a delay in the Spanish bank’s plan to publicly list its British subsidiary. Stephen Jones’ exit raises doubts about whether Santander will ever go ahead with its long-mooted plan to float its UK operation, which was built on the acquisitions of the struggling building societies Abbey National, Bradford & Bingley and Alliance & Leicester.

Nomura Profit Triples on Brokerage Commissions, Banking Fees
by Takahiko Hyuga, Bloomberg
Nomura Holdings Inc.’s first-quarter profit more than tripled as surging brokerage commissions and investment-banking fees outweighed a drop in trading income.

Clearing & Settlement

DTCC appoints new European trade repository chief
Financial News
Andrew Douglas, DTCC’s head of government relations in Europe, Middle East, Africa, and Asia, has assumed the additional role of chief executive of DTCC Derivatives Repository Ltd, or DDRL, the European arm of DTCC’s global trade repository which provides post-trade and reporting services for both over-the-counter and exchange-traded equity and credit derivatives.

LME Clear launches new RMB initiative, Chinese firm to be first member
LME Clear, the clearing house for the London Metal Exchange (LME) market, announced Tuesday that it can now accept offshore Renminbi (CNH) as eligible cash collateral, effective immediately. This follows regulatory approval for the initiative from the Bank of England, said LME Clear. Chinese-owned BOCI Global Commodities, a subsidiary of Bank of China, will be the first LME Clear Member to submit CNH collateral.

CME Group Delivery Dates for August 2015
CME Group

Indexes & Products

Change to MSCI index could make China market even more volatile
Financial Review
More than two weeks after a series of strenuous official efforts to arrest their decline, Chinese stock markets remain volatile. On Monday, the index of Shanghai A-shares dropped 8.5 per cent to 3,903, ever closer to the government-determined floor of 3,500 and further from the perceived ceiling of 4,500.

BofA to Create Junk Bond Indexes Excluding Emerging-Market Notes
by David YongKatie Linsell, Bloomberg
Bank of America Corp. said it will create high-yield indexes tied exclusively to developed-market issuers after investors voted to keep emerging-market bonds in existing benchmarks.

U.S. home price growth stalls in May: S&P/Case-Shiller
The S&P/Case Shiller composite index of 20 metropolitan areas in May gained 4.9 percent year over year, matching the pace set in April. Economists polled by Reuters had projected a stronger pace of a 5.6 percent increase.

Goldman says Chinese metals in for a ‘hard landing’
By Henry Sanderson, FT
China’s statistics pose multiple difficulties for analysts, especially since they were called “man-made” by the current premier, Li Keqiang, in a US diplomatic cable.

FTSE Russell launches New Ex Coal Index Series
Press Release
FTSE Russell, the global index provider, today announces its new FTSE All-World ex Coal Index Series. The suite of benchmarks will omit companies that have certain exposure to coal or general mining companies with proved and probable coal reserves. The new index series will assist market participants in managing their portfolio exposure linked to fossil fuels.

U.S. Bond Prices Have Moved Up as Chinese Stock Prices Have Plunged
Indexology – S&P Dow Jones Indices
The S&P 500 Bond Index has seen its performance improve over the last week, as the month-to-date return, which had been negative since July 10, 2015, was able to recover and pushed out of negative territory on July 22, 2015, to reach 0.312%. The index was still negative YTD, at -0.323%, but it is not as low as the -1.125% that was posted on July 13, 2015. The broader, investment-grade index (S&P U.S. Investment Grade Corporate Bond Index) has returned 0.28% MTD and -0.18% YTD as of July 27, 2015.


Cyber insecurity: When 95% isn’t good enough
After a wave of increasingly sophisticated cyber attacks, corporations of all types — from entertainment groups like Sony to retailers, insurers and even carmakers — are spending big money to fight back against hackers. But the financial industry is the most frequent target, facing 300 per cent more cyber attacks than any other sector, according to a report from Websense, a cyber security company. Regulators have noted that cyber attacks on banks are an emerging threat that could pose a systemic risk to the sector, according to a May report by the US Financial Stability Oversight Council.

JSE overhauls derivatives and fixed income systems
Banking Technology
South Africa’s Johannesburg Stock Exchange has begun moving its derivatives and fixed income markets onto Millennium Exchange, the trading platform it bought from the London Stock Exchange when it moved its equities market in 2012.


SEC Charges Mead Johnson Nutrition With FCPA Violations
An SEC investigation found that employees funded the improper payments through “distributor allowance” funds paid to third-party distributors who market, sell, and distribute the company’s products in China. Although the funds contractually belonged to the distributors, employees exercised some control over how the money was spent and provided specific guidance to distributors on how to use the funds. Cash and other incentives were subsequently paid to health care professionals in China hospitals to recommend Mead Johnson Nutrition products and provide the company with contact information for patients who were new or expectant mothers so it could market its infant formula to them directly. The company did not accurately reflect in its books and records the more than $2 million in improper payments made during a five-year period.

Wealth Adviser Daily Briefing: Ex-Merrill Veteran Buck Barred From Industry
The buck stopped Friday for former Merrill Lynch financial adviser Tom Buck, who once oversaw $1.3 billion of client assets. The Financial Industry Regulatory Authority permanently barred the veteran of more than 30 years at Merrill from the brokerage industry, accusing him of fraudulently causing clients to overpay for services and for engaging in unauthorized trading, writes Wealth Adviser at Mr. Buck, who was working for RBC Wealth Management after being dismissed from Merrill in April, was one of several high-profile firings at the Bank of America Corp.BAC +1.17%-owned brokerage in recent months. The tougher approach is seen largely as a response to closer regulatory scrutiny of brokerages.

Wall St watchdog bars former Merrill Lynch broker Tom Buck
Tom Buck, the former top Indiana securities broker who was fired by Bank of America Merrill Lynch in March, has been permanently barred from the securities industry by the Financial Industry Regulatory Authority, according to the regulator’s BrokerCheck website.

TD Ameritrade to pay $300,000 to Texas for notification lapses
TD Ameritrade Inc agreed to pay $300,000 to the state of Texas and make a $100,000 contribution to an investor education fund for failing to enforce internal rules requiring customers to be notified when money is withdrawn from their accounts. The discount brokerage unit of TD Ameritrade Holding also agreed to contribute another $100,000 to investor education efforts in Texas.

NSEL wins decree against ARK Imports; Bombay High Court orders sale of ARK’s properties to recover Rs 719 cr
BS Reporter
Defunct commodity trading platform National Spot Exchange (NSEL) has won a case against ARK Imports, one of its largest defaulters, with the Bombay High Court passing a decree against ARK for selling its property to recover Rs 719.37 crore dues.

Environmental & Energy

Carbon Trading Part of Late Push for Obama Power Plant Limits
Bloomberg Business
Some businesses that back President Barack Obama’s plan to curb greenhouse gases are making a late lobbying push to add an element similar to a cap-and-trade program. With the administration set this week or next to unveil its final rules to cut emissions from coal and natural gas plants, groups for companies such as Johnson Controls Inc., Alstom SA and AES Corp. have pressed officials to include a carbon market so that costs don’t surge.

Inslee directs Ecology to draft emissions cap, avoids “poison pill”
By Nicholas Deshais – The Spokesman
Washington Gov. Jay Inslee today told the Ecology department to create tougher carbon emission restrictions, a step that avoided the “poison pill” provision in this year’s transportation budget and retains billions of dollars in alternative transportation funding.

Sources: EPA will ease deadlines on pollution rule to help states comply
By Joby Warrick – The Washington Post
The Obama administration has decided to give states more time to comply with proposed regulations that will require dramatic cuts in greenhouse-gas pollution from power plants, people familiar with the plans said Tuesday.


China anti-graft purge recovers $6.2bn in ill-gotten gains
Jamil Anderlini in Beijing, FT
Chinese anti-corruption authorities have returned Rmb38.7bn ($6.2bn) in ill-gotten gains to the nation’s coffers since President Xi Jinping launched his war on graft in late-2012, according to official figures.

Can China Stand on Its Own?

China’s economy is, by one measure, bigger than that of the United States. As the “China Factor” series in The Times makes clear, its global ambitions and power are enormous. But by per capita income it isn’t in the top 100 countries, as many as 200 million Chinese may live below international standards of poverty, and the sickening plunge in its stock market indicates that its gains may be fragile. So does it deserve the benefits of being classified as as a “developing” country, which provides it with trade and fiscal relief and allows it to avoid tougher carbon emission standards?

Japan’s banks return to pole position for cross-border lending
Japanese banks have renewed their dominance of cross-border lending on the back of a two-year splurge triggered by the “Abenomics” growth programme named for Japan’s premier Shinzo Abe. But their resurgence could prove shortlived. If Japanese interest rates rise from historically low levels, banks there could lose their enthusiasm for lending abroad and their pricing advantage, analysts say.

The Real Problem With China’s Murky Markets
By William Pesek, Bloomberg
China’s epic ploy to convince the world its stock market is safe is no match for the Huang Guangyu caper.

Frontier Markets

Govt should revisit gold monetisation scheme: Parliamentary panel chief; The committee would examine the scheme as the gold industry players have submitted a memorandum before the panel raising certain doubts about it
Press Trust of India
Expressing reservations over the Centre’s proposed gold monetisation scheme, chief of Parliamentary panel on finance Veerappa Moily today said the government should revisit it as it is unlikely to take off with the existing conditions.

All that glitters is not gold; Don’t rush to buy. Ensure the yellow metal is not more than 5% of your portfolio
Joydeep Ghosh & Tinesh Bhasin, Business Standard
For investors in gold, things haven’t been good for the past few years. Many like Vinod Doshi, a dentist by profession and regular investor in gold for the past three years, are worried on whether to continue in the yellow metal or not. “I have been buying two gold coins every month. Though the prices fluctuated, I kept buying it like a systematic investment plan (SIP). Now, I am not sure whether I should continue,” says Doshi.

Emerging currencies feel pain of global stress
Eighteen years ago a currency collapse in Thailand sparked contagion throughout Asia, triggering a brutal financial and economic crisis. Now echoes of that collapse are resounding once again. Currencies across Asia are bearing the brunt of a global recoil from emerging markets in anticipation of the first US interest rate rise in nearly a decade against a backdrop of collapsing commodity prices and escalating concerns over China’s economy.

Delhi, Mumbai cops engaged in turf war over NSEL scam
The Indian Express
NSEL has been accused of collaborating with 25 ‘fictitious’ firms on the forward trading market to trade fake stocks on the exchange on the basis of forged documents.
Turf wars are set to erupt in the investigation of the Rs 5,600 crore NSEL ‘scam’, with the Economic Offences Wings of the Mumbai and Delhi police, both claiming jurisdiction over the Jignesh Shah, the main accused — as director of NSEL and promoter of Financial Technologies (FTIL), which owns 99.99 per cent of the shares of NSEL has approached the Delhi High Court in a writ petition for quashing of an FIR filed by the Delhi EOW against him last year in the case. In his plea, he claimed that since the Mumbai EOW had already registered multiple FIRs in the case, and he had remained under arrest for over 100 days, the case filed by the Delhi Police should be quashed.


Booker Prize winners list: a history of winning authors; The prestigious award has been running since 1969 – here we look back at nearly 50 years of winners
The Telegraph
The longlist for the 2015 Booker Prize is announced at midday on July 29 – how were previous winners received? Here is a collection of The Telegraph’s reviews on the previous winning novels, as well as interviews and obituaries.

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