First Read

Bits & Pieces: Homecoming
By John J. Lothian

My daughter Katherine and three scouts from my Boy Scout troop returned home safely from Japan yesterday afternoon. Being a super-active teenager, Katherine immediately went to marching band camp from the airport without stopping at home.

Katherine had a great time meeting scouts from all over the world. This was the first World Scout Jamboree where the U.S. Boy Scouts of America brought girls along. The U.S. is only one of six countries that separates Boy Scouts and Girl Scouts.

Katherine attended the World Scout Jamboree as a Venture Scout and now wants to attend the UK Scout Jamboree next year and the U.S. National Scout Jamboree in 2017. She also mentioned some Iceland scout gathering.

Needless to say, she caught the scouting spirit. She told me that it was so cool to be able to just say hello and talk to anyone walking down the street at the jamboree in Japan. Everyone was so friendly.

She did say she really liked the Danes, who were camped nearby her unit. Kat’s last Facebook post before she came home said she did not want to leave Japan, as she was having so much fun with her newfound friends.

She only lost about 3 pounds she said, which is pretty good considering the heat index was regularly 115 F degrees.

I am glad to have her home and very pleased she had such a great time. I wanted her to come home with a greater sense of her place in the global community and appreciative of the adventures and friendships you can find in scouting. Mission accomplished and it sounds like more adventures are ahead.


CME Group cuts 3% of staff, with half coming from technology
CME Group Inc. eliminated about 3 percent of its employees, with about half the cuts coming from technology staff.
*****See also: Reuters: CME Group cuts 3 percent of employees in another round of reductions
***** We were in the CME’s offices for our Education series in London last October when they made their last cuts.


FIS to Buy Financial-Tech Firm SunGard for $9.1 Billion, Including Debt; Acquisition will end bid by SunGard’s private-equity owners to take it public
Fidelity National Information Services Inc. agreed to buy financial software company SunGard for $9.1 billion, including the assumption of debt.
*****Also see: Fidelity National to buy software maker SunGard in $9.1 bln deal


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Goldman Sachs to Give Out ‘Secret Sauce’ on Trading; New open source platform is an attempt by Goldman to bolster its technology bona fides
In a major shift for Goldman Sachs Group Inc., the firm is preparing to give away some of the “secret sauce” behind its trading ideas.

**JK – It’s often a little garlic and cumin.


Develop DIY Algorithms—Safely
TradeTalk – TT
Yesterday, The Wall Street Journal published an article titled “Algorithmic Trading: The Play-at-Home Version” highlighting the growth of a new crop of DIY tools that allow retail traders to easily automate their trading strategies. The users quoted in the article expressed excitement about having the ability to quickly build and deploy their own strategies, but they lamented that unforeseen issues in their algorithms led to sizable losses.

**JK – You take this thingy and connect it to that thingamajig, which plugs into that doohickey…


Rahm Emanuel, Mayor, City of Chicago – Chicago, Risk Capital of the World

If you want to hear why Chicago may hold its spot as one of the financial hubs in the world, Mayor Rahm Emanuel has the answers. Speaking at Trading Technologies headquarters in Chicago at the 2015 MarketsWiki World of Opportunity Summer Intern Education Series, he outlines the reasons to be optimistic about Chicago’s future. The city is rated as the second most competitive economy in the US, behind New York and is always rated in the top 10 worldwide. It’s also the number one city for college graduation with 150,000 students graduating each year from 15 colleges and universities, and it’s the top city for first jobs for graduates. See how the city is positioned as the risk management capital of the world.
Watch the video »

Alphabet, Google and What’s at Stake for the Capital Markets
Anthony Malakian, WatersTechnology
Anthony says that the unveiling of Alphabet could be a good thing for capital markets firms, but it will take a while for this to play out. In the short term, though, there’s no reason to worry.

**JK – TT’s Rick Lane considers all of Google’s “brand equity” from A to Z.


Lead Stories

Hackers tapped a bonanza of data for traders, US says; Defendants allegedly used clicks and tricks to generate more than $30 million in illegal profits
By Christopher M Matthews and Nicole Hong, WSJ
After burrowing into the computer systems of companies that distribute news releases in 2010, a Ukrainian hacker needed a way to advertise his illegal haul to potential customers, authorities say. His solution: a video.

Tougher bank rules hit bond market trading, report says
Robin Wigglesworth in New York, FT
A report on deteriorating bond market trading conditions commissioned by two of the financial industry’s biggest lobbying groups has urged regulators to ameliorate the “liquidity” crunch by revisiting parts of the post-financial crisis supervisory framework.

Dark pools back in the dock as regulators scrutinise ITG
Philip Stafford, FT
Michael Lewis’s book Flash Boys promised to expose the world of high-frequency trading, but in a twist attention has increasingly focused on the controversial share trading venues known as “dark pools”.

GMEX IRS Constant Maturity Futures successfully launched
Deutsche Boerse
Eurex: Eurex and GMEX are pleased to announce that the first trades in GMEX’s Euro-denominated IRS Constant Maturity Future (IRS CMF) have been successfully executed, cleared and settled. This innovative product has been available for the electronic arranging of transactions on GMEX’s platform with trade confirmation and clearing on Eurex since 7 August 2015

Hackers Made $100 Million With Info From Stolen Press Releases: FBI; “The lesson in this is your information is only as secure as the people you share it with.”
AP via Huffington Post
An international web of hackers and traders made $100 million on Wall Street by stealing a look at corporate press releases before they went out and then trading on that information ahead of the pack, federal authorities charged Tuesday.

CSC eyes electronic trading outsourcing with Fixnetix deal
Philip Stafford, FT
CSC, the US technology provider, has made a concerted push into outsourcing banks’ high-speed trading and data services with the acquisition of Fixnetix, a UK trading technology group.

Credit Suisse and Barclays in dark pool settlement talks
ByBradley Hope, Emily Glazer and Christopher Matthews, WSJ
Credit Suisse and Barclays, two of the biggest operators of dark pools, have entered settlement negotiations with the New York attorney general and the Securities and Exchange Commission over allegations of wrongdoing in the private trading venues, said people familiar with the matter.

Yuan Tumble Tests China’s Free-Market Resolve as PBOC Intervenes
The yuan sank for a second day, spurring China’s central bank to intervene as the biggest rout since 1994 tested the government’s resolve to give market forces more sway in determining the exchange rate.

Why Did China Devalue Its Currency? Two Big Reasons
Neil Irwin, NY Times
HERE are two things that China’s government wants very badly: first, for its economy to remain on an even keel, keeping growth and employment high. Second, for its currency, the renminbi, to become globally pre-eminent, helping promote the country’s diplomatic goals and solidifying the country’s centrality to the global economy.

‘I feel so bad’: ‘Wolf of Wall Street’ on homeless ex-broker
By Shawn Cohen, NY Post
The former stockbroker who went from riches to rags and wound up sleeping on the sidewalks of the city got some sympathetic words on Tuesday from his old financial-world pal — Jordan “Wolf of Wall Street” Belfort.


FIX forms new sub groups to address MiFID II regulation
Automated Trader
FIX Trading Community, the non-profit, industry-driven standards body, has announced that it has formed six new subgroups focused on MiFID II regulation for the industry to collaborate on the most critical issues in this time of regulatory change.

Comment: Weakening leverage ratio undermines banks’ accounting
Thomas M. Hoenig, FT
Removing derivatives from banking rules is contrary to basic accounting practice, says Thomas Hoenig
The essence of banking is leverage. For every dollar of capital a bank’s owners contribute to its funding, some multiple of money borrowed from depositors and other creditors finance its operations.

Central banks wade in as forex losses spiral
Emerging stocks, bonds and currencies extended losses on Wednesday after China allowed its yuan to weaken for the second straight day, with some central banks forced to curb sharp falls in their currencies.

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

    • BATS: Notice of Filing of a Proposal to List and Trade Shares of the ProShares Managed Futures Strategy ETF of the ProShares Trust under BATS Rule 4.11 on BATS Exchange, Inc. (Release No. 34-75664; File No. SR-BATS-2015-56)


    • FINRA: Notice of Filing of a Proposed Rule Change to Adopt FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions) in the Consolidated FINRA Rulebook (Release No. 34-75655; File No. SR-
    • FINRA-2015-029; August 10, 2015); see also Exhibit 5
    • ICC: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Implement Single Name Backloading Incentive Program (Release No. 34-75656; File No. SR-ICC-2015-014; August 10, 2015)


    • ICEEU: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Revised Fee Schedule (Release No. 34-75657; File No. SR-ICEEU-2015-014; August 10, 2015)


    • NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify NASDAQ Rule 7051 Fees Relating to Pricing for Direct Circuit Connections (Release No. 34-75661; File No. SR-NASDAQ-2015-094)


    • NYSE: Designation of a Longer Period for Commission Action on a Proposed Rule Change Amending the Eighth Amended and Restated Operating Agreement of the Exchange to Establish a Regulatory Oversight Committee as a Committee of the Board of Directors of the Exchange and Make Certain Conforming Amendments to Exchange Rules (Release No. 34-75659; File No. SR-NYSE-2015-27)


    • NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Holdings By the iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF (Release No. 34-75662; File No. SR-NYSEArca-2015-67)


    • OCC: Notice of Withdrawal of a Proposed Rule Change in Order to Permit OCC to Adjust the Size of Its Clearing Fund on an Intra-Month Basis (Release No. 34-75658; File No. SR-OCC-2014-21; August 10, 2015)

TRACE Fact Book
The FINRA TRACE Fact Book is intended to give retail investors, market professionals, media and educational institutions a historical perspective of the over-the-counter (OTC) U.S. corporate bond market. The Fact Book is released annually and is based on aggregated data as entered into the Trade Reporting and Compliance Engine (TRACE).

Exchanges & Trading Facilities

Hong Kong Exchange Operator’s Profit Jumps as Trading Hits Record
A bull market in Chinese stocks helped propel trading activity on Hong Kong’s stock exchange to the highest level in its history during the first half of the year, boosting its bottom line as its metals trading business had a slight decrease in turnover. Profits at Hong Kong Exchanges & Clearing Ltd. , the city’s exchange operator, rose 73% to 4.1 billion Hong Kong dollars (US$528.5 million) in the first half after trading fees jumped, allowing it to increase its dividend by more than two-thirds.

ICE world cotton contract to begin trading in November -notice
Intercontinental Exchange’s world cotton contract will begin trading on Nov. 2, 2015, pending regulatory approval, the exchange said on Tuesday.

VertexFX Launches Electronic Trading For Bullion
Leading multi-asset trading terminal, Vertex FX has launched an online trading solution for global bullion investing to cater for the growing number of physical precious metals investors.

Thomson Reuters currency volumes dip in July
Daily foreign exchange volumes on currency platforms run by Thomson Reuters fell 6 percent to $353 billion last month from July’s levels, the company said on Tuesday.

Presentation by HKEx Chief Executive Charles Li and Group Chief Financial Officer Paul Kennedy on 2015 Interim Results Announcement

HKEx 2015 Interim Results

HKEx Condensed Consolidated Financial Statements for the six months ended 30 June 2015 (Unaudited)

Hedge Funds & Managed Futures

Yuan Surprise Awakens Sleeping Commodity Markets
Bloomberg Business
China’s surprise currency devaluation has shaken the complacency out of commodity markets.
Even amid the biggest meltdown for raw materials in almost four years, volatility has remained relatively calm. That changed Tuesday as the devalued yuan dealt another blow to bulls who were already suffering from supply gluts.

U.K. Shivers as China Sneezes With Traders Paring Rate Wagers
Anchalee Worrachate, Aidan Gregory, Bloomberg
What happened 5,000 miles away in Beijing is hitting Britain’s shores. Money-market derivatives show traders are pushing back bets for the Bank of England’s first post-crisis interest-rate increase to August 2016 from next May. That’s after China unexpectedly devalued its currency, which economists say will spark a new round of competitive easing and may prove to be deflationary.

Banks & Brokers

Credit Suisse in talks to settle ‘dark pool’ allegations -WSJ
Credit Suisse Group AG is in talks to settle allegations related to its Crossfinder “dark pool” trading venue, which could result in a fine running in the high tens of millions of dollars, the Wall Street Journal reported, citing people familiar with the matter.

Instinet appoints boss amid unbundling changes
The Trade News
Instinet has promoted its London-based director of electronic trading to head of EMS and analytics sales for Europe, Middle East and Africa. Scott Bradley joined Nomura – Instinet’s parent organisation – in October 2010 from JP Morgan where he was head of electronic trading sales for the EMEA region.

Want an Early Peek at Bank Profits? Get It From U.S. Government
Jesse Hamilton Ian Katz, Bloomberg
There’s a hidden way to get detailed financial data on publicly traded U.S. banks days before the companies release their earnings. The information is accurate, free, and — most important — totally legal.

Clearing & Settlement

CCP basis driving CME clients to LCH, traders say
LCH sees doubling in client notional, while CME notional halves Client-cleared notional at LCH.Clearnet has more than doubled since April – probably the result of the higher cost of pay-fixed US dollar interest rate swaps cleared at rival CME Group, traders say.

Central clearing has shifted collateral support for derivatives, finds ISDA
By Dan Alderson, GlobalCapital
The shift toward centrally clearing derivatives has contributed to a decline in the total amount of collateral supporting non-cleared derivatives transactions, according to the latest ISDA Margin Survey, with cleared transactions gaining from the swing. This shift meant the collateral supporting cleared transactions in 2014 greatly increased, said the International Swaps and Derivatives Association. The number of client cleared collateral agreements also experienced sharp growth, as an increasing number of end users began clearing in response to regulatory changes.

Latest development in ‘internationalizing’ real-time payment protocol called a major milestone
Recent progress in “harmonizing” the ISO 20022 real-time payment standard for use with international payments is being hailed as a milestone by the bodies involved in its development. A first draft of a more internationally compatible version of the standard was announced this week, resulting from work by the ISO Real-Time Payments Group (RTPG), which is made up of more than 50 global experts.

CME Group Clearing Advisories
CME Group
Performance Bond Requirements: Refined Product Outright and Intra Commodity Spreads – Effective August 12, 2015
SMART Click Migration: FEC & FECPlus – Effective August 17, 2015
Product Modification Summary for Clearing Firms, Bookkeeping Software Providers, ISVs
August 2015 Eligible ETFs and Stocks

Indexes & Products

EMs in longest earnings recession ever
Companies on the MSCI Emerging Markets (EMs) Index are currently in their longest-ever earnings recession, according to Morgan Stanley, but cheap valuations continue to lure brave investors in.

FTSE Russell expands Global Factor Index Series
FTSE Russell has expanded the FTSE Global Factor Index Series, with the launch of two additional indexes intended to capture Dividend Yield and Momentum factors.

Dow Experiences Death Cross, But May Not Be Death Knell For Stocks
MoneyBeat – WSJ
The Dow’s underperformance is becoming more noticeable by the session. Tuesday the blue-chip index fell 1.2% with its 50-day moving average, or short-term trend line, sitting below its 200-day moving average, or long-term trend line, for the first time since 2011, according to Bespoke Investment Group.

Asia Index launches S&P BSE dividend stability index
Free Press Journal
Asia Index, a BSE and S&P Dow Jones Indices joint venture, today launched an indice to measure the performance of large-cap companies with a stable dividend payment history. The new indice — S&P BSE Dividend Stability Index — comprises stocks that have followed a policy of offering increasing or stable dividends for at least seven out of nine years, as per the methodology.

Fundamental Drivers for Airlines
Indexology – S&P Dow Jones Indices
In the first seven months of 2015, the S&P 1500 Airline index declined 11%, as we think investors focus on capacity additions with a worrying eye. However, S&P Capital IQ thinks that airline execs have learned from past costly mistakes on adding too much capacity and forecasts 2015 as a record profitability year, driven by revenue growth and the benefits of lower oil prices.

Opinion: ‘Smart beta’ indexed ETFs sure attract a lot of dumb money
By John Prestbo, MarketWatch
As an investment product, “smart beta” is a runaway success. But as an actual investment, smart beta is setting up clueless investors for a possibly rude awakening.


FIS to acquire SunGard for over $9 billion
The Trade News
Financial software company SunGard has been bought for $9.1 billion by banking and payments technology firm FIS, with the deal expected to close in Q4 this year.

FIX Trading Community Announces New Regulatory Subgroups Focused On MiFID
FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, today announced that it has formed six new subgroups focused on MiFID II regulation for the industry to collaborate on the most critical issues in this time of regulatory change. In May 2015, the EMEA Regulatory Subcommittee met to discuss how the FIX Trading Community could best address specific areas of up-and-coming regulation. This meeting, in addition to meetings with certain European regulatory authorities provided the basis for the formation of the following important subgroups

The Five Digital Forces That Are Changing the Tech Industry
“Long-term investors look for companies that create sustained value for shareholders, the ecosystem and the community,” says the company’s CEO and managing director, Natarajan Chandrasekaran (Chandra). In an interview with Knowledge@Wharton, he talks about how the “digital five forces” – mobility, big data, social media, cloud computing and robotics – are changing the way TCS operates, and how the company is staying relevant to its customers in “a time of exponential change.”

FX providers mull outsourcing through the cloud
by Paul Golden, Euromoney
Areas of the FX market where outsourced or cloud solutions have the potential to exert a greater impact include platforms that electronify the workflows associated with FX options trading, although bank conservatism is likely to prolong the lifespan of in-house solutions.

Why Your Boss Wants to Track Your Heart Rate at Work; What’s good for the firm might not be good for you.
Olivia Solon, Bloomberg
The future of the high-performance workplace is taking shape behind closed doors and kept quiet by non-disclosure agreements.

Fingerprint ID startup for FinTech opens offices to capitalize on exploding investment
New York Business Journal
The more banking goes mobile, the bigger the honey pot to hackers looking for an easy payday.
Recognizing the exploding FinTech ecosystem in New York City — and the need to protect that technology — one Chinese startup today announces the opening of its new Lower East Side offices, designed to make mobile banking safer.


SEC Charges 32 Defendants in Scheme to Trade on Hacked News Releases
The SEC charges that over a five-year period, Ivan Turchynov and Oleksandr Ieremenko spearheaded the scheme, using advanced techniques to hack into two or more newswire services and steal hundreds of corporate earnings announcements before the newswires released them publicly. The SEC further charges that Turchynov and Ieremenko created a secret web-based location to transmit the stolen data to traders in Russia, Ukraine, Malta, Cyprus, France, and three U.S. states, Georgia, New York, and Pennsylvania. The traders are alleged to have used this nonpublic information in a short window of opportunity to place illicit trades in stocks, options, and other securities, sometimes purportedly funneling a portion of their illegal profits to the hackers.

NFA bars Southampton, N.Y. firm Grace Financial Group LLC and its principal Christopher T. Bondy from membership
National Futures Association (NFA) has permanently barred Grace Financial Group LLC (Grace), an NFA Member introducing broker, and Christopher T. Bondy (Bondy), a principal and associated person (AP), from NFA membership.

Key Insider Trading Ring Suspect Freed on Bond as U.S. Appeals
Christopher Yasiejko, Bloomberg
Dressed in blue jeans and a button-down shirt, Vitaly Korchevsky made his first court appearance on insider trading-related charges after being hauled out of his Glen Mills, Pennsylvania house by the FBI.

Market Cheating Moves From Trading Sex to Hacking to Gain Edge
Michael Riley Jordan Robertson, Bloomberg
Insider traders have long shelled out millions in bribes, manipulated friendships and even traded sex for market tips. Now, they’ve found a new way to get the data they need: employing computer hackers.

Environmental & Energy

INSIGHT-Pope’s climate push at odds with U.S. Catholic oil investments
Pope Francis heartened environmentalists around the world in June when he urged immediate action to save the planet from the effects of climate change, declaring that the use of “highly polluting fossil fuels needs to be progressively replaced without delay.”

Global oil supply grows at ‘breakneck speed’, says IEA
Anjli Raval and David Sheppard, FT
The global oil glut will persist well into 2016, the world’s leading energy body said on Wednesday, even as the collapse in prices is pushing up demand at the fastest pace in five years.

‘Tony Abbott’s hubris is staggering’: UK’s climate adviser on emissions target
By Oliver Milman – The Guardian
Australia’s “pathetic” 2030 emissions reduction target shows the country has opted out of the global effort to limit warming, according to the head of the British government’s climate change advisory body.

Obama issues challenge on climate change with power plant rule
By Jeff Mason and Valerie Volcovici – Reuters
President Barack Obama challenged America and the world to step up efforts to fight global warming on Monday at the formal unveiling of his administration’s controversial, ramped-up plan to cut carbon emissions from U.S. power plants.

Canadian oil sands crude halves in price
Gregory Meyer in New York, FT
Oil from Canada’s tar sands has skidded towards $20 a barrel, a level not seen for international crude prices in 12 years, tightening the screws on energy companies and the economy of the world’s fourth biggest supplier.


Asia FX haunted as China devaluation sparks currency war fears
By Reuters
Emerging Asian currencies fell to multi-year lows on Wednesday after China’s central bank allowed the yuan to drop for the second straight day to a four-year trough, a move sparking fears of a global currency war.

Hong Kong millennials more confident in future than Gen X, finds LinkedIn study
Mumbrella Asia
The ‘Affluent Millennial Research’ Study commissioned byLinkedIn, the world’s largest online professional network with 380 million members globally and over 1 million in Hong Kong, found that affluent millennials1 in Hong Kong believe that the ‘Hong Kong Dream’2 (defined as achieving success and prosperity through hard work, determination and initiative) is achievable by their generation and are confident in Hong Kong’s economy. The survey identified millennials’ preferences and behaviors regarding savings and investments as well as their attitudes and beliefs about financial services providers.

Chinese Companies May Struggle After Massive Stock Market Losses
Massive losses in Chinese stock markets following a record high in June threaten Beijing’s goal of capitalizing smaller firms, some of which trade in the United States and may now struggle for funding.

China’s renminbi move sets a risky precedent
George Magnus, FT
Beijing called it a step towards financial liberalisation but that did little to mask the true nature of a decision that, at a stroke, reduced the value of the renminbi by 1.9 per cent. This was a devaluation — a modest one, but still the biggest one-day change in the value of the currency since China began daily adjustments a decade ago. The consequences may be profound.

Frontier Markets

Scandal-Hit Stock Exchange Sees Dominance Under Threat in Chile
Eduardo Thomson, Bloomberg
A Chilean court will soon decide whether to weaken the Santiago stock exchange’s near-monopoly on trading. The way it works now, brokers at Bolsa de Comercio de Santiago — which controls 98 percent of stock trading in the $207 billion market — are compelled to keep their orders exclusive to that exchange for three minutes. Only then can they shop them at rival markets like Bolsa Electronica de Chile and Bolsa de Valparaiso — and they still usually don’t.

Iran: Open for Business?
Mark Mobius, Executive Chairman, Templeton Emerging Markets Group , in LinkedIn
After years of negotiations, there has been a recent breakthrough between Iran, the United States and other world powers about Iran’s nuclear program. While the deal certainly was controversial, and is still under debate in the United States, strictly from an investment standpoint, we think it represents an exciting development not only for Iran, but for the Middle East/North Africa (MENA) region. Many investors in the region are excited about the potential for this new market to fully emerge. Development of Iran’s capital market and potential opening to investors around the world should contribute to economic development not only in Iran, but also in the region, and could help lower political tensions.

How Foreign Ownership Rules Impact Passive Funds
When investing in emerging markets investors must accept an increased investment risk of government intervention – such as changes to foreign equity ownership rules

Sebi says probing into FTIL, promoters; Bombay High Court asks Sebi to complete probe in 12 weeks; Will take necessary legal recourse, says FTIL
N Sundaresha Subramanian, Business Standard
HC questions government’s charge of NSEL as deposit taking company
The Securities and Exchange Board of India (Sebi) has told the Bombay High Court that it was investigating complaints against Financial Technologies and its connected entities and promoters including founder Jignesh Shah.


Pearson’s Stake in Economist Group to Be Sold to Existing Shareholders
The British education company Pearson agreed on Wednesday to sell its 50 percent stake in the Economist Group, the publisher of The Economist, to other shareholders of the group for $730 million.

Cargill to unveil $7.25 bln business plan for Mexico- paper
Global commodities trader Cargill will unveil a $7.25 billion business plan for Mexico for 2015-2018, which includes financing for agriculture, crop purchases and $167 million in direct foreign investment, local paper El Financiero said on Tuesday.

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