First Read

Billy Assimos, the Face of Ceres
Sarah Rudolph – John Lothian News

Along with the hand signals and colorful jackets, Ceres Cafe, the bar/restaurant housed in the Chicago Board of Trade Building, has long been a tradition in the Chicago trading world, and it has changed along with that world.
Billy Assimos
For many traders and others who work in and around the building, Ceres has been like a second home – or second office – where they could go to catch up with other traders and brag or commiserate about the day’s trading action, gossip, eat, and enjoy the generous pours that the place is famous for (along with their famed oversized fried fish sandwiches).

The name comes from the ancient Roman goddess of grain whose statue sits atop the building. The statue has no face, rumor goes, because at the time the building was by far the tallest in Chicago, so the CBOT leaders thought no one would be able to see a face anyway. But Ceres the restaurant has a face, and his name is Billy Assimos.

Assimos (emphasis on the second syllable) is the manager, not the owner, of the restaurant, but he is the one the customers see, and anyone who knows Ceres well knows Billy. He has been manager at the place for more than 20 years.

He has long been a part of the Chicago trading community, not only as the face of Ceres but also as a trader himself.

To read the rest of this story, go here


SEC Approves IEX Proposal to Launch National Exchange, Issues Interpretation on Automated Securities Prices; Staff Issues Guidance on Speed Bumps
The Securities and Exchange Commission today approved Investors’ Exchange LLC’s (IEX) application to register as a national securities exchange. At the same time, the Commission issued an updated interpretation that will require trading centers to honor automated securities prices that are subject to a small delay or “speed” bump when being accessed.

***** Guidance on speed bumps sounds painful. Click HERE to see what NYSE president Tom Farley said on CNBC Friday, just ahead of the announcement. “No one can trade faster than someone else” on NYSE.


Brexit: City on the brink
By Financial News Staff
The increased chance of a Leave vote is causing mounting alarm in the City, with senior figures saying it would be “a disaster” and “bad, bad, bad news”.

****** If London survives this will make a good movie. Wait “London Has Fallen” is already out.


A Hacking of More Than $50 Million Dashes Hopes in the World of Virtual Currency
A hacker on Friday siphoned more than $50 million of digital money away from an experimental virtual currency project that had been billed as the most successful crowdfunding venture ever — taking with him not just a third of the venture’s money but also the hopes and dreams of thousands of participants who wanted to prove the safety and security of digital currency.

***** Blockchain advocates have some technical and public relations work to do.


What’s the Buzz at Goldman Sachs?
The bank’s analysts compiled a list of lingo to try to help their clients understand it
You’ve heard of bots. But have you heard of mobots?
A “bot” is an app that talks to consumers. A “mobot” is a robot capable of changing positions autonomously. That is?,? according to Goldman Sachs, which published its third annual list of buzzwords last week.

**** So a mobot is a stop and reverse?


CME Chairman Duffy: I Started Making $56 a Week
Bloomberg Video
CME Group Chairman Terry Duffy talks about his first job and what it takes to go from the mailroom to the corner office. He started at the firm in 1980 making $56 dollars a week. (Source: Bloomberg)

****** Terry Duffy has come a long way.


Algo Trading


Bridging the Week: June 13 to 17 and 20, 2016 (Who’s a Customer?; Front-Running; Spoofing; Block Trades; Red Flags)
Gary DeWaal, Katten Muchin Rosenman LLP
Last week, the Securities and Exchange Commission overturned a decision of the Chicago Board Options Exchange in a disciplinary matter that had fined a broker-dealer and two principals US $1 million for not applying customer identification and margin requirements to traders of two omnibus customers. The SEC said CBOE misunderstood who the broker-dealer’s customers were. Separately, a trader was sanctioned over US $3 million by the New York Mercantile Exchange for trading on his employer’s confidential information to the detriment of his employer; while the Commodity Futures Trading Commission submitted papers in an enforcement action in a Chicago federal court arguing that the definition of spoofing under US futures law is clear. But is it?


Friday’s Top Three
Friday’s top story was from Bloomberg, The World Economy Looks a Bit Like It’s the 1930s. I guess that view is in the eye of the beholder. I see the recent financial crisis as more akin to the 1907 Knickerbocker Crisis, which would make today the Roaring ’20s and put the “real crash” a few years in our future.
A close second, from Reuters, was U.S. derivatives regulator rethinks algorithmic trading proposal. After a recent Reg AT roundtable, the CFTC is reopening the comment period for the proposed rule. Read the discussion points HERE and let your voice be heard.
A human interest story took third place – NY Times’ The Garrison Keillor You Never Knew


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Lead Stories

IEX trading venue wins battle to become an exchange
Nicole Bullock in New York – FT
IEX, the upstart trading venue, has won its battle to become an exchange, ending a controversial fight that divided the US equities industry and marking a sea change in the way stocks will be traded.

Humans Strike Back Against Stock Market Robots
John Detrixhe – Bloomberg
Banks using more ‘high-touch’ trading services for big clients
Huge trades fuel demand for experienced humans over algorithms
Machines may be taking over the world, but in at least one corner of the markets humans are beating back the robots.

Citadel Kicks Off New Role on NYSE Floor With Promptness Push
Annie Massa – Bloomberg
New changes revealed to get more stocks trading at 9:30 a.m.
Electronic market makers like Citadel rule the historic floor
Citadel Securities only recently set up shop on the floor of the New York Stock Exchange, but it’s already pushing for changes.

Cryptocurrency-Backed Venture Capital Fund Hacked; Ether Plunges
Olga Kharif – Bloomberg
Ethereum ‘perfectly safe,’ co-founder Vitalik Buterin says
Hack invokes jitters after Mt. Gox bitcoin exchange collapse
Hackers moved some digital money from the Decentralized Autonomous Organization, a cryptocurrency-backed venture capital fund, sending the price of ether — the virtual currency underlying the project — plunging.

Negative Rates Are the Tools of Our Elderly Oppressors; A “pattern of intergenerational conflict” sparked by ultra-low returns, according to Citigroup.
Tracy Alloway – Bloomberg
Here is a diagram of things disliked by the young and the old, that may or may not reveal more about this Bloomberg writer’s psyche than about the actual state of the world. Still, few would argue that the negative interest rates imposed by a handful of central banks around the world have failed to endear themselves either to an older generation increasingly composed of savers or to their children, who seem doomed to make up the shortfall in the older generation’s low returns.

Firms launch bids for piece of Thomson Reuters
By Josh Kosman – NY Post
Private equity’s richest pledge big at melanoma fundraiser
The hottest private equity auction of the year is turning out to be the sale of a scientific analysis business, The Post has learned.

India central bank chief Raghuram Rajan to stand down
By Amy Kazmin in New Delhi – FT
India’s highly-respected central bank governor, Raghuram Rajan, has announced he will step down when his current terms ends in September, news that is likely to dismay international investors who credit him with a crucial role in restoring the country’s macroeconomic stability.

“Rexit” Is Bad News for India
By Mihir Sharma – Bloomberg
All too often, the stewards of India’s economy have been short of credibility. Politicians’ promises of economic reform are rarely fulfilled, bureaucrats’ assurances are widely disbelieved, and even India’s growth numbers have become objects of suspicion. Of late, one institution and its leader had proven exceptions to this rule: the Reserve Bank of India and its governor, Raghuram Rajan. That’s why the government’s decision to push Rajan out the door constitutes self-harm of monumental proportions.

Personalities key in shaping banks’ risk taking, study says
Laura Noonan in London – FT
The personality and talent of bank executives is more important in shaping the risk taking of the institutions they work for than pay, bonuses or education, an analysis of more than 1,500 top US bankers has found.

Allianz’s Mohamed El-Erian on life after Pimco
Chris Newlands – FT
If there ever comes a time when Mohamed El-Erian, Pimco’s former co-chief investment officer, is ready to talk about his sudden split from the US bond house, then that moment has yet to arrive.

Pain Endures for Hedge Funds as More Are Shuttered Than Started
Simone Foxman – Bloomberg
First quarter reflects managers struggling with volatility; Liquidations show investors’ ‘low tolerance’ for poor returns
The number of hedge funds continued to shrink last quarter as wild swings in stocks and commodities battered managers’ performance.

The Only Certainty for World’s Central Bankers Is Uncertainty
Rich Miller – Bloomberg
Inaction fuels perceptions they’re at a loss about what to do; Doubts range from Brexit vote to impact of aging societies
From the immediate possibility of Britain leaving the European Union to the longer-term consequences of aging populations, the world’s major central banks this week just aren’t sure what to do next.


David Cameron warns Brexit is ‘irreversible’
George Parker – FT
David Cameron has warned that a vote to quit the EU would be “irreversible” as opinion polls suggested that momentum towards a Leave vote may have halted.

Let us spurn Brexit and remain a beacon of tolerance
Simon Schama – FT
It should not have taken the unspeakable killing of a Member of Parliament to remind us that the passions driving the EU debate are not really about economics. That side of the argument is a no-brainer.

Brexit Could Derail LSE-Deutsche Börse Merger; Completion would face formidable obstacles in case of a British exit from the EU
The prospect of Britain leaving the European Union threatens to undermine the proposed merger of Deutsche Börse AG and London Stock Exchange Group PLC, according to politicians, regulators and bankers.

Nobel prize-winning economists warn of long-term damage after Brexit;’Economic arguments are clearly in favour of remaining in the EU’, economics professors write
Anushka Asthana and Jill Treanor – The Guardian
Ten of the world’s leading economists have issued a warning about the consequences of the UK leaving the EU as the City prepares for the pound to plunge and shares to fall in the event of a Brexit vote in Thursday’s referendum.

Beyond the Turmoil, Central Bankers Dread Brexit’s Shadow
Jeff Black – Bloomberg
Bank of Japan to ECB say tools available for market fallout
Stretched monetary policy makes managing growth impact harder
Finally, a financial flare-up that the world’s central banks will have seen coming.

US banks put regulators on notice over Brexit
Alistair Gray in New York – FT
US banks have put federal regulators on notice over how they think Britain’s departure from the EU would hit their businesses, in the latest sign large institutions are braced for how such a vote would ripple through the financial system.

Brexit jitters drag UK’s share of M&A to record low
James Fontanella-Khan in New York and Arash Massoudi in London – FT
FirstFT is our new essential daily email briefing of the best stories from across the web
Britain’s share of global merger and acquisition activity has tumbled to a record low, as dealmaking freezes amid the uncertainty over the UK’s membership of the EU

‘There is no real upside [of Brexit] for asset managers’
Madison Marriage – FT
Fund executives are denying the risks Brexit poses, says Madison Marriage
Ask any UK asset management boss whether their company will be badly affected by Britain leaving the EU, and you get a resounding “no”.


Tough banking rules lead to concentration of responsibilities
Caroline Binham, Financial Regulation Correspondent – FT
A tough accountability regime designed to improve culture across the City of London from the top down has resulted in a concentration of responsibilities among just over 3,000 senior managers, driving up their salaries.

IEX’s Next Challenge: Delivering on Its Promises; After long road to SEC approval, new stock exchange faces competition with NYSE, Nasdaq
IEX Group Inc.’s success in gaining approval for a new stock exchange that slows the speed of trading caps off a campaign that brought the company’s gospel of fairer trading to the masses. Now comes the really hard part—proving its business can go mainstream.

***DA: Also, read the SEC press release HERE

Euro CLO market fears existential threat of tougher regulation
CLO market participants warned that their industry has the most to lose from Europe’s proposed tougher securitisation regulation, while fearing they have failed to win round policymakers on the benefits of the asset class for the real economy. The European Parliament tabled a dramatic tightening of ABS regulation last week, most notably floating a four-fold hike in risk retention requirements from 5% to 20%.

House Committee Approves Financial Regulatory Relief
Financial Advisor IQ
The House Financial Services Committee has approved 12 bills aimed at “regulatory relief” for the financial services industry, the Morning Consult writes.
Lawmakers were split 47 to 12 on a measure sponsored by Robert Hurt, R-Va., removing disclosure and regulatory requirements on private equity fund advisors as an update to the Investment Advisers Act, according to the publication. Maxine Waters, D-Calif., who voted against the bill, said it doesn’t protect investors in private funds and is too broad in its regulatory relief, Morning Consult writes.

Exchanges & Trading Facilities

MERSCORP Holdings, Inc. and Intercontinental Exchange (NYSE: ICE), today announced that ICE will acquire a majority equity position in MERSCORP Holdings, Inc., owner of Mortgage Electronic Registrations Systems, Inc. (collectively “MERS”). In addition, ICE and MERS have entered into a software development agreement to modernize and enhance the MERS® System.

Cerinnov accelerates growth on Alternext; EUR9.2 million raised; market capitalisation EUR28.7 million
EnterNext, the Euronext subsidiary dedicated to promoting and growing the market for small and medium-sized companies (SMEs), today welcomed Cerinnov, a specialist in robotic engineering and industrial equipment, for its first day of trading on Alternext Paris.

HKEX explores collaborations to further develop its commodities business
South China Morning Post
Operator looks at closer cooperation with exchanges in mainland China and around the world and signs MoU with the Shanghai Gold Exchange to explore areas of mutual interest

High-Frequency Trading: The Investors’ Exchange (IEX) And A Potential $400 Million Hit
The U.S. Securities and Exchange Commission decisions Friday to OK the Investors’ Exchange (IEX) as a national securities exchange and revise the interpretation of the so-called order protection rule under its Regulation NMS could create a market structure benefiting some participants and costing other participants more than $400 million a year, according to one analysis of the potential effects of the SEC’s two related moves.

IEX Outduels Citadel, NYSE as ‘Flash Boys’ Exchange Approved
Annie Masss, Nick Baker – Bloomberg
SEC approves Katsuyama’s fix for market some say is rigged; Nasdaq warns suit against new IEX status could likely succeed
Before “Flash Boys” came along; before the “60 Minutes” crew turned up; before, in short, all of Wall Street knew his name, Brad Katsuyama championed a controversial idea: the U.S. stock market is rigged.

Letter From Brad Katsuyama, CEO, Investors’ Exchange LLC (IEX)
On behalf of the entire IEX team, I would like to sincerely thank you all for supporting us throughout our application to become an exchange. We are thrilled that the SEC has approved our Exchange Filing which puts us on track to commence a symbol-by-symbol roll-out on August 19th, concluding on September 2nd.

WSE open to cooperation with Chinese investors
The Warsaw Stock Exchange and Haitong Bank have signed a cooperation agreement. In order to support both parties development, the agreement provides for mutual exchange of information about the prevailing situations on the capital markets in which both institutions operate. The WSE also signed a similar agreement with CSAHK – Chinese Securities Association in Hong Kong.


Conservatives Find a Free-Market Case Against Brexit; The EU has problems, but a new book argues that conservatives should want Britain to remain.
Peter Coy – Bloomberg
There’s a long tradition of conservatives trashing the European Union. Former British Prime Minister Margaret Thatcher likened it to the Soviet Union, “which [has] tried to run everything from the center.” EU regulators have devoted countless hours to the placement of rearview mirrors on farm tractors and the curvature of bananas. “No matter how much the Eurocrats huff and puff, the European Project no longer is the Europeans’ project,” Cato Institute senior fellow Douglas Bandow wrote in 2011.

Hedge Funds & Managed Futures

UK fund managers told: Show us your costs
By Mike Foster – Financial News
Momentum is growing for a groundbreaking disclosure standard that would, for the first time, lay bare the hidden costs of asset management.

Fund managers grow warier of ‘Leave’ vote
By Mark Cobley and Stefanie Eschenbacher – Financial News
Fund managers are increasingly apprehensive about the prospect of a ‘Leave’ vote in the European Union referendum – though they have a variety of strategies in place to deal with it.

UBS could be for sale soon
By John Aidan Byrne – NY Post
The first casualty of the wealth management wars may be UBS, according to an ex-Swiss banker.

Banks & Brokers

Marex Spectron Successfully Deploys OptionsCity Metro for Market-Making Commodity Desk
OptionsCity Software, a global provider of futures and options trading and analytics solutions, announced today that global commodities brokerage Marex Spectron has successfully deployed its flagship Metro platform in its market-making architecture. Metro is a low-latency flexible and scalable futures and options trading platform, deployed seamlessly via the web.

Why BofA’s Chief Is Optimistic About Big Banks
CEO Brian Moynihan talks about his company and the need for regulatory balance
Big banks have been busy trying to repair themselves, and make money, in this post-financial-crisis era of more regulation and less economic growth. To better understand the challenges banks face, Dennis Berman, financial editor of The Wall Street Journal, spoke with Brian Moynihan, chairman and chief executive of Bank of America . Edited excerpts of their conversation follow.

Bookies Are the New Brokers
By Michael P Regan – Bloomberg
If the contemporary philosopher Beyonce has taught us all anything, it’s that when life gives you lemons, you might as well make lemonade.

Clearing & Settlement

EU delay of derivatives rules creates global confusion
Banks and other financial institutions are calling on the United States to follow the European Union in putting off new rules on trading of a type of complex securities to stave off a potentially messy market disruption. The European Commission recently diverged from the U.S. and Japan by delaying until mid-2017 the so-called margin requirements on non-cleared derivatives, which are global post-crisis rules to ensure collateral is available should one party default.

EMIR: Clearing And Margin Rules Update
The first mandatory clearing determination introduced the clearing obligation to certain IRS in G-4 currencies, which will be phased in from 21 June 2016. The second extended the obligation to certain credit default swaps, which will be phased in from 9 February 2017.

Bank of Canada desires payment systems upgrades, carefully seeing fintech | Stock Transcript
The Bank of Canada desires upgrades made to the core payments systems utilized in the nation’s financial system in order to make them more efficient and competitive, a top central bank authorities said on Friday.

Indexes & Products

Father of ETFs: ‘No point just trying to undercut BlackRock’
By Elizabeth Pfeuti
Disrupt or die – that was the message to the exchange-traded funds industry from Lee Kranefuss, the man who engineered the ETFs that led to the products’ global success.

Apple to lose weighting in Russell index, shares could fall
After dropping more than $200 billion in market capitalization in one year, Apple shares could fall further as they are set to lose their weighting and be reclassified in the annual reconstitution of the widely followed Russell indexes. When all is said and done, about $1.3 billion more will be sold in Apple Inc (AAPL.O) shares at the market close on Friday, when the reconstitution of the Russell indexes takes effect, according to an analysis by Credit Suisse.

How to invest after MSCI again rejects China A shares
EJ Insight
China’s domestic shares failed again to make it to the MSCI benchmark indexes this year. Nevertheless, will the inclusion become a game-changer for A shares?

Why China failed to make it to the MSCI Index
The Hindu
Last week, Morgan Stanley Capital International (MSCI), a widely-tracked global index provider, said it would not add China’s local currency shares to its benchmark emerging markets index. Here is an explainer on what it is all about.

This one index change could make REITs even more popular
As of August 31, there will be a new (11th) real estate sector in both the S&P Dow Jones and MSCI indices. That means REITs (real estate investment trusts) that own property — not those that own mortgages with a lot of borrowed money — will have a new home away from the financial sector.

Use of Alts, Smart Beta Up
Increasing market volatility prompted financial advisors to shift client portfolios away from stocks in the first quarter toward bonds and alternative assets, Natixis Global Asset Management reported recently. The average moderate-risk portfolio in the report gained 0.6% in the first quarter. However, portfolios with greater diversification fared best.


Embracing Disruption – Tapping Distributed Ledger Technology to Improve the Post-Trade Process
In the final installment of a three-part video series from The Depository Trust & Clearing Corporation (DTCC), Mark Wetjen, Managing Director, Head of Global Public Policy, explains that there is enormous interest among regulators in understanding the technology, how it works and how it fits into the current regulatory framework that has been crafted over many decades.

***DA: Also available on the page, Part 1, in which Bob Garrison, DTCC CIO, discusses the challenges of integrating distributed ledger technology into the current post-trade fabric, and Part 2, in which Murray Pozmanter discussed how DTCC is engaging and collaborating with the industry on blockchain.

Europe tech start-ups valued at $1bn dwindle
Lauren Fedor in London – FT
The number of European technology start-ups reaching a valuation of $1bn or more fell in 2015, but the sector is generating strong revenues compared to its US equivalent, according to new research.

Blockchain Company’s Smart Contracts Were Dumb
By Matt Levine
There’s a fairly incredible trial going on in London right now. The Libyan Investment Authority is suing Goldman Sachs over some trades that they did together. To oversimplify slightly, the LIA handed Goldman a pile of money and signed some complicated contracts describing the circumstances in which Goldman would have to give LIA money back, and how much. And then everyone closed their eyes and counted to 10, and when they opened their eyes, poof, the money was gone. It was $1.2 billion. Libya is mad, and suing.

Future of FinTech: Millennials and the Great Wealth Transfer
by Joshua M Brown – The Reformed Broker
I had a really nice time speaking on a panel the other day with my friend Julie VerHage (Bloomberg), Betterment founder Jon Stein and LearnVest founder John Gardner. We discuss the challenges and triumphs of the FinTech space along with some inside baseball stuff about integrating products into banks and brokerages that were built in another era.

Five Questions with Mike Mayhew, CIO at Trading Technologies
Brian Mehta
Speed and accessibility are the key benefits most often talked about when promoting the TT® platform. But what is less frequently highlighted is the infrastructure and support structure that keep operations moving smoothly. That responsibility falls on Mike Mayhew (@mikeRmayhew), CIO at Trading Technologies. In this edition of “Five Questions with…,” I talk with my friend and colleague Mike about his team and the behind-the-scenes work that goes into making the TT platform dependable and secure.


U.S. Judge Orders Ex-Brokers to Pay Almost $1 Million to SEC
Patricia Hurtado – Bloomberg
Both brokers won voiding of insider-trading cases last year; Judge says the penalties are proceeds of the tipping scheme
Two former brokers who won the voiding of their criminal insider-trading cases last year were ordered to pay the SEC almost $1 million in civil penalties which a federal judge said were the proceeds of their scheme to trade ahead of a 2009 IBM Corp.

Environmental & Energy

As Wind Power Lifts Wyoming’s Fortunes, Coal Miners Are Left in the Dust
After Kullin Orcutt lost his job at the Peabody coal mine this spring, he knew what he needed to do: join the exodus. “Leave Gillette, leave the state,” he said.

No real answers from Notley NDP on the carbon tax’s impact to the Alberta economy
Calgary Sun
We still don’t know. We’re still in the dark. The Notley NDP government are imposing a new carbon tax in a little more than six months and still we don’t know how much it is expected to cost the Alberta economy.

South Africa Unveils Draft Rules on Carbon Emission Offsets
South Africa unveiled proposals Monday that would enable companies to offset as much as 10 percent of their carbon emissions by investing in projects that help conserve the environment and create jobs.

Earth’s Heat Extends Unprecedented Streak of Shattered Records; El Niño is over, but the heat remains.
Tom Randall
It’s no longer a question of whether 2016 will be the hottest on record, but by how much.


Hong Kong retains spot as world’s top IPO market in first five months of 2016
South China Morning Post
Continued demand for financing amid new projects likely to bolster Hong Kong market’s status as key global player in near future despite global uncertainties

Chinese banks brace for storm in face of shadow finance calm
Shadow finance assets have not been caught up in the defaults gripping the bond market or banking system. Regardless, bank behaviour suggests growing concern among big lenders about credit risk.

Is China the de facto, unwitting OPEC for metals?: Russell
Is China doing for metals markets what Saudi Arabia used to do for crude oil? The world’s largest producer and consumer of industrial metals may be acting as a de facto, if unwitting, type of OPEC for metals, adjusting supply in response to price signals and balancing the market.

Frontier Markets

SBI in ‘Hall of Shame’
Business Standard
State Bank of India (SBI) has been named in a ‘Hall of Shame’ list of 158 banking and financial institutions globally that have invested billions of dollars in companies making cluster bombs.

Sebi, exchanges beef up surveillance to tackle Rexit jitters; Banks and forex dealers fear that Rajan’s exit this September could trigger capital outflows amid jitters among foreign investors
Business Standard
Regulator Sebi and stock exchanges have beefed up their surveillance and risk management mechanism to ring-fence capital markets from any excessive volatility tomorrow on account of RBI Governor Raghuram Rajan’s surprise decision against a second term.

Martyn Davies Is Bullish on (Some) Emerging Markets
CFA Institute
Martyn Davies is bullish on resource-poor developing countries, particularly those in Asia and East Africa, but he stresses that governmental reform is necessary for emerging markets to diversify and enter the next phase of development. “Resources confer no competitive advantage in an economy long-term,” Davies, of Deloitte Frontier Advisory, told Lauren Foster during a recent Take 15 interview.

MSCI keeps Peru as ’emerging market’
Peru Reports
Index-fund provider Morgan Stanley Capital International (MSCI) has ruled that Peru will remain an “emerging market” in its widely-followed market classifications. The decision ends a 10-month saga since the world’s leading index provider first said it was evaluating whether to downgrade Peru to a “frontier market” in August 2015. MSCI said that liquidity at the Lima stock exchange had fallen below the levels required for its emerging market countries.

India seen pressing ahead with bank clean-up despite Rajan exit
India’s move to clean up the books of its banks saddled with $120 billion of sour loans will be largely unaffected by the decision of central bank chief Raghuram Rajan to step down, say bankers and government officials.

More Upside for Pakistan Following EM Upgrade
The Global X MSCI Pakistan ETF, the lone exchange traded fund dedicated to Pakistani equities, surged earlier this week after index provider MSCI said it is elevating the country’s equity market to emerging markets status from the frontier markets classification.

Economic monitor: MSCI’s injurious index calculations
Asia Times
Index giant MSCI, which leads the benchmarked emerging market equity competition with a reported $1.5 trillion in assets, again passed on adding Chinese A shares to the main universe. Pakistan returned to that status, and no action was taken on Peru after signaling possible demotion to frontier market membership.


Some of Wall Street’s biggest names were asked their advice for recent graduates — here’s what they said
Rachel Butt – Business Insider
It’s that time of year again. Graduates are celebrating finishing college, and embarking on the next step in their lives.

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