MarketsWiki Education Series in Chicago, Day Two
By Sarah Rudolph and Spencer Doar
If you want to know where technology is going and how to navigate your way through, Thursday’s MarketsWiki Education event was the place to be.
Drew Shields, chief technology officer at Trading Technologies, started the second day of MarketsWiki Education World of Opportunity series by challenging another packed house of interns to resist falling in line with the status quo. Shields knows firsthand how far hunger and initiative can get you in this industry. He’s chief technology officer at a premier technology firm and never took a course in engineering or capital markets in his life. But employers saw his hunger and that is what has propelled him his whole career.
Drive and ambition are also things that an individual in their nascent professional life can control. At some juncture, there will always be someone smarter than you, but you can run circles around them if you demonstrate an ability to challenge the status quo, take initiative and speak your mind “gracefully.” Equally important to success is resisting entitlement. Entitlement in the workplace is toxic and can undermine the drive and ambition that is crucial to a career that is much more than average.
In a time of great uncertainty, risk management – which is what the industry is all about – is crucial. Walt Lukken, president of the Futures Industry Association, said we are living in what a Chinese curse calls “interesting times”, what with the Brexit decision, an upcoming U.S. presidential election in which both candidates are disliked by nearly two-thirds of the populace, and a continuing war against terrorism. In the futures industry, volumes are underperforming and regulatory costs are forcing firms to make tough decisions. Nevertheless, Lukken said he is very optimistic about the industry, because of the power of markets and of innovation. “The demand for risk management is not going to disappear,” he said.
To read the rest of the story, go here
Bits & Pieces
By John J. Lothian
Another day, another tragic story about a mass killing, this time in Nice, France. We grieve with those impacted, and with the world for this senselessness.
Interesting story below about Nasdaq’s move to create a tool to leverage influencers. I wonder who persuaded them to do that.
FIA CEO Walt Lukken will be talking to a group of older people today at the Union League Club in Chicago, after talking to our group of interns yesterday. He will be offering political insights rather than career insights.
The MarketsWiki Education series moves to New York on Tuesday, after our last session in Chicago today. The New York event will be at the Nasdaq Marketsite. We still have some room left, but it is filling up quickly. You can still register for New York here.
At today’s Chicago event, we are overbooked and will be moving overflow into the TT’s Tech Tap just below the event venue, where viewers will be connected by a remote link. Yesterday’s audience was told to get there early to get a seat on the main floor. Being early is always a good thing, but especially today.
After the March FIA Boca Raton Conference, I noted that the character who plays “The Most Interesting Man in the World” in the Dos Equis beer commercials was being blasted to Mars. Thus, a new most interesting man in the world would be needed. I asked people to make up a video audition, but also make it about giving to Futures for Kids. It should not be any shock to learn that CQG’s Pat Kenny, to whom I gave the moniker “The Most Interesting Man in the World” to should be the first one to produce such a video. Here is the link to Pat’s audition
Good luck to XR Trading today as they teach the Digital Technology Merit Badge to a group of Boy Scouts as part of the Trading Tech 300 program. If your firm would be interested in participating in the program, please contact me.
Nasdaq Launches Powerful New Tool for Communications and Marketing Professionals to Seamlessly Leverage Industry Influencers
Nasdaq’s Corporate Solutions business (Nasdaq:NDAQ), has launched Nasdaq Influencers, a new solution designed specifically for communications and marketing professionals to discover and connect with the most relevant thought leaders in their industry and uncover new opportunities to share their news and information, insights and recommendations as well as drive brand identity and awareness.
***** What a great idea…..
Regulator targets ‘influencer’ internet ad campaigns
BY MEG GARNER – Reuters
The U.S. Federal Trade Commission’s settlement this week with Warner Bros Home Entertainment Inc highlighted the regulator’s increasing focus on internet advertising by so-called influencers or online personalities. The agreement came after charges by the FTC that Warner Bros failed to adequately disclose thousands of dollars in payments to popular internet stars for posting positive videos and reviews of the company’s game “Middle Earth: Shadow of Mordor.”
***** …..but one full of potential pitfalls.
Brexit Means You Might Be Able to Afford a Scottish Castle (or Two)
By Tom Hall – Bloomberg
The immediate aftermath of June’s shock Brexit result saw the pound crash to lows not seen in 30 years against the dollar, which means investing in prime pieces of Scotland’s history just got that much more affordable (for Americans, at least). Although the prospect of a second Scottish referendum on independence may temper the future, here are seven castles to dream on now.
****** My problem with buying a Scottish castle is that there already is a Lord Lothian.
Here’s How Museums Are Inventively Embracing Pokemon Go Swarms; Pokémon Go is putting unsung cultural attractions back in the spotlight, and those museums, parks, and zoos are ready to catch ’em all. (The visitors, that is.)
Nikki Ekstein – Bloomberg
On the tiny top floor of the sprawling British Museum is a curious collection of Japanese art that ranges from Samurai warrior swords to Manga comic books. Since 2014, it has housed some of the museum’s littlest masterpieces—namely, a collection of tiny, 300-year-old carved animals called netsuke, which merchants would string onto their kimono sashes as personal accessories. Some resemble long-tailed foxes; one is an eagle with a puppy in its talons. They’re cute but also grotesque; a little like today’s pint-size Pokemon.
***** Several hands up at the MarketsWiki Education event yesterday when asked who had downloaded Pokemon Go.
Thursday’s Top Three
We had a far-and-away winner in yesterday’s click count race, Spoofing Sentence Sends Clear Enforcement Message, by Cliff Histed from K&L Gates. In second place, we had Part 2 of the conversation between TT CEO Rick Lane and industry pioneer Blair Hull, Wizards Of Today’s Markets: Blair Hull, Part 2. Spoofing also took third place – First Trader Convicted of Spoofing Gets 3-Year Prison Term. Spoof, legend, spoof. Got it.
LME to freeze warehouse charges for 5 years
by: Henry Sanderson – FT
The London Metal Exchange said it will limit the amount of money that licensed warehouses can charge for storage of metal, after years of controversy over large queues that critics complained had distorted prices.
J.P. Morgan’s Jamie Dimon: Fintech’s Got Nothing on Us
By PETER RUDEGEAIR – WSJ
A hoarse voice kept J.P. Morgan Chase & Co. chief James Dimon silent for most of the bank’s earnings call Thursday. But it didn’t stop him from speaking up to defend the bank’s financial-technology, or “fintech,” agenda.
OCC Says Pre-Trade Risk Controls Add Resiliency to Markets
Saying its proposed rule change to the U.S. Securities and Exchange Commission (SEC) on pre-trade risk controls served as a catalyst to spur significant change in the listed equity options market, OCC, the world’s largest equity derivatives clearing organization, today said it is withdrawing the proposal.
CME Europe chief regulatory officer departs
Futures & Options World
CME Europe has parted ways with its chief regulatory and surveillance officer, Paul Richardson, according to market sources. Richardson has been an executive director, chief regulatory and surveillance officer at CME’s European exchange since December 2012. Before this he spent a year and a half as a consultant at CME Group, joining after just over two years as a compliance advisor at BP.
ICE reshuffles European management with new futures COO; Williams worked on the transition of Liffe’s clearing and trading operations to ICE’s European business.
By Joe Parsons – The Trade
Intercontinental Exchange (ICE) has reshuffled management for its European franchise, appointing a new chief operating officer (COO) for its futures exchange. Stuart Williams has been promoted to COO of ICE Futures Europe, effective immediately. He was previously director of corporate development.
European banks face EUR30bn-EUR40bn capital bill after Brexit; Report says foreign banks’ London subsidiaries may need own funding if UK is outside single market
by: Laura Noonan in London – FT
European banks could be forced to put as much as EUR40bn of extra capital into their UK branches as a result of the country’s decision to quit the EU, according to a report from the Boston Consulting Group.
Citadel adds phone trading to European swaps market push; US electronic market maker aims for fixed income as banks retreat
by: Philip Stafford – FT
Citadel Securities has added a surprising weapon to its market-making arsenal in Europe as it attacks a fixed income market left by retreating banks: old fashioned voice trading.
SD: Maybe they’ll also decide at some juncture to store all their market data on spools of magnetic tape.
Tullett, ICAP restructuring of deal gets nod from U.S. Justice
The U.S. Department of Justice said on Thursday that a restructuring of Tullett Prebon Plc’s proposed $1.5 billion acquisition of ICAP Plc’s voice-broking business addresses its concerns that the deal would create an interlocking directorate.
Wall St pay battle heats up as US election looms; Banks push back as regulators take fresh aim at pay practices ahead of election
On Wall Street
by: Ben McLannahan – FT
Say you’re a trader on Wall Street, and you want to give your secretary a festive bonus. Or maybe you run a call-centre for a credit-card company in Dayton, Ohio, and you want to start rewarding your top performers with quarterly prizes.
World’s Newest Banking Crisis Revolves Around World’s Oldest Bank; Monte dei Paschi is at the center of a brewing battle between Italy and EU over bailout rules
By GIOVANNI LEGORANO – WSJ
A high-stakes conflict is brewing between Italy and the European Union over the rules for bailing out banks—and the country’s third-largest lender is at the center of it.
France’s Hollande joins critics of Barroso’s Goldman appointment
French President Francois Hollande on Thursday became the most senior critic to date of former European Commission chief Jose Manuel Barroso’s decision to take a job at the investment bank Goldman Sachs.
Esma to review bond liquidity annually
By Tim Cave – Financial News
The European Commission has finalised landmark rules to bring greater transparency to bond trading in the region, including an unprecedented clause requiring its top markets regulator to review – and possibly amend them – on an annual basis.
Hedge Fund That Bet on Terror Lawsuit Is Accused of Fraud by SEC; Suit claims the firm misrepresented its assets to investors
By ROB COPELAND and ARUNA VISWANATHA – WSJ
A hedge fund that made a bet on the outcome of terrorism litigation was sued by the Securities and Exchange Commission for allegedly defrauding investors.
Global Regulatory Harmonization: One Step at a Time
Anthony J. Perrotta, Jr. – TABB Group
The road toward implementing a new global regulatory construct for the OTC derivatives market has been long and winding, fraught with twists, turns, potholes, traffic jams, and a lot of rubbernecking. Progress has been slow, but steady. The European Commission (EC) recently announced a further step to reduce confusion and mitigate regulatory arbitrage by advancing another component of equivalency.
The Bond Market Still Thinks Brexit Is Bad
By Mark Whitehouse – Bloomberg
Were concerns about the repercussions of Britain’s vote to leave the European Union overblown? Although the rebound in global stock markets might suggest so, bond markets aren’t so sure.
Why the Politics of Brexit Are Toxic for Investors; Don’t expect laissez-faire business policy from Britain’s new Prime Minister Theresa May
By STEPHEN WILMOT – WSJ
Sell in light of May and go away? So far investors have greeted the appointment of Britain’s new prime minister with relief. But that may not last.
Exchanges, OTC and Clearing
SGX securities market to open per normal on 15 July
At 0938 hours on 14 July 2016, a technology issue affecting SGX’s trade confirmation processes was identified, and a cutover from our primary to secondary trade confirmation systems was initiated at 1012 hours. Trade confirmations resumed at 1014 hours.
However, missing and duplicate trade confirmation messages were identified and SGX put the market into an ‘adjust phase’ at 1138 hours.
Singapore Exchange’s securities market reopens after disruption
BY ARADHANA ARAVINDAN AND MARIUS ZAHARIA – Reuters
Trading in the Singapore securities market resumed on Friday after the fourth major interruption on the exchange in the past two years, piling pressure on CEO Loh Boon Chye as he tries to rejuvenate a bourse facing stiff competition in the region.
Exchange Publishes Results of its Latest Review of Listed Issuers’ Financial Reports
The Stock Exchange of Hong Kong Limited (the Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), today (Friday) published a report summarising key findings from its review of 100 periodic financial reports released by listed issuers (issuers) between March 2015 and April 2016*.
HDFC LISTS WORLD’S FIRST MASALA BOND BY AN INDIAN CORPORATE ON LONDON STOCK EXCHANGE
London Stock Exchange
London Stock Exchange today welcomes the world’s first Masala bond issued by an Indian corporate. The landmark bond issuance from Housing Development Finance Corp (HDFC), one of India’s leading banking and financial services companies was 4.3 times oversubscribed and paves the way for the opening of the Masala bond market globally to support Indian company and infrastructure financing.
LINE CORPORATION, LARGEST TECH IPO YEAR-TO-DATE, LISTS ON THE NEW YORK STOCK EXCHANGE
LINE Corporation, a leading global platform for mobile messaging and communication services, content distribution and advertising, began trading today on the New York Stock Exchange (NYSE) under the ticker symbol “LN,” after its initial public offering. LINE raised $1.1 billion in gross proceeds and is the third U.S. IPO to raise over $1 billion in proceeds, following US Foods (NYSE: USFD) and MGM Growth Properties (NYSE: MGP). GTS is the NYSE Designated Market Maker (DMM) for LINE’s shares.
CloudMargin: “Are Capital Markets ready for the Cloud?”
For a long time, capital markets have depended on self-contained, proprietary infrastructure, with applications and services running on-premises. The need for change has become evident as these traditional structures have become unsustainable. The benefits and potential for innovation of the cloud technology are clear and its adoption by capital markets firms is at a tipping point. The question now is a matter of when and how, rather than if.
Active management of ETF positions with Eurex ETF options
Eurex ETF options allow investors to actively manage ETF positions and thereby yield a higher return. Among the considerable benefits are the physical delivery of the underlying instrument in exercising the options and the increasing Eurex order book liquidity.
BME Celebrates Its 10th Anniversary As A Listed Company
BME has paid out more than 1.5 billion euros in dividends during its last ten years as a listed company. The TSR (Total Shareholder Return) of BME received by a shareholder who invested in our public offering attained 115% over these 10 years, stated Antonio Zoido, Chairman of BME during an event held today at the Madrid Stock Exchange on the occasion of the company’s 10th anniversary.
An open letter from technology sector leaders on Donald Trump’s candidacy for President
We are inventors, entrepreneurs, engineers, investors, researchers, and business leaders working in the technology sector. We are proud that American innovation is the envy of the world, a source of widely-shared prosperity, and a hallmark of our global leadership.
For Trump, Business Leaders Are More Elites to Resist
Of all the groups promoting pro-business, pro-growth economic policies, none is more prominent and influential than the Business Roundtable. An elite group of chief executives of major American corporations, Roundtable members collectively have more than $7 trillion in annual revenue and employ nearly 16 million workers.
Now, with the imminent nominations of Donald J. Trump and Hillary Clinton as the respective Republican and Democratic candidates for president, it’s fair to say the Business Roundtable is fit to be tied.
Green campaigners furious as climate change ministry scrapped; Decision ‘sends terrible signal at worst possible time’
by: Pilita Clark and Andrew Ward – FT
Theresa May’s decision to abolish the department of energy and climate change in Thursday’s ministerial reshuffle has provoked angry criticism from environmental groups and some MPs.
Owen Smith pledges to campaign for new Brexit vote; Corbyn challenger says he has met many who regret their decision to vote Leave
by: Jim Pickard, Chief Political Correspondent – FT
Owen Smith, one of the challengers to Jeremy Corbyn for the Labour party leadership, has promised to campaign for a new vote on a Brexit deal once the negotiations are complete.
Investing and Trading
The bizarre logic behind record low yields and high-flying stocks; Post-crisis logic reinstated as slumbering interest rates coexist with peak share prices
John Authers – FT
You can’t turn your back for a second. I have just enjoyed a brief vacation, in Greece. During my Mediterranean idyll, the rest of the world saw: violence, murder and protests on the streets across the US; another terror attack in France; political turmoil in the UK and Boris Johnson as foreign secretary; and fevered speculation that Japan will resort to “helicopter money”.
Two More Fed Officials Play Down Brexit Impact on U.S. Growth
Matthew Boesler, Christopher Condon – Bloomberg
Atlanta Fed chief Lockhart sees ‘negligible’ near-term effect; Kansas City’s George advocates for gradual Fed hikes to resume
Brexit was a dark cloud on the horizon for the Federal Reserve. With the storm passing, a number of officials have said that repercussions from Britain’s vote to quit the European Union probably won’t derail the U.S. economy, or stop them from raising interest rates.
As Markets Reach New Highs, World’s Top Investors Ring Alarm
Sridhar Natarajan, Sabrina Willmer, Joseph Ciolli – Bloomberg
The big rally in stocks and bonds has some of the world’s top money managers putting up warning signs.
‘Bond King’ Jeffrey Gundlach Is Having His Worst Year Ever
by Jen Wieczner – Fortune
The new bond king might be about to be dethroned.
The Housing Market Is Waving a Red Flag; Third-party investors are making up an alarmingly high share of auction purchases, according to housing-data firm RealtyTrac
Michelle Jamrisko – Bloomberg
Almost nine years after the housing-market bust helped trigger the most recent recession, RealtyTrac senior vice president Daren Blomquist sees the industry waving a red flag.
Fine wine — overseas investors pour in post-Brexit; UK investors find the asset leaves a sour taste in the mouth as sterling suffers
by: Alan Livsey – FT
Fine wine does not take well to shaking — sloshing the sediments around the bottle only muddles the product inside.
Overcoming Our Inordinate Fear of Inflation
By Noah Smith
Here’s a question: Why do we care so much about preventing inflation? When I put this query to baby boomers, they tell me that if I had lived through the inflation of the 1970s and early 1980s, I would understand. But this was also a time of slow growth, deep recessions and terrible asset returns. Inflation was hardly the only problem the U.S. economy was facing. So why does it stand out so strongly in our collective memory?
Time Short for Goldman, Morgan Stanley to Exit Billions in Funds
Jesse Hamilton – Bloomberg
Firms must shed private equity, hedge funds under Volcker; Fed granted banks final one-year extension to July 2017
U.S. banks got a reprieve last week when the Federal Reserve gave them one more year to comply with a Volcker Rule ban on investing in private equity and hedge funds.
JPMorgan: dressed to impress; Big banks may be safe harbour in choppy seas of the finance industry
Lex – FT
At this rate, recruits at JPMorgan will be back to wearing jackets and ties before long. Earlier this year, the venerable bank announced that it would allow “business casual” dress, a concession to young professionals. On Tuesday, amid worries about the banking sector, it reported a solid second quarter and, more importantly, showed that traditional banks may be a safe harbour in the choppy seas of the finance industry.
Goldman’s head of metals trading McGarraugh to retire -memo
By OLIVIA ORAN – Reuters
Goldman Sachs Group Inc’s global head of metals trading, Charles McGarraugh, is retiring from the firm after 16 years.
Former JPMorgan trader wins case against FCA; Tribunal rules in favour of trader over improper identification in London Whale case
by: Jane Croft – FT
A junior trader at JPMorgan at the time of the $6bn London Whale loss has won an improper identification case against the UK financial regulator.
Cover Story: The Future Trader
When you walk into the offices of TradeCo Global, a window looks out onto a sandy beach under a bright blue sky. Sadly, it’s a picture of a beach generated by a color printer. The office of the quant trading firm that four traders call home feels like a breakout room or a conference room where no one will be in danger of daydreaming anytime soon.
Why the bare-bones office with desks loaded with multiple screens that display the latest market info? It’s simple: TradeCo is the prop shop for futures trading solutions provider Trading Technologies.
Ex-Googler says he solved “the greatest challenge in fintech”
When a company describes its product with these epithets: ‘has solved the greatest challenge in fintech’, ‘hugely flexible’, or personal favourite ‘100% future-proof’, you can’t help but consider it complete and utter bull. But, when that company is ThoughtMachine, led by ex-Google engineer Paul Taylor, eyebrows simply raise themselves.
Line looks to invest in AI and data mining; Japanese chat app to use proceeds from $1.3bn IPO to challenge bigger rivals
by: Nicole Bullock in New York and Kana Inagaki in Tokyo – FT
Line, the Asian rival to WhatsApp, plans to use its newly acquired wealth to invest in artificial intelligence and data mining to challenge Facebook following big gains for shares on its Tokyo-New York market debut.
Wallet War: Banks, Stores Slug It Out With Phone-Pay Apps; Shoppers have a lot more decisions to make if they want to pay with a phone in the checkout line
By ROBIN SIDEL – WSJ
Shoppers have a lot more decisions to make if they want to pay with a phone in the checkout line.
US regulators should mandate LEI adoption to jumpstart use, Treasury official says
Neil Roland, MLex
US regulators must require firms to adopt identification tags for use in financial transactions if authorities are ever to get the global risk snapshots needed to head off crises, a senior US Treasury researcher said. The plea by Cornelius Crowley, deputy director of Treasury’s Office of Financial Research, is likely to be considered by the US Financial Stability Oversight Council, the group of top regulators led by Treasury Secretary Jacob Lew.
SEC Announces Agenda for July 19 Meeting of the Advisory Committee on Small and Emerging Companies
The Securities and Exchange Commission today announced the agenda for the July 19 meeting of its Advisory Committee on Small and Emerging Companies. The Committee will focus on the first year of Regulation A+, recommendations related to the definition of an “accredited investor,” and the Commission’s recent proposal to amend the definition of “smaller reporting company.”
SEC Charges Investment Adviser With Failing to Clearly Disclose Additional Costs to Investors
The Securities and Exchange Commission today announced an enforcement action against an investment advisory firm that failed to properly prepare clients for additional transaction costs beyond the “wrap fees” they pay to cover the cost of several services bundled together.
CFTC Orders Atlantas Group, Inc. and Edmund Hysni to Pay in Total $7.2 Million in Restitution and a Civil Monetary Penalty for Solicitation Fraud and for Making False Statements to the National Futures Association
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Respondents Atlantas Group, Inc. (Atlantas) and Edmund Hysni for committing solicitation fraud in connection with options on futures contracts trading on the Chicago Board of Trade and the Commodity Exchange, Inc., and against Hysni for willfully making material false statements to the National Futures Association (NFA) in connection with its investigation of the fraud.
ESMA UPDATES ITS Q&A DOCUMENT ON PROSPECTUS RELATED ISSUES
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&A) on prospectus related issues. The Q&A includes two new questions and answers on advertisements and Alternative Performance Measures.
The FCA fines, publicly censures and orders Jersey resident to pay restitution for insider dealing and improper disclosure
The FCA has today fined Gavin Breeze £59,557 for engaging in market abuse in the form of insider dealing and has also publicly censured him for improper disclosure.
Former Wickham Securities CEO pleads guilty
The former CEO of collapsed debenture issuer, Wickham Securities Ltd, has today pleaded guilty to various charges brought by ASIC, including fraud.
Hong Kong resolution rules set to swerve derivatives bail-in question; Banks seek clarity, but regulator wants maximum flexibility for its bail-in decisions
Blake Evans-Pritchard – Risk.net
Hong Kong’s new bank resolution regime is unlikely to include any explicit mention of when derivatives should be bailed in, as the Hong Kong Monetary Authority (HKMA) sticks to its intended consistency with the Financial Stability Board’s (FSB) total loss-absorbing capacity (TLAC) standards. Hong Kong’s framework bill on recovery and resolution was passed by the Legislative Council (LegCo) on June 22, but the HKMA has yet to issue specific guidance as to which liabilities are most likely to be…
How credit bubble could trigger Hong Kong property collapse
Hong Kong home prices are likely to rebound in the medium term, mainly due to expectations of renewed easing from the Fed and other major central banks. If that happens, massive capital could flow back to Hong Kong, pushing up equities and benefiting the property market.
Singapore official urges Asean members to aim for economic and financial union
South China Morning Post
A senior minister in Singapore has urged Asean member states to work more closely together to deepen economic and financial ties and help anchor regional peace and stability in the wake of rising geopolitical tensions following the ruling on territorial rights in the South China Sea.
China’s economic slowdown not as bad as feared
The world’s second-largest economy grew by 6.7% in the three months to the end of June, compared with the same period a year earlier, according to China’s National Bureau of Statistics. That is a hair better than the 6.6% forecast in a CNNMoney survey of economists, and matches the rate of growth in the first quarter.
Sebi likely to order forensic audit of brokers linked to NSEL scam; Regulator will continue probe though an initial investigation into role of brokers did not find too many violations
Jayshree P. Upadhayay – Livemint
The Securities and Exchange Board of India (Sebi) is likely to order a forensic audit of brokers linked to the National Spot Exchange Ltd (NSEL) scam even though an initial probe into the role of these brokers did not spot too many violations, two people familiar with the developments said.
Buffett donates nearly $2.9 billion to Gates charity and four others
BY JONATHAN STEMPEL – Reuters
Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc, has donated another roughly $2.86 billion of his holdings in the company’s stock to the Bill & Melinda Gates Foundation and four family charities, as part of his plan to give away nearly his entire fortune.
Financial News journalists pick up awards
By FN Staff
Three Financial News journalists have picked up awards at the Willis Towers Watson Media Awards, which recognise editorial excellence among journalists covering financial topics such as pensions and investments.