First Read

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

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

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

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

Sad to say, but the flagship Chicago papers have no one covering the cornerstone industry of the city any longer, and haven’t for many years. The New York Times covers the industry when it pertains to regulatory matters and enforcement scandals. That leaves few other outlets to cover the news in this space and the FT has done a commendable job of it.

The journalism space for years now has been like confetti tossed up in the air. Few seem to have figured out how to transition from paper to the digital world and make a profit. The Wall Street Journal and FT have transitioned well, but many news outlets have fallen off or just closed shop. That should be of interest to this industry because that means you have fewer outlets who can amplify your voice and story to readers.

John Lothian News has taken a sizeable role in this regard and strange as it sounds, we feel saddened when another industry news outlet closes because that means fewer journalists are focused on our industry. Blogs are making up for some of it, yes. Gary DeWaal‘s “Bridging The Week” is one great example, along with Craig Pirrong‘s “Streetwise Professor” just to name a couple. But quality blogs that hit key issues with a voice that carries are few and far between. That is concerning for this industry, which is critical to the global economy, but somehow does not garner the in-depth coverage that is needed to educate and inform the broader market. Without that understanding, it often becomes the punching bag for all that is wrong with financial markets.

We will do our level best to raise our profile via this newsletter and through our own educational efforts such as the intern speaker series. The rest of us should think about how to continue to make this industry relevant to the broader public, and let us hope Nikkei shares that view.


Nikkei to buy FT Group for £844m from Pearson
Nikkei, Japan’s largest media company, is to buy the FT Group from Pearson for £844m, after stunning its rival bidder Germany’s Axel Springer with an eleventh hour offer for the London-based global news organisation. The deal marks the end of an era, bringing the curtain down on Pearson’s 58-year ownership of the Financial Times at a time of upheaval in the global media industry.

**JK – Yoko Noge has set up group Japanese language lessons.


The Financial Times Will Be in Good Hands
NY Times
Who is the ideal owner for a prestigious newspaper? First and foremost, it should be someone who respects editorial independence, and who will not interfere in editorial matters. The decision about what to publish has to be made by journalists: It can’t be a business decision designed to appease advertisers.
The owner should also have a very long time-horizon — ideally into perpetuity. A storied reputation is easy to lose and very, very hard to regain, and any attempt to squeeze cash out of a newspaper in the short term tends to destroy precious brand value. The ultimate goal is steady profits over the long term, from a sustainable business with relatively little debt.

***DA: For a history of the FT, visit this story from Reuters


At 78, Scientist Is Starting a Hedge Fund
George Zweig discovered the quark at age 26, assisted with a covert military operation during the Vietnam War and helped design one of the first cochlear hearing implants. Now, at 78, he is starting a hedge fund. “I’ve still got it,” said the wiry, white-bearded physicist as he leaned back in a chair in a Midtown Manhattan conference room. Mr. Zweig said he accepted this new challenge as he nears his ninth decade because “life can be very boring” without work.


MarketsWiki Education Intern Series 2015

RJO Takes Hosted Leap Into Recs Automation
Article by FTF News on why R.J. O’Brien, the oldest independent futures brokers in the world, adopted Duco Cube and what happened when they did.

**JK – And check out our interview a few months back with


How Citigroup Courts Wealthy Young Heirs: Teach Them to Buy Art
The team went all in on Kate Moss.
One evening last month at Citigroup Inc. in downtown Manhattan, a group of 20-somethings spent $95,000 in a bidding war for a black-and white photo tapestry of the fashion model’s face. They were confident that the work by the prominent New York artist Chuck Close was worth the price.
That’s why there was a collective gasp when Tash Perrin, a senior vice president at Christie’s, revealed that the work didn’t sell when it was last auctioned in 2013.


Why You Shouldn’t Call Your Investors Dumb;’s tantrum-prone boss resigned, unresigned, and got fired
by Adi Narayan, Bloomberg
There are chief executive officers who’ve had fraught relationships with their boards. Then there’s’s Rahul Yadav. In barely two years, Yadav secured more than $125 million in venture capital and made his Mumbai-based company one of India’s leading online hubs for real estate rentals and sales. In a matter of months, he also accused prominent investors of vague misdeeds, publicly berated his directors, taunted other entrepreneurs, and resigned—then unresigned.


Wall Street Pulls in Its Horns in Connecticut
The New York Times
For much of the last 30 years, the story of Wall Street was one of ceaseless growth and enormous wealth, as the clubby investment banks and trading firms that used to be based in Lower Manhattan grew into giants of the global economy, with outposts in cities like Stamford.
Now these firms are in the middle of a contraction that many in the industry think could last for some time.

***DA: Here’s your fun for the morning. Read the intro to the story, but pretend it is one of those NPR introspectives. “For years, traders and bankers would gather for ‘power hour’ at the Morton’s steakhouse across the street from the train station in Stamford, Conn… Now the Morton’s is shuttered. The windows above it, where bankers used to sit, are cluttered with boxes and furniture in disarray.”


Lead Stories

Nasdaq Launches ‘NFX’ to Trade Energy Derivatives
Nasdaq (Nasdaq:NDAQ) announced that its US-based Nasdaq Futures, Inc. (NFX) will officially launch today. The platform will initially offer futures and options on oil, natural gas and US power benchmarks, with a fee holiday for the first nine months of trading. All products will be cleared through The Options Clearing Corporation (OCC).

Deutsche Boerse, CME final bidders for FX platform 360T – sources
Reuters, via Yahoo! News
Commodities and currency exchange operator CME Group is competing against Germany’s Deutsche Boerse in a final round of bidding for German-based foreign exchange trading platform 360T, three industry sources told Reuters on Friday.

CFTC plans more scrutiny over algorithmic trading
Argus Media
The Commodity Futures Trading Commission (CFTC) later this year plans to propose new rules to boost oversight over algorithmic traders that have claimed a growing share of energy futures. About 80pc of the trading volume in natural gas contracts now involves algorithmic traders on at least one side of the transaction, CFTC chairman Timothy Massad said today. Those traders use computer models to buy and sell hundreds of times per second to capitalize on minute price movements.

Blockchain Trading Technology Is Coming to the Capital Markets, Greenwich Says
Traders Magazine Online News
Bitcoin is coming to the marketplace and now the financial trading industry is looking at ways to integrate the leading cyber-currency trading technology into their systems. That’s according to market consultancy Greenwich Associates, who in their recent report, “Bitcoin, the Blockchain and Their Impact on Institutional Capital Markets,” examined the effect of integrating the new technology and how such integration might take place.

CME fields complaints on soy crush spread after futures pits close
CME Group is looking into complaints by grain brokers who say the exchange’s trading platform cannot accommodate some popular spread trades involving soybean futures after the July 6 close-down of century-old futures trading pits, traders said on Thursday. “There’s a South American soy processor who wants to put on 1,500 crush spreads but hasn’t been able to get it legged in,” said Peter Kelly, a veteran soyoil broker. “It’s the kind of trade that was easy to do in the pit. But there’s not a market for it on the screen.”

DTCC backs extension of LEIs to more asset classes
Futures & Options World
The Depository Trust & Clearing Corporation (DTCC) has welcomed moves by regulators to extend the global legal entity identifiers (LEI) regime beyond derivatives markets to cover all asset classes. Bill Hodash, managing director of business development at DTCC, told FOW many of the authorities participating in the Financial Stability Board’s Regulatory Oversight Committee (ROC) oversee trading across many asset classes.

Yellen Fed’s Independence Under Attack Despite Economic Rebound
Federal Reserve Chair Janet Yellen isn’t feeling a lot of love. She’s under attack from both conservative Republicans and liberal Democrats. She’s fending off a House of Representatives subpoena regarding a leak of economic data. And Americans in a Gallup Poll last November ranked the Fed second-to-last among 13 federal agencies for performance, just ahead of the Department of Veterans Affairs. Most recently, House Financial Services Chairman Jeb Hensarling told Yellen during her semiannual testimony on monetary policy on July 15 that the Fed’s guidance has been “somewhat amorphous, opaque, and improvisational.”

Greek Bonds to Resume Trading as Luxembourg Exchange Lifts Ban
The Luxembourg Bourse said it authorized a resumption of trading Greek bonds on Friday.
The exchange lifted a suspension on trading securities issued by 25 Greek entities, from government bonds to those of Alpha Bank SA and Hellenic Telecommunications Organization SA, according to a statement.

China slowdown? Depends on where you look
Many U.S. consumer companies are brushing aside worries that China’s weakening economy and sputtering stock market will dramatically damage their bottom lines even with early trouble signs in recent earnings reports.
Most notably, companies dependent on Chinese infrastructure growth, such as United Technologies Corp (UTX.N) and Caterpillar Inc (CAT.N), are claiming soft second-quarter earnings and a downgraded outlook based on weakened Chinese demand.

SEC Investigating Smirnoff Maker Diageo
The Securities and Exchange Commission is investigating whether Diageo PLC has been shipping excess inventory to distributors in an effort to boost the liquor company’s results, according to people familiar with the inquiry. By sending more cases to distributors than wanted, the British-based owner of Smirnoff and Johnnie Walker would be able to report increased sales and shipments, according to these people.


Shadow-banking decline may be due to new capital standards, US study says, countering regulators’ views
Neil Roland, MLex
Dramatically reduced lending in a shadow-banking segment may be due to heightened capital requirements for large banks, a US Federal Reserve Bank of New York study said. The finding appears to run counter to the widely held regulatory view that tougher capital rules will drive credit into the shadow-banking sector, calling for more stringent oversight of this market.

ESMA Consults On UCITS Remuneration Guidelines
Press Release
The European Securities and Markets Authority (ESMA) has launched a consultation on proposed Guidelines on sound remuneration policies under the UCITS V Directive and AIFMD. The Directive includes rules that UCITS must comply with when establishing and applying a remuneration policy for certain staff categories and the proposed UCITS Remuneration Guidelines further clarify the Directive’s provisions.

***DA: For more on UCITS V, visit the MarketsReformWiki page, newly edited by regulatory intern Erik Donelson.

Keynote Address Timothy G. Massad before the District of Columbia Bar (Washington, DC)
The Dodd-Frank Act gave the CFTC primary responsibility to implement and oversee this new framework. And thanks in large part to the hardworking CFTC staff, we have largely implemented this framework. The new framework has brought greater resiliency to our system. We have good measures to guard against excessive risk. We have greater transparency, which is beneficial to regulators and to market participants. But our work is far from finished. There is much to be done. And that is because our goal must be to implement these reforms in a way that not only achieves the Congressional objectives; we must also create a foundation on which these markets can continue to thrive and serve the businesses that need them. In that way, and only in that way, will our economy be best served.

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues a Letter to Certain
Registered Commodity Trading Advisors Exempting them from Filing Form CTA-PR
The letter states DSIO’s position that requiring CTAs that do not direct any client commodity interest accounts to file a Form CTA-PR would provide limited additional information regarding that CTA beyond that already available to the Commission as part of the registration process and the CTA’s ongoing obligations as a registrant. Accordingly, the letter provides an exemption for these registrants from the reporting provisions of Commission Regulation 4.27(c).

EU-US clearinghouse recognition pact due by September, European lawmaker says
Neil Roland, MLex
A US-EU agreement on clearinghouse recognition is likely to be completed by mid-September, a senior European lawmaker said Wednesday.

E*Trade says key regulator eases oversight
The New York Federal Reserve eased its oversight of E*Trade Financial Corp during the second quarter, giving the discount brokerage company greater latitude to make strategic decisions about its future, a company executive said Thursday. Following a similar move by the Office of the Comptroller of the Currency in the first quarter to lift a memorandum of understanding, the once-fragile discount brokerage company and bank has much more autonomy.

Sebi-FMC merger process to be complete by September: UK Sinha
The Economic Times
The merger process of the Forward Markets Commission (FMC) with Sebi will be completed by September this year, said U K Sinha, chairman of the capital market regulator.

Exchanges & Trading Facilities

LSE Unit Holds Exclusive Talks to Build Not-for-Profit Dark Pool
A European dark pool under development by a consortium of banks and asset managers has selected Turquoise, majority owned by London Stock Exchange Group Plc, to build its new market.

Controversy isn’t stopping Nasdaq from taking ‘dark pool’ plunge
New York Post
Nasdaq plans to plunge into controversial “dark pools” before the end of the year. The New York-based exchange operator expects to take over and run three bank-owned private trading platforms, known as “dark pools,” after getting the go-ahead from regulators earlier this year.

Eurex Exchange’s equity index derivatives newsletter – July 2015
Welcome to our new equity index derivatives newsletter designed to keep you up-to-date with everything relevant for our equity index portfolio. It will, every quarter, provide you with important data and facts on volumes, open interest and more, covering the developments of the derivatives available on the most liquid global, European and national indexes. This issue gives you the latest information about equity index and volatility derivatives.

Nasdaq expects to be first exchange using bitcoin technology
Business –
Nasdaq OMX Group Inc. expects to become the first major exchange operator to use the technology behind bitcoin when a project in its private-companies business goes live in the fourth quarter. The stock market operator is partnering with infrastructure provider Chain to use blockchain to issue and transfer the shares of privately held companies. Blockchain is the ledger that drives the bitcoin digital currency.

NFX Launch of New Energy Products on July 24, 2015
The Exchange will list the following 26 new financially settled energy futures and futures options (the “Energy Contracts”), on Friday, July 24, 2015.1
On July 24, 2015, trading in the below Energy Contracts will open at 9:00am ET through 17:00 pm ET (Open Session). Thereafter, the trading hours will be as specified in the Exchange’s Trading Calendar.

Hedge Funds & Managed Futures

Here’s why ETFs are overtaking hedge funds
The active versus passive debate just got a new wrinkle, and one analyst thinks he knows why. Exchange-traded funds, which are the primary vehicle for passive management, now have assets under management greater than hedge funds, according to a count from research firm ETFGI. ETFs primarily follow market indexes, while hedge funds use a mix of strategies to beat those same benchmarks.

Europe’s booming markets no magic bullet for trading desks
By Lionel Laurent, Reuters
While Europe’s financial markets are buzzing with billions of dollars of stimulus from the European Central Bank, U.S. financial houses look set to be the biggest beneficiaries of the surge in business as European banks continue to retrench. The past six months in Europe have featured the rising inflows, trading volumes and volatility that are often a boon for brokerages. But analyst forecasts suggest U.S. banks will win global market share again this year, while European rivals continue to cut back in investment banking.

Morgan Stanley: Gold Could Plunge to $800, and It’s Not Because of China’s Reserves
Bloomberg Business
Analysts led by Tom Price now say the metal could fall as low as $800 an ounce, as reported by Bloomberg News. They figure that the era of price stability that once ruled precious metals is now coming to an end. The Morgan Stanley chart below shows a rather stable line for gold, silver, palladium, and company, while other commodities, such as iron ore, have seen more volatility.

A Simple China Trading Rule to Trounce the State-Run Market
by Kyoungwha Kim, Bloomberg
Buy when the stock market opens. Sell at the close. Repeat.

Ares Management says to buy Kayne Anderson Capital Advisors for $2.55 bln
Asset manager Ares Management L.P. said that it would buy Kayne Anderson Capital Advisors for $2.55 billion.

Banks & Brokers

R.J. O’Brien Limited Becomes Member of London Metal Exchange
Chicago-based R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, today announced that its London-based affiliate R.J. O’Brien Limited (RJO Limited) was just approved as a clearing member of the London Metal Exchange (LME).

BofA’s CFO Change Rekindles Investor Concern Over Power Struggle
Bank of America Corp. investors expressed consternation Thursday over the surprise departure of a well-respected chief financial officer who saw the lender through years of legal battles and cost cuts. For many, Bruce Thompson’s exit in a broad management shakeup is “disappointing,” Morgan Stanley analyst Betsy Graseck wrote in a note to clients after the bank’s announcement.

Credit Suisse’s new chief signals strategy shift and Asia focus
Credit Suisse Group AG’s (CSGN.VX) new Chief Executive Tidjane Thiam signalled a strategy shake-up on Thursday, designed to focus on banking for the world’s wealthy, particularly in Asia, and away from riskier securities activities.

Clearing & Settlement

Three steps to more resilient risk-management systems
Andrew Gray, Group Chief Risk Officer, DTCC, in Reuters
Of all the changes to global financial markets in recent years, the risk management function has undergone one of the most dramatic transformations in the industry. The discipline is broader, more sophisticated, and more diverse than ever before, encompassing new responsibilities that add operational, systemic, technology, vendor, and physical risk, as well as business continuity management, to the more traditional financial risk categories. To meet and defend against these new challenges, firms must take certain fundamental steps to gain a more holistic view of the risks they face.

Nomura clearing product head Croxon leaves bank
Futures & Options World Nomura has parted company with its global product head of derivatives clearing Mark Croxon two months after the Japanese investment bank said it will stop US and European swaps clearing. Croxon left Nomura this week after five years at the bank in which time he rose to become the global product manager for derivatives clearing, responsible for over-the-counter client clearing. A spokesman for Nomura confirmed Croxon’s departure but did not comment further.

Indexes & Products

Environmental and Social Indexes Target Millennial Investors
Goldman Sachs Asset Management and S&P Dow Jones Indices are just two firms that are catering to this large and increasingly affluent group.
Institutional Investor

S&P Dow Jones Indices Market Attributes: Risk & Volatility July 2015
Press Release
With the exception of gold and oil, volatility everywhere is down – including notably our measures for Hong Kong and Europe. Apart from in Canada, volatility is low on an absolute basis, too; implied volatility in every equity market is below its trailing 200-day average.

Two More Disruptive Ideas for Advisors
Indexology – S&P Dow Jones Indices
My last post summarized some of our notes from the recent S&P DJI ETF Masterclass conference in Toronto, on the topic “ETFs as a Catalyst for Canadian Advisory Growth”. We discussed some disruptive innovations that are changing the fabric of wealth management, and how some of Canada’s leading wealth management thought leaders propose to address them. This post will continue on the same theme, with a discussion of two more disruptive challenges on the horizon.


Survey: 47% of Finance Pros Say Firms Exploring Blockchain
New data suggests that many financial professionals believe their industry is being reshaped by blockchain technology. A survey conducted by market intelligence provider Greenwich Associates shows that a number of financial institutions are actively reviewing solutions using distributed ledgers.

The FinTech Revolution and the Future of Small Business Lending
A new breed of alternative lenders, such as Lending Club, On Deck, Biz2Credit, Kabbage and recently, Goldman Sachs, have emerged to address the gap between small business needs for financing and the willingness and capacity of banks to serve these needs effectively. Collectively known as “FinTech firms,” they are pioneering a distinctive online and digital-based approach that promises to greatly enhance small businesses access and efficiency to funding for growth. The new FinTech disrupters are benefiting from the fact that small businesses are increasingly turning online to search for financing, especially through mobile devices.

Citigroup Hunts for Fintech Innovators, Will a Bitcoin Firm Succeed?
American banking behemoth Citigroup earlier revealed that it has been looking at the Bitcoin’s distributed ledger technology for the last few years, and has developed three blockchains and a test currency called Citicoin to pass through them in a bid to create a framework parallel to the Bitcoin and the blockchain.


Former Oppenheimer Employees Settle Charges Involving Unregistered Sales of Penny Stocks
According to the SEC’s orders instituting settled administrative proceedings, on behalf of the Oppenheimer customer, Eisler executed billions of penny stock shares in illegal unregistered distributions with Lewis participating in and in some cases approving the sales. Although securities laws provide an exemption from liability for brokers who engage in a reasonable inquiry into the facts surrounding a customer’s proposed sale, the SEC’s orders find that Eisler and Lewis failed to make the requisite inquiry despite substantial red flags associated with the sales.

5 Men, 2 Fraud Schemes and a Possible Link to JPMorgan Chase Hacking
Dealbook – NY Times
Last Saturday, Anthony R. Murgio attended a college friend’s wedding in Atlanta, seemingly without a care in the world.
Yet the day before, unbeknown to Mr. Murgio, federal prosecutors in Manhattan had filed two criminal complaints, under seal, that accused him and another former college classmate, Yuri Lebedev, of running an illegal Bitcoin money exchange operation that enabled criminals operating online to convert the digital currency to cash.

Treasury Securities Dealers Accused of Collusion in Lawsuit
Bank of America Corp., Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among 22 financial companies accused of colluding to manipulate auctions of U.S. Treasury securities in a lawsuit filed by investors.
A pension fund for Boston public employees alleged the so-called primary dealers used electronic chatrooms and instant messages to inflate the prices of treasuries they sold to investors and to deflate the prices they paid for those treasuries at auction.

Environmental & Energy

More And More People Are Suing To Slow Climate Change. Will Companies Finally Recognize The Cost Of Their Emissions?
By Kelli Barrett – Ecosystem Marketplace
From Lima to Jakarta to the Hague, angry citizens are using courts to hold governments and companies accountable for climate change. That’s good for the climate, and maybe good for carbon markets – as companies become more and more sensitive to the risk of doing nothing.

EPA proposes voluntary methane reduction program
By Devin Henry – The Hill
The Environmental Protection Agency (EPA) is putting together a program to encourage the oil and gas industry to voluntarily reduce methane emissions.

Offshore Wind Farm Raises Hopes of U.S. Clean Energy Backers
By Diane Cardwell – The New York Times
A few miles off the coast of Block Island, part of Rhode Island, a small flotilla has been gathering: crane vessels, tugboats and barges that began this week installing the 1,500-ton foundations of the nation’s first commercial-scale offshore wind farm. Offshore Wind Farm Raises Hopes of U.S. Clean Energy Backers.


Shanghai Shares Detach From Economic Reality as State Funds Buy
Bloomberg Business
In most stock markets, data showing weak economic growth is bad news for investors. In China on Friday, it was just the opposite — the Shanghai Composite Index rose as much as 1.5 percent after a private gauge of Chinese manufacturing unexpectedly fell to a 15-month low. It’s the latest sign of how divorced the nation’s $7.5 trillion market has become from economic fundamentals amid unprecedented government intervention to prop up share prices. The gauge erased gains toward the end of trading to close 1.3 percent lower.

Japan’s Nikkei Pledges to Respect Financial Times Culture
The New York Times
Nikkei Inc., the Japanese buyer of the Financial Times, pledged Friday to respect the culture of the London-based business daily, while also tapping its digital expertise and global reach. “The FT will remain the FT. Nikkei is Nikkei,” said Naotoshi Okada, the president and CEO of Nikkei Inc., which publishes a namesake newspaper that’s the top business daily in Japan. “The editorial cultures of each will be respected. If there are any problems, we will talk them out.”

Goldman: It’s Totally Unrealistic to Expect China to Consume More Than Half the World’s Copper
As reported by Bloomberg News, analysts at Goldman Sachs have dramatically slashed their price expectations for copper.
Analysts led by Eugene King now see copper falling to $5,670 this year and $4,725 in 2016. That’s down from their previous forecasts of of $5,724 and $5,825 respectively. Copper is currently trading around $5,361. So why the big bearish revision? It all has to do with China.

Chinese regulator must heed signals from stock market rout to determine timing – and scale – of intervention
South China Morning Post
The two events that shook the world last month and early this month were the Greek crisis and China’s stock market gyrations. Both events were about getting prices right – the Greek negotiations on whether Greece can sustain such high debt without some debt write-offs and the mainland stock markets finding their own price equilibrium.

Frontier Markets

This Dollar Chart Is Bad News for Emerging Markets
If history is any guide, emerging markets are headed for trouble as the dollar strengthens.
A soaring U.S. currency, coupled with higher interest rates and lower commodity prices, triggered debt defaults in Latin America in the 1980s. A decade later, the dollar’s appreciation forced Asian countries from Thailand to Malaysia to drop their peg to the greenback, and threw the region into a crisis.

What Obama Should Say in Africa
Bloomberg View
Africa’s 1.1 billion inhabitants, fast-growing economies and cheap labor make it the final frontier among emerging markets. Sub-Saharan countries have averaged an impressive 5.2 percent growth rate since 1995; by 2025, the World Bank is likely to classify three out of five African countries as middle-income.

Exploring The Frontier Of Emerging Markets
Wisdom Tree Blog, in ValueWalk
Last week, Professor Jeremy Siegel and I chatted with Gavin Serkin, head of emerging markets at Bloomberg and author of “Frontier: Exploring the Top Ten Emerging Markets of Tomorrow,” as well as Kevin Daly, portfolio manager at Aberdeen Asset Management. Our conversation revolved around the frontier markets and the opportunity set they present.

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