First Read

Wedbush Futures Management Shake-up
Doug Ashburn – JLN

In a not-so-widely-distributed press release (press non-release?), Wedbush Securities announced a few changes to its Chicago-based FCM, one year after its purchase from KCG Holdings. Of note:

  • Carl Gilmore, who co-headed the division and has been with the FCM through several iterations dating back to its Penson GHCO days, when he served as general counsel, is leaving to start his own consulting firm.

The firm has seen many changes over the past several years. Penson acquired GHCO in 2007, but money problems at the parent company forced a divestiture of the FCM in 2012 to Knight Capital Group. The ink was barely dry on the deal when Getco purchased Knight Capital, aka KCG, after a runaway algo glitch cost the firm $440 million in one day. Wedbush, which had just entered the FCM business with the acquisition of Crossland LLC in April 2014, stepped in and purchased KCG’s futures business in September 2014 and renamed it Wedbush Futures

Confusing, for sure, but that is why we built MarketsWiki. Click any of the above links to get the full history.

We wish Mr. Gilmore all the best in his new venture.


CME Group: Political clout counts
Gregory Meyer – FT
Terry Duffy is wearing a dark suit, a Movember moustache-beard combination and gold cufflinks shaped in the octagonal logo of his company, CME Group. He sits back in his office beside the Chicago river and glances at framed snapshots on some shelves: his twin sons, the actor Mark Wahlberg, three former US presidents, a grinning Hillary Clinton and himself.

***** Terry Duffy has so much clout even his cufflinks get their calls answered.


Nils-Robert Persson, Cinnober Financial Technology – How to Manage a Challenge

“You should be prepared to walk on thin ice. It’s not dangerous if you know what you are doing.”

Thirty years ago, Nils-Robert Persson left a job at communications software giant Ericsson to join the financial technology space, where he has been ever since. Back then, when one made a trade, it was a cumbersome process that involved many hands over several hours, and bank settlement took three to five days. Now, that same trade can be placed on a fifth-generation Ericsson smartphone and be matched in 100 microseconds… and bank settlement still takes three to five days.

Persson says he was not wrong to leave Ericsson, just thirty years too early. The center of the tech world has shifted to the financial sector, and as executive chairman of Cinnober, he is now in the right place. He says you do not have to be at a startup to be entrepreneurial in your thinking, but it often requires you to navigate on thin ice.

Watch the video »

U.S. May Be World’s Richest Country, But It Ranks 14th in Financial Literacy
By many measures, the U.S. is the world’s wealthiest country—but it’s not because Americans are the best with their finances.

****** Once President Trump takes over, I am sure this will get solved.


Sponsored Content
CEINEX – Bridging Markets

China Europe International Exchange (CEINEX) provides international investors with efficient and transparent access to the world’s second biggest economy. Founded by three strong partners, the Shanghai Stock Exchange, the China Financial Futures Exchange and Deutsche Börse Group, CEINEX offers trading opportunities in Renminbi-denominated instruments at European trading hours.

Market participants will benefit from the new global liquidity pool for Chinese cash market products initially and derivatives at a later stage. The new marketplace will be based on Deutsche Börse’s proven infrastructure for trading – Xetra for cash market products and in the future Eurex for derivatives contracts.

It all started on November 18! More details:

content from:


Deutsche Börse and KfW host 2015 German Equity Forum; Europe’s leading capital market conference to take place in Frankfurt from 23 to 25 November
Deutsche Börse
Deutsche Börse Cash Market: This year’s German Equity Forum (Deutsches Eigenkapitalforum), Europe’s leading information and networking platform which is hosted by Deutsche Börse alongside KfW, will take place in Frankfurt from 23 to 25 November 2015. The focus of this year’s forum is growth financing. Carsten Kengeter, CEO of Deutsche Börse AG, and Dr Ingrid Hengster, member of the board of KfW, on Monday will open the event for the first time at the Sheraton conference center at the Frankfurt airport.

****** There are times I wish I was in Europe. This is one of them for an event like this.


Women start out as ambitious as men but it erodes over time, says researcher
Melissa Davey – The Guardian
Many women are just as ambitious as men when they begin their careers, but become so wearied by fighting against multiple structural and experiential barriers to their success that this ambition often wanes.

***** A little more persistence is needed.


Islamic State makes Telegram messaging app a major marketing tool
By Eric Auchard – Reuters
The mobile messaging service Telegram, created by the exiled founder of Russia’s most popular social network site, has emerged as an important new promotional and recruitment platform for Islamic State.

***** To borrow a phrase from the world of business, “Terrorism is about two things, innovation and marketing.”


Lead Stories

Regulators Propose Rules to Shed Light on Dark Pools
Financial regulators are trying to shed more light on dark pools.
The Securities and Exchange Commission decided Wednesday to propose new rules requiring “dark pools”—private trading venues not accessible to the public—and other alternative trading systems to make public detailed information about their operations and activities, bringing that segment of the securities market more under its scrutiny.

***** Also see the FT story on this subject here

ICAP’s EBS BrokerTec and SGX sign collaboration agreement
Agreement to launch SGX FX block futures on EBS Market
Both businesses have noted growth in Asian trading volumes
EBS BrokerTec, ICAP’s market-leading electronic foreign exchange (FX) and fixed income business, and Singapore Exchange (SGX), Asia’s leading and trusted market infrastructure, today announced the signing of a definitive agreement to launch SGX listed FX block futures on EBS BrokerTec’s FX central limit order book (CLOB), EBS Market, a primary venue for e-traded currencies.

CME Group Expands Base Metals Offering with New Aluminum Japan Premium (Platts) Futures
CME Group
CME Group, the world’s leading and most diverse derivatives marketplace, today announced it will expand its base metals offering with the introduction of a new Aluminum Japan Premium (Platts) futures contract to begin trading on 7 December 2015. Pending relevant regulatory review periods, the new contract will be available for trading on CME Globex and for submission for clearing through CME ClearPort, and will be listed with and subject to the rules and regulations of COMEX.

Barclays accused of abusing ‘last look’ trading system
Martin Arnold and Katie Martin – FT
The instruction to Barclays traders and IT staff in June 2011 was clear: If clients asked why large numbers of their foreign exchange trades were being rejected at the last minute, they should “just obfuscate and stonewall”.

Reserve Bank of India hit as 17,000 staff take ‘mass casual leave’
Amy Kazmin in New Delhi – FT
India’s central bank ground to a halt on Thursday as 17,000 staff went on strike to protest against a proposed overhaul of the country’s monetary policy framework that would curb the bank’s independence, and to demand improved pensions.

Bank trading reform would lift capital needs by up to ninefold
Caroline Binham and Laura Noonan in London – FT
Global regulators have estimated that contentious new rules will force one bank to set aside nine times as much capital as it currently does to guard against market risk in its trading book.

Madoff victims to recoup $1.42 billion in two payouts
Victims of Bernard Madoff’s Ponzi scheme can expect to soon receive about $1.42 billion to help cover their losses, after two U.S. judges on Wednesday authorized the payouts.

Robert F. Dall, Mastermind of Mortgage-Backed Bonds, Dies at 81
Robert F. Dall, an investment banker and a pioneer of the mortgage bond market on Wall Street, died on Sunday at Lenox Hill Hospital in Manhattan. He was 81.

Giving Back Has Made This 41-Year-Old Retired Billionaire Less Popular
Dan Murtaugh – Bloomberg
John Arnold, 41, of Houston at ease with data and controversy
Pension systems, bad science, drug-sentencing, organ donations
When John Arnold was a trader, he had a serene — some would say bloodless — way of seeing the world. He wanted the truth, the cold, hard truth, and embraced the power of an idea no one else was seeing. Then he bet nearly everything he had on it.

Wall Street Raises Over $1.7 Million For St. Jude In One Night; Inside the fundraiser at Guastavino’s.
Julie Verhage – Bloomberg
For 26 years Wall Street has been holding an annual gathering to sample food from some of New York’s finest restaurants while raising millions of dollars for children with cancer.

Would You Pass the Global Financial Literacy Test?; Yes. Take it here and marvel at Americans’ lousy score.
Suzanne Woolley – Bloomberg
A bit of financial advice: When you go out to dinner with a Norwegian, a Swede or a Dane, let them calculate the tip. While you’re at it, get them to look over the rest of your bills.


Citigroup, Morgan Stanley lobby CFTC on uncleared swaps margin plan
Anjelica Tan and Neil Roland, MLex (Subscription Required)
Two banks pressed their case with the US Commodity Futures Trading Commission on proposed margin requirements for uncleared swaps after swaying bank regulators on a similar rule for such derivatives trades.

Remarks of Chairman Timothy Massad before the Exchequer Club of Washington, D.C.
While I could spend most of my time here today looking back at the work we’ve done, we actually still have a lot on our 2015 agenda. So today I’d like to talk about what I expect you will see from the Commission over the remaining days and weeks of this year.
First, I’d like to tell you about a report we released today on the so-called “de minimis threshold” for swap dealer registration. I’d then like to discuss a proposal related to automated trading that the Commission will consider in an open meeting next week. I’d also like to discuss a few other issues that I expect us to take up before the end of the year, which are proposals on cybersecurity and final rules on margin for uncleared swaps and trade options. Finally, I’ll say a few brief words about some of the work we’ll be focused on next year.

CFTC Staff Releases Swap Dealer De Minimis Exception Preliminary Report
Staff from the Division of Swap Dealer and Intermediary Oversight and the Office of the Chief Economist of the U.S. Commodity Futures Trading Commission (CFTC or Commission) today issued a Preliminary Report regarding the swap dealer de minimis exception. Under CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required to register with the Commission as swap dealers during the phase-in period currently in effect. This phase-in period is scheduled to end, and the threshold will fall, to $3 billion in December 2017, unless the Commission takes action to amend the de minimis exception.

***DA: Also read the fact sheet HERE and Commissioner Giancarlo’s atatement below.

Statement of Commissioner J. Christopher Giancarlo Swap Dealer De Minimis Exception Preliminary Report
The issuance of this report is a reminder that the CFTC botched the policy analysis in 2012 when it implemented its current swap dealer registration de minimis rules. Dodd-Frank’s remedy for swap dealer counterparty risk is to move more swaps from bilateral to central counterparty clearing, not to make it more burdensome to transact cleared swaps. With the clearing mandate in place, the CFTC should only count a dealer’s remaining uncleared swaps towards the de minimis threshold for swap dealer registration and avoid imposing the ancillary costs and expense of CFTC regulatory compliance on cleared swaps activity.

***DA: The above excerpt appears near the bottom of his statement, but I think sums up his view on the matter quite nicely.

SEC Proposes Rules to Enhance Transparency and Oversight of Alternative Trading Systems
The Securities and Exchange Commission today announced it has voted to propose rules to enhance operational transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed on a national securities exchange (NMS stocks), including “dark pools.”

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
C2: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Delivery of the Regulatory Element of C2s Continuing Education Program (Release No. 34-76466; File No. SR-C2-2015-031)

Collective efforts help millions of Australians build financial literacy skills
ASIC Chairman Greg Medcraft today launched the National Financial Literacy Strategy Annual Highlights Report for 2014-15 at a Stakeholder Forum in Sydney, hosted by ASIC.

Esma makes case for Mifid II delay
By James Rundle – Financial News
Europe’s top markets watchdog has outlined why it believes a delay to the reform of Europe’s trading rulebook is necessary – and suggested a number of ways to postpone the reforms.

Failing insurers’ resolution plans should include derivatives, shadow banking, proposal says
Neil Roland, MLex (Subscription Required)
Large insurers nearing collapse will need a resolution plan that addresses their derivatives holdings and shadow-banking assets to limit ripples throughout the economy, a Financial Stability Board proposal said.

Exchanges & Trading Facilities

CME plans Japan aluminium contract to rival LME; Japan is Asia’s biggest aluminium importer; Contract to launch Dec. 7; CME wants to challenge LME’s base metals dominance
Chicago-based CME Group said on Thursday it would launch a Japanese aluminium premium contract next month, the latest move by the world’s largest futures market operator to challenge the London Metal Exchange’s dominance in base metals trading.

As HK-Shanghai Connect scheme stutters, doubts grow on exchange links
A tepid response from investors to the Hong Kong-Shanghai Stock Connect scheme in its first year has made industry executives sceptical about the success of proposed exchange link-ups and their value in providing equity market access.

SGX welcomes KGI Fraser as Catalist Full Sponsor
Singapore Exchange (SGX) is pleased to welcome KGI Fraser Securities Pte Ltd (KGI Fraser) as a Full Sponsor on Catalist, its sponsor-supervised board for growth companies.

NYSE joining Nasdaq in eliminating stop orders
By Steve Goldstein – MarketWatch
Goodbye stop orders on the Big Board
It’s green on stop orders at the New York Stock Exchange — until February.
A type of order traders use to protect against losses is being phased out, as stock exchanges seek to deal with the ramifications of huge intraday swings.

Hedge Funds & Managed Futures

Q&A with Yogi Dewan: Why everyone misunderstands risk
by William Railton – City AM
For high net worth families, preserving wealth for future generations is more important than risking it for an outsized return. “Financial markets are environments for preserving wealth,” explains Yogi Dewan, chief executive and founder of boutique wealth management firm Hassium Asset Management. “But whether you invest in equities, real estate or government bonds, there’s no guarantee you’ll see your investment back. And market volatility around geopolitical events shouldn’t affect the money you’ve spent a lifetime making.”

A Flurry of Growth in the Online Financial Advice Field
As the competition among so-called online robo advisers intensifies and more entrants crowd the field, some of the oldest firms in the niche are increasing their efforts to recruit investors.

UK fund managers braced for hit to business model
Madison Marriage and Chris Newlands – FT
Fund managers have been sitting nervously ever since the UK regulator first announced it would launch a review of the asset management industry in 2015.

Banks & Brokers

UBS grabs former Goldman electronic trading head Lopez
UBS Group AG has hired Todd Lopez from Goldman Sachs Group Inc as its new head of electronic trading for the Americas, according to an internal memo.

Citigroup wins lawsuit vs. Connecticut firm over Swiss franc losses
A Connecticut firm founded by two former Goldman Sachs partners owes Citigroup Inc damages in a $25 million lawsuit by the bank over losses incurred during an unexpected surge in the Swiss franc in January, a U.S. judge ruled.

OzForex receives takeover bid from US-based Western Union
The Australian
Online foreign exchange company OzForex Group has confirmed the receipt of a non-binding takeover offer from US-based financial services giant Western Union, after speculation of an approach swirled yesterday.

UPDATE 1-MOVES-Morgan Stanley names Susie Huang head of M&A in the Americas
Morgan Stanley named Susie Huang head of mergers and acquisitions for the Americas, according to an internal memo sent out by the investment bank on Wednesday.

Clearing & Settlement

Markit introduces netting synchronisation service for cleared OTC derivatives
Press Release
Markit, a leading global provider of financial information services, today announced the launch of a service to help banks automatically update their risk systems after netting and compression activity at their clearing houses. The service is live with LCH.Clearnet’s SwapClear and will expand to other clearing houses.

Clearinghouse basis hits interest-rate hedging
A difference in pricing for interest rate swaps across the two main clearinghouses for US derivative contracts has blown out to all-time wides this week, leading to higher costs for banks and fund managers looking to hedge interest rate exposures. The cost of paying fixed rates on a 30-year interest rate swap that clears through the CME Group rose to 3.75bp higher than the cost of the same position at LCH.Clearnet – the widest spread ever between the two positions.

Poland’s KDPW_CCP gains traction
Asset Servicing Times
PKO Bank Polski, the largest Polish bank, has joined the clearinghouse KDPW_CCP for clearing over-the-counter (OTC) derivatives denominated in Polish zloty (PLN). The first OTC trades in PLN were cleared through the central counterparty (CCP) in May 2015, and 11 polish banks now clear interest rate derivatives through it. KDPW_CCP has now cleared trades totalling more than PLN 24 billion.

LSE, UBS, LCH.Clearnet, SocGen, CME, Euroclear Explore Blockchain Technology Benefits
All Coins News
A group of industry giants, from areas such as exchanges, banks and trading services firms, have come together to explore the ways in which blockchain technology may be able to revolutionize methods of clearing, settling and reporting securities trades. They join other companies, such as NASDAQ, who seek to take advantage of the multitude of opportunities provided by the innovative technology.

Indexes & Products

The Trickiness of ETF Diversification
ETF Trends
According to Barry Ritholtz of Ritholtz Wealth Management, a frequent contributor to CNBC as well as Bloomberg, “the beauty of diversification is that it’s about as close as you can get to a free lunch in investing.” Since 2011, however, investors who diversified in stocks outside of the U.S. and who diversified across other asset types (e.g., commodities, currencies, gold, pipeline partnerships, etc.) have consistently underperformed the plain vanilla approach of owning the S&P 500 SPDR Trust (SPY) alongside a modest buffer of Vanguard Total Bond Market (BND).

India: Market Update for Q3 2015
Indexology – S&P Dow Jones Indices
Key highlights of the past quarter that ended Sept. 30, 2015 were the continued fall in wholesale and retail inflation, the devaluation of the yuan and the subsequent reduction in interest rates by the Chinese government, the Fed keeping interest rates the same, and the reduction in the repo rate by the Reserve Bank of India (RBI). Amid all these events, the third quarter of 2015 was weak for Indian markets, with India’s broad market index, the S&P BSE AllCap, posting a loss of 3.1% and the S&P BSE SENSEX declining further, at -5.4% (please see Appendix for a market heat map and monthly total returns).

The Indexing Quirks of Junk Bond ETFs
ETF Trends
Some investors may have noticed deviations in the way junk bond exchange traded funds track benchmark indices. However, the perceived discrepancies in their respective tracking performances may be a result of indexing quirks.

London Stock Exchange Welcomes First Indian ETF Issuer
ZyFin and Sun Global Investments issue first Indian fixed income ETF in London
Reinforces London Stock Exchange’s position as leading European venue for ETF issuance
London Stock Exchange today welcomes ZyFin and Sun Global Investments, to open trading on its markets to celebrate the listing of the first Indian ETF in London.


Europe is going to clamp down on Bitcoin to try to stop terrorism funding
Reuters via Business Insider
European Union countries plan a crackdown on virtual currencies and anonymous payments made online and via pre-paid cards in a bid to tackle terrorism financing after the Paris attacks, a draft document seen by Reuters said.

Banks and Fintech Firms’ Relationship Status: It’s Complicated
Joshua Reich co-founded mobile-banking app Simple six years ago with an indirect shot at the nation’s largest lenders: “By not sucking,” he wrote after starting the firm, “we will win.”

Don’t Fear Fintech Firms, New ABA Chairman Says
American Banker
The trade group is calling for increased scrutiny of tech companies that are increasingly encroaching on banks’ turf, but Georgia banker Dan Blanton says banks also need to be thinking about ways to team up with these new players in payments and lending — or figuring out how to beat them at their own game.

A Harvard Professor Doesn’t Have a Monopoly on ‘Disruption’
By Justin Fox – Bloomberg
Does Clayton Christensen own the word “disrupt”? The Harvard Business School professor certainly behaves as if he has a proprietary interest. This is from a new Harvard Business Review article, co-authored with Deloitte consultant Michael E. Raynor and HBS professor Rory McDonald, that has made a few headlines during the past week:


Federal Court in Florida Orders Restitution, a Civil Monetary Penalty, and Permanent Trading Bans against Sentry Asset Group, LLC dba Sentry Asset Management, LLC, and John Pakel for Engaging in Illegal, Off-Exchange Precious Metals Transactions
According to the Order, since at least March 2012 and continuing through at least July 2013, SAG, by and through its employees, including Pakel, solicited retail customers by telephone to engage in leveraged, margined, or financed precious metals transactions. During that period, the Order finds that SAG’s customers paid approximately $1.1 million to SAG in connection with precious metals transactions and that SAG received commissions and fees totaling at least $278,767 in connection with these precious metals transactions.

ASIC accepts enforceable undertaking from J.P. Morgan entities
ASIC accepted an enforceable undertaking (EU) from three J.P. Morgan foreign financial service providers:
J.P. Morgan Securities plc (JPMSPLC);
J.P. Morgan Securities (Asia Pacific) Ltd (JPMSAPL); and
J.P. Morgan Securities LLC (JPMSLLC),
collectively ‘J.P. Morgan entities’.

Environmental & Energy

Fleets of incredibly large wind turbines could produce a third of all UK power by 2030
Cassie Werber – Quartz
The UK has the biggest offshore wind industry in the world, by far.

Republicans make second bid to weaken Obama’s hand at Paris climate talks; White House regards moves to oppose the US deal and block $3bn in climate aid for developing countries as empty threats
Suzanne Goldenberg – The Guardian
Republicans moved for the second time in 24 hours on Wednesday to try to weaken Barack Obama’s position at the Paris climate negotiations, opposing a deal at the summit and threatening to block $3bn in aid pledged to developing countries.

Senators Revive Financing Tactic From ’70s for Carbon Emissions
For years, power companies, manufacturers and entrepreneurs have tried to make capturing and storing carbon emissions from industrial operations like burning coal into a business, to little avail.

Iraqi oil selling at $30 as OPEC readies for new battles; Iraq oil source sees flat to higher 2016 southern exports; BP says difficult to see large rise in Iraq output in 2016; Other OPEC members awaiting Iraq’s plan for growth; IEA sees producers becoming more competitive on pricing
By Alex Lawler and Rania El Gamal – Reuters
Iraq may increase oil output further in 2016, although less dramatically than this year, intensifying a battle for market share between OPEC members and non-OPEC rivals that has forced Baghdad to sell some crude grades for as little as $30 a barrel.

Why China Can’t Save the Global LNG Market; Cut in Chinese prices will boost demand—but not enough
China lighted a fire under the market for liquefied natural gas this week. But the world’s most important incremental buyer of the chilled commodity won’t entirely thaw this troubled market.

China Hopes to Fire Up Economy With Cheaper Gas; Lower prices should, in theory, help to stimulate China’s stalling manufacturing sector
China’s steep cuts to domestic natural gas prices are the latest sign of Beijing’s desire to prop up the country’s economic growth, even if that comes at the expense of major state-owned enterprises.

China Wants Legally Binding Climate Agreement From Paris Talks
Bloomberg News
Paris negotiations could be `monumental’ for climate change
China on course to meet carbon emissions goals, official says=
China, the world’s biggest carbon emitter, wants a legally binding agreement to be reached at a world climate summit in Paris that begins on Nov. 30.


Japanese Deflation Threat Hangs Over China; Political pressure on China not to devalue the yuan could be adding to deflationary pressure, as it once did to Japan
Donald Trump, if elected, says he’ll brand China a currency manipulator and slap steep tariffs on its exports. Such threats have been a staple of American politics for years.

China inclusion in IMF currency basket not just symbolic
Jennifer Hughes in Hong Kong – FT
Move is about embedding renminbi in international system and committing country to financial reform
Back in 2009, the west was desperately seeking green shoots of recovery and paid little attention when Zhou Xiaochuan called for nothing less than a new world financial order.

Dalian Commodity Exchange: Improved Contracts And Rules Open Up New Space For Oils, Oil Seeds Futures Serving Industries
During the decade since 2006, Dalian Commodity Exchange (DCE) has innovated in the futures and improved the product line of oils and oil seeds. At the same time, by maintaining the futures contracts and innovating in and adjusting the systems, DCE has continued to improve the market mechanism and improved the efficiency of the market operation. In this way DCE has further enhanced the capacity and opened new space for serving the industries.

China anti-corruption push targets IPO regulators
Gabriel Wildau in Shanghai – FT
A third regulatory official involved in China’s initial public offerings has been arrested, throwing the highly politicised system for IPOs under further scrutiny.

Frontier Markets

RBI ensures resumptions of RTGS functions in bond trading
By Saikat Das, ET Bureau
The Reserve Bank of India has swung into action after a mass leave by the central bank unions, halted government bond trading on Thursday early morning trade.

Asia’s Response To The Federal Reserve: Finding Value In Frontier And Emerging Markets
Seeking Alpha
FX risk is one of the most relevant factors to consider at the moment, as markets in Asia may become gloomy soon. Despite this threat, good value can certainly be found in Asia at the moment, and a sell off would create a flurry of value based investment opportunities.


Cargill donates 30,000 pounds of turkey to Arkansas food banks; Gift to support hunger relief efforts in Northwest and West Central Arkansas regions during holiday season
Just in time for Thanksgiving, Cargill is doing its part to help families in Northwest and West Central Arkansas by providing 15,000 pounds each to the Northwest Arkansas (NWA) Food Bank and the River Valley Regional Food Bank.

Fantasy Sports Inquiry Puts Spotlight on a Success for Yahoo
Yahoo has long been a top online destination for sports fans, and this year, it made two big bets to expand that audience: its multimillion-dollar deal to webcast a National Football League game and its July entrance into the world of daily fantasy sports contests.

Cargill boss MacLennan moves to stamp his mark
Neil Hume, Commodities Editor – FT
It’s almost two years since David MacLennan took over as the ninth chief executive of Cargill, one of the world’s largest traders of agricultural commodities.

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