First Read

Investor dials up £500,000 gold purchase on smartphone
Hugo Greenhalgh, Wealth Correspondent, FTY
A private investor has bought £500,000-worth of gold bullion through an app on their smartphone in what is thought to be one of the largest transactions of its kind. BullionVault, the online silver and gold exchange, said it had sold one individual 21kg of gold stored in its Zurich vaults for half a million pounds in August — the highest value deal conducted via its app.

***DA: Friday afternoon, Sarah Rudolph broke down and bought her first smartphone. Last night she and John hopped on a plane to Switzerland. Some coincidences are too hard to ignore.


Goldman Sachs taps Snapchat for recruiting millennials
In its latest push to broaden its allure among millennials, Goldman Sachs Group Inc rolled out a series of quick-hit recruiting ads on Snapchat on Friday, becoming the first major Wall Street bank to turn to the instant-but-fleeting messaging app for potential hires.


ICAP invests further in Duco
ICAP plc, a leading markets operator and provider of post trade risk mitigation and information services, has further invested in Duco, a London-based fintech provider of hosted reconciliation services. The investment was made through Euclid Opportunities, ICAP’s early stage funding programme. Terms of the investment were not disclosed.

***DA: Congratulations to Duco on the completion of the funding round, and good luck with the impending expansion. FYI, Duco founder and CEO Christian Nentwich will be one of the featured speakers at next month’s MarketsWiki Education event in London.


MarketsWiki Education London 2015

Zero interest rate policy may be bad for Wall Street but it’s good for workers
The Guardian
It took them a day to absorb the news but by Friday investors across the world had decided that the Federal Reserve’s decision not to increase interest rates was bad news. Stock markets dropped as investors absorbed the Fed’s cautious tone about the world economy. But while Wall Street may not be happy, this weekend most workers should be breathing a sigh of relief.

***DA: Bad for Wall Street? Where have you been for the past six years? Aside from a temporary pause in 2011 and the current move, the ultra-dove policy has driven a nonstop Bacchanalia. My concern is the long-term economic damage being done, exacerbated by the free money binge.


Report: Ken Griffin pays $200 million for condo
Chicago Tribune
Billionaire Ken Griffin, founder and chief executive of Chicago-based hedge fund Citadel, paid $200 million for three full floors of a luxury condo tower currently under construction in midtown Manhattan, according to a news account.

***DA: Unless one is of the belief that our economic policies do not lead to the mis-allocation of capital.


Why it is wrong to forget Lehman’s fall
Gary Silverman, FT
For all his oratorical skills, Obama is a lousy communicator when it comes to economic policy
The day passed with little fanfare this year. Tuesday marked the seventh anniversary of the collapse of the Lehman Brothers investment bank and all the pain that followed. But the world seemed to have other things on its mind.

**JK – Other things include the Green Bay Packers defeating the Seattle Seahawks last night. What else is there?


Lead Stories

US regulator halts bitcoin derivatives
David Sheppard, Deputy Commodities Editor, FT
It has long been debated whether bitcoin is just a passing fad, a cryptocurrency destined to change the world of money, or a commodity like gold, oil, and wheat.

The Bitcoin Community Disagrees on What Happens Next; The cryptocurrency is now a commodity – but it’s still many things to many regulators.
Olivia Solon, Bloomberg
What is Bitcoin? Is it property, something to be owned? Is it a currency, something to be spent? Or is it a commodity, defined by Webster’s Dictionary as “any useful thing,” and/or “anything bought and sold; any article of commerce.”

Investors slow to adopt Libor alternatives
Financial News
Multimillion-dollar fines, a raft of lawsuits, a criminal conviction and the widespread belief that the benchmark is no longer fit for purpose might have prompted institutional investors to abandon the London inter-bank offered rate as their contractual reference point of choice.

Charles Li defends JPMorgan hiring of princelings
Charles Li, head of the Hong Kong stock exchange, said he cannot recall “specific aspects” regarding JPMorgan’s hiring of friends and relatives of senior Chinese officials while he was chairman of JPMorgan China between 2003 and 2009.

The US Federal Reserve has got it wrong
Andrew Sentance, FT
These are tough times for monetary policymakers. That is undeniable. In autumn 2008 and early 2009, the task was easy. Cut interest rates as fast as you can to as low a level as possible. I was one of the guilty men and women that participated in this economic rescue act. But now I see central bankers delaying taking action both in the US and the UK.

Wall Street’s Mr. Fix-It Faces His Toughest Test
Elizabeth Dexheimer, David Carey, Bloomberg
Frank Bisignano has spent 30 years cleaning up banks’ messes
KKR & Co. took the payment-technology firm private in 2007
Las Vegas. Aria hotel. Electric violins. Strobe lights. Frank Bisignano takes the stage. A woman in silver leggings struts down the aisle. She’s delivering what the audience really came to see: a new system for accepting credit-card payments.

Eurozone Nears Limits of What Monetary Policy Can Do
As the Federal Reserve chews over when to raise interest rates, after holding fire Thursday, European Central Bank officials can claim some success in traveling a very different road, already blazed by the Fed, in buying up hundreds of billions of euros in bonds.

ETFs Are Getting More Popular—and More Complex
According to an annual study by the Financial Planning Association and Journal of Financial Planning, exchange-traded funds have become the preferred investment vehicle of financial advisers—with more than 80% of advisers using and recommending ETFs for clients. That’s more than any other product, including mutual funds.

JPMorgan CEO Dimon says Washington gridlock slowed U.S. economy: NBC News
Washington’s inaction on the debt ceiling crisis, government shutdowns and immigration have slowed America’s economic growth, JPMorgan Chase & Co Chief Executive Jamie Dimon told NBC News’ “Meet the Press” in an interview to be broadcast on Sunday.

Global uncertainty changed timing of Fed rate hike: ECB’s Liikanen
Global economic uncertainties might have impacted the timing of a U.S. interest rate rise but the market continues to expect the Fed to act, European Central Bank council member Erkki Liikanen said on Saturday.

Empty Punchbowl Leaves Central Banks Powerless to Bolster Stocks
Central banks are past the point of having to worry about withdrawing the punch bowl before the party gets out of hand. It’s already running dry.
Where once-continued easy money would have been a recipe for rising stocks, the Federal Reserve’s decision not to end its zero interest rate policy last week sent stocks tumbling.

The New Bond Market: Bigger Funds Bring Bigger Risk
When oil prices collapsed late last year, the $83 billion Franklin Income Fund suffered mightily, losing more than $2 billion on its energy-company investments.
Ed Perks responded as portfolio managers at Franklin Templeton often do: He doubled down, purchasing $2 billion more of energy-sector junk bonds.

Financial Adviser or Financial Planner?
What can you expect from a financial adviser? Is it different from what you’ll get from a financial planner?
When it comes to financial advice, labels can be deceiving. Some advisers might offer as much guidance as some planners—and in some cases both might provide less help than those titles imply. The important thing for investors is to look beyond the labels to see exactly what they are being offered.

Extradition hearing of flash crash trader Sarao to go ahead on Friday
City A.M.
The British trader accused of triggering a so-called “flash crash” in US financial markets will have his extradition hearing on Friday.

Junk Bond Leader Krug Keeps Winning by Outsmarting Rating Firms
Charles Stein – Bloomberg
Bryan Krug, who achieved a seven-year winning streak at the Ivy High Income Fund, has done it again.
The junk bond leader, who runs the $831 million Artisan High Income Fund, has beaten 98 percent of rivals this year, extending his dominance, according to data compiled by Bloomberg. He topped 99 percent of competitors at the Ivy fund, where he worked from 2006 to 2013.


Maybe Banks Manipulated Treasury Bonds, Too
By Matt Levine, Bloomberg
One thing we’ve learned since the financial crisis is that banks like to get together and rig things. At the very least, they got together and rigged Libor and some foreign exchange fixes. We know this pretty definitively because there are tons and tons and tons of e-mails and electronic chats in which bank traders talked with each other about manipulating Libor and foreign exchange rates. The FX chat rooms even have names like “the Cartel.” You read the chats, and you know something bad was going on.

How to Rig Libor
By Toph Tucker, Bloomberg
This week’s Bloomberg Businessweek cover story is about Tom Hayes, a British trader convicted of manipulating Libor.

How Rules on Financial Advisers Are Set to Get Tougher; Advisers who are pitching a firm’s own products or alternative investments or are wooing clients to join them at a new firm face increasing scrutiny
A rule change in the works at the U.S. Labor Department could upend the legal obligation of some advisers to their clients and potentially change the way they charge for their services.

Kara Stein urges SEC to act over cyber attacks
The Securities and Exchange Commission needs to be “much more active” in pushing businesses to boost their cyber defences in the face of growing threats, according to one of the market regulator’s policymakers.

CFTC Orders Bitcoin Options Trading Platform Operator and its CEO to Cease Illegally Offering Bitcoin Options and to Cease Operating a Facility for Trading or Processing of Swaps without Registering
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Coinflip, Inc. d/b/a Derivabit (Coinflip) and its chief executive officer Francisco Riordan for conducting activity related to commodity options transactions without complying with the Commodity Exchange Act (CEA) and CFTC Regulations, specifically, by operating a facility for the trading or processing of commodity options without complying with the CEA or CFTC Regulations otherwise applicable to swaps or conducting the activity pursuant to the CFTC’s exemption for trade options. Coinflip is based in San Francisco, California, and Riordan resides in San Francisco.

SEC Announces Agenda for September 23 Meeting of the Advisory Committee on Small and Emerging Companies
The Securities and Exchange Commission today announced that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on adopting recommendations related to intrastate crowdfunding, the treatment of so-called “finders” that assist companies in capital raising activities, and improving public company disclosure.

Exchanges & Trading Facilities

London Metal Exchange plans to introduce position limits
The London Metal Exchange (LME) plans to introduce limits on large positions for the first time to avoid market squeezes, initially on its new aluminium premium contract, it said on Tuesday.

NYSE is about to introduce a change that will be important when the market goes crazy
Matt Turner, Business Insider
The New York Stock Exchange is about to make a change to how it shares information with investors after coming under fire from clients for how it handled stock market swings in August.

London Stock Exchange Investigates ‘Fat Finger’ Trade
It’s a bad day for stocks, with markets across Europe jittery and in the red, prompted by uncertainty over the U.S. rate path and worries over the health of the global economy. But one trader may be having a worse time than most.

Euronext Partners With Shanghai Stock Exchange On Market Data
Euronext today announced a partnership with the Shanghai Stock Exchange (SSE) to enhance the promotion and marketing of its cash, derivatives, commodities and index data in the People’s Republic of China. SSE Infonet, a wholly owned subsidiary of the Shanghai Stock Exchange that manages its securities information, will act as Euronext’s market data agent in China.

BATS Global Markets Announces Successful Launch of London-Area FX Matching Engine
Press Release via Yahoo Finance
Hotspot, a leading institutional foreign exchange (FX) market owned and operated by BATS Global Markets (BATS), today announced the successful launch of its new London-area matching engine on 14 September with $1.2bn traded (single-count) in the first full week of operation.

R5FX Adds Board Members
Press Release
R5FX, the emerging marketplace for local market FX trading, today announced the new members of its board. The London FinTech start-up is currently in beta testing, prior to launch later this year.

Oslo Børs To Launch TeamEngine Board Portal
Press Release
TeamEngine board portal is a complete solution for improving the efficiency of work processes for company boards. The solution’s intuitive and user-friendly interface makes it easy to distribute and manage board documents securely, send notices of meetings, maintain shared calendars and communicate efficiently with other board members. The solution satisfies strict security requirements, and has been designed to store and manage sensitive information securely.

Better for the LSE to be a good judge than a ‘good guy’
The team that regulates Aim at the London Stock Exchange “are good guys doing a good job”, a small-cap broker told Small Talk this summer. No one wants regulators to be pettifogging pen pushers. Still, the remark struck a discordant note, suggesting judges were befriending the judged. That was underlined last week after the LSE privately censured and fined an unnamed authorised firm for unexplained misdeeds.

Hedge Funds & Managed Futures

Hedge funds looking at ethical investments
Financial News
Deutsche Asset & Wealth Management has signed a contract with an unnamed hedge fund manager to offer an equity long/short investment that will invest only in stocks screened using ethical, social and governance guidelines.

Beijing to cut corn prices after distortions
Lucy Hornby, FT
China is likely to cut the floor price at which the state buys corn from farmers, in a move to address the severe distortions caused by its overhang of grains reserves.

The New Bond Market: Bigger, Riskier and More Fragile Than Ever
Stocks rise and fall, but bonds are starting to make people anxious no matter what they do.
The U.S. bond market is among the biggest financial markets in the world, with $39.5 trillion outstanding at mid-2015, the Securities Industry and Financial Markets Association says. That is equivalent to 1½ U.S. stock markets and nearly twice the aggregate size of the five largest foreign stock exchanges (in Japan, China and Europe), says the World Federation of Exchanges. Foreign bond markets have boomed as well.

I.R.S. Says Coca-Cola Owes $3.3. Billion in Taxes
Coca-Cola was notified by the Internal Revenue Service that it owes $3.3 billion more in federal taxes, and interest, for 2007 to 2009, the company said on Friday.

Dividend payers get a break from Fed decision
The Federal Reserve’s decision not to hike interest rates may have brought renewed volatility and a stock market selloff, but it also carved out breathing room for a couple of sectors: dividend payers and housing stocks.

Traders learn to thrive on volatility of wild swings
The Australian
Fear on the Australian stock­market hit its highest point for four years in August, as the ruling Communist Party was failing to prop up the China’s plunging equity market and as US Federal ­Reserve members began to hint they might delay their highly-anticipated interest rate hike past Thursday’s September FOMC meeting.

Banks & Brokers

More Protection for a Nest Egg Has Some Brokers Upset
NY Times
A DOZEN or so new victims file into Joseph Peiffer’s law offices each month.

Ex-Goldman partner re-emerges at HFT helm
By Tim Cave, Financial News
A former partner at Goldman Sachs who ran the bank’s European equities execution and clearing business before leaving after two decades in December has re-emerged as the new European chief executive of Optiver, one of the world’s largest high-frequency trading firms.

ConvergEx to close one of its two ‘dark pool’ trading venues
ConvergEx Group LLC will close one of its two private stock trading platforms, or “dark pools,” as of Oct. 1, the agency-focused brokerage told clients in a note, citing greater demand for the platform it will retain.

JPMorgan 3Q trading revenue down like other firms, CEO says
JPMorgan Chase & Co third quarter markets revenue is running “about the same as everybody else,” CEO Jamie Dimon said on Friday after two major competitors said their revenue is down about 5 percent from a year earlier.

Ex-Wells CEO says Bank of America investors should back off
Former Wells Fargo chairman and chief executive Richard Kovacevich said that Bank of America shareholders are wrong to try to strip Bank of America CEO Brian Moynihan of his chairman title.

Bank of America, Funds Lobby Hard to Sway Vote on Moynihan; Calpers and Calstrs want to split the roles of Chairman and CEO Brian Moynihan
Days before a fractious shareholder vote, Bank of America Corp. and the country’s largest pension funds are escalating lobbying efforts over whether Brian Moynihan should be allowed to keep the top two jobs at the firm.

Bank of America braced for bruising shareholders’ vote
Ben McLannahan in New York, FT
As chief executive of Bank of America over the past five years, Brian Moynihan has sold businesses worth tens of billions of dollars and paid a heavier toll in fines, settlements and provisions than any other global lender. But on Tuesday in Charlotte, North Carolina, he faces one of his toughest tests yet.

For U.S. banks, Fed inaction makes a bad trading quarter even worse
For U.S. banks’ bond trading desks, the Federal Reserve just made a bad quarter even worse, accentuating a longer-term decline in what was once their most lucrative business, executives, analysts and traders told Reuters.

Clearing & Settlement

CFTC Staff Issues Interpretative Guidance Regarding the Use of a “Firm or Forced Trades” Process by Derivatives Clearing Organizations
The U.S. Commodity Futures Trading Commission’s (Commission) Division of Market Oversight and Division of Clearing and Risk today issued a letter providing the divisions’ view that the use of a “firm or forced trades” process by a derivatives clearing organization (DCO) to determine the price of certain swaps for which public market prices are not available will not by itself require a DCO to register as a swap execution facility.

BBH is first custodian live on Omgeo Alert
Omgeo, a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC) and the global standard for institutional post-trade efficiency, today announced that Brown Brothers Harriman (BBH) was the first global custodian to go live on the new Omgeo ALERTSM GC Direct service.

Buy Side Concerned About Collateral Costs
Markets Media
A third of buy-side firms are concerned that new regulations will increase the cost of collateral and clearing services and that some brokers may be less willing to offer these products. GlobalCollateral, the joint venture between Euroclear and the US Depository Trust & Clearing Corporation, commissioned consultancy Aite Group to conduct a study “Derivatives Collateral Management: Entering the Industrial Age?” Aite interviewed 34 firms across the globe this year to examine recent developments in derivatives collateral management activities.

Canada moves to modernize payments infrastructure
Mobile Payments Today
As part of its initiative to modernize Canada’s core national clearing and settlement framework and infrastructure, the Candian Payments Association is creating a shared vision for the future of payments in Canada based on research, a global perspective, and industry views.

Careers at CME Group
The Head of Clearing and Business Development is responsible for all aspects of the commercialization of CMECE, corporate development and strategy; as well as the design and execution of solutions for clearing services consistent with the overall strategic objectives. This position is critical to the successful expansion of CME Group into Europe and Asia; capturing revenue opportunities related to global Clearing House services.

Indexes & Products

CME’s FTSE Russell futures go live
Futures & Options World
CME Group will on Monday launch futures contracts on US large cap indexes, the Russell 1000 along with the Russell 1000 Growth and the 1000 value, just six weeks after inking a deal with the LSE’s FTSE Russell. Tim McCourt, executive director equity index products CME, told FOW, “Currently with the launch of the Russell 1000 we’ll also be introducing the BTIC mechanism on Globex.

The Week in Volatility Indexes and ETPs – 9/14 – 9/18
Russell Rhoads – CBOE Options Hub
All four of the S&P 500 oriented volatility indexes dropped last week as we finally got the September FOMC meeting behind us. At this point there are two more meetings in 2015. What I find interesting is VXV, which is a measure of 3 month expected volatility held up more than the other three indexes. It just so happens that 3 months from this week is also the final FOMC meeting of the year.

Commodity index investing debate reignites
Gregory Meyer, FT
As investments go, commodities have proven such a dog they almost seem not worth arguing about. Once-popular theories — that central bank money printing would inflate hard assets, or that China’s appetite for commodities was bottomless — have dissipated like natural gas from a poorly sealed well.


OptionScape Announces Compatibility with Thomson Reuters Eikon
OptionScape, creator of the most versatile educational and strategy modeling tool for exchange-traded options, announced today that its stand-alone software version is now available alongside Thomson Reuters Eikon with full data integration. The move gives option traders using Eikon access to OptionScape’s full spectrum of risk analysis and stress testing for their current and prospective strategies.

Research marketplace aims to help buy-side get ready for unbundling
The Trade News
An online marketplace for research, promising full MiFID II compliance for the buy-side, has launched today. RSRCHXchange has brought an online exchange for institutional research to market, saying it will enable the buy-side to comply with MiFID II’s unbundling proposals while reducing the compliance overhead.

Silicon Valley could be ruining fintech
Remember when Silicon Valley was going to be the savior of our energy dilemma by innovating clean energy technology? Remember the black eyes that followed for investors and regulators when clean tech companies went bankrupt? Those failures cost taxpayers dearly.

Blockchain Technology in Finance
The Market Mogul
On October 31st 2008, a research paper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash system’ was first published by Satoshi Nakamoto. The paper’s purpose was to outline the concept of the world’s first decentralised digital currency, and in January 2009, Bitcoin was released as open source-software. Since its inception Bitcoin has drawn much attention from academics, central banks and speculators alike. Although terminology used in the 2008 paper has likened bitcoin to an electronic cash, debate as to such claim still endures.

What are the next big trends in fintech?
It’s been rightly observed that over the past three or four years, London has become one of the world’s major hubs of fintech innovation. Whether that’s firms which offer alternative finance, international money transfer or something else altogether, some of the brightest and most innovative fintech startups in recent times have been British.


Ex-fruitcake executive sentenced for embezzling $17million to fund life of lavish mansions, private jet vacations, Neiman Marcus shopping sprees and luxury cars
Daily Mail
The controller of a Texas bakery famed for its fruit cake has been jailed for a decade after embezzling $17 million to fund a lavish lifestyle of mansions, private jets and exotic vacations.

NFA bars Houston, Texas firm RNS Holdings and its principal, Raja Michael Mawad, from membership
National Futures Association (NFA) has permanently barred RNS Holdings LP (RNS), an NFA Member commodity pool operator, and Raja Michael Mawad (Mawad), the firm’s sole associated person and firm principal, from NFA membership. In addition, RNS and Mawad are both barred from acting as principals of an NFA Member and must transfer the balance in a trading account under their control to a restitution fund at NFA.

NFA bars Burnet, Texas firm McElhannon Group from membership
National Futures Association (NFA) has permanently barred the McElhannon Group, Inc. (McElhannon Group), an NFA Member commodity trading advisor, from membership and from acting as a principal of an NFA Member.

Attorney and Auditors Settle Charges in Microcap Scheme Involving Purported Mining Companies
The Securities and Exchange Commission today announced that an attorney, two audit firms, and seven audit professionals have agreed to settle SEC charges filed in January alleging that they engaged in a microcap scheme that the agency stopped in its tracks when it suspended the registration statements used for sham offerings of stock in 20 purported mining companies.

Macau police probe suspected fraud at junket as investors protest
Macau police are investigating alleged fraud involving one of the gambling hub’s biggest junket operators after the company said an ex-employee had stolen money from investors, the latest incident to hit an industry reeling from a slump in revenues.

Sebi probes Castex Technologies over bond conversion
Sumeet Chatterjee and Himank Sharma, Business Today
Market watchdog Sebi has started a probe into auto parts maker Castex Technologies, after investors alleged it manipulated its stock to trigger the conversion of bonds into equity, a source with direct knowledge of the matter said.

Environmental & Energy

Investors Are Paying Extra for Environmentally Friendly Bonds, Barclays Says; Sales of “green bonds” have been increasing, but so have their prices.
Tracy Alloway, Bloomberg
What’s in a name? Twenty basis points, apparently.

VW cheated emissions tests, says EPA
Robert Wright in New York and Andy Sharman in London, FT
Germany’s Volkswagen, the world’s second-largest carmaker, was accused on Friday of cheating emissions tests by fitting nearly half a million VW and Audi vehicles with devices designed to bypass environmental standards.


Why FinTech holds the key to HK banking sector’s future
EJ Insight
Experts had pointed out that although Hong Kong is among the top three global financial centers in the region, its investment in financial technology (FinTech) doesn’t figure in the top three slots.

China, Britain to study London-Shanghai stock link: Osborne
Yahoo News
China and Britain will study linking the London and Shanghai stock markets, Britain’s finance minister George Osborne said Monday despite weeks of plunging prices on the Asian exchange.Chinese stock markets have been sometimes likened to “casinos” and the benchmark Shanghai Composite Index soared more than 150 percent in the 12 months to mid-June, in a debt-fuelled rally encouraged by authorities.

China Market Rout Doesn’t Reflect Economy, Top Diplomat Says
Bloomberg Business
China’s stock market rout isn’t a reflection of the health of the world’s second-largest economy, and efforts to stem a $5 trillion slide in equities fall within the “boundaries of reasonableness,” the nation’s top diplomat said in an interview.

China Beige Book Says Pessimism `Thoroughly Divorced From Facts’
China’s economy isn’t as weak as it may look, according to a private survey from a New York-based research group that says it’s a myth the nation’s slowdown is intensifying.
“No collapse is nigh” in the aftermath of the stock market plunge and currency devaluation, according to the third-quarter China Beige Book, published by CBB International and modeled on the survey compiled by the Federal Reserve on the U.S. economy. Capital expenditure rebounded slightly in the period and the services sector showed strength, the report said.

Frontier Markets

Saudi Stock Exchange Announces The Completion Of Enhancements To The Order Maintenance Session
Reference to the Saudi Stock Exchange previous announcement dated 15 September 2015 related to the enhancements of the Order Maintenance session, the Saudi Stock Exchange would like to inform all its valued stakeholders that they have completed all the necessary updates and all order maintenance functions are now back to normal.

Putin Faces Growing Exodus as Russia’s Banking, Tech Pros Flee
Bloomberg Business
For most of the last decade, Igor Gladkoborodov worked his way up in Moscow’s vibrant high-tech scene, going from web developer to co-founder of an online-video startup that drew $3.5 million in local funding. Last month, he abandoned Moscow for Menlo Park, California, joining a growing flow of professionals leaving Russia amid recession, deepening international isolation and tightening regulation of the Internet.

Bombay Stock Exchange pushes for green light on listing
The chief executive of the Bombay Stock Exchange has urged regulators to allow Asia’s oldest bourse to push ahead with long-delayed flotation plans, while also calling for higher foreign investment limits in India’s domestic exchanges.

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