Comment from Director of Strategy at Fidessa on UK triggering article 50 and impact on financial markets
On the markets and trading technology:
“Article 50 is part of a broader global phenomenon of nationalism that is breaking out globally. This has profound effects on financial markets as the concept of a single global financial marketplace looks more fragile than ever. Nevertheless in the real world financial market participants need to trade and operate globally. To do so, they need access to real global networks that allow them to deal in whatever market required while normalising any differences between regions including the growing inconsistencies between regulations.”
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John Lothian News
Yes, we do love technology and maybe you can too. Help us out with a 3-minute JLN survey so we can learn a bit more about our readers as well as what you like and what you don’t like about our publications and websites. It’s also a great place to leave us comments and suggestions for future content and services. If you fill it out, you could win an Amazon Echo, which answers just about everything but cannot take our survey. Here’s the link to the survey. Alexa says thanks!
Doomed to fail? A history of the exchange mega-merger; As the LSE/Deutsche Boerse merger is officially blocked, The TRADE looks back at other proposed mega-mergers that were ‘doomed to fail’.
Hayley McDowell – The Trade
There has been no shortage of high-profile failed ‘mega-mergers’ between trading venues in the past. News of the rejection of the London Stock Exchange’s (LSE) proposed merger with Deutsche Boerse this week certainly echoed that of other failed mergers.
***** This does not even count all the proposed mergers that never were agreed to. Some deals never made it out of the pub.
Keith Todd Steps Down From ION Trading
Jim Kharouf – JLN
John Lothian News has learned that Keith Todd, executive chairman, agency trading and processing at ION Trading, has stepped down from his role at the company. In an exclusive interview with JLN, he said it was time to step aside after 14 years at the company, which has Ffastfill, Patsystems and Rolfe & Nolan among others under its operations.
**** Yesterday’s scoop
Mathematical Statistics and Data Science at KTH: What Are We Working On and Why? – Pierre Nyquist, KTH
“If we think about the quantitative side, I probably don’t have to convince you that probability theory and mathematical statistics are both fundamental in this area. You cannot really do quantitative finance without basing it in some way in probability and statistics.”
In this MarketsWiki Education presentation, Pierre Nyquist, a professor at the Royal Institute of Technology (KTH) in Stockholm, decided to answer: How can mathematical statistics and computer intensive methods be integrated with advances in technology?
JLN Exchange Leader Series 2017: Nasdaq’s Friedman on New Tech and Positive Momentum
CBOE Nasdaq opened a new chapter in 2016 when 13-year-tenured CEO Bob Greifeld retired, handing the reins to longtime executive Adena Friedman. Friedman became CEO of the exchange group in November, but that was far from the only big move made by the company last year.
Donald Trump’s SEC Pick Deleted His Wall Street Bio. Here’s What It Said; What starts with the letter “G” and ends with “oldman Sachs”?
By Zach Carter
For years, the law firm of Sullivan & Cromwell touted the achievements of its partner Jay Clayton in a lengthy biography displayed on its website. Clayton, one of the most powerful attorneys on Wall Street, had worked on everything from the sale of the Atlanta Hawks to Goldman Sachs’ bailout to mortgage fraud settlements with several major financial institutions.
***** I really dislike people who don’t understand how technology works. The Internet remembers things.
Tuesday’s Top Three
A sad story leads off yesterday’s top three from the New York Post with Investor burned by Madoff leaps to death from luxury hotel balcony. Taking second place is MarketWatch’s Brokerage, CEO charged with abetting manipulative high-frequency trading. Last, but far from least, is the Financial Times story HFT as an insight into where fintech is going
96,545,889 pages viewed; 22,393 pages; 204,549 edits
London Stock Exchange and Deutsche Börse merger blocked by EU; Competition regulator says £21bn deal would create a ‘de facto monopoly’
Graham Ruddick – The Guardian
The European commission has blocked the proposed £21bn merger of the London Stock Exchange and its German rival Deutsche Börse, ending plans for the tie-up on the day that Britain officially requests to leave the EU.
Britain Sets Historic Brexit Process in Motion; Prime minister’s notification opens a two-year window for negotiations to extricate Britain from the EU
Jenny Gross – WSJ
The U.K. on Wednesday is set to make official its planned exit from the European Union, starting on an unprecedented path to reshape its relationship with its closest allies in some of the most complex negotiations the country has ever undertaken.
EBS BrokerTec shuffles FX business structure; Several new senior appointments within the FX business at EBS BrokerTec have been announced.
Hayley McDowell – The Trade
EBS BrokerTec has implemented a new internal structure for its foreign exchange business.
UPDATED: LSEG terminates sale of Clearnet.SA to Euronext; The LSEG has ended its agreed sale of Clearnet to Euronext, following its failed merger with Deutsche Boerse.
Joe Parsons- The Trade
The London Stock Exchange Group (LSEG) has terminated the sale of its French-based clearing house, Clearnet.SA, to Euronext following the failure of its planned merger with Deutsche Boerse.
Terrence M. Belton, PhD, Joins Hanweck’s Board of Directors
Hanweck, a leading provider of real-time risk analytics on global derivatives markets, today announced that Terrence M. Belton, Managing Director and Head of Global Portfolio Strategy for the Chief Investment Office at JPMorgan Chase, has joined its Board of Directors.
The Future of Bitcoin Could Be Bitcoin Futures
After regulators slammed the doors on bitcoin ETFs for the time being, some bitcoin fans are pinning their hopes on another possible way forward: a U.S. futures contract
Alexander Osipovich – WSJ
Bitcoin enthusiasts eager for the digital currency to go mainstream have had a disappointing month. The Securities and Exchange Commission on Tuesday rejected a bid to list shares of the SolidX Bitcoin Trust on an affiliate of the New York Stock Exchange.
****SD: You can find the SEC ruling on the SolidX Bitcoin Trust below.
SEC Deals Bitcoin ETF Plans Another Setback; It rejects a proposed bitcoin ETF backed by SolidX Management that planned to list on the NYSE Arca platform
Paul Vigna and Alexander Osipovich – WSJ
The Securities and Exchange Commission delivered the second blow this month to the concept of an exchange-traded fund based on the digital currency bitcoin, rejecting a proposed bitcoin ETF backed by SolidX Management LLC that was seeking to list on an affiliate of the New York Stock Exchange.
SEC – Self-Regulatory Organizations: NYSE Arca, Inc.- Order Disapproving A Proposed Rule Change, As Modified By Amendment No. 1, Relating To The Listing And Trading Of Shares Of The SolidX Bitcoin Trust Under NYSE Arca Equities Rule 8.201
NYSE Arca has filed a proposed rule change to list and trade shares of the SolidX Bitcoin Trust. When an exchange makes such a filing, the Commission must determine whether the proposed rule change is consistent with the statutory provisions, and the rules and regulations, that apply to national securities exchanges. The Commission must approve the filing if it finds that the proposed rule change is consistent with these legal requirements, and it must disapprove the filing if it does not make such a finding. “The Commission believes that the significant markets for bitcoin are unregulated,” the SEC said in its filing.
****SD: The full PDF of the SEC ruling can be found here.
London holds off New York to keep its title as the world’s number one financial centre despite Brexit uncertainty
Rebecca Smith – City AM
London has held onto the top spot as the world’s leading financial centre, according to a global study.
Shadow Banking Is Getting Bigger Without Getting Better
By Leonid Bershidsky – Bloomberg
Taxi companies that compete with Uber and media companies that are up against Facebook know it: In a rivalry between regulated and unregulated firms, the latter have an unfair advantage. It also applies to banks, which spent the past ten years losing market share to companies that regulators ignored.
FlexTrade Appoints Vishal Pandya Chief Operating Officer
FlexTrade Systems (@FlexTrade), a global leader in multi-asset execution and order management systems, today announced the appointment of Vishal Pandya as Chief Operating Officer (COO). In this newly created position, Pandya will serve as a member of FlexTrade’s executive leadership team and have overall responsibility for the performance and development of the company.
Do HFT Firms Pilot WWII Bombers?
David Weisberger, Exquam via TABB Forum
Even if de-regulation makes high-frequency trading firms more money, it does not mean de-regulation is the wrong move. Market structure debates should be decided on what is best for investors – and the added complexity, higher infrastructure costs, higher spreads, and difficulty to innovate under the Order Protection Rule mean that it should be eliminated.
Rosenblatt Hires Veteran Media Analyst Alan Gould
Rosenblatt Securities is pleased to announce it has hired veteran media-industry analyst Alan Gould. In more than 25 years with various sell-side and buy-side firms — including Brean Capital, ISI/Evercore, Natixis Bleichroeder, JP Morgan Investment Management and Furman Selz — Gould has covered a wide range of media companies. These include entertainment, interactive media, broadcasting and motion-picture exhibitors, as well as cable networks and operators.
Exchanges, OTC and Clearing
EU Commission prohibits merger between Deutsche Börse and London Stock Exchange Group; Deutsche Börse focuses on continuing the growth strategy “Accelerate” – Strengthening innovation and focus on customer centricity – Development of the German economy and the financial center Frankfurt is supported by new offers and initiatives
The EU Commission today informed Deutsche Börse AG and the London Stock Exchange Group plc that it has decided to prohibit the proposed merger of the two companies despite the remedies offered by both companies.
London Stock Exchange (LSE) and Deutsche Boerse timeline: How “merger of equals” stumbled over Brexit, shareholder votes and criminal investigations before European Commission veto
William Turvill – City AM
The London Stock Exchange-Deutsche Boerse merger was blocked by the European Commission today, more than 13 months after talks between the exchanges emerged. Here is the story of how the deal stumbled past the Brexit vote, shareholder votes, rival efforts to disrupt and political opposition before being blocked by the European Commission…
Brussels kills off LSE-Deutsche Boerse merger
Lucy Burton – Telegraph
The European Commission has blocked the £24bn tie-up of the London Stock Exchange and Deutsche Boerse, killing off a merger it said would create a “de facto monopoly in the markets for clearing fixed income instruments”.
EU Blocks LSE, Deutsche Börse Merger; Move follows LSE’s refusal to sell the stake in its Italian trading platform
Natalia Drozdiak and Ben Dummett – WSJ
The European Union on Wednesday formally blocked a proposed tie-up between Deutsche Börse AG and London Stock Exchange Group PLC, ending one relationship between Britain and continental Europe only hours ahead of the U.K. government’s official notification to Brussels that it will break away from the bloc.
Brussels blocks London Stock Exchange-Deutsche Börse merger; Vestager ends third attempt in 17 years to create Anglo-German exchange
Rochelle Toplensky in Brussels and Philip Stafford in London – FT
Brussels on Wednesday blocked the merger of the London Stock Exchange Group and Deutsche Börse, vetoing a union unbalanced by the Brexit vote and only hours before the UK serves its European divorce papers.
OCC Declares Clearing Member Refund and Dividend for 2016
OCC, the world’s largest equity derivatives clearing organization, today announced the declaration of a refund and dividend under its approved capital plan. The refund of approximately $46.6 million to clearing members and the dividend of approximately $25.6 million to Stockholder Exchanges will be paid sometime in the third quarter of 2017.
Update Of Trading System Eurex T7 To Version 5.0
In line with the Eurex Exchanges´ release cycle, the EEX Derivatives Trading System Eurex T7 will be updated to version 5.0 as of 19 June 2017.
The United States is finally catching up to the future of banking
Marco Santori – The Hill
Payments innovation is coming to America, and it’s coming faster than anyone expected. A proposal recently released by the Office of the Comptroller of the Currency (OCC) signals the agency’s intent to accept applications for a new Special Purpose National Bank Charter for financial technology, or “fintech,” companies. It’s coming just in time, too, because the United States has become a payments backwater.
Evidence That Robots Are Winning the Race for American Jobs
Claire Cain Miller – NY Times
Who is winning the race for jobs between robots and humans? Last year, two leading economists described a future in which humans come out ahead. But now they’ve declared a different winner: the robots.
BlackRock cuts fees and jobs; stockpicking goes high-tech
Trevor Hunnicutt – Reuters
BlackRock Inc on Tuesday said it would overhaul its actively managed equities business, cutting jobs, dropping fees and relying more on computers to pick stocks in a move that highlights how difficult it has become for humans to beat the market.
BlackRock Cuts Dozens of Jobs and Fees in Stock-Picking Unit
Sabrina Willmer – Bloomberg
Fees on some new Advantage funds reduced by about half; Firm’s active-stock funds have lagged behind rivals for years
BlackRock Inc., the world’s largest asset manager, is shaking up its struggling stock-picking unit by cutting jobs, reorganizing funds and lowering fees.
At BlackRock, Machines Are Rising Over Managers to Pick Stocks
Landon Thomas Jr. – NY Times
Score one for the machines. The largest fund company in the world, BlackRock, has faced a thorny challenge since it acquired the exchange-traded-fund business from Barclays in 2009
Bitcoin scams: Beware of crooks trying to steal your cryptocurrency with these schemes; Cybercriminals are successfully taking advantage of social media and naivety to steal Bitcoin and distribute malware.
By Danny Palmer
Cybercriminals are taking advantage of the rising price and popularity of Bitcoin to try to steal the currency and distribute malware.
Trump’s Raves About Chicago Have Become Rants
By JULIE BOSMAN and MONICA DAVEY – NY Times
Donald J. Trump’s feelings about Chicago couldn’t have been clearer. He loved the place. It was 2004, and Mr. Trump, then a developer and reality show star, was waging a charm campaign here. He raved about Chicago’s “stunning” skyline and admired its architectural ingenuity as he proposed adding his own building to the mix. It was a “great city,” he said, right up there with his hometown, New York. Had Twitter existed at the time, Mr. Trump’s hashtag might have read #mykindoftown.
Here’s how Trump’s presidency is impacting Russian markets
Spriha Srivastava – CNBC
Donald Trump’s election was initially said to be positive for the Russian economy, but less than 100 days into his presidency, analysts are concerned geopolitical tensions could hurt the U.S. and Russian economies.
Opinion: Does Trump want to destroy America in order to ‘save’ it?
By Chris Edelson – MarketWatch
Financial damage and social upheaval as a means to political gain
President Donald Trump (L) and Senior Counselor to the President Stephen Bannon.
President Donald Trump gave up on health care legislation last week when it became clear the bill he backed could not make it through the House of Representatives his party controls.
Paul Manafort Received Loans From Another Former Trump Adviser’s Bank; Borrowing came amid foreclosure moves on several properties, including Brooklyn, N.Y., townhouse
By MICHAEL ROTHFELD – WSJ
Paul Manafort, the onetime campaign chairman for President Donald Trump who did lucrative consulting for Ukrainian tycoons, faced foreclosure on several real-estate investments but received a $16 million lifeline through another former Trump adviser, real estate and court records show.
U.S. Arrests Top Turkish Banker in Iran Sanctions Probe
Isobel Finkel and Christian Berthelsen – Bloomberg
A senior executive at one of Turkey’s largest state-owned banks was arrested in the U.S. Tuesday on charges of conspiring to evade trade sanctions on Iran, escalating a case that has prompted diplomatic tensions and political maneuvering between the two countries.
U.S. judge throws out many metals price-fixing claims
Jonathan Stempel – Reuters
A U.S. judge on Tuesday significantly narrowed private litigation accusing several big banks and German chemical giant BASF SE (BASFn.DE) of conspiring to suppress platinum and palladium prices.
Mnuchin Asked to Review Process for Too-Big-to-Fail Label
Elizabeth Dexheimer – Bloomberg
Key Senate Republicans urged the Trump administration to rethink the process for labeling firms whose failure could threaten the financial system, arguing it has led to substantial regulatory costs.
ESMA appoints new chair to Supervisory Convergence Standing Committee
The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed João Sousa Gião,, Member of the Board of Directors of the Comissão do mercado de valores mobiliários (CMVM) of Portugal to serve as the chair of the Supervisory Convergence Standing Committee.
ESMA appoints new members to its Management Board
The European Securities and Markets Authority has appointed two new members to its Management Board to replace two out of the three outgoing members whose mandates end on 31 March. The appointments took place at the Board of Supervisors meeting in Paris on 29 March and these are:
ESMA discusses haircuts in EU securities financing transactions
The European Securities and Markets Authority (ESMA) issued a research piece on shadow banking published in its recent report on trends, risks and vulnerabilities (TRV).
CFTC’s Market Risk Advisory Committee to Meet on April 25, 2017
The U.S. Commodity Futures Trading Commission’s (Commission) Market Risk Advisory Committee (MRAC) will hold a public meeting on April 25, 2017 at the CFTC’s Washington, DC, headquarters.
Deutsche Bank’s London subsidiary sentenced for manipulation of LIBOR
LIBOR is a leading benchmark used in financial products and transactions around the world.
Trump’s Free Hand on Bank Deregulation; The Trump administration has the power to enact substantial bank deregulation on its own without legislation
By AARON BACK – WSJ
Who needs Congress? Not bank stocks. President Trump’s failure to get a health-care reform bill through the House of Representatives has raised fears that his broader agenda, from tax cuts to infrastructure stimulus, could be in jeopardy.
Wells Fargo Reaches $110 Million Fake Accounts Settlement
by Kartikay Mehrotra, Laura J Keller, and Edvard Pettersson – Bloomberg
Agreement may cover more than 2 million unauthorized accounts; Judge must still approve nationwide resolution of claims
Wells Fargo & Co. reached a $110 million settlement with customers nationwide over claims its employees set up fraudulent accounts to boost their own pay, a deal that moves the bank another step toward closing the books on last year’s scandal.
Investing and Trading
The market’s first marijuana-themed ETF could start trading next week
Ryan Vlastelica – MarketWatch
Fund will track medical marijuana companies
Roughly two weeks before April 20, investors with a craving for marijuana exposure will have a new instrument with which to get it in their portfolios.
Opinion: The stock market’s strength has little to do with Trump
Michael Brush – MarketWatch
A lot of investors attribute the stock market’s post-election strength to President Trump, which is rather sad.
Opinion: Hedge fund buyers are getting soaked
Howard Gold – MarketWatch
Exclusive investment for the rich is making them poorer
Last week, Eric Mindich, a well-known hedge fund manager, announced he was closing his Eton Park Capital fund and returning to investors the fund’s remaining $7 billion — half of what it managed at its peak.
Exxon Mobil urges Donald Trump to keep US signed up to Paris Agreement on climate change; The company once run by US Secretary of State Rex Tillerson says the Paris Agreement is ‘an effective framework for addressing the risks of climate change’
Ian Johnston – Independent UK
Oil giant Exxon Mobil is urging Donald Trump to keep the United States signed up to the Paris Agreement on climate change.
My Morningstar Interview
Ben Carlson – A Wealth of Common Sense
I recently had the opportunity to have a great back and forth conversation with Morningstar’s Jeffrey Ptak on all things institutional asset management along with some thoughts and ideas from my new book.
California Taps Investors’ Craving for Yield With Tobacco Bonds
Romy Varghese – Bloomberg
California’s taking advantage of investors’ taste for tobacco. Tobacco bonds are returning 10 percent this year, over seven times that of the municipal market as a whole, as buyers itching for yield pick up the securities and drive prices higher. California on Thursday plans to sell $619 million to refinance a portion of a deal from a decade ago.
US Economic Confidence Drops to Lowest Level Since Election
Justin McCarthy and Andrew Dugan – Gallup
Americans’ confidence in the U.S. economy tumbled along with the Dow Jones industrial average last week. Though still in positive territory, Gallup’s U.S. Economic Confidence Index (ECI) dropped six points to a score of +5 for the week ending March 26. This is the lowest weekly average since the presidential election in November.
Exclusive: ECB replaces Brussels head, annuls four hires after rule breach
Francesco Canepa – Reuters
The European Central Bank has replaced the head of its Brussels office and annulled four more appointments after staff complaints about unlawful hirings and promotions, internal documents seen by Reuters show. The documents show repeated violations of the ECB’s own rules by its executive board, chaired by Mario Draghi, and come amid staff complaints of favoritism at one of Europe’s most powerful institutions.
Yellen Says Pockets of ‘Persistently High’ Unemployment Remain
Craig Torres – Bloomberg
Federal Reserve Chair Janet Yellen said challenges remain in the U.S. labor market, including concentrations of elevated joblessness in poor and minority communities, as she pushed for better education and training so the economy works for all Americans.
Liquidnet teams up with research platform for unbundling tools; Liquidnet has teamed up with ONEaccess to combine unbundling tools and technology ahead of MiFID II.
By Hayley McDowell – The Trade
Liquidnet has partnered with Visible Alpha’s, ONEaccess, to provide institutional investors with tools to manage, track and pay for research under MiFID II.
Goldman Sachs reassures staff over Brexit in voicemail
By Anjuli Davies – Reuters
Goldman Sachs (GS.N) sought to reassure London-based staff over potential disruption to its business as Britain prepares to leave the European Union, in a voicemail to staff sent by the Wall Street firm’s Europe CEO.
Reading between the lines of China’s “Twin sessions”
Vania Pang – Indexology Blog, S&P Dow Jones Indices
China’s National People’s Congress, the annual plenary session of China’s legislature, is done and dusted. No major policy upheaval ahead the 19th Party Congress in November. Nonetheless, the shift in tone in the government work report have shed some light on China’s policy direction.
More U.S. States Embracing Batteries to Store Renewable Power
Mark Chediak – Bloomberg
Energy-storage systems are spreading across the U.S. as states encourage deployments to help integrate an increasing amount of solar and wind power into electric grids.
President Trump’s Necessary German Lessons
Hans-Werner Sinn – Project Syndicate
US President Donald Trump has criticized Germany’s enormous current-account surplus, which he considers the result of German currency manipulation. But the president is wrong. While Germany’s external surplus, at 8% of GDP, is big – too big – it is not the result of currency manipulation by Germany. The real culprits are an inflationary credit bubble in southern Europe, the expansionary policies of the European Central Bank, and the financial products US banks sold to the world. So, instead of blaming Germany, President Trump would do well to focus on institutions in his own country.
India’s Auctions Have Pushed Solar Prices Down 73% Since 2010
Average solar tariffs in India have fallen by about 73% since 2010, almost in line with Chinese spot module prices, which have also fallen by about 80% in the same period, Mercom Capital Group said in a report on Friday.
Putting All Our Eggs in China’s Basket Came at a Cost, UBS Says
by Cathy Chan – Bloomberg
Firm trails Morgan Stanley, Citi in Asia banking revenue; Kendall revamping team to capture more cross-border deals
UBS Group AG, which built an Asian investment-banking powerhouse around the strength of its China business, is finding that excessive reliance on one single market can be a bad thing.
Canadian government, businesses back $150 million artificial intelligence institute
The Canadian and Ontario governments plan to team up with a group of businesses to invest about C$200 million ($150 million) to fund an artificial intelligence institute at the University of Toronto, project organizers said on Tuesday.
Bangladesh Bank heist was ‘state-sponsored’: U.S. official
The heist of $81 million from the Bangladesh central bank’s account at the New York Federal Reserve last year was “state-sponsored,” an FBI officer in the Philippines, who has been involved in the investigations, said on Wednesday.
Scottish Parliament Backs Independence Vote and Defies U.K.
Rodney Jefferson – Bloomberg
Scottish lawmakers backed plans by the nationalist government in Edinburgh to pursue a second independence referendum, setting up what promises to be a lengthy and acrimonious showdown within the U.K. in the midst of Brexit negotiations.
What are the risks for UK assets after Article 50 trigger?; Although domestic stocks and the pound have factored in a tough deal there appears little upside
by: John Authers – FT
After nine months’ gestation, the Brexit process has started. Both sides of the referendum have political points; Brexiters can say the UK economy is growing and there has been no market implosion, while Remainers can say UK assets have drastically underperformed the rest of the world, and the costs of the historic sterling devaluation are yet to be counted.
These Are the Numbers Behind the Thorniest Issues for Brexit Negotiators
By Simon Kennedy -Bloomberg
Tough choices await negotiators in upcoming Brexit talks. How much, if anything, is the U.K. willing to pay to settle its dues? How many immigrants are too many for British voters? How much free-trade can the U.K. still enjoy with the bloc afterward? Will the U.K. economy keep growing? U.K. and EU negotiators will monitor these key indicators over the next two years to help reach a compromise.
Brexiters must lose if Brexit is to succeed; If a deal is to be reached with the EU, the UK will need to make concessions
by: Martin Wolf – FT
On March 29, the British government is to notify the EU of its intention to leave. This will be a big moment in a tragedy; it will be a tragedy for the UK, but it will also be a tragedy for Europe. It is an appalling way to celebrate the EU’s 60th anniversary.
Here’s How the U.K. Will Serve the EU With Divorce Papers
by Alex Morales – Bloomberg
Photo of May signing letter at her desk makes the front page; U.K.’s Article 50 notification starts two years of exit talks
A letter personally signed by U.K. Prime Minister Theresa May, so secret not even some of her senior ministers have seen it, crossed the English channel on Wednesday morning.
Wall Street Journal staffers signed a letter criticizing the control white men have over the newsroom
Nathan McAlone – Business Insider
Gerry Baker, The Wall Street Journal’s editor in chief. Monica Schipper/Getty Images
Reporters and editors at The Wall Street Journal have signed a letter to management expressing concern about the roles of women and people of color in the newsroom.