Malaysia files charges against Goldman executives over 1MDB

Aug 9, 2019

First Read

Bcause bets it all on bitcoin
Thom Thompson – John Lothian News

On Thursday, August 8, Judge Janet Baer continued the current round of proceedings in Bcause’s ongoing federal bankruptcy case until September 4. Bcause demonstrated to the court there is hope a confirmable reorganization plan can be presented. It has not yet submitted one.

Formally, Thursday’s hearing was a continuation of the trial that started in June essentially to decide whether Wesco, the secured creditor, gets to walk away with all of the cash on hand at Bcause. Back in April, Wesco obtained an order from a Virginia court for payment of the amounts owed it by Bcause. The order was stayed by Bcause’s bankruptcy. Wesco has been strenuously objecting to the stay on its payment ever since. As a secured creditor, Wesco thinks it has a privileged claim on Bcause’s assets. Naturally, its status as a secured creditor is disputed by Bcause and all the other creditors and will be argued in court later this month.

Read more HERE


Hits & Takes
JLN Staff

The OCC is looking for a Vice President, Public Relations.~JJL

TOCOM announced plans to launch electricity futures on September 17, having received regulatory approval. The exchange will simultaneously rename its oil market the “Energy Market” with electricity futures as one component.~SR

As if we needed the help, Thom Thompson gifted the JLN office with “The Snark Bible,” which he found at a book sale and purchased for 50 cents.~JJL

Robby Lothian’s Eagle Court of Honor was a success last night. He was properly celebrated and feathered. Thank you to the friends and industry leaders who sent him letters of congratulations. Now, he is off to college.~JJL

This weekend in Williams Bay, Wisconsin is the social event of the summer in the form of the Williams Bay Lions Club Corn and Brat Roast. Sweet corn is in and tastes great. This is a family favorite event, including the Saturday night fireworks. Always a good time.~JJL


Jeff Carter

Want to know more about venture capital? Want to understand what the industry has to offer? Listen to Jeff Carter, managing partner with West Loop Ventures, in this video from MarketsWiki Education’s World Of Opportunity event in Chicago.

Watch the video »


FIA Announces Don Byron, Head of Global Industry Operations & Execution
FIA President and CEO Walt Lukken today announced that Don Byron will be joining the association as Head of Global Industry Operations and Execution. This senior position will be responsible for developing and implementing industry solutions relating to clearing operations, execution technology, cybersecurity, and market structure issues and will be the principal FIA liaison with the Divisions and Committees representing these issue areas. He will be based in Chicago with global responsibilities.

******I slept and dreamt that life was beauty; I woke and found that life was duty.~Lord Byron


The A-Frame Home Becomes a Thing Again; This unique architectural style is angling for a comeback, thanks to the tiny-home movement and a renewed appreciation for the triangular form
Adrienne Gaffney – WSJ
Few American home silhouettes are as immediately recognizable as the classic A-frame, with its steep pitched roof that extends down to or near the foundation.

*****This story is for my mom, who reads this newsletter every day. My mom and dad built an A-Frame in Wisconsin when I was two years old that is still in the family. It seems everything comes back in style sooner or later. ~JJL


CryptoMarketsWiki Coin of the Week: Tether (USDT)
Just 318 wallets hold more than 80 percent of the total amount of Tether in circulation, according to the blockchain analysis firm Coin Metrics in a story published by Bloomberg this week. According to John Griffin, one of the authors of an academic paper investigating the implications of Tether regarding the manipulation of bitcoin’s price, said that these 318 wallet users are in a position to cause massive bitcoin price swings at will and have a vested interest in doing so.


Thursday’s Top Three
Big changes in the industry led our top three stories on Thursday. Our most-read story was Bloomberg’s Asset Managers With $74 Trillion on Brink of Historic Shakeout. Second, and in the top 3 for the second day in a row, was City A.M.’s Debate: Are professional traders becoming obsolete?. Third was MarketsMedia’s Rising Star Q&A: Lauren Rauch, Chicago Trading Company


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CryptoMarketsWiki, our archive of the cryptocurrency and blockchain world, is going strong and keeping pace as this area of finance grows and evolves.

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Lead Stories

Malaysia files charges against Goldman executives over 1MDB; Jail and fines sought for 17 individuals as probe into multibillion-dollar fraud escalates
Siddarth Shrikanth and Stefania Palma – FT
Malaysia’s government has filed criminal charges against 17 current and former Goldman Sachs executives in connection with the 1Malaysia Development Berhad scandal, as it ramps up its efforts to recover billions of dollars it alleges were misappropriated from the state investment fund.

NYSE Antennas Spark High-Speed Trader Backlash; Setup expected to give the exchange’s affiliated network provider exclusive access, and traders fear having to pay hefty fees for use
Alexander Osipovich – WSJ
The New York Stock Exchange is under fire over a pair of antennas designed to shave two millionths of a second off the time it takes for high-frequency traders to access its computer systems.

Top bankers shift tone over horror of no-deal Brexit; Some in London are privately saying that an abrupt departure from the bloc would be bearable
David Crow – FT
When Jamie Dimon said a hard Brexit would be a disaster for the UK earlier this year, the JPMorgan chief executive was articulating a view that is commonly held among London’s investment bankers. But since Boris Johnson became prime minister, some senior bankers who were previously staunchly anti-Brexit now privately say their opinions have changed.

SEC proposes revamp of corporate disclosures; US regulator said move will reduce compliance costs by giving companies ‘flexibility’
Kadhim Shubber – FT
The Securities and Exchange Commission proposed a loosening of corporate disclosure requirements on Thursday in a move designed to reduce compliance costs for publicly traded companies.

How Malaysia’s 1MDB Scandal Shook the Financial World
Shamim Adam, Laurence Arnold, and Yudith Ho – Bloomberg
Malaysia’s state-owned investment fund, 1MDB, was supposed to promote development. Instead, it has spurred criminal and regulatory investigations around the world that have cast an unflattering spotlight on deal-making, election spending and political patronage under former Prime Minister Najib Razak. The figures are mind-boggling: Of the $8 billion that 1MDB raised via bond sales, the U.S. alleges more than half was siphoned off. Angry voters ousted Najib in a 2018 election that ended his party’s 61 years of rule. A series of trials on corruption and other charges has begun in Malaysia and U.S. prosecutors have implicated at least three senior bankers from Goldman Sachs Group Inc., one of whom admitted to bribery. Malaysia has also filed criminal charges against the U.S. bank and more than a dozen current and former employees.

China Regulator Relaxes Rules on Short Selling, Margin Financing
Bloomberg News
China’s securities regulator and exchanges are nearly doubling the number of stocks eligible for short selling and margin financing, and scrapped a previous automatic margin call threshold.

German government open to sale of Commerzbank stake; Taxpayer is nursing large paper loss on the struggling lender
Olaf Storbeck – FT
The German government is considering the potential sale of its 15.6 per cent stake in Commerzbank and is seeking “open minded” external advice on what to to with its shares in the struggling lender.

Position limits, fraud ruling draw attention as CFTC shifts gears
Maya Weber – S&P Global
As new Commodity Futures Trading Commission Chairman Heath Tarbert charts plans for his tenure, a regulation on position limits continues to make the short list of items on his agenda.

Senior CFTC Official Who Set Bitcoin Futures Policy Is Leaving: Report
Daniel Palmer – Coindesk
The U.S. Commodity Futures Trading Commission (CFTC) is losing another senior level staffer. Bloomberg Law reports Friday that a number of sources have said Amir Zaidi, director of the CFTC’s Division of Market Oversight (DMO), is to leave the regulator within weeks.

Why Virtu Financial Stock Plunged Today
Joe Tenebruso, The Motley Fool
What happened? Shares of Virtu Financial (NASDAQ: VIRT) fell more than 18% on Thursday following the release of the financial services company’s second-quarter results.

Virtu Financial reveals plans to launch outsourced trading desk
Virtu Financial will target the buy-side with an outsourced trading desk and will bring the ITG Triton EMS to FX markets.
Hayley McDowell – The Trade
Virtu Financial has said it will launch an outsourced trading service and bring the Triton execution management system (EMS) to FX markets, as part of a major strategy revamp following its $1 billion acquisition of agency broker ITG.

Finra widens window on exam cycle for some small firms; Those with clean records to be reviewed every four years, board member says
Mark Schoeff Jr. – InvestmentNews
Finra will widen the examination cycle for some small brokerage firms, according to one of the regulator’s board members.

Exchanges, OTC and Clearing

China Daily: limit on foreign ownership in the financial services sector will be lifted
China’s financial services sector is seeing acceleration of opening-up, which will likely attract big names in the global securities industry, gradually reshaping the local securities landscape, experts said.

Euronext announces volumes for July 2019
Euronext, the leading pan-European exchange in the Eurozone, today announced trading volumes for July 2019. Following the completion of the acquisition of Oslo Børs VPS, July figures incorporate, for the first time, all Oslo Børs exchange activity (including Fishpool in future commodity and OTC derivatives designated as Taylor Made), comparable figures are provided for information.

TradeWeb earnings beat as volume surges; one-time expenses hit profit
Kate Duguid – Reuters
TradeWeb Markets on Thursday reported second-quarter earnings which beat market expectations and in-line revenue after adjustments for one-time expenses related to the electronic trading platform’s 2019 IPO.

Egyptian Exchange: Commencement Of Trading On Fawry Shares
The Egyptian Exchange’s (EGX) platform welcomed today Fawry for Banking Technology and Electronic Payment, newly listed company number 216, to its main market with a trading code “FWRY.CA”.

MIAX Exchange Group – Options Markets – Top Of Market (ToM) And Clearing Trade DROP (CTD) Interface Specification Updates
The MIAX Options, PEARL Options and Emerald Options Exchanges have published the following updated Interface Specifications in conjunction with the planned OPRA update to reported trade conditions:

U.S. Midwest farm economy hit hard by record floods: Fed banks
P.J. Huffstutter – Reuters
U.S. farm incomes in the Midwest and Mid-Southern states declined yet again in the second quarter of 2019, as record floods devastated a wide swath of the Farm Belt, according to banker surveys released on Thursday by the Federal Reserve Banks of St. Louis and Kansas City.


Don’t Get Hit With An FTS (Failure to Supervise)
Scratch the surface of nearly any regulatory disciplinary notice regardless of asset class and you’re likely to find three key words: “failure to supervise.” Whether it is Rule 432 at the CME Group, FINRA Rule 3110/20 or Cboe Rule 4.24, a key component to most disciplinary actions is an admonition and sanction relating to some type of failure to supervise (FTS), normally as it relates to existing policies and procedures.

Simon Martin to join IHS Markit
Simon Martin is to join IHS Markit as a sales director for enterprise data management (EDM) and thinkFolio.

TradeZero Launches (Mostly) Free Trading for U.S. Customers; Originally registered in the Bahamas, TradeZero now accepts U.S. customers
Theresa W. Carey – Investopedia
Very frequent traders who want streaming real-time data look for low-cost providers who also supply them with the analytical tools they need. If free is low enough, check out TradeZero, which charges no commission for market orders of listed stocks, and for limit orders that meet their specific conditions. You can also trade options for free. Short sellers will appreciate TradeZero’s patented Stock Locator service, just launched this week, which helps them find shares of hard-to-borrow stocks.


Serious Security Warning Issued For World’s Biggest Bitcoin And Crypto Exchange, Binance
Billy Bambrough – Forbes
Bitcoin and cryptocurrency exchange hacks and security breaches are still a common occurrence but the biggest bitcoin market places are working hard to change this—with mixed success. The bitcoin price regularly takes a beating due to bitcoin exchanges and cryptocurrency platforms losing its user’s data and, in worst cases, their actual coins.

UK: Cryptoassets: The FCA Further Clarifies Which Tokens Fall Within The FCA’s Regulatory Perimeter Through Final Guidance
Sushil Kuner, Ian Mason and David Brennan – Gowling WLG
The Financial Conduct Authority (“FCA”) this month published Final Guidance on Cryptoassets in an attempt to help firms understand whether, and the extent to which, their cryptoasset activities fall under FCA regulation (PS 19/22: Guidance on Cryptoassets) (“the Final Guidance”).

Ripple eyeing ‘multiple’ deals after MoneyGram investment
Oscar Williams-Grut – Yahoo Finance UK
The CEO of cryptocurrency company Ripple is working on “multiple” potential investments and acquisitions in the wake of a $30m investment in money transfer business Moneygram (MGI). “We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,” Brad Garlinghouse, the CEO of Ripple, told Yahoo Finance UK.

Israeli Cryptocurrency Traders Locked Out of Banking System: Report
William Foxley – Coindesk
After being unable to deposit profits, Israeli cryptocurrency traders are looking for answers from banks and regulators. Still unfamiliar with the technology, some $86 million in unpaid taxes on cryptocurrency trade earnings have piled up as banks refuse to touch deposits writes Israeli media Haaretz.

15 Nations Plan Global Crypto Monitoring System Under FATF: Report
Daniel Palmer – Coindesk
Fifteen nations are planning to set up a system to monitor cryptocurrency transactions alongside the Financial Action Task Force (FATF), a Friday report indicates.

Congress takes an interest in cryptocurrency — what could possibly go wrong?
Jason Altmire, Opinion Contributor – The Hill
Congress recently wrapped up long-awaited hearings about the future of cryptocurrency in America and around the world. Driven primarily by Facebook’s announcement of its Libra project, lawmakers in both the House and Senate heard testimony regarding the potential for federal regulation of digital payment systems.

Coinbase Sets Out How It Foiled a ‘Sophisticated’ Hacking Attack
Daniel Palmer – Coindesk
Cryptocurrency exchange Coinbase has revealed that it has been targeted by, and foiled, “a sophisticated, highly targeted, thought out attack” aimed to access its systems and presumably to make off with some of the billions of dollars’-worth of cryptocurrency it holds.

New global cryptocurrency system set to fight money laundering
Yukihiro Sakaguchi – Nikkei Asian Review
AUGUST 09, 2019 18:38 JST Governments around the world are looking for ways to prevent cryptocurrencies from being used for money laundering. TOKYO — A number of countries have plans to create a new system to collect and share personal data on individuals who conduct cryptocurrency transactions. The goal is to prevent funds from being laundered, going to terrorist organizations or otherwise being put to illicit use.

Inside the derivatives exchange hoping to rival BitMEX. Its secret? A wealth of liquidity and a KYC miracle
Isabel Woodford – The Block Crypto
Taking on derivatives giants like BitMEX and Deribit is high stakes. But new Asia-based crypto derivatives exchange FTX has accepted the challenge and has bolted out of the gate; born out of U.S.-trading firm Alameda Research. In the three months since launching, it’s turned over up to $200 million in daily volumes, allegedly KYC-ed 10,000 clients, and conducted its own token offering.

tZERO to Open Security Token Market to Retail Traders Next Week
Anna Baydakova, Nikhilesh De – Coindesk
Overstock is opening up trading on its security token market, tZERO, to all comers. Retail investors will be able to trade on the platform starting Aug. 12, tZERO CEO Saum Noursalehi told CoinDesk. At that point, the one year lock-up period for tZERO’s 2018 security token offering (STO) will pass. While the platform went live in January, only accredited investors – wealthy individuals and institutions – have been allowed to trade on it until now.

Fidelity Joins Blockstream’s New Institutional Bitcoin Mining Service
Jack Martin – Cointelegraph
Blockchain technology company Blockstream has announced details of its Bitcoin mining services. In a blog post on Aug. 8, the company revealed two massive data centers for enterprise class co-location services, along with Blockstream Pool, using the BetterHash protocol. Its aim is to maintain the decentralization of the Bitcoin network.

German Company Secures EUR750 Million ‘Eco-Friendly’ Loan Via Blockchain
Jack Martin – Cointelegraph
German-based Dürr, one of the world’s leading mechanical and plant engineering firms, has secured a sustainability loan of 750 million euros, the interest on which is linked to its eco-friendly performance. The credit agreement, reported on Aug. 8 by Finance Magazine (German), was self-initiated by Dürr, utilizing a blockchain-based syndicated loan platform. The consortium process was also digitized and backed by blockchain.

Bitcoin Outshines Gold Amid Risk Aversion in Financial Markets
Omkar Godbole – Coindesk
Bitcoin is outperforming gold amid heightened uncertainty in the global markets. The world’s most valuable cryptocurrency is currently trading at $11,700, representing 16 percent gains on a month-to-date basis. Meanwhile, gold, the traditional safe-haven asset, has added 6 percent this month.


Labor Nominee Would Likely Sit Out Financial-Advice Rule Making; Eugene Scalia, Trump’s pick to lead Labor Department, handled legal challenge that defeated Obama-era fiduciary rule
Andrew Ackerman – WSJ
President Trump’s pick to be the next secretary of labor would likely have to sit out the department’s rewrite of a closely watched investment-advice rule if he is confirmed, according to people familiar with the matter.

There will be no winners in a currency war; Devaluation may seem tempting, but it helps neither China nor the US
Eswar Prasad – FT
The trade wars fomented by the Trump administration are on the cusp of morphing into currency wars. Currency devaluation might seem a useful element of the policy toolkit for economies suffering from slowing growth or, indeed, dealing with trade disputes, but it carries enormous risks for those countries themselves and for the world economy.

Trump’s Hamptons Fundraisers Put High-Profile Donors in a Bind
Justin Sink , Jennifer Jacobs , and Elizabeth Rembert – Bloomberg
Soulcycle faces possible boycott as part-owner hosts Trump; Invitees include Catsimatidis family, Lauder, Lutnick, Pierce
Donald Trump’s fundraising swing through the Hamptons on Friday is creating headaches for some of his high-dollar donors, who face threats of boycotts and employee complaints for supporting a president Democrats say is racist.

Trump’s China Problem Is That a Weak Yuan Is a Strong Weapon; His tariffs lose potency in the face of a currency shift that favors Chinese exporters.
Peter Coy – Bloomberg
President Donald Trump has bragged repeatedly, in tweets and press conferences, that China is absorbing the cost of U.S. tariffs on Chinese products. He said it again on Aug. 5, tweeting that “it is now even more obvious to everyone that Americans are not paying for the Tariffs—they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars!”


New Vendor Management System for TRACE Vendors
Beginning September 16, 2019, FINRA will introduce a new Vendor Management System that will allow TRACE Vendors to view their profile and agreement information, maintain their contacts and report their monthly TRACE usage.

SEC Proposes to Modernize Disclosures of Business, Legal Proceedings, and Risk Factors Under Regulation S-K
The Securities and Exchange Commission today announced that it has voted to propose rule amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. The proposed amendments are intended to update the rules to improve disclosures for investors and to simplify compliance efforts for registrants.

SEC Investor Advisory Committee to Hold Telephone Meeting on Sept. 5
The Securities and Exchange Commission’s Investor Advisory Committee will meet telephonically on Sept. 5 at 11 a.m. Eastern time. The public is invited to listen to the meeting live using the dial-in details provided below. A recording of the meeting will be archived on the committee’s webpage for later listening.

Investing and Trading

It Is Tricky Finding Safety From a Market Storm; The next big market scare might not be far away, but is hard to prepare for
James Mackintosh – WSJ
The bond market is holding up a giant sign in capital letters warning of trouble ahead. Investors are on edge. The next big market scare might not be far away, but is hard to prepare for.

Short sellers target bonds to profit from UK retail crisis; US-based Och-Ziff is among funds and banks taking aim at shopping centre owner Intu
Nikou Asgari and Judith Evans – FT
Investment banks and hedge funds including New York-based Och-Ziff are betting on the downfall of UK shopping centres, turning their attention to corporate bonds issued by one of the country’s largest retail landlords.

The Non-Weirdness of Negative Interest Rates; Savers in Europe are having to pay to store their wealth. That’s not so crazy when saving is all too plentiful.
Joe Weisenthal – Bloomberg
German government bonds with maturities going out to 30 years now trade with negative interest rates. UBS Group AG plans to charge an annual fee of 0.6% for some wealthy clients to hold their money. In Denmark, a bank is selling, for the first time, a mortgage-backed note that carries a negative coupon.

Who Moved Kraft Heinz’s Cheese?; The food company’s shares fell sharply after it reported sliding sales, but challenges are hardly over
Justin Lahart and Spencer Jakab – WSJ
The best thing that can be said about Kraft Heinz’s results on Thursday is that it was only the second worst day of 2019 for the sprawling food company—so far, at least.


Burford case puts litigation funding in the spotlight; Fast-growing industry is popular with investors but business model and reporting draws criticism
Lindsay Fortado and Kate Beioley and Robert Smith – FT
When Burford Capital’s chief executive Christopher Bogart presented the litigation financing specialist’s half-year results last month, he was not just effusive about the company’s performance.

UBS Mulls Investment Bank Overhaul, Hundreds of Jobs at Risk
Sonali Basak, Patrick Winters, and Sridhar Natarajan – Bloomberg
Dual UBS investment banking heads are working on strategy; Unit has posted volatile results since Andrea Orcel departure
Almost a year after taking over at UBS Group AG’s investment bank, co-heads Piero Novelli and Rob Karofsky are working on their first shake-up of the business.

Deutsche Bank benefit cuts anger overseas staff; Lender tightens holiday rules and ends long-service awards for 50,000 employees outside Germany
Save to myFT
Stephen Morris and Olaf Storbeck – FT
Deutsche Bank has angered an already nervous overseas workforce by tightening holiday rules and ending long-service awards for its 50,000 staff outside Germany.


Chinese sovereign fund plans to take stake in troubled bank; Central Huijin Investment in talks to invest in Hengfeng Bank as fears grow over systemic risk
Don Weinland and Sherry Fei Ju – FT
China’s sovereign wealth fund plans to take a large stake in a troubled commercial lender, the third such intervention in as many months following two decades without a government bailout of a bank.

No More Bailouts? China’s New Approach to Bank Stress
Bloomberg News
China’s legions of regional banks are feeling the strain. The country’s two-year crackdown on risky financing and the trade war with the U.S. have slowed economic growth, triggering debt defaults that are exposing them as the weakest link in the credit chain. Several lenders have fallen into deep trouble this year, with others — perhaps many — expected to follow. What’s different is that China seems to have thrown out the old playbook of injecting state funds into struggling lenders to keep them alive. If that proves to be the case, it would represent another shift for the country toward more market-oriented practices.

Malaysia Files Criminal Charges Against Goldman Execs in 1MDB Scandal
Anisah Shukry – Bloomberg
Head European banker and Evans, now of Alibaba, both charged; Malaysia wants jail time, fines as it charges 17 people
Malaysia expanded efforts to prosecute Goldman Sachs Group Inc. employees it alleges were involved in the 1MDB fraud, filing criminal charges against more than a dozen current and former senior executives based around the world.

Ethiopia takes first step towards liberalising finance sector; Granting of licence to foreign-owned company is latest effort by Abiy to speed growth
Tom Wilson – FT
Ethiopia has taken the first steps towards liberalising its tightly controlled financial sector by granting a business licence to a foreign-owned company for the first time.


Recession fears grow as UK economy shrinks on back of Brexit chaos
Larry Elliott – The Guardian
Fears that the UK could be heading for its first recession in a decade have been stoked by grim official figures showing that the economy contracted in the second quarter of 2019. Brexit uncertainty, car plant shutdowns and the running down of stock built up before the original end of March deadline for Britain’s EU exit resulted in gross domestic product shrinking by 0.2% in the three months ending in June.

Brexit hazard warning lights: UK economy contracts for first time since 2012
Andy Bruce, David Milliken – Reuters
LONDON (Reuters) – The British economy shrank unexpectedly for the first time since 2012 in the second quarter, dragged down by a slump in manufacturing just as Prime Minister Boris Johnson prepares to leave the European Union with or without a divorce deal.

U.K. economy shrinks for first time since 2012 as Brexit bites
Associated Press via MarketWatch
LONDON (AP) — The British economy shrank in the second quarter of the year for the first time in six and a half years largely because Brexit uncertainties weighed heavily on business investment, official figures showed Friday. The decline, the first since the fourth quarter of 2012, was unexpected. Most economists thought that the economy would be flat.

Top bankers shift tone over horror of no-deal Brexit
David Crow – The Financial Times
When Jamie Dimon said a hard Brexit would be a disaster for the UK earlier this year, the JPMorgan chief executive was articulating a view that is commonly held among London’s investment bankers. But since Boris Johnson became prime minister, some senior bankers who were previously staunchly anti-Brexit now privately say their opinions have changed.

Brexit: UK assumes French plans ‘will ease no-deal disruption’
Faisal Islam – BBC News
The government is assuming that French preparations for customs and regulatory checks have markedly decreased the anticipated trade disruption from a no-deal Brexit, the BBC has learned. “Reasonable worst case scenarios” still anticipate long disruption to about half the freight crossing the Channel. But the assumption, the basis for a lot of the government’s no-deal planning, has been upgraded twice recently. The scenarios were told to industry, but kept secret from the public.

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Past Newsletters

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