First Read

Opinion: How to walk away from Wall Street and change the world; A young man, turned off by bankers behaving badly, uses his smarts to help forge a climate-change accord
By Tim Mullaney – MarketWatch
Four years ago, I received a very funny email from a whip-smart, just-laid-off Hong Kong banker looking to vent. He sent links to news stories about traders getting indicted: “This guy sat about 30 feet from me. This guy sat about 15 feet from me,” he wrote. “They’re only the people who got caught.”

***JK: A sign on my wall says “This is your life, do what you love and do it often.”


Another step toward trial for DRW Holdings in market manipulation case
Lynne Marek – Crain’s Chicago Business
A New York federal court judge denied trader Don Wilson and his DRW Investments’ request for summary judgment in their fight with the Commodity Futures Trading Commission, but also denied the government’s request for partial summary judgment. That moves the 2013 case against one of Chicago’s most prominent traders one step closer to trial in U.S. District Court for the Southern District of New York. The parties could also still settle the case, and that’s how most cases are resolved.

***** The case moves forward as both motions for summary judgment are denied. See the WSJ story below at the top of lead stories for more on this case.


MGEX To Auction Historic Cash Tables
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), will be making seven Cash Tables available to the public through an online auction.

***** We will be bidding on one.


The Supercharged SIP, IEX Speed Bumps and Latency
Patrick Flannery, MayStreet via Tabb Forum
The Securities Information Processor, or SIP, long regarded as a default way of receiving data on Wall Street, is about to become turbocharged. And IEX customers are about to receive IEX data from the SIP 10 times faster than from the market itself.

***JK: There is irony in the fact that IEX is about to send out data 10x faster than from the market itself. This may be worth reading, and reading at an increasingly faster pace.


Jockeys warned to move money out of high street banks after string of frauds targeting riders
Telegraph Reporters
Jockeys have been urged to move their money out of high street banks after a string of frauds. The Professional Jockeys Association (PJA) issued the warning in its October newsletter and said that around 30 jockeys and trainers had been targeted by the “fairly rudimentary scam”.

**JK: Don’t mess with people who carry whips


Tuesday’s Top Three
Our top story of the day on Tuesday was Bloomberg’s High-Speed Traders Fear Regulator Spilling Their Biggest Secrets. Yes, their fears are real. The second spot went to a story about Carolyn Phillips, lead data scientist at Neurensic in the Tribune’s Neurensic data scientist rocks out in a ‘lounge’ above Board of Trade. The third most read piece was Trading Technologies’ CEO interview with Ray Cahnman in Wizards of Today’s Markets: Ray Cahnman, Part 2


MWE Europe 2016


Lead Stories

In Market-Manipulation Brawl, CFTC Loses Round One; Judge rules the CFTC needs to show that a trader intended to create an ‘artificial’ price in order to prove attempted market manipulation
In the high-profile fight between the Commodity Futures Trading Commission and trader Don Wilson Jr., the first point has gone to Mr. Wilson.

Famed Investor Gundlach Says Negative Rates Threaten to Decimate Banks
Simone Foxman – Bloomberg
‘Cannot save your economy by killing your financial system’; Deutsche would be saved, ‘but what about Credit Suisse?’
Famed bond investor Jeffrey Gundlach said Deutsche Bank AG’s slumping share price highlights the impact of the negative-interest-rate policy in Europe on the region’s lenders and may help prompt central bankers to reconsider their approach.

CFTC and Oystacher Said to Be in Spoofing Case Settlement Talks
Matthew Leising and Janan Hanna – Bloomberg
The U.S. Commodity Futures Trading Commission is in discussions to settle its market-manipulation case against Igor Oystacher and his Chicago firm 3Red Trading LLC, according to people familiar with the matter.

Alaska Oil Known Reserves May Have Just Grown 80% on Discovery
Robert Tuttle – Bloomberg
Caelus discovers about 6 billion barrels at Smith Bay; Field could one day produce as much as 200,000 barrels a day
Alaska’s oil reserves may have just gotten 80 percent bigger after Dallas-based Caelus Energy LLC announced on Tuesday the discovery of 6 billion barrels under Arctic waters.

ICE Data Services Launches Best Execution For Fixed Income in EMEA
Intercontinental Exchange (NYSE:ICE), announced ICE Data Services has expanded coverage for its Best Execution service to include sovereign and corporate bonds in Europe, the Middle East and Africa (EMEA). Best Execution leverages ICE’s fixed income Continuous Evaluated Pricing to measure best execution, and offers a trade-by-trade measure of execution quality relative to comparable market transactions.

BlackRock Cuts ETF Fees; Move is another indication of how new retirement rules are transforming industry
The world’s largest money manager is cutting fees at more than a dozen exchange-traded funds, another sign of how a federal overhaul of retirement-savings rules is transforming parts of the financial-services industry.

ECB Said to Build Taper Consensus as QE Decision Time Nears
Jana Randow, Alessandro Speciale and Jeff Black – Bloomberg
The European Central Bank will probably gradually wind down bond purchases before the conclusion of quantitative easing, and may do so in steps of 10 billion euros ($11.2 billion) a month, according to euro-zone central-bank officials.

Deutsche Bank ‘Coco’ Pain Isn’t What it Seems; Cocos are designed to help banks rebuild capital in times of stress
As Deutsche Bank’s stock has been battered, anxiety has also gathered around its other forms of capital, notably convertible junior bonds known as cocos. But quirks in how these function means they may not be ringing the alarm bells as loudly as unfamiliar investors think.

There’s a Little Bit of Deutsche in Every Bank; But if banks are so much better capitalized than before the financial crisis, why do their shares suggest they are riskier?
Investors who think Deutsche Bank is alone in its misfortune, watch out. There are three basic explanations for what has gone wrong at Germany’s biggest bank, and they all apply to its global peers.

The Limits of Deutsche’s Troubles Show Reform Is Working
Peter Thal Larsen – NY Times
Deutsche Bank’s jitters have revived memories of 2008. As in that turbulent autumn eight years ago, investor confidence in one of the world’s largest lenders has been shaken. Deutsche’s share price has dropped, and hedge funds are reported to be withdrawing spare cash. The assurances of the chief executive, John Cryan, that the bank has “strong fundamentals” echo the illusory reassurances issued by the bosses of Lehman Brothers and Royal Bank of Scotland before those institutions failed.

Better Markets Announces New Senior Hires in Development and External Affairs
Better Markets
Better Markets today announced the addition of two new senior staff in its Washington office, bringing on Laura Zylstra as Vice President for Strategic Partnerships and Development, and Jeremy Bratt as Director of External Affairs.

Eris And R.J. O’Brien Institutional Brokerage Group Release Hedge Accounting Treatment Paper
Eris Exchange press release
Case study illustrates ERIS Swap Futures as an effective hedging instrument
Eris Exchange (ERIS) and an institutional fixed income brokerage group at R.J. O’Brien & Associates (RJO), the nation’s oldest and largest independent futures brokerage and clearing firm, released an accounting case study outlining how ERIS Interest Rate Swap Futures can receive favorable hedge accounting treatment. Qualifying for hedge accounting treatment allows institutional hedgers to confidently use ERIS Swap Futures as a replacement for OTC swaps. The study provides a concrete example of using ERIS as an eligible and effective hedge.

SEC again postpones swap data repository effective date
By Timothy Weatherhead, The Hill
The Securities and Exchange Commission (SEC) is postponing the compliance date on rules that would allow the agency to access swap data as part of its regular examinations.


Hard Brexit Could Cost 70,000 Jobs and £40 Billion, Banks Warn
Gavin Finch and Richard Partington – Bloomberg
Britain crashing out of the European single market could cost banks and associated businesses in the U.K. almost 40 billion pounds ($51 billion) in lost revenue, undermining a key sector of the economy, an industry report will warn on Wednesday.

Janus Henderson deal shows Brexit hasn’t altered London’s status
Nils Pratley – The Guardian
That’s the spirit. “The Brexit debate will be seen as a drop in the ocean in the timeline of our business,” says Andrew Formica, the (Australian) chief executive of Anglo-Aussie fund manager Henderson. After the merger with Janus Capital of the US, the combined company, managing $320bn of assets, will make its home in London. The firm will have two bosses – Formica will be joint chief executive with his Janus counterpart, Dick Weil – but the American will have to get out of Denver and move to the UK.

Hard Brexit Could Cost 70,000 Jobs and £40 Billion, Banks Warn
Gavin Finch and Richard Partington – Bloomberg
Britain crashing out of the European single market could cost banks and associated businesses in the U.K. almost 40 billion pounds ($51 billion) in lost revenue, undermining a key sector of the economy, an industry report will warn on Wednesday.

Exchanges, OTC and Clearing

Cash market turnover of Deutsche Börse achieved in September 109.1 billion euros
Deutsche Börse
In September, the order book turnover of all traded securities species was due to trading venues Xetra, Frankfurt Stock Exchange and Tradegate Exchange at a total of 109.1 billion euros (September 2015: 142.3 billion euros).

Eurex Trading statistics September 2016
Investment behaviour of the buy side shapes the product offering of exchanges; Eurex’ MSCI segment reaches 1 million contracts of open interest
The investment behaviour of the buy side is undergoing structural changes. Passive products like Exchange Traded Funds (ETF) are gaining momentum. This changes the investment behaviour on the derivatives markets and increasingly shapes the product offering of exchanges. “The growing success of indexation via ETF has brought index providers further to the forefront of asset allocation – not only on the investment side, but also in trading”, said Eurex CEO Thomas Book when presenting Deutsche Börse Group’s latest derivative trading statistics (see attachment). Especially broad based indices like MSCI and Stoxx600 are profiting from that trend. In September, Eurex’ MSCI segment reached 1 million contracts of open interest for the first time.

Euronext Announces Volumes for September 2016
Amsterdam, Brussels, Lisbon, London and Paris – 5 October 2016 – Euronext, the leading pan-European exchange in the Eurozone, today announced trading volumes for September 2016.

Intercontinental Exchange Reports ICE & NYSE September and Third Quarter 2016 Statistics
ICE Brent ADV up 26% y/y, Interest Rate ADV up 16% y/y in September
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today reported September and third quarter 2016 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at in the Monthly Statistics Tracking spreadsheet.

Money market derivatives: Amendments to the contract specifications for EONIA Future (FEO1) and EUR Secured Funding Future (FLIC)
On 14 September 2016, the European Central Bank (ECB) published its indicative calendar for the reserve maintenance periods in 2017 and 2018.

Producer sentiment moderates, continues to favor livestock
CME Group
Farmer sentiment toward the agricultural economy improved slightly in September as fall harvest kicked off, according to the latest reading of the Purdue/CME Group Ag Economy Barometer.

Bahamas International Securities Exchange Hurricane Closure Procedures
The Bahamas International Securities Exchange Limited (BISX) wishes to inform the public that due to the threat of Hurricane Matthew and the issuance of a Hurricane Warning for New Providence, BISX’s office will be closed Tuesday October 4, 2016. Given the unpredictable nature of hurricanes, BISX will remain closed until the hurricane passes. Trading will resume once BISX has notified the public and its Members.

SGX Index Edge to calculate Nikkei Asia300 series
Singapore Exchange (SGX) and Nikkei Inc. (Nikkei) today announced a collaboration that will see SGX Index Edge developing and managing the headline Nikkei Asia300 Index and related indices.

Advancing Innovation Roundtable Takes Shape; Investment community leaders meet to explore ways to close Canada’s innovation growth funding gap
TMX Group today announced the members of the Advancing Innovation Roundtable, which include prominent senior executives from the investment and capital formation communities in Canada. Announced in August 2016, the Roundtable’s mission is to deliver actionable recommendations on how to increase access to scale up capital for Canadian innovation economy companies as they grow beyond the seed and start-up stages.


Clinton vs Trump: Whoever wins the election, Wall Street probably loses
Jeff Cox – CNBC
The noose around Wall Street’s neck is likely to tighten, no matter who is elected president. Recent events have only increased the possibility that any hopes for banking regulatory relief are likely to go unfulfilled when the nation’s 45th president takes office next January.

Trump’s mudslinging puts the Fed in danger; Congressional Republicans should avoid joining this bank-bashing
FT View
So many extraordinary accusations and denunciations emanate from Donald Trump, the Republican candidate for US president, that it is hard to keep track. One of the more potentially damaging is the contention that the Federal Reserve is setting policy to ensure the election of his opponent, Hillary Clinton.

Trump calls tax avoidance ‘smart,’ most Americans call it ‘unpatriotic’: poll
By Chris Kahn – Reuters
Republican presidential nominee Donald Trump says paying no income tax would make him “smart.” While nearly half of Americans agree with him, more people think it is “selfish,” and “unpatriotic,” according to a Reuters/Ipsos opinion poll released on Tuesday.

Trump Used Foundation Funds for 2016 Run, Filings Suggest
By Rebecca Berg
As Donald Trump began making noise about a possible bid for president in 2011, South Carolina conservative activist Oran Smith caught the celebrity businessman’s eye as a particularly vocal and potentially influential critic.

Investing and Trading

Doubling Down: Monthly Investment Outlook from Bill Gross
Bill Gross – Janus Capital
My country club locker room is a fascinating 19th hole observatory where human nature and intelligence often come into conflict. Almost all of my golfing buddies are risk takers by nature and many of them are gamblers — not just in the card room but also in the casinos in Las Vegas. Having spent some time in Sin City myself in my early 20s as one of the first blackjack counters, I was, and still am, most familiar with odds and the impossibility of beating the “House” in any game other than blackjack over a long period of time.

Currency Traders in Record Losing Run Pay for Languid Market
Marianna Duarte De Aragao and Anchalee Worrachate – Bloomberg
Foreign-exchange traders suffering the worst losing streak on record are getting no help from the world’s most popular currency pair. The euro moved in its narrowest range ever versus the dollar during the quarter just past. It’s a prime example of the biggest challenge faced by dealers: the volatility they exploit for profit is falling throughout the $5.1 trillion-a-day market, sending an index of top funds’ returns tumbling for a seventh month in September.

Rieger Report: High Yield Domination
J.R. Rieger, Managing Director and Global Head of Fixed Income – S&P Indexology
High yield bonds have been marching along and putting up returns that are dominating the investment grade bond markets. U.S. junk bonds continue to have no stink to them as demand for yield far outweighs the supply and seemingly the credit risks associated with these bonds.

JP Morgan guide to markets, Q4 2016
Business Insider
This quarterly guide from David Kelly and his team at JPMorgan Asset Management provides a birds-eye view of where we stand, and will inform what should be top your of mind right now.

Pimco Quants Say Too Many Investors Are Getting Hedges Wrong
Narayanan Somasundaram and Ruth Liew – Bloomberg
Pacific Investment Management Co. says one-size-fits-all hedging tactics are undermining pension returns. Many institutional investors choose uniform currency protection for each asset class, and that means they miss out on the opportunity to benefit from the way some exchange rates are correlated with moves in riskier assets, says Pimco, which oversees $1.5 trillion of assets.

How asset owners are implementing smart beta
Rolf Agather, CFA – FTSE Russell Blob
As part of our ongoing series on smart beta, we’ve used the findings from our Smart Beta: 2016 Global Survey Findings from Asset Owners to document the growth of smart beta and the investment outcomes driving interest. Now, through our work with large institutional investors globally – particularly several that have established two to three-year track records – we examine how asset owners are actually using smart beta indexes.

Corporate bond floats set global record
Nikkei Asian Review
Companies worldwide issued more bonds during the first nine months of the year than in any other January-September period, taking advantage of cheap borrowing costs made possible by central bank policies in Europe and Japan. The bond floats totaled about $2.85 trillion, up 8% on the year, data from research firm Dealogic shows.

The Number of Strategic-Beta ETPs Continues to Mushroom
Ben Johnson – Morningstar
Two years ago, we introduced our naming convention and taxonomy for the fast-growing universe of strategic-beta exchange-traded products, or ETPs. The goal of our initial guide was to help investors to better define, measure, and analyze this diverse group of passively managed investment products that make active bets against their broad, market-cap-weighted predecessors. In this year’s guide, we provide an update on the state of the global strategic-beta ETP landscape.


Wells Fargo sham-accounts scandal lifts lid on ‘ridiculous’ cross-selling; Many banks in the US will have to review sales practices if they want to avoid regulatory scrutiny
by: Ben McLannahan in New York – FT
Becky Grimes had trouble enough hitting sales targets as the manager of a busy branch of Wells Fargo in Austin, Texas. But when she moved to run a Wells branch in a much smaller farming town about two hours to the south in 2011, the same targets — 8.5 products per day, per banker — became too much to bear.

Bill Gross says global markets are one big casino created by central banks
By Mark DeCambre – MarketWatch
Roll the dice! Bond guru Bill Gross says global markets have been transformed into monolithic casino fostered by the easy-money policies unfurled by the world’s central bankers.

Exclusive: Wells Fargo account scandal extends to small business – U.S. senator
Wells Fargo & Co’s account scandal is not limited to its consumer banking sector, U.S. Senator David Vitter told the bank’s chief executive in a letter. Thousands of small business owners were also impacted by Wells Fargo’s practices, wrote Vitter, a Republican from Louisiana, in a letter dated Sept. 29 to Wells Fargo chief executive John Stumpf and seen by Reuters.

Eric Rosengren policy shift against accepted Fed orthodoxy
Pedro Da Costa, PIIE – Business Insider
What should investors make of the rather surprising hawkish dissent from the Federal Reserve Bank of Boston’s once-uber dovish president, Eric Rosengren?

Big Banks Won’t Say If They Use The Same Scheme That Led To Wells Fargo’s Fraud
Emily Peck – Huffington Post
The four biggest banks in the U.S. won’t say whether they offer workers the same kind of sales incentives that drove Wells Fargo employees to open millions of accounts for customers without their knowledge.

JPMorgan Challenges HSBC for GCC Bond Crown as Sales Set Record
Arif Sharif – Bloomberg
British bank’s nine-year streak at top may be broken; Middle East dominates bond-sale plans in emerging markets
In the hottest battleground for emerging-market bond deals, JPMorgan Chase & Co. is outflanking HSBC Holdings Plc for the first time in a decade.

Deutsche Bank, Lehman and the End-of-Days Debate
By Mark Gilbert – Bloomberg
Aftershocks from the credit crisis eight years ago are still rippling through the world, including negative rates, swollen central bank balance sheets and increased scrutiny of the financial system. One consequence is the commentariat’s effort to atone for its failures then by crying wolf at every available opportunity now.

Citi investing another $1 billion in renamed Mexico unit Citibanamex
David Henry – Reuters
Citigroup Inc (C.N) is investing another $1 billion in its Mexican bank and renaming it Citibanamex in the strongest signal from management that the business is worth keeping for the long run. New York-based Citigroup said on Tuesday that the investments will be completed by 2020 and will improve digital tools, ATMs and branches.


Fintech won’t threaten central banks, for now: Bank of Japan official
By Leika Kihara and Thomas Wilson – Reuters
Digital currencies won’t topple hard money printed by central banks any time soon, particularly in countries such as Japan with a solid, established financial infrastructure, a senior Bank of Japan official said on Tuesday.

FinTech Sandbox Adds State Street to Promote Financial Services Innovation
Finance Magnates
State Street has become the latest sponsor of FinTech Sandbox in a deal to promote innovation in the financial sector.

Collaboration is the Way Ahead for Fintech: Goldman Fintech Chief
by Rhucha Kulkarni – Read it Quick
The Fintech industry is in the throes of a radical transition, with collaborations and partnerships spelling the way ahead for its growth. Going ahead, we can expect the third wave of Fintech to rise to dominance, as stated by Jeff Gido, Goldman Sachs’s Global Head of Fintech in the investment banking division. This third wave will be defined by intense partnerships and collaborations between established players and Fintech start-ups. The industry must rev up for the flurry of collaborative activity that spur growth for this emerging sector Gido said.

Eze Software Group Ranked Among Top 100 FinTech Companies
Eze Software Group, a premier provider of global investment technology, has been ranked among the top 100 financial technology companies in two prestigious industry surveys. Eze was ranked #52 in the American Banker/BAI Fintech Forward ranking, and #57 in IDC Financial Insights’ FinTech Rankings Top 100 rankings. Both rankings are based on calendar-year revenues technology providers derive from the financial services industry.


U.S. regulators say will review Wall Street ‘living wills’
Leading U.S. banks on Tuesday submitted updated “living wills” to regulators who must decide whether Wall Street firms can be unwound without taxpayer help or should be broken up. Eight of the largest banks handed in paperwork on how they would be dissolved in a crisis to the Federal Reserve and Federal Deposit Insurance Corp before those regulators pass judgment in the months ahead.

RBS to pay $120 million to resolve Connecticut mortgage bond probe
Nate Raymond – Reuters
Royal Bank of Scotland Group Plc will pay $120 million to resolve a Connecticut state investigation into the bank’s underwriting of toxic mortgage-backed securities ahead of the 2008 financial crisis, authorities said on Monday.

CFTC Charges Jody Dupont of South Carolina and His Company, Open Range Trading LLC, with Commodity Trading Advisor Fraud
The U.S. Commodity Futures Trading Commission (CFTC) filed a civil enforcement action charging Defendants Jody Dupont of Anderson, South Carolina, and his company, Open Range Trading LLC (Open Range), with fraudulently soliciting clients and prospective clients to subscribe to a commodity futures day-trading system, called the Open Range Trading System, and other ancillary trading services that they marketed and sold to clients. Neither DuPont nor Open Range has ever been registered with the CFTC.

Executive Representative Reminder and Board and Nominating Committee Members Whose Terms Will Expire at the Board’s 2017 Regular Annual Meeting
On November 19, 2015, NFA’s Board of Directors unanimously approved a proposal to amend NFA’s Bylaws to implement an electronic voting process for Directors’ elections, contested Nominating Committee member elections, and Articles’ amendments approval votes. The CFTC subsequently approved the proposed amendments to NFA’s Bylaws to implement the electronic voting process, and the amendments became effective on August 1, 2016.

NFA permanently bars Chicago, Ill., introducing broker Vankar Trading Corp. from membership and bars its principal and associated person John Karvelas from acting as a principal of an NFA Member for 10 years
National Futures Association (NFA) has permanently barred Chicago, Ill., introducing broker Vankar Trading Corp. (Vankar) from membership and from acting as principal of an NFA Member.

ESMA Consults on Product Governance Guidelines to Safeguard Investors
The European Securities and Markets Authority (ESMA) has opened a consultation on product governance guidelines under the Markets in Financial Instruments Directive (MiFID II) regarding the target market assessment by manufacturers and distributors of financial products.


Solar outstrips coal in past six months of UK electricity generation
Adam Vaughan – The Guardian
Electricity generated by solar panels on fields and homes outstripped Britain’s ageing coal power stations over the past six months in a historic first. Climate change analysts Carbon Brief found more electricity came from the sun than coal from April to the end of September, in a report that highlighted the two technologies’ changing fortunes.

The rise of Islamic finance
Asia Asset Management
In the welcome remarks, Yusof bin Haji Abd Rahman, managing director of Autoriti Monetari Brunei Darussalam (AMBD) and chairman of the Centre for Islamic Banking, Finance and Management (CIBFM), claimed that households in the ASEAN (the Association of Southeast Asian Nations) region should step-up efforts to seek investment opportunities for higher returns and diversification in equity markets.

Yemen central bank crisis raises new famine fears
Jonathan Saul, Noah Browning and Mohammed Ghobari – Reuters
Intensive care wards in Yemen’s hospitals are filled with emaciated children hooked up to monitors and drips – victims of food shortages that could get even worse due to a reorganization of the central bank that is worrying importers.

ICEX to commence futures trading in polished diamond by December; Begins mock trading with large diamond traders on board
Dilip Kumar Jha – Business Standard
Four days after the government notified new commodities to be allowed for futures trading, Reliance ADAG anchored Indian Commodity Exchange started mock trading in polished diamond with enthusiastic response initially.

Switzerland Asks Malaysia Again for Help With 1MDB Case
Hugo Miller, Elffie Chew – Bloomberg
Swiss Attorney-General got no response from January request; A second legal assistance request was also made to Singapore
Swiss prosecutors have asked Malaysian authorities for a second time to help gather evidence in a case against those accused of embezzling funds from 1Malaysia Development Bhd. after an initial request in January went unanswered.


Boeing CEO Vows to Beat Musk to Mars
Julie Johnsson – Bloomberg
Boeing Co. once helped the U.S. beat the Soviet Union in the race to the moon. Now the company intends to go toe-to-toe with newcomers such as billionaire Elon Musk in the next era of space exploration and commerce.

Solving Climate Change With Beer From Patagonia’s Food Startup
Bradford Wieners – Bloomberg
Executives at the outdoor apparel company are sick and tired of Big Food’s greenwashing.

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