Nasdaq to Acquire Verafin; ‘Zillennials’ Are Going to Change Investing Forever, BofA Says

Nov 19, 2020

First Read

$15,861/$300,000 (5.3%)

++++

Hits & Takes
John Lothian & JLN Staff

I have been negligent in reporting that David Prosperi has retired from the OCC. He took a package that was offered this summer for employees with certain tenure who were a certain age. He will be replaced by Michael Shore, whom Prosperi brought on earlier this year as a transition plan. Prosperi has worked for four major financial institutions in Chicago: the CBOT, CME, Aon and the OCC. He got his start with Superior Oil in Washington, DC as an intern during grad school. He later worked on the Reagan presidential campaign in 1980 and then landed a job in the White House as assistant press secretary, working under James Brady and Larry Speakes. He also later worked in the Department of Energy and the Department of the Interior. He lived for a while in Elmhurst, IL, not too far from where I live now. Prosperi was hired by Craig Donohue at the CME and OCC, and he helped transform the OCC into an industry thought leader. He was hired by the CBOT following the FBI investigations of the late 1980s into the Chicago markets. He was one of the very best communications professionals I have ever dealt with and have valued collaborating with him over the years. He will be taking some time to relax and then maybe take on some consulting roles. He has earned the time off.

Please consider a donation to Covenant House. The good people at Wedbush in Chicago have a team and are trying to raise $10,000. They are 25% to their goal. Covenant House helps homeless youth by giving them the resources to transition from homelessness to independence.

Newsweek has an article titled “Trump Can Still Win In Armageddon Scenario for Markets, JP Morgan Warns” that I am too afraid to even read.

The McLean County Clerk in Illinois, Kathy Michael, is a former employee of a firm of which I was a part owner. We fired her for commodity fraud reasons, including submitting fraudulent customer documents and misallocation of trades in different customer accounts. She is a Republican elected official in this Illinois county. As county clerk, her office was responsible for the election in McLean County. My partners and I met her when we worked together at Gerald Commodities. After I left, I went to a firm Bud Frazier formed. He had also left Gerald. After Bud died nine months later, I and a couple of his long time associates hired Michael at The Frazier Associates after she left Rand, which Gerald was renamed after it was sold to a customer, Monroe Trout. Michael had difficulty finding a job as a broker after that as her reputation with us spread among industry compliance departments. She eventually had her son (David Alan Michael) front a firm, The Michael Group, as the principal, with her working in a non-registered role to avoid the impact of her reputation. We at Frazier were contacted by the CFTC about a fraud investigation into The Michael Group. After the CFTC interviewed her son about the allegations, he committed suicide, the CFTC told us. The CFTC subsequently dropped the case and we never heard anything more about it or her. I guess there are second chances in life.

Justin Wolfers of the New York Times has a commentary titled “Postpone Thanksgiving and Save Hundreds of Lives.” I concur. Postpone. There is nothing special about the day. We want to be thankful, not regretful.

There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday.

Correction: The American Financial Exchange, The University of Chicago Law School and the Becker Friedman Institute on Thursday, December 3 at 12pm CT/ 1pm ET will host a webinar featuring Kathy Kraninger, Director of the Consumer Financial Protection Bureau (CFPB). Director Kraninger will be speaking on “CFPB’s Response in the Age of Covid-19.” Click here to register: Note: This event is closed to the media.

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL

*****

Attorneys for Cedric Chanu and James Vorley filed motions last week for acquittal or, failing that, a new trial. Chanu and Vorley, former metals traders at Deutsche Bank, were found guilty by a jury in September of multiple counts of wire fraud related to spoofing. Among other things, the defendants’ motion for a new trial claims that the jury verdict was coerced due to the special circumstances caused by COVID-19. Three jurors were excused from service on the last day of arguments because one of them reported having COVID-19 symptoms. During jury deliberations, the remaining 11 jurors were directed several times by Judge John J. Tharp, Jr. to continue deliberating despite jury reports that they were deadlocked. Late on Friday afternoon, the jury returned their mixed verdicts of guilty on some counts and not guilty on others. The defense notes that the jury members who did not believe the defendants to be guilty would have felt pressure to change their votes in light of the threat of their own or other jurors’ catching COVID-19 either in the courthouse or in transit. The Department of Justice has until December 11 to file a response. ~Thom Thompson

The STA Foundation plans to honor several industry execs with a Big Heart for Charity Award on December 1. Among them is Bryan Harkins, EVP and head of markets at Cboe Global Markets for his fundraiser Wall Street Rides FAR. The cycling charity has raised nearly $2 million for the Autism Science Foundation over the past five years. Other award recipients are Franciso Manuel of the Man Group and Zach McClanahan of Dash Financial Technologies. Ticket information for the virtual event is here. ~SC

++++

++++

David Prosperi retires from OCC
Securities Finance Times
Options Clearing Corporation’s (OCC) David Prosperi is set to retire as senior vice president, communications, as of 13 November, after just under six years with the equity derivatives clearinghouse. He will be replaced by Michael Shore who joined OCC in January. Shore is leading the communications function and reporting to Julie Bauer, who oversees the entire OCC external relations team.
/bit.ly/3lNrojl

*****I interviewed David Prosperi over Zoom about his career and we will have this interview next week. An interesting note, he was with President Reagan the day Reagan was shot in Washington, DC in 1981. More details are in the interview. Stay tuned.~JJL

++++

CME Group Announces 17th Annual Student Trading Challenge Winner – the First from Latin America; Innovative global markets competition aims to educate and inspire future finance professionals
CME
CME Group, the world’s leading and most diverse derivatives marketplace, today announced the winners of its 17th annual CME Group University Trading Challenge, including the first-place winners from the University of Antioquia in Medellín, Colombia. They are the first team from Latin America to win the global challenge.
/bit.ly/3pzrBJk

*****I bet they are good gamers too.~JJL

++++

America Just Can’t Get Enough Lysol; Despite record-breaking, around-the-clock production, the disinfectant still vanishes from store shelves in a matter of hours—even before the latest Covid spike.
Drew Armstrong – Bloomberg
One of America’s most recognizable icons of fresh-scented cleanliness comes from New Jersey. No matter where U.S. shoppers are lucky enough to spot cans of Lysol, the sanitizing spray was almost certainly produced at the same sprawling, tan-colored factory, in a suburb an hour’s drive from New York City. Over the noisy plant’s concrete floors, a steady stream of empty cans clink through an assembly line, waiting to be filled. On the line, a machine packs them all with a blend of ethanol, another disinfecting chemical called a quaternarylan ammonium compound, or quat, and some scent. Employees call the mixture the Juice.
/bloom.bg/3nDIlgR

*****To clean with, not to drink. Although when I was a kid I once tried drinking floor cleaner or floor wax, I can’t remember exactly. I had my stomach pumped. It was not fun.~JJL

++++

Ponzi Scheme Suspect Uses Underwater Scooter to Flee F.B.I.; After a chase, Matthew Piercey disappeared underwater using a submersible scooter, the authorities said. When he surfaced, agents were waiting with dry clothes his wife had provided.
John Ismay – NY Times
When the authorities went to arrest Matthew Piercey on Monday for what they said was his role in running a $35 million Ponzi scheme, he took off in his truck and led them to Shasta Lake, the largest man-made reservoir in California.
/nyti.ms/3kIQizy

*****This would have made great fodder for the late Bart Chilton’s Ponzimonium book.~JJL

++++

Bill Gates says in-person meetings aren’t the ‘gold standard’ anymore and that 50% of business travel will go away even after pandemic
Avery Hartmans – Business Insider
The sweeping changes we’ve seen this year to office work and business travel won’t go away, even after the pandemic subsides, according to Bill Gates. Gates described how he envisions the future of work during an interview with Andrew Ross Sorkin at The New York Times DealBook conference on Tuesday. According to Gates, one of the biggest changes to how business is conducted will have to do with work-related travel.
/bit.ly/36SiyKT

***** I meant to share this yesterday. It has great insight.~JJL

++++

Zoom will lift its 40-minute time limit for free meetings on Thanksgiving Day
Marika Gerken – CNN
The holidays are upon us and one tech company is already in the giving spirit. Zoom announced it will lift its timed meeting limit on Thanksgiving so “your family gatherings don’t get cut short.” The video communications company announced in a tweet that the 40-minute time limit it usually has on its free meetings will be lifted globally on November 26 (Thanksgiving Day).
/cnn.it/2KfL55y

******That is perhaps the smartest marketing move of the year.~JJL

++++

Racism Impoverishes the Whole Economy; While the targets unquestionably suffer the most, denying people equal opportunities diminishes the finances of millions of Americans.
Lisa D. Cook – NY Times
Discrimination hurts just about everyone, not only its direct victims. New research shows that while the immediate targets of racism are unquestionably hurt the most, discrimination inflicts a staggering cost on the entire economy, reducing the wealth and income of millions of people, including many who do not customarily view themselves as victims.
/nyti.ms/2IJA8ci

*****This is something I have said for a long time. When we hold people back from their God-given potential by discriminating against them for whatever reason, we are hurting all of us and our economic, scientific and societal growth. Just remember to love other people. Love is love!~JJL

++++

Wednesday’s Top Three
Our top story Wednesday was The Financial Times’ Deutsche Börse to buy majority stake in ISS. Second was Bloomberg’s Renaissance, Two Sigma Drop as Quants Navigate Chaos. Third was the CME press release CME Group Announces Launch of New Implied Volatility Indexes.

++++

MarketsWiki Stats
193,137,170 pages viewed; 24,587 pages; 226,863 edits
MarketsWiki Statistics

++++

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

Recently updated pages include
Zcash (ZEC)
0x
Jay Clayton
U.S. Securities and Exchange Commission

CryptoMarketsWiki Stats

1,470 pages; 13,057 edits
CryptoMarketsWiki Statistics

Lead Stories

Nasdaq to Acquire Verafin, Creating a Global Leader in the Fight Against Financial Crime
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ), a global technology company, and Verafin, an industry pioneer in anti-financial crime management solutions, today announced that they have entered into a definitive agreement for Nasdaq to acquire Verafin for US$2.75 billion in cash, subject to customary adjustments. The agreement will combine Verafin’s comprehensive suite of anti-financial crime management products with Nasdaq’s reach and established regulatory technology leadership to create a global SaaS leader in the fight against financial crime, a worldwide problem that demands innovative action.
/bit.ly/35HEObd

‘Zillennials’ Are Going to Change Investing Forever, BofA Says
Joanna Ossinger – Bloomberg
Peak era of meat, alcohol and cars ending as tastes shift; Gen Z set to over-take Millennials in earnings by 2031
Eating meat is out, flight-shaming is in. Gen Z is transforming the world and investors need to be prepared. As this new cohort — “Zillennials” — comes of age it’s going to eclipse the vaunted Millennials, boost emerging markets and help preferred sectors outperform as other more passe companies are likely to fall by the wayside, Bank of America Corp. wrote in a recent research report.
/bloom.bg/3nEzcVq

Dolly Parton is the superhero America needs in 2020; Why Dolly Parton helped fund Moderna’s coronavirus vaccine; Country music star Dolly Parton’s $1 million donation towards coronavirus research helped fund Moderna’s promising vaccine. (John Farrell/The Washington Post)
Alyssa Rosenberg – Washington Post
American audiences spent more than a decade worshiping at the big-screen altar of comic book characters. But the tumult of 2020 demanded a very different kind of superhero.
/wapo.st/32YZJoy

Dollar Libor left behind in shift away from tainted benchmark; Reform of lending rate embedded in everything from mortgages to derivatives poses huge challenges
Philip Stafford and Matthew Vincent – FT
UK regulators are locked in discussions with banks over how to shift $200tn of contracts linked to US dollar Libor by the end of next year, in a sign of concern over the slow shift away from the lending rate hit by a rigging scandal more than a decade ago.
/on.ft.com/36SSv6z

Larry Fink Says Biden Will Be ‘Voice of Reason’ Markets Need
Annie Massa – Bloomberg
Financial markets ‘encouraged’ to see Biden elected president; Touts need for infrastructure spending, broadband in all homes
BlackRock Inc. Chief Executive Officer Larry Fink said Joe Biden’s victory in the U.S. presidential election should encourage investors, who want stability and an easing of geopolitical tensions. “They’re looking for a voice that moderates, not a voice that incites,” Fink said at a Bloomberg New Economy Forum event broadcast Thursday in Hong Kong. “President-elect Biden can be that voice of reason.”
/bloom.bg/36NdCqV

What is securities lending, why do ETFs do it and is it risky? The practice introduces some counterparty risk but offers a route to additional earnings
Emma Boyde – FT
Securities lending should really be called securities renting. The owner of the securities “lends” them in return for a fee. While the securities are on loan the borrower transfers collateral in the form of other securities such as shares, bonds or cash to the lender. The value of the collateral is equal to or greater than the value of the securities being borrowed.
/on.ft.com/2IPtfpL

Bundesbank boss sets stage for ECB climate clash over bond-buying; Weidmann stands by ‘market neutrality’ for EUR3.5tn programme in debate over purchasing assets of carbon-heavy companies
Martin Arnold – FT
The head of Germany’s central bank has rejected calls for the European Central Bank to use its bond-buying powers to tackle climate change, setting up a potential clash with other policymakers including Christine Lagarde, the ECB president.
/on.ft.com/2IG5ron

Large Chinese Broker Faces Probe After State-Owned Coal Miner’s Default; Haitong Securities shares fall in Hong Kong and Shanghai
Xie Yu and Chong Koh Ping – WSJ
One of China’s largest securities firms is under investigation for suspected market manipulation and its role in the recent debt-related woes of a state-owned coal miner, following a tumultuous week in Chinese credit markets.
/on.wsj.com/36K9Eze

Central Bank With Negative Rates Record Shows Why They Work
Frances Schwartzkopff – Bloomberg
Denmark’s central bank says its latest study into the long-term effects of negative interest rates shows the policy works better than is widely appreciated. Morten Spange, chief monetary policy adviser at the bank in Copenhagen, says cutting rates below zero is an effective way to support lending.
/bloom.bg/3pFmmrE

Is the Traditional Christmas Nightmare for Funding Markets Over? In recent years, short-term borrowing costs in U.S. dollars have often surged at the end of the year
Mike Bird – WSJ
With the end of 2020 mercifully coming into view, there’s one holiday tradition that investors seem markedly less worried about this year—a sudden dollar-funding squeeze in December. In recent years, short-term borrowing costs in U.S. dollars, particularly for investors overseas, have often surged in December as major banks rein in activity to prevent regulatory charges.
/on.wsj.com/331u4CC

Nvidia Benefits From Sustained Pandemic-Era Remote Work, Videogaming Demand; Graphics-chip maker ‘is firing on all cylinders,’ CEO says
Asa Fitch – WSJ
Graphics-chip maker Nvidia Corp. is seeing no immediate letup in pandemic-era demand in home computing, videogaming and the use of its chips in big data centers, projecting this quarter to top the record sales it just posted.
/on.wsj.com/3nEVXZb

Refocusing Your Corporate Brand in a Post-Pandemic Environment; Setting New Goals with an Emphasis on the ‘S’ in ESG By Silvia Davi It goes without saying that 2020 has been an incredibly unusual year. We’ve had to endure a global pandemic, lockdowns, widespread social unrest, and a Presidential election.
Silvia Davi – ThriveGlobal.com
It goes without saying that 2020 has been an incredibly unusual year. We’ve had to endure a global pandemic, lockdowns, widespread social unrest, and a Presidential election. Companies across many industries have had to quickly adapt to the “new normal” in order to effectively service clients and employees during this time of ongoing uncertainty. Transformation has been the name of the game in the midst of a fluid and uncertain environment, which has required organizations globally to rapidly adapt to technology led workforces.
/bit.ly/36TgdzB

Coronavirus

Oxford Study Confirms Astra Covid Shot’s Response in Elderly
James Paton and Suzi Ring – Bloomberg
Astra partner sees late-stage Covid data in coming weeks; Older adults are at highest risk of severe illness from virus
The University of Oxford confirmed that the Covid-19 vaccine it’s developing with AstraZeneca Plc produced strong immune responses in older adults in an early study, with key findings from the last phase of tests expected in the coming weeks. The results, published Thursday in The Lancet medical journal, shed more light on preliminary data released in recent months showing the experimental shot generated an immune response in the elderly, who are at highest risk of severe illness.
/bloom.bg/32YPBvK

Russia Passes 2 Million Covid-19 Cases As Deaths Hit High
Jake Rudnitsky and Stepan Kravchenko – Bloomberg
Record 23,610 cases, 463 deaths reported in last day; Kremlin so far avoiding national lockdown amid economy fears
The number of Covid-19 infections in Russia surpassed 2 million, pushing the country’s hospital system to the brink amid a record amount of new daily cases. There were 23,610 new coronavirus cases in the last day, with 463 deaths, both records since the start of the epidemic, the government’s virus response center said Thursday. Russia has the fifth-most cases globally, after the U.S., Brazil, India and France.
/bloom.bg/36Oy62u

Why the developing world needs a bigger pandemic response; The G20 summit and a Biden administration could lead to new initiatives for poorer countries struggling to cope
Jonathan Wheatley – FT
In a crisis, it pays to be wealthy. The response of the developed world to the devastation of their economies by coronavirus has been to throw money at the problem. The IMF estimates that the combined fiscal and monetary stimulus delivered by advanced economies has been equal to 20 per cent of their gross domestic product.
/on.ft.com/38XcweU

U.S. Virus Deaths Surpass 250,000
WSJ
The U.S. logged more than 170,000 newly reported Covid-19 cases for the second time, as the death toll crossed the quarter-million mark. Hospitalizations also hit another record, with 79,410 people hospitalized because of the disease
/on.wsj.com/32YcejT

The Final Hurdle in the Covid-19 Vaccine Race Is Bureaucracy; Patriotism and haste combine with an alphabet stew of regulators around the world to raise the prospects of coronavirus chaos.
Vernon Silver, Suzi Ring, James Paton – Bloomberg
Making vaccines that are safe and effective is certainly the hard part of the race to pull humanity from the pandemic brink. Promising results are pouring in. On Nov. 9, Pfizer Inc. and its German partner BioNTech SE said early findings showed their vaccine prevented more than 90% of symptomatic infections in a trial of tens of thousands of volunteers. On Nov. 16, Moderna Inc. reported a 94.5% prevention rate for its vaccine, with a 30,000-plus test group.
/bloom.bg/3nIrB8h

How Big of a Deal Is the First At-Home Covid Test? Lucira Health’s test can be completed by anyone in 30 minutes. But supplies are limited, and not cheap.
Bloomberg Opinion
So the FDA just authorized the first Covid-19 testing kit for home use. While it sounds like a fantastic development in theory, what does it mean in practice?
/bloom.bg/2KrkMcZ

In the Covid Economy, Laid-Off Employees Become New Entrepreneurs; After pandemic cutbacks, some survive by turning their skills into businesses of their own
Kim Mackrael – WSJ
The coronavirus destroyed jobs. It also created entrepreneurs. To adapt to the pandemic and the job loss it unleashed, more Americans are becoming their own bosses, setting up tiny businesses to work as traveling hair stylists, in-home personal trainers, boutique mask designers and chefs. A man in Maryland started a mobile car-washing business.
/on.wsj.com/36QPVxH

Chinese Covid Vaccine Gives Scientists Pause Over Antibody Levels in Early Trials; Sinovac’s vaccine candidate induced lower level of antibodies compared with patients previously infected, though that may say little about ultimate efficacy
Chao Deng – WSJ
A leading Covid-19 vaccine under development in China showed inconclusive results about its level of protection, although scientists remain optimistic that the candidate can be among a roster of effective vaccines used to fight the pandemic.
/on.wsj.com/39azvTZ

Exchanges, OTC and Clearing

Dutch Star Companies TWO celebrates listing on Euronext Amsterdam
Euronext
Euronext congratulates Dutch Star Companies TWO, a special purpose acquisition vehicle, with its listing on Euronext Amsterdam today.
/bit.ly/38Tudfj

ICE Benchmark Administration to consult on ceasing publication of Libor; The ICE benchmark administrator will consult on intentions to stop publication of all GBP, EUR, CHF, and JPY Libor settings after December next year.
Annabel Smith – The Trade
ICE Benchmark Administration (IBA) has unveiled plans to consult on its intention to cease publication of a majority of Libor interest rates after 31 December 2021.
/bit.ly/36SYWXh

Introduction of a Mistrade Process for Eurex EnLight Trades; Eurex Circular 091/20 Introduction of a Mistrade Process for Eurex EnLight Trades
Eurex
Introduction
Eurex will introduce a mistrade process and ranges for off-book trades that are concluded on Eurex EnLight as an additional safety layer for participants active on the selective Request-for-Quote platform.
/bit.ly/393bxKh

Eurex Exchange Readiness Newsflash | Extension of trading hours for additional selected benchmark futures; Eurex Exchange Readiness Newsflash | Extension of trading hours for additional selected benchmark futures
Eurex
Dear Eurex Participant,
With this Newsflash we would like to provide you detailed information regarding the extension of trading hours for additional selected benchmark futures as of 7 December 2020, as announced in Eurex circular 084/20.
/bit.ly/3pH6aGr

Nasdaq CEO Adena Friedman to Present at J.P. Morgan Ultimate Services Investor Conference 2020
Nasdaq
/bit.ly/35Iy5O3

LME Chairman Gay Huey Evans and CSO Georgina Hallett recognised as “Global Inspirational Women in Mining”
LME
The London Metal Exchange (LME) Chairman, Gay Huey Evans OBE, and Chief Sustainability Officer, Georgina Hallett, have been selected to feature in the 2020 edition of “100 Global Inspirational Women in Mining” (WIM100).
/bit.ly/2UNo5wF

Amendments to the RBOB Gasoline Futures Contract to Comply with Final EPA Regulations Impacting Summertime Expiration Months
CME Group
New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) previously advised of the United States Environmental Protection Agency (“EPA”) proposed regulations and the potential impact on summertime months of the Contract via a Special Executive Report (SER 8663) dated October 7, 2020.
/bit.ly/3lNNKBn

Amendments to the CME and NYMEX Position Limit, Position Accountability, and Reportable Level Tables for the USD Malaysian Crude Palm Oil Calendar Futures, USD Malaysian Crude Palm Oil Average Price Option, Bursa Malaysia Crude Palm Oil – Gasoil Spread Futures, and European Low Sulfur Gasoil Financial Futures Contracts
CME Group
Effective on trade date Monday, November 23, 2020 and commencing with the January 2022 contract month and beyond, the Chicago Mercantile Exchange Inc. (“CME”) and New York Mercantile Exchange, Inc. (“NYMEX”) (collectively, the “Exchanges”) will remove the Single Month and All Month Position Limits from the USD Malaysian Crude Palm Oil Calendar Futures, USD Malaysian Crude Palm Oil Average Price Option, and Bursa Malaysia Crude Palm Oil – Gasoil Spread Futures (collectively the “contracts”) and will apply new Single Month and All Month Position Accountability Levels to the contracts (see SER-8678 published November 5, 2020). Also effective on trade date Monday, November 23, 2020 and commencing with the January 2022 contract month and beyond, Leg 2 of the Bursa Malaysia Crude Palm Oil – Gasoil Spread Futures will aggregate into NYMEX’s European Low Sulphur Gasoil Financial Futures contract (NYMEX Commodity Code: GX). These amendments are noted below and in Exhibit A of CME and NYMEX Submission No. 20-462. The contracts have diminishing balances.
/bit.ly/35JUWZA

Position Limits, Accountability Levels, and Large Trader Reporting Requirements in Connection with the Initial Listing of the Thailand Long Grain White Rice (Platts) Futures Contract
CME Group
In connection with the listing of the Board of Trade of the City of Chicago, Inc.’s (“CBOT” or “Exchange”) Thailand Long Grain White Rice (Platts) Futures contract (the “contract”) on trade date Monday, November 23, 2020 (see SER-8500 dated October 7, 2020), please note below and in Exhibit B of CBOT Submission No. 20-008 the corresponding spot-month position limit (Rule 559), aggregation allocation (Rule 559.D.), single month and all month accountability levels (Rule 560) and reportable level (Rule 561) for the new contract. The new contract shall have diminishing balances.
/bit.ly/2UHuxpi

Application for Copper Regularity
CME Group
Notice is hereby given that Stagecoach Cartage and Distribution, LLC has applied for regularity for copper deliverable against the COMEX Copper futures contract:
/bit.ly/2Hfe2NS

Speech By Tan Boon Gin, CEO Of Singapore Exchange Regulation, At The REITAS Webinar On “What You Need To Know As An Independent Director Of A REIT Manager”
SGX
Good morning everyone. Thank you for inviting me this morning to be your guest-of-honour at this webinar on “What you need to know as an independent director of a REIT manager”.
/bit.ly/3kPvqq5

Speech by Michael Syn, Head of Equities, Singapore Exchange, Invest Singapore 2020 Summit
SGX
Good morning and welcome to this virtual Invest Singapore 2020 summit. Singapore Exchange is pleased to partner with CGS-CIMB to bring to you one of the largest investment forums, and to wrap up a most extraordinary year for investors.
/bit.ly/3fgdBja

FESE: Introduction And Guiding Principles To ESG Reporting
Mondovisione
Companies are increasingly looking to meet the demand of ESG conscious investors but struggle to find the relevant approaches and methodologies.
/bit.ly/3nAWz1W

BME Admits A New 600 Million-Euro Sustainable Bond To Trading From The Basque Government
Mondovisione
BME, through the Bilbao stock exchange, today admitted a 600 million-euro sustainable bond issue to trading from the Basque Government. It is the fourth issue by the Basque region linked to Environmental, Social and Governance (ESG) criteria and the second this year, after the 500 million-euro social bond registered in April.
/bit.ly/32ZJSpB

Exchange Council Of Frankfurt Stock Exchange Appoints Paul Hilgers As Member Of The Management Board
Mondovisione
Paul Hilgers was appointed as a member of the Management Board by the Exchange Council of the Frankfurt Stock Exchange at its meeting today.
/bit.ly/3nK40nL

Fintech

AlgoDynamix launches Quantum Computing for more powerful forecasting
AlgoDynamix
AlgoDynamix, the leader in behavioural based forecasting for financial markets, announced today the launch of powerful new Quantum Computing capabilities. The new cloud-based service uses technology provided by D-Wave Systems and is a world first in behavioural forecasting for financial analytics.
/bit.ly/3kINwKr

Instagram-hyped fintech Lanistar not authorised, warns FCA; UK regulator issues warning over UK group aiming for £1bn valuation
Matthew Vincent -FT
An Instagram-hyped, Mastercard-backed UK fintech seeking a £1bn valuation for its “most secure” payment card technology is not allowed to operate in the UK, the City watchdog has warned.
/on.ft.com/38Wx2vX

TORA adds access to TP ICAP RFQ platform via OEMS; The integration will enable TORA’s OEMS clients to access liquidity through the TP ICAP Fusion RFQ pool of 14,500 instruments and over 30 liquidity providers. 
Annabel Smith – The Trade
Trading systems provider TORA has expanded its order and execution management system (OEMS) with access to the request for quote (RFQ) platform from interdealer broker TP ICAP for equity and ETF liquidity.
/bit.ly/36Ptt8j

Liquidnet Makes Strategic Additions To Its Data Science Team – Company Appoints Head Of NLP And Unstructured Data And Hires Three New Data Scientists, Signaling Further Investment In Developing AI-Centric Tools Designed To Alert Users To Key Factors Influencing Their Investments
Mondovisione
Liquidnet, the global institutional investment network, today announced the appointment of Steven Nichols as its Head of NLP (Natural Language Processing) and Unstructured Data. Additionally, the company has added three new data scientists – Dr. Nicholas Burtch, Dr. Anthony Schramm and Yusong Liu – to its fast-growing team.
/bit.ly/2IOz5HJ

G.H. Financials Selects Eventus Systems For Global Trade Surveillance – Validus Platform Also To Help Firm Comply With MiFID II Algorithmic Monitoring Requirements
Mondovisione
Eventus Systems, Inc.<http://www.eventussystems.com/>, an award-winning global provider of multi-asset class trade surveillance and market risk solutions, announced today that G.H. Financials<https://www.ghfinancials.com/en> (GHF) has selected Eventus to meet its trade surveillance needs worldwide. The London-based exchange-traded derivatives clearing firm will deploy the cloud-based version of the Eventus Validus platform beginning in early 2021.
/bit.ly/35M2QSc

The Saudi Arabia Capital Market Authority (CMA) Grants A Financial Technology Experimental Permit (FinTech ExPermit) To DFN RoAd Company To Experiment Robo-Advisory Service
Mondovisione
Based upon the Capital Market Law issued by Royal Decree No. (M/30) dated 2/6/1424H, and reference to the Financial Technology Experimental Permit Instructions issued by CMA in 10/01/2018, which aims to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom. In relation to this, the CMA Board of Commissioners issued its resolution to grant DFN RoAd Company a Financial Technology Experimental Permit (ExPermit) to experiment Robo-Advisory service.
/bit.ly/38WRJYF

Banking Apps Prove More Popular Than Social Media During Pandemic
Mondovisione
This year has seen people, including older generations, flock to banking online and on their phones to ensure they stay on top of their money and bills amidst the COVID-19 pandemic, according to new research from Mastercard.
/bit.ly/2IOtXn2

The cashless economy: How fintech is approaching the future of finance
Mckenna Moore – Fortune
Cashless payments were on the rise before the pandemic hit, and now, eight months into its grip on the U.S., their use is accelerating even faster. This was the topic of conversation at Fortune’s latest Brainstorm Finance panel on the cashless economy. Host Jen Wieczner and senior writer Robert Hackett were joined by panelists Stephanie Cohen, chief strategy officer at Goldman Sachs, Anthony Noto, CEO of SoFi, Craig Vosburg, President of North America at Mastercard, Emilie Choi, COO of Coinbase, and surprise guest Nima Ghamsari, founder and CEO of Blend.
/bit.ly/2IR71TU

Affirm, PayPal co-founder’s fintech startup, files for IPO
Jeremy C. Owens – MarketWatch
Affirm Holdings Inc. filed for an initial public offering Wednesday, giving a member of the “PayPal Mafia” yet another chance to score Wall Street riches. Affirm is a financial-technology startup that allows consumers to purchase goods and make payments in installments. It was co-founded by Max Levchin, a co-founder of PayPal Holdings Inc. who is chief executive of the company.
/on.mktw.net/3fchWUt

African fintech startup Chipper Cash raises $30M backed by Jeff Bezos
Jake Bright – TechCrunch
African cross-border fintech startup Chipper Cash has raised a $30 million Series B funding round led by Ribbit Capital with participation of Bezos Expeditions — the personal VC fund of Amazon CEO Jeff Bezos. Chipper Cash was founded in San Francisco in 2018 by Ugandan Ham Serunjogi and Ghanaian Maijid Moujaled. The company offers mobile-based, no fee, P2P payment services in seven countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa and Kenya. Parallel to its P2P app, the startup also runs Chipper Checkout — a merchant-focused, fee-based payment product that generates the revenue to support Chipper Cash’s free mobile-money business. The company has scaled to 3 million users on its platform and processes an average of 80,000 transactions daily. In June 2020, Chipper Cash reached a monthly payments value of $100 million, according to CEO Ham Serunjogi
/tcrn.ch/3fhTiBU

Cryptocurrencies

Bitcoin rallies above $18,000 to trade near all-time highs
Eva Szalay – FT
Bitcoin has surged to within striking distance of the record high it set three years ago, but some analysts cautioned that further gains would leave the price “screaming” for a major correction. On Wednesday, bitcoin traded as high as $18,492 after an explosive run in which it has jumped more than 50 per cent in 30 days, Refinitiv data show. Bitcoin peaked in December 2017 at $19,458, before suffering a spectacular crash that left the market dormant for years. This time, bitcoin could touch new records, according to Joel Kruger, a currency analyst at LMAX Exchange, who said that if that happened, prices could be on course for a sharp fall. Traders said volatility remained high.
/on.ft.com/36L8Nye

All the Bitcoin Lingo You Need to Know as Crypto Heats Up
Vildana Hajric and Olga Kharif – Bloomberg
Bitcoin’s back, baby. The best-known and largest cryptocurrency has gained more than 130% in pandemic-ravaged 2020 and in November surpassed four separate $1,000-point barriers within a four-day span, going from $15,000 to $18,000. It’s a surge reminiscent of its wild ride in 2017-18, when it rose by 1,375% to within a whisker of $20,000 before falling by 70%. Some credit the rise to greater acceptance by Wall Street linchpins, including PayPal, which said in October it would allow customers to access cryptocurrencies, and some prominent money managers, with macro investor Paul Tudor Jones buying the coin as a hedge against potential inflation.
/bloom.bg/331G0Vc

Bitcoin bulls and bears: Tech execs discuss what’s in store for cryptocurrency
Brett Haensel – Fortune
Seeing the U.S. already fall behind China in the race to 5G, Brad Garlinghouse is worried another hotly contested technological battle is headed in the same direction: the race to cryptocurrency preeminence. As the CEO of Ripple – – a software company focused on solving cross-border payment inefficiencies using blockchain technology – – Garlinghouse is frustrated with what he believes to be the U.S.’s confused regulatory approach to the cryptocurrency market.
/bit.ly/35LBr2W

Binance files US lawsuit against Forbes and two cryptocurrency journalists
Jon Rice – Cointelegraph
The cryptocurrency exchange alleges “millions of dollars” in losses as a result of what it describes as a “false and misleading” article.
Binance has filed a lawsuit in the state of New Jersey against Forbes Media and two of its journalists, Michael del Castillo and Jason Brett, alleging that an article published under the title “Leaked ‘Tai Chi’ Document Reveals Binance’s Elaborate Scheme To Evade Bitcoin Regulators” was defamatory. Binance is demanding both compensatory and punitive damages. The article, which appeared on the Forbes website on Oct. 29, reported that the “Tai Chi” document contained details of a scheme designed to “intentionally deceive regulators” in the United States. According to Forbes, the document described a plan to funnel revenue from a U.S. entity back to Binance while insulating the company from U.S. enforcement.
/bit.ly/3lP8IzR

Billionaire Salinas Has 10% of ‘Liquid Portfolio’ in Bitcoin
Benjamin Stupples and Felipe Marques – Bloomberg
Bitcoin has one of its wealthiest backers yet. Ricardo Salinas Pliego, Mexico’s third-richest person, said in a Twitter post Tuesday he’s invested a chunk of his liquid assets in the world’s biggest cryptocurrency. “Many people ask me if I have bitcoins,” said Salinas, who has a $11.8 billion fortune through his stakes in retail, banking and broadcast businesses, according to the Bloomberg Billionaires Index. “YES. I have 10% of my liquid portfolio invested it.”
/bloom.bg/35KIt8g

The return of $20,000 Bitcoin: what’s different this time around
Jeff John Roberts and David Z. Morris – Fortune
Good morning. The price of Bitcoin crossed the $18,000 mark last night, the latest in a series of milestones that has seen the cryptocurrency’s price rise by nearly 400% since March. The current rally is impressive, but also has an element of déjà vu: It was this time three years ago that Bitcoin brushed $20,000, only to crash spectacularly weeks later amid a broader popping of the 2017 cryptocurrency bubble.
/bit.ly/36RdC9m

OKEx says it will resume crypto withdrawals by November 27
Wolfie Zhao – The Block
OKEx has announced it will resume crypto asset withdrawals. The exchange said in a post around 10:45 UTC time on Thursday that it will resume the withdrawals by November 27. The news of the resumption comes over a month after OKEx suspended withdrawals because a private key holder – who later was identified as the exchange’s founder Star Mingxing Xu – was taken away by Chinese police to “assist an investigation” in October. “The problem has been resolved so far and the relevant personnel has returned to work position,” the company said. Rumors that Xu might soon be released from law enforcement started to surface on early Thursday morning China time via social media on WeChat and Twitter.
/bit.ly/3kN7bZE

The SEC Swats Cryptocurrency Flies While The Chinese Government Takes The Farm.
Roslyn Layton – Forbes
Cryptocurrencies offer innovative payment and security solutions for commerce, supply chains, and manufacturing. They make global payments faster, safer, more efficient, and more transparent. For years, Washington has neglected or misunderstood this most promising U.S. innovation, leaving American start-ups lost in a maze of regulatory uncertainty. Now that blockchain and cryptocurrency solutions have entered the real economy, revolutionizing money and payments, regulatory confusion has set the cryptocurrency community ablaze. Meanwhile, the Chinese are poised to capitalize on US policy mistakes yet again.
/bit.ly/3pFil6y

Bitcoin Whales’ Ownership Concentration Is Rising During Rally
Olga Kharif – Bloomberg
A lot of theories have emerged on why Bitcoin has skyrocketed almost 60% in the past month, with most heralding widespread adoption by institutions and individuals.The fact remains that there’s nothing widespread about Bitcoin ownership. A few large holders commonly referred to as whales continue to own most Bitcoin. About 2% of the anonymous ownership accounts that can be tracked on the cryptocurrency’s blockchain control 95% of the digital asset, according to researcher Flipside Crypto.
/bloom.bg/35MPWUl

Politics

Have journalists finally learnt how to challenge political lies? The profession needs much higher standards to prevent Trump-like figures broadcasting falsehoods
Simon Kuper – FT
“Well, we’re interrupting this because what the president of the United States is saying, in large part, is absolutely untrue,” said CNBC anchor Shepard Smith as his network pulled away from Donald Trump making baseless post-election claims about illegal voting. As did other networks. Journalism’s belated turn against falsehood should resonate far beyond the US.
/on.ft.com/3pLdhxk

Biden’s win changes the mood music for markets; But the new president will struggle to unite two Americas
John Redwood – FT
The FT portfolio has been heavily invested in the US this year as the most likely place to offer growth and share price rises. It has also provided the best income on advanced country bonds in a world of near-zero rates.
/on.ft.com/33fOx79

Jamie Dimon takes jab at Trump’s refusal to concede the election
Thornton McEnery – NY Post
Jamie Dimon took shots at the outgoing Trump administration, even as he made it clear he won’t be joining the Biden White House. In a Wednesday interview, the JPMorgan Chase chief took thinly veiled jabs at President Trump for refusing to concede the election, even as he lashed out at lawmakers over stalled stimulus talks and warned that the coronavirus pandemic is far from over. “There will be a new president sworn in on January 20,” Dimon told the New York Times’ Dealbook conference. “We need a peaceful transition. We had an election and we have a new president. You should support that whether you like it or not because it’s based on a system of faith and trust.”
/bit.ly/3pC1otE

JPMorgan lays out the nightmare election scenario that could send markets into a tailspin
Matt Egan, CNN Business
Much of Wall Street views the Trump campaign’s efforts to overturn the election results as a desperate sideshow destined to fail. But JPMorgan is telling clients there’s still a chance that this process descends into chaos. It is 2020, after all.
/cnn.it/36TgTES

Regulation

Supervising Independent Contractors
FINRA
This panel of FINRA staff and industry members addresses common challenges in supervising independent contractors. The session offers examples and suggestions for firms to use in their everyday supervision and compliance efforts. The panel also discusses existing rules and related guidance and shares effective industry practices.
/bit.ly/2IR0h8y

Statement of Chairman Heath P. Tarbert in Support of Final Rule on Swap Execution Facilities
CFTC
I am pleased to support today’s final rule amending Part 36 and Part 37 of the CFTC’s regulations relating to swaps. These amendments codify staff no-action letters in two areas: (1) package transactions and (2) error trades.
/bit.ly/35HGCB1

Supporting Statement of Commissioner Brian Quintenz Regarding Swap Execution Facility Requirements
CFTC
I support today’s final rule that codifies through rulemaking two issues concerning swap execution facilities (SEFs) currently addressed in staff no-action letters. I am pleased that this final rule will provide market participants with much needed regulatory certainty in the areas of “package transactions” (a series of related transactions sometimes including non-swap components) and the correction of erroneous trades. With the benefit of six-plus years of implementation experience, and multiple extensions of each of these no-action letters, it is long overdue for the Commission to codify and clarify its policy on each of these important issues.
/bit.ly/2UHv4ri

Statement of Commissioner Dan M. Berkovitz on Codification of Certain Swap Execution Facility Requirements; Final Rule
CFTC
I support today’s final rule to amend parts 36 and 37 of the Commission’s regulations relating to the execution of package transactions and correction of error trades on swap execution facilities (SEFs). The final rule will further, in a flexible and cost-effective manner, the Congressional goal of promoting the trading of swaps on SEFs.
/bit.ly/2ISOneg

CFTC Unanimously Approves Final Rule Amending Swap Execution Facility Requirements
CFTC
The Commodity Futures Trading Commission has unanimously approved a final rule amending certain parts of its regulations relating to the execution of “package transactions” on swap execution facilities (SEFs) and the resolution of error trades on SEFs. Both matters are currently the subject of relief in Commission staff no-action letters.
/bit.ly/3ffdwfB

Statement of Chairman Heath P. Tarbert in Support of Foreign Clearinghouse Registration Exemption Framework
CFTC
We are voting to approve a rule proposed in 2018 that codifies existing staff guidance by which the CFTC exempts derivatives clearing organizations (DCOs) from registration for the clearing of swaps.[1] Pursuant to that guidance, we have exempted four clearinghouses that we determined are subject to “comparable, comprehensive supervision and regulation” by the clearing organization’s home country regulator.[2] Codifying this framework through a notice-and-comment rulemaking is, frankly, good government. And doing so is in keeping with my recent directive on the use of staff letters and guidance, in which I noted that staff guidance and letters should supplement rulemakings, rather than themselves function as rules.[3] This approach has many benefits, including providing increased transparency. It also furthers our strategic objective of enhancing the regulatory experience for market participants at home and abroad.
/bit.ly/3kIiqTf

CFTC Unanimously Approves Final Rule for Granting Exemptions from Derivatives Clearing Organization Registration
CFTC
The Commodity Futures Trading Commission has unanimously approved a final rule establishing a framework for the Commission to grant an exemption from registration as a derivatives clearing organization (DCO) to a clearing organization organized outside of the U.S. for the purpose of clearing proprietary swap transactions for U.S. persons.
/bit.ly/2ILsHAR

Supporting Statement of Commissioner Brian Quintenz Regarding Exemption from Derivatives Clearing Organization Registration Final Rule
CFTC
I support today’s final rule to codify the CFTC’s existing practice of exempting non-U.S. derivatives clearing organizations (DCOs) from registration, pursuant to a provision of the Commodity Exchange Act that allows for U.S. swap market participants to access comparably regulated foreign DCOs.[1] That provision authorizes the Commission to defer to its counterparts abroad, which I believe properly conserves the Commission’s resources and enables firms to avoid duplicative regulation, while providing U.S. market participants with greater choice.
/bit.ly/2UEscuX

Seizing The Opportunities From Digital Finance – Speech By Andy Haldane, Bank Of England Chief Economist And Member Of The Monetary Policy Committee, Given At TheCityUK 10th Anniversary Conference
Mondovisione
Developments in digital finance could transform how consumers and businesses make payments and raise finance. This could help revitalise the UK economy, says Andy Haldane.
/bit.ly/38Wseqw

Canadian Securities Regulators Provide Guidance To Issuers On Reporting Impact Of COVID-19
Mondovisione
The Canadian Securities Administrators (CSA) published its biennial report on its continuous disclosure review program. Due to the ongoing impact of the COVID-19 pandemic, the report also includes guidance for issuers on reporting the impact of COVID-19.
/bit.ly/3pI1qjE

ISDA Statement on IBA and UK FCA Announcements on LIBOR Consultations
ISDA
ISDA has published the following statement in response to today’s announcements by ICE Benchmark Administration (IBA), the administrator of LIBOR, and the UK Financial Conduct Authority (FCA).
/bit.ly/38Wt6eM

Marie-Louise Huth Named as Associate General Counsel for Legal Policy
SEC
The Securities and Exchange Commission today announced that it has named Marie-Louise (Malou) Huth as an Associate General Counsel for Legal Policy in the Office of the General Counsel (OGC). As an Associate General Counsel, Ms. Huth will provide legal advice to the Commission and SEC divisions and offices on a wide range of matters, with a particular emphasis on regulatory recommendations to the Commission from the Divisions of Investment Management and Trading and Markets.
/bit.ly/331vnl7

Investing and Trading

Lockdown Is Giving People Another Crack at Extreme Saving; Pubs are closed, shops are shuttered and some consumers in England are using their second, shorter confinement as a way to build wealth.
Edward Robinson and Suzy Waite – Bloomberg
When Britain entered its first lockdown in March, Laura Purkess went into extreme savings mode. The 23-year-old retreated from London to her mother’s house in the English countryside and slashed her spending. She didn’t pay rent, buy new clothing or splurge on a summer holiday. She and her partner socked away so much money — 32,000 pounds ($42,600) — that they ended up with enough for a deposit on a home of their own.
/bloom.bg/3pLWACi

Vaccine arrival expected to trigger dollar slump in 2021; Analysts predict currency could fall 20% if widely available coronavirus jab leads to economic rebound
Eva Szalay and Colby Smith – FT
Wall Street analysts expect the arrival of a vaccine against coronavirus to send the dollar sinking next year as confidence returns to the global economy. Big banks with already negative views on the dollar for 2021 cut their forecasts further this month after clinical trials bolstered hopes that vaccines could become widely available next year, sparking an economic rebound that encourages a hunt for riskier bets.
/on.ft.com/2IG3hoL

Pandemic fuels global ‘debt tsunami’; Governments and companies took on $15tn more borrowing in first nine months of 2020, says IIF
Jonathan Wheatley – FT
Global debt rose at an unprecedented pace in the first nine months of the year as governments and companies embarked on a “debt tsunami” in the face of the coronavirus crisis, according to new research.
/on.ft.com/3pGSsmX

Fannie, Freddie Should Hold $280 Billion in Capital, FHFA Says; The decision is a key step in efforts to return the two companies to private ownership
Andrew Ackerman – WSJ
Mortgage giants Fannie Mae FNMA 2.15% and Freddie Mac FMCC 3.41% will have to hold hundreds of billions of dollars of capital to absorb possible losses, their federal regulator decided on Wednesday.
/on.wsj.com/3lGpmBE

Environmental, Social and Corporate Governance

Bundesbank chief: How central banks should address climate change; Jens Weidmann says we can explore requiring better risk disclosures but cannot make up for a lack of political will
Jens Weidmann – FT
Imagine you had magical powers that could make the global climate crisis disappear. Wouldn’t you use them? I certainly would. Without a doubt, tackling this crisis is one of the greatest and most pressing challenges of our time. Every one of us should be doing more to curb global warming.
/on.ft.com/2KoESo7

BlackRock’s Fink Says Investors Shifting to ESG-Focused Firms
Alastair Marsh – Bloomberg
Companies embracing stakeholder capitalism outperforming peers; Growing number of investors are focusing on climate change
BlackRock Inc. Chief Executive Officer Larry Fink said how companies approach environmental, social and governance issues has become a defining factor for investors.
/bloom.bg/3nETf5X

Sunak’s green gilt to help ESG access to corporate bonds
Imogen Tew – FT Advisor
The chancellor’s plans to launch Britain’s first green sovereign bond will likely result in a wider range of green corporate bonds for investors, according to an ethical bond expert. Noelle Cazalis, manager of the Rathbone Ethical Bond fund, told FTAdviser the “most exciting” part of Rishi Sunak’s green gilt announcement was that it would send a signal to the corporate bond market that there was a strong demand for green fixed income products. She said: “The secondary effect of the green gilt is more exciting to us. It’s a signal to the green bond market that there is a demand there to issue green bonds in sterling.
/bit.ly/2KfRBJy

Institutions

Norway’s $1.2tn oil fund to use more external managers; Move by sovereign wealth fund would mean an increase of $18bn placed with outside managers
Richard Milne – FT
Norway’s $1.2tn oil fund will significantly increase its use of external asset managers next year as the world’s biggest sovereign wealth fund seeks to boost its returns.
/on.ft.com/38Yya2u

Two Pimco employees accuse asset manager of discrimination; Lawsuit alleges California-based company tried to force out two women
Chris Flood – FT
Two female Pimco employees have filed a gender and disability discrimination lawsuit against the $2tn US asset manager, alleging that managers at the company deliberately created intolerable working conditions in an effort to force both women to leave.
/on.ft.com/3nHPdJV

UBS Wealth Picks Ex-NFL Pro Bowler to Lead Athlete Segment; Adewale Ogunleye says the industry has failed to ‘speak athletes’ language,’ leaving them vulnerable to bad advice.
Brandon Kochkodin – Bloomberg
Adewale Ogunleye, a former Pro Bowl defensive end with the Chicago Bears, has been named to lead UBS Global Wealth Management’s new Athletes & Entertainers segment, according to an announcement from the bank.
/bloom.bg/3nESCt7

Pimco Accused of ‘Fraternity Culture’ in Suit by Female Workers
Maeve Allsup – Bloomberg
Lawsuit alleges leaders encouraged gatherings at strip clubs; Pimco says complaint has no merit, will fight case in court
Allianz SE’s Pacific Investment Management Co. was sued by a pair of female workers who allege the money manager operates as a fraternity that favors white males.
/bloom.bg/38XunST

BNP Paribas Asset Management Announces New US Leadership Team
Mondovisione
BNP Paribas Asset Management (‘BNPP AM’) today announces the appointments of Johanna Lasker and Amanda Raynor as CEO of BNPP AM USA and Deputy CEO of BNPP AM USA respectively, with effect from 1 January 2021.
/bit.ly/2ITHsSD

Regions

Swiss Watch Exports on Track for Biggest Decline in 80 Years
Corinne Gretler – Bloomberg
Swiss watch exports are heading for their biggest annual slump in 80 years as the pandemic upended tourism and demand for luxury goods. Exports have plunged 26% in the first 10 months of the year, according to the Federation of the Swiss Watch Industry. Shipments fell 7.1% to 1.9 billion francs ($2 billion) in October, the smallest percentage decline in nine months.
/bloom.bg/36QRThO

Prince Andrew Helped a Secretive Luxembourg Bank Woo Sketchy Clients; The embattled royal’s friendship with financier David Rowland lent cachet to Banque Havilland.
Gavin Finch, Harry Wilson – Bloomberg
It isn’t much fun these days being Prince Andrew, eighth in line to the British throne. Last year he was grounded by his mother, the queen, after a disastrous TV interview about his links to the late money manager and convicted pedophile Jeffrey Epstein. The prince rarely leaves the confines of Windsor Great Park, where he lives in a 30-room house, and he hasn’t made a public statement in months. When he does communicate, it’s through lawyers sparring with U.S. prosecutors who want to question him.
/bloom.bg/36TIcyY

Philippines Plans to Expedite Covid-19 Vaccine Approvals
Andreo Calonzo – Bloomberg
The Philippines plans to cut the approval time for coronavirus vaccines already approved by other nations, fast tracking their emergency use among high-risk individuals in the Southeast Asian hotspot.
/bloom.bg/32WlkxE

Beijing Critic’s Bank Accounts Frozen as China Raises Pressure
Bloomberg News
Deng Yuwen says he’s unable to access life savings back home; Action signals less tolerance for dissidents living overseas
A vocal advocate of Chinese government reform living in the U.S. said that several banks have frozen his accounts back home, in another sign that Beijing is stepping up pressure on overseas dissidents. Deng Yuwen, a former editor at the Communist Party-run Study Times journal, said Thursday that four bank accounts held by him and his wife have been blocked since Sept. 2. The action has kept Deng from accessing about 300,000 yuan ($46,000), a sum he described as his life savings.
/bloom.bg/36SPnay

China’s first negative-yielding sovereign bond spurs investor rush; Buyers of European debt facing low interest rates at home pile into EUR4bn offering
Hudson Lockett and Thomas Hale – FT
China has sold its first negative-yielding sovereign bond, a euro-denominated deal that drew bumper demand from European debt investors facing record-low returns across the region.
/on.ft.com/3nEBhjW

Brexit

Brexit Britain Collides With Irish Soft Power in Washington
Dara Doyle and Billy House – Bloomberg
When Nancy Pelosi arrived in Dublin in April last year after a couple of days in London, her reception could hardly have been more different. On her visit to the U.K., the House Speaker and one of the most powerful figures in American politics had been lectured by Brexit supporters. She’d been hosted at Downing Street, but by the chancellor of the exchequer rather than Theresa May, the prime minister at the time. In Ireland, she was invited to address the joint houses of parliament, a rare honor bestowed on the likes of Nelson Mandela and Bill Clinton. Her speech drew a standing ovation led by rock band U2’s frontman Bono. Later, she dined at Dublin Castle, once the seat of British power in Ireland, with all the pomp of a state engagement.
/bloom.bg/3fgh4yc

Post-Brexit UK announces military spending boost
Andrew MacAskill – Reuters
Britain pledged to end the “era of retreat” by announcing a major increase in military spending, despite the coronavirus crisis pummelling the economy, as it seeks to define its post-Brexit role on the world stage. Prime Minister Boris Johnson said the extra spending reflected the need to upgrade military capabilities, with plans for a new space command and artificial intelligence agency. In a speech to parliament on Thursday outlining first conclusions from a big review of foreign policy and defence, Johnson will announce an extra 16.5 billion pounds ($22 billion) for the military over the next four years. The defence budget is now just under 42 billion pounds a year.
/reut.rs/2Ki3U89

Brexit and the myth of ‘mastermind’ Cummings
Dominic Cummings – The Guardian
Julian Coman perpetuates the commonly held idea that the loss of Labour’s “red wall” seats in 2019 was the culmination of a cunning strategy developed by Dominic Cummings during the Brexit campaign of 2016, in which a large lie on the side of a bus appealed to “a deep nostalgia for a lost politics of solidarity” (Cummings should not be forgotten: Labour has to learn what he got right, 16 November). However, the social geographer Professor Danny Dorling has shown that it is a mistake to identify the “red wall” constituencies as the Brexit heartlands: “The capital of Brexit was Essex.
/bit.ly/38TCOyB

Nissan’s U.K. arm tough to sustain without Brexit deal, chief says
Tim Kelly and David Dolan – Japan Times
Any final exit by the U.K. from the European Union that worsens business conditions through increased tariffs would threaten the sustainability of Nissan Motor Co.’s U.K. operations, the Japanese carmaker’s chief operating officer (COO) has cautioned. Nissan, which employs 7,000 people at the U.K.’s biggest auto plant in Sunderland, northeastern England, urged in June for an “orderly, balanced Brexit”. Its latest warning, however, comes as the EU cautions the U.K. that it has fewer than 10 days left to secure a deal to govern trade from next year.
/bit.ly/2Kd1KGT

Traders grow anxious over market access ahead of Brexit deadline
Philip Stafford and Jim Brunsden – FT
Traders are ramping up warnings of disruption in financial markets from January without clear decisions on how the UK and EU will co-operate after the Brexit transition period ends. Some derivatives trading may need to shift to the US unless the two sides can come to an agreement over so-called equivalence that would allow mutual recognition of regulatory standards, industry bodies say. Decisions on the matter were due at the end of June, but the EU has withheld guidance without more clarity from the UK on how far it intends to diverge from EU rules. With just six weeks remaining before the cut-off point, anxiety is rising.
/on.ft.com/2ITnDe1

John Lothian Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

“John Lothian and Company… our industry intelligence.”

Rick Lane

CEO, Trading Technologies

Past JLN Newsletters

The City of London’s Supremacy Goes Very Deep

The City of London’s Supremacy Goes Very Deep

First Read $16,711/$300,000 (5.6%) ++++ FIA Asia-V: Asia-Pacific Exchanges Look Back and Ahead Sarah Rudolph and Suzanne Cosgrove - John Lothian News In the first panel at FIA's Asia-V 2020 Expo, exchanges in the Asia-Pacific looked back at their successes during a...

Pin It on Pinterest

Share This Story