Regional Resiliency: COVID endangers Chicago’s global status

Oct 26, 2020

First Read

$9,141/$300,000 (3%)
Diane Saucier


Peter Wind, Longtime Industry Colleague and Mentor, Passes Away
By John J. Lothian

It is with a heavy heart I report that former Cargill Investor Services (CIS) executive Peter Wind has passed away at the age of 70. Peter was the chairman of the advisory committee for John J. Lothian & Company, a good friend and mentor to me and to many in the industry.

He died at home on Saturday after collapsing in the morning. He was alone at the time as his wife, Stephanie, was at their son’s home helping with a new grandchild. He had not been ill.

Wind was an early supporter of what became the John Lothian Newsletter. It was Bernie Dan who relayed the news of Wind’s passing and it was Dan who first introduced my newsletter to Wind and fellow CIS executive Jan Waye. Wind and Waye both reached out to me after reading my newsletter for several weeks, inviting me to lunch. They wanted to know who I was, and why I knew so much about the industry and markets.

Wind became the prime salesman for JLN as he used my newsletter as a calling card. When he called on a prospect he would ask if they read JLN and if not, he said he would get them on the distribution list. At one time, I had over 200 CIS employees receiving JLN in the early days because of Peter’s pitching.

Wind became more than a supporter of JLN, he became a friend. He lived just a couple of towns south of me. He was a member of the same denomination of Christian church as me, the United Church of Christ. He had a summer home not too far from the spot in Michigan where my family went to church camp.

To read the rest of this commentary, go here.


Remembrances of Peter Wind
From Bernie Dan:

My good friend and colleague for 35 years, Peter C. Wind, suddenly passed away on Saturday October 24, 2020. My thoughts and prayers are with Peter’s family, especially his beautiful wife Stephanie, during this difficult time.

Peter was a good man and cared deeply about his family and friends. He was a mentor to many and was always trying to help those in need. He made us all laugh – his infectious humor was priceless. His keen intellect, thirst for knowledge and broad interests enabled Peter to live an interesting and fulfilling life.

To read the rest of these remembrances, go here.


Hits & Takes
John Lothian

The JLN staff is mourning the passing of our friend and mentor, Peter Wind. We are joined in this grief by his colleagues at Cargill, Penson, MF Global and many other firms where he touched people’s lives.

Personally, I am just numb from the loss.

We have created a memorial reflection page on and already have reflections to share from Bernie Dan, Jan Waye, Chris Malo, Carl Gilmore and Tony McCormick. If you would like to share a reflection for us to publish on this page, please email me at

Thank you to all who have already expressed sympathy for Peter’s passing on social media and via email.

It is surprise deaths like this that reinforce my drive to capture the stories for the Open Outcry Traders HIstory Project and The Path to Electronic Trading.

Peter Wind shared how he once went into the Eurodollar pit to fill an order for a Cargill Investor Services hedge fund client, something he rarely did. He wanted a better price and started to offer, rather than buy the order. He was spoofing the market, as many brokers would do. But this time someone took him up on his offer and he got backwards on the order. He ended up chasing the market higher to fill the buy order. He explained what he had done to the customer and the customer took the sale trade loss for Peter. That was the last time he did that. And that is how spoofing was handled in the pit.

The announced Boca 2021 will be virtual on March 16 to 18. Due to the coronavirus, this is the best course of action for the FIA to take. They intend to move back to in-person conferences as soon as it is safe to do so.

The FIA released a major clearinghouse data initiative: CCP Tracker.

The Wall Street Journal reports that “Covid-19 Is Surging at Weddings, Dinner Parties and Group Events.” I know it is tough, but think hard about going to group events.

We had one new donation to the JLN MarketsWiki Education GoFundMe campaign, from JLN Advisory Committee member Diane Saucier. Thank you Diane and all who have given and all those yet to give. Support our efforts to preserve industry history by donating to our GoFundMe campaign.

The Chicago Tribune is reporting that “Billionaire Ken Griffin, in battle with Gov. J.B. Pritzker over graduated-rate income tax amendment, ups his stake to $53.75 million to oppose it.”

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


HKEX’s Kevin Rideout Talks about MSCI Move to HKEX from SGX

Hong Kong Exchanges and Clearing Limited recently signed a long-term agreement with MSCI to list their indices in Hong Kong rather than in Singapore at SGX, which had listed the contracts for decades.

John Lothian of John Lothian News interviewed HKEX executive Kevin Rideout over Zoom on Thursday to ask him about HKEX’s plans for the MSCI index suite. John asked him how the deal occurred, the audience HKEX is targeting for the products, and why these indices are important to global investors.

Watch the video »


The Spread: A Freight Train of Volatility?

This week on The Spread, Cboe is set to acquire BIDS, TT branches out to South Africa, and more.

Watch the video »


FIA announces Boca 2021 Virtual (March 16 18)
FIA will host its annual Boca conference virtually from March 16-18. FIA remains committed to providing forums both in-person and virtually for the industry to meet, discuss topical issues, and engage with peers, regulators and clients. However, due to the ongoing safety concerns about the coronavirus globally, which most experts expect to continue for at least the first half of 2021, FIA will not hold an in-person event in March. We intend to move back to our regular industry-leading, in-person conferences as soon as it is safe to do so. Until then, FIA virtual events will continue to provide a critical platform for dialogue and engagement. We look forward to working with the industry to deliver a virtual Boca that measures up to the quality of thought-leadership programming you’ve come to expect from a Boca conference.

******As expected, Boca will be virtual.~JJL


CCP Tracker; Quarterly data on risk exposures at derivatives clearinghouses
The CCP Tracker is designed to provide greater transparency into the amount of risk in the global clearing system and the financial resources available to protect the system from losses. Using the public quantitative disclosures published by derivatives clearinghouses on a quarterly basis, the CCP Tracker contains a set of charts and tables that allow users to compare several key metrics for each quarter going back to the second half of 2015.

*****I have not felt the same way about trackers since watching The Hunger Games.~JJL


The Covid-19 Pandemic Is Making Everyone More Susceptible to Scams; Thieves have used fake calls, fake texts, fake puppies, fake arrest warrants and more to steal millions of dollars this year.
Emily Cadman, Jack Pitcher, and Chanyaporn Chanjaroen – Bloomberg
There’s one group of people for whom 2020 couldn’t have been more perfect if they’d scripted it themselves: scammers. A world ravaged by Covid-19 has all of the elements long identified by researchers as key reasons why fraud thrives in the aftermath of disasters: emotional upheaval, financial distress and the rupture of regular support networks.

*****I have a bridge for sale that prevents COVID-19. Just stay on the other side of the bridge.~JJL


The baseball card market is thriving thanks to COVID-19
Paula Froelich – NY Post
Forget the anxiety of the stock market, savvy investors are looking to Mickey Mantle. Baseball cards are a safe, reliable way to grow your investment portfolio, according to a new report, the Daily Mail reported. And it’s all about blue-chip names like Yankee legend Mantle.

***** My sons inherited my step-brother-in-law’s baseball card collection, including some real gems. This news will make them happy.~JJL


The U.S. and Europe are losing the coronavirus battle
Ishaan Tharoor – Washington Post
President Trump’s White House chief of staff, Mark Meadows, made a telling admission. “We’re not going to control the pandemic,” Meadows said Sunday on CNN’s “State of the Union,” suggesting that the spread of the coronavirus was a fait accompli and that containment was not a central plank of the White House’s strategy. On Friday, the United States recorded a record single-day high of more than 83,000 new cases. The next day, it was just 39 cases short of the previous mark.

*****I can’t stand all this winning.~JJL


Covid-19: US pulls plan to give early vaccine to Santa Claus
The US has cancelled plans to offer Santa Claus performers early access to a coronavirus vaccine in exchange for their help in promoting it publicly.

*****Santa “Vaccine Salesman” Claus?~JJL


Friday’s Top Three
Our top story Friday was John Lothian News’ How We Think and What We Think About Peak6 is About to Change, from John Lothian. Second was The New York Times’ When Libertarianism Goes Bad. (That story was originally titled “How Many Americans Will Ayn Rand Kill?”) Third was the Chicago Tribune’s Battle of billionaires: Griffin slams Pritzker push for graduated income tax amendment in email to employees.


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Lead Stories

Regional Resiliency: COVID endangers Chicago’s global status
Chicago, the global city in the heart of the Midwest, has been battered by the pandemic and violence this year. For the metropolitan region to rise and thrive, it will take a move away from business as usual.
Steven R. Strahler – Crain’s Chicago Business
Terry Duffy, CEO of CME Group, is among Chicago executives who still venture downtown to their offices every day. The scene unnerves him. “The city is very quiet, which is very, very frightening,” he says. The pandemic, having emptied out the Loop for seven months running, is posing a longer-term threat to Chicago’s status as a top 10 global city—a hard-won accolade after its historic role as the industrial hub of the Midwest cratered in the 1980s.

Pandemic Fatigue Is Real—And It’s Spreading; Collective exhaustion with coronavirus restrictions has emerged as a formidable adversary for governments
Stacy Meichtry, Joanna Sugden and Andrew Barnett – WSJ
From the corridors of Washington to the cobblestones of Paris, the coronavirus is roaring back and authorities are ramping up restrictions again. This time around, however, everyone is tired. Hospital staff world-wide are demoralized after seven months of virus-fighting triage. The wartime rhetoric that world leaders initially used to rally support is gone. Family members who willingly sealed themselves off during spring lockdowns are suddenly finding it hard to resist the urge to reunite.

China’s Ant Group set to raise more than $34bn in record IPO; Payments group poised to top Saudi Aramco’s haul after it priced in Shanghai and Hong Kong
Hudson Lockett – FT
Ant Group is set to raise more than $34bn after setting the price of shares in its initial public offering, putting the Chinese payments group on track to top Saudi Aramco as the biggest ever market listing.

Investment teams with more women or ethnic minorities outperform; Willis Towers Watson piles pressure on fund managers to tackle ‘male and pale’ workforces
Attracta Mooney – FT
Asset managers have been put on notice to overhaul their “male and pale” workforces or risk losing clients after one of the world’s most influential advisers to pension funds found that diverse investment teams significantly outperform.

Hedge Fund Giants Lose Their Appeal as Havens in Global Turmoil
Nishant Kumar – Bloomberg
Largest funds control 90% of industry assets; many are in red; Multi-strategy and some macro funds are exceptions this year
Investors have thronged the largest hedge funds since the last financial crisis as they sought safety in size. Now, they’re paying a hefty price. Supersized funds are failing their clients during a period of market upheaval that in theory should pose an unprecedented chance to make money. Instead of profiting, though, some of the world’s biggest hedge funds have barely managed to protect their investors from losses.

LSEG makes a minority investment in PrimaryBid
London Stock Exchange Group
London Stock Exchange Group’s investment builds on collaboration with PrimaryBid to support innovation in capital markets; LSEG will hold 9% stake in PrimaryBid following investment and will hold a seat on the Board; Reaffirms LSEG’s long-standing commitment to broadening retail investor access to public equity markets
London Stock Exchange Group (LSEG) announces today that it has made a minority investment in PrimaryBid, a technology platform which connects retail investors with listed companies raising capital. The investment was made as part of PrimaryBid’s $50m Series B funding round announced today and builds upon London Stock Exchange’s existing collaboration with PrimaryBid. As a result of the investment LSEG will hold a circa 9%* stake in PrimaryBid and Charlie Walker will join the Board as a non-Executive Director. PrimaryBid’s platform has enabled retail investors to participate in over 41 capital raisings by companies and investment funds on London Stock Exchange’s Main Market and AIM so far this year.

EU takes step to ease jitters over dual listings after Brexit; European investors will be allowed to trade sterling-quoted shares of EU companies
Philip Stafford and Jim Brunsden – FT
The EU markets regulator has taken steps to partly assuage investor concerns about trading after Brexit by indicating EU investors will be able to trade sterling-quoted shares of European companies listed in London.

Covid-19 Disrupts Innovation in US Treasuries Market; The pandemic has caused setbacks in electronification and streaming in the US government bonds market.
Josephine Gallagher – Waters Technology
Electronic trading in US Treasuries has grown steadily over the last decade, with over 60% traded on electronic venues in 2019, but since March, markets have witnessed unprecedented disruption and the Covid-19 outbreak has curtailed innovation, market participants say. As firms have cut spending amid the economic fallout from the pandemic, there has been a lull in the adoption of new execution offerings.

Unprecedented change; In celebration of TradeTech’s 20th Anniversary, buy-side industry veteran and head trader for EMEA equities at Invesco, David Miller, explores the evolution of trading over the past two decades.
David Miller – The Trade
Over the past 20 years, I have seen unprecedented degrees of change in the industry from faxed confirmations and single screens to low-latency electronic trading and the onset of artificial intelligence. Soon after I joined the buy-side, just after the millennium, we moved away from directed orders to suggested, and then finally preferred brokers, all leading to more autonomy of the buy-side trader and the evolution of the high volume, technology based multi-asset trading desks we see today.

March Madness; Now seen as the month that changed the world, Joe Parsons takes an in-depth look at how hedge funds and prime brokers responded to the economic crisis that ensued in March, and what the ‘new normal’ could be for the HF-PB relationship.
Joe Parsons – The Trade
On 12 February, the three main stock indexes in the US – the Dow Jones Industrial Average, the Nasdaq Composite, and S&P 500 – all finished at record highs.

Banks Navigate Hazy Regulations to Serve Cannabis Businesses; Financial institutions and fintech companies have been relying on data and old-fashioned site visits to manage risks
Mengqi Sun – WSJ
Many financial institutions looking to offer banking services to the expanding number of legal cannabis growers and distributors in the U.S. are still limited by spotty regulations and expensive compliance efforts. The disparities between federal and state laws governing the use of marijuana and hemp, and the differences across states, are inhibiting banks from stepping into what has become a lucrative and legal business in many areas. Regulators have issued scant guidance and some of the existing advisories are outdated or set few clear obligations for banks, such as information that a bank should ask for from potential clients, financial institutions say.

Now would be a crazy time for banks to resume dividends; Bankers’ claims that the worst of defaults is over from the Covid shock ignores the reality of second-wave problems
Patrick Jenkins – FT
Consider the dissonance between two bits of news from the banking world over the past week. On Friday, Barclays’ share price jumped 7 per cent after it reported upbeat results for the third quarter of the year. A declining quarter-on-quarter trend in bad-debt provisioning plus a booming markets business equalled forecast-beating profits.

Jack Ma Blasts Global Financial Regulators’ Curbs on Innovation
Bloomberg News
Ma says that after Basel Accords focus has been risk control; China needs healthy ecosystem for financial industry: Ma
Alibaba Group founder Jack Ma criticized global financial regulations for stifling innovation and urged China to seek a system that accommodated development. “After the Asian financial crisis, the risk control highlighted in the Basel Accords has been” the priority for regulators, Ma said at the Bund Summit in Shanghai on Saturday. Now the world “only focuses on risk control, not on development, and rarely do they consider opportunities for young people and developing countries.”

China Reminds Markets Yuan’s Challenge to Dollar Is Still On
Bloomberg News
Central bank governor says work to promote yuan will continue; Efforts on that front have made little progress over a decade
Investors wondering how China plans to evolve its financial markets in the coming years need look no further than the commentary from the weekend’s Bund Summit in Shanghai for guidance. People’s Bank of China Governor Yi Gang said that promoting broader use of the yuan will continue alongside the opening of markets. “The regulator’s main job is to reduce restrictions on the cross-border use of the currency, and let it take its own course,” he said.

The Big Question: Can Corporate Fraud Be Fixed? A Q&A with author Tyler Maroney on how private investigators help keep businesses honest.
Romesh Ratnesar – Bloomberg
This is one of a series of interviews by Bloomberg Opinion columnists on how to solve today’s most pressing policy challenges. This conversation has been edited and condensed.

‘Our Recent Performance Sucks.’ Here’s Your $10 Billion Back; A value investor who used to have a great record just called it quits. Maybe that means bargain hunting for stocks is about to make a comeback—but don’t hold your breath.
By Jason Zweig – NY Times
You can complain about the death of value investing, or you can do something about it. The discipline of buying cheap stocks, and holding them until they deliver superior returns, has lagged behind the market for so long that most of its practitioners seem to do little but talk about how bad it is and speculate about when it will get better.


Covid condemns value investing to worst run in two centuries; Sought-after but expensive tech stocks have extended their lead during the pandemic
Robin Wigglesworth and Naomi Rovnick – FT
Value investing is suffering its worst run in at least two centuries after the pandemic compounded a decade of struggles for a popular strategy that consists of buying cheap stocks in often unfashionable industries.

China battles new Covid-19 cluster in Xinjiang; Hundreds of cases in heavily surveilled region is country’s worst outbreak for months
Yuan Yang and Christian Shepherd – FT
More than 100 asymptomatic coronavirus cases have been discovered in Xinjiang, one of China’s most heavily monitored and policed regions. It is the biggest cluster detected in the country since July.

Oxford Covid vaccine trials offer hope for elderly; Early results suggest group most vulnerable to serious illness and death could build immunity
Sarah Neville, Clive Cookson and Anna Gross – FT
A vaccine considered a frontrunner in the race to protect the global population from Covid-19 has produced a robust immune response in elderly people, the group at highest risk from the disease, according to two people familiar with the finding.

Bond Defaults Deliver 99% Losses in New Era of U.S. Bankruptcies
Jeremy Hill and Max Reyes – Bloomberg
Market prices, derivative auctions imply debt may be worthless; High borrowings, weak protections leading to low recoveries
Three cents. Two cents. Even a mere 0.125 cents on the dollar. More and more, these are the kinds of scraps that bondholders are fighting over as companies go belly up. Bankruptcy filings are surging due to the economic fallout of Covid-19, and many lenders are coming to the realization that their claims are almost completely worthless. Instead of recouping, say, 40 cents for every dollar owed, as has been the norm for years, unsecured creditors now face the unenviable prospect of walking away with just pennies — if that.

Europe Steps Closer to Lockdown-Level Curbs in Italy and Spain
Tommaso Ebhardt and Jeannette Neumann – Bloomberg
Restaurants, bars to limit hours, cinemas to shut in Italy; Spanish government orders evening curfew to stem Covid-19
Europe took a step closer to the stringent restrictions imposed during the initial wave of the coronavirus pandemic as leaders struggle to regain control of the spread. Italy introduced its strongest virus restrictions since the end of a lockdown in May, and Spain will impose new measures, including a nationwide curfew. Germany will discuss its next steps on Monday, when Chancellor Angela Merkel convenes her crisis task force.

China’s Covid triumphalism could be premature; A cult of personality around President Xi threatens to bring bad government in its wake
Gideon Rachman – FT
In 2009, Martin Jacques, a British author, published a bestselling book, “When China Rules the World.” Mr Jacques is now running a victory lap. He recently proclaimed that “we will remember 2020 as the moment of the Great Transition. The year when China replaced the US as the world’s leading power.”

Covid-19 Vaccine Rollout Calls for Supply-Chain Collaboration, Logistics Chief Says; Kuehne + Nagel CEO Detlef Trefzger says rush will be manageable despite strains on transportation capacity
Alex Kraus – WSJ
Capacity-strained shipping networks should be able to manage the rush to distribute Covid-19 vaccines if governments, logistics providers and pharmaceutical companies coordinate their efforts, the head of a top global logistics operator says.

How the Virus Slowed the Booming Wind Energy Business; Renewable energy developers have struggled to finish projects as the pandemic disrupts construction and global supply chains.
Walker Pickering – NY Times
Even as businesses around the world shut down this spring, executives at EDF Renewables were hopeful they would finish installing 99 wind turbines in southern Nebraska before a year-end deadline. Then, in early April, the pandemic dealt a big blow to the company.

The Worst Virus Outbreaks in the U.S. Are Now in Rural Areas
Lauren Leatherby – The New York Times
The coronavirus was slow to come to Foster County, North Dakota, a community of just over 3,000 people in the eastern part of the state. When virus cases surged in the Northeast in the spring, the county recorded just one positive case. When national case counts peaked in mid-July, it had recorded just two more.

Universal Mask Wearing Could Save Some 130,000 Lives In The U.S., Study Suggests
Jason Slotkin – NPR
Universal mask wearing in public could greatly reduce the number of Americans who die by COVID-19 by February, a study published Friday in the journal Nature Medicine projects.

Exchanges, OTC and Clearing

Eurex Exchange Readiness Newsflash – Availability of the TED Inter-product spreads in the T7 Release 9.0 simulation environment
With this Newsflash we would like to inform you that as of Thursday, 29 October 2020, TED Inter-product spreads will be made available for testing purposes in the T7 simulation environment.

flatex AG new in the Prime Standard
Deutsche Börse Group
Flatex AG (ISIN: DE000FTG1111 ) has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since today. The company with its headquarters in Frankfurt was previously listed in the Scale segment.

LSEG Expects Refinitiv Deal To Close In Q1
Shanny Basar – MarketsMedia
David Schwimmer, chief executive of London Stock Exchange Group, said the potential sale of Borsa Italiana group will significantly contribute to addressing the European Union’s competition concerns about its purchase of data provider Refinitiv.

Ocean Sun admitted to trading
The renewable energy company Ocean Sun has today been admitted to trading on Merkur Market (ticker code: OSUN-ME). Ocean Sun has developed a floating power system with solar panels mounted on a thin hydro-elastic membrane. “Our technology offers renewable energy at world-beating cost levels enabled by the water body’s cooling effect, which lowers the solar panels’ operating temperature and increases their power output,” explains the company.

Notice of Disciplinary Action
CME Group
The related position component of an EFRP must be the cash commodity underlying the Exchange contract or a by-product, a related product or an OTC derivative instrument of such commodity that has a reasonable degree of price correlation to the commodity underlying the Exchange contract. The related position component of an EFRP may not be a futures contract or an option on a futures contract.
PENALTY: In accordance with the settlement offer, the Panel ordered MLCI to pay a fine to the Exchange in the amount of $50,000.

Notice of Disciplinary Action
CME Group
No person shall enter or cause to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution.
PENALTY: In accordance with the settlement offer, the BCC Panel ordered Cedolia to pay a monetary fine in the amount of $30,000 and to serve a 30 day trading suspension from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group. The suspension shall run from October 23, 2020 through, and including, November 21, 2020.

Notice of Disciplinary Action
CME Group
Member: Gulzada Investments, Ltd.
COMEX RULE VIOLATION: Rule 432.W. General Offenses (in part)
It shall be an offense for any party to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange.
PENALTY: In accordance with the settlement offer, the Panel ordered Gulzada Investments, Ltd. to pay a fine of $25,000.

Notice of Disciplinary Action
CME Group
Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations.
PENALTY: In accordance with the settlement offer, the Panel ordered Sino to pay, jointly and severally with Xinden, a fine to the Exchange in the amount of $30,000.

Notice of Disciplinary Action
CME Group
Non-Member: NON-MEMBER:
Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations.
PENALTY: In accordance with the settlement offer, the Panel ordered Xinden to pay, jointly and severally with Sino, a fine to the Exchange in the amount of $30,000.

Amendments to the E-mini FTSE China 50 Index Futures Contract and Temporary Suspension of Trading and Clearing
CME Group
Effective Sunday, November 22, 2020 for trade date Monday, November 23, 2020, and pending all relevant Commodity Futures Trading Commission (“CFTC”) regulatory review periods, Chicago Mercantile Exchange Inc. (“CME” or “Exchange”) will implement several amendments to the E-mini FTSE China 50 Index Futures contract (the “Contract”) as more specifically described below.

Amendments to the Physically-Delivered WTI Houston Crude Oil Futures Contract Rulebook Chapter – Implementation of Dock Allocation Procedures
CME Group
On September 24, 2020 New York Mercantile Exchange, Inc. (“NYMEX” or “Exchange”) announced the implementation of a dock allocation feature for its physically-delivered WTI Houston Crude Oil Futures contract (Rulebook Chapter 201; Commodity Code: HCL) (the “Contract”). Pending all relevant Commodity Futures Trading Commission (“CFTC”) regulatory review periods, effective on trade date Monday, November 9, 2020 (and commencing with the January 2021 contract month and beyond) NYMEX will amend Rule 201104. (“Delivery”) of the Contract. In addition, NYMEX will adopt new Rule 201110. (“Dock Allocation Procedures for Redelivery at Buyer’s Discretion”) which shall set forth the delivery procedures for redelivery of a cargo size vessel (collectively, the “Rule Amendments”).

Amendments to CBOT Rule 900 (“Categories of Clearing Members”) – Effective November 02, 2020
CME Group
Effective November 02, 2020 and pending all relevant Commodity Futures Trading Commission (“CFTC”) regulatory review periods, The Board of Trade of the City of Chicago, Inc. (“CBOT” or “Exchange”) will amend Rule 900. (“Categories of Clearing Members”) to remove sole proprietors as an eligible category of CBOT clearing member (collectively, the “Rule Amendments”).

Amendments to CBOT Rule 900. (“Categories of Clearing Members”)
CME Group
Effective November 2, 2020 and pending all relevant Commodity Futures Trading Commission (“CFTC”) regulatory review periods, The Board of Trade of the City of Chicago, Inc. (“CBOT” or “Exchange”) will amend Rule 900. (“Categories of Clearing Members”) to remove sole proprietors as an eligible category of CBOT clearing member (collectively, the “Rule Amendments”).

JPX Report 2020
We are glad to inform you of the publication of the JPX Report 2020. Prepared as part of our efforts toward integrated reporting, the report offers stakeholders and the general public a deeper insight into our corporate philosophy, social role, and our initiatives toward value creation.


Technology – the forever force in trading; Former sales trader and industry veteran, Alexandra Foster, now director of insurance, wealth management and financial services at BT, outlines the impact of technology on trading processes.
Alexandra Foster – The Trade
When I began my career in the 1990s as a sales trader at one of the world’s leading banks, the trading sphere was a very different place to what it is today. For one, the size of my computer and telephone system, as well as the space they occupied and how cumbersome they were to use would be inconceivable to the young trader starting out today.

E-Commerce and Fintech Players Fight For Share in Indonesia’s Hot Market
Jill Baker – Forbes
Amid the humanitarian crisis of Covid-19, Indonesia has discovered a silver lining. Digitization of traditional offline businesses is accelerating in the shadow of the pandemic.

Facebook to move into cloud-based gaming; Move will allow users to play titles instantly without need for software downloads
Tim Bradshaw and Hannah Murphy – FT
Facebook is set to become the latest big tech company to move into cloud-based gaming, marking its biggest push to position itself as a destination for playing video games since the heyday of FarmVille a decade ago.


Election 2020: What’s at Stake for the Crypto Industry
Nikhilesh De – Coindesk
The 2020 U.S. presidential election will shape crypto policy for the next four years – even if no one’s actually pitching crypto-specific positions. While presidential candidates aren’t campaigning on their blockchain savvy – and indeed, have barely mentioned cryptocurrency – the individuals they appoint to lead and serve in federal agencies,will shape the agenda on issues ranging from central bank digital currencies to the legal status of various tokens.

United States is the country of choice for institutional crypto trading service providers
The Block
In a survey of institutional cryptocurrency trading service providers, The Block Research team has found that a majority of them, approximately 61%, are based in the United States. Other popular regions include Hong Kong, Singapore, and Switzerland for institutional-focused cryptocurrency trading firms.

PayPal Cuts Service to Crypto-Funded Domain Registrar Hosting Right-Wing Sites
Daniel Palmer – Coindesk
PayPal has stopped working with controversial domain registrar and hosting service Epik, a company providing services to far-right groups. A report by Mashable on Saturday said Epik claimed in open letters that the PayPal block is due to “anti-conservative bias.” However, PayPal said it had ceased servicing the company over concerns about financial risk. Epik provides hosting for sites run by far-right organizations including Gab and the Proud Boys, a violent group U.S. President Donald Trump recently refused to condemn (though he later changed his mind).

Ethereum Dev Virgil Griffith’s Attorney Files Motion to Dismiss Charges of Aiding North Korea
Nikhilesh De – Coindesk
Virgil Griffith’s lawyer has filed a motion to dismiss the U.S. government’s charges that the Ethereum developer violated sanctions law by speaking at a North Korean cryptocurrency conference. The motion, filed by attorney Brian Klein, claims the government’s late-2019 indictment of Griffith doesn’t “specify any alleged overt facts,” and contains no actual allegation of fact. Griffith was arrested last November on charges he violated the International Emergency Economic Powers Act (IEEPA) and executive orders by going to North Korea and speaking during a crypto conference, where he allegedly taught government officials how to use the technology to bypass economic sanctions.

Russia could pilot a digital ruble by the end of 2021, its central bank governor says
Yogita Khatri – The Block
Elvira Nabiullina, governor of the Russian central bank, has said that a digital currency pilot project could be launched by the end of 2021. As reported by Russian news agency TASS, Nabiullina said during an online press conference on Friday that the central bank is currently collecting public feedback on whether to issue a digital ruble. If a decision is made, the central bank will pilot digital currency with “a limited number of users,” said Nabiullina. “We consider this kind of piloting possible somewhere by the end of next year,” she said, adding that the digital ruble project is “promising” for the economy.

Swiss central bank, BIS plan to test digital currency by the end of this year
Yogita Khatri – The Block
The Swiss National Bank (SNB) and the Bank for International Settlements (BIS) plan to test a central bank digital currency (CBDC) by the end of this year. BIS official Benoit Coeure revealed the plan on Sunday at the Bund Summit held in Shanghai, as reported by the Chinese news outlet The Paper. Coeure said the Swiss central bank and the BIS would issue a CBDC “in the proof-of-concept stage” by the end of 2020. This proof-of-concept will pave the way for experimenting with retail CBDC, according to Coeure, who heads the BIS Innovation Hub that is researching digital currencies. It will also help explore connections to existing payment systems and monitor compliance, said Coeure.

FinCEN proposes lower threshold for transaction data-gathering under FATF’s ‘travel rule’ including those made with crypto
Michael McSweeney – The Block
Newly proposed rule changes from the Financial Crimes Enforcement Network (FinCEN) and the U.S. Federal Reserve would, if approved, drop the transaction reporting threshold under the international “travel rule,” including those made with cryptocurrencies and digital assets. As noted in the proposed rule change document, the amendments “would reduce this threshold from $3,000 to $250 for funds transfers and transmittals of funds that begin or end outside the United States.”

Tax Payers Needn’t Disclose Merely Holding Cryptos: IRS Draft 2020 Guidance
Daniel Palmer – Coindesk
The U.S. tax agency has clarified who needs to answer “yes” to a question over cryptocurrency activity included in the draft 1040 income tax form. As reported in September, the Internal Revenue Service (IRS) revealed it would reposition a question on the 1040 form for 2020 that will require returnees to indicate if they had “acquire[d] any financial interest in any virtual currency” over the tax year.


A White House lawyer reportedly tried to get The Wall Street Journal to scoop Hunter Biden’s emails
Peter Weber – The Week
The Wall Street Journal published a short article Thursday night on Hunter Biden’s business dealings that concluded: “Corporate records reviewed by The Wall Street Journal show no role for Joe Biden.” The same night, the Journal published an opinion piece that asserted the Democratic presidential nominee had been aware of and/or involved in his son’s business endeavors, about 24 hours after Breitbart News published a statement from a former Hunter Biden business partner, Tony Bobulinksi. That wasn’t how President Trump’s allies had wanted this to go, Ben Smith reports in The New York Times.

Trump Had One Last Story to Sell. The Wall Street Journal Wouldn’t Buy It.; Inside the White House’s secret, last-ditch effort to change the narrative, and the election — and the return of the media gatekeepers.
Ben Smith – WSJ
By early October, even people inside the White House believed President Trump’s re-election campaign needed a desperate rescue mission. So three men allied with the president gathered at a house in McLean, Va., to launch one. The host was Arthur Schwartz, a New York public relations man close to President Trump’s eldest son, Donald Jr. The guests were a White House lawyer, Eric Herschmann, and a former deputy White House counsel, Stefan Passantino, according to two people familiar with the meeting.

Private Equity Smashes Its Campaign-Spending Record with 2020 Races; Employees of investment firms spent about $132 million on political races through September
Chris Cumming – WSJ
Private equity has spent more on the 2020 political races than on any previous election, setting a new high for political donations at a time of fierce debate about greater regulation of the industry.

The world must prepare for a contested US election; Americans will need the support of other democracies if results are not immediately clear
Timothy Garton Ash – FT
Democracies everywhere must prepare for the contingency of a contested result in the most important US election in living memory. Learning from the disarray around the disputed 2000 election, they should have an informally co-ordinated stance. Listening to international election monitors, they should calmly wait as long as it takes for the extraordinarily complex, decentralised US system to produce a clear outcome. Measured clarity from fellow democracies may contribute, at the margin, to a more civilised US process, and, more substantially, calm the international environment around this febrile contest.

All the president’s debts: to whom Donald Trump owes money; Debts of more than $1bn are tied to the Covid-struck commercial real estate market
Robert Armstrong and Joe Rennison – FT
These are tough times in the real estate market. The Covid-19 crisis has hit asset values, particularly commercial real estate in cities such as New York. Investors holding debt with upcoming maturities are preparing for tricky negotiations with their debtors. The negotiations will be trickier if the debtor is the president of the United States.

Wall Street’s Best Blue Wave Defense Is Crew of Trump Holdovers
Jesse Hamilton, Joe Light, and Benjamin Bain – Bloomberg
Even if Biden wins, Trump regulators may keep jobs for months; Terms won’t soon expire for bank, Fannie-Freddie watchdogs
Wall Street executives fretting that Democrats will sweep the White House and Congress can take comfort — some of the Trump era’s most bank-friendly regulators might stick around no matter how the election goes. The possible holdovers, who occupy powerful jobs at the Federal Reserve and other agencies, have months or even years left on their terms. Because they work at independent watchdogs that are supposed to be insulated from politics, they can resist pressure to step down, and a President Joe Biden would have almost no legal recourse to remove them.

Election Meddling Is a 100-Year Russian Tradition; A Q&A with David Shimer, author of “Rigged: America, Russia, and One Hundred Years of Covert Electoral Interference.”
Tobin Harshaw – Bloomberg
As one may have predicted four years ago, the final weeks of the 2020 U.S. presidential campaign have unfolded amid a flurry of accusations about a hostile power undermining American democracy. What one was less likely to predict was that this nemesis would be not Russia but Silicon Valley.

Voters Finally Want Candidates To Act on Climate Change; Recent polling finds that clear majorities favor federal action on global warming
Eric Roston – Bloomberg
A rule of thumb in election years is that presidential candidates woo their political base with bold policies in primaries, then take the partisan edge off to court undecided voters in the fall.

Bond Traders Are Too Election-Shy for a Yield Breakout; Rates on long-term U.S. Treasuries look set to soar, but investors will probably wait until they have a clearer sense of how Americans voted first.
Brian Chappatta – Bloomberg
Heading into last Friday, there was no shortage of superlatives to describe the rise in long-term yields in the $20.4 trillion U.S. Treasury market. Just to name a few:

The Blue Wave Reflation Trade Relies on a Big Ask; It’s called the Fed, which will have to keep real yields negative as a Democratic administration spends to revive growth.
John Authers – Bloomberg
Unfortunately, the U.S. Election Matters
Warning: This will be yet another newsletter largely devoted to the U.S. election. I appreciate that this isn’t good for the mental, cardiovascular or intestinal health of many subscribers. It’s also pretty bad for mine. But the topic is unavoidable because it is truly driving markets all over the world. For at least another nine days, and quite possibly for much longer.


A Major Milestone for Benchmark Reform
Scott O’Malia – ISDA
At the end of last week, ISDA launched the IBOR Fallbacks Supplement and protocol, so that market participants can incorporate robust contractual fallbacks into their new and legacy derivatives contracts referenced to key interbank offered rates (IBORs). During a two-week ‘escrow’ period running up to the launch on October 23, 257 entities across 14 jurisdictions adhered to the protocol on a binding but non-public basis, highlighting just how important fallbacks are for derivatives users around the world…

SEC Provides Fewer Warnings of Potential Civil Action; General Electric and Under Armour are among companies that were warned, and received Wells notices
Mark Maurer – WSJ
Fewer companies are receiving warnings of potential civil-enforcement actions from the Securities and Exchange Commission as businesses under investigation increasingly opt to defend themselves before receiving a “Wells notice.” The notices—like the one General Electric Co. said it received in September over its accounting for reserves related to an insurance business it has been trying to shrink for years—are letters of a possible enforcement action against the recipient for a securities violation, and offer the recipients a chance to respond.

Court freezes funds and suspends websites for suspected fraudulent investment businesses
On 13 October 2020, on application by ASIC, the Federal Court made orders restraining Matthew Alan Beresford from carrying on a financial services business and suspending the websites of Maxwell Financial Services and Asset Capital Holdings.

ASIC obtains Court orders to wind up unlicensed SMSF financial service businesses
The Federal Court has ordered the winding up of unlicensed financial services businesses, Secure Investments Pty Ltd (Secure Investments) and Aquila Group Pty Ltd (Aquila Group). The Court declared Secure Investments and Mr Mudasir Naseeruddin breached the Corporations Act by operating a financial services business without holding an Australian financial services licence. In making this finding, Justice Derrington stated

EMIR Reporting Validation Rules Applicable From 8 March 2021
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has postponed the applicability date of the updated EMIR validation rules from 1 February to 8 March 2021.

ESMA sets out final position on Share Trading Obligation
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has released a public statement that clarifies the application of the European Union’s (EU) trading obligation for shares (STO) following the end of the UK’s transition from the EU on 31 December 2020.

SEC Charges Day-Trading Education Firm for Unregistered Security-Based Swap Transactions
The Securities and Exchange Commission today charged Israeli company Tradenet Capital Markets Ltd. for offering and selling security-based swaps to over 5,000 retail investors without registration and for failing to transact its swaps on a registered national exchange.

CFTC and SEC Chairmen Sign Joint Letter Establishing Pilot Program Relating to ‘Bad Actor Disqualification’ Provisions of Regulations A and D
The Commodity Futures Trading Commission today announced that, by a joint letter, Chairman Jay Clayton of the Securities and Exchange Commission and Chairman Heath P. Tarbert of the CFTC have established a one-year pilot program to set out and formalize the practice and agreement between the Chairmen relating to CFTC orders that implicate the “bad actor disqualification” provisions of Regulations A and D under the Securities Act of 1933 (SEC’s Disqualification Rules). The letter responds to a request by the CFTC Chairman to create such a pilot program.

LabCFTC Opens Registration for Final “Empower Innovation 2020” Event on November 17; Agenda Features “Tech Talks,” Discussions about the “Future of Digital Finance” and CFTC’s Science Prize Competition Winner Announcement
The Commodity Futures Trading Commission today opened registration and released the agenda for LabCFTC’s third and final Empower Innovation 2020 session, “The Future of Digital Finance.” This interactive virtual series was developed to facilitate a dialogue on cutting-edge fintech innovation among innovators, regulators, market participants and the public. [See CFTC Press Release No. 8198-20]

FCA censures Aviva plc for listing and transparency rules breach
The FCA has today publicly censured Aviva plc for making an announcement that had the potential to mislead the market.

Investing and Trading

What the shift on austerity means for markets; Greater dispersion of returns likely for firms and countries as debt and deficits surge
Mohamed El-Erian – FT
There has been a stark shift in global economic thinking on austerity. That was strikingly evident at the annual meetings of the IMF and World Bank earlier this month. In sharp contrast to what the IMF and others urged after the 2008 global financial crisis, senior figures at the meetings encouraged governments “to spend their way out of the pandemic”.

To Retire Rich, Don’t Leave Too Much to Your Kids; When you make your bequest is a crucial calculation. Asian societies have long experience in juggling timing and outcomes.
Andy Mukherjee – Bloomberg
Like self-improvement books, the purpose of pension adequacy surveys is to make us feel lousy about ourselves. Lousy and scared: We haven’t saved enough because we’re myopic and lack self-control. We don’t have a retirement plan, and it’s getting late. That next avocado toast may deny our future selves a pair of reading glasses.

Environmental, Social and Corporate Governance

Chris Hohn blasts BlackRock and Vanguard over climate change; Billionaire hedge fund manager calls on big asset managers to challenge companies on global warming
Attracta Mooney, – FT
Billionaire hedge fund manager Christopher Hohn has accused BlackRock and Vanguard of acting like sheep when it comes to climate change, arguing that large asset managers are taking “insufficient and ineffective action” on global warming.

Big Oil well placed to accelerate transition to electric vehicles; The ability to manage flexibility in the energy system presents an opportunity for majors
Alexander Landia – FT
By 2030, the EU expects 35m electric vehicles to be on the road, but that transition is not a done deal — especially if potential owners think the cost will be too high. For the traditional oil majors, who are looking to accelerate their investments in the energy transition, this presents an opportunity, as they move from Big Oil to Big Energy.

Oil and gas lobby moves to embrace green investors; Petroleum group sets up ESG centre as financing dries up in shift from fossil fuels
Gregory Meyer and Billy Nauman – FT
A US oil and gas lobby group which has sparred with green activists over climate policy is embracing an environmental, social and governance message to win back investors sceptical that fossil fuels have a future. The Independent Petroleum Association of America has launched “The ESG Center,” which will advise companies on “how to build an authentic and effective programme” in the ESG agenda sweeping the fund management industry.

Short-sellers step up scrutiny of ESG stocks; Funds on the prowl for companies where investors have overlooked flaws and fraud in the rush to bet on a technology
Billy Nauman – FT
Whenever big money starts flowing into a hot new sector, it seems inevitable that companies that list on the stock market fall short of hype and hope around them. One of the market’s current hottest areas is environmental, social and governance investing. And, like the cryptocurrency boom and cannabis stock surge, the flood of money has been followed closely by allegations of fraud.

Xi pledge sparks rally in ‘clean energy’ shares; China’s hopes to become carbon neutral by 2060 a boon to solar and wind producers
Henry Sanderson – FT
President Xi Jinping’s vow last month that China will be carbon neutral by 2060 and expectations that the US election could reshape America’s energy sector have fuelled a rally in global solar and wind producers.


Goldman Promises Greater Scrutiny of Senior Execs Following 1MDB Settlement; Goldman Sachs says it will heighten scrutiny of senior executives who engage in high-risk areas of business as part of a compliance overhaul
Dylan Tokar – WSJ
When Goldman Sachs Group Inc. first came under scrutiny for its dealings with Malaysian development bank 1Malaysia Development Bhd. or 1MDB, the investment bank was adamant: The alleged bribery misconduct was the fault of rogue employees, according to former chief executive Lloyd Blankfein. By the time of its blockbuster $2.9 billion settlement with authorities in the U.S. and elsewhere on Thursday, the bank was singing a different tune.

ETF Clones Multiply in Industry Fee War; Invesco and other ETF industry executives say they need copycat funds to attract cost-conscious individual investors
Michael Wursthorn – WSJ
The race to zero on Wall Street is so competitive that some of the biggest asset managers are creating cheaper knockoffs of their most popular exchange-traded funds. Invesco Ltd. IVZ -0.50% was the latest firm to create a copycat of one of its own ETFs. Earlier this month, it launched the Invesco Nasdaq 100 ETF, a near carbon copy of the biggest tech-focused ETF in the world, the Invesco QQQ Trust, better known as the Qs for its QQQ ticker symbol. Both funds track an index of the 100 biggest Nasdaq stocks, a corner of the stock market that has massively outperformed in recent years.

Fund managers grapple with limits of remote working; Striking a balance between home and office-based working raises thorny issues for investment groups
Siobhan Riding – FT
Top executives at UK fund house Jupiter were brimming with enthusiasm to have returned part-time to the company’s London office last month. “Our managers are really enjoying the interaction with other colleagues,” chief executive Andrew Formica told clients in a video interview. “It’s great being back in an office environment again,” agreed veteran equity manager Richard Buxton. “[I missed] wandering around the office chatting to different people and getting their perception of markets.”

European bank ETFs lose out as investors flock to US counterparts; Sustained negative rates in the region cited as main reason for divergent fortunes
Steve Johnson -FT
Exchange traded fund investors are shunning European banks and flocking to their US counterparts, ignoring valuations that have plunged to their lowest in decades.

UBS to Boost Fixed Pay, Cut Bonuses in Compensation Revamp
Marion Halftermeyer – Bloomberg
Changes to affect more senior staff that had been underpaid; Bonuses will be cut in exchange for higher fixed salaries
UBS Group AG plans to raise the fixed salaries for some of its more senior employees by as much as 20% in a move that may help reduce poaching and allow the bank to lower its bonus pool. A review at Switzerland’s largest bank found differences in base pay among employees in the same roles, and when compared with competitors, people familiar with the plans said. As a result, UBS will increase fixed compensation for those it found were underpaid while reducing their variable pay, the people said.

Interactive Brokers Launches Innovative Sustainable Investing Tool; First Major Broker to Allow Investors to Easily Align their Portfolio with their Values
Interactive Brokers Group
Interactive Brokers Group (Nasdaq: IBKR), a global brokerage firm, today unveiled an innovative, interactive Impact Dashboard designed to help clients evaluate and invest in companies that align with their values. The dashboard, which is free for all clients to use, sets a new standard for tools that can be used for sustainable, socially responsible, and values-based investing. The launch comes as interest in Environmental, Social and Governance (ESG) investing is soaring. ESG assets are expected to top $53 trillion by 2022, according to research released in September by Celent.


France broadens retail investor access to private equity; State-backed bank BPI launches innovative fund amid debate over suitability of illiquid strategies for general public
Chris Flood – FT
France’s state-backed investment bank BPI has launched an innovative fund to provide access for retail investors to private equity strategies as part of a government plan to encourage greater participation in long-term investments.

Turkey’s lira sinks to 8 against US dollar for first time; Declining relations with France and US add to concerns over Erdogan’s handling of the economy
Laura Pitel – FT
The Turkish lira reached a new record low on Monday, trading at 8 against the US dollar for the first time, after President Recep Tayyip Erdogan goaded European leaders and dared the US to hit Ankara with sanctions.

Ex-Morgan Stanley bankers make a splash in Hong Kong as new boutique firm adds Ant Group, Xpeng to list of clients
Alison Tudor-Ackroyd – South China Morning Post
Ampere Partners, formed by former Hong Kong-based investment bankers, has advised Alibaba, Ant Group, Xpeng and Burning Rock in impressive start; Team of nine has plans to hire at a time when more mainland Chinese firms are turning to Hong Kong for capital to fund expansion
A new investment banking boutique in Hong Kong is already landing big clients, including fintech giant Ant Group and electric vehicle maker Xpeng, proving it is possible to land with a splash in a crowded market of financial advisers from traditional powerhouses.


Aerospace chief warns delayed Brexit deal threatens industry; Industry trade body hits out at failure to prioritise aircraft certification standards
Peggy Hollinger – FT
Ministers’ failure to prioritise agreement on aircraft certification standards in Brexit negotiations is threatening the future of the UK’s £34bn-a-year aerospace sector, according to the head of an industry trade body.

Brexit Talks Continue as U.K. Government Indicates Hope for Deal
Joe Mayes, Alberto Nardelli, and Ian Wishart – Bloomberg
Trade talks between Britain and the European Union will continue in London until the middle of this week, as the U.K. government indicated optimism about signing a deal.
EU chief negotiator Michel Barnier had been due to leave the British capital on Sunday before continuing in Brussels on Monday but will stay on for discussions through Oct. 28, according to a U.K. government official, who asked not to be identified.

Johnson will wait for US election result before no-deal Brexit decision
Toby Helm and Julian Borger – The Guardian
Senior figures in European governments believe Boris Johnson is waiting for the result of the US presidential election before finally deciding whether to risk plunging the UK into a no-deal Brexit, according to a former British ambassador to the EU. Ivan Rogers, who was the UK’s permanent representative in Brussels from 2013 to 2017, told the Observer that a view shared by ministers and officials he has talked to in recent weeks in several European capitals, is that Johnson is biding his time – and is much more likely to opt for no deal if his friend and Brexit supporter Donald Trump prevails over the Democratic challenger, Joe Biden.

Share trading in Europe set to be fragmented by Brexit
Huw Jones – Reuters
The EU’s markets watchdog said on Monday banks and asset managers based in the bloc should execute most of their share trades inside the EU after full Brexit from January, in a step set to fragment cross-border markets. Large chunks of cross-border share trading are currently done on platforms in London, but Britain’s unfettered access to the bloc ends on Dec. 31. The European Securities and Markets Authority (ESMA) set out a revised “share trading obligation”, or STO, that mandates where banks and other users of stock markets must trade EU-listed shares from January if Brussels decides not to allow London’s unfettered access in share trading to continue.

Brexit: Cost of everyday goods ‘could rise’ without a deal, hauliers warn
BBC News
A no-deal Brexit could see import costs for some everyday items rise by almost a third, making them “much more expensive”, a business group has said. The cost of moving goods could also rise due to tariffs, and inflation could be driven up, Logistics UK added. In a letter to the Sunday Times, David Wells, the group’s chief executive, urged the PM to work towards a deal. A government spokesperson said a negotiated outcome by 31 December “remains our preference”.

UK presses for use of faster passport gates at EU airports post-Brexit
Daniel Boffey – The Guardian
Boris Johnson has clashed with Brussels over an 11th-hour attempt to save British passport holders from hours of delays at European airports from the end of the year. The government is seeking continued use by UK nationals of the automatic e-gates used by EU nationals at airports and Eurostar terminals. The move is seen by the European commission as an attempt to keep Britons in faster lanes rather than having to queue up with the rest of the world after the end of the transition period.

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CME to permanently close most trading pits

CME to permanently close most trading pits

First Read $40,626/$300,000 (13.5%) Anonymous ++++ Hits & Takes John Lothian & JLN Staff Without fanfare or amplification from its executives, the CME Group shut the books on most -- but not all -- of its floor trading history Tuesday afternoon with the...

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