Shanghai to launch new tech board; Index proliferation adds choice but fuels confusion

Nov 5, 2018

Shanghai to launch new tech board; Index proliferation adds choice but fuels confusion

Nov 5, 2018

First Read

Hits & Takes
JLN Staff

My musician nephew Andrew Lothian has released a new song to encourage young people to get out and vote. You can watch and listen to the Youtube version HERE.~JJL

I encourage all U.S. citizens who are eligible and registered to vote to do so tomorrow. This is one of the most important elections of my lifetime.~JJL

FIA Asia is coming up soon on November 27 to 29 in Singapore.~JJL

The 10th Annual Conference on Futures and Derivatives at the Chicago-Kent College of Law had over 150 people attend last week and was deemed a success by the positive feedback received.~JJL

The SEC announced it collected nearly $4 billion in fines and disgorgement in fiscal 2018, but said that a “significant amount” came from a single case against PetrÛleo Brasileiro SA, from which the SEC expects to receive only a fraction of the total fine and disgorgement.~SD

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The Spread – A Rising Tide Lifts All Exchanges – 11/2
JohnLothianNews.com

It seems like everybody in the options exchange space is busy setting records, and there were positive developments on the regulatory front. It’s been a good few weeks for the industry.

Watch the video and see the stories referenced here »

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Former Cboe Head of Equity Options Kapil Rathi Joins Global Blockchain Company AlphaPoint
GlobeNewswire
AlphaPoint, a leading blockchain company focused on enabling institutions to launch, scale, and operate digital asset exchanges globally, today announced that capital markets and options industry veteran Kapil Rathi has joined the company as Global Head of Trading Markets and will lead and manage its trading and exchange business.
/jlne.ws/2QfPl3h

***** One of our favorites leaves Cboe for AlphaPoint, the crypto tech firm backed by Mike Novogratz. Here is Rathi’s MarketsWiki Education presentation from 2015.~JJL

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Bridging the Weeks: October 22 to November 2 and November 5, 2018 – UK and HK Regulation of Cryptoassets; EFRPs; Order Routing Disclosures; EU CCP Overreach
Gary DeWaal – Bridging the Week
During the prior two weeks, three financial authorities in the United Kingdom as well as the Hong Kong Securities and Futures Commission issued reports assessing distributed ledger technology and risks associated with the trading of cryptoassets. As part of their studies, the SFC determined to restrict investments in HK funds trading cryptoassets to professional HK investors, while the UK authorities committed to consider whether all derivatives based on cryptocurrencies should be banned for UK retail investors. In the United States, futures exchanges brought a number of disciplinary actions alleging violations of rules related to exchange for related position transactions, spoofing, pre-execution communications, and audit trail requirements for clearing members and clients connecting by direct access to an exchange’s electronic trading system.
/goo.gl/b9st3S

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Simon Schama on the battle for America; Next week’s US midterms are a fight between two very different visions of nationhood
Simon Schama – FT
Ten days before the midterm elections in America, murder came to the Tree of Life. Shouting “all Jews need to die”, a neo-Nazi gunman with an animus against the Hebrew Immigrant Aid Society slaughtered 11 Jews gathered at their synagogue in Squirrel Hill, Pittsburgh. Two days earlier, pipe bombs had been sent to 14 critics of Donald Trump by a man who had turned his van into a rust-bucket shrine to MAGA and its great apostle. One day previously, Gregory Bush, thwarted in his attempt to enter a black church in Louisville, Kentucky, had shot and killed two African-Americans at a local supermarket. Before he was arrested, he shouted “whites don’t kill whites”. All three perpetrators believed they were engaged in saving white America.
/jlne.ws/2QlFjh4

***** Worth the read.~JJL

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Friday’s Top Three
Decisions, decisions. Our top read stories from Friday share the common thread of decisions – personal, professional and strategic – each with some significant downside. Our top read article was FN London’s LME plans code of conduct for traders following Playboy party. Second went to our coverage of Jacob Wohl, a young man who defies description because there are so many titles to be given. But the NFA complaint on him became our second most read piece of the day NFA Before The Business Conduct Committee, so you too can put a label on him. Our third most read item was the CME press release CME Group Prevails in Antitrust Case Brought by Eurex Subsidiary, which unloaded on the unsuccessful move by Eurex to establish a competing exchange to the Chicago Board of Trade and the subsequent failed antitrust lawsuit that was dismissed after a 15-year legal battle.

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Lead Stories

Shanghai to launch new tech board, potentially competing with HK
Reuters
Chinese President Xi Jinping unveiled plans on Monday to launch a technology board in Shanghai that will adopt a loosely-regulated mechanism for initial public offerings (IPOs), potentially competing with Hong Kong, or even New York.
/jlne.ws/2QilfMo

Index proliferation adds choice but fuels confusion; Investors have never had more choice in the market but some query whether this helps or hinders
Pauline Skypala – FT
How many indices are too many? A recent survey by the Index Industry Association revealed its 14 member companies publish 3.29m indices, of which 3.14m cover stock markets.
/jlne.ws/2Qj4ssH

Investing in good conscience wins more interest; Environmental, social and governance concerns feed into product design
Jennifer Thompson – FT
The combining of smart beta strategies with environmental, social and governance policies is a topic of growing interest to investors.
/jlne.ws/2QkZMT8

Alarm Raised by EU Loyalist Over ‘Cliff Edge’ Facing Banks
Peter Levring – Bloomberg
EU needs to give stronger assurances on clearing, Danes says; Finance industry has long warned of urgency on clearing issue
One of the European Union’s most loyal members is voicing deep unease at the path Brexit negotiations are on.
/jlne.ws/2QjTIKx

Cboe and LSEG see record month for block trading activity; October was a strong month for block trading activity, with Cboe and LSEG reaching new records on their platforms.
Hayley McDowell – The Trade
European exchange operators Cboe and the London Stock Exchange Group (LSEG) both saw a record volume of block trading activity last month, as the industry continues to adapt to MiFID II.
/jlne.ws/2QjQaYJ

Bitcoin trading uses so much power that it could push global temperatures up past a threshold that yields deadly consequences; A new study finds that the bitcoin industry could push global temperatures above 2 degrees Celsius in less than two decades.
Aria Bendix – Business Insider
The cryptocurrency bitcoin has been touted by its proponents as a way to help solve our most pressing problems, from homelessness and human trafficking to cancer and the global financial crisis.
/jlne.ws/2QqcQqw

SEC Busts More RIAs This Year
Barron’s
SEC enforcement actions against RIAs are on the rise. During the 2018 fiscal year, which ended Sept. 30, the agency had 490 standalone enforcement actions, WealthManagement.com reports. Of those, 108, or 22%, involved investment advisors and investment companies, up from 82, or 18%, in the previous fiscal year.
/jlne.ws/2Qj9Zzt

U.S. SEC collects nearly $4 billion in fines, disgorgement in fiscal 2018
Reuters
The Securities and Exchange Commission assessed $3.945 billion in disgorgement and penalties across 821 enforcement actions in fiscal 2018, the agency’s enforcement division said in its annual report on Friday.
/jlne.ws/2Qg2iKe

How Much Have ICOs Raised in 2018? Depends on Who You Ask
Justina Lee – Bloomberg
Lack of rules, transparency leaves issuance amounts murky; More digital tokens are being issued through direct sales
So far this year, initial coin offerings have raised $22 billion, or half of that — depending on where you look. With the cryptocurrency market nearly 80 percent off its peak, a critical question is exactly how much the ICO boom has deflated. That becomes harder to answer when even the most commonly used websites that track the phenomenon disagree on the figures.
/jlne.ws/2QgMiYE

FCA urges firms to prepare for Brexit
Damian Fantato – FT Adviser
The Financial Conduct Authority has reminded firms they need to make sure they are prepared for Britain’s departure from the European Union, regardless of the outcome of the negotiations.
/jlne.ws/2qwQxUp

Exchanges, OTC and Clearing

Intercontinental Exchange Reports October 2018 Statistics ; ICE ADV up 33% y/y led by 15% increase in Energy ADV & 54% increase in interest rates ADV; Open Interest +8% y/y
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today reported October 2018 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at http://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/jlne.ws/2quy5fb

China to establish new high-tech trading platform in Shanghai; The system is intended to ease equity-raising for small tech companies
Gabriel Wildau – FT
The Shanghai stock exchange plans to launch a new trading platform to ease equity-raising for small tech companies, President Xi Jinping said on Monday.
/jlne.ws/2QjYaJm

SGX strengthens partnerships in China with the signing of two MOUs
SGX
Agreements will be signed at a gala dinner in Beijing this evening, as part of SGX Beijing Representative Office’s 10th anniversary celebration; Strengthening ties with China remains a key priority for SGX’s multi-asset, international growth strategy
Singapore Exchange (SGX) will sign Memorandums of Understanding (MOUs) with Zhejiang (S) Entrepreneurs Association (ZJEA) and China Futures Association (CFA), in an effort to further strengthen ties with China as part of its multi-asset, international growth strategy.
/jlne.ws/2qvT4OU

Nasdaq Expects Flurry of Nordic Listings in Final Months of Year
By Hanna Hoikkala – Bloomberg
Nasdaq Inc. expects listings activity on its Nordic stock exchanges to pick up in the final two months of this year, after market volatility led to a significant slowdown in the second half.
/jlne.ws/2qvqBIS

Fintech

Itiviti Wins Waters Buy-side Technology Award for NYFIX Trading Network for Third Consecutive Year
Itiviti Group AB
Itiviti, the leading global provider of multi-asset trading technology and financial infrastructure, is pleased to announce that its NYFIX global connectivity platform has won the “Best Low-Latency Trading Network” category in Waters Buy-Side Technology Awards 2018 – the third consecutive year that NYFIX has won in this category.
/jlne.ws/2qvE3N6

Follow Berkshire Into FinTech
Matt Hylland – Seeking Alpha
Last week, Berkshire Hathaway (BRK.A) (BRK.B) made headlines when they announced $600 million in investments into 2 fintech companies; StoneCo (STNE) and PayTM – India’s largest mobile payment service.
The investments were noteworthy due to their deviation from Berkshire’s normal investment strategy. Though the investment was from Todd Combs, a portfolio manager at Berkshire and not Warren Buffett, it is still a little bit of a surprise to see Berkshire invest in a company that just had its IPO a week prior.
Obviously, Todd Combs and the Berkshire management see tremendous promise in the future of mobile payments and the fintech industry as a whole.
/jlne.ws/2ySuigl

21 Remarkable Fintech Founders Under 35 in Southeast Asia
Fintech Singapore
Fintech is booming all round the world, including Southeast Asia, where a growing number of fintech-related businesses are emerging to fill the gap left by traditional financial institutions.
With the Internet and smartphones spreading rapidly across the region, these new businesses are utilizing technology to find solutions to the region’s financial problems and serve the large populations of financially excluded individuals and businesses.
/jlne.ws/2yQRVGa

Cryptocurrencies

Ethereum founder Vitalik Buterin says his creation can’t succeed unless he takes a step back
Mike Orcutt – MIT Technology Review
When you ask him about the challenges facing the blockchain system he founded five years ago, Vitalik Buterin often launches into a rapid-fire lecture full of Ethereum-specific jargon. But ask him about his own role in the technology’s future, and he quickly becomes more circumspect.
/jlne.ws/2yMxFVY

Morgan Stanley Report Says Crypto Now An Institutional Asset Class
Nikhilesh De – Coindesk
Institutional investors are increasingly getting involved in bitcoin and other cryptocurrencies – while the number of retail investors in the space is staying stagnant – according to a new report by Morgan Stanley. In an update to “Bitcoin Decrypted: A Brief Teach-In and Implications,” the global banking giant’s research division delved into the last six months of bitcoin and highlighted certain trends it noticed. The report is dated October 31.
/jlne.ws/2PEeW8I

Is There Any Doubt This Man Created Bitcoin?
Jeff John Roberts – Fortune
It’s 10 years to the day since a paper titled “Bitcoin: A Peer-to-Peer Cash System” first turned up on the Internet. The genius who wrote the paper, which describes a digital currency that is now worth over $100 billion, did not identify himself but instead used the pseudonym Satoshi Nakamoto.
/jlne.ws/2zqsM4q

Maybe We Want Financial Intermediation
Jeffrey Tucker – Forbes
In the early days of bitcoin, I was explaining the technology to economist Edward Stringham. This new market-based money allows individuals to exchange peer-to-peer without financial intermediation, I said. All transactions are finally settled, regardless of geographic proximity, with no previous trust relationships, with zero access to financial institutions.
/jlne.ws/2QkLqSC

The Latest Threat to Crypto Prices? The Federal Reserve
Jeff John Roberts – Fortune
Robert Leshner is an interest rates guy. He’s spent years predicting what rate the Federal Reserve will set and, more generally, what the future value of money should be.
/jlne.ws/2Qj4sJ5

The Winklevoss Twins Want $32 Million in Allegedly Stolen Bitcoins Back
Tom McKay – Gizmodo
A former Bitcoin tycoon who served a year in prison for his role facilitating transactions on the Silk Road digital drug bazaar is being sued by none other than the Winklevoss twins, the HarvardConnection creators famous for suing Mark Zuckerberg for allegedly stealing the idea for Facebook from them.
/jlne.ws/2QlaIQP

Politics

Trump Administration Spares Corporate Wrongdoers Billions in Penalties
Ben Protess, Robert Gebeloff and Danielle Ivory – NY Times
In the final months of the Obama administration, Walmart was under pressure from federal officials to pay nearly $1 billion and accept a guilty plea to resolve a foreign bribery investigation.
/jlne.ws/2Qqeto8

‘Full Trumpism’: The president’s apocalyptic attacks reach a new level of falsity
Philip Rucker- Washington Post
President Trump is painting an astonishingly apocalyptic vision of America under Democratic control in the campaign’s final days, unleashing a torrent of falsehoods and portraying his political opponents as desiring crime, squalor and poverty.
/jlne.ws/2QiZfAZ

Donald Trump is Lying 30 Times a Day on Average as the Midterms Approach, Fact-Checker Says
Jason Lemon – Newsweek
President Donald Trump has begun telling even more falsehoods than previously, a fact-checking journalist has alleged, referring to the commander-in-chief as already being a “serial liar.”
/jlne.ws/2QlCVXE

As Election Anxiety Returns, Wall Street Plans to Get Defensive
Austin Weinstein and Vildana Hajric – Bloomberg
Risk of market chaos seen limited, yet firms still cautious; Traders surprised by Trump’s upset win brace for a late night
Kevin Giddis doesn’t expect much in the way of surprises from the U.S. midterm elections. But then again, that’s what he thought two years ago as well.
/jlne.ws/2QgP7c5

Exclusive: Twitter deletes over 10,000 accounts that sought to discourage U.S. voting
Christopher Bing – Reuters
Twitter Inc (TWTR.N) deleted more than 10,000 automated accounts posting messages that discouraged people from voting in Tuesday’s U.S. election and wrongly appeared to be from Democrats, after the party flagged the misleading tweets to the social media company.
/jlne.ws/2QqffBy

Banks to target moderate Democrats, regulators if U.S. House flips
Pete Schroeder, Michelle Price – Reuters
Financial industry lobbyists say they will focus their efforts on moderate Democrats and regulatory agencies if Democrats take control of the House of Representatives after next week’s congressional elections.
/jlne.ws/2QqfEny

Wall Street, Business Donors Bet on Democrats; Reversing a trend, financial-industry and business contributors favor Democratic candidates over GOP in midterm races
Julie Bykowicz – WSJ
Wall Street and the business community, breaking from a yearslong trend, are hedging their political bets by making more contributions to Democrats in the midterm elections, according to fundraising data compiled by the nonpartisan Center for Responsive Politics.
/jlne.ws/2qtczYj

Regulation

SEC Adopts Rules That Increase Information Brokers Must Provide to Investors on Order Handling
SEC
The Securities and Exchange Commission today announced that it has voted to adopt amendments that will require broker-dealers to disclose to investors new and enhanced information about the way they handle investors’ orders.
/jlne.ws/2qvCQFA

SEC Enforcement Division Issues Report on FY 2018 Results
SEC
The Securities and Exchange Commission’s Enforcement Division today issued the annual report of its ongoing efforts to protect investors and market integrity. The report also highlights several significant actions and initiatives that took place in FY 2018. The report presents the activities of the Division from both a qualitative and quantitative perspective.
/jlne.ws/2qrxZoI

SEC Charges Family Friend of Former Investment Banker With Insider Trading
SEC
The Securities and Exchange Commission today charged an IT professional in Texas who allegedly participated in an insider trading scheme perpetrated by a former Wall Street investment banking analyst.
/jlne.ws/2QfgJyk

SEC Charges Investment Adviser With Running $3.9 Million Fraud
SEC
The Securities and Exchange Commission today charged a former registered representative and investment adviser in Altoona, Pennsylvania, with operating a long-running offering fraud.
/jlne.ws/2QgvG3h

U.S. SEC collects nearly $4 billion in fines, disgorgement in fiscal 2018
Pete Schroeder – Reuters
The Securities and Exchange Commission assessed $3.945 billion in disgorgement and penalties across 821 enforcement actions in fiscal 2018, the agency’s enforcement division said in its annual report on Friday.
/jlne.ws/2Qlhshi

ECB shuts Malta’s Pilatus Bank after money laundering allegations
Reuters
The European Central Bank has withdrawn the banking license of Malta’s Pilatus Bank, the island’s financial regulator said on Monday, after the lender was accused of processing corrupt payments for senior Azeri and Maltese figures.
/jlne.ws/2QgPoM9

Why deregulation ahead of a downturn is dumb; The outlook for banks is more worrying than US policymakers intended
Patrick Jenkins – FT
As banks have become more heavily regulated in recent years ó prompting more and more of their edgier business activities to flee to the less regulated non-bank financial system ó bankers have been pretty successful in their “nothing to see here” defence when challenged on their systemic riskiness.
/jlne.ws/2Ql7uwH

Maintaining market confidence: an update on Brexit
UK FCA
Speech delivered by Nausicaa Delfas, Executive Director of International at the City and Financial: 3rd UK Financial Services Brexit Summit
/jlne.ws/2qtNhJu

Investing and Trading

As China soy demand wavers, U.S. farmers turn back to grains
Michael Hirtzer – Bloomberg
Since the mid-2000s, North Dakota farmer Paul Thomas has planted more of his land with soybeans as China’s demand for the oilseed grew. The shift culminated this year when Thomas planted 1,600 of his 5,000 acres with soybeans, the most ever.
/jlne.ws/2QkQRBb

Their Soybeans Piling Up, Farmers Hope Trade War Ends Before Beans Rot; North Dakota’s soybean crops are flourishing. But China has stopped buying.
Binyamin Appelbaum – NY Times
This is harvest season in the rich farmlands of the eastern Dakotas, the time of year Kevin Karel checks his computer first thing in the morning to see how many of his soybeans Chinese companies have purchased while he was sleeping.
/jlne.ws/2QkKi1k

Bond Traders Prepare for Week Full of Risk by Dumping Treasuries
Emily Barrett – Bloomberg
Ten-year yield approaches seven-year high before auctions; U.S. midterms, $83 billion of coupon sales precede Fed
Bond traders see a volatile week taking a toll on U.S. government bonds, and the benchmark rate is already on the verge of a seven-year high.
/jlne.ws/2Qlg0LS

Bond funds hit by biggest monthly withdrawals in almost 3 years; Investors take out $36bn during October with fixed-income ETFs succumbing to turbulence
Nicole Bullock, Robin Wigglesworth and Joe Rennison -FT
Investors withdrew $36bn from bond funds in October, the biggest monthly net redemption in almost three years, as even exchange traded fixed-income funds succumbed to the global market turbulence.
/jlne.ws/2QikTFy

Institutions

Cantor Agrees to Sell ETF, Retail Stock-Trading Division to GTS
Nick Baker – Bloomberg
GTS agreed to buy Cantor Fitzgerald LP businesses that handle exchange-traded funds and orders from retail investors, becoming the latest high-frequency trading firm to start directly serving consumers.
/jlne.ws/2QfnUGN

Deutsche edges up in EU stress tests, still among worst 10 banks in Europe
Arno Schuetze, Tom Sims – Reuters
Deutsche Bank (DBKGn.DE) on Friday scored among the ten worst banks in the latest round of European stress tests, yet another sign of weakness at Germany’s largest lender.
/jlne.ws/2Qj4MaL

Goldman Sachs signs 100,000 customers to its new British bank, Marcus, in just over a month – and now plans a cash Isa
Helen Cahill – Daily Mail
Goldman Sachs has signed up 100,000 customers to its new retail bank, Marcus, in just over a month – and now plans to launch a cash Isa and wealth management service.
/jlne.ws/2QlDAbA

Barclays Posts Lowest Capital Ratio in Latest EU Stress Test
Silla Brush, Nicholas Comfort and Stefania Spezzati – Bloomberg
CET1 ratio for Barclays shrank to 6.37% in toughest scenario; Lloyds falls to 6.8% in adverse situation vs 9.9% for RBS
Barclays Plc saw its key measure of financial health sink to the lowest level among 48 banks in a European stress test, which gauged how well lenders could withstand heavy credit losses and other Brexit-related fallout.
/jlne.ws/2QgMMOs

Hedge Fund ‘Hotels’ Burned Managers Who Sought Refuge in October
Suzy Waite and Krista Gmelich – Bloomberg
Rushing into the same stocks turned ugly for several funds; More broadly, long-short and activist strategies saw big drops
Hedge fund hotels are proving to be no respite for money managers.
/jlne.ws/2Ql2SGK

Goldman to Name Fewest New Partners in 20 Years, WSJ Reports
Christine Maurus and Linly Lin – Bloomberg
Promotions expected for fewer than 65, newspaper reports; Class would be smallest since 1998, when firm was private
Goldman Sachs Group Inc. is likely to announce this week that fewer than 65 people will be named partners, the Wall Street Journal said, citing unidentified people familiar with the matter.
/jlne.ws/2Qs4fTS

Italy’s Banco BPM says one-off costs weighed on stress test outcome
Reuters
Italy’s Banco BPM (BAMI.MI), one of the banks that fared the worst in Europe-wide stress tests of the sector, said on Friday one-off costs had weighed on the outcome of the health check.
/jlne.ws/2QqeZm4

Austrian banking supervisors call on lenders to bolster capital after stress test
Reuters
Austria’s banking supervisors on Friday renewed their calls to the country’s biggest lenders to bolster their capital reserves after Erste Group (ERST.VI) was ranked among the 10 worst performers in a Europe-wide stress test.
/jlne.ws/2QgR8oF

Britain’s Barclays, Lloyds shock in EU bank stress test
Huw Jones, Lawrence White – Reuters
Britain’s Barclays (BARC.L) and Lloyds (LLOY.L) were the surprise laggards in a European Union bank health check on Friday, although none of the 48 lenders tested failed a major capital threshold.
/jlne.ws/2QqfaxK

Goldman says 1MDB dealings may still result in penalties: filing
Reuters
Government probes into Goldman Sachs Group Inc’s dealings with the Malaysian sovereign wealth fund 1MDB may still result in “significant fines, penalties and other sanctions,” the Wall Street bank said in a regulatory filing on Friday.
/jlne.ws/2Ql51lJ

New Funds Take Pay Cut If They Can’t Beat the Market; Money managers are offering new fulcrum funds where pay is based on performance
Justin Baer – WSJ
A wave of stock-picking firms are stepping up their fight against cheap exchange-traded and index funds with new offerings that dial back fees if they can’t beat the market.
/jlne.ws/2qsLxjF

Regions

A Penn State Engineer’s Quest to Become the World’s Gas King
Mohammed Sergie – Bloomberg
Saad Sherida Al-Kaabi named Qatar’s minister of energy affairs; Qatar is the world’s biggest exporter of liquefied natural gas
It’s the opposite of a meteoric rise. Saad Sherida Al-Kaabi was a teenager when he joined Qatar Petroleum in 1986, still an engineering student at Pennsylvania State University. He climbed slowly through the ranks, finally becoming chief executive officer in 2014 and managing projects that cemented Qatar’s role as the world’s top exporter of liquefied natural gas.
/jlne.ws/2QfosfI

China’s Xi Jinping hits out at ‘law of the jungle’ trade policies; President’s remarks seen as broadside against Trump ahead of talks at G20 summit
Gabriel Wildau – FT
Xi Jinping has launched an attack on a “law of the jungle” approach to trade, remarks that will be seen as a broadside against Donald Trump ahead of a G20 summit this month where the two are due to discuss their tariff brinkmanship.
/jlne.ws/2Ql7jBt

Uranium price hits 2.5 year high
Neil Hume, Natural Resources Editor – FT
Uranium has hit its highest level in more than two-and-half years as big producers of the nuclear fuel buy material in the market and China prepares to reaffirm its commitment to build new plants.
/jlne.ws/2QiV0p3

‘Tech-tonic’ Shift May Be Taking Shape in China: Taking Stock
By Arie Shapira – Bloomberg
Chinese stocks are doing something they haven’t done in a long time — outperform their counterparts in the U.S.
/jlne.ws/2Qm2Uhp

Brexit

Some of the City of London’s most powerful figures are backing a second Brexit referendum
Costas Pitas – Reuters
More than 70 business figures are calling for a public vote on the final terms of Britain’s exit from the European Union, warning that the country faces “either a blindfold or a destructive hard Brexit”, the Sunday Times reported.
/jlne.ws/2QlgEcg

‘No Russian money’ in Brexit donation, says Arron Banks; Leave.EU founder says funds came from UK businesses but faces fresh scrutiny
Laura Hughes, Caroline Binham and Robert Wright – FT
Arron Banks on Sunday mounted a pugnacious defence of his conduct during the 2016 EU referendum campaign in the face of a series of investigations, including new scrutiny by the Financial Conduct Authority that could hamper the future insurance operations of the pro-Brexit businessman.
/jlne.ws/2Qmal8s

Big Short’s Eisman Is Shorting Two U.K. Banks on Brexit
Matthew Martin – Bloomberg
Fund manager says U.K. is one of the biggest risks globally; Eisman may short other firms if Corbyn becomes prime minister
Steve Eisman, the Neuberger Berman Group money manager who famously predicted the collapse of subprime mortgages before the 2008 financial crisis, is shorting two U.K. banks over expectations the country will leave the European Union without a deal.
/jlne.ws/2QjQVR

Here’s the Price U.K. May Pay for Brexit Customs Deal
Dara Doyle – Bloomberg
Britain is understood to be seeking a U.K.-wide customs deal with the European Union to help avoid the return of a border in Ireland after Brexit. Theresa May is likely to pay a steep price to clinch such an agreement.
/jlne.ws/2QlfXQc

UK business leaders call for ‘people’s vote’ on Brexit deal; Letter signed by 70 corporate figures says country faces ‘blindfold or a destructive hard Brexit’
Laura Hughes – FT
More than 70 business leaders have signed a letter demanding a “people’s vote” on the final Brexit deal negotiated by UK Prime Minister Theresa May.
/jlne.ws/2QkZqvM

Britons living in EU urged to act to guarantee Brexit rights; Citizens without legal permission could face problems proving they have a right to stay
Peter Wise, Kerin Hope and Michael Stothard – FT
Britain is urging hundreds of thousands of UK citizens living in the EU without registration documents to take action to guarantee their post-Brexit residence rights.
/jlne.ws/2QkHuRQ

Unlikely consensus reigns in Brexit financial services talks; Despite Northern Ireland deadlock, issues affecting the City are all but settled
Alex Barker – FT
Britain’s membership of the EU was often characterised by feuding over the City of London. But a remarkable feature about the country’s exit negotiations has been the lack of big battles over financial services ó a sector of outsized economic importance to the UK.
/jlne.ws/2QiVSKl

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