First Read

2016 Could Be The Year Of The CEO
By Jim Kharouf, JLN Editor-in-Chief

Forget the Chinese New Year plunge, Brexit, The Donald or even the Cubs. This is also shaping up as the year of the new CEO, with exchanges and clearinghouses especially, in moves that could reshape our markets in the coming years.

The two biggest CEO changes came within days of each other, with Terry Duffy taking the reins as CEO at CME Group from Phupinder Gill and Adena Friedman at Nasdaq, taking over from longtime CEO Robert Greifeld at the start of 2017. They are not alone in exchange CEO transitions. Dominic Stevens from the Australian Securities Exchange took the CEO post this summer, while Thomas Book was named CEO of Eurex in March. An honorable mention goes to Trabue Bland, president (not CEO) of ICE Futures US, named to the post in February.

Each could help further reshape the landscape of the exchange space in the coming months or years. Each is also faced with operating their respective exchanges during a stretch of declining futures and options volumes in every major region. The FIA October volume figures showed an 8.4 percent drop in volume (pre-US election) year over year, while Europe was down 8.2 percent and Asia-Pacific was down 12.2 percent.

Despite the gloomy numbers, CME volumes were actually up 8 percent for the year through October and a Trump presidency portends well for many of the products it lists. Duffy may have some nice tailwinds if we see movement on rates from the Federal Reserve Bank and some Trump inspired volatility.

Nasdaq, meanwhile, has a solid position in US equity options. Its cash equities volumes were up each of the first six months of 2016, and then were below 2015 monthly figures each of the past four months.

2016 Could Be The Year Of The CEO

But exchanges are much more than matching engines for their respective markets. As Nasdaq’s vice chairman Sandy Frucher likes to say, “We’re a technology company that happens to own exchanges.” Nasdaq, CME, Eurex and the Intercontinental Exchange are much more as well, with each drawing significant income from data, analytics and other information driven services. ICE ironman CEO Jeff Sprecher is now the senior executive at exchange panels. He has made a major investment in data and information services over the past couple of years, as that sector has become a new frontier for growth while volumes have stagnated. (See our piece from earlier this year, Big Data = Big Money)

The question now is just what is their strategy in the coming year that may diverge from their predecessors’. While deals await approval between Deutsche Boerse and London Stock Exchange Group and CBOE and Bats, where else can exchanges find growth?

But 2016 is not just the year of the new exchange CEO. There is always turnover, but a few noteworthy moves include: Craig Donohue, now CEO and executive chairman at OCC, Mark Haraburda, CEO at Barchart, Andy Ross, CEO of CurveGlobal, Paul Finnegan, CEO of Contoxia.

And there is word that white smoke will rise from the National Futures Association chimney today.

This may be the year of the CEO. Next year could indeed be a year for change in our markets.


Steve Hamilton, CurveGlobal – Demystifying the Current Trading Environment

Steve Hamilton, COO of CurveGlobal, doesn’t buy the over-the-top headlines about the state of trading. To him, the evolution of the market has been logical, and not as drastic as some would have you believe. The bottom line is that people still make trading decisions based upon risk taking and risk mitigation, and then discover price in order to execute their strategy. The change has been the venue where this occurs — a screen rather than a pit.

In this video from JLN’s MarketsWiki Education event in London, Hamilton runs through the shift from the pits to the screen, while admitting he doesn’t get some of the semantic games happening in trading.

“I don’t know what high frequency trading is. It doesn’t make any sense to me. I know what automated trading is,” he said.

Hamilton thinks the HFT moniker gets bandied about all too, well, frequently. People use the phrase to describe all sorts of low-latency electronic trading, something Hamilton would prefer was simply called automated trading. Hamilton would know: he came to Curve from the HFT firm — make that AT firm — DRW.

Watch the video »


Eventus Systems Adds Surveillance and Compliance for Global Futures Trading
Fresh off CEO Travis Schwab’s appearance on the SEC’s FinTech Forum panel titled “Investor Protection in the Fintech Era”, Eventus Systems announced a continued expansion of the asset classes covered by their flagship solution Validus. The addition of surveillance and compliance for global futures trading comes as the company opens a New York office to be headed by the newly hired Scott Schroeder, Managing Director, New York.

***** This is a firm to keep an eye on, or at least an oculus.


Executive Club of Chicago to Feature Chicago Fed President & CEO Charles Evans
The Executives Club of Chicago
The Executives Club of Chicago will have Chicago Federal Reserve President and CEO Charles Evans as their keynote speaker on December 5 at their morning program at the Mid America Club. Evans will speak on “Are Lower Rates Here to Stay?” Evans will share his outlook for the economy and his views on monetary policy. Tickets are available to both members and non-members. To register, visit or call 312-263-3500.
***** I was a participant in their breakfast program when they had CME CEO Phupinder Gill as the key guest.


Federal Court in Chicago Orders U.K. Resident Navinder Singh Sarao to Pay More than $38 Million in Monetary Sanctions for Price Manipulation and Spoofing
The U.S. Commodity Futures Trading Commission (CFTC) today announced that Judge Andrea R. Wood of the U.S. District Court for the Northern District of Illinois entered a Consent Order against Navinder Singh Sarao (Sarao) that requires him to pay a $25,743.174.52 civil monetary penalty and $12,871,587.26 in disgorgement. The Court’s Order also permanently prohibits Sarao from further violations of the Commodity Exchange Act (CEA) and CFTC Regulations, as charged, and imposes permanent trading and registration bans against Sarao.

***** Further evidence that spoofing does not pay.


Automated Pro-Trump Bots Overwhelmed Pro-Clinton Messages, Researchers Say
An automated army of pro-Donald J. Trump chatbots overwhelmed similar programs supporting Hillary Clinton five to one in the days leading up to the presidential election, according to a report published Thursday by researchers at Oxford University.

***** Chatbots is the word of the day.


The North Pole is an insane 36 degrees warmer than normal as winter descends
By Chris Mooney and Jason Samenow – Washington Post
Political people in the United States are watching the chaos in Washington in the moment. But some people in the science community are watching the chaos somewhere else — the Arctic.

***** The new North Pole outdoor swimming pool complex is amazing.


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Thursday’s Top Three
Our top read stories from yesterday were led by the New York Times’ piece about Sen. Jeb Hensarling, House Foe of Dodd-Frank Says Overhaul Will Face Test in Senate, a name we’ve heard often lately. The second most read story was from the FT, about just how much this Brexit thing is gonna cost: Derivatives traders forced to provide $27bn collateral post-Brexit. The third most read piece was the Reuters piece: CFTC: ‘too-big-to-fail’ clearinghouses resilient to shocks




89,393,253 pages viewed; 22,244 pages; 202,570 edits
MarketsWiki Statistics

Lead Stories

Swaps industry balks at joining Trump in gutting Dodd-Frank
Philip Stafford and Gregory Meyer – Financial Times
For much of the past decade the derivatives industry has been caught in the gravitational pull of the Dodd-Frank act, the sweeping piece of legislation meant to contain the risk of another financial crisis. Six years after its passage, US president-elect Donald Trump wants to dismantle the law. The industry, however is not racing to join him. At this week’s Global Financial Leadership Conference, a gathering of derivatives traders, discussions dwelled on topics such as the UK’s Brexit vote and artificial intelligence, not repealing Dodd-Frank.

Nasdaq’s new chief has company blood running through her veins; Adena Friedman has risen from intern to leader of the exchanges group
by: Nicole Bullock in New York – FT
Adena Friedman bleeds Nasdaq blue, a former colleague said of the exchange’s newly named chief executive. Ms Friedman began her professional career as an intern at Nasdaq, whose logo is blue, more than two decades ago when the exchanges operator itself was a young upstart.

***** See our MarketsWiki Education World of Opportunity video from this summer featuring Ms. Friedman.

Shake-up of fund managers proposed by UK regulator; Financial Conduct Authority seeks to tackle failings of industry towards investors
by: Chris Newlands, Madison Marriage and Caroline Binham – FT
Retail customers in the UK are getting a poor deal from an asset management industry making fat profits off actively managed funds that do not outperform the market, according to a damning report from the City watchdog.

How the SEC’s Blockchain Lead is Defining Future Regulation
Michael del Castillo – Coindesk
In a sign of how serious state powers are taking the emergence of blockchain, the most powerful regulatory body in the US now has a working group dedicated to protecting its users and investors from fraud in the sector.

FCA finds weak price competition in some areas of the asset management sector
The Financial Conduct Authority (FCA) has today published the interim findings of its asset management market study, which suggests that there is weak price competition in a number of areas of the asset management industry.

Wall Street looks like a winner under Donald Trump; US banks’ resurgence is likely to be magnified if he loosens regulations
by: Gillian Tett – FT
In a ranking of global financial centres last month, published by Z/Yen, London topped the think-tank’s league, a whisker above New York.

Rise of Populism Tops Anxiety List at Frankfurt Banking Meeting
Steven Arons – Bloomberg
Political instability higher than ever, Commerzbank CEO says; BNP Paribas Chairman sees fallback in French electoral system
The rise of populism in developed nations is tearing at the political fabric of Europe, unsettling markets and undermining growth prospects, top European bankers said in Frankfurt on Friday.

J.P. Morgan Settlement Lays Bare the Practice of Hiring ‘Princelings’; So-called Sons and Daughters program in Asia sought to hire well-connected offspring to win business
A decade ago, a J.P. Morgan Chase & Co. managing director in Asia sent an email to the investment-banking team: “As you know, the firm does not condone the hiring of the children or other relatives of clients or potential clients…In fact, the firm’s policies expressly forbid this,” the director wrote.

Trump Victory Sparks Hedge-Fund Bonanza; Volatility of bonds and currency after president-elect’s victory ‘turbocharging’ the industry
Hedge funds around the world are already cashing in on Donald Trump’s surprise U.S. presidential election victory. Traders last week broadly welcomed Mr. Trump’s victory, believing it would bolster infrastructure spending and growth. But many are now chalking up large profits thanks to the sharp moves in bond yields and currencies in the wake of the election result.

Trading stalls on China’s new CDS market; No transactions after first day of trading, while price discovery is problematic
Yimian Wu –
China’s credit default swap (CDS) market launched with great fanfare at the end of October. But three weeks on, market participants say the trades were just “testing the water” and no deals have been conducted since. Trades that were done on the day suffered from a lack of two-way flow and a wide dispersal of pricing. The interbank CDS market launched on October 31 with 15 separate transactions worth a notional 300 billion yuan ($44 billion). Traders now say the deals were conducted to test the…

Suspend bank capital rules following an FCM default, CFTC told; Banks may be more likely to bid in post-default auctions if temporary capital relief is granted
Peter Madigan –
Market participants want regulators to temporarily suspend bank capital requirements when a member of a central counterparty (CCP) defaults as a means to encourage the surviving firms to take on the positions of the failed member’s customers. A group of clearing experts tasked by the US Commodity Futures Trading Commission (CFTC) with recommending ways to strengthen CCP default management processes has discussed “whether there should be capital relief, at least on a temporary basis, for FCMs [futures…

JPMorgan has clutch of CEO understudies, people guessing on winner
By David Henry – Reuters
JPMorgan Chase & Co is once again facing questions about who will succeed its larger-than-life chief executive after Jamie Dimon was courted by the incoming U.S. president for the role of Treasury secretary.

Trump Needs to Establish an Office of Financial and Regulatory Technology
Allan Grody, Financial InterGroup Via Tabb Forum
President-elect Donald Trump should establish an Office of Financial and Regulatory Technology, which would be the center of research and innovation to build links between evolving technologies and new regulations. Risk management and data management, the two pillars of a digitized financial system must be understood through the technologists’ lens or we will forever be creating more of the same – meaningless data collected by yet another layer of intermediary data institutions for yet another regulatory purpose.


Wolfgang Schäuble sets out tough line on Brexit; German minister warns UK faces stiff rules on tax breaks and prolonged EU payments
by: Stefan Wagstyl and Guy Chazan in Berlin – FT
Germany’s finance minister has set out a tough line on EU divorce talks with Britain on issues from tax breaks to exit costs, dashing Downing Street hopes Berlin would soften Europe’s stance on a UK departure from the bloc.

Brexit No Barrier for China’s New Financial District Plan in London
Bloomberg News
Record-breaking year for investment not slowed by EU vote; Chinese banks back new financial district near City Airport
With Britain trying to hammer out the terms of its exit from the European Union and banks considering their options on the continent, is this the best time to start building a new financial district in London? China thinks so.

Bank Bosses Soften Tone on Brexit as May Extends Olive Branch
Gavin Finch – Bloomberg
Gone are threats of imminent exodus and economic calamity; Finance executives say London’s status not under threat
Global bank executives are softening their warnings that the U.K.’s looming withdrawal from the European Union will spur an imminent exodus of staff from London.

Deutsche Bank News

Deutsche Bank eyes bonus clawback for former bosses
James Shotter and Martin Arnold – Financial Times
Deutsche Bank’s supervisory board is taking legal advice on whether it can recoup bonuses from a number of former executives, including former chief executives Anshu Jain and Josef Ackermann. Germany’s biggest bank has over the past three years frozen deferred bonus payments for close to a dozen current and former executives who served on its management board in recent years.

Ackermann Sees No Legal Basis for Returning Paid-Out Bonuses
Birgit Jennen and Nicholas Comfort – Bloomberg
Former Deutsche Bank AG Chief Executive Officer Josef Ackermann said he sees no legal basis for the company to force senior executives to return bonuses that have already been paid out, after a German newspaper reported it was weighing such a move.

Exchanges, OTC and Clearing

ICDA signs Memorandum of Understanding with the China Futures Association
The International Commodities and Derivatives Association, (‘ICDA’), represented by Daniel Day-Robinson, Chairman, has signed a Memorandum of Understanding with the China Futures Association (‘CFA’), represented by Mr Mingwei Wang, Chairman of CFA. The signing ceremony, took place during ICDA’s 2016 Bürgenstock conference, which hosts the world’s oldest meeting of international regulators in private session. The Memorandum envisages wide-ranging co-operation between the two associations to include training and global advocacy.

SGX in blockchain group advancing Singapore’s vision of Smart Financial Centre
Singapore Exchange (SGX) is pleased to be part of an industry-wide collaboration that will harness blockchain technology to advance Singapore’s vision of a Smart Financial Centre.

CME to amend livestock futures options minimum listed range of exercise prices
CME Group plans to amend rules governing minimum listed range of option exercise prices for its livestock options contracts to reflect a percentage range relative to the options exercise values closest to the settlement price of the previous day’s underlying futures contract, the exchange said on Thursday.

Lee Hodgkinson, Head Of Markets And Global Sales Of Euronext And CEO Of Euronext London Limited, Elected As Vice President Of The Federation Of European Securities Exchanges
On 17th November 2016, Lee Hodgkinson from the pan European exchange Euronext was elected as FESE Vice President for a term of three years. The election was unanimously approved by the FESE General Assembly at their bi-annual meeting in Brussels today.

Intercontinental Exchange ‘materially overstated’ open interest in some futures
Seeking Alpha
The affected contracts include Three-Month Euribor futures, Long Gilt futures, and five others.

Extension of the Transitional Periods Related to Own Funds Requirements for Exposures to Central Counterparties

BATS Inks Index Data Distribution Deals; The exchange aims for its commercial policies to position its indexes against long-established incumbent providers.
Joanne Faulkner – Waters Technology
BATS Europe has announced data distribution deals with 16 vendors and marketplaces for the family of UK benchmark indexes it launched in June (IMD, June 13), as the exchange operator aims to make inroads into the dominance of London Stock Exchange-owned rival index provider FTSE.

SIX Swiss Exchange wins “Exchange of the Year” award at the Structured Products Awards Europe 2016.
The award ceremony for the Structured Products Europe Awards 2016 was held last night at “The Mayfair” in London. A delegation of SIX Swiss Exchange led by André Buck, Head Sales, accepted the prestigious “Exchange of the Year” award as part of a formal ceremony.


Mnuchin’s Bank Accused of Redlining Black, Latino Home Buyers
Dakin Campbell – Bloomberg
OneWest Bank, the lender Steven Mnuchin built and then sold last year, broke federal laws by keeping branches out of minority neighborhoods and making few mortgages to black and Latino borrowers, two housing advocacy groups alleged to U.S. regulators.

Trump risks market calamity if US institutions damaged; Any damage to public institutions in the US or UK will force investors to re-think
by: John Authers – FT
The market interpretation of the US election result can be expressed in just three letters, repeated several times: “USA! USA! USA!” Amid the noise that followed last week’s election victory for Donald Trump, one signal was clear — whatever the outcome will be the US, it will be far worse for the rest of the world in general, and emerging markets in particular.

Trump Is Making Bond Markets Nervous; Investors see a burst of growth, bigger deficits, and more inflation.
Susanne Barton – Bloomberg
The U.S. stock market decided to take the optimistic view of the election of Donald Trump. But the story was different for U.S. Treasury bonds. The day after the election, they took their biggest plunge in five years. The Bloomberg Barclays Treasury Total Return index fell 2 percent from the election through Nov. 15.

Hedge Funds That Backed Trump Enter Washington, Demands in Hand
Simone Foxman – Bloomberg
From Mnuchin to Mercer, industry figures gather clout in DC; ‘The screed of hatred’ is over, fund manager Scaramucci says
Donald Trump, the candidate, was blunt: “Hedge fund guys are getting away with murder.” But Donald Trump, the President-elect, is going a bit easier on the hedge funders — to huzzahs from the industry.

Investing and Trading

Oil groups ‘not investing enough’ in green energy; Wood Mac says crude producers risk being left behind in the transition to renewables
by: Andrew Ward, Energy Editor – FT
Oil companies risk being left behind in the transition to low-carbon energy according to a report that says the industry is not investing enough in green technology.

FCA slams buy-side for enjoying high profits as investors foot the bill; UK regulator’s market study reveals limited price competition in actively managed funds and proposes reforms to protect investors.
By Hayley McDowell – The Trade
The UK’s Financial Conduct Authority (FCA) has called out the buy-side for enjoying high profits as investors pay high charges that are often not justified by returns, according to the regulator.

FCA’s Bailey: Fund fee caps would not effectively drive competition; Proposes all-in fee on funds
Anna Fedorova – Investment Week
Andrew Bailey, chief executive of the Financial Conduct Authority, said imposing a fee cap on investment funds would be a measure of ‘last resort’, as it is not an effective way to drive competition in the market.

FCA: Investors overlooking passives despite £109bn in expensive ‘passive mirrors’; Passives underrepresented on buylists
Anna Fedorova – Investment Week
The Financial Conduct Authority (FCA) has found passive funds are being underrepresented on retail buylists, meaning investors could be overlooking these options when choosing products.


Threat of rising bank charges spurs treasurers into action
Kimberley Long – Euromoney
Sustained low interest rates in Europe are pushing banks towards charging for deposits. Lothar Meenen, Deutsche Bank Lothar Meenen, head of trade finance and cash management corporates, Germany, at Deutsche Bank, says corporates are well-informed on what charges they are already paying.

Architect of Bank of England Independence Ed Balls Urges Rethink
Brian Swint – Bloomberg
Monetary officials must give up some autonomy to governments; Central bankers must still be able to meet goals on their own
The notion of central bank independence needs an update, said Ed Balls, one of the creators of the independent Bank of England two decades ago.

Goldman Sachs Maps Out Its Top Ten Market Themes for 2017; They’re heavily influenced by President-elect Trump.
Luke Kawa – Bloomberg
It’s not even Thanksgiving yet, but Goldman Sachs Group Inc. is already preparing for 2017. In a note to clients on Thursday, a team led by Chief Credit Strategist Charles Himmelberg released its top ten market themes for next year.

JPMorgan hired kids of China’s elite to win business, U.S. charges
Matt Egan – CNN
JPMorgan Chase (JPM) improperly hired the “unqualified” children of China’s ruling elite to win lucrative business from the country’s key decision makers, authorities alleged on Thursday.
Regulators slapped JPMorgan with $264 million in fines and said the bank “corruptly influenced government officials” with its hiring and internship tactics in China.

KCG Holdings’ Mifid II expert departs
By Tim Cave – Financial News
KCG Holdings is to part with one of its senior European executives, who has helped drive the electronic trading firm and broker’s strategy ahead of incoming EU markets rules.


Thomson Reuters Integrates Legal Filings Data into Eikon to Show Impact of Court Cases on Stock Prices
Max Bowie – WatersTechnology
Thomson Reuters has integrated court filings data from its legal research tool Westlaw into the vendor’s Eikon next-generation desktop workstation, to enable traders and investors to assess the potential impact of any pending litigation or settlement on a company’s stock price in the short- or long-term.

Facebook Fends Off Crises With Confidence; Social network’s leadership stands firm on criticism over fake news, bias and its news feed
By Deepa Seetharaman – WSJ
Facebook Inc. ‘s growing clout has spawned a series of prominent controversies—and increased confidence in staring them down.


FSB urges countries to complete banking reforms
Caroline Binham – Financial Times
The global body of central bankers and regulators has urged countries to complete a contentious banking reform package that has pitted the EU against the US, and which is expected to come to a head over the coming weeks.

Former TMX exec to join new Canadian securities regulator
Former TMX Group Ltd executive Kevan Cowan has been appointed chief regulator of a yet-to-be-created national securities regulator meant to unify the current patchwork of provincial entities, its implementation body said on Thursday.

The Glory Days of Elizabeth Warren’s CFPB Are Numbered
Suzanne Woolley, Elizabeth Dexheimer and Charles Stein – Bloomberg
On Nov.?9, Senator Elizabeth Warren paid a visit to the headquarters of the Consumer Financial Protection Bureau in Washington, the agency she helped create before she got to Congress.

A Window into Trump’s SEC?
Stephen M. Quinlivan – JDSupra
Insights into an SEC composed of Trump appointees can be gleaned from Financial Services Committee Chairman Jeb Hensarling’s (R-TX) opening statements at a committee hearing on SEC oversight, with testimony by outgoing SEC Chair Mary Jo White. Congressman Hensarling noted some concerns and disagreements with the SEC, possibly foreshadowing policies of the incoming Trump administration.

FINRA Sanctions Oppenheimer & Co. $3.4 Million for Reporting Violations, Failing to Comply With Discovery Obligations in Arbitrations, and Other Supervisory Failures
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Oppenheimer & Co. Inc. $1.575 million and ordered the firm to pay $1.85 million to customers for failing to report required information to FINRA, failing to produce documents in discovery to customers who filed arbitrations, and for not applying applicable sales charge waivers to customers.

SEC Charges Renewable Energy Company, CEO, and Others With Defrauding Investors
The Securities and Exchange Commission today filed fraud charges against four individuals and others who allegedly profited by defrauding investors in a cash-strapped California-based renewable energy company.

FCA charges sixth defendant in alleged investment fraud
Following an investigation by the Financial Conduct Authority (the FCA), Charanjit Sandhu (DOB: 03/12/1989) of Grays, Essex, appeared today before the City of London Magistrates Court charged with conspiracy to defraud, together with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.

ESMA Publishes MiFID II Q&AS On Transparency And Market Structure
The European Securities and Markets Authority (ESMA) has published two Questions and Answers (Q&A) documents regarding implementation issues relating to market structures and transparency topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR).

ASIC bans former AMP Financial Planning representative from providing financial services for eight years
ASIC has banned Mr James Edward McCarthy, a financial adviser from South Australia, from providing financial services until 14 November 2024. ASIC found that Mr McCarthy created and backdated Statements of Advice and Authority to Proceed documents and forged client signatures for the purpose of complying with an internal AMP Financial Planning audit in March 2015.

Statement of CFTC Chairman Timothy Massad before the Market Risk Advisory Committee


One Slice of Global Gas Market Just Got Bigger for U.S. Drillers
Christine Buurma – Bloomberg
Shale drillers in the U.S. are about to tighten their grip on the global natural gas market. TransCanada Corp.’s decision this week to shelve plans for lower tolls on its gas pipeline to eastern Canada means less supply will head there from the country’s western reservoirs. That opens the door for U.S. explorers like Antero Resources Corp. and Rice Energy Inc. to edge out Canadian competitors and ship more gas north of the border.

Demonetisation: Cash crisis hits cotton availability
Business Standard
Cotton exports are being hit by the demonetisation effect. With farmers in a liquidity crisis and traders and wholesale markets not functioning in many places, arrivals have reduced. The price of cotton in Mumbai has risen by three per cent since the announcement on withdrawal of currency notes. In this period, the rupee has fallen by 2.5 per cent and the international benchmark price by four per cent; so, there is scope for improving exports. However, supply is a current problem.

Record Harvest Spells More Trouble for Conflict-Hit Ukraine
Kateryna Choursina – Bloomberg
Grain-output boom overwhelms capacity of money-losing monopoly; Smaller fleet delays wheat, corn, barley, sunflower shipments
As if Ukraine’s battered economy and political conflicts with Russia weren’t dismaying enough, a logjam on the country’s Soviet-era rail network is preventing some farmers from shipping bumper harvests in the breadbasket of Eastern Europe.

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