First Read

Bits & Pieces
By John J. Lothian

It has been two years since Spencer Doar joined John Lothian News as an intern, then later becoming a full-time employee and integral part of the JLN Team.

He has the second longest employment streak at the company of someone who is a Chicago White Sox fan. Not sure how that happened.

Our survey prize went to Kevin Brennan of INTL FC Stone. Congratulations Kevin, I hope you enjoy your Amazon Echo. Thank you to all who participated in our survey. We greatly appreciate it.

My friends at the Pathway to Adventure Council are trying raise some money in a Charity Challenge. They are competing against 135 other organizations for up to $100K in prize money.

Between now and April 25th, they will be raising funds for our new Restoring the Village program. You can find out more or donate here

JJLCO CEO Jim Kharouf is out of the office for a couple of weeks as he heads to spring break next week with the family for a well deserved vacation and then over to Frankfurt for the WFE IOMA conference.

Have you signed up for Fintech Exchange 2017 yet? Get a ticket while they are available.

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CME’s Duffy sees pay jump to nearly $10 million
Lynne Marek – Crain’s Chicago Business
CME Group Chairman and CEO Terry Duffy’s pay jumped more than 50 percent last year as the company’s stock climbed on revenue and earnings.
/goo.gl/JzRiOc

***** I bet this is more than he earned in a year filling cattle futures orders. But I bet he had more fun in the trading pit. Being CME CEO is a tough job.

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Sponsored Content

FinTech Exchange – April 27 in Chicago – Register Today – Early Bird Rate Expires on Friday

Join us on April 27 in Chicago for the 3rd annual FinTech Exchange hosted by Barchart. This all-day, expanded event will showcase concise and engaging on-stage presentations from financial technology leaders as they cover topics, including: Exchange Technology, Data Analytics & Visualization, Tick Data Management, Big Data & Artificial Intelligence, Cloud Security, Market Data & Trading Software, Data Storage & Infrastructure, Telecommunications, Binary Options, APIs, Alternative Data and FinTech Trends. In addition, this year’s event features an extended program with optional in-depth round tables, expanded exhibit hall and an extended networking reception, including a pre-event happy hour the night before at Trading Technologies’ TT TechTap.

Sponsors and partners include Tableau, CBOE, Consulate General of Canada in New York and Chicago, AcquireMedia, B23, CME Group, DataRobot, DDN Storage, Enova, FinTank, FinTech Week, FinTEx Chicago, John J. Lothian & Co., MarketsTech, ModernTrader, Nadex, NIBA, OneMarketData, TopstepTrader, TradeStation, Trading Technologies and Vertex Analytics.

Last year’s event sold out, so get your early-bird tickets.

To view event details or register, please visit www.fintechchicago.com.

Fintech Chicago

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YCharts Earns “Top 2” Rankings in Software Survey by T3
Medium
Participants were asked to share what tools and solutions they’re currently using, and to rate them on a scale of 1 – 10. YCharts was the only company to rank in the top two in the three major categories (market share, average user ranking and “respondents are thinking about adding”) out of the 25+ technology vendors ranked in the Investment Analytics Tools section.
jlne.ws/2oIzHTB

***** Don’t confuse me with numbers.

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New study links carbon pollution to extreme weather; Human activities are altering the jet stream, which leads to extreme weather patterns getting stuck in place
John Abraham – The Guardian
It was only a few weeks ago that I wrote about changes to extreme weather in a warming world. That prior article dealt with the increase of extreme precipitation events as the Earth warms. I termed the relationship a thermodynamic one; it was driven by local thermodynamic processes. But extreme weather can also occur because of large-scale changes to the atmosphere and oceans. This issue is the topic of another just-published paper that makes a convincing case for a whole new type of influence of humans on extreme weather. In a certain sense, this study confirms what was previously reported here and here. With the march of science, the tools, methods, and evidence get better each year.
/goo.gl/aUKEq5

***** Don’t confuse me with science.

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America’s Retailers Are Closing Stores Faster Than Ever
Lindsey Rupp, Lauren Coleman-Lochner and Nick Turner – Bloomberg
Rue21 may be latest casualty as it prepares bankruptcy filing; Amazon is gobbling up most of the industry’s online growth
The battered American retail industry took a few more lumps this week, with stores at both ends of the price spectrum preparing to close their doors
/goo.gl/yG0XcL

***** Buy from Amazon from the Amazon Smile program and you can give a donation to a charity of your choice. Meanwhile, stores ask you if you want to pay more to donate to a charity.

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Thursday’s Top Three
The dwindling number of FCMs is a much-discussed topic and yesterday’s top story from Tod Skarecky at Clarus Financial Technology tried to get to the bottom of the matter, The Truth About FCM Concentration. Second went to a WSJ story delving into something Jamie Dimon mentioned the other day, Behind J.P Morgan’s $100 Million Cell Phone Trade. We’ve come a long way since the debut of the Nokia 3310. Third was a very unsurprising story from Bloomberg, Big Banks Poised to Scoop Up Fintech Startups, Report Finds.

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MarketsWiki Stats
97,236,657 pages viewed; 22,437 pages; 204,990 edits
MarketsWiki Statistics

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Lead Stories

Are Traders Creating a Bizarre New Feedback Loop… Feedback Loop… Feedback Loop?; Money managers’ growing use of insurance against sharp market moves is keeping volatility near historic lows, according to one theory
Jon Sindreu and Christopher Whittall – WSJ
What if selling insurance against tornadoes made tornadoes occur less frequently? Something like that may be behind the incredible calm in global financial markets.
/goo.gl/xeW8mr

Lies, Damn Lies, and Financial Statistics
Peter Coy – Bloomberg
Early in January in a Chicago hotel, Campbell Harvey gave a rip-snorting presidential address to the American Finance Association, the world’s leading society for research on financial economics. To get published in journals, he said, there’s a powerful temptation to torture the data until it confessesóthat is, to conduct round after round of tests in search of a finding that can be claimed to be statistically significant. Said Harvey, a professor at Duke University’s Fuqua School of Business: “Unfortunately, our standard testing methods are often ill-equipped to answer the questions that we pose.” He exhorted the group: “We are not salespeople. We are scientists!”
jlne.ws/2oOCTKl

ICE Clear Credit Expands Clearing for Global Financial Corporate Single Name CDS
Monthly clearing record for buy-side single names in March
ICE
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced ICE Clear Credit will introduce clearing for additional credit default swaps (CDS) of U.S. and European financial companies.
/goo.gl/LSJHuC

IEX Trading and SIP Games
Matt Hurd – TABB Forum
With the SIP data feeds considerably faster now than when IEX launched, traders on IEX are going to be at a big disadvantage if they don’t have infrastructure at Mahwah, Carteret or Secaucus, argues Matt Hurd.
/goo.gl/0fkuwP

Jamie Dimon’s Shareholder (Advocacy) Letter
Neel Kashkari – Medium
On April 4, JPMorgan Chase Chairman and CEO Jamie Dimon published his annual shareholder letter, much of which focused on public policy and financial regulation. At 46 pages, Mr. Dimon’s letter includes a lot of interesting commentary. In this essay, I am going to respond to two of his main points because I strongly disagree with them. First, Mr. Dimon asserts that “essentially, Too Big to Fail has been solved?ó?taxpayers will not pay if a bank fails.” Second, Mr. Dimon asserts that “it is clear that the banks have too much capital.” Both of these assertions are demonstrably false.
jlne.ws/2oNXvCH

U.S. fires missiles at Assad airbase; Russia denounces ‘aggression’
Steve Holland, Andrew Osborn and Tom Perry – Reuters
The United States fired cruise missiles on Friday at a Syrian airbase from which President Donald Trump said a deadly chemical weapons attack had been launched, the first direct U.S. assault on the government of Bashar al-Assad in six years of civil war.
/goo.gl/CyBrFm

Libor Convictions at Risk as SFO Expert Witness Challenged
Jeremy Hodges – Bloomberg
Rowe has testified for the prosecution at four Libor trials; Two convicted traders are considering fresh appeals bids
Tom Hayes and another man convicted of manipulating Libor are considering appeals after learning that an expert prosecution witness said at another rigging trial that he needed help understanding some of the very practices he testified about.
/goo.gl/LR1W0m

These ‘Anomalous’ Spreads Show How the ECB’s Been Distorting Bond Markets
Sid Verma – Bloomberg
Individual bond moves imply ECB-driven dysfunction, says Citi; Liquidity ‘not flowing smoothly,’ potential for wider spreads
Buyer beware. Beneath the placid surface of euro credit markets dysfunction prevails, with a slew of corporate bonds trading without rhyme or reason.
/goo.gl/8aWBZR

South Africa Stock Volumes Plunge as Protesters Rally Nationwide
Renee Bonorchis – Bloomberg
Trading volumes projected to drop by more than half on Friday; Protesters are calling for President Jacob Zuma’s removal
South African equity trading volumes are projected to fall by half on Friday as protesters amass across the country to demand the removal of President Jacob Zuma following a cabinet purge that resulted in the country’s credit rating being downgraded to junk.
/goo.gl/nKzNuP

Jamie Dimon Forgot to Mention Mergers Are Part of the Problem
Tara Lachapelle – Bloomberg
For someone who didn’t want the Treasury Secretary job, Jamie Dimon sure loves playing the regulation top cop from his pulpit at JPMorgan Chase & Co. He hit at the friction between Washington and Wall Street in his annual letter to the bank’s shareholders on Tuesday that in parts had an atypically somber tone about the country and markets. But in a section lamenting the shrinking number of publicly traded companies, Dimon notably left out his own big contribution to the phenomenon: mergers and acquisitions.
/goo.gl/UsfG6N

Preet Bharara Links Firing to Trump Team’s ‘Helter-Skelter Incompetence’
Benjamin Weiser and William K. Rashbaum – NY Times
Nearly a month after he was fired by the Trump administration, Preet Bharara, the former United States attorney in Manhattan, remains mystified by the circumstances of his ouster, saying he had never been told why President Trump changed his mind about wanting him to stay on. In his first interview since he was forced out, Mr. Bharara said this week that his firing was part and parcel of what he characterized as the chaos that has defined some of the administration’s decisions.
jlne.ws/2oJMMvz

Citadel Securities Names Jamil Nazarali Senior Adviser to CEO Peng Zhao; Mr. Nazarali is leading voice in debates over high-frequency trading, serving on SEC’s Equity Market Structure Advisory Committee
Alexander Osipovich – WSJ
Citadel Securities’ head of execution services, Jamil Nazarali, is switching to a new role, the latest reshuffle at the electronic market-making firm that handles more than a third of U.S. retail equities orders.
/goo.gl/R22XVM

Exchanges, OTC and Clearing

Interview with Jamie Cassidy, Options Trader and Head of European Index Options, SIG Susquehanna
Eurex
Interview with Jamie Cassidy, Options Trader and Head of European Index Options, SIG Susquehanna on European Fixed Income options and the current market opportunities.
/goo.gl/rxJJTk

SGX reports market statistics for March 2017
SGX
Securities – Total Securities market turnover value was at S$29.1 billion, up 3% month-on-month and up 7% year-on-year, over 23
Derivatives – Total Derivatives volume was 15.7 million, up 26% month-on-month and down 8% year-on-year.
/goo.gl/jPvZTz

BM&FBOVESPA: Central Counterparty Qualification Process
Mondovisione
On March 29, 2017, the European Securities and Markets Authority (ESMA) recognized the BM&FBOVESPA Clearinghouses in the condition of a third-country central counterparty (TC CCP) in relation to the European Union. The recognition entails the definitive classification of the BM&FBOVESPA Clearinghouses as qualifying central counterparties (QCCP).
jlne.ws/2oK6lUB

MCX to appoint auditor for IT policy administration; This, after allegations against NSE for preferring some brokers over other market participants
Rajesh Bhayani – Business Standard
The Multi Commodity Exchange (MCX) will appoint an independent auditor for its policy administration on information technology (IT). Its board of directors recently decided so, as a ‘good governance practice,’ said a source in the know. This follows some allegations by an unknown party against the National Stock Exchange for preferring some brokers over other market participants on speedy trade execution.
/goo.gl/AKfHD0

Performance Bond Requirements – Agriculture, Electricity, FX, Interest Rates, Metals, and Natural Gas Margins – Effective April 7, 2017
CME Group
/goo.gl/jtxf9w

CBOE Holdings’ Exchanges Trading Schedule for Good Friday Holiday
CBOE
CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE) announced the following trading schedule for Chicago Board Options ExchangeÆ (CBOEÆ), C2 Options Exchange (C2), CBOE Futures Exchange (CFEÆ) and Bats U.S. equities and options exchanges in observance of the Good Friday holiday on April 14.
/goo.gl/Zb6pNt

Fintech

Equinix Achieves Certifications Critical to Growth in Key Vertical Industries
PR Newswire
Equinix, Inc. (EQIX), the global interconnection and data center company, today announced significant progress on its certification program with three new standards achievements – FISMA/NIST (federal), HIPAA (healthcare) and ISO 22301 (enterprise). The new certifications demonstrate Equinix’s commitment to provide the highest levels of regulatory compliance required by customers as it focuses on specific challenges and priorities for key verticals and the enterprise market. In addition to the three new certifications, Equinix also expanded SOC 2 Type 2 and PCI DSS coverage globally for its International Business Exchange (IBX) data centers.
jlne.ws/2oO5vDL

Launch of Cloud Exchange brings Equinix’s investment in Ireland to more than EUR18.5M
Irish Tech News
Equinix today announced that its total investment in Ireland now surpasses EUR18.5 million with the launch of Equinix Cloud Exchange. The advanced interconnection solution will provide customers with direct access to the biggest global cloud service providers, including Microsoft Azure and Office 365.
jlne.ws/2oOaB2E

BlackRock Using Symphony Communications Platform to Chat With Other Firms; Asset manager is evaluating how chat changes day to day activities
Steven Norton – WSJ
BlackRock Inc. has begun using a messaging platform from Symphony Communication Services LLC to communicate with other firms, signaling continued interest in the chat system after more than a year of internal use.
/goo.gl/QkxvhW

FCC Chief Ajit Pai Develops Plans to Roll Back Net Neutrality Rules; Republican could make his plans public as soon as this month
John D. McKinnon – WSJ
Federal Communications Commission Chairman Ajit Pai laid out preliminary plans to roll back the agency’s net neutrality rules in a meeting this week with trade associations, according to several people familiar with the matter.
/goo.gl/gB4buO

How 5 Chicago tech pillars have shaped the city’s tech scene
James Risley – Built in Chicago
Chicago has long been a hub for the tech industry. From the early days of Motorola, Bell Labs and Western Electric, the Windy City has helped drive transformations in tech ó even if today’s tech pillars aren’t always as well known as their counterparts in the Valley.
/goo.gl/icn63i

Politics

As Donald Trump meets China president Xi Jinping, the fate of 34 million tons annually of soybeans is an example of what’s at stake
Chase Purdy – Quartz
As US president Donald Trump this week meets for the first time with Chinese president Xi Jinping at Trump’s Florida golf club of Mar-a-Lago, the stakes couldn’t be higher.
jlne.ws/2oOhq4k

Wall Street Doubts Trump Wants to Split Up Big U.S. Banks
Zeke Faux and Donal Griffin – Bloomberg
Revival of Glass-Steagall Act ‘hard to envision,’ analyst says; Depression-era banking legislation was repealed in 1999
President Donald Trump and his advisers have vowed to bring back a Depression-era law that would cleave the biggest U.S. lenders in half by separating commercial and investment banking operations. Wall Street doesn’t expect that to happen.
/goo.gl/1QYjKl

Ex-Goldman economist Jim O’Neill says Trump advisors seem to be ‘stuck in the dark ages’
Reporting by Willem Marx; Writing by Silvia Amaro – CNBC
U.S. President Donald Trump seems to be struggling with the way he has decided to approach politics, a former economist at Goldman Sachs told CNBC on Friday.
/goo.gl/oEkYcC

Trump’s Building Promises Energize Lumber Prices
Shelley Goldberg – Bloomberg
The lumber markets are off to a robust start in 2017, as U.S. housing data show that the number of new homes available — along with the sale of new homes — are rising, according to the National Association of Home Builders. Home builders are employing more people and their purchasing orders of raw materials are increasing, particularly in lumber.
/goo.gl/3cI5W5

Regulation

Is Compliance in FINRA’s Crosshairs?
National Association of Plan Advisors
FINRA fines shattered a record last year – and, according to a recent analysis, compliance officers are increasingly finding themselves in FINRA’s crosshairs. Those are among the findings of Eversheds Sutherland LLP’s annual study of the disciplinary actions reported by the Financial Industry Regulatory Authority (FINRA) in 2016 based on their review of FINRA’s monthly disciplinary reports and press releases. In 2016 the amount of fines ordered by FINRA ($176 million) shattered its previous record of $134 million set in 2014. And while the number of cases reported was on par with prior years, the amount of restitution ($28 million) declined significantly from 2015’s record total of $96 million, according to the report.
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ESMA publishes updated AIFMD and UCITS Q&As
ESMA
The European Securities and Markets Authority (ESMA) has published updated questions and answers documents (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS).
/goo.gl/4Bxjgt

Canadian Securities Regulators Seek Comments On Reducing Regulatory Burden For Non-Investment Fund Reporting Issuers
Mondovisione
The Canadian Securities Administrators (CSA) today published CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (Consultation Paper), which seeks comments on potential options for reducing regulatory burden for non-investment fund reporting issuers in the public markets.
/goo.gl/Zdw4o3

ORF and ADF Changes for Trade Reporting and T+2 Settlement
FINRA
In accordance with the industry-led shortened settlement cycle from three business days (T+3) to two business days (T+2) FINRA will make available its changes for equity trade reporting.
/goo.gl/xFgUgb

SEC charges Virginia men with Intel-Mobileye insider trading
Jonathan Stempel – Reuters
(Reuters) – Two Virginia men have been charged by the U.S. Securities and Exchange Commission with insider trading in Mobileye NV (MBLY.N) before the maker of sensors and cameras for driverless vehicles agreed to a $15.3 billion takeover by Intel Corp (INTC.O).
/goo.gl/ZfiqZu

A Recovery Checklist for Victims of Investment Fraud
FINRA
Sadly, most of us know someone who has been a victim of a crime, or we may have been ourselves a target, which makes this year’s annual observances of National Crime Victims’ Rights Week (April 2-8) poignant and important, both to victims and those who provide assistance. If you are the victim of a crime, you are not alone, and there are ways you can get assistance.
/goo.gl/MLK9mh

Sebi might get fourth wholetime member; Govt mulls proposal to create a new position, to oversee commodities, legal affairs
Shrimi Choudhary – Business Standard
The central government is deliberating on a proposal to create a position of a fourth wholetime member (WTM) at the Securities and Exchange Board of India (Sebi). Work load on existing members at the markets regulator has increased after the merger into it of the commodities market regulator, Forward Markets Commission (FMC). Sources say Sebi recently requested the Centre to consider an additional member on its board, to oversee commodity markets functions.
/goo.gl/4Q3kXs

Investing and Trading

The $90 Billion Investor Who’s Out to Fire Wall Street; North Carolina’s treasurer thinks the state pension fund pays too much.
Neil Weinberg – Bloomberg
If you had $90 billion to invest, how would you do it? For Dale Folwell, it’s a serious question. As the newly elected treasurer of North Carolina, he’s by law the one person who gets to decide how to manage the state pension fund for government employees, the world’s 26th-largest pool of public money.
/goo.gl/HFzzAu

Opinion: The smart money is record ‘short’ in stocks, and the dumb money is record ‘long’
Simon Maierhofer – MarketWatch
In the post-2009 bull market in stocks, investors have been stubbornly bearish ó to their own detriment.
/goo.gl/NWXa5y

Two of Wall Street’s Biggest Names Are Sounding the Alarm on the U.S. Economy
Sabrina Willmer – Bloomberg
BlackRock CEO says consumers, businesses are crimping spending; JPMorgan head sees something wrong with the United States
Two of Wall Street’s most influential CEOs — Larry Fink and Jamie Dimon — are raising warning flags over the nation’s economy.
/goo.gl/sTEs03

Oil Trader Gunvor Approached Competitors Over Possible Sale; Any potential deal would further consolidate sector already dominated by small group of secretive giant trading firms
Sarah McFarlane – WSJ
Gunvor Group, one of the world’s largest oil traders, has sounded out competitors over a possible sale, two people familiar with the matter said.
/goo.gl/aYQjQt

Homeless Gasoline Tankers Are Drifting Around the Caribbean
Laura Blewitt – Bloomberg
At least three large ships awaiting delivery instructions; Trafigura and Mercuria traders have cargoes in limbo
A few gasoline cargoes around the Caribbean Isles are looking for homes.
/goo.gl/qziAhX

Institutions

We are not substituting stock-picking machines for humans, says BlackRock’s Larry Fink
Matthew J. Belvedere – CNBC
BlackRock Chairman and CEO Larry Fink told CNBC on Thursday it is not substituting stock-picking computers for humans.
/goo.gl/7C13rM

There has been a shake-up in trading at the world’s largest hedge fund
Rachael Levy and Matt Turner – Business Insider
There has been a shake-up in the trading department at Bridgewater Associates, the world’s largest hedge fund.
/goo.gl/zKGfmK

Inside The Booming Financials Of Billionaire Cliff Asness’ AQR Capital Management
Forbes
While many hedge fund big shots have been suffering through hard times and seen their businesses struggle, billionaire Clifford Asness has been doing great. Just how great Asness has been doing was revealed recently for the first time in a Securities & Exchange Commission filing.
jlne.ws/2oOzviG

JPMorgan Could Lose This 125-Year-Old Revenue Stream
Rick Clough – Bloomberg
Bank was biggest recipient of M&A revenue over last five years; But fees may dry up as GE restructuring is nearly complete
No CEO is showering money on Wall Street like Jeffrey Immelt. And no Wall Street CEO is catching more of it than Jamie Dimon.
/goo.gl/4H9tsC

Wall Street Is Making It Harder to Buy a Car
Gabrielle Coppola, Matt Scully and David Welch – Bloomberg
More pressure for an industry already facing sliding sales; Carmakers and lenders ‘have to reset’ as U.S. market slows
On countless occasions in recent years, the U.S. auto industry has relied on cheap and easy credit from Wall Street to get it through rough patches. Not this time.
/goo.gl/34yf43

Lloyds Bank to pay out £100m compensation to HBOS fraud victims; Banker Lyndon Scourfield was ‘utterly corrupt’ judges found – Lloyds is currently reviewing the cases of all those who may have been affected
Ben Chapman – The Independent
Lloyds Bank has said it will pay around £100m in compensation to its small business customers who were the victims of fraud involving two former HBOS employees.
/goo.gl/g7N8Fy

JPMorgan’s CEO admits his company has a black talent problemóand the finance industry should listen
Leah Fessler – Quartz
Everything is “exceptional” and “extraordinary” at JPMorgan Chase, according to CEO Jamie Dimon’s annual letter to shareholders. But the firm has “simply not met the standards set for [itself]” on one initiative: hiring black talent.
/goo.gl/GEDxRa

Kashkari Slams Jamie Dimon’s Complaints About Regulatory Burden
Jesse Hamilton – Bloomberg
Minneapolis Fed president criticizes banker’s annual letter; JPMorgan CEO accused of making ‘demonstrably false’ claims
Minneapolis Federal Reserve President Neel Kashkari criticized JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon over what he contends are unrealistic views on core U.S. banking regulations.
/goo.gl/hDdxi9

Regions

Coffee, chocolate and tea demand threatens to deplete the Congo Basin, Africa’s largest rainforest
Abdu Katif Dahir – Quartz
Across Africa, weak enforcement of environmental laws has hurt its forests, with illegal logging depleting vast woodlands. Now the huge demand for commodity crops globally also risks increasing the pressure on tropical forests across sub-Saharan Africa, a new study shows. Growing multinational investments in industrial plantations are contributing to deforestation, and to the social and environmental problems that come with it.
jlne.ws/2oOfQzA

Many states still struggling despite growing U.S. economy
Rory Carroll – Reuters
Even with the U.S. economy boasting impressive job growth and domestic equity markets near record highs, a fragmented recovery has left many states struggling to close budget deficits nearly a decade after the 2008 financial crisis. The broad recovery has benefited large, economically diverse states like California and Texas, ratings agencies say, while states heavily dependent on oil revenues, like North Dakota and Alaska, and those like Illinois that are grappling with large unfunded pension obligations, have seen budget deficits bloom.
jlne.ws/2oOQYHF

Argentina’s soyabean traders on high alert; Heavy rains are forecast to hit key growing areas, delaying harvesting
Emiko Terazono
Argentina’s soyabean traders are on high alert this weekend as heavy rains are forecast to hit key growing areas, delaying harvesting.
/goo.gl/lTbR9n

Norway’s oil fund wants CEO incentive plans scrapped; Pressure for end to LTIPs with chiefs owning stakes for longer
Richard Milne in Oslo – FT
The world’s largest sovereign wealth fund is pushing for a radical overhaul of chief executive pay, arguing that the long-term incentive schemes favoured by many companies are flawed and should be scrapped.
/goo.gl/WcpSry

China Has Smarter Places to Park Money
Nisha Gopalan – Bloomberg
If there’s one message to take away from Asian buyers’ heated interest in French parking lot operator Indigo, it’s that investors remain hungry for yield and assets are scarce. But those steering away from their traditional targets in the hope of infrastructure-like returns from car spaces should be wary.
/goo.gl/H2YcXI

Chase for tastier tortillas starts with age-old ‘Mexican gold’
David Alire Garcia – Reuters
Under a scorching sun, Clemente Enriquez tips his wide-brimmed hat up as he proudly displays in an open palm the conico corn seeds he plants on his small plot in the rolling hills outside this village west of Mexico City.
/goo.gl/IUvh4U

Asian Fixed Income: Continuing Rally for Indonesian Bonds
Michele Leung Director, Fixed Income Indices – S&P Dow Jones Indices Indexology Blog
Indonesian bonds, as tracked by the S&P Indonesia Bond Index, gained 5.59% YTD as of April 5, 2017. This is a continuation of the strong growth trend observed in 2016, when the index increased 13.7% owing to the Bank Indonesia’s cut in interest rates on six occasions throughout the year.
/goo.gl/JEVMe6

Brexit

London Leads Drop in Supply of Workers Amid Brexit Uncertainty
Scott Hamilton – Bloomberg
Capital sees biggest fall in job candidates in 15 months; Labor survey by REC and Markit signals growing pay pressure
Employers in London are having trouble finding staff, and Brexit may make it even harder.
/goo.gl/7XFqh0

Brexit must not cut City off from rest of Europe, says Mark Carney; Bank of England governor says UK must ‘take the high road’ in talks on exit from EU or risk losing benefits of globalisation
Katie Allen – The Guardian
The Bank of England governor has made an impassioned plea for politicians not to give in to protectionism on banking rules when negotiating the UK’s exit from the EU but to keep an open financial system.
/goo.gl/nFQN9U

Miscellaneous

Billionaire Pritzker Joins Illinois Governor Race
Bloomberg
Jay Robert “J.B.” Pritzker, the billionaire heir to the Hyatt hotel empire, declared his candidacy for Illinois governor on Thursday, vowing to save the worst-rated state from its escalating fiscal crisis.
jlne.ws/2oOBGCI

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