With Trump in Power, the Fed Gets Ready for a Reckoning; ‘Spoofing’ case highlights perils of automated trading; CME Said to Consider Dublin for Clearing Amid Brexit Fallout

Nov 14, 2016

First Read

Bits & Pieces
By John J. Lothian

Phupinder Gill loves the CME Group and its people. I know it and this will not change. In fact, he texted me on Friday to tell me that he would become the staff’s greatest fan when he retires at the end of the year. He wants the good people of the CME Group to “continue their amazing journey that I was proud to be part of and now am their greatest fan.”

He also told me that the decision to retire was his and that it had to do a lot with the life/work balance that he has been preaching to his CME employees. He also said the company is in good hands and will “continue as Terry and I had envisioned.”

When I visited Gill several weeks ago in Elmhurst in his home to ask for some advice about running my company, he shared with me a couple of books on mindfulness. It is a subject I had been exploring myself, and his referral only added gravitas to the subject.

I don’t know how all of this went down. Maybe it will come out at the bar down in Naples at the GFLC this week. But I do know that Gill denied there was a big confrontation and emphasized this was his decision.

He does want to spend some more time focusing on his son. He does want to spend more time just breathing and becoming more mindful with all the great blessings he has received.

Gill might not be the CEO after the end of the year, but I know lots of CME employees will have a friend and former colleague cheering them on and being there in a new way for them.


A Basel netting issue: Pushing for less burdensome capital requirements in the options market

Spencer Doar – JLN

The unintended consequences of financial regulation have been seeping into the markets since the first rule was made in the wake of the financial crisis.

One prime example is the leverage ratio, which determines the required capital of general clearing members. The actual calculation of the capital requirement within the Basel III leverage ratio framework is a particular sticking point for the OCC. Right now, the Current Exposure Method (CEM) is used in the calculation, whereas the OCC and a wide swath of industry participants believe that the Standardised Approach for Counterparty Credit Risk (SA-CCR) would better encapsulate the nature of listed options markets.

From the OCC’s perspective, maintaining CEM as the methodology in the calculation will lead to the weakening of liquidity in the options market.

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The Black Swan President; Donald Trump is the biggest unknown ever to take control of the White House. What’s the worst-case scenario? The best? As the country waits to find out, Politico Magazine asked 17 experts to game out a Trump presidency.
On Tuesday, when Donald Trump defied the polls, the Clinton machine and much of his own party establishment to become president-elect of the United States, he also became the closest thing to a black swan event we’ve ever seen in American politics: Statistically unlikely, rationalized only in hindsight—and carrying an impact that could be off the known charts.

***** This sounds awfully familiar.


Trump Wants to Let Wall Street Scam Customers Again Because of Course He Does
By Jonathan Chait – NY Magazine
Donald Trump ran as a populist enemy of the global financial elite. In other news, Anthony Scaramucci, a hedge-fund manager who has somehow secured a position as a key Trump economic adviser despite being a member of the global financial elite Trump has vowed to crush, tells the Financial Times that Trump will eliminate a rule requiring financial advisers to follow their clients’ best interests. The rule came about in response to a long-standing practice, exposed most blatantly in the wake of the housing crash, by which advisers would dump products onto their clients in order to get them off their own firm’s balance sheet. The Obama rule requires financial advisers to follow their clients’ fiduciary interest.

***** How do you know what is in the best interest of your clients in the age of the Black Swan?


The end of the era of central bank independence; Trump and May will start subverting system by appointing politically compliant governors
Wolfgang Munchau – FT
At this stage we do not really know what the presidency of Donald Trump will mean. We do not even know exactly what Brexit means. But there are two closely related consequences of both events: the approaching end of the age of central bank independence; and, as a concomitant, the loss of influence of academic macroeconomists.

***** How about believing in the backbone of people? Even some Supreme Court appointees have found more backbone once on the court than the people who appointed them believed they had.


Friday’s Top Three
Donald Trump laid out his early office action list the other day and it appears Dodd-Frank is on the block. Bloomberg’s description of that situation, Trump’s Transition Team Pledges to Dismantle Dodd-Frank Act, nabbed our top spot on Friday. Meanwhile, the surprise of Phupinder Gill’s retirement from the CME is still being felt and a Financial Times story on the move took second. In third was the most recent episode of Futures Radio which featured Neurensic’s David Widerhorn discussing inefficiencies in HFT, AI in regulation and spoofing.




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Lead Stories

With Trump in Power, the Fed Gets Ready for a Reckoning
Paul A. Volcker, the Federal Reserve chairman, received an urgent warning two weeks after Ronald Reagan won the 1980 presidential election. Some of the president-elect’s advisers, he was told, wanted to abolish the central bank and replace it with a computer program that would manage interest rates and monetary policy.

‘Spoofing’ case highlights perils of automated trading; Rather than relying on law, redesign market structure for machine-dominated trading
by: Jonathan Ford
It is a view widely held in trading circles that computing power and lightning-fast communications make for stronger financial markets. Rapid automated trading is clearly good because it both lowers cost and deepens liquidity. And that makes it easier for investors to deal at the finest price.

CME Said to Consider Dublin for Clearing Amid Brexit Fallout
John Detrixhe – Bloomberg
83,000 U.K. jobs at risk if euro clearing leaves London: EY; Ireland link part of effort to maintain access to EU customers
CME Group Inc. is examining options in Dublin to ensure its clearinghouse keeps access to European Union customers after the U.K. leaves the bloc, according to people familiar with the discussions.

Losing euro-denominated clearing would cost London 83,000 jobs; Job losses threaten to have ‘a significant domino effect on jobs and revenue’
by: Philip Stafford in London – FT
A private report by EY has been circulated among UK lawmakers and government estimating 83,000 related job losses over the next seven years if euro-denominated clearing is forced out of London into continental Europe.

‘Trump Thump’ whacks bond market for $1 trillion loss
By Richard Leong and Jennifer Ablan – Reuters
Donald Trump’s stunning victory for the White House may mark the long-awaited end to the more than 30-year-old bull run in bonds, as bets on faster U.S. growth and inflation lead investors to favor stocks over bonds.

Trump May Save Banks Billions by Disrupting Global Rules
Silla Brush – Bloomberg
President-elect has vowed to dismantle financial regulations; Basel Committee is racing to complete post-crisis framework
The election of Donald Trump may allow banks to dodge the full impact of global regulators’ post-2008 crisis crackdown.

Why the LSE can serve tech startups better than Nasdaq or the NYSE; UK investors are more open to backing ventures at an early stage, says the chief executive of Allied Minds
Chris Silva – The Guardian
I’ve lost count of the times I’ve been asked why a US-centric company like Allied Minds has staked its future to listing on the London Stock Exchange, rather than Nasdaq or the NYSE.

US banks lobby for German takeover of the London Stock Exchange as it could save them millions
Daily Mail
American banks have been lobbying ministers to back a controversial German takeover of the London Stock Exchange which could save them millions, sources claim.

TMX Group Is the Biggest Enabler of Predatory HFT Behaviour in Canada, Study Says
Sean Foley – Traders Magazine Online News
The first study to examine the impact of a speed bump has found that TSX Alpha’s speed bump is doing more harm than good for investors.

CHX Moots LTAD Pilot To Allay Market Maker Concerns Over ‘Speed Bump’; CXH hits back at claims that its liquidity-taking delay is designed to garner more market data revenues for the exchange.
Dan DeFrancesco – Waters Technology
The Chicago Stock Exchange (CHX) has said it would consider running a lengthy pilot test of its proposed 350-microsecond Liquidity Taking Access Delay (LTAD) that would be applied to all liquidity-taking orders, in response to critics of the delay, who say it is simply a way to generate more market data revenue.

Trump and the markets: good, bad or (very) ugly?
Gavyn Davies – FT
The response of the financial markets to the US election result has been almost as contradictory as the rabble rousing campaign of the President-elect himself. Unmitigated gloom in the hours after the Trump victory was swiftly followed by a euphoric atmosphere in US markets.

Era of Low Interest Rates Hammers Millions of Pensions Around World; Central-bank moves pull down returns for government-run funds, making it difficult to meet mounting obligations to workers and retirees
Central bankers lowered interest rates to near zero or below to try to revive their gasping economies. In the process, though, they have put in jeopardy the pensions of more than 100 million government workers and retirees around the globe.

Global bond sell-off deepens in Trump growth bet; Dollar rallies on expectations that stimulus will deliver economic expansion and inflation
Michael Hunter and Michael Mackenzie – FT
A global bond market rout intensified on Monday while the dollar strengthened as investors bet that US president-elect Donald Trump’s mix of economic stimulus and protectionism will herald faster growth and the return of inflation.

Traders Plan Supercharged Chicago-to-Tokyo Network
Brian Louis – Bloomberg
Some of the world’s top trading firms have agreed to build a faster data transmission network between Chicago and Tokyo, according to a person familiar with the matter, a move that would accelerate trading between two of the major centers of finance. The roster of firms in the joint venture — dubbed Go West — includes IMC, Jump Trading, KCG Holdings, Optiver, Tower Research, DRW’s Vigilant division, Virtu Financial and XR Trading, according to the person, who asked not to be identified because the agreement is private. A representative for the group declined to comment.

Trump’s Changes to the Tax Codes May Encourage Dynastic Wealth
Paul Sullivan – NY Times
If Donald J. Trump follows through on his campaign promises, a host of taxes that affect only the very richest Americans may be eliminated, along with almost all tax incentives to be philanthropic. As a result, wealthy families may find it much easier to amass dynastic levels of wealth.


City hiring remains resilient as firms shrug off Brexit; Morgan McKinley analysis shows the City is still hiring despite fears of a hard Brexit.
By Hayley McDowell – The Trade
City of London job vacancies decreased just 6% in October compared to September this year as firms continue hiring despite Brexit, according to a report by Morgan McKinley.

Frankfurt Woos Biggest U.S. Banks for Share of Brexit Spoils
Nicholas Comfort – Bloomberg
State of Hesse premier in U.S. to discuss EU access options; Frankfurt boasts infrastructure, regulatory, life quality
Frankfurt is stepping up efforts to win financial jobs that may flow out of London in the aftermath of the U.K. vote to leave the European Union.

Exchanges, OTC and Clearing

BM&FBovespa third-quarter net profit drops 85 percent
BM&FBovespa SA (BVMF3.SA), Brazil’s sole listed bourse operator, missed third-quarter profit estimates by a wide margin, with earnings falling 85 percent from a year earlier, the company reported on Friday in a securities filing.

ICE proposes limit on Dubai oil futures positions in 2017; Limit of 6,000 lots for front-month Dubai contract; Cap could apply to contracts for May 2017 delivery onward
By Florence Tan – Reuters
Intercontinental Exchange Inc has proposed to limit next year the positions that investors can hold when trading Dubai futures, a document issued by the exchange to its members showed.

Deferral of VCM rollout for the Derivatives Market
Hong Kong Exchanges and Clearing Limited (HKEX) has decided to defer the rollout of the Volatility Control Mechanism (VCM) for the derivatives market scheduled for tomorrow, 14 November 2016, to a date to be announced after a potential technical issue was identified during its final rollout preparation.

Three new ETCs from the metal and energy sector of BNP Paribas launched on Xetra; ETCs provide access to the Rogers International Commodity Enhanced Index (RICI)
Deutsche Boerse
Three new Exchange Traded Commodities (ETCs) issued by issuer BNP Paribas Arbitrage Issuance BV have been tradable on Xetra and Börse Frankfurt since Monday.

SGX-NUS Law roundtable on “Dual-Class Shares Structure and the Singapore context” takes place 14 November
Singapore Exchange (SGX) is organising a roundtable with the National University of Singapore (NUS) Faculty of Law to discuss the feasibility of introducing the dual-class shares structure in the local market.

Losing euro-denominated clearing would cost London 83,000 jobs
Philip Stafford – Financial Times
A private report by EY has been circulated among UK lawmakers and government estimating 83,000 related job losses over the next seven years if euro-denominated clearing is forced out of London into continental Europe.

Object Trading Conforms To Upgraded Singapore Exchange (SGX) Titan Platform For Direct Connection To Pan-Asian Liquidity – Titan Goes Live Today – Full Approval Provides Object Trading Clients Continued Connectivity Through Exchange Innovation And Change
Object Trading, a provider of multi-asset trading infrastructure, announced today that it fully conforms to Singapore Exchange’s (SGX) latest trading platform, Titan. Upgrading to NASDAQ’s Genium INET platform today enables SGX to offer enhancements and new features to participants including new connectivity protocols, extended trading hours, and enhanced risk controls; and delivers the ability to support increasing growth and interest in the Asian derivatives markets. Object Trading will continue to handle market data, order execution and pre-trade risk constraints for its clients trading on SGX, via its own Direct Market Access (DMA) Platform. Object Trading enables market participants to maintain existing, or facilitate new, direct market access to the SGX without technology disruption.

SGX reprimands Swiber Holdings Limited; Public reprimand: Breach of Listing Rules
Singapore Exchange (“SGX”) reprimands Swiber Holdings Limited (“Swiber”) for its breach of Listing Rule 703, read with Paragraph 25(c) of Appendix 7.1, by failing to provide a balanced and fair announcement in relation to a US$710 million project award. The relevant listing rule requires a company’s announcement to be balanced and fair, and to avoid, among other things, presentation of favourable possibilities as certain, or as more probable than is actually the case.


Trump may already have a plan ready to revamp Dodd-Frank
Lisa Lambert and Sarah N. Lynch – Reuters
When Jeb Hensarling, the Republican chair of the U.S. House Financial Services Committee, released legislation this summer to weaken the major financial law known as Dodd-Frank, many said it was a prêt-a-porter plan that his party’s nominee, Donald Trump, could easily adopt. Now that Trump is president-elect, he appears to be doing just that.

Obama officials work against time to wrap banking rules
Patrick Rucker and Lisa Lambert – Reuters
U.S. officials are striving to put finishing touches on a slew of banking rules before President Barack Obama leaves office and hands regulatory power to Donald Trump who has vowed to rewrite the existing financial rule book.

Full Repeal of Dodd-Frank Isn’t Main Focus of Trump Transition
Andrew Ackerman and Monica Langley – WSJ
President-elect Donald Trump vowed anew on Friday to dismantle the 2010 Dodd-Frank financial overhaul, at the same time his transition team is tempering expectations for a full repeal of the sweeping law, people familiar with the matter said. Instead, Mr. Trump’s team is focused on rescinding or scaling back the individual provisions Republicans find most objectionable, such as the Financial Stability Oversight Council’s authority to designate large nonbanks systemically important and thus subject to tougher regulation from the Federal Reserve.

Why the 2,826-Day-Old Bull Market Could Be a Headache for Trump
Joseph Ciolli – Bloomberg
The election’s over, but for equity investors it’s the same old bull market, one the new president might prefer die a quick death.
Donald Trump inherits a 2,826-day-old rally in U.S. stocks that has defied history, overcoming anemic economic growth and a 15-month earnings recession that pushed valuations to a seven-year high. Squeezing out even a couple more years would be a feat of unprecedented longevity, with August 2018 looming as the month the advance will exceed all that came before.

Reince Priebus named Trump’s chief of staff
By Katie Zezima, Dan Balz and Chris Cillizza – Washington Post
President-elect Donald Trump has chosen Republican National Committee Chairman Reince Priebus as his chief of staff, according to Trump’s campaign. In choosing Priebus, 44, Trump has tapped a Washington insider who is viewed as broadly acceptable by vast swaths of the Republican Party. Priebus was recommended by House Speaker Paul D. Ryan (R-Wis.) and will be a bridge between the White House and the Republican-led Congress, as well as the heads of Cabinet agencies.

Investing and Trading

You Are Not Stanley Druckenmiller
Ben Carlson – A Wealth Of Common Sense
Stanley Druckenmiller is arguably one of the greatest investors of all-time. It’s been said that the guy has earned something like 30% annual returns over his career, which stretches back to the 1980s. When Druckenmiller talks, people in the investment world take note.

At Long Last: The Earnings Recession Is Finally Over
Steven Russolillo – WSJ
The earnings recession is finally over, but that might not be enough to push the market higher from here. With more than 90% of S&P 500 companies having reported results for the latest quarter, earnings for the biggest U.S. companies are finally growing again. Third-quarter adjusted earnings are projected to increase 2.9% from the same period a year ago, according to FactSet. That marks the first year-over-year growth rate after five consecutive quarters of contractions.

Asset managers face corporate governance crackdown; Watchdogs to act on groups that do not meet standards on reporting of range of issues
by: David Oakley and Oliver Ralph – FT
Investment groups are facing a corporate governance crackdown as pressure mounts on the way asset managers vote on pay and monitor issues such as board independence and company strategy.

Investors try to make sense of Trump election shock; Strategists set out what the future holds for financial markets
by: Alistair Gray and FT Reporters
Financial professionals arriving at their desks on Monday morning will have no shortage of views to digest on what the shock election of Donald Trump means for global markets.

Henry Kaufman says Trump will help kill 30-year bond rally; ‘Dr Doom’ also predicts dramatic change in the Fed’s composition
by: Robin Wigglesworth – FT
The election of Donald Trump represents a “tectonic shift” for global economics and politics, and will help kill the three-decade bond market rally, according to Henry Kaufman, the original “Dr Doom”.

Hatheway: Trump Means Fast Adjustment to Higher Rates
Larry Hatheway, head of investment solutions at GAM Group, and Richard Turnill, at BlackRock Investment Institute, discuss interest rate expectations under the economic plan of U.S. President-Elect Donald Trump. They speak on “Bloomberg Surveillance.”

Bond Vigilantes to Trump: Be Careful, It Could Get Painful
Liz McCormick, Anchalee Worrachate – Bloomberg
Plan to ‘Make America Great Again’ leans on public borrowing; Jump in yields echoes pushback President Clinton faced in ’90s
When it comes to Donald Trump’s plan to “Make America Great Again,” the bond market is sending the president-elect a simple and unambiguous warning: be careful, or it’s going to cost you.

What the Rich Are Doing Now to Reap Trump’s Tax Bonanza; Even middle-income Americans are moving to profit in 2016 from lower taxes in the future.
Ben Steverman – Bloomberg
For wealthy Americans, the outcome of the 2016 election could be lucrative.

Will Wall Street Give Trump a Thumbs Down?
The odds are that Wall Street will greet President-Elect Trump with a raspberry today, and bestow a big, wet kiss in the months to come. In eight of the past 12 presidential elections, stretching back to Richard Nixon’s 1968 victory, the Standard & Poor’s 500 Index declined on the day after balloting, according to data compiled by Bloomberg. The single-day drops have ranged from 5.3 percent in 2008, when Barack Obama was elected just as the Great Recession approached it’s nadir, to just fractions of a percentage point.

Investor repositioning under Trump — the big questions; Remission or further pain for emerging markets, and the risks of the reflation trade
by: Michael Mackenzie, Michael Hunter, Roger Blitz and Gillian Tett – FT
This week investors face a bewildering dilemma: how should they position their portfolios ready for a Donald Trump administration.

NAPIER: Investors have been ‘royally gamed by the financial system’
Business Insider
Financial repression is coming to Europe and the people that can’t see that don’t have a strong understanding of financial history and the lengths that politicians will go to get re-elected. That’s the view of financial historian and strategist Russell Napier, who thinks that the failure of central banks to reflate the global financial system will lead to stronger and more significant government action.

Investors Look to Altered Landscape
Colin Barr, Chris Dieterich and Corrie Driebusch – WSJ
So much for Wall Street hating uncertainty. Since the Republicans swept Washington, investors have snapped up stocks and sold bonds, anticipating a future in which President-elect Donald Trump and Republicans in Congress cut taxes, slash regulation and push through a large fiscal stimulus. While the market moves seem to point to a future in which stronger growth will finally put ultralow interest rates behind us, the “reflation trade” in which stocks rise and bonds fall amounts to a roll of the dice.

Investors try to make sense of Trump election shock
Alistair Gray – Financial Times
Financial professionals arriving at their desks on Monday morning will have no shortage of views to digest on what the shock election of Donald Trump means for global markets. Having had a few days to consider the implications, economists, market strategists and analysts have penned thousands of words for clients in recent days that attempt to set out what the future holds.

What the Markets Are Really Telling Us About a Trump Presidency
Neil Irwin – NY Times
If there was one thing financial markets commentators were confident about heading into the presidential election, it was that if Donald J. Trump pulled off an upset win, it would create a classic panic reaction: a drop in stocks and other risky assets and a rally in bonds and other safe-haven assets. Oops.

Traders to Compare Notes With Wall Street’s Richest Investors
Hedge fund leaders to report on trading choices.
Some of the richest investors on Wall Street will give the world a glimpse on Monday of how they make their money. Hedge fund managers like William A. Ackman, Larry Robbins, Leon G. Cooperman, Daniel S. Loeb, David Einhorn, Jeffrey W. Ubben and many more will make what is known as a 13F filing to the Securities and Exchange Commission. Filed four times a year, the reports offer investors a chance to see which sectors these traders were betting on when the quarter ended, roughly 45 days ago. Alexandra Stevenson

Benchmarking Retirement Withdrawal Strategies
Philip Murphy – S&P Indexology
Capital market benchmarks are, of course, widely used yardsticks of investment performance. For the production of the S&P STRIDE Index, in addition to providing performance data we also calculate hypothetical retirement income for vintages of the index that are at, or past, their target date. Hypothetical retirement income is expressed in index points, and can be used as a yardstick for systematic withdrawal strategies – expanding the role of S&P STRIDE from wealth accumulation benchmark to decumulation benchmark.


Citi preparing to move 900 staff to Dublin from London: Sunday Times
U.S. bank Citi (C.N) is preparing to move up to 900 jobs from London to Dublin as part of its contingency plans for Britain’s exit from the European Union, the Sunday Times reported. The newspaper said the bank held a board meeting in Dublin last month, and cited sources in the Irish capital as saying Citi was exploring options for office space there.

U.S. banks’ post-election rally may be just an appetizer
Sinead Carew – Reuters
The U.S. banking sector’s dramatic rally post Election Day is likely just a taste of bigger gains to come, as investors expect banks to reap huge benefits from rising interest rates and lighter regulation under a Donald Trump presidency. In recent years, bank stocks have been held back by heavy regulation and historically low interest rates which have sapped the earnings potential of their massive cash holdings.


Elixium partners with Pirum to streamline post-trade connectivity
Elixium, a new all-to-all electronic collateral trading marketplace, and Pirum Systems, the market leader in real-time straight through processing (STP) to the securities finance industry, have partnered to provide seamless post-trade connectivity to clients.

Fintech’s Most Powerful Dealmakers of 2016
Jeffrey Kutler – Institutional Investor
Venture capital goes only so far in fueling the boom in fintech innovation. This year’s Fintech Finance 35 highlights the importance of collaboration with funders and dealmakers, which has become just as critical for up-and-coming entrepreneurs.

Chicago developers in ‘an arms race’ to build giant data centers
JOHN PLETZ – Crain’s Chicago Business
It’s not much to look at now, just a patch of dirt at Calumet Avenue and 21st Street, squeezed between McCormick Place and a new basketball arena.


The European Securities and Markets Authority (ESMA) has published today its final report regarding the amended application of the clearing obligation that financial counterparties with a limited volume of activity in OTC derivatives need to comply with under the European Market Infrastructure Regulation (EMIR).

SEC Eyes Risks in Rapid Fintech Deployment
Anthony Malakian and James Rundle – WatersTechnology
At this year’s Risk USA event, Pete Driscoll of the SEC’s OCIE unit talked about how the agency is expanding its quant team to better examine HFT activity, and how it is focusing in on cybersecurity for 2017. Fintech may be the darling of markets right now, but the top US markets regulator is increasingly viewing it with concern.

Three bank employees arrested in UK insider trading investigation
Juliette Garside – The Guardian
The National Crime Agency has arrested three employees from blue-chip banks as part of a major UK insider trading investigation linked to the Panama Papers. The arrests, which were made in recent months and first reported on Friday, are the latest development in an operation led by City watchdog the Financial Conduct Authority (FCA). Its existence was disclosed by ministers this week.

Trump Should Repeal Frank Dodd – And Replace It With Obama And Clinton’s Sensible Alternative
Tim Worstall – Forbes
It is of course true that the President doesn’t in fact repeal or even enact any laws at all – that’s Congress. It’s also true that the President has rather a lot of influence, that bully pulpit, on what laws are repealed and enacted. And a very sensible thing for Donald Trump to do after being sworn in, thus transforming from President-elect to President, would be to argue that Dodd Frank should be repealed in its entirety. However, there’s still one real problem there and this would be best dealt with by enacting a proposal that both Barack Obama and Hillary Clinton have suggested but which neither managed to make happen.


In Murky Russia, One Investor Finds Value in Thinking Small
MOSCOW — There’s no doubt Russia is a country with grandeur in its scale, sweeping across 11 time zones and home to gargantuan oil, gas and mining companies. The country’s wealthy also have a reputation for living large and taking risky bets. But in the economic swoon today, getting by as an investor, says one wealthy Russian in the capital, means thinking small.

Fund Chief Capitalizes on China’s ‘Split Personality’ Economy
Weijian Shan, chief executive of the Hong Kong fund management firm PAG, says the global economy is dangerous for investors these days. Years of easy money from central banks have helped inflate the prices of just about everything an investor can buy, like stocks or property.


Can Libel Laws Be Changed Under Trump?
When Donald J. Trump said in February that he would “open up our libel laws” if he became president to make it easier to sue news organizations for unfavorable coverage, the declaration sent shock waves through the media world.

Donations to charitable groups surge after Trump victory; Environmental and civil liberties groups see contributions rise on fears over rights
by: Jennifer Bissell in New York – FT
Opponents of a Donald Trump presidency are fuelling a surge in donations to non-profit organisations and charities over fears that a Republican-controlled government will roll back progressive initiatives concerning the environment, immigrants, women and gay marriage rights.

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