What Just Happened?
By Jim Kharouf, JLN
It was after midnight and the realization that Donald Trump is going to be president of the United States stunned, saddened and angered me. This is what our great country has descended to – a nation of angry white people who voted more than the brown and black people.
It’s quite simple really – more people loved Trump’s hate and BS than believed Hillary Clinton’s boring establishment BS. And so, here we are, on the precipice of all that is right with democracy and wrong with America.
We’ll rationalize it by saying we are bigger than this president – we are better than this man, a misogynist, a racist and by all accounts, a jerk. But we’d be wrong. The American people have voted for this and they will get it.
It’s anyone’s guess now what impact this will have on the country, as no formal plan was ever made clear during the campaign. It is possible that we will see a new phase of de-regulation across many sectors of the economy. Whether that means yet another overhaul of financial regulation is a good question. Will we see the Dodd-Frank Act undone in the way Trump has promised to dismantle Obamacare? Will Trump, who received little or no support from Wall Street, seek the populist pitchforks and tear the structure down? That might make both Trump and Main Street happy.
If Trump tilts against the G20 agreements, we could see a new level of regulatory arbitrage. And for the markets, we will see volatility, lots of volatility. (See more from John Lothian below.)
We, as voters, will have to do some serious soul searching about where this country will go from here. Some of us, I suspect, will look at everything and say it won’t be that bad, will it? Some will say let’s give him a chance. Let’s let Donald run this country like the awesome businessman he thinks he is.
The fact is, this is essentially like the juvenile band leaders who pushed for Brexit. There really is no plan. And that will be figured out in due course as well by those who told lies and pushed for the agenda they wanted.
Donald Trump represents the big middle finger to the diversity of the United States. He represents the people who are angry with Washington, who feel disenfranchised, who feel left behind. He is the crazy bus driver who says, “Who wants to drive this thing off of the cliff and see what happens!”
“Whoo, hooo – you drive on, man!”
And so here we are, in the stench of people like Chris Christie, Newt Gingrich and Rudy Giuliani who will lead this country into something. What I do not know.
I fear for my children’s future all of sudden and wonder what becomes of the great melting pot that made America great, and strong, and innovative and the envy of many.
This may seem like whining in the aftermath. But it isn’t. When one person seizes on the fears and points out a scapegoat for our troubles, you can only believe that history is repeating itself. History does repeat itself.
Is this the end of the world? Republicans don’t think so, although some are pretty worried.
I never thought I’d say I am embarrassed by our president, but this is an embarrassment that most, if not all of us, will regret. Those of us who voted for Trump will regret this. This country will regret it.
The Black Swan – the new symbol of the United States of America
By John J. Lothian
Yah baby, Yah! Dodd-Frank, gone. Clearing mandate, gone. Regulations, gone. Low interest rates, no problem. Volcker Rule, gone. Volatility, you bet. Bullish on the exchange sector, you bet.
The American voters just unleashed the greatest gift on the world of trading we could have ever asked for. We will now have volatility at all times of the day and night. Binary contracts just became a big thing.
Forget about market direction. You better learn to trade volatility. We just made the Black Swan the new symbol of the United State of America. Goodbye Eagle.
You want some Twitter rants at 3 AM to rile the markets? You got it. You want an unpredictable press conference? You got it. Changing everything will be on the table as the powers behind Trump are on the table.
Donald Trump being elected President of the United States is the volatility gift that will keep on giving.
My only fear is that he will not become president. He still has to get elected by the Electoral College, which tends to be filled with the people who represent the establishment that he just overcame in the vote.
The fact that Hillary is leading in the popular vote may give some of them pause, and the reason to consider not installing Trump in the White House. Only time, and a lot of volatility, will tell.
You might think I am for a President Trump. You are wrong. You might think I am for volatility. Well, yes and no. Not this kind. I love the Eagle, but you’d better learn to respect the Black Swan.
Thomas Geldermann Obituary – Lake Geneva, WI
Thomas A. Geldermann, 90, of Lake Geneva, WI died peacefully in his home on November 5th, 2016. Affectionately known as TAG, Tom was a graduate of Hardey Preparatory School for Boys and Loyola Academy. He enlisted in the Navy in 1944, where he served and was honorably discharged in 1946.
**** Thomas Gelderman was part of a great family that helped build the Chicago markets into what they are today. I remember him personally because of the beautiful home he had on the shores of Geneva Lake when I was a kid and how he had a seaplane and would take off from the lake and fly to Chicago to trade at the Chicago Board of Trade.
Intercontinental Exchange Appoints Jonathan Reeve as Global Head of Connectivity and Consolidated Feed Businesses
Intercontinental Exchange announced that Jonathan Reeve has been appointed Global Head of ICE Data Services’ Connectivity and Consolidated Feed businesses.
Cinnober expands investment in real-time clearing for banks; Establishes operations in separate company
The Board of Cinnober has decided to further develop its business area for sales of real-time clearing technology and services to large international banks, so-called client clearing. To focus fully on this venture, Cinnober will transfer the rights to this technology to a subsidiary, which will further commercialize the offering.
***** Cinnober only does real-time.
Tuesday’s Top Three
Our top stories yesterday were the following: Trading Technologies’ Wizards of Today’s Markets: Jack Schwager, Part 1, Bloomberg’s Your Hour-by-Hour Guide to 2016 Election Results; and third went to the Wall Street Journal’s piece How Blockchain Will Change Your Life
Trump Victory Threatens a New World Disorder as Putin Looks On
Marc Champion,Nick Wadhams – Bloomberg
Upending alliances, praising Putin mark his policy pledges; Mexico, Ukraine seen standing most to lose in election upset
Brexit was the warm-up. With the election of Donald Trump, the populist tide sweeping developed economies has now overtaken the world’s most powerful democracy.
Trump presidency: what next for markets?; Win for Republican poses questions for the dollar, gold, and US equities
by: FT reporters
Donald Trump’s shock victory in the US presidential race caught investors off guard and is expected to lead to a period of sustained market volatility. How did markets react and how will they respond in the coming days and weeks?
Donald Trump’s victory is not good for the world markets: Jim Rogers; Interview with chairman of Rogers Holdings
Puneet Wadhwa – Business Standard
Global equity markets went into a tailspin on Wednesday as Donald Trump got elected as the 45th President of the United States. JIM ROGERS, chairman of Rogers Holdings and author of Street Smarts: Adventures on the Road and in the Markets tells Puneet Wadhwa that global central banks will continue to pump in liquidity and does not expect the US Federal Reserve (US Fed) to hike rates soon. Despite its fundamentals, India cannot remain isolated in case of a global economic problem, he says.
Deutsche Boerse expects deep EU concerns over London Stock Exchange deal
Deutsche Boerse expects EU antitrust regulators to set out details of their concerns over its merger with London Stock Exchange next month, two people familiar with the matter said on Tuesday, a move indicating regulators want hefty concessions in return for clearing the deal.
Deutsche Boerse-LSE Said to Face EU Antitrust Objections
Aoife White – Bloomberg
So-called statement of objections will catalog EU concerns; Such filings indicate where EU sees need for concessions
Deutsche Boerse AG’s acquisition of London Stock Exchange Group Plc faces a so-called statement of objections cataloging the European Union’s antitrust concerns over their merger plans, according to a person familiar with the matter.
Flash Crash Trader Sarao, in U.S. Custody, Faces Arraignment
Tom Schoenberg – Bloomberg
U.K. trader facing 22 charges to appear in Chicago court
Sarao lost bid last month to avoid extradition to U.S.; Navinder Sarao, the British day trader accused of contributing to the 2010 Flash Crash by spoofing trades with a computer program, is set to appear in court after losing a yearlong battle over his extradition.
Bloomberg messaging service suffers outage
Robin Wigglesworth and Eric Platt – Financial Times
Bloomberg’s instant messaging function, a vital cog in the global financial industry and one of the data company’s biggest selling points, suffered a brief but severe global outage on Tuesday, fraying nerves ahead of the US presidential election. The disruption lasted for about an hour, and the service was glitchy for about another hour until the company declared it fully restored by 11am in New York. According to a Bloomberg spokesman, the outage was “an internal issue”, without elaborating.
Traders grapple with Brexit déjà vu as Trump triumphs; Markets left wrongfooted by Republican’s win, but initial panic gives way to caution
by: Dan McCrum in London, Jennifer Hughes in Hong Kong and Robin Wigglesworth in New York
As the sun rose on a world in which its most powerful leader will soon be a populist reality TV star with less experience than any of the 44 US presidents to precede him, markets reacted with the financial violence that has become a familiar motif of political upsets in 2016.
Hemp is getting hotter, with help and harm from marijuana
By RACHEL KONING BEALS – MarketWatch
Betsy Ross stitched the first American flag using hemp and actor Woody Harrelson was once threatened with jail time for growing the crop.
Record Hedging Proves Timely as Election Selloff Hits Stocks
Oliver Renick, Joseph Ciolli, Dani Burger – Bloomberg
Outstanding futures on the VIX were at records before the vote; ‘Hedging is costly, but it’s something people have to do’
The stock market’s tumbling, but for equity traders who amassed record hedges before Election Day, it’s not quite as bad as it looks.
Victorious Donald Trump Is the Devil Wall Street Doesn’t Know
Jesse Hamilton, Elizabeth Dexheimer – Bloomberg
Banks have almost no idea what he intends to do to them; His statements on Dodd-Frank, Glass-Steagall confused industry
Donald Trump, the financial sector hardly knows ye.
During the campaign, a group of bankers from around the country — plane tickets in hand — were looking forward to meeting the candidate in the flesh at Trump Tower in midtown Manhattan. They were going to get a chance to hear from his own mouth what he’d like to do with their industry. But at the last minute, Trump canceled and decided to spend his time elsewhere, so they never got the chance.
Welcome to the Great Unraveling of the Global Convergence Trade; Traders ponder a new era for globalization post-Trump.
Tracy Alloway, Sid Verma – Bloomberg
What’s old is new again. Market participants seeking a framework in which to play the unexpected election of Donald Trump as U.S. president would do worse than to reach into the archives, all the way back to the early 2000s, when investors sought to profit from the expansion of the European Union. Fueled by a vision of a borderless Europe with a shared currency, strengthened trade and heightened economic growth, hedge funds and other traders laid on bets that would benefit from the region’s growing political-economic ties in the form of a “convergence trade.”
Investors’ long wait for Indian exchange listings nears end; Regulators have loosened restrictions on investing in bourses
by: Simon Mundy in Mumbai – FT
During a visit to New York last summer to woo US investors, Indian finance minister Arun Jaitley had his sales pitch interrupted at one event by loud complaints from an unhappy fund manager.
Donald Trump and the bonfire of the certainties; The political denouement of the financial crisis arrives at last, writes John Authers
by: John Authers – FT
Behold the bonfire of the certainties. In combination with June’s Brexit vote, the political reaction that many assumed would hit in 2009 has finally come to pass. The US wants to reverse globalisation, as does the UK, while France, Germany and Italy all have a chance to upend the status quo at the ballot box in the coming months.
EU leaders plan to meet next month to discuss Brexit without UK
Andrew Sparrow – The Guardian
EU leaders are planning a meeting in December to discuss Brexit without the British prime minister, the Guardian has learnt.
Brexit court ruling appeal date set for 5 December
The government’s appeal against the High Court ruling that MPs must vote on triggering Brexit will be heard in the Supreme Court from 5 December. It will last four days, with the decision expected in the new year.
Exchanges, OTC and Clearing
CBOE says in SEC filing that Bats had another potential suitor
Lynne Marek – Crain’s Chicago Business
Bats Global Markets may have another option if its $3.2 billion merger agreement with CBOE Holdings doesn’t close in the first half of next year as expected. Bats had another unidentified company potentially interested in a transaction before the deal with Chicago-based options exchange CBOE was announced, according to a CBOE filing yesterday with the Securities and Exchange Commission detailing the run-up to the merger agreement. Bats CEO Chris Concannon planned to meet Sept. 28 with the chairman of the other company, identified only as “Company A,” according to the filing.
Nasdaq Wins ”Best Buy-side Market Surveillance Provider”
Nasdaq (Nasdaq:NDAQ), the world’s leading provider of market technology, was selected as ‘Best Buy-side Market Surveillance Provider’ in the 10th Annual Buy-Side Technology Awards in London. This is the first win for Nasdaq’s SMARTS Trade Surveillance product within the buy-side audience. SMARTS Trade Surveillance is currently used by more than 120 market participants across 139 global markets and across all asset classes.
Euronext Publishes third Quarter 2016 Results
Decrease in revenue: -15.2%, to EUR112.8 million (Q3 2015: EUR133.0 million, which was the second best quarter ever);Revenue was impacted by lower trading volumes (cash average trading volumes decreased by -29.4% vs Q3 2015) and the fall in IPOs and M&A driven listing operations; Continued strong reduction in operational expenses excluding depreciation and amortization: -7.8%, to EUR51.5 million (Q3 2015: EUR55.8 million); EUR11.4 million of cumulated gross efficiencies achieved since Q2 2016 as part of the cost cutting programme announced in the Agility for Growth plan; EBITDA margin of 54.4% (Q3 2015: 58.0%); Launch of a new trading facility to improve liquidity in pan-European corporate bond trading
Today Euronext announced its results for the third quarter of 2016.
TMX Group Equity Financing Statistics – October 2016A- A+ Print
TMX Group today announced its financing activity on Toronto Stock Exchange and TSX Venture Exchange for October 2016.
BRIEF-Financings on Toronto Stock Exchange for October fall 42 pct from September
Total financings raised in October 2016 decreased 42 percent from previous month and were up 26 percent compared to October 2015
Moscow Exchange Announces 3Q 2016 Results
Moscow Exchange (MOEX) today announces its financial results under International Financial Reporting Standards (IFRS) for the third quarter of 2016. Increases in fee and commission income from the Money Market, Fixed Income Market and Depository & Settlement Services partially offset lower interest income and allowed the company to maintain its best-in-class EBITDA margin.
Cyber Health Check for ASX 100 Companies
Two new Comstage ETFs launched on SDAX and TecDAX on Xetra; ETFs focus on German small caps and technology values
Since Wednesday, two new ETFs of Commerz Funds Solutions SA, an administrative company of the Commerzbank Group, are tradable on Xetra and Börse Frankfurt.
Wall Street elite stunned at Trump triumph
Lawrence Delevingne, Suzanne Barlyn and Jennifer Ablan – Reuters
From plush penthouse apartments on the Upper East Side to bars in midtown Manhattan, New York’s financial community watched in stunned dismay on Wednesday as Republican Donald Trump clinched the White House. An early party mood quickly soured as donors and supporters of Hillary Clinton realized that the Democratic candidate, Wall Street’s preferred choice because she represented the status quo, had lost. Many were stuck for words.
The History of the ‘Only Election to Truly Surprise Investors’
Ben Eisen – WSJ
U.S. presidential elections have tended to be big events on Wall Street, but one election in particular stands out. That’s the 1948 contest between Harry Truman and Thomas Dewey, which Credit Suisse equity derivatives analysts call the “only election to truly surprise investors.” They were caught off-guard for the same reason as the general population: polls put Mr. Dewey way ahead during the run-up to the election, but Mr. Truman, the incumbent, ended up winning.
New president has an economic in-tray full of problems
Martin Wolf – Financial Times
In the country of the blind, the one-eyed man rules. The US economy shows significant flaws. But it is a king when compared with its peers. It has recovered from the Great Recession, with unemployment low and real incomes rising. It also possesses abiding supremacy in new technologies. Nevertheless, the next administration will take over a country with mediocre growth of productivity, high inequality, a growing retreat from work and a declining rate of creation of new businesses and jobs. At least the US fiscal position is not a really urgent threat. That is to the good, since nothing much is likely to be done about it.
Donald Trump ushers in the era of political improvisation; Two parties in New York hint at how this political upset has happened
by: Gillian Tett – FT
As the election count was under way on Tuesday night, I visited the two places in New York where Hillary Clinton and Donald Trump planned to hold their victory parties. The locations at the cavernous glass Javits Center for Clinton and Hilton Hotel for Trump are barely a mile apart, but they were a revealing study in cultural contrasts.
What Trump’s Win Means for the Fed; Surprising victory could disrupt rate-increase plans, put more pressure on central bank
By KATE DAVIDSON – WSAJ
Donald Trump’s electoral victory, by roiling global financial markets, could upend Federal Reserve officials’ plans for raising short-term interest rates at their meeting next month.
AN AMERICAN TRAGEDY
By David Remnick – New Yorker
The election of Donald Trump to the Presidency is nothing less than a tragedy for the American republic, a tragedy for the Constitution, and a triumph for the forces, at home and abroad, of nativism, authoritarianism, misogyny, and racism. Trump’s shocking victory, his ascension to the Presidency, is a sickening event in the history of the United States and liberal democracy. On January 20, 2017, we will bid farewell to the first African-American President—a man of integrity, dignity, and generous spirit—and witness the inauguration of a con who did little to spurn endorsement by forces of xenophobia and white supremacy. It is impossible to react to this moment with anything less than revulsion and profound anxiety.
Investing and Trading
What Happens When Wall Street Pulls Back From Bond Markets
Katie Linsell – Bloomberg
The bond market is becoming more fragmented as dealers pull back, forcing fixed-income investors to step up efforts to find other sources of liquidity. Smaller lenders, brokers and electronic platforms are replacing banks making markets, leading both to more competition and challenges for investors seeking securities. The number of electronic fixed-income trading platforms hoping to link buyers and sellers has swelled to a record of more than 100, and new firms such as Millennium Europe Ltd. are filling the role vacated by banks.
Calm Seas Precede Looming Storm for Oil Tankers
Spencer Jakab – WSJ
A funny thing happened after oil exporters reached what seemed like a landmark agreement to cut output in September: they shipped crude with abandon. The number of very large crude carriers (VLCCs) booked to travel from the Middle East to Asia reached the highest in five years in mid-October, according to JBC Energy.
One lost opportunity to hedge the US election
Alexandra Scaggs – Financial Times
We could’ve been hedged big-league bigly this presidential race, if it weren’t for some pesky market regulations. A search for an emotional hedge this election day brought us to PredictIt, a market run by New Zealand’s Victoria University, working with political data consultancy Aristotle*. It’s one of a couple that US residents can actually use, thanks to a no-action letter it got from the Commodity Futures Trading Commission back in 2014. It also offers free money from time to time, it seems.
Most Firms Aren’t Ready for MAR – Must Close FICC Surveillance Gap
Stefan Hendrickx – Ancoa – Via TABB Forum
The EU’s MiFID II and MAR regulations will require firms to extend market surveillance capabilities to fixed income, currencies and commodities, as well as capture market manipulation intent by reporting suspicious orders and suspicious transactions. While most firms have systems in place providing coverage of electronic equities trading, asset classes such as fixed income, currencies and commodities require a different treatment altogether due to their different characteristics.
Exchange Data International (EDI) Introduces New Economic Indicator Service (EIS) in Partnership with AlgoCircle
Exchange Data International
Together with AlgoCircle, EDI is pleased to announce the launch of the Economic Indicator Service (EIS) which expands its data coverage to include worldwide economic data.
OPEC’s job has just become tougher with Trump win
By Maha El Dahan , Rania El Gamal and Dmitry Zhdannikov – Reuters
OPEC’s job of trying to prop up oil prices has just got much harder. With Donald Trump winning the U.S. presidential election, the 14-country oil-producing cartel may have to battle a sourer outlook for the global economy and weaker demand for crude.
High-tech heists highlight growing digital challenge banks face
Martin Arnold, Madhumita Murgia and Alistair Gray – Financial Times
Bank robbers in 2016 are more likely to be armed with malware and botnets than machine guns and sawn-off shotguns. However, this hardly makes them any less frightening for banks or their customers. Just ask Tesco Bank. The financial offshoot of Britain’s biggest supermarket chain has been scrambling to defend its reputation after 20,000 customers had money stolen from their current accounts in what regulators have called an “unprecedented” cyber attack over the weekend.
Bank Of England Extends Deadline For Banks To Build Bail-in Funds
The Bank of England on Tuesday announced new rules that ask banks to build up sufficient reserves to absorb losses so that, if they fail, they can bail-out themselves without using taxpayers’ money and causing financial market disruptions.
ABN Amro’s CFO Van Dijkhuizen to become new CEO
ABN Amro (ABNd.AS) said on Tuesday it has chosen Kees van Dijkhuizen as CEO to succeed Gerrit Zalm.
Deutsche Bank looks to sell its Polish business: sources
Deutsche Bank AG (DBKGn.DE) is seeking to sell its Polish banking business, two banking sources said, part of efforts by the German bank to shed non-core assets and free up capital to meet tougher bank rules.
Commerz to spin off structured equities, scale back exotics
Chris Davis – Risk.net
Commerzbank will move its structured equities business into a separate legal entity and retreat from a host of other trading businesses, including exotic rates and foreign exchange, as part of an effort to free up regulatory capital and improve profitability. The bank outlined the restructuring on September 30, but further details were revealed in its third-quarter results on November 4.
BlackRock in Talks to Move Headquarters to 50 Hudson Yards
David M Levitt – Bloomberg
BlackRock Inc., the world’s largest asset manager, is in talks to move its headquarters to a tower being built in the Hudson Yards development on Manhattan’s west side, two people with knowledge of the matter said.
Cinnober creates new business to expand real-time clearing service; New business created to develop and expand Cinnober’s real-time clearing technology.
By Hayley McDowell – The Trade
Cinnober has announced a new subsidiary is to be established to develop its real-time clearing technology business.
R3 teams up with regulators in Singapore for blockchain expansion; R3’s blockchain initiative continues to gain momentum with the launch of an Asian DLT centre of excellence.
By Paul Walsh – The Trade
Blockchain firm R3 will collaborate with the Monetary Authority of Singapore (MAS) to launch its first dedicated distributed ledger technology (DLT) centre of excellence in Asia.
Metamako Unveils Filtering Device, Speeds Metamux Switch Latency
Max Bowie – Waters Technology
The new MetaFilter device has numerous applications when used in conjunction with Metamako’s Metamux switches. Australian low-latency switch provider Metamako has rolled out MetaFilter, a filtering application that can be used for broadcasting market data streams to many filters and creating new streams of different content, for ensuring compliance with exchange market data rules by giving data only to paid subscribers, and as a security firewall.
Rurik Jutting, British Banker, Convicted of Murdering 2 Women in Hong Kong
Mike Ives – NY Times
A Hong Kong judge on Tuesday sentenced a British banker to life in prison for murdering two Indonesian women at his luxury apartment in 2014, bringing to a close a gruesome case that cast a spotlight on social inequality and the excesses of the financial sector in one of Asia’s richest cities.
CME Group bans two traders for prearranging transactions
CME Group Inc said on Tuesday it permanently barred from its markets two traders who prearranged trades to transfer equity between accounts two years ago.
Strauss-Kahn Told to Pay Back $82,600 in Taxes for Failed Hedge Fund
Stephanie Bodoni – Bloomberg
Former IMF chief loses Luxembourg court appeal over liability; Court says DSK owes $82,600 in back taxes, interest for 2014
Former International Monetary Fund chief Dominique Strauss-Kahn was ordered to pay 74,792 euros ($82,400) in back taxes and interest in a Luxembourg court ruling over his role at a bankrupt hedge fund he co-founded.
Bank of Ireland joins other banks in shipping loan wind down
Jonathan Saul – Reuters
Bank of Ireland said it is winding down its shipping business, joining other banks looking to cut non-core lending and exposure to an industry suffering its worst downturn. Many European banks are already bogged down by a sluggish economy and face tough capital demands from regulators which are eroding profitability, leaving many looking for ways to shore up their balance sheets.
India abolishes larger banknotes in fight against graft, ‘black money’
Neha Dasgupta and Nidhi Verma – Reuters
Indian Prime Minister Narendra Modi on Tuesday announced that 500 and 1,000 rupee banknotes would be withdrawn from circulation at midnight to crack down on rampant corruption and counterfeit currency. The surprise move was designed to bring billions of dollars worth of cash in unaccounted wealth into the mainstream economy, as well as hit the finances of militants who target India and are suspected of using fake 500 rupee notes to fund operations.
Trump and China: America’s Most Important Economic Relationship Just Got Very Complicated
By ALEX FRANGOS and NATHANIEL TAPLIN – WSJ
Donald Trump’s surprise victory represents a planetary shift for markets and the global economy. It stands to reason that China’s orbit will also shift. Mr. Trump made China a centerpiece of his campaign, decrying the world’s second-largest economy for stealing jobs, competing unfairly, suppressing its currency and generally serving as an economic boogeyman. Investors will now have to wonder whether he follows through on threats to impose large tariffs on Chinese-made goods.
Trump and the Yen: Making Things Uncomfortable for Japan; A stronger yen would complicate Japan’s efforts to keep the yield on 10-year government bonds at zero
By ANJANI TRIVEDI – WSAJ
Donald Trump’s victory isn’t what dollar bulls wanted. Nor is it what Japan needed.
Companies urged to ensure women hold third of top jobs by 2020
Sarah Gordon – Financial Times
Britain’s biggest public companies should publish how many female senior executives they have and make one-third of their executive positions female by 2020, according to a government-backed review.