Bits & Pieces
Our MarketsWiki Education series in London will be held on Monday. Do you know any interns, students, or young professionals who would benefit from hearing about our industry from the likes of Scott O’Malia, Guy Simpkin, Steve Woodyatt, Steve Grob, Rob Russell, Andrew Gibbins, Cathy Lyall and more?
It’s not too late to send them our way. Register http://bit.ly/1XxdC46. Hosted at the University of Chicago Booth School of Business, 25 Basinghall St, London EC2V 5HA, there are three 90 minute sessions: from 10:00 to 11:30, 13:00 to 14:30 and 15:00 to 16:30. Attend one or all three, with the final session followed by drinks.
Help us, help inform our next generation of professionals and leaders in this space. CME Group, our Global Premier Sponsor, has made this event possible and free to attendees.
Today’s newsletter features the second video in our three-part series about the ongoing impacts of market regulation. While at FIA Expo 2016, JLN interviewed a number of participants in today’s markets like exchange leaders and technologists. If you want to gain some insight regarding how they approach the shifting regulatory landscape, the video is well worth a look. If you missed part one yesterday, you can check that video out here. Tune in to part one to hear the CME Group‘s Phupinder Gill, Hazem Dawani of OptionsCity, Trading Technology‘s Drew Shields and Dave Snowdon of Metamako. Scroll down for part two.
Impact: Navigating Regulation and What Comes Next, Part 2
At FIA Expo 2016, JLN spoke with a variety of participants in today’s markets about the ongoing effects of regulation and what those mean for the future of their businesses.
In Part 2 of our three-part series, Gary DeWaal, special counsel with Katten Muchin Rosenman LLP; Matthew Chamberlain, head of business development for LME; John Avery, director of client and industry engagement, Derivatives Utility at FIS; and Rob D’Arco, CEO of Rival Systems, share their take on topics like the challenges facing swaps dealers, the pace of regulation and the rising cost of compliance.
The New Standard for Keeping Millennials Happy at Work; Buying employee loyalty can be easier than you think
Chris Stokel-Walker – Bloomberg
A strong pat on the back and a reassuring word no longer cuts it when it comes to keeping millennials happy at work. More than three-quarters of U.K. workers age 18 to 24 say company perks are crucial to their job satisfaction, according to a survey released this week by Perkbox, a company that sells employee gifts. Only about half of baby boomers in the U.K. tied their job satisfaction to the goodies, the survey said.
***** We hired another Millennial last week. Mike Forrester has moved from contractor to employee and will be accompanying me, Patrick Lothian and Spencer Doar to London for our MarketsWiki Education World of Opportunity series. Mike is a videographer and editor. This will be Mike’s first trip to London and I get to be the tour guide. How about that for a perk?
What flipping a loaded coin can tell you about stock investing; Why the outcome of a game with stacked odds favouring the player is terrifying
by: John Authers – FT
Investment is not a game. People’s life savings are at stake. But games can help find investment strategies that work — and identify our greatest flaws. The results of a very simplified version of a stock market investing game, organised by Victor Haghani and Richard Dewey of Elm Partners, a London-based asset manager, are terrifying. They offered something close to a no-lose proposition, to volunteers who were either studying finance at business school or already working as investors. Most failed to make the most of their opportunity.
**** Come to our MarketsWiki Education World of Opportunity event on Monday in London and make the most of the opportunity.
Man vs. Machine: Can the retail investor compete with high frequency traders?
Man vs. Machine: Can the retail investor compete with high frequency traders?
Computerized trading has become a double edged sword in the financial market. Computers have facilitated the ease with which transactions take place, yet with the introduction of High Frequency Trading (HFT) in 1999, many believe that the technology has advanced to the point of becoming a torment. High Frequency Trading is capable of completing trading transactions in nanoseconds and even in microseconds, which has impacted the business dramatically.
***** How about a nice basket of ETFs, with a 10% allocation to some emerging CTAs?
Thursday’s Top Three
Most days the top stories are somewhat close in terms of the number of reads they get but once in a while a story leaps very far out in front. That was the case yesterday with the top story, DRW makes last-ditch attempt to avoid market manipulation trial. In a distant second (but still well read) is a Bloomberg story, The Co-Founder of Long-Term Capital Management Wants You to Learn Your Financial Formulas. The third top story yesterday was a JLN feature by Spencer Doar, A Tangled Web: Exploring The Explosive U.S. Growth Of Options On Futures
U.S. Said to Probe Tullett, BGC, TFS-ICAP Over Currency Options
Liam Vaughan, Matthew Leising, Matt Robinson – Bloomberg
CFTC asking whether interdealer brokers made fake bids; Some individuals said to cooperate; firms do internal probes
U.S. authorities are investigating whether middlemen in the $5 trillion-a-day foreign exchange market posted fake bids, rigged auctions and gave confidential information to others who then profited from it, according to people familiar with the situation.
CME sees clearing boost from OTC collateral rules; Futures exchanges are hoping stricter collateral rules on OTC derivatives will encourage market participants to migrate to cleared derivatives services.
By Joe Parsons – The Trade
CME Group has seen a boost in voluntary clearing in swaptions, FX and equity derivatives following the onset of stricter collateral rules.
ExxonMobil eyes setting up large-scale trading division; Rivals’ profits are buttressed in downturn by buying and selling third-party oil
David Sheppard and Neil Hume – Financial Times
ExxonMobil is investigating building a full-scale trading division for the first time in its history, as the world’s largest listed energy company searches for new ways to boost profits during the oil price slump. The move would be a huge departure for a company that has deliberately shunned trading other producers’ oil, and instead focused on exploration for crude, production and refining.
Goodbye Shanghai, hello Qianhai: HKEx’s quest for a metals connector
By Andy Home – Reuters
When Hong Kong Exchanges and Clearing (HKEx) bought the venerable London Metal Exchange (LME) in 2012, the narrative was all about China.
The Plot Thickens As DAO Attacker Trades Stolen Funds for Bitcoin
Alyssa Hertig – Coindesk
The DAO hacker is one step closer to turning a real-world profit. The saga that started in June with a high-profile hack on ethereum’s most notable project, took another turn on Wednesday when nearly $100,000 worth of digital currency associated with the incident was converted into bitcoin.
Barbarians and Raiders Increasingly Play the Same Game; Private-equity firms and activist investors are adopting each others’ strategies as opportunities dwindle
By DAVID BENOIT and LIZ HOFFMAN – WSJ
Last fall, Elliott Management Corp., an activist investor known for buying small stakes and lobbing critiques at management, reached out to the chief executive at CDK Global Inc. and offered to buy the software company outright for $9 billion.
The Big Bang Theory And Crowd-Funding
Freddie Dawson – Forbes
The Big Bang happened today 30 years ago. No, that’s not a reference to the scientific event or the launch of the TV show (although in many ways it feels like it could be).
Deutsche Boerse sells shares in Bats amid flat quarterly earnings; Group reports slight increase in revenues, as Clearstream bolsters results in third quarter.
By Hayley McDowell h- The Trade
Deutsche Boerse has sold approximately a third of its shares in Bats Global Markets for $86 million, as the Group reports a relatively flat third quarter.
Krzana is the search engine of the future
Peter Lee – Euromoney Magazine
Krzana aims to give users an edge over rival investors by sucking the rare, important signals that will move markets out of the vast and noisy din of financial news media. Can you remember where you were on the morning of April 9, 2015? If you work for or own shares in Oil & Gas UK, you probably do. That was the day the company announced the discovery under Horse Hill near Gatwick Airport of the largest onshore recoverable oil reserves in the UK for 30 years.
Goldman’s Multifactor Robots: A Post-Human Investing Guide
Dani Burger – Bloomberg
ETFs combining multiple investment themes are next big thing; Billed as a core holding, will investors buy and hold?
For its next act, the $3.5 trillion ETF industry wants to sell you the steady income of a dividend, the upside of a small cap and the good night’s sleep of a low-volatility stock. All at once.
Europe’s Top Trading Firms Have Good News as Revenue Jumps
Ambereen Choudhury, Donal Griffin – Bloomberg
Credit and rates trading business fuel revenue at both firms; Barclays chief says he’s “pleased” with credit and macro
For the debt-trading desks at Europe’s biggest investment banks, the hemorrhaging paused.
Tullett Prebon and ICAP shares stumble on US probe reports
by: Nicholas Megaw – FT
Shares in Tullett Prebon and ICAP dropped after reports US authorities will investigate their currency options businesses.
UBS Profit Falls as Risk-Averse Clients Curb Revenue; Swiss lender discloses investigation into its IPO work in Hong Kong
By JOHN LETZING – WSJ
UBS Group AG said Friday that net profit declined in the third quarter, as the Swiss bank continued to cope with wary clients.
The Big Bang made it possible for you to get a loan and buy shares – but also led to the global crash
Up to the 1970s, the London Stock Exchange (LSE) was run very much as a club. Foreigners and women were not permitted to be members. There were a complex series of club rules, including minimum commissions and the forced separation of brokers and jobbers, and if you broke the rules or otherwise discredited the LSE you were named and shamed and out.
Bank of England’s Mark Carney Prepares His Own Brexit
By Mark Gilbert – Bloomberg
Bank of England Governor Mark Carney has been the only “adult in the room” since the U.K. vote to quit the European Union, according to former BOE policy maker Danny Blanchflower. It’s an assessment many would agree with. Unfortunately, Carney looks like he may be planning a Brexit of his own.
May Accused by Opposition of Seeking ‘Bankers’ Brexit’
Svenja O’Donnell, Thomas Penny – Bloomberg
Shadow chancellor McDonnell comments in London speech; McDonnell attacks Tories’ ‘secret deals’ and ‘chaotic’ Brexit
The opposition Labour Party will push for the U.K. to have full access to the European single market and fight a “Bankers’ Brexit,” said John McDonnell, the party’s chief voice on economic policy.
UBS’s Ermotti Says ‘Very Risky’ to Move Staff From London Now
Gavin Finch – Bloomberg
CEO said may not have to relocate anyone out of U.K.; We need Brexit clarity, Ermotti said in Bloomberg TV interview
UBS Group AG Chief Executive Officer Sergio Ermotti said it would be “very risky” to relocate U.K. staff to the continent without knowing the likely outcome of negotiations between Britain and the European Union.
Blair Says U.K. Should Keep Option of Remain in Brexit Talks
Thomas Penny – Bloomberg
Former prime minister says all options should be open for EU; Final decision should wait until alternative is established
Former Prime Minister Tony Blair said Britain should keep its options open on whether or not to leave the European Union until after Brexit talks with the bloc are completed.
Deutsche Bank News
Deutsche Bank warns of tough times ahead as braces for U.S. fine
Arno Schuetze and Anjuli Davies – Reuters
Deutsche Bank chief John Cryan pledged to redouble restructuring efforts on Thursday, warning that the bank faces tough times ahead as it finalizes talks with U.S. justice authorities over a multi billion dollar fine. Germany’s biggest lender earlier posted an unexpected quarterly profit, benefiting from a modest rebound in bond trading, but failed to dispel the cloud of uncertainty that drove clients to withdraw billions of euros.
Deutsche Bank lags Wall Street in bond trading comeback
Anjuli Davies – Reuters
Deutsche Bank (DBKGn.DE) benefited from the rising tide in bond trading in the third quarter of 2016, but as it struggles with the protracted overhaul of its investment bank, Wall Street rivals are stealing a march. The volatile markets between July and September, sparked by Britain’s vote to leave the European Union and bouts of anxiety about monetary policy around the world, would normally be perfect conditions for Deutsche Bank’s fixed-income business to turn a hefty profit.
Deutsche Bank sees $8bn outflows from ETF business
Tom Eckett – Investment Week
Deutsche Bank has seen outflows of $8bn from its ETF business so far this year, adding to financial pressures from a misselling probe that could cost it $14bn. The beleaguered bank has been involved in a $14bn legal battle with the US Department of Justice over the selling of residential mortgage-backed securities before the financial crisis.b The bank’s shares are down 41% year-to-date as a result.
Deutsche Bank Investors Stuck Waiting for an Unwanted Call
Paul J. Davies – WSJ
Deutsche Bank had no answers for the big questions on Thursday, but there was a little good news in third-quarter results: Some promised cuts are coming sooner than expected. Investors, however, are still left in the dark about whether the bank can afford to pay the U.S. Department of Justice to settle its mortgage probes and reach the higher capital target set for 2019.
Exchanges, OTC and Clearing
German Börse AG with further profit growth in Q3 / 2016
Increase in net revenues despite a weaker market environment; decrease the adjusted cost due to structural efficiency measures; Adjusted EBIT rises by 8 percent to EUR 286 million ; In Q1-3 net revenue increased by 6 percent and adjusted EBIT by 12 percent ; confirms profit forecast for 2016; sale of around one third of the shares of BATS Global Markets, Inc. for approximately $ 86 million US
The German Börse AG has published its financial results for the third quarter 2016 on Thursday. The net proceeds of the group went up despite the weaker market environment by 1 percent to EUR 558.5 million (Q3 / 2015: EUR 555 million). Because of structural efficiency measures the adjusted operating expenses decreased in the reporting period decreased by 5 percent and amounted to EUR 275.7 million (Q3 / 2015: EUR 290.6 million).
Derivatives Giant CME Sets Launch Date for Bitcoin Indexes
Stan Higgins – Coindesk
The CME Group is launching two previously announced bitcoin price indexes next month. The exchange services operator said in a notice this week that its CME CF Bitcoin Reference Rate and CME CF Bitcoin Real Time Index will launch on 13th November. The CME CF Bitcoin Reference Rate, according to the firm, will provide price settlement updates after 15:00 UTC each day.
Futures market operator CME Group’s profit jumps 31.4 percent
CME Group Inc (CME.O), the world’s largest futures market operator, reported a 31.4 percent rise in quarterly profit as it cut costs and earned more from investments.
CME Group reports flat earnings as clearing revenues dip; CME Group see clearing revenues drop 2% compared to the third quarter of 2015.
By Hayley McDowell – The Trade
CME Group has reported a flat third quarter this year in terms of revenue, with total revenue at just over $841 million compared to $850 million in the third quarter last year.
MIAX Options – Introducing MIAX Member Firm Portal: Monday, October 31, 2016
The MIAX Options Exchange is pleased to announce the introduction of the Member Firm Portal (MFP), generally available beginning Monday, October 31, 2016. The MFP is an internet-facing portal application which will provide self-service functions to member firms. Available day-one will be the ability to correct same-side clearing details and perform trade queries.
Japan Exchange Group: Consolidated Financial Results For The Six Months Ended September 30, 2016
During the consolidated cumulative second quarter (from April 1, 2016 to September 30, 2016), the Group recorded operating revenue of ¥52,882 million (8.7% decrease from the same period of the previous fiscal year (i.e. year-on-year)) due to factors such as year-on-year decreases in trading of cash equities and derivatives, while operating expenses were ¥25,593 million (9.8% year-on-year increase). As a result, the Group recorded operating income of ¥28,258 million (19.9% year-on-year decrease) and income before income tax of ¥29,022 million (20.0% year-on-year decrease).
AX Trading Group secures $20 million investment; Electronic trading network firm secures $20 million investment as it expands global footprint.
By Hayley McDowell – The Trade
AX Trading Group has entered into an agreement that has secured it an investment worth $20 million, as the firm moves forward with expansion plans.
New York Times editor accuses cable networks of blurring lines; Dean Baquet says CNN wrong to hire Lewandowski as commentator
by: John Gapper
US cable news networks have played a “ridiculous” role in the presidential campaign by blurring the line between entertainment and news and pandering to partisan viewers, Dean Baquet, executive editor of the New York Times, has said.
Donald Trump supporters warn of ‘another Revolutionary War’ if Hillary Clinton wins: Friday US election briefing
Barney Henderson, – The Telegraph
Donald Trump supporters are threatening “another Revolutionary War” if he loses the November 8 presidential election to Hillary Clinton.
Investing and Trading
Playing defense with low vol ETFs not quite working
Utilizing ETFs that attempt to provide lower risk through concentration in more defensive sectors proving to be a less than sedate strategy this year
Investors pour $1.1bn into inflation-protected bond funds; Inflow is largest since April 2015, according to EPFR
by: Joe Rennison and Nicole Bullock in New York – FT
A sell-off continued to reverberate across global sovereign debt markets on Friday, pushing yields on the debt higher at the end of a week when investors poured $1.1bn into inflation-protected bond funds, amid lingering fears that inflation will push interest rates higher.
Exchange rate behaviour when interest rates are negative
Allaudeen Hameed and Andrew Rose – VOX, CEPR’s Policy Portal
Recently a number of both small and large economies have experienced negative nominal interest rates. This column uses exchange rate data from 2010 to 2016 to demonstrate that negative interest rates seem to have little effect on observable exchange rate behaviour in these economies. While the long-run consequences for the financial sector of negative interest rates are unknown, the short-run effects on exchange rates in the sample are negligible.
It’s Now Easier to Strengthen Your Core With Municipal Bonds
Shaun Wurzbach – S&P Dow Jones Indices Indexology Blog
We all know we should work on and improve our core, but how many of us have the discipline to do it? I interviewed two financial advisors who are strengthening their core by using municipal bond indices and the ETFs that track them.
Non-bank providers not gaining ground in corporate FX, says study
Solomon Teague – Euromoney Magazine
While non-bank providers such as hedge funds and technology companies have taken significant market share in retail FX, they have not got a foothold in corporate FX business. Non-bank providers are failing to make a dent in the $117 billion per day global business FX market, according to a study of the global business spot FX market from market analysts East & Partners (E&P).
The Stock Bulls Are Looking Haggard – And That’s a Good Thing
Ben Eisen – WSJ
Investors’ spirits are low. But that may actually be one thing that helps stocks keep plowing higher. Just 24.8% of retail investors are bullish, according to the latest sentiment survey by the American Association of Individual Investors, released Thursday. That marks the 10th consecutive week where the measure is below 30%, the longest streak since February and the second-longest in 23 years, according to analysis by LPL Financial. More broadly, bullishness by investors in the survey has been below its long-term average for 51 straight weeks, the longest on record.
These Are the Charts That Scare Wall Street
Charts that go bump in the night.
Luke Kawa, Sid Verma, Julie Verhage, Narae Kim – Bloomberg
Forget scary clowns.
For finance professionals, Corporate America’s credit cycle and the U.S. economic outlook — not to mention Brexit-induced stresses and debt dynamics in Asia — are all spookier than a deranged-looking Bozo.
Carlyle Group Turns Focus From Hedge Funds to Lending
By ALEXANDRA STEVENSON – NY Times
William E. Conway Jr., left, and David Rubenstein of Carlyle. Mr. Conway said hedge fund results did not meet expectations. Credit Simon Dawson/Bloomberg
Prominent public pension funds have turned their backs on hedge funds, and so have a few big insurance companies. Now, one of the world’s biggest private equity firms, the Carlyle Group, is walking away, too.
The dealer-trader distinction and Treasury market regulation
Alexandra Scaggs – FT
If it walks like a dealer and talks like a dealer, sometimes it’s actually an unregulated trader that is also a terrible cliche, sorry everyone.
Platinum assets frozen on allegations of ‘plundering’ over $200 million
Lawrence Delevingne – Reuters
Troubled hedge fund manager Platinum Partners was ordered by a U.S. bankruptcy judge to temporarily freeze approximately $118 million after a lawsuit Wednesday accused it of illegally stripping key assets from a now-collapsed energy company.
Citigroup Trading Desk Made $300 Million on Rate Swaps
Dakin Campbell – Bloomberg
Geoff Weber, recently promoted, leads interest-rate swaps team; Such profits have been rare since U.S. curbed risk-taking
A team of Citigroup Inc. derivatives traders generated about $300 million of revenue this year, thriving from serving companies and investors trying to anticipate central bank decisions, according to people with direct knowledge of the matter.
UBS faces Hong Kong ban over IPO probe; Swiss bank could be stopped from offering corporate finance advisory services in the territory
by: Ralph Atkins in Zürich – FT
UBS faces an investigation by Hong Kong regulators into its role sponsoring company stock market listings which could result in the Swiss bank being banned temporarily from providing corporate finance advisory services in the territory.
Managed services in FX: how to get it right
Paul Golden – Euromoney Magazine
When it comes to managed services in FX, there are many flavours on the menu. But increasingly, unless they include flexibility and ease of access, you’re not going to get very far. FXecosystem offers three options — managed connectivity (including hosting and cross connects); circuit provision; and flow monitoring. The different elements can be selected individually or as part of a full outsourced offering.
Blockchain allows for invoice securitization
Peter Lee – Euromoney Magazine
When Euromoney first encountered Adi Ben-Ari – a veteran of enterprise IT in the telecoms sector and at Lloyds Banks, and now the co-founder and chief executive of Applied Blockchain, a small group looking for new practical applications of distributed ledger technology – his company was trialling a system for companies to process their invoices on blockchain. Oh, the glamour of it all.
Blockchain Startup CoinSciences Adds 13 Members to Partner Program
Stan Higgins – Coindesk
Accenture is among a group of 13 companies partnering with startup CoinSciences in an effort to get more enterprise businesses working with blockchain.
S&P: Too Early for Blockchain to Impact Credit Ratings
Pete Rizzo (- Coindesk
One of the top corporate credit ratings providers believes it’s too early for the use of blockchain tech to be a factor in its analysis.
Australia Will Regulate Bitcoin Exchanges Under AML Laws
Stan Higgins – Coindesk
The Australian government is looking to update its anti-money laundering laws to include bitcoin and other digital currency exchanges.
The SEC Is Watching Product Fees, Says Schwab
Dan Jamieson – Financial Advisor Magazine
Advisors can look forward to continued scrutiny this year from the SEC for the costs of investments they recommend to clients, said panelists at a Charles Schwab conference Wednesday. The agency might also take some action on third-party advisor exams, panelists said. The SEC has made clear that it intends to examine for excessive product costs, and examiners have followed through with a “laser focus” on costs, said Michael Townsend, vice president in Charles Schwab’s office of regulatory affairs.
Oft-divided SEC speaks with one voice when suing corporations: records
Sarah N. Lynch – Reuters
The U.S. Securities and Exchange Commission has released a collection of internal voting records, long held secret, that reveal it to be less divided than is commonly thought. The new data reveal that the agency’s commissioners vote unanimously almost every time they take companies and executives to federal court, in contrast to the public and sometimes bitter disagreements they exhibit when debating regulatory matters.
Barclays: Bloomberg report it’s seeking $2 billion U.S. penalty cap inaccurate
Barclays (BARC.L) said on Thursday a Bloomberg report that it is trying to cap a penalty to settle a U.S investigation into its sale of mortgage securities at $2 billion was based on ill-informed speculation. Citing a source, news agency Bloomberg reported Barclays was trying to cap the penalty after receiving an opening offer it considered too high.
Court clears Icahn’s CVR to sue Wachtell law firm for malpractice
Jonathan Stempel – Reuters
A New York state appeals court on Thursday cleared the way for billionaire investor Carl Icahn to pursue an unusual malpractice lawsuit against the powerful law firm Wachtell, Lipton, Rosen & Katz over his 2012 hostile takeover of CVR Energy Inc (CVI.N).
SEC Probes Whether Companies Are Misusing Adjusted Earnings Metrics
Michael Rapoport – WSJ
The Securities and Exchange Commission’s enforcement division has informed some companies in recent weeks that it is examining their use of adjusted earnings measures, according to people familiar with the matter.
SEC: Investment Adviser Fraudulently Overbilled Clients, Stole Assets for Personal Expenses
The Securities and Exchange Commission today charged a Los-Angeles based investment advisory firm and its owner with fraudulently overbilling clients and stealing assets from their trusts to pay such personal expenses as his home mortgage, overseas trips, and leases on two Mercedes-Benz vehicles.
Exploiting pricing anomalies: China A- and H-shares (part 2 of 2)
FTSE Russell Blob
In our previous posting on China A and H shares, we discussed the pricing differential on dual-listed Chinese stocks—those listed both domestically (A-shares) and in Hong Kong (H-shares). We explored how to potentially construct a transparent index methodology that could take into account such pricing anomalies. The simulated A/H index is expected to outperform the market-cap weighted China A-shares benchmark when the A/H share pricing differential converges and underperform when the differential diverges. Now, let’s see if the simulated performance supports our expectation.
Over 1,300 fresh foreign portfolio investors register in Apr-Aug FY17; The number of FPIs with Sebi approval increased to 5,626 at the end of August from 4,311 in March-end
More than 1,300 new foreign portfolio investors (FPIs) have registered with capital markets regulator Sebi in April-August of 2016-17, showing a sign of their willingness to be part of India’s growth story.
Sebi, stock exchanges seek report from Tatas; Talks of swift action if violation of corp governance is suspected; stock exchanges also send notices to Tata firms
The Securities and Exchange Board of India (Sebi) will seek a detailed report from the Tata group companies to look into possible violation of corporate governance and listing norms referred by Cyrus Mistry in his five-page letter to Tata Sons board members.
An Addiction to Pork Has China Searching to Hedge Prices
Dalian Commodity Exchange to start futures contract next year
Farmers can’t keep up and rising costs can boost inflation
China is looking to hedge the cost of its pork addiction.
Benzinga Names Former William Blair, SAC Trader Laverde Director of Content
Max Bowie – WatersTechnology
Detroit-based financial news provider Benzinga recently hired Anthony Laverde as managing director and director of content, responsible for curating the vendor’s news feed.