World’s Biggest Metals Exchange Takes on the Gold Elite; Plan for New Trading Pit Triggers Feud in U.S. Options Market; Deutsche Boerse invests in bond trading platform Trumid

Jul 10, 2017

First Read

Jim Kharouf Made a Strong Statement; FOW-JLN Event Showed His Impact on Program
By John Lothian

Jim Kharouf made a strong statement with his design, leadership and execution of the FOW-JLN Trading Chicago event on June 28th in collaboration with the FOW team and I hope the industry took notice.

The event drew 210 people to talk about the key issues facing money managers, traders, exchanges, clearinghouses, brokers, vendors and the industry.

What was special about the co-sponsored event was that the program used many of the items in our toolbox to deliver an interesting, educational, lively and real event. With much help and support from FOW, we featured knowledgeable panelists and speakers, and they were all well prepared.

In marketing the event and creating buzz, all forms of social media were used repeatedly to get the message out, along with multiple marketing techniques to attract a diverse crowd that offered real value and produced quality leads for the vendors present. Jim and our production team created an animation video to tell the story before the event and he went on Twitter Live to promote it. We used banner ads in JLN, on MarketsWiki and, along with FOW, and fresh commentary was written frequently and delivered to attract the audience.

For the rest of the commentary, CLICK HERE


Intercontinental Exchange Statement on Competition and Markets Authority Decision on ICE/Trayport Agreement
Intercontinental Exchange (NYSE:ICE) notes the decision of the Competition and Markets Authority (CMA) with respect to ICE’s agreement with Trayport, an issue which was remitted to the CMA for reconsideration following ICE’s appeal to the Competition Appeal Tribunal (CAT).

**JK: The end of Trayport for ICE. So who wants Trayport?


Round One: How and tzero aim to knock out Wall Street
Jim Kharouf – JLN
There are fintech disruptors and pioneers and then there are those who want to knock Wall Street off its feet.,or tzero, is looking to change the way stocks are bought and sold with a vision that changes how markets operate. Joe Cammarata, president of tzero, is no stranger to disruptive technologies on Wall Street. He’s made a living off it. From his involvement in building the first off-exchange equity network, Island ECN for Datek Securities, to the first smart order routing systems called Sonic Trading, Cammarata has been in the mix.

**JK: In case you missed it on Friday, here is our piece on tzero that was the second most read piece of the day.


E-mini Russell 2000 Index Futures and Options; Back and Better than Ever.
CME Group
Now available for trading, E-mini Russell 2000 Index futures and options on futures extend an already broad suite of benchmark U.S. index contracts and offer you even more ways to manage risk and tap into liquidity.

**JK: Today is day one (again) for Russell on CME.


America Is Struggling With Economic Rot
By Noah Smith – Bloomberg
But now that the smoke has cleared and the economy has returned to a semblance of normality, we’re starting to think more about long-term trends. And evidence is mounting that the Great Recession may have drawn attention away from a slow rot that has been eating the U.S. economy since the turn of the century.

**JK: There are signs of rot in many places in the US. Let’s start with Chicago and work our way out from there.


Odd Lots: How a Former Wall Street Trader Cracked the World of Betting on Baseball
Joe Weisenthal and Tracy Alloway – Bloomberg
It’s no secret that a lot of people in finance like to bet on things. But how many of them actually take the time to actually beat the house in gambling? On this week’s Odd Lots, we talk to Joe Peta, a former Lehman Brothers trader, and the author of Trading Bases, a book about betting on baseball.

**JK: Why do I think Caesars in Las Vegas did better than 14 percent ROI?


Wash Sales; Books, Records and WORM; Non-Prosecution Agreements
Gary DeWaal – Bridging the Week
During the prior two weeks, a trading firm agreed to pay a fine of US $5 million to the Commodity Futures Trading Commission to resolve charges that it engaged in wash trades in three ways. Separately, the CFTC entered into non-prosecution agreements with three traders for their cooperation in a CFTC enforcement action against their former employer – despite their own admitted spoofing activity. This marked the first time the CFTC entered into this type of agreement.

**JK: The always interesting Gary DeWaal highlights a “first of its kind” ruling by CFTC. He doesn’t say it, but I will – they were from Citigroup Global Markets.


Friday’s Top Three
Friday’s top three were focused on disruptors in the capital raising/IPO space. The top read piece was the Wall Street Journal’s Forget an IPO, Coin Offerings Are New Road to Startup Riches. Second went to Jim Kharouf’s piece Round One: How and tzero aim to knock out Wall Street. Third went to the WSJ’s coverage of the silver market, in Silver Futures Plunge, Rebound in Flash Crash


MarketsWiki Stats
104,129,911 pages viewed; 22,594 pages; 206,930 edits
MarketsWiki Statistics


Lead Stories

ICE to sell Trayport after losing UK competition watchdog appeal
By John McCrank – Reuters
Intercontinental Exchange Inc (ICE.N) said it will sell energy trading software firm Trayport after losing an appeal of a decision by Britain’s competition watchdog calling for the divestment to preserve competition in the utility derivatives trading industry.

World’s Biggest Metals Exchange Takes on the Gold Elite
By Eddie Van Der Walt – Bloomberg
LME to offer gold, silver contracts for first time in decades; Joint venture is backed by Goldman, Morgan Stanley, Natixis
The world’s biggest industrial metals exchange is taking on the most powerful players in the gold market with the launch on Monday of its first futures contract for the commodity since the middle of the 1980s. The London Metal Exchange and its partners aim to grab a piece of the action in a city where almost half the world’s gold changes hands.

Plan for New Trading Pit Triggers Feud in U.S. Options Market; Box Options Exchange’s plan to create a new open-outcry floor has become a lightning rod issue, with exchanges and market makers filing critical letters
By Gunjan Banerji – WSJ
Many Wall Street traders have lamented the steady demise of floor trading. But now that one exchange is trying to launch the first U.S. open-outcry trading pit in decades, it isn’t exactly being welcomed.

Deutsche Boerse invests in bond trading platform Trumid: sources
By Anna Irrera |- Reuters
German exchange operator Deutsche Boerse Group has made a $10 million investment in Trumid, a New York-based financial technology startup that runs an electronic corporate bond trading platform, people familiar with the deal said.

How London’s Gold Market, the World’s Largest, Evolved: Timeline
By Eddie Van Der Walt – Bloomberg
London Metal Exchange starts gold futures trading on Monday; Until recently, market largely unchanged for about a century
After a three-decade hiatus, gold-futures trading is returning to London. It’s the latest change for the city’s bullion market, the world’s biggest for over-the-counter trading, and which until fairly recently had remained largely unchanged for about a century.

India’s biggest stock exchange grapples with system fault ahead of IPO
By Savio Shetty and Abhirup Roy – Reuters
A technical glitch shut down India’s National Stock Exchange (NSE) for five hours on Monday, dealing the country’s biggest stock exchange an embarrassing blow ahead of its plans to list as volumes on a rival bourse surged.

London’s Shrinking Stock Market; Smaller firms matter more than bagging giant IPOs like Aramco.
By Lionel Laurent – Bloomberg
Worldpay Group Plc was the U.K.’s biggest initial public offering in 2015. Now the payments firm is set to be acquired and de-listed. Like ARM Holdings Plc, the pound’s fall after Britain’s vote to leave the European Union made the FTSE 100 company more vulnerable to a takeover.

The ABCs (and T’s and Z’s) of the New Fiduciary Rule; Adoption of the fiduciary rule, requiring advisers to act in retirement savers’ interest, includes some new terminology
By Daisy Maxey – WSJ
The Labor Department’s new “fiduciary” rule is meant to protect retirement savers from conflicted investment advice, by requiring that a financial adviser put the client’s interest first.

Cross-Asset Quants Are Facing Their Worst Losses in a Decade
Dani Burger – Bloomberg
CTA funds plunge 5.1 percent for worst period since 2007; Selloff in stocks, bonds worry critics of systematic funds
Hawkish signals from central bankers have punished stocks and bonds alike in the past week.
Also punished: investors who make a living operating in several asset classes at once. They’ve been stung by the concerted selloff that lifted 10-year Treasury yields by 25 basis points and sent tech stocks to the biggest losses in 16 months. Among the hardest-hit were systematic funds who — either to diversify or maximize gains — dip their toes in a hodgepodge of different markets all at the same time.

Man vs. Machine: How Has Indexing Changed the Market?; The active/passive debate has obscured a major concern: Will increased indexing impact the market.
By KOPIN TAN – Barron’s
We still call it a stock market, but these days it has many more indexes than it does stocks: There are nearly 6,000 indexes today, up from fewer than 1,000 a decade ago. Meanwhile, the number of stocks in the Wilshire 5000 Total Market Index has shriveled to 3,599, from 7,562 in 1998.

Fed Says Post-Crisis Rules May Sap Bond-Market Liquidity
By Craig Torres and Christopher Condon – Bloomberg
Fed releases semi-annual monetary policy report to Congress; Fed views financial stability risks modest despite price gains
The Federal Reserve acknowledged that post-crisis financial regulations may be crimping bond-dealers’ incentives to make markets, while also saying that the impact on liquidity appears to be limited.

Another Bullion Flash Crash Is Testing Traders
By Luzi-Ann Javier and Susanne Barton – Bloomberg
Silver plunged 10% amid volume surge in early Asia trading; More than 25 million ounces of white metal traded in a minute
After-hours surges and plunges that have whipsawed gold and silver prices over the past two weeks are unnerving traders.

Dark Pool Traders Look to Stay in the Shadows
By Will Hadfield – Bloomberg
Regulator limits on dark-pool trading will upend the venues; Auctions and new markets will allow unlimited dark trading
Dark pools face a major overhaul once European limits on hidden trading kick in next year. Luckily for investors, there’s a buffet of offerings to help keep their stock trades under the radar.

Exchanges, OTC and Clearing

NSE technical glitch briefly halts trading; NSE said the market will reopen shortly. According to brokers and those trading on the NSE, stock prices did not get updated and there was also an issue in accessing the F&O segment.
The Indian Express
A technical glitch forced NSE to stop trading on Monday morning as stock prices failed to get updated. “Due to technical reasons in the cash market, trading has been stopped in cash and F&O (futures and options) segment of the NSE,” the NSE said in a statement.

NSE’s response to the glitch was disappointing: N Jayakumar
Watch the interview of N Jayakumar, President at Prime Securities with Anuj Singhal and Surabhi Upadhyay where he shared his readings and outlook on the market and specific stocks and sectors. He also spoke about the NSE’s technical glitch.

Euronext acquires majority stake in iBabs; Acquisition of an innovative board portal platform to complement the Euronext Corporate Services offering
Euronext announces today the closing of the acquisition of a 60% stake in iBabs, a leading Dutch provider of dematerialised board portal solutions for corporates and public organisations , for a consideration of EUR30.1 million.

Global Investor names Eurex “Exchange of the Year”
Eurex won the Global Investor Award 2017 in the category “Exchange of the Year”. Eurex is the first recipient of this award, which measures excellence in the exchange world across asset classes and geographies.

The NAGA Group AG stock market segment in the Scale segment; Another IPO from the Deutsche Börse Venture Network on the Frankfurt Stock Exchange
Deutsche Boerse
With the Hamburg-based Fintech The NAGA Group AG, the first company from the Deutsche Börse Venture Network in the SME segment of Scale has now moved to the Frankfurt Stock Exchange. The issue volume of the IPO was around EUR 2.51 million. The first exchange price was 3.60 euros, the issue price was 2.60 euros.

HKEX’s CNH- and US$-traded Gold Futures Off to Encouraging Start
3,000 contracts traded on first day; First deliverable gold futures at HKEX; Complement LME’s new gold futures
The offshore Renminbi (CNH) and US dollar (US$) Gold Futures contracts rolled out today by Hong Kong Exchanges and Clearing Limited (HKEX) had an encouraging start, with total volume exceeding 3,000 contracts. Twenty Exchange Participants traded the new contracts today.

SGX reports market statistics for June 2017
Securities – Total Securities market turnover value was at S$22.4 billion, down 16% month-on-month (m-o-m) and down 1% year-on-year (y-o-y), over 21 trading days. There were 21 trading days in May 2017 and 22 in June 2016.
Derivatives – Total Derivatives volume was 15.6 million, up 6% month-on-month (m-o-m) and up 10% year-on-year (y-o-y).

Euronext CEO sees growing momentum for new stock listings
Euronext’s (ENX.PA) chief executive Stephane Boujnah sees a growing momentum for new stock listings in the second half of the year, following the French and Dutch elections, he said on Sunday.


A Trader So Secret They’re Only Known by a Number Just Made Over $200 Million in One Month
By Tom Metcalf – Bloomberg
Bitcoin, ether may mint new crypto-billionaires this year; After Dread Pirate Roberts, mystery still dogs transactions
An unknown cryptocurrency trader turned $55 million of paper wealth into $283 million in just over a month.

Former MtGox CEO heads to trial in Japan over missing Bitcoins
The former CEO of collapsed Bitcoin exchange MtGox heads to trial in Tokyo next week on charges stemming from the disappearance of hundreds of millions of dollars worth of the virtual currency from its digital vaults.


Weakened May Appeals to Opponents to Help Deliver Brexit Success
By Thomas Penny and Andrew Atkinson – Bloomberg
Prime minister promises to show ‘renewed courage and vigor’; Minister says leadership speculation is alcohol-fuelled gossip
U.K. Prime Minister Theresa May will call on opposition lawmakers to help steer Britain out of the European Union as she seeks to reset after her standing was diminished by last month’s disastrous general election.

Australian journalist demolishes Trump at G20: ‘biggest threat to the west’
Naaman Zhou – The Guardian
A savage opinion of Donald Trump’s presidency that went viral was delivered by one of Australia’s most seasoned political journalists, who is well known to viewers of the national broadcaster for his frank opinions.


Regulator Warns Banks on Use of New Technologies; Office of the Comptroller of the Currency warns partnerships with fintech firms require greater care by banks
By Rachel Witkowski – WSJ
Banks should be cautious about taking on new technologies for financial products, a national bank regulator said Friday in a semiannual report on risks facing the industry.

ESMA letter to European Commission on third-country regimes
The European Securities and Markets Authority (ESMA) has written to the European Commission (Commission) setting out its views on recent proposals for improvements in the way the European Union (EU) deals with third countries on financial services.

ESMA updates MiFID II/ MIFIR Investor Protection Q&A
The European Securities and Markets Authority (ESMA) has added 2 new Q&A to its Questions and Answers (Q&A) document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). The new Q&A cover the topics of recording of telephone conversations and electronic communications, and best execution.

SEC Lets More Companies Ignore Shareholder Proposals in 2017; Companies submitted 288 ‘no-action’ requests this year, 78% of which were granted by agency’s staff
By Tatyana Shumsky – WSJ
The Securities and Exchange Commission allowed a greater number of companies to exclude shareholder proposals during the 2017 annual meeting season, according to a report by law firm Gibson, Dunn & Crutcher LLP.

Ledgerx Receives Federal Approval as a Regulated Bitcoin Swap Exchange
By Kevin Helms –
The U.S. Commodity Futures Trading Commission has granted Ledgerx the full status of Swap Execution Facility. The company is on its way to become the first federally-regulated bitcoin options exchange and clearinghouse.

Investing and Trading

How Do You Put a Price on Investment Research?
By Silla Brush and Stefania Spezzati – Bloomberg
Is that research report worth more than the paper it’s printed on? That question is upending money management as new regulations in the European Union disrupt the way banks and brokers do business. Gone will be the days of offering market analysis for free, as part of a bundle of services offered to clients. Soon, brokers will have to decide how much to charge for research, and for the access to top executives that typically comes with it. Some firms are modeling packages on cable TV subscriptions, running from “basic” to “pay as you go” to “all-in” offers. As the cost of an analyst’s time and work becomes transparent, investors are expected to be more selective about what they pay for. The ranks of researchers already are shrinking.

ECB Officials Disagree on How Much Is Too Much for Stimulus Plan
By Carolynn Look – Bloomberg
Chief economist sees need for ‘long period’ of accommodation; Dutch central-bank chief says ECB is close to overdoing it
European Central Bank policy makers continued to air their differences over when to rein in stimulus, sending conflicting signals on whether pumping cash into the economy for much longer will help the euro area or hurt it.

U.S. Treasury Targets Eight Tax Regulations for Possible Changes; Corporate debt rules issued under Obama administration may be altered, including those used for corporate inversions
By Richard Rubin – WSJ
The U.S. Treasury Department on Friday announced plans to alter the Obama administration’s high-profile rule aimed at stemming cross-border corporate tax avoidance, marking the latest attempt from the Trump administration to be more business-friendly.

Renaissance Technologies Stumbles in June
Institutional Investor

Warren Buffett Invests in Canada, but Should You?
When Warren Buffett acts, investors notice. And after he took a roughly $300 million position last month in Home Capital Group, a troubled Canadian mortgage underwriter, some investors saw it as a vote of confidence not only in that company, but also in Canadian stocks over all.

New Bailouts Prove ‘Too Big to Fail’ Is Alive and Well; Regulators keep insisting bondholders will take losses, but then they’re reluctant to impose them.
By Neel Kashkari – WSJ
Three strikeouts in four at bats would be barely acceptable in baseball. For a policy designed to prevent taxpayer bailouts, it’s an undeniable defeat. In the past few weeks, four European bank failures have demonstrated that a signature feature of the postcrisis regulatory regime simply cannot protect the public. There’s no need for more evidence: “bail-in debt” doesn’t prevent bailouts. It’s time to admit this and move to a simpler solution that will work: more common equity.

Smart beta funds on course to pass $1tn milestone; Investors lured by low-cost vehicles that promise passive management with a twist
Attracta Mooney in London – FT
Smart beta funds are on track to reach the $1tn milestone this year, with the popular investment strategies taking on traditional active and passive management in the battleground for investor money.

UBS raises $325 million for Bono-backed impact investment fund
By Joshua Franklin – Reuters
UBS has raised $325 million for a private equity impact investment fund, as the world’s biggest private bank looks to meet wealthy clients’ growing appetite to combine philanthropy with money making.

Hedge Funds and a Prisoner’s Dilemma
By Chris Hughes – Bloomberg
Private equity firms and hedge funds are locked in a stand-off over the future of a German drugmaker. A miscalculation would cast a pall over takeover activity in the country for a long time.

Sovereign Wealth Fund GIC Warns Investors Aren’t Fearful Enough
By Klaus Wille and Melissa Cheok – Bloomberg
Singapore fund reports decline in its main performance gauge; 20-year return falls to 3.7% from 4%, fund says at briefing
Singaporean sovereign wealth fund GIC Pte warned that investors are being too complacent about looming market risks, while disclosing that its main performance gauge fell for the second straight year.

Man AHL Promotes CIO, COO to Co-Chief Executive Roles; Antoine Forterre and Matthew Sargaison appointed co-chief executives of technology-driven investment business of Man Group.
John Brazier – Waters Technology
Man Group has announced the promotion of Antione Forterre and Matthew Sargaison to the positions of co-chief executive officers (CEO) for its technology-driven investment division, Man AHL in a raft of management changes.


From Harvard to Goldman to the Valley, VC Scott Stanford Is Networker Extraordinaire; Venture capitalist’s contacts enable him to connect investors with tech startups; ‘Scott knows everyone’
By Maureen Farrell – WSJ
Wall Street bankers and Silicon Valley executives thrive on networking. Scott Stanford has perfected the art.

Banks, Tech Firms Are No Longer Biggest Takers of London Offices
By Jack Sidders – Bloomberg
Flexible office firms took record amount of space through June; Landlords face an asset-liability mismatch from deals: analyst
Co-working and flexible office providers have for the first time surpassed banks and technology companies as the largest source of demand for central London offices.

Goldman Sachs is the worst-selling fund manager in 2017; Investors have pulled an estimated $26.7bn from GSAM’s mutual funds so far this year
Attracta Mooney – FT
Goldman Sachs Asset Management is the worst-selling fund manager globally this year, intensifying pressure on the investment house that is already grappling with falling revenues and profits.

Wells Fargo says closer to reaching $142 million phony accounts settlement
A California judge has granted a preliminary approval for Wells Fargo & Co’s agreement to pay $142 million, and perhaps more, to customers whose credit scores were harmed by its employees creating fake accounts in their names, the bank said on Sunday.


Five Signs Point to Skill Shortages in the United States; A new report says deficits are most severe in health “and they’ll only get worse.”
By Peter Coy – Bloomberg
Is there a skills shortage in the U.S.? Businesses complain that they can’t find workers with the skills they need (and recruiters are in great demand), but workers and their advocates respond that employers simply aren’t willing to pay enough.

Foreigners Are Shoring Up Japan’s Shrinking Population; There are a record 2.3 million foreigners living in Japan
By James Mayger – Bloomberg
While the latest data shows that the number of Japanese shrank by a record in 2016, the demographic picture isn’t quite so bleak when you include the growing ranks of foreigners.

Draghi Triggers Money Market U-Turn
By John Ainger – Bloomberg
Eonia forwards signal rate increases in July, December of 2018
Bund yields break above 0.5% to highest level since early 2016
Mario Draghi has forced money markets into an about-turn.

‘March for Justice’ Ends in Istanbul With a Pointed Challenge to Erdogan
ISTANBUL — Hundreds of thousands of protesters turned out for a massive rally in Istanbul on Sunday evening, cheering the leader of the opposition as he concluded his three-week March for Justice and threw down a challenge to President Recep Tayyip Erdogan to institute changes or face a “revolt against injustice.

China Cracks Down on Video Games; But will it actually save anyone from addiction?
By Adam Minter – Bloomberg
Shareholders of Tencent Holdings Ltd., the world’s biggest video game company, panicked last week. People’s Daily, the official newspaper of the Chinese Communist Party, singled out “Honour of Kings,” Tencent’s biggest game, for an unusually high-profile criticism.

Barclays Is on a Hiring Spree in Japan
By Takahiko Hyuga – Bloomberg
Seeks more than 10 bankers and salesmen after adding 30; ‘We’re facing a shortage of people,’ Japan chief Kiso says
Barclays Plc is on a hiring spree to boost its investment banking and market operations in Japan, one year after it shut its cash equity business and cut 120 jobs.

Flexible labour markets, real wages and economic recoveries; Economists discuss the impact of low wages on the economy, and differences across EU countries – by Wouter Den Haan, Ethan Ilzetzki, Martin Ellison and Michael McMahon
In its 2016 Employment Outlook, the OECD documents that real hourly wage growth has behaved quite differently across countries over the past ten years.

China Securities Regulatory Commission Approves Cotton Yarn Futures Trading on the Zhengzhou Commodity Exchange
China Ag
China’s securities regulator has recently approved the launch of cotton yarn futures on the Zhengzhou Commodity Exchange, according to an official statement. The cotton yarn futures, together with the cotton futures that already traded, will help companies in the industry to hedge against and improve the management of risks, the China Securities Regulatory Commission (CSRC) said

Another Bullion Flash Crash Is Testing Traders
By Luzi-Ann Javier and Susanne Barton – Bloomberg
Silver plunged 10% amid volume surge in early Asia trading; More than 25 million ounces of white metal traded in a minute
After-hours surges and plunges that have whipsawed gold and silver prices over the past two weeks are unnerving traders.


Ministers dash business hopes of transitional Brexit deal
George Parker and Jim Pickard – Financial Times
Senior ministers have rejected calls by British business leaders for the UK to stay in the EU customs union and single market for a lengthy period after Brexit, raising fears of a bumpy transition to a new trading relationship with Europe.

Davis Pushed May to Guarantee EU Citizens Rights
By Tim Ross – Bloomberg
Brexit secretary wanted to make unilateral pledge: officials
Citizens’ rights first key test for Brexit negotiations
U.K. Prime Minister Theresa May rejected pleas from her own Brexit secretary to make an unconditional promise to guarantee the rights of European Union citizens living in the U.K. when the country leaves the bloc, according to two people familiar with the matter.

What Brexit Means for Breakfast, it Also Means for Britain; WTO tariffs could lead to 12.8 percent increase in cost of fry-up after Britain leaves the EU
By Jill Ward and Hayley Warren – Bloomberg
The U.K.’s legendary morning feast may be a perfect metaphor for how Brexit will make British life more expensive.

No Brexit Deal Isn’t an Option, U.K. Business Says
By Lucy Meakin – Bloomberg
Firms would also prefer to have a transition period: BCC; Visa says rising inflation is weighing on British shoppers
U.K. companies are overwhelmingly opposed to Britain walking away from talks to leave the European Union without a deal, a survey by the British Chambers of Commerce shows.

France makes late ‘finance friendly’ pitch to woo Brexit bankers weighing move to Frankfurt
A government push to make France more “finance-friendly” is raising Paris’ chances of attracting Brexit-fleeing banks from London although it is raising its game at a late stage in the process, a group of senior financial industry executives said.


News Outlets to Seek Bargaining Rights Against Google and Facebook
Jim Rutenberg – NY Times
Google and Facebook continue to gobble up the digital advertising market, siphoning away revenue that once paid for the quality journalism that Google and Facebook now offer for free.

Can Investigative Journalism Overcome the Rational Ignorance of Voters?
by Guy Rolnik – Pro-Market of University of Chicago
In the third and final part of our interview with Stanford economist James Hamilton, we discuss the connection between investigative journalism, human interest stories and entertainment value, and the difference between getting the truth right and making an impact.

John Lothian Newsletter

We visit more than 100 websites daily for financial news (Would YOU do that?)

“John Lothian and Company… our industry intelligence.”

Rick Lane

CEO, Trading Technologies

Past JLN Newsletters

Pin It on Pinterest

Share This Story