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John Lothian Newsletter: Black Swan Dangers May Lurk in Emerging Markets Amid Greece Risk; Traders anxious ahead of extra second in day; NY bank watchdog sinks teeth into Isdafix rigging

First Read

John Lothian News Special Report: Unchained: How Blockchain And Bitcoin Are Going Mainstream

Please click on the Special Report image to see the full report, which includes a full feature story, videos from Hans-Ole Jochumsen on Nasdaq’s efforts in blockchain technology and Adam Honoré, CEO of the fintech consulting firm MarketsTech, as well as the best recent Top Stories on the topic.

Nadex

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JLN Summer Intern Education Series To Hit New York And Chicago
John Lothian News
John Lothian News is hosting its third annual MarketsWiki Education 2015 Chicago and New York World of Opportunity Summer Intern Education Series – in New York on July 15 and in Chicago August 4, 5 and 7.

We plan to add another speaker event in London this fall.

The series will feature speakers from around the financial industry who will present short 10 to 15 minute talks that cover the entire scope of our markets, from exchanges to trading firms, indexes, regulation and technology. Interns and new employees will get personal stories as well as valuable information about trends in the markets and what it takes to succeed in this industry.

A special thanks to CME Group, the Premier Sponsor for the 2015 series and MarketsWiki Education website

Read the rest of the article on JohnLothianNews.com

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With 61 Seconds in a Minute, Markets Brace for Trouble
by Bob Ivry, Yuji Nakamura, Bloomberg
On June 30, time will stand still. Just for a second — a leap second. Since 1967, when clocks went atomic, human timekeeping has been independent of the earth’s rotation. The problem is, the planet is slowing down and clocks are not. So every few years, to get everything back in sync, scientists add a second. They’ve done it 25 times since 1972. The last time was 2012, but that was on a weekend. June 30 will be the first leap second during trading hours since markets went electronic.
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***** One small leap for clocks, one giant leap for HFT traders.

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Sallie Krawcheck: Women want pay parity, better financial counseling
Gail MarksJarvis, Chicago Tribune
Women are suffering from a wealth gap and need help from financial advisers
If you’re a woman who has resented the size of your paycheck compared to those going to men, Sallie Krawcheck presents a solution. In a speech to almost 2,000 financial advisers at the annual Morningstar Investment Conference in Chicago last week, she urged advisers to help women close the gap. On average women earn 77 cents for every dollar men make. That’s called the gender gap.
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***** Women, mind the gap.

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Gross Gets Personal: ‘I Just Wanted to Run Money and Be Famous’; At Pimco, Bill Gross built a reputation as the world’s best bond trader. Now, at Janus Capital, he’s managing a much smaller fund—all while being measured against his younger self.
by Mary Childs
Bill Gross is here for his favorite doughnut, the cake one with coconut frosting, but he’s not going to get it, not today. Jacketless under the Southern California sun, Gross ducks beneath the black umbrellas outside Rose Bakery Café, south of Malibu, looking every bit the merry old bond king. A royal-blue tie, with a cheerful pattern of white birds, is draped around his open collar like a Renaissance chain of office. His Mercedes sits hard by.
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***** You knew Bill Gross wanted to be famous by the voice lessons he took.

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Study Suggests Google Harms Consumers by Skewing Search Results; Research sponsored by Yelp examines Google’s practice of promoting its own search services
By TOM FAIRLESS
New research by two prominent U.S. academics suggests that Google Inc. is harming Internet users and violating competition laws by skewing search results to favor its own services, a potentially significant twist in Europe’s long-running antitrust investigation of the U.S. search giant.
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***** There are a lot of things you can Google that could hurt you, now the results themselves?

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Bridging the Week by Gary DeWaal: June 22 to 26 and 29, 2015 (Clawbacks, Third-Party Payments, Block Trades, Trade Allocations, Governance; Reg SCI)
By Gary DeWaal, Katten Muchin Rosenman, LLP
Material developments in the financial services industry worldwide appeared to take a pause last week, although regulators in the United Kingdom implemented tougher new rules on senior bankers’ deferred compensations and potential clawbacks. In addition, two FINRA actions reminded brokers of the hazards of permitting third-party wire transfers, while two ICE Futures exchanges updated their block trade guidance. As a result, the following matters are covered in this week’s Bridging the Week
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***** Mind the bridge!

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Lead Stories

Black Swan Dangers May Lurk in Emerging Markets Amid Greece Risk
by Enda Curran, Bloomberg
Here we go again. A flight to haven assets has begun as Greece’s economy faces a tailspin, sparking concern defaults and bank collapses could spill over to other European nations, and impose a global impact.
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China Stocks Plunge Most Since 1996 as Bubble Warnings Rise
Bloomberg
China’s stocks capped their steepest two-week plunge since December 1996 as investors who use borrowed money to buy equities cut holdings and concern grew that valuations were excessive.
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Big business on winning side in U.S. top court’s major rulings
BY LAWRENCE HURLEY, Reuters
Big business was on the winning side in the U.S. Supreme Court’s two major cases of the year, with hundreds of employers pushing hard in favor of gay marriage and the healthcare industry backing the insurance subsidies available under Obamacare.
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Greece Imposes Capital Controls as Fears of Grexit Grow
by Christos Ziotis, Paul Tugwell, Nikos Chrysoloras, Bloomberg
Greece shut its banks and imposed capital controls in an announcement designed to avert the collapse of its financial system, heightening the risk it will be forced out of the euro. European stocks and Greek bonds tumbled.
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Athens stock exchange will not open on Monday: source
Reuters
The Athens stock exchange will remain shut on Monday, a financial source said, as pressure piling on Greek banks looks set to force the government to implement capital controls.
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If Greece Is Shut Out of the Eurozone, It Will Sail Into Uncharted Waters
By PETER EAVIS, NY Times
Greece could soon find itself in the middle of a daunting economic experiment. Precedents for such a transformation may not exist. Economists say they cannot think of a time when a developed country with an open economy dropped out of a shared currency and set up its own new money.
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The Next Few Days Have the Potential to Transform Greece and Europe
Neil Irwin, NY Times
As it turns out, the Greek crisis ends not with a bang, but with a referendum.
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Traders anxious ahead of extra second in day
Philip Stafford, FT
For some traders Tuesday evening could mean a blissful extra moment in bed. For others, it could be a nightmare. At midnight Greenwich Mean time as June turns into July, another second will be placed into the world’s computer clocks to keep them in synchronisation with the averaged time the earth rotates the sun.
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NY bank watchdog sinks teeth into Isdafix rigging
Gina Chon in Washington, FT
FirstFT is our new essential daily email briefing of the best stories from across the web
New York’s banking regulator is probing an emerging benchmark trading scandal relating to the suspected manipulation of US interest rate swaps, according to people familiar with the matter.
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SIX Has Entered Into Negotiations With Deutsche Börse Over The Complete Sale Of The Shares It Holds In The Joint Ventures STOXX AG And Indexium AG
MondoVisione
STOXX AG and Indexium AG are operated as joint ventures by SIX and Deutsche Börse AG (DBAG). SIX confirms that it has entered into negotiations with DBAG over the complete acquisition of the shares SIX holds in the two joint ventures by DBAG at a purchase price of CHF 650 million.
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How to short Silicon Valley’s ‘unicorns’
Stephen Foley, FT
June has been a month of sticker shock in Silicon Valley. The hottest private tech companies have been raising money at eye-popping headline valuations, from Uber at $50bn, through Airbnb and Palantir at $24bn and $20bn respectively, down to Coupa Software at $1bn.
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China to launch first crude futures contract no sooner than Sep
Platts China’s first crude futures contract will be launched no sooner than September, based on a statement by regulators that they need three more months to complete the process.
The statement by the China Securities Regulatory Commission on Friday was its first timing estimate for the contract, which has been in the works for several years.
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Regulatory

Clearinghouse collapse should top non-bank regulatory agenda, IMF official says
Neil Roland, MLex
Clearinghouses pose the greatest non-bank risk to global financial stability, and ensuring their safety should be near the top of any regulatory agenda, an International Monetary Fund official said.
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Transcript: interview with William Dudley of the New York Fed
Sam Fleming in New York, FT
The following is an edited transcript of an interview between Sam Fleming of the Financial Times and William Dudley, president of the Federal Reserve Bank of New York, on Friday, June 26, 2015.
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National Futures Association: Board Structure and Composition – Proposed Amendments to NFA Articles of Incorporation
NFA
Pursuant to Section 17(j) of the Commodity Exchange Act, as amended,
National Futures Association (“NFA”) hereby submits to the Commodity Futures Trading
Commission (“CFTC” or “Commission”) the proposed amendments to NFA’s Articles of
Incorporation (“Articles”) regarding NFA’s Board of Director’s (“Board”) structure and
composition. NFA’s Board approved the proposal on May 21, 2015, and NFA
respectfully requests Commission review and approval of the proposal.
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SEC Commissioner Aguilar Calls For Expansion of Reg SCI
Dan DeFrancesco, Waters Technology
US Securities and Exchange Commission (SEC) commissioner Luis Aguilar said the Commission needs to broaden the reach of Regulation Systems Compliance and Integrity (Reg SCI) while speaking at the Security Innovation Network (Sinet) Innovation Summit in New York.
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German regulator says Deutsche Bank CEO misled Bundesbank: FT
Reuters
Deutsche Bank’s (DBKGn.DE) co-chief executive Anshu Jain may have “knowingly made inaccurate statements” to Germany’s Bundesbank during investigations into manipulation of the inter-bank rate setting process, the Financial Times reported online, citing a confidential report from German regulator BaFin.
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Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC

    • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for Use of BATS Exchange, Inc. (Release No. 34-75313; File No. SR-BATS-2015-46); see also Exhibit 5

 

    • CBOE: Order Granting Approval of Proposed Rule Change Relating to Trading Permit Holder Qualifications (Release No. 34-75317; File No. SR-CBOE-2015-012)

 

    • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Fees Schedule (Release No. 34-75314; File No. SR-CBOE-2015-058); see also Exhibit 5

 

    • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Front-End Order Entry and Management Tools in Connection with Purchase of Livevol Assets (Release No. 34-75302; File No. SR-CBOE-2015-062; June 25, 2015); see also Exhibit 5

 

    • CBOE: Order Approving Proposed Rule Change Relating to Floor Broker Due Diligence (Release No. 34-75299; File No. SR-CBOE-2015-047; June 25, 2015)

 

    • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 5.3.06 (Release No. 34-75296; File No. SR-CBOE-2015-052; June 25, 2015); see also Exhibit 5

 

  • ISE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Penny Pilot Program (Release No. 34-75312; File No. SR-ISE-2015-21)
  • ISEGemini: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Penny Pilot Program (Release No. 34-75315; File No. SR-ISEGemini-2015-12)
  • NYSE Arca: Notice of Filing of Proposed Rule Change Relating to Listing and Trading of Shares of the Cambria Sovereign High Yield Bond ETF and the Cambria Value and Momentum ETF under NYSE Arca Equities Rule 8.600 (Release No. 34-75311; File No. SR-NYSEArca-2015-50)
  • NYSEMKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Members Schedule as Defined in the Amended and Restated Limited Liability Company Agreement of NYSE Amex Options LLC Dated as of May 4, 2014 in Order to Reflect Changes to the Capital Structure of the Company (Release No. 34-75301; File No. SR-NYSEMKT-2015-44; June 25, 2015); see also Exhibit 5
  • Phlx: Order Disapproving a Proposed Rule Change, as Modified by Amendment No. 2, to Adopt New Exchange Rule 1081, Solicitation Mechanism, to Introduce a New Electronic Solicitation Mechanism (Release No. 34-75300; File No. SR-Phlx-2014-66; June 25, 2015)

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Exchanges & Trading Facilities

SPAN Parameter file which will be applicable from July 1, 2015xls
Japan Commodity Clearing House
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On Sunday Night VIX Futures Volume Topped 26,600, as VIX Futures Rose 10.8% – By Matt Moran
CBOE
Tonight the VIX futures estimated volume topped 26,600, and the VIX nearby (July) futures rose 10.8% in the time period from 5 p.m. to around 10:30 p.m. Chicago time. News stories tonight indicated that the Euro, many Asian stock indexes, and U.S. stock futures prices were falling due to worries about the Greece crisis and the closing of banks in Greece.
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Euronext Launches Wood Pellet Contract – Expansion Into Renewable Energy Sector
Euronext
Euronext today announced that it will be launching a new Wood Pellet commodities futures contract in the autumn of 2015, subject to regulatory approval. Aimed at producers, wholesalers and retailers, this physically-settled contract targeting the residential heating sector, will allow the industry to hedge its positions.
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Charles Li Direct: The Paths to China’s Full Liberalisation
HKEx
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BRIEF-ICE Futures lowers margins for orange juice
Reuters
Ice futures us lowers (frozen concentrated orange juice) FCOJ (OJ) initial margins for specs by 6.9 percent to $1,350 per contract from $1,450 (Reporting by Anupam Chatterjee in Bengaluru)
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Hedge Funds & Managed Futures

Panic Sets in Among Hardy Hedge Fund Investors Remaining in Greece
By LANDON THOMAS Jr., NY Times
For investors around the world looking at Greece, there was but one question Sunday: What is going to happen when the markets open?
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SunGard Study: Private Equity Facing Fee Pressure as it Expands and Grows
Sungard
The private equity industry has good opportunities to grow and expand its reach, but its leaders predict mounting pressure on fees, costs and the amount of information provided, according to a global survey of 151 general partners (GPs) and limited partners (LPs) conducted by SunGard in collaboration with Longitude Research.
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Investors bet on cyber security stocks
Robin Wigglesworth in New York, Hannah Kuchler in San Francisco and Leo Lewis in Tokyo, FT
Investors have this year pumped more than $1bn into an exchange-traded fund that tracks cyber security stocks as they clamour to bet on a booming industry following high-profile hacks and data heists.
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Who Will Succeed Warren Buffett as CEO of Berkshire Hathaway?; Oddsmaking in Omaha
by Noah Buhayar, Joel Weber, Bloomberg
Warren Buffett is 84. Only the Oracle of Omaha and Berkshire’s board know who’s destined to eventually fill his Brooks running shoes. Speculation spiked in March, when Vice Chairman Charles Munger name-dropped two executives in the company’s annual report: Ajit Jain, who heads its biggest insurance business, and Greg Abel, who oversees energy. (They’re known to be team players, unlike the Old Testament rivals their names evoke.) Who’s the more likely candidate? Let’s compare.
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Vanguard chief warns EU more at risk than UK from Brexit
Stephen Foley in Malvern, Pennsylvania, FT
The EU has more to fear than the UK does from Brexit, according to the leader of one of the world’s largest asset managers.
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The wasteful regime fund managers are loath to dump in the skip
Jonathan Ford, FT
Milton Friedman defined the most wasteful form of expenditure as one where an individual spends another person’s money on some third party. The economist wasn’t thinking about asset management when he made the observation. But he might have been.
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BlackRock Seeks SEC Clearance for Internal Fund Lending
by Miles Weiss, Bloomberg
BlackRock Inc. is seeking government clearance to set up an internal program in which mutual funds that get hit with client redemptions could temporarily borrow money from sister funds that are flush with cash.
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A Perfect Storm Brews for Bond Funds; Soon it could be tough to save for a rainy day
by Tracy Alloway, Bloomberg
Post-financial-crisis regulation has sharply reduced investors’ freedom to buy and sell securities without affecting prices, according to many (many) market participants. Overheating in the bond market has exacerbated the problem, according to many others.
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Pimco CEO says client anxiety fading after star manager’s departure
BY ROSS KERBER, Reuters
Pimco’s chief executive officer said on Friday that improving flow trends showed the big bond firm is regaining client confidence after the departure of star manager Bill Gross last year led to billions of dollars of withdrawals.
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Banks & Brokers

Credit Suisse and ING eye reduced London presence
Laura Noonan and George Parker, FT
Credit Suisse and ING have warned the Treasury in pre-Budget talks that they are considering pulling some of their activities out of London.
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Morgan Stanley Weighs New Bond-Trading Push; Firm weighs new effort in fixed-income trading to help hit profit targets after postcrisis retreat
By JUSTIN BAER
After years of ratcheting back trading operations in favor of more stable businesses, Morgan Stanley is quietly plotting a comeback.
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Goldman Sachs eyes tilt to EU if UK backs ‘Brexit’: paper
Reuters
Goldman Sachs (GS.N) would shift resources toward locations in continental Europe and away from Britain should the country’s voters choose to end the country’s membership of the EU, a senior executive told the Frankfurter Allgemeine Sonntagszeitung.
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Change in the air for Credit Suisse as Tidjane Thiam takes helm
Laura Noonan, Investment Banking Correspondent, FT
Credit Suisse’s new chief executive has already surprised colleagues by showing up at the bank’s Zurich headquarters a week early. Now, both they and investors are waiting to see if Tidjane Thiam surprises again with his master plan to revitalise Switzerland’s second-largest bank.
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Clearing & Settlement

Credit Suisse raises swap clearing fees as costs bite
By David Wigan, IFR
Credit Suisse has joined a growing list of dealers to raise fees for clearing of over-the-counter derivatives, as the bank moved to offset rising regulatory costs associated with the business.
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China Construction Bank and Euroclear Bank Jointly Promote Infrastructure of Hlobal RMB Financial Products Platform Sign Memorandum of Understanding
ACN Newswire
China Construction Bank (CCB) and Euroclear Bank (Euroclear) entered into a Memorandum of Understanding (MoU) at Chateau Val Duchesse close to Euroclear’s headquarters in Belgium.
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Traders cope with repo illiquidity
By Mike Kentz, IFR
Repo liquidity has not improved from a year ago when Goldman Sachs cut 25% off its US$100bn repo book to meet regulatory requirements, an announcement that punctuated market complaints that regulators and the Fed were inadvertently flattening overnight funding markets.
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Indexes & Products

MSCI Says China Faces Complex Process to Join Index
WSJ
An executive at index provider MSCI Inc. on Monday said Chinese regulators face a complex process to satisfy requirements to join one of its widely tracked indexes. “You cannot underestimate the complexity of the process involved in making the necessary changes,” said Chris Ryan, MSCI’s head of Asia-Pacific. The country’s securities regulator, the China Securities Regulatory Commission, “has to coordinate amongst nine or more government agencies,” he said
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MSCI says China faces “massive job” to join A-shares index
Reuters
MSCI Inc said on Monday China’s securities reglator faces a “massive job” to coordinate the changes needed for domestic shares to be listed in its key emerging markets index.
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The BIS on ETFs and bond market liquidity
Izabella Kaminska FT
The latest BIS Annual Report, released on Sunday, cites numerous concerns about the unseen damage being caused to financial stability on account of ultra-low interest rates.
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Russell Rebalancing: The Day Every Investor ‘Needs to Think Like a Trader’
WSJ
In Brussels, they’re scrambling to avoid a collapse of the Greek talks, and all the scary implications of that. In China, they’re watching their stock market crater. But in the U.S., those things will take a backseat to “rebalancing day,” the one day of the year when Russell Indexes makes a plethora of changes to its stock indexes.
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S&P DJI launches indices for sustainable investors
Businessandleadership.com
S&P Dow Jones Indices (S&P DJI) has launched two new indices aimed at providing investors with improved exposure to securities that meet sustainability investing criteria. The S&P 500 Environmental & Socially Responsible Index and the S&P International Environmental & Socially Responsible Index have been licensed to Goldman Sachs Asset Management (GSAM), which worked with S&P DJI on their development.
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Banks slash payments to index funds for Russell rebalance
Daily Times
With the annual rebalance of the Russell stock indexes just a day away, brokerage firms are shaving the discounts they typically offer to big index funds on what is usually one of the biggest trading days of the year.
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Technology

Shanghai ShenYi Investment Co. deploys Orc to enhance options trading capability in China
Orc
Orc, the global market leader in electronic trading technology for listed derivatives, today announced that Shanghai ShenYi Investment Co. (ShenYi) has implemented Orc’s Trading Bricks solution to improve trade efficiency for ETF options trading on Shanghai Stock Exchange (SSE).
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Quod Financial becomes an Independent Software Vendor on GPW
Quod Financial
Quod Financial has become a Warsaw Stock Exchange Independent Software Vendor (ISV)
Cooperation allows to offer access to GPW trading system to all Quod Financial’s clients
ISV list published by the WSE helps GPW Members to select trading software most fit to their needs
Quod Financial, a London-based leading provider of Adaptive trading technology, has become a Warsaw Stock Exchange (GPW) Independent Software Vendor (ISV).
jlne.ws/1SXbzCA

Why This Tech Bubble Is Less Scary; This bubble is being inflated by relatively tiny amounts of money
By CHRISTOPHER MIMS, WSJ
Is tech in a bubble? I think so. The signs are all around us. The good news is, it’s nothing like the last one. Plus, for reasons that go beyond the usual impossibilities of economic prognostication, no one can say for sure what’s going on. Many people seem to find this reassuring, but we would be wise to heed the lesson that a lack of transparency about the mechanics of a market rarely leads anywhere good.
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Indian IT firms eye technology behind Bitcoin for disruptive value
Livemint
Software services providers Tata Consultancy Services Ltd (TCS), Infosys Ltd and Cognizant Technology Solutions Corp. have boosted investment in so-called blockchain technology and started to look at ways to build applications around it.
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Enforcement

Deutsche Bank under fresh fire over Libor
Caroline Binham and Martin Arnold in London and James Shotter in Frankfurt, FT
Deutsche Bank’s senior management allegedly acted “negligently” over the fixing of Libor rates and Anshu Jain, its outgoing joint leader, may have lied to the German central bank, the country’s financial regulator concluded in a recent report that leaves Deutsche vulnerable to further action by authorities.
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Environmental & Energy

Oil companies played hardball in bid to defeat climate outsiders
By Anna Driver – Reuters
Petty legal filings. Diversionary ballot measures. Counting abstentions as no votes. These are just some of the tactics U.S. oil companies used this spring to quash efforts by investors to win the right to nominate climate experts for board seats.
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Banks unaware of full risk and opportunities created by climate change, WWF says
By James Phillips – BusinessGreen
Large European banks need to expand their knowledge of the risks and opportunities presented by environmental and social developments, according to a new report by the WWF.
jlne.ws/1NsWHbj

Royal Dutch Shell bids to develop carbon capture project
By Christopher Adams – Financial Times
A windswept North Sea gas platform, manned by half a dozen maintenance workers, seems an unlikely place to embark on a low-carbon revolution.
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Asia-Pacific

China’s banks dominate rankings for profits, strength
Reuters
China’s banks are strengthening their position as the best capitalised and biggest profit makers in the world, a study showed on Monday.
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The $8 Trillion Penny Stock: China’s Market of Boom-Bust-Repeat
by Belinda Cao, Kana Nishizawa, Bloomberg
It looks like the price chart of an over-the-counter penny stock: dizzying gains, abrupt U-turns, harrowing declines.
jlne.ws/1U066MP

China’s Stocks Enter Bear Market as Rate Cut Fails to Stop Rout
by Kyoungwha Kim, Bloomberg
Chinese stocks tumbled, sending the benchmark index into a bear market, as signs of an exodus by leveraged investors overshadowed the central bank’s effort to revive confidence with an interest-rate cut.
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Frontier Markets

The Entirely Bizarre Market For Onions In India
Tim Worstall, Forbes
“It’s entirely true that the humble onion is an important part of many of the various Indian cuisines. But it’s still entirely bizarre to see a government of 1.25 billion people attempting to regulate both the price of and trade in such a basic agricultural good. Especially as the manner by which they intervene is so obviously less efficient than simply letting the free market rip. For what they’re doing, all they’re doing, is imposing a number of extra bureaucratic steps into that market, and markets work best in the absence of that sort of thing.
jlne.ws/1HpP1qh

Frauds can’t be wished away; banks among easy prey: RBI; RBI Deputy Governor said the endeavour has to be to prevent fraud and detect it at the earliest
Press Trust of India
Stating that banks and financial institutions are easy prey for fraudsters, RBI’s Deputy Governor R Gandhi has asked banks to remain constantly on vigil as those committing frauds always try to remain “one step ahead of the bankers, regulators and the police”.
jlne.ws/1U08oeR

Bank for International Settlements warns of emerging market risks
Steve Johnson, FT
Economists and foreign investors may have overestimated the potential economic output of a quintet of Latin American countries by 2 percentage points, leading to the possibility of sharp financial outflows when reality sinks in.
jlne.ws/1KpkE5A

Vietnam Eases Foreign Ownership Caps as MSCI Upgrade Sought
Bloomberg Business
Vietnam eased curbs on foreign ownership as the government seeks to boost inflows to the nation’s stocks and an upgrade to emerging-market status. Overseas investors can increase holdings in “a number” of industries to 100 percent from 49 percent effective in September, according to a government decree published late Friday.
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About Author

Doug Ashburn is a former editor-at-large of John Lothian News. He left in late 2016 and is now the managing editor of T3 Custom.