Breaking News

The Snowballing Power of the VIX, Wall Street’s Fear Index; Wall Street’s self-regulator allows safe havens for tainted brokers; Trump Team Proposes Broad Rethink of Financial Rulebook

First Read

Line-up for MarketsWiki Education Series in NY and Chicago
By John J. Lothian

We have set the line-ups of speakers for the MarketsWiki Education series in New York and Chicago. Here is the list of the speakers and the days they will be presenting.

On July 11 at Nasdaq’s Marketsite location we will have Gary Barnett (SEC), Larry Tabb (Tabb Group), Jennifer Nayar (Vela Trading Technologies), Thomas Ascher (formerly ISE), and Morgan Slade (Cloud Quant).

On July 11 at the second session at Nasdaq, we have Gregg Doud (Commodity Markets Council), Henry Schwartz (Trade Alert), Joe Gits (Social Media Analytics), Gerald Hanweck (Hanweck) and another speaker to be announced.

On July 12 at Reuters in Times Square we have Duncan Niederauer (formerly NYSE), Elaine Wah (IEX), Dennis Dutterer (retired), Trabue Bland (ICE) and a speaker from Reuters to be announced.

In Chicago on July 17 at the Stuart School of Business in Illinois Tech we have Tom Sexton (NFA), Tom Sosnoff (Tastytrade), Paul Georgy (Allendale), Dan Gramza (market educator), Rich Mackey (Rosenthal Global Securities) and a speaker from Illinois Tech.

On July 19, also at Illinois Tech, we have Richard Sandor (Envifi), Joe Guinan (Advantage), Amy Shelly (OCC), Bryan Durkin (CME Group), Terry Savage (Terry Savage Productions) and Jennifer Wilson (DRW).

At the second session on July 19, we have Mehmet Yanilmaz (Myra Trading, LLC), Julie Armstrong Menacho (CME Group), Keith Petersen (Barchart), and two speakers to be named.

Finally, on July 21 at Trading Technologies offices in Chicago we have John Damgard (FIA), Julie Lerner (Pan Exchange), Travis Schwab (Eventus), Leslie Sutphen (Financial Markets Consulting), Michael Patak (Topstep Trader) and a speaker to be named from Trading Technologies

Registration is open for all events, go to MarketsWikiEducation.com to register and see videos from prior events. You can register for the whole series in Chicago or New York or pick and choose individual sessions.

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FIA Europe’s Simon Puleston Jones Talks Brexit and MiFID II Readiness
JohnLothianNews.com

“Will [market participants] be ready for absolutely every part of MiFID II? I suspect, unfortunately, they just won’t be because of the sheer volume of regulations that have to be implemented.”

January 3, the implementation day for MiFID II, is 204 days away. Clouding the already messy process of preparing for such a gargantuan set of regulations is Brexit. Tossing more uncertainty on top of that: the surprising results of last week’s U.K. election which eroded Prime Minister Theresa May’s power base.

For market participants, this means an unknown future for London’s euro clearing business, though more information is expected today from the European Commission. In this video filmed at FIA’s IDX conference in London, Simon Puleston Jones, head of FIA Europe, talks about the possibilities for euro clearing, indirect clearing, direct electronic access and how MiFID II will impact U.S. firms.

Read the rest and watch the video »

****SD: This is the first of 20-plus video interviews Jim Kharouf and JLN videographer Mike Forrester conducted in London last week. We will be releasing some dozen videos over the course of the next few weeks based on those interviews. Next in the queue: exchange leaders.

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A Financial System That Creates Economic Opportunities; Banks and Credit Unions
U.S. Department of the Treasury
Executive Order 13772 on Core Principles for Regulating the United States Financial System
/goo.gl/sFO0fq

****** Here is the report from Treasury.

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Ether Thief Remains Mystery Year After $55 Million Digital Heist
Matt Leising – Bloomberg
A year ago a hacker stole $55 million of a currency known as ether. This is the story of the bold attempt to rewrite that history.
jlne.ws/2rmtlLq

***** Matt Leising takes a long, well-researched and written trip into Ether.

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Monday’s Top Three
Summer’s here and I guess that means some folks have more time to read. Thus, a ton of folks were interested in the 18th annual reading list from JPMorgan – JPMorgan says everyone should read these 11 books this summer.
Second most clicked was the news there will be some reinforcements headed to the CFTC – Trump to nominate ex-NYSE Euronext VP Dawn DeBerry Stump to CFTC. In third was a thought piece regarding the talent pool in finance –
The Riddle of the Wall Street Brain Drain.

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MarketsWiki Stats
102,480,846 pages viewed; 22,545 pages; 206,428 edits
MarketsWiki Statistics

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Lead Stories

The Snowballing Power of the VIX, Wall Street’s Fear Index; Created to track expectations of volatility, it has spawned a giant trading ecosystem that could magnify losses when turbulence hits.
Asjylyn Loder and Gunjan Banerji – WSJ
Wall Street’s “fear gauge” has neared all-time lows this year. That hasn’t stopped retail investor Jason Miller from making a nice chunk of change betting it will go even lower.
The Boca Raton, Fla., day trader says he has made $53,000 since the start of the year by effectively shorting the CBOE Volatility Index, nicknamed the VIX. That includes a white-knuckle day on May 17, when the VIX spiked 46% following reports that President Donald Trump had pressured former FBI Director James Comey to drop an investigation into former National Security Advisor Michael Flynn.
jlne.ws/2td6a2H

Special Report: Wall Street’s self-regulator allows safe havens for tainted brokers
Benjamin Lesser and Elizabeth Dilts – Reuters
In three years of managing investments for North Dakota farmer Richard Haus, Long Island stock broker Mike McMahon and his colleagues charged their client $267,567 in fees and interest – while losing him $261,441 on the trades, Haus said.
McMahon and others at National Securities Corporation, for instance, bought or sold between 200 and 900 shares of Apple stock for Haus nine times in about a year – racking up $27,000 in fees, according to a 2015 complaint Haus filed with the Financial Industry Regulatory Authority (FINRA).
jlne.ws/2sgIihx

****SD: And from Investment News – Finra CEO Robert Cook promises to give brokerages more guidance on overseeing rogue brokers, or you can see his whole speech titled “Protecting Investors From Bad Actors” here

Trump Team Proposes Broad Rethink of Financial Rulebook; Report by Treasury Department outlines scores of recommendations on the banking industry’s wish list
Ryan Tracy and Kate Davidson – WSJ
The Trump administration proposed a wide-ranging rethink of the rules governing the U.S. financial sector in a report that makes scores of recommendations that have been on the banking industry’s wish list for years.
/goo.gl/mPLqgy

James Dimon, Treasury’s Mnuchin Sing Same Bank Overhaul Song; Here are some of the similarities between the J.P. Morgan Chase CEO’s annual shareholder letter released in April and a new report overseen by the Treasury secretary
Emily Glazer – WSJ
Here are some of the similarities and areas of overlaps between Mr. Dimon’s annual shareholder letter released in April and the new report overseen by Treasury Secretary Steven Mnuchin.

Trump Administration Calls for Major Revamp of Wall Street Rules
Robert Schmidt and Elizabeth Dexheimer – Bloomberg
The Treasury urges agencies to weaken Dodd-Frank constraints; Report on financial regulations is panned by Democrats
The Trump administration laid out its highly anticipated plan for overhauling bank rules, calling on the government to ease, though not eliminate, many of the strictures that were imposed on Wall Street after the financial crisis.
/goo.gl/DEjDLT

Reuters takes fresh swing at Bloomberg chat service with Symphony tie-up
Philip Stafford – Financial Times
Symphony, the start-up messaging platform, has teamed up with data and trading group Thomson Reuters in a move the two hope will finally topple Bloomberg’s position as the dominant network for chat in financial markets.
/goo.gl/WT9xUb

Banks Contradict LSE CEO’s Brexit Warnings Over London Clearing
Will Hadfield – Bloomberg
CEO claims a 92% gain in costs, industry group says it’s 20%; Brexit has put LSE’s dominance of euro clearing into play
The chief of London Stock Exchange Group Plc has been making increasingly doom-laden warnings should Europe succeed in stripping London of its lucrative clearing industry. His own customers disagree.
/goo.gl/WDlEm5

LCH appoints Michael Davie as Global Head of Rates; Michael Davie to lead SwapClear, Listed Rates and LCH SwapAgent business
LCH
LCH, a leading global clearing house, announced today that Michael Davie has been appointed Global Head of Rates for LCH Group, effective immediately. Michael will report to Daniel Maguire, Group COO of LCH and Martin Pluves, CEO LCH Ltd.
/goo.gl/zGtYza

Managed futures setting stage for dramatic growth
Christine Williamson – Pensions & Investments Online
Investment in managed futures strategies is on the rise as asset owners tap into the equity risk reduction and downside protection inherent in systematic trend-following approaches.
Institutional investors have been pumping assets into managed futures strategies, with especially strong asset gains in the early months of 2017.
jlne.ws/2sfrtnh

Here’s What’s Probably Behind Friday’s Tech Slide
Dani Burger – Bloomberg
The more momentum a stock had, the more it plunged on Friday; Such uniformity suggests a wider strategy, says Soc Gen
Systematic, computer-driven strategies probably had a hand in Friday’s tech plunge.
jlne.ws/2sgvd7Y

****SD: Last Wednesday, Bloomberg ran the story, One Place Volatility Hasn’t Gone Home to Die Is the Nasdaq 100. Love accidental prescience.

The Chain-Ability Effect: A Stepping Stone for Blockchain Adoption
Zohar Hod, truePTS via TABB Forum
Blockchain proposes a great technological concept: data is synchronized across organizations and geographies while keeping the data immutable, promising seamless interaction among financial participants, vendor systems, and other added-value services to the financial industry. But what steps can the industry take to achieve this same macro concept of synchronization before Blockchain’s full implementation and adoption?
/goo.gl/vArwWD

Exchanges, OTC and Clearing

Brussels insists on power to control euro clearing after Brexit
Jim Brunsden in Brussels and Philip Stafford – Financial Times
Brussels has decided it must have the power to force parts of London’s lucrative euro clearing business to relocate to the EU after Brexit if needed to preserve financial stability.
The European Commission will say on Tuesday that it wants a new system to vet whether, and under what conditions, non-EU clearing houses should be allowed to handle large volumes of euro-denominated business.
jlne.ws/2sgQfTI

****SD: See our video at the top from FIA IDX with Simon Puleston Jones, head of FIA Europe, for more context on this and MiFID II’s impact.

Coinbase exchange has outage due to high trading volume
Gertrude Chavez-Dreyfuss – Reuters
Digital currency exchange Coinbase said on Monday it was experiencing an outage due to an increase in traffic and trading volume.
One of the world’s largest digital currency companies with operations in 32 countries, Coinbase engineers and support teams have been working to keep up with the volume, the exchange said in a statement to Reuters.
jlne.ws/2sgRqmu

EEX General Meeting elects new Supervisory Board
(PresseBox) (Leipzig, 12.06.2017) In the framework of the general meeting of the European Energy Exchange AG (EEX), which took place in Leipzig on 8 June, the shareholders elected a new Supervisory Board. At the same time, with the approval of the activities of the Management Board and the Supervisory Board, the current term of office expired.
/goo.gl/1COhGW

Toronto Stock Exchange and TSX Venture Exchange Expand to Israel; Yossi Boker to lead business development in key market
TMX
Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) today announced Canada’s leading equity markets have expanded into Israel. This move will focus on strengthening relationships with the Israeli business community and exploring new opportunities as part of the Exchanges’ international growth strategy.
/goo.gl/CU5AlR

City braced for euro clearing raid as Brussels prepares to give EU more power over the market
William Turvill – City AM
Brussels is to set the scene for a European grab on London’s treasured euro clearing market, by giving its financial regulators more power.
/goo.gl/jJL14r

How Stock Exchanges Are Experimenting With Blockchain Technology
Prableen Bajpai – Nasdaq
“Today, blockchainóthe technology behind the digital currency bitcoinómight seem like a trinket for computer geeks. But once widely adopted, it will transform the world,” says Ginni Rometty, CEO of IBM. How right she is.
Blockchain has ignited curiosity among industries and sectors, especially in finance, and has been called “the future of financial services infrastructure.” While banks were among the first to hop aboard the blockchain bandwagon, stock exchangesóan integral part of capital marketsóare quick to keep pace.
jlne.ws/2sfDHMs

SGX launches Net Total Return futures for key emerging markets in Asia
SGX
Singapore Exchange (SGX) today launched a series of Asian emerging markets index futures based on net total return (NTR) indices calculated by MSCI Inc.
jlne.ws/2sfsAmK

Trading in After-Hours Futures Trading Session to be Terminated due to Issuance of Typhoon Signal No. 8
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) announced that trading in the After-Hours Futures Trading session will be terminated at 5:35pm, due to the issuance of Typhoon Signal No. 8.
/goo.gl/D3Bj33

Fintech

The Chain-Ability Effect: A Stepping Stone for Blockchain Adoption
Zohar Hod – TABB Forum
Blockchain proposes a great technological concept: data is synchronized across organizations and geographies while keeping the data immutable, promising seamless interaction among financial participants, vendor systems, and other added-value services to the financial industry. But what steps can the industry take to achieve this same macro concept of synchronization before Blockchain’s full implementation and adoption?
jlne.ws/2sgShTQ

The quant factory: not muppets, but not perfect; Universities offering quant master’s programmes must adapt to stay relevant, writes UBS’s Gordon Lee
Gordon Lee – Risk.net
The topic of education in mathematical finance and its value to the quant community has always been contentious. Five years ago, Jesper Andreasen, Risk’s quant of the year in 2012, issu
/goo.gl/zZqRkJ

Thomson Reuters combines Eikon desktop with Symphony; Communications firm Symphony has been backed by some of the largest investment banks including Goldman Sachs, BNP Paribas and Deutsche Bank.
Hayley McDowell – The Trade
Thomson Reuters has teamed up with investment bank-backed communications firm Symphony and integrated their respective messaging platforms.
/goo.gl/7EdbBf

London is the tech capital of Europe – let’s keep it that way
Mike Butcher – City AM
Just like the silver Terminator chasing Arnold Schwarzenegger, technology couldn’t care less about Trump, Brexit or whether Theresa May can maintain a stable government or not.
/goo.gl/YmJHH0

When artificial intelligence is bad news for the boss; A new book by the authors of ‘The Second Machine Age’ suggests that digital disruption is coming to the corner office
John Thornhill
Albert Einstein is supposed to have said: “Make things as simple as possible, but not simpler.” That advice, quoted in Machine, Platform, Crowd, is well followed by Andrew McAfee and Erik Brynjolfsson in their latest business book, which tries to make sense of the “technology surge” that is bewildering so many executives.
/goo.gl/X3qi9p

Bitcoin Is Helping the Pot Business Get Over Its Banking Problem
Jennifer Kaplan – Bloomberg
Digital currency lets marijuana buyers pay with credit cards; Cannabis sellers find solution to problem of too much cash
Cannabis companies are turning to the world’s most popular digital currency in an effort to get rid of all that cash.
/goo.gl/G4WIbl

Goldman Sachs’ Bloomberg-killing platform might finally be ready to take on Bloomberg
Oliver Staley – Quartz
Symphony, an instant messaging service for the finance industry, was launched in 2014 by an intimidating lineup of banks and financial institutions. Led by Goldman Sachs, which supplied the underlying technology, the group included others investors like BlackRock, JP Morgan, Citi, and Morgan Stanley.
/goo.gl/jOjvIO

Politics

Trump Administration Says Financial Watchdog Agency Should Be Defanged
Alan Rappeport and Matthew Goldstein – NY Times
The Trump administration called for the neutering of many of the central provisions of the Dodd-Frank Act as it offered its most detailed plans to date for the unraveling of the financial regulations put in place after the 2008 financial crisis.
/goo.gl/vhEZq4

Beneath the Uneasy Peace Between Donald Trump and Janet Yellen; The president’s relationship with the Federal Reserve has so far been cordial, but that doesn’t mean Chairwoman Janet Yellen is likely to stay on
Nick Timiraos and Kate Davidson – WSJ
Donald Trump’s fierce criticisms of the Federal Reserve in the final weeks of the 2016 election campaign suggested the central bank would face a rough time with the new administration. Instead, the nation’s two most powerful economic-policy playersóthe president and the leader of the central bankóare off to a surprisingly smooth start.
/goo.gl/KQ8dNT

Gary Cohn Has Profited From Big Mistakes. So Why Not Go Work for Trump?
Jessica Pressler – NY Magazine
Gary Cohn, the current head of the National Economic Council, likes to say he is a fan of bad decisions. “I’m really good at making mistakes,” he told business-school students at Sacred Heart University last year. And at American University, his alma mater, in 2009: “I always saw 95 percent of my great decisions start out as bad decisions.”
/goo.gl/pnBsYX

Trump makes bizarre claims at press event as Cabinet members take turns praising him
John Harwood – CNBC
Trump said that few presidents have passed more legislation than he has, though Congress has passed no major legislation since he has been president; Pence, Sessions, Perry and Priebus took turns praising Trump on camera.
/goo.gl/6kFTMY

Russian Breach of 39 States Threatens Future U.S. Elections
Michael Riley and Jordan Robertson – Bloomberg
Hackers said to take measure of voting systems, databases; A ‘red phone’ warning to the Kremlin from Obama White House
Russian Election Cyberattack Breached 39 U.S. States
Russia’s cyberattack on the U.S. electoral system before Donald Trump’s election was far more widespread than has been publicly revealed, including incursions into voter databases and software systems in almost twice as many states as previously reported.
/goo.gl/skvUdU

Regulation

ResearchPool Launches MiFID II Solution – TRUE
Mondovisione
ResearchPool, a leading global digital platform for investment research, announces the launch of its MiFID II solution for investment firms to manage budget, spending, consume and evaluate research, named Tool for Research Usage and Evaluation (“TRUE”).
/goo.gl/kjJCnE

Supreme Court Casts Doubts on a Potent S.E.C. Weapon
Peter J. Henning – NY Times
The Securities and Exchange Commission routinely seeks an order in an enforcement action to require a defendant to repay any ill-gotten gains, a remedy called disgorgement.
/goo.gl/kKBMcE

Deutsche Bank reaches $170 million Euribor-rigging settlement
Jonathan Stempel – Reuters
Deutsche Bank AG (DBKGn.DE) will pay $170 million to settle an investor lawsuit claiming it conspired with other banks to manipulate the benchmark European Interbank Offered Rate and related derivatives.
jlne.ws/2sh57BS

BlackBerry partners with surveillance firm for MiFID II tool; VoxSmart provides mobile surveillance technology to capture, record and analyse communications.
Hayley McDowell – The Trade
BlackBerry has teamed up with compliance firm VoxSmart to launch a surveillance tool ahead of MiFID II.
/goo.gl/F0CJ9W

ResearchPool launches unbundling service ahead of MiFID II; TRUE platform allows investment firms to manage, consume and budget for research.
Hayley McDowell – The Trade
Investment research platform provider ResearchPool has developed a new service to allow firms to manage, budget, consume and evaluate research.
/goo.gl/aAa1i7

London banks warned clock is ticking for post-Brexit licence by European Central Bank
Jasper Jolly – City AM
Time is running out for London’s banks to apply for a European licence after Brexit, according to a stark warning from the European Central Bank (ECB), with stock brokers and non-EU insurers also in the regulator’s sights.
/goo.gl/U92CQc

US Treasury Department seeks to revamp Obama-era regulations; Report lays out potential policy actions to ease burdens on banks and credit unions
Ben McLannahan and Sam Fleming in Washington – FT
The US government has called for a thorough revamp of Obama-era financial regulations, four months after President Donald Trump ordered an overhaul of a regime that aides said had been “disastrous” for the world’s largest economy.
/goo.gl/NQTF9s

Effective Date for Required Use of TRACE for Treasuries Modifiers
FINRA
Effective Monday, July 10, 2017, FINRA member firms will be required to report transactions in U.S. Treasury Securities (Treasuries) to TRACE as per the recent amendments to the TRACE rules discussed in Regulatory Notice 16-39. FINRA Rule 6730 allows for the use of two new modifiers, when applicable, to be reported on transactions in Treasuries: “B” on a trade report if the transaction being reported is part of a series of transactions where at least one of the transactions involves a futures contract (e.g., a “basis” trade), and “S” on a trade report if the transaction being reported is part of a series of transactions and may not be priced based on the current market (e.g., a fixed price transaction in an “on-the-run” security as part of a transaction in an “off-the-run” security). Although these new modifiers will both be available in TRACE for reporting transactions in Treasuries beginning on July 10, 2017, they are not required to be used at that time.
/goo.gl/2YFF2y

ASIC reports on conduct in funds management and makes recommendations for improved compliance
ASIC
ASIC has reported on the findings of its’ proactive surveillance of responsible entities’ compliance with their legal obligations. These are entities that operate managed funds on behalf of retail investors.
/goo.gl/D2Zuwq

Hong Kong and Australia seal agreement on fintech cooperation
ASIC
The Hong Kong Securities and Futures Commission (‘the SFC’) and ASIC today signed a Co-operation Agreement which provides a framework for cooperation to support and understand financial innovation in each economy.
/goo.gl/bH4O2d

Investing and Trading

Trumping the Dollar
Jim O’Neill – Project Syndicate
One of the more fascinating developments in the seven months since US President Donald Trump was elected has been the trajectory of the US dollar, relative to other major currencies. After soaring in the wake of Trump’s victory, the dollar’s value began to slide in April.
There are various explanations for this. One is that Trump’s much-anticipated economic-growth agenda has not materialized, and stands no chance of making it through Congress. Another is that the rest of the world, not least the eurozone, has performed better than expected since Trump’s election.
jlne.ws/2sh0Eig

Global credit bubble at risk of bursting as China and US reach tipping point
Ambrose Evans-Pritchard – Telegraph
The global ‘credit impulse’ has fallen as dramatically over recent months as it did during the onset of the Lehman crisis, signalling serious headwinds for the world economy and asset prices just as the US Federal Reserve tightens monetary policy.
/goo.gl/gLjyVb

Viking Hedge Fund to Return $8 Billion to Investors
Matthew Goldstein – NY Times
Viking Global Investors, one of the larger hedge funds, is losing a top money manager and getting smaller in the process.
/goo.gl/z0nIn2

The one cheap thing in financial markets today; Buying an option that pays out if US stocks fall is looking an attractive investment
Miles Johnson – FT
It is a frequently repeated claim that we are living through one of the most hated bull markets in history. Fund managers across the world sit at their desks each day face palming at the fact that every conceivable type of investment appears expensive. Stock markets have entered the eighth year of their post-crisis recovery, while record-low interest rates in developed markets have driven yields on all manner of bonds into the floor. In short, many now believe there exists no single asset on this planet, from fine wines to Latin American junk debt, priced attractively enough to be bought today without worry.
/goo.gl/Tu2Vs8

Just Five Stocks Account for Nearly 75% of the Nasdaq’s Plunge
Julie Verhage – Bloomberg
Apple, Microsoft and Google top the list of biggest losers; Nasdaq Composite Index has lost more than 2% since June 7
When it comes to the ongoing technology beat-down in the stock market, it appears not all shares are created equal.
/goo.gl/YmaqyK

Institutions

Northern Trust unveils series of FX algorithms; The FX Algo Suite uses Northern Trust’s liquidity panel to offer pricing from liquidity providers globally.
Hayley McDowell – The Trade
Northern Trust has launched a series of foreign exchange (FX) algorithms for clients to manage their FX trading.
/goo.gl/GJiY0l

Goldman CEO gets duped by email prankster
Jacob Sonenshine – NY Post
Lloyd Blankfein just became the latest Wall Street boss to get duped by an email prankster.
/goo.gl/dFZR1v

Dash Financial Technologies Adds Industry Veteran Robert Boylan to Business Development Team
PR Newswire
Dash Financial Technologies today announced the appointment of Robert Boylan as Managing Director, Business Development. In this role he will be responsible for further building the firm’s business among both its buy and sell side client bases.
/goo.gl/8qW3Pw

J.P. Morgan Removes NBC News Ads Over Megyn Kelly Interview With Alex Jones; So far, advertisersówith one notable exceptionóhave remained quiet as Sandy Hook families criticize the NBC host for her sit-down with the Infowars founder
Suzanne Vranica – WSJ
NBC anchor Megyn Kelly’s plan to air an interview with right-wing provocateur Alex Jones has caused a firestorm to erupt on social media, but so far advertisers have remained quietówith at least one notable exception.
/goo.gl/5TywjD

RBS closes in on £3.6bn settlement over US mortgage bond mis-selling
Oliver Gill – City AM
Royal Bank of Scotland (RBS) is close to agreeing a multi-billion pound fine with US authorities over the mis-selling of mortgage bonds, according to reports.
/goo.gl/L3h2XV

Big banks’ critic Mike Mayo to join Wells Fargo; Analyst known for taking on chief executives at shareholder meetings to join lender
Laura Noonan and Ben McLannahan – FT
Mike Mayo, a Wall Street analyst well-known for challenging bank chief executives at shareholder meetings, is to join Wells Fargo, one of the world’s biggest lenders.
/goo.gl/HCQY4x

Dash Financial Technologies Adds Industry Veteran Robert Boylan to Business Development Team
PRNewswire
Dash Financial Technologies today announced the appointment of Robert Boylan as Managing Director, Business Development. In this role he will be responsible for further building the firm’s business among both its buy and sell side client bases.
/goo.gl/8qW3Pw

Deutsche Bank Said to Offer Ex-Managers Portion of Bonuses
Steven Arons – Bloomberg
German lender working on agreement with 11 former executives; Bank had already suspended payments on part of their bonuses
Deutsche Bank AG Chairman Paul Achleitner has offered a good news-bad news deal to former management board members: We’ll pay the unvested portion of your bonuses if you give up claims to payments withheld by the lender.
/goo.gl/GS5jqp

Goldman Sachs Veteran Asset Manager to Start Own India Fund
Anto Antony and George Smith Alexander – Bloomberg
Prashant Khemka to launch White Oak Capital funds by August; Two absolute return funds to invest in up to 40 companies
The fund manager who set up Goldman Sachs Group Inc.’s India-focused equity fund in 2006 is set to start one of his own after managing money at the U.S. bank for more than 17 years.
/goo.gl/ucd7Uj

Regions

Flying Cows to Qatar Is One Man’s Way to Beat the Saudis
Mohammed Sergie and Donna Abu-Nasr – Bloomberg
Call it the biggest bovine airlift in history.
The showdown between Qatar and its neighbors has disrupted trade, split families and threatened to alter long-standing geopolitical alliances. It’s also prompted one Qatari businessman to fly 4,000 cows to the Gulf desert in an act of resistance and opportunity to fill the void left by a collapse in the supply of fresh milk.
jlne.ws/2sgdP38

China’s Bond Yields Throw Another Curve as Inversion Deteriorates; Yield on 10-year bonds falls to 3.55%, well below the yield on one-year debt
Shen Hong – WSJ
A stubborn anomaly in China’s $1.7 trillion government-bond market has worsened, as an odd combination of tight funding conditions and economic pessimism pushed long-dated yields well below returns on one-year bonds, the shortest-dated government debt.
/goo.gl/z1ukFS

Brexit

Preparing for ‘Brexit,’ Britons Face Economic Pinch at Home
Peter S. Goodman – NY Times
Right about now, Eddie Stamton, a construction worker, would normally be making preparations to jet off to a sandy stretch of the Mediterranean for a summer holiday. Not this year.
/goo.gl/tqAqkD

No time to waste in Brexit talks, Michel Barnier warns UK; Britain at risk of crashing out without deal on EU ties, says Brussels negotiator
Alex Barker and Paul McClean in Brussels
Britain risks crashing out of the EU in March 2019 without a deal on future relations if it “wastes” more of the limited time available for Brexit talks, the union’s chief negotiator has warned.
/goo.gl/Al1HhE

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Graduate of University of Minnesota School of Journalism and Mass Communication