Breaking News

Nasdaq Launches New Machine Learning Technology for Surveillance Efforts on Nordic Markets

First Read

Hits & Takes
By JLN Staff

Nasdaq, a technology company spawned from the exchange space, has announced the first machine learning implementation in market surveillance. The system is part of their SMARTS, which is enjoying tremendous growth since Nasdaq acquired it in 2010.

Officially, “Nasdaq’s SMARTS, in collaboration with Nasdaq Nordic, has deployed machine learning capabilities which analyze abnormal market events and improves the alerting processes surrounding market abuse detection.”~JJL

CME‘s electronic options averaged 2.2 million contracts per day in August, up 51 percent over the same period last year.~JK

ICE has published a video to talk about market data with a great representation of the deep data team. The video ends with “We are the new data generation.”~JJL

NYSE, under the title “Great Companies Doing Great Things,” published a list of NYSE listed companies and what they are doing to help those in need after Hurricane Harvey. Nicely done!~JJL

Patrick Thornton-Smith is thinking of pension planning and wine investment. His boss, Philip Gearing, is thinking of the unique moments in life that provide opportunity (see story below). ~JK

The CAT NMS, LCC Operating Committee will host a webcast about the progress of the Consolidated Audit Trail (CAT) this Thursday at 4:15 p.m. EST. If you want more info on the plan processor, Thesys Technologies, and the CAT, check out our piece Thesys vs. Goliath: That’s One Big CAT.~SD

Yesterday’s Asia Pacific Financial News from John Lothian News is HERE.~JJL


Russell on a Roll
Spencer Doar – JLN

Through June 2018 there remains the potential for trading of the Russell suite of futures and options on futures on both ICE and CME Group. However, market participants are embracing the Russell listing on CME as evidenced by the current September – December contract roll.

The easiest way for customers to port or swap their positions from ICE to CME is to buy the roll. (If you’re long 100 September contracts at ICE, one would sell September at CME and buy December, leaving offsetting September positions on two exchanges and new December exposure at CME.)

As of end of day Tuesday, CME’s roll is on a roll. When JLN spoke with Tim McCourt, CME Group managing director and global head of equity products, yesterday mid-morning, the E-mini Russell roll was trading more than the E-mini S&P roll.

“There’s been a slow crescendo of trading activity … coming into the roll. Everybody’s been preparing for the roll. Through Friday [September 1] our ADV has been a little over 15,000 contracts, obviously with it growing more the last few weeks as more customers are trading at the CME,” McCourt said. “Our open interest has grown to just about 23,000 contracts.”

Open interest in the December Russell futures at CME as of end-of-day Friday is 5,469 contracts compared to 1,842 at ICE. Through end-of-day Friday, ICE’s cumulative roll volume was 1,675 compared to CME’s 15,407. Yesterday, CME traded 31,016 spreads and ICE traded 1,144.

For more on the Russell transition see John Lothian’s piece Russell Suite Competition Ambiguity Raises Some Questions.


“Why Lehman’s collapse was the best thing to happen to me”
Efinancial Careers
Philip Gearing left a 20-year investment banking career behind to start a small wine investment firm in 2001, seven years before Lehman Brothers collapsed and thousands of bankers found themselves on the streets. But it was the financial crisis that proved to be the turning point for his new firm.

**How to take your skillset and interests and make a business out of it. Thank you Lehman.~JK


Nasdaq’s Latest Deal Shows That Data Reigns Supreme
By Annie Massa – Bloomberg
Global exchange buys EVestment for $705 million in debt, cash; EVestment offers specialized data for institutional investors Nasdaq Inc.’s takeover of data provider EVestment Inc. spotlights the exchange industry’s seemingly bottomless appetite for data and its emerging focus on cultivating a closer relationship with money managers.

***** There is so much more data today than when I came into this industry. Unfathomable amounts of data.~JJL


Torstone Technology Further Expands Leadership Team; Appoints Mack Gill as Chief Operating Officer, Board Director
Torstone Technology
Torstone Technology, a provider of post-trade securities and derivatives processing, today announced the appointment of Mack Gill as Chief Operating Officer (COO) and member of the Board of Directors, based at Torstone’s London headquarters.


Red Sox Used Apple Watches to Help Steal Signs Against Yankees
Michael S. Schmidt – NY Times
For decades, spying on another team has been as much a part of baseball’s gamesmanship as brushback pitches and hard slides. The Boston Red Sox have apparently added a modern — and illicit — twist: They used an Apple Watch to gain an advantage against the Yankees and other teams.

***** The good news is that the Red Sox cheated in an innovative way. Reminds me of the old story/myth about two pagers being used in the Nasdaq pit by a trader to front run orders.~JJL


Choose an Industry with a Future – Richard Rosenblatt

“When your crystal ball gets foggy, your two greatest assets will be your humility and your flexibility.”

In this video from MarketsWiki Education’s World of Opportunity event in New York, Richard Rosenblatt, founder and CEO of Rosenblatt Securities, explains how to choose a career with a solid future. Rosenblatt considers himself an institutional execution expert, but when the market crashed in ’87, he had to get creative. At the end of the day, you have to follow your smile and do what you enjoy. The person that loves what they do will win everytime.

Watch the video »


Tuesday’s Top Three
Tuesday’s top three were led by Quartz’s piece The purpose of life isn’t to be happy—it’s to be fulfilled. Second was on the bitcoin craze from Quartz’s Robert Shiller wrote the book on bubbles. He says “the best example right now is bitcoin.” The third most read story was not about happiness or bubbles but conflict, in Bloomberg’s Nasdaq Sues Rival Exchange, Alleging Stolen Tech Secrets


MarketsWiki Stats
107,144,788 pages viewed; 22,735 pages; 208,793 edits
MarketsWiki Statistics


Lead Stories

Nasdaq Launches New Machine Learning Technology for Surveillance Efforts on Nordic Markets
Nasdaq, Inc. (Nasdaq:NDAQ) has announced it has successfully deployed machine learning technology across its entire Nasdaq Nordic markets—Stockholm, Copenhagen, Helsinki, Iceland—- to bolster its market surveillance efforts.

Hackers infiltrate systems of energy companies; Dragonfly has ability to sabotage computer networks in US and Turkey, warns Symantec
Hannah Kuchler in San Francisco – FT
Hackers have entered the operational systems of energy companies in the US and Europe, lying in wait with the ability to switch off the power and sabotage computer networks, according to a report by cyber security company Symantec.

Intercontinental Exchange Announces Stuart Williams to become President of ICE Futures Europe; Finbarr Hutcheson Named President of ICE Clear Europe and Timothy J. Bowler President of ICE Benchmark Administration
Intercontinental Exchange announced that Stuart Williams has been appointed as President of ICE Futures Europe and Timothy J. Bowler has been appointed President of ICE Benchmark Administration (IBA), both effective October 2017. Williams will assume the role following David Peniket’s retirement, and Bowler will succeed Finbarr Hutcheson, who will succeed Paul Swann following his retirement.

David Peniket steps down as Intercontinental Exchange reshuffles top brass
Philip Stafford – FT
David Peniket, one of the key drivers in Intercontinental Exchange’s growth in London over the last 15 years, is to step down from his role amid a reshuffle of ICE’s top management in Europe.

Deutsche Boerse and Illuminate Financial are investing in RegTek.Solutions
Deutsche Boerse
Deutsche Boerse and Illuminate Financial Management LLP jointly participate in RegTek.Solutions Inc., a leading provider of regulatory reporting requirements in a variety of countries. The investment under a Series A financing is $ 5 million.

Deutsche boss calls for ‘revolutionary spirit’ as robots take jobs; John Cryan says ‘big number’ of bank employees will lose their roles to automation
Laura Noonan, in Frankfurt
Deutsche Bank’s chief executive John Cryan has asked colleagues to embrace their “revolutionary spirit” as employees for the bank already working “like robots” begin to be replaced by actual robots.

On its first anniversary as a stock-market exchange, IEX draws both critics and praise; ‘To say that we haven’t made an impact is disingenuous’ CEO says
Mark DeCambre – MarketWatch
A year after becoming a full-fledged exchange platform, IEX Group Inc., still finds itself a maverick stock-trading venue attempting to disrupt an entrenched Wall Street system even as it has intensified the debate surrounding the nature of competition and stock pricing.

Could Some VIX-Related Funds Go ‘Poof’ in a Day?
Simon Constable – WSJ
Some exchange-traded funds related to the CBOE Volatility Index, or VIX, could vanish just when traders might want them most.

Wall Street Migrates to ‘T+2’ Settlements
Chris Dieterich – WSJ
Anybody who sold shares Tuesday is guaranteed to receive cash for their trade by Thursday — a day earlier than any point during the past two decades. That’s because Tuesday marks the first day that trades in most financial products in the U.S. will be required to “settle” within two business days, rather than in three days as has been in place since 1995.

Plato Partnership to establish research network with Imperial College; Partnership will see a European Market Structure research network established to produce analysis of venue data sets.
Hayley McDowell – The Trade
Plato Partnership has entered into an agreement with Imperial College business School in London to establish a European market structure research network.

Workers: Fear Not the Robot Apocalypse; Automation commonly creates more, and better-paying, jobs than it destroys. A case in point: U.S. retailing
Greg Ip – WSJ
For retailers, the robot apocalypse isn’t a science-fiction movie. As digital giants swallow a growing share of shoppers’ spending, thousands of stores have closed and tens of thousands of workers have lost their jobs.

Exchanges, OTC and Clearing

CME Group August Average Daily Volume Up 16% YoY – Quick Facts
CME Group ( CME ) announced that August 2017 average daily volume reached 16 million contracts, up 16 percent compared with August 2016. CME GroupAugust 2017 options volume averaged 3.1 million contracts per day, up 30 percent versus August 2016, with electronic options averaging 2.2 million contracts per day, up 51 percent over the same period last year.

MexDer Announces a New Alternative Order Routing from Abroad
Since past April 4th, MexDer, Mercado Mexicano de Derivados, S.A. de C.V. (hereinafter “MexDer”) increased its presence to New York with a new “Point of Presence” (POP) in Equinix Inc. (NASDAQ: EQIX), the global interconnection and data center located in Secaucus, New Jersey.
This POP offers a new alternative to our clients to connect directly to the market. In its initial stage, clients had access to market data through a Multicast Data Feed, with a lower latency for derivatives market information electronic suppliers.
In this second stage, we also offer the possibility of sending orders directly via a dedicated link from Equinix, New Jersey to MexDer, which translates into a lower latency in the order routing from abroad.

Eris Exchange Receives U.S. Patent For Swap Futures Product Design
Eris Exchange (Eris), a U.S.-based futures exchange group that offers swap futures as a capital-efficient alternative to traditional over-the-counter (OTC) interest rate swaps, today announced that it has been awarded a patent on the principal component of its product design, the Eris Methodology, by the U.S. Patent and Trademark Office. The patented invention enables a cash-settled futures product to replicate the convexity of an OTC swap by incorporating interest on collateral within daily variation margin payments.

MGEX Announces Its Best Fiscal Year Volume In History
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports the conclusion of its fiscal year on Thursday, August 31, 2017 at 2,806,706 contracts. As the best fiscal year of all-time, September 2016 to August 2017 proved to be a very active and exciting time for MGEX.

Nasdaq says August U.S equity options volume were 134 million contracts
Nasdaq Inc says august 2017 U.S. equity options volume were 134 million contracts versus 114 million contracts last year??

ICE names futures and Libor bosses in London; The Atlanta-based exchange group is making changes at the top of its European business
By Samuel Agini – Financial News
Intercontinental Exchange has chosen new leaders for two of its key businesses in Europe, including the unit that is fighting for the future of the troubled London interbank offered rate.

Irish Stock Exchange 2016 Profits Up 21% To EUR8m
The Irish Stock Exchange (ISE) plc has recorded another strong financial year with results published today showing a 21% rise in profit after tax to EUR8m (2015: EUR6.6m).

Eurex urges more regulators to endorse VM capital savings; CME, Ice and LCH treat variation margin as settlement; Eurex awaits further guidance
Luke Clancy –
Eurex Clearing has urged European supervisors to provide clarity on whether variation margin (VM) can be treated as settlement of a cleared swap. Currently, only Credit Suisse and UBS are known to employ the practice as a way of cutting capital requirements on cleared portfolios, with the backing of the Swiss regulator.

SGX named “Asia Exchange of the Year” at Structured Products Awards 2017
Singapore Exchange (SGX) has been named “Asia Exchange of the Year” at the Structured Products Awards 2017. Structured Products Magazine, a publication, unveiled the winners yesterday.

TMX Group supports Hurricane Harvey relief efforts
TMX Group has donated $15,000 to the Red Cross in support of Hurricane Harvey Appeal, adding to the ongoing relief efforts to help those who have been impacted by the life-threatening and dangerous flooding conditions in Texas and Louisiana.

Deutsche Börse and the German Council for Sustainable Development decide on cooperation for sustainable financial management; New Hub for Sustainable Finance bundles joint activities / “Sustainable Finance Summit Germany” on 23 October in Frankfurt
Deutsche Börse
On Wednesday, Deutsche Börse AG and the German Council for Sustainable Development (RNE) announced a strategic cooperation on sustainable financial management. The partners will coordinate and further promote their sustainability activities in the financial sector. They will deal with aspects of regulation, market-oriented instruments and criteria which promote sustainable development of the financial system.

Namibian Stock Exchange clinches award at LiveWire Global event
Donald Matthys – Namibia Economist
The Namibian Stock Exchange (NSX) walked away with the Financial Services Organisation of the Year award in the Africa and Middle East category at the Corporate LiveWire Global Awards 2017, as announced earlier this week.

Workday Is Switching To Nasdaq, Pushing Total Value Of Securities That Have Left NYSE To $1 Trillion
Angel Au-Yeung – Forbes
At the close of trading last Friday, finance and human resources software company Workday announced it would be changing its stock exchange listing from the New York Stock Exchange to the NASDAQ. With a market cap of $20 billion, Workday will be the 303rd listing to have switched from the NYSE to the NASDAQ since 2005, pushing the total value of publicly-traded securities that have switched to $1 trillion dollars, according to data from the NASDAQ. In contrast, data from the NYSE reports 125 securities worth roughly $441 billion dollars have switched from the NASDAQ to the NYSE.


“There’s a lot of hand waving with machine learning in Trade Surveillance”
David Beach – Bobsguide
bobsguide spoke to Dermot Harriss, Senior Vice President of Regulatory Solutions at OneMarketData, about how machine learning and new regulations are changing the landscape of trade surveillance, and how a balanced mix of data management via machine learning can reduce false positives and minimise costs for firms.

CEO of Cuboid Logic Talks about Recent Trends in the FX Industry
Finance Magnates
Peter Karsten is the CEO of financial software developer Cuboid Logic. He sat down with Finance Magnates for an exclusive interview.
Please tell about yourself and how you reached your current role
Prior to Cuboid Logic, I was Commercial Director at INFINOX and CEO of BDSwiss, where I focused on business growth and expanding the markets.

Baroness Bitcoin of Arabia: Michelle Mone and Douglas Barrowman on their delve into the world of cryptocurrency
Elliott Haworth – City AM
Baroness Michelle Mone, and her billionaire property mogul partner Douglas Barrowman, this morning open the sale of two 40-storey residential towers spanning 2.4m square feet in Dubai.

EY, Maersk and Microsoft are putting boats on the blockchain with marine insurance tech platform
Lynsey Barber – City AM
EY, shipping giant mersk and Microsoft are among the companies planning to get boats on the blockchain, or their insurance, at least.

Cobalt signs up to BT Radianz Cloud; Cobalt will provide its blockchain services to members of the BT Radianz Cloud network.
Hayley McDowell – The Trade
Blockchain technology provider Cobalt has joined BT Radianz Cloud meaning firms who are part of the community can access its services.

Redline Trading gets ASX approval for order execution gateway
Redline Trading Solutions, the premier provider of high-performance market data and order execution systems for automated trading, today announced certification of its Order Execution Gateway solution by the Australian exchange, ASX.

Eze Software Achieves ISO 27001 for Investment Suite; Key Standard Underscores Information Security Commitment
Eze Software, a global leading provider of investment technology, has secured the International Standard Organization (ISO) 27001 certification for its information security systems’ infrastructure and operations supporting its Eze Investment Suite and Eze Investment Cloud offerings. This certification validates that Eze Software’s information security management system upholds rigorous security controls to protect clients’ data, and meets the ISO requirements for operating, monitoring, maintaining, and improving a documented, risk-based information security framework.


U.S. senators urge Trump admin to raise pressure over China financial market access
Michelle Price – Reuters
Republican U.S. senators on Tuesday called on the Trump administration to increase pressure on China to remove foreign ownership curbs that bar American financial companies from freely operating in the world’s second largest economy.


Commissioner Quintenz Names Kevin Webb New Chief of Staff
U.S. Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz announced today that Kevin Webb will serve as his Chief of Staff. Webb most recently served as Special Counsel to CFTC Chairman J. Christopher Giancarlo.

CFTC Orders Dallas, Texas-based W Resources, LLC To Pay A $150,000 Civil Monetary Penalty For Registration Violations
Press ReleaseCFTC
The U.S. Commodity Futures Trading Commission (CFTC) today entered an Order requiring Dallas, Texas-based W Resources, LLC (W Resources) to pay a $150,000 civil monetary penalty for acting as a Commodity Pool Operator (CPO) without registering with the CFTC and to cease and desist from further violating the Commodity Exchange Act (CEA), as charged.

Big businesses struggle to meet MiFID II deadline; Small firms claim they are ready for MiFID II as larger firms continue their struggle to meet the January deadline.
By Hayley McDowell – The Trade
With less than four months until MiFID II is implemented in Europe, more than a third of large businesses remain unsure if they will meet the deadline.

SEC does ‘pretty good job’ fighting insider trading: new chairman
By Carleton English – NY Post
Jay Clayton, the recently appointed chairman of the Securities and Exchange Commission, doesn’t think the Wall Street regulator needs help from Congress to rewrite insider trading rules.

EU court ruling restrains Brussels antitrust enforcers
Rochelle Toplensky – FT
Round three goes to Intel. The European Court of Justice gave Intel a lifeline in its appeal of the EUR1bn EU fine for illegal price rebates by sending the case back to the General court to reconsider the chip-maker’s arguments against the 2009 decision.

Two Miami men convicted of laundering billions in Amazon gold
BY JAY WEAVER – Miami Herald
Two Miami businessmen who worked for a major U.S. importer of South American gold pleaded guilty Tuesday in a $3.6 billion money laundering case that has shaken up the nation’s precious-metals industry.

FCA told to rewrite rules to recognise WhatsApp
Damian Fantato – FT Adviser
The Financial Conduct Authority will soon have to recognise “the reality on the ground” and allow advisers to communicate through chat services like WhatsApp, according to technology experts.

Investing and Trading

Pimco Total Return Has Stopped Its Client Exodus After More Than Four Years; Flagship bond fund had $348 million in net inflows in August
By Justin Baer – WSJ
Bill Gross’s old mutual fund had its first monthly increase in new client money in more than four years.

A Decade After Crisis, Investors Have Stopped Hunting for Black Swans; Those who invested in tail-risk funds at their peak in September 2011 would have lost 55% of their money by now
Jon Sindreu and Laurence Fletcher – WSJ
In the wake of the global financial crisis, fear of such “black-swan” events drove some investors into hedge funds that offered protection should markets plunge. But the swans have yet to return, and such strategies have fallen out of favor.

New York’s wealthy plagued by self-doubt; A portrait of the city’s 1 per cent finds growing wariness of conspicuous consumption
Simon Kuper – FT
Lucy is a stay-at-home mom in New York, married to a private-equity mogul. Asked whether she deserves her lifestyle, she replies, “Nobody deserves it. No. Oh my gosh. Are you kidding me?”

Bitcoin Comes Clawing Back After Selloff on China Ruling: Chart
By Eric Lam – Bloomberg
Bitcoin traders seem to be taking Monday’s 11 percent slump — triggered by China ruling initial coin offerings illegal — as a buying opportunity. The cryptocurrency is rising a second day, gaining back about 4.5 percent over that period as of 3:27 p.m. Hong Kong time, and Monday’s losses have barely made a dent in bitcoin’s 2017 surge, with the virtual currency still up 379 percent since January. China’s central bank ordered all fundraising related to ICOs halted immediately, the strongest regulatory pushback thus far to the swelling market for digital token sales.

Kashkari Says Fed May Have Harmed Economy With Rate Hikes
By Matthew Boesler – Bloomberg
Fed tightening may explain low inflation, Kashkari says; FOMC dissenter calls rate increases “premature” and “not free”
Federal Reserve interest-rate increases may be “doing real harm” to the U.S. economy, which would help explain why inflation is low and job growth has slowed, said Minneapolis Fed President Neel Kashkari, one of the central bank’s most dovish policy makers.

DJSI – A temperature gauge for Sustainability Investing
Aris Prepoudis – Indexology
On September 7, the review of the renowned Dow Jones Sustainability Index (DJSI) series will be announced. Now in its 19th year, the index family continues to be the gold standard of large cap ESG performance, and serves as an effective engagement platform for investors who want to encourage companies to improve their corporate sustainability practices.

A Stock ‘Permabear’ Won’t Give In; John Hussman’s Hussman Strategic Growth Fund has been bearish as markets have risen, and it has the scars to prove it. He says he has no plans to surrender.
Daisy Maxey – WSJ
How perma can a permabear be? Just ask John Hussman, manager of Hussman Strategic Growth Fund (HSGFX); he has been bearish on the S&P 500 during the market advance of recent years.

Steve Cohen’s Comeback Begins
By Simone Foxman and Katherine Burton – Bloomberg
It’s the prelude to raising up to $10 billion next year; But can the billionaire still produce outsized returns?
Officially, Steve Cohen is undecided about starting a hedge fund. Unofficially, he’s got marketers poised to sign up clients and take in money early next year.


Robin Hood – The Legend of Internalization – Part II
Themis Trading Blog
It’s been a while since we wrote about the brokerage firm Robinhood so we wanted to check back in to see how they have been doing. According to this Business Insider article with their co-founder Baiju Bhatt, business at the zero-commission brokerage firm is booming. They now sport a $1.3 billion valuation and have over 2 million users and are enjoying 20% growth month over month in their margin loan business.

Citi taps Morgan Stanley for futures clearing and collateral sales head; Jason Massey worked as an executive director for listed derivatives sales at Morgan Stanley for more than seven years.
By Hayley McDowell – The Trade
One of Morgan Stanley’s senior European listed derivatives salespeople has departed for a role at Citigroup, according to an internal memo seen by The TRADE.

Goldman Sachs Halts Work on IPO for Unit of China’s HNA Over Ownership Concerns; The conglomerate, among China’s most active deal makers, has been planning to list recently acquired IT outsourcing business Pactera
By Julie Steinberg and Anjani Trivedi – WSJ
Goldman Sachs Group Inc. GS -3.59% has stopped working on the potential listing of a Chinese company owned by HNA Group Co. because of concerns about the acquisitive conglomerate’s ownership structure, according to a person familiar with the matter.

Wells Fargo Should Focus on Its Actual Misbehavior, Not on Perceptions
It’s been a rough year for Wells Fargo. And most of the bank’s problems have come from self-inflicted wounds driven by an incentive system that rewarded appalling behavior.


New Development Bank is BRICS’ best card
Karin Costa Vazquez, Supriya Roychoudhury and Caio Borges – Financial Times
The ninth annual BRICS summit is being held amid turbulent times for the five countries. In the wake of the recent Doklam stand-off, India and China relations remain delicate. Engulfed in economic and political turmoil, South Africa and Brazil are likely to play a less active role at the meeting in Xiamen.

China’s central bank winning its numbers game over currency; Foreign exchange reserves forecast to rise again as analysts highlight success in hitting targets for yuan
Frank Tang – South China Morning Post
China is expected to announce another monthly rise in its foreign exchange reserves on Thursday in the latest sign that the country’s central bank has won the battle to curb the country’s capital exodus and defend the exchange rate of the yuan.


No EU city matches London’s unique appeal as a finance hub
Duncan Wales – City AM
With talks underway on the deal to take Britain out of the EU, and the Brussels negotiator Michel Barnier threatening to “educate” the UK about the consequences of Brexit, the headlines have been bleak.

Britain’s Brexit brand is weak and confused; Hectoring doubters is like blaming customers for not buying your fancy product
John Gapper – FT
If you leave the world’s largest free trade area because you believe in free trade, you are bound to confuse people. Brexit faces grave difficulties of substance, but it also has a brand problem.

UK proposal threatens tough post-Brexit rules for EU migrants; Leaked Home Office paper says immigration should make ‘existing residents better off’
Helen Warrell and Henry Mance in London – FT
Britain is developing a strict post-Brexit immigration policy that will mean tougher hurdles to work in the UK for all but the highest-skilled EU migrants, according to a leaked Home Office document.

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About Author

Bergstrom is chief information officer of John J. Lothian & Co. He edits MarketsWiki and JLN Options.