Breaking News

New Deutsche Boerse chief; Bank bond-rigging case; Americans don’t know why they buy Bitcoin

First Read

WILD Women Make Sound Investment Decisions; Women will have $22 trillion of investing wealth by 2020
By Sarah Rudolph – JLN Managing Editor

Now that women actually have their own money, they – like men – need to know how to make it grow with savings and investments. Women are projected to have $22 trillion of the investing wealth by the year 2020 – they had better know what to do with it.

Women in Listed Derivatives (WILD), which has become well known for its efforts in the advancement of women in the financial industry, brought together another room full of highly accomplished women on Tuesday for a panel on Women and Personal Investing.

Monica Black, chief strategy officer at Dymynd, a “financial empowerment” firm for women, said women have an emotional relationship with money that includes the key messages they were taught as children and their fears about the future (the “bag lady” syndrome). They also have a much broader “care network” – people they feel emotionally and financially responsible for, including not only children but parents, siblings, friends and co-workers.

For the rest of the story, CLICK HERE

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Hits & Takes
By JLN Staff

HKEX’s Stock Connect is three years old today! Here are the stats from the past 3 years.~[JJL]]

Yesterday’s JLN Options newsletter is available HERE.~JJL

Asia Pacific Financial News from John Lothian News – November 16, 2017~JJL

Trading Technologies CEO Rick Lane was on Chat with Traders. The audio of that interview can be found here. ~SD

Big change is coming to the asset management space over the next two years according to a survey from Confluence. Some 83 percent of those surveyed said there would be fundamental changes in their operating models over that timeframe.~SD

Kudus to RSM, their Outstanding Birdies for Love campaign by the RSM Foundation raised more than $2 million to deserving charities designated by each RSM office this year..~JJL

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Trading Tables: T4Youth’s Annual Ping Pong Bash Brings Home $100k
Spencer Doar – JLN

For whatever reason, working in tech and a love of table tennis go hand in glove and tables in many offices are ubiquitous features.

That dynamic was on full display Wednesday night at SPiN Chicago during the fourth annual T4Youth Table Tennis Tech Tournament. More than 400 people from Chicago’s trading and tech community gathered for a night of fun competition all benefitting the Chicago Tech Academy (ChiTech), a charter school in Chicago focused on STEM education for minority and low-income students.

The event, co-founded by Objective Paradigm, 3Points Communications and SPR, raised more than $100,000 for the second year in a row. There were 51 teams in this year’s competition from 46 firms, including the likes of Trading Technologies, IMC, Geneva Trading, the Chicago Stock Exchange and DRW.

Read the rest here.

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U.S. Is Acting ‘Like a 5-Year-Old’ Over Global Warming, EU Official Says
Jess Shankleman – Bloomberg
European Union lawmaker says Trump’s position undermines talks; Envoys in Bonn are set to make some progress on Paris deal
Donald Trump’s “America first” foreign policy is starting to undercut progress at the annual talks on fighting global warming.
/goo.gl/RK6npn

***** WE ARE NOT, WE ARE NOT, WE ARE NOT!!!!!!~JJL

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Getting a Dog May Save Your Life, Especially If You’re Single
Michelle Cortez – Bloomberg
Swedish researchers found that people with furry friends, especially the unmarried, have fewer heart problems than those who don’t.
Having a dog can bring a lot of love into your life. It could also make it last a little longer.
/goo.gl/Xtrjnr

**** If you want a friend, get a dog!~JJL

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Thursday’s Top Three
The big news yesterday was our top story – US Treasury dealers accused of collusion by big investors – but Bitcoin dominated the rest of the clicks. Our second story was The Bitcoin Exchange That CME Plans to Use for Futures Is Down. Third went to the FT’s Bitcoin futures face safeguards to tackle wild gyrations. The trend continued down to fourth place too as Clarus’ blog How Bitcoin Futures Will Work also had notable reader activity.

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Lead Stories

New Deutsche Bˆrse chief appointed from UniCredit unit; Theodor Weimer replaces Carsten Kengeter who resigned amid an insider trading probe
Olaf Storbeck in Frankfurt – FT
Theodor Weimer, the current boss of UniCredit’s German subsidiary, has been appointed chief executive of Deutsche Bˆrse, the exchange’s supervisory board announced on Thursday afternoon.
/goo.gl/eX22vV

There May Be a Smoking Gun in the Lawsuit that Accuses Banks of Rigging the Bond Market
Geoffrey Smith – Fortune
Investors claiming that Wall Street banks manipulated the $14 trillion market for U.S. Treasury bonds to investors’ detriment may have found their smoking gun, according to a report Wednesday in the New York Post.
/goo.gl/K3swQ6

Opinion: The reasons Americans give for buying bitcoin show they have no idea
Brett Arends – MarketWatch
Worried about the gigantic bitcoin mania? You should be. As the speculative online “currency” surged again Thursday to a fresh record above $7,800, valuing all the bitcoins in the world at an eye-watering $130 billion, a new survey revealed that most of the ordinary Americans playing the high-risk game have absolutely no idea what they are doing.
/goo.gl/yJP47H

How Trump Can Give Wall Street What It Wants; The president can’t cancel Dodd-Frank, but he can change the way it’s enforced.
Jesse Hamilton – Bloomberg
President Donald Trump’s campaign promise to roll back financial regulation is making fitful progress on the legislative front. But his choice of Quarles for the supervision job highlights another way to deregulate: by changing the people in charge at key agencies. The former executive of private equity giant Carlyle Group added that the biggest difference he’ll probably make is “changing the tenor” of how the Fed interacts with banks.
/goo.gl/QuSjAg

Bitcoin trading shops are hiring Wall Streeters to build out the ‘next generation’ of cryptocurrency trading
Frank Chaparro – Business Insider
The market for cryptocurrency is booming, and now trading firms are looking to build out a more mature market infrastructure for the space; They will likely set their sights on Wall Street for talent to build out new cryptocurrency trading systems.
Bitcoin trading firms are seeking top talent to build-out the infrastructure for the booming cryptocurrency market. And that talent is likely to come from Wall Street.
/goo.gl/g4ABcY

New CEO to Fix Deutsche Boerse; HypoVereinsbank boss Theodor Weimer will succeed outgoing CEO Carsten Kengeter. His job will be to repair Deutsche Bˆrse’s damaged relationship with lawmakers.
Handelsblatt staff
Speculation on the departure of Deutsche Bˆrse’s embattled CEO dragged on for months this year until he finally threw in the towel in late October. But the German stock market operator has come up with a successor fairly quickly.
/goo.gl/KExR85

Bitcoin Futures Pave Way for Ether Derivatives From CDS Pioneer
By Matthew Leising – Bloomberg
Code-named ‘Virtuoso,’ exchange’s backers include Sunil Hirani; Follows plans by CME and Cboe to create bitcoin futures
The second-biggest cryptocurrency is poised to get a derivatives market, thanks in part to a pioneer of trading credit-default swaps, according to two people familiar with the matter.
/goo.gl/Z4oE32

Democratic Regulator at CFTC Signals Openness to Tweaking Some Rules; Russ Behnam, in maiden speech, says agency needs to address ‘unintended consequences’ of swap regulations
Gabriel T. Rubin – WSJ
The lone Democratic member of the Commodity Futures Trading Commission signaled in his first speech in the role on Tuesday that he is open to revising some postcrisis rules, while also vowing to protect the core regime put in place during the Obama administration.
/goo.gl/c3oNr9

Fears grow that popularity of ETFs is a ticking time bomb; Biggest concerns seen as overblown, but small companies could be more vulnerable to ETF-driven volatility
Ryan Vlastelica – MarketWatch
It’s a claim that has been hotly disputed, but which is being more fiercely debated by the day: ETFs have gotten too big for their own good, making them an unappreciated risk in the event of a market decline.
/goo.gl/NzA74a

Higher data fees prompt backlash against US equity exchanges; Complaints to regulators that market participants under pressure to buy information
Nicole Bullock – FT
US equity exchanges increasingly depend on charging for data in a world of rapid-fire automated trading and that has sparked plenty of friction with the broader market and now even regulators.
/goo.gl/5j3wqa

Prepare to bet against bitcoin as it becomes civilised; If the cryptocurrency ceases to be a ringfenced product, the normal rules of investing will apply
Gillian Tett – FT
This is an experimental feature. Give us your feedback.
In recent years, bitcoin has been the wild west of the financial world. Now, however, it is being civilised ó a touch. In the coming weeks, the Chicago Mercantile Exchange plans to start listing bitcoin futures, with a centralised clearing mechanism.
/goo.gl/e1K9h3

Bitcoin Exchange Wants to Be Digital Safe House for Hedge Funds
Lily Katz – Bloomberg
Coinbase will store digital coins for institutional investors; The firm estimates there’s $10 billion waiting on sidelines
Coinbase, one of the most popular digital-coin exchanges for retail investors, has its eye on institutional cash looking for a way into cryptocurrencies.
/goo.gl/KapPag

Lynn Tilton Accused of Withholding Funds After Portfolio Defaults
Erik Larson – Bloomberg
Allegation comes at court hearing in Manhattan court; Patriarch lawyer disputes Zohar funds’ claim over secret cash
After being cleared of wrongdoing in a case by the U.S. Securities and Exchange Commission, New York financier Lynn Tilton faces new claims over how she ran her distressed companies in a lawsuit by three funds she once created and managed to raise money for her portfolio.
/goo.gl/VcaHsC

Saudi Arabia swapping assets for freedom of some held in graft purge: sources
Samia Nakhoul, Katie Paul – Reuters
Saudi authorities are striking agreements with some of those detained in an anti-corruption crackdown, asking them to hand over assets and cash in return for their freedom, sources familiar with the matter said.
/goo.gl/aNr5dW

Bond Traders Should Prepare for Yield Curve to Zero Out in 2018
Lananh Nguyen – Bloomberg
Fed set to hike rates two or three times next year: T. Rowe; Curve near the flattest in a decade with long end range-bound. Just how much further can the relentless flattening of the U.S. yield curve go? All the way to zero, according to T. Rowe Price Group.
/goo.gl/tpJcSb

Will futures trading in bitcoin be worth the risks?
Joe Cahill – Crain’s Chicago Business
CME Group became the world’s biggest derivatives exchange operator by helping investors manage a wide array of risks. A new product set to debut next month will test the company’s own risk-ma…
/goo.gl/7zsp4W

Chicago institutional electronic trading senior executive Natasha Solis appointed Managing Director of Global Sales at Matrix Execution Technologies
Finance Feeds
Natasha Solis, one of Chicago’s very well connected senior executives in the derivatives technology sector, has been appointed Managing Director at Matrix Execution Technologies, responsible for global sales
/goo.gl/fBBwMH

Confluence Asset Management Survey: 83% Predict Fundamental Change To Their Operating Models in the Next 24 Months
Confluence
Confluence, the global leader in investment data management automation for regulatory, financial and investor reporting, today released the results of its 2017 Asset Management Trend Survey of asset management professionals. While the concerns voiced by respondents echo those of the 2016 survey, this year’s study finds increasing urgency to addressing issues including back-office automation and regulatory reporting requirements.
jlne.ws/2AO2Grh

Exchanges, OTC and Clearing

Theodor Weimer takes over as CEO of Deutsche Bˆrse AG
Deutsche Bˆrse AG
At today’s meeting, the Supervisory Board of Deutsche Bˆrse AG Theodor Weimer has been appointed as new Chief Executive Officer for three years. 57-year-old Weimer succeeds CEO Carsten Kengeter in January, who will be leaving the company at the end of 2017. Weimer is currently spokesman for the Management Board of HypoVereinsbank – UniCredit Bank AG (Munich).
/goo.gl/ToR9zc

SGX Bull Charge caps successful fundraising year with Charity Run; SGX’s flagship charity initiative raises more than $2.7 million in 2017 for five beneficiaries; Event highlight is Obstacle Challenge, Singapore’s first-ever charity inflatable obstacle run
SGX
Singapore Exchange’s (SGX) flagship charity initiative Bull Charge held its annual Charity Run today, rounding off another successful year of fundraising with more than $2.7 million in proceeds.
/goo.gl/8Qw3s5

Hong Kong IPO surge challenges New York in battle for China listings
Jennifer Hughes, Julie Zhu – Reuters
It’s not often Hong Kong can boast hotter initial public offerings than New York, but some recent deals and a potential pipeline of big Chinese tech floats suggest a shift in the balance between the two fundraising rivals.
/goo.gl/VCjwzH

Swiss bank to launch bitcoin futures to allow betting against cryptocurrency
Reuters Staff
Swiss bank Vontobel said it will start trading Switzerland’s first two mini futures to short bitcoin on Friday, giving investors a tool to bet against the value of the volatile cryptocurrency or to hedge bitcoin positions.
/goo.gl/Hp4ZtY

Norway Idea to Exit Oil Stocks Is ‘Shot Heard Around the World’
Joe Ryan and Anna Hirtenstein – Bloomberg
$1 trillion sovereign wealth fund may divest from fossil fuels; Divestment movement suddenly has unparalleled momentum, heft
Norway’s proposal to sell off $35 billion in oil and gas stocks brings sudden and unparalleled heft to a once-grassroots movement to enlist investors in the fight against climate change.
/goo.gl/oqgXiK

iSTOXX Global Economic Growth Select 50 Index licensed to Citi
Deutsche Bˆrse AG
STOXX Ltd., which is responsible for the index business of Deutsche Bˆrse Group and a global provider of innovative tradable index concepts, is now offering the iSTOXX Global Economic Growth Select 50 Index. At the same time, the company announced that Citi has acquired a license for this index as the underlying for structured products. The index complements the iSTOXX Europe Economic Growth Select 50, which has been calculated since the beginning of the year.
/goo.gl/3VEEvn

Keen to resolve NSE’s co-location issue as soon as possible: Sebi chairman; The case relates to some brokers allegedly getting preferential access to NSE servers through co-location facility during 2011-14. The exchange discontinued the facility since 2014
Business Standard
Following NSE’s submission of the latest forensic reports on the co-location issue, Sebi chairman Ajay Tyagi on Friday said the regulator is looking for a quick resolution of the matter.
/goo.gl/BUARRu

SEC approves DTCC’s $74bn liquidity facility; Proposal faced opposition from smaller broker-dealer members of US Treasuries CCP
Robert Mackenzie Smith – Risk.net
A US regulator has given the green light for the Depository Trust & Clearing Corporation to implement a $74 billion liquidity facility for its US Treasury and repo clearing house.
/goo.gl/dKB3k9

Fintech

Interactive Brokers, TradeStation oppose Trading Technologies’ motion to multiply patent appeals
Financefeeds.com
The appellees note there is sufficient overlap in subject matter and context between the appeals and that they have to be argued before the same panel of the Court both for efficiency and consistency.
jlne.ws/2APKT3c

Many ICOs are fraudulent, say men behind two top bitcoin rivals
Saheli Roy Choudhury – CNBC
Issuing digital tokens is a popular way for many start-ups to raise money, but two prominent names in the cryptocurrency space warned about the rise in fraudulent projects that offer little value to investors.
/goo.gl/MC1bzv

In the Bitcoin Gold Rush, Who Sells the Safes?
Avi Salzman – Barron’s
Exchanges that allow people to turn dollars into Bitcoins and vice versa are prone to hacking, theft and sudden “disappearances”. That’s one reason why more traditional financial players have steered clear of the stuff — beyond, you know, its mysterious origins, lax regulations and incredible volatility.
/goo.gl/tvtUCP

Coinbase’s Custody service wants to store bitcoin for institutional investors
Fitz Tepper – Techcrunch
Safely investing in and storing digital currency isn’t exactly easy, especially if you’re a large institutional firm. So to help, Coinbase just announced that they’re launching a service called Coinbase Custody, which will securely hold digital assets for institutional investors.
/goo.gl/FDxc7g

Special Report: Twice burned – How Mt. Gox’s bitcoin customers could lose again
Alexandra Harney, Steve Stecklow – Reuters
When Mt. Gox, the world’s largest bitcoin trading exchange, collapsed in early 2014, more than 24,000 customers around the world lost access to hundreds of millions of dollars’ worth of cryptocurrency and cash.
/goo.gl/YCxfUT

Bitcoin Emerges as Crisis Currency in Hotspots
Rob Urban – Bloomberg
Cryptocurrency supplants local money when governments fail; Africans in Paris use it to send money home to their families
About a third of the customers queuing at La Maison du Bitcoin’s teller windows in Paris aren’t speculating on the value of the cryptocurrency. They’re sending digital money home to Africa.
/goo.gl/3oGmSw

Politics

Trump Organization worth one tenth of value previously reported; President’s family business falls 37 places in ranking of largest privately held companies in New York
Independent
The Trump Organization in New York is reportedly worth one tenth the value to previously claimed.
/goo.gl/cQDz2J

Trump’s Clinton Fixation Should Scare All Americans; His attacks sound just like the Two Minutes Hate in Orwell’s “1984.”
Cass R. Sunstein – Bloomberg
During his presidency, Barack Obama was under considerable pressure to initiate prosecutions against officials in the George W. Bush administration. Even before taking office, Obama strongly signaled that he would not do this, suggesting that “we need to look forward as opposed to looking backwards.” In 2009, he added, “At a time of great challenges and disturbing disunity, nothing will be gained by spending our time and energy laying blame for the past.”
/goo.gl/cPTLos

Regulation

Bond Investors’ Suit Claims Dealers Colluded on Treasurys Prices; Lawsuit alleges effort to impede development of trading platforms that would have improved investors’ access
Daniel Kruger – WSJ
Some of the largest bond trading firms on Wall Street boosted profits by colluding to set prices at auctions of government debt, according to an amended complaint to a lawsuit filed by a group of investors.
/goo.gl/aJV9hH

Mistrial in NY corruption case against union chief, hedge fund executive
Brendan Pierson – Reuters
A U.S. judge on Thursday ordered a mistrial in the corruption case against the former head of New York City’s correction officers’ union and a co-founder of the now-defunct hedge fund firm Platinum Partners, after jurors said they were deadlocked.
/goo.gl/nKzBFY

ASIC makes consolidated market integrity rules
ASIC
ASIC has today made market integrity rules which consolidate 13 of the existing 14 rule books into four rule books to create a common set of rules for securities markets and a common set of rules for futures markets.
/goo.gl/JXcDZk

ASIC takes further action in Allianz Metro binary option trading investigation
ASIC
ASIC has sought final orders in ongoing Federal Court proceedings against a number of international and Australian companies and associated individuals that it alleges are involved in operating binary trading websites (www.titantrade.com and https://tradettn.com) (the Websites) and offering of binary trading services to Australian customers.
/goo.gl/PKJ5H8

Steven Maijoor speech at EFAMA’s Investment Management Forum
ESMA
The Chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, delivered the keynote speech at EFAMA’s Investment Management Forum in Brussels on Thursday 16 November.
/goo.gl/kdjm74

ESMA clarifies endorsement regime for third-country credit ratings
ESMA
The European Securities and Markets Authority (ESMA) has published its Final Report updating its Guidelines on the application of the endorsement regime under the CRA (Credit Rating Agencies) Regulation. The entry into force of the 2013 amendments to the CRA Regulation (CRA 3), and the associated introduction of new requirements to endorsed ratings in 2018, provided an opportunity for ESMA to review the regime more broadly.
/goo.gl/nPM2mq

ESMA consults on calculation of derivative positions
ESMA
The European Securities and Markets Authority (ESMA) has today published for public consultation future guidelines on the calculation of derivative positions by trade repositories (TRs) authorised in the European Union under the European Market Infrastructure Regulation (EMIR).
/goo.gl/z1QzvA

SEC Announces Agenda and Panelists for the 36th Annual Small Business Forum
SEC
The Securities and Exchange Commission today announced the agenda and panelists for the 36th Annual Government-Business Forum on Small Business Capital Formation.
/goo.gl/AFNTAw

Podcast: CFTC Talks EP016: Jack Ablin, Chief Investment Officer BMO Private Bank
CFTC
/goo.gl/YQyQ3G

Japanese regulators raid Airbnb over suspected antitrust practices
Reuters Staff
Japanese fair trade regulators raided last month the offices of Airbnb Inc over suspected violations of antitrust laws, the home rental site said on Friday, denying any wrongdoing.
/goo.gl/YZvjjh

Investing and Trading

Fed Insiders Seek Radical Policy Review as Powell Era Dawns
Jeanna Smialek and Matthew Boesler – Bloomberg
Committee members want to discuss inflation target alternative; Push comes as new Chair prepares to take the reins in February
Federal Reserve officials are pushing for a potentially radical revamp of the playbook for guiding U.S. monetary policy, hoping to seize a moment of economic calm and leadership change to prepare for the next storm.
/goo.gl/PFhEAX

Why Are Critics Calling the $450 Million Painting Fake?; The art world and chattering classes are casting doubt on a recently sold Leonardo Da Vinci. Experts say it’s real.
James Tarmy – Bloomberg
Even before Leonardo Da Vinci’s Salvator Mundi went to auction last night at Christie’s in New York, naysayers from around the art world were savaging its authenticity. Various advisors were muttering darkly, both online and in the auction previews, and one day before the sale New York magazine’s Jerry Saltz wrote that though he’s “no art historian or any kind of expert in old masters,” just “one look at this painting tells me it’s no Leonardo.”
/goo.gl/i41WfT

PayPal to sell $6 billion in consumer loans to Synchrony Financial
Sarah Perez – Techcrunch
PayPal announced today it has agreed to sell $5.8 billion in consumer credit receivables to Synchrony Financial, in an expanded relationship between the companies. The deal also includes Synchrony’s acquisition of $1 billion in participation interests in PayPal receivables held by certain investors and a chartered financial institution, the company said.
/goo.gl/ojHHsm

Cleveland Fed president says Fed not at the precipice; Martin Feldstein, shown here in 2016, says current stock and bond prices are out of line, bringing the risk of a sharp correction.
Greg Robb – MarketWatch
A noted economist says the stock market is in danger of seeing $9.5 trillion in wealth disappear if the Fed doesn’t aggressively hike interest rates.
/goo.gl/gGGfzr

Grain traders grapple with rise of Russian exports; Companies continue to rely on US markets for hedging despite diversifying trade flows
Emiko Terazono in London – FT
The $20m loss by US agricultural trader Archer Daniels Midland on hedge positions in Black Sea grain has raised questions about traders’ commitment to traditional North American derivative benchmarks as Russia takes a bigger slice of the global grains market.
/goo.gl/t6fJxX

Investors pour more money into tech stocks despite credit market wobble
Adam Samson – FT
Investors have continued to shift into technology stocks, one of the year’s best performing assets, despite signs of jitters in other financial markets.
/goo.gl/2Sd3GW

Institutions

Norway’s $1 trillion wealth fund proposes dropping oil and gas stocks; Norway wealth fund proposes ditching oil and gas stocks
David Sheppard, Richard Milne
Norway’s trillion-dollar sovereign wealth fund has proposed dropping its investments in oil and gas stocks, saying western Europe’s biggest energy producer already has enough exposure to petroleum.
/goo.gl/jexDRC

World’s Biggest Wealth Fund Wants Out of Oil and Gas
Sveinung Sleire – Bloomberg
Fund wants to protect Norway’s economy from oil price risk; Government says will conclude assessment in ‘fall of 2018’
The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.
/goo.gl/ZDhsnX

Analysts flee Wall Street with gallows humor as research changes loom
Olivia Oran – Reuters
Having covered financial stocks at big and small banks for more than two decades, David Hilder was accustomed to the ebb and flow of Wall Street job cuts and hiring sprees.
/goo.gl/LGjhaB

HSBC Calls Banker’s $2.4 Million Bonus Suit a Waste of Time
Kaye Wiggins and Kit Chellel – Bloomberg
Rajesh Parmar accuses bank of ‘capricious conduct’ over bonus; Bank says he can’t have bonus as he helped clients evade tax
A former HSBC Holdings Plc banker filed a lawsuit after being told he couldn’t have his bonus because he helped clients cheat on their taxes. The bank responded by counter-suing him for wasting its time.
/goo.gl/44HQF1

Deutsche Bank CEO says European banks would benefit from consolidation
Olaf Storbeck – FT
Deutsche Bank’s chief executive has made the case for more consolidation among European banks, arguing it would be beneficial for Europe if there were “a handful of institutions” powerful enough to compete on a global stage with larger US and Chinese rivals.
/goo.gl/WZ8R4o

Deutsche Bank hires specialist to head U.S. ETF trading division
Trevor Hunnicutt – Reuters
Deutsche Bank AG’s U.S. securities division has hired a veteran of the exchange-traded fund (ETF) business to manage sales in the growing sector, according to a person familiar with the matter on Wednesday.
/goo.gl/Dd2cJB

Cyber threat looms for U.K. banks as ring-fencing exposes data
Bloomberg
New rules that were supposed to protect depositors may end up making them vulnerable to fraudsters. Changing the account data of about a million clients at banks including Barclays Plc and HSBC Holdings Plc is a golden opportunity for hackers, the U.K.’s Financial Conduct Authority has warned banks.
/goo.gl/vKMFcY

Regions

Number of visitors to Britain hits record high as weak pound lures tourists; By contrast, the number of British residents going abroad during August – normally the busiest of the year for holiday travel – fell 3 per cent
William Schomberg – Independent
The number of visitors to Britain hit a record high in August but fewer Britons travelled abroad, the latest sign of how the fall in the value of the pound after last year’s Brexit
/goo.gl/wMesXw

China sets sweeping new rules to regulate $15 trillion asset management products
Shu Zhang, Ryan Woo – Reuters
China’s central bank on Friday issued sweeping guidelines to tighten rules on asset management business, the latest step by Beijing to fend off systemic risks in the country’s rampantly growing shadow banking sector.
/goo.gl/25N929

Japan Chamber of Commerce chief calls for more foreign workers; Companies cite shortage of skilled labour to explain poor results
Leo Lewis – FT
The head of the Japan Chamber of Commerce and Industry has warned of a “worsening and intensifying” labour shortage and called on the government to consider changing immigration controls on foreign workers.
/goo.gl/uT7ACC

China’s bitcoin crackdown has helped Japan embrace the cryptocurrency movement; Japan made bitcoin a legal currency, and now it’s more popular than ever
Akiko Fujita, Hollie Wong – CNBC
A year ago, China accounted for 90 percent of all bitcoin trade. But since Beijing banned initial coin offerings (ICOs) and regulators started to crackdown on bitcoin exchanges in September, another Asian powerhouse has swooped in to embrace the crypto movement.
/goo.gl/sgzuU3

Asia’s Cities Could Save the Planet; New urbanites need greener buildings to live and work in.
The Editors – Bloomberg
The world’s cities will add 2.5 billion more residents by 2050, more than half of them in Asia. The effect of this great migration on climate change will depend in part on what kind of homes, factories and office buildings they live and work in.
/goo.gl/rDffcJ

Brexit

We’ll Wait for U.K.’s Brexit Concessions, EU Leaders Tell May
Ian Wishart and Viktoria Dendrinou – Bloomberg
European Union leaders say they will wait for Theresa May to deliver further Brexit concessions and guarantees, putting into doubt whether talks will advance to the future trade relationship in December.
/goo.gl/pVJxCh

Goldman Sachs CEO says U.K. should vote again on Brexit
Ivana Kottasov· – CNN Money
Goldman Sachs CEO Lloyd Blankfein isn’t done tweeting about Brexit.
/goo.gl/7bbsf9

Britain prepares case to cut Brexit divorce bill; By winning every argument, the cost in theory could come down to net EUR32bn
Alex Barker in Brussels – FT
The haggling over the UK’s Brexit bill is about to begin. After months of legal jostling, British negotiators have signalled their readiness to discuss specifics of the EU’s demands for a financial settlement.
/goo.gl/iiHDTg

Miscellaneous

Harvard Is Ranked Best Business School for Third Straight Year
Shahien Nasiripour – Bloomberg
Harvard Business School offers the nation’s best MBA program, the third straight year the Massachusetts-based school has bested its peers in our annual ranking of graduate business schools.
/goo.gl/tJUZzK

Harvard’s Days as the World’s Richest School May Be Numbered; A healthy endowment is crucial to lure top faculty and students, but this one isn’t growing as fast as it should.
Michael McDonald – Bloomberg
There’s one ranking in higher education where the top college never changes. With an endowment that currently totals around $37 billion, Harvard University has for decades firmly grasped the mantle of world’s richest school.
/goo.gl/s6ors1

A mission for journalism in a time of crisis; In a turbulent era, the media must define its values and principles, writes Guardian editor-in-chief Katharine Viner
The Guardian
‘No former period, in the history of our Country, has been marked by the agitation of questions of a more important character than those which are now claiming the attention of the public.” So began the announcement, nearly 200 years ago, of a brand-new newspaper to be published in Manchester, England, which proclaimed that “the spirited discussion of political questions” and “the accurate detail of facts” were “particularly important at this juncture”.
/goo.gl/MzqMX1

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Graduate of University of Minnesota School of Journalism and Mass Communication