First Read
Harvey Pitt on the Future of Stock Exchanges; The Big Board trading floor will become the next Apple store or Trump Tower, and other fearless predictions from the former SEC chief
By HARVEY PITT, WSJ
Predictions about Wall Street and its institutions can be exceedingly difficult. As Paul Samuelson, America’s first Nobel laureate in economics, wryly observed nearly 50 years ago, Wall Street prognosticators “predicted nine out of the last five recessions!”
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***DA: Futures trading pits are perfectly sized and shaped to be retrofitted into giant hot tubs.
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Glut of Capital and Labor Challenge Policy Makers; Global oversupply extends beyond commodities, elevating deflation risk
By JOSH ZUMBRUN and CAROLYN CUI, WSJ
The global economy is awash as never before in commodities like oil, cotton and iron ore, but also with capital and labor—a glut that presents several challenges as policy makers struggle to stoke demand.
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***DA: Central bank policy has been described to me as “pushing on a string.”
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SEC’s stock market reform club locks out retail brokers
BY JOHN MCCRANK, Reuters
The U.S. Securities and Exchange Commission is convening a group of financial industry veterans for the first time next month to consider stock market reforms, but one group will be conspicuously absent: retail brokerages.
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***DA: After the big guys implement the next round of changes, the retail sector can read about them in Michael Lewis’ next book.
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OCC Lingo: SIFMU Stands For Clearinghouse Changes
JohnLothianNews.com
The OCC was designated a systemically important financial market utility in 2012. That led to some big changes at the organization, along with challenges in risk management and credit and liquidity resources. John Lothian News spoke with John Fennell, executive vice president, financial risk management at the OCC, about what the organization is doing to insure that it meets these and other regulatory obligations.
Watch the video »
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Bridging the Week by Gary DeWaal: April 20 to 24 and 27, 2015 (CFTC-SEC Merger, Spoofing, LIBOR Manipulation, Bitcoin, Exchange Nonmember Cooperation)
By Gary DeWaal, Katten Muchin Rosenman LLP
The most publicized news last week involving financial services were the legal actions on April 21 by the US Department of Justice and Commodity Futures Trading Commission against a UK-based trader for alleged spoofing that the agencies claim contributed to the so-called “Flash Crash” in May 2010. But a day before that news broke, a think tank headed by Paul Volcker, the former chairman of the Federal Reserve, called for a major overhaul of the US financial regulatory system, including merging the CFTC and the Securities and Exchange Commission. As a result, the following matters are covered in this week’s Bridging the Week
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***DA: Thanks again to Mr. DeWaal for quickly getting to the meat of the issues. Worth a look every Monday.
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UK government warns BP over potential takeover
George Parker and Christopher Adams, FT
The British government has told BP it would oppose any potential takeover of the company, which was seriously weakened by the huge bill incurred after the Gulf of Mexico Deepwater Horizon disaster five years ago.
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***DA: The City of London’s financial bigwigs have been known to protect their turf. We see it in the corporate sector…
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US has itself to blame for flash crash trading
The Guardian
It’s a bit rich for the US authorities to seek extradition of Navinder Singh Sarao on charges of “wire fraud” (intentionally depriving another person of property or honest services via mail or wire communication) – a federal crime since 1872 – when they themselves set up the environment in which Sarao was allegedly making bets in the unregulated market
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***DA: And in the regulatory sector…
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Prince Charles shuns fossil fuel investments
Pilita Clark, Environment Correspondent, FT
A campaign to blacklist fossil fuel investments has gone global over the past 12 months; now it can also claim to be regal.
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***DA: But someone forgot to send the memo to Buckingham Palace.
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Burdened With Debt, Law School Graduates Struggle in Job Market
By ELIZABETH OLSONA, NY Times
Jonathan Wang has not practiced law since he graduated from Columbia Law School in 2010, but he did not plan it that way.
jlne.ws/1FqQJag
***DA: The legal community struggles with the same problems we all have – a feeding frenzy at the top and a fight for survival at the bottom. The lesson is that everyone, and I mean EVERYONE, should exhaust all other options before going deeply into hock to pay for school.
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Flash crash trader’s CME seat: bought for $435,000, now worth just $69,500
Reuters
The UK-based trader accused by U.S. authorities of making more than $40 million manipulating markets and contributing to the 2010 Wall Street flash crash was on the losing end of at least one trade: his purchase of the CME Group seat that helped to make the alleged scheme possible.
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***DA: The fall in the value of non-member trading rights has been well known for a while. Kudos to Reuters for finding a way to make it a current events story.
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Google executive killed in Mount Everest avalanche after quake
BY BRENDAN O’BRIEN, Reuters
Dan Fredinburg, a Google Inc executive based in California, was among those killed on Saturday in an avalanche on Mount Everest caused by a devastating earthquake in Nepal, the company said.
jlne.ws/1EIqzRz
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Lead Stories
US banks face ‘golden parachutes’ challenge
Ben McLannahan in New York, FT
Investors are set to challenge some of Wall Street’s biggest banks on their “golden parachutes,” which can see top executives pocket millions of dollars before taking jobs in government.
jlne.ws/1bK92Ma
Senior Nasdaq NLX executive to depart
By Tim Cave, Financial News
One of the most senior executives at Nasdaq’s London exchange, NLX, is set to leave the firm amid a time of change for the derivatives market which is eyeing a fresh start having failed to grow its market share significantly.
jlne.ws/1HNrKiZ
‘Flash Crash’ Investigators Likely Missed Clues
By BRADLEY HOPE and ANDREW ACKERMAN, WSJ
Investigators overlooked evidence given to them just hours after the 2010 “flash crash” that could have enabled them to uncover the strategies of Navinder Sarao, the trader now accused of helping cause the violent selloff in stocks that day, according to members of a committee that oversaw the investigation.
jlne.ws/1bvAi00
‘Trading Arcades’ Grew as Markets Shifted
WSJ
The arrest here earlier this week of Navinder Singh Sarao, the U.K. trader alleged to have made $40 million through manipulation of futures markets, has put the UK’s “trading arcades” business in the spotlight.
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The type of alleged market manipulation by the British trader accused of helping provoke the “flash crash” in 2010 is hard to detect, the chief of the Financial Industry Regulatory Authority said on Friday.
U.S. regulator says ‘flash crash’ manipulation hard to detect
Reuters
The type of alleged market manipulation by the British trader accused of helping provoke the “flash crash” in 2010 is hard to detect, the chief of the Financial Industry Regulatory Authority said on Friday. Nonetheless, the alleged abuses were “somewhat surprising” given that his behavior was identified in 2009 but continued for another five years, said Richard Ketchum, chairman and chief executive of FINRA, a self-funded regulator for Wall Street.
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CFTC to explore setting up swaps industry self-regulation
Neil Roland, MLex
The US Commodity Futures Trading Commission will consider whether to set up an industry self-policing organization for swaps market participants alone, Commissioner Sharon Bowen said.
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Who, Or What, Crashed The Market In A Flash In 2010?
NPR
It has been five years since the so-called flash crash on Wall Street raised big questions about computerized trading. What caused the flash crash has been a topic of debate ever since. U.S. officials revived the debate this week by arresting a little-known trader in London.
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Commodity trading chiefs upbeat at FT conference
FT reporters
After a period of weakness in commodity markets, some of the world’s biggest traders gathered on the shores of Lake Geneva last week to discuss the outlook for the industry for the fourth FT Commodities Global Summit.
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‘Flash crash’ trader’s ex-employer had no concerns about him
Reuters
Futex, the trading firm that for five years employed the Briton accused of fraud and market manipulation by U.S. authorities related to the May 2010 ‘flash crash,’ had no concerns about his trading during his tenure, the firm said in a statement Friday.
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Japan’s trading houses rethink strategy
Kana Inagaki in Tokyo, FT
With their extensive intelligence networks and broad global footprint, Japan’s trading houses historically have been reliable sounding boards on topics ranging from energy supply and diplomacy to the world economy.
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Regulatory
Need for better commodity regulation deepens
FT.com
I recognise that the recent decline in gas and oil prices may have somewhat diminished the level of public and policy attention around commodities regulation. But I do believe that working together to calibrate the right set of rules and regulations on commodity trading remains a fundamental task to ensure markets function properly and generate the right outcomes for producers, traders and consumers.
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Deutsche Bank granted waivers from SEC sanctions after Libor guilty plea
Neil Roland – MLex
The US Securities and Exchange Commission granted temporary waivers from certain regulatory sanctions to Deutsche Bank following its guilty plea last week to criminally manipulating interest rates, documents show.
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Finance Post: CFTC Issues No-Action Relief for SEF Confirmation
by Kevin M. Foley, Timothy D. Kertland, Katten Muchin Rosenman LLP
On August 14, 2014, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) granted no-action relief to swap execution facilities (SEFs) from the confirmation and recordkeeping requirements set forth in CFTC Regulations 37.6(b), 37.1000, 37.1001, and 45.2. On April 22, DMO extended and expanded the relief to additionally include confirmation data reporting requirements set forth in CFTC Regulation 45.3(a).
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US banks push for delay in reporting corporate bond trades
Robin Wigglesworth, US Markets Editor, FT
US banks and asset managers are pushing for a delay in reporting big corporate bond trades as a way of avoiding a possible liquidity crisis, potentially setting up a battle with regulators keen to preserve transparency in the traditionally murky market.
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Despite doubters, swaps group ISDA touts central role in market reform
BY KAREN BRETTELL, Reuters
When Scott O’Malia, chief executive officer of the International Swaps and Derivatives Association, took the stage at the trade group’s 30th annual general meeting this week, he explained the strength of ISDA as “in a word, relevance.”
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ESMA Publishes Updated EMIR Q&A – Focus On Reporting
MondoVisione
The European Securities and Markets Authority (ESMA) has today issued the 13th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR). This update relates to the second level of the EMIR validation specifications to be commonly applied by the Trade Repositories (TR) to ensure that reporting is performed according to the EMIR regime.
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Congress kicks can on CFTC
Confession time: Over the last three years I often have referred to the 113th and 114th Congress as either “do nothing” or “doing less than nothing.” This is wrong because each passing day of continued congressional nothingness clearly shows House and Senate leaders, then as now, busy as bees planning and implementing detailed action plans for inaction.
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Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans
SEC
FINRA: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Delay the Implementation Date of Trade Reporting Amendments Approved Pursuant to SR-FINRA-2013-050 (Release No. 34-74807; File No. SR-FINRA-2015-008)
ISE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Schedule of Fees (Release No. 34-74804; File No. SR-ISE-2015-15); see also Exhibit 5
MIAX: Notice of Filing of a Proposed Rule Change to Amend Exchange Rule 515 (Release No. 34-74809; File No. SR-MIAX-2015-19); see also Exhibit 5
NASDAQ: Notice of Filing of Proposed Rule Change, as Modified by Amendments Nos. 1 and 2 Thereto, Relating to the Listing and Trading of the Shares of 18 Eaton Vance NextShares ETMFs of either the Eaton Vance ETMF Trust or the Eaton Vance ETMF Trust II (Release No. 34-74797; File No. SR-
NASDAQ-2015-036; April 23, 2015)
NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Postpone Implementation of Changes to Rules 4751(h) and 4754(b) Relating to the Closing Process (Release No. 34-74795; File No. SR-NASDAQ-2015-038; April 23, 2015)
NYSE Arca: Order Granting Approval of Proposed Rule Change to Eliminate Additional Order Type Combinations, Delete Related Rule Text, Restructure the Remaining Rule Text in NYSE Arca Equities Rule 7.31, and Make Other Clarifying Changes to its Rule (Release No. 34-74796; File No. SR-NYSEArca-2015-08; April 23, 2015)
Phlx: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete Outdated Rule Language Contained in Rule 019 and Options Floor Procedures Advices (Release No. 34-74801; File No. SR-Phlx-2015-35; April 23, 2015); see also Exhibit 5
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Exchanges & Trading Facilities
CME, ICE plan exchanges at GIFT City IFSC
Business Standard News
The CME group and ICE are exploring possibilities of opening centres at the International Financial Services Centre (IFSC) coming up at GIFT City in Gujarat near Ahmedabad.
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London Gold Trade Probably Won’t Move to Exchange, LBMA Says
Bloomberg Business
Bullion trading in London isn’t likely to move to an exchange because it would increase costs and reduce liquidity, according to the industry’s trade association.
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Liquidnet sees boost in average trade sizes
The Trade
Average trade sizes on Liquidnet increased by almost a third in the first quarter of 2015, with extremely large block trades seeing a spike.
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ASX signs MOU with China Futures Association
ASX
ASX has today signed a Memorandum of Understanding (MOU) with the China Futures Association (CFA) at a CFA conference in Hangzhou, China.
jlne.ws/1Kn4OW8
National Multi Commodity Exchange launches forward trading in rubber
The Economic Times
The Ahmedabad- based National Multi Commodity Exchange (NMCE) has launched auction-based forward contracts in rubber, which can be done online using special software. The process is expected to help the rubber trade, which is currently reeling under a prolonged price crash, in the long run.
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London Stock Exchange plc: ELITE welcomes first intake of European companies to programme
Wall St. Transcript
ELITE is London Stock Exchange Group’s pan-European programme for ambitious high growth businesses. Companies from Germany, Spain, France, Finland, Greece and Romania among those to join programme. Further 42 Italian and UK companies also join ELITE programme this week.
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Hedge Funds & Managed Futures
Millennium Hedge Fund, Quant Trader Plan Venture; First time Izzy Englander is creating a business with one of his portfolio managers
By JULIET CHUNG, WSJ
For two decades, Igor Tulchinsky and his team of quantitative traders have helped fatten the returns of New York hedge fund Millennium Management LLC.
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Traders alarmed oil glut is a strain on West Texas storage tanks
BY CATHERINE NGAI, Retuers
Four-hundred miles from the near overflowing tanks at the U.S. oil hub in Cushing, Oklahoma, a second glut in the Permian Basin of West Texas is pressuring oil prices once again as pipeline disruptions strand millions of barrels in the region.
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Deflation? Oil’s 45 pct rebound could be markets’ next headache
By Jamie McGeever, Reuters
Markets, policymakers taken by surprise; 2016 inflation could be significantly; 27 central banks eased policy so far this year
Whisper it, but the next challenge for financial markets and policymakers may not be deflation, but the remarkable surge in oil prices from the six-year low touched in January.
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Price of U.S. Cotton Picking Up as Supplies Dwindle;There is demand for high-quality cotton but not enough to go around
By JULIE WERNAU, WSJ
Buyers are snatching up the last stocks of high-quality U.S. cotton, driving up prices in the process.
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Funds flow wrong way for Aberdeen Asset Management
David Oakley, Investment Correspondent, FT
One of Europe’s worst performing investment groups in 2014. More than £25bn in lost business since the second quarter of 2013. And last week, another analyst downgrade.
jlne.ws/1OXMR0V
Henry Blodget: Where Is He Now?
By MAUREEN FARRELL, WSJ
Henry Blodget first generated intrigue and applause for his call on Amazon.com Inc. in late 1998. While then working as an analyst for CIBC World Markets, Mr. Blodget put what was considered an outlandish $400 target on Amazon.com’s stock, which was then trading at $230. Within weeks, Amazon’s stock hit Mr. Blodget’s target and surpassed it.
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Banks & Brokers
Deutsche Bank says no cap hike needed to meet new leverage goal
Reuters
Deutsche Bank does not need to raise capital to achieve its aim of raising is leverage ratio to at least 5 percent from around 3.4 percent currently, Co-Chief Executive Anshu Jain said on Monday.
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Deutsche Bank pledges overhaul, shares slide
BY THOMAS ATKINS AND JONATHAN GOULD, Reuters
Deutsche Bank (DBKGn.DE) will cut 200 billion euros ($217.5 billion) in investment bank assets and exit a tenth of the countries in which it operates as part of a restructuring program designed to boost earnings and cut risk.
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Wealth Adviser: How Wealth Managers Lose Focus Down the Stretch
By KEVIN NOBLET, WSJ
Advisers are familiar with the mistakes some clients make in the years just before retirement. But advisers sometimes slip up, too, as they get closer to handing over their businesses, or to at least scaling back the hours they put in. For instance, they may stop deepening relationships with existing clients, says New Jersey-based adviser Lee Giobbie. As a result, “you’ll find yourself abandoned before you’re ready to leave work,” he writes on Wealth Adviser at WSJ.com. Advisers late in their careers also may fail to embrace new technologies – and they do so at their peril.
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Clearing & Settlement
Financial services sector offers lessons for healthcare IT
Modern Healthcare
In 1853, banks formed the Clearing House, an association that standardized and performed transactions among members. In 1974, the National Automated Clearing House Association was formed. By 1978, banks across the U.S. were exchanging electronic payments (in part because of the regulatory framework of the Electronic Fund Transfer Act of 1978). In 2013, 22 billion transactions ($39 trillion) were exchanged via the ACH network.
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Swiss expect deal with EU over clearing house
Reuters
The European Union is expected to give a green light for the Swiss securities clearing house to keep handling trades involving parties based in the EU, a senior Swiss markets official said.
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Nearly 80 Percent of Banks, Retailers and Billing Organizations Know They are at Risk of Customer Attrition
MarketWatch
A new payments survey of more than 1,100 executives representing leading banks, retailers and billing organizations across the Americas, Asia-Pacific and EMEA revealed that although 80 percent of them understand they are at risk of customer attrition, only four in ten are focused on improving the customer experience.
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Indexes & Products
Record-setting Nasdaq assumes leadership role
Nicole Bullock, FT
Having reclaimed record territory after an absence of 15 years, the US Nasdaq Composite has assumed a leadership role, and in dollar terms is now outperforming the broad eurozone market for this year.
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QQQ ETF Falters as Nasdaq Soars; ETF once represented 40% of trading volume at American Stock Exchange; a net outflow in 2014
By LIZ MOYER
Nasdaq stocks are finally having their moment. The 2,579-stock Nasdaq Composite Index has soared past its record set during the dot-com era. The smaller Nasdaq-100 index isn’t far behind.
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Taiwan stock futures index hits milestone
The China Post
The Taiwan stock futures index touched the 10,000-point mark for the first time in 15 years at one point Friday before pulling back, but it still ended above its previous close.
jlne.ws/1Fr0l4B
Majority of equity, debt MFs underperformed benchmarks
Moneycontrol.com
Majority of equity and debt mutual funds underperformed their benchmark indices over the 5-year period ended December 31, 2014, shows data from the SPIVA India scorecard.
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Technology
Infinite arbitrage in the electronic market jungle
FT.com
John Plender finds a marketplace fragmented by computerised reactions to short-term price movements
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The SEC, CFTC and the Real-Time Risks in Today’s Markets
By Irene Aldridge and with Steve Krawciw, Huffington Post
The new revelations surrounding the Flash Crash of May 6, 2010, once again brought to light an undeniable fact: U.S. regulators desperately need to boost their real-time surveillance capabilities.
jlne.ws/1PLdCIq
Why FinTech Startups Get The Scraps Of Bank Investment
PYMNTS.com
The financial technology sector is one of the hottest investment spots in the game, but you won’t often find banks jumping in on the action, according to a new report that surveyed 40 FinTech startups across 23 nations.
jlne.ws/1OXZpW8
FinTech’s Slow Embrace of Bitcoin on Display at Draper University Event
CoinDesk
Featuring speakers as diverse as Citi Ventures’ Arvind Purushotham and CBW Bank’s Suresh Ramamurthi, the FinTech Connection provided a day-long forum for discussions on the broader opportunity that could be unlocked by disrupting the financial industry, noting at times how bitcoin and blockchain technology could play a part in this societal shift.
jlne.ws/1OXZtoO
Environmental & Energy
After diplomatic blitz, EU sees progress by June towards U.N. climate deal
By Alister Doyle – Reuters
The European Union expects that countries emitting more than half of world greenhouse gases will publish plans for fighting global warming by mid-year to help build a U.N. deal due in December, according to an EU document obtained by Reuters.
jlne.ws/1djsnEd
Abbott’s Maligned Carbon-Cut Measures Face French Scrutiny
By Jason Scott – Bloomberg News
Australia to curb its carbon emissions when he meets France’s President Francois Hollande in Paris.
jlne.ws/1DC0e1I
Canada needs new policies to meet emissions reduction goal, Harper says
By Shawn McCarthy – The Globe and Mail
Canada faces significantly higher costs than the United States to meet the same targets for greenhouse-gas reduction, a difference that is heightened by federal delays in policy action.
jlne.ws/1HNnvEm
Asia-Pacific
ASX Customer Support Centre Opened By Federal Treasurer
ASX
ASX’s new 24 hour, globally connected Customer Support Centre was opened by the Federal Treasurer, the Hon Joe Hockey, at a ceremony in Sydney today.
jlne.ws/1A4VqQL
Fall of China’s finance great wall will shake up world markets
afr.com
Chinese finance China is Australia’s largest export market by far, but with the Chinese gradually de-regulating its finance market and currency, the new opportunities may be in finance.
jlne.ws/1OXZER6
Asia’s Markets Barrel Past Milestones
WSJ
From Shanghai to Tokyo, stock markets in Asia Pacific are hitting new milestones this year. But the reasons are far from sound fundamentals in the region’s economic growth.
jlne.ws/1OXZYzk
Singapore posts largest decline in financial literacy across Asia Pacific
AsiaOne Business News
Singapore has fallen to sixth place for financial literacy and recorded the largest decline out of 16 Asia Pacific markets, revealed a report by payment processing company, MasterCard. Singapore was previously ranked second in the region, sliding four index points to score 68 index points in financial literacy.
jlne.ws/1OY0b5r
Frontier Markets
QSE keen on ties with US markets to widen its global expansion
Gulf Times
The Qatar Stock Exchange (QSE) is keen to strengthen co-operation with the US securities markets as part of its efforts to attract more international fund houses.
jlne.ws/1Fr4i9C
ASEAN ‘may be the next factory of the world’
AsiaOne Business News
A REPORT by the Australia and New Zealand (ANZ) Banking Group has predicted that ASEAN will still not have developed into a fully integrated common market by the end of this year, when it becomes an economic community.
jlne.ws/1Fr4qWG
BRICS and development: new hubs of agrarian capital
The Zimbabwean
When talking about the BRICS countries and their role in development, there is a lot of hot air surrounding debates on ‘South-South cooperation’ and plenty of warm words offered about ‘mutual learning’ and ‘solidarity’.
jlne.ws/1Fr4sxE
READ MORE: John Lothian Newsletter: US banks face ‘golden parachutes’ challenge; Senior Nasdaq NLX executive to depart; ‘Flash Crash’ Investigators Likely Missed Clues.