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April 6, 2019 23:53
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| { | |
| "data": [ | |
| { | |
| "id": 109663, | |
| "title": "‘Crucial’ Week Has Citigroup Touting a Bet on Higher Volatility", | |
| "url": "https:\/\/www.bloomberg.com\/news\/articles\/2019-03-29\/-crucial-week-has-citigroup-touting-a-bet-on-higher-volatility?utm_source=twitter&utm_medium=social&utm_campaign=socialflow-organic&cmpid=socialflow-twitter-business&utm_content=business", | |
| "preface": null, | |
| "summary": "To position for what could be either a “hefty bounce” in risk appetite or a further darkening of the global economic outlook, Citigroup strategist Calvin Tse recommends an options wager on the dollar-yen currency pair, which has a tendency to move along with global risk sentiment.", | |
| "live_date": "2019-04-01T09:30:41+00:00", | |
| "impact_score": "4.5", | |
| "popularity": 32, | |
| "categories": [ | |
| { | |
| "id": 2, | |
| "value": "Industry News", | |
| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 229, | |
| "name": "China", | |
| "link": "https:\/\/curatia.com\/topics\/229" | |
| }, | |
| { | |
| "id": 149, | |
| "name": "Citigroup", | |
| "link": "https:\/\/curatia.com\/topics\/149" | |
| }, | |
| { | |
| "id": 135, | |
| "name": "Japan", | |
| "link": "https:\/\/curatia.com\/topics\/135" | |
| }, | |
| { | |
| "id": 349, | |
| "name": "Options", | |
| "link": "https:\/\/curatia.com\/topics\/349" | |
| }, | |
| { | |
| "id": 122, | |
| "name": "Volatility", | |
| "link": "https:\/\/curatia.com\/topics\/122" | |
| } | |
| ], | |
| "publication": { | |
| "id": 35, | |
| "name": "Bloomberg News", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 4228, | |
| "name": "Katherine Greifeld", | |
| "publication": "Bloomberg News", | |
| "publication_id": 35 | |
| } | |
| ], | |
| "word_count": 301, | |
| "featured": false, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "As we had expected and positioned for, the economic data this week were key in driving risk appetite. \r\n<br><br>\r\nIt started off in China, where both the official and Caixin measures of PMI beat market expectations. Following that, we had a beat in the US ISM number and upward revisions to the services PMI prints in Europe. Finally, to round off the week, the headline US nonfarm payrolls number also beat expectations, though wages were subdued. \r\n<br><br>\r\nThis helped assuage market concerns of an imminent global economic slowdown and thus supported risk sentiment. As a result, USDJPY moved up sharply, expiring just above the upper strike on our USDJPY strangle. However, given the premium we paid, we ended up being roughly flat on the position. \r\n<br><br>\r\n<b>Calvin Tse<\/b>\r\n<br>\r\n<i>Director & NAM Head of FX Strategy, New York<\/i>" | |
| }, | |
| { | |
| "id": 109649, | |
| "title": "Raising Money in the Crypto World Has Gotten a Lot Harder", | |
| "url": "https:\/\/www.wsj.com\/articles\/raising-money-in-the-crypto-world-has-gotten-a-lot-harder-11554037201?tesla=y&mod=e2tw", | |
| "preface": null, | |
| "summary": "Investors have been spooked by regulators’ clash with ICOs and the overall bear market in cryptocurrencies, where prices are plunging and trading volume is shrinking. Startups raising money via initial coin offerings brought in just $118M in the first quarter. In the same period in 2018, companies raised $6.9B.", | |
| "live_date": "2019-04-01T09:30:41+00:00", | |
| "impact_score": "5.5", | |
| "popularity": 67, | |
| "categories": [ | |
| { | |
| "id": 2, | |
| "value": "Industry News", | |
| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 119, | |
| "name": "Bitcoin", | |
| "link": "https:\/\/curatia.com\/topics\/119" | |
| }, | |
| { | |
| "id": 114, | |
| "name": "Blockchain", | |
| "link": "https:\/\/curatia.com\/topics\/114" | |
| }, | |
| { | |
| "id": 118, | |
| "name": "Cryptocurrencies", | |
| "link": "https:\/\/curatia.com\/topics\/118" | |
| }, | |
| { | |
| "id": 390, | |
| "name": "Derivatives", | |
| "link": "https:\/\/curatia.com\/topics\/390" | |
| }, | |
| { | |
| "id": 117, | |
| "name": "ICOs", | |
| "link": "https:\/\/curatia.com\/topics\/117" | |
| } | |
| ], | |
| "publication": { | |
| "id": 31, | |
| "name": "The Wall Street Journal", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 8, | |
| "name": "Paul Vigna", | |
| "publication": "The Wall Street Journal", | |
| "publication_id": 31 | |
| } | |
| ], | |
| "word_count": 615, | |
| "featured": false, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "The idea behind ICOs theoretically makes sense: There ought to be a low-friction, digital way to raise money for new and innovative projects equivalent to IPOs today. \r\n<br><br>\r\nWhat we’ve observed in practice, however, is quite different. The speculative nature of cryptocurrency markets and the lack of required documentation have doomed many of the ICOs launched in 2017 and 2018 to failure because they attracted fundraisers who, in many cases, were able to raise millions in cryptofunds based on mere whitepapers, at a time when the price of bitcoin was reaching historic highs. \r\n<br><br>\r\nIn response to this development, we saw the emergence of Security Token Offerings (STOs): asset-backed and more compliant versions of ICOs, subject to securities law. \r\n<br><br>\r\nThe moral of the story is that innovations are the result of multiple iterations and failures that are improved upon until a successful technology or new business model is created. \r\n<br><br>\r\nThe current drought could actually benefit ICO markets by weeding out speculative interest. The question, then, may ultimately be whether legitimate companies and investors can keep the faith long enough to see a working model for ICO market structure emerge.\r\n<br><br>\r\n<b>Iman Chaya<\/b>\r\n<br>\r\n<i>Assistant Vice President, Business Advisory Services, New York<\/i>" | |
| }, | |
| { | |
| "id": 109449, | |
| "title": "Investor spending on financial data jumps to post-crisis record", | |
| "url": "https:\/\/www.ft.com\/content\/222855de-4fbf-11e9-9c76-bf4a0ce37d49", | |
| "preface": null, | |
| "summary": "Investors’ twin demands for an edge over rivals and compliance with changing regulatory standards has propelled spending on specialist data to its fastest pace since the financial crisis.", | |
| "live_date": "2019-03-27T07:59:37+00:00", | |
| "impact_score": "7.0", | |
| "popularity": 60, | |
| "categories": [ | |
| { | |
| "id": 4, | |
| "value": "U.S. Company News", | |
| "description": "News about organizational changes, mergers & acquisitions, strategic partnerships, product announcements, executive profiles, and earnings of firms in trading & technology (other than exchanges) in the United States.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 194, | |
| "name": "Big data", | |
| "link": "https:\/\/curatia.com\/topics\/194" | |
| }, | |
| { | |
| "id": 400, | |
| "name": "Bloomberg", | |
| "link": "https:\/\/curatia.com\/topics\/400" | |
| }, | |
| { | |
| "id": 124, | |
| "name": "Burton-Taylor", | |
| "link": "https:\/\/curatia.com\/topics\/124" | |
| }, | |
| { | |
| "id": 254, | |
| "name": "Commodities", | |
| "link": "https:\/\/curatia.com\/topics\/254" | |
| }, | |
| { | |
| "id": 412, | |
| "name": "Compliance", | |
| "link": "https:\/\/curatia.com\/topics\/412" | |
| }, | |
| { | |
| "id": 231, | |
| "name": "Fidelity", | |
| "link": "https:\/\/curatia.com\/topics\/231" | |
| }, | |
| { | |
| "id": 59, | |
| "name": "FX", | |
| "link": "https:\/\/curatia.com\/topics\/59" | |
| }, | |
| { | |
| "id": 92, | |
| "name": "Hedge funds", | |
| "link": "https:\/\/curatia.com\/topics\/92" | |
| }, | |
| { | |
| "id": 144, | |
| "name": "Invesco", | |
| "link": "https:\/\/curatia.com\/topics\/144" | |
| }, | |
| { | |
| "id": 267, | |
| "name": "Morningstar", | |
| "link": "https:\/\/curatia.com\/topics\/267" | |
| }, | |
| { | |
| "id": 232, | |
| "name": "S&P", | |
| "link": "https:\/\/curatia.com\/topics\/232" | |
| }, | |
| { | |
| "id": 230, | |
| "name": "Schroders", | |
| "link": "https:\/\/curatia.com\/topics\/230" | |
| }, | |
| { | |
| "id": 318, | |
| "name": "T. Rowe Price", | |
| "link": "https:\/\/curatia.com\/topics\/318" | |
| }, | |
| { | |
| "id": 65, | |
| "name": "Thomson Reuters", | |
| "link": "https:\/\/curatia.com\/topics\/65" | |
| }, | |
| { | |
| "id": 392, | |
| "name": "TP ICAP", | |
| "link": "https:\/\/curatia.com\/topics\/392" | |
| }, | |
| { | |
| "id": 122, | |
| "name": "Volatility", | |
| "link": "https:\/\/curatia.com\/topics\/122" | |
| } | |
| ], | |
| "publication": { | |
| "id": 55, | |
| "name": "Financial Times", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 119, | |
| "name": "Philip Stafford", | |
| "publication": "Financial Times", | |
| "publication_id": 55 | |
| } | |
| ], | |
| "word_count": 502, | |
| "featured": false, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "Be it vendors or exchanges, the pace of escalation of data costs is a threat to the health of the industry, globally and cross-asset. \r\n<br><br>\r\nA publicly available survey conducted by SIFMA in advance of the SEC’s Market Data Roundtable last October (available <a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/www.sec.gov\/comments\/4-729\/4729-4559181-176197.pdf\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">here<\/a>) shows that NYSE’s proprietary market data fees have increased by 1100% in the past eight years. This is unsustainable. As the article points out, it’s not just a matter of paying more for a competitive advantage. \r\n<br><br>\r\nIncreasingly, market participants are forced to buy new data products just to keep pace with new regulations and provide best execution. When products that were once “nice-to-have” become essential to trade in a market, demand for those products drives prices to dangerous heights. These costs ultimately get passed on to investors, either directly or indirectly, and eat into returns. The only beneficiaries are market intermediaries such as for-profit exchanges and vendors. \r\n<br><br>\r\nThe SEC has made it clear over the past two years that it is focused on enforcing the statutory requirements that exchanges’ fees for market data products be “fair and reasonable” and “not unreasonably discriminatory.” And the issue is not specific to U.S. equity markets – it is pervasive across products and across the globe.\r\n<br><br>\r\n<b>Michael Masone<\/b>\r\n<br>\r\n<i>Director & Head of Americas Equities Market Structure, New York<\/i>" | |
| }, | |
| { | |
| "id": 109387, | |
| "title": "Thinning Liquidity in Key Futures Market Worries Traders", | |
| "url": "https:\/\/www.wsj.com\/articles\/thinning-liquidity-in-key-futures-market-worries-traders-11553515200", | |
| "preface": null, | |
| "summary": "A retreat by traders from E-mini S&P 500 futures, an important corner of the U.S. financial system where over $200B changes hands daily, has some worried it could make the stock market more susceptible to shocks.\r\n\r\n", | |
| "live_date": "2019-03-26T08:34:07+00:00", | |
| "impact_score": "7.5", | |
| "popularity": 93, | |
| "categories": [ | |
| { | |
| "id": 2, | |
| "value": "Industry News", | |
| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [], | |
| "publication": { | |
| "id": 31, | |
| "name": "The Wall Street Journal", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 49, | |
| "name": "Alexander Osipovich", | |
| "publication": "The Wall Street Journal", | |
| "publication_id": 31 | |
| } | |
| ], | |
| "word_count": 581, | |
| "featured": true, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "Execution approach has evolved alongside this change in futures market structure. We've seen increased growth in algorithmic trading similar to the trend in the equity markets. Participants are using these tools to capitalize on spread capture and anti-gaming logic, to protect embedded order information, and increase execution performance in a lessened liquidity environment. Many of these orders were historically placed outright (in larger size) on the exchange order book, adding to the liquidity visible to others - but now they sit off-exchange on their providers' algo servers or in hidden liquidity tools that only reflect a fraction of total order size. \r\n<br><br>\r\nWe've observed that when natural market events (like high volatility) lead to reduction in order book liquidity, algorithms react by reducing the size they show to the market to avoid impact. Liquidity decreases further as the algorithms re-learn to operate in lean liquidity environments. This \"positive feedback loop\" means that over the course of time the liquidity does not fully return to previous levels. The resulting reduction in liquidity may also cause systematic market maker's models to pare back liquidity provision activity. Conversely, many argue that the value of the systematic market maker is in their ability to add liquidity and restore a healthier market size.\r\n<br><br>\r\n<b>Steve Christian<\/b>\r\n<br>\r\n<i>Managing Director & Head of NAM Futures Execution, New York<\/i>\r\n<br><br>\r\n<b>Gordon Ball<\/b>\r\n<br>\r\n<i>Director & Head of EMEA Electronic Futures, London<\/i>" | |
| }, | |
| { | |
| "id": 109322, | |
| "title": "Wall Street Says It's Ready for MiFID-Style Changes to Come to the U.S.", | |
| "url": "https:\/\/www.bloomberg.com\/news\/articles\/2019-03-22\/wall-street-says-it-s-ready-for-mifid-style-changes-to-hit-u-s", | |
| "preface": null, | |
| "summary": "Wall Street brokers have taken the unprecedented step of urging U.S. regulators to let them charge clients separately for stock and bond analysis, a change that would upend the industry if it happened.\r\n<br><br>\r\nThe request adds to the fallout from European Union regulations that barred banks from bundling trading services and research into one bill for customers.", | |
| "live_date": "2019-03-25T09:14:32+00:00", | |
| "impact_score": "7.0", | |
| "popularity": 97, | |
| "categories": [ | |
| { | |
| "id": 5, | |
| "value": "U.S. Regulatory\/Government News", | |
| "description": "Information on legislation, political wrangling, studies, pilot programs, deadlines, enforcement actions, and other governmental affairs with the potential to impact trading & technology.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 387, | |
| "name": "Adviser", | |
| "link": "https:\/\/curatia.com\/topics\/387" | |
| }, | |
| { | |
| "id": 412, | |
| "name": "Compliance", | |
| "link": "https:\/\/curatia.com\/topics\/412" | |
| }, | |
| { | |
| "id": 253, | |
| "name": "Earnings", | |
| "link": "https:\/\/curatia.com\/topics\/253" | |
| }, | |
| { | |
| "id": 128, | |
| "name": "Greenwich Associates", | |
| "link": "https:\/\/curatia.com\/topics\/128" | |
| }, | |
| { | |
| "id": 95, | |
| "name": "MiFID II", | |
| "link": "https:\/\/curatia.com\/topics\/95" | |
| }, | |
| { | |
| "id": 60, | |
| "name": "Mifir", | |
| "link": "https:\/\/curatia.com\/topics\/60" | |
| }, | |
| { | |
| "id": 129, | |
| "name": "Mutual funds", | |
| "link": "https:\/\/curatia.com\/topics\/129" | |
| }, | |
| { | |
| "id": 109, | |
| "name": "Securities and Exchange Commission", | |
| "link": "https:\/\/curatia.com\/topics\/109" | |
| } | |
| ], | |
| "publication": { | |
| "id": 35, | |
| "name": "Bloomberg News", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 3172, | |
| "name": "Benjamin Bain", | |
| "publication": "Bloomberg News", | |
| "publication_id": 35 | |
| } | |
| ], | |
| "word_count": 489, | |
| "featured": true, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "Citi helped organize an impactful meeting with the SEC on April 4th to discuss this issue with Chair Jay Clayton, Alan Cohen (Senior Policy Advisor to the Chairman on International Issues), Brett Redfearn (Director of Trading & Markets) and Dalia Blass (Director of Investment Management). \r\n<br><br>\r\nPresent from the industry were nine buy-side firms and six sell-side firms. We had the SEC’s direct attention for nearly two hours, a testament to the importance they are placing on resolving the discord among US and EU laws regarding unbundling. All in the room recognized the desire to preserve the enhanced transparency MiFID II is bringing to the market while avoiding the rigidity of the RPA approach (Research Payment Accounts) MiFID has fostered.\r\n<br><br>\r\nParticipants quickly coalesced around the need for flexibility in payment for research by asset managers to brokers, whether using commissions or hard dollars (out of P&L). The remainder of the meeting focused on solutions other than requiring brokers to register as RIAs, which would restrict their ability to offer principal liquidity to their clients. \r\n<br><br>\r\nOne new idea explored relief using an expanded SEC interpretation that a direct P&L payment for research would be considered a “commission” under the Section 28(e) safe harbor of the 1934 Act. The SEC was also open to providing guidance for expanded use of CSAs, including receiving payments from other firms’ CSAs. The industry has already begun working up a potential proposal that has the backing of the sell-side and the buy-side, both large and small firms, to then present to SEC staff for consideration. \r\n<br><br>\r\nPlease contact us if you’d like to provide input or discuss further. \r\n<br><br>\r\n<b>Michael Masone<\/b>\r\n<br>\r\n<i>Director & Head of Americas Equities Market Structure, New York<\/i>" | |
| }, | |
| { | |
| "id": 109306, | |
| "title": "Hedge Fund Launches Hit 18-Year Low", | |
| "url": "https:\/\/www.institutionalinvestor.com\/article\/b1dn7r1n8jcgcn\/Hedge-Fund-Launches-Hit-18-Year-Low?utm_source=Twitter&utm_medium=Organic%20Social&utm_term=Editorial&utm_campaign=Institutional%20Investor", | |
| "preface": null, | |
| "summary": "A drop in investor tolerance for market volatility, as well as a desire for less risky assets, were to blame for the decrease in new fund launches, according to the report released by HFR on Friday.", | |
| "live_date": "2019-03-25T09:14:32+00:00", | |
| "impact_score": "6.5", | |
| "popularity": 71, | |
| "categories": [ | |
| { | |
| "id": 2, | |
| "value": "Industry News", | |
| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 92, | |
| "name": "Hedge funds", | |
| "link": "https:\/\/curatia.com\/topics\/92" | |
| }, | |
| { | |
| "id": 273, | |
| "name": "Indexing", | |
| "link": "https:\/\/curatia.com\/topics\/273" | |
| }, | |
| { | |
| "id": 122, | |
| "name": "Volatility", | |
| "link": "https:\/\/curatia.com\/topics\/122" | |
| } | |
| ], | |
| "publication": { | |
| "id": 115, | |
| "name": "Institutional Investor", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 5090, | |
| "name": "Alicia McElhaney", | |
| "publication": "Institutional Investor", | |
| "publication_id": 115 | |
| } | |
| ], | |
| "word_count": 431, | |
| "featured": false, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "Industry figures often look at the number of launches and liquidations of all Hedge Fund structures. Analysed as a whole, the ratio between launches and liquidations has been consistent with one new Hedge Fund launching for every fund liquidating since 2010. However, if you split out Single Manager Funds from the Fund of Hedge Funds we see that Funds of Hedge Funds have been deflating these statistics, with net liquidations of these fund types every year since the global financial crisis.\r\n<br><br>\r\nWhilst it may be true that some investors have reallocated from Hedge Funds to “less risky” assets, it is worth remembering that performance has driven 71% of the growth in Hedge Fund AUM since the beginning of the decade.\r\n<br><br>\r\nFor information on Hedge Fund business models, strategic decision points and the specific growth strategies used by the largest and most successful firms in the industry that have increased their AUM by >50% since 2010, see our <a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/www.citivelocity.com\/t\/eppublic\/15PeZ\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">New Hedge Fund Maturity Model<\/a> paper.\r\n<br><br>\r\n<i>Source: Citi BAS analysis based on a proprietary subscription to Hedge Fund Research<\/i>\r\n<br><br>\r\n<b>Adnan Memon<\/b>\r\n<br>\r\n<i>Business Advisory Services, London<\/i>" | |
| }, | |
| { | |
| "id": 109180, | |
| "title": "Wall Street's appetite for alternative data has turned into a gold rush, but investors say there's more dirt than nuggets", | |
| "url": "https:\/\/www.businessinsider.com\/wall-streets-appetite-for-alternative-data-has-turned-into-a-gold-rush-but-investors-say-theres-more-dirt-than-nuggets-2019-3", | |
| "preface": null, | |
| "summary": "Data experts at quantitative hedge funds said while the alternative data field might be booming, with seemingly new providers popping up daily, there is still a lot left to be desired. \r\n", | |
| "live_date": "2019-03-21T08:17:07+00:00", | |
| "impact_score": "7.0", | |
| "popularity": 89, | |
| "categories": [ | |
| { | |
| "id": 2, | |
| "value": "Industry News", | |
| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
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| "id": 56, | |
| "name": "Business Insider", | |
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| { | |
| "id": 6975, | |
| "name": "Dan DeFrancesco", | |
| "publication": "Business Insider", | |
| "publication_id": 56 | |
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| "commentary": "Investor skepticism around alternative data is nothing new. Lost amidst much of the noise around alternative data is the fact that alternative datasets don’t necessarily serve as a silver bullet to the problems investors are trying to solve. Alternative data, like any other data source, typically only gives a partial view into a given question or thesis. \r\n<br><br>\r\nPDT’s Morse makes an excellent point in that a clear use case is imperative before embarking on a search for an alternative data source. Any data source – alternative or not – should be carefully evaluated as a means to an end rather than a definitive solution to a given problem or hypothesis. \r\n<br><br>\r\nWith the right partner, investors can leverage industry expertise to help them understand exactly what their needs are and to navigate the fragmented data landscape. It is worth emphasizing that idea generation should preclude the procurement of alternative data for alternative data’s sake.\r\n<br><br>\r\n<b>Tim Mercurio<\/b>\r\n<br>\r\n<i>Vice President, Citi Digital Global Insights (CGDI), New York<\/i>" | |
| }, | |
| { | |
| "id": 109093, | |
| "title": "Wall Street banks are taking tech into the tougher corners of fixed income, and it could lead to a re-imagining of how trading desks are organized", | |
| "url": "https:\/\/www.businessinsider.com\/the-trading-desk-of-the-future-could-be-divided-into-three-groups-2019-3?utm_source=twitter&utm_medium=referral&utm_content=topbar&utm_term=desktop&referrer=twitter", | |
| "preface": null, | |
| "summary": "For easily-traded bonds and other investments, many fixed income dealers now work on electronic platforms to bring in bids instead of calling their contacts.", | |
| "live_date": "2019-03-20T09:31:44+00:00", | |
| "impact_score": "7.5", | |
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| "id": 2, | |
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| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
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| "name": "Best execution", | |
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| "name": "Commodities", | |
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| "id": 6807, | |
| "name": "Meghan Morris", | |
| "publication": "Business Insider", | |
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| "commentary": "Automation and electronification are taking hold in many aspects of investment management and now reaching areas that have previously been seemingly more resilient to this technological shift, such as the fixed income space. As firms continue to face the challenge of rising costs and downward pressure on fees, automation can help free up top talent to focus on the most complicated and highest-value added tasks. \r\n<br><br>\r\nIn contrast, repetitive and predictable tasks remain good candidates for automation, and when the underlying processes are successfully re-engineered, can represent a meaningful cost savings and overall improved efficiency. \r\n<br><br>\r\nFurther, this change on fixed income trading desks illustrates the rise of electronification in trading technology and its move down the scale of illiquid securities. Many clients are likely to continue to want a single point of contact to manage their relationship and discuss trade ideas. \r\n<br><br>\r\nHowever, aspects of this traditionally “high-touch” execution are likely to become less of a priority as technology dramatically improves and users are able to achieve comparable service experiences through platforms with well-designed interfaces. \r\n<br><br>\r\n<b>John Hubbard, Assistant Vice President & Jayme Colosimo, Vice President<\/b>\r\n<br>\r\n<i>Business Advisory Services, New York<\/i>" | |
| }, | |
| { | |
| "id": 109071, | |
| "title": "Volatility spike prompts reforms at equity-options clearing house", | |
| "url": "https:\/\/www.ft.com\/content\/251c558e-497e-11e9-bbc9-6917dce3dc62", | |
| "preface": null, | |
| "summary": "The OCC has been reviewing its methods amid criticism from users who claimed America’s largest equity options clearing house was asking for far more margin, or collateral to back trades, than was necessary. The examination comes as clearing houses are coming under greater scrutiny from regulators and users over how they react to sharp movements in the markets they manage.", | |
| "live_date": "2019-03-20T09:31:44+00:00", | |
| "impact_score": "7.5", | |
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| "name": "OCC", | |
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| "id": 349, | |
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| "link": "https:\/\/curatia.com\/topics\/349" | |
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| "name": "Volatility", | |
| "link": "https:\/\/curatia.com\/topics\/122" | |
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| { | |
| "id": 119, | |
| "name": "Philip Stafford", | |
| "publication": "Financial Times", | |
| "publication_id": 55 | |
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| "commentary": "Globally, CCP risk models are continually evolving. They also continue to be under scrutiny by regulators and the market. Calibration of initial margin to accurately reflect risk while reducing its pro-cyclicality and volatility has been an important area of focus for regulators, market participants and CCPs. \r\n<br><br>\r\nFor the Options Clearing Corp, a shortfall in its STANS risk management system, which calculates initial margin, occurred in early 2018 when markets experienced extreme levels of volatility. As the VIX moved from 17 to 37 on Feb. 5, aggregate OCC initial margin requirements jumped more than 80% overnight, while margins for certain clearing members increased by a factor of 10. This generated further volatility as some clearing members were forced to close positions and also created liquidity issues. \r\n<br><br>\r\nOCC has since conducted analysis of the margin model. In Nov. 2018, it filed an advance notice for change in the IM calculation method with the SEC. Its revised initial margin model uses exponential weighted moving average for daily volatility, which covers risk as before while reducing the model's oversensitivity to sudden shocks in market volatility.\r\n<br><br>\r\n<b>Puneet Singhvi<\/b>\r\n<br>\r\n<i>Global Head, Financial Market Infrastructures, New York<\/i>" | |
| }, | |
| { | |
| "id": 108668, | |
| "title": "Investment banks turn to data for Netflix-style bond trading", | |
| "url": "https:\/\/www.fnlondon.com\/articles\/big-data-signals-big-changes-in-the-corporate-bond-market-20190311", | |
| "preface": null, | |
| "summary": "Computer algorithms have been taking over trading since the turn of the millennium. And with everything from equities to interest rate swaps having fallen to automation, the multitrillion-dollar corporate bond market — one of the few still dominated by voice trading — is starting to witness the rise of the algos on its own turf.\r\n<br><br>\r\nBut while optimism is surging that electronic trading will mean corporate bond traders hang up the phone for good, some experts say it may never happen fully.", | |
| "live_date": "2019-03-13T08:26:14+00:00", | |
| "impact_score": "7.5", | |
| "popularity": 94, | |
| "categories": [ | |
| { | |
| "id": 2, | |
| "value": "Industry News", | |
| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
| } | |
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| "id": 78, | |
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| "id": 250, | |
| "name": "Amazon", | |
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| { | |
| "id": 121, | |
| "name": "Automation", | |
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| "name": "Big data", | |
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| "name": "Cboe Global Markets", | |
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| }, | |
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| "id": 410, | |
| "name": "Chris Concannon", | |
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| "id": 239, | |
| "name": "Citadel", | |
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| }, | |
| { | |
| "id": 364, | |
| "name": "Corporate bonds", | |
| "link": "https:\/\/curatia.com\/topics\/364" | |
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| { | |
| "id": 209, | |
| "name": "Electronic trading", | |
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| }, | |
| { | |
| "id": 62, | |
| "name": "Equivalency", | |
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| }, | |
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| "id": 79, | |
| "name": "Fixed income", | |
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| }, | |
| { | |
| "id": 59, | |
| "name": "FX", | |
| "link": "https:\/\/curatia.com\/topics\/59" | |
| }, | |
| { | |
| "id": 128, | |
| "name": "Greenwich Associates", | |
| "link": "https:\/\/curatia.com\/topics\/128" | |
| }, | |
| { | |
| "id": 219, | |
| "name": "Interest rates", | |
| "link": "https:\/\/curatia.com\/topics\/219" | |
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| { | |
| "id": 312, | |
| "name": "IPOs", | |
| "link": "https:\/\/curatia.com\/topics\/312" | |
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| "id": 299, | |
| "name": "Jane Street Group", | |
| "link": "https:\/\/curatia.com\/topics\/299" | |
| }, | |
| { | |
| "id": 595, | |
| "name": "Ken Griffin", | |
| "link": "https:\/\/curatia.com\/topics\/595" | |
| }, | |
| { | |
| "id": 244, | |
| "name": "Machine learning", | |
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| "id": 178, | |
| "name": "MarketAxess", | |
| "link": "https:\/\/curatia.com\/topics\/178" | |
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| { | |
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| "name": "Morgan Stanley", | |
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| "id": 401, | |
| "name": "Quantitative investing", | |
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| { | |
| "id": 125, | |
| "name": "Swaps", | |
| "link": "https:\/\/curatia.com\/topics\/125" | |
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| "id": 282, | |
| "name": "Tradeweb", | |
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| "id": 151, | |
| "name": "UBS", | |
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| "publication": { | |
| "id": 37, | |
| "name": "Financial News", | |
| "paywall": true | |
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| { | |
| "id": 4012, | |
| "name": "Samuel Agini", | |
| "publication": "Financial News", | |
| "publication_id": 37 | |
| } | |
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| "commentary": "With increased electronification of the corporate bond industry, more structured data is now available to industry participants. Clients and dealers have started to focus on identifying the critical datasets needed in order to increase the efficiency of the trading and investment process in the corporate bond space.\r\n<br><br>\r\nWhile the number of firms using large balance sheets to support corporate bond trading may have declined since the financial crisis, the availability of data along with increased levels of electronic distribution and connectivity has helped market-makers increase the turnover rates or velocity of their balance sheets. This increase in velocity has helped counteract some of the impacts of smaller aggregate balance sheets. \r\n<br><br>\r\nWhile pricing and execution algorithms have seen widespread usage in certain segments of the equity markets, the use of automation and algorithms is still in nascent stages in the corporate bond secondary markets. Advances have been made across the industry in trying to automate the generation of pricing of corporate bonds. Whether these automated prices are used independently to execute trades or serve only as a suggestion for a trader will continue to depend on the nature of the market and the availability of structured data. \r\n<br><br>\r\nOur expectation is that electronic and voice trading will continue to co-exist and complement each other within each firm and across the industry. \r\n<br><br>\r\n<b>Biswarup Chatterjee<\/b>\r\n<br>\r\n<i>Co-Head Electronic Trading & Automated Market Making, Global Spread Products, New York<\/i>" | |
| }, | |
| { | |
| "id": 108488, | |
| "title": "US regulator calls for review of equity trading rules", | |
| "url": "https:\/\/www.ft.com\/content\/6e32c596-418b-11e9-b896-fe36ec32aece", | |
| "preface": null, | |
| "summary": "The head of the US securities regulator has called for a broad review of the rules underpinning trading in the world’s largest stock market, capping a series of steps by authorities to examine the incentives and costs associated with trading US equities. \r\n<br><br>\r\nThe SEC will review a sweeping set of US equity market rules known as Reg NMS, Jay Clayton, SEC chairman, said at a Fordham University event in New York.", | |
| "live_date": "2019-03-11T09:30:25+00:00", | |
| "impact_score": "8.5", | |
| "popularity": 94, | |
| "categories": [ | |
| { | |
| "id": 5, | |
| "value": "U.S. Regulatory\/Government News", | |
| "description": "Information on legislation, political wrangling, studies, pilot programs, deadlines, enforcement actions, and other governmental affairs with the potential to impact trading & technology.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 111, | |
| "name": "ICE\/NYSE", | |
| "link": "https:\/\/curatia.com\/topics\/111" | |
| }, | |
| { | |
| "id": 184, | |
| "name": "Jay Clayton", | |
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| "id": 606, | |
| "name": "Market Structure", | |
| "link": "https:\/\/curatia.com\/topics\/606" | |
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| "id": 596, | |
| "name": "Members Exchange", | |
| "link": "https:\/\/curatia.com\/topics\/596" | |
| }, | |
| { | |
| "id": 112, | |
| "name": "Nasdaq", | |
| "link": "https:\/\/curatia.com\/topics\/112" | |
| }, | |
| { | |
| "id": 311, | |
| "name": "Reg NMS", | |
| "link": "https:\/\/curatia.com\/topics\/311" | |
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| "id": 109, | |
| "name": "Securities and Exchange Commission", | |
| "link": "https:\/\/curatia.com\/topics\/109" | |
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| "id": 55, | |
| "name": "Financial Times", | |
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| "name": "Nicole Bullock", | |
| "publication": "Financial Times", | |
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| "name": "Richard Henderson", | |
| "publication": "Financial Times", | |
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| "commentary": "It’s rare that such an impactful speech setting forth such an ambitious agenda could be so little of a surprise – we view that as a testimony to this current SEC administration, how committed they are to these issues and how little they have changed their swing in the past two years. They called their shots with industry roundtables a year ago, and now they are signaling their intent to follow up with discrete rule proposals that advance the investor-focused principles they’ve set forth. \r\n<br><br>\r\nHaving Craig Phillips join them on March 8 was a clear sign to the industry that the <a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/www.treasury.gov\/press-center\/press-releases\/documents\/a-financial-system-capital-markets-final-final.pdf\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">U.S. Treasury Report on Capital Markets<\/a>, published in Fall 2017, provides a road map for the SEC to follow in this area, and also provides additional cover from inevitable exchange criticisms.\r\n<br><br>\r\nRe: Thinly-Traded Securities, we have long been supporters of the move to suspend UTP and consolidate trading on the one exchange where a company’s security is listed. Two caveats: (i) the universe of “thinly-traded” securities must be narrowly defined (somewhere south of 75,000-share ADV), lest the exchanges would try for a land grab by essentially calling for “trade-at” for a major segment of the overall market; and (ii) OTC trading (in ATS’s or otherwise internalized by broker-dealers) must continue to be permitted, as data clearly shows that the less liquid a name is, the more likely it is to trade off-exchange. \r\n<br><br>\r\nTo their credit, Nasdaq had previously circulated a <a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/business.nasdaq.com\/media\/Nasdaq_Blueprint_to_Revitalize_Capital_Markets_April_2018_tcm5044-43175.pdf\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">proposal for suspending UTP<\/a>, and we are actively engaging with them to refine and propose to the SEC as a broader industry concept.\r\n<br><br>\r\nRe: Market Data \/ Access to Markets, Citi presented on the Governance Panel at the SEC’s October 2018 Industry Roundtable and suggested that the broader industry (both buy-side and sell-side) should have voting representation on the SIP Operating Committees. Certainly Governance and Transparency are the lowest-hanging fruit, but it seems clear to us that the SEC is intent on going farther to address infrastructure and ultimately funding issues for Core Data. \r\n<br><br>\r\nAddressing speed differentials, including depth of book liquidity and adding odd lots to Core Data are ideas we have supported in the past and will continue to. Citi is working both with SIFMA’s Equity Markets & Trading Committee, as well as the Patomak Coalition that filed this <a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/www.sec.gov\/rules\/petitions\/2017\/petn4-716.pdf\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">Petition for Rulemaking<\/a> in December 2017, to provide feedback to the Commission. \r\n<br><br>\r\nOn February 25, we led a SIFMA contingent to Washington, DC for meetings with the newest SEC Commissioner, Elad Roisman, and Majority Staff of the Senate Banking Committee (Republicans) and House Financial Services Committee (Democrats). Key take-away: Congress seems quite disinterested in advancing any legislation that lacks consensus in the industry, which signals to us that this is the SEC’s game right now. And they seem prepared to move forward.\r\n<br><br>\r\n<b>Michael Masone<\/b>\r\n<br>\r\n<i>Director & Head of Americas Equities Market Structure, New York<\/i>" | |
| }, | |
| { | |
| "id": 108437, | |
| "title": "Options Market Quality Shows Some Cracks Amid Record Volumes in 2018", | |
| "url": "https:\/\/tabbforum.com\/opinions\/options-market-quality-shows-some-cracks-amid-record-volumes-in-2018\/", | |
| "preface": null, | |
| "summary": "US options industry volume topped 5 billion contracts for the first time in 2018, increasing 20% year over year. But digging into market activity in 2018 reveals some possible liquidity concerns.", | |
| "live_date": "2019-03-08T10:29:37+00:00", | |
| "impact_score": "5.5", | |
| "popularity": 71, | |
| "categories": [ | |
| { | |
| "id": 2, | |
| "value": "Industry News", | |
| "description": "Globally relevant news and commentary on market data trends, career outlooks & tips, blockchain, ETFs, FinTech, asset management, and other topics impacting the trading & technology industry as a whole.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 390, | |
| "name": "Derivatives", | |
| "link": "https:\/\/curatia.com\/topics\/390" | |
| }, | |
| { | |
| "id": 186, | |
| "name": "OCC", | |
| "link": "https:\/\/curatia.com\/topics\/186" | |
| }, | |
| { | |
| "id": 349, | |
| "name": "Options", | |
| "link": "https:\/\/curatia.com\/topics\/349" | |
| }, | |
| { | |
| "id": 122, | |
| "name": "Volatility", | |
| "link": "https:\/\/curatia.com\/topics\/122" | |
| } | |
| ], | |
| "publication": { | |
| "id": 84, | |
| "name": "TabbFORUM", | |
| "paywall": false | |
| }, | |
| "authors": [ | |
| { | |
| "id": 6605, | |
| "name": "Russell Rhoads", | |
| "publication": "TabbFORUM", | |
| "publication_id": 84 | |
| } | |
| ], | |
| "word_count": 510, | |
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| "commentary": "2018 options volumes started the year in January 2018 with a huge jump in trading activity ahead of what people now refer to as “Volpocalypse” in early February 2018. Tabb Group points out that as volatility increased, option spread widths increased and top-of-book displayed liquidity decreased. \r\n<br><br>\r\nThese trends make sense from our point of view as market makers want to transact lower amounts of vega at individual levels, due to the volatility of volatility increasing dramatically. In addition, option spreads will widen to reflect the increased hedging costs in the underlying stock, due to a similar decrease in liquidity occurring in the underlying hedging instruments. \r\n<br><br>\r\nAs the VIX has returned to the low teens in the first quarter of 2019, we expect these trends to reflect similar inverse relationships of tightening spreads and increased top-of-book size, similar to what was seen in Tabb Group reports in June, July and August 2018. These perceived cracks are actually very rational behavior by the liquidity-providing community.\r\n<br><br>\r\n<b>J.Slade Winchester<\/b>\r\n<br>\r\n<i>Director, Citigroup Global Markets, Minnetonka, MN<\/i>" | |
| }, | |
| { | |
| "id": 108210, | |
| "title": "As Stock Exchanges Multiply, Miami Wants In on the Game", | |
| "url": "https:\/\/www.wsj.com\/articles\/stock-exchange-competition-heats-up-as-miax-eyes-launch-11551704521", | |
| "preface": null, | |
| "summary": "Miami International Holdings, which has roughly tripled its share of the stock-options market over the past five years, is preparing to launch its MIAX Equities Exchange toward the end of this year or in early 2020.", | |
| "live_date": "2019-03-05T10:37:08+00:00", | |
| "impact_score": "6.5", | |
| "popularity": 90, | |
| "categories": [ | |
| { | |
| "id": 3, | |
| "value": "Exchange News", | |
| "description": "News, announcements, and commentary pertaining to exchanges around the world.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 333, | |
| "name": "Aite Group", | |
| "link": "https:\/\/curatia.com\/topics\/333" | |
| }, | |
| { | |
| "id": 271, | |
| "name": "Benchmarks", | |
| "link": "https:\/\/curatia.com\/topics\/271" | |
| }, | |
| { | |
| "id": 270, | |
| "name": "Cboe Global Markets", | |
| "link": "https:\/\/curatia.com\/topics\/270" | |
| }, | |
| { | |
| "id": 162, | |
| "name": "Clearing", | |
| "link": "https:\/\/curatia.com\/topics\/162" | |
| }, | |
| { | |
| "id": 301, | |
| "name": "Dark pool", | |
| "link": "https:\/\/curatia.com\/topics\/301" | |
| }, | |
| { | |
| "id": 231, | |
| "name": "Fidelity", | |
| "link": "https:\/\/curatia.com\/topics\/231" | |
| }, | |
| { | |
| "id": 92, | |
| "name": "Hedge funds", | |
| "link": "https:\/\/curatia.com\/topics\/92" | |
| }, | |
| { | |
| "id": 111, | |
| "name": "ICE\/NYSE", | |
| "link": "https:\/\/curatia.com\/topics\/111" | |
| }, | |
| { | |
| "id": 110, | |
| "name": "IEX", | |
| "link": "https:\/\/curatia.com\/topics\/110" | |
| }, | |
| { | |
| "id": 251, | |
| "name": "Instinet", | |
| "link": "https:\/\/curatia.com\/topics\/251" | |
| }, | |
| { | |
| "id": 533, | |
| "name": "LTSE", | |
| "link": "https:\/\/curatia.com\/topics\/533" | |
| }, | |
| { | |
| "id": 596, | |
| "name": "Members Exchange", | |
| "link": "https:\/\/curatia.com\/topics\/596" | |
| }, | |
| { | |
| "id": 77, | |
| "name": "Morgan Stanley", | |
| "link": "https:\/\/curatia.com\/topics\/77" | |
| }, | |
| { | |
| "id": 112, | |
| "name": "Nasdaq", | |
| "link": "https:\/\/curatia.com\/topics\/112" | |
| }, | |
| { | |
| "id": 349, | |
| "name": "Options", | |
| "link": "https:\/\/curatia.com\/topics\/349" | |
| }, | |
| { | |
| "id": 109, | |
| "name": "Securities and Exchange Commission", | |
| "link": "https:\/\/curatia.com\/topics\/109" | |
| }, | |
| { | |
| "id": 366, | |
| "name": "Silicon Valley", | |
| "link": "https:\/\/curatia.com\/topics\/366" | |
| }, | |
| { | |
| "id": 371, | |
| "name": "Venture capital", | |
| "link": "https:\/\/curatia.com\/topics\/371" | |
| } | |
| ], | |
| "publication": { | |
| "id": 31, | |
| "name": "The Wall Street Journal", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 4351, | |
| "name": "Gunjan Banerji", | |
| "publication": "The Wall Street Journal", | |
| "publication_id": 31 | |
| } | |
| ], | |
| "word_count": 1039, | |
| "featured": false, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "We have met with each of the three new potential exchanges that will be filing for exchange medallions this year: Members Exchange (MEMX), Long-Term Stock Exchange (LTSE) and Miami (who recently opened a second options exchange, Emerald). The common thread among them is a general dissatisfaction with the current exchange construct – time and again, we’ve heard people express frustration that the three largest exchange groups (NYSE\/ICE, Nasdaq and Cboe) seem to have lost connection with the majority of market participants and have become tone-deaf to the concerns raised by their customers. So…if you can’t beat ‘em, join ‘em?\r\n<br><br>\r\nOpening a new exchange offers a competitive platform that should keep the incumbent exchanges honest. It demonstrates to the market that an exchange can operate much more simply and at a much lower cost than the current for-profit exchanges do, both on the transaction and market data\/access side. The competition should also put downward pricing pressure on the exchanges and could prevent future fee increases without adequate justification. And importantly, having an exchange medallion also provides a seat at the table – a voting seat – on the NMS Plan Operating Committees that run such important elements of market infrastructure as the CAT (Consolidated Audit Trail) and the SIPs (Securities Information Processors that consolidate and disseminate the public market data feed). This facilitates transparency around cost structures and funding models, and otherwise gives a voice to investors in these new exchanges. \r\n<br><br>\r\n<b>Michael Masone<\/b>\r\n<br>\r\n<i>Director & Head of Americas Equities Market Structure, New York<\/i>" | |
| }, | |
| { | |
| "id": 108179, | |
| "title": "Exchanges, investors face off over SEC transaction fee pilot", | |
| "url": "https:\/\/www.pionline.com\/article\/20190304\/PRINT\/190309972\/exchanges-investors-face-off-over-sec-transaction-fee-pilot", | |
| "preface": null, | |
| "summary": "The battle for a wholesale review of how exchanges charge their customers ramped up as the exchanges moved to legally stop an upcoming SEC transaction fee pilot program before it begins.\r\n<br><br>\r\nThe unified opposition from NYSE, Nasdaq and Cboe is matched by equally passionate pension fund officials, money managers and other investors who see a lot riding on the pilot program's potential to shed more light on exchange practices and costs.", | |
| "live_date": "2019-03-04T10:34:00+00:00", | |
| "impact_score": "7.5", | |
| "popularity": 95, | |
| "categories": [ | |
| { | |
| "id": 3, | |
| "value": "Exchange News", | |
| "description": "News, announcements, and commentary pertaining to exchanges around the world.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 228, | |
| "name": "Best execution", | |
| "link": "https:\/\/curatia.com\/topics\/228" | |
| }, | |
| { | |
| "id": 191, | |
| "name": "CalPERS", | |
| "link": "https:\/\/curatia.com\/topics\/191" | |
| }, | |
| { | |
| "id": 270, | |
| "name": "Cboe Global Markets", | |
| "link": "https:\/\/curatia.com\/topics\/270" | |
| }, | |
| { | |
| "id": 288, | |
| "name": "Clearpool Group", | |
| "link": "https:\/\/curatia.com\/topics\/288" | |
| }, | |
| { | |
| "id": 79, | |
| "name": "Fixed income", | |
| "link": "https:\/\/curatia.com\/topics\/79" | |
| }, | |
| { | |
| "id": 128, | |
| "name": "Greenwich Associates", | |
| "link": "https:\/\/curatia.com\/topics\/128" | |
| }, | |
| { | |
| "id": 111, | |
| "name": "ICE\/NYSE", | |
| "link": "https:\/\/curatia.com\/topics\/111" | |
| }, | |
| { | |
| "id": 112, | |
| "name": "Nasdaq", | |
| "link": "https:\/\/curatia.com\/topics\/112" | |
| }, | |
| { | |
| "id": 126, | |
| "name": "Rebates", | |
| "link": "https:\/\/curatia.com\/topics\/126" | |
| }, | |
| { | |
| "id": 109, | |
| "name": "Securities and Exchange Commission", | |
| "link": "https:\/\/curatia.com\/topics\/109" | |
| } | |
| ], | |
| "publication": { | |
| "id": 118, | |
| "name": "Pensions & Investments", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 213, | |
| "name": "Hazel Bradford", | |
| "publication": "Pensions & Investments", | |
| "publication_id": 118 | |
| } | |
| ], | |
| "word_count": 1006, | |
| "featured": true, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "We supported the Pilot when originally proposed by the Commission (Citi's comment letter available <a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/www.sec.gov\/comments\/s7-05-18\/s70518-3712928-162399.pdf\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">here<\/a>; SIFMA's comment letter available <a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/www.sec.gov\/comments\/s7-05-18\/s70518-3706424-162467.pdf\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">here<\/a>), and we still do. The three major for-profit exchange groups (NYSE, Nasdaq and Cboe) have all recently sued the SEC over the Pilot in the D.C. Circuit Court, complaining that the SEC has exceeded its authority, acted arbitrarily, miscalculated its cost\/benefit analysis and engaged in Government price-setting (even though the Government has been in the price-setting game since Reg NMS was adopted nearly 15 years ago). We believe the Court will ultimately defer to the SEC’s independent judgment – and unanimous 5-0 decision of its Commissioners – to adopt the Pilot.\r\n<br><br>\r\nImportantly, by keeping the no-rebate bucket, the SEC remains committed to studying the effects that exchange transaction fee and rebate pricing models may have on order routing behavior, execution quality, and market quality. As we stated in our comment letter, we are eager to review the metrics that the SEC will use to perform this empirical evaluation of “data that will help the Commission analyze the effects of exchange transaction fee and rebate pricing models on order routing behavior, execution quality, and market quality generally.” Many market participants – including the overwhelming majority of pension funds, as this article importantly highlights, are equally as eager to see the Pilot move forward.\r\n<br><br>\r\n<b>Michael Masone<\/b>\r\n<br>\r\n<i>Director & Head of Americas Equities Market Structure, New York<\/i>" | |
| }, | |
| { | |
| "id": 108168, | |
| "title": "Invesco, Wellington and Dodge & Cox eye global adoption of Mifid II", | |
| "url": "https:\/\/www.ft.com\/content\/075382ef-6c58-3b21-9010-63aa8e013d70", | |
| "preface": null, | |
| "summary": "Invesco, Wellington Management and Dodge & Cox are pushing the SEC to allow them to apply Mifid II cost transparency rules in the US, a move that underlines the growing global impact of the EU legislation.", | |
| "live_date": "2019-03-04T10:34:00+00:00", | |
| "impact_score": "7.0", | |
| "popularity": 92, | |
| "categories": [ | |
| { | |
| "id": 5, | |
| "value": "U.S. Regulatory\/Government News", | |
| "description": "Information on legislation, political wrangling, studies, pilot programs, deadlines, enforcement actions, and other governmental affairs with the potential to impact trading & technology.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 387, | |
| "name": "Adviser", | |
| "link": "https:\/\/curatia.com\/topics\/387" | |
| }, | |
| { | |
| "id": 412, | |
| "name": "Compliance", | |
| "link": "https:\/\/curatia.com\/topics\/412" | |
| }, | |
| { | |
| "id": 520, | |
| "name": "Healthy Markets Association", | |
| "link": "https:\/\/curatia.com\/topics\/520" | |
| }, | |
| { | |
| "id": 144, | |
| "name": "Invesco", | |
| "link": "https:\/\/curatia.com\/topics\/144" | |
| }, | |
| { | |
| "id": 422, | |
| "name": "Janus Henderson Group", | |
| "link": "https:\/\/curatia.com\/topics\/422" | |
| }, | |
| { | |
| "id": 95, | |
| "name": "MiFID II", | |
| "link": "https:\/\/curatia.com\/topics\/95" | |
| }, | |
| { | |
| "id": 349, | |
| "name": "Options", | |
| "link": "https:\/\/curatia.com\/topics\/349" | |
| }, | |
| { | |
| "id": 109, | |
| "name": "Securities and Exchange Commission", | |
| "link": "https:\/\/curatia.com\/topics\/109" | |
| }, | |
| { | |
| "id": 318, | |
| "name": "T. Rowe Price", | |
| "link": "https:\/\/curatia.com\/topics\/318" | |
| }, | |
| { | |
| "id": 336, | |
| "name": "Wellington Management", | |
| "link": "https:\/\/curatia.com\/topics\/336" | |
| } | |
| ], | |
| "publication": { | |
| "id": 55, | |
| "name": "Financial Times", | |
| "paywall": true | |
| }, | |
| "authors": [ | |
| { | |
| "id": 5375, | |
| "name": "Siobhan Riding", | |
| "publication": "Financial Times", | |
| "publication_id": 55 | |
| } | |
| ], | |
| "word_count": 666, | |
| "featured": true, | |
| "editors_pick": false, | |
| "personnel_move": false, | |
| "commentary": "This has now officially become a trend – more and more large global asset managers are saying they are moving towards unbundling in all regions, not just in the EU where MiFID II’s implementation last year now requires it. This most recent move was anticipated, as the push to pay out of PnL has been well-documented and continues to place additional pressure on the SEC to react. Currently, the Investment Advisers Act of 1940 prohibits U.S. broker-dealers from accepting hard dollar payment from clients for advisory services without registering as a Registered Investment Adviser (RIA), which would then prevent such brokers from trading as principal against such clients. This is a deal-breaker for most brokers; thus far only two major bulge bracket firms have registered as RIAs (Citi is not one of them and has no plans to).\r\n<br><br>\r\nThe SEC has issued temporary no-action relief (set to expire in July 2020) that allows U.S. brokers to accept hard dollar payment from EU-based asset managers who are required by MiFID II to pay out of PnL. But this relief does not help large global asset managers, who are now paying a bundled rate in the U.S. while paying in a more transparent fashion in Europe; nor does it help U.S. broker-dealers with their U.S. clients who want to pay out of PnL. The industry (and Citi in particular) has been in dialogue with the SEC to provide feedback and shed light on industry trends around impact to research coverage, payment mechanisms, etc. Lobbying efforts will no doubt increase as July 2020 approaches. If you’re interested in engaging in the debate and\/or providing direct feedback to regulators, Citi can help facilitate. \r\n<br><br>\r\n<b>Michael Masone<\/b>\r\n<br>\r\n<i>Director & Head of Americas Equities Market Structure, New York<\/i>" | |
| }, | |
| { | |
| "id": 108093, | |
| "title": "The World's Hottest Stock Market About to See $46 Billion Pour In", | |
| "url": "https:\/\/www.bloomberg.com\/news\/articles\/2019-03-01\/world-s-hottest-stock-market-about-to-see-46-billion-pour-in?utm_campaign=news&utm_medium=bd&utm_source=applenews", | |
| "preface": null, | |
| "summary": "After MSCI announced that it would boost the weighting of China’s onshore shares in its emerging market index, more than $46B is poised to pour in from funds that track the gauge.", | |
| "live_date": "2019-03-04T10:34:00+00:00", | |
| "impact_score": "5.5", | |
| "popularity": 0, | |
| "categories": [ | |
| { | |
| "id": 7, | |
| "value": "Asia-Pacific News", | |
| "description": "Regulatory and company news relevant to the Asia-Pacific region.", | |
| "parent_category_id": 1 | |
| } | |
| ], | |
| "topics": [ | |
| { | |
| "id": 271, | |
| "name": "Benchmarks", | |
| "link": "https:\/\/curatia.com\/topics\/271" | |
| }, | |
| { | |
| "id": 229, | |
| "name": "China", | |
| "link": "https:\/\/curatia.com\/topics\/229" | |
| }, | |
| { | |
| "id": 93, | |
| "name": "Emerging markets", | |
| "link": "https:\/\/curatia.com\/topics\/93" | |
| }, | |
| { | |
| "id": 142, | |
| "name": "ETFs", | |
| "link": "https:\/\/curatia.com\/topics\/142" | |
| }, | |
| { | |
| "id": 68, | |
| "name": "Goldman Sachs", | |
| "link": "https:\/\/curatia.com\/topics\/68" | |
| }, | |
| { | |
| "id": 273, | |
| "name": "Indexing", | |
| "link": "https:\/\/curatia.com\/topics\/273" | |
| }, | |
| { | |
| "id": 77, | |
| "name": "Morgan Stanley", | |
| "link": "https:\/\/curatia.com\/topics\/77" | |
| }, | |
| { | |
| "id": 233, | |
| "name": "MSCI", | |
| "link": "https:\/\/curatia.com\/topics\/233" | |
| }, | |
| { | |
| "id": 276, | |
| "name": "Passive investing", | |
| "link": "https:\/\/curatia.com\/topics\/276" | |
| } | |
| ], | |
| "publication": { | |
| "id": 35, | |
| "name": "Bloomberg News", | |
| "paywall": true | |
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| { | |
| "id": 328, | |
| "name": "Rachel Evans", | |
| "publication": "Bloomberg News", | |
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| "name": "Rebecca Choong Wilkins", | |
| "publication": "Bloomberg News", | |
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| "commentary": "Last week MSCI announced it is raising the A-share inclusion factor from the current 5% to 20% and adding ChiNext and Mid Cap stocks, starting from its next index rebalancing in May. Instead of a two-step inclusion as proposed in its consultation, MSCI decided to conduct the weight increase in three steps from May to November to alleviate potential execution pressure on the implementation dates. Moreover, MSCI will add mid-cap stocks in its November rebalancing, instead of May 2020 as earlier proposed. MSCI will increase China’s weighting to 3.3% from 0.7% (to 420 names from 240 -- so 180 newly-added names by the November rebalance), placing China just below Russia in the MSCI Index. This is an exciting development in the ongoing story of China’s onshore market opening up to foreign investment.\r\n<br><br>\r\nWe expect strong foreign inflows to China’s onshore market on the back of notable acceleration in index inclusions. Our estimates are even more bullish than the US$46 billion figures that <i>Bloomberg<\/i> estimates in this article; we anticipate closer to US$100 billion of foreign inflows into that market this year (that compares with US$45 billion last year). Year-to-date, northbound buy-in is US$18 billion – their highest monthly inflow since China Connect started in 2014 and already 43% of what we saw in 2018, helping drive the YTD +20% rally in Chinese equities – setting a pace to justify our bullish estimates. From an execution standpoint, we’ve already seen a substantial uptick in flows this year, including fundamental and quant funds (not just passive index funds).\r\n<br><br>\r\nClearly, there is huge upside for foreign participation into China markets, but there are some legitimate concerns for foreign investors as well – most notably, concentration risk. Foreign ownership is very concentrated in a few names: 5 names account for 26% of foreign investment in China, and the top 30 names account for 60% of aggregate investment. This high concentration, combined with increasing volumes, increases the risk that certain stocks will hit their 30% foreign ownership limit. Therefore, we view time to be of the essence; positions in China should be entered into sooner rather than later. Citi Equity Trading Strategy (CETS) recommends buying the “<a href=\"https:\/\/curatia.com\/r?x=xv&d=k&z=x&g=x&b=x&o=k&url=https:\/\/www.citivelocity.com\/cv-content-web\/storage\/SalesLiterature\/eppublic\/id\/5c81c8dc11a96d0c67bd0efb.pdf\" target=\"_blank\" style=\"text-decoration:none;color:#0000cc;\">Quality Leaders<\/a>” basket, which allows investors to express a structurally long view on China A Shares and position in names expected to benefit from increased flows. \r\n<br><br>\r\n<b>Jennifer Chen<\/b>\r\n<br>\r\n<i>Vice President, Platform Sales, Hong Kong<\/i>" | |
| }, | |
| { | |
| "id": 108063, | |
| "title": "Nasdaq's CEO says it's time for corporate America to get in on alternative data, the $7 billion market that's taking Wall Street by storm", | |
| "url": "https:\/\/www.businessinsider.com\/nasdaq-ceo-says-corporates-should-use-alternative-data-2019-2", | |
| "preface": null, | |
| "summary": "\"I think corporates can use it for competitive analysis. They could use it for researching the next thing that they want to try to build or create. They could understand foundational drivers in the economy to understand how much R&D they should be putting behind new things,\" said Adena Friedman.", | |
| "live_date": "2019-03-01T10:27:34+00:00", | |
| "impact_score": "5.5", | |
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| "value": "Exchange News", | |
| "description": "News, announcements, and commentary pertaining to exchanges around the world.", | |
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| { | |
| "id": 197, | |
| "name": "Adena Friedman", | |
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| "id": 363, | |
| "name": "Alternative data", | |
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| "name": "Blackstone Group", | |
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| "name": "Business Insider", | |
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| { | |
| "id": 6975, | |
| "name": "Dan DeFrancesco", | |
| "publication": "Business Insider", | |
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| "commentary": "While Nasdaq has its own interests in promoting alternative data following its acquisition of Quandl, Friedman’s comments are spot-on. Over 90% of the data collected since the beginning of time was created in the past two years. With 5G and advancements in connected devices on the horizon, this degree of proliferation shows no signs of slowing. And while investment managers’ consumption of this sort of data has been widely covered in the press, there is absolutely no reason why corporates should not explore utilizing new sources of data for their own unique use cases. \r\n<br><br>\r\nMany corporates already have sizeable data budgets for marketing, strategy, and competitive intelligence purposes. Taking a hard look at the sort of datasets currently being procured versus some of the more immediate datasets available today could trigger a shift in a company’s data strategy. In lieu of conducting broad surveys or employing people-counters, corporations could utilize a combination of geolocation data and transactional data to get better insights into their customers. Webscraping can provide significant insights into pricing, competitive intelligence, and brand positioning. Utilizing natural language processing on key sources (online reviews, sell-side research, regulatory filings, etc.) could provide faster analysis by ingesting a once-overwhelming volume of text. Marrying alternative datasets with the company’s own internal data can produce additional insights. \r\n<br><br>\r\nOf course, corporates need to ensure the data is being collected responsibly and in compliance with data privacy regulations. Friedman’s assumption of corporates’ more tailored approach to procuring data is likely a wise one: Corporates will likely look for datasets that provide insights that the company could not generate internally or would be prohibitively expensive to produce themselves.\r\n<br><br>\r\nSome of the data that Citi has within Research and other businesses across the franchise have the potential to provide insights for corporates as well – specifically sector-level datasets that we have been collecting for some time now. \r\n<br><br>\r\n<b>Tim Mercurio<\/b>\r\n<br>\r\n<i>Vice President, Citi Digital Global Insights (CGDI), New York<\/i>" | |
| }, | |
| { | |
| "id": 107967, | |
| "title": "CAT NMS Selects FINRA as Consolidated Audit Trail Plan Processor", | |
| "url": "https:\/\/www.businesswire.com\/news\/home\/20190227005710\/en\/CAT-NMS-Selects-FINRA-Consolidated-Audit-Trail", | |
| "preface": null, | |
| "summary": "As Plan Processor, FINRA is responsible for all aspects of the continued build-out and ongoing maintenance of the CAT.", | |
| "live_date": "2019-02-28T09:06:53+00:00", | |
| "impact_score": "6.5", | |
| "popularity": 75, | |
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| { | |
| "id": 5, | |
| "value": "U.S. Regulatory\/Government News", | |
| "description": "Information on legislation, political wrangling, studies, pilot programs, deadlines, enforcement actions, and other governmental affairs with the potential to impact trading & technology.", | |
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| "name": "Consolidated Audit Trail", | |
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| "name": "Finra", | |
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| "name": "Options", | |
| "link": "https:\/\/curatia.com\/topics\/349" | |
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| "id": 109, | |
| "name": "Securities and Exchange Commission", | |
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| "name": "Surveillance", | |
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| "name": "Press Release", | |
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| "commentary": "The replacement of Thesys with FINRA is driving a revised timeline for the initial phases of CAT. The first Phase 2a has moved from an August 2019 industry testing and November 2019 go-live to December 2020 industry testing and April 2020 go-live. Phase 2b simple electronic option testing will be combined with the 2a testing with go-live in May 2020. The perceived delay that was announced was actually a compression of the timelines, not a true delay in CAT. Overall the replacement of Thesys with FINRA will in theory allow the new Plan Processor to leverage its very long history with OATS reporting to create a smoother transition to the new CAT format. Having FINRA running the plan gives Citi a level of confidence that the revised timelines will be met. \r\n<br><br>\r\n<b>J.Slade Winchester<\/b>\r\n<br>\r\n<i>Director, Minnetonka, MN<\/i>\r\n<br><br>\r\nUnfortunately, this process has highlighted the major deficiencies of the NMS Plan Governance structure, whereby the SEC delegates implementation of some of its most important rules to the SROs (the for-profit exchanges and FINRA). This flawed structure allows one segment of market participants (exchanges) to regulate other participants with whom they directly compete – a process unique to our industry that at best leads to inefficiencies and unnecessary delays (as with CAT), and at worst results in outright conflicts of interest and bloated costs. We have a plan for reform that we have been working on with many of our interested clients, as well as the SEC and Congress.\r\n<br><br>\r\n<b>Michael Masone<\/b>\r\n<br>\r\n<i>Director & Head of Americas Equities Market Structure, New York<\/i>" | |
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