Hong Kong Exchange Makes Surprise $36.6 Billion Bid for LSE Kiu Yan Wong and Viren Vaghela – BloombergAsian bourse operator was considering a deal for many months; LSE recently agreed to purchase Refinitiv for $27 billionHong Kong Exchanges & Clearing Ltd.made an unexpected $36.6 billion bid for London Stock Exchange Group Plc, a bold move that would upend the U.K.bourse’s combination with Refinitiv.
9/11 Memorial Is a Beacon for Communities Facing Tragedies; Museum is finding a role for itself far beyond its lower Manhattan home Charles Passy – WSJOn any given day, the National September 11 Memorial & Museum welcomes thousands of visitors to its site at the location of the former World Trade Center.But as the institution prepares to mark the 18th anniversary on Wednesday of the event that claimed nearly 3,000 lives, it is finding a role for itself far beyond its lower Manhattan home.
Brokerage Charles Schwab says to cut about 600 jobs ReutersDiscount brokerage company Charles Schwab Corp (SCHW.N) is cutting about 600 jobs after an internal review, a company spokeswoman confirmed on Tuesday.
Hong Kong protesters pause to mark Sept.11 Jessie Pang – ReutersHong Kong activists called off protests on Wednesday in remembrance of the Sept.11, 2001 attacks on the United States and denounced a Chinese state newspaper report that they were planning “massive terror” in the Chinese-ruled city.
Cantor Fitzgerald remembers 9/11 with charity day CNBCHoward Lutnick, Cantor Fitzgerald chairman and CEO, is known for rebuilding his firm after September 11th.
Cantor Fitzgerald lost about two-thirds of its New York employees.
Howard Lutnick joins ‘Squawk Box’ to discuss the 9/11 anniversary and the firm’s charity day.
China’s Field of Dreams Attitude to Opening Markets Won’t Work; The quotas on western investment into Chinese financial markets are no longer the main limiting factor on inflows Mike Bird – WSJIf we open it, they will come.Or so the logic of the Chinese government goes, when it comes to Western investment in its financial markets.That dream is unlikely to become reality.
IRS Is Ignoring Potential Corporate Tax Cheats, Watchdog Says Laura Davison – BloombergThe Internal Revenue Service isn’t doing enough to audit corporate mergers and acquisitions and is wasting tens of thousands of days on cases that aren’t likely to generate more tax dollars, the agency’s watchdog said.
U.K.Parliament Suspension Is Ruled Unlawful by Scottish Court; The decision will now head to the Supreme Court for a final ruling Max Colchester – WSJPrime Minister Boris Johnson’s decision to suspend Parliament for several weeks has been ruled unlawful by Scotland’s highest civil court, a decision that shunts the issue to the U.K.’s Supreme Court for a final ruling.
Assessing Risk in Custodial Solutions; An In-depth Look at the Scope and Requirements for Digital Asset Custody ErisXHow do you assess the risk to your assets entrusted to third party custodians, or yourself when you self custody your digital assets? The second installment in our series looking at custody and safekeeping your digital assets explores how federal regulators approach custody, policies and procedures that need to be in place at all holding entities and what to look for if selecting a custodial solution.
Knowing the financial services industry’s four primary roles can help you identify where to do business.Timothy Clifford – via LinkedInLet me throw some numbers at you.
The financial services industry has four primary roles designed to help clients with their investments and financial decisions.Some of the business models have all four, while others may only have two or three of the four.And while some clients want and utilize all four, others only want or need some of the four.
Intermarket Expands Management Team with New Senior Hire and Several Additional Executive Appointments Matt Zachowski – via LinkedInIntermarket, the Top 10 financial PR specialist firm now part of London-based reputation management firm Lansons, today announced that it has expanded its management team with a new senior level hire and three additional executive appointments to position the firm for accelerated growth from an expanded array of services.
Don’t bet on decentralised exchanges becoming the new crypto frontier… Izabella Kaminska – FTAfter much self denial, the hypocrisies of the crypto world are finally dawning on even the sector’s greatest delusion-ists.They’re that obvious.
One such hypocrisy is the space’s longstanding claim that crypto removes the need for trusted intermediaries and therefore democratises finance.
Hong Kong Exchanges bids $39 billion to take over London Stock Exchange Huw Jones, Sinead Cruise – ReutersHong Kong Exchanges and Clearing has made an unsolicited $39 billion takeover bid for the London Stock Exchange (LSE.L), an offer contingent on the LSE ditching its acquisition of data company Refinitiv.
Hong Kong Stock Exchange Bids Nearly $37 Billion for London Rival WSJHong Kong’s stock exchange made an unsolicited $36.6 billion offer to acquire its London-based rival, a deal that would unite two of the world’s major trading hubs when both are under severe political pressure.
Hong Kong exchange puts in £32bn bid to buy the London Stock Exchange Group; Proposed mega deal would see two of the world’s largest market infrastructure groups combine as Hong Kong exchange chief proposes connecting ‘East to West’.Jonathan Watkins – The TradeHong Kong Exchanges and Clearing Limited (HKEX) has made a £32 billion offer to buy the London Stock Exchange Group (LSEG) in a colossal move to combine two of the largest market infrastructures in the world.
Hong Kong exchange makes £30bn bid for London Stock Exchange; Proposal threatens to torpedo the LSE’s £20bn-plus acquisition of US data provider Refinitiv Fareed Sahloul and Samuel Agini – Financial NewsThe London Stock Exchange has received a surprise £29.6bn takeover offer from Hong Kong Exchanges and Clearing — a bid that threatens the UK group’s £20bn-plus acquisition of US data provider Refinitiv.
WFE letter to ESMA regarding market data & consolidated tape World Federation of ExchangesThe WFE has published a letter in response to the European Securities and Markets Authority’s (ESMA) consultation paper on prices for pre- and post-trade data and the consolidated tape for equity instruments.The WFE’s letter details its concern about how the ESMA proposals may in practice give rise to a loss of competitiveness of EU stock markets, and work against the EU’s goal of increasing levels of stock-market financing.
How a single index card helps the president of the New York Stock Exchange keep her chaotic day in check FNTalk.comLong gone are the days of traders frantically running around the New York Stock Exchange floor, but running America’s largest exchange still gets chaotic.
DTCC Re-imagines the Institutional Post-Trade Lifecycle and Charts Path for Achieving Optimal No-Touch Processing; Shares vision for institutional trade processing that achieves straight-through processing by eliminating inefficient manual touch points Depository Trust & Clearing CorporationThe Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today outlineda vision for institutional trade processing that realizes the goal of straight-through processing by eliminating inefficient manual touch points.bit.ly/31pUP0E Fintech
Trading Technologies Contracts with Goldman Sachs for Global Distribution of the TT® Platform; Goldman Sachs’ execution algos to be available to firm’s customers via the TT platform Trading Technologies International, Inc.Trading Technologies International, Inc.(TT), a global provider of high-performance professional trading software, announced that Goldman Sachs Group, Inc.
(Goldman Sachs), has contracted with Trading Technologies to distribute the TT platform to the firm’s client base.
Why You Are Probably Using the Wrong Technology in Capital Markets Steve Grob – via LinkedInEinstein famously said that “Insanity is doing the same thing over and over again but expecting different results”.Likewise, the fabric of capital markets has changed so much since the financial crisis that the old ways of doing business just don’t make sense anymore.And so trying harder with the same approaches simply is not going to work.
Einstein’s claim, therefore, should demand our attention and compel us to seek new ways to deliver and extract value from the investment cycle.
Razer Fintech Appoints Mr.Lim Siong Guan to Its Board of Advisors Business Wire via Yahoo FinanceMr.Lim is recognized globally as a thought leader in the global financial services industry Razer Fintech, the financial technology arm of Razer Inc.and one of the largest offline-to-online (“O2O”) digital payment networks in South East Asia (“SEA”), has appointed Mr.Lim Siong Guan as an advisory board member.
ELITE & Global Accelerated Ventures (GAV) launch of FinTech Lounges AccessWire via Yahoo FinanceELITE and Global Accelerated Ventures sign collaboration agreement to advance growth of FinTech companies in New York & London ELITE is London Stock Exchange Group’s (LSEG) international business support and capital raising initiative for private high-growth companies More than 1,200 companies from across 45 countries now part of dynamic ELITE community Demonstrates ELITE’s commitment to strengthening ties with FinTech Community
Goldman Sachs is offering a credit line to another Latin American fintech Mekebeb Tesfaye – Business InsiderKonfio has become the latest Latin American fintech Goldman Sachs has bet on, reports Bloomberg.The credit line will help the startup, which provides small-and medium-sized businesses (SMBs) with unsecured working capital, to lend around $250 million in the next year, founder and CEO David Arana told Bloomberg.
SMBC Nikko London replaces Bloomberg SSEOMS with Itiviti’s multi-asset OMS platform; Investment firm also adds Itiviti’s Middle Office solution to automate post-trade workflows.
ItivitiItiviti, a leading technology, and service provider to financial institutions worldwide, today announced that SMBC Nikko London Capital Markets, a full scope IFPRU investment firm, has successfully replaced Bloomberg’s SSEOMS platform with Itiviti’s multi-asset OMS for high-touch trading in London and extended its offering using Itiviti’s Middle Office solution.
Volante Technologies offers FREE SaaS Real-Time / Instant Payments processing; Any bank, regardless of size, can offer immediate payment capabilities to their customers Volante Technologies Inc.Volante Technologies Inc., a global provider of technology and software as a service to accelerate digital transformation and payments modernization, today announced the launch of free RTP / instant payments processing on the cloud as a service.
WATCH: He Admitted to Faking Crypto Volumes, Then Got 5 New Clients Anna Baydakova – CoindeskHow do you get into the business of market manipulation? It’s easy if you try.Alexey Andryunin, a 20-year-old college student from Moscow, became a sensation after he quite openly told CoinDesk how his company was helping little-known token projects get traction via inflated trading volumes.
Bakkt to Require $3.9K Down Payment on Bitcoin Futures Contracts Nikhilesh De – CoindeskBakkt has officially revealed the initial deposits its customers will have to make to margin trade its bitcoin futures products.
In a new notice posted Tuesday, ICE Futures U.S.– the actual futures exchange Bakkt’s contracts are trading on – announced the initial hedge and speculative requirements for customers, as well as its monthly rate add-ons.
Netherlands May Block Foreign Crypto Firms Under Anti-Money Laundering Laws William Foxley – CoindeskCryptocurrency entities based outside of the Netherlands may get the boot under new crypto regulations.Following up a report by CoinDesk on the DNB’s recent registry mandate for cryptocurrency companies, DNB spokesperson Tobias Oudejans said the current legislation before the Dutch House of Representatives will not only force domestic companies to register with the central bank but that foreign entities will also not be allowed to conduct services within the country.
Cryptocurrency Exchange OKEx Announces Support for ETC Hard Fork Ana Alexandre – CointelegraphCryptocurrency exchange OKEx has announced support for Ethereum Classic’s (ETC) upcoming Atlantis hard fork.In a blog post published on Sept.
10, OKEx announced that the exchange will support ETC’s hard fork, estimated to take place between Sept.12 and Sept.13, 2019 at block height 8,772,000.
Chainlink cryptocurrency trading shows signs of pump-and-dump scam Dean Takahashi – VentureBeatThe trading pattern of Chainlink’s Link cryptocurrency suggests a suspicious “pump-and-dump” scam, or an attempt to manipulate the price of the cryptocurrency token, according to an analytics company.The unusual market pattern was discovered by the team at AnChain.ai, a blockchain transaction analytics company.
And it is significant because Chainlink’s token has a market value of $650 million, and it has lost about $600 million in value in recent weeks.
Cryptocurrency Trading Investigation: Market Manipulation & the LINK Token AnChain.AIThe AnChain team’s recent analysis of the LINK token, inclusive of transactions between April 1, 2019 and July 26, 2019, revealed a pattern of suspicious activity that we believe to be indicative of a coordinated pump and dump manipulation.
Bitcoin millionaire jumps off balcony after being threatened with shotgun Anthony Cuthbertson – The IndependentA Norwegian multi-millionaire jumped from a second-story balcony in Oslo following an attempted armed robbery, according to local reports.Prior to the attempted robbery, the victim had allegedly boasted about making a fortune through investing in bitcoin and other cryptocurrencies, Norwegian broadcaster TV2 reported.
‘Bad things could happen’: Turning to tech to tame the crypto jungle Tom Wilson – ReutersLONDON (Reuters) –“Hi guys, could you please show me a firm bid for 100 bitcoin?” a seller texts on Skype.
“One sec.$10270.” Two minutes later: “Sorry guys, that was an old order from Friday when skype wasn’t working.”“I really think we should get off skype.Bad things could happen.Someone is going to make an expensive mistake.”
Vulnerability Fixed in Facebook Contract Language for Libra Cryptocurrency William Foxley – CoindeskA vulnerability in Libra’s open-source code that would have enabled malicious actors to manipulate smart contracts has been uncovered and patched by a third-party audit firm specializing in cryptocurrency.Specifically, developers working for startup OpenZeppelin found vulnerabilities in Move, the scripting language developed by Facebook for the open-source Libra cryptocurrency project, an effort backed by major companies including Facebook, Lyft, Uber and MasterCard.
Proud to launch the expanded Gemini Custody Solution Jeanine Hightower-Sellitto – Via LinkedInAt Gemini, security is the bedrock of our culture, and one of our key pillars.From the start, Gemini has operated with a security-first mentality and put a relentless focus on building trust in the market.
Nowhere is this philosophy more important than when custodying cryptocurrency.At its core, custody of cryptocurrency is security and trust.This offering requires a new kind of infrastructure—one that is far different from the approach for traditional assets.
CoinGecko Releases ‘Trust Score 2.0’ to Boost Crypto Exchange Transparency Wolfie Zhao – CoindeskMarket data aggregator CoinGecko has upgraded its “Trust Score” metric in a bid to bring more transparency to the crypto trading environment.
Coinbase May Soon Launch an Initial Exchange Offering Platform Christine Kim – CoindeskSan Francisco-based cryptocurrency exchange Coinbase may soon issue a proprietary exchange token, according to Coinbase’s head of institutional sales in Asia, Kayvon Pirestani.
Legacy Trust to Launch Independent Crypto Custody Business Christine Kim – CoindeskTrust and custody services provider Legacy Trust is spinning out a new business focused entirely on institutional-grade cryptocurrency custody solutions.
New Data Gives Unprecedented Insight Into How Iranians Use Bitcoin Leigh Cuen – CoindeskOut of 1,650 Iranian bitcoiners surveyed in Persian Telegram groups, 25 percent earned $500 to $3,000 a month from working with cryptocurrency, according to a survey conducted by the analytics firm Gate Trade.
Facebook’s Libra seeks Swiss payment system license John Miller – ReutersFacebook’s (FB.O) Libra cryptocurrency project is seeking a Swiss payment system license, financial watchdog FINMA said on Wednesday, noting the breadth of the planned services would require broad oversight./reut.rs/31ogS8l Politics
Head tax, LaSalle Street tax, vacancy tax on progressives’ checklist for Lightfoot; A coalition of groups and a handful of aldermen are getting specific about increases to a bevy of taxes to fill Chicago’s budget hole—many of which target the business community.A.D.Quig – Crain’s Chicago BusinessA coalition of progressive groups and a handful of aldermen are getting specific about increases to a bevy of taxes to fill Chicago’s budget hole, including restoring and increasing Chicago’s corporate head tax to $16 per month for large companies, instituting a 3.5 percent tax on office leases, a hike in the hotel tax from 4.5 percent to 7.5 percent, a vacancy tax on commercial properties vacant for more than 18 months and a local income tax on those earning above $100,000 a year.
The Fed’s New Measure Of Trade Uncertainty Has Trump’s Name Written All Over It Pedro Nicolaci da Costa – ForbesThe Federal Reserve doesn’t actually name the wayward occupant of the White House in its new report attempting to gauge the recent spike in trade uncertainty—but the measure might as well be called the Trump Index.
The Federal Reserve must be honest about Trump’s trade war; US central bank risks reputation with Americans if it pulls its punches with the White House Barry Eichengreen – The GuardianWilliam Dudley, the immediate past president of the Federal Reserve Bank of New York, recently stirred up a hornet’s nest when he called for the Fed to consider the impact of its policies on the 2020 presidential election.
In fact, Dudley performed a valuable public service by observing that Fed policy can influence politics, sometimes with profound implications for the course of the US.But that doesn’t mean his recommendations were on target.
Macron’s Finance and Budget Ministers Receive Death Threats William Horobin – BloombergLatest threat came with three bullets delivered to ministry; Le Maire already received death threats ahead of G7 summitMinisters in Emmanuel Macron’s government have received death threats including bullets in the post, in the latest sign of a tense political climate after the Yellow Vest protests and attacks on the offices of the French president’s political movement.
Hopes and Fears of Markets Are in the Hands of Politicians; The U.S.-China trade war could escalate or, under Trump’s successor, end.Brexit anguish could drag on, or be put to rest.Conor Sen – BloombergLast month’s drop in long-term Treasury yields spooked many market watchers who fear recession and another prolonged period of sluggish economic growth.But they’re watching the wrong threat.
Macron’s Influence Grows as Europe Charts a New Direction Jonathan Stearns – BloombergFrench interests addressed in choices from trade to budgets; Appointments signal shift in EU power away from Angela MerkelEmmanuel Macron’s growing influence was on display in Brussels on Tuesday as the European Commission unveiled a new leadership team that’s in tune with the French president’s top priorities.
Europe’s Green Deal Seeks to Anchor Carbon Neutrality Into Law Brian Parkin – BloombergNew EU executive aims to get all members on board proposal; Four eastern European states still balk at backing ideaThe Europe Union’s planned Green Deal includes an ambitious goal of zero net emissions by 2050, according to a top Brussels official..
