Banks to Miss Out on Special Favors in May’s Brexit Plans (Bloomberg)
British financial-services companies will get no special favors in Brexit negotiations from Prime Minister Theresa May, who wants to change the relationship between the government and the City of London. According to three senior figures in May’s administration, the government will refuse to prioritize the protection of the sector after the U.K. has left the European Union. Her team has also dismissed the key business demand for an interim deal with the EU to help ease the transition out of the bloc, one of the people said. All asked not to be named because the information is sensitive.
High-Speed Traders Fear Regulator Spilling Their Biggest Secrets (Bloomberg)
Some of the biggest electronic traders are complaining that a new test in the U.S. stock market will compromise their top-secret strategies, one of their most valuable assets. Citadel Securities and KCG Holdings Inc. are among a chorus of brokers questioning elements of a U.S. Securities and Exchange Commission experiment, which began Monday, designed to whip up more trading in small companies. Their complaint is that the test will force firms to publicly expose detailed trading data with only the thinnest veil of anonymity, allowing competitors to reverse engineer how their prized trading algorithms work.
Fed’s Dudley Advises Caution in Raising Interest Rates (Bloomberg)
Noting concerns from some economists that the risk of a recession is increasing, Dudley told a central-banking seminar hosted at his bank that the Fed may have limited room to cut rates in the event of a downturn in the next few years. That may raise the need to turn again to unconventional policies, such as purchasing bonds.
Illinois treasurer expects others to cut ties with Wells Fargo (CNBC)
Frerichs explained that, in the past, the state used a "best bid" system to determine the institutions for state investments. Based on the $30 billion of annual investment activity the state would do with Wells Fargo, he estimated the bank would earn millions of dollars in fees from those transactions..."I'm sure other states, other cities will be looking at doing something like this," he said. "We're following California on stopping investment activity, but the state treasurer in California isn't in charge of unclaimed property."
Hardcore p0rn plays on billboard during rush hour (NYP)
Police in Indonesia’s capital are investigating the operator of a public video screen that briefly displayed a p0rnographic movie instead of advertising to passing traffic. Ten people, including employees of the company operating the electronic billboard, have been questioned, Jakarta police spokesman Awi Setiyono said Monday. Police can’t yet name a suspect, he added. Police assisted by nearby vendors shut off power to the giant video screen as drivers and pedestrians watched the movie.
Deutsche Bank Said Set to Advance on 1,000 Planned Job Cuts (Bloomberg)
Deutsche Bank AG is poised to reach an agreement with labor representatives this week that will pave the way for the German lender to eliminate about 1,000 jobs in its home market as part of Chief Executive Officer John Cryan’s cost cuts announced last year, said people with knowledge of the matter. The planned job cuts, which need to be signed off by the works council, will mostly affect back-office staff such as in information technology services, said the people, who asked not to be identified because negotiations are private.
Apollo, TPG reach deal with Caesars creditors that hurts investors (NYP)
After more than a year of standing firm, Apollo and TPG caved to creditors’ demands and forked over more cash as part of Caesars’ Chapter 11 reorganization plan — and gave bondholders an equity stake in the casino’s non-bankrupt unit. The move means investors in the PE giants’ funds will see their return on investment slashed — to about 27 cents on the dollar for some. While the reasons for Black’s and Bonderman’s change of heart may be open for debate, the timing is sure to raise some eyebrows. It came days before Sept. 29, when Apollo’s Marc Rowan, Bonderman and other executives of the funds would have been forced to turn over personal financial records to creditors.
Bluegrass And Big Data (New Yorker / Sheelah Kolhatkar)
“When you’re writing a book, you’re living on an island,” Cathy O’Neil said. “I think what saved my sanity was my band.” A math Ph.D. from Harvard, she became disillusioned with her job at the hedge fund D. E. Shaw and, in 2011, decided to quit. “I had gone into finance thinking I was making the market more efficient, and now I was trying to make money off of people who were saving for retirement,” she said. “I started thinking of us as junk-yard dogs, scavenging off of the financial system’s scraps.”
Man, 59, Busted On Lewdness Charge For Wearing Saran Wrap Bikini On New Jersey Beach (TSG)
Stephen Wojciehowski, 59, was arrested Monday in connection with his alleged indecent exposure earlier this month on a Long Beach Island beach...According to the Beach Haven Police Department, several witnesses reported that the suspect “spent two days on the beach” wearing the Saran bikini. The subsequent police investigation resulted in Wojciehowski’s identification and arrest.