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CME Group Announces Record Open Interest of 117 Million Contracts - Interest Rate Complex Hits 69.5 Million

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CME Group, the world's leading and most diverse derivatives marketplace, announced it set a total open interest record of 116,999,368 on Nov. 23, 2016. The new record surpassed the previous open interest record of 116,427,935 contracts set on June 9, 2016. 

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BM&FBOVESPA Publishes The 12th Portfolio Of The Corporate Sustainability Index (ISE) - Full Transparency Is A Prerequisite - The Sustainable Development Goals (SDG) Have Been Added To The Questionnaire

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BM&FBOVESPA announced yesterday the 12th portfolio of the Corporate Sustainability index (ISE), effective from January 02, 2017 to January 05, 2018. The new portfolio is composed of 38 stocks of 34 companies. The companies are drawn from 15 sectors and have a combined market capitalization of BRL 1.31 trillion, or 52.14% of the combined figure for all of the companies traded on BM&FBOVESPA, based on the close of trading on November 22, 2016 (in the previous year, ISE’s combined market capitalization was BRL 1.15 trillion, the equivalent of 45.68% of the total).

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Nigerian Stock Exchange Weekly Report For Week Ending 25 November 2016

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A turnover of 639.439 million shares worth N6.455 billion in 11,799 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 823.547 million shares valued at N5.444 billion that exchanged hands last week in 11,634 deals.

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BME: RREF II Al Breck SOCIMI To Start Trading On MAB On 30 November

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The Coordination and Admissions Committee of the Mercado Alternativo Bursátil (MAB) has submitted to the Board of Directors a favourable report on RREF II AL BRECK SOCIMI,stating that the company is eligible for admission to the SOCIMIs (REITs) segment of this market, following a review of all the information presented by the company.

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Competition And Savings: The Regulator’s Perspective - Speech By Christopher Woolard, Director Of Strategy And Competition At The FCA, Delivered At The TISA Annual Conference

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Speaker: Christopher Woolard, Director of Strategy and Competition
Location: TISA Annual Conference, London
Delivered on: 24 November 2016

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Platform Capitalism

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What unites Google and Facebook, Apple and Microsoft, Siemens and GE, Uber and Airbnb? Across a wide range of sectors, these firms are transforming themselves into platforms: businesses that provide the hardware and software foundation for others to operate on. This transformation signals a major shift in how capitalist firms operate and how they interact with the rest of the economy: the emergence of platform capitalism .

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Do Good Reports Mean Higher Prices? The Impact of Hospital Compare Ratings on Cardiac Pricing -- by Avi Dor, William Encinosa, Kathleen Carey

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Previous research found that the initiation of Hospital Compare (HC) quality reporting had little impact on patient outcomes. However little is known about its impact on hospital prices, which may be significant since insurers are positioned to respond to quality information when engaging hospitals in price negotiations. To explore this issue we estimate variants of difference-in-difference models allowing HC impacts to vary by levels of quality scores. We separately examine the effects of the three main scores (heart attack, heart failure, and combined mortalities) on transaction prices of two related cardiac procedures: bypass surgery and angioplasty. States which had mandated reporting systems preceding HC form the control group. Analyzing claims data of privately insured patients, we find that HC exerted downward pressure on prices, which we attribute to competitive pressures. However, hospitals ranked "above average" captured higher prices, thereby offsetting the overall policy effect. We conclude that HC was effective at constraining prices without penalizing high performers.

Is the American Public Corporation in Trouble? -- by Kathleen Kahle, Rene M. Stulz

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We examine the current state of the American public corporation and how it has evolved over the last forty years. There are fewer public corporations now than forty years ago, but they are much older and larger. They invest differently, as the importance of R&D investments has grown relative to capital expenditures. On average, public firms have record high cash holdings and in most recent years they have more cash than long-term debt. They are less profitable than they used to be and profits are more concentrated, as the top 100 firms now account for most of the net income of American public firms. Accounting statements are less informative about the performance and the value of firms because firms increasingly invest in intangible assets that do not appear on their balance sheets. Firms' total payouts to shareholders as a percent of net income are at record levels, suggesting that firms either lack opportunities to invest or have poor incentives to invest. The credit crisis appears to leave few traces on the course of American public corporations.

A Shadow Rate New Keynesian Model -- by Jing Cynthia Wu, Ji Zhang

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We propose a New Keynesian model with the shadow rate, which is the federal funds rate during normal times. At the zero lower bound, we establish empirically the negative shadow rate summarizes unconventional monetary policy with its resemblance to private interest rates, the Fed's balance sheet, and Taylor rule. Theoretically, we formalize our shadow rate New Keynesian model with QE and lending facilities. Our model generates data-consistent results: a negative supply shock is always contractionary. It also salvages the New Keynesian model from the zero lower bound induced structural break.

Laws, Educational Outcomes, and Returns to Schooling: Evidence from the Full Count 1940 Census -- by Karen Clay, Jeff Lingwall, Melvin Stephens, Jr.

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This paper uses a new dataset on state compulsory attendance, continuation school, and child labor laws with the 1940 full count Census of Population to estimate the returns to schooling for native-born white men in the 1885-1912 birth cohorts. IV estimates of returns to schooling range from 0.064 to 0.079. Quantile IV estimates show that the returns to schooling were largest for the lowest quantiles, and were generally monotonically decreasing for higher quantiles. These findings suggest that early schooling laws may have contributed to the Great Compression by increasing education levels for white men at the bottom of the distribution.

From "Made in China" to "Innovated in China": Necessity, Prospect, and Challenges -- by Shang-Jin Wei, Zhuan Xie, Xiaobo Zhang

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After more than three decades of high growth that was based on an exploration of its low-wage advantage and a relatively favorable demographic pattern in combination with market-oriented reforms and openness to the world economy, China is at a crossroad with a much higher wage and a shrinking work force. Future growth by necessity would have to depend more on its ability to generate productivity increase, and domestic innovation will be an important part of it. In this paper, we assess the likelihood that China can make the necessary transition. Using data on expenditure on research and development, and patent applications, receipts, and citations, we show that the Chinese economy has become increasingly innovative. In terms of drivers of innovation growth, we find that embracing expanded market opportunities in the world economy and responding to rising labor costs are two leading contributing factors. On the other hand, we find evidence of resource misallocation in the innovation area: while state-owned firms receive more subsidies, private firms exhibit more innovation results. Innovation can presumably progress even faster if resource misallocation can be tackled.

Leaving Big Money on the Table: Arbitrage Opportunities in Delaying Social Security -- by Gila Bronshtein, Jason Scott, John B. Shoven, Sita N. Slavov

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Recent research has documented that delaying the commencement of Social Security benefits increases the expected present value of retirement income for most people. Despite this research, the vast majority of individuals claim Social Security at or before full retirement age. Claiming Social Security early is not necessarily a mistake, as delaying Social Security commencement requires forgoing current income in exchange for future income. The decision to claim early could therefore rationally be driven by liquidity constraints, mortality concerns, bequest motives, a high time discount rate, or a variety of other preference related factors. However, for some individuals, delaying Social Security offers a significant arbitrage opportunity because they can defer Social Security and have higher income in all future years. Arbitrage exists for most primary earners who either purchase a retail-priced annuity or opt for a defined benefit annuity when a lump sum payout is offered, while forgoing the opportunity to defer Social Security. These individuals are essentially buying an expensive annuity when a cheaper one is available, and their decision to claim Social Security early is almost certainly a mistake. The magnitude of the mistake can reach up to approximately $250,000.

Immigrants and Firms' Outcomes: Evidence from France -- by Cristina Mitaritonna, Gianluca Orefice, Giovanni Peri

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In this paper we analyze the impact of an increase in the local supply of immigrants on firms' outcomes, allowing for heterogeneous effects across firms according to their initial productivity. Using micro-level data on French manufacturing firms spanning the period 1995-2005, we show that a supply-driven increase in the share of foreign-born workers in a French department (a small geographic area) increased the total factor productivity of firms in that department. Immigrants were prevalently highly educated and this effect is consistent with a positive complementarity and spillover effects from their skills. We also find this effect to be significantly stronger for firms with low initial productivity and small size. The positive productivity effect of immigrants was also associated with faster growth of capital, larger exports and higher wages for natives. Highly skilled natives were pushed towards firms that did not hire too many immigrants spreading positive productivity effects to those firms too. Because of stronger effects on smaller and initially less productive firms, the aggregate effects of immigrants at the department level on average productivity and employment was small.

Joint Deutsche Bundesbank And Deutsche Börse Blockchain Prototype

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Today the Deutsche Bundesbank and Deutsche Börse jointly presented a functional prototype for the blockchain technology-based settlement of securities. The innovative prototype is designed to provide the technical functionality for the settlement of securities in delivery-versus-payment mode for centrally-issued digital coins, as well as the pure transfer of either digital coins or digital securities alone. In addition, it is capable of settling basic corporate actions such as coupon payments on securities and the redemption of maturing securities.

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ThinkLiquidity Introduces Patent Pending Transaction Scoring System

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ThinkLiquidity Managing Director Jeff Wilkins announced the launch of a transaction scoring system featured in its new web application QuantView. The patent pending system delivers robust performance metrics on trades conducted over electronic trading platforms. QuantView data can be used by trade desks and risk managers to quickly and accurately assess order flow and improve risk management.

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Does the tone of central bank announcements have an effect on asset prices?

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Joint research from Cass Business School and the Copenhagen Business School has found that the toneof central bank communications has a significant effect on prices in equity, fixed income and option markets.

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CME Group Chief Financial Officer And Global Head Of Commodities & Options Products To Present At J.P. Morgan Forum

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CME Group announced today that John Pietrowicz, Chief Financial Officer, and Derek Sammann, Global Head of Commodities & Options Products, will present at the J.P. Morgan Fintech & Specialty Finance Forum, in New York, on Wednesday, November 30, 2016, at 8:00 a.m. (Eastern Time).

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Smart Contracts Symposium Draws Financial Services And Blockchain Leaders To Inaugural Event - Exclusive Announcements Planned, Smart Contracts Whitepaper To Be Unveiled

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The Smart Contracts Symposium, the industry’s first event fully dedicated to smart contract technologies, is being held on December 5, 2016 at the Microsoft Technology Center in Times Square, New York. Presented by the Smart Contracts Alliance, an industry initiative of the Chamber of Digital Commerce to promote the understanding and acceptance of blockchain and smart contract technologies.

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EuropeanIssuers Voices Issuers’ Vision Of The Capital Markets Union (CMU)

World Federation Of Exchanges Notes European Commission’s Initial CCP Crisis Management Proposal

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The World Federation of Exchanges (“WFE”), which represents more than 200 market infrastructure providers including exchanges and central counterparties (“CCPs”), today notes the European Commission’s proposal for regulation regarding the recovery and resolution of CCPs, and welcomes the importance placed on consistency with international standards.

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