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Bet you didn't know CME runs a trading unit on its own exchange
Bloomberg
While CME Group Inc. (CME) makes most of its money charging the people who use its markets, the world’s biggest futures exchange captures a sliver of sales with a little-known group that trades directly with those customers. The GFX Corp. unit, which has been disclosed for years in regulatory filings, generated about $9 million in revenue last year, or 0.5 percent of CME’s total, according to spokeswoman Anita Liskey.
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Herro at Harris: Influencing the international scene since 1992
CFA Chicago
David Herro is the Chief Investment Officer-International Equities at Harris Associates L.P. and serves as the Portfolio Manager of The Oakmark International Fund, The Oakmark International Small Cap Fund, and The Oakmark Global Select Fund. Herro has been managing international portfolios since 1986, previously managing international portfolios for The State of Wisconsin Investment Board and The Principal Financial Group. Join CFA Chicago on Sept. 24 at The Standard Club for the Distinguished Speaker Series featuring Herro.
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Implications of the energy revolution
CFA Chicago
While fracking has captured much of the popular press attention lately, there is a much more pervasive shift in the global energy power balance taking place that has near and long term implications at both macroeconomic and individual company levels. The U.S. is now the second largest producer of crude oil in the world, sandwiched between Saudi Arabia and Russia. U.S. oil exports now exceed agricultural exports. Join us on Sept. 23 at 2:30 p.m. as we discuss the macro-economic and geopolitical implications of the energy revolution, and identify sector-specific impacts.
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Book review: The Battle of Breton Woods
CFA Institute's Enterprising Investor
Among investors who fear that the prevailing friction over trade imbalances will morph into outright currency war, it is common to regard the Bretton Woods years as a golden era of international harmony. Global economic performance was, in fact, excellent in the period beginning with full implementation of the 1944 agreement to maintain stable exchange rates through 1971, when the United States terminated the dollar’s gold convertibility and thereby ended the Bretton Woods system.
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CFO turnover dips, reversing 3-year trend
CFO
The twice-yearly “volatility report” from executive recruiting firm Crist | Kolder Associates is a highlight for observers of CFO meanderings, and the newest edition once again fails to disappoint. The biggest news, if you will, is that CFO turnover at large companies has bent downward this year through July, after three straight years of increasingly frenetic musical chairs.
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Speed traders seize NYSE floor as IMC takes Goldman post
Bloomberg
When Scott Knudsen rang the opening bell at the New York Stock Exchange, he signaled the ceremonial start of the day’s session and the conquest of the NYSE floor by high-frequency trading firms. His firm, IMC Chicago LLC, just finished its takeover of Goldman Sachs Group Inc.’s NYSE unit, giving it rights to manage buying and selling of dozens of stocks including prominent ones like International Business Machines Corp., Verizon Communications Inc. and Visa Inc.
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Money talks and it says: Chicago's still a good bet
Crain's Chicago Business
It's going on right in front of our faces, but it's still a surprise: Despite the near certainty of hefty property tax increases, real estate investors are pouring big bucks into Chicago. Earlier this year, one company spent $3,000 per square foot for a small Gold Coast commercial building. In May, another announced it would pay $850 million for a River North office tower. New apartment buildings and hotel projects are being announced almost every week. That's not political hot air or happy talk from business boosters. It's real money and lots of it.
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Video — Emanuel: Chicago will add 80,000 tech jobs in next few years
Bloomberg via Chicago Tribune
Chicago Mayor Rahm Emanuel, former White House Chief of Staff for the Obama administration, discusses why he's betting on the city's tech sector with a startup incubator. He talks to Bloomberg's Sam Grobart.
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FBI investigates reports of cyberattacks on JPMorgan Chase, other banks
The Associated Press via Chicago Sun-Times
The FBI said it’s working with the Secret Service to determine the scope of recently reported cyberattacks against several U.S. financial institutions. A report on Bloomberg.com said that the FBI is investigating an incident in which Russian hackers attacked the U.S financial system this month in possible retaliation against U.S. government-sponsored sanctions aimed at Russia.
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A mammoth guilt trip
The Economist
It is a rare month that goes by without announcements of big legal settlements by large companies doing business in America. August ended with an agreement by Bank of America to pay $17 billion, eclipsing a $1.2 billion settlement by Goldman Sachs and one of $300 million by Standard Chartered in the same month. Those are additions to a list for this year that already includes deals with Morgan Stanley, Citigroup, Credit Suisse, Toyota, Marubeni, Barclays, Rabobank, General Electric and Bank of America (in another case).
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Harris Associates buys into Interpublic
The Wall Street Journal
Interpublic Group is drawing interest from an array of savvy investors. Aside from Elliott Management, Harris Associates LP, a Chicago based fund with a long history of investing in advertising companies, acquired a 2.6 percent stake in Interpublic in the second quarter, regulatory filings show. Harris is a “value investor” that seeks out companies it believes are undervalued, the firm says on its website.
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Bet you didn't know CME runs a trading unit on its own exchange
Bloomberg
While CME Group Inc. (CME) makes most of its money charging the people who use its markets, the world’s biggest futures exchange captures a sliver of sales with a little-known group that trades directly with those customers.

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Regulators reject 'living wills' of banks
Chicago Tribune
Eleven of the biggest U.S. banks have no viable plan for unwinding their businesses without rattling the economy, federal regulators said, ordering the firms to address their shortcomings by July 2015 or face tougher rules.

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Brokerages face exodus as advisers get better deal in indie firms
Reuters via Chicago Tribune
Brokerage firms are facing an exodus of employees who are finding they can make more money and save on taxes by taking their clients and starting an independent firm before they retire.

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CFA Society Chicago NewsBrief

Colby Horton, Vice President of Publishing, 469.420.2601
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