Erroneous Trade

What is an ‘Erroneous Trade’

An erroneous trade is a stock transaction that deviates so much from the current market price that it is considered wrong. Erroneous trades are caused by a variety of factors including computer malfunctions or human error. These trades are halted, or broken, because they do not reflect the true price of the security and they can influence or cause erroneous trades on other stocks or exchanges.

BREAKING DOWN ‘Erroneous Trade’

In 2009, the Securities and Exchange Commission (SEC) approved new exchange rules that would stop erroneous trades from being executed. The SEC rules allow an exchange to break a trade if the price differs from the consolidated last sale price by more than a specified percentage amount. For example, in regular market hours, 10% for stocks priced under $25; 5% for stocks priced between $25 and $50; and 3% for stocks priced over $50. Furthermore, the review process for the erroneous trade must begin within 30 minutes of the trade, and be resolved within 30 minutes after that.

Consequences of Erroneous Trades

Today’s markets are often automated and interconnected, with trades occurring quickly. As a result, an erroneous trade on one market can quickly trigger a rapid wave of further erroneous trades across other interconnected markets. This can lead to far-reaching and serious consequences for the market. For example, if a stock last trades at $25, but a computer glitch, human error, or some other factor causes a firm to conduct a series of erroneous trades of that stock at more than $75, other exchanges’ automated systems may follow suit, spreading that erroneous trading price across other markets and affecting numerous markets and investors.

In 2010, an erroneous trade was blamed for the nearly 1,000 point drop in the Dow Jones Industrial Average. The mistake was rumored to involve E-mini contracts which are stock market index futures contracts that trade in Chicago.

In 2011, two Wall Street Exchanges, Direct Edge and Nasdaq OMX Group, announced the cancellation of dozens of erroneous trades that were executed between 4:57 p.m. and 5:05 p.m. EST on Monday, May 2. The trades involved shares of several companies in the health sector, which jumped precipitously during that day’s after-hours trading session. For example, shares of Beckton Dickinson & Co. rose from their closing price that day of $86.85 to $112.91.

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Revolve, Online Clothing Retailer, Prepares IPO for Late 2018

Revolve, the Los Angeles-based online clothing retailer, is preparing for an initial public offering of stock in late 2018, according to people familiar with the company’s plans.

The retailer, known for selling designer brands through its website, last week met with bankers who came to pitch for roles underwriting the company’s IPO, the people said. The deal is expected to value Revolve well in excess of $1 billion, they added.

Should…

https://www.wsj.com/articles/revolve-online-clothing-retailer-prepares-ipo-for-late-2018-1528818949?mod=pls_whats_news_us_business_f

Shoal Games Announces 500,000 Downloads of Rooplay and Provides Corporate Update

ANGUILLA, BWI / ACCESSWIRE / June 12, 2018 / Shoal Games Ltd. (OTCQB: SGLDF) (TSXV: SGW) (“the Company”), mobile software developer, publisher, and owner of Rooplay (www.rooplay.com), today announced that it has secured more than 500,000 installs of its popular EdTech games system on the Android platform.

With 7 international brands under license (Garfield, Moomin, Mr. Men, Little Miss, Mr. Bean, Pororo and Peter Rabbit) and more than 25 Rooplay Original Games produced, the Rooplay EdTech platform generates global traffic from more than a hundred different countries every month on Android where Rooplay operates exclusively. Additionally, the Rooplay.com beta version is now live on web PC browsers and will soon begin accepting subscriptions, as will the Rooplay iOS and Rooplay TV versions. Shoal Games is pursuing a full OTT strategy with its subscription library of learning games for children.

The Company also announced today that it has retired all of its outstanding promissory notes with the exercise by the Company’s principal shareholders of all their Share Purchase Warrants for CAD$780,000 to purchase 1.2 million common shares of the Company at the exercise price of CAD$0.65 per share.

ABOUT SHOAL GAMES LTD.

Shoal Games Ltd. (TSXV: SGW) (OTCQB: SGLDF) (www.shoalgames.com) is the owner of the EdTech Games Platform Rooplay (www.rooplay.com). Rooplay’s pioneering curated games platform brings calm, structure and accountability for children and parents in an increasingly confusing and fragmented digital world. Empowering children with inspired play, engagement and innovative learning prepares them for success in their futures. Rooplay is available exclusively on Android and is live worldwide in the Google Play Store. Featuring Garfield, Moomin, Mr. Men, Little Miss, Pororo, Peter Rabbit and Mr. Bean, the product offers families a handpicked and growing selection of hundreds of educational games for a monthly subscription fee. The Rooplay platform uses the same subscription business model as Netflix, but substitute’s passive video content with active learning games designed to inspire children to success.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by the company) contains statements that are forward-looking, such as statements relating to anticipated future success of the company. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. For a description of additional risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission. Specifically, readers should read the Company’s Annual Report on Form 10-K, filed with the SEC on March 20, 2018, and the prospectus filed under Rule 424(b) of the Securities Act on March 9, 2005 and the SB2 filed July 17, 2007, and the TSX Venture Exchange Listing Application for Common Shares filed on June 29, 2015 on SEDAR, for a more thorough discussion of the Company’s financial position and results of operations, together with a detailed discussion of the risk factors involved in an investment in Shoal Games Ltd.

CONTACT:

Henry Bromley, CFO
[email protected]
(888) 374-2163
www.shoalgames.com

SOURCE: Shoal Games Ltd.

https://www.accesswire.com/viewarticle.aspx?id=502515

We asked top hedge funders: Does Showtime’s drama ‘Billions’ reflect financial reality?

This story contains some plot details about season 3 of “Billions.”

Things have been busy recently for Anthony Scaramucci. Prior to serving as President Trump’s White House Communications Director for just 12 days, “The Mooch” founded hedge-fund investing firm SkyBridge Capital and a hedge-fund conference known as SALT.

So, he’s only now gotten around to watching “Billions,” Showtime’s hit TV series starring Damian Lewis as hedge-fund billionaire Bobby Axelrod and Paul Giamatti as an aggressive U.S. Attorney out to get him on charges of insider trading. The third season finishes this Sunday.

Scaramucci attended Tufts University with “Billons” co-creator Brian Koppelman (who created the show with David Levien and Andrew Ross Sorkin) and he’s a fan. “Brian and David know how to create a great drama that has a comedic flair and realness,” Scaramucci says.

Much attention has been paid to the perceived similarities between Lewis’s Axelrod and hedge-fund titan Steve Cohen (Dan Loeb and Bill Ackman are other figures cited as inspiration for the character). “The characters that I saw were not reminiscent of any one person but they appeared to be composites,” says Scaramucci. “I can see why the show is so popular. They have a real hit. It’s binge material.”

‘High-impact historical fiction’

Robert Wolf, former president and chief operating officer of UBS who now serves as founder & CEO of 32 Advisors, is another “Billions” junkie.

“I love the show,” he says. “It takes all the big events and the ‘larger than life’ stereotypes of Wall Street from the 1980s to today and creates a fast-paced, high-impact historical fiction.”

As to the authenticity of operations at Axelrod’s fictional hedge fund, Axe Capital, Wolf says, “I can identify with many of the stories from my trading days at Salomon Brothers to my weekend at the Fed for the Lehman crisis and to having regulators around on a non-stop basis.” (In 1991, while Wolf was at Salomon Brothers, the erstwhile investment bank was caught up in a bond-auction-market manipulation scandal which partly inspired season two of “Billions.”)

The second season of “Billions” ended with Axelrod out on bail after his arrest was orchestrated by Rhoades. The assets of Axe Capital have been frozen and the company is, according to an employee, “the most toxic shop on the street right now.”

“I think everyone in the industry is aware of ‘Billions,’ says Ben Axler, the founder and chief investment officer of Spruce Point Capital Management. He’s particularly impressed with the character of Bobby Axelrod.

“He displays a lot of the traits of a successful hedge fund manager,” Axler says. “He’s calm, cool and calculated about how he’s approaching the investigation of his firm and how he’s going to try to prevail to save it and his passion, which is trading.”

“That part of the series is very accurate. The people who have been in this industry a long time are very good at it and they don’t want to stop what they’re doing or their love of trading. For some people it’s about money, for others it’s love. For Axelrod, it seems to be about both.”

Axelrod’s fictional world isn’t too far removed from that of Axler’s. “I started my short-selling career shorting Chinese companies, and in the last season in ‘Billions’ there was an episode when Axelrod shorted a Chinese company. I thought to myself, ‘That’s very similar to what I was doing,’” he says.

This season on the show, Axe Capital is forced to cope with its founder being separated from the firm’s day-to-day operations.

“I’ve never been at a firm that has been under investigation but they did a good job of showing the uncertainty in the conference rooms where employees were huddled, trying to get clarity about the direction of the firm,” says Axler.

But he added, “In the first few episodes of season three, there was no evidence of anybody leaving Axe Capital. In reality, you would have had some people go to another firm that has more certainty and employment stability.”


Jeff Neumann/Showtime/courtesy Everett Collection

Damian Lewis and Kelly AuCoin in ‘Billions’
A new ‘Bonfire’

Bruce Goldfarb, founder and CEO of Okapi Partners, says that while “Billions” exaggerates some scenes for entertainment value, “it really does capture the social milieu that some hedge fund players inhabit — the way people live, their wives, the social events they attend after-hours. There hasn’t been something fictional that has felt as real about the Wall Street world since [Tom Wolfe’s 1987 novel] “The Bonfire of the Vanities.””

Related: An interview with actor David Costabile, on playing Wags in ‘Billions’

A plot arc in season three revolving around New York’s leading hedge-fund managers attending an “idea dinner” hit Goldfarb close to home. “The ‘idea dinner’ had a very real feel to me based on ones I’ve attended and descriptions from clients who have been at them,” he says. “’Billions’ captures the ‘friends and frenemies’ behavioral element of those dinners and it feels real how they look for everything to be particular in a private room.”

Axelrod, he says, “appears to be smart, thoughtful and he has flashes of personality that go from humor and caring to rage. I have witnessed that with some clients. The people who excel in the hedge-fund world are sometimes on a spectrum of thought and behavior that gives them an edge. That’s how Axelrod comes off.”

Goldfarb was particularly impressed with the finer details of “Billions.”

“Take the [Robert] Motherwell painting in Axe’s bachelor pad. His paintings are often of bull’s genitalia and that’s an apt analogy of the bravado and machismo that is part of the industry,” he says.

A line that particularly impressed him is when Axelrod observes, “Lots of guys watch Bruce Lee movies — doesn’t mean you can do karate.” “That sentiment covers the attitude that investors have when they think about the information they put out to the market that they’re willing to share,” says Goldfarb. “That’s a mindset that separates good hedge funds from bad hedge funds.”

Investment accuracy

Euan Rellie, co-founder and senior director of investment banking firm BDA Partners, also speaks highly of “Billions.” “We all know being a hedge fund manager, in many ways, is about sailing as close to the winds as you sensibly can,” he says. “Billions has that right.”

He adds: “The investment decisions in the show are quite plausible. I like the analysis in the show of the chip that is going to dominate the Internet of Things. That’s actually the way people talk in finance where people are looking for that game-changing, disruptive investment thesis.”

“Some of those situations are clearly drawn from real life. You can tell the writers are obviously reading The Wall Street Journal or Businessweek and then transferring that into the scripts,” he says.

“Billions” seems influenced by former U.S. Attorney for the Southern District of New York Preet Bharara’s aborted crusade against hedge-fund manager Steve Cohen, then of SAC Capital Advisors. Though SAC Capital pleaded guilty to insider-trading charges in 2013, Cohen was not criminally indicted.

To Rellie, this gives the show a very “2013 feeling.” “It’s clearly influenced by that over-the-top hedgie rubbing everybody’s nose in it socially, epitomized by Steve Cohen. But I think that’s a dated notion now.”

“Hedge fund managers, private equity managers and investment bankers in a way can’t believe our luck at the moment, so the notion of saying a big ‘F*** You’ to the world seems a bit misplaced. There are Axe Capital employees who are just ridiculous, sexist relics saying f*** every third word. Those days are gone and those characters feel less convincing to me,” he says.

By contrast, “Billions” earned kudos for diversity from Rellie in regards to non-binary CIO of Axe Capital Taylor Amber Mason (the first major non-binary character in TV drama history, played by Asia Kate Dillon). “The character of Taylor, the non-binary CIO, for me redeems the story a bit because it brings it forward,” he said. “I run an investment banking firm and we’re desperate to be more diverse.”


In addition to the trope that Good People do Bad Things, and vice versa, central to “Billions” is the cat-and-mouse showdown between Axelrod and Rhoades.

But those scenes are implausible, says Jeff Brown, partner at international law firm Dechert and a former prosecutor at the United States Attorney’s Office for the Southern District of New York, where he served as co-chief of the general crimes unit.

“I enjoy the show but it’s not at all reflective of what happens,” he says. “The U.S. Attorney doesn’t meet criminals. Prosecutors don’t leave the office and meet the targets of their investigations since they would then become a witness and be off the case.”

The U.S. Attorney’s office in “Billions,” Brown adds, is comprised of “these super-erudite, esoteric Latin-citing, almost nerdy kind of guys. That’s a mischaracterization. The people who are super-articulate are not good at prosecuting people because there, you have to make decisions and can’t be paralyzed by analysis.”

The reality, Brown says, “is much more plain-speaking. It’s more methodical and rigorous: Can we prove this or not? Are we going to arrest the guy or not?” Another mistake, he notes, is that attorneys in real life don’t have nameplates at their desks, as they do on the show.

He adds, “It isn’t like ‘The Art of War’ but I’m sure that would be boring if the show was accurate because Rhoades would sit in his office all day and take phone calls. I don’t resent the show for not being accurate because it’s fun to watch. But anyone who sees it thinking that’s the way things actually work — I would want to talk them out of that.”


Jeff Neumann/Showtime/courtesy Everett Collection

Paul Giamatti as Chuck Rhoades in ‘Billions’
Suggestions for future seasons

“Billions” is expected to continue for several more seasons. As for possible plotlines for future seasons, according to Axler, “Twitter and social media have become an influence in finance and I don’t think they’ve explored that yet.”

“If I was writing the script of ‘Billions,’” says Rellie, “I would start exploring the interplay between D.C. politics and the financial markets, because regulation is really going to matter and hedge funds have thrived by being unregulated.”

Then there’s the small matter of cryptocurrencies. “Bitcoin is the single most divisive subject that generates huge amounts of passion among financiers and splits people down the middle,” adds Rellie. “I would explore that on the show.”


http://feeds.marketwatch.com/~r/marketwatch/financial/~3/0pCr_3rLNi8/story.asp

SEC Form 424A

What is ‘SEC Form 424A’

The SEC Form 424A is a prospectus form that a company must file if it has made significant changes to a previously-filed prospectus submitted as part of its registration statement. The Form 424A offers significant amendments to a company’s original S-1 or S-2 filings, beyond merely filling in any blanks left on the S-1. A company must provide five copies of each prospectus form prior to the effective registration date of the change.

BREAKING DOWN ‘SEC Form 424A’

A prospectus is a printed legal document that companies publish prior to selling a security; it details financial information about the company and the securities it is making available for sale (i.e., investment objectives, risks, fees, etc.). Companies are required to file prospectus form 424A in accordance with SEC Rule 424(a).

Prospectuses are important disclosure documents that provide information about the financial security of a company to potential buyers and investors. Information that can be found in the prospectus typically include details of the company’s business, biographies of its directors and officers and their compensation, financial statements, any pending litigation involving the company and any relevant material information about the company, including a listing of the company’s material property holdings. Prospectuses may also contain information about a company’s stock, bond, mutual fund and other investment holdings.

In the United States, any company that wishes to offer securities for sale must file a prospectus with the SEC. The SEC must declare this registration statement effective in order for the securities issuer to use it to finalize sales of its offerings. Initial filings are made with the forms S-1 and S-2; the 424A prospectus is used to amend these initial filings.

An underwriter will usually help to prepare the prospectuses and may serve as their issuing manager. The issuing manager will distribute the prospectus to shareholders and to interested investors. Since 1996, the SEC has required that prospectuses be filed in SGML coded format in order to more easily upload them into the EDGAR database, where they are made available to the public online. The EDGAR database, and similar databases used in other nations, allow for the widespread distribution of prospectuses and other SEC filing documents.

https://www.investopedia.com/terms/s/sec-form-424a.asp?utm_campaign=rss_headlines&utm_source=rss_www&utm_medium=referral

The Wall Street Journal: Toyota to invest $1 billion in ride-hailing startup Grab

TOKYO — Toyota Motor Corp. said Wednesday that it plans to invest $1 billion in Southeast Asian ride-hailing firm Grab Inc.

The deal is one of Toyota’s largest investments outside of its core business of making cars. Chief Executive Akio Toyoda, who has said the automotive business will be in jeopardy in a future of self-driving and shared vehicles, has pushed his company to break into new businesses to ensure its survival.

The deal expands an existing partnership announced last year between the auto giant and the Singapore-based startup, which saw Toyota
7203, +1.37%
  provide a software backbone for a portion of Grab’s ride-hailing fleet. That software allowed Grab to test new services, including insurance with a price based on driving habits.

Under the deal, these services will be rolled out across Grab’s rental fleet. One of Toyota’s employees will become a Grab executive, and a Toyota executive will also take a seat on the startup’s board.

An expanded version of this report appears on WSJ.com.



Also popular on WSJ.com:

Trump, Kim begin new phase of diplomacy.

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http://www.marketwatch.com/news/story.asp?guid=%7B77931512-6EBB-11E8-B3E7-8A4ABD829262%7D&siteid=rss&rss=1

86Pixels Launches List Ninja Email Analytics Tool

AUSTIN, TX / ACCESSWIRE / June 12, 2018 / 86Pixels LLC, which is based in Austin, TX, has announced the launch of the ListNinja email analytics tool. This email analytics tool enables people to gain insight as to who exactly their subscribers are. It also allows businesses to segment their audience based on a number of different attributes, thereby enabling them to send more effective content to those subscribers. The platform also allows marketers to engage with those email subscribers in other social media outlets as ListNinja finds each subscriber’s different social media accounts as part of the process. More details are available at https://listninja.co/.

Jimmy Lipham from 86Pixels LLC says: “The days of marketers simply sending out email blasts to hundreds or thousands of subscribers are long gone. People are looking for targeted high-quality content that speaks directly to them. ListNinja allows email marketers to laser-focus that content directly to the individual subscriber as well as engage in a multi-channel marketing campaign with that same individual on other social platforms, all with a few simple clicks.”

ListNinja focuses on email list segmentation in an easy to understand manner. It is the only tool of its kind that enables businesses to automatically segment their mailing list based on attributes that they feel are important. These could be such things as interests, industry, occupation, products they interacted with, and so on. Jimmy points out: “With ListNinja, you can turn prospects into customers.”

This tool also enables businesses to find the influencers on their lists. They can filter subscribers by social following and topic, for instance, thereby identifying those whom they should directly contact to have greater brand awareness. Additionally, it enables businesses to find both partners and competitors. The main focus, however, is on identifying a target audience. Jimmy explains: “You can tailor your email content specifically to your target market by unveiling your subscribers’ interests, industries, occupations, and employers.”

People can now sign up for ListNinja and they will receive the first 25 subscribers on their mailing lists indexed and enhanced for free. People are encouraged to contact 86Pixels for further information or if they have any other questions.

CONTACT:

Jimmy Lipham
706-614-2410
[email protected]
600 Congress Ave. Austin, TX 78701

SOURCE:
86Pixels, LLC

https://www.accesswire.com/viewarticle.aspx?id=502510

Asia Markets: Nikkei rises, while other Asian markets edge lower

After muted initial moves in Pacific Rim stock markets, things turned lower Wednesday as the trading day began in the rest of the region. Only in Japan were major indexes higher, with the Nikkei up 0.25%. Markets in China, Hong Kong, Australia, Malaysia
FBMKLCI, -0.34%
  and Singapore
STI, -0.89%
  were down roughly 0.5%

The Nikkei’s
NIK, +0.25%
  gains were helped by automakers, such as Toyota
7203, +1.37%
 and Honda
7267, +0.87%
 , up about 1% each. Nintendo
7974, -7.19%
  slid after announcing the popular videogame “Fortnite” would be available on its Switch console.

South Korea’s Kospi
SEU, -0.05%
  was about flat, a day after President Donald Trump’s summit in Singapore with North Korean leader Kim Jong Un, which appeared to significantly ease nuclear tensions on the peninsula.

China’s stock benchmark in Shanghai
SHCOMP, -0.75%
  opened down 0.5%, giving back some of Monday’s outperformance. That came as the People’s Bank of China said it was removing a rule that limits the amount of funds that so-called qualified foreign institutional investors can take out of China every month. That led to some apprehension of overseas players boosting any selling, said UOB Kay Hian’s Ivan Ip.

Hong Kong stocks
HSI, -0.70%
  opened lower, as ZTE
0763, -38.83%
  plunged in the resumption of trading following a two-month trading halt. Nearly 100 million shares of ZTE traded within the first 15 minutes, making it the second-busiest day since the day it went public in December 2004. The stock sunk 38% to $15.98, and earlier hit 13-month lows.

Australian stocks
XJO, -0.45%
  edged lower, despite APA Group’s
APA, +21.04%
  21% surge after Hong Kong’s CK International made a bid worth more than $9 billion for the pipeline operator.


http://feeds.marketwatch.com/~r/marketwatch/financial/~3/dJY6sVNulmM/story.asp

American Academy Of Financial Management – AAFM

What is the ‘American Academy Of Financial Management – AAFM’

The American Academy of Financial Management (AAFM) is an organization with members spanning more than 151 countries across the globe that offers exclusive designations for financial professionals. Those who earn certifications and/or charters from the AAFM are recognized as meeting some of the highest standards in the industry from the International Board of Standards (IBS).

BREAKING DOWN ‘American Academy Of Financial Management – AAFM’

The American Academy of Financial Management (AAFM) offers certifications and charters for those in industry roles such as financial professional, wealth manager, market analyst, financial and investment planner, asset manager, trust and estate planning analyst or economist. AAFM offers several industries recognized graduate designations to qualified professionals. The organization also fills a void for some 120,000 financial professionals working as MBAs, CPAs, lawyers and PhDs.

Founded in 1996, it was first established as a professional organization for investment managers, lawyers and analysts, when the American Academy of Financial Management and Analysts merged with the Founders Advisory Committee of the Original Tax and Estate Planning Law Review.

Who the AAFM Serves

AAFM serves professionals in the United States as well as Hong Kong, Beijing, India, Dubai, Kuwait, Latin America and South America, Singapore, The Caribbean, Europe and more. Training partners include Deutsche Bank, Citibank, Xerox, NASA, HSBC Bank, China Construction Bank, National Bank of Kuwait, The Government of Dubai, BAE Systems, United States Securities and Exchange Commission, The U.S. Navy, Department of Energy, The Department of Interior, 3M Asia Pacific, Dow Chemical, Hewlett Packard Singapore, Indian Overseas Bank, Shangri La Hotels and literally hundreds more.

Although the Academy maintains strict academic and experiential standards for its students, its certifications require less rigorous study and are less widely accepted/respected than the CFA or CFP.

https://www.investopedia.com/terms/a/american-academy-of-financial-management.asp?utm_campaign=rss_headlines&utm_source=rss_www&utm_medium=referral

Swaption (Swap Option)

What is a ‘Swaption (Swap Option)’

A swaption (swap option) is the option to enter into an interest rate swap or some other type of swap. In exchange for an option premium, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date.

Breaking Down ‘Swaption (Swap Option)’

Swaptions come in two main types: a payer swaption and a receiver swaption. In a payer swaption, the purchaser has the right, but not the obligation, to enter into a swap contract where they become the fixed-rate payer and the floating-rate receiver. A receiver swaption is the opposite; the purchaser has the option to enter into a swap contract where they will receive the fixed rate and pay the floating rate.

Swaptions are over-the-counter contracts and are not standardized like equity options or futures contracts. Thus, the buyer and seller need to both agree to the price of the swaption, the time until expiration of the swaption, the notional amount, and the fixed and floating rates.

Beyond these terms, the buyer and seller must agree whether the swaption style will be Bermudan, European or American. These style names have nothing to do with geography, but instead with how the swaption can be executed. With a Bermudan swaption, the purchaser is allowed to exercise the option and enter into the specified swap on a predetermined set of specific dates. With a European swaption, the purchaser is only allowed to exercise the option and enter into the swap on the expiration date of the swaption. With an American-style swaption, the purchaser can exercise the option and enter into the swap on any day between the origination of the swap and the expiration date.

Since swaptions are custom contracts, more creative or personalized terms are also possible.

The Swaption Market

Swaptions are generally used to hedge options positions on bonds, to aid in restructuring current positions, to alter a portfolio or a firm’s aggregate payoff profile. Because of the nature in which swaptions are used, the market participants are typically large financial institutions, banks and hedge funds. Large corporations also participate in the market to help manage interest rate risk.

Contracts are offered in most of the major world currencies, including the U.S. dollar, euro, and British pound. The large investment and commercial banks are generally the main market makers, because the immense technological and human capital required to monitor and maintain a portfolio of swaptions is usually out of the reach of smaller-sized firms.

https://www.investopedia.com/terms/s/swaption.asp?utm_campaign=rss_headlines&utm_source=rss_www&utm_medium=referral

Teekay Offshore Partners Announces Tender Offer for its 6.00% Senior Unsecured Notes Due 2019

HAMILTON, Bermuda, June 12, 2018 (GLOBE NEWSWIRE) — Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that it, with its wholly-owned subsidiary, Teekay Finance Corp., has commenced a cash tender offer and consent solicitation (the Offer) to purchase any and all of its outstanding 6.00% Senior Notes due 2019 (the Notes), upon the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated as of June 12, 2018 (the Offer to Purchase) and the related letter of transmittal.

The Offer will expire at 11:59 p.m., New York City time, on July 10, 2018, unless extended (the Expiration Time). Holders who validly tender (and do not validly withdraw) their Notes and provide their consents prior to 5:00 p.m., New York City time, on July 2, 2018, unless such date is extended or the offer is earlier terminated (the Early Tender and Consent Deadline), will be entitled to receive the total consideration of $1,025, payable in cash for each $1,000 principal amount of Notes accepted for repayment, which includes an early tender premium of $30 per $1,000 principal amount of Notes accepted for payment. Holders who validly tender (and do not validly withdraw) their Notes after the Early Tender and Consent Deadline will be entitled to receive the total consideration of $995, payable in cash for each $1,000 principal amount of Notes accepted for payment. Accrued and unpaid interest up to, but not including, the settlement date will be paid in cash on all validly tendered and accepted Notes. The settlement date for all Notes tendered prior to the Early Tender and Consent Deadline is expected to be July 3, 2018, and the settlement for Notes tendered on or after the Early Tender and Consent Deadline is expected to occur on July 11, 2018, subject to the satisfaction of the Financing Condition described below.

Holders tendering their Notes together with the related consents will be deemed to have delivered their consent to certain proposed amendments to the indenture governing the Notes, which will eliminate substantially all of the restrictive covenants and certain events of default and related provisions. Tendered Notes may not be withdrawn and consents may not be revoked after 5:00 p.m., New York City time on July 2, 2018, unless such date is extended. Following receipt of consents of at least a majority in aggregate principal amount of the outstanding Notes, Teekay Offshore will execute a second supplemental indenture effecting the proposed amendments.

The Offer is contingent upon, among other things, Teekay Offshore’s successful completion of the concurrent bond offering announced today on terms and conditions satisfactory to the Partnership and the Partnership having received the net cash proceeds of the bond offering (the Financing Condition). The Offer is not conditioned on any minimum amount of Notes being tendered. Teekay Offshore may amend, extend, or terminate the Offer in its sole discretion. There is no assurance that the Offer will be subscribed for in any amount.

The Offer is being made pursuant to the terms and conditions contained in the Offer to Purchase and the related letter of transmittal, copies of which may be requested from the Depositary and Information Agent for the Offer, Global Bondholder Services Corporation, by telephone at (866) 470-3900 or (212) 430-3774 (for eligible institutions only).

Persons with questions regarding the Offer should contact the Dealer Manager for the Offer, Citigroup Global Markets Inc., at 388 Greenwich Street, 7th Floor, New York, New York 10013, Attn: Liability Management Group, (800) 558-3745 (U.S. Toll-Free) or (212) 723-6106 (Collect).

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction

About Teekay Offshore

Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 63 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, long distance towing and offshore installation vessels, a floating accommodation unit (FAU), and conventional tankers. The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.

Teekay Offshore’s common units and preferred units trade on the New York Stock Exchange under the symbols “TOO”, “TOO PR A”, “TOO PR B” and “TOO PR E”, respectively.

For Investor Relations
enquiries contact:

Ryan Hamilton
Tel: +1 (604) 609-2963
Website: www.teekay.com

http://globenewswire.com/news-release/2018/06/13/1520730/0/en/Teekay-Offshore-Partners-Announces-Tender-Offer-for-its-6-00-Senior-Unsecured-Notes-Due-2019.html

Teekay Offshore Partners Announces Proposed Aggregate $500 Million Private Offering of Senior Notes

HAMILTON, Bermuda, June 12, 2018 (GLOBE NEWSWIRE) — Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) (NYSE:TOO) announced today that, subject to market conditions, it intends to offer, with its wholly-owned subsidiary, Teekay Offshore Finance Corp., $500 million in aggregate principal amount of senior unsecured notes due 2023 (the Notes) in a private placement to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the Securities Act). The Partnership expects to use the net proceeds from the offering to fund the tender offers to purchase any and all of its outstanding 6% Senior Notes due 2019 and any and all of its outstanding Norwegian Kroner-denominated senior notes due 2019, to fund the repayment of a cross currency swap, to pay any fees and expenses relating to the tender offers and the remainder for general partnership purposes, which may include the repayment of indebtedness. The proposed offering is not conditioned on the consummation of the tender offers.

The Notes to be offered will not be registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws. The Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act.

This news release is being issued pursuant to Rule 135c under the Securities Act and does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Teekay Offshore

Teekay Offshore Partners L.P. is a leading international midstream services provider to the offshore oil production industry, focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Teekay Offshore is structured as a publicly-traded master limited partnership (MLP) with consolidated assets of approximately $5.7 billion, comprised of 63 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers, floating storage and offtake (FSO) units, long distance towing and offshore installation vessels, a floating accommodation unit (FAU), and conventional tankers. The majority of Teekay Offshore’s fleet is employed on medium-term, stable contracts.

Teekay Offshore’s common units and preferred units trade on the New York Stock Exchange under the symbols “TOO”, “TOO PR A”, “TOO PR B” and “TOO PR E”, respectively.

For Investor Relations
enquiries contact:

Ryan Hamilton
Tel: +1 (604) 609-2963
Website: www.teekay.com

http://globenewswire.com/news-release/2018/06/13/1520729/0/en/Teekay-Offshore-Partners-Announces-Proposed-Aggregate-500-Million-Private-Offering-of-Senior-Notes.html

The Wall Street Journal: Women win Democratic primaries in key Virginia races

Democrats in Virginia, one of five states to hold primary elections Tuesday, picked women in key U.S. House races where the party hopes to flip districts now held by Republicans.

In northern Virginia, state Sen. Jennifer Wexton emerged from a field of six Democrats vying to run against GOP Rep. Barbara Comstock, who is among the most endangered Republican in the House. Wexton, the only elected official in the field, was endorsed by Virginia Gov. Ralph Northam and others in the party establishment.

In a district near Richmond, Democratic voters chose former CIA agent Abigail Spanberger to run against GOP Rep. Dave Brat, the conservative who upended the political world in 2014 by defeating then-House Majority Leader Eric Cantor in a primary.

Virginia Republicans chose conservative Corey Stewart to face Democratic Sen. Tim Kaine in November. Stewart is a Minnesota-born county supervisor who nearly won the Virginia GOP gubernatorial nomination last year on a platform of restoring Confederate monuments.

An expanded version of this report appears on WSJ.com.



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http://www.marketwatch.com/news/story.asp?guid=%7B90B4C290-6EB4-11E8-B3E7-8A4ABD829262%7D&siteid=rss&rss=1

CK Infrastructure Bids More Than $9 Billion for Australian Pipeline Firm

MELBOURNE, Australia—Victor Li, the new chairman of Hong Kong’s CK Infrastructure Holdings Ltd., moved to expand the empire built by his billionaire father, Li Ka-shing, by offering more than $9 billion for Australian pipeline operator APA Group.

The elder Mr. Li was known to be a fan of buying assets that offered stable returns and the APA bid shows the younger Mr. Li is continuing that strategy. It also demonstrates that Victor Li is committed to expanding an empire that includes ports and property businesses in China,…

https://www.wsj.com/articles/hong-kongs-ck-infrastructure-bids-over-9-billion-for-australian-pipeline-company-1528858915?mod=pls_whats_news_us_business_f

The Wall Street Journal: ZTE shares plummet 40% as trading, halted since April, resumes

HONG KONG — Shares of ZTE Corp. lost more than a third of their value in their first day of trading in nearly two months, reflecting investors’ unease about the future of the Chinese telecommunications giant following devastating U.S. sanctions.

Shares
0763, -39.53%
  fell about 40% to $15.36 Hong Kong dollars (US$1.91) in the opening minutes of trading in Hong Kong, wiping out nearly $8 billion in market value. The trading halt, which began April 17, followed an order from the U.S. Commerce Department banning American companies from selling to ZTE, effectively shuttering its business.

The company got a lifeline last week after Commerce Secretary Wilbur Ross announced a deal to keep ZTE in business in exchange for fines and a change in management. That deal paved the way for ZTE shares to resume trading, and the company said Tuesday it would restart business operations “as soon as practicable,” though the sales ban remains in place until ZTE pays the fines.

But ZTE’s fate is again in limbo, as a bipartisan effort to block ZTE’s rescue moves forward in Congress. Senior Republican senators indicated Tuesday that their efforts to keep sanctions on ZTE—via an amendment to a must-pass defense bill—aren’t being met with opposition from the White House.

An expanded version of this report appears on WSJ.com.



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http://www.marketwatch.com/news/story.asp?guid=%7B05A5463A-6EB3-11E8-B3E7-8A4ABD829262%7D&siteid=rss&rss=1

Guess Co-Founder Paul Marciano to Leave Company

Guess? Inc . GES 0.61% co-founder Paul Marciano has resigned as executive chairman and will leave the company next year after an internal investigation determined he exercised “poor judgment” in some situations involving models and photographers.

The company and Mr. Marciano, who hasn’t admitted wrongdoing, have reached settlements with five people totaling $500,000 to resolve claims of allegations of inappropriate conduct from the Guess executive, a securities filing by the company said Tuesday.

Mr. Marciano stepped away from day-to-day operations of the apparel and accessories maker in February after it opened an investigation into allegations of improper conduct. In the filing, Guess said Mr. Marciano has returned to the company and he will remain on the board through the duration of his contract, due to expire Jan. 30. Mr. Marciano’s older brother Maurice has been appointed chairman.

In its filing, Guess said Paul Marciano, who also served as chief creative officer, has started to transition his duties to Chief Executive Victor Herrero. Mr. Herrero, who took over the CEO post from Mr. Marciano in 2015, had helped build Zara parent company Inditex SA’s multibillion-dollar business in Asia.

According to the filing, the investigation found instances in which Mr. Marciano placed himself in situations “in which plausible allegations of improper conduct could, and did, arise.” In some cases, Guess said, no conclusion could be reached on claims because people either declined to be interviewed or provided insufficient information to the investigators.

Kate Upton, who had modeled for the Guess brand, went public with accusations against Mr. Marciano in late January using the hashtag #metoo. Ms. Upton had indicated in one of her social-media accounts that she wouldn’t participate in the investigation, accusing the company of hiring a law firm with ties to Mr. Marciano to investigate the claims. Attempts to contact Ms. Upton were unsuccessful.

Guess said in February the investigation would be handled by law firm O’Melveny & Myers LLP. A special committee overseen by independent Guess board members hired law firm Glaser Weil LLP.

On Tuesday, Guess said in the filing that the special committee working with Glaser Weil presented their findings and recommendation to the board on Thursday and Monday. The filing didn’t indicate what the committee recommended and attempts to reach the company were unsuccessful.

Guess couldn’t be reached for comment. An attempt to reach Paul Marciano through the company was unsuccessful.

Guess, established in 1981 by the Marciano brothers, is credited with helping redefine denim, though the company has struggled in more recent years. Guess had reported declining profits for several years and in the year ended Feb. 3, the company reported a loss of $7.9 million. Sales rose 7.9% to $2.36 billion, notching a second consecutive year of growth.

Write to Maria Armental at maria.armental@wsj.com

https://www.wsj.com/articles/guess-co-founder-paul-marciano-to-leave-company-next-year-following-misconduct-allegations-1528855738?mod=pls_whats_news_us_business_f

The Wall Street Journal: White House clarifies Trump’s stoppage of ‘war games’ in South Korea

The White House said Tuesday that the U.S. military would continue to train with its South Korean counterparts and conduct military drills — but not large-scale, joint exercises — in a clarification of an offer by President Donald Trump to North Korea’s leader Kim Jong Un.

The clarification, coming while Trump was still flying back from his summit with Kim in Singapore, was issued by a White House official after Vice President Mike Pence spent much of the day meeting with lawmakers who sought to understand what the president had promised.

Trump said at a Tuesday news conference in Singapore that for the duration of talks, he was stopping U.S. “war games,” which he said were “tremendously expensive” and provocative to North Korea. The offer wasn’t part of the joint statement between Trump and Kim, and was criticized by some lawmakers for giving away too much. North Korean media early Wednesday played up Trump’s cancellation of the maneuvers.

Pence met in closed session with GOP lawmakers, and some later said he told them that “regular readiness training and training exchanges” would continue, according to a Twitter message by Sen. Cory Gardner, R-Colo. Late Tuesday, a White House official clarified Pence’s comments, saying, “The VP was asked about force readiness and said that while the semiannual war games would cease — assuming parameters of the deal are met — regular readiness training would continue.”

An expanded version of this report appears on WSJ.com.



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The Wall Street Journal: Guess co-founder Paul Marciano resigns amid allegations of improper conduct

Guess? Inc. co-founder Paul Marciano has resigned as executive chairman and will leave the company next year after an internal investigation determined he exercised “poor judgment” in some situations involving models and photographers.

The company and Marciano, who hasn’t admitted wrongdoing, have reached settlements with five people totaling $500,000 to resolve claims of allegations of inappropriate conduct from the Guess executive, a securities filing by the company said Tuesday.

Marciano stepped away from day-to-day operations of the apparel and accessories maker in February after it opened an investigation into allegations of improper conduct. In the filing, Guess
GES, +0.61%
  said Marciano has returned to the company and he will remain on the board through the duration of his contract, due to expire Jan. 30. Marciano’s older brother Maurice has been appointed chairman.

According to the filing, the investigation found instances in which Marciano placed himself in situations “in which plausible allegations of improper conduct could, and did, arise.” In some cases, Guess said, no conclusion could be reached on claims because people either declined to be interviewed or provided insufficient information to the investigators.

An expanded version of this report appears on WSJ.com.



Also popular on WSJ.com:

Trump, Kim begin new phase of diplomacy.

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http://www.marketwatch.com/news/story.asp?guid=%7BA5E1D4FA-6EAF-11E8-B3E7-8A4ABD829262%7D&siteid=rss&rss=1

Glance Technologies CEO Desmond Griffin: Election Results Show Strong Support for Glance Nominees for the Board of Directors

VANCOUVER, British Columbia, June 12, 2018 (GLOBE NEWSWIRE) — Glance Technologies Inc. (CSE:GET.CN) (OTCQB:GLNNF) (FKT:GJT) (“Glance” or the “Company”) today announced that a contested vote by shareholders for the board of directors of Glance (the “Board”) has delivered strong support for Glance’s five nominees for the Board (the “Glance Nominees”).

“We want to thank all shareholders for voting, and for giving the board and management team a clear and unequivocal mandate,” said Desmond Griffin, CEO of Glance. “We look forward to focusing all of our energy on advancing our strategy and delivering value for shareholders after the annual general meeting, when we will have put this unnecessary proxy contest behind us.”

Vote analysis

Approximately 47 million shares were voted in support of Mr. Griffin, CEO of Glance.  Approximately 29.5 million shares were voted in support of dissident shareholder Penny Green.

After excluding shares held by Mr. Griffin and Angela Griffin, Glance’s Chief Technology Officer, at April 20, 2018 (the “Record Date”), approximately 31.9 million shares were voted in support of Mr. Griffin. After excluding shares held by Ms. Green at the Record Date, approximately 14.4 million shares were voted in support of Ms. Green. On that basis, support for Mr. Griffin was approximately 2.2 times higher than support for Ms. Green. 

Ms. Green’s support, excluding shares controlled by her at the Record Date, amounted to approximately 10.6% of Glance’s 135,880,880 issued and outstanding shares as of the Record Date.

Vote Results

If all voted shares are included, nearly 60% of the voted shares were in support of the Glance Nominees. Voting results for individual nominees are as follows:

Election of the Glance Nominees For Withhold
Desmond Griffin 46,990,247 1,228,973
Kirk Herrington 46,839,042 1,380,178
James Topham 46,794,108 1,425,112
Larry Timlick 46,844,813 1,374,407
Steven Cadigan 46,857,556 1,361,664
Vote regarding the dissident nominees For Withhold
Penny Green 29,507,230 1,457,505
William Davis III 29,455,092 1,509,643
Jonathan Fry 29,455,092 1,509,643
Monique Imbeault 29,450,522 1,514,213
Spiros Margaris 29,439,529 1,525,206

Glance shareholders also voted to confirm the number of directors of the Company for the ensuing year at five, to appoint Saturna Group Chartered Professional Accountants LLP as the Company’s auditor for the fiscal year ending November 30, 2018 and to authorize the Board to fix the remuneration to be paid to the auditor, and to confirm, ratify and approve the Company’s Advance Notice Policy, as follows:

Meeting Matters For % (1) Against/ Withhold % (1)
To confirm the number of directors at five 76,900,252 97.05 % 2,337,940 2.95 %
To appoint Saturna Group Chartered Professional Accountants LLP as the Company’s auditor 77,471,969 97.77 % 1,766,223 2.23 %
To confirm, ratify and approve the Company’s Advance Notice Policy 49,476,801 62.44 % 29,759,691 37.56 %
  1. Based on 79,752,402 shares voted.

About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards and interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance has also recently purchased a blockchain solution and is working on a rewards-based cryptocurrency.

For more information about Glance, please go to www.glance.tech.

For more information, contact:

Investor Relations 
1-866-258-1249
 investors@glancepay.com 
        Paola Ashton
VP Business Development
604-839-0337
     

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “may”, “believe”, “thinks”, “expect”, “exploring”, “expand”, “could”, “anticipate”, “intend”, “estimate”, “plan”, “pursue”, “potentially”, “projected”, “should”, “will” and similar expressions, or are those, which, by their nature, refer to future events. These forward-looking statements, which involve risks and uncertainties, relate to, among other things, the development of a rewards-based cryptocurrency. Although Glance considers these forward-looking statements to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among other things, risks related to Glance’s ability to develop a rewards-based cryptocurrency. Forward-looking information and forward-looking statements are in addition based on various estimates, forecasts and projects as well as expectations, beliefs and assumptions, including, without limitation, that Glance will be able to develop a rewards-based cryptocurrency.  For additional information with respect to these and other factors and assumptions underlying the forward looking statements in this press release, see the section entitled “Risk Factors” in the most recent Prospectus and Annual Information Form of Glance, which may be accessed through Glance’s profile on SEDAR at www.sedar.com. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking statements. Undue reliance should not be placed on such forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.

http://globenewswire.com/news-release/2018/06/13/1520728/0/en/Glance-Technologies-CEO-Desmond-Griffin-Election-Results-Show-Strong-Support-for-Glance-Nominees-for-the-Board-of-Directors.html

FDA Approves Genentech’s Avastin (bevacizumab) Plus Chemotherapy as a Treatment for Women With Advanced Ovarian Cancer Following Initial Surgery