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5/24/2017

Under US Treasury Secretary Steven Mnuchin, the Financial Stability Oversight Council could become a vehicle to change how the Dodd-Frank Act is interpreted and enforced. "FSOC's ability to prod regulators to do something they aren't otherwise doing can be incredibly powerful," said Dennis Kelleher, president and CEO of Better Markets.

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Reuters
5/24/2017

Microsoft has reportedly signed a deal to purchase cybersecurity startup Hexadite for $100 million, an Israeli news source said. The company's investors include Hewlett Packard Ventures.

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Reuters
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Microsoft
5/24/2017

Senate Republicans are looking to reach consensus on coverage of pre-existing conditions, with some conservatives preferring to repeal Affordable Care Act provisions governing pre-existing conditions and institute an opt-in approach for states that want to keep the provisions. Other ideas include an opt-out approach, requiring automatic coverage enrollment before states can obtain waivers or leaving many of the ACA provisions in place.

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The Hill
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Senate
5/24/2017

European Central Bank President Mario Draghi said UK financial market infrastructures will no longer be considered EU entities once Britain leaves the EU, which could lead to a lowering of ECB oversight on them. Meanwhile, moves to shift clearing of euro-denominated contracts away from London are said to have stalled, as the ECB governing council has not yet agreed an alternative proposal.

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Reuters
5/24/2017
  • US sector RRG shows four sectors with interesting rotational patterns
    • Technology (XLK) and Consumer Discretionary (XLY) in leading
    • Energy (XLE) and Financials (XLF) in lagging
  • Daily Relative Rotation Graph backs rotational patterns on weekly RRG
  • XLE expected to rotate on left (negative) side of RRG and remain in relative downtrend
  • XLF rapidly pushing deeper into lagging
  • XLY moving into leading quadrant at RRG-heading of almost 45 degrees
  • XLK strongest sector at the moment with some risk for a correction (new entry opportunity).


-- Julius de Kempenaer

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StockCharts
5/24/2017

Major banks are upgrading ATMs to attract customers, adding features such as touch screens, the ability withdraw a large sum and access via mobile code, instead of debit card. High-tech, modern-looking machines that offer "perceived convenience" are what big banks want, says Andrew Hovet of Novantas, though some small banks can match them "feature to feature."

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Novantas
5/24/2017

One of the biggest changes to the American Institute of Architects' standardized contract forms is making insurance and bond provisions an exhibit to agreements. The change streamlines document revision if necessary, an attorney says.

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Construction Dive
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AIA
5/24/2017

A Nevada Senate bill is moving forward without an amendment to set requirements for outreach to small contractors working on construction of the Raiders football stadium in Las Vegas. The amendment would have clarified that companies must meet state bonding requirements to be involved, and a senator says it would have helped the state reach a 15% threshold for small-business participation.

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Las Vegas stadium, Raiders, Senate
5/24/2017

The FX Global Code of Conduct is an industrywide voluntary initiative that aims to improve transparency and accountability and to curb the possibility of misconduct. James Kemp, managing director of the global foreign exchange division at GFMA, writes that it was developed by FX industry professionals to ensure its relevance and practicality, but stresses that "[i]t will be up to individual firms to ensure their operations are compliant with the Code's principles".

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GFMA, James Kemp
5/24/2017

EU leaders announced the criteria to be used in deciding where the London-based European Banking Authority and European Medicines Agency will move when the UK withdraws from the EU. European Commission President Jean-Claude Juncker and European Council President Donald Tusk proposed a multistage voting system and a restriction that would prevent any country from getting both agencies.