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Thanks HFT: Sovereign Wealth Funds and Pensions Fear Financial Transaction Tax

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Stock Market - Red and Green Figures on Blue DisplayMichael Lewis’ Flash Boys: Cracking the Money Code has made rounds on American television, creating uproar in the secret world of high-frequency trading (HFT). After the slurry of TV interviews of Lewis promoting his new book, the Federal Bureau of Investigations (FBI) came forward, publicly announcing an investigation into high-frequency trading.

“The United States stock market, the most iconic market in global capitalism, is rigged.”

These were the words that came out of Michael Lewis’ mouth on the CBS Show “60 Minutes” in his interview with Steve Kroft.

Sovereign wealth funds, like Norway’s Government Pension Fund Global (GPFG) note the negative impact of high-frequency trading for large institutional investors executing big orders. The Nordic sovereign fund contends that HFT exploits the structural differences between venues.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Kuala Lumpur to Singapore Highway Delayed

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The Malaysian government under Prime Minister Mahathir bin Mohamad has been reprioritizing its large-scale infrastructure developments. The highly anticipated railway from Kuala Lumpur to Singapore has been delayed by another five years. The governments of Malaysia and Singapore signed a formal agreement on September 5, 2018. The previous ruling party in Malaysia had set the railway in motion, but the current administration is seeking time for further review. A joint statement suggested that the railway was still a certainty.

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Former FSDEA Chairman Arrested in Angola

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Jose Filomeno de Sousa dos Santos, the son of Angola’s former president and former chairman of the country’s sovereign wealth fund, has been placed under arrest, according to the state prosecutor’s office. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Keppel Land China Acquires Stake in Nanjing Jinsheng Real Estate Development

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On September 20, 2018, Keppel Land China, a subsidiary of Singapore-based Keppel Corporation, purchased a 40% stake in Nanjing Jinsheng Real Estate Development Co, a subsidiary of Gemdale Corporation. Keppel Land China did the deal through an entity called Eternal. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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