the ten year skipped up to two point nine five which is the highs that you know since two thousand and thirteen and i promise you this has every single central banker in the world shaking in their boots because we're talking about a regime change here something different that we really haven't seen since great span took office in eighty seven well we hope you'll come back next week a related to the chairs a chair powells testimony daniel de martino booth head of money strong and author of fed up thank you for being here good to be with you in person absolutely likewise time now for a quick break but stick around because when we return we sit down with more actually at ski for an in-depth look into global markets and before we go i'll have a word about vinyl and as we go to break the dow up now is day down here at the numbers at the closing bell.

we were his door from gaza to the last. we dismantle the settlements once we got good neighbors we got to tell organization launching a look at still our village just some guy will keep it safe and dug tunnels so instead of having good neighbors we have a mustang which is a tell all state. elliston is getting international recognition with the help of israel at least in the world of zoos remember wolf it was dismissive to do it looking like you know. this isn't

my cup but here's something going out on sunday all maybe. you know john going to tell nobody should be the only palestinians who gets the most help from its jerusalem counterparts i don't think there's some of those who in the world under the local version not only could give you some. i know it is all of your knowledge to how to the slavery of the messiah which he had and i'm going to continue muslims you know do more commitments also don't put this all. along.

jason morgan chase has announced that it will demolish its fifty seven storey headquarters on park avenue in new york city it's actually just a few blocks from here the bank will build a new seventy story world headquarters on the same site for its fifty thousand employees jamie diamond the bank's chairman and chief executive said in a statement quote we are recommitting ourselves to new york city while also ensuring that we operate in a highly efficient and world class environment for the twenty first century meanwhile barclays the british bank headquartered in cannery wharf in london is cutting back and streamlining operations after a two thousand and seventeen significant earnings lost just reported barclays lost

two hundred sixty seven million dollars last year in part due to the us tax law hit the losses despite a two percent increase in deposit barclay has been shedding its interest in africa and has recently taken other streamlining efforts in internal restructuring efforts according to c.e.o. jeff staley who said in a statement two thousand and eighteen will be the first year in five years that this bank begins with a clean operating model. and sticking in the u.k. a spokesperson for british prime minister to resign may has said that britain will be able to sign trade deals with other european union countries during the brics a transition period but leaders continue to contend and say that such trade deals with e.u. members must be agreed to by all of the twenty eight member nations making any such trade deals with the u.k. more difficult to achieve.

and we talk about global markets right now we're joined again by boris iliescu boris used to work with the international secure. it is exchange and the dortch of bursa group and now is a board member at the nodal exchange morris good to be with you here in new york thanks for coming in great to be here var ok for service of all let's talk about the market meltdown that we saw it seems that were passed but or what do you make of it and is there still somewhat of a correction coming well i think a lot of market participants have been expecting a correction for some time it's been years of a low volatility environment there's been a lot of expectations for this correction to finally occur and there's been some economic data that's finally made some folks look at reallocating their portfolios and i think that's what we've seen in the last couple of weeks although it has calmed down a little bit although we saw white the move yesterday on higher interest rates did

let's look at global markets a little bit more. you know the nikkei in japan the hang sang the hong kong shanghai index the dax euro next stock what are those markets doing while we're primarily you know in the u.s. people are just focused on the u.s. what are global markets doing yes sure so anyone that's been looking at the global markets the stock indices in asia and both in europe you can see that those markets tend to follow the u.s. quite closely few look at the charts there's been almost no difference on those couple of days around february sixth there was a huge downturn following the u.s. volatility spike and since then there's been a calming down but you even see that today where the u.s. market opened significantly higher while the asian markets closed a little bit lower and the european markets were a little bit lower to start the day as well so you see a lot of following the u.s.

it makes some sense when you think about how markets have more over the last decade or so where they're pretty much. operating twenty four seven three sixty five and so even when you know n.y.s.e. and nasdaq. close there's not they're not really close because you have futures rated on those stocks during the off hours and so you you always have sort of a lead in to what the stocks may be so it's really twenty four seven three sixty five trading and a lot of this trading of course is done electronically we're at nasdaq yesterday and you know as you know it's a totally electronic venue n.y.s.e. not all that tronic are they still value having some floor traders there in addition to the optics for television. but let's talk a little bit about electronic trading and you come from exchanges that have lots of

electronic to treat explosive electronic trading at i.s.c. right yes so what do you make of it i mean it's indispensable in the this today's age but good bad are there problems concerns i think for the most part i would say good and high frequency traders electronic participants have been a part of our markets for well over a decade and it's been like that as well around europe and asia i think they provide a very useful utility for the market and yes during extreme times of volatility you can observe that the markets become wider they become thinner you see a lot of stories about high frequency traders and how much more money they make especially after a long period of time where you've seen high frequency trading quote unquote suffer with low volatility environment lower spreads not as much profitability in that space but for the most part the markets everybody would say have performed extremely well and the volatility has been pretty rough it's cost some wild swings intraday but at the same time we've had flash crashes in the past five years that

have been much worse and the electronic trading participants that are there today on all the u.s. venues on all the international the venues they perform a very valuable liquidity providing service and i thing. experience for both we tell institutional investors has been quite positive yeah. it's a double edged sword to some extent and it's a look at scary to people and i raised as you know alarms when i was back at my old agency a about them i called them cheaters not because they were cheaters just because they were so fast in and out of markets and sometimes they weren't regulated and ice because they needed rules but i one hundred percent agree with you they need to be in markets they do provide liquidity if somebody is out there wants to make a trade they'll take the other side of it they may hold it for a second or less at times we did a study years ago it showed boris that there were at times in markets these are

primarily opens and closes around four hundred to five hundred trades perception i mean it's hard for average folks to fathom that but when they are there they as a market maker they have an obligation to be on the other side of trades explain what a market maker is to some of the we have very sophisticated audience watching boom bust but for those that may not know what is a market maker what are the obligations on a market maker like n h f t sure and many if a chip t.'s are not the same as other market makers many a chip ts they come into the markets they provide liquidity very often there are one side of the market not both sides however some of the biggest names in market making and those that participate at the new york exchanges the nasdaq markets and the c.d.o. you bats markets they do have obligations they do show up on both sides of the market it's not the same as it used to be when all trading of this as a condition of them trading their require that they provide the other side of the

trade yet that's the obligation you're speaking about that's right so designated market makers d.m.'s at the new york they do have these obligations they have also of course we wards for meeting those obligations in terms of the fees. in the business they wanted in transaction fees so by being in the market they say we know this is the exchanges especially that we know this is a riskier proposition because we're asking you to be there to be the other side of this trade not to bid or an offer in exchange for that we'll give you a lower transaction fee because we know you're not making much money or a high of a rebate or a higher rebate right get rebate for all humans that it that's right and there are certain those are on exchange market maker some of the same high frequency traders are also referred to as aggregators or internalise or wholesalers they also make markets in their own dark pools in other dark pools with a facilitate both retail and institutional trading and they guarantee certain levels of execution quality to both retail and also institutional firms providing

price improvement and ensuring that orders get executed at the best possible market or you know stuff so well such a pleasure to speak with you on it let me ask you this so. one of the issues that we talked you mentioned flash crashes and a lot of us remember may sixth two thousand and ten or we also had an opening flash crash at the new york stock exchange on august twenty fourth two thousand and fifteen and over there by the way it was a real big deal and when that flash crash took took place twenty percent of the exchange traded funds the e.t.f. had experienced high volatility well just a couple of weeks ago we excite another volatile nature we lost the. dow went down as much as sixteen hundred points intraday we saw all that volatility and we saw problems again in not just us but exchange traded products and these exotic

exchange traded products like leveraged exchange traded funds and inverse exchange traded funds i'm wondering what your view is on the pretty complex products that are being offered to investors sure so like you point out the big contrast with the recent volatility is that it specifically affected a couple of days as you point out exchange created notes and funds in these cases that bet against volatility so these two funds x.i.v. n s v x y are both strategies that essentially short volatility and they have performed they have performed extraordinarily well in a period of consistently low volatility over the past five years but what happened on that day in increased volatility environment as there was an apple a fight effect from the performance of those funds and in particular the way these products for head buy their sponsoring firm specifically in the case of excite me

and credit suisse the way that fund works is it is hedged on a daily basis by credit suisse so when the market closed much lower and the bank had to hedge they centrally bought additional volatility. in the form of volatility vix futures and ultimately draining the assets in that fund causing that fund to open around one hundred dollars a share close something like seventy dollars and end up at five dollars after the close now i think that the professionals in the market and many sophisticated investors who had allocations to these funds knew that this was a possibility i think as always with these high volatility events no one quite imagines the actual moves that occur a lot of people have correctly pointed out that while the percentage move in the markets was significant we had more significant moves where the vix had not moved as dramatically as a did on that day and in fact that finra and others are investigating exactly what

happened specifically around the close and what happened with vix futures and generally speaking no i am not against leverage products or inverse products i think each product has a specific exposure that investors are looking for if these products don't exist that does not mean that a lot of people weren't simply short vix futures selling vx x. calls or short vx x. or the other volatility products unfortunately there were also a lot of retail investors who really didn't understand what these products are like this was a very difficult way to learn that lesson and i think that going forward as some brokers have in fact shut off access to these funds we will see a little bit more scrutiny with new funds that come into the market worthily f.c. thank you so much for being with you appreciate it thanks for sharing your expertise thanks for having me bart. vinyl is back and twenty eight teen

and on my vinyl to get list is back in black the ac d.c. classic the industry reached a milestone last year with the first vinyl industry conference of this century in detroit that featured jack white formerly of the white stripes nielsen music reports that vinyl sales in the u.s. rose for the twelfth straight year in two thousand and seventy by nine percent to over fourteen million sales while nine percent is down double digit increases in previous years strong growth in other major markets including canada and the u.s. suggest the trend may be sustainable and the top selling album of the year quick shout it out that honor goes to sergeant pepper's lonely hearts club band by the beatles and in that regard we hope you enjoyed the show that's it for today thanks for watching we'll be back tomorrow one more time from new york we carry sure to

catch boom bust that you two you two dot com boom bust party see you next time. we're similar to the spurs to those in the snow doesn't see the snow one of them one of them so. beautiful yes but couldn't you push the we're going to push we'll see you in particular jim crow was put on this material to manage and i do you know because you know i'm on the fringe of the story you know supposed to start or. so from them you know some of the use of them was one of them spoke of the. you know c.d.'s so you'll still. to come susan you put yellow to some of the so you have them shows cynical this is a police ideation. people still accomplishes to keep the well what you could give

one that would usually beautiful when they should be see would you do you see each of those pose in terms of the beautiful it would mean it was a little bit so. if you were the states it was going to. keep the mystic prizes shelling strong miracles supremest the north from the outside world from russia from china from the inside those sides missing what you see now on the wrong russia and there is. no rush to. psychos or go to a list on the bill of times to find somebody outside the united states will is responsible for the while the real problem is the stuff.

that. certain i want to do things that show the face do we really be very clear. the way . management. i'm going on they they when they have them they have. you need to feel. some yeah i'm them what do you how much. do you. mean that with a measure more next. the

un's most powerful body is jus to start another round of crisis talks on syria's rebel held eastern just a few moments thoughts and made it russia's criticism of the international community accusing them of. the florida school massacre further polarizes american society over gun control with both sides suggesting radically different security solutions. if we want to introduce weapons and encourage teachers to carry weapons then i think there's a word for that and that's called the police state that is the only step that could reasonably protect every kid in america today. we take

a tour i run the winter olympics host city with donald j. trump kim jong well sort of. from moscow to the world this is our two international my names you know any of that welcome to the program. another round all the discussions on the situation in syria. the u.n. security council starts in a matter of minutes member states will consider a resolution on a cease fire in the region along with amendments that russia has put forward the first day of talks on moscow under must by others security council members. this dramatic targeting of civilians and sheer disregard for human life that acts against health care and hospitals that constitute war crimes the regime wants to

keep bombing and gassing these four hundred thousand people and the assad regime is counting on russia to make sure the security council is unable to stop their suffering. there is a massive psychosis in the mainstream media which is spread in the same room as day after day it doesn't help to understand the situation that saw they put forward the idea that their only hospitals in eastern guta which the syrian army are fighting against him up and i takes a look at what we can expect from this second round of talks. well at this point russia is putting forward amendments to the proposed resolution that would call for a thirty day cease fire now the talk on everyone's mind is eastern ghouta now this is a suburb of damascus located to the east of the syrian capital and at this point there is a lot of fighting going on in that city and there's been a lot of reports in the press about civilian casualties and ongoing suffering and

we've gotten a response from russia insisting that the situation in ghouta is quite complex we have terrorists there they're essentially using civilians as human shields furthermore that area eastern ghouta is being essentially used as an area from which to shell damascus and to attack damascus so a lot more complicated than the western leaders are making it out to be. and information war is now spreading in all spheres of life and western pontin's amount over reacting to all the emotions found amount within the u.n. security council will be trying to adopt a resolution establishing a cease fire for thirty days of the government to use because you have to show in populated areas there are no such going to use that's going to make this resolution effective we propose a framework which would make the more realistic now the leaders of france and germany have coauthored

a letter directed at russia urging them to vote for this resolution for a thirty day cease fire russia has been very critical of this resolution so at this point it's not exactly clear what's going to happen in the security council chamber but many folks are anticipating a rather intense meeting. well more than three hundred civilians have been killed in syria since the earth strikes intensified according to the united nations the organization secretary general has described the situation there as hell on earth the assad government for its part says it's trying to bring an end to rebel shelling attacks that have been killing civilians as rough as the it looks now it's who the fighters controlling the embattled enclave actually are. east ghouta is not a nice place to live in surrounded as it is under. constant war zone within and without.

the army of islam holds most of east ghouta as the name may imply these guys crusading for democracy and when they aren't busy killing each other they share power with nusra. in syria and a number of smaller groups. these are ruthless people they cage civilians they truly put woman and the elderly in metal cages and hoisted them onto roofs where they left them a literal human shield made of civilians to protect themselves their fighters from strikes these same people jihad ists who say they're fighting to free the country

from asaad then turn their guns on protests that's when they day complain about the jihad ists themselves. these infamous incident being one of them. crowd of demonstrators fired upon by rebel fighters john kerry himself once called the rebels holding east ghouta a subgroup of isis and al-qaeda remember what the u.s. led coalition did to isis in mosul. what are they leveled and then ties city thousands of civilians dead yet they say there's no choice the terrorists were sponsible by using human shields a sad fact of war two billion casualties are

a fact of life in this sort of situation do you agree that some of the the high level of i think ridiculous standard that we had previously is now created this. behavior by ice is that they now realize if they take human shield they're going to avoid being struck and that actually this is adding to the problem congresswoman i do believe they understand our sensitivity to civilian casualties and they're exploiting that and i do agree that as we move into these urban environments it is going become more and more difficult to apply extraordinarily high standards for the things we're doing although we will try for some reason this time around they seem to be avoiding any mention of who it is that controls east ghouta all but the same job that's when the islamists blindly shelled damascus every day and slaughter more and more civilians well that's war when the syrian army responds suddenly it's an atrocity remarkable isn't it how the rules change entirely depending on who

is calling the shots. ok for more on all this i'm pleased to say i'm joined live on the program by john white jones and author of political commentator hello to you what do you expect from today's session at the u.n. particularly russia's amendments to the cease fire resolution your thoughts on the . well those amendments will be some metally dismissed by the u.s. and its various brussels on the security council the u.k. and france nikki haley washington's u.n. ambassador will level her usual broadsides against russia and against the sitting government accused them of all sorts of war crane's of being engaged in attacking civilians and attacking hospitals and lying with the regime change propaganda that has been unleashed in the past few days and weeks in the western media so they'll be a lot of hot air they'll be a lot of patients and to be

a lot of attempts to demonize russia and undermine the syrian government. regime change propaganda has entered the realms of the fantastic creating groups such as nusra front and jash al islam which is the dominant faction in eastern these groups which adhere to the same ideology responsible for nine eleven and a whole litany of terrorist attacks there are no being depicted those rebels as partisans of second world war repute whereby the syrian army made the script soldiers drawn from every part of the multicultural and multi-religious was a city in society there are no being painted there's a lot of the waffen s.s. an army of occupation the than an army of liberation so this narrative will continue and syria comes closer to achieving its complete liberation and the suffering of a civilian which no one can deny is being prolonged by this continued attempt to undermine the attempts of the syrian government and its allies particular russia to

liberate the country that's what. point here is that a ceasefire with the amendments address could help the terrorists regroup and fight against the syrian army allowing them time to rearm essentially how valid is that concern in your eyes. most entirely valid this is what this entire exercise is a potent new independent observer no western journalist would dare say food in eastern audited lib or any other part of the country that is controlled by these rebels because they know that as soon as they did they would be marked out they would be beheaded and tortured and that alone gives you an understanding of the character of this conflict and put it represents which you know this is a has no moral equivalence between a confederate army and the union army during the american civil war the confederates feinting to maintain slavery the union army fighting to end it there is no moral equivalence to be.