It’s proven beyond doubt that the Micro, Small and Medium Enterprise (MSME) sector is the backbone of the national economic structure and has unremittingly acted as the bulwark for the Indian economy. With around 6.3 crore such units throughout the geographical expanse of the country, MSMEs contribute more than 7% of the manufacturing GDP and nearly 30% of the overall GDP. <br /><br />Being a major contributor to the socio-economic development of the country, this sector has been resilient enough to ward off global economic shocks and adversities. But with the Covid-induced pandemic ravaging the economy, business owners especially from the MSME sector need to not only readjust their strategy for a digital-first world, but also need critical financial support to tide through the uncertainty and build resilience. <br /><br />To ensure that MSMEs are able to sustain and participate in economic growth, several schemes have been developed to support this sector. One company at the forefront of this is <a href="https://www.dbs.com/in/sme/default.page">DBS Bank India Limited</a>, the wholly-owned subsidiary of DBS Group Holdings Ltd. In India, DBS has developed a holistic approach for the sector and embarked on programmes to enable MSMEs to nurture their business, upgrade their skills and capabilities to survive in the post-COVID-19 economy.<br /><br />DBS has launched an online credit solutions platform - <a href="https://www.dbs.com/in/sme/financing/digibusinessloans.page">DBS Digital Business Loans for SMEs</a> offering credit up to ₹20 crore. The offering harnesses the full power of the digital medium and simplifies the loan application process to further aid businesses and entrepreneurs. “DBS Business Loans is secure and fast. Honestly, as an SME, DBS has made our life very simple.”, asserts Mr. Vikram Mody of Mody Resins, based in Mumbai. “The challenges for small businesses in 2020 and 2021 were very different. In 2020, we faced the pandemic for the first time, and we were learning. In 2021, we knew how to handle it better. So, I expect to see a U-shaped recovery rather than the V-shaped we witnessed in 2020”, he expands.<br /><br />Across the country, MSMEs are reeling from the effects of the pandemic, yet they are at the heart of an inclusive recovery. Towards this end, DBS has joined hands with social enterprise <a href="https://go.dbs.com/haqdarshak">Haqdarshak</a>, a platform that lists MSME-specific welfare schemes, offering a one-stop solution for enterprises to access the right government-assisted incentives. Delineating his thoughts about the way forward for business growth, Sudarshan Chari, Head- Business Banking, <keyword id="133737" type="CITY" weightage="20" keywordseo="DBS-Bank">DBS Bank</keyword> India said, "At DBS, we are committed to empowering businesses to unlock new opportunities. We have introduced special initiatives for MSMEs that complement the government's relief measures and support businesses that have been impacted by disruptions arising due to COVID-19. We believe that propositions like ‘Haqdarshak’ will benefit smaller enterprises tremendously on their road to recovery."<br /><br /><a href="https://www.dbs.com/in/sme/default.page">DBS SME Banking</a> provides a complete suite of digital banking products and services ranging from trade, transaction, and money collection that make business operations more efficient. Champion Commercial, a speciality chemical company based in Mumbai has adopted DBS’ tailor-made banking solutions and transitioned to more digitized operations to keep business active during 2020. The company’s Managing Director Gaurav Singhania noted that his company “Haven't issued a single cheque in the last 12 months! Work is far more efficient and faster. We don't need to rely on human intervention and visits to the branch.”<br /><br />In 2020, the bank marked a significant milestone with the amalgamation of the erstwhile Lakshmi Vilas Bank with its India franchise, DBS Bank India Limited. This enabled DBS to access a larger network of cities, including key SME clusters, thereby accelerating its growth plans and enabling the bank to build a greater scale in the country. The bank has now bolstered its presence with a network of over 600 branches in 19 states across India. <br /><br />While technology is enabling continuity, DBS Bank India has also enhanced its support measures for this segment through robust products. The bank has accelerated its growth plans by adopting a 'phygital' model, covering key SME clusters. The goal is to enable MSMEs to augment working capital, meet operational liabilities and navigate their businesses through the current crisis. Mr. Mamalaivasan, a managing partner at Gothai Dall Traders in Tamilnadu noted that “Even during pandemic times, DBS Bank had ensured that all the services were rendered to us without any hassle and with utmost care. Due to capital constraints, an ad-hoc limit was requested by us and the same had been provided promptly.”<br /><br />DBS <a href="https://www.dbs.com/in/sme/default.page">assists MSMEs</a>, not just with business loans, but also with payments &amp; collections, remittances, forex solutions including FX Booking &amp; FX Forwards, Enterprise Resource Planning (ERP) integration, APIs, Trade Solutions including DBS Network Letter of Credit. The bank is also offering the ''Guaranteed Emergency Credit Line' scheme in line with the government's COVID-19 relief efforts.<br /><br />“Recognising that availability of formal credit in a timely manner continues to remain a challenge and small and medium-sized enterprises are underserved by mainstream financial institutions, DBS has always worked towards easing access to business credit for this entire spectrum. We have also harnessed the power of technology to design solutions that make banking simpler and intuitive for time-strapped business owners, so that they can focus more on their business, and less on banking. These end-to-end digitised solutions are aimed at seamlessly interweaving banking into customers' everyday lives by making it a part of their ecosystem”, added Sudarshan Chari, Head- Business Banking, DBS Bank India.<br /><br />Some of the recent work DBS has done to help pandemic-stricken businesses bounce back can be viewed via their original web series <a href="https://go.dbs.com/SparksIndia">DBS Sparks</a>, based on true stories of real solutions for clients and partners. The latest episode looks at how a small business in the food industry adopts a ‘Zero Food Waste’ approach to recover more sustainably, with the aid of the bank.<br /><br />As the MSME sector in India looks to return to vigour and strength, timely, relevant, and customised solutions can accelerate the recovery process and nurture the industry back to strength. After all, this sector employs around 11 crore people and its upliftment is crucial for the overall health of the economy.<br /><br /><em>Disclaimer: This is a sponsored article in partnership with DBS Bank India</em><br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/stock-market/news/cdsl-stock-has-skyrocketed-296-since-march-2020-on-surge-in-retail-demat-accounts/articleshow/84268404.cms">CDSL stock has skyrocketed 296% since March 2020 on surge in retail demat accounts</a><br /><br /><a href="https://www.businessinsider.in/business/startups/news/ola-app-raises-500-million-from-temasek-and-warburg-ahead-of-ipo/articleshow/84261607.cms">Ola raises half-a-billion dollars from Temasek and Warburg ahead of its IPO</a><br /><br /></strong><a href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchanges-in-europe-may-have-to-store-all-transactional-data-as-regulators-set-up-a-new-anti-money-laundering-watchdog/articleshow/84262742.cms"><strong>Crypto exchanges in Europe may have to store all transactional data as regulators set up a new anti-money laundering watchdog</strong></a><br />

DBS Bank’s handcrafted solutions to empower MSMEs across India

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Rick Wilking</span></p><p class="caption">Wells Fargo has a new agreement to share customer data with fintech startup Plaid, which offers software that powers fast-growing services like Betterment, Coinbase and Robinhood</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Wells Fargo made a pair of announcements this week aimed at meeting key customer demands: the desire to plug accounts into fast-growing platforms like Betterment, and the need for near-instantaneous money transfers. </strong></li><li><strong>JPMorgan has made similar moves on both fronts in the past year. </strong></li><li>Wells Fargo has had to balance new tech investments against spending on improvements on the risk and compliance side as it struggles to put a wide-ranging sales practices scandal behind it.</li><li><strong><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</strong></li></ul><p>Wells Fargo made a pair of announcements this week aimed at what it says are key customers demands: the desire to plug accounts into fast-growing third-party services like robo-adviser Betterment, and the need for near instantaneous money transfers.</p><p>Notably, JPMorgan has made similar moves on both fronts in the past year.</p><p>Interim CEO Allen Parker earlier this year outlined priorities for reshaping Wells Fargo, and had said on the bank's latest earnings call that, as part of the effort, it gathered feedback from employees about improving technologies and streamline operations.</p><p>That broader push also included bringing Saul Van Beurden on to fill the new role of head of technology for the bank, and Parker has said Wells Fargo is still looking for ways to use tech to make work easier and more efficient. Van Beurden was named in January and <a href="https://www.businesswire.com/news/home/20190109005838/en/Saul-Van-Beurden-Named-Wells-Fargo%E2%80%99s-New">joined Wells Fargo in April</a> - he was previously chief information officer of consumer and community banking at JPMorgan.</p><p>Spending on things like risk management, including related tech and data, means the bank now sees 2019 expenses at the high end of its target range for the year, it said on its earnings call in July.</p><p>Wells Fargo is under pressure to rein in costs to make progress on a key efficiency measure that remained stubbornly high following a sprawling sales-practices scandal that came to light in 2016. That means it's balancing new tech investments geared at boosting revenue and efficiency against making improvements on the risk and compliance side. </p><p>Here's what the execs working on the two new innovations at the fourth-largest US bank had to say.</p><p><em><strong>Read more:</strong><a href="https://www.businessinsider.com/transferwise-reports-third-straight-year-of-profits-2019-9"> TransferWise, a fast-growing money transfer startup valued at $3.5 billion, just turned in a third straight year of profit</a></em></p><h2><strong>Data-sharing agreement signed with Plaid</strong></h2><p>Wells Fargo has a new agreement to share customer data with fintech startup Plaid, which offers software that powers fast-growing services like Betterment, Robinhood, and crypto-trading platform Coinbase. </p><p>"We know our customers want to use these apps," Ben Soccorsy told Business Insider. Soccorsy is the head of digital payments for Wells Fargo Virtual Channels. "We want to provide them with the best possible way to do that," he said.</p><p>Wells Fargo's agreement with Plaid is similar to the one <a href="https://www.businessinsider.com/jpmorgan-announces-partnership-with-plaid-2018-10">JPMorgan signed last year</a>, which signals the big banks acknowledging consumer demand for new fintechs.</p><p>Plaid's API software allows companies to connect to their customers' bank accounts. Valued at $2.65 billion, Plaid has a wide range of fintech clients across personal finance, lending, brokerage, and P2P payments apps. </p><p>"This signals to the industry that partnerships are the way forward," said Sima Gandhi, head of business development and strategy at Plaid. Gandhi explained that this and other collaborations between fintech and traditional banks are key, given they share a consumer base.</p><p>"We are contractually holding hands around the commitments we're making to the consumer, whether it be around security, user experiences, data quality," she said.</p><p>Plaid will now be able to access Wells Fargo customers' data through a secure application programming interface, or API. That's an alternative to screen-scraping, where third party apps use users' login information (with permission) to access their bank's website and copy data into their own systems.</p><p>As consumers lean into the latest fintech products, legacy firms like Wells Fargo and JPMorgan Chase look to add value in data security.</p><p>"We think, for our mutual customers, this agreement is going to bring additional convenience and security to the way that our customers want to interact with third-party apps," said Soccorsy.</p><p>This agreement will also make data from Plaid-supported apps available on Wells Fargo's Control Tower platform. The Control Tower is offered within the Wells Fargo website and app, where customers have visibility into the different places their financial data is stored.</p><h2><strong>Digital cash</strong></h2><p>Wells Fargo earlier this week also announced plans to launch a cash settlement service Wells Fargo Digital Cash, run with its own distributed-ledger technology (DLT). That will allow Wells Fargo to internally transfer cash between locations in near-real time for their corporate clients using DLT. </p><p>We spoke with Lisa Frazier, head of the Innovation Group at Wells Fargo. She became head of that group in <a href="https://www.businesswire.com/news/home/20180522005464/en/Wells-Fargo%E2%80%99s-Steve-Ellis-Retire-Digital-Transformation">May 2018</a>, replacing 31 year Wells Fargo veteran Steve Ellis when he retired. </p><p>"More recently, we've been focusing on the internal use cases, so how can we use this emerging technology to create benefits for Wells Fargo customers," Frazier said.</p><p>This use case will be piloted on corporate clients' cash transfers. The DLT implementation will not impact their clients' experiences.</p><p>"It's seamless for them, meaning they'll use their existing processes to move money," Frazier explained, "but they'll be able to move that money in near real-time."</p><p>The Wells Fargo Digital Cash platform tokenizes currencies, backed 1:1 to a USD reserve, and transfers the money via DLT rails. The firm said it has already completed a proof of concept moving money between the US and Canada. Wells Fargo is planning to pilot this technology in 2020 for USD cash transfers, with the goal of expanding the DLT across currencies.</p><p>"Consumers and businesses continue to ask for things in real-time," said Frazier. "Because you take out friction and transactional costs with DLT, we can achieve operational efficiency."</p><p>Wells Fargo is currently under a Federal Reserve-imposed <a href="https://www.businessinsider.com/r-wells-fargo-wont-be-allowed-to-grow-unless-problems-fixed-feds-powell-2018-12">asset cap</a>, which went into effect in February 2018 after the bank's massive fake account scandal and other problems that subsequently came to light. </p><p>"We're focused a lot on meeting our regulatory requirements from a risk point of view," Frazier said when asked about the firm balancing its investment in new technologies with managing operational costs.</p><p>"Our investments are prioritized at the senior most level," she said. </p><p>Once again, Wells Fargo seems to be following in the footsteps of JPMorgan, which earlier this year, <a href="https://www.businessinsider.com/jpmorgan-launching-jpm-coin-cryptocurrency-2019-2">announced</a> plans to launch their own cryptocurrency. "JPM Coin" is also pegged 1:1 to USD. Its coin is more like a "stablecoin," as it is centrally controlled by JPMorgan and not subject to the open market volatility of other cryptocurrencies like bitcoin.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/wework-ipo-scott-galloway-impact-jp-morgan-softbank-2019-9">Scott Galloway explains who gets hosed from WeWork's IPO disaster</a></h3>        <div>                    </div>    </div>

 We talked to Wells Fargo execs about its blockchain and Plaid data-sharing push. The bank has been balancing new tech investments against spending on cleaning up risk controls. 

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Brendan McDermid/Reuters</span></p></div><p></p></div></div>Dave Lutz, the head of exchange-traded funds (ETFs) at JonesTrading, has an overview of what's happening in markets on Wednesday:</p><ul><li>US stock futures are little changed, with the Nasdaq adding to the closing high it hit on Tuesday. The FTSE in London is gunning for a 10th straight record high. </li><li>Industrial commodities are rallying. Copper is adding to a three-month high, while crude oil is higher after two days of weakness and ahead of weekly inventory data from the Department of Energy.</li></ul><p>Here's Lutz:</p><p style="padding-left: 30px;">Good Morning!   US Futures are marked slightly higher, with the QQQs adding to record close.   A Mixed bag in Europe, where the DAX is up 10bp as discretionary and Energy rally, but thos Fins remain under pressure of profit-taking, hitting Italy for 25bp.  In London, the FTSE going for 7,300 and a 10th consecutive day of record closes as Miners jump higher again, offsetting weakness in Discretionary.  Volumes heavy across the continent, with the DAX and FTSE trading 40% heavier than average.  Asian stock markets were broadly higher - Japan closed up 30bp as the Yen fell, China lost 80bp on concerns of heavy Chinese IPOs incoming, while Hong Kong rose for a 5<sup>th</sup> session - Aussie climbed small on Energy shares, while India reclaims 27,000</p><p style="padding-left: 30px;"><span></span>Some Reversal in Bunds and Treasuries - they had been under pressure most of the morning, but are now leaping higher, pressing the US 10YY back under 2.37%.   The DXY is bouncing from 102 - Euro hit towards 1.05 (and holding for now) - Sterling on 10week lows - while EM FX still weak:  Lira fresh lows and Peso on record lows into the Trump Presser at 11amET.   Bitcoin off 6% as China moves further against the currency.   Industrial commods are mostly higher, with Copper adding to 3month highs as Ore has leapt 10% this week and Oil rebounding from a 2day whack into DOE inventories - headers chattering Saudi supply cuts to Asia outweighing heavier than expected US Inventory data.  Interesting that GOLD is well bid despite the DXY rip - Positioning shows the street way short that yeller metal.</p><p style="padding-left: 30px;"><span></span>Quiet Economic Calendar today - we get Bank of England Bond-Buying Operation Results at 9:50, just before UK's NIESR GDP Estimate at 10.  DOE data for Crude hits at 10:30 (Last night's API showed a 1.5mln build, with Gasoline stocks jumping 1.7mln - both slightly heavier than estimates).  At 11am we get the Trump Presser (1<sup>st</sup> Since Election) - then at 1pm we get a Auction of $20 Bln 10-Year Notes (Reopening).  Small builder KBH (#13 ITB - not even in the XHB) reports after the close.   Active day in Washington, as the Senate holds 3 confirmation hearings (supposed to be 5, 2 were delayed) and moves on ACA thru Budget Process.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/what-women-find-attractive-in-men-2016-12">Women are more attracted to men with these physical traits</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5iZzMyeDranDSEuGX60cVb5VL_qjvfSz" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here's a super-quick guide to what traders are talking about right now

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p></div><p></p></div></div>Via Dave Lutz at JonesTrading, here's a super quick guide to what traders are talking about this morning. </p><p style="padding-left: 60px;">Good Morning! US Futures are lower, driven by a 25bp drop in Nasdaq which sees both AAPL (200dma break) and TWTR (approaching IPO price) breaking lower from yesterday's smackdown. European markets are all under pressure, led by a 1.4% drop in Spain and Italy as headlines on a Catalan referendum weigh on investors. Every major sector in Germany is in the red, save Materials - in very light trading, and Athens is 1.4% lower as Greek Banks lost 30% for the 2nd day. Over in Asia, Shanghai leapt 3% and Shenzhen nearly 5% as authorities continue to crack down on day-trading and short-selling; Nikkei lost 15bp, Hang Seng was basically flat. Aussie added 35bp as the Miners bounced, and Sensex lost small as India's Central Bank stands pat.</p><p style="padding-left: 60px;">The US 10YY is up small, but Germany's Bund Yields just dropped red, so anticipation US follows, and the US "policy-sensitive" 2-year yield up 1bp early. The US curve is slightly steeper, which may help Fins - but the DXY is breaking down under the weight of several crossed - Aussie is the standout, supported by hawkish Central Bank statements, and a pop in retail sales down under, while Euro is rebounding towards 1.10 and the Yen strengthens - even the Loonie is showing some life early. With the weaker $, we have a tailwind for commodities, and Industrials are recovering - but metals are showing a "dead cat" bounce, with Copper up small off 6Y lows, and Gold basically unchanged despite the $ tailwind. The Oil complex is seeing a rebound from yesterday's supply-headline induced pressure, with Brent and WTI gaining 1% into API inventories tonight.</p><p style="padding-left: 60px;">Scheduled Catalysts today include Canadian Manufacturing PMI at 8:30, ISM New York at 9:45 and US Factory Orders at 10. Sometime during the session we will be getting ACT prelim truck orders, and after the close tonight we get API Inventory data alond with some marquee earnings (CERN / ETSY, G, RATE / MBI / DIS, DWA, LBTYA). In Washington today, the Senate in session, House on summer break - At 9:30 Senate Armed Services Cmte holds hearing on Iran deal (Foreign Relations Cmte does same at 10am), at 11am NSA Director Michael Rogers speaks at Defense Strategies Institute symposium on cybersecurity - and at 1pm Israeli Prime Minister Benjamin Netanyahu hosts webcast on Iran.</p>

Here's a super quick guide to what traders are talking about right now

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Gene Blevins</span></p><p class="caption">A Los Angeles County fire helicopter makes a night drop while battling the so-called Fish Fire above Azusa, California, U.S.</p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Wednesday.</p><p><span><strong><a href="http://uk.businessinsider.com/tesla-made-offer-to-buy-solar-city-2016-6">Tesla wants to buy one of the USA's biggest solar energy providers.</a> </strong>Tesla has offered to buy SolarCity, the struggling solar-power company cofounded by Elon Musk, in a bid to bring together two planks of his plan to transform the way humans consume energy.</span></p><p><strong><a href="http://uk.businessinsider.com/tim-armstrong-on-fear-of-google-and-facebook-duopoly-2016-6">Everybody is afraid of Facebook and Google.</a> </strong>Marketers are terrified of the two online giants' advertising-market dominance, AOL CEO Tim Armstrong <a href="http://www.wsj.com/articles/fears-of-facebook-and-google-ad-dominance-hang-over-cannes-says-tim-armstrong-1466541482?mod=e2tw">tells The Wall Street Journal's Jack Marshall.</a> "It comes up with publishers, with advertising agencies, with marketers," he said. "There's a fear of a duopoly overall."</p><p><strong><a href="http://uk.businessinsider.com/brexit-just-the-beginning-of-europes-problems-2016-6">A Brexit is just the beginning of Europe's problems.</a> </strong>T<span><span>he <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and Europe could be looking at a rocky couple of months amid ongoing large-scale economic and political challenges such as the </span><a href="http://www.businessinsider.com/refugees-turning-europe-upside-down-2016-1">migrant crisis</a><span>, the </span><a href="http://www.businessinsider.com/the-eu-turkey-refugee-deal-just-took-another-big-hit-2016-6">Turkey-EU refugee deal</a><span>, and the seemingly endless drama in </span><a href="http://www.businessinsider.com/mind-blowing-facts-about-greece-economy-2015-6">Greece</a><span>.</span></span></p><p><strong><a href="http://uk.businessinsider.com/a-multibillion-bidding-war-is-underway-for-mcdonalds-stores-in-china-and-hong-kong-2016-6">A multibillion bidding war is underway for McDonald's stores in China and Hong Kong.</a> </strong><span>McDonald's</span><span> has received more than half a dozen bids for its planned sale of China and Hong Kong stores, including offers from Beijing Tourism Group, Sanpower and ChemChina in a deal worth about $3 billion, people familiar with the matter told Reuters.</span></p><p><span><strong><a href="http://www.businessinsider.com/r-buy-everything-us-if-britain-leaves-eu-prudentials-peters-2016-6">Buying up US assets is the best way to make money in the event of a Brexit.</a></strong> Gregory Peters, a senior investment officer at Prudential Fixed Income with more than $621 billion of assets, said on Tuesday he thinks U.S. stocks and bonds are a "great" buying opportunity if Britain votes to exit the European Union.</span></p><p><a href="http://uk.businessinsider.com/deutsche-bank-shuffling-wealth-management-team-2016-6"><strong>Deutsche Bank is reshuffling its wealth-management team in the UK.</strong> </a>The bank is promoting the head of compliance to run the day-to-day operations of the department. Lindsay Nicholls-Smith, who now oversees wealth management in the UK and southern Europe, is moving to a global role related to anti-money laundering, according to an internal memo seen by Business Insider.</p><p><span><span><a href="http://www.businessinsider.com/r-oil-prices-above-50-buoyed-by-us-stock-draw-2016-6"><strong>Both oil benchmarks are back above $50 per barrel.</strong></a> U.S. crude joined Brent above $50 a barrel after data from the American Petroleum Institute (API) showed a larger than expected draw on stocks. U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group's figures were triple the draw of 1.7 million barrels forecast by analysts in a Reuters poll. At around 6:40 a.m. BST (1:40 a.m. ET) Brent is at $50.84, 0.43% higher, while WTI is 0.52% up to $50.11.</span></span></p><p><span><strong><a href="http://www.businessinsider.com/asia-could-have-a-lot-to-lose-brexit-2016-6">Asia has a lot to lose if Britain votes to leave the European Union</a>.</strong><span> A Brexit would represent a slowdown of the globalisation that's defined markets in recent decades.</span></span></p><p><span><strong><a href="http://www.businessinsider.com/r-twilio-looks-to-brave-brexit-jitters-with-us-ipo-2016-6">Twilio is launching an IPO.</a></strong> Communications software provider Twilio is expected to price its $140 million (£95.4 million) U.S. initial public offering on Wednesday, a rare technology stock market debut, one day before Britain holds a referendum on its European Union membership.</span></p><p><span><span><strong><a href="http://www.ft.com/cms/s/0/4156cfbe-37c9-11e6-9a05-82a9b15a8ee7.html#axzz4C5zGzVuC">Brexit would cause total chaos for the UK's civil service.</a> </strong>According to the Financial Times, civil servants are preparing for one of the biggest upheavals in the service's history. "It is the biggest administrative and legislative challenge that government has faced that I can remember, possibly since 1945," Sir Simon Fraser, former permanent secretary at the Foreign Office, told the FT.</span></span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know in markets today

<p class="p1"><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div><p></p></div></div>Box announced <a href="http://blog.box.com/2014/09/introducing-box-workflow/">Box Workflow</a>, a new set of features that streamlines the work process, at its annual BoxWorks conference Wednesday. </span></p>
<p class="p2"><span style="line-height: 1.5em;">With Box Workflow, users can set up 'if this, then that' type of statements within its system, creating a more customized and flexible work experience. </span></p>
<p class="p2"><span style="line-height: 1.5em;">For example, you can now set up a push notification for contracts that are expiring in a month. Or you automatically assign work to someone when a certain document gets uploaded.</span></p>
<p class="p2"><span style="line-height: 1.5em;">"It's a tailored solution for your organization and your business," Box CEO Aaron Levie said.</span></p>
<p class="p2"><span style="line-height: 1.5em;">Box Workflow is an open API service and will be integrated with traditional tools such as Microsoft SharePoint, SAP, and Oracle Marketing Cloud. Levie said it will become available in 2015.</span></p>
<p class="p2"><span style="line-height: 1.5em;">Levie also confirmed that the beta version of <a href="http://www.businessinsider.com/box-unlimited-storage-space-2014-7">Box for Office 365 is now available.</a> Box for Office 365 allows Box users to directly save and open files on Microsoft's Office 365 desktop application. </span></p>
<p class="p2"><span style="line-height: 1.5em;">Although Box is not available for the iPad version of Office 365, Levie suggested the integration is a possibility, and jokingly asked the audience to tweet Microsoft CEO Satya Nadella to add the feature soon.</span></p>
<p class="p2"><span style="line-height: 1.5em;">Levie also gave the latest figures on Box. As of 2014, more than 240,000 businesses actively use Box's platform, with over 27 million users worldwide. That's 99% of the Fortune 500 companies, Levie said.</span></p>
<p class="p2"><span style="line-height: 1.5em;">With the IPO still on hold, it remains to be seen how investors will react to today's news. Box didn't mention anything related to the IPO at the Q&amp;A session, but said the timing of today's announcement was already planned more than a year ago.</span></p>
<p class="p2"><span style="line-height: 1.5em;">"At Box, we're 100% focused on the <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="Enterprise">enterprise</keyword>. This focus lets us build what others can't or won't," Levie added.</span></p>
<p class="p2"><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div><br /></span></p>

Box Boosts Its Enterprise Offerings With Box Workflow and Box For Office 365

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters</span></p><p class="caption">An English breakfast.</p></div><p></p></div></div>Via Dave Lutz at JonesTrading, here's a super quick guide to what traders are talking about right now. </p><p style="padding-left: 60px;">Good morning! US Futures are starting a bit soft again, with the S&amp;P off 10bp as that 200dma feels like a magnet right now. For the first time in a few sessions, we are seeing smallcaps underperforming, so watch for mean reversion from recent outperformance. Over in Europe, markets are mostly softer as Draghi's headlines yesterday caused angst with the QE bulls. Germany's DAX is off 25bp, led by a retreat in the Financials - but finally the Consumer Discretionary sector is showing some life. FTSE is off 30bp as those Miners continue to retreat and weak Retail Sales figures weigh, but Telco outperforming as Vodafone #s bid up the sector.  Portugal's markets are among the worst EU performers as angst continues to build into Political headers <span class="aBn" data-term="goog_1091712736"><span class="aQJ">tomorrow</span></span>, and a big ratings announcement from DBRS <span class="aBn" data-term="goog_1091712737"><span class="aQJ">Friday</span></span>. Over in Asia, Shanghai fell small on hopes weaker Chinese data leads to fresh Stimulus measures; KOSPI was hit for 1.4% as Samsung got smacked; Aussie fell 40bp to a 6week lows as Banks were hit, while he Nikkei gained small. Emerging Markets hitting a 6week low, led by a 1.6% drop in India on Political angst, despite Shares in India's largest airline climbing as much as 18% in their IPO.</p><p style="padding-left: 60px;">The US 10YY is under some pressure, following Bund Yields lower as concerns build on Chinese inflation falling to a five-month low in October - The Market is retracing some of the recent Fed bets, with that 2YY off small and Fed Funds down to a 66% chance of Lift, falling from a high of 75% last Friday. That said, the DXY has a bid against the basket, making gains mostly against Euro with is falling to test the week's lows near 1.07 - and $/Y holding 123 has the Yen weakening slightly. The Stronger $ is a headwind for commodities, yet we see Gold retracing higher (China #s), but Copper is collapsing near 6Y lows in early trade.   The Oil complex has a slight bid to it on a pile of IEA headlines, but anticipated heavy Cushing Builds in<span class="aBn" data-term="goog_1091712738"><span class="aQJ">tonight's</span></span> API report are a major overhand for the commodity. The Softs are mostly bid higher, led by Sugar despite the WSJ talking about the crowd hiding there. Interesting that Lumber continues to outperform despite being one of the few commodities higher over the last week, joining FCOJ and Natty.<span> </span></p><p style="padding-left: 60px;">Ahead of us today, we have US Import Price Index and Wholesale Inventories at <span class="aBn" data-term="goog_1091712739"><span class="aQJ">8:30</span></span> - Bank of Canada's Wilkins speaks at <span class="aBn" data-term="goog_1091712740"><span class="aQJ">11:55</span></span>, and the Commodities complex will be focused on the high <span class="aBn" data-term="goog_1091712741"><span class="aQJ">noon</span></span> release of World Agricultural Supply &amp; Demand Estimates. At <span class="aBn" data-term="goog_1091712742"><span class="aQJ">1pm</span></span> the US Treasury auctions off $24B in 10Y notes - and after the close we have the <span class="aBn" data-term="goog_1091712743"><span class="aQJ">4:30</span></span> release of API Inventories for the Crude Complex. It is a Heavy day of Sell-Side conferences, with 9 scheduled - and <span class="aBn" data-term="goog_1091712744"><span class="aQJ">tomorrow</span></span> brings us "Singles' Day" in China along with Veterans Day in the USA - Given Bonds and Banks closed - it is NOT a settlement date.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/james-altucher-warren-buffett-rant-holding-period-2015-10">JAMES ALTUCHER: 'Warren Buffett is a f-----g liar'</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="p5bDZoeDo8xfvan7c7FGMOGC5vb7URt6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here's a super quick guide to what traders are talking about this morning

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Thomson Reuters</span></p></div><p></p></div></div>Dave Lutz, the head of exchange-traded funds at JonesTrading, has an overview of what traders are talking about right now. In brief:</p><ul><li>US stock futures gave up much their overnight gains and are marginally higher ahead of the opening bell. Target shares are tumbling after the retailer lowered its fourth-quarter and full-year guidance. </li><li>Bonds are weaker ahead of a speech from Federal Reserve Chair Janet Yellen at 3 p.m. ET. Before that, the consumer price index will be released at 8:30 a.m. ET, and homebuilder sentiment at 10 a.m. The Bank of Canada also releases its interest-rate decision at 10. </li></ul><p>Here's Lutz:</p><p style="padding-left: 30px;">Good Morning!   S&amp;P has surrendered overnight gains as Transports under pressure with CSX and UAL, while retail weaker with TGT off a quick 3% as they slash forecasts.    Fins are rebounding into Goldie and Citi tho - that seems to be helping the spoos.  Sea of red across continental Europe, with DAX off small as Fins and Industrials get whacked, offsetting gains in the Tech sector.   FTSE holding green despite Media getting slammed on Pearson, as Staples and HC leap higher.    Volumes across the continent are solid, with Germany trading 20% heavy and London 50% heavy to normal trends.   Quiet in Asia - Nikkei closed 40bp higher as Yen reversed yesterday's gains - Hang Seng closed up 1.1% - Shanghai basically unch, while Tech-Heavy Shenzhen lost 50bp on IPO jitters - Aussie barely stays green for 2017 as Banks get smoked, while MSCI EM Index closes up near 2month highs.<span> </span></p><p style="padding-left: 30px;">Yields are reversing yesterday's weakness on some hawkish remarks by Fed's Williams overnight, but all eyes on Yellen at 3pm as she discusses "The goals of monetary policy and how we pursue them".  Dollar recovering from 1M lows as Sterling reversing some of yesterday's ripsaw and Euro slides from 1.07.  Both the Lira and Peso both under some good pressure again.  Ore lost 60bp in China, snapping a 7day win streak, hitting copper small this AM.  Gold is making a solid effort to stay green for the 8<sup>th</sup> session in a row despite the bid under the greenback - while the Energy complex is all red: Oil under pressure on chatter from Davos on significant Shale production increases - Natty reversing some of yesterday's rip higher, and Gasoline is off 1%.  <span> </span></p><p style="padding-left: 30px;">Very Busy day of Catalysts today - With US CPI and Hourly Earnings at 8:30, followed by Industrial Production at 9:15.  9:50 brings the Bank of England Bond-Buying Operation Results, just before the 10am Bank of Canada Rate Decision, right when US NAHB Housing Market Index hits.   Focus then shifts to the Fed, as Kashkari Speaks on Economy at 11 and the Beige Book is released at 2pm.  2:30 we see VIX Contracts roll, then all eye on San Fran as Yellen discusses "The goals of monetary policy and how we pursue them" at 3pm.   Total Net TIC Flows hit at 4pm - then after the close we get API data for Crude at 4:30.  KMI reports tonight, but FANG in focus with NFLX's Numbers.  </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/us-government-nuclear-trucks-2017-1">These are the secretive 18-wheelers the US government uses to transport nukes on America's roads</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hydXBxeDpbqpsqK4QQMXiBdB_aEXHFpr" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

<p>Via Dave Lutz at JonesTrading, here's a super quick guide to what traders are talking about before markets open:</p><p style="padding-left: 60px;">Good Morning!   US Futures are continuing the rally, led by the Nasdaq adding 20bp as AAPL, FB, TSLA, and PYPL all move higher - but some signs are building a pullback is due, with the S&amp;P having the highest DSI (Daily Sentiment) reading of 2015, along with the VIX rally yesterday coupled with some technical analysis (Demark) showing some caution to the bulls.   Over in Europe, Most markets are higher, save Germany where VW headlines have the Consumer Discretionary Names under sharp pressure, hitting the DAX for 20bp in heavy trade.   London is on fire tho, gaining 1% as Glencore up 7%+ on initiatives has the miners on the FTSE hopping.  Over in Asia, Toyko stocks soar after the Japan Post IPO was very well received, pushing the Nikkei up 1.3% - While Chatter Chinese authorities will open a trading link between Shenzen and Hong Kong by year-end initially had the exchanges on fire, but a later denial capped gains, with Shanghai gaining "only" 4.5% and Hong Kong 2%.   Aussie closed basically unch, but those Emerging Markets surged higher again, led by a 1.7% jump in Indonesia, and 1.4% move in Thailand as their central bank keeps rates unch.<span> </span></p><p style="padding-left: 60px;">Ahead of 5 Fed speakers today - the US 10YY rests near highs after successfully testing and holding 2.2% in the overnight - but that US 2YY is jumping towards 2015 peaks as we await Janet later this AM.   The DXY is retreating from yesterday's highs, but the basket remains well bid as Euro still under pressure from Draghi yesterday, Yen weaker as leverage continues to build, and that Kiwi$ whacked overnight on a further decline in dairy prices and soft jobs data.  With the stronger $, it's interesting to see most commodities very well bid - with all of the metals in the Green (but Copper up "only" a measly 60bp on headlines Glencore cutting production) - and the Energy commodities continue to build on the week's gains - Oil up 50bp supported on Brazil and Libyan outages, along with a flooded pipeline in the US - while Natty Gas is popping 1.6% early.  <span> </span></p><p style="padding-left: 60px;">At <span class="aBn" data-term="goog_1288703347"><span class="aQJ">8am</span></span>, Fed's Harker speaks, followed by the ADP Employment Change at <span class="aBn" data-term="goog_1288703348"><span class="aQJ">8:30</span></span>.   Biotech players will focus on the <span class="aBn" data-term="goog_1288703349"><span class="aQJ">9:30</span></span> presser from the newly formed Affordable Drug Pricing Task Force - and at <span class="aBn" data-term="goog_1288703350"><span class="aQJ">9:45</span></span> we get Markit's US Composite PMI.   At <span class="aBn" data-term="goog_1288703351"><span class="aQJ">10am</span></span>, we get the ISM Non-Manf. Composite , along with the "Main Event", where Fed's Yellen Testifies on Bank Regulation (but Q&amp;A will focus on Policy).  <span class="aBn" data-term="goog_1288703352"><span class="aQJ">10:30</span></span> brings us the DOE data for Crude (API last night said +2.8M), and at <span class="aBn" data-term="goog_1288703353"><span class="aQJ">2:30</span></span> we have Fed's Dudley Speaking on the Economy in New York.  After the close, Fed Vice Chair Fischer Speaks to National Economists Club at <span class="aBn" data-term="goog_1288703354"><span class="aQJ">7:30</span></span>tonight.  Down in Washington, at <span class="aBn" data-term="goog_1288703355"><span class="aQJ">10am</span></span> House Foreign Affairs Cmte holds hearing on U.S. policy after Russia's escalation in Syria  - at <span class="aBn" data-term="goog_1288703356"><span class="aQJ">Noon</span></span> Sens. Jeff Merkley and Bernie Sanders hold news conference to introduce "Keep Fossil Fuels in the Ground Act of 2015," - and at <span class="aBn" data-term="goog_1288703357"><span class="aQJ">1pm</span></span> the Council on Foreign Relations holds symposium on cybersecurity.</p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/blooger-uses-loophole-to-take-60k-trip-2015-11">This guy used a frequent-flyer loophole to take a $60,000 trip in a first-class suite on Emirates</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JpZm5reDoL_Yyii8ViCWS7vgpQZ372en" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

<p>Via Dave Lutz at JonesTrading, here's a quick guide to what traders are talking about before markets open on Thursday:</p><p style="padding-left: 60px;">Good Morning! S&amp;P Futures have recovered all of yesterday's losses, gaining 70bp but failed to get upside 2000 in the early go. This mirrors strength in Europe, where the DAX has gained 1.6% as ECB's Nowotny has gotten all dovish overnight, a quick reversal from 3weeks ago. Tech remains the strongest sector, as M&amp;A chatter intensifies in Semis - but Consumer, Materials and Fins are all gaining 1.5%+ in light volume. The FTSE is up 1.5% as the Miners rip higher, but UK Banks are under pressure from Capital shortfall headlines, and Burberry comments has Luxury names under pressure again. Over in Asia, Shanghai rallied 2.3% to a 2month high on "speculation regarding another wave of SOE reform" - the Kospi added 1.2% as the Bank of Korea left rates on Hold - The Nikkei rebounded 1.2% from yesterday's smack, and Doves bid up Aussie for its first gain in a week as miners rallied.Emerging Markets are loving the dovish Fed and weaker Greenback, with all Asia EM closing Green.</p><p style="padding-left: 60px;">The US 10YY is up 2bp, but it just made a run at 2%, but was rejected quickly - Nothing but Dovish Fed Analysis out there, and the Fed Funds Futures have collapsed, with only a 26% probability of a hike in 2015, and less than a 50% shot now in March 2016.    The Dollar is staging a rally against the Euro as Nowotny comments hit the common currency, but that Yen continues to leg higher - with the $/Y cross collapsing near 118 in the overnight hours.   Despite the pop in the DXY, Gold remains bid as all metals move higher - and it's a surprise that the Crude Complex is only off 1%, as WTI continues to hold $46 despite API saying that crude oil inventories spiked up 9.3mln barrels, well above the ~2.6M estimate expected by the street.    Soft commodities continue to see profit-taking from the recent El Nino induced surge higher.<span> </span></p><p style="padding-left: 60px;">Scheduled catalysts today include Weekly Jobless Claims and US CPI at <span class="aBn" data-term="goog_1985531706"><span class="aQJ">8:30</span></span> - Philadelphia Fed Business Outlook at 10 - Fed's Bullard and Fed's Dudley Speak at separate venues at <span class="aBn" data-term="goog_1985531707"><span class="aQJ">10:30</span></span>, along with Natty gas Inventory data, followed by DoE data for Crude at 11 - and we get the Monthly Budget Statement from the Treasury at<span class="aBn" data-term="goog_1985531708"><span class="aQJ">3:30</span></span> (more importance than usual due to Debt Ceiling approaching) - and after the bell Cleveland Fed's Mester speaks in New York at <span class="aBn" data-term="goog_1985531709"><span class="aQJ">4:30</span></span>.   MAT and AMD earnings after the close. Throughout the session we get Credit card charge-offs (AXP, JPM, BAC, COF, DFS). Down in Washington, the SEC Meets to Talk on ETF's, Enforcement, and Market Structure at 10, and at <span class="aBn" data-term="goog_1985531710"><span class="aQJ">1pm</span></span> Energy Sec. Ernest Moniz and EPA Administrator Gina McCarthy hold event on hydrofluorocarbon coolants.</p><p style="padding-left: 60px;">Some areas of focus for me early:  XBI may test $60 to the downside as VRX off 7% early on headlines / Puerto Rico stocks shud be on fire today (AGO, AMBC, MBI, FBP, BPOP and OFG) / GS #s slashed into today's earnings - let's see if a "Buy the News" (USB, C, KEY and BBT this AM as well) / Hospitals will be ugly with HCA warning - UHS and THC - but many shorts hiding in the space - First Data Confirms 160 Million Share IPO Priced at $16 Each, well below range - No word from ABS / and WMT continues to see selling, off another 1% (by the rule of 3's, <span class="aBn" data-term="goog_1985531711"><span class="aQJ">tomorrow</span></span> likely the last day of washout).</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/art-of-war-wall-street-psychology-2015-10">How Sun Tzu's 'The Art Of War' can help you conquer Wall Street</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="h3NDc3eDpu1_MUKtRRJTywQqU6NjSs_i" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Shannon Stapleton </span></p></div><p></p></div></div>Via Dave Lutz at JonesTrading, here's a quick guide to what traders are talking about this morning before the opening bell. </p><p style="padding-left: 60px;">Good Morning! US Futures are in rally mode, after early anxiety related headlines, where a "large police operation in northern Paris <span class="aBn" data-term="goog_969594799"><span class="aQJ">on Wednesday</span></span> morning related to <span class="aBn" data-term="goog_969594800"><span class="aQJ">Friday's</span></span> mass shootings has resulted in a firefight with suspects" have been soothed by reports a major attack was just thwarted. The S&amp;P is up 15bp, helped by Heavy M&amp;A headlines in multiple sectors - (CP/NSC. ON/FCS and MON/ Syngenta).</p><p style="padding-left: 60px;">Over in Europe, the DAX has staged a nice recovery from overnight lows, but remains 25bp in the red, led by Industrials and Material shares getting hit, but the EuroStoxx is getting hit for nearly 70bp as Materials and Telecom shares get hit for 2%+ in heavy volume.</p><p style="padding-left: 60px;">Over in Asia, China lost 1% as concerns ramp over heavy IPOs later this week, and a doubling of Margin Costs <span class="aBn" data-term="goog_969594801"><span class="aQJ">next Monday</span></span> - The Nikkei gained small in a muted session as traders await the BOJ decision <span class="aBn" data-term="goog_969594802"><span class="aQJ">tonight</span></span>, and Aussie overcame sharp weakness from materials shares to close in the green on the back of a sharp Bank rally. It was risk off in most emerging markets tho, with India hit for 1.5%; Singapore and Thailand for 1%.<span> </span></p><p style="padding-left: 60px;">The US 10YY is unchanged this AM, and the DXY rallying from early weakness against the basket as the Euro remains near 7M lows and German Yields dropping towards October lows as slowdown concerns increase pressure on ECB to act in 2 weeks - There was Heavy focus on Germany's 2Y auction going uncovered and yielding near a record low -38bp, showing the divergence between ECB and Fed Policies - Fed Funds remain steady at 66%, and 2YY slightly higher here into the release of Fed minutes later today. </p><p style="padding-left: 60px;">The commodity complex is mixed, with metals once again under decent pressure, led by a 1% drop in platinum and copper remaining near 6Y lows despite headlines Chinese house prices stabilizing after declining for more than a year. The Energy complex is acting better, with Crude up nearly 2% after API last night showed a draw of 482,000 barrels, when the street was looking for builds as high as 2mil.  </p><p style="padding-left: 60px;">Ahead of us today, we have Fed's Lockhart speaking at <span class="aBn" data-term="goog_969594803"><span class="aQJ">8am</span></span>, followed by the release of Housing Starts and Building Permits for October at <span class="aBn" data-term="goog_969594804"><span class="aQJ">8:30</span></span>. We get that DOE data for Crude at <span class="aBn" data-term="goog_969594805"><span class="aQJ">10:30</span></span>, then Fed's Kaplan Discusses Economic Conditions at high <span class="aBn" data-term="goog_969594806"><span class="aQJ">noon</span></span>. The main focus for Fed watchers will be at <span class="aBn" data-term="goog_969594807"><span class="aQJ">2pm</span></span>, when the Fed Releases Minutes from Oct. 27-28 FOMC Meeting.</p><p style="padding-left: 60px;">Down in Washington, there are House, Senate hearings on international climate treaty early this AM, at <span class="aBn" data-term="goog_969594808"><span class="aQJ">9am</span></span> Treasury's Lew gives opening remarks at Financial Literacy and Education Commission meeting at Treasury Dept - at <span class="aBn" data-term="goog_969594809"><span class="aQJ">10am</span></span> SEC Chair Mary Jo White testifies before House Financial Services Cmte hearing on SEC agenda, operations, FY17 budget request, and at <span class="aBn" data-term="goog_969594810"><span class="aQJ">3pm</span></span> the SEC holds an open meeting to consider whether to propose rule amendments related to certain alternative trading systems.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/october-jobs-report-rate-hike-employment-unemployment-fed-2015-11">The killer jobs report could mean a rate hike in December </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NpZTZveDr5kj9fJjDyZxGtBo86FNesmZ" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Here's what traders are talking about this morning

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>When Snapchat parent company Snap Inc. begins trading on the New York Stock Exchange Thursday, its sale will prove a windfall for a handful of executives who helped grow the company from a tiny startup to a $24 billion juggernaut in five years.</p><p>That includes one unlikely addition: chief strategy officer Imran Khan.</p><p>Khan, only at Snap for about two years, has been granted $145 million worth of shares, the company said in a filing on February 2. Those shares will likely be worth a lot more at the IPO price. <em>And</em> he was paid a $5 million bonus last year.</p><p>Not bad for a guy who, not long ago, was working for "some bucket research shop." That's how one Wall Streeter described Khan's early career. (He did indeed work at a small company, called Fulcrum Global Partners, until about 2004; it <a href="https://nypost.com/2006/06/06/stock-research-firm-fulcrum-global-partners-shuts-down/">shut its doors</a> in 2006.)</p><p>Khan, 39, joined Snap in early 2015, in part to help chart the company's path to an initial public offering, though his official role has been to build up revenue, expand the business, and run ad sales.</p><p>He was hired from Credit Suisse, where he was head of global internet investment banking and was perhaps best known for his leading role on the initial public offering of the Chinese e-commerce giant Alibaba Group in 2014, the largest share sale ever.</p><p>When news of his move to Snap broke it made headlines, but Khan is not the only Wall Streeter to wind up playing the "grown-up" in a technology startup. Anthony Noto, once the head of technology banking at Goldman Sachs, was already Twitter's finance chief. Ruth Porat would make the move from Morgan Stanley to Alphabet, Google's parent.</p><p>For Khan, this wasn't the first major pivot in his then 15-year career.</p><h2><span>'A very strategic thinker'</span></h2><p>Business Insider spoke with six executives who worked directly with Khan at various points in his career. <span>They all asked not to be identified for this story. Through a spokesman, <span>Khan declined to comment for this story. </span></span></p><p>Khan's career has taken him from an investment-banking job at ING Barings, the Dutch financial-services firm, to conducting sell-side research at JPMorgan and eventually running the technology banking franchise at Credit Suisse.</p><p>His former colleagues describe him as ambitious and strategic in his career choices. Though most spoke in friendly terms, it's clear that his rise and transition from research analyst to internet banker and now tech-industry millionaire rubbed some the wrong way. One person, for example, felt that Khan failed to credit others for helping him make the switch from research to banking, saying Khan "clawed his way up." But that kind of talk was dismissed by other colleagues as plain old jealousy among bankers who once would've been peers but perhaps have found themselves courting Khan for a role on Snap's IPO, likely to be the biggest tech flotation since Alibaba's sale in September 2014.<br><br><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div><br>Born and raised in Bangladesh, Khan came to the US as a student, to Colorado, where he <a href="http://daniels.du.edu/alibaba-ipo/">graduated from the University of Denver</a>'s Daniels College of Business in 2000.</br></br></br></p><p>After a <a href="http://www.exede.com/history-of-exede/">stint at</a> a tiny Denver-based satellite-broadband startup called WildBlue, he wound up at ING Barings in New York in 2000, according to his profile on <a href="https://brokercheck.finra.org/individual/summary/3249078">BrokerCheck</a>. After the banking business was sold to ABN Amro in 2001, he wound up at Fulcrum (the "bucket research shop"). There, he began to conduct "sell-side" research on technology companies such as Yahoo, Amazon, and eBay.</p><p>Khan moved to JPMorgan in 2004 where he eventually became head of global internet and US entertainment equity research. He's been described as steeped in the tech industry, close to executives, and is married to an executive at an Amazon-owned e-commerce company.</p><p>At JPMorgan, Khan became one of the top-ranked internet analysts on the Street, landing the coveted top or second spot in Institutional Investor's annual rankings of researchers. He was also one of the youngest managing directors at JPMorgan, having attained the title at 29. </p><p>Khan's meteoric rise and the accolades were carefully cultivated, one person said.</p><p>"He's a very strategic thinker," the person said. "He's the type of guy who ranked at JPMorgan as a research analyst not because he's the smartest guy or the best stock picker ... but he's a very affable, likable guy. He knew how to work the system."</p><p>This person said that Khan would build up relationships with company CEOs so that he could get the first question on quarterly-earnings calls. "He's always thinking about that stuff."</p><h2>'A testament to his scrappiness'</h2><p>That strategic thinking soon had Khan building relationships with China's budding technology companies, which were flocking to the US IPO market in the mid-2000s. The payoff on those came with his first big switch. </p><p>In 2011, after six years with JPMorgan, Khan moved to Credit Suisse to take over the company's internet-banking franchise. It was Alibaba cofounder Joe Tsai who referred Khan to Credit Suisse and encouraged him to transition from an analyst to a banker, three people said. </p><p>Still, it was a risk for Credit Suisse to pull a research analyst over to run a critical investment-banking division. Khan was placed under the wing of Bill Brady, then chairman of the bank's global technology investment-banking group, two people said. Brady now does that job at Jefferies.</p><p>"A bevvy of people who made that transition were total failures," one person said. "Imran was more commercial; he felt like a banker in a research analyst's clothing."</p><p>With Khan on board, and Chinese companies coming back to the US markets, Credit Suisse's tech-banking team started to land key deals. As the firm's head internet banker, Khan worked on the IPOs of Groupon, GoDaddy, Box, and the Chinese companies Weibo and Toudu. Most notable, of course, was Alibaba's $25 billion flotation<strong>.</strong></p><p>"Imran is very good in front of people," one person said. "He's charming, he's very smart, he can connect with people right away."</p><p>Another person credited his success with a "work ethic and energy level" that was "off the charts" and an entrepreneurial spirit that stood out.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div><p></p></div></div></p><p>Credit Suisse's leadership role on the Alibaba deal makes up a big part of Khan's professional legacy. When he moved to Snap, The Wall Street Journal called him a "star tech banker." But three people told Business Insider that they felt he received more credit for that role than he was due, emphasizing that it was a team effort.</p><p>Credit Suisse's relationship with Alibaba predates Khan's arrival, they point out, and laid mostly with Vikram Malhotra, the then head of investment banking for Asia Pacific, and Boon Sims, who was global head of mergers and acquisitions.</p><p>But even those who credit Malhotra for winning Credit Suisse, the business said there is no bad blood between the two men. The two bankers worked hand in hand on the deal, speaking every day, and they are still close, one person said.</p><p>Imran stood out because he is the type of person who likes the spotlight, while Malhotra does not, another said.</p><p>Khan's ability to put himself in position to run the deal was "a testament to his scrappiness and finding opportunities and seizing opportunities," another person said.</p><p>One person who has known Khan since "back when he was a dorky equity analyst" says he has remained a down-to-earth and thoughtful person over the years.</p><p>"He's still kind of got that nerdy thing to him," the person said. "He's not a glitzy guy."</p><h2>Targeted moves</h2><p>Still, Khan's perceived opportunism has "probably rubbed some people the wrong way," one former colleague said.</p><p>"I think he's a good guy - a great guy," this person added. "I think he made a lot of moves that were very targeted and focused."</p><p>Once Imran has decided he wants to get somewhere, he is very good at figuring out what he needs to do to get there, this person said.</p><p>"If he can position himself and get recognized as the man behind Alibaba, which he did by getting into the paper and onto TV - at that point he knew that was the best time to make a move and do something."</p><p>"With Imran, there is no gap between the concept of want and do," another person said. "He will do what it takes to achieve what he's after and if that rubs people the wrong way, it's only because they're frustrated that they didn't do it themselves. I think 'ruffle feathers' is really a code word for either envy or frustration."</p><p>A few years ago when Snapchat - then a three-year-old company with a 24-year-old CEO who had already turned down a $3 billion offer from Facebook - came knocking, Khan went for it.</p><p>While his closeness with Wall Street and experience with Alibaba was widely interpreted as an indication that the company would one day look to go public, his role has been to direct the company's business strategy.</p><p>He helped grow Snap's revenue from $58.7 million at the end of 2015 to $404.5 million at the end of 2016. The company <a href="http://www.adweek.com/digital/snapchat-launches-colossal-expansion-its-advertising-ushering-new-era-app-171924/">launched Snapchat Partners, an advertising API</a>, over the summer to expand the <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> business. <span>Goldman Sachs, one of the banks on Snap's IPO, is predicting that Snap's revenue will rise to </span><a href="http://www.businessinsider.com/goldman-sachs-is-predicting-snap-will-deliver-2-billion-in-revenue-in-2018-2017-2?r=UK&amp;IR=T">$2 billion by 2018</a>.<span></span></p><p>"He never assumes that something is just going to happen for him," one person said. "He doesn't sort of sit back and say, 'Maybe the phone will ring.' I think he showed that at Snapchat and the way he pursued the business relationships and built up the marketing side of the business."</p><p>Khan has also been working with the chief financial officer, Drew Vollero, to quarterback the bankers on the deal.</p><h2>No <strong>kowtowing</strong></h2><p>Bankers who know Khan said he has stayed in touch since moving to Snapchat, but not as much as he used to.</p><p>"He's become more private since working at Snapchat," one person said, noting CEO Evan Spiegel's penchant for secrecy.</p><p>Snap's lead underwriters are Morgan Stanley - which arranged a credit facility for the company in September - and Goldman Sachs.</p><p>Despite Khan's having worked for Credit Suisse, Snap did not choose that firm for a lead role. Instead, it went with two firms that had given Khan a hard time during the Alibaba IPO. (Credit Suisse is still on the deal, however, along with JPMorgan, Deutsche Bank, Allen &amp; Company, and Barclays.)</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>"What's interesting is there's no love lost with Morgan and Goldman [and Khan]," one person familiar with the matter said. Bankers from Morgan Stanley and Goldman Sachs would blame Khan for everything that went wrong on Alibaba, the person said, dismissing him as a research analyst who didn't know anything about banking.</p><p>"I'm shocked he didn't penalize them more," the person said.</p><p>Regardless of the former colleagues who loved or envied him, Khan holds all the cards now. </p><p>"If Goldman and Morgan Stanley are on a deal where the company is not so hot, they can dictate what happens. In this case, the client can dictate everything," another person said.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/kpmg-us-ceo-lynne-doughtie-mentors-vs-sponsors-for-promotion-2017-2">KPMG's US CEO Lynne Doughtie shares one major tip to get promoted at work</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A0bnlvOTE6dzvmZT2vLO1ELU0kXKq6hn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

How Imran Khan swapped Wall Street for a huge role at Snapchat and earned $150 million in 2 years

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Dave Kotinsky/Getty Images</span></p><p class="caption">Imran Khan, Chief Strategy Office of Snapchat, speaks the Financo CEO Forum 2016 on January 18, 2016 in New York City.</p></div><p></p></div></div>When Snapchat parent company Snap Inc. goes public next month, its sale will prove a windfall for a handful of executives who helped grow the company from a tiny startup to $25 billion juggernaut in just five years.</p><p>That includes one unlikely addition - Chief Strategy Officer Imran Khan. Khan, only at Snap for about two years, has been granted $145 million worth of shares, the company said in a filing February 2. They'll likely be worth a lot more at the IPO price. And he was paid a $5 million bonus last year.</p><p>Not bad for a guy who, not that long ago, was working for "some bucket research shop."</p><p>That's how one Wall Streeter described Khan's early career. (He did indeed work at a small firm called Fulcrum Global Partners until about 2004. The firm <a href="https://nypost.com/2006/06/06/stock-research-firm-fulcrum-global-partners-shuts-down/">shut its doors</a> in 2006.)</p><p>Khan, who is 39, joined Snap in early 2015, in part to help chart the company's path to an initial public offering - though his official role is to build up revenue, expand the business, and run the ad sales side of the business.</p><p>He was hired from Credit Suisse, where he was head of global internet investment banking and was perhaps best-known for his leading role on the initial public offering of the Chinese e-commerce giant Alibaba Group in 2014 - the largest share sale ever. </p><p>When news of his move to Snap broke later that year, it made headlines. Khan is not the only Wall Streeter to wind up playing the "grown up" in a technology startup: Anthony Noto, once the head of technology banking at Goldman Sachs, was already Twitter's finance chief. Later, Ruth Porat would make the move from Morgan Stanley to Alphabet, Google's parent company.</p><p>But for Khan, this wasn't the first major pivot in his then 15-year professional career.</p><h2><span>'A very strategic thinker'</span></h2><p>Business Insider spoke with five executives who worked directly with Khan. <span>They all asked not to be identified for this story. <span>Khan declined to comment for this story through a spokesman. </span></span></p><p>Khan's career has taken him from an investment banking job at ING Barings, the Dutch financial services firm, to conducting sell-side research at JPMorgan, and eventually running the technology banking franchise at Credit Suisse. </p><p>His former colleagues describe him as ambitious and strategic in his career choices. Though most spoke in friendly terms, it's clear that his rise and transition from research analyst to internet banker and now tech-industry millionaire has rubbed some the wrong way. One person, who felt Khan failed to credit others for helping him make the switch from a research division to banking, said Khan "clawed his way up." </p><p>That kind of talk, though, was dismissed by other colleagues as plain old jealousy among bankers who once would've been peers, and now find themselves courting Khan for a role on Snap's IPO. It is likely to be the biggest tech flotation since Alibaba's sale in September 2014.<br /><br /><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>University of Denver Website</span></p></div><p></p></div></div></p><p>Born and raised in Bangladesh, Khan came to the US as a student - to Colorado, specifically, where he <a href="http://daniels.du.edu/alibaba-ipo/">graduated from the University of Denver</a>'s Daniels College of Business in 2000.</p><p>After a <a href="http://www.exede.com/history-of-exede/">stint at</a> a tiny Denver-based, satellite-broadband startup called WildBlue, he wound up at ING Barings in New York in 2000, according to his profile on <a href="https://brokercheck.finra.org/individual/summary/3249078">Brokercheck</a>. After the banking business was sold to ABN Amro in 2001, he wound up at Fulcrum - the "bucket research shop." There, he began to conduct "sell-side" research on technology companies like Yahoo, Amazon, and Ebay.</p><p>Khan moved to JPMorgan in 2004 where he eventually became head of global internet and US entertainment equity research. He's been described as steeped in the tech industry, close to executives, and is married to an executive at an Amazon-owned e-commerce company.</p><p>At JPMorgan, Khan became one of the top-ranked internet analysts on the Street, landing the coveted top- or second-rank in Institutional Investor's annual rankings of researchers. He was also one of the youngest managing directors at JPMorgan, having attained the title at 29. </p><p>Khan's meteoric rise and the accolades were carefully cultivated, one person said. </p><p>"He's a very strategic thinker," this person said. "He's the type of guy who ranked at JPMorgan as a research analyst not because he's the smartest guy or the best stock picker ... but he's a very affable, likeable guy. He knew how to work the system."</p><p>This person said that Khan would build up relationships with company CEOs so that he could get the first question on quarterly earnings calls. "He's always thinking about that stuff."</p><h2>'A testament to his scrappiness'</h2><p>That strategic thinking soon had Khan building relationships with China's budding technology companies, which were flocking to the US IPO market in the mid-2000s. The payoff on those came with his first big switch. </p><p>In 2011, after six years with JPMorgan, Khan moved to Credit Suisse to take over the company's internet banking franchise. It was Alibaba co-founder Joe Tsai who referred Khan to Credit Suisse and encouraged him to transition from an analyst to a banker, three people said. </p><p>Still, it was a risk for Credit Suisse to pull a research analyst over to run a critical investment banking division. Khan was placed under the wing of Bill Brady, then chairman of the bank's global technology-investment banking group, two people said. Brady now does that job at Jefferies.</p><p>"A bevvy of people who made that transition were total failures," one person said. "Imran was more commercial; he felt like a banker in a research analyst's clothing."</p><p>With Khan on board, and Chinese companies coming back to the US markets, Credit Suisse's tech banking team started to land some key deals. As the firm's head internet banker, Khan worked on the IPOs of Groupon, Go Daddy, Box, and the Chinese companies Weibo and Toudu. Most notable, of course, was Alibaba's $25 billion flotation<strong>. </strong></p><p>"Imran is very good in front of people," one person said. "He's charming, he's very smart, he can connect with people right away."</p><p>Another person credited his success with a "work ethic and energy level" that was "off the charts" and an entrepreneurial spirit that stood out.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>(Photo by Slaven Vlasic/Getty Images for <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">Advertising</keyword> Week New York)</span></p><p class="caption">Imran Khan presenting Snapchat at Advertising Week in New York.</p></div><p></p></div></div></p><p>Credit Suisse's leadership role on the Alibaba deal makes up a big part of Khan's professional legacy. When he moved to Snap, The Wall Street Journal called him a "star tech banker." But three people told Business Insider that they felt he received more credit for that role than he was due, noting that it was a team effort. </p><p>Credit Suisse's relationship with Alibaba predates Khan's arrival, they point out, and laid mostly with Vikram Malhotra, the then head of investment banking for Asia Pacific, and Boon Sims, who was global head of mergers and acquisitions.</p><p>But even those who credit Malhotra for winning Credit Suisse the business said there is no bad blood between the two men. The two bankers worked hand in hand on the deal, speaking every day, and they are still close, one person said.</p><p>Imran stood out because he is the type of person who likes the spotlight, while Malhotra does not, another said.</p><p>Khan's ability to put himself in position to run the deal was "a testament to his scrappiness and finding opportunities and seizing opportunities," another person said.</p><h2>Targeted moves</h2><p>Still, Khan's perceived opportunism has "probably rubbed some people the wrong way," one former colleague said. </p><p>"I think he's a good guy - a great guy," this person continued. "I think he made a lot of moves that were very targeted and focused."</p><p>Once Imran has decided he wants to get somewhere, he is very good at figuring out what he needs to do to get there, this person said.</p><p>"If he can position himself and get recognized as the man behind Alibaba, which he did by getting into the paper and onto TV - at that point he knew that was the best time to make a move and do something."</p><p>"With Imran, there is no gap between the concept of want and do," another person said. "He will do what it takes to achieve what he's after and if that rubs people the wrong way, it's only because they're frustrated that they didn't do it themselves. I think 'ruffle feathers' is really a code word for either envy or frustration."</p><p>So a few years ago when Snapchat - then a three-year-old company with a 24-year-old CEO who had already turned down a $3 billion offer from Facebook - came knocking, Khan went for it.</p><p>While his closeness with Wall Street and experience with Alibaba was widely interpreted as an indication that the company would one-day look to go public, his role has been to direct the company's business strategy.</p><p>He helped grow Snap's revenue from $58.7 million at the end of 2015 to $404.5 million at the end of 2016.<strong> </strong>The company <a href="http://www.adweek.com/digital/snapchat-launches-colossal-expansion-its-advertising-ushering-new-era-app-171924/">launched Snapchat Partners, an advertising API</a>, over the summer to expand the advertising business. </p><p>"He never assumes that something is just going to happen for him," one person said. "He doesn't sort of sit back and say, 'Maybe the phone will ring.' I think he showed that at Snapchat and the way he pursued the business relationships and built up the marketing side of the business."</p><p>Khan has also been working with the chief financial officer, Drew Vollero, to quarterback the bankers on the deal.</p><h2>No <strong>kowtowing</strong></h2><p>Bankers who know Khan said he has stayed in touch since moving to Snapchat, but not as much as he used to.</p><p>"He's become more private since working at Snapchat," one person said, noting CEO Evan Spiegel's own penchant for secrecy. </p><p>Snap's lead underwriters are Morgan Stanley, which arranged a credit facility for the company back in September, and Goldman Sachs. </p><p>Despite Khan's having worked for Credit Suisse, Snap did not choose that firm for a lead role. Instead, it went with two firms that had given Khan a hard time during the Alibaba IPO. (Credit Suisse is still on the deal, however, along with JPMorgan, Deutsche Bank, Allen &amp; Company, and Barclays.)</p><p>"What's interesting is there's no love lost with Morgan and Goldman [and Khan]," one person familiar with the matter said. Bankers from Morgan Stanley and Goldman Sachs would blame Khan for everything that went wrong on Alibaba, the person said, dismissing him as a research analyst who didn't know anything about banking. </p><p>"I'm shocked he didn't penalize them more," the person said.</p><p>Regardless of the former colleagues who loved or envied him, Khan holds all the cards now. </p><p>"If Goldman and Morgan Stanley are on a deal where the company is not so hot, they can dictate what happens. In this case, the client can dictate everything," another person said.</p><p>"Snap is not going to kow tow to any of these people."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/100-dollars-states-america-money-country-2017-1">This is how much $100 is actually worth in every state</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VuNWkxNzE6A7vpY98CWqPiVi6-XwZ26y" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

How Imran Khan swapped Wall Street for a huge role at Snapchat and earned ~ $150 million in 2 years

Rocket Fuel's CEO talks about the company's future as it lays off 11% of staff

<p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Square</span></p><p class="caption">Square's chief financial officer, Sarah Friar</p></div><p></p></div></div></strong></p><ul><li><strong>Payments startup Square has had a massive year, with its share price trebling and the firm on track to post around $1 billion in adjusted revenue for 2017.</strong></li><li><strong>Chief financial officer Sarah Friar guided the firm through its IPO and told Business Insider that Square's success boils down to financial discipline and considered expansion.</strong></li><li><strong>Square is best known for its plug-in card reader which lets small businesses take card payments through a smartphone or tablet.</strong></li><li><strong>Running the firm is particularly challenging because its CEO Jack Dorsey also runs Twitter.</strong></li></ul><p><br />Most people going into their annual review can expect a mix of praise and criticism, some new targets to hit and, if they're lucky, a pay rise.</p><p>Sarah Friar, in her first review as chief financial officer of payments firm Square, was told by her boss: "I have a simple vision for you, which is that I want you to be the best CFO in the world."</p><p>He then asked her to lay out exactly how she would make that happen.</p><p>That boss was Jack Dorsey, who is CEO of both Square and Twitter.</p><p>Friar is taking a good stab at earning that title. After joining in 2012, she took Square public and has seen its share price and valuation balloon. The firm's market cap is currently $16.5 billion (£11.9 billion).</p><p>In its third quarter, Square posted revenue of $257 million (£185 million), up 40% year on year. The company has yet to post its fourth-quarter results, but Friar said it's on track to post around $1 billion (£719 billion) in adjusted revenue for the full year.</p><p>According to Friar, it all comes down to discipline.</p><h2>Square has carefully managed its growth by avoiding over-expansion</h2><p>Dorsey sometimes has his hands full running Twitter, whose share price has gone in the opposite direction to Square's. It's been a particularly strong 2017 for Square, which has posted around 40% revenue growth during the last two quarters.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Markets Insider</span></p></div><p></p></div></div></p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Markets Insider</span></p></div><p></p></div></div></p><p>Part of the firm's success is down to its considered approach to expansion. The company was founded in 2009, but its payment service is only available to small businesses in four markets: The US, Canada, the UK, and Japan.</p><p>Square launched in the UK in March last year, offering both its physical plug-in card reader, and an API for merchants to accept online payments. It doesn't offer other US services here, such as its Square Capital small business loans, or food delivery service Caviar. Nor has it applied for a banking licence in Europe.</p><p>Friar describes this as "staging" - choosing not to be the first mover, but timing your expansion into a market before you are too late.</p><p>"You need to be clear in your mind about whether there's a first mover advantage or is there a disadvantage of being 'late' to a market," she said. "Right now our focus in the UK is how to build out that base of sellers here. When we look at the UK market, we see all the same hallmarks as in the US. A massive percentage of businesses don't accept credit and debit cards, and that has the dual cost of [them] missing sales and cash not being free."</p><p>"When I look at Square, we should be doing all that stuff globally," Friar added. "It's just a question of staging."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://www.flickr.com/photos/shardayyy/5495494287/in/photolist-9nBQZv-ACdmCc-A8ayLy-srb1Ka-sr4oY3-iicTqi-nQWwa4-s6jBJa-ePX4kf-bvM21C-9rrTWG-afpYLL-foq765-dRj7MB-pFYHRn-e9xZM6-n9Y1in-nz9XiM-q9F1nh-jeZGAj-ejuuRB-dWDaKM-fbXDkm-e2Qk7o-A9yBV2-AsBvSY-zZsGgr-p9RP7a-3nbnzX-c7Kbpu-cFx4j3-9QZLjL-myc97b-wrXkJH-xiGsWb-fycu94-acEDw9-dTi46p-cTb4tj-gu8AwC-epmUUg-nBy37W-xij6bk-eF5pMS-zwKFFT-oZapZz-xXTVtb-gmuW7C-brEVFg-quQp7">Shardayyy/Flickr</a></span></p><p class="caption">Square's plug-in card reader lets small sellers take payments.</p></div><p></p></div></div></p><p>For now Square is solely focused on merchants. Friar pointed to the Welsh town of Holywell, which partnered with Square when banks shut down their branches, cutting consumers off from cash. Since most merchants don't accept cards in Holywell, that meant a big downturn in business. The town's mayor <a href="http://www.bbc.co.uk/news/business-42541146">credited the Square partnership with a "turnaround" in the town's fortunes</a>.</p><p>Square didn't share UK-specific numbers, but it has more than 2 million sellers worldwide.</p><h2>Friar was hired after a 2.5 hour breakfast meeting discussing her childhood</h2><p>There's little trace of an accent now, but Friar grew up in Northern Ireland through the Irish conflict. She lived close to Strabane, occasionally described as <a href="https://www.belfasttelegraph.co.uk/news/politics/castlederg-is-a-twilight-zone-we-have-the-most-peaceful-and-the-most-violent-history-29482319.html">the most bombed town in Europe</a>. ("It's a goodie, if you look it up on Wikipedia.")</p><p>After reading materials science at Oxford, she went into management consultancy, and then banking. Working at Goldman Sachs through the financial crisis led her to question the banking system and she switched to her first job at Silicon Valley, joining the financial team at Salesforce.</p><p>Friar found the "hypergrowth" atmosphere at Salesforce in 2011 chaotic but ultimately useful.</p><p>She said:</p><p style="padding-left: 30px;">"A private company recently asked my advice on the background for a good CFO, and I said, try to find someone who's experienced chaos. I mean that in a good way. The chaos that comes from hypergrowth at scale - it's like every half hour some new thing is happening that you have to grab hold of and take ideas to being operationalised. Those 1.5 years I spent at Salesforce were great training in how to live in a chaotic hypergrowth environment."</p><p>She stuck around for a year before being headhunted for the CFO role at Square. Her first interview with Jack Dorsey was her first taste of his unconventional management approach.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p><p class="caption">Twitter and Square CEO Jack Dorsey.</p></div><p></p></div></div></p><p>"Jack and I went for our first meeting, having breakfast on a Sunday morning," Friar recalled. "It was in the Blue Bottle [Cafe] across from my old office. What was supposed to be a one hour meeting - I think two-and-a-half hours later, I don't think we had fully gotten out of childhood.</p><p>"Jack has a really interesting way of interviewing, because he wants to know who you are as a person. He's like, 'Tell me about yourself.' And you say, 'Well, I work at Salesforce.' And he says, 'No, no, tell me about <em>yourself</em>. Where did you grow up?'"</p><p>Dorsey was fascinated by Friar's experiences with the Irish conflict. Her childhood has, she said, come to inform her thinking at Square.</p><p>"That civil unrest is driven because at least one group has nothing to lose, because they're so economically challenged," she said.</p><p>Square, she said, gives "economic empowerment" - though she also knows this sounds a little corny.</p><p>"Startups can come across as up their own bums - that's such a Northern Irish thing to say," she said, laughing. "It's like no, really, that's such a ridiculous thing to say. But if you talk to Jack, you walk away, and think this man really cares deeply, about small businesses, about communities."</p><h2>When you have a part-time CEO, you need to be extremely disciplined</h2><p>Friar and Dorsey share the same end goal for Square, but the two have quite different management approaches. Then there's the added hurdle that <a href="http://uk.businessinsider.com/how-jack-dorsey-manages-his-time-as-ceo-of-both-twitter-and-square-2017-12">Dorsey spends the mornings at Twitter, and the afternoons at Square</a>. He's also unconventional, <a href="http://uk.businessinsider.com/twitter-ceo-jack-dorsey-does-vipassana-meditation-2018-1">recently completing a 10-day meditation that required total silence </a>- even Friar wasn't allowed to contact him.</p><p>According to Friar, Dorsey sticks to what he's good at - big vision, design, and then "getting out of the way."</p><p>A good example of Dorsey visioning, said Friar, was how Square's Cash app came about. The app lets people in the US send money without connecting to a bank account. The whole concept came about because Dorsey believed there was a need among <a href="https://www.bloomberg.com/news/articles/2017-08-03/dorsey-says-square-reaches-underbanked-with-financial-services">the "underbanked" population in the US</a>, who don't have access to normal financial services.</p><p>"Every once in the while, there's a major trend he sees," said Friar. "Our Cash app is a great example, where he said 'I believe there's something happening around the more consumer side of financing, there's more utility that can be offered to [underbanked] individuals.' Jack will see that vision, and adds tremendous value there."</p><p>Friar does not described herself as a visionary and, like many "doers," dislikes meditation - though she's promised Dorsey she'll try at least twice a month. While studying at Oxford university, Friar was a rower, taking the seven seat in a team of eight. There's an apt parallel here: the seven seat sits behind the rower who sets the pace, and conveys that pace to the rest of the team.</p><p>"Our balance with one another is that if Jack can see the vision, then he will push to me and the rest of the team to really execute," Friar said. "Part of that is - how do you break down a vision into tactics that allow you to really operationalise things? If you're going to build a big company, you can't stick things together with band-aid and duct tape, you need to make sure internally there's a lot of discipline."</p><p>She said translating Dorsey's vision into something tangible sometimes meant pushing people to hit ambitious targets:</p><p style="padding-left: 30px;">"Some of it is setting targets - how do you take a vision and turn that into topline goals that really press people into going beyond what feels possible? It goes back to being the best CFO in the world. If you look at Square, we're a company that in 2017 will do approximately $1 billion in adjusted revenue, the midpoint of our guidance is around the $970 million range. And we're still growing at over 40%. Last quarter we grew 45% year over year. If you looked at the funnel of public companies doing $1 billion in revenue and growing over 40%, there's only six listed outside China, of which Square is one."</p><p>That kind of growth puts Square in a similar category to Tesla, Facebook, and Nvidia.</p><p>"It's totally rarefied air," said Friar.</p><p>Apart from setting ruthless financial goals, Friar has to be strict about spending money within Square.</p><p>One example is avoiding the "peanut butter spread" problem.</p><p>"That's where we have $100, so everyone gets $1," Friar explained. "That's horrible resource allocation. For most startups, one person will get $75, another person $25, then you'll cut off the other things.</p><p>"That's always a tough conversation. That's where if the CFO is hyper popular in your company, you probably have the wrong CFO. You work to be respected, not liked. If you drive yourself on being liked, you won't make the tough decisions."</p>   <p class="tagline"><div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/top-trends-money2020?IR-T"></a><strong>EXCLUSIVE FREE REPORT:</strong><br>Top trends from this year's Money20/20 by the BI Intelligence Research Team.<br><strong><a href="http://www.businessinsider.com/intelligence/top-trends-money2020?IR-T">Get the Report Now »</a></strong></br></br></div></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/10-inventions-helping-save-planet-2018-1">These inventions will help save the earth</a></h3>        <div>                    </div>    </div>

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