CL Beijing tightened its grip on capital flows out of the mainland today, and the market answered within the hour. HSBC, Standard Chartered and AIA all slid, three institutions that spent decades marketing themselves as bridges to China now getting reminded who holds the toll booth.-- CL

MB The city's markets took a beating today, and fairly. Capital controls Beijing hadn't confirmed, two Swiss regulators publicly calling each other misleading in a bank feud, and a firewall vendor whose own product turned into the delivery mechanism for ransomware across 430,000 networks. Somewhere in there, "trust us" stopped being a strategy.-- MB