Most Read on the Terminal:
VIX May Form ‘Mother of All Inverted Vs’ as Positioning Calms (Bloomberg)

Brexit’s Instant Break: Prime Minister Theresa May is drawing up plans for an instant break from key European Union regulations — including some on financial services — after Brexit in a drive to exploit the upside of the divorce, according to senior U.K. officials. Theresa May Plans Instant Split from Some EU Rules After Brexit (Bloomberg)

China’s Diplomatic Rise: While U.S. diplomats endure staff cuts and low morale, China’s own foreign service is undergoing a revival. As U.S. Culls Diplomats, China is Empowering its Ambassadors (Bloomberg)

Olympics Preview: Russia’s national anthem has been a regular refrain at medal ceremonies during past Winter Olympics, but “Gimn Rossiiskoi Federatsii” (translation: National Anthem of the Russian Federation) won’t be heard at the Pyeongchang Games in South Korea. In fact, there’s a greater chance of North Korea’s “Aegukka” (translation: The Patriotic Song) being played. A guide to Russia and North Korea’s Status in the Olympics (Bloomberg)

Empowering Women: Yesterday in Los Angeles, Bloomberg LP joined more than 40 companies in a powerful initiative to advance women in the workplace at the MAKERS conference. Bloomberg Raises Its Voice at MAKERS Conference to Support Women in the Workplace (Bloomberg blog)

​Data Science Demographics: The two women who lead “What Works Cities,” which is Mike Bloomberg’s investment to help 100 U.S. cities expand upon the data and evidence works he pioneered at New York City Hall, say there is a growing number of women becoming data scientists in the public and private sectors. (Currently, only 25 percent are women). Data-Driven Women to Watch (Medium)

World Bank President Jim Yong Kim compared cryptocurrencies to “Ponzi schemes” at an event Wednesday in Washington, becoming the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin. Cryptocurrencies Are Like Ponzi Schemes, World Bank Chief Says (Bloomberg)

Real Estate Section: In case you missed it, Google is buying Chelsea Market in New York City along with the right to make the building even larger by adding about eight stories, or 300,000 square feet. (No word yet on what’s happening to the stores in the market). $2.4 Billion Deal for Chelsea Market Enlarges Google’s Footprint (New York Times)

Best of Late Night:

“Trump told the Pentagon to plan a military parade. All right, check your cards — who has dictator bingo? I was close, I had ‘rallies’ and ‘attack the free press’; I didn’t have ‘military parade.’ ”
— Stephen Colbert

On reports that the military parade idea was inspired by President Trump’s trip to France’s Bastille Day celebration:
“Why couldn’t Trump have gone to France and come back with a bit of their culture instead? Think about it: He could have developed a taste for French cuisine, or come back with a sophisticated opinion about art or life.”
— Trevor Noah

“No one comes up with dumber ideas. At this point, he’s really his own competition: He’s the Usain Bolt of stupid.”
— Stephen Colbert