With China’s top securities regulator, Xiao Gang, officially on the outs, the Times takes a look at the difficult road ahead for replacement Liu Shiyu in one of the most thankless jobs in China—where “the pay is too low and the risks are too high” – NYTimes and WSJ

The official word on the Silicon Valley street is to pull back the search for unicorns, especially as an uncertain economy is battering tech stocks. But you sure wouldn’t know it from the rampant optimism among most start-ups – NYTimes

The NY Fed’s ongoing series on market liquidity since the 2008 financial crisis has reached the troubling conclusion that there’s “a growing risk that credit woes will incite banklike runs on bond mutual funds.”  Breakingviews and Moneybeat walk us through the details – NYTimes and WSJ

Speaking at a securities industry conference last week, the SEC’s Kara Stein cited 2015’s August 24th crash in exchange-traded funds “signaled a need for [the SEC] to lay out a ‘roadmap’ for regulating the investments and how they’re traded on the market.” No word, though, on when or how that’s going to play out for ETFs – Law360

The Journal details the rise of the foreign repo pool—a Fed program in which foreign central banks lend money in exchange for securities, which the Fed promises to repurchase (or “repo”) the next day—especially as the interest rates the Fed’s paying out are better than some prevailing money-market rates – WSJ

Not the kind of start to the week that HSBC is expected to trumpet, disclosing both a $1.33 billion Q4 loss and an SEC investigation over its hiring of offspring of high-placed Asian officials – NYTimes and WSJ

Yahoo’s that much closer to a sale of all or parts of its core business that would amount to throwing in the towel on any turnaround plans and CEO Marissa Mayer – NYTimes

A senior SEC enforcement official dropped some knowledge on Friday suggesting that companies  withholding information about data breaches “could get hit with civil and criminal enforcement actions from the agency”—yet another sign that the SEC’s not planning to be shy about wading into the cybersecurity realm – Law360

A plea to end the cult of the “Be careful!” parenting—especially for daughters – NYTimes

Talk about burying the lede.  Nearly 40 years after the Apollo missions, declassified Nasa records show that astronauts were hearing unexplained noises during their trek around the far side of the moon when out of contact with Earth.  And no, it wasn’t Pink Floyd – HuffingtonPost