| September 24, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
A recent study reveals that while Robinhood advertises rock-bottom fees for options trading, its customers face hidden transaction costs significantly higher than those at other brokers. The study, conducted by finance professors, found that nearly 7% of the dollar value of Robinhood's options transactions is lost to these hidden costs, compared to just 1.8% at Fidelity and a slight negative cost at Vanguard. Robinhood disputes the findings, arguing that it delivers better prices relative to exchanges. The study suggests that while Robinhood may be cheaper for options with narrow bid-ask spreads, brokers like Fidelity and Vanguard offer better overall value for most options trades.
On September 25, FinCEN will host a virtual information session on the Corporate Transparency Act's beneficial ownership reporting requirements. The session will cover how companies doing business in the U.S. can comply with the law by reporting information on who owns or controls them to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
The Commodity Futures Trading Commission (CFTC) announced a record-breaking issuance of four whistleblower awards totaling approximately $4.5 million to seven individuals. These awards, the most granted in a single day by the CFTC, recognized the whistleblowers for their significant contributions to multiple enforcement actions. The recipients included victims of fraud, a whistleblower who exposed a new fraud by a repeat offender, a market participant who provided crucial evidence, and an employee who reported violations after internal efforts failed.
CFTC Chairman Rostin Behnam will participate in a fireside chat at the 2024 Treasury Market Conference in New York City. The event is scheduled for Thursday, September 26, 2024, from 2:35 p.m. to 3:05 p.m. (ET) at the Federal Reserve Bank of New York.
CFTC Commissioners Caroline D. Pham and Summer K. Mersinger will deliver a keynote fireside chat titled "The Power of Dissent and the Future of Crypto Regulation" at DACOM New York 2024, the Digital Asset Compliance & Market Integrity Summit. The event will take place on Wednesday, September 25, 2024, at 2:00 p.m. (ET) at Hogan Lovells, 390 Madison Street, New York, NY.
ICE's President of Fixed Income & Data Services, Chris Edmonds, narrated a video on how access to data can provide an edge in fast-moving markets. The video is excellent, though it could benefit from a bit of pancake makeup-my friend Chris and I both struggle with shiny forehead issues.
Two of the three top daily losers among listed products yesterday were DJT and DJTW, the stock and warrants for Trump Media & Technology Group Corp, according to Yahoo Finance. DJT was down -10.33% yesterday and down - 30.57% year-to-date. DJTW was down -16.81% yesterday and is down -78.48% year-to-date.
European Central Bank President Christine Lagarde spoke with Jon Stewart on "The Daily Show" about the global economy, inflation, and Artificial Intelligence. They discussed how the pandemic and Putin's invasion of Ukraine contributed to high inflation, the disparity between rising prices and stagnant wages, and the ideal of stable inflation. With the UN General Assembly occurring, Lagarde emphasized the need for global AI governance to ensure it supports workers rather than replaces them.
Here are excerpts from in front of FOW's paywall from some recent stories: At the FOW Trading India 2024 conference, experts highlighted India's vast domestic market as a significant opportunity for international exchanges. Meanwhile, Japan's recent regulatory reforms in asset management are bolstering the case for broader derivatives use, according to ISDA. ING is aligning its UK contracts with the EU's new digital operational resilience rules. Globally, regulatory goals are converging, but approaches differ, particularly between the UK and EU. Additionally, the inaugural Derivia Intelligence Middle East 2024 conference, focusing on derivatives and structured products, is set for November 20 in Dubai.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Robinhood Touts Rock-Bottom Fees for Options Trading. Then Come the Hidden Costs. from The Wall Street Journal.
- SEC Approves Nasdaq to List Options on iShares Bitcoin Trust ETF from Bloomberg.
- Trading the U.S. Globally from Cboe. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 LaSalle Street Racing to Move Scouts Forward Fundraiser www.tinyurl.com/LaSalle4Scouts On September 25, the Pathway to Adventure Council of the Boy Scouts of America is hosting the LaSalle Street Racing to Move Scouts Forward event at the Chicago Board of Trade Building. This annual tradition, dating back to 1971, brings together professionals from LaSalle Street to support Scouting in our community. The highlight of the evening will be a pinewood derby race. You'll have the opportunity to build your own car or lease one at the event. It's a fantastic way to tap into your competitive spirit while enjoying cocktails and delicious food with colleagues and friends. Your participation will directly benefit Scouting programs that help develop leadership skills and character in our youth. There are various sponsorship levels available to suit your preferences. The event will be held at Ceres, with plans to move outdoors if weather permits. It's a perfect opportunity to network, have fun, and make a difference. Click Here to Register »
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The Build vs. Buy Dilemma: Why MSPs Continue to Gain Ground in Banking Infrastructure
Alastair Watson, Managing Director, EMEA, TNS Financial Markets in Traders Magazine
As we near the end of the year, the long-standing debate of what to handle in-house and what to outsource will reemerge. In the financial services industry, and specifically for banks, many functions like IT and staffing can be outsourced. But a key area worth considering is trading infrastructure. What was once a proprietary advantage for banks to build on their own now offers little competitive advantage and can often be more expensive to maintain. With the rise of cloud technologies and advancements in risk management services, has the time now come not to build, but to buy - or partner with - a proven Managed Service Provider (MSP) for banking infrastructure?
/jlne.ws/3Beypql
***** Some debates never end. Put buy versus build in that category.~JJL
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Almost all small businesses are using a software tool that is enabled by AI
Mae Anderson - Associated Press
As the use of artificial intelligence is expands, more small firms say they're harnessing AI to help their businesses. In a survey by The U.S. Chamber of Commerce and Teneo, nearly every small business - 98% - said they are utilizing a tool that is enabled by AI. Forty percent said they're using generative AI tools like chatbots and image creation, nearly double from last year's survey.
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****** Christine Lagarde said all businesses would be impacted by AI, so it is good to see the uptake by small businesses.~JJL
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Monday's Top Three
Our most-clicked story Monday was Celebrating Independence and Competition: A Fourth of July Reflection a commentary by John Lothian from July regarding the history of exchange competition in Chicago, including Cantor Fitzgerald. Second was a tie between US and Mexico Brace for Storms Raging in Atlantic and Pacific, from BNN Bloomberg, and BGC's Howard Lutnick takes on CME with interest rate futures debut, from the Financial Times. Third was Exchanges launch key derivatives on busy September 23, from FOW.
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| Lead Stories | Deutsche Boerse and Nasdaq Raided in EU Cartel Probe; Companies say they were targeted by EU antitrust inspection; Says they fully cooperate in probe EU announced Monday
Samuel Stolton - Bloomberg
Deutsche Boerse AG and Nasdaq Inc said they were raided by European Union antitrust watchdogs who suspect the firms may have been involved in a cartel related to "financial derivatives." A Deutsche Boerse spokesperson confirmed that the company was hit by the EU's unannounced inspections on Monday, and that it is "fully cooperating" with the probe. A Nasdaq spokesperson said that it is "committed to fully cooperate" with the EU and "support the relevant authorities with the investigation"
/jlne.ws/3zwgz1m
***** Here is the Financial Times version of this story.~JJL
Robinhood Touts Rock-Bottom Fees for Options Trading. Then Come the Hidden Costs; Customers using the platform face higher transaction costs than those of other brokers, a study finds
Alexander Osipovich - The Wall Street Journal
Robinhood Markets advertises rock-bottom fees for options trading-but a new study finds that its customers face hidden costs far higher than those of other brokers. The findings, released this month, offer a rare glimpse into brokers' transaction costs-the spreads between the price you pay when buying options and the price you get when selling them. While brokers disclose how much they charge in fees, they shed little light on the costs associated with such spreads.
/jlne.ws/4gDxJLo
Standard Chartered takes investors to court in Libor transition test case; Legal battle over how UK-based bank pays its dividend
Owen Walker - Financial Times
Standard Chartered is taking legal action against several of its own investors, including a hedge fund run by DE Shaw, in what is seen by legal experts as a test case over the transition from the scandal-ridden Libor interest rate. The legal battle, which is due to be heard in London's High Court of Justice this week, could set a precedent for other companies' investor payouts.
/jlne.ws/4efUTFP
Caroline Ellison, Star FTX Witness Turned Romance Novelist, Learns Her Fate; Former crypto executive contributed to a multibillion-dollar fraud. She'll get her sentence Tuesday afternoon.
Alexandra Citrin-Safadi - The Wall Street Journal
Caroline Ellison, the star witness in FTX founder Sam Bankman-Fried's fraud trial, helped put her former boyfriend and boss in prison for 25 years. Since then, she has written an Edwardian romance novella, unsuccessfully hunted for work and dated a guy a former colleague called a "vast improvement over her ex." On Tuesday afternoon, the 29-year-old Stanford University graduate is set to find out if her cooperation with prosecutors will keep her out of prison.
/jlne.ws/3ZAPmoH
Coinbase Urges Court to Force SEC's Hand on Digital Asset Rules
Chris Dolmetsch - Bloomberg
Cryptocurrency exchange Coinbase Global Inc. urged a federal appeals court to force the US Securities and Exchange Commission to create new rules that would govern digital assets and help end a long legal fight between the industry and regulators. A lawyer for Coinbase, Eugene Scalia, told a three-judge panel Monday in Philadelphia that the SEC has provided "zero explanation" for denying the exchange's request last year for rules that would clarify standards for determining when digital assets are securities. The exchange filed a lawsuit in December at the US Court of Appeals for the Third Circuit.
/jlne.ws/4eC8HdM
US SEC, Coinbase clash in court over crypto rulemaking
Hannah Lang and Chris Prentice - Reuters
Coinbase and the U.S. securities regulator faced off in a federal appeals court in Philadelphia on Monday as the cryptocurrency exchange pressed the agency to create new rules for digital assets. Coinbase, the largest U.S. crypto exchange, sued the Securities and Exchange Commission last year in an effort to compel the regulator to act on a petition for rulemaking Coinbase filed in 2022.
/jlne.ws/4ezvJSf
China Mulls Stock Stability Fund, Unlocks $113 Billion From PBOC
Bloomberg
China said it will allow institutional investors to tap central bank financing for stock purchases and is weighing plans for a market stabilization fund, sparking the biggest rally since 2020 for the nation's beaten-down equities. The People's Bank of China will set up a swap facility allowing securities firms, funds and insurance companies to tap liquidity from the central bank to purchase equities, Governor Pan Gongsheng said at a briefing on Tuesday. There are also plans to set up a specialized re-lending facility for listed companies and major shareholders to buy back shares and raise holdings.
/jlne.ws/4erfI0Y
China stimulus pushes global shares to new peak, boosts commodities
Sruthi Shankar and Ankur Banerjee - Reuters
World stocks hit a record high on Tuesday after China unveiled stimulus measures to support its economy and stock markets, sending Asian and European shares higher and triggering a bounce in commodity prices. People's Bank of China Governor Pan Gongsheng announced plans to lower borrowing costs and inject more funds into the economy, as well as to ease households' mortgage repayment burden. Pan also said China would roll out structural monetary policy tools for the first time to help stabilise capital markets.
/jlne.ws/3XA2nfH
FTC set to greenlight Chevron's $53 billion buy of oil rival Hess, sources say
Sabrina Valle - Reuters
The U.S. Federal Trade Commission is expected to greenlight U.S. oil producer Chevron's purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil's challenge to the $53 billion deal as its final hurdle. The proposed merger was first announced last October, and the FTC sent a second information request to Chevron two months later. Hess shares were up as much as 3% in after-hours trading on Monday following the news.
/jlne.ws/4gA1Ini
London Executives Call for Governance, Pensions Revamp to Lure More IPOs
Pablo Mayo Cerqueiro - Bloomberg
The British government should prioritize streamlining corporate governance requirements and encouraging pension funds to invest in local stocks to boost the appeal of the UK's capital markets, a survey finds. Regulation is another focus that emerged from the survey of more than 150 executives and directors at London-listed companies by broker Deutsche Numis, which is scheduled for release on Tuesday.
/jlne.ws/3Zwss1Z
Lobbying for unfettered innovation is bad for democracy; Lawmakers should resist the efforts of Big Tech to protect its own interests
MarietJe Schaake - Financial Times (opinion)
The writer is a fellow at Stanford University's Institute for Human Centered Artificial Intelligence and the Cyber Policy Center. She is the author of 'The Tech Coup'.
Whenever a regulatory proposal that has an impact on technology companies pops up, it is only a matter of time before the mantra "regulation stifles innovation" follows. So often has this phrase been used that it has become something of a truism, with legislators that are simply doing their jobs now defending themselves pre-emptively as not wanting to stifle innovation. It is time to call the bluff on this catchphrase. This year has been dubbed "the year of democracy", given the unprecedented number of elections happening around the world - involving nearly half the global population. It could also be called the "year of lobbying", as interest groups including tech companies, see a crop of newly elected leaders such as in the EU and the US to establish relationships with.
/jlne.ws/4gBo33O
Energy-hungry tech groups express interest in US-led carbon credits scheme; Programme spearheaded by John Kerry among key themes at New York climate week
Aime Williams - Financial Times
Tech groups including Meta and Netflix have joined the list of companies expressing interest in backing a carbon credits scheme spearheaded by former US climate envoy John Kerry, as they grapple with a surge in emissions from power-hungry data centres and artificial intelligence. But Kerry warned, at the same time, that the businesses must cut their emissions directly, even as a growing number prepare to pour money into offsets.
/jlne.ws/4eB40Rm
Treasury market liquidity: fine but fragile? Skating on thin ice
Robin Wigglesworth - Financial Times
Halloween is still over a month away, but here's a scary chart of Bloomberg's US Government Securities Liquidity Index. The higher the score, the less liquid the $27tn Treasury market is. So according to this index - which is derived from how dispersed Treasury prices are from a smoothed yield curve - the US government bond market is now less liquid than it was at the peak of the March 2020 chaos.
/jlne.ws/3Bf5nql
TradeStation Securities Announces Collaboration with QuantConnect; TradeStation Expands Algorithmic Trading Capabilities with QuantConnect API Integration
TradeStation Securities, Inc.
TradeStation Securities, Inc. ("TradeStation Securities"), an award-winning*, self-clearing online brokerage firm for trading stocks, options, futures, and futures options, announced its collaboration with QuantConnect, an open-source algorithmic trading platform, offering powerful solutions for quant investors. TradeStation Securities, a multi-asset class broker-dealer and futures commission merchant with institutional-grade tools and personalized services, offers connectivity for trading in equities, equity options, and futures via the QuantConnect platform. This integration allows mutual customers to create and automate their trading strategies via the QuantConnect platform while executing trades, via an API connection, through their TradeStation Securities brokerage account.
/jlne.ws/4djP9JO
Clearing members welcome JSCC initial margin reforms; Stress loss add-ons touted as path to ensure defaulter pays and default fund contributions shrink
Paulina Pielichata - Risk.net
The dominant Japanese derivatives clearing house JSCC is set to reform its initial margin methodology early next year, in a plan that looks likely to be welcomed by clearing members. Futures commission merchants (FCMs) hope the proposal - which would establish IM add-ons calculated using stress loss over margin (Slom) - should also result in lower default fund contributions for members of the central counterparty (CCP). This is seen as a fairer way to handle potential member defaults.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Zelenskiy to Meet Energy Firms at BofA Over Ukraine Power Crisis; Bank of America to host meeting later Monday at New York HQ; Zelenskiy will speak at UN, press for aid, during US visit
Katherine Doherty - Bloomberg
Volodymyr Zelenskiy will meet executives from major energy companies at Bank of America's New York headquarters on Monday to discuss Ukraine's urgent need for power after the war with Russia plunged its energy sector into crisis. Bank of America's Bernard Mensah, the lender's president of international operations, will be among the executives attending the meeting with the Ukraine President this afternoon, according to a person briefed on the plans.
/jlne.ws/3BhqJDF
Asked if Russia could change nuclear testing stance Kremlin says: Listen to Putin on Ukraine
Reuters
The Kremlin said on Tuesday that people should re-listen to a warning issued by President Vladimir Putin who said the West would be directly fighting with Russia if it allowed Ukraine to strike Russian territory with Western-made long-range missiles. It made the comments when asked on a conference call if a decision to let Kyiv go ahead with such strikes might prompt Moscow to change its stance on nuclear testing.
/jlne.ws/3ZAuhLm
Russia Sees Oil and Gas Revenue Shrinking for Next Three Years
Bloomberg
The Russian government sees its oil and gas revenue falling for the next three years due to lower energy prices and a more lenient tax regime for Gazprom PJSC. According to a draft three-year budget seen by Bloomberg News, this key source of funds for the Kremlin will slide by 14% from 2024 to 2027, with implications for the war in Ukraine and Moscow's escalating military spending.
/jlne.ws/4eBSoxd
Ukraine says China is key route for foreign tech in Russian weapons
Julia Payne - Reuters
Roughly 60% of the foreign parts found in Russian weapons on the battlefield in Ukraine come via China, Ukraine's presidential adviser Vladyslav Vlasiuk told reporters on Tuesday. Russia began a full-scale invasion of Ukraine in 2022 and despite sweeping Western sanctions, Moscow has been able to replenish its military machine with western microchips and semiconductors.
/jlne.ws/3XuDjqw
Ukraine's Allies Play Down Hopes for Zelenskiy's 'Victory Plan' Breakthrough; Officials say president's pitch won't amount to a game-changer; At least one of allies suggested renewed outreach to Putin
Michael Nienaber and Samy Adghirni - Bloomberg
Western officials sought to lower expectations for the plan to end the war that President Volodymyr Zelenskiy is presenting in New York this week, saying they don't see it ushering in a breakthrough to the conflict with Russia. One person familiar with Zelenskiy's conversations with foreign leaders, who asked not to be identified discussing private deliberations, said there were no real surprises in president's so-called "victory plan" and it wasn't a major game-changer. Another official described it as a "wish list."
/jlne.ws/3MYozLQ
Yevgeny Prigozhin secretly used JPMorgan and HSBC for Wagner payments; Banks unwittingly handled transactions for companies in Africa controlled by deceased Russian warlord
Miles Johnson and Ortenca Aliaj and Joshua Franklin - Financial Times
/jlne.ws/3zvJp1N
Dither and deliver: Kyiv navigates Putin's red lines - and western indecision; Potentially allowing Ukraine to use long-range missiles on targets in Russia is latest in a series of 'salami tactics'
Financial Times
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel Airstrikes on Lebanon Kill Hundreds in Major Escalation; Lebanese officials say nearly 500 killed in Israeli attacks; Israelis seek refuge in bomb shelters from Hezbollah strikes
Dana Khraiche, Alisa Odenheimer, and Iain Marlow - Bloomberg
Israel launched airstrikes on targets across southern Lebanon, killing nearly 500 people in one of the deadliest days of fighting in nearly two decades and fanning fears of all-out war. Some 1,650 people were wounded in the strikes and about 100 women and children were among the dead, the Lebanese health ministry said. Israeli officials said many of those killed were members of the Lebanese militia Hezbollah, and argued that the group had placed rocket launchers in private homes.
/jlne.ws/4gufyrr
Iran's President Says He's Prepared to Ease Tensions With Israel
Augusta Saraiva and Arsalan Shahla - Bloomberg
Iran is prepared to de-escalate tensions with Israel as long as it sees the same level of commitment on the other side, President Masoud Pezeshkian said. "We're willing to put all our weapons aside so long as Israel is willing to do the same," Pezeshkian told reporters Monday ahead of the UN General Assembly in New York. "We're not seeking to destabilize the region."
/jlne.ws/4exGHYD
Israel launches more strikes on Lebanon in escalating violence; Hizbollah fired on Israeli military targets on Tuesday morning as world leaders warn against all-out war
Polina Ivanova and Malaika Kanaaneh Tapper - Financial Times
Israeli warplanes continued to strike Lebanon on Tuesday, extending a massive bombardment of Hizbollah strongholds that has killed hundreds of people so far in the worst violence to hit the country in decades. Hizbollah too fired on Israeli military targets on Tuesday morning, targeting an explosives factory, a military warehouse and an airfield. The attacks set off air raid alarms across northern Israel but were mostly intercepted, causing limited damage.
/jlne.ws/4dh3Zkr
The Vast Hezbollah Arsenal Awaiting Israel in Lebanon; If full-scale war comes to Lebanon, Israel will be fighting on Hezbollah's turf, where its advantages in technology and intelligence won't be as decisive
Jared Malsin and Adam Chamseddine - The Wall Street Journal
Israel launched devastating attacks on Hezbollah in recent days with airstrikes and remote-control explosions that put the Lebanese militant group on the defensive and demonstrated Israel's vast superiority in intelligence gathering and technology. A ground war between the two, if it occurs, would likely be a different story.
/jlne.ws/4gxj1oV
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX Chief Risk Officer to retire
ASX
Following a 35 year career in financial services, most recently as ASX's Chief Risk Officer, Hamish Treleaven has announced his intention to retire. Mr Treleaven was appointed Chief Risk Officer in March 2017 with responsibility for designing and implementing all aspects of the current risk management frameworks ASX relies on to operate and manage its business.
/jlne.ws/3XSFJAF
Juan Flames Appointed Head BME Exchanges and CEO BME
BME-X
SIX has appointed Juan Flames as Head BME Exchanges and CEO BME, effective 15th November 2024. He has many years of international experience in the field of capital markets. Juan Flames succeeds Javier Hernani, who will focus his efforts on the business unit Securities Services as a member of the SIX Executive Board, and will remain in the BME Board of Directors.
/jlne.ws/3ZCAHcW
ICE Launches New Suite of Physical Climate Risk Municipal Indices Integrating ICE Climate Risk Scores
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that it has launched a new suite of climate risk municipal indices, using the ICE Climate Risk Score, aimed at tracking the performance of securities selected based on exposure to acute climate risks. The new suite of climate risk municipal indices is a collaboration between ICE's Climate and Index teams. The indices, using ICE Climate Risk data, track the performance of securities issued by obligors with different projected vulnerability to a range of climate risks, including hurricanes, wildfires and floods.
/jlne.ws/4gE7xQs
ICE Further Automates Credit Dispute Processing for Servicers With Enhancements to Credit Bureau Management
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced enhancements that allow the ICE Credit Bureau Management solution to automate the credit dispute process and help servicers save critical time as they work to meet their 30-day reporting obligations under the Fair Credit Reporting Act. Integrated with the MSP loan servicing system , Credit Bureau Management helps make the investigation process more efficient by compiling borrower information and pre-filling the forms involved in a dispute using the data from MSP. With the enhancements, Credit Bureau Management now allows servicers to automatically send those completed forms to third-party credit bureau reporting agencies without requiring manual re-entry of that data.
/jlne.ws/3BdmR6x
Nasdaq to Hold Third Quarter 2024 Investor Conference Call
Nasdaq
Nasdaq (Nasdaq: NDAQ) has scheduled its third quarter 2024 financial results announcement.
/jlne.ws/3Bc2czE
SMT Scharf AG new in the Prime Standard of the Frankfurt Stock Exchange
Deutsche Borse
As of today, SMT Scharf AG (ISIN: DE000A3DRAE2) is listed in the Prime Standard on the Frankfurt Stock Exchange, the segment with the highest transparency requirements. Previously, the shares were traded via the open market (quotation board) in Frankfurt. To mark the listing of SMT Scharf AG, an opening bell ceremony was held in the morning with representatives of the company on the trading floor in Frankfurt. Following the segment change, the shares can still be traded via the trading venues Xetra and Börse Frankfurt. Specialist on the trading venue Börse Frankfurt is Baader Bank.
/jlne.ws/4eqGx5g
Circular of Shanghai International Energy Exchange on Trading Adjustments for the National Day 2024
SHFE
Shanghai International Energy Exchange has released its Circular on Trading Adjustments for the National Day 2024 as follows: In accordance with the Trading Schedule during National Holidays for Year 2024, Shanghai International Energy Exchange (hereinafter referred to as "INE") hereby notifies the trading adjustments for the National Day 2024 as follows:
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Raspberry Pi boosted by higher than expected profits; Shares rise after UK microcomputer maker publishes first earnings report since June IPO
Stephanie Stacey - Financial Times
Shares in Raspberry Pi jumped on Tuesday after the UK computer maker reported higher than expected profits in its first earnings report since its debut on the London Stock Exchange in June. The Cambridge-based company, which makes small, low-cost computers, said sales volumes were slightly lower than expected but weighted towards higher-margin products, boosting profits.
/jlne.ws/3MUnDrE
SteelEye rolls out enhanced Compliance CoPilot tool; The new development leverages large language models, allowing users to prioritise high-risk alerts; the offering reduces investigation time by up to 90%, according to SteelEye.
Wesley Bray - The Trade
SteelEye has rolled out the latest enhancement to its Compliance CoPilot tool across trade surveillance. The new development leverages large language models (LLM) to complement the role of a compliance officer through the provision of a full review of all trade surveillance alerts.
/jlne.ws/47BQeeK
LinkedIn is training AI on you - unless you opt out with this setting; The professional network now by default grants itself permission to use anything you post to train its artificial intelligence
Chris Velazco - The Washington Post
You might have used LinkedIn to hunt for a new job, or keep in touch with colleagues from the early days of your career. But LinkedIn has been using you, too. Last week, the professional network added a new data privacy setting that caught many by surprise. By default, it granted itself permission to use information shared on the service to train its artificial intelligence. Unless you toggle this new setting to off, LinkedIn considers everything fair game - your posts, articles, even your videos. To opt out, log into your LinkedIn account, tap or click on your headshot, and open the settings. Then, select "Data privacy," and turn off the option under "Data for generative AI improvement."
/jlne.ws/4gAyNiL
Generative AI Hype Feels Inescapable. Tackle It Head On With Education; In their book AI Snake Oil, two Princeton researchers pinpoint the culprits of the AI hype cycle and advocate for a more critical, holistic understanding of artificial intelligence.
Reece Rogers - Wired
Arvind Narayanan, A computer science professor at Princeton University, is best known for calling out the hype surrounding artificial intelligence in his Substack, AI Snake Oil, written with PhD candidate Sayash Kapoor. The two authors recently released a book based on their popular newsletter about AI's shortcomings.
/jlne.ws/4dgrtpN
US nuclear plants won't power up Big Tech's AI ambitions right away
Laila Kearney and Timothy Gardner - Reuters
Constellation Energy and Microsoft plan to restart the Three Mile Island nuclear plant, hoping they have scored a quick source of enough climate-friendly energy to power rapidly expanding data centers for artificial intelligence (AI). U.S. power generation capacity through the end of the decade could rise by about 2.4% to 2.7%, according to an analysis of the most recent available U.S. Energy Information Administration (EIA) data, from late 2022. Data center power use is expected to more than double by 2030 to consume about 9% of all the country's electricity.
/jlne.ws/3MZDWUd
Cloud firm Snowflake seeks US$2 billion in convertible bonds
The Business Times
Snowflake is seeking to raise US$2 billion from the sale of convertible bonds. The data analytics provider is offering two tranches of US$1 billion each in a private placement, according to a statement on Monday (Sep 23). Snowflake is marketing its convertible senior notes due 2027 and 2029 respectively with a coupon of 0 to 0.5 per cent each, according to sources familiar with the matter.
/jlne.ws/3zvNVNS
Google Cloud, Research Units Collaborate to Speed AI Development; Google Cloud and DeepMind develop based on customer feedback; Researchers 'pick up the pace' to get product to market
Julia Love, Davey Alba, and Curtis Heinzl - Bloomberg
Google said it has seen faster progress in artificial intelligence as a result of closer collaboration between its cloud computing unit and its AI research lab. Google Cloud struck deals to weave its latest AI models into popular consumer products, sharing more than 75 customer stories, including from the social app Snapchat and the storage company Pods, the company said as part of its virtual Gemini at Work event. The company also unveiled new versions of its AI model, Gemini.
/jlne.ws/47AMt9F
India payments authority eyes Africa, S. America for digital payment push, official says
Jaspreet Kalra - Reuters
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| Cybersecurity | | Top stories for cybersecurity | OpenAI News Account on X Compromised, Sends Crypto Posts; A memo to employees Monday morning warned of rise in hacks; OpenAI employee accounts were also targets for scam posts
Rachel Metz and Shirin Ghaffary - Bloomberg
OpenAI said one of its accounts on X was compromised on Monday, when an unauthorized individual sent out posts soliciting users to click through to a crypto token falsely claiming to be related to the artificial intelligence startup. The company said it was aware of the issue, and was looking into it. The posts, which came from the account @OpenAINewsroom, appeared around 7 p.m. New York time and were still visible for some users about an hour later, before being deleted.
/jlne.ws/47ECr7o
China are the real hackers not us, Taiwan says after cyber accusations
Reuters
China are the real hackers not Taiwan and accusations from Beijing of a Taiwanese hacking group are fake news, senior government officials said in Taipei on Tuesday. China's national security ministry said on Monday a Taiwan military-backed hacking group called Anonymous 64 has been carrying out cyberattacks against targets in China, urging people to report "anti-propaganda sabotage." It also named three Taiwanese it said were part of the group and published their pictures.
/jlne.ws/3zH6wXc
Sweden Uncovers Iran Hacked SMS Service to Send Messages on Koran Burnings
Niclas Rolander - Bloomberg
Sweden uncovered an Iranian hacking operation to send text messages in a bid to sow fear in the Nordic country. Swedish prosecutors concluded Iran was behind 15,000 text messages sent on Aug. 1, 2023, according to a statement on Tuesday. The messages sought to sway recipients to exact revenge on people burning Islam's holy book after a number of such incidents in Sweden, saying "those who insulted the Koran must pay."
/jlne.ws/3NhPv9z
After Years of Warnings, Telegram Founder Cedes to Police Requests About Users; Pavel Durov pledges more cooperation with authorities; shift comes three years after users complained about responsiveness
Georgia Wells and Sam Schechner - The Wall Street Journal
For years, police have complained that Telegram would ignore most of their requests for help in tracking down suspected criminals using the platform. Now, following the arrest of its founder in France, the messaging and social-media app has reversed course and is regularly turning over phone numbers and other information about users suspected of illegal activity, French prosecutors said.
/jlne.ws/3MUk1WL
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| Cryptocurrencies | | Top stories for cryptocurrencies | In Russia, some crypto miners go underground - literally
Reuters
Russia's southern republic of Dagestan has called for tougher measures against power-hungry cryptocurrency miners who local officials said were causing electricity outages and seeking to evade the law by building mining installations underground. Miners of digital coins have come under scrutiny across the world in recent years because the computing power needed to solve the complex puzzles involves specialised hardware which operates around the clock and guzzles electricity.
/jlne.ws/4dkXAER
Coinbase Versus SEC: Top Exchange Onboards Top Litigator Ryan VanGrack
Godfrey Benjamin - TheCoinRepublic.com
Coinbase's lawsuit with the United States Securities and Exchange Commission (SEC) may take a new turn in the coming weeks as the firm adds a new member to its legal team. The exchange's CLO, Paul Grewal, announced on X that Ryan VanGrack would be joining the legal team as Vice President of Litigation. This is a significant move for Coinbase as it goes headlong with the US securities regulator.
/jlne.ws/3XTxAvD
Crypto Miner Truce Leaves Open the Possibility of Riot Taking Over Bitfarms; Bitcoin miner Riot and Bitfarms reached a settlement on Monday; Riot has increased ownership to nearly 20% of Bitfarms
David Pan - Bloomberg
While Bitcoin miner Bitfarms Ltd. has brokered a truce with Riot Platforms Inc. over a months-long takeover fight, the agreement still leaves open the possibility for an acquisition. Under an pact unveiled Monday, Bitfarms' Andrés Finkielsztain has stepped down from its board and been replaced by a Riot-backed nominee. Riot agreed that, during the term of the agreement, it will not acquire over 20% or more of the company without the approval of the board, "other than for the sole purpose of or in connection with making a take-over bid," according to a filing with the Canadian government.
/jlne.ws/4gMFiiS
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| Politics | | An overview of politics as it relates to the financial markets | Donald Trump's plan to gut climate law would be self-harm, US energy chief says; Jennifer Granholm tells the FT the ex-president's vow to undo Inflation Reduction Act would benefit China
Jamie Smyth - Financial Times
Donald Trump's plan to gut the Biden administration's sweeping climate legislation would be like "stabbing ourselves" and give China the advantage in a global cleantech race, the US energy secretary has said. Jennifer Granholm told the Financial Times the Inflation Reduction Act had spurred a "tsunami of investment" worth $500bn and was rebuilding a US manufacturing sector capable of competing with China.
/jlne.ws/3TIg0bM
First bibles and shoes, now Donald Trump is selling $100 silver coins
Chris Morris - Fortune
Add silver coins to the odd collection of branded knick-knacks Donald Trump is selling to his supporters.
/jlne.ws/3ZBtud0
Trump Issues Fresh Trade Threats, Targeting Deere; Republican presidential nominee calls for 200% tariff on goods made in Mexico that were previously made in the U.S.
Bob Tita - The Wall Street Journal
Donald Trump threatened to slap hefty tariffs on farm-equipment maker Deere & Co. in a reprise of his tactics as president. At a campaign event in Pennsylvania Monday the Republican presidential nominee said, if he were elected, Deere would face tariffs of 200% if it sold made-in-Mexico equipment previously made in the U.S. Trump said that Deere is moving a majority of its production to the country, a point which the company disputed. The Illinois-based company in June said it would move production of some models of small and medium-size construction loaders to its plant in Mexico from Dubuque, Iowa. Deere in 2022 decided to move production of cabs for large farm tractors to Mexico from Waterloo, Iowa. The cab move is scheduled to be completed this year.
/jlne.ws/3TIJeHw
Biden-Harris Administration Announces More Than $24 Million from Investing in America Agenda to Restore Our Nation's Lands and Waters
Department of Interior
As the nation kicks off Climate Week, the Department of the Interior today announced more than $24 million from President Biden's Investing in America agenda to restore our nation's lands and waters. The funding from the Bipartisan Infrastructure Law will support 50 ecosystem restoration projects that include on-the-ground action in 34 states and multiple U.S. Territories, as well as many projects that provide nationwide benefits, building climate resilience, improved habitats, and healthier communities.
/jlne.ws/4eALNDd
'Truss Moment' Still Scares Governments. Is France Next? Two years later, Britain isn't doing so badly. But bond markets showed the world they can topple fiscally imprudent leaders.
John Authers
Precious Moments
It's exactly two years since the new UK government under Liz Truss announced sweeping unfunded tax cuts in a "mini-budget." Truss was out of power within a month, but she did join the ranks of Paul Volcker, Hyman Minsky, Wile E. Coyote and Lehman Brothers in the financial literature by having a Moment named for her. The legacy of the Truss Moment, in which the gilts market revolted and the pound dropped to an all-time low against the dollar, is growing more complicated.
/jlne.ws/4dgnk5m
Russia produced most AI content to sway presidential vote, US intelligence official says
Jonathan Landay and David Brunnstrom - Reuters
Russia has generated more AI content to influence the U.S. presidential election than any other foreign power as part of its broader effort to boost Republican candidate Donald Trump over Democrat Kamala Harris, a U.S. intelligence official said on Monday. The official from the Office of the Director of National Intelligence (ODNI), speaking on condition of anonymity, made the comment in a briefing to reporters on the alleged use of AI by Russia and other countries to influence the Nov. 5 vote.
/jlne.ws/4efGARx
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| Regulation & Enforcement | | Stories about regulation and the law. | European Commission raids Deutsche Boerse over alleged derivatives-related antitrust violations; The inspection relates to potential violations of EU antitrust rules which include directly or indirectly fix purchase or selling prices or any trading conditions.
Claudia Preece - The Trade
The European Commission is currently carrying out unannounced antitrust inspections at the premises of Deutsche Boerse, The TRADE understands. "We confirm the EU Commission's investigation and are fully cooperating. We do not comment on ongoing investigations," said Deutsche Boerse when approached by The TRADE.
/jlne.ws/4e9hzYi
MAS orders Qoo10 to stop payment services in Singapore; It was earlier reported that police were investigating the e-commerce platform and its subsidiary after complaints of delayed payments and delivery disruptions
Goh Ruoxue - The Business Times
THE Monetary Authority of Singapore (MAS) has directed Singapore-headquartered e-commerce platform Qoo10 to suspend its provision of payment services locally from Sep 23. This comes after the authorities received several merchant complaints between April and August this year against the platform for delays in processing payments.
/jlne.ws/4egOhHi
India investigates six local investment banks over handling of small IPOs, sources say
Jayshree P Upadhyay - Reuters
India's securities regulator, worried about malpractice in a frothy IPO market, is investigating six domestic investment banks that have worked on offerings by small businesses, two sources with direct knowledge of the matter said. The probes by the Securities and Exchange Board of India (SEBI) began earlier this year and are focused on the fees that the banks have charged, according to the sources who declined to be identified as the investigations are confidential.
/jlne.ws/3XSCfOG
CFTC Announces Four Orders Granting Whistleblower Awards - Marking the Most in a Single Day
CFTC
The Commodity Futures Trading Commission today announced awards totaling approximately $4.5 million for whistleblowers who, collectively, provided information that led to the success of multiple enforcement actions, brought by the CFTC and another authority. The four orders granting awards, to a total of seven whistleblowers, are the most the CFTC has issued on a single day.
/jlne.ws/4eyT06T
CFTC Orders Piper Sandler to Pay $2 Million for Recordkeeping and Supervision Failures for Firm-Wide Use of Unapproved Communication Methods
CFTC
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Piper Sandler Hedging Services LLC, an introducing broker, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to its business as a CFTC registrant. The order requires Piper Sander to pay a $2 million civil monetary penalty; to cease and desist from further violations of recordkeeping and supervision requirements; and to engage in specified remedial undertakings. Piper Sandler admits the facts detailed in the order.
/jlne.ws/4dcJ9ml
Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement With Piper Sandler Hedging Services, LLC
CFTC
I respectfully dissent from the Commission's[1] enforcement action settling charges against Piper Sandler Hedging Services, LLC ("Piper Sandler" or "Respondent"). nDespite the Commodity Futures Trading Commission imposing more than $1.1 billion in offline communication-related civil monetary penalties across more than 20 recent actions[2], I fear this particular case sends the message that everything is a business record, even if such a conclusion has no foundation in the Commodity Exchange Act ("CEA") or CFTC regulations.
/jlne.ws/4djbqHZ
Dissenting Statement of Commissioner Caroline D. Pham on Off-Channel Communications Enforcement Action
CFTC
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham today released the following statement on the CFTC's settlement order regarding Piper Sandler Hedging Services LLC: "Once again, the CFTC has no evidence that a violation of CFTC recordkeeping rules for introducing brokers (IBs) actually occurred.[1] And, this case also piggybacks off the SEC's investigation and swerves out of the CFTC's lane into the securities markets. Records relating to securities or other business activities of a parent company or affiliate under other agencies' rules are out-of-scope for the CFTC's jurisdiction and rules for IBs. That is why other agencies have their own enforcement authority over their own statutes and their own registrants. I must respectfully dissent because of the lack of evidence that a CFTC violation occurred and because I cannot support the CFTC's double-dipping on SEC violations."
/jlne.ws/3ZC5IOc
CFTC Orders Illinois Futures Commission Merchant to Pay More Than $980,000 for Supervision Failures
CFTC
The Commodity Futures Trading Commission today issued an order filing and settling charges against NinjaTrader Clearing, LLC dba NinjaTrader, Tradovate and TransAct Futures (NTC), a registered Futures Commission Merchant that operates out of Deer Park, Illinois. The CFTC order finds NTC failed to have adequate policies and procedures governing the emergency handling of accounts and did not exercise sufficient oversight over its employees' handling of accounts in response to a statutory restraining order issued in CFTC v. Patel, Case No. 22-cv-80092 (S.D. Fla. 2022).
/jlne.ws/3zvrUPe
CFTC Orders Canadian Imperial Bank of Commerce to Pay $30 Million for Recordkeeping and Supervision Failures for Firm-Wide Use of Unapproved Communication Methods
CFTC
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with Canadian Imperial Bank of Commerce (CIBC), a swap dealer, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements and failing to diligently supervise matters related to its business as a CFTC registrant.
/jlne.ws/4dkYPDQ
Advisory Firm Atom Investors, Charged with Recordkeeping Violations, Avoids Civil Penalty Because of Self-Reporting, Substantial Cooperation, and Prompt Remediation
SEC
The Securities and Exchange Commission today announced charges against Texas-based registered investment adviser Atom Investors LP for its failure to maintain and preserve off-channel communications in violation of the recordkeeping provisions of the federal securities laws. The Commission did not impose a penalty because Atom Investors self-reported the conduct, promptly remediated the violations, and provided substantial cooperation to Commission staff in an investigation of another entity.
/jlne.ws/3TDGBGR
SEC Charges CEO and Two Others in Penny-Stock Fraud Scheme
SEC
The Securities and Exchange Commission today charged Michigan resident Benjamin Ballout, Egypt resident Mohamed Zayed, and Florida resident William Fielding for their roles in a fraudulent scheme to pump and dump the publicly traded stock of Enerkon Solar International, Inc. ("Enerkon").
/jlne.ws/4gz9ygW
SEC Charges Two New Jersey-Based Distributors of Sale Leaseback Program with Fraud
SEC
On September 20, 2024, the Securities and Exchange Commission charged Anthony Lotito, Joseph Hagan and their respective entities, Revolution Leasing & Administration LLC and ScryptMob II LLC, for their fraudulent offer and sale of unregistered securities, and for misappropriating money from investors. The complaint also charges Hagan and Lotito with acting as unregistered brokers in connection with the sales of these securities.
/jlne.ws/3ZA2LNS
Court Enters Final Judgments Against All Defendants in Marijuana Company Fraud
SEC
On September 5, 2024, the U.S. District Court for the Northern District of Ohio entered final judgments by consent against Kris A. Swaffer ("Swaffer"), the president of POHIH, Inc., and Sean K. Williams, the chief operating officer of a related entity, and relief defendant Rosalyn K. Swaffer. On September 13, 2024, the Court also entered a final default judgment against POHIH.
/jlne.ws/4ehe0PS
SEC Obtains Final Judgment Against Former CFO for Accounting Failures
SEC
On September 11, 2024, the Securities and Exchange Commission obtained a final judgment against defendant James Douglas Miller, the former Chief Financial Officer of Barrett Business Services, Inc. ("BBSI"), whom the SEC previously charged for his alleged role in an accounting fraud involving the company's workers' compensation expenses.
/jlne.ws/4eegmPy
SEC Charges Oklahoma Resident and Company in $5 Million Securities Fraud
SEC
The Securities and Exchange Commission today charged Oklahoma-based Anthem Holdings Company and its founder and CEO Anthem Hayek Blanchard with defrauding investors of over $5 million in two securities offerings.
/jlne.ws/4dinysF
ASIC extends reportable situations relief and personal advice record keeping requirements
ASIC
ASIC has made two legislative instruments - ASIC Corporations and Credit (Breach Reporting-Reportable Situations) Instrument 2024/620 and ASIC Corporations Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508. The instruments extend requirements and relief provided under ASIC Corporations and Credit (Breach Reporting-Reportable Situations) Instrument 2021/716, ASIC Credit (Breach Reporting-Prescribed Commonwealth Legislation) Instrument 2021/801, and ASIC Class Order 14/923 Record-keeping obligations for Australian financial services licensees when giving personal advice (the Former Instruments).
/jlne.ws/3N16I6E
ASIC cancels licences of Ultimate Credit Management Pty Ltd and Worry Free Finance Pty Ltd
ASIC
ASIC has cancelled the Australian credit licences of Ultimate Credit Management Pty Ltd (in liquidation) (Ultimate Credit) and Worry Free Finance Pty Ltd (Worry Free) following payments of compensation by the Compensation Scheme of Last Resort (CSLR). On 6 February 2024, the Australian Financial Complaints Authority (AFCA) made a determination against Ultimate Credit, which Ultimate Credit failed to pay. Subsequently, on 14 August 2024, the CSLR paid $500 to a person for the 's AFCA determination and notified ASIC. As a result, ASIC cancelled Ultimate Credit's licence on 10 September 2024.
/jlne.ws/3TEWDA8
KiwiSaver passes milestone of $100 billion of funds under management
FMA
The FMA's latest KiwiSaver Annual Report for the year to 31 March 2024 shows that KiwiSaver investments are working well for New Zealanders, passing the significant milestone of its first $100 billion of funds under management. Ending the financial year on $111.8 billion, there was a 19.3% increase from last years $93.6 billion funds under management. John Horner, FMA Director Markets, Investors and Reporting, said, "Breaking through the $100 billion mark is something to celebrate; for a relatively small country like New Zealand, it represents a coming of age of KiwiSaver."
/jlne.ws/3Bdlgh3
KiwiSaver Annual Report; The FMA publishes a report every year based on all providers' statutory data for the year to the end of March. It summarises our activities as a regulator relating to KiwiSaver during the previous financial year.
FMA
KiwiSaver Annual Report 2024: the year where KiwiSaver passes milestone of $100 billion of funds under management. In its seventeenth year, KiwiSaver investments are working well for New Zealanders. Ending the financial year on $111.8 billion, there was a 19.3% increase from last years $93.6 billion funds under management.
/jlne.ws/4ektEdh
Extension to motor finance complaint handling pause confirmed
FCA
We have extended the pause to the deadline for motor finance firms to provide a final response to customer complaints regarding discretionary commission arrangements (DCAs) until 4 December 2025.
/jlne.ws/4ee9H7R
Prime Minister Kishida's Speech at Bloomberg-hosted event in NY
FSA
On September 23, commencing at 9:30 a.m. EST (September 23 10:30 p.m. JST) for approximately 60 minutes, at an event hosted by Bloomberg (Japan's Financial Future | Elevating Asset Management) in NY, Mr. KISHIDA Fumio, Prime Minister of Japan, exchanged views with U.S. and Japanese asset management leaders on the initiative for promoting Japan as a leading asset management center and ways to enhance the attractiveness of the Japanese financial market. In his closing speech, he highlighted the need to continue the initiative and announced the launch of the Asset Management Forum on October 3. A signing ceremony for the establishment of the Asset Management Forum was also held at the event.
/jlne.ws/3XVqx5K
IOSCO, IFAC and the IFRS Foundation co-host an international conference on Climate and Sustainability-Related Disclosures during Climate Week NYC
IOSCO
Almost 100 stakeholders involved in global sustainability standard setting, regulation,
and accounting came together as part of a high-level international event at the start of
Climate Week NYC.
/jlne.ws/4gMAJVM
MAS issues Prohibition Order against Mr Pan Qi for Dishonest Conduct
MAS
The Monetary Authority of Singapore (MAS) has issued a 5- year prohibition order (PO) against Mr Pan Qi, a former representative of fund management company Nech Capital Pte Ltd (NCPL). The PO was issued following Mr Pan's conviction in the State Courts for engaging in a course of business that operated as fraud under the Securities and Futures Act.
/jlne.ws/3BhQyU7
Sales statistics of foreign-currency denominated products by life insurance industry as of the end of July 2024
FSC
The sales statistics of foreign-currency denominated products by life insurance industry as of the end of July 2024 were as follows: premium revenues from new foreign-currency denominated policies amounted to around NT$169.225 billion, up by 2% from NT$166.527 billion year-on-year. Within these figures, investment-linked insurance products accounted for NT$25.272 billion (around 15% of the total), down by 42% from NT$43.73 billion year-on-year, and the sales of traditional insurance products totaled NT$143.953 billion (around 85% of the total), up by 17% from NT$122.797 billion year-on-year.
/jlne.ws/3XXxRgf
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | High-Speed Traders Made $7 Billion in Indian Options Market Boom
Chiranjivi Chakraborty and Ashutosh Joshi - Bloomberg
Algorithms helped foreign funds and proprietary trading desks pocket 588.4 billion rupees ($7 billion) in gross profits from trading Indian equity derivatives, a study by the nation's market regulator showed. The bulk of the gains came at the expense of individual traders and others, who lost a combined 610 billion rupees dabbling in stock futures and options in the financial year ended March, according to the study published Monday.
/jlne.ws/4ekszlJ
The barbell tolls for fixed income investing; A trend long associated with equity investing is now playing out in the bond markets
Huw Van Steenis - Financial Times (opinion)
The author is vice-chair at Oliver Wyman and former global head of banks and diversified financials research at Morgan Stanley.
A trio of recent records tells us something important about capital markets: that the "barbell effect" long associated with equity investing is now playing out in the bond markets in earnest. This shift underscores just how much the market structure of finance is changing. Investors have poured nearly $190bn into US fixed income exchange traded funds this year to August according to Morningstar, 50 per cent higher than this time last year. Last month Ares raised the largest private credit fund in history at $34bn. And 13 major banks have formed partnerships with private credit firms to distribute their loans in the last year - up from two the year before.
/jlne.ws/3MVeQpl
Bond Anomaly That Twisted Yields From US to Germany Is No More; German yield curve is the latest to turn positive after US, UK; Move comes as central banks lower rates to stave off recession
James Hirai and Liz Capo McCormick - Bloomberg
A quirk in global bond markets that upended traditional relationships between short- and long-term debt in recent years is rapidly fading, with broad implications for economies and investments in more than $40 trillion of government securities. After persisting for as long as two years in the US, the so-called inversion in yield curves - an unusual situation where rates on short-term debt exceed those of their longer-term counterparts - is unwinding in many parts of the world.
/jlne.ws/3NhQsyF
Global Financial Centres Index 36: Leading Centres Remain Strong During Geo-political Challenges
Mondovisione
The 36th edition of the Global Financial Centres Index (GFCI 36) was published today by Z/Yen Group in partnership with the China Development Institute (CDI). The launch event for GFCI 36 was held in Busan at an international symposium hosted by Busan Finance Center. New York held onto the top position in the index and has now been in first place since GFCI 24, published in September 2018. London remains second, and Hong Kong has regained third position, overtaking Singapore in fourth position.
/jlne.ws/3ZyXoP2
A Private-Equity Executive Pushes for Workers' Stake in U.S. Companies; A co-head of KKR's global private-equity business wants to change federal law governing employee stock-ownership plans
Miriam Gottfried - The Wall Street Journal
A new coalition is pushing to expand employees' stock ownership of U.S. companies, saying it would help ease the country's wealth inequality. The group was assembled by KKR executive Pete Stavros and will advocate to update a 1974 federal law to make it easier for workers to own a part of their public or private company. Stavros, the son of a construction worker who unsuccessfully sought profit-sharing, said the goal is to achieve Congress's original intent for the law. "The vision was: How much better would our economy be if workers owned a piece of every company in America?" said Stavros, co-head of KKR's global private-equity business.
/jlne.ws/3zydH41
Successful traders combine data-driven analysis with traditional trading acumen; The TRADE sits down with Ramin Salmen, senior trader at DWS Group, to unpack how buy-side FX trading desks are continuing to evolve as technology ramps up and what makes for successful traders on increasingly data-driven desks.
Claudia Preece - The Trade
How are skillsets on the desk having to evolve as the market becomes increasingly technological? The required skillsets on a buy-side FX trading desk are undergoing significant transformation due to technological advancements. Traditional skills, while still essential, are increasingly supplemented by a robust understanding of data analytics, algorithmic trading and technological tools. Traders are now being expected to possess a strong proficiency in programming languages such as Python, R and SQL to effectively manipulate and analyse large datasets.
/jlne.ws/3TF0RrC
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Constellation CEO Says US Should Copy China to Meet AI Power Use
Will Wade - Bloomberg
To meet the surging demand for electricity to run artificial intelligence, the US should emulate China, according to the head of the power company that just inked a deal with Microsoft Corp. to reopen the shuttered Three Mile Island nuclear plant. Big technology companies are proposing data centers so massive that they could only function if they're built alongside power plants, Joe Dominguez, Chief Executive Officer of Constellation Energy Corp., said Monday in an interview with Bloomberg News. China is already taking that approach in the AI projects it's planning, Dominguez said. That's a significant shift from the current models that rely on miles and miles of long-distance transmission lines to carry electricity. But there's a shortage of wires in the US and utilities say it can take years to connect facilities to the grid. The delays are a hurdle for data center operators that need power as soon as possible - and AI's importance to national security is compounding the urgency, Dominguez said.
/jlne.ws/3Y4QJLz
Drax commits $12.5bn for US power plants as group is lured by IRA tax breaks; UK electricity company's investment could help US economy as it faces energy supply crunch from AI demands
Amanda Chu - Financial Times
UK electricity group Drax is committing up to $12.5bn in the US over the next decade to build power plants to take advantage of the country's lucrative subsidies and expectations of surging energy demand. Drax, which operates the UK's largest power station in the north of England, will build the plants under its Houston-based subsidiary Elimini, which launched on Tuesday.
/jlne.ws/3MXOOSw
US Shale Revolution Has 'Run Its Course,' Quantum's Wil VanLoh Says
David Wethe and Jonathan Ferro - Bloomberg
One of the top investors in US oil and natural gas companies says the nation's shale producers are no longer in a position to aggressively ramp up output and give consumers a break on energy prices. "The US shale revolution has run its course," Wil VanLoh, chief executive officer at Quantum Energy Partners LLC, said Monday in an interview on Bloomberg Television. "Clearly the investors have put oil and gas companies on a very short leash. They've required a massive amount of the cash flow every year to get returned to shareholders."
/jlne.ws/4eqNYJS
Singapore LNG Corp eyes bunkering, storage and expansion to fuel growth; Demand for liquefied natural gas is increasing as world transitions towards using cleaner fuels
Benjamin Cher - The Business Times
Demand for liquefied natural gas (LNG) in Singapore has grown at a speed that few in the energy industry have seen. For instance, LNG demand for bunkering has trebled in the last seven months, compared with the year before. "We are getting a lot more inquiries asking for more slots on the jetty," Leong Wei Hung, Singapore LNG Corp (SLNG) chief executive officer, told The Business Times.
/jlne.ws/47D5XKC
Climate Change Is So Bad, Even the Arctic Is On Fire
Danielle Bochove, Kyle Kim, Armand Emamdjomeh - Bloomberg
The Arctic tundra. The vast floodplains of Brazil. Indonesian peatlands. In these disparate locales, a particular breed of wildfire is burning up huge stores of carbon and threatening to worsen global warming. What sets these fires apart is their tendency to move below ground into carbon-rich soil layers. While wildfires generally flame upwards - quickly consuming forest and grassland - the increasingly intense blazes of recent years move downward, where they smolder flamelessly below the surface, consuming layers of organic material.
/jlne.ws/3XWrevP
World Leaders to Kick Off Money Fight With Renewable Goal Update; While rich nations need to address red tape that slows clean energy deployment, the thornier challenge is getting climate finance to the developing world.
Akshat Rathi - Bloomberg
World leaders on Tuesday will be under pressure to announce new strategies for tripling global renewable energy capacity by 2030 - a goal set at last year's UN climate summit in Dubai. The president of this year's summit in Azerbaijan, Mukhtar Babayev, and European Commission President Ursula von der Leyen are among the leaders expected to give details on the work and cost to reach the target as they address attendees of the Global Renewables Summit at the Plaza Hotel in New York. The event is one of hundreds taking place at Climate Week NYC, which is running alongside the United Nations General Assembly meeting.
/jlne.ws/3XXBiDF
Tugboat powered by ammonia sails for the first time, showing how to cut emissions from shipping
Jennifer McDermott and Michael Hill - Associated Press Finance
/jlne.ws/3XyaGsx
Climate goal to triple global renewable energy by 2030 within reach, IEA says
Susanna Twidale - Reuters
/jlne.ws/3zwJNxe
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Merrill's Former Market Expert Says This Is Different From 1999
Alexandra Semenova - Bloomberg
The stock market's unrelenting rally this year has claimed its share of celebrity bears, the best known being JPMorgan Chase & Co. market strategist Marko Kolanovic. It's a story practically as old as Wall Street itself. Just ask Charles Clough, Merrill Lynch & Co.'s chief global investment strategist from 1987 to 1999, who stayed bearish through the dot-com boom of the late 1990s, but only was vindicated after ultimately leaving the firm.
/jlne.ws/4eBIhc6
JPMorgan, BOfA And Other US Banks Reportedly Reap $1 Trillion Windfall From Fed's High Interest Rates
Pooja Rajkumari - Benzinga
U.S. banks have reportedly gained a $1 trillion windfall due to the Federal Reserve's prolonged period of high interest rates. What Happened: The Federal Reserve maintained elevated interest rates for two and a half years, allowing banks to earn higher yields on deposits held at the Fed. However, many banks did not pass these higher rates on to their savers, the Financial Times reported on Monday. At the end of the second quarter, the average U.S. bank paid depositors an annual interest rate of just 2.2%, significantly lower than the Fed's 5.5% overnight rate. This discrepancy resulted in $1.1 trillion in excess interest revenue for banks, according to the Financial Times.
/jlne.ws/3zrr0mX
Credit Agricole Joins Rush for Unusual Capital as Fed Cuts Rates; French lender offers dollar AT1 that is callable in 10 years; Demand for rate risk has prompted banks to offer longer calls
Tasos Vossos - Bloomberg
Credit Agricole SA is looking to raise capital with a bond that has to be repaid after only a decade, adding to a recent raft of longer-duration instruments as investors look to take advantage of the Federal Reserve's rate cuts. The French lender targets at least $500 million with a perpetual Additional Tier 1 bond on Tuesday, callable by 2034, according to a person familiar with the matter who asked not to be identified. Initial price talk is set at around 7.25%.
/jlne.ws/3N3n7aJ
Macquarie to Acquire Stake in D.E. Shaw Renewable Investments
Gillian Tan - Bloomberg
Macquarie Group Ltd.'s asset-management arm agreed to acquire a minority stake in D. E. Shaw Renewable Investments, a renewable-energy company that owns, operates and develops US wind, solar and battery-storage projects. The equity investment of as much as $1.73 billion is "intended to enable DESRI to continue its growth and enhance its market-leading position," the companies said in a statement seen by Bloomberg News and scheduled to be released Tuesday.
/jlne.ws/3zDubI3
Big hedge funds' share of industry hits 8-yr high, says Bank of America
Nell Mackenzie - Reuters
The largest players now make up about three-quarters of the hedge fund industry, as the likes of multi-strategy firms have taken up the lion's share of the business, said a Bank of America report seen by Reuters on Tuesday. Hedge funds that manage more than $5 billion in assets grew their industry share to 73% by the end of the second quarter of 2024, up from 65% in 2018, according to the report, which was sent to clients on Monday.
/jlne.ws/3ZACxed
SSGA launches first actively managed corporate and municipal target maturity ETFs in the US; Named SPDR SSGA MyIncome ETFs, the suite is made up of 14 actively managed target maturity ETFs with various maturity years ranging from 2026 to 2034.
Wesley Bray - The Trade
State Street Global Advisors (SSGA) has launched the first actively managed corporate and municipal target maturity bond ETFs in the US market. Named SPDR SSGA MyIncome ETFs, the suite looks to offer investors the ability to build their own custom bond ladder portfolios to manage their respective cash flow, interest rate risk, and liquidity needs.
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JPMorgan Eyes More Growth in India Amid Flurry of Activity
Preeti Singh, Menaka Doshi, and Sidhartha Shukla - Bloomberg
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HSBC AM Launches Fund for PE Firms to Borrow Against Assets; Net-asset-value lending fund aims to raise up to EUR1 billion; The fund is expected to make between 10 and 15 investments
Kat Hidalgo and Francesca Veronesi - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Banks should spend as much time on their people as on data, tech: HSBC's Tancy Tan; She says that one of her main focuses at work is to build a workforce that is skilled, adaptable and mentally resilient to changes
Tan Nai Lun - The Business Times
Tancy Tan has spent her entire career working with technology to drive transformation. Banks spend a lot of time on data, but she thinks they also need to put an equal amount of time into their people. The chief operating officer at HSBC Singapore said that one of her main focuses at work is to build a workforce that is skilled, adaptable and mentally resilient to changes. This is because technology comes and goes, but in an industry ultimately run by people, the workforce needs to be able to adapt and continuously learn, and keep up with the constant changes in technology. "All of us went through at least 20 years of structured curriculum before we were workforce-ready, so it's very hard for our workforce to suddenly pivot themselves overnight," Tan explained.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | $50 Billion in Sales Make Ozempic and Wegovy Prices Tougher to Justify; Bloomberg analysis suggests that high prices for popular shots aren't necessary to offset research spending.
Robert Langreth and Tanaz Meghjani - Bloomberg
Ozempic and Wegovy are making so much money for Novo Nordisk A/S that their cumulative sales will soon surpass the drugmaker's entire research budget for the past three decades, undercutting a key argument for their unusually high prices. The pair of medicines for diabetes and obesity have sold nearly $50 billion as of the second quarter and are on track to make $65 billion by the end of this year, according to a Bloomberg News analysis of regulatory filings and analyst estimates. After adjusting for inflation, that would eclipse the $68 billion that Novo will have spent on all research and development since the mid-1990s, when the company started ramping up work on this class of drugs.
/jlne.ws/3BeC5YV
Novo Nordisk CEO faces US Congress scrutiny over weight-loss drug pricing
Patrick Wingrove - Reuters
U.S. Senator Bernie Sanders is set to question Novo Nordisk CEO Lars Jorgensen on Tuesday over the drugmaker's prices for its popular weight-loss and diabetes medicines that can cost Americans more than $1,000 a month. Sanders is expected to challenge the CEO during a hearing of the Senate Committee on Health, Education, Labor and Pensions (HELP), which he chairs, on why the company charges American payors more for the lifesaving drugs than any other country.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Stock Pickers Lose $312 Billion of Assets in Shift to ETFs; Surge in index-tied products has China catching up with the US; New passive fund launches have exceeded active equity funds
Bloomberg News
A relentless slump in Chinese equities has pushed star money managers out of jobs, left investors saddled with losses and driven a 40% drawdown in active fund assets from their peak. Yet one corner of the market has been booming. Exponential growth in exchange-traded funds has made passive investing an influential force in the $8.1 trillion stock market, with such products now accounting for about 45% of all equity-focused fund assets. The ratio has doubled in just three years and is fast catching up with the US, where passive equity strategies command 58% of market share after overtaking the active ones in 2019.
/jlne.ws/47BlUkE
PBOC to set up US$71 billion swap facility to prop up stock market
South China Morning Post
The People's Bank of China (PBOC) plans to set up a swap facility that would give non-bank financial institutions access to at least 500 billion yuan (US$71 billion) in funding to buy shares, in a surprise move aimed at stabilising the stock market. However, some analysts called for more drastic action to shore up investor confidence following more than three years of market declines.
/jlne.ws/3TDoBw4
China's central bank unveils most aggressive stimulus since pandemic
Ryan Woo and Liangping Gao - Reuters
China's central bank on Tuesday unveiled its biggest stimulus since the pandemic to pull the economy out of its deflationary funk and back towards the government's growth target, but analysts warned more fiscal help was vital to hit these goals. The broader-than-expected package offering more funding and interest rate cuts marks the latest attempt by policymakers to restore confidence in the world's second-largest economy after a slew of disappointing data raised concerns of a prolonged structural slowdown.
/jlne.ws/4ewzpUU
China to Add Capital at Big Banks for First Time in a Decade; China's biggest banks are struggling with record low margins; China unveiled cuts to mortgage rates, big stimulus blitz
Bloomberg News
China is planning to recapitalize its biggest commercial lenders for the first time in more than a decade, in a bid to strengthen the industry battling with record low margins, sinking profits and rising bad debt. At a rare press conference on Tuesday, authorities flagged they will increase the core tier 1 capital at its six major commercial banks, along with a slew of other measures to shore up the real estate market and the economy.
/jlne.ws/4euxG33
Japan's Struggle With Rice Inflation to Continue After Harvest
Akemi Terukina and Eddy Duan - Bloomberg
Bags of rice are expected to start filling the shelves of Japan's supermarkets again soon as farmers harvest their new crop, though the increase in supply will do little to tame higher prices. Japan's commercial rice stockpiles - already depleted after hot weather baked the 2023 crop - shrunk to the lowest on record in June as an influx of tourists lifted consumption. Panic buying following typhoon and earthquake warnings exacerbated the shortage and some retailers had to limit sales.
/jlne.ws/3MTecZH
Korea Zinc Warns of Supply Disruptions If MBK Gets Control; Korea Zinc declines on Tuesday, still trading above MBK offer; Founding families split over company's future direction
Heesu Lee - Bloomberg
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Larger IPOs Set to Test Dominance of Smaller Listings in Japan; Tokyo Metro, Rigaku's debuts aim to raise about $3 billion; Most of 1,000-plus IPOs since 2014 were below $100 million
Dave Sebastian - Bloomberg
/jlne.ws/3MVB2zB
India's First AI Unicorn Fractal Said to Weigh $500 Million IPO; Company may seek value of at least $3.5 billion in share sale
Saritha Rai and Julia Fioretti - Bloomberg
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Miami Tops UBS Property Bubble Risk as Global Imbalances Decline; Global housing markets waiting for lower interest rates; Home prices in many cities have bottomed out, UBS says
Paula Doenecke - Bloomberg
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Turkey Shelves Plans to Tax Gains From Stocks and Crypto Market; Vice President Yilmaz doesn't see new tax package this year
Firat Kozok - Bloomberg
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| Miscellaneous | | Stories that don't quite fit under the other sections | Spurned by Social Media, Publishers Chase Readers on WhatsApp; News outlets are experimenting with a feature in the world's most popular messaging app that allows them to send links and headlines directly to followers.
Katie Robertson and Mike Isaac - The New York Times
Many digital news publishers have been desperately searching for a life raft. Traffic to news sites has fallen sharply, along with the ad revenue those clicks generate, partly because Google and Facebook decided to make news less prominent on their platforms. Now, some publications have found a glimmer of hope elsewhere: WhatsApp, the world's most popular messaging app.
/jlne.ws/47L2Twg
Christine Lagarde - Stabilizing Inflation & Regulating AI for the Global Economy
The Daily Show via YouTube
European Central Bank President Christine Lagarde talks to Jon Stewart about the global economy, inflation, and Artificial Intelligence. They discuss how factors like the pandemic and Putin's invasion of Ukraine led to high inflation rates, what stable inflation should look like, and how people feel the effects of inflation more dramatically because price increases far outpace wage increases.
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