| April 20, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Today's lead story from cybersecurity firm Mandiant, owned by Google, tells of a "supply chain compromise initiated by a prior software supply chain compromise." The real story is that some fool downloaded an out of date copy of Trading Technologies' X_Trader and that a "tampered installer for X_TRADER" led to a malware installation of a complex loading process, which led to the deployment of VEILEDSIGNAL, a multi-stage modular backdoor, and its modules.
X_Trader was discontinued in April of 2020, but Mandiant said it was still available on a TT server for download. Mandiant blames a "suspected North Korean Actor" for the hack.
A Trading Technologies spokesperson issued the following statement:
"Given that this only came to our attention last week, we have not had the ability to verify the assertions in Mandiant's report. What we do know with certainty is that 3CX is not a vendor or a customer of Trading Technologies. There is no business relationship between the two companies. We have no idea why an employee of 3CX would have downloaded X_TRADER. The X_TRADER software referenced in Mandiant's report was a professional trading software package for institutional derivatives trading that was decommissioned in April 2020. Our clients received multiple communications over the 18-month sunset period notifying them that we would no longer support or service X_TRADER beyond April 2020. There was no reason for anyone to download the software given that TT stopped hosting, supporting and servicing X_TRADER after early 2020. We would also emphasize that this incident is completely unrelated to the current TT platform."
The Boy Scouts of America have finally emerged from bankruptcy. They issued an announcement yesterday on the Scouting.org website titled "The Boy Scouts of America (BSA) Announces Confirmation of Plan of Reorganization and Emergence from Chapter 11 Bankruptcy to Equitably Compensate Survivors While Ensuring Scouting Continues Across the Country."
It has been a long time coming and will greatly help those who have been hurt by the abuse that caused the bankruptcy in the first place, as well as the organization itself, which is now able to move forward without this cloud hanging over it. The BSA has instituted some of the most rigorous youth protection training practices of any organization in more recent years. The BSA is however an organization of human beings. The rules and guidelines to protect the youth are the responsibility of all leaders and the youth themselves. The program works, but it needs good leaders. I became a better leader by becoming involved in Scouting.
The Scouting movement has been severely injured by this bankruptcy, financially and reputationally. It can recover from both. Across the organization, Scouting had an excess of camps and sold many of them to fund the bankruptcy. The summer camp I took my troop to when I was a Scoutmaster was sold as part of the bankruptcy. That is something that is gone forever, memories that can never be shared again with future Scouts. That part of this whole thing is sad. But it is part of the cost of making good for those hurt and abused in Scouting. And so it is part of the cost each Scouter bears.
I look forward to brighter days for the Scouting movement. I have always said that if Scouting did not exist, we would have to invent it because it is needed so much: the values, the experiences, the training and the adventure for the youth and adults alike. The service the Scouts bring to their communities is invaluable. I am proud to be a Scouter and can see a bright future for the Scouting movement in the days and years to come.
Yesterday was the fourth anniversary of the first video interview for the Open Outcry Traders History Project, an interview with CME Chairman Emeritus Leo Melamed. Leo's son Jordan Melamed would be the second interview.
The Financial Times's Robin Wigglesworth's headline writer must be a hockey fan, as his story is titled "A hat-trick of genuinely interesting papers relevant to the banking mess; When academics strike it hot."
The Wall Street Journal has a story titled "A Record Number of Journalists Were Detained Worldwide Prior to Evan Gershkovich's Arrest." The subheadline is "'It's gotten worse everywhere,' the Committee to Protect Journalists says about press freedom." Free Evan Now! Free All Journalists Now!
The Wall Street Journal also has a story titled "When Will I Retire? How About Never." The subheadline is "For many people, the idea of stopping work is a nonstarter-an inevitable path to boredom, ill health and a life devoid of meaning." Unfortunately, I think for many of us Boomers this kind of thinking is true.
If you have a Facebook account and want to participate in the Class Action Settlement over privacy, you can fill out an online form HERE.
I saw this from Reuters. Ford is now selling its electric Lightning F-150 pick-up trucks in Norway, so now you can ford a fjord while driving an electric Ford.
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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CEOs seem to be having a bad week. Furniture giant MillerKnoll's CEO Andi Owen had to make a non-apology-apology for her comments on employees not receiving bonuses and to "leave pity city" while she took home about $3.9 million in incentives. Then, in a completely unrelated occurrence, Clearlink's CEO James Clarke, who mandated his employees return to the office to work, celebrated an employee who sold their dog to be able to go back to the office. ~JB
GreenFin23 convenes more than 900 finance, investment and sustainability professionals to share insights, address key challenges and showcase leading sustainable finance products and services. The event takes place June 26, 2023 - June 28, 2023 in Boston at the Omni Hotel at the Seaport. Learn more and register here.~SAED
Pensions & Investments published a Special Report on ESG. The summary says "Tuning out the anti-ESG rhetoric, institutional investors globally are charging ahead with opportunities to finance a sustainable future." See the ESG section for a run down of the P&I ESG Special Report.~SAED
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Cboe Global Markets' Catherine Clay talks with John Lothian News about all things digital
JohnLothianNews.com
Catherine Clay, EVP, Global Head of Digital and Data Solutions at Cboe Global Markets, spoke with John Lothian News at the FIA International Futures Conference in Boca Raton, FL., about data creativity, Cboe LiveVol, acquisition talent and the pleasures of her new position.
Watch the video »
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Bloomberg is contemplating life without its founder; Michael Bloomberg is lining up succession and one of the largest charitable donations in history
Robin Wigglesworth - Financial Times
"Time for you to leave," Salomon Brothers' cigar-chomping chief executive John Gutfreund told Michael Bloomberg. With the $10mn he got as compensation for being fired, Bloomberg started a company, Innovative Market Systems, the next day. It was 1981, and computers were finally starting to take over Wall Street. Bloomberg, then 39, thought the time was ripe for a product that gave people access to all conceivable financial information and for software enabling anyone, even traders, to crunch it. He was right.
/jlne.ws/3UZxvDJ
*****Michael Bloomberg is older than I am and far richer, but we have the same question. My goal for the next 10 years is to figure out a succession plan for JLN and what the future of the company is. I want it to remain independent to continue to have that strong presence as an insider, but also an outsider. We will see where the road leads us. Good luck Mike.~JJL
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Taylor Swift did her homework on FTX, dodged a bullet, says lawyer suing Tom Brady, Shaq
Stephanie Murray and Frank Chaparro - The Block
Taylor Swift was one of the only celebrities who did their due diligence on crypto exchange FTX, according to the lawyer suing the now-bankrupt company's celebrity promoters. Attorney Adam Moskowitz has gone after basketball legend Shaquille O'Neal, football star Tom Brady, "Seinfeld" creator Larry David and more than a dozen other FTX promoters in a class action lawsuit that accuses them of promoting the sale of unregistered securities.
/jlne.ws/40jmw9e
*****From The Block: TheBlock.co was first to report Taylor Swift was one of the only celebrities who did their due diligence on crypto exchange FTX, according to Adam Moskowitz, the lawyer suing the now-bankrupt company's celebrity promoters. Swift reportedly came close to inking a $100 million sponsorship deal with FTX, but the partnership never materialized. Moskowitz recently appeared on The Block's "The Scoop" podcast to talk about the $5 billion class action lawsuit he's leading against basketball heavyweight Shaquille O'Neal, and other celebrities, who pumped FTX before its collapse.~JJL
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Wednesday's Top Three
Our most read story yesterday was Taylor Swift dodging a bullet, in Taylor Swift May Have Known FTX Was Trouble. Why Elon Musk Is 'Not Surprised.', from Barron's. Second was Bloomberg's story, Republicans Fight a Solar Boom That's Made Texas King of Clean Energy. And third was SEC Chair Gensler slammed by House GOP on regulatory agenda: 'This should be no shock to you', from Yahoo Finance.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | 3CX Software Supply Chain Compromise Initiated by a Prior Software Supply Chain Compromise; Suspected North Korean Actor Responsible
Jeff Johnson, Fred Plan, Adrian Sanchez, Renato Fontana, Jake Nicastro, Dimiter Andonov, Marius Fodoreanu - Mandiant
In March 2023, Mandiant Consulting responded to a supply chain compromise that affected 3CX Desktop App software. During this response, Mandiant identified that the initial compromise vector of 3CX's network was via malicious software downloaded from Trading Technologies website. This is the first time Mandiant has seen a software supply chain attack lead to another software supply chain attack.
/jlne.ws/41pWD8W
Mandiant identifies the source of internal network compromise
3CX.com
While Mandiant's investigation is still ongoing, we now have a clear overall understanding of the attack. Following our previous update, we would like to share some additional technical details to support our customers and the community. We have also published additional indicators of compromise that organizations can leverage for their network defenses.
Initial Intrusion Vector
Mandiant identified the source of our internal network compromise began in 2022 when an employee installed the Trading Technologies X_TRADER software on the employee's personal computer. Although the X_TRADER installation software was downloaded from the Trading Technologies website, it contained VEILEDSIGNAL malware, which enabled the threat actor (identified as UNC4736) to initially compromise and maintain persistence on the employee's personal computer.
/jlne.ws/3Lidpl5
Hollowing out of San Francisco raises fears over status as top tech hub; Soaring office vacancies amplify concerns over violent crime and homelessness
George Hammond and Tabby Kinder - Financial Times
At rush hour on a recent morning in downtown San Francisco, passengers exiting the Civic Centre station had to step over a discarded hypodermic needle, an all too common sight in a city where open air drug use has become unremarkable. Around the station, usage of which has plunged two-thirds since 2019, the most obvious presence was not commuters heading into work but rather groups of homeless people and workers from a social enterprise trying to help them.
/jlne.ws/3UQ5nTA
How Brexiters live their truth (badly); You can only lie to yourself and the rest of the country so long
Simon Kuper - Financial Times
Imagine you were a senior Brexiter in 2016, a politician or a journalistic cheerleader. You'll always remember that moment the night of the vote, when you realised you had achieved something historic. That's rare for a politician and almost unheard of for a journalist. Because Brexit was decided by popular opinion, journalists, for once, mattered. The vote was your revenge on your conventional, unimaginative peers, some of them, frustratingly, with better careers, who couldn't see Brexit's potential.
/jlne.ws/3mUGXeT
Deribit sets up crypto exchange battle with push into free trading; World's largest crypto options market to waive fees for spot trading in popular tokens
Nikou Asgari - Financial Times
Crypto derivatives exchange Deribit is launching free trading of bitcoin and other tokens, setting up a fresh price war among digital asset exchanges as they seek to re-emerge after a bruising year for the industry. The Panama-based group, the world's biggest crypto options exchange, will begin direct trading in three of the most popular cryptocurrency pairs from next week and waive the fees.
/jlne.ws/3LhYPdl
Singapore bondholders prepare to sue Switzerland over Credit Suisse; Potential lawsuit will argue the $17bn wipeout of bonds violates free trade agreement
Mercedes Ruehl - Financial Times
At least 80 Credit Suisse investors in Singapore are in talks to sue the Swiss government over its decision to write down $17bn of Credit Suisse bonds on the grounds it violates a free trade agreement. The bondholders are preparing to argue that the move breached protections against unfair state actions under the Singapore-European Free Trade Association signed with Switzerland in 2003, according to law firm Wilmer Hale, which is in talks with investors.
/jlne.ws/41H5G5l
Credit Suisse AT1 Holders' Wipeout Challenged in Swiss Court
Karin Matussek and Lucca de Paoli - Bloomberg
The Swiss finance watchdog is facing a handful of court challenges over the controversial decision to wipe out billions of Credit Suisse Group AG debt last month. The Swiss administrative court has received four filings linked to the additional-tier 1 debt writedown, a spokesperson said on Thursday declining to give any detail on who the claimants are and what they are seeking.
/jlne.ws/3UQ7oiu
Taylor Swift didn't fall for FTX because she asked a simple question
Ananya Bhattacharya - Quartz
Taylor Swift's inquisitiveness saved her from jumping on the doomed FTX bandwagon. More than a dozen celebrities, including NBA star Stephen Curry, NFL player Tom Brady, supermodel Gisele Bündchen, tennis legend Naomi Osaka, and popular TV show Seinfeld co-creator Larry David are named in a November 2022 class action lawsuit filed in Miami. The complaint blames FTX and its paid brand ambassadors for actively participating in the "offer and sale of unregistered securities in the form of yield-bearing accounts," as well as abetting fraud "designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments."
/jlne.ws/3AdI9gr
Morgan Stanley chief warns investment banking may not recover until next year; US bank's first-quarter profits fall almost a fifth as wealth business fails to offset trading slowdown
Joshua Franklin - Financial Times
Morgan Stanley chief executive James Gorman has warned investment banking revenues may not recover until next year after the Wall Street group's net profits fell almost a fifth in the first quarter.
/jlne.ws/3MS6gc7
First EU-Wide Crypto Regulations Clear Final Parliament Vote; New rules to come into effect over the next two years; Some officials already pushing for second round of regulations
Lyubov Pronina and Emily Nicolle - Bloomberg
European lawmakers on Thursday gave their final blessing to an ambitious law that will give the European Union its first rules to govern the crypto industry. The approval of the EU's Markets in Cryptoassets, or MiCA, regulation is the first time that governments have tried to supervise the upstart industry on such a scale and follows the collapse of several big players including the crypto exchange FTX.
/jlne.ws/3oo3lxD
What ChatGPT Thinks About Digital Assets
Todd Groth and Nick Baker - CoinDesk
One of the perks of living in Los Angeles is the easy access to great hiking trails. Within 30 minutes (assuming you're not trying during rush hour, which is key here) it's possible to disconnect from La La Land on a canyon or ridge trail with only the occasional interruption from a fellow hiker and/or fitness influencer. Here, conversations can flow freely, punctuated with the occasional Google fact check when cell service allows.
/jlne.ws/3KPMA6k
Bittrex in SEC's crosshairs as compliance lawsuits keep coming
Forkast
We've heard much talk of a "new normal" in the context of the Covid-19 pandemic and learning to live with the virus. Are we also witnessing the emergence of a new normal in crypto? If the list of U.S. regulatory actions against crypto companies continues to lengthen, it's arguable that we are. The lawsuit brought against exchange Bittrex this week by serial crypto prosecutor, the Securities and Exchange Commission, only adds to the impression that the new normal for crypto businesses in the Land of the Free is compliance through enforcement, and that comprehensive, thoughtful regulation has taken a back seat to a form of regulatory Whac-a-Mole.
/jlne.ws/41o7K2t
Crypto criminals beware: AI is after you
Breck Dumas - Fox Business
Cryptocurrency crimes hit an all-time high last year as digital tokens' popularity with criminals soared to a record, but the meteoric rise of artificial intelligence means there's a new sheriff in town, and its reach is global. Blockchain security firm AnChain.AI uses AI and machine learning to analyze blockchain transactions and identify suspicious behavior, including money laundering, insider trading and hacking. Its technology identifies security risks and vulnerabilities, assists in forensic investigations and helps companies stay compliant with industry standards.
/jlne.ws/3mSt1SP
Deribit sets up crypto exchange battle with push into free trading; World's largest crypto options market to waive fees for spot trading in popular tokens
Nikou Asgari - Financial Times
Crypto derivatives exchange Deribit is launching free trading of bitcoin and other tokens, setting up a fresh price war among digital asset exchanges as they seek to re-emerge after a bruising year for the industry. The Panama-based group, the world's biggest crypto options exchange, will begin direct trading in three of the most popular cryptocurrency pairs from next week and waive the fees.
/jlne.ws/3KVAN6s
CEO of Collapsed Crypto Exchange Arrested in Turkey on Return
Taylan Bilgic - Bloomberg
Faruk Fatih Ozer, the former CEO of the collapsed cryptocurrency exchange Thodex, has been extradited from Albania to Turkey to face charges of fraud and money laundering. Upon his arrival at Istanbul Airport on Thursday, the 29-year-old was immediately detained by police, according to state-run Anadolu Agency.
/jlne.ws/3UTOR4W
TradeTech 2023: Artificial intelligence is not a silver bullet, say buy-side experts who see challenges around explainability, resources and transparency; Artificial intelligence and machine learning will play a role in the future of the trading desk, but experts put the brakes on a broad application, citing concerns around potential misuse, explainability to stakeholders and appropriate in-house expertise.
Jonathan Watkins - The Trade
Buy-side organisations are likely to prioritise addressing the mounting concerns over the downside risks of artificial intelligence and machine learning on the trading desk over the comparatively limited benefits of the technologies, experts have opined.
/jlne.ws/3KUFBc1
A hat-trick of genuinely interesting papers relevant to the banking mess; When academics strike it hot
Robin Wigglesworth - Financial Times
Academia often produces tragicomically out-of-date, obtuse and long-winded papers with no other purpose but to pad a professor's publication list. But here are three timely and interesting ones relevant to the recent US banking shenanigans! One of the hallmarks of Silicon Valley Bank was not only its regional concentration but its focus on a single industry. Aside from a thriving Californian vineyard banking business, it was overwhelmingly a tech bank.
/jlne.ws/3Lg35tC
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Cyberwar Descends on an Unprepared Moldova; Its government says a wave of attacks is a Russian attempt to destabilize the country.
Ryan Gallagher - Bloomberg
As Russian troops were gathering for their invasion of Ukraine early last year, the computer systems that neighboring Moldova used to manage its security operations along its 760-mile border with Ukraine came under attack. The previously unreported attack, which could have disrupted Moldova's ability to handle the flow of Ukrainian refugees and grain, was followed by a series of similar incursions. As the war progressed, pro-Russian social media accounts spread false claims designed to discredit the Moldovan government, and trolls bombarded Moldovan authorities with thousands of fake bomb threats. In August, hackers breached email servers used by the Moldovan president's office; in November, hackers also published thousands of private messages they claimed to have stolen from Ana Revenco, Moldova's minister of internal affairs, and Sergiu Litvinenco, who was then serving as minister of justice.
/jlne.ws/3MYRq3C
EU gas usage falls 18% after price shock caused by Russian supply cuts; Large drop in consumption by households and businesses beats Brussels target and eases fears of energy crisis
Martin Arnold in Frankfurt and David Sheppard in London - Financial Times
Natural gas consumption in the EU fell almost 18 per cent in the eight months to March, exceeding the bloc's target and easing fears of energy shortages caused by massive cuts to Russian imports. The large drop in gas usage by European households and businesses was aided by a milder winter. But it also reflected energy conservation efforts, the shutdown of some energy-intensive industrial activity and a switch to alternative fuel and power sources following the sharp rise in prices that followed Russia's full-blown invasion of Ukraine last year.
/jlne.ws/3AfZcPe
Cashing Out of Russia Will Come With New Tax on Foreign Business; Foreign firms exiting Russia won't be exempt from windfall tax; Widening budget deficit amid war dictates need for more money
Bloomberg News
Russia has another surprise for the foreign companies preparing to pull out of the country with a plan for a new levy on top of demanding they sell at a 50% discount and get government permission to leave. A windfall tax being rolled out in Russia will also apply to those lining up an exit deal, according to people familiar with the plans. It could alternatively factor into the price negotiated as part of the divestment, they said.
/jlne.ws/3KVWJOE
US, Ukraine Allies Consider Near-Total Ban on Exports to Russia; Comes as nations continue to export large amounts to Russia; Talks at preliminary stage, are obstacles for implementation
Alberto Nardelli, Alex Wickham and Bryce Baschuk - Bloomberg
Some of Ukraine's key allies including the US are considering moving closer to an outright ban on most exports to Russia, a potentially significant tightening of economic pressure on President Vladimir Putin over his war.
/jlne.ws/3mSPGys
Ukraine Pitches High Returns in Wartime Fire Sale of State Firms; Property fund seeks to sell big state-owned companies soon; Lawmakers must pass legislation to allow sales and land leases
Volodymyr Verbyany - Bloomberg
Ukraine is looking for investors brave enough to bet that it will beat back Russia's invasion with a simple pitch: High risk can offer high reward. As it fights to defend itself in a war that has killed tens of thousands of its people and devastated the economy, the country is preparing to sell big government-run firms at distressed prices. The aim is to shore up the aid-dependent budget and end a decades-old, post-communist legacy of corruption and mismanagement that has undercut the economy.
/jlne.ws/43PoxNl
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Files for its First AI-Based Order Type
Shanny Basar - MarketsMedia
Adena Friedman, chair and chief executive of Nasdaq, highlighted the potential of generative artificial intelligence across its businesses as the exchange has made a regulatory filing for its first AI-driven order type - Dynamic M-ELO. Friedman spoke on Nasdaq's first quarter 2023 results call on 19 April. She said that in the first quarter there was a generational technology breakthrough with the emergence of generative artificial intelligence tools.
/jlne.ws/3oxHOmw
Nasdaq Board Diversity Rule Boosted LGBTQ Policies, Report Says
David Hood - Bloomberg Law
Companies revised policies to include more diverse board members; Half of Nasdaq companies now have LGBTQ board-inclusion policies. Expected Nasdaq rules requiring companies listed on the exchange to add more board members from underrepresented groups have spurred the rapid adoption of LGBTQ-inclusive board policies in the past year, a new report says.
/jlne.ws/3onS3cJ
Toronto Exchange Fights to Keep Stock Listings in Canada Over US; Life sciences, pharmaceutical firms lead exodus to Nasdaq; Canada has smaller base of investors for companies to count on
Geoffrey Morgan - Bloomberg
The Toronto Stock Exchange is in a battle to keep Canadian companies listing their shares at home as a stream of firms opts for US exchanges instead. Since 2020, nearly two dozen Canadian-headquartered companies have decided to skip the Toronto exchange to list directly on either the Nasdaq Stock Market or New York Stock Exchange, raising close to $1.4 billion in the process.
/jlne.ws/3GWEB60
REGIS-TR adds Treamo to its partnership programme
BME
REGIS-TR adds Treamo GmbH to its partnership programme. Reflecting the existing collaboration, the official partnership will see a continuation of the common work to provide support to our clients in reporting and keep market participants informed of regulatory changes.
/jlne.ws/40ojxfB
Notice of corporate action schedule for spin-off (OCI)
KRX
1. Change of Constituents. The original company will remain in KOSPI 200 and other indices. The spun-off company will be added to KOSPI ex-KOSPI 200, KRX 300, KRX 300 Materials, KRX 100, KRX Energy&Chemicals.
/jlne.ws/3Hnooaz
Amendments To The List Of Fees Of Bourse De Montreal Inc. (Effective May 1St, 2023)
Bourse de Montreal
Bourse de Montreal Inc. hereby announces the following amendments to its List of Fees effective May 1st, 2023. The new List of Fees in blackline and clean version is attached for your information. Amendment to the monthly fees per AP for service packages and allocations of services by package.
/jlne.ws/3GVlh9d
Forensic Audits of the Trading Members
NSE
/jlne.ws/3UUCrJS
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Fintech Companies Prepare for Forthcoming Updates to the NY Cybersecurity Regulation
Foley Hoag LLP - Security, Privacy and the Law - JDSupra
If you are the chief information security officer ("CISO") of a fintech company operating in New York, you may already be aware that, on November 9, 2022, the New York State Department of Financial Services ("DFS") proposed a second amendment to 23 NYCRR Part 500 (the "DFS Cybersecurity Regulation"). While many of the requirements included in the original 2017 DFS Cybersecurity Regulation remain, the proposed amendments impose heightened requirements for companies covered by the regulation.
/jlne.ws/3Le88e2
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| Cybersecurity | | Top stories for cybersecurity | 3CX supply chain attack was the result of a previous supply chain attack, Mandiant says; The incident is the first known case of one supply chain attack leading to a second supply chain attack.
AJ Vicens - Cyberscoop
Hackers linked to North Korea appear to have carried out the first documented instance of a supply chain attack that led to a second, subsequent supply chain attack, researchers at Mandiant concluded in a report released Thursday.
/jlne.ws/3AdkpJu
North Korean Hackers Chained Supply Chain Hacks to Reach 3CX; Mandiant Concludes 3CX Hack Was Result of Earlier Hack on Trading Software Maker
David Perera - Govinfosecurity.com
North Korean hackers' software supply chain attack on desktop phone developer 3CX was the fruit of a separate and previously undisclosed supply chain attack on a financial trading software maker, is the conclusion of the Mandiant forensics team brought in to investigate.
/jlne.ws/3ox1yGA
Mandiant: 3CX breach caused by second supply chain attack; Trading Technologies said in a statement it had 'not had the ability to verify the assertions in Mandiant's report' that its software played a role in the 3CX supply chain attack.
Alexander Culafi - TechTarget.com
The initial point of compromise in the highly publicized 3CX supply chain attack was allegedly a malicious version of a software package belonging to Trading Technologies International, according to Mandiant research published Thursday.
/jlne.ws/41phTfc
Forcepoint explores sale of government cybersecurity unit - sources
Milana Vinn - Reuters
Cybersecurity firm Forcepoint is exploring a sale of its government security unit for more than $2 billion, five people familiar with the matter said. Forcepoint, which is owned by private equity firm Francisco Partners, is working with Citigroup (C.N) on the sale process of the unit, the sources said, cautioning that the talks are at an early stage and no deal is certain.
/jlne.ws/3HnlzpZ
Akamai, ZeroFox To Acquire Cybersecurity Companies
Kyle Alspach - CRN
Ahead of a major cybersecurity industry conference next week, details emerged Wednesday on M&A activity from three notable companies in the space. Akamai Technologies and ZeroFox both unveiled agreements to acquire cybersecurity companies, while a report suggested that Forcepoint is considering the sale of its government cybersecurity division. The disclosures came as cybersecurity industry news ramps up overall ahead of the 2023 RSA Conference in San Francisco next week.
/jlne.ws/3oj7raj
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| Cryptocurrencies | | Top stories for cryptocurrencies | U.S. crypto exchange Coinbase secures Bermuda licence
Elizabeth Howcroft - Reuters
Major U.S. crypto exchange Coinbase Global Inc has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally.
/jlne.ws/3ovL8OY
The Big Issues of Stablecoin Issuance
David Z. Morris - CoinDesk
This morning, the House Financial Services Committee is discussing the future of stablecoins under U.S. regulation. The committee will hear testimony from five experts, although notably it appears only two of those actually represent the crypto industry: Dante Disparte, chief strategy officer and head of global policy at Circle, and Jake Chervinsky, chief policy officer of the Blockchain Association.
/jlne.ws/3mMWPjC
Societe Generale's Crypto Division Introduces Euro Stablecoin on Ethereum
Jamie Crawley - CoinDesk
Societe Generale's (GLE) crypto division, SG Forge, has introduced a stablecoin pegged to the euro (EUR) on Ethereum, saying it is the first such asset deployed on a public blockchain.
/jlne.ws/3AdmzZx
Anti-crypto regulators are blocking the pathway to a digital American dream
Li Jin - Fortune
U.S. regulators are choking the crypto industry. Instead of providing a clear regulatory framework, they are pursuing regulation by enforcement. Done under the guise of consumer protection, the attack on crypto is hindering innovation and denying Americans a path to new economic opportunities. Home ownership has long been a hallmark of the American dream, representing a key life achievement and a route to wealth building, but with interest rates and inflation at their highest levels in two decades, coupled with a nationwide housing shortage, that dream is fading away for many.
/jlne.ws/41K8y18
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| Politics | | An overview of politics as it relates to the financial markets | Florida Senate passes DeSantis-backed anti-ESG bill
Rob Kozlowski - Pensions & Investments
The Florida Senate on Wednesday voted 28-12 in favor of a bill that Gov. Ron DeSantis, a likely 2024 presidential candidate, has supported as the latest salvo in his war against ESG investing. The bill, which previously passed the House of Representatives on March 24 with an 80-31 vote, will now make its way to Mr. DeSantis' desk. The bill is expected to become law.
/jlne.ws/3KKyKly
House Republicans Face Resistance Reviving Stablecoin Bill; Democrats say legislation is outdated and 'not cognizant of the recent disasters in the crypto space'
Paul Kiernan - The Wall Street Journal
Lawmakers are at odds over how to regulate stablecoins as the fallout from cryptocurrency platform FTX's collapse last year has left Democrats nervous about strengthening crypto's ties to the broader financial system.
/jlne.ws/3KTe76T
EU's Crypto Licensing Regime Set for Approval as Lawmakers Signal Support
Jack Schickler - CoinDesk
European Union lawmakers from multiple parties signaled continuing support for the bloc's landmark Markets in Crypto Assets regulation in a Wednesday debate, suggesting the licensing law known as MiCA will easily be approved in a vote scheduled for Thursday.
/jlne.ws/3MVaZtP
Ambitious EU green policy reforms approved despite backlash; MEPs back extension of emissions trading scheme despite threats of public opposition to rising energy costs
Andy Bounds - Financial Times
The resistance against the EU's ambitious environmental goals increased as the French Green party and other MEPs tried to block plans to put a carbon price on fuel used for transport and heating, but failed to prevent the sweeping proposed reforms. The European parliament on Tuesday backed the move to expand the emissions trading scheme but 167 MEPs, mainly from green, leftwing and far right groups, voted against the plan, warning it would spark public opposition to rising energy costs.
/jlne.ws/43MMIMt
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| Regulation & Enforcement | | Stories about regulation and the law. | U.S. banking regulator warns 'open banking' could impact deposit outflows
Hannah Lang - Reuters
The evolution of "open banking" in the U.S. could impact how regulators supervise banks, as seamless account portability between financial institutions could lead to increased deposit outflows, a top banking regulator said on Wednesday.
/jlne.ws/3LgHotC
UK's financial watchdog launches probe into WANdisco; Software group revealed this month it had falsified almost $15mn in revenue last year
Anna Gross and Maxine Kelly - Financial Times
The UK's financial watchdog has launched a probe into WANdisco after the troubled software group was found to have falsified almost $15mn in revenue last year. WANdisco said the Financial Conduct Authority's investigation will focus on company announcements between January 2022 and March 2023, "which may have materially misstated the company's financial position".
/jlne.ws/3MTqS3U
CFTC Staff Announces Revisions to Part 43 Block and Cap Sizes
CFTC
The Commodity Futures Trading Commission staff today announced it published revised post-initial appropriate minimum block sizes determined under Regulation 43.6(g) and revised post-initial cap sizes determined under Regulation 43.4(h). CFTC staff first published post-initial appropriate minimum block sizes and post-initial cap sizes in February 2020, contemporaneous with the CFTC's proposal to amend its real-time public reporting requirements in Part 43 of the CFTC's regulations.
/jlne.ws/40h0WC9
Commissioner Pham to Speak at The EUROFI 2023 High Level Seminar
CFTC
Commissioner Caroline D. Pham will speak on a panel titled "AI and ML applications in finance: opportunities, challenges and policy implications."
/jlne.ws/3mKipp5
Commissioner Goldsmith Romero to Engage in a Fireside Chat at Consensus 2023
CFTC
Commissioner Christy Goldsmith Romero will engage in a fireside chat at Consensus 2023.
/jlne.ws/3KIseeU
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Threats to the dollar's dominance are overblown; There are no viable alternatives to the greenback, but the US must avoid self-harm
The editorial board - Financial Times
"Every night I ask myself why all countries have to base their trade on the dollar," asked Brazil's president Luiz Inácio Lula da Silva last week during a state visit to China. It is a question on the mind of many national leaders, particularly as global trade fragments between US and Chinese spheres, and as countries evaluate exposures to western sanctions and the US economy. While paranoia about the greenback's sticking power is mounting among some in Washington, it should not be keeping them up at night. The dollar's demise is vastly exaggerated.
/jlne.ws/3KUCroG
Get Ready for Lower Fuel Prices - and Slower Inflation; Additional refining capacity is coming onstream, calming fuel prices.
Javier Blas - Bloomberg
Oil is the world's foremost commodity. Nations fight wars to control it; economies wax and wane based on its price. But oil is also useless without a process to transform it into the stuff everyone needs: gasoline, diesel, jet fuel and petrochemicals. Over the last couple of years, the refining industry became a chokepoint, pushing the cost of turning crude into fuels to an all-time high, in turn inflating gasoline and diesel prices. The "refinery wall" was the buzzword. Now, the bottleneck is easing.
/jlne.ws/3KKTY2I
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Listen: Why latest IPCC report includes urgent warning on net zero
ESG Insider - S&P Global Podcast
In March 2023, the UN's Intergovernmental Panel on Climate Change (IPCC) released a synthesis report warning that the world needs to act fast to reduce emissions. The synthesis report is likely to be the go-to document for many stakeholders setting their climate policies and plans over the next several years. In this episode of ESG Insider, we hear from two authors of the IPCC report: Dr. Aditi Mukherji, who is Director of the Climate Adaptation and Mitigation Impact Area Platform at the Consultative Group for International Agricultural Research (CGIAR).
/jlne.ws/43Pe58z
Nearly 1 in 5 Americans Live in Communities With Harmful Air Quality, Study Shows
The most severe impacts are felt in the Western United States, where increasing wildfires have worsened air pollution. People of color are also disproportionately affected.
Victoria St. Martin - Inside Climate News
Roughly one in five Americans lives in counties that have high, unhealthy daily levels of pollution from manufacturing soot, vehicle exhaust and other fine particles, according to a new report from the American Lung Association. The findings, part of the lung association's annual "State of the Air" report, also indicated that more people are residing in such high-pollution areas nationwide than at any other time in the past decade.
/jlne.ws/40r6BpB
Sustainable Switch
Sharon Kimathi - Reuters Digital
Hello! The United States and the European Union have set their sights on deforestation this week, as Washington announces plans to boost funding to tackle the issue while Brussels approves a landmark supply chain law. And check out today's ESG Spotlight for a Reuters special report on how climate change is affecting the world's northernmost year-round research station on a Norwegian archipelago in the Arctic.
/jlne.ws/41Lz2zm
ISSB preparing to go beyond climate
Chris Gaetano - Accounting Today
The International Sustainability Standards Board, which has so far concentrated mainly on climate issues, said it plans to seek feedback on four new potential projects. These projects include biodiversity, ecosystems and ecosystem services; human capital; human rights; and integration in reporting.
/jlne.ws/40oXIww
1 big thing: Laying low on ESG
Axios
Companies don't want to talk about their environmental, social and governance goals anymore, experts in ESG and communications tell Axios, Emily writes. Why it matters: Promoting ESG policies was once an easy layup to score good press - and theoretically move toward bettering society - but now it's a way to court controversy, the ire of politicians, and attention from well-funded anti-ESG groups.
/jlne.ws/3LfYJCF
Businesses encouraged to disclose plastics footprint through CDP for the first time; CDP has opened a new function on its global environmental disclosure system, which is used by more than 18,000 companies, enabling them to report their plastics production and use.
Sarah George - edie
/jlne.ws/40rkt35
Sustainalytics Targets Net Zero Transparency with New Ratings
Jack Grogan-Fenn - ESG investor
/jlne.ws/3LiARi8
Hong Kong Stock Exchange proposes to make climate disclosures mandatory for all listed companies
Deacons - Lexology
/jlne.ws/3GZHK5e
*****Here are the stories in Pensions & Investments' ESG Special Report.
Pushback has managers holding ESG credentials close to the vest
Douglas Appell
/jlne.ws/41G9bJc
Despite backlash, sustainable investment opportunities soar; Tuning out anti-ESG rhetoric, institutional investors around world charging ahead
Hazel Bradford
/jlne.ws/43N5zH4
Regulatory complexity clogging sales for European ESG funds; Managers navigate SFDR environment to help asset owners
Paulina Pielichata
/jlne.ws/43LWNt1
European managers aim to hold line on ESG fees despite costs
Paulina Pielichata
/jlne.ws/3KWrYZQ
Big U.S. managers may have to take sides in ESG political divide - Fiona Reynolds
Douglas Appell
/jlne.ws/3V7m2lP
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Short positions on Canada's TD Bank rise to $6.1 billion, ORTEX data shows
Maiya Keidan - Reuters
Hedge fund bets against Canada's TD Bank Group hit $6.1 billion on Wednesday, a 45% increase from 14 days ago, according to data provider ORTEX's calculations, one day ahead of the Canadian lender's annual general meeting. Analysts attributed the short bets to the TD's planned acquisition of U.S. lender First Horizon.
/jlne.ws/3GWOUqV
Credit Suisse bankers jostle for slim pickings at UBS -sources
Julie Zhu, Valentina Za, Scott Murdoch and Amy-Jo Crowley - Reuters
Credit Suisse Group AG's dealmakers, hoping to secure jobs after UBS Group AG's rescue takeover, are struggling to dispel fears about a culture clash and many will be disappointed, sources familiar with the talks told Reuters. UBS bankers over recent weeks have been meeting with their counterparts at Credit Suisse in the world's biggest financial centres, to move quickly on potential new jobs once the merger is completed, four sources with knowledge of the talks said.
/jlne.ws/3GZcu6f
Credit Suisse lodges $440 million London claim against SoftBank
Reuters
Credit Suisse has lodged a $440 million claim against Japan's SoftBank Group Corp in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm.
/jlne.ws/43Idzt7
Credit Suisse has 'learnt nothing' from 2008 crash, London court told
Sam Tobin - Reuters
Credit Suisse was accused on Thursday of having "learnt nothing" from the 2008 financial crisis on the first day of a trial at London's High Court over residential mortgage-backed securities.
/jlne.ws/43SgijQ
Focus now on how UBS positions itself going forward - BlackRock vice chairman
Reuters
The Swiss government has done a 'very good job' with Credit Suisse's rescue given circumstances, but the question now is how the takeover settles and how UBS positions itself going forward, Philipp Hildebrand, BlackRock's vice chairman said on Thursday.
/jlne.ws/41GAaEs
UBS ETFs haemorrhage assets following Credit Suisse takeover; The bank's exchange traded funds suffered EUR2bn in outflows in March, more than any other issuer in Europe
Dominic Lawson - Financial Times
UBS posted the largest net outflows for exchange traded funds in Europe last month, amid investor concerns about its takeover of Credit Suisse.
/jlne.ws/3GXF9sk
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Using a local workspace instead of the office could cut emissions by 90%; A new report looked at different scenarios for work, and found that close-to-home spaces had a much smaller carbon footprint.
Adele Peters - Fast Company
For many people, the ideal commute is a short walk or bike ride to a nearby office-away from the distractions of home but not involving a long drive in traffic or multiple transfers on public transportation. If you're trying to convince your company to let you work from a nearby coworking space, or to set up a satellite office in your neighborhood, here's another argument you can use: It can help slash carbon emissions.
/jlne.ws/3GZlVCP
'Progressive' companies: Get ready for your workers to make you prove it; Things get complicated when a company whose brand rests on 'being good' starts being bad to its workers-and unions have figured out how to take advantage.
Hamilton Nolan - Fast Company
Starbucks. REI. Trader Joe's. Apple. Ben & Jerry's. All of these companies have two things in common: They have built their brands, to varying degrees, around some version of "progressive" values. And all of them have employees who are currently in the midst of union drives. These two things are related. In fact, this combination represents the near-term future of organized labor in America.
/jlne.ws/43MZGtC
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| Wellness Exchange | | An Exchange of Health and Wellness Information | U.S. Authorizes a New Round of Covid Boosters; Older Americans and those with weakened immune systems, groups still particularly vulnerable to the virus, may receive additional shots of the reformulated vaccine, federal officials said.
Apoorva Mandavilli - The New York Times
In a nod to the ongoing risk the coronavirus poses to millions of Americans, the Centers for Disease Control and Prevention recommended on Wednesday that adults 65 and older and those with weakened immune systems receive another dose of the reformulated booster that debuted last fall.
/jlne.ws/3KVXd7B
Abortion Pill Maker Sues F.D.A. to Protect Drug if a Court Orders It Off the Market; The suit by GenBioPro, the generic maker of mifepristone, is the latest strand in the intense legal battle over abortion pills.
Pam Belluck - The New York Times
The company that makes a majority of the abortion pill mifepristone sold in the United States sued the Food and Drug Administration on Wednesday, a new legal volley in a string of recent court maneuverings over the fate of the drug.
/jlne.ws/3H20SiV
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia to overhaul central bank after stumble on inflation and pandemic; RBA to establish separate board with rate-setting powers to break culture of deference
Nic Fildes - Financial Times
Australia's treasurer has announced the biggest shake-up of the country's central bank in its 63-year history, proposing the establishment of a new interest rate-setting board and an overhaul of its culture. The reforms were unveiled after a review of the Reserve Bank of Australia, the first in four decades, was launched last year following sharp criticism of its handling of interest rate guidance and slow response to rising inflation.
/jlne.ws/3GZCXkq
Russian Oil Is Welcome in India as Trade Booms, New Refiner Says; Ratnagiri's Surana says any 'hassles' can be taken care of; Nation's crude demand forecast to keep expanding, CEO predicts
Rakesh Sharma and Rishaad Salamat - Bloomberg
Russia's oil exports to India are continuing without any hiccup as the nation's users become more adept at arranging cargoes to feed burgeoning nationwide demand, according to the head of a giant new refinery project that's backed by local processors and crude heavyweight Saudi Arabia.
/jlne.ws/3H1UBnA
Deadly Heat Bakes Millions From China to India, Raising Blackout Risks; Scorching temperatures, drought come amid rebound from Covid; Asia bracing for drier conditions with prospect of El Nino
Ben Sharples - Bloomberg
Scorching temperatures are roasting Asia this week, stretching the region's power grids and raising health risks as the chances of more extreme events later in the year increase.
/jlne.ws/3osCdhh
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| Miscellaneous | | Stories that don't quite fit under the other sections | Elon Musk Needs Journalists More Than They Need Twitter; The demand to pay for verified status on the platform poses a dilemma for media organizations. But they shouldn't feed the troll.
Dave Lee - Bloomberg
I accidentally removed my "verified" status on Twitter when I changed my username to reflect that I now work at Bloomberg Opinion. After a decade among the blue-tick elites, I was back with the mortals. But where I've bravely gone, others must soon follow: From April 20, Elon Musk's Twitter will remove blue checkmarks from "legacy" verified accounts - unless they pay up.
/jlne.ws/3LgxUyo
Boy Scouts exits Chapter 11 bankruptcy after $2.46B abuse settlement
Reuters
The Boys Scouts of America said on Wednesday it had emerged from bankruptcy after battling back appeals over its $2.46 billion settlement of decades of sexual abuse claims. The Boy Scouts' three-year Chapter 11 bankruptcy case resulted in the largest sexual abuse settlement fund in US history and resolves claims by more than 80,000 men who say they were abused as children by troop leaders, according to the organization.
/jlne.ws/3KWNfCG
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