| October 07, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Binance has experienced a $568 million hack, several publications are reporting. It is our lead story today.
The CFTC, which has the most diverse group of commissioners in its history, shared this quote from SEC Commissioner Jaime Lizárraga about his diversity experience:
"For much of my career, I've been the only Latino in the room. Whether or not anyone else noticed, I certainly did. It can be isolating, anxiety-producing, and lonely. But it's really important to keep showing up."
— SEC Commissioner Jaime Lizárraga
I applaud the CFTC's diversity advocacy and Commissioner Lizárraga baring his soul to share his feelings on the matter.
October 1 was the last day at TMX for Richard Ho, CAIA, who served as the director of equity derivatives. Ho posted a carousel montage of pictures from his 16 year tenure at TMX on LinkedIn along with a heartfelt thank you to his colleagues, many of whom he named.
Former CFTC Commissioner Dawn Stump continues to fill her plate with new roles. She announced she is joining the board of GBBC Digital Finance (GDF).
Former Symphony CEO David Gurle has been awarded the Legion d'Honneur.
Cboe Digital is officially Cboe Digital. The website is www.cboedigital.com.
Are you ready for LME Week later this month? Here are details about the week and the dinner. I wish I was going to be there.
The U.S. Securities and Exchange Commission Division of Enforcement is seeking experienced candidates to serve as General Attorney in New York, NY. Details are HERE.
Dan Busby is now the director of development of the Longhorn Council of the Boy Scouts of America. This is not the Dan Busby of the OCC, this is the Boy Scout Dan Busby who used to be with the Pathway to Adventure Council here in Chicago and most recently was in charge of the National Jamboree and the outdoor program at the Summit Bechtel Reserve in West Virginia. He used to be one of my daughter Kat's bosses at the Summit. It is hard to believe I know two Dan Busbys that are both such great guys.
Did you know that I graduated at the top of my class in high school? Yes, I was the tallest student in the class of 1979 at Glenbrook South High School.
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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Steve Beitler Built a Career on the Floor and a Big Business with Tennis Pal Tom Murphy
JohnLothianNews.com
Steve Beitler has made his career on the CME trading floor, so JLN interviewed him for the Open Outcry Traders History Project. Beitler shared his story and at the end had some biting words about electronic trading and who benefits from it.
Watch the video »
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MWE SHORT: Larry Tabb - The State of Today's Markets
JohnLothianNews.com
In this video from MarketsWiki Education's World of Opportunity event in New York, Larry Tabb, founder and research chairman of the TABB Group, gives a comprehensive view of the state of markets today with an eye toward the future. Tabb covers everything from the dangers markets face when quantitative easing ends and the decrease in IPOs to the prospect of the regulatory pendulum swinging back to less regulation, and how difficult it will be for fintech to totally disintermediate established market players.
Watch the video »
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Steve Cohen's New Edge Is Hedge Fund Moneyball at Playoff-Bound Mets; The billionaire investor has turned from high-stakes trading to professional baseball and is pressing his advantage by spending big to win.
Katherine Burton and Tom Maloney - Bloomberg
It's make-or-break time for Steve Cohen's version of Moneyball. Since buying the New York Mets two years ago, the hedge fund titan has wasted little time flexing his $12.8 billion fortune, building the most expensive roster in Major League Baseball so quickly that owners and players imposed a new cost — the so-called "Cohen tax" — for big spenders. It's a far cry from the strategy of Billy Beane, a former Mets first-round draft pick, who popularized sabermetrics some two decades ago by making the most of a tight budget with the Oakland Athletics.
/jlne.ws/3Vc76Cs
*****The hottest team in baseball the last 10 games was the Chicago Cubs, which because of a bad first half of the season are not in the playoffs. One of the reasons the Mets are a wildcard team instead of having won the division is because the Cubs swept a three game series from the Mets late in the season. The Cubs also swept the Philadelphia Phillies in a three-game series late in the season, sweeping the season series from them for the first time ever. The Mets were not aggressive at the trading deadline, while the Padres went all in. This is the real story for the hedge fund manager Cohen, whose team seemed afraid to make the trades they needed at the deadline because they had been burned last year by the Cubs in a trade.
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NY Ban on Guns in Times Square, Other Public Places Is Ruled Unconstitutional; New law was passed in response to Supreme Court gun decision; Hochul says state will appeal 'deeply disappointing' ruling
Neil Weinberg and Zijia Song - Bloomberg
A New York law barring guns from Times Square and many other public spaces was ruled largely unconstitutional by a federal judge. The law, passed in response to the Supreme Court's easing of restrictions on concealed-carry permits, greatly expanded gun bans to include public transportation, sports arenas and anywhere licensed to serve alcoholic beverages. US District Judge Glenn Suddaby in Syracuse, New York, on Thursday ruled that there was no historical basis for such restrictions.
/jlne.ws/3ec2o78
******* Now the Naked Cowboy can go back to packing one.~JJL
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The risks from derivatives have morphed; Well-intentioned moves to safeguard the financial system have led to new vulnerabilities
Satyajit Das - Financial Times
The writer is a former banker and author of "Traders, Guns and Money" and "A Banquet of Consequences Reloaded" In recent financial crises, derivatives have amplified and propagated losses in markets. They are now posing risks again but there has been a shift in the underlying nature of them. Vulnerabilities in the financial system have emerged, ironically, through some well-intentioned initiatives to reduce risk. Since the 2008 financial crisis, there have been moves designed to reduce the level of credit between counterparties in markets.
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****** Rule number 67: All well-intended action will have unintended consequences that might be worse.~JJL
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The battle for control of the global oil market; Ill-judged Opec+ output cuts could backfire on the Saudi-led cartel
The editorial board - Financial Times
Joe Biden's fist-bumping visit to Saudi crown prince Mohammed bin Salman was always a questionable exercise. Three months later, the US president's reward has not been the hoped-for increase in oil output, but a headline cut of 2mn barrels a day by the Opec+ group that has allied the oil cartel with Russia since 2016. Five weeks before US midterm elections in which gasoline prices could play a decisive role, this looks like a snub. It also suggests Saudi Arabia is sticking fast to its relationship with Moscow, even as Vladimir Putin escalates his war in Ukraine. The kingdom may feel it is acting in its own and the cartel's best interests, but its actions may prove a strategic error.
/jlne.ws/3RFRYKt
****** Saudi Arabia is making a mistake. Fortunately, they have the right commodity to grease their way back to favor.~JJL
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Thursday's Top Three
Our top clicked item on Thursday was our MarketsWiki page for Mark Connelly, the president of Connelly Consulting, who passed away in September at the age of 60. Second was the corrected link to the Bloomberg story The Best Bar in the World Is Hidden Behind a Barcelona Pastrami Shop. Third was Crypto Exchanges Cut Fees to Gain Market Share From Rivals, from The Wall Street Journal.
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MarketsWiki Stats
27,031 pages; 241,103 edits
MarketsWiki Statistics
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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 | A $568 Million Hack of Binance Coin Roils Crypto Sector Anew
Olga Kharif and Sidhartha Shukla - Bloomberg
An already bad year for cryptocurrencies took another turn for the worse after a $568 million hack affecting Binance Coin became the latest in a string of security incidents to buffet digital assets. An exploit occurred on a bridge between blockchains and the issue is "contained now," Changpeng "CZ" Zhao, the billionaire co-founder of Binance, the world's biggest crypto exchange, said on Twitter on Friday.
/jlne.ws/3ys0kP5
*****CZ is not Jumping to fill the hole.~JJL
Crypto Overhaul Fizzles in Congress, Leaving Industry and Investors in Limbo
Allyson Versprille - Bloomberg
US lawmakers' efforts to pass significant crypto legislation by the end of the year are on life support, leaving in place Washington's scattershot approach to digital coins. Several high-profile, bipartisan bills that once seemed to have a promising shot of passing before the end of 2022 are held up, with congressional committees pushing off important votes. And now with lawmakers squarely focused on next month's elections, their chances of becoming law in 2022 have all but evaporated.
/jlne.ws/3CdVgyR
Treasury Lays Groundwork for Ownership Registry, but Questions Remain; The department last week issued regulations spelling out the types of businesses that will have to report information about their owners under a new transparency law
Dylan Tokar - The Wall Street Journal
The U.S. Treasury Department last week issued regulations for a new corporate ownership database, following long-running debate over the types of businesses that should be required to report and what information they would need to provide. The rule, which will go into effect in January 2024, settles some of the basic questions around the database, which lawmakers hope will help prevent the use of anonymous shell companies. But with years to go before the registry is fully functional, questions are likely to linger over how the reporting system will work in practice, financial experts say. Congress passed legislation called the Corporate Transparency Act in January 2021 to create the ownership registry, but implementation of the law falls to Treasury's anti-money-laundering bureau, the Financial Crimes Enforcement Network. FinCEN last year issued a draft proposal of the rule that received more than 250 comment letters, some recommending that officials make extensive revisions to the proposal.
/jlne.ws/3ebVFda
FTX and Visa to launch crypto debit card worldwide
David Hollerith - Yahoo Finance
Crypto exchange FTX is partnering with Visa (V) to make it easier for individuals around the globe to use crypto holdings for everyday purchases. The pair are rolling out Visa debit cards linked to FTX accounts in 40 new countries starting in Latin America, allowing crypto holders to use their digital assets to pay for goods and services from their FTX wallets with Visa's network of 80 million merchants.
/jlne.ws/3ykuV0Y
EU Gets Wake-Up Call as Energy Costs Threaten Solidarity
Ursula von der Leyen - Bloomberg
European nations criticized Germany's EUR200 billion ($196 billion) aid package to shield consumers and businesses from gas price spikes, saying it's a warning sign for the European Union to act quickly to address the crisis. While the EU hashes out measures to try to lower soaring energy costs, countries are rolling out their own fixes to contain the crisis. Policies made at a national level threaten solidarity, risk distorting markets and disrupting cross-border flows of power and natural gas, according to the leaders of several EU countries who were meeting at a summit in Prague on Friday.
/jlne.ws/3ymHdpu
Egypt Plans New Derivatives to Build Market for Currency Hedging; Central bank working with lenders on introducing NDF contracts; Pound has depreciated to record as Egypt pursues deal with IMF
Mirette Magdy - Bloomberg
Egypt's central bank is set to allow new currency derivatives to unlock liquidity in the local market, making available instruments to hedge against risks to the pound after it fell to a record. Under the plan, domestic lenders would introduce onshore non-deliverable forwards, or NDF contracts, and options that allow companies and investors for the first time to bet on or hedge against swings in the Egyptian currency, according to people with direct knowledge of the matter.
/jlne.ws/3CCxyOi
Poland claims German energy plan will destroy EU's single market; Criticism over Berlin's move to subsidise its energy companies expose bitter divisions
Henry Foy, Valentina Pop and Andy Bounds - Financial Times
Poland has accused Germany of "destroying" the EU's internal market by subsidising its own energy companies while opposing a pan-European cap on gas prices, exposing a bitter division over how to weather the continent's energy crisis.The accusation over Berlin's controversial EUR200bn support package for its own companies came as EU leaders clashed at an informal summit in Prague over how to lower energy costs and guarantee winter supplies in the wake of Russia's invasion of Ukraine.
/jlne.ws/3CFE7PY
The $100 million Binance heist highlights once again crypto bridges' vulnerabilities
Ananya Bhattacharya - Quartz
The rise of crypto is going hand in hand with the rise of heists. The latest hack to rock the industry wiped out an estimated $100 million from the Binance Smart Chain (BSC), forcing the platform to halt operations. "The issue is contained now. Your funds are safe. We apologize for the inconvenience and will provide further updates accordingly," Binance CEO Changpeng Zhao tweeted late on Oct. 6.
/jlne.ws/3Cj5XAn
High-Frequency Crypto Trader Says Institutions Are Taking Over; Dexterity Capital's Michael Safai contends the game is no longer checkers—but chess.
Michael P. Regan and Vildana Hajric - Bloomberg
Institutional investors are playing a more-influential role in crypto markets as retail traders retreat, and that explains much of the recent range-bound price action, according to Michael Safai of proprietary trading firm Dexterity Capital. "We might have been playing checkers two years ago," said Safai, whose firm traded more than $1.2 trillion in crypto last year. "We're playing chess now." Safai joined the What Goes Up podcast this week to discuss the state of the digital-asset market and how high-frequency crypto trading strategies differ from the famous "Flash Boys" of the stock market.
/jlne.ws/33sAADr
US Probes Whether London-Based Oil Trader Manipulated Prices
Alex Longley and Tom Schoenberg - Bloomberg
A London-based oil trading company is being investigated by the US Department of Justice for potential manipulation of fuel prices. Dare International Ltd., which has quickly risen to become a major player in fuel oil derivatives, has been under scrutiny by federal prosecutors since at least last year, according to people familiar with the matter. Trading by the company, which in 2021 changed its name from Vercer Ltd., is also being examined for potential manipulation by the Commodity Futures Trading Commission, the people said.
/jlne.ws/3CGelLO
Climate Systems 'Breakdown' Looms as Coal Investments Soar; Study finds that 46% of coal companies are expanding; Findings come one month before COP27 climate summit in Egypt
John Ainger - Bloomberg
The coal industry has backtracked on pledges to phase out existing plants and halt new investments, putting the planet on a trajectory that could lead to a "breakdown of our climate systems," according to a study led by nonprofit Urgewald. As warnings from climate scientists "become more and more dire," data revealing the actions of coal companies "remains depressingly consistent," said Heffa Schuecking, director of Urgewald. Almost half the coal industry is expanding, with China leading the way, according to the analysis published Thursday.
/jlne.ws/3RIqB2o
US Approves PropoGermany pleads for U.S. and EU to do more to help with energy crisis
Tristan Bove - Fortune
A mounting energy crisis in Europe is starting to strain relations between traditional allies. Germany, which prior to the Ukraine war tapped Russia for 55% of its gas supplies, is in a particularly perilous position, and a top government official is urging friendly nations like the U.S. and others to do more.
/jlne.ws/3fES7R0
US Approves Proposed $3 Billion Raytheon Missile Sale to Kuwait; Package includes medium-range missiles, radars and support; State Department calls Kuwait 'force for political stability'
Iain Marlow - Bloomberg
The State Department has approved a potential foreign military sale to Kuwait of surface-to-air missiles and other equipment built mainly by Raytheon Technologies Corp., a deal valued at about $3 billion that the US says would help secure energy infrastructure in the Persian Gulf. The proposed sale of a medium-range National Surface-to-Air Missile System -- along with radars, dozens of missiles and support for repairs, engineering and logistics -- was requested by Kuwait, and will help the country "defend itself against regional malign actors and improve interoperability with systems operated by US forces and other Gulf countries," the State Department said in a statement.
/jlne.ws/3fQi2VW
A $505 Million Pot ETF Just Surged 34% in Minutes on Pardon News; Cannabis-related ETFs explode higher on decriminalizing signal; MSOS had largest volume day ever 'in the last 60 minutes'
Sam Potter and Katherine Greifeld - Bloomberg
The biggest ETF that invests in cannabis companies just jumped 34% in under an hour after President Joe Biden took his first major steps toward decriminalizing marijuana. The $505 million AdvisorShares Pure US Cannabis ETF (ticker MSOS) surged alongside other pot-related funds after senior administration officials said Biden will pardon everyone convicted of simple marijuana possession under federal law and is ordering a sweeping review of the drug's treatment by law enforcement authorities.
/jlne.ws/3Epw0IW
Tiger Global slows pace of investment with scaled-down fund; Prominent technology investor seeks $6bn for new private equity vehicle less than half the size of predecessor
Antoine Gara - Financial Times
Tiger Global is raising a private equity fund that will target $6bn in investment, less than half the amount raised for a prior fund, as the prominent technology investor slows its once breakneck pace. The fundraising began on Thursday, according to a letter sent to limited partners and obtained by the Financial Times. Chase Coleman, Tiger's billionaire founder, has been seeking investors willing to buy into the technology downturn that has battered his group's portfolio. Tiger's preceding private equity fund of $12.3bn closed in February. The $6bn private fund is below early targets of about $8bn, according to a person familiar with the situation.
/jlne.ws/3MbEDZo
'Swampy' Stench Haunts Florida's Orange Farms Devastated By Ian; Farmers are making their first assessments of what hurricane destruction will mean for the state's iconic $6.7 billion citrus industry.
Marvin G Perez - Bloomberg
The waters have receded, but the stink lingers. As Emma Reynolds Ezell surveys the damage that a night of 100 mile-per-hour winds wrought on her orange groves, she just can't get over the stench. It's nothing like the usual sweet citrus scent that drifts on the breeze. Instead, it's "swampy:" The putrid odor of oozing mud that's filled the local ditches after the waters of nearby Lake Placid overflowed in the torrential rains.
/jlne.ws/3ebav3Q
Credit Suisse Isn't the Lehman Moment You're Looking For; The Swiss lender may be vulnerable, but let's not compare apples and oranges on potential outcomes.
Paul J. Davies - Bloomberg
Generals always fight the last war, they say, and it seems right now that lots of people are looking for the next Bear Stearns or Lehman Brothers. They're only half right. The 2008 crisis that killed these investment banks started with subprime mortgages and complex credit products, but became an epic rolling disaster due to a rapid loss of funding for large parts of the banking system.
/jlne.ws/3CfPUTY
LME seeks members' views on banning Russian metals; London exchange's move comes a day after restrictions imposed on deliveries from Russia's Ural Mining
Harry Dempsey - Financial Times
The London Metal Exchange has asked members for views on banning Russian metal from its warehouses a day after putting restrictions on delivery of copper and zinc by Russia's Ural Mining and Metallurgical Company. The LME launched the consultation after receiving feedback that an increasing number of metal consumers are unwilling to accept Russian supplies. While there are no general sanctions against Russian metal, the exchange said it needed to elicit opinions on intervening to maintain a "fair and orderly" market in the event of large volumes of unwanted metal from the country being dumped in its warehouse system should many customers be unwilling to accept it.
/jlne.ws/3V7H7Mh
Rebooting Hong Kong as an International Financial Center
James A. Fok - Asiaglobalonline.hku.hk
Coming out of a period of social unrest and the pandemic, Hong Kong is gearing up to recover lost ground. But doubts loom about the city's ability to retain and strengthen its long-held role as an international financial center, especially in the context of the US-China great power rivalry. Financial advisor James Fok, author of the book, Financial Cold War, weighs in on how Hong Kong's resilient financial markets can exploit the city's advantages to shore up its position in global finance and what it needs to do to overcome the challenges ahead.
/jlne.ws/3CG7vpl
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Biden Says Putin Threats Real, Could Spark Nuclear 'Armageddon'; President says US trying to find 'off-ramp' for Russian leader; Top advisor Sullivan sees no indication of nuclear deployment
Justin Sink - Bloomberg
President Joe Biden said the US is trying to find an "off-ramp" for Russian President Vladimir Putin and worries his threats to use tactical nuclear weapons are real and could lead to "Armageddon." "We're trying to figure out what is Putin's off-ramp? Where does he get off? Where does he find a way out?" Biden said Thursday at a fundraiser in New York City. "Where does he find himself in a position that he does not, not only lose face but lose significant power in Russia?"
/jlne.ws/3ehw2aP
Elon Musk Spoke to Russian President Vladimir Putin; The Tesla CEO has come under fire for several days, after proposing a perceived pro-Russian peace plan to end the war in Ukraine.
Luc Olingo - The Street
Elon Musk is trying to weather the storm. The CEO of Tesla (TSLA) has gone from hero to pariah in the war between Russia and Ukraine in a few days. When Moscow invaded Kyiv on February 24, the billionaire provided Starlink, the satellite internet access service offered by his aerospace company SpaceX. This gesture allowed Ukrainians to stay connected to the world and to tell their version of this conflict, thus avoiding Russian propaganda dominating the narrative.
/jlne.ws/3fTAfBW
EU's Russian Crypto Ban Confirmed as Bloc Tightens Sanctions
Jack Schickler - Bloomberg
The European Union has confirmed a sweeping ban on providing crypto services to Russians as it tightens sanctions in the wake of what it calls "sham" secession votes in four Ukrainian regions. The news was first reported by CoinDesk last week. The bloc introduced an eighth set of economic and political measures against Russia after the invasion of Ukraine in February, tightening a previous rule that limited crypto payments to European wallets to 10,000 euros ($9,900).
/jlne.ws/3Cisn4x
A Decade of Illusions Over Putin That Led to War; Ex-French President Francois Hollande rues the missteps that emboldened the Russian leader.
Lionel Laurent - Bloomberg
If a week is a long time in politics, as the UK's Liz Truss has found out, a decade can be another era. Ten years ago, the G7 was the G8, with Russian President Dmitry Medvedev pitching his country as open for business, in keeping with investor hype for emerging markets. The US was in a modest recovery, led by its first Black president. The UK was inside the European Union but outside its crisis-ridden euro area. The EU, seen as a paragon of postwar reconstruction, was awarded the Nobel Peace Prize.
/jlne.ws/3T30NPB
A Price Cap on Gas Is the Wrong Answer to Europe's Energy Crisis; Artificially lowering gas prices will worsen the continent's energy shortage. There's a better way.
Andreas Kluth - Bloomberg
Don't just do something; sit there. So goes an old witticism among meditators. Just sitting there, of course, isn't a luxury available to policymakers during an emergency such as the energy crisis caused by Russian President Vladimir Putin. Leaders of the European Union feel they must do something — anything, right now, before winter. Unfortunately, the something they're converging on is likely to make the continent's problems worse. Among all the insanely high prices around us, the most obscene is the going rate of natural gas. So the European Commission, under pressure from a majority of the EU's 27 member states, is proposing a cap on gas prices.
/jlne.ws/3V8xxZz
Zelensky Slams Russia's Use of Drones to Target Civilian Infrastructure; Ukrainian leader vows to deal with the drone threat as Ukrainian forces continue their push to retake Russian-occupied territory
Matthew Luxmoore - The Wall Street Journal
Ukraine warned about the threat of Iranian drones used against civilian infrastructure by Russian forces as Kyiv continued a push to recapture territory with the help of weapons stockpiles seized from retreating Russian troops.
/jlne.ws/3EpQ3XF
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Fireside Friday... with Cboe Europe's Natan Tiefenbrun; The TRADE sits down with the president of Cboe Europe, Natan Tiefenbrun, to explore the big themes impacting the European equities trading landscape, the importance of a consolidated tape and the evolution of dark pool trading in Europe.
Wesley Bray - The Trade
What are some of the biggest themes right now in Europe's equities trading landscape? Unfortunately, European markets increasingly lag the rest of the world in terms of liquidity, which creates challenges for financial services firms, but crucially, also for investors and for issuers. Our market infrastructure is complex and expensive and as a result, participants in European markets are continuing to question the incumbency of national exchanges and their associated post-trade infrastructure. Participants are concluding that more competition is required and if the desired outcome is a more open and competitive European market infrastructure, they need to vote with their feet.
/jlne.ws/3McY7Nh
LME seeks market opinion on possible Russian metal ban
Pratima Desai and Clara Denina - Reuters
The London Metal Exchange (LME) on Thursday launched a discussion paper on the possibility of banning Russian aluminium, nickel and copper from being traded and stored in its system. Western countries have imposed sanctions on Russian banks and wealthy individuals connected to President Vladimir Putin since Russia's invasion of Ukraine in February, but so far there are no restrictions on buying Russian metal.
/jlne.ws/3MbzIaR
LME Opens Door to Potential Ban on New Supplies of Russian Metal; Consumers' willingness to use Russian metal has evolved: LME; Paper lays out options for action, including immediate ban
Jack Farchy - Bloomberg
The London Metal Exchange began a formal discussion on a potential ban on new Russian metal as a response to growing concerns in the market over how to handle the country's supplies. Any move by the LME could have a significant impact on global metals markets such as aluminum, nickel and copper, which so far have not been targeted by broad western sanctions against Russia. It could also hit top Russian producers like United Co. Rusal International PJSC and MMC Norilsk Nickel PJSC by making traders and manufacturers less willing to buy their metal.
/jlne.ws/3SHYOjT
ASX Group Monthly Activity Report - September 2022
ASX
Listings and Capital Raisings. In September 2022, total capital raised was $5.5 billion, down 49% on the previous corresponding period (pcp).
/jlne.ws/351gPmZ
September 2022 figures at Eurex; Interest rate derivatives continued their positive trend (up 30 percent) in September; Total Repo volumes show significant growth (72 percent y-o-y); Notional outstanding OTC overnight index swaps with growth up 108 percent
Deutsche Börse Group
Interest rate derivatives continued their strong year-on-year growth, up 30 percent from 64.6 million traded contracts to 83.7 million, followed by index derivatives which grew by 29 percent, from 84.8 million traded contracts to 109.4 million. Equity derivatives contracts traded at Eurex fell by 31 percent in September, from 29.9 million to 20.7 million compared to the same month last year. Total contracts traded at Eurex grew by 19 percent from 179.6 to 214.2 million.
/jlne.ws/3T18Xbl
EEX Group Monthly Volumes - September 2022
10/07/2022 EEX Group News, EEX Press Release, Monthly Volume Report. EEX Group reports its September volumes with following highlights.
/jlne.ws/3V9GNg7
Trading Arrangements of E Fund (HK) HSI ESG Enhanced Index ETF
HKEX
Exchange Participants are requested to note that E Fund (HK) HSI ESG Enhanced Index ETF has been authorized under collective investment scheme by the Securities and Futures Commission and is expected to commence trading on the Exchange and admitted to the list of Designated Securities eligible for short selling on 10 October 2022 (Monday). Investors should always refer to the details about the Fund provided by the Fund Manager, e.g. Net Asset Value per Unit, before trading the abovementioned ETF(s). Detail of its trading arrangements. (Attachment 1) is attached for reference.
/jlne.ws/3EnOAkm
LME Discussion Paper on Russian Metal
LME
Since Russia invaded Ukraine on 24 February 2022, specific sectoral sanctions and related measures against Russia have been introduced; however, there has been no comprehensive government-led action to prevent the widespread use of Russian metal1. In parallel, the LME has been closely monitoring the usage and throughflow of Russian metal on the LME, to ensure that LME warehouses do not see a significant inflow of unwanted Russian stocks, posing a risk of creating a disorderly or unfair market. Through 2022, the LME's understanding is that consumers have broadly been willing to take deliveries of Russian metal (which is supported by data as to the flow of Russian stocks both into and out of LME warehouses). However, as the current negotiation period for 2023 supply agreements progresses, the LME understands that an increasing number of consumers may be expressing an unwillingness to accept Russian metal in 2023. As a result, and in light of the potentially changing market landscape, the LME now considers it appropriate to gather further data and views. This paper considers the role of the LME in this scenario, provides background and data on the subject, and asks for market feedback on possible routes forward.
/jlne.ws/3vimcfa
Miami International Holdings Reports September 2022 Trading Results; SPIKES Futures and MIAX Pearl Equities Set Year-to Date Volume Records
Miax
Miami International Holdings, Inc. today reported September 2022 trading results for its U.S. exchange subsidiaries - MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX™).
/jlne.ws/3fSbLcA
TAIFEX to Launch Bi-Weekly Contracts of TAIEX Options and Mini-TAIEX Futures
TAIFEX
Taiwan Futures Exchange (TAIFEX) is scheduling to adjust the expiry cycle of TAIEX Options (TXO) and Mini-TAIEX Futures (MTX) weekly contracts from one week to two weeks by November 2022. The trading volume of TXO posted the highest and increasing average daily volume (ADV) in the second week prior to expiration, as well as the futures industry has expressed needs in trading contracts of different expirations. By then, following the current practice, bi-weekly contracts will be listed on Wednesdays, and both weekly and bi-weekly contracts will be available for trading at the same time. Besides, with the aligning expiry cycle, bi-weekly TXO and MTX could further provide more opportunities for options spread trading and provide accuracy and flexibility of strategic and arbitrage trading.
/jlne.ws/3rJR8lf
TMX Group Limited announces release date for Q3 2022 financial results and analyst conference call
TMX
TMX Group Limited will announce its financial results for the third quarter ended September 30, 2022 in the evening of Wednesday, October 26, 2022. An analyst conference call to review the results will be held on Thursday, October 27, 2022 at 8:00 a.m. ET.
/jlne.ws/3T2rofB
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Citigroup Director of Blockchain and Digital Assets to Leave for Six Digital Exchange
Jamie Crawley - CoinDesk
Alexandre Kech, director of blockchain and digital assets at Citi Ventures, is leaving the U.S. bank to take a role at Six Digital Exchange, according to his LinkedIn page. Six Digital Exchange is a Swiss digital asset exchange that offers trading, settlement and custody of crypto assets. Kech announced his departure from Citi earlier this week, saying that he was starting a "new exciting challenge in November." A Six representative has confirmed his hiring but didn't comment further, according to Bloomberg, which first reported the news.
/jlne.ws/3fPqBR2
Twitter deal tests banks' resolve as they brace for big losses; Lenders' commitment to finance Elon Musk's buyout may cost them hundreds of millions of dollars
Eric Platt and Antoine Gara and James Fontanella-Khan - Financial Times
Elon Musk's $44bn takeover of Twitter was meant to be one of the ultimate bounties for Wall Street lenders, with seven banks tripping over one another to lend $13bn to fund the deal in April. Now those lenders are staring at losses that could reach hundreds of millions of dollars or more, as they prepare to wire billions of dollars to Musk.
/jlne.ws/3EmeFAs
AI's sudden big leap forward into usefulness; In just a few weeks, technology has advanced to a level where it could have wide-ranging applications
Richard Waters - Financial Times
For all its huge potential, the field of artificial intelligence has been something of a backwater in the investment world. There are companies that have ridden the AI wave in important ways: Google claims to have refined many of its services with the help of AI, machine learning has boosted sales of Nvidia's graphics processing units and TikTok's algorithm is reputedly a big part of what keeps users coming back to its short videos.
/jlne.ws/3yjYi3l
FILS 2022: DLT has the potential to create increased user business cases; According to panellists, continued investments in technology will continue to benefit the trading industry alongside emphasising the need to remain innovative.
Wesley Bray - The Trade
During a panel discussion on the impact of distributed ledger technology (DLT), panellists from Union Investment, Six Digital Exchange and LedgerEdge provided insights into how the technology has helped transform the way people trade. Summarising the benefits of DLT, David Nicol, chief executive of LedgerEdge, said: "We use DLT as a tool to give users more control of their data, more nuanced workflows and, in the end, better execution."
/jlne.ws/3MtWRpf
FILS 2022: Could this be the future of fixed income? Four fintechs at the Fixed Income Leaders Summit 2022 showcased how they plan to change the future of the fixed income markets through innovative new technology.
Wesley Bray - The Trade
In a dragon's den style panel, four fintechs at this week's Fixed Income Leaders Summit (FILS) were each given a five-minute pitch to demonstrate how they hope to solve users' biggest pain points in the fixed income space.
/jlne.ws/3Es2qCA
Binance Smart Chain Halts After 'Potential Exploit' Drains Estimated $100M in Crypto
Nelson Wang, Sam Kessler and Danny Nelson - CoinDesk
Binance Smart Chain hit the brakes Thursday after the blockchain with ties to the world's largest crypto exchange suffered what it called a "potential exploit" that on-chain evidence suggested could have targeted hundreds of millions of dollars in crypto. "Due to irregular activity we're temporarily pausing BSC," BNB Chain tweeted from its official account, later confirming that the activity was a "potential exploit," that it characterized as contained.
/jlne.ws/3SVXdHe
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| Cybersecurity | | Top stories for cybersecurity | Google closes $5.4 billion Mandiant acquisition in cybersecurity overhaul
Yahoo Finance (Video)
Yahoo Finance tech reporter Allie Garfinkle highlights Google's cloud cybersecurity outlook following its acquisition of Mandiant.
/jlne.ws/3rEIYL8
Talon Cyber Security Wins 2022 CyberSecurity Breakthrough Award
Press Release
Talon Cyber Security, the leading secure enterprise browser provider, today announced that the company's TalonWork browser won the "Endpoint Security Innovation of the Year" award in the 2022 CyberSecurity Breakthrough Awards. The awards program is conducted by CyberSecurity Breakthrough, a leading independent market intelligence organization that recognizes the top companies, technologies, and products in the global information security market today.
/jlne.ws/3SKJ4wG
5 tips for cybersecurity insurance compliance
James Doggett - Security Magazine
Given the rise of ransomware, breaches and cyberattacks — and the accompanying risk of reputational damage, compliance violations, penalties and IP loss — many organizations have begun looking to cyber insurance to protect themselves from the financial damage associated with an attack. Others are struggling with the escalating cost of cyber insurance and the need to demonstrate a strong security posture.
/jlne.ws/3rBkORF
Facebook Is Warning 1 Million Users About Stolen Usernames, Passwords; The company found more than 400 problematic Android, iOS apps; Games, photo editors tricked users into providing credentials
Jack Gillum - Bloomberg
Meta Platforms Inc. said it would notify roughly 1 million Facebook users that their account credentials may have been compromised due to security issues with apps downloaded from Apple Inc. and Alphabet Inc.'s software stores. The company announced Friday that it identified more than 400 malicious Android and iOS apps this year that target internet users in order to steal their login information. Meta said it informed both Apple and Google about the issue in order to facilitate removal of the apps.
/jlne.ws/3ymIBII
Australian Man Arrested in Alleged Scam of Optus Hack Victims; The 19-year-old Sydney man faces up to 10 years in prison; None of the victims sent funds to the alleged scammer
Keira Wright - Bloomberg
The Australian Federal Police have arrested a 19-year-old Sydney man for allegedly trying to blackmail victims of a giant data breach at mobile-phone company Optus. The man allegedly texted 93 people who were affected by last month's hack of the Australian telecommunications provider, demanding they transfer A$2,000 ($1,300) to a bank account or face having their personal information be used for financial crimes, the AFP said in a statement Thursday.
/jlne.ws/3fTienH
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin miners see revenue tumble 80% from peak. Can they all survive?
Frances Yue - MarketWatch
Hello, welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I'm Frances Yue, crypto reporter at MarketWatch. I'll walk you through the latest and greatest in the digital asset world this week. Find me on Twitter at @FrancesYue_ to send feedback, or tell us what you think we should cover. You can also reach me through email to share your personal stories with crypto.
/jlne.ws/3CEyfXf
Crypto Exchange Crypto.com's Downsizing Larger Than Previously Reported: Ad Age
Cameron Thompson - CoinDesk
Cryptocurrency exchange Crypto.com has made sizable efforts to downsize its workforce and brand partnerships during the bear market, reported Ad Age on Thursday. The company has cut headcount by more than 2,000 - or 30%-40% of staff - since layoffs began last summer, according to the report, which cites multiple sources. Previous reporting had put the number closer to 1,000, and CEO Kris Marszalek in June said there had been job cuts of 260, or 5% of the workforce.
/jlne.ws/3V9Sza9
Morgan Stanley Says Crypto ETPs Continue to Grow Despite Bear Market
Will Canny - CoinDesk
The market for cryptocurrency exchange products continues to grow, a sign that institutional interest in the digital assets sector remains strong despite concerns of a crypto winter, according to Wall Street giant Morgan Stanley (MS). There are more than 180 active crypto exchange-traded-funds (ETFs), exchange-traded-products (ETPs) and trusts. Half of these products have launched since the "bitcoin bear market," despite total assets dropping 70% to $24 billion from $84 billion, Morgan Stanley said in a research report on Thursday.
/jlne.ws/3CDjHHy
Binance forced to briefly halt transactions following $100 million blockchain hack
Mariella Moon - Engadget
Binance temporarily suspended fund transfers and other transactions on Thursday night after it discovered an exploit on its Smart Chain (BSC) blockchain network. Early reports said hackers stole cryptocurrency equivalent to more than $500 million, but Binance chief executive Changpeng Zhao said that the company estimates the breach's impact to be between $100 million and $110 million. A total of $7M had already been frozen.
/jlne.ws/3fPqx3R
Atlantic Council Director Sees 'Splintering' Financial System if US Falls Behind on CBDCs
Fran Velasquez - CoinDesk
The U.S. dollar's place as the world's dominant reserve currency, while not in immediate danger, could eventually change as countries continue to explore central bank digital currencies (CBDC), according to one financial institution expert. "While the dollar is not in any risk at the moment, over a long time period, three [to] five [to] seven years, there could be a fracturing of the international financial system," Josh Lipsky, senior director of the Atlantic Council GeoEconomics Center, said during an appearance on CoinDesk TV's "First Mover."
/jlne.ws/3EpouO8
Indian Central Bank Publishes Concept Note on its CBDC, Digital Rupee
Amitoj Singh - CoinDesk
The Reserve Bank of India (RBI), India's central bank, has published a 50-page concept note for the introduction of a central bank digital currency (CBDC) in the country. The document has been prepared by the RBI's Fintech department, which was created in January 2022 with the responsibility of forming cryptocurrency regulations and creating a central bank digital currency (CBDC).
/jlne.ws/3MdBl7M
Binance-linked blockchain hit by $570 million crypto hack, Binance says
Elizabeth Howcroft - Reuters
A blockchain linked to Binance, the world's largest crypto exchange, has been hit by a $570 million hack, a Binance spokesperson said on Friday, the latest in a series of hacks to hit the crypto sector this year. Binance CEO Changpeng Zhao said in a tweet that tokens were stolen from a blockchain "bridge" used in the BNB Chain, which was known as Binance Smart Chain until February. Blockchain bridges are tools used to transfer cryptocurrencies between different applications.
/jlne.ws/3CCueTk
Bitcoin Miner Marathon Reveals $80 Million Exposure to Bankrupt Firm; Compute North hosts over 68,000 machines for the miner; Compute North filed for Chapter 11 bankruptcy on Sept. 22
David Pan - Bloomberg
Top Bitcoin mining firm Marathon Digital Holdings Inc. disclosed it has over $80 million of exposure in the bankrupt data center firm Compute North Holdings Inc. The total includes investments comprised of $10 million in convertible preferred stock of Compute North and $21.3 million related to an unsecured senior promissory note with the firm, according to a monthly report released by Marathon on Thursday. The miner has also paid approximately $50 million in operating deposits to Compute North entities for its hosting services.
/jlne.ws/3rDhtS9
FT Cryptofinance: Solana loses its lustre; Plus, Kim Kardashian keeps up with US securities law
Scott Chipolina - Financial Times
What a difference a year makes. Last October the token that represented the Solana blockchain was well on its way to an all-time high of nearly $250. I was about to interview Anatoly Yakovenko, one of its co-founders, at a Solana conference in Lisbon intended to showcase all of its wonderful advances and potential.
/jlne.ws/3CFETfQ
Crypto Price Check: Bitcoin Boosters Come Up With New Phrase; Bitcoin fans have come up with a new phrase for the cryptocurrency that suggests it doesn't really matter what the coin's price is in fiat currency.
Rob Lenihan - The Street
Cryptocurrency prices slipped recently as Bitcoin fans came up with a new line to describe the world's most popular digital currency. After a sharp decline of price in 2022, Winston Ma, managing partner of CloudTree Ventures, said the latest phrase used by Bitcoin's fans to describe the cryptocurrency is "1 BTC = 1 BTC."
/jlne.ws/3rDyZpq
Crypto Fans Think It's Time to Rebuild: Crypto IRL
Tim Stenovec and Katherine Greifeld - Bloomberg
Hey, it's Tim. This year's digital-asset rout has wiped out $2 trillion in wealth. It's collapsed companies, challenged the crypto faithful, and rearranged the industry's constellations of power. But does that mean it's time to "buidl?" The mangled word is an offshoot of crypto's buy-and-hold mentality, only this time it's a rallying cry for construction and contributions. After all, Disney came of age during the Great Depression, and Airbnb was built in the wake of the housing crisis.
/jlne.ws/3Er15Ma
Liquidators Move Over 300 NFTs From Bankrupt Crypto Hedge Fund Three Arrows Capital to New Wallet: Report
Rhodilee Jean Dolor - The Daily Hodl
The court-appointed liquidator of Three Arrows Capital (3AC) is reportedly moving over 300 Starry Night Capital non-fungible tokens (NFTs) from 3AC wallets. Starry Night Capital was launched by 3AC CEO Su Zhu and fellow co-Founder Kyle Davies with NFT collector VincentVanDough in 2021 to collect premium NFTs. Bloomberg reports that VincentVanDough worked with Teneo to account for Starry Night Capital's NFTs, which are now being transferred to or are already in the possession of the advisory firm.
/jlne.ws/3RR6bEI
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| Politics | | An overview of politics as it relates to the financial markets | Louisiana To Pull Out Of BlackRock, Citing Its ESG Investing
Angel Au-Yeung - The Wall Street Journal
Louisiana treasurer John Schroder said Wednesday he would pull $794 million of state money from BlackRock Inc. funds, citing the asset manager's support for environmental, social and governance investing. In a letter to BlackRock CEO Larry Fink, Mr. Schroder said the firm's focus on ESG investing is inconsistent with the state's economic interests and values. "Your blatantly anti-fossil fuel policies would destroy Louisiana's economy," Mr. Schroder wrote.
/jlne.ws/3C9k5fe
Republican Lawmakers Who Oppose a Fed-Issued CBDC Ask for Justice Department's Assessment
Nikhilesh De - CoinDesk
A group of Republican lawmakers on the House Financial Services Committee have asked U.S. Attorney General Merrick Garland to share the Justice Department's assessment on whether the Federal Reserve has the necessary authority to issue a central bank digital currency (CBDC).
/jlne.ws/3RFHOtj
Treasury Secretary Janet Yellen says U.S. economy 'has failed to live up to the nation's promise of equal opportunity for all'
Emma Ockerman - MarketWatch
The Biden administration announced a slew of new efforts to further racial economic equity during the annual Freedman's Bank Forum in Washington, D.C. Tuesday. The forum, acknowledging the history of the former Freedman's Savings Bank that maintained accounts for formerly enslaved people before its ultimate collapse in 1874, served as an opportunity for government and business leaders to address a widening racial-wealth gap. And Treasury Secretary Janet Yellen, who described racial equity as being at the forefront of the administration's agenda, said that in the years since, "our economy has failed to live up to the nation's promise of equal opportunity for all."
/jlne.ws/3ypZ52R
U.S. Takes Aim at OPEC for Oil Production Cuts; Biden says options are being weighed, but 'we haven't made up our minds yet'
Timothy Puko and Benoît Morenne - The Wall Street Journal
OPEC's decision to slash oil production has the U.S. considering responses that could include measures aimed at breaking the cartel's hold on markets or limiting U.S. oil exports should shortages emerge. The cutback by the Organization of the Petroleum Exporting Countries and its Russia-led allies is the latest dilemma for President Biden, who has sought to transition the U.S. away from fossil fuels while at the same time keeping consumer prices in check.
/jlne.ws/3CCLrvV
As Ukraine war falters, Russians ask a risky question: Could Putin fall?
Robyn Dixon - The Washington Post
When President Vladimir Putin yelled, "We will win!" at a Red Square concert to celebrate his illegal annexation of Ukrainian lands on Friday, he projected the hubris of a man who cannot accept defeat. Putin has said Russia will not lose in Ukraine. But multiple battlefield defeats and national fury over a botched military mobilization have broken a taboo in Moscow on discussions about what would happen if Putin did lose — not just the war, but his seeming bid to be leader-for-life, according to four members of Russia's business elite. Kremlin-watchers, in and out of the capital, are asking: Who might come next?
/jlne.ws/3rAU2J1
Kremlin Lets State Media Tell Some Truths About Putin's Stalling War; Official claims of success ring hollow amid Ukraine advance; Military commanders criticized as Putin still protected
Bloomberg
With its troops losing ground almost daily, the Kremlin has told some of its state media to start admitting some of the failings of President Vladimir Putin's invasion of Ukraine, worried that its relentlessly upbeat propaganda was fueling growing public doubts. The shift in policy over the last few weeks, described by people familiar with the Kremlin's tight message management who spoke on condition of anonymity, has unleashed a wave of unusual public criticism of the military. After months of reporting virtually nothing but battlefield successes, state TV has lately been cataloging Russian retreats and defeats - without the usual positive spin from the Ministry of Defense.
/jlne.ws/3rVxZxb
An Unhinged Putin Is A Warning to China and Xi; As he turns 70, Vladimir Putin won't be reflecting on how his longevity at the top has resulted in a rotten state structure and disaster abroad. Xi Jinping, who is 69 and counting, should.
Clara Ferreira Marques - Bloomberg
When Soviet dictator Josef Stalin celebrated his 70th birthday in 1949, he sat alongside Chinese leader Mao Zedong in the Bolshoi Theater for extravagant celebrations of trooping Young Pioneers and vast choirs. Newspapers printed congratulations for weeks and there were so many gifts that a display was set up at the Pushkin Museum. Vladimir Putin, who turns 70 on Friday, may not be quite so lucky. First elected in 2000 and now in his fourth term as president, Putin is already Russia's longest serving leader since Stalin, and that's a significant part of the problem.
/jlne.ws/3CHgGpL
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| Regulation & Enforcement | | Stories about regulation and the law. | Sumitomo Mitsui Punished for Market Rigging at Brokerage Arm; Japan's FSA tells banking group to improve brokerage oversight; SMBC Nikko has to suspend some operations for three months
Takashi Nakamichi and Takako Taniguchi - Bloomberg
Sumitomo Mitsui Financial Group Inc. and its securities unit were penalized after Japan's financial regulator found that the latter had engaged in stock market manipulation. The Financial Services Agency told the nation's second largest banking group to improve its oversight of SMBC Nikko Securities Inc., noting the seriousness of market manipulation allegedly committed by the brokerage, according to a statement Friday. The firms have to submit remedial measures to the regulator by Nov. 7.
/jlne.ws/3Vn6fPx
A DAO Is No Defense: CFTC Says Decentralization Does Not Immunize DeFi from Regulation
Jones Day
On September 22, 2022, the CFTC filed an Order announcing it had reached a settlement with bZeroX, LLC and its two founders, Kyle Kistner and Tom Bean (collectively, "Respondents"). The settlement relied in part on imposing controlling person liability on the founders, under Section 13(b) of the CEA, for bZeroX's violations of CEA Sections 4(a) and 4(d)(1). The Order found that the Respondents violated the CEA by operating an Ethereum-based DeFi platform ("bZx Protocol") that accepted orders and facilitated tokenized leveraged retail trading of virtual currencies such as ETH, DAI, and others.
/jlne.ws/3CfOY1L
Commissioner Pham to Participate in a Fireside Chat with SEC Commissioner Uyeda at the Wharton School, University of Pennsylvania
CFTC
Commissioner Caroline D. Pham will participate in, Leadership and Collaboration in the Global Financial Sector, a fireside chat with SEC Commissioner Mark Uyeda.
/jlne.ws/3CHhXNC
Commissioner Johnson to Participate in a Fireside Chat at the 2022 Future of Black Communities Summit hosted by the Joint Center for Political and Economic Studies
CFTC
Commissioner Kristin N. Johnson will participate in fireside chat on Diversity & Inclusion in the crypto investor ecosystem and the state of venture capital funding for diverse founders at the 2022 Future of Black Communities Summit hosted by the Joint Center for Political and Economic Studies.
/jlne.ws/3yn2Oyn
Looking Out for American Families and Little League Sponsors; Remarks of Commissioner Christy Goldsmith Romero before ABA Derivatives Law
CFTC
I am grateful to the ABA Derivatives and Futures Law Committee and its members for giving me such a warm welcome over the last six months. The last time I spoke to a room full of derivatives lawyers in April, some said that it was interesting to talk a bit about crypto, but they were most interested in my views about Commodity Futures Trading Commission's ("CFTC") regulation of established derivatives markets, the core of their work. So here you go.
/jlne.ws/3CFL3N8
Small Business Advisory Committee to Host Meeting to Discuss Entrepreneurship Hubs and the IPO Market
SEC
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Thursday, Oct. 13, which will address entrepreneurship hubs and recent trends in taking a company public. Members of the public can watch the live meeting via webcast on www.sec.gov.
/jlne.ws/3MdOAVY
SEC Charges the Hydrogen Technology Corp. and Its Former CEO for Market Manipulation of Crypto Asset Securities
SEC
On September 28, 2022, the Securities and Exchange Commission announced charges against The Hydrogen Technology Corporation, its former CEO, Michael Ross Kane, and Tyler Ostern, the CEO of Moonwalkers Trading Limited, a self-described "market making" firm, for their roles in effectuating the unregistered offers and sales of crypto asset securities called "Hydro" and for perpetrating a scheme to manipulate the trading volume and price of those securities, which yielded more than $2 million for Hydrogen.
/jlne.ws/3Ci8zOK
SEC Obtains Final Judgment Against Investment Adviser Representative Donald Kellen
SEC
On September 16, 2022, the Securities and Exchange Commission obtained a final judgment against defendant Donald Kellen, whom the SEC previously charged with conducting a multi-year cherry-picking scheme that defrauded his clients.
/jlne.ws/3RFN2VX
SEC Charges Man for Defrauding Investors Out of Millions of Dollars by Posing as Hedge Fund Billionaire
SEC
The Securities and Exchange Commission charged Justin Costello for using a false persona, as a Harvard-educated military veteran and hedge fund billionaire, to defraud investors out of millions of dollars. The SEC also charged Costello and David Ferraro, an associate of Costello's, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.
/jlne.ws/3CghIHJ
ASIC cancels AFS licence of James B Cogan
ASIC
ASIC has cancelled the Australian financial services (AFS) licence of James B Cogan.
The licence was cancelled because Mr Cogan is no longer carrying on a financial services business.
/jlne.ws/3RNdRaK
ASIC cancels AFS licence of CMH Financial Group Pty Ltd
ASIC
ASIC has cancelled the Australian financial services (AFS) licence of CMH Financial Group Pty Ltd (CMHFG). The licence was cancelled because CMHFG failed to maintain external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). Further, CMHFG failed to lodge its profit and loss statements and balance sheets for the financial years ended 30 June 2019, 30 June 2020 and 30 June 2021. The cancellation took effect on 25 August 2022.
/jlne.ws/3RHfvuo
$150 million returned to customers following conduct and culture reviews of banks and insurers
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko today said customer remediation by banks and life insurers following the Conduct and Culture reviews was progressing well, with the total dollar value returned to customers now reaching $150 million.
The joint reviews of banks and life insurers were commenced by the Reserve Bank of New Zealand and FMA between 2018 and 2019. Financial institutions were asked to report on any issues requiring remediation, and this update reflects the continuing efforts to review their practices and systems.
/jlne.ws/3EnjTMu
FCA fines Sigma Broking Limited £530,000 and bans and fines its former directors following market abuse reporting failures
FCA
Between December 2014 and August 2016, Sigma did not report, or failed to report accurately, 56,000 contracts for difference (CFD) transactions to the FCA. It also failed to identify 97 suspicious transactions or orders that it should have reported to the FCA.
/jlne.ws/3RAlx00
Court orders Sound Global to purchase shares from investors
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) has obtained an order in the Court of First Instance against the chairman and executive director of Sound Global Ltd. (Sound Global), Mr Wen Yibo, to purchase shares held by the other shareholders of the company at a price to be determined by the Court - after he was found to have orchestrated a scheme to falsify the company's bank balances and fabricated relevant bank statements and balance confirmations (Notes 1 to 3). The order was the first of its kind made under section 214 of the SFO (Note 4).
/jlne.ws/3RI76XV
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Banks dial up risk-taking in OTC derivatives trades by using many of the same non-bank counterparties, a study says
Steve Gelsi - MarketWatch
A working paper on counterparty choice by major banks in the $12.4 trillion over-the-counter derivatives market offers evidence of systemic risk propagation in bank networks through non-bank counterparties in "opaque" markets. The report, Counterparty Choice, Interconnectedness, and Bank Risk-Taking, by the U.S.'s Office of Financial Regulation marks the first study to provide empirical evidence in the OTC derivative markets that "suggests the existence of endogenous risk-taking behavior by banks related to network formation," said authors Andrew Ellul and Dasol Kim of the Office of Financial Regulation.
/jlne.ws/3CEHC9k
VIX Surge to 150 Is Day's Biggest Options Bet for 'Fear Gauge'
Elena Popina - Bloomberg
Uncertainty about the upcoming jobs report pushed the Cboe Volatility Index, or VIX, to close above 30 on Thursday. And someone is wagering that it won't stop there. Shortly before the market closed, a trader bet that the VIX could increase to 150 by late March. Through a series of block trades, the trader -- most likely one person, according to market participants -- bought 50,000 call options, paying $950,000. It was the most-active VIX options contract Thursday.
/jlne.ws/3Mey4oQ
Shorting Is All the Rage for Retail Investors as Stocks Plunge; After a brutal few months, small-time traders have been trying to recoup losses by betting against the market.
Claire Ballentine - Bloomberg
Retail investors, who helped push stocks to all-time highs, are now trying a different tactic: Betting against the market. From January to August this year, even before the most recent slump in stocks, the number of newly opened short positions on trading platform eToro was 61% higher than in 2021 and 41% higher than in 2020. Meanwhile, some of the biggest US exchange-traded funds that bet against popular indices are raking in record amounts of cash.
/jlne.ws/3fKwOxz
Four flashpoints that could threaten financial stability; From government bonds to private capital, investors should brace for more surprises
Gillian Tett - Financial Times
Dallas is almost 5,000 miles from London. But when the UK gilt markets imploded last week — forcing the Bank of England to make a £65bn intervention to support pension funds — the drama left Richard Fisher, former chair of the Dallas Federal Reserve, wincing. Fisher has warned for years that a decade of ultra loose monetary policy would create pockets of future financial instability. So he sees the British gilts drama (which occurred because the pension funds mishandled highly leveraged bets) not as an isolated event — but as the sign of a trend.
/jlne.ws/3SH4ZER
Commodities Roared Into New Quarter. Now Comes the Hard Bit; OPEC, IEA to issue monthly outlooks on worldwide crude market; USDA WASDE snapshot; Mississippi River crisis; China reopens
Alex Longley, Michael Hirtzer, and James Poole - Bloomberg
Commodities have opened the fourth quarter in some style, with prices set for the best weekly showing since March after OPEC+ agreed to chop oil supply. With crude surging on Friday, the coming week will bring a host of signals on the outlook over the rest of the year and into 2023 before earnings season hits full flood, when companies get to take the high ground.
/jlne.ws/3fThuPr
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Study: North American Business Leaders Lag in ESG Enthusiasm
Emily Holbrook - Environment + Energy Leader
The recent report, VISION by Protiviti, is an ESG survey that was conducted in collaboration with the Global Centre on Healthcare and Urbanization at Kellogg College, University of Oxford, U.K. While the survey found that 98% of global business leaders cite ESG as a top factor in business success, only 25% of North American respondents think that prioritizing an ESG strategy will be an 'extremely important' focus by 2032, compared to 71% of their counterparts in the Asia-Pacific region and 58% in Europe.
/jlne.ws/3ROTlGF
Pulse Check on the Planet: Inside the Economist's Global ESG Rankings with Lyndsey Anderson
Protiviti
Joe Kornik, Editor in Chief of VISION by Protiviti, interviews Lyndsey Anderson, Global Head of Research & Insight at the Economist Intelligence Unit (EIU, about the results of its latest Global ESG Report Pulse Check on the Planet: Inside the Economist's Global ESG Rankings with Lyndsey Anderson.
/jlne.ws/3SCMWzL
Solar and wind farms can hurt the environment. A new study offers solutions
Sammy Roth - Los Angeles Times
Let's say we can solve the climate crisis. We can build all the clean energy infrastructure we need to replace fossil fuels over the next 30 years, and we can do it without triggering blackouts or causing electricity costs to rise too much. Assuming that's possible — would you be willing to pay 3% more on your energy bills to protect the natural world? I didn't pluck that number out of thin air. It comes from a new study by the Nature Conservancy, an environmental advocacy group, finding the American West can generate enough renewable power to tackle climate change even if some of its most ecologically valuable landscapes are placed off-limits to solar and wind farms — without causing costs to spiral out of control.
/jlne.ws/3V8pRqg
Development of ESG in capital markets: global trends to watch; Janney Chong, Yvonne Tang and Iris Gao of RPC discuss the regulatory initiatives on ESG reporting in Hong Kong SAR, Singapore, the UK and the EU
Janney Chong, Yvonne Tang, Iris Gao - IFLR
Investors have become increasingly aware of the importance of environmental, social and governance (ESG) issues while making investment decisions, and ESG topics have also become priorities for leading securities regulators and stock exchanges. However, there remain many organisations holding the belief that the effects of climate change are long-term and therefore are unlikely relevant to their decisions today. The bankruptcy of Pacific Gas and Electric Company which is also widely known as the first 'climate change bankruptcy' demonstrates that climate change has immediate consequences.
/jlne.ws/3e8PfM8
IMF to Offer Rwanda $310 Million Credit Under New Climate Tool; Funds will bolster Rwanda's defenses against climate change; Rwanda also agrees to 36-month policy coordination instrument
Saul Butera - Bloomberg
The International Monetary Fund agreed to give Rwanda about $310 million of credit under a new tool intended to help nations bolster their defenses against climate change. Rwanda becomes the second nation to get a deal for access to the IMF's new Resilience and Sustainability Trust, according to mission leader Haimanot Teferra. The East African nation and the IMF also agreed on reforms under a 36-month so-called Policy Coordination Instrument to support the authorities in their efforts to build on progress in macroeconomic, fiscal, and financial reforms started in 2019, the IMF said in an emailed statement.
/jlne.ws/3MlP6BC
BlackRock Fund Bets Rich World Is Likely to Face a Water Crisis; With hurricanes, floods and other extreme weather, water security is no longer a problem just for the developing world.
Anchalee Worrachate - Bloomberg
Inside the world's biggest asset manager, an investment strategy is being fine-tuned based on a bet that the rich world will increasingly face a lack of clean water. "Historically, we often thought of water as being a developing-country problem, but it goes much deeper than that," Omar Moufti, product strategist for thematic and sector exchange-traded funds at BlackRock Inc., said in an interview.
/jlne.ws/3SM36Xz
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citi Ventures Backs Its First Digital Asset Manager, Co-Leading a $6M Round in Xalts
Brandy Betz - CoinDesk
Citi Ventures and venture capital firm Accel co-led a $6 million funding round for xalts, an institutional-grade digital asset management startup founded by a former trader at banking giant HSBC and a former Meta Asia executive. The funding comes as institutional investors continue to move into the cryptocurrency industry despite the crypto bear market.
/jlne.ws/3VdF0Xh
Bank confirms pension funds almost collapsed amid market meltdown; Official explains how promise to buy up to £65bn of government debt staved off destructive UK financial spiral
Richard Partington - The Guardian
Pension funds managing vast sums on behalf of retired people across Britain came close to collapse amid an "unprecedented" meltdown in UK government bond markets after Kwasi Kwarteng's mini-budget, the Bank of England has said. Explaining its emergency intervention to calm turmoil in financial markets last week, the central bank said pension funds with more than £1tn invested in them came under severe strain with a "large number" in danger of going bust. The Bank said a dramatic rise in interest rates on long-dated UK government bonds in the days immediately after the chancellor's mini-budget had triggered a "self-reinforcing" spiral in debt markets, putting the stability of Britain's financial system at risk.
/jlne.ws/3T27VvB
Yellen Calls for World Bank Overhaul Including Scaled-Up Lending; Treasury chief to say development banks need broader focus; Changes could mobilize tens of billions of dollars for loans
Christopher Condon and Eric Martin - Bloomberg
Treasury Secretary Janet Yellen proposed changes for the World Bank and regional development banks Thursday, pushing them to move beyond country-specific loans to address global threats and speed the flow of private capital to poor and emerging economies. "The evolution of these banks will require changes to incentives, operating models and uses of the banks' financial resources," Yellen said in remarks prepared for delivery to the Center for Global Development think tank in Washington.
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World's Oldest Bank Is Running Out of Time to Secure Funds for Key Capital Increase
Sonia Sirletti - Bloomberg
The clock is ticking for Banca Monte dei Paschi di Siena SpA Chief Executive Officer Luigi Lovaglio as he makes a last-ditch effort to convince arranger banks to go in on a vital capital increase and to secure funds in advance from a range of investors. While Italy's Finance Ministry is committed to 64% of the proposed EUR2.5 billion rights offering, doubts are mounting on whether other investors will take on the remaining EUR900 million of shares in the offer Lovaglio wants to kick off on Oct. 17.
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Ex-JPMorgan Banker Defrauded Libya Fund of Millions, Jury Told; Prosecutors accuse Marino, Ohmuru of fraud, fraudulent trading; Both men, on trial in a London court, deny all the charges
Katharine Gemmell and Upmanyu Trivedi - Bloomberg
Two former London bankers hired by Libya to manage hundreds of millions of dollars in investments are accused of defrauding the sovereign fund by funneling off cash for themselves. Frederic Marino and Yoshiki Ohmura, conspired to commit fraud and undertook fraudulent trading between 2009 and 2014, prosecutors alleged at the start of a London trial. The pair deny all the charges.
/jlne.ws/3RKlYFd
Ukraine Sends Embezzlement Accusation to Central Banker; Investigators say former CEO of state-run bank siphoned $5.6m; Shevchenko is not named but provided details match his CV
Volodymyr Verbyany and Daryna Krasnolutska - Bloomberg
Ukraine's anti-corruption bureau said it sent a notice of suspicion in an embezzlement case to a suspect at the central bank, days after Governor Kyrylo Shevchenko tendered his resignation, citing his health. While the authorities didn't name Shevchenko specifically, they said in a statement the individual was a senior official involved in an alleged scheme to siphon 206 million hryvnia ($5.6 million) from state-run Ukrgazbank from November 2014 until March 2020. The details provided matched the central banker's career history.
/jlne.ws/3SLbMgP
How Much Trouble Is Credit Suisse Really in?
Bloomberg
Markets have been speculating just how much trouble Credit Suisse Group AG is in. Different indicators of valuations, risk and stress have been making their rounds across both traditional and social media. We take a close look at which measures might be a better gauge than others. And as the Swiss bank gears up to announce changes to its strategy over the next few weeks, might any potential overhaul affect its very lucrative Asia businesses? Bloomberg Opinion's Shuli Ren shares her views on "Bloomberg Markets: Asia."
/jlne.ws/3EqTFIO
Sustainable Investment is now mainstream according to FTSE Russell global asset owner survey
FTSE Russell
FTSE Russell, the leading global index provider, has today published the results of its annual survey analysing how SI is perceived, considered, and used by asset owners across the world.
/jlne.ws/3T3GZvk
Mizuho to Buy Stake in Rakuten's Brokerage Unit for $552 Million; Japanese banks are trying to bolster digital services; Internet retailer Rakuten has been boosting financial business
Taiga Uranaka and Takako Taniguchi - Bloomberg
Mizuho Financial Group Inc. agreed to buy a minority stake in Rakuten Group Inc.'s online securities arm for 80 billion yen ($552 million), the latest move by a Japanese bank to team up with a technology company and bolster digital services. The Japanese lender's brokerage unit will buy almost 20% of Rakuten Securities Inc., the companies said on Friday. The transaction is scheduled to be completed in November.
/jlne.ws/3rFZYRk
Ambac Settles With Bank of America for $1.84 Billion; Insurer's shares soar after settlement tied to mortgage-backed securities
Dean Seal - The Wall Street Journal
Ambac Financial AMBC Group Inc. and Bank of America Corp. have resolved longstanding litigation related to residential mortgage-backed securities with a $1.84 billion settlement. The agreement sent shares of Ambac up nearly 25% in premarket trading.
/jlne.ws/3VdqUp5
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| Wellness Exchange | | An Exchange of Health and Wellness Information | COVID rebound after Pfizer treatment likely due to robust immune response, study finds
Leroy Leo and Julie Steenhuysen - Reuters
A rebound of COVID-19 symptoms in some patients after taking Pfizer's antiviral Paxlovid may be related to a robust immune response rather than a weak one, U.S. government researchers reported on Thursday. They concluded that taking a longer course of the drug - beyond the recommended five days - was not required to reduce the risk of a recurrence of symptoms as some have suggested, based on an intensive investigation of rebound in eight patients at the National Institutes of Health's Clinical Center.
/jlne.ws/3ymVkeO
U.S. to Begin Screening Air Passengers From Uganda for Ebola; There are no cases in the United States, but federal health officials also urged doctors to be vigilant for patients with symptoms.
Apoorva Mandavilli and Sheryl Gay Stolberg - The New York Times
Worried by an outbreak of Ebola in Uganda, the Biden administration said on Thursday that travelers who had been to that country would be redirected to airports where they can be screened for the virus and warned physicians to be alert for potential cases in the United States. No cases of Ebola have yet been reported outside Uganda, but the virus — which spreads only through contact with bodily fluids and is not airborne — is highly contagious. American officials are watching the Uganda outbreak closely because there are no approved vaccines or treatments for the type of Ebola virus causing the outbreak there.
/jlne.ws/3T1tEUu
Gun-Related Suicides and Killings Continued to Rise in 2021, C.D.C. Reports; The increases in homicides were particularly stark among Black and Hispanic men, while suicides involving firearms rose among all adults.
Roni Caryn Rabin - The New York Times
Homicides and suicides involving guns, which soared in 2020, the first year of the pandemic, continued rising in 2021, reaching the highest rates in three decades, the Centers for Disease Control and Prevention reported on Thursday.
/jlne.ws/3CeUQsg
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Mongolia's Central Bank Says Debt Management Is 'No. 1 Task'; Country is facing foreign currency crunch as reserves slide; Fitch highlights risks if debt not brought under control
Terrence Edwards - Bloomberg
Mongolia's central bank governor said keeping debt under control is the main focus right now amid a worsening foreign currency crunch as reserves slide. "2023 is the most stressful year related to the government's debt," Governor Lkhagvasuren Byadran told lawmakers on Thursday. "Debt management in 2023 seems to be the No. 1 task to be done."
/jlne.ws/3fF9qkY
Hallmarking brings semblance of order to India's chaotic gold trading; Mandatory standards aim to boost jewellery exports and give consumers more confidence in the purity of gold they buy
Caroline Palmer - Financial Times
No one is sure how many jewellers there are in India. The All India Gem and Jewellery Domestic Council (GJC), which represents jewellery retailers in the country, puts the figure at between 300,000 and 350,000. What is certain is the importance of the sector to the country's economy and its culture. The gem and jewellery market is the second largest in the world, contributing roughly 7.5 per cent to gross domestic product, 15 per cent to merchandise exports, and directly employing 10mn people.
/jlne.ws/3yq8kA5
China Is the Wild Card in the Energy War With Russia; Slower growth in China has braked the rise in world energy prices and Russian riches, but Beijing has also stepped up its purchases of Russian fossil fuels.
Keith Bradsher - The New York Times
Just 12 months ago, China's economy was growing too fast for its energy sector to keep up. Blackouts darkened vast factory districts. Office high-rises were evacuated minutes before they lost electricity for elevators. Municipal water systems stopped pumping for lack of power.
/jlne.ws/3fM9gsa
The Massive Gas Field That Europe Can't Use; Earthquake risks in the Netherlands have locals unwilling to plug the Russia-related energy shortfall.
Cagan Koc and Diederik Baazil - Bloomberg
Beneath the windmill-dotted marshlands of the Netherlands lies Europe's largest natural gas reserve. The sprawling Groningen field has enough untapped capacity to replace, as soon as this winter, much of the fuel Germany once imported from Russia. Instead the field is in the process of shutting down, and the Netherlands is rebuffing calls to pump more, even as Europe braces for perhaps its toughest winter since World War II. The reason: Drilling has led to repeated earthquakes, and Dutch officials are loath to risk a backlash from residents by breaking promises.
/jlne.ws/3ekT68C
Czech Republic Plans $6 Billion Windfall Tax to Fund Energy Aid; Government wants 60% tax on extraordinary profits in 2023-25; New levy on power, gas, banking, petrochemical, mining firms
Krystof Chamonikolas - Bloomberg
The Czech government proposed to raise 149 billion koruna ($6 billion) over the next three years by imposing windfall taxes on the biggest companies in selected industries to fund its energy subsidies. The special levy will target extraordinary profits at electricity and natural gas producers and traders, banks, fossil-fuel miners, petrochemical companies and fuel wholesalers, Finance Minister Zbynek Stanjura told reporters on Thursday.
/jlne.ws/3V7gqHJ
Gas crisis set to worsen after Europe burns through winter stocks
Essi Lehto and Kate Abnett - Reuters
Europe may face an even more acute energy crunch next year after draining its natural gas tanks to get through the cold of this winter, the head of the International Energy Agency said on Wednesday, as the EU looks for ways to ease the crisis.
/jlne.ws/3fLYDFM
UK starts new round of licences for North Sea oil and gas; Government seeks to bolster energy self sufficiency with exploration permits but Greenpeace aims to halt 'possibly unlawful' plan
Nathalie Thomas - Financial Times
UK regulators on Friday began a new round of licences to enable companies to explore for oil and gas in the North Sea, as climate campaigners signalled they would aim to mount a legal challenge. The North Sea Transition Authority is expected to award more than 100 permits to companies by the end of June, as the government seeks to bolster Britain's self-sufficiency in energy following Russia's invasion of Ukraine, partly by extracting more fossil fuels from the North Sea.
/jlne.ws/3MfKM6X
North America Heat Waves Led to Unprecedented Ice Melt in Greenland; Average temperatures in most of Greenland were more than 8C above the 30-year average for September, according to Copernicus
Laura Millan Lombrana - Bloomberg
Strong winds carried extreme heat from the western US, Canada and the Atlantic ocean over Greenland in September, bringing average temperatures more than 8 degrees Celsius above the 30-year average and causing record ice melt. Almost all of Greenland experienced the highest average temperatures in any month of September since records started in 1979, according to a monthly report by Europe's Earth observation agency Copernicus. A different set of data by the US National Snow and Ice Data Center detected temperatures above 0C at Summit Station — over 3,200 meters (10,500 feet) above sea level — for the first time in September since measurements began in 1989.
/jlne.ws/3RO6y2t
First US Cobalt Mining Operation to Begin After More Than 30-Year Hiatus; Automakers place "elevated" focus on securing battery metals; Metal sits "at the top of the table" on national security: CEO
Yvonne Yue Li - Bloomberg
Booming demand for batteries powering the world's shift into electric vehicles is rekindling US cobalt production after a nearly 30-year hiatus. Jervois Global Ltd. is starting the first US cobalt mine in Idaho on Friday, according to chief executive Bryce Crocker. The mineral sits "at the top of the table" in terms of national security, said Crocker. "There aren't many new sources of supply, particularly in stable jurisdictions, which is why this mine in the US is very important," Crocker said. Cobalt hasn't been produced in the US since at least 1994, according to data from the United States Geological Survey.
/jlne.ws/3ekTcNw
Luxury Dog Cafe Opens in San Francisco With $75 Tasting Menu; In a city better known for canines than kids, why not Dogue?
Martine Paris - Bloomberg
San Francisco's downtown may be deserted as many residents continue to work remotely. But in the nearby hipster enclave of the Mission, the city has literally gone to the dogs. In late September, Dogue, a fine-dining experience for hounds, threw open its doors. Located at 988 Valencia, just blocks from where the founder of Doge coin once hosted a crypto hangout, the bougie canine cafe is serving up a raw dog feast.
/jlne.ws/3EwNdjk
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| Miscellaneous | | Stories that don't quite fit under the other sections | Being Chinese in Silicon Valley Comes With Challenges
Zheping Huang - Bloomberg
It was 9:30 p.m. on a breezy Friday in California, and Guowei picked me up in Santa Clara for his last ride of the day. After realizing I'm also Chinese, he was eager to chat during our hour-long trip to San Francisco. Guowei, in his forties, immigrated to the US from his hometown in southeastern China eight years ago. He got a green card, became a father, and bought a flat. But "only God knows if it's a good move or not," he said. Guowei is one of many Chinese people who have moved to the San Francisco Bay Area in recent years, drawn by the myriad opportunities in the region's sprawling tech economy.
/jlne.ws/3SM0tFb
Legal cannabis poses a quandary for US companies screening staff for drugs
Timothy Aeppel - Reuters
Workers at Wyatt Bassett's furniture factory in Virginia use powerful tools to churn out the company's trademark dressers and headboards, so screening new hires for drugs is a no-brainer. Or it used to be. Virginia last year fully legalized marijuana — the first state in the South to do so. The upshot is that "being positive for cannabis does not necessarily disqualify you for employment," said Bassett, CEO of Vaughan-Bassett Furniture Co., which has 575 employees.
/jlne.ws/3CiABtG
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