| March 11, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
FIA Boca 2024 is underway. It began with a welcome reception last night that was full of familiar faces. Thank you to Allan Barush, founder of SweetOptions INC & RiskMathics Financial Institute Holdings, for inviting my wife, Cheryl, and me to dinner. We were next to an NFA dinner that included Leo Melamed, who stopped by our table and said hello.
CQG announced the development of an artificial intelligence (AI) predictive model for traders in a press release coinciding with the FIA Boca conference. CQG claims this model has shown remarkable predictive accuracy in forecasting futures market movements after being rigorously trained and tested with live data. I will be interviewing CQG's President Ryan Moroney and SVP Pat Kenny tomorrow at the Boca conference for the JLN Industry Leader video series sponsored by Wedbush.
The Commodity Futures Trading Commission (CFTC), in collaboration with the Center for Risk Management Education and Research at Kansas State University, is set to host the 3rd Agricultural Commodity Futures conference (AgCon2024) from April 11 to 12, 2024. This conference will serve as a pivotal platform for industry professionals, researchers, and policymakers to engage in discussions surrounding agricultural commodity futures. It will be held at the Sheraton Overland Park Hotel in Overland Park, Kansas. Registration is now open.
The agenda for AgCon2024 includes speeches from U.S. Senator Roger Marshall, Jeffrey R. Schmid, President of the Federal Reserve Bank of Kansas City, and Ambassador Doug McKalip, U.S. Chief Agricultural Negotiator. The event will feature opening remarks from CFTC Chairman Rostin Behnam and K-State's Dean of the College of Agriculture, Ernie Minton, along with a "Commissioners' Chat" with CFTC Commissioners Kristin Johnson, Christy Goldsmith Romero, Summer Mersinger, and Caroline Pham. Attendees can expect discussions on various topics, including agricultural risk management, illegal conduct in cash commodity markets, futures contract lifecycles, governmental data and information, voluntary carbon markets, and current derivatives-related issues facing the livestock industry.
Derek Haworth of BornTec, one of my interviewees today at the FIA conference in Boca Raton, FL, has published a commentary looking back on the ION hack a year later titled "One Year On: Lessons from the ION Ransomware Event." I guess I have to ask him about this.
The FOW Trading Amsterdam conference will be taking place on April 10 at the Hilton Amsterdam. The conference is free to banks, brokers, funds, asset management firms, proprietary traders and CTAs. Exchanges and technology firms must pay 1195 euros. For more details and to register, click HERE.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Realized Volatility from Cboe.
- Are structured products to blame for suppressed volatility? from the Financial Times.
- Cboe trading pits endure despite takeover of electronic trading from Crain's Chicago Business. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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CQG Unveils New First-of-its-Kind AI / Machine Learning Trading Toolkit for Predicting Futures Market Moves; Success in Live Trading Environment Confirms Internal Test Results
CQG
CQG, a leading global provider of high-performance technology solutions for market makers, traders, brokers, commercial hedgers and exchanges, today announced completion of internal testing and proof-of-concept using live data on what the firm believes to be a first-of-its kind artificial intelligence (AI) predictive model for traders. Following extensive machine learning (ML) training in a back-testing environment, the firm just started applying the technology to live data, with an extremely high level of predictive success in anticipating futures market moves. CQG made the announcement on the first full day of FIA Boca, the International Futures Industry Conference.
/jlne.ws/3PeZpdg
***** CQG is trying to take all the fun out of trading. They probably predicted I would say that.~JJL
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SEC's Gensler says crypto 'rife with abuses and fraud' as bitcoin surges to new all-time record
Jennifer Schotnberger - Yahoo Finance
SEC Chair Gary Gensler offered new warnings about cryptocurrencies as bitcoin (BTC-USD) surged to a new all-time high Friday, saying in an interview with Yahoo Finance that "the whole field is rife with abuses and fraud." Investors, he added, should be aware that bitcoin is a "highly speculative, volatile underlying asset."
/jlne.ws/3T8Bxcj
****** Dearest Chairman Gensler, the public is ignoring these comments. They have paid attention to your vote to approve the Bitcoin ETFs. They are depending on the valiant financial service companies they have entrusted their money to to manage the "abuses and fraud" for them. They are also paying attention to the imbalance in supply and demand your ETF vote helped create and the resurrection in the FOMO demand as the price of Bitcoin continues to rise. Maybe try another Office Hours with Gary video. ~JJL
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Does Bitcoin's Satoshi Nakamoto have a dead man's switch?
Jeff John Roberts - Fortune
Bitcoin soared to an all-time high this week thanks to massive inflows from newly launched ETFs, which signaled to many that the original cryptocurrency-once derided by Wall Street as a scam-is a legitimate mainstream investment. That's a view that I hold but, at the same time, Bitcoin is still subject to some particular risks that, while unlikely, could deliver a price shock. One that has been on my mind (and that I wrote about at length here) is the influence of Satoshi Nakamoto, who owns over a million Bitcoins that haven't moved in well over a decade. Everyone assumes that Satoshi will never return to oversee his creation, and I agree with that. He or she declared their work to be done in 2011 and, aside from a short message in 2014, no more has been heard from them since. There is no reason to return as Bitcoin's code is safe and in good hands, and coming back would make Satoshi a target of criminals and government investors across the world. But what happens to Satoshi, and all those Bitcoins, when they die?
/jlne.ws/3v0KEUD
****** They should go to Mrs. Nakamoto, if there is or was one, or children, or nieces or nephews. No dead man's switch is necessary.~JJL
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Bitcoin bulls are not the bigger fools; The most popular cryptocurrency is starting to look like more than a passing fad
Ruchir Sharma - Financial Times
Once dismissed as fanatics, the bitcoin bulls must be feeling vindicated. They made an accurate call on the cryptocurrency's potential for gains - witness the staggering rally under way - and were right, at least in part, for the right reasons. When bitcoin was all the rage at the start of this decade, many serious investors and traditional economists spurned it as a useless fad - even a fraud. Their scorn, seemingly confirmed by its crash in 2022, persists today while the currency separates itself from the pack.
/jlne.ws/3wHoXJy
****** Is there a technical flaw in bitcoin that the bulls have figured out? Is halving that flaw, or just a feature?~JJL
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Friday's Top Three
Our top story Friday was Espionage Probe Finds Communications Device on Chinese Cranes at U.S. Ports, from The Wall Street Journal. Second was 8 Chicago Steakhouses Serving Glitz, Glamour And Really Good Steak, from Block Club Chicago. Third was the MIAX press release Miami International Holdings Reports Trading Results for February 2024; MIAX Exchange Group YTD Options and Equities Volumes at Record Levels while MGEX Futures Volume Surges 30.3%.
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| Lead Stories | BlackRock to Buy SpiderRock as Firm Expands Wealth Management
Silla Brush - Bloomberg
BlackRock Inc. said it's acquiring SpiderRock Advisors, an asset-management and technology firm, to expand its customized investing strategies to wealthy clients. The deal will increase BlackRock's ability to offer tax-efficient investment services - especially those that rely on options trading, BlackRock said in a statement Friday. In 2021, the asset manager made a minority investment SpiderRock, which oversees about $4.8 billion of assets for investment advisers, family offices and other clients. SpiderRock "can provide advisers with a comprehensive suite of customization capabilities that help solve clients' unique challenges, such as income generation, downside protection, and tax-efficiency through the use of options," Eve Cout, head of portfolio design and solutions in BlackRock's US Wealth Advisory business, said in the statement.
/jlne.ws/4a5Uy65
Stephan Leithner to become new Chief Executive Officer of Deutsche Boerse AG; Appointment as of 1 October / Co-CEO with Theodor Weimer until end of 2024
Deutsche Boerse AG
The Supervisory Board of Deutsche Boerse AG today appointed Stephan Leithner as the company's new Chief Executive Officer. The 57-year-old will take up his new position on 1 October 2024 and initially lead Deutsche Boerse as a Co-CEO together with Theodor Weimer until the end of the year. Theodor Weimer will then be 65 and resign from the Executive Board. His contract expires at the end of 2024. Stephan Leithner has been a member of the Executive Board of Deutsche Boerse AG since 2018, responsible for Pre- & Post-Trading. His current areas of responsibility include the strategically important Investment Management Solutions segment with ISS STOXX and SimCorp as well as the Group's post-trading business with Clearstream. A decision on his succession will be made in due course.
/jlne.ws/3V7Gxkc
Eighty Percent of the World's Stock Options Aren't Traded Where You Think; Bitcoin and GameStop made headlines. But an even wilder speculative mania has emerged in India.
Megha Mandavia - The Wall Street Journal
U.S. markets have been no stranger to meme-driven, casino-like trading in recent years. But on the other side of the world, a stock speculation boom is unfolding that makes GameStop and bitcoin look tame-or, at least, well-domesticated. India accounted for a staggering 78% of equity options contracts traded worldwide in 2023, according to data from the Futures Industry Association (FIA), a global derivatives markets policy advocacy organization. The number of stock index options traded there reached 84.3 billion contracts last year, up 153% from 2022. Total futures and options turnover touched a notional value of $4.5 trillion on the National Stock Exchange on Thursday.
/jlne.ws/3ICXNWR
How Bitcoin Made a Believer Out of BlackRock; CEO Larry Fink's U-turn illustrates Wall Street's growing desire to capitalize on a market long considered the Wild West of finance
Vicky Ge Huang - The Wall Street Journal
One of crypto's erstwhile doubters is helping to take bitcoin mainstream. Larry Fink, the chief executive officer of BlackRock, called bitcoin "an index of money laundering" back in 2017 and later rebuffed cryptocurrencies as something his clients weren't looking to buy. Today, he says he is a big believer in bitcoin. His firm manages the fastest-growing bitcoin fund and has forged partnerships with some of the largest players in the digital-assets industry.
/jlne.ws/49PAoxI
UK regulator to allow crypto-related securities; FCA softens stance on sector by permitting bitcoin and ethereum-backed exchange traded notes
Oliver Ralph, Philip Stafford and Scott Chipolina - Financial Times
The UK's financial regulator will allow some bitcoin-linked securities to be listed on the stock market, in a softening of its tough stance on digital assets as investors around the world snap up funds investing directly in cryptocurrencies. The Financial Conduct Authority said on Monday it would "not object" to the creation of bitcoin and ethereum-backed exchange traded notes for professional investors. Issuers can apply to list notes that are linked to the bitcoin and ethereum coins on the London Stock Exchange from April. ETNs are debt securities that track an underlying asset but are traded and settled through a central market entity like a stock exchange and securities depository.
/jlne.ws/3IvSJnf
One of the Most Infamous Trades on Wall Street Is Roaring Back; Billions pour into ETFs selling options in huge bet on stock calm
Lu Wang and Justina Lee - Bloomberg
Forget the artificial-intelligence frenzy - the most-exciting trade on Wall Street right now might just be betting on boring. As winners of the AI boom like Nvidia Corp. power benchmark stock gauges to record after record, a less remarked-upon phenomenon has been unfolding at the heart of the US market: Investors are sinking vast sums into strategies whose performance hinges on enduring equity calm. Known as short-volatility bets, they were a key factor in the stock plunge of early 2018 when they wiped out in epic fashion. Now they're back in a different guise - and at a much, much bigger scale.
/jlne.ws/43fxdgi
The US could be facing a 2008-style financial crisis. Why does Sunak want to copy it?; The PM's admiration for Washington's economic model may backfire amid looming US banking and stock market disasters
Phillip Inman - The Guardian
One of the consistent themes of the Conservative economic narrative is an admiration for the US and its ability to grow quickly. The way it has bounced back from the pandemic and how it has ridden out the impact of Russia's invasion of Ukraine should serve as a blueprint. A neoliberal Conservative analysis puts the emphasis on tech, innovation and a myth-like entrepreneurial spirit that the UK would do well to emulate. What it ignores is the way the US economy zips ahead on fantastical stock market valuations and off-balance-sheet accounting reminiscent of the years before the 2008 financial crisis. And how both these habits could bite back in a big way, much as they did in 2008, and pretty soon.
/jlne.ws/3VdhP22
EU warned of rising risk of systemic financial shocks from continent warming; Environmental agency says region should prepare for long-term average temperature rise of at least 3C by 2050
Alice Hancock - Financial Times
The EU is at "higher and higher" risk of systemic financial shocks from climate change, the head of Europe's environment agency has warned, as research showed the continent should prepare for temperatures at least 3C warmer than pre-industrial times by 2050. "This is a wake-up call for the financial industry and the insurance industry," executive director of the European Environment Agency Leena Ylä-Mononen told the Financial Times.
/jlne.ws/3VddGed
Bitcoin rally pushes BlackRock ETF over $10bn in record time; Price of world's largest cryptocurrency topped $70,000 on Friday
Will Schmitt - Financial Times
BlackRock's bitcoin exchange-traded funded has reached $10bn faster than any US ETF in history, fuelled by a rally that continues to send the world's largest cryptocurrency to record heights. BlackRock's iShares Bitcoin Trust (IBIT) needed less than two months from its January 11 launch to reach that landmark, beating Invesco QQQ's record of just over a year, according to Morningstar. IBIT's total assets now sit at around $12.7bn, a combination of bitcoin's appreciation and more than $7bn in net inflows.
/jlne.ws/439csCT
Is the World Close to Collapse? Ask the Bronze Age People; Scholars hear worrying historical echoes in the stresses building up in the US, and the global shocks of war, migration, climate, disease and famine.
Andreas Kluth - Bloomberg
Did people in the late Bronze Age know their civilization was collapsing? There's another half to that thought. If we - in the United States and the world - were ourselves in the early stages of collapse, would we even be aware of it? And what would we do about it? The collapse of societies has fascinated historians, archeologists and anthropologists from Polybius in ancient times to Edward Gibbon in the 18th century and a growing interdisciplinary field of scholars today (besides spawning an entire genre of "Mad Max"-style apocalyptic dystopia in Hollywood).
/jlne.ws/3wLT1E7
Women in Technology & Data Awards 2024: All the winners WatersTechnology honored the winners of the 36 categories in the 2024 Women in Technology & Data Awards, who were announced at a sit-down lunch in London on International Women's Day on March 8.
Victor Anderson - Waterstechnology.com
The highest-profile category of this year's awards-the trailblazer (lifetime achievement) award-was won by Stella Yeung (Scotiabank), while Microsoft's Poornima Muthukumar won the Sandra Villena unsung heroine award.
/jlne.ws/4c7lMv0
UK-focused retail broker eToro considers New York for IPO; Chief executive says firm also looking at London listing, but adds US could connect it to more potential investors
Nikou Asgari - Financial Times
Retail trading platform eToro is seeking a valuation of more than $3.5bn as it considers the US as a potential destination for a listing, despite the UK being its biggest market. The Israel-based brokerage is weighing an initial public offering in either New York or London, its chief executive told the Financial Times, as retail trading activity on the platform surges to highs last seen during the "meme stock" frenzy of 2021.
/jlne.ws/3Tr6bPz
American Farmers Fight Back After Losing Top Crop Export Crown
Michael Hirtzer - Bloomberg
After the US lost its status as the world's top exporter of crops over the past decade, its farmers are ready to fight back. The strategy: maximizing production. That's the message from participants at the Commodity Classic in Houston, one of the world's largest farming shows that saw record attendance of more than 11,500 people two weeks ago. The thought is that even with abundant stockpiles, and corn and soy futures languishing near three-year lows, farmers have little choice but to raise the biggest crops possible.
/jlne.ws/3T9VYpp
South Korea says banks 'mis-sold' China-linked derivatives; Financial regulator considers fixed-income securities ban following probe
Song Jung-a - Financial Times
South Korea's financial regulator is considering banning all equity-linked securities after finding that the country's biggest banks and brokerages misled retail investors over products tied to Chinese stocks. The Financial Supervisory Service's five-month investigation into five banks and six brokerages found poor regulatory compliance and a lack of consumer protection for sales of securities linked to the Hang Seng China Enterprises index.
/jlne.ws/49M6Zo0
One Year After Bank Crisis, a Struggle Over What Needs to Change; Silicon Valley Bank's collapse last March set the stage for a clash between bankers and their regulators.
Rob Copeland - The New York Times
A year ago, the government and America's largest banks joined forces in a rare moment of comity. They were forced into action after Silicon Valley Bank collapsed on March 10, 2023, quickly followed by two other lenders, Signature Bank and First Republic. Faced with the threat of a billowing crisis that could threaten the banking industry - the worst one since 2008 - rivals and regulators put together a huge bailout fund. All three ailing banks were declared insolvent by the government and sold off.
/jlne.ws/49XZlGO
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian Weatherman Says Conditions 'Ideal' for Nuclear Strike on NATO
Rachel Dobkin - Newsweek
Russian weatherman Evgeny Tishkovets recently told TV host and Kremlin-back propogandist Vladimir Solovyov that conditions are "ideal" for a nuclear strike on member countries of the North Atlantic Treaty Organization (NATO). It's been a little over two years since Russia launched its full-scale invasion of Ukraine. As NATO countries back the Eastern European nation, which is yet to be a member of the military organization, there has been growing concern that Russia may expand its war.
/jlne.ws/3TvQjeE
Russia's new guided bomb inflicts devastation and heavy casualties on the Ukrainian front lines
Tim Lister and Frederik Pleitgen - CNN
Russia has begun using a powerful aerial bomb that has decimated Ukrainian defenses and tilted the balance on the front lines. It has done so by converting a basic Soviet-era weapon into a gliding bomb that can cause a crater fifteen meters wide. The bomb is the FAB-1500, essentially a 1.5-tonne weapon of which nearly half comprises high explosives. It is delivered from above by fighter jets from a distance of some 60-70 kilometers, out of range of many Ukrainian air defenses. The FAB-1500 is another example of how Russia is fighting its war in Ukraine, inflicting massive destruction before trying to take territory.
/jlne.ws/3TenceJ
Russia sets terms for proposed asset swap with western investors
Financial Times
Russia's finance ministry has set terms for a proposed swap of Russian and western investors' frozen assets in each other's jurisdictions, allowing each side to claw back value lost to sanctions over Vladimir Putin's war in Ukraine.
/jlne.ws/3Pbzi7a
Russia Is Pumping Out Weapons-but Can It Keep It Up? Some Western analysts say Moscow's arms-production figures mask various challenges and could be misleading
Alistair MacDonald and Kate Vtorygina - The Wall Street Journal
Russia's ability to churn out tanks, missiles and shells has surprised the West and heaped further pressure on Ukraine. The question now is how long it can continue. For some Western officials and analysts, Russia's military production figures are misleading and mask challenges including a shortage of labor and a falloff in quality. The ramp-up may not be sustainable as it saps resources from the wider economy, and any drop in output could leave Russia even more reliant on help from allies such as China, Iran and North Korea, they add.
/jlne.ws/4a5ypoG
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Netanyahu says at least 13,000 'terrorists' among Palestinians killed
Reuters
Israeli Prime Minister Benjamin Netanyahu said on Sunday that at least 13,000 "terrorists" were among Palestinians killed during Israel's war against Hamas in the Gaza Strip and vowed to press ahead with an offensive in the south of the enclave - a move U.S. President Joe Biden has described as his "red line." Nearly 31,000 Palestinians have been killed in Gaza during the five month long war, that began after Hamas militants attacked Israel on Oct. 7, killing 1,200 people and seizing 253 hostages, according to Israeli tallies.
/jlne.ws/3TalMSb
No International Women's Day in Gaza, say mothers of hungry children
By Nidal Al-Mughrabi - Reuters
Women's Day? At a tent in Rafah where Um Zaki said she was boiling porridge on an open flame to stave off the hunger of her six children, the holiday passed as a cruel joke. "Now, all our days look the same. The days of feasts, happy occasions, nice food, laughter and hope, are all gone because of the war," she told Reuters by phone. "What is Women's Day? We are deprived of the minimal rights, we are deprived of living. Every day women die by Israeli bombs."
/jlne.ws/4a8ZWW2
US dispatches aid ship to Gaza after Biden vows to build pier
Reuters
The U.S. Army has dispatched a ship to send humanitarian aid to Gaza, Central Command (CENTCOM) said on Sunday, days after President Joe Biden vowed to build a temporary pier to supply the besieged enclave. The General Frank S. Besson left Joint Base Langley-Eustis in Virginia "less than 36 hours after President Biden announced the U.S. would provide humanitarian assistance to Gaza by sea," CENTCOM said in a statement.
/jlne.ws/3Vgp4pJ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | A Decade of Progress: 121 Exchanges and CCPs around the world "Ring the Bell for Gender Equality" on its 10th Anniversary
The World Federation of Exchanges
The World Federation of Exchanges (The WFE) proudly announces the 10th annual "Ring the Bell for Gender Equality" event, a global initiative that invites exchanges worldwide to ring the bell to signify their commitment to fostering gender equality in the workplace, marketplace, and community. There will be 121 exchanges in total involved in events, holding workshops and bellringings in honour of their fantastic female colleagues this month. To mark International Women's Day on 8th March the WFE published its Women Leaders Special Edition Focus Magazine in which we highlighted some of the brilliant women within our membership organisations. At the WFE, we are proud that many member exchanges have long been proactive in promoting gender equality, as demonstrated by their own projects and their active participation in the annual Ring the Bell for Gender Equality initiative.
/jlne.ws/3TuPBOP
Dr. Stephan Leithner becomes CEO of Deutsche Boerse AG
Deutsche Boerse
The Supervisory Board of Deutsche Boerse AG has appointed Dr. Stephan Leithner as the company's new CEO today. The 57-year-old will take office on October 1, 2024 and will initially run Deutsche Boerse as co-CEO together with Dr. Theodor Weimer lead. Dr. Theodor Weimer will then be 65 years old and will retire from the board. His contract expires at the end of 2024.
/jlne.ws/439pDDL
ICE Expands Equity Derivatives Complex With the Launch of MSCI Index Total Return Futures
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, and home to the most liquid markets for trading MSCI futures, today announced the launch of MSCI Index Total Return Futures (TRFs). ICE's MSCI TRFs offer investors a way to gain exposure to MSCI's flagship indices: MSCI EAFE Index, MSCI Emerging Markets Index, MSCI USA Index and MSCI World Index. The TRF contracts serve as an exchange listed alternative to over-the-counter total return swaps that seek to replicate the performance of MSCI's indices in a more capital-efficient and transparent way.
/jlne.ws/4a8V4Ag
Change in the SIX Executive Board
SIX
As of July 1, 2024, David Brupbacher will become Head IT and Member of the SIX Group Executive Board. He will replace Christoph Landis, who will retire in the second half of the year. David Brupbacher has been with SIX since 2001 and was most recently Head IT Infrastructure & Operations of the company. David Brupbacher will become Head IT and Member of the Executive Board of SIX on July 1, 2024. In this role, he will be responsible for the group-wide development and operation of the entire IT infrastructure. David Brupbacher already held this position ad interim from February 2023 to the end of 2023.
/jlne.ws/3wOweHP
JSE Advocates for Gender Equality through Global Bell-Ringing Initiative
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE) today joined peer bourses in an annual bell-ringing ceremony, a resonant campaign aimed at amplifying the call for gender equality. This symbolic act, celebrated worldwide among dozens of stock exchanges, highlights the JSE's commitment to fostering an inclusive economy where gender equality is actively pursued. Launched in 2015 through a collaboration among the Sustainable Stock Exchanges Initiative, the UN Global Compact, UN Women, the International Finance Corporation, and the World Federation of Exchanges, the 'Ring the Bell for Gender Equality' initiative is an annual highlight commemorated on International Women's Day.
/jlne.ws/48OaDfG
LuxSE celebrates International Women's Day 2024
LuxSE
In a special two-part Ring the Bell ceremony held at the Luxembourg Stock Exchange (LuxSE) earlier today, guests from Luxembourg and Argentina joined the Exchange to celebrate the first anniversary of the launch of the Luxembourg Women in Finance Charter as well as the listing of Argentina-based nonprofit development organisation Pro Mujer's ARS 370 million gender bond.
/jlne.ws/3v5jbkv
Taiwan Futures Exchange Echoes with "Ring the Bell for Gender Equality"
Taiwan Futures Exchange
Taiwan Futures Exchange (TAIFEX) once again joins the "Ring the Bell for Gender Equality" event among global exchanges during the week of International Women's Day this year. TAIFEX's Chairman Tzu-Hsin Wu, CEO Chien-Lung Chou along with other female managers, gathered together to demonstrate the spirits of "TAIFEX's Care" and showcase their steadfast support for gender equality.
/jlne.ws/3TvTFhJ
MIAX Announces Participation in World Federation of Exchanges' "Ring the Bell for Gender Equality"
Miami International Holdings
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), MIAX Sapphire, LLC (MIAX SapphireTM), Minneapolis Grain Exchange, LLC (MGEXTM), LedgerX LLC (LedgerX), The Bermuda Stock Exchange (BSX), and Dorman Trading, LLC (Dorman Trading), today announced its participation in the World Federation of Exchanges' tenth annual "Ring the Bell for Gender Equality" campaign for International Women's Day on March 8, 2024.
/jlne.ws/3ItKQP9
Abaxx Prepares Exchange Opening Sequence and Final Notices
Abaxx
Abaxx Technologies Inc. (NEO:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, announces the initiation of the final exchange trading launch sequence for Abaxx Exchange and Clearinghouse to open the market in each of its commodity futures contracts.
/jlne.ws/3wP8a7s
SGX Group reports market statistics for February 2024
SGX Group
Deep derivatives liquidity across multiple asset classes through Lunar New Year
Securities market turnover grows despite fewer trading days. Singapore Exchange (SGX Group) today released its market statistics for February 2024. Derivatives volume rose across multiple asset classes as global market participants leaned on SGX Group's trusted marketplace for continued access through the extended Lunar New Year holidays in Asia.
/jlne.ws/3TcqHlR
TMX Group Equity Financing Statistics - February 2024
TMX Group
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for February 2024.TSX welcomed 11 new issuers in February 2024, compared with nine in the previous month and 14 in February 2023. The new listings were six exchange traded funds, two mining companies, one closed-end fund, one oil & gas company and one life sciences company. Total financings raised in February 2024 increased 1218% compared to the previous month, and were up 619% compared to February 2023. The total number of financings in February 2024 was 32, compared with 31 the previous month and 36 in February 2023.
/jlne.ws/4cdUbsf
Euronext announces volumes for February 2024
Euronext
Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris - 8 March 2024 - Euronext, the leading pan-European market infrastructure, today announced trading volumes for February 2024.
/jlne.ws/3TjMo3w
Euronext announces March 2024 quarterly review results of the CAC SBT 1.5
Euronext
Euronext today announced the results of the quarterly review for the CAC SBT 1.5 index, which will take place after markets close on Friday 15 March 2024 and be effective from Monday 18 March 2024.
/jlne.ws/3wKZbUR
Euronext announces March 2024 quarterly review results of the MIB ESG
Euronext
Euronext today announced the results of the quarterly review for the MIB ESG index, which will be implemented after markets close on Friday 15 March 2024 and will be effective from Monday 18 March 2024.
/jlne.ws/3v7XRLf
Joint Press Release on Caution to Investors
MCX
It has been brought to the notice of the Exchanges that some unscrupulous persons/ entities operating through Indian and International mobile numbers, through social media platforms like WhatsApp Groups, Telegram Channels, Facebook, Instagram Channels, etc. are falsely claiming to be associated with reputed financial institutions, showcasing fake certificates purportedly issued by SEBI/ Exchanges.
/jlne.ws/3TyXkeY
Trader Alert 24-20: (*Reminder*) MEMX Options is Updating its Instrument Directory File and the Symbology Required in the Portal Risk Management Tool Monday March 11, 2024
MEMX
As previously announced, MEMX Options is updating its Instrument Directory file and making changes to the symbology required in the Firm and Risk Management User Portal tools. The changes are currently available in the MEMX Options Development Environment (MODE) and production release date is Monday, March 11, 2024.
/jlne.ws/437R8xB
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | CQG unveils AI predictive model for traders; The technology uses live data and has had "an extremely high level of predictive success in anticipating futures market moves," during internal testing, said the business.
Claudia Preece - The Trade
Technology solutions business CQG has unveiled a new trading toolkit, with a "first of its kind" AI predictive model for traders which incorporates live data to predict futures market moves. Following internal testing and proof-of-concept using live data, CQG has confirmed that the system has been successful in a live trading environment. "Following extensive machine learning (ML) training in a back-testing environment, the firm just started applying the technology to live data, with an extremely high level of predictive success in anticipating futures market moves," said CQG in a statement.
/jlne.ws/3TuP8w3
TSMC to win more than $5 billion in grants for a US chip plant, Bloomberg reports
Reuters
Taiwan Semiconductor Manufacturing Co (TSMC), the world's largest contract chipmaker, is set to win more than $5 billion in federal grants from the U.S. government for setting up a chipmaking plant in Arizona, Bloomberg News reported on Friday. The award is yet to be finalized and it is unclear whether TSMC will tap the loans and guarantees also on offer from the 2022 Chips and Science Act, the report said, citing people familiar with the matter. TSMC and the U.S. Commerce Department did not immediately respond to Reuters requests for comment.
/jlne.ws/4cmeqEf
TP ICAP separates data unit following investor pressure; Parameta Solutions registered as standalone company in preparation for potential listing or sale
Nikou Asgari - Financial Times
UK broker TP ICAP has separated a fast-growing division that sells data to traders as it attempts to respond to pressure from its investors to return capital. The data unit, Parameta Solutions, was registered in February as a standalone company as TP ICAP prepared a possible sale or listing of it, said two people with knowledge of the matter. Parameta is registered as a separate company on the Jersey companies register.
/jlne.ws/3Tv2NmQ
Thomson Reuters has $8bn war chest for AI-focused deals, says chief; Media and data group will develop its own technology and scoop up targets with AI capabilities
Daniel Thomas in London and Andrew Edgecliffe-Johnson - Financial Times
Thomson Reuters has an $8bn war chest to spend on acquisitions and investments in artificial intelligence, according to chief executive Steve Hasker, as it bets that the technology will transform rather than undermine its business of supplying information to lawyers, accountants and other professionals. Talking to the Financial Times before this week's investor day, its first for three years, Hasker said the group had "tremendous financial firepower" to expand across AI-driven professional services and information as it plans to sell the rest of its holding in the London Stock Exchange Group.
/jlne.ws/3wNXgPr
Wave Labs onboards first long-only buy-side client; "When a major buy-side client chose to use the EMS from us, a start-up, this is the confirmation that eLiSA is offering something unique. Something contemporary. Something new," Miles Kumaresan, chief executive of Wave Labs told The TRADE.
Claudia Preece - The Trade
Fixed income trading technology specialist, Wave Labs has onboarded Lombard Odier Group as its first buy-side client, The TRADE can reveal. The engagement contract was signed early this year, with the firm fully integrated and operational, The TRADE understands.
/jlne.ws/3IyLYkw
Nvidia is sued by authors over AI use of copyrighted works
Jonathan Stempel - Reuters
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AI Is Affecting Small Business Marketing. How Can You Use It Right Now? How generative AI is changing business writing, marketing, and art.
Dan Furman - Inc.
/jlne.ws/3Td5pUV
21 of the best ChatGPT courses you can take online for free; Learn how to harness the power of ChatGPT without spending anything.
Joseph Green - Mashable
/jlne.ws/3IzlRtX
AI Marilyn Monroe adds to the list of dead celebrities digitally resurrected without consent; Oh, we're still doing this?
Cheyenne MacDonald - Engadget.com
/jlne.ws/3uVztwx
AMD's AI story is 'unfolding fast.' This bull sees a 25%-plus stock gain ahead.
Emily Bary - MarketWatch
/jlne.ws/43joR7m
AI Is Taking On New Work. But Change Will Be Hard-and Expensive; Many executives are still figuring out how, and how fast, to go with generative AI
Chip Cutter - The Wall Street Journal
/jlne.ws/3vgbWWW
Bakkt Now Available Through Unchained's Collaborative Custody Network
Bakkt Holdings, Inc.
/jlne.ws/3VdC53o
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| Cybersecurity | | Top stories for cybersecurity | One Year On: Lessons from the ION Ransomware Event
Derek Haworth - BornTec
One year ago, the futures industry was well on the way to re-establishing normal operating procedures after a major ransomware event that targeted the critically important and deeply embedded services offered by ION Markets. In the aftermath, the Futures Industry Association (FIA) has taken a proactive path to address the issue of market resilience but on the ground, some very valuable lessons are already being implemented where operational resilience is concerned. As we talk to customers and prospects we have found three key themes that should be addressed before the next market disruption hits: data, agility, and communication.
/jlne.ws/4c46s29
Independent Cybersecurity Audits Are Powerful Tools for Boards
Daniel Garrie - Bloomberg Law
Board members today increasingly face personal liability for their organization's cyber posture. This has raised the stakes of attestations and created a need to gain insight into cyber programs. One of the most effective ways to do so is through independent cybersecurity audits. This essential component of responsible organizational governance can demonstrate proactive leadership and reveal possible blind spots. Cybersecurity audits are also necessary for compliance with regulations that hold the board and C-suite accountable for verifying the efficacy of their company's cybersecurity program.
Why cybersecurity companies may be especially well-suited to the tribulations of the public markets, according to Arctic Wolf CEO Nick Schneider
Allie Garfinkle - Fortune
Arctic Wolf seems to be going public-at some point. And, no, we're not talking about the medium-sized species of shock-white wolf (though that would be quite an S-1). We're talking about the cybersecurity company providing software that spots and addresses cyber threats, which has raised just over $1 billion to date, according to the Fortune Cyber 60 report.
/jlne.ws/3wSHCT2
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| Cryptocurrencies | | Top stories for cryptocurrencies | Billionaire Hedge Funder Bill Ackman Mulls Bitcoin
Stephen Alpher - CoinDesk
Pershing Square Capital Management founder and CEO Bill Ackman turned some of his attention to Bitcoin {{BTC}} on Saturday afternoon, cheekily suggesting a scenario in which the price for the world's largest crypto could soar far higher than anyone might imagine. "Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues," said Ackman in a post on X.
/jlne.ws/3TaVUpl
Michael Saylor: Bitcoin Can Compete With S&P 500 ETFs
Caden Pok - Benzinga
At the Bitcoin Atlantis conference in Madeira, Portugal, MicroStrategy Inc. Chairman Michael Saylor discussed Bitcoin and other topics with podcast host Natalie Brunell. One of the points of conversation surrounded the recently approved spot Bitcoin exchange-traded funds ETFs and their ability to compete with other top asset classes and ETFs.
/jlne.ws/49KZxJQ
Bitcoin miners are devouring energy at a record pace during the crypto runup
David Pan - Bloomberg
After recovering from a near-death experience during the most recent crypto winter, Bitcoin miners are back in survival mode - spending billions of dollars on equipment and drawing energy at a record pace ahead of an update in the digital currency's code that threatens revenue streams.
/jlne.ws/3uUAcxX
Return of Animal Spirits? Bitcoin Traders Lock $20M in the $200K Call Option
Omkar Godbole - CoinDesk
Animal spirits seem to have returned to the market, spurring a 2021-like interest in bitcoin {{BTC}} options that would pay off if the cryptocurrency's price tripled in the coming months. On Friday, the Deribit-listed bitcoin call option at the $200,000 strike price had a notional open interest of over $20 million. The strike price is almost three times bitcoin's going market rate of $67,000. Of the total tally, $14.6 million is locked in the $200,000 call expiring on Dec. 27, while the rest is concentrated in June and September expiry strikes, according to data source Deribit Metrics.
/jlne.ws/438T2xI
'A lot of people are going to get hurt' as Bitcoin tests all-time high, top economist warns
Rebecca Mezistrano - The Street
Bitcoin has been on a tear, ripping past $70,000 on Friday, a new record high for the world's largest crypto. While Bitcoin has seen more mainstream adoption, there are still some skeptics. Dr. Burton Malkiel, American economist and author of 'A Random Walk Down Wall Street,' joined TheStreet to discuss what he thinks of the crypto craze.
/jlne.ws/3wUIuWY
Billionaire Hedge Funder Bill Ackman Mulls Bitcoin; The activist investor has previously mostly steered clear of any involvement in crypto.
Stephen Alpher - CoinDesk
/jlne.ws/4a7ntXr
The majority of altcoins launched since 2020 are dead, but bitcoin's latest rally could spark a revival
Filip De Mott - Business Insider
/jlne.ws/3VcEOtU
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| Politics | | An overview of politics as it relates to the financial markets | US mulls blacklisting CXMT to curb China's chip advance, Bloomberg News says
Reuters
The United States is weighing sanctions on several Chinese tech companies, including chipmaker ChangXin Memory Technologies, in a bid to further restrain China's development of advanced semiconductors, Bloomberg News said on Friday. Citing people familiar with the matter, it said the commerce department's bureau of industry and security was considering adding ChangXin to the so-called entity list that restricts access to U.S. technology, along with five more Chinese firms.
/jlne.ws/3wX5Zi4
Forecaster Peter Turchin: 'The US is in a much more perilous state than Russia'; Academic's models predicted 2020 instability. Was it just luck?
Henry Mance - Financial Times
In 2010, the journal Nature asked experts to predict their fields a decade in the future. Google's director of research ventured that, by 2020, most search queries would be spoken, not typed. A Harvard geneticist said nano-memory devices would harness bacteria's ability to navigate the Earth's magnetic field. Then Peter Turchin came forward. Originally an ecologist, he made perhaps the boldest prediction: the next decade was "likely to be a period of growing instability in the United States and western Europe". His models showed instability could spike "around 2020".
/jlne.ws/4a4hrqA
How TikTok Became a US-China National Security Issue
Alex Barinka and Daniel Flatley - Bloomberg
A monthly poll by Bloomberg News and Morning Consult on the issues at stake in the US presidential election. Depending on whom you ask, the short-form video platform TikTok is either a showcase for goofy dances and makeup tutorials or a sophisticated threat to US national security. Because TikTok Inc. is owned by a Chinese company, ByteDance Ltd. - and because China requires its companies, upon request, to share any national security-related data with the government - TikTok's popularity among Americans carries implications beyond the mobile-phone screen. That's on top of hand-wringing by parents, educators and mental-health experts about whether TikTok's content and addictive nature are unhealthy for young minds. Renewed efforts by Congress to force TikTok to sell or face a ban in the US have the backing of the White House, even as President Joe Biden's reelection campaign has started to use the platform to reach younger voters.
/jlne.ws/3Vdkp8e
UK not ready for new post-Brexit border controls, warn importers; Vital information is said to be missing just weeks before key inspection site opens in Harwich
Peter Foster - Financial Times
The new £22mn border facility at the port of Harwich on England's east coast is ready for action, with 13 spotless loading bays where, from the end of next month, selected trucks delivering food and animal products from the EU will be inspected. But despite all the gleaming new equipment on display, industry bodies on both sides of the Channel are voicing ever-louder concern that the British government has failed to prepare the ground adequately for the introduction of a new post-Brexit border.
/jlne.ws/4cnN54z
When fiscal rules create a perverse political trade-off; Attempts designed to encourage probity from politicians mostly end up pushing them to game the system
Martin Sandbu - Financial Times
The UK's Budget, presented last Wednesday by chancellor Jeremy Hunt, followed the usual well-rehearsed choreography. The government sends its policy plans to the independent Office for Budget Responsibility, which forecasts how the resulting public finances measure up against a set of fiscal rules - established by the government itself. The result becomes a political tool in the form of "headroom": how much more public borrowing can rise without crossing a line that has come to define the limits of fiscal responsibility. Government and opposition alike must account for how to stay on the right side of the line while making good on their policy offering to voters.
/jlne.ws/3Iy8QAG
Bond Investors Are Lining Up to Fund the War Against Putin
Sujata Rao and Aline Oyamada - Bloomberg
/jlne.ws/43d6Fwb
The Chinese-Russian war machine could soon overwhelm the West
Matthew Henderson - The Telegraph
/jlne.ws/3Iw1Nss
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| Regulation & Enforcement | | Stories about regulation and the law. | UK regulators to allow crypto-related securities; UK regulators have said that they will not object to the creation of cryptocurrency-related securities, following similar moves by supervisors in other markets.
Max Seddon - Financial Times
Russia's finance ministry has set terms for a proposed swap of Russian and western investors' frozen assets in each other's jurisdictions, allowing each side to claw back value lost to sanctions over Vladimir Putin's war in Ukraine. Moscow hopes the potential exchange, announced by the ministry on Monday, will unblock Rbs100bn ($1.1bn) in European securities, mostly owned by Russian retail investors, by letting western investors buy them with their own funds stranded in Russia.
/jlne.ws/3wPYcmt
Watchdog Says Bankers Misrepresented Risky China-Linked Notes to Korean Retirees; Nation mulls banning banks from selling high-risk products; Losses from complex financial products seen at $4.4 billion
Youkyung Lee - Bloomberg
South Korea's financial watchdog said a probe found that some of the country's largest brokers misrepresented risky China-linked structured products to retail investors, and it is considering remedies including penalties and a ban on sales. Regulators plan to take action after reviewing compensation offers from the financial firms involved, the Financial Supervisory Service said on Monday. An investigation uncovered poor regulatory compliance and systematic failures regarding the sale of products linked to the Hang Seng China Enterprises Index, it said.
/jlne.ws/49MMKXl
Justice Department to Flesh Out Whistleblower Program After 90-Day 'Policy Sprint'; A top U.S. Justice Department official said the agency would use a new whistleblower program to bring more foreign corruption cases but offered few specifics
David Smagalla - The Wall Street Journal
A senior U.S. Justice Department official sketched out the broad policy goals of the agency's newly announced whistleblower program but offered few additional details on the initiative, which is intended to help prosecutors bring more foreign corruption cases. "When it comes to the pilot, there are only so many details I can share at this point-and that's because the whole point of the [Deputy Attorney General Lisa Monaco's] 90-day 'policy sprint' is to gather information, to consult with stakeholders and to design a thoughtful, well-informed program," said Nicole Argentieri, acting U.S. assistant attorney general for the criminal division, at the American Bar Association conference on Friday.
/jlne.ws/3T3SRPC
The Market Risk Advisory Committee's Future of Finance and Climate-Related Market Risk Subcommittees to Meet on March 15
CFTC
Two subcommittees of the Market Risk Advisory Committee (MRAC) will hold public meetings on Friday, March 15 from 9:30 a.m. to 12:30 p.m. (EDT) at the CFTC's Washington, D.C. headquarters. Members of the public will also have the option of attending in person or virtually. Commissioner Kristin N. Johnson is the sponsor of the MRAC.
/jlne.ws/48MhDd5
CFTC, K-State Announce Agenda for AgCon2024; Panels Will Explore Issues Impacting Derivatives Markets and the Agricultural Sector
CFTC
The Commodity Futures Trading Commission and the Center for Risk Management Education and Research at Kansas State University (K-State) today announced the agenda for the third Agricultural Commodity Futures Conference (AgCon2024). The conference is scheduled for April 11-12 in Overland Park, Kansas. See the full conference agenda. Register for AgCon2024.
/jlne.ws/3V8s5IE
Keynote Address by Commissioner Caroline D. Pham, North American Millers' Association Keynote Address by Commissioner Caroline D. Pham, North American Millers' Association 2023 Annual Meeting General Session
CFTC
Good morning. I want to begin by extending my thanks to the North American Millers' Association (NAMA), NAMA Chair Brian Doyle of King Milling Company, and NAMA President Jane DeMarchi, as well as staff member Megan Baker, for the invitation to your 2023 Annual Meeting. It is an honor to speak to NAMA members about the importance of the milling industry and grain markets-these are truly kitchen table issues that we all care about
/jlne.ws/3VdNeRI
Unsolicited Investment Pitches: Don't Answer! Hang Up! Delete!
Lori Schock, Director of the Office of Investor Education and Advocacy - SEC
Do you get annoyed by unknown phone callers or emails and texts from people you don't know? I know I do. Do you know what annoys me the most? Getting calls, texts, and emails from people asking me for money to invest in a supposedly "once-in-a-lifetime" investment opportunity. If you get an unsolicited phone call, text, or email from someone asking you for money, it's probably a scam. Your very first line of defense against investment fraud is to not answer phone calls or open any texts or email messages from any number or person you don't recognize. Your second line of defense is to hang up or delete right away. Taking these immediate actions is your best protection against investment fraud.
/jlne.ws/48JherS
Say "NO GO to FOMO"; At some point we've all felt FOMO (Fear of Missing Out).
Lori Schock, Director of the Office of Investor Education and Advocacy - SEC
At some point we've all felt FOMO. Whether it involves trying to get a reservation at the trendiest new restaurant or the hottest ticket on Broadway, everyone has experienced some kind of fear of missing out on something. While it may be hard to curb this feeling in most instances, one place you should consider using your strongest willpower is when you're making decisions on investment opportunities. As you make investment decisions keep this phrase in mind, "NO GO to FOMO."
/jlne.ws/4cbgSxa
FCA updates position on cryptoasset Exchange Traded Notes for professional investors
FCA
The Financial Conduct Authority (FCA) will not object to requests from Recognised Investment Exchanges (RIEs) to create a UK listed market segment for cryptoasset-backed Exchange Traded Notes (cETNs). These products would be available for professional investors, such as investment firms and credit institutions authorised or regulated to operate in financial markets only.
/jlne.ws/4a4yFUM
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Inside the traders' black box; A lawsuit against market makers may reveal how high-frequency trades really work
Financial Times
Market watchers have wondered for years about what really goes on inside trading firms like Citadel Securities, Susquehanna and Virtu. A recent ruling in a lawsuit brought by a medical company may provide some answers. Today on the show, host Ethan Wu asks FT reporter Joe Miller about the case, brought by Northwest Biotherapeutics. Also, we short Trader Joes and Temu.
/jlne.ws/3TbIGZv
Reddit, Investors Seek Up to $748 Million in Planned IPO; Reddit, investors to sell 22 million shares at $31 to $34 each; Social media firm's IPO set to be one of year's biggest so far
Amy Or - Bloomberg
Reddit Inc. and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings so far this year, according to people familiar with the matter. The social media platform and some of its current shareholders plan a sale of 22 million shares for $31 to $34 each, said the people, who asked not to be identified because the information wasn't public yet. The company was seeking a valuation of as much as $6.5 billion in the listing, Bloomberg News has reported.
/jlne.ws/43e4fxc
Dubai's Gold Shops Take a Hit as Record Prices Deter Buyers; Sales in some locations down by half as bullion nears $2,200; Speed of metal's ascent has taken many investors by surprise
Leen Al-Rashdan - Bloomberg
The ever-higher prices reached by gold are turning Dubai's traditional bazaar into more of a window-shopping experience. Purchases are plummeting at the Gold Souk, according to salespeople at numerous shops, as bullion goes on a record run that's now approaching $2,200 an ounce. Most locals are just browsing, leaving the majority of buying to tourists who are willing to pay more while they're on vacation. "They ask why it's so high so they are buying less," said Yemeni shopkeeper Abdelnaser Alyafie, who's worked in the market for six years. "The price is very high so people think the small things are okay but if they want to buy the big stuff, more grams, they will think, let the price go down. Then they're going to buy."
/jlne.ws/4a7rGdL
Nvidia Is the Latest Shiny Object to Spur Stocks to New Heights; Everyone's favorite AI play has accounted for a third of the S&P's gain so far this year.
Elena Popina and Jess Menton - Bloomberg
It's the story of the acorn and the mighty oak. Way back in 2001, as the tech industry was struggling through the aftershocks of the dot-com bust, the S&P 500 had a hole to fill. Scandal-plagued Enron Corp. was about to be kicked out of the broad equities benchmark, and the question was, who should replace it? Standard & Poor's landed on a little-known chipmaker called Nvidia Corp. Although few people on Wall Street were aware of the company, Morgan Stanley's Mark Edelstone saw its promise. "They have just an incredibly strong market position right now," he said at the time.
/jlne.ws/3wNSJfT
Options ETFs give investors a handy hedge; The popular covered call strategy aims to provide an enhanced income and protect against changing sentiment
David Stevenson - Financial Times
As stock markets in the US surge, many increasingly cautious local private investors are turning to options and derivatives to protect against changing sentiment. There has been an explosion in funds in the US that use options in one form or another to act as a hedge, be that through so-called covered call writing, or more structured defined outcomes. Options are hugely popular on US retail platforms such as Robinhood but derivatives are also finding their way into more mainstream products, such as exchange traded funds.
/jlne.ws/3Ted19K
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The Livestock Industry and Climate Obstruction: A Q&A with Viveca Morris and Jennifer Jacquet
Yale Law School
A new study by Viveca Morris, a Research Scholar at Yale Law School and Executive Director of the Law, Ethics & Animals Program at Yale Law School, and Jennifer Jacquet, a Professor of Environmental Science and Policy at University of Miami, investigates how the livestock industry has shaped public policy and public discourse about its climate change impacts. The article documents the significance of industry-funded scientists and academic centers in responding to mounting evidence of the climate change harms of industrial meat and dairy production. The study, "The animal agriculture industry, U.S. universities, and the obstruction of climate understanding and policy," was published in the journal Climatic Change on Feb. 26. Morris and Jacquet discuss their research.
/jlne.ws/3TuYtE0
BofA to Add Headcount, Expand Scope for Transition Business; BofA sees growth in gas and power markets, carbon trading; BlackRock has identified transition as a 'mega' economic force
Sheryl Tian Tong Lee, Alastair Marsh, and Laura Hurst - Bloomberg
Bank of America Corp. plans to expand the scope of its commodity energy transition business, a move it says will require additional headcount as more clients look to reduce their carbon footprint. The bank is expanding its presence in global gas and power markets as well as in environmental products trading in response to client demand, according to George Cultraro, global head of commodities trading.
/jlne.ws/4a8PKgg
EQT and Equitrans Midstream to Combine in Big Natural-Gas Deal; All-stock transaction to reunite EQT with its former pipeline business
Lauren Thomas - The Wall Street Journal
EQT Corp. has struck a roughly $5.5 billion deal to buy back its former unit Equitrans Midstream in a bid to create a big, vertically integrated natural-gas provider. Each outstanding share of Equitrans common stock will be exchanged for 0.3504 share of EQT stock, representing a value of $12.50 per Equitrans share. Equitrans shares closed Friday at $11.15. Pittsburgh-based EQT had a market value of roughly $16.5 billion. The combined company is expected to be valued at more than $35 billion, including debt.
/jlne.ws/43amKm0
Texas Challenges US EPA Over New Rule on Methane Emissions; EPA rule combats toxic gas emissions from oil, gas industry; Texas accuses federal regulators of 'blatant overreach'
Madlin Mekelburg - Bloomberg
Texas, the nation's biggest energy producing state, filed a complaint asking a court to block a new rule by the US Environmental Protection Agency that targets reductions in methane emissions from the oil and gas industry. State Attorney General Ken Paxton filed the complaint Friday in a Washington federal court, accusing federal regulators of "blatant overreach" in rulemaking and of usurping Texas authority to set its own emission standards.
/jlne.ws/3IsQlxI
Judge blocks US labor board rule on contract and franchise workers
Daniel Wiessner - Reuters
A federal judge in Texas on Friday struck down a U.S. National Labor Relations Board (NLRB) rule that would treat many companies as employers of certain contract and franchise workers and require them to bargain with unions representing them. U.S. District Judge J. Campbell Barker in Tyler agreed with the challengers to the "joint employers" rule, including the U.S. Chamber of Commerce, that it is too broad and violates federal labor law. The rule, issued in October, had been set to take effect on Monday.
/jlne.ws/3TwiMA3
Exclusive: Investors push Zara owner Inditex to publish full supply chain
Helen Reid - Reuters
/jlne.ws/48TpntI
Azerbaijan vulnerable to climate change, host of UN summit says; Fossil fuel producing nation defends its COP29 role as Baku prepares to welcome green energy investment
Attracta Mooney - Financial Times
/jlne.ws/49YRlWc
Skiers Head North to Snow-Sure Scandinavia as the Alps Heat Up; Climate change has made it impossible to guarantee snow in many ski resorts-but not those in the Nordics, where business is now booming
Lars Paulsson and Love Liman - Bloomberg
/jlne.ws/3Tstzwa
Lack of female-led 'unicorns' shows the need for change in the VC world; Women continue to receive only a small fraction of the funding from firms
Anna Mutoh - Financial Times
/jlne.ws/43eN5zi
US carbon pipeline company pledges no oil recovery, but Bakken drillers want it
Leah Douglas - Reuters
/jlne.ws/3Pfh1G3
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Tradier Calls Futures Brokers "Archaic," Proposes Its Own Alternative for Retail Traders
Damian Chmiel - Finance Magnates
The US-based multi-asset brokerage platform Tradier, has announced the launch of its new Futures Trading offering, marking a significant expansion into the rapidly growing derivatives market. The new service, currently in beta version, is expected to have a full launch in April. The transition occurs amidst growing demand from active retail traders for a more modern, trader-centric alternative to the existing, often archaic, retail futures brokerages. According to the Tradier's press release, many traders have expressed frustration with the lack of digitization, poor customer service, and confusing pricing plans offered by traditional brokerages.
/jlne.ws/4c5LSyx
Regional banks were all 'guilty until proven innocent' after Silicon Valley Bank, Citizens CEO says
Elisabeth Buchwald - CNN
When I set up an interview with Bruce Van Saun, head of Citizens Financial Group, the 14th largest bank in the US, for a piece that would mark the first anniversary of the collapse of Silicon Valley Bank I didn't anticipate having such a fresh feeling of déjà vu. But an action-packed week of news from New York Community Bank brought back unwelcome memories of last year's banking crisis.
/jlne.ws/4ccbxFG
UK-focused retail broker eToro considers New York for IPO; Chief executive says firm also looking at London listing, but adds US could connect it to more potential investors
Nikou Asgari - Financial Times
Retail trading platform eToro is seeking a valuation of more than $3.5bn as it considers the US as a potential destination for a listing, despite the UK being its biggest market. The Israel-based brokerage is weighing an initial public offering in either New York or London, its chief executive told the Financial Times, as retail trading activity on the platform surges to highs last seen during the "meme stock" frenzy of 2021.
/jlne.ws/3PhH1k2
Goldman Sachs says it will exit Japan transaction banking; Financial group to close the Tokyo branch of Goldman Sachs Bank USA
Reuters
Goldman Sachs Group said on Friday it will exit transaction banking in Japan. The financial group will close Goldman Sachs Bank USA Tokyo Branch, whose sole purpose was to support transaction banking in Japan, it said in an emailed statement.
/jlne.ws/3vb4P1Z
Goldman Rejigs Asia Financing Leadership; Korea Head to Leave; Korea head David Chung will leave the bank after 25 years; Nicola Dondi will lead Asia ex-Japan bond financing at bank
Denise Wee - Bloomberg
Goldman Sachs Group Inc is reshuffling the top ranks of its Asia Pacific ex-Japan financing group and rejigging its leadership in Korea, as part of broader changes within the bank globally. Korea country head David Chung will leave the firm, according to an internal memo, which was confirmed by a bank spokesman. Chung, who is also head of Korea investment banking, was at Goldman for more than 25 years. He joined the firm in 1999 as an analyst in corporate finance in Seoul, and became a managing director in 2008.
/jlne.ws/4cb0MDB
BNP Paribas Appoints Two Senior Executives to its CIB Division
BNP Paribas
BNP Paribas, Europe's leading global bank, today announces the appointments of two senior level executives to its Global Banking unit within the Corporate & Institutional Banking (CIB) group: Steven Coburn is appointed to Head of Consumer & Retail, North America. Steve was previously with Wells Fargo, where he spent 24 years in Investment Banking, most recently leading the group's efforts in the Food & Beverage sector. Before that, he spent time at Bear, Stearns, Inc. and Accenture. Steve received a BA from the University of South Carolina and an MBA from the Kellogg School of Management at Northwestern University.
(No Link)
Fidelity Cuts About 700 Jobs, Its First Reduction Since 2017
Silla Brush - Bloomberg
/jlne.ws/3PeV0XA
Vanguard CEO's Surprise Exit Raises Big Questions for the Investment Giant; The surprise announcement raises many questions. Who will fill the No. 1 job at the world's No. 2 asset management company is just one of them.
Andrew Welsch - Barron's
/jlne.ws/3IvXGfW
Abrdn cuts jobs, costs and investor confidence; The FTSE 250 asset manager is underperforming despite CEO Stephen Bird's efforts
Emma Dunkley and Sally Hickey - Financial Times
/jlne.ws/3Phd97d
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Ex-workers at Temu owner PDD suffer surveillance and financial ruin over non-competes; Lawyers allege Chinese tech companies abuse laws intended to apply to top executives when they pursue low-level workers leaving for rivals
Nian Liu and Ryan McMorrow - Financial Times
After graduating from a Shanghai university in 2022, self-described introvert Yao joined the grocery operations of the city's fastest-rising tech giant, Pinduoduo. A year later, he found himself losing his hair, one sign of the stress of his entry-level job, and decided to find work elsewhere. Soon after leaving, he was put under surveillance by Pinduoduo. A subsequent labour arbitration case means he now owes the Chinese tech giant around double the amount he earned during his year of working there.
/jlne.ws/3Tdag8B
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Health care providers losing up to $1B a day from cyberattack
Tina Reed - Axios
Disruptions from the Change Healthcare cyberattack are costing health providers as much as $1 billion a day and creating enough of a drag to depress first-quarter earnings, analysts and industry officials say. Why it matters: Even though Change's parent, UnitedHealth Group, has a timeline for restoring the third-party payment systems that roughly half of U.S. health care relies on, it's not as simple as throwing a switch. Hospitals, pharmacies, doctors, medical equipment vendors and others could spend weeks or months sorting out patient eligibility, filing claims and paying additional staff to handle the extra administrative burden.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hedge funds threaten to pull India investments due to regulatory crackdown; Rules introduced in response to Adani short seller report would force funds to disclose 'granular details' of end investors
Costas Mourselas and John Reed - Financial Times
Hedge funds are threatening to pull investments from India because of controversial new rules introduced in response to last year's short seller attack on Adani, one of the country's biggest companies. The rules, from Indian markets regulator Sebi, require big foreign investors - including hedge funds - betting on Indian stocks to reveal all their end investors, something the funds argue would create "severe practical difficulties" for funds and mark a stark departure from international practice.
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World's Last Negative Rate Experiment Nears Its End in Japan; Economists and bond traders see hike coming in March or April; Verdict on negative rates mixed; weaker currency a key benefit
Toru Fujioka - Bloomberg
The Bank of Japan is widely expected to scrap the world's last negative interest rate in the coming weeks, marking the closing act of global central banks' grand experiment with unorthodox policies. Governor Kazuo Ueda is forecast to raise the short-term rate from -0.1% either next week or in April in what would be the first rate hike in Japan since 2007, according to economists and bond traders.
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Hong Kong Weekend Home Transactions Jump to Three-Year High; Developer shares rise as demand rebounds after curbs removed; High interest rates, ample supply may still hurt prices
Shawna Kwan - Bloomberg
Hong Kong's 10 biggest residential estates saw transactions rise to the highest in three years last weekend, according to Centaline Property Agency Ltd., as the market continued to benefit from recent easing steps. A total of 37 apartments changed hands on the weekend, up 48% from a week earlier. Hong Kong property buyers have been rushing to snap up homes after the government removed extra property levies last month to boost the market.
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Morocco to dedicate 1 mln hectares to green hydrogen projects
Reuters
The Moroccan government said on Monday it will allocate 1 million hectares to green hydrogen projects, starting with 300,000 hectares in a first phase, as part of an offer to attract investors. Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonising industries.
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Brazil Markets Are World's Worst After Petrobras Dividend Sends Shockwaves
Vinícius Andrade and Davison Santana - Bloomberg
Brazilian markets slumped after a smaller-than-expected dividend payout from state oil giant Petroleo Brasileiro SA rekindled fears of increased government intervention in the nation's largest companies. The Brazilian real weakened as much as 1.1% on Friday, leading losses among major currencies around the world, while long-end swap rates climbed. The benchmark Ibovespa equity index fell to the lowest in more than three weeks, dragged down by Petrobras, which accounts for 13% of the index weightings. Shares in the firm fell more than 10%, erasing about 56 billion reais ($11 billion) in market value.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Global Population Crash Isn't Sci-Fi Anymore; We used to worry about the planet getting too crowded, but there are plenty of downsides to a shrinking humanity as well.
Niall Ferguson - Bloomberg
We used to imagine humanity populating the universe. In Isaac Asimov's Foundation (1952), mankind has established a vast multi-planetary empire by the year 47000. "There were nearly twenty-five million inhabited planets in the Galaxy," Asimov wrote. "The population of Trantor [the imperial capital] ... was well in excess of forty billions." In Liu Cixin's Three-Body Problem (2006), by contrast, we're a cosmic rounding error, bracing ourselves for the terrifying Trisolaran invasion. As the trailer for the new Netflix series puts it: "They are coming, and there is nothing you can do to stop them."
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To surge or not to surge, the algorithm is the question; From rides to burgers, consumers may balk when differential pricing comes to their favourite real-world businesses
Rana Foroohar - Financial Times
Surge pricing is something that anyone who takes a ride share on a regular basis has become used to. Try calling an Uber or Lyft on a rainy day during the dinner hour or around the school pick-up or drop-off time and you'll be paying more than your usual rate - sometimes a lot more. Yet when consumers are confronted with common online business models like "dynamic pricing" in the bricks-and-mortar world, they may revolt. Consider the recent consumer backlash after Wendy's, the American fast-food chain, announced on an earnings call that they were considering surge pricing for burgers during peak demand - and had invested $20mn in new AI systems to do so.
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