| September 11, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today is a solemn day, one for reflection on the events of 9/11/2001. There is a surprising source of an inspirational and humorous story involving former NFL offensive lineman Jason Whittle. The Athletic tells the story of how Whittle is more than just a football player; he's a man of deep faith and compassion, with an inspiring legacy of service after 9/11. Despite persistent, false internet rumors claiming he is Patrick Swayze's secret son, Whittle wants to be known for his real-life actions. Following the 9/11 attacks, he provided comfort to his best friend's family, sitting by his dying brother's side at Ground Zero. Whittle also returned to Ground Zero multiple times, supporting first responders and grieving families. His actions and character, both on and off the field, reflect his true legacy.
When I mentioned the news about my cousin Tom being hired for the manager's job at the Lake Geneva Yacht Club, it made me stop and think about the connections between the club and Chicago and the Chicago Board of Trade. So I wrote about it.
The Lake Geneva Yacht Club (LGYC) shares a rich legacy with Chicago's business elite, dating back to the 19th century. Key figures like Julian Sidney Rumsey, a founding member of the Chicago Board of Trade (CBOT), and Nathaniel Kellogg Fairbank, LGYC's first commodore, helped forge deep connections between the CBOT, Lake Geneva, and Chicago's burgeoning grain trade. Rumsey, also a former mayor of Chicago, and Fairbank, a prominent trader, laid the foundation for the club's history. Both are former CBOT presidents. The Sheridan Trophy, established in 1874, remains one of the oldest sailing competitions in the U.S., cementing these ties between commerce and leisure. The story is titled Lake Geneva Yacht Club and Chicago's Futures Markets: A Shared Legacy.
There's still time to register for Trading Technologies' second annual TT Connect, which will take place tomorrow in London at the Andaz Liverpool Street. Starting at 11:45am BST with lunch, the agenda for "Unlocking Profit with Data & Analytics" features expert speakers who will cover the power of data, analytics and technology solutions in improving the profitability, effectiveness and regulatory compliance of your trading activities. See the agenda and register HERE.
The Depository Trust & Clearing Corporation's (DTCC) Fixed Income Clearing Corporation (FICC) Government Securities Division (GSD) set a new daily activity record of USD $9.2 trillion on September 3, 2024, surpassing its previous peak of $8.8 trillion by 4.5%. GSD's activity has grown 42% year-over-year, driven by increased market demand and the value of central clearing services, which reduce risk and provide capital and balance sheet relief. FICC's Sponsored Service also hit a record with $1.414 trillion in cleared U.S. Treasury activity, reflecting its rapid growth of 98% year-over-year.
How important is being connected to Stock Connect for Chinese companies? The removal of Chinese property developers from the Stock Connect system has caused a sharp drop in their share prices, signaling a significant setback for the already struggling real estate sector, Bloomberg reported. Shimao Group Holdings' stock fell by 30%, with CIFI Holdings and Sino-Ocean Group dropping over 20%. Being included in Stock Connect is crucial as it allows mainland Chinese investors access to Hong Kong-listed shares, boosting liquidity and investor confidence. The removal reflects deeper concerns about the property sector's debt issues and ongoing downturn, exacerbating fears that further recovery efforts may be ineffective. Conversely, Alibaba's inclusion in Stock Connect highlights the program's importance in driving positive market sentiment and attracting substantial mainland capital. The Stock Connect link is a cross-border trading system between mainland China and Hong Kong. It allows investors in mainland China to trade eligible stocks listed on the Hong Kong Stock Exchange (through the "Southbound" link) and investors in Hong Kong to trade eligible stocks listed on the Shanghai and Shenzhen stock exchanges (through the "Northbound" link).
Here are excerpts from in front of FOW's paywall from some recent stories: In August, MIAX saw a 5% decline in options volume across its four exchanges, despite the recent launch of MIAX Sapphire. Meanwhile, the DTCC is advocating for a "rolling" onboarding to US Treasury central clearing, citing diverse client needs. Wematch.live expanded its total return swap cash flow service to North America after growing adoption elsewhere. Industry trade bodies expressed support for the US Federal Reserve's proposal to revise bank capital rules, though further refinements are needed. Eurex's Ether futures saw modest success since launch, while the London Metal Exchange experienced a 14% volume boost in August. Advantage Futures also integrated ION's XTP platform to enhance post-trade processing and analytics amid rising volumes.
During the Covid pandemic we wanted to stay away from people so as not to catch the virus. Bloomberg reports the COVID-19 pandemic left an enduring impact on Americans' social lives, with an estimated 13.3 million more people remaining single by 2022. This "dating recession" has extended beyond personal and psychological effects, affecting the economy, with fewer relationships leading to milestones like marriage, homeownership, and family formation. Social isolation has persisted post-pandemic, with adults spending less time engaging in face-to-face interactions. Businesses such as restaurants and bars are struggling as fewer people go out for social activities, while rising costs further reinforce isolation. Developers are responding by building smaller homes, reflecting a shift in living patterns due to declining household sizes. Lesson learned: it is harder to hit on someone in a loud bar when you are standing six feet apart.
Oh Deere! Deere & Co. agreed to pay $9.9 million to settle SEC claims that its Thai subsidiary, Wirtgen Thailand, bribed government officials with lavish trips, cash, and gifts to win public contracts, The Wall Street Journal reported. From 2017 to 2020, employees courted officials from Thailand's Royal Air Force and Department of Highways with extravagant trips, including luxury stays in Europe and visits to massage parlors, violating the U.S. Foreign Corrupt Practices Act. The misconduct occurred before Deere fully integrated Wirtgen into its compliance program. Deere cooperated with the SEC investigation, terminated the responsible employees, and strengthened its compliance efforts.
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:
- CME Group Volatility Index (CVOL) from CME Group.
- The Fastest Options Are the Most Fun from Bloomberg.
- Miami International Holdings Reports Trading Results for August 2024; YTD Volumes Reach Record Levels on MIAX Options, MIAX Emerald and MIAX Pearl Equities Exchanges from MIAX. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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  Lake Geneva Yacht Club and Chicago's Futures Markets: A Shared LegacyThe intertwined history of the Lake Geneva Yacht Club, the Chicago Board of Trade, and the City of Chicago traces back to the 19th century, with key figures like Julian Sidney Rumsey and Nathaniel Kellogg Fairbank establishing deep connections through sailing and business.
When I mentioned the news about my cousin Tom being hired as the new manager of the Lake Geneva Yacht Club ("LGYC") yesterday in JLN, I mentioned Thomas "T" Freytag, a co-founder of Geneva Trading, as a contemporary reference to give it relevance to the normal newsletter fodder. However, the history of Chicago's futures markets and the LGYC have a common founder in Julian Sidney Rumsey.
In fact, the City of Chicago, the Chicago Board of Trade (CBOT), and the LGYC share an intertwined history dating back to the mid-19th century, with the Sheridan Trophy serving as a symbolic link between these institutions.
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 STA President Reflects on Market Structure Changes and Industry ChallengesJohnLothianNews.com As the financial industry grapples with a flurry of regulatory proposals and looming political changes, Jim Toes, President and CEO of the Security Traders Association (STA), offered a measured perspective on the road ahead. Watch the video »
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 LaSalle Street Racing to Move Scouts Forward Fundraiserwww.tinyurl.com/LaSalle4Scouts On September 25, the Pathway to Adventure Council of the Boy Scouts of America is hosting the LaSalle Street Racing to Move Scouts Forward event at the Chicago Board of Trade Building. This annual tradition, dating back to 1971, brings together professionals from LaSalle Street to support Scouting in our community. The highlight of the evening will be a pinewood derby race. You'll have the opportunity to build your own car or lease one at the event. It's a fantastic way to tap into your competitive spirit while enjoying cocktails and delicious food with colleagues and friends. Your participation will directly benefit Scouting programs that help develop leadership skills and character in our youth. There are various sponsorship levels available to suit your preferences. The event will be held at Ceres, with plans to move outdoors if weather permits. It's a perfect opportunity to network, have fun, and make a difference. Click Here to Register »
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Coffee Is Now So Expensive That Farms Are Becoming Crime Scenes; Thieves are looting beans as local prices soared to a record; Growers turn to guard dogs and bee hives to deter criminals
Fred Ojambo - Bloomberg
To stop his coffee crops being stolen yet again, Ugandan farmer Charles Waliggo has been waking during the night to patrol his plot. Others are being urged to turn to dogs to guard plantations - or even bees. The security measures are necessary to stop thieves snatching unharvested beans straight from trees under cover of darkness, a problem that has become much more serious as prices soar. Two of the country's farming associations say coffee theft has hit unprecedented levels this year.
/jlne.ws/4eiOhpN
***** It is not the bee hives I would worry about, but rather the beekeeper.~JJL
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Time to Brush Up on Your Crusader History; A new book, The House of War, explores the need to learn other people's versions of the past.
Marc Champion - Bloomberg
How much do you know about the battle of Yarmouk in 636 AD, when an Arab army first destroyed a major Christian force near Syria's borders with Israel and Jordan? Or the First Crusade, when Frankish knights took Jerusalem in 1099, slaughtering virtually every Muslim and Jew in the city? Or the battle of Lepanto, in 1571, when news of the Ottoman massacre of a Christian garrison at Famagusta, Cyprus, contributed to the defeat of its fleet at the hands of a Spanish-led armada? If the answer is plenty, that's great. But the odds are that these episodes in the long struggle between Christians and Muslims will mean more to the average Turk, Iranian or Palestinian. And that's a problem for the West's understanding and approach to Gaza, Iran and the Middle East as a whole.
/jlne.ws/3zgqkRi
****** History is written by the victors, but there are other versions as well.~JJL
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Tuesday's Top Three
Our top clicked story on Tuesday was Bloomberg's The Stocks, Bonds and Currencies Investors Are Watching During the Trump-Harris Debate. Second was BlockTower hires veteran tech executive as co-portfolio manager, about the hiring of Samuel Gaer, from Reuters. Third was a tie among LME targets liquidity 'for all', not just high-frequency traders from FOW, Sophistication of TCA Application Rises Among Asset Managers from Trading Technologies, and the registration page for FIA Forum: Commodities 2024 Commodity Derivatives: Volatility, Liquidity, Regulation and Enforcement, from the FIA.
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| Lead Stories | Cantor Fitzgerald Bids Adieu to a 9/11 Survivor; Harry Waizer retires, 23 years after barely escaping the attack that killed 658 of the firm's employees.
Caroline Aiken Koster - The Wall Street Journal
Retirements are rare at Cantor Fitzgerald. I've clinked plastic champagne flutes only a few times in 22 years at the New York financial-services firm. On Sept. 11, 2001, al Qaeda wiped out a generation of our employees, 658 souls, in its attack on the World Trade Center. It's therefore rarer still to have a colleague like Harry Waizer, who has retired after 27 years. Harry, 50, was heading to his office on the North Tower's 104th floor when the first plane hit. Jet fuel poured down the elevator shaft, and a fireball struck him. When the doors miraculously opened on floor 78, Harry trudged down the emergency stairs, scorched skin hanging off him, as horrified workers gave way. An ascending firefighter soon brought him to street level. Arriving at the hospital, Harry uttered his name and wife's phone number before falling into a medically induced coma for roughly seven weeks.
/jlne.ws/47uzq9K
ASX Names Clarke Chair as Roche Retires Amid Tech Upgrade Woes; David Clarke to start on October 28, Damian Roche to retire; ASX is facing regulatory scrutiny on key tech platform upgrade
Adam Haigh - Bloomberg
David Clarke will become chair at ASX Ltd., the operator of Australia's main equities and derivatives exchange that's battled with a years-long upgrade of its clearing and settlement technology system. Clarke assumes the role on Oct. 28, when current chair Damian Roche will retire, according to a statement Wednesday. Clarke has held senior roles at Westpac Banking Corp. and ran Investec Bank (Australia) Ltd. earlier in his career. He's currently also chair of Charter Hall Group. The length of Roche's tenure at the firm had been in question in recent months. ASX is being sued by the securities regulator for misleading statements relating to a costly overhaul of a key system that's hit a number of snags in recent years.
/jlne.ws/3ZmlLzo
How Wall Street won 'capitulation' from the Federal Reserve on new bank rules; Fed vice-chair says he learnt 'lesson of humility' when he had to revise capital requirements plan
Colby Smith, Martin Arnold and Joshua Franklin and Stephen Gandel - Financial Times
Just months after the shocking unravelling of Silicon Valley Bank and First Republic Bank last year, Michael Barr unveiled a new set of guardrails for the US's biggest lenders and an uncompromising defence of why they were needed. "Some industry representatives claim that inadequate capital had nothing to do with those bank failures," the Federal Reserve's vice-chair for supervision said in July 2023, one year into his tenure as Wall Street's top regulator. "I disagree."
/jlne.ws/3B0BObZ
DTCC 'will prevail' in UST clearing, says CME's Duffy; CME boss says LCH-FMX cross-margining deal could face obstacles, and acknowledges difficulties at BrokerTec
Bernard Goyder - Risk.net
CME Group chairman and chief executive Terry Duffy has talked down the CME's prospects of victory in the US Treasury clearing market, saying he expects the Depository Trust & Clearing Corporation (DTCC) to continue to dominate the sector. "Ultimately DTCC will be the prevailing clearing house to clear cash Treasuries," Duffy told the Barclays Financial Services Conference in New York on September 9. In a wide-ranging conversation, he also suggested any cross-margin arrangement between LCH and BGC
/jlne.ws/3MGYBMK
The Fed backpedals and unveils a scaled back proposal for bank capital requirements
Jennifer Schonberger and David Hollerith - Yahoo Finance
The Federal Reserve unveiled plans that would massively scale back a proposal to raise capital requirements for banks after politicians and the banking industry pushed back on the initial plan, warning it could restrict lending and hurt the economy. The new proposal would increase capital levels for big banks like JPMorgan Chase (JPM) and Bank of America (BAC) by 9% in aggregate, down by half from the original plan from more than a year ago that set the capital increase around 19% for those institutions.
/jlne.ws/3AZmDjr
The fragmentation of carbon markets must be fixed; Policymakers need to implement global standards if we are to scale up the role of credits
Vera Songwe - Financial Times
One of the thorniest talking points in climate right now is the carbon credit market. This remains a critical mechanism for funding projects that help offset greenhouse gas emissions at scale. Nevertheless, some areas - namely, the so-called voluntary credit markets - have an integrity problem, which is holding back adoption of the whole. Stakeholders can help supply a solution by moving the entire market towards a compliance-based approach.
/jlne.ws/47olCNV
China refuses to sign agreement to ban AI from controlling nuclear weapons
AFP via Fortune
Humans not artificial intelligence should make the key decisions on using nuclear weapons, a global summit on AI in the military domain agreed Tuesday, in a non-binding declaration.
/jlne.ws/4gojrOC
Germany Wrong-Footed by Shock UniCredit Move on Commerzbank; Purchase means UniCredit owns almost as much of bank as Berlin; Italy's Meloni was tipped off about purchase in recent days
Arno Schuetze, Steven Arons, Kamil Kowalcze, and Eyk Henning - Bloomberg
UniCredit SpA's shock move on Commerzbank AG caught Germany's government off guard and puts Chancellor Olaf Scholz in a bind. Berlin had no advance warning that UniCredit would swoop when it offered a tranche of Commerzbank shares for sale on Tuesday, according to people familiar with the process. The purchase leaves officials in an unexpected position in which UniCredit, with 9%, owns almost as much of Commerzbank as Germany does, and it could become the biggest shareholder when more stock is offered.
/jlne.ws/4gkm1Vw
FX data champion outlines transparency push; Stuart Simmons, new head of GFXC working group, wants trading platforms to come clean on how they use client data
Cole Lipsky - Risk.net
When the Global Foreign Exchange Committee appointed Stuart Simmons as the head of its newly formed FX data working group, they knew they had someone who wouldn't flinch from thorny industry-wide challenges. Simmons, who is also head of multi-asset solutions at Australian sovereign fund manager Queensland Investment Corporation, has history as a vocal contributor to the GFXC's guidance on pre-hedging and its outreach to global buy-side firms.
/jlne.ws/3AWqopI
23 Years After 9/11, Families of Cancer Victims Fight for Benefits; Some families are still pushing for recognition after their loved ones died from cancer that they believe is linked to Sept. 11, but that the federal government won't recognize as such.
Claire Fahy - The New York Times
In the weeks that followed Sept. 11, 2001, when David Skiba came home from lengthy search-and-rescue shifts at ground zero, his wife would take his shoes and place them outside. "That's people's ashes," Matt Skiba, their son, remembers his mother saying as she carefully handled the dust-covered boots.
/jlne.ws/4dV96bh
Excess Supply Is a Bigger Worry Than Demand for Oil Traders; The world's appetite for crude looks to be flagging, but a looming wave of new production poses a greater concern at this week's Singapore conference.
Serene Cheong - Bloomberg
Crude's rapid descent during the past few weeks meant that bulls were pretty thin on the ground at Asia's premiere oil gathering in Singapore this week. Brent has lost about 13% in a little more than two weeks, so the mood music at the Asia Pacific Petroleum Conference was decidedly somber. Analysts and traders from Goldman Sachs Group Inc. to Trafigura Group were mostly bearish, with many predicting prices would fall further.
/jlne.ws/4dWB1HP
CME's Duffy ambivalent about sale of joint venture with S&P Global
Mark Weinraub - Crain's Chicago Business
CME Group's top executive expressed ambivalence regarding a possible sale of OSTTRA, the exchange's joint venture with S&P Global that provides post-trade services in derivatives and foreign exchange markets.
/jlne.ws/3ZDJ5Jh
Historic Bond Deal Failure Was Result of Financial Model Error, Scotia Says
Chunzi Xu - Bloomberg
A C$1 billion ($735 million) bond deal to finance an investment group's purchase of gas pipelines fell apart due to a financial-modeling mistake, according to analysts at Bank of Nova Scotia. Aspen Investments LP sold the bond last week, with the proceeds earmarked to buy an interest in TC Energy Corp.'s network of natural gas infrastructure in western Canada. But the bond sale failed to close and the minority-stake transaction is now delayed due to a "structuring issue," the pipeline company said Tuesday, without providing details.
/jlne.ws/47j1kFD
The Rise and Fall of a Green-Energy Superstar; Enviva cashed in on a boom in wood pellets, then a disastrous trade led to bankruptcy; questions about environmental claims
Ryan Dezember - The Wall Street Journal
When Enviva began construction here on the world's largest wood-pellet plant, it had contracts worth more than $20 billion to supply overseas power plants with an alternative to coal. The company's shares were near an all-time high. That was two years ago. The Epes facility is still under construction, but Enviva is in bankruptcy court.
/jlne.ws/4e0Z2gM
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Biden says ending ban on Ukraine's use of long-range weapons being worked out
Reuters
U.S. President Joe Biden said on Tuesday that his administration was "working that out now" when asked if the U.S. would lift restrictions on Ukraine's use of long range weapons in its war against Russia. The U.S. has been reluctant to supply or sanction the use of weapons that could strike targets deep inside in Russia for fear it would escalate the conflict.
/jlne.ws/3Tq4vFF
The new ballistic missiles Russia just got from its pariah partner Iran will give it more flexibility with its own missiles, US warns
Jake Epstein - Business Insider
Russia has received shipments of short-range ballistic missiles from Iran, US officials confirmed on Tuesday, warning that these weapons could be used against Ukrainian cities within weeks. The delivery marks the latest transfer of foreign weapons to Russia as it continues to rely on other pariah states like Iran and North Korea for military support to fuel its ongoing war efforts in Ukraine.
/jlne.ws/4gmwzni
Russian Commander Says Counterattack to Ukraine Incursion Starts; Military bloggers said Russia retook two sites in Kursk region; Russia continues offensive across front line despite incursion
Henry Meyer - Bloomberg
Moscow's forces claim to have started an offensive to dislodge Ukrainian troops in the Kursk region of Russia, their first significant effort in more than five weeks since the start of Kyiv's incursion. A Russian brigade began advancing Tuesday, with fighting continuing Wednesday, Apti Alaudinov, a military commander, told state-run Rossiiskaya Gazeta newspaper.
/jlne.ws/4efEMrt
UK sent Kyiv large supplies of old military equipment, watchdog finds; Defence ministry dispatched kit 'due to be scrapped or replaced', according to National Audit Office
John Paul Rathbone - Financial Times
Much of the military aid the UK has given to Ukraine has consisted of old equipment, such as army boots that otherwise would have had to be thrown away, according to a spending watchdog. Military gear that was "often due to be scrapped or replaced" was prioritised by the Ministry of Defence because it was believed to have "immediate military value" to Ukraine - but sending it to Kyiv also "reduced waste or costs relating to disposal", the National Audit Office said on Wednesday.
/jlne.ws/3Xp3nmG
Ukraine Pressed to Think About a Plan B for War With Russia; As Russia advances, Western officials want Kyiv to spell out realistic war goals
Max Colchester and Laurence Norman - The Wall Street Journal
Since Russia invaded Ukraine in 2022, Ukraine's leaders have insisted that Russia needs to be driven out of all Ukrainian territory before any peace talks could begin. Now, with Russia continuing to make slow gains on the battlefield and Western support for Ukraine showing signs of fatigue, Ukraine may need to come up with a more realistic plan, at least for the next year of the war, according to European diplomats.
/jlne.ws/3TotKIq
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israeli official floats safe passage for Oct. 7 architect Yahya Sinwar in return for hostages
Hira Humayun and Tara John - CNN
An Israeli official has floated the possibility of offering Hamas leader Yahya Sinwar safe passage out of Gaza, once all remaining hostages held in the Palestinian territory are released. Israel's Coordinator for Hostages and the Missing Gal Hirsch told CNN's Jessica Dean on Sunday that if all remaining 101 hostages are returned, "I even believe that we will agree to build safe passage to the chief terrorist, the new Hitler, Sinwar - safe passage to him and whoever he wants to join him out of Gaza."
/jlne.ws/3XCRivw
U.S. demands IDF change West Bank operations after American's killing; Secretary of State Antony Blinken's comments were the strongest yet from a U.S. official after the Israeli military said it was "highly likely" it "unintentionally" killed Aysenur Eygi.
Karen DeYoung, Michael Birnbaum and Loveday Morris - The Washington Post
Israel acknowledged Tuesday that its forces had likely shot dead an American citizen near a demonstration last week in the occupied West Bank, leading Secretary of State Antony Blinken to call for "fundamental changes" in the way the Israel Defense Forces operates there, "including changes to their rules of engagement."
/jlne.ws/4egGg4M
As New School Year Begins, Some Gaza Children Learning in Tents and Shelters; More than 11 months of war in Gaza have ravaged much of the enclave and destroyed critical infrastructure, including education centers
Abeer Ayyoub and Omar Abdel-Baqui - The Wall Street Journal
For many students across the Middle East, early September brings the buzzing return of children to classrooms. In the war-torn Gaza Strip this year, it marks nearly a full year without education. As a new school year formally begins this week, some educators are trying to find ways to create new teaching centers in the Palestinian enclave-be it in tents, around bombed-out buildings or in small open spaces around shelters.
/jlne.ws/4dZY2JL
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX Announces New Chair as Damian Roche Retires
ASX
ASX announces today that David Clarke joins the ASX Limited Board as Non-Executive Director and Chair Elect, and will assume the role of Chair following the company's Annual General Meeting (AGM) on 28 October 2024. Current Chair, Damian Roche, confirms he will retire from the ASX Board at the conclusion of the AGM. Mr Roche was re-elected at ASX's 2023 AGM, and he stated at the time that he would be serving his final term as he focused on board renewal and the transition to a new Chair.
/jlne.ws/3N1lquN
Spanish listed companies call for an update of regulations to facilitate maximum shareholder participation in their General Meetings
BME-X
Spain's major listed companies agree on the need to reform current Spanish regulations so that each company can freely choose how to hold its General Meeting. The experts stress that in Spain the regulation of general meetings lacks the necessary flexibility to hold fully telematic meetings, which are already common in other European countries and in the United States, as well as being the preferred method for many shareholders and institutional investors, who in most cases reside in other countries. This is one of the main conclusions of the conference 'Shareholders' Meetings in the 21st Century: Permanent and telematic meeting model', organised by BME at the Palacio de la Bolsa de Madrid, which was attended by representatives of listed companies such as Santander, Telefonica and Iberdrola, the Better Finance investors' federation, the Georgeson consultancy firm and experts from law firms such as A&O Shearman, Cuatrecasas and Garrigues, as well as magistrates, professors and members of the General Codification Commission.
/jlne.ws/3XE0QGH
Eurex streamlines off-book EFP-financial trade approvals in Fixed Income Futures
Eurex
Eurex extends its auto-approval functionality for off-book trading to EFP-financials trades for Fixed Income Futures in its latest joint efforts with Tradeweb to improve efficiency of fixed income derivatives business. Exchange for physicals (EFPs) trades may involve the simultaneous purchase and sale of futures and a cash market security. Eurex allows EFPs for its Fixed Income Futures versus securities that show a price correlation such that the futures are an appropriate hedge instrument for these transactions.
/jlne.ws/4d3sEJh
ICE's Global Natural Gas Markets Reach Record Liquidity
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced record liquidity across its global natural gas futures markets including record open interest (OI) in U.S. Financial Gas futures and options markets and record OI in TTF futures. On August 27, 2024, ICE's global natural gas futures markets reached record OI of 22.4 million contracts, up 15% year-over-year (y/y). In North America, ICE's U.S. Financial Gas futures and options markets hit a series of OI records in August and September including a record 11.7 million contracts on September 3, 2024, up 13% y/y. ICE's U.S. Financial Gas markets cover 70 hubs across North America allowing customers to manage regional supply and demand dynamics. Henry Hub markets, the U.S. natural gas benchmark, continues to see strong OI figures, up 26% y/y.
/jlne.ws/3Zktuhn
LSEG & Perennial Partners Announce Strategic Collaboration To Enhance Investment & Trading Workflows
Mondovisione
LSEG (London Stock Exchange Group) today announced a strategic collaboration with investment management firm, Perennial Partners, to provide a seamless end-to-end offering for buy-side workflow. In collaboration with Perennial, LSEG combined its portfolio management tools and Workspace desktop to create a single space for Perennial's traders to monitor their portfolios in real-time and explore pre-trade data, news and analytics. This is seamlessly integrated at the point of trade through a combination of LSEG's order and execution management tools and its trade-routing capabilities.
/jlne.ws/3XFRUR2
Performance Bond Requirements - Energy Margin - Effective September 11, 2024
CME
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/jlne.ws/4elLJYe
Caution for Investors
NSE
It has been brought to the notice of the Exchange that person named "Mani Sharma" associated with entity named "SRD Glow Pvt Ltd" operating through mobile number "8506960242" is providing assured/guaranteed returns on investment in securities market and offering to handle trading account of investors by asking investors to share their Login ID/password.
/jlne.ws/3XBl6ZE
Caution for Investors
NSE
It has been brought to the notice of the Exchange that person named "Piyush Patel" operating through mobile number "7743906286" and website "https://cosmofeed.com/vig/664701495095ec00133b9b50" is providing assured/guaranteed returns on investment in securities market and offering to handle trading account of investors by asking investors to share their login ID and password.
/jlne.ws/3ZjRxNm
TMX Group Equity Financing Statistics - August 2024
TMX Group
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for August 2024. TSX welcomed 17 new issuers in August 2024, compared with 10 in the previous month and four in August 2023. The new listings were 15 exchange traded funds and two mining companies. Total financings raised in August 2024 increased 396% compared to the previous month, and were up 282% compared to August 2023. The total number of financings in August 2024 was 44, compared with 17 the previous month and 21 in August 2023.
/jlne.ws/3Xm92tR
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Revolut's Big Bank Ambitions Threatened by Surge in Fraud Complaints; The $45 billion challenger bank says it's committed to tackling online fraud as it seeks 'exponential' growth.
Aisha S Gani - Bloomberg
In early May, George Workman was busy sending invoices to clients from his suburban London warehouse when his mobile phone rang. At the other end, a clipped British accent warned him that someone was trying to hack into his bank account to pilfer thousands of pounds to buy Bitcoin, and offered help to stop it. The 44-year-old founder of premixed drinks firm Liberation Cocktails had little reason to doubt the caller, who claimed to be with the anti-fraud team of UK fintech firm Revolut Ltd., where Workman had recently opened an account. But things took a turn in a matter of minutes when Workman downloaded a link the caller said was for a live chat with Revolut agents. During the call, about £10,800 ($14,130) vanished from his other long-time, high-street bank balance through his Revolut account. He'd been scammed.
/jlne.ws/4dXN6wb
TSMC's August Revenue Climbs 33% as AI Chip Demand Holds Up
Jane Lanhee Lee - Bloomberg
Taiwan Semiconductor Manufacturing Co.'s revenue rose 33% last month, in a positive signal to investors betting on a smartphone market recovery and sustained demand for Nvidia Corp.'s AI chips. Sales reached NT$250.9 billion ($7.8 billion) in August, slowing from the previous month's 45% growth pace. For the third quarter, analysts expect TSMC's revenue to grow 37%, extending a recovery from the post-Covid depths of 2023.
/jlne.ws/3ZhsMkT
U.S. curbs on China tech investments in final push as election looms; New administration could throw wrench in rules that focus on chips and AI
Jack Stone Truitt - Nikkei Asia
The long-awaited screening program for U.S. investments in such Chinese technology as chips and artificial intelligence is nearing implementation but faces an uncertain future if not put in place before a new administration takes office in January. The outbound investment screening mechanism seeks to curb new American investment in semiconductors, AI, and quantum computing, technology deemed critical to U.S. national security. A 60-day feedback period issued by the Treasury Department has been completed -- considered a final step before implementation.
/jlne.ws/3XE0L5R
Societe Generale and Tradefeedr partner on FX TCA; The bank will deliver Tradefeedr trading analysis to clients via an API, while Societe Generale's FX algos will be featured in Tradefeedr's Pre-trade Algo Forecasting service.
Annabel Smith - The Trade
Societe Generale and Tradefeedr have entered into a new partnership to expand FX transaction cost analysis (TCA) capabilities for mutual clients. The integration will see Societe Generale's algos featured in Tradefeedr's Pre-trade Algo Forecasting offering. The service gives colour on expected algo behaviours and recommends the optimal strategy based on the conditions and characteristics of an order.
/jlne.ws/3XFcL7l
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| Cybersecurity | | Top stories for cybersecurity | Microsoft hosts cybersecurity summit after global IT outage
Reuters
Microsoft held a summit on Tuesday to discuss steps to improve cybersecurity systems, after a faulty software update from CrowdStrike caused a global IT outage in July. The conference marked the first significant step by Microsoft to address the issues that affected nearly 8.5 million Windows devices on July 19, disrupting operations across industries ranging from major airlines to banks and healthcare.
/jlne.ws/3XBm4VM
Global cybersecurity workforce growth flatlines, stalling at 5.5M pros; ISC2's annual report draws some troubling conclusions for the state of cyber defense. Budget cuts, layoffs and hiring freezes are exacerbating a global staffing shortage.
Matt Kapko - Cybersecurity Dive
The global cybersecurity workforce grew just 0.1% year-over-year to an estimated 5.5 million people, reflecting a stall in the sector for the first time since 2019, ISC2 said in a report released Wednesday. Cybersecurity jobs grew 8.7% in 2022, according to the non-profit industry association, which offers training and certifications for cybersecurity professionals.
/jlne.ws/3TpUDeS
Top 10 Uses of Blockchain in Cybersecurity
Kristian McCann - Cyber Magazine
With blockchain technology demonstrating strong cybersecurity applications, Cyber Magazine examines the Top 10 Blockchain cybersecurity uses you can deploy. In the ever-changing landscape of cybersecurity, where threats evolve as swiftly as defences, one underutilised technology may prove to be the thing that levels the playing field.
/jlne.ws/3ToDTow
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto scams stole $5.6 billion from Americans last year, mostly from older people; The FBI said in its first-ever Cryptocurrency Fraud Report that people ages 60 and older filed more than 16,000 complaints alleging more than $1.6 billion of losses.
Kevin Collier - NBC News
People in the U.S. reported losing $5.6 billion to cryptocurrency scams in 2023, with older people hit the hardest, according to the FBI. The FBI's first annual Cryptocurrency Fraud Report, published Monday, shows that people in the U.S. reported more than 69,000 complaints last year saying they had been scammed into sending cryptocurrency to criminals, often by using commonly available crypto ATMs.
/jlne.ws/3XAqCeZ
Paypal, Venmo integrate Ethereum Name Service for crypto payments
Danny Park - The Block
Paypal and Venmo have integrated the Ethereum Name Service (ENS) into their payments platforms, ENS Labs announced Tuesday. ENS is a decentralized naming system built on the Ethereum blockchain that gives readable names to crypto addresses. Now users of Paypal and Venmo can enter the recipient's ENS name directly in the search field when sending crypto, and the payment platforms will automatically identify the wallet addresses linked to the ENS. The feature will be made available for U.S. users first, according to the release.
/jlne.ws/3MHcw5l
State Street, Galaxy Launch Crypto-Linked ETFs Even as Outflows Build; Trio of new ETFs will buy shares of crypto-involved companies; Investors have been pulling back from spot Bitcoin ETFs
Katie Greifeld - Bloomberg
State Street Global Advisors and Galaxy Asset Management are launching a trio of cryptocurrency-focused exchange-traded funds even as investors pull back from spot Bitcoin funds. The SPDR Galaxy Digital Asset Ecosystem ETF (ticker DECO), the SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and the SPDR Galaxy Transformative Tech Accelerators ETF (TEKX) begin trading on Tuesday, according to a statement.
/jlne.ws/3ZkZNwB
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| Politics | | An overview of politics as it relates to the financial markets | Trump Trades Are Being Dialed Back Even More After the US Debate; Strategists highlight slump in Bitcoin and the dollar; 'Markets seem to have awarded Harris a victory,' writes ING
Lynn Thomasson - Bloomberg
Traders are further unwinding bets linked to Donald Trump winning the White House as market watchers saw last night's debate as improving the prospects of a victory by Kamala Harris. Trump Media & Technology Group Corp. shares tumbled 12% in US premarket trading and Bitcoin, an asset that's been embraced by the former president, retreated slightly. A Bloomberg gauge of the dollar dipped 0.2%. A strong dollar has become somewhat associated with Trump given his plan to penalize countries moving away from the currency.
/jlne.ws/3XFT8M8
Elizabeth Warren calls Fed chair 'dangerous man' for supporting these reduced bank controls
Michael del Castillo - Fortune
Earlier today the Federal Reserve Board's vice-chair of supervision, Michael Barr, unveiled sweeping changes to a proposal that would change the way banks protect their customers in the event of a meltdown, cutting the proposed increase in capital they must keep on hand by half. Bank lobbying groups immediately responded with cautious optimism, though they have stated the industry would prefer no increase in capital requirements at all. But not everyone is pleased.
/jlne.ws/3XjH8i5
Trump Refuses to Say If He Wants Ukraine to Defeat Russia
Iain Marlow - Bloomberg
Former President Donald Trump twice declined to say if he wants Ukraine to win the war against Russia, instead telling Tuesday night's debate he wanted the fighting to end and would have the two countries' leaders meet and work out a deal. "I want the war to stop," Trump said during his debate with Vice President Kamala Harris, after being asked two times if he wanted Ukraine to win the war. "That is a war that's dying to be settled. I will get it settled before I even become president."
/jlne.ws/3Ttktif
Betting Market Sees Harris Win Over Trump: Debate Takeaways
Gregory Korte, Mark Niquette, and Steven T. Dennis - Bloomberg
Republican Donald Trump and Democrat Kamala Harris sparred for more than 90 minutes Tuesday in a head-to-head matchup that ended with prediction markets showing positive signs for the vice president. The two candidates, meeting for the first time, battled on issues ranging from abortion to Afghanistan just as early voting is set to get underway in several key states.
/jlne.ws/4cWAOmA
Putin casts naval exercise with China as bid to counter US in the Pacific
Vladimir Soldatkin and Dmitry Antonov - Reuters
President Vladimir Putin on Tuesday warned the United States against trying to outgun Moscow in Asia as Russian and Chinese warships held joint drills as part of the biggest Russian naval exercises since the Soviet era. Putin said the wider "Ocean-2024" strategic exercise would be conducted from the Mediterranean to the Pacific and would test units' combat-readiness and the use of high-precision weapons, including promising new types.
/jlne.ws/3AVrbqO
US accuses China of directly supporting Russia's 'war machine'; Official's comments mark first time Washington says Beijing is providing Moscow with lethal aid for the war against Ukraine
Henry Foy and Polina Ivanova, Kathrin Hille and Demetri Sevastopulo - Financial Times
The US has accused China of providing Russia with direct support for its "war machine" for the first time, as part of an intensified campaign to urge Europe to join Washington in ratcheting up pressure on Beijing. US deputy secretary of state Kurt Campbell told reporters in Brussels that China was supplying Moscow with items that were directly helping the Russian military as it prosecutes its war of aggression in Ukraine.
/jlne.ws/4dYkRxw
Mexican Legislature Passes Judicial Overhaul That Has Rattled Investors; Critics say shake-up could discourage foreign investment and undermine judicial independence
Jose de Cordoba and Anthony Harrup - The Wall Street Journal
Mexico's legislature approved a contentious overhaul of the country's judicial system, a reform that has rattled investors and drawn strong criticism in the U.S. The Senate approved a constitutional amendment to replace all of the country's federal judges in a raucous session that lasted past midnight. The country's lower house passed the bill last week.
/jlne.ws/3Zm08ix
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| Regulation & Enforcement | | Stories about regulation and the law. | Deere Fined for Providing Thai Officials With 'Extravagant' Trips, Massage Parlor Visits; The tractor company agreed to pay nearly $10 million to settle foreign bribery claims by the U.S. Securities and Exchange Commission
Dylan Tokar - The Wall Street Journal
Deere & Co. will pay $9.9 million to settle claims by regulators that the tractor company's Thai subsidiary courted government officials to win business with extravagant trips to foreign countries and visits to massage parlors. The Moline, Ill.-based company on Tuesday agreed to settle alleged violations of the U.S. Foreign Corrupt Practices Act with the U.S. Securities and Exchange Commission without admitting or denying the regulator's findings.
/jlne.ws/3B8ZZoA
Chinese bank was told to wire authorities $11mn after founder disappeared; Opaque payment relating to China Renaissance chair Bao Fan leaves auditors wondering how to account for it
Cheng Leng and Ryan McMorrow - Financial Times
China Renaissance, one of the country's leading tech sector investment banks until the disappearance of its founder Bao Fan last year, was ordered to wire authorities Rmb78mn ($11mn) after its star dealmaker went missing, according to a company filing. Regulators have provided the bank with so little information about Bao's status and the reason for the large payment that the group's in-house accountants and auditors have struggled with how to record the amount in its latest financial statements.
/jlne.ws/3zgsccM
Finra's enforcements are down, but its new adverts are up; Wall Street cop channels Plato in fresh stay-safe ad blitz
George Steer - Financial Times
Two weeks ago, Elizabeth Warren extended her long-running beef with the Financial Industry Regulatory Authority, Wall Street's self-regulatory body mostly just known as Finra. In a letter pointedly cc'ing the SEC's Gary Gensler, the senator asked why - per a Bloomberg article - the number of fines levied against brokers and dealers last year fell to the lowest level in the regulator's history, noting that...
/jlne.ws/3XHdp35
Dissenting Statement of Commissioner Caroline D. Pham on Request for Authority to Appeal from Court Order in Kalshi Matter
CFTC
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham issued the following statement on the Commission's vote on Monday to authorize the CFTC to appeal the September 6, 2024 order by the U.S. District Court for the District of Columbia regarding KalshiEX LLC: "From a procedural standpoint, the Commission has once again taken a 'ready, shoot, aim' approach to the Commission's deliberations. I respectfully dissent because the Commission has been asked to grant a blank-check authorization to appeal from the U.S. District Court's order without sufficient information. To be clear, I do not have an issue with the CFTC potentially exercising our right to appeal. Rather, I continue to be concerned that the Commission is constantly rushed to vote before thinking it through. As I've said before, bad process begets bad outcomes.
/jlne.ws/4cYpaaJ
SEC Charges John Deere With FCPA Violations for Subsidiary's Role in Thai Bribery Scheme; Company falsely recorded payments as legitimate expenses
SEC
The Securities and Exchange Commission today announced that Deere & Company, which does business as John Deere, agreed to pay nearly $10 million to resolve SEC charges that it violated the Foreign Corrupt Practices Act (FCPA) arising out of bribes paid by its wholly owned subsidiary, Wirtgen Thailand. The company is an Illinois-based global manufacturer of agricultural machinery and heavy equipment.
/jlne.ws/3B0bRJG
SEC Charges Keurig with Making Inaccurate Statements Regarding Recyclability of K-Cup Beverage Pod
SEC
The Securities and Exchange Commission today charged Keurig Dr Pepper Inc. with making inaccurate statements regarding the recyclability of its K-Cup single use beverage pods. To settle the SEC's charges, Keurig agreed to pay a $1.5 million civil penalty.
/jlne.ws/3ZDGcYX
Not so Fast: Statement on In the Matter of Keurig Dr Pepper Inc.
Commissioner Hester M. Peirce - SEC
Is a car company's claim-proven by company speed tests-that its top-of-the-line sports car can go from 0-60 MPH in 2.9 seconds misleading if the company knows that its more conservative drivers do not press the pedal to the metal? The Commission's settlement with Keurig Dr Pepper Inc. ("Keurig") would suggest that it is. The Commission's Order finds that Keurig violated Exchange Act Section 13(a) and its accompanying Rule 13a-1, which require issuers to file complete and accurate annual reports, for making an analogous claim.[1] The disclosure standard embodied in this settlement may have the positive effect of dissuading companies from talking about immaterial items in their SEC filings, but it also will expose companies to endless second-guessing by the Commission unless they pad any statements they do make with a mountain of caveats. Accordingly, I dissent.
/jlne.ws/4d0x5V5
SEC Announces Six New Investor Advisory Committee Members
SEC
The Securities and Exchange Commission today announced six new members to fill vacancies on its Investor Advisory Committee. The new members, who will serve four-year terms, join 17 current committee members. The committee, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, advises the Commission on regulatory priorities and initiatives to protect investors and promote the integrity of the U.S. securities markets.
/jlne.ws/3XC9tlg
"Pro Bono Publico" Prepared Remarks before the Peterson Institute for International Economics
Chair Gary Gensler - SEC
Good morning. Thank you, Roger, for the kind introduction. As is customary, I'd like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff. Pro bono publico. For the public good. Adam Smith, known as the father of modern economics, noted in The Wealth of Nations more than 200 years ago that the whole economy benefits when the price of information is lowered, or information is free.
/jlne.ws/3MHLivy
SEC Charges Biopharmaceutical Company Employee with Insider Trading
SEC
The Securities and Exchange Commission today charged New Jersey resident Dishant Gupta with insider trading ahead of an announcement that Ipsen Biopharmaceuticals, Inc., Gupta's employer, had agreed to acquire Epizyme, Inc.
/jlne.ws/3Xl2Ouj
SEC Charges Tennessee Investment Adviser and its Owner with Religious Affinity Fraud
SEC
The Securities and Exchange Commission yesterday charged Cookeville, Tennessee resident Donald Anthony Wright and his company, Retirement Specialty Group, Inc., an SEC-registered investment adviser, with defrauding several investors.
/jlne.ws/3XElOFs
SEC Obtains Emergency Relief Against Wyoming Entity Charged with Fraud
SEC
The Securities and Exchange Commission today announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against AmeriStar, LLC and three relief defendants in connection with an alleged scheme through which AmeriStar made false statements about the safety of its investments and the use of investor funds.
/jlne.ws/3MDNfZI
SEC Charges Alabama Private Fund Manager With Offering Fraud
SEC
The Securities and Exchange Commission today charged James O. Ward, Jr., a Foley, Alabama resident, with defrauding investors by making numerous misrepresentations in selling investments in Apex Financial Institute Pvt. Ltd. ("Apex"), a private investment fund managed by Ward and his partners that raised at least $852,000 of crypto assets from approximately 70 investors in the United States and abroad.
/jlne.ws/3AZb0Jf
ASIC suspends AFS Licence of Olritz Financial Group Pty Ltd
ASIC
ASIC has suspended the Australian financial services (AFS) licence of Olritz Financial Group Pty Ltd (Olritz) until 5 March 2025. ASIC suspended the licence because Olritz has not carried on a financial services business since May 2023.
/jlne.ws/4gzlvn1
ASIC warns consumers of suspicious investment opportunities in digital gold vaults
ASIC
ASIC is aware of unlicensed entities promoting suspicious investment opportunities in digital gold vaults. These unlicensed entities are luring consumers by purporting to offer passive income and other benefits, such as payments, in return for recruiting or referring new investors. The entities target trusted relationship-based networks, such as families and friends, and use online articles and social media posts and groups, such as Instagram and Facebook to provide details about the investment.
/jlne.ws/3TrpPKR
FMA publishes ethical investing disclosure insights update
FMA
The Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko - has today published insights from its supervision of funds that claim to have ethical features. The insights are based off findings from reviewing disclosure documents, advertising, reporting on sustainability progress, and whether investments held by funds align with their sector exclusion policies. The insights follow the FMA's 2022 thematic review of how managed investment scheme (MIS) managers had applied the FMA's disclosure framework for integrated financial products guidance issued in 2020. Ethical investment claims must comply with the fair dealing provisions in Part 2 of the Financial Markets Conduct Act 2013.
/jlne.ws/4eigjls
Firms encouraged to explore new approaches to increase pension engagement
FCA
Our new research highlights when and how firms can improve their communications to help consumers to make informed decisions about their retirement savings. Our research used behavioural insights to create and test different email designs and subject lines. It aimed to overcome common barriers, like the tendency to focus on the present rather than the future (known as present bias) and feeling overwhelmed by too much information.
/jlne.ws/4eieuF3
2025 Timetable of Banking Industry Holidays
FSC
In accordance with Article 51 of the Banking Act, the 2025 Timetable of
Banking. Industry Holidays is hereby promulgated as shown in the enclosure attached
herewith
/jlne.ws/3XkrLWS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | FICC's Government Securities Division Clears Record-Setting USD$9.2 Trillion in Daily Activity; New milestone follows the previous peak value of USD$8.8 trillion on July 31, an increase of 4.5 percent.
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its Fixed Income Clearing Corporation's (FICC's) Government Securities Division (GSD) successfully cleared a record-setting USD$9.2 trillion in daily activity on September 3. This new milestone follows the previous peak volume of USD$8.8 trillion in daily activity on July 31, a 4.5 percent increase. In the past 12 months, GSD's total activity increased 42 percent year-over-year.
/jlne.ws/3Zn8GGd
Morgan Stanley Expects IPO Wave, Large M&A Deals to Hit Germany
Eyk Henning - Bloomberg
Germany could see a wave of initial public offerings in Germany over the next two years as investors are keen to buy after a drought of transactions, according to Morgan Stanley. "I expect as much as 10 large IPOs and would be disappointed to see less than five in Germany over the next 18 months," Thomas Thurner, co-head of equity capital markets for Europe, Middle East and Africa at Morgan Stanley, told reporters in Frankfurt on Wednesday.
/jlne.ws/3zgrfRK
Chinese Traders Pour Into Alibaba Shares as Trading Links Start; Investors bought $1.1 billion worth on Stock Connect first day; Mainland investors accounted for about half of daily turnover
Jeanny Yu - Bloomberg
Mainland Chinese investors flocked to Alibaba Group Holding Ltd. as its Hong Kong-listed stock was made directly available to them for the first time. Investors bought HK$8.5 billion ($1.1 billion) worth of Alibaba shares through the Stock Connect program on the first day, on a net basis, according to stock exchange data released late Tuesday. Purchases via the Shanghai and Shenzhen bourses accounted for about half of the day's turnover in the stock.
/jlne.ws/4e4063G
Japanese Trading House Mitsui to Double Share Buyback Plan
Shoko Oda - Bloomberg
Japanese trading firm Mitsui & Co. said it will double its share buyback plan to boost shareholder returns and improve capital efficiency. The buyback plan will be boosted to up to 400 billion yen ($2.8 billion), the firm said in a statement. The buyback period will be extended to Feb. 28, from an earlier expiry date of Sept. 20. The company plans to cancel all shares it bought back on March 5.
/jlne.ws/4ekM6ly
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Those Keurig Coffee Pods? They're Not So Recyclable, the S.E.C. Says.; The agency said Keurig, in its financial filings, had claimed its pods could be "effectively recycled" but didn't note that two big recycling companies wouldn't accept them.
Hiroko Tabuchi - The New York Times
Financial regulators on Tuesday charged Keurig Dr Pepper, the maker of popular K-Cup single-use coffee pods, with making inaccurate claims about the recyclability of the plastic pods. The fine, $1.5 million, is small for one of the world's largest beverage companies. Keurig Dr Pepper has a market capitalization of more than $50 billion. Still, experts said the action signaled a willingness by financial regulators to challenge recycling claims based on the principle that they could be inflating a company's shareholder value.
/jlne.ws/4egY7Zb
US cave system's bats and insects face existential threat: discarded Cheetos; Full bag of snack left in cave occasioned National Park Service to educate public about delicate ecosystems
Edward Helmore - The Guardian
A full bag of Cheetos, discarded by a subterranean visitor to the Big Room in Carlsbad Caverns national park in New Mexico, has led the US National Park Service to issue a warning that discarded food could have a "huge impact" on the cave's delicate and at-risk ecosystem. "At the scale of human perspective, a spilled snack bag may seem trivial, but to the life of the cave it can be world changing," the park said in its post about the garbage that was recently discovered there, threatening the balance of the unique cave system environment.
/jlne.ws/4efcld8
Harris Touts Record US Oil Boom in Pitch as Climate Pragmatist; Vice president noted advance in production in Tuesday debate; Trump insists Harris election win would thwart fossil fuels
Ari Natter and Jennifer A Dlouhy - Bloomberg
Kamala Harris touted the record US oil boom during her time as vice president in Tuesday's debate with Donald Trump, signaling a pragmatic approach on energy and climate policy pitched at swing state voters. Harris twice invoked the surge in US crude and natural gas production in the televised proceedings - a striking embrace of the nation's fossil fuel output for a candidate who more often touts her green credentials and history taking on Big Oil as California's top prosecutor.
/jlne.ws/3XCb4rg
Emissions-free truck prices need to drop by 50% to compete with diesel, study says
Reuters
Prices of emissions-free trucks need to fall by as much as half to make them an affordable alternative to diesel models, a study by consultancy firm McKinsey published on Wednesday said, a necessary step to help achieve European Union climate targets. Less than 2% of the EU's heavy freight vehicles are now electric and hydrogen-powered. To meet the bloc's carbon emission reduction targets, the share should rise to 40% of new sales by 2030, the study released before the IAA Transportation 2024 truck show in Hanover showed.
/jlne.ws/3ZgVP8p
Local authority pension funds call on FTSE 100 firms to hold a vote on climate transition plans
Martin Richmond - Business Green
The Local Authority Pension Fund Forum (LAPFF) and CCLA Investment Management have called on the leaders of a majority of the FTSE 100 companies to hold a vote on their climate transition plans. In a letter to the chairs of 76 FTSE 100 companies, the LAPFF and CCLA - which are backed by investors representing £1.6tr in assets under management - have urged the listed companies that have not held a vote on their climate transition plans over the last three years to do so ahead of next year's annual general meeting (AGM) season.
/jlne.ws/3MF95Ms
The unintended consequences of ESG investing - and how to prevent them; Also in today's newsletter, how the US opted for 'a slower, more expensive transition', according to one investor
Simon Mundy and Lee Harris - Financial Times
An extraordinary trial kicked off here in London yesterday, when six former executives of giant commodity trader Glencore appeared in court to face corruption charges related to bribes allegedly paid to officials in Africa.
/jlne.ws/3MHSfwE
Net-zero census: Transition an immediate priority for 2 in 5 UK businesses
Sarah George - edie
A survey of 2,005 organisations across all sizes, sectors and UK regions has found that more than 40% see net-zero as a high or very high strategic priority for the year ahead, despite a myriad of challenges including access to finance and data.
/jlne.ws/3B1P9Ru
Trafigura Sees 'Confusion' Over Aviation Emissions Scheme
Sheryl Tian Tong Lee and Heesu Lee - Bloomberg
/jlne.ws/47uw4na
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Velocity Clearing expands options trading operations with new Chicago office; New location will also allow the firm to expand its execution, clearing and custody operations.
Wesley Bray - The Trade
Financial services firm Velocity Clearing has opened a new office in Chicago as part of the expansion of its execution, clearing and custody operations including the options markets. To commemorate the milestone, Velocity Clearing representatives will ring the closing bell at the Cboe Global Markets trading floor in Chicago on Monday, 23 September at 15:15 CT.
/jlne.ws/3BbQtkw
JPMorgan Leads Wall Street's Capital Pivot Ahead of Basel Endgame Rules
Tasos Vossos - Bloomberg
PMorgan Chase & Co. is leading a historic retreat from preferred shares as Wall Street lenders re-jig their balance sheets ahead of new rules that will be significantly watered down. The bank is planning to repay a $1.6 billion issue next month, at which point it will have reduced its preferred equity by more than a quarter this year. Bank of America Corp. has also redeemed billions of dollars more than it has raised this year, cutting the securities by about 13%. Preferreds are subordinated securities that - similar to Europe's Additional Tier 1 bonds - count toward regulatory capital.
/jlne.ws/4eC1SJd
UBS Pledges $400 Billion in Swiss Loans After Credit Suisse
Noele Illien - Bloomberg
UBS Group AG will continue to provide about 350 billion Swiss francs ($414 billion) of credit to its home market as a sign of the bank's commitment to Switzerland, country head Sabine Keller-Busse said. "We are putting money where our mouth is," she said on Wednesday at UBS's Best of Switzerland conference. The bank will deploy its balance sheet in a "much smarter" way than Credit Suisse did, she said. UBS's Swiss business officially merged with its Credit Suisse counterpart on July 1, more than a year after the emergency takeover was announced.
/jlne.ws/3AZbG1f
JPMorgan's Dimon Would 'Love' Bank to Be Private, Slams Shareholder Meetings
Rebecca Ungarino - Barron's
Jamie Dimon, the chief executive and chairman of JPMorgan Chase, again weighed in against annual shareholder meetings while speaking at a conference held by an organization that promotes shareholder rights and best practices in corporate governance. "Let's call it what it is. It's a frivolous waste of time. They are hijacked by special interest groups," he said on Tuesday morning at an event held by the Council of Institutional Investors in Brooklyn, New York.
/jlne.ws/3Zom90f
South African Banks Eye Unsecured Loans for Loss-Absorbing Funds; Biggest banks collectively need up to $20 billion by end-2030; Lenders expected to meet 60% of the requirement by end-2027
Adelaide Changole - Bloomberg
South Africa's biggest banks, who must start issuing billions of rand next year for a new loss-absorbing class of debt, will partly get there by rolling unsecured liabilities into the proposed instrument, Moody's Ratings said. The central bank estimates South Africa's six largest lenders will need to raise as much as 360 billion rand ($20 billion) by 2030 in the new tool, which is designed to allow the orderly resolution of a big bank that runs into trouble. They need to start raising the funds in January.
/jlne.ws/3MG3LZf
Bridgewater Nears Deal for First NYC Offices; Hedge fund firm is expanding beyond Connecticut headquarters
Natalie Wong and Katherine Burton - Bloomberg
Bridgewater Associates is close to a deal to lease office space in Manhattan, its first US office outside of its headquarters in Westport, Connecticut. The hedge fund firm is planning to take space at 295 Fifth Ave., located between 31st and 30th streets, according to people familiar with the matter. The deal hasn't closed, the people said, asking not to be named citing private discussions.
/jlne.ws/4gjxZPo
Hedge Fund Boss Alan Howard Considers Leaving London for Geneva; Brevan Howard co-founder said to mull return to Switzerland
Nishant Kumar, Benjamin Stupples, and Donal Griffin - Bloomberg
/jlne.ws/47pj0iA
Apollo and State Street join forces on public-private credit fund; ETF launch comes as big investment firms seek to sell alternative assets to retail investors
Brooke Masters, Eric Platt and Will Schmitt - Financial Times
/jlne.ws/3Znl7Sa
Global ETF flows on course to soar past previous records; Investors shrugged off market ructions and ignored the usual summer lull to pour $130bn into exchange traded funds
Steve Johnson - Financial Times
/jlne.ws/3AWeCvE
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | AI is firing traditional tiles into the future; An engine designing delftware from an online prompt is one way the technology can leverage the past to create the new
Phineas Harper - Financial Times
On a factory shelf in Stoke-on-Trent, a white glazed ceramic tile, cooling from the kiln, bears all the hallmarks of antique delftware. Except for one thing. In the middle, drawn in painterly cobalt blue brushstrokes, is an astronaut. The tile, one of many equally improbable designs like it, is not the result of a time-travelling Dutch master craftsman but something just as sci-fi: artificial intelligence.
/jlne.ws/3Zl0UfL
Should companies let staff do what they want? Giving workers autonomy could lead to more engaged employees and better results
Rohan Banerjee - Financial Times
How can employers create an engaged workforce? Money helps. But only to a point. In his 2009 book Drive, American economist Daniel Pink writes that while employers should always pay workers enough "to take the issue of money off the table", wages only go so far. To truly motivate staff, companies should offer three things: autonomy, mastery and purpose, he argues. People crave self-direction, the chance to learn new skills, and to understand the value of what they are doing.
/jlne.ws/3ME0PfN
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Covid Pandemic Left an Extra 13 Million Americans Single; A "dating recession" is leaving scars on the American economy.
Ben Steverman - Bloomberg
When single adults gather in a room these days, the awkwardness can be overwhelming. "A lot of people have more anxiety now," says Amber Soletti, the founder of Single and the City, an organization that puts on speed-dating events in New York and Austin. "They're out of practice. They've forgotten how to engage with people face-to-face." The economic downturn precipitated by the pandemic was mercifully brief. But a new Stanford University study, along with recent government survey data, bolster the conclusion that the virus also sparked a recession in Americans' social lives-one that lingers years after most US adults were vaccinated. For millions, dating and other social activity never recovered, with effects that aren't just personal and psychological but economic and perhaps even political.
/jlne.ws/4d3aeYQ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russia Loses EU Case Aimed at Unblocking Sanctioned EUR70 Billion; NSD failed to show EU made an error by decision to target it; NSD is key part of Russia's financial market infrastructure
Samuel Stolton and Jorge Valero - Bloomberg
Russia's National Settlement Depository lost a bid to overturn European Union sanctions over its alleged role in helping fund President Vladimir Putin's invasion of Ukraine. The Moscow-based institution was hit by EU sanctions in 2022 when the bloc alleged that as the main custodian of Russian securities the body enabled the Russian government to mobilize its resources to support the war effort. The NSD "failed to demonstrate" that the EU "erred in finding that that undertaking was a systemically important financial institution which played an essential role in the functioning of Russia's financial system," EU judges ruled. The decision can be appealed to the bloc's highest court - the European Court of Justice.
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Hong Kong's regulatory support, connector role appeal to investors, medical tech firms say
South China Morning Post
Hong Kong offers strong regulatory support for foreign companies seeking to establish their operations in the city, some investors said. Its role as a connector between mainland China and the global markets is also burnishing its appeal as a hub for medical technology firms. That is the case for Time Medical, a Hong Kong-based medical imaging company spun off from Columbia University, its chief operating officer Simon Yeung said. The company faced a regulatory approval process as long as five years for its magnetic resonance imaging (MRI) machine for babies in the US, but performing preparatory work in Hong Kong helped reduced the process to just a few months, he added.
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Italy Gets Record Demand for Bond Offering Ahead of ECB Meet; Investors bid over EUR130 billion for Italian 30-year debt; ECB is expected to lower its deposit rate on Thursday
James Hirai and Paul Cohen - Bloomberg
Italy's sale of new 30-year debt attracted over EUR130 billion ($143 billion) of orders as investors rushed to lock in the region's highest yields before an expected interest-rate cut by the European Central Bank later this week. The country's Treasury is selling EUR8 billion of a bond maturing in October 2054, with pricing set at a spread of 13 basis points over comparable debt. The order book exceeds the previous record set in the immediate aftermath of the pandemic in 2020 when the European Central Bank was actively buying bonds to support the economy.
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