| October 20, 2021 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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$53,806/$300,000 (17.9%)
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Hits & Takes
John Lothian & JLN Staff
Here is the official SEC staff report on Gamestop: "Staff Report on Equity and Options Market Structure Conditions in Early 2021."
J. Christopher Giancarlo's new book "CryptoDad: The Fight for the Future of Money" is available on Amazon and the preorders for the first edition will be released on October 26, 2021. You can order HERE.
Here is what AFX Chairman & CEO Richard Sandor had to say about the book:
"Once in a while you see a perfect combination. This is one of them. Crypto Dad: The Fight for the Future of Money is a very important book written by an individual whose accomplishments and insights match the importance ohttps://bit.ly/3jUz6ty|f the subject. Written from the perspective of the Chairman of the Commodity Futures Trading Commission Chris Giancarlo tells more than the story of the birth of bitcoin futures. It provides insights into the intersection of regulation and financial innovation as well as educating the reader on the blockchain and cryptocurrencies. When digital currencies are ubiquitous Chris's vision will be applauded. I give this book the highest possible recommendation."
John Rapa announced on LinkedIn he is the co-founder and COO of a new B2B marketplace for spot trading of industrial hemp products named NashCX, LLC, the operator of the Nashville Commodities Exchange. NashCX is based in Nashville and will be focused on the markets in Tennessee, Kentucky and other parts of the Southeast U.S. -- LinkedIn
The OCC is looking for someone to hire in a clearing member relationship manager role. -- OCC
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday.
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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It appears that Cboe Global Markets plans to catch up in the race to gain traction in the digital space with one late charge to the finish line. The news this morning that the exchange operator plans to acquire ErisX reminds us that Cboe was the first exchange to offer bitcoin futures, in December 2017, just before the CME contract launched. However, Cboe later abandoned them. With the proposed acquisition of ErisX, the exchange appears to be jumping back into the market in one fell swoop -- it will get a U.S- based digital asset spot market, a regulated futures exchange and a clearing house. Cboe says it plans to operate the digital asset business as Cboe Digital. ~SC
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Cboe's Global Reach Into EU and Asia Gets Ready Assist From EVP Dave Howson - Part 1
JohnLothianNews.com
When Dave Howson took on the role of EVP and president, Europe and Asia Pacific at Cboe Global Markets in January 2020, two major external events — the U.K.'s transition away from the EU and the global pandemic — threw him some immediate curve balls.
Contending with the complications of Brexit, COVID-19, and the remote work-at-home environment required more one-to-one customer interaction calls and more educational webinars for market participants so they would be well-prepared for the changes, he said.
Watch the video »
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Dune Is the Sci-Fi Epic Commodities Traders Have Always Wanted; Spice, spice baby.
Max Reyes - Bloomberg
The ribald rivalries that define the business world have long served as fodder for prestige television dramas such as Billions and Succession. But director Denis Villeneuve's new science fiction film Dune, out on Oct. 22 in the U.S., takes inspiration from an unlikely, unsexy corner of capitalism: commodities trading. By spinning a complex tale about family, revenge, and destiny, it has the drag-on effect of making markets compelling and approachable to a slightly wider audience than usual.
/bloom.bg/30Kt8V9
***** Now I have to watch Dune just to see the commodity trading angle.~JJL
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Is Coffee Good for You? Yes! But it depends on the kind of coffee and the quantity.
Dawn MacKeen - Washington Post
We've come a long way from the cans of Folgers that filled our grandparents' cupboards, with our oat milk lattes, cold brews and Frappuccinos. Some of us are still very utilitarian about the drink while others perform elaborate rituals. The fourth most popular beverage in the country, coffee is steeped into our culture. Just the right amount can improve our mood; too much may make us feel anxious and jittery.
/nyti.ms/3pixixv
****Coffee is an essential part of my day and success with intermittent fasting.~JJL
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Tuesday's Top Three
Our top story Tuesday was SEC GameStop Report Debunks Conspiracies, Backs Gensler Plan, from Bloomberg via Yahoo. Second was Bruce L. Cleland, retired president and CEO of Campbell & Co. who was also co-founder of Orokawa Foundation, dies, from the Baltimore Sun. Third was Encouraging innovation in derivatives markets, by Walt Lukken, FIA President and CEO, from the FIA.
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MarketsWiki Stats
26,635 pages; 236,062 edits
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| Lead Stories | Cboe Agrees to Acquire ErisX, Entering Digital Asset Space with Spot, Derivatives and Clearing Platform
Cboe Global Markets
Ownership of ErisX provides Cboe with entry to digital asset spot and derivatives markets, including clearing and settlement; Cboe plans Digital Advisory Committee of industry participants to develop industry standard-setting platform; Opportunity to build comprehensive digital asset market data offering, create indices and explore further derivatives products; Deal is expected to close in the first half of 2022, pending regulatory approvals
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, announced it has entered into a definitive agreement to acquire Eris Digital Holdings, LLC (ErisX). ErisX operates a U.S. based digital asset spot market, a regulated futures exchange and a regulated clearing house. Ownership of ErisX presents a unique opportunity for Cboe to enter the digital asset spot and derivatives marketplaces through a digital-first platform developed with industry partners to focus on robust regulatory compliance, data and transparency.
/bit.ly/30KSxxZ
Bitcoin Futures ETF Debuts as Second-Highest Traded Fund Ever
Vildana Hajric - Bloomberg
More than 24 million shares changed hands on first day; Bitcoin climbs within striking distance of April's record high
The first Bitcoin-linked exchange-traded fund listed in the U.S. debuted as the second-most heavily traded fund on record in a watershed moment for the crypto industry. The ProShares Bitcoin Strategy ETF -- trading under the ticker BITO -- rose about 4.9% to $41.94. More than 24 million shares changed hands Tuesday, according to data compiled by Bloomberg. Because of the way the fund settles trades, net flows into or out of the product probably won't be known until overnight on Wednesday.
/bloom.bg/3n9zzIW
Evergrande share trading halt pushes HKEX suspensions to record $61bn; Hong Kong's reputation has been hit by indebted developer's lack of updates
Hudson Lockett and Tabby Kinder - FT
The prolonged suspension of Evergrande's shares has helped push the value of frozen stocks in Hong Kong to a record US$61bn, throwing into stark relief the city's limited shareholder protections.
/on.ft.com/3jk8wcG
Bundesbank chief Jens Weidmann to step down; Central banker has been vocal critic of ultra-loose monetary policy
Martin Arnold - FT
Jens Weidmann has decided to step down after a decade as head of Germany's central bank in a move that comes only weeks after the country's general election and shortly before a crucial decision on the future of eurozone monetary policy.
/on.ft.com/3pkTkQy
London Metal Exchange takes action to calm copper market turmoil
Henry Sanderson - FT
The London Metal Exchange has taken action to calm turmoil in the copper market, as low stocks of the metal in its warehouse threaten to hinder orderly trading. The LME said it would adjust its rules requiring large holders of the metal to lend it back to the exchange, and institute a limit on backwardation, when spot prices are higher than future ones.
/on.ft.com/3jjngso
Bitcoin ETFs should not exist; And a few more words on margins
Robert Armstrong - FT
Bitcoin ETFs: a bad idea whose time has come
You can now buy a bitcoin exchange traded fund. Or rather, a Bitcoin derivatives ETF: ProShares Bitcoin Strategy, which tries to capture returns from the cryptocurrency using futures contracts, started trading yesterday. I'm sure this is good news for someone, but on the face of it, it is hard to imagine a less appealing financial product.
/on.ft.com/3jllpmJ
Treasury Seeks More Money for Illicit-Finance Oversight, Including Crypto and Cybercrime; Deputy Treasury Secretary Wally Adeyemo says hiring more staff with technology expertise is critical
Mengqi Sun and Ian Talley - WSJ
The Biden administration's financial intelligence and sanctions units need significantly more funding and staff to combat national-security threats, including ones arising from ransomware and cryptocurrency markets, the Treasury Department's second in command told lawmakers Tuesday.
/on.wsj.com/3jfmM6s
Bitcoin exchange traded fund debuts on Wall Street; New vehicle tests mainstream investors' appetite to hold crypto in their portfolios
Steve Johnson - FT
The first US bitcoin exchange traded fund rose on its first day of trading with hefty volume, capping an almost decade-long push for a cryptocurrency-linked product to appear on a major Wall Street venue. The ProShares Bitcoin Strategy ETF launched on the New York Stock Exchange on Tuesday after the opening bell. While similar ETFs already trade in other jurisdictions, the listing in the US — the world's biggest equities market — is a key test of whether mainstream investors are willing to place cryptocurrencies alongside stocks, bonds and other traditional assets in their portfolios.
/on.ft.com/3jlXe7L
Eonia trading shuts down as CCPs make EURSTR switch; Dealers and venues step back from Eonia swaps after contracts become unclearable
Helen Bartholomew - Risk.net
Trading of overnight index swaps (OIS) linked to Eonia has effectively ceased after central counterparties (CCPs) stopped clearing the instruments last weekend. Nearly EUR14 trillion ($16.3 trillion) of cleared Eonia swaps were re-hitched to EURSTR, the new euro short-term rate, after the markets closed on Friday, October 15.
/bit.ly/3pzbCh5
Chinese Developer Sinic Defaults Amid Evergrande Contagion
Alice Huang and Rebecca Choong Wilkins - Bloomberg
Firm earlier warned it would fail to repay $250 million note; Grace period for Evergrande interest payments nears end
Sinic Holdings Group Co. became the latest Chinese real estate firm to default as investors wait to see whether China Evergrande Group Inc. will meet overdue interest payments on dollar bonds this week. Sinic's credit rating was lowered by S&P Global Ratings to Selective Default from CC after the company failed to repay the interest and principal of its $250 million note due Monday, according to a statement dated Tuesday.
/bloom.bg/3neiZHA
Chinese cryptocurrency traders look for ways around ban; Beijing's prohibition on digital currencies pushes traders to DeFi
Eleanor Olcott - FT
Ray considers himself to be a maverick. While many Chinese are shutting down their digital wallets after Beijing banned investing in cryptocurrencies, he is determined to keep going.
/on.ft.com/3DXtndQ
Australian lawmakers call for sweeping changes to crypto rules; Laws need to be revamped to compete with international financial centres, says report
Philip Stafford - FT
Australia should create a new regulatory regime for crypto assets to bring business onshore and help it compete with Singapore and the UK, a report commissioned by parliament has recommended.
/on.ft.com/3DWpg1n
Credit Suisse to Pay $475 Million, Admits Defrauding Investors to Settle Mozambique Charges; Bank hid information about Mozambican loans from investors; bankers, others siphoned off funds
Margot Patrick, Matt Wirz and Dave Michaels - WSJ
Credit Suisse Group AG CS 1.44% agreed to pay $475 million and forgive $200 million Mozambique owes to investors in coordinated settlements with U.S. and European authorities over loans the bank made in the country.
/on.wsj.com/3G74rCj
Stock market indices cannot be murky; Discretion may have a role in forming benchmarks, but clarity is essential
The editorial board - FT
Of the many changes wrought by the global financial crisis in 2008, one of the largest has been the huge shift away from active asset management and towards passive, index-tracking funds. The indices that these funds follow have in turn gained enormous power, becoming gatekeepers to the flow of trillions of dollars.
/on.ft.com/3DSwofa
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Health leaders call for immediate Covid restrictions in England; Demand comes as daily death toll hits highest level since March and hospitalisations near 1,000
Oliver Barnes and Laura Hughes - FT
Health leaders have called on the government to immediately activate its "Plan B" for coronavirus restrictions in England to avert a winter crisis in the NHS and to avoid undermining efforts to tackle the growing hospital treatment backlog.
/on.ft.com/3G4FFCL
The vaccine system is broken — but Covid shows us how to fix it; Stable funding for work on less glamorous diseases would make the system fairer and more resilient
Brooke Masters - FT
The global drive to develop Covid-19 vaccines has been a logistical and scientific triumph. From a standing start last year, seven companies outside of China are on track to deliver more than 10bn doses in 2022, surprising many who predicted it would take years.
/on.ft.com/3G2FcBa
White House Details Vaccine Plan for Kids Aged 5-11
Josh Wingrove - Bloomberg
The White House outlined its Covid-19 plan to vaccinate younger children which would focus on smaller doses administered with smaller needles if the shots are authorized by regulators.
/bloom.bg/3aTB6Ng
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Exchange Coordinated Contingency Closing Auction Testing - November 6, 2021 And December 11, 2021
NYSE
On Saturday, November 6, 2021 and Saturday, December 11, 2021, NYSE, NYSE American, NYSE Arca, Nasdaq and Cboe BZX will conduct testing of contingency closing auction procedures. The contingency closing auction procedures apply if a marketplace disruption prevents the primary listing exchange from conducting a closing auction. In the event of such a disruption, one exchange may designate another as the alternate exchange for the determination of the official closing price for its listed securities.
/bit.ly/3lUzCsr
London Metal Exchange moves to stem draining copper reserves; Inventories of the metal have fallen this month to their lowest levels in 47 years
Henry Sanderson and Neil Hume - FT
The London Metal Exchange took action to calm turmoil in the copper market late on Tuesday by introducing temporary limits on some prices, after a plunge in stocks of the metal in its warehouses disrupted trading. The LME said it would adjust its rules requiring large holders of the metal to lend it back to the exchange. It also said it would bring in a limit on backwardation — a scenario whereby spot contracts trade at a premium to futures contracts, indicating that the market is undersupplied.
/on.ft.com/3G6P8tg
AutoStore lists on Oslo Børs
Euronext
NOK 2.7 billion raised; Market capitalisation of NOK 103.5 billion first day of listing; Second-largest IPO and the 160th listing on Euronext YTD
Oslo - 20 October 2021 - Euronext today congratulates AutoStore, a Norwegian robotics and software technology company and pioneer in the cube storage segment, on its listing on Oslo Børs (ticker code: AUTO). The listing represents the second-largest listing on a Euronext market this year, based on IPO market capitalisation on the listing day. It is also the largest IPO in Norway in 20 years.
/bit.ly/2ZbET6y
IBOR reform moves forward: legacy transactions successfully converted to EURSTR
Eurex
The Interbank Offered Rate (IBOR) reform has taken another big step forward. Over the weekend, in a coordinated action, clearing houses converted their legacy transactions referenced to EONIA to the new risk-free rate EURSTR.
/bit.ly/3BZzZHO
Mutares SE & Co. KGaA new in the Prime Standard
Deutsche Börse Group
Mutares SE & Co. KGaA (ISIN: DE000A2NB650 ) has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since today . The company was previously listed in the Scale segment .
/bit.ly/3DSCNqI
Deutsche Börse on planned growth path
Deutsche Börse Group
Deutsche Börse Group has published its quarterly report Q3 / 2021. T
The quarterly results at a glance:
Deutsche Börse Group increased its net sales in the third quarter through structural growth and M&A effects by 18 percent to EUR 837.9 million (Q3 / 20: EUR 707.5 million); Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to EUR 499.5 million (Q3 / 20: EUR 399.5 million) and thus by 25 percent; The net profit for the period attributable to the shareholders of Deutsche Börse AG was EUR 300.3 million (Q3 / 20: EUR 227.1 million), an increase of 32 percent. Earnings per share were EUR 1.64 (Q3 / 20: EUR 1.24); The group is therefore confirming its forecast of an increase in net sales to around EUR 3.5 billion and EBITDA to around EUR 2.0 billion for the year as a whole.
/bit.ly/3n8rOmA
ICE Mortgage Technology's Solutions for Correspondent and Wholesale Demonstrate Significant ROI in Third Party Origination Channels; Study Quantifies Value of Encompass® and Encompass TPO Connect® Portal for Correspondent and Wholesale Lenders
Intercontinental Exchange, Inc.
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced the results of a recent, independent return on investment (ROI) study that shows Encompass® and Encompass TPO Connect® deliver quantifiable results and value to correspondent and wholesale lenders who acquire third party originated loans using ICE Mortgage Technology solutions. Built on the ICE Mortgage Technology™ Platform, Encompass TPO Connect is a fully configurable web-based portal that allows wholesale and correspondent lenders to easily collaborate with their third-party originators (TPOs). Encompass, coupled with Encompass TPO Connect, demonstrates the efficiency and ease customers experience in acquiring and managing loans from correspondent lenders and wholesale brokers for faster results, maximum quality, compliance, and profitability on every loan.
/bit.ly/3aNYgVz
First Time Homebuyers Move Closer to Ownership Dream With ICE Mortgage Technology's Encompass® 21.3 Platform Enhancement
Intercontinental Exchange
Encompass 21.3 Release Enables 0% Loans for Housing Finance Authority (HFA) Borrowers
ICE Mortgage TechnologyTM, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that the industry's leading origination system released additional enhancements to the Encompass® platform. The Encompass 21.3 release supports the ability for lenders to offer 0% loans, making home ownership more accessible for first time buyers.
/bit.ly/3G35qDI
Nasdaq Announces Quarterly Dividend Of $0.54 Per Share
Nasdaq
The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.54 per share on the company's outstanding common stock. The dividend is payable on December 17, 2021 to shareholders of record at the close of business on December 3, 2021. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
/bit.ly/3G5TC3C
Nasdaq Reports Third Quarter 2021 Results; Delivers 17% Increase in Revenue Compared to Prior Year
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2021. Net revenues increased 17% compared to the third quarter of 2020. Solutions segments2 revenues increased 19%, including organic growth and contribution from the acquisition of Verafin.
/bit.ly/3E46RQB
The London Stock Exchange introduces new climate reporting guidance for issuers
London Stock Exchange Group
The London Stock Exchange becomes first exchange to issue guidance based on UN SSE's Model Guidance on Climate Disclosure; Guidance will assist issuers to implement the recommendations of the TCFD; Climate Governance Scores provided to over 400 Main Market listed companies; Expands the use of the Transition Pathway Initiative (TPI) Management Quality Score methodology
The London Stock Exchange has launched its Climate Transition Offering for London-listed companies. It is the first stock exchange to publish climate reporting guidance based on the United Nations Sustainable Stock Exchanges (SSE)'s Model Guidance on Climate Disclosure which is in line with the Taskforce for Climate Related Financial Disclosures (TCFD) recommendations.
/lseg.group/2ZcJdST
EDP Brasil to list on Latibex on 27 October
BME-X
The Brazilian energy company will be the 19th to be listed on this international market for Latin American securities; The virtual bell ringing will be led by João Marques da Cruz, CEO of EDP Brazil, and Jesús González Nieto-Márquez, General Manager of Latibex
Electricity company EDP Brasil will list on Latibex, the international market for Latin American securities operated by BME, on 27 October. It will be the ninetieth company to be listed on this market and the eleventh from Brazil. To celebrate the listing a virtual bell ringing will take place on the same day at 12.30 h (CET).
/bit.ly/3pg8Ahr
Cunext registers its first Commercial Paper Programme with MARF for 50 million euros
BME-X
BME's Fixed Income Market, MARF, today admitted the first Commercial Paper (CP) Programme to trading from Corporación Cunext Industries. This commercial paper programme will allow the new issuer on MARF to access qualified investors flexibly to diversify its funding sources and place CPs up to an outstanding balance of 50 million euros, with maturities up to 2 years.
/bit.ly/3G0xAiN
Moscow Exchange to host International Investment Forum 2021
MOEX
The Moscow Exchange Forum will take place on 16-17 November 2021. The event is being held entirely online. The Forum will feature online discussions with members of the Russian government, the financial market regulator, Russian issuers and international investors. This year's forum is co-hosted by SOVA Capital, which will organize a series of online meetings between executives from Russian corporates and representatives of international investment funds.
/bit.ly/3ndzKmm
-- Clarification Amendments to the Gold Weekly Option, Silver Weekly Option and Copper Weekly Option Contracts -- CME
-- Performance Bond Requirements: Agriculture & Interest Rates - Effective October 20, 2021 -- CME
-- November 2021 Delivery Date Memo -- CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | SBI Securities partners with Broadridge to centralise settlement operations; The move will allow SBI to automate operations across its business lines.
Wesley Bray - The Trade
Japanese online securities company SBI Securities has expanded its relationship with Broadridge Financial Solutions to further automate operations across its business lines. As part of the move, SBI Securities' post-trade operations within its Hong Kong and Singapore businesses are being migrated to Broadridge's cloud-based ASP service in Asia.
/bit.ly/3G3BKX1
Coronation adopts FlexTrade Systems' FlexNOW EMS; South African investment firm becomes the latest to integrate FlexNOW EMS following FINBOURNE and Lyxor Asset Management.
Wesley Bray - The Trade
Cape Town-based investment firm Coronation has adopted FlexTrade Systems' FlexNOW execution management system (EMS) as a platform to support its current and future workflow requirements. The EMS combines cloud, desktop, mobile, and API technology to better streamline operations.
/bit.ly/3jjSK1m
Euroclear experiment confirms blockchain as suitable technology for post-trade market operations; Commissioned by Banque de France and led by Euroclear the experiment included input from consortium of institutions.
Wesley Bray - The Trade
Euroclear alongside several institutions has successfully completed an experiment which tested central bank digital currency (CBDC) for settling French treasury bonds on a test blockchain. Banque de France commissioned the experiment in March 2020 which included input from Agence France Trésor, BNP Paribas CIB, Crédit Agricole CIB, HSBC, and Societe Generale.
/bit.ly/3E2sKzH
Finastra And AccessFintech Team Up To Bring Greater Data Transparency To Syndicated Loan Market - Collaboration Accelerates Data Availability For Lenders Via Fusion LenderComm And Synergy DataLake
MondoVisione
Finastra, the largest pure-play software vendor that serves the entire financial services industry, and AccessFintech, the data-sharing network optimizing workflow through collaboration, today announced that they have teamed up to bring greater data transparency, efficiency and industry-wide collaboration to the syndicated loan market.
/bit.ly/3plxDzM
BSO launches market-leading FX trading routes between Tokyo, London and Singapore
BSO via FFnews.com
Global pioneering infrastructure and connectivity provider, BSO, has today announced it will upgrade its Tokyo to London and Tokyo to Singapore connectivity routes. The routes are available from November to new and existing customers, offering market-leading connectivity between the three major equities and FX hubs.
/bit.ly/3jeTC7B
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| Cybersecurity | | Top stories for cybersecurity | Black market traders cash in on fake COVID-19 vaccination records; The EU vaccine passport and CDC certifications are hot ticket items.
Charlie Osborne - ZD Net
Researchers have uncovered a lively trade online in the sale of fake vaccination records and passports.
COVID-19 prompted panic buying and price hikes for basic necessities worldwide when the pandemic first hit. However, once vaccines were developed, a market was born out of consumers who wanted their shots as quickly as possible.
/zd.net/3G3StcN
How to Spot an Effective Security Practitioner; By understanding what makes a great security practitioner, organizations can learn how to recruit and retain effective security practitioners
Joshua Goldfarb - Security Week
In my previous column, I discussed how security professionals can recognize the warning signs and spot ineffective security practitioners. In response to my column, an interesting dialogue on social media ensued, with extremely poignant insights from a few effective security practitioners. Engagement and dialogue is, in and of itself, a great outcome in response to a piece of writing. In addition to that, there was also a request to write from the opposite perspective - what makes an effective security practitioner.
/bit.ly/3ppEY1j
Five Keys To Planning Your Cybersecurity Career Path
Karla Reffold - Forbes
For years we have talked about the talent shortage within cybersecurity. While that persists, we have a new talent problem now: There are not enough entry-level roles. Many have heeded the news that this is an industry with high salaries, high potential and a desperate need for people. However, they are finding that the gap is for highly experienced candidates with specialist knowledge. The cybersecurity industry has shown itself to be incredibly adaptable and I have no doubt that the industry will create roles for this next generation of talent. While that happens, here are five things that potential candidates can do to plan their cybersecurity careers.
/bit.ly/3G2XKBi
CyberSide Chats: Privacy, Cybersecurity, Bankruptcy, and more discussed with Erick Weinick
Jerich Beason - JDSupra
Jerich Beason is joined by Erick Weinick. Erick's experience includes privacy, cybersecurity, bankruptcy, commercial torts, defamation/slander, regulatory to name a few. He is also the co-founder of Otterburg's Privacy & Cybersecurity Practice and has contributed multiple pieces of thought leadership on cyber security.
/bit.ly/3DZsYaA
Why Cyber Compliance And Cybersecurity Are Not The Same
Jim Goldman - Forbes
As companies grow and go after bigger opportunities, they will find that enterprise customers are concerned with a potential vendor's information security — and the vendor's respective security protocols.
Rather than investing the time and money to assess the security of potential vendors themselves, it is more efficient to insist that potential vendors adhere to recognized security standards such as SOC 2 and/or ISO 27001 and provide objective third-party evidence of the achievement of those certifications. The same might be said for VCs and M&As, as they are performing due diligence for companies they are considering investing in or acquiring.
/bit.ly/3DXgLTR
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| Cryptocurrencies | | Top stories for cryptocurrencies | MODA DAO Raises $5 Million as it Readies for Public Token Launch; MODA DAO is creating an open and inclusive platform to help support the future of music in a Web3 world
MODA DAO
MODA DAO, the first Decentralized Autonomous Organization (DAO) created to bridge the legacy music industry into the emerging Web3 entertainment world, announced it has raised $5 million in a private sale of its MODA token, with world renowned musicians Joel Zimmerman (deadmau5) and Richie Hawtin joining the DAO with notable VCs Outlier Ventures, Blocksync, FBG Capital, Double Peak and more. MODA is bringing DAOs to the music industry by launching a framework through which artists can harness Web3 technology such as NFTs, micro-licensing, DAO governance and DeFi to evolve their music business. With the completion of the $5 million private sale, MODA is releasing the governance token on November 10th via SushiSwap's MISO platform.
/bit.ly/3pknB1y
Bitcoin-based fund's expected launch will make it easier for investors to buy a stake in crypto; The Securities and Exchange Commission is allowing the fund to begin trading on a U.S. exchange, a first that crypto advocates are calling a watershed for the industry
Tory Newmyer - Washington Post
Bitcoin, the cryptocurrency that has more than doubled in price this year while operating largely on the fringes of financial markets, is taking a big step toward joining the investing establishment. Starting Tuesday, everyday investors with brokerage accounts can buy a stake in the world's largest cryptocurrency through a new fund that tracks its future price.
/wapo.st/3G2uB9f
Mastercard buys cryptocurrency intelligence company CipherTrace
I-Chun Chen - NY Business Journal
Mastercard has completed its acquisition of cryptocurrency intelligence company CipherTrace to extend its capabilities into the field of digital assets. The companies didn't disclose terms of the deal.
/bit.ly/3n49F9m
DraftKings Steps Further Into Crypto With Plans to Become Polygon Validator
Eli Tan - Coindesk
DraftKings tapped Polygon for its marquee non-fungible token (NFT) release with Tom Brady's Autograph back in August. Now the sports betting giant is going all-in on the Ethereum layer-2 solution with a partnership that could make it one of the blockchain's largest governors.
/yhoo.it/3pjMWJh
The Techno-Anarchists of Crypto Were Dead Wrong; Stablecoin may not be the unregulated form of money some digital-currency pioneers had hoped. But that's why it's here to stay.
Andy Mukherjee - Bloomberg
The techno-anarchist pioneers of cryptocurrencies believed they were creating a new form of unregulated, decentralized money. They couldn't have been more wrong. While Bitcoin and Ethereum did succeed in spawning a highly speculative alternative asset class that has come to enjoy wider use and popularity, the innovation that's really set to challenge fiat cash is stablecoin: the less turbulent corridor through which investors reach volatile digital tokens.
/bloom.bg/3jm7WuX
Australia Committee Outlines Measures to Boost Crypto Industry
Joanna Ossinger and Nabila Ahmed - Bloomberg
Australia's cryptocurrency industry needs a robust policy and regulatory framework if the country wants to compete with other global financial hubs that are targeting one of the fastest growing areas of finance, according to the parliamentary committee that's reviewing the use of digital assets.
/bloom.bg/30Kh0n2
China presses McDonald's to expand e-currency system before Olympics; Digital renminbi issued by central bank draws security concerns from US critics
Demetri Sevastopulo, Andrew Edgecliffe-Johnson, Ryan McMorrow and Edward White- FT
China has told McDonald's to expand a digital renminbi payments system at restaurants across the country before the Beijing Winter Olympics, as the country prepares to launch the world's first major e-currency.
/on.ft.com/3G3KFYx
Facebook launches digital currency wallet Novi; Company chooses Paxos Dollar over its own cryptocurrency project Diem for pilot launch
Siddharth Venkataramakrishnan and Hannah Murphy - FT
Facebook has launched a long-awaited pilot of its digital currency wallet Novi in the US, but has chosen to use the Paxos Dollar stablecoin after its own cryptocurrency Diem failed to get backing from regulators.
/on.ft.com/3n9Ghyy
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| Politics | | An overview of politics as it relates to the financial markets | Guggenheim CIO Scott Minerd: Jerome Powell no longer favorite for Fed chair job
Brian Sozzi and Brian Cheung - Yahoo Finance
Guggenheim Partners Chief Investment Officer Scott Minerd says Federal Reserve Chairman Jerome Powell may have blown his chances at renomination amid concerns over trading activity carried out by several senior Fed officials.
/yhoo.it/3DYWKME
Cryptocurrencies pose a threat to effectively enforcing sanctions, says US Treasury Department
Carla Mozée - Business Insider
Cryptocurrencies hold the potential to undermine sanctions the US imposes to advance its security and economic interests, the Treasury Department said in a report. The US has more than 9,400 sanctions in place, but the country faces newer challenges in part from cybercriminals, the department said in a review released Monday. The government must adapt and modernize its operations to stay on top of changes in global financing, it said.
/yhoo.it/3pjCCAJ
Democrats Float $10,000 Threshold for Bank-Account Reporting
Laura Davison - Bloomberg
Wages, federal benefits wouldn't count toward threshold; Republicans say plan gives the IRS 'new snooping powers'
Democrats are vowing to crack down on tax cheats by giving banks new requirements to disclose to the IRS accounts that have total annual inflows or withdrawals of at least $10,000.
/bloom.bg/3G4Dj71
Sunak to cut tax surcharge on bank profits to keep City competitive; Top-up levy introduced by George Osborne in 2015 to fall from 8 per cent to 3 per cent
George Parker and Stephen Morris - FT
Rishi Sunak will slash a tax surcharge on bank profits by more than 60 per cent in next week's Budget in an effort to keep the City of London competitive on a global scale in the wake of Brexit.
/on.ft.com/3G4hvsg
Britain courts global players to boost post-Brexit investment; Government charm offensive at Science Museum and Windsor Castle to entice overseas spending focused on net-zero goals
Daniel Thomas - FT
Just weeks after lambasting British business leaders for relying on cheap overseas labour, Boris Johnson struck a very different tone with their global counterparts as the prime minister rolled out the "green carpet" at a net zero-focused London investment summit.
/on.ft.com/3G3IioB
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FMA sets target dates for FAP full licence applications
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko has set 30 September 2022 as the target date by when all transitional financial advice providers should apply for their Class 1 or Class 2 full licences. For Class 3 licence applicants, the target date is 30 June 2022.
/bit.ly/3B3Myko
Regulators Should Use Existing Authority to Address Investor Protection and Systemic Risk Issues with Stablecoins
Open Markets
Recent reporting indicates that anticipated recommendations from the Biden Administration for regulating stablecoins—digital currencies tied to outside currencies like the U.S. dollar— may exclude immediate action. Comments by senior Treasury Department officials echo the same message: The President's Working Group on Financial Markets (PWG) may focus its upcoming stablecoins report to the hypothetical, future use of these crypto payment assets, despite their current use on so-called "decentralized" finance ("DeFi") platforms to speculate.
(NO LINK)
FBI agents swarm Washington home of Russian oligarch Oleg Deripaska
Tom Winter and Michael Kosnar and Laura Strickler and Jonathan Dienst and Keir Simmons - NBC News
FBI agents on Tuesday swarmed the home of Russian oligarch Oleg Deripaska in Washington, D.C., an agency spokesperson confirmed to NBC News. The reason for their presence wasn't immediately clear. The spokesperson said the agency is conducting "law enforcement activity at the home" but wouldn't elaborate.
/yhoo.it/3lXWmrE
SEC and FINRA weighing new crypto rules against potential overreach
Tobias Salinger - Financial Planning
FINRA is considering new rules aimed at the "narrow issue" of disclosures for wealth managers and other members that offer certain cryptocurrency assets, CEO Robert Cook said.
/bit.ly/2Z2WkpA
Florida Man Pleads Guilty to Role in $4 Billion OneCoin Fraud
Bob Van Voris - Bloomberg
A Florida man admitted to conspiring to defraud a bank as part of a $4 billion Ponzi scheme based on the fraudulent cryptocurrency OneCoin. David Pike, 61, pleaded guilty to a charge of conspiracy to commit bank fraud in a telephone hearing held in Manhattan federal court Tuesday. Prosecutors said Pike helped former Locke Lord LLP attorney Mark Scott launder $400 million from the fraud. Pike faces as long as five years in prison when he's sentenced in January.
/bloom.bg/3pj0Gnr
Bitcoin ETF: regulatory arbitrage — by US regulators; Watchdogs can say they are giving retail investors access while continuing to protect them
FT LEX
After years of delays and setbacks, a bitcoin exchange-traded fund finally made its debut in the US. Sort of. The ProShares Bitcoin Strategy ETF (BITO) started trading on the New York Stock Exchange on Tuesday. Some pundits hailed it as a watershed event that would bring the digital currency another step closer to the mainstream. But it may be a bigger step for the nervous regulators that approved it than the investors who buy it.
/on.ft.com/3n80CEt
Former SEC Trading and Markets Director Brett Redfearn Joins Securitize Leadership Team
Veteran of SEC, J.P. Morgan and Coinbase Joins as Senior Strategic Advisor and Chairman of Securitize's Advisory Board
Securitize
Securitize, Inc., the regulated platform for issuing and trading digital asset securities, announced today that Brett Redfearn has joined the company's leadership team as Senior Strategic Advisor to Chief Executive Officer Carlos Domingo, and will also serve as Chairman of the company's Advisory Board.
/prn.to/3aRh8D4
ASIC bans Melbourne-based adviser for six years
ASIC
ASIC has banned Melbourne-based financial adviser Ashok Sherwal from providing financial services and performing any function in a financial services business for six years.
/bit.ly/3pk9BVD
Encore | Overlapping Risks: Anti-Money Laundering and Cybersecurity
FINRA
Firm regulatory risks and priorities don't exist in a vacuum. And that is perhaps nowhere clearer than when it comes to a firm's anti-money laundering responsibilities. A firm's AML risks can overlap with any number of other priorities.
/bit.ly/3nbAjNB
Notice of FINRA Regional Committee Elections and Mailing of Ballots; Ballots Due: November 18, 2021
FINRA
The purpose of this Election Notice is to notify firms of the upcoming elections to fill vacancies on the FINRA Regional Committees, and the mailing of ballots to eligible firms.
/bit.ly/3ncXcQB
Notice of SFAC Election and Mailing of Ballots; Ballot Due Date: November 18, 2021
FINRA
The purpose of this Election Notice is to notify FINRA small firm members of the distribution of ballots to elect one North Region and one West Region representative to the Small Firm Advisory Committee (SFAC). FINRA small firm members1 in the North and West Regions as of the close of business on October 18, 2021, are eligible to vote in these elections.
/bit.ly/3G1AnrP
Forthplus Pensions Limited in administration - advice on next steps and how to protect yourself from scams
UK FCA
Forthplus Pensions Limited (Forthplus), is a SIPP operator authorised and regulated by the FCA. On 19 October 2021 the directors, appointed Andrew Poxon, Alex Cadwallader and Barry Stewart of Leonard Curtis Business Solutions Group as joint administrators (administrators). The administrators are all qualified insolvency practitioners. This article sets out the steps Forthplus clients should take and advice on how to protect against scams.
/bit.ly/3peRoca
Young investors driven by competition and hype
UK FCA
FCA survey finds three quarters of younger high-risk investors say they feel competitive when investing in high-risk products. This comes as the FCA launches its new InvestSmart campaign aimed at helping consumers to make better informed investment decisions.
/bit.ly/30zGraI
'The master of kickbacks': Credit Suisse hit with $475 million fine by global regulators
Finextra
Credit Suisse has been hit with a £147 million penalty by the Financial Conduct Authority, as part of a $475 million global resolution agreement, for serious financial crime due diligence failings related to loans worth over $1.3 billion, which the bank arranged for the Republic of Mozambique.
/bit.ly/2Z6BtSG
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The SEC Is Baffled By GameStop Too; Also anti-green bonds, AMC and Harambe on Wall Street.
Matt Levine - Bloomberg
GameStop report!
Yesterday the U.S. Securities and Exchange Commission released a "Staff Report on Equity and Options Market Structure Conditions in Early 2021," specifically the conditions that allowed GameStop Corp.'s stock to go from $17.25 to $325 over the course of January for no particular reason. It would have been cool if the SEC had, uh, found a reason. If the report was like "actually we looked deep into the stock exchange's computers and found that they accidentally shifted a decimal point one spot to the right, that was supposed to be $32.50, oops," that would have been an interesting result.
/bloom.bg/3n34fvi
What's Driving Transition Energy IPOs and SPAC Combinations?
Vinson & Elkins
How a Combination of Capital Market Developments and Regulations Could Supercharge Growth
/bit.ly/3lsu07r
Resistance to Buying Stocks Is Becoming Evermore Futile; Fund managers' equity allocations are higher than they were during the dot-com boom, even as economic growth fades.
John Authers - Bloomberg
A Repetitive RIF
There's no direct link in real time between the growth of the economy and the growth of the stock market. (There's a very strong link over the fullness of time, but in the long run we're all dead, as someone once said.) If you ever needed proof of this, it came Tuesday. The latest GDPNow index from the Atlanta Federal Reserve suggests that the U.S. economy is now growing at an annualized rate of barely 0.5%. The "reflation trade" and "post-pandemic boom" that we were all looking forward to have been deferred:
/bloom.bg/3n8fpip
The Bank of England's £28bn problem; Investors are worried by the maturing of a big gilt issue as giant QE programme starts to unwind
Tommy Stubbington - FT
When the Bank of England outlined plans in August to unwind its £875bn bond-buying programme it promised the process would be "gradual and predictable". But the central bank's sudden shift towards higher interest rates has raised the prospect that so-called "quantitative tightening" could begin with a bang.
/on.ft.com/3DZMpA2
Rise of indexing and explosive growth of ETFs on display in new book
CNBC
The Financial Times' global finance correspondent Robin Wigglesworth details the central messages of his new book "Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever." With ProShares' Simeon Hyman and CNBC's Bob Pisani.
/cnb.cx/30zICeo
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Preqin's ESG Solutions to Provide Comprehensive ESG; New Risk & Impact Products to Support the Integration of ESG into the Alternative Assets
Industry
Preqin, the global leader in alternative assets data, tools, and insights, is proud to announce major updates to its ESG Solutions, the only product suite to provide private market participants with a 360-degree view of environmental, social, and governance (ESG) risk, impact and opportunity — across LPs and GPs, down to portfolio and private company levels.
/bit.ly/3voKIZS
Italian Dynasty Explores Sale of Clean Energy Firm Falck Renewables
Dinesh Nair, Daniele Lepido, and Tommaso Ebhardt - Bloomberg
Italy's Falck Renewables SpA will sell its founding family's 60% holding in the company to an investment vehicle run by JPMorgan Chase & Co, in a deal valuing the company at nearly $3 billion.
/bloom.bg/3nblzOL
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | ING to Take $210 Million Hit to Compensate Dutch Clients
Nicholas Comfort - Bloomberg
ING Groep NV will take a 180 million-euro ($210 million) charge in the third quarter to compensate Dutch clients who paid too much interest on revolving consumer loans.
/bloom.bg/3DZ1uSE
Credit Suisse Dodges Bigger Fine With Mozambique Debt-Forgiveness Vow
Jonathan Browning - Bloomberg
FCA gets Swiss lender to commit to debt relief if it wins suit; Mozambique has sued the bank in London over the scandal
Credit Suisse Group AG could have faced a far bigger bill to settle probes into a scandal that looted hundreds of millions of dollars from impoverished Mozambique.
/bloom.bg/3pkRzTs
Goldman chief David Solomon insists bank can close valuation gap with rivals; Boss tells Financial Times stock price will 'take care of itself' if lender performs
Joshua Franklin - FT
Goldman Sachs chief executive David Solomon has insisted the bank can persuade investors to assign a higher value to its stock, although he warned it may take time and the Wall Street firm will not always perform as strongly as it did in its most recent blowout quarter.
/on.ft.com/3DXuWZ3
Against the herd: trader Mark Spitznagel on contrarian investing; The fund manager says embracing risk and losses in good times is the way to prosper in a crisis
Laurence Fletcher - FT
When the coronavirus pandemic sent financial markets tumbling in March last year, fund manager Mark Spitznagel had one of his most profitable periods ever. His Miami-based Universa Investments, which trades options and aims to make "explosive" returns in times of market crisis, posted hefty profits as the S&P 500 index dropped 20 per cent in the first quarter of 2020.
/on.ft.com/3pkMcna
Bank of America's California Partnership, Long Flourishing, Is Roiled by Unemployment Fraud; California's unemployment agency and its financial partner, Bank of America, have been trying to tame a wave of benefits fraud, locking the state and the bank in an uneasy union
Ben Eisen and Christine Mai-Duc - WSJ
Bank of America Corp. BAC 0.43% thought helping states such as California hand out unemployment benefits would be good business. Then millions of Americans lost their jobs at once.
/on.wsj.com/30NA0Bf
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russia allows methane leaks at planet's peril
Joel Achenbach, Ben Guarino and Aaron Steckelberg - Washington Post
Coronavirus infections are down across much of the United States. Hospitalizations, too. Deaths are finally dropping from their dismaying late-summer peak of more than 2,000 a day. Most people are vaccinated, and booster shots are gaining approval. Officials in the United States are hoping the worst of the pandemic is over.
/wapo.st/3n741Dy
Turkmenistan's Dirty Secret; The former Soviet republic is one of the world's worst emitters of planet-warming methane. Its exported natural gas is becoming crucial to China.
Aaron Clark and Matthew Campbell - Bloomberg
Carrie Herzog was sitting at her desk in Montreal one day in early 2019, studying satellite images for signs of mud volcanoes. These geological oddities, common around the Caspian Sea, can belch greenhouse gases. Herzog's job as a technician at GHGSat Inc., a Canadian company that monitors emissions, is to identify individual pieces of the planet-warming puzzle. Her eye caught something strange on the edge of an arid, wind-scoured stretch of desert in Turkmenistan. Something that shouldn't have been there.
/bloom.bg/3DXlPYl
Stunning Coal Rally Halts in China as Government Issues Warnings
David Stringer and Dan Murtaugh - Bloomberg
Thermal coal futures decline as authorities act to tame prices; Vice Premier Han Zheng vowed "powerful measures" to end crisis
A spectacular rally in coal futures in China hit an abrupt halt as the government began a policy blitz intended to tame prices and ease the nation's power crisis. The most-active thermal coal contract on the Zhengzhou Commodity Exchange traded 4.4% lower Wednesday, after plunging in overnight trading to end an advance that's seen the fuel more than double since the beginning of September.
/bloom.bg/3GeMn9J
Most Cryptocurrencies Are 'Garbage,' Guggenheim's Minerd Says
Annie Massa - Bloomberg
The majority of cryptocurrencies are worthless and will fail, with just a handful of big winners remaining, Guggenheim Partners Chief Investment Officer Scott Minerd said. Similar to the dot-com boom of the late 1990s, the world of digital currencies will produce some breakout successes like Amazon.com Inc., which went public in 1997, while most of the field will fade away, as Pets.com did, Minerd said Tuesday.
/bloom.bg/30KwCqD
China Refiners in Buying Spree May Turn to Russia, Iran Oil
Bloomberg News
Teapots seeking to use delayed import quotas before year-end; ESPO favored but high price may make other grades attractive
China's independent refiners are set for crude buying frenzy as they seek to use import quotas before they expire in less than three months. That's likely to boost demand for crude that can be delivered quickly, such as Russia's ESPO oil from the Far East that typically takes less than a week to be shipped. Chinese independent processors, also known as teapots, usually seek to use up quotas so they can apply for comparable volumes in the next year.
/bloom.bg/3G2B5VQ
Gas Squeeze Has India Requesting Cargoes It Didn't Want in 2015
Debjit Chakraborty and Ann Koh - Bloomberg
Petronet asks Qatar for around 50 extra LNG cargoes for 2022; Buyers are competing for limited supply amid global crunch
The global energy shortage has prompted India to ask Qatar, the world's biggest supplier of liquefied natural gas, for around 50 cargoes it deemed too expensive six years ago. State-linked importer Petronet LNG Ltd. asked Qatargas to deliver the cargoes in the coming year, on top of the approximately 115 cargoes that its long-term contract stipulates for 2022, according to people familiar with the discussions. Normally, companies do not retroactively claim cargoes after initially declining them.
/bloom.bg/30zrHso
Zimbabwe Shuts Down Forex Platform to Stem Currency Decline
Ray Ndlovu - Bloomberg
Platform showed black-market rate of Zimbabwe dollar slumping; Move similar to action taken by Nigeria to protect currency
Zimbabwean authorities shut down a popular black-market currency-tracking platform, the latest action to try and stop an accelerating decline in its currency.
/bloom.bg/3naDQvz
China coal futures drop on threat of state intervention in energy crisis; Government to study measures to rein in record prices amid power squeeze
Hudson Lockett and Primrose Riordan - FT
Chinese coal prices tumbled on fears of government intervention in the strained energy sector, as Beijing seeks to rein in electricity costs and stem a crisis that has hobbled the country's economic growth.
/on.ft.com/3jlXW4O
Squid Game has lessons for investors; Saving should not be a gamble but are you taking too little risk?
Moira O'Neill - FT
If there's ever been a warning about taking extreme risks, Netflix's biggest hit Squid Game is it: 456 debt-ridden adults risking their lives playing children's games for a huge cash prize.
/on.ft.com/3nf5WWJ
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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