| August 24, 2021 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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$53,406/$300,000 (17.8%)
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Hits & Takes
John Lothian & JLN Staff
Our reworking of The Spread continues. This last week we broke up the video into three separate pieces to make it easier to watch the part that interests you the most. Also, people tend to like and watch shorter videos.
The first section is Options News by Suzanne Cosgrove. She looks at some of the biggest stories in the options world for the previous week. The next part is John's Take. I will leave you to guess who produces this section. Lastly, we have Term of the Week, where we ask options professionals to give their definition of key options terms. If it is all Greek to you, this is your chance to learn more about options. This week Jermal Chandler of Tastytrade explains why you need to keep a close watch on gamma.
We will also be adding other sections to The Spread from time to time, including interviews. Stay tuned.
In its 13th year, the Annual Chicago Conference on Futures and Derivatives will be held on September 13, 2021 at 1:00 p.m. to 3:00 p.m. Central time. It is a FREE webinar with potential CLE credit. Marc Nagel will moderate and speakers include Jitesh Thakkar's former attorney, Renato Mariotti, CFTC's Rob Howell, CME Group's Andrew Vrabel, as well as CME Group's Steve Schweitzer, NFA's Jennifer Sunu and Riley Safer Holmes & Cancila LLP's Jake Kahn.
Here is the full statement from CFTC Commissioner Dawn Stump as referenced in the lead story on the CFTC's Regulatory Authority Applicable to Digital Assets. -- CFTC
Bloomberg reported, "Kathy Hochul was sworn in as governor of New York at midnight on Tuesday, officially making her the first woman to serve in the role." There is finally hope for the state of New York. -- Bloomberg
BankingDive.com reported that "JPMorgan Chase glitch let customers see other users' data." For the record, I never saw anyone else's data when I used my JP Morgan Chase app.
The FT's Robert Armstrong has a commentary titled "You can now wear what you want to work." He says, "The pandemic has changed not only how we do our jobs but the clothing we do them in." I was wondering why the cost of pajamas was rising so much. I just ordered a pair of shorts with images of Bigfoot on them. Can I wear those to work without sending the wrong message?
Starbucks announced a new fall beverage that will join the pumpkin spice latte on the menu, the apple crisp macchiato. Where can I go long on apple futures? -- MarketWatch
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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Treasury Department Releases Letter to Nonfinancial Corporate Stakeholders on LIBOR Transition
Treasury.gov
Today, U.S. Secretary of the Treasury Janet L. Yellen, Chair of the Board of Governors of the Federal Reserve System Jerome H. Powell, Chair of the Securities and Exchange Commission Gary Gensler, President and Chief Executive Officer of the Federal Reserve Bank of New York John C. Williams, and Acting Chairman of the Commodity Futures Trading Commission Rostin Behnam released a letter to nonfinancial corporate stakeholders following a discussion of the experiences and concerns of nonfinancial corporations as they prepare to transition from U.S. dollar (USD) LIBOR.
/bit.ly/2WjFdyF
***** When you are getting down to the non-financial firm impact of LIBOR, you are getting close to the end.~JJL
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Is there a correlation between US Covid cases and crypto prices? Please refer to Betteridge's law of headlines for this one.
Jemima Kelly - FT
You might recall that back in the very early days of Covid-19 (or just "coronavirus" as it was then known), some crypto nutters enthusiasts started getting excited about the idea that the virus would be good for bitcoin because "paper money" "might be the source of #CORONAVIRUS #SARS2 infection". After all, "fiat is dirty":
/on.ft.com/3B4YC5a
***** Correlation is not causation, but it can be interesting and give traders bad ideas for trades.~JJL
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This Avocado Stock Won't Toast Your Portfolio; For those who want to add a little healthy fat to their stockholdings, Mission Produce looks like a good bet
Jacky Wong - WSJ
Avocado-toast-munching millennials may not be able to afford a house, but they can dip into a stock selling the fruit. Listed on the Nasdaq in October, California-based Mission Produce AVO 0.86% offers a rare pure play on avocados, which the company sources from growers—mostly in Mexico, California and Peru—packs and distributes. Mission also has its own farming operations in Peru, Guatemala and Colombia, which produced around 11% of the avocados it sold in 2019.
/on.wsj.com/3kqtSFc
***** This stock is now on my watch list for avocado stocks to monitor. I might even put on a spread position with this stock.~JJL
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Office building prices tumble in heart of big American cities
Joy Wiltermuth - MarketWatch
There ain't no love in the heart of the city. Bobby "Blue" Bland may have recorded that hit song about urban woes in the 1970s, but its message still resonates today as big cities struggle to bounce back from the pandemic. On the plus side, big-city office buildings have begun to trade hands again after sales dropped to an eight-year low of $61.6 billion in 2020, according to a new report from CommercialEdge.
/on.mktw.net/2Wp1dYO
***** Here is a current price of rent indicator for you.~JJL
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Opinion: Why 'James Bond' star doesn't plan to leave much money to his kids when he dies
Brett Arends - MarketWatch
Now Daniel Craig's children know how the rest of us feel when contemplating his legacy. Disappointed. The James Bond actor, allegedly banking $25 million to resume the role yet again, has told Candis magazine in his native Great Britain that he doesn't plan to leave much of his fortune to his two children. "My philosophy is to get rid of it or give it away before you go," Craig told the magazine. He cited an adage that "if you die a rich person you've failed," calling it "distasteful" to leave massive sums to your heirs.
/on.mktw.net/3kqwPpg
***** I loved the movie, "You Only Die (Broke) Once."~JJL
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Monday's Top Three
Our top story Monday was ION Group's The structured, the nimble, and the delegator; A tale of data from the BrokerTec migration to CME, which was our number 3 story Friday. Second was Cathie Wood's Calling, from The New York Times. Third was It's Called The Bond Taper. Yes, It's Geeky. But This Is Why You Should Know About It, from NPR.
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| Lead Stories | CFTC Commissioner Stump Decries 'Oversimplification' That Crypto Is Either a Security or Commodity
Cheyenne Ligon - Coindesk
The U.S.' top commodities regulator primarily oversees derivatives markets, rather than spot commodity markets, Dawn Stump, a commissioner at the Commodity Futures Trading Commission's (CFTC), said Monday. Stump, who was appointed by then-President Donald Trump in 2018, joined a growing group of regulators debating which federal agency should regulate the booming digital asset market in the United States.
/yhoo.it/3klYZSc
Crypto exchanges are booming, for now; Rapid rate of growth and juicy profits likely to attract greater competition and regulatory scrutiny
Eva Szalay - FT
A handful of cryptocurrency exchanges have suddenly become billion-dollar companies. An explosion in bitcoin's popularity has supercharged previously small-time platforms into powerhouses generating millions of dollars in revenues every day.
/on.ft.com/3knRB8C
Exclusive-U.S. SEC to scrutinize firms' digital-engagement practices as investor worries grow
Katanga Johnson and Chris Prentice - Reuters
The U.S. Securities and Exchange Commission (SEC) will seek input on whether digital customer engagement innovations used by financial firms should be governed by existing rules or may need new ones, commission chair Gary Gensler told Reuters.
/yhoo.it/3Dg7mqT
Singapore Exchange Eyes First U.S. Dollar Bond Amid Acquisition Push
Ameya Karve - Bloomberg
SGX is investing in growth, its CFO had said in earnings call; Broader Asian primary market remains muted with just one deal
Singapore Exchange Ltd. is planning a maiden dollar bond offering, which would make it the latest entrant in a rush by Asian firms to lock in cheap borrowing costs. The city-state's sole equities bourse hired banks for a potential U.S currency note and will hold investor calls from Tuesday, according to a person familiar with the matter, who asked not to be identified because they're not authorized to speak about it.
/bloom.bg/3kn4NL0
Fee fight reveals market heft of Wall Street utility Broadridge; Fund advocates claim routine mailing charges from 'true monopoly' add up
Madison Darbyshire and Patrick Temple-West - FT
Fees as high as 25 cents an email to send mass correspondence to investors are riling executives at public companies and mutual funds and putting a spotlight on the power of an obscure but lucrative Wall Street utility, Broadridge Financial Solutions.
/on.ft.com/3mnFAD0
Fed's Ability to Set Rates Floor Is Weakening on Cash Deluge
Alexandra Harris - Bloomberg
The Federal Reserve's floor for overnight funding markets is proving to be no match for the deluge of cash. Money-market securities ranging from Treasury bills to repurchase agreements continue to trade below 0.05% -- the offering rate on the overnight reverse repo facility, which is supposed to act like a floor for the front end. The Fed at its June meeting had raised the rate by five basis points to help support the smooth functioning of short-term funding markets.
/yhoo.it/3gvC4CC
MSCI CEO Dismisses Concern Chinese Stocks Are 'Uninvestable'
Abhishek Vishnoi - Bloomberg
MSCI Inc., the world's biggest index provider, shook off concerns about the "investability" of Chinese stocks following Beijing's recent regulatory crackdown, citing previous instances where markets rebounded in the aftermath.
/yhoo.it/3DmROlx
UK regulator launches competition inquiry into S&P Global and IHS Markit $44 billion deal; Inquiry follows the Competition and Markets Authority inviting participants to comment on the acquisition of IHS Markit by S&P Global on 28 June.
Annabel Smith - The Trade
The UK Competition and Markets Authority (CMA) has launched a merger inquiry into the proposed acquisition of IHS Markit by S&P Global for $44 billion. The acquisition, which was announced in November last year, is expected to create a data and analytics powerhouse if completed, and was expected to close in the second half of this year for $44 billon after being unanimously approved by both firm's boards of directors.
/bit.ly/2WcmzJ7
Rising demand for basket trading sees Quantitative Brokers launch algos on HKEX; Co-founder and CEO, Christian Hauff, told The TRADE that access to HKEX's major equity indexes would allow QB to meet demand for basket trading.
Annabel Smith - The Trade
Trading execution algorithm provider, Quantitative Brokers (QB), has launched its algo suite on Hong Kong Exchanges and Clearing (HKEX) to meet increased demand for basket trading capabilities. The launch will begin with QB's futures algos, which will be co-located at HKEX to support derivatives on the Hang Seng Index, the Hang Seng China Enterprise Index, the Mini Hang Seng Index, and the Mini Hang Seng Enterprise Index.
/bit.ly/3Ddr72t
Wall Street's return to the office is going to be weird
Samantha Stokes - Business Insider
Many Wall Street firms are clamoring to return to the office, but it hasn't been a smooth transition; Mask mandates, unofficial office returns, and juniors craving training are all throwing a wrench in plans; Here are setbacks Wall Street firms are running into as they try to return to in-person work
After months of false starts, only one thing is certain about Wall Street's return to the office: It's a big mess. Depending on where you work, you might need to provide proof of vaccination. You might need to wear your mask in the office — but maybe only sometimes, around certain people, or when you're not at your desk. You might not even know when and where you're supposed to show up to work. With constantly changing return-to-office dates filled with caveats and exemptions, many Wall Street employees feel like they're experiencing whiplash.
/bit.ly/3sFuavm
China's crypto crackdown delivers windfall to global bitcoin 'miners'; Solving puzzles in return for digital coins has become more profitable as competitors exit
Eva Szalay - FT
International bitcoin "miners" are reaping rewards from China's effective ban on the energy-intensive practice, generating ever-higher profits by filling a vacuum in creating digital tokens left by former Chinese rivals.
/on.ft.com/3mqhyHl
The ESG investing industry is dangerous; A BlackRock dissident speaks truth
Robert Armstrong - FT
Good morning. Those of you who have read too many of my anti-ESG screeds already may want to skip this letter. But I have no plans to shut up on this topic. We've got big global problems. I am a capitalist red in tooth and claw, but I just can't see how financial markets have a meaningful part to play in solving these problems until citizens and governments act first and decisively.
/on.ft.com/3kkoC5J
Fed Chairman Powell Navigates the Inflation Debate; The Federal Reserve confers this week, and Mr. Powell is expected to clarify the central bank's position. He battles internal dissension over how to proceed, and a haywire economic recovery hampered by the Delta variant.
Nick Timiraos and Paul Kiernan - WSJ
After a decade of low growth and inflation, Federal Reserve Chairman Jerome Powell unveiled a new strategy a year ago in which the central bank would keep interest rates lower for longer. Reality has dealt Mr. Powell a different and unexpected challenge: the biggest inflation spike in decades. Consumer prices rose 5.4% in July from a year earlier.
/on.wsj.com/3grcoXQ
Chinese Court Says Cryptocurrency Is Not Protected By Law
Bibhu Pattnaik - Benzinga
The Supreme Court of the northern Shandong province in China has ruled that "cryptocurrency is not protected by law." What Happened: While delivering a verdict in a case that involved a potential fraud related to the purchase of crypto, the Supreme Court said in a statement that "investing or trading cryptocurrency is not protected by law."
/yhoo.it/3khQLu9
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Merkel Vows Vigilance; U.K. Plans Booster Campaign: Virus Update
Bloomberg News
German Chancellor Angela Merkel said measures currently in place to curb the virus remain sufficient, even as infection numbers tied to the spread of the delta variant are on the rise, but she urged continued vigilance.
/bloom.bg/2WdjVCY
Vaccine Passports Keep Europe Flying While China and the U.S. Slow
Angus Whitley, Kyunghee Park, and Siddharth Vikram Philip - Bloomberg
U.S. airlines warn of more losses and China rapidly retreats; Delta strain has hit world's biggest domestic travel markets
The delta variant of Covid-19 is scything through aviation just as key markets were getting back on their feet. In the U.S., Southwest Airlines Co. is blaming the delta strain for a rash of canceled bookings and a slowdown in demand that may push it and several others to quarterly losses. After leading the industry's recovery for much of last year, China is in retreat with airlines offering the fewest seats in six months as authorities attempt to stamp out an outbreak. Australia's carriers are also in reverse with more than half of the country in lockdown
/bloom.bg/3DalP7P
Denmark to Finance Bavarian Nordic's Covid Vaccine Candidate
Christian Wienberg and Morten Buttler - Bloomberg
Denmark's government will spend as much as 800 million kroner ($125 million) to help Bavarian Nordic A/S finance development of the Danish drugmaker's experimental Covid-19 vaccine.
/bloom.bg/3kogEbV
Biden urges vaccine mandates for workers after BioNTech/Pfizer jab approved; US president's message comes after first full approval for a Covid-19 shot by the Food and Drug Administration
Nikou Asgari and Kiran Stacey - FT
Joe Biden urged employers to require workers to get vaccinated against Covid-19 after the Food and Drug Administration granted full approval to the BioNTech/Pfizer jab.
/on.ft.com/3knxzLs
How to Calculate Delta-Variant Risks for Children This Fall; Is school safe? Soccer? Birthday parties? Doctors suggest some principles to guide decision-making for parents with unvaccinated children
Sumathi Reddy - WSJ
With the Delta variant of Covid-19 infecting more children, many parents are worried about how to keep their unvaccinated young kids safe as schools reopen and extracurricular activities resume.
/on.wsj.com/3mszJMx
Israel's COVID-19 vaccine boosters show signs of taming Delta
Maayan Lubell - Reuters
Less than a month into a COVID-19 vaccine booster drive, Israel is seeing signs of an impact on the country's high infection and severe illness rates fuelled by the fast-spreading Delta variant, officials and scientists say.
/reut.rs/3myOzS1
Japan to expand COVID state of emergency to eight more prefectures - NHK
Reuters
Japan will expand its coronavirus state of emergency to the northern island of Hokkaido and seven other prefectures, public broadcaster NHK reported on Tuesday.
/reut.rs/3BaDryr
Israel lowers age of eligibility for COVID-19 vaccine booster to 30 - Health Ministry
Reuters
Israel expanded its COVID-19 vaccine booster shots to those over 30 years old on Tuesday, broadening its booster campaign to fend off the coronavirus Delta variant.
/reut.rs/3guWbkB
Norway wealth fund should push firms to cut emissions to nil by 2050, says panel
Reuters
Norway's $1.4 trillion sovereign wealth fund, the world's largest, should push firms it invests in to eventually cut their greenhouse gas emissions to nil by 2050, in line with the Paris Agreement, a government-appointed commission said on Friday.
/reut.rs/3mxmdHB
The Covid Threat Is Here to Stay. What That Means for Drugmakers.
Josh Nathan-Kazis - Barron's
At this moment, the molecules that form the genetic code of the virus that causes Covid-19 are reshuffling themselves in the cells of millions of people around the world. Much depends on how those molecular cards flop.
/bit.ly/2Wd9nDR
So many people in this Texas town got Covid-19 that the school district shut down and then the city essentially closed
Rosa Flores and Ashley Killough - CNN
From the front lawn of her friend's house, Vicky Zapata went live on Facebook recently and burst into tears, praying.
/cnn.it/2Wk9fCo
The F.D.A.'s vaccine approval could lead to more corporate mandates.
Lauren Hirsch - NY Times
When the Food and Drug Administration granted full approval to the Pfizer-BioNTech coronavirus shots for people 16 and older on Monday, President Biden seized on the moment.
/nyti.ms/3Dalzpo
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE launches social impact scores to help municipal bond investors with ESG
Chip Barnett - The Bond Buyer
ICE Data Services has launched a new service designed to help investors navigate the complex world of social impact investing in the municipal bond market. The ICE social impact scores, powered by risQ, will let the service's users compare which local communities will be socially impacted the most by their investments, a strong component in socially conscious investing, which is designed to advance environmental, social and governance issues, wrapped up in the term ESG.
/bit.ly/384rHkO
Independent review of ASX trade outage November 2020
ASX
Completion of independent review of the November 2020 equity market outage
The independent expert review of the ASX market outage that occurred after a new version of the Nasdaq equity market trading system went live on Monday 16 November 2020 has been completed. ASX commissioned the review by IBM in consultation with the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA).
The review's report makes recommendations across seven categories. IBM's summary of its recommendations is attached.
/bit.ly/2TwaCc9
CrowdStrike Holdings, Inc. to Join the NASDAQ-100 Index Beginning August 26, 2021
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced that CrowdStrike Holdings, Inc. (Nasdaq: CRWD), will become a component of the NASDAQ-100 Index® (Nasdaq: NDX), the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) and the NASDAQ-100 Technology Index (Nasdaq: NDXT) prior to market open on Thursday, August 26, 2021. CrowdStrike Holdings, Inc. will replace Maxim Integrated Products, Inc. (Nasdaq: MXIM) in the NASDAQ-100 Index®, the NASDAQ-100 Equal Weighted Index and the NASDAQ-100 Technology Index.
/bit.ly/3B7OOaG
Price Limits for Futures and Options Trading (from September 1, 2021)
JPX
The price limit range from the trade date ending on June 1, 2021 to the end of the day session on August 31, 2021.
/bit.ly/3Deg3C7
Arrival of Last Trading Day for Options contracts on 10-year JGB futures
JPX
/bit.ly/3BcDPg9
Phillip Securities Japan, Ltd. joins as a broker to provide connection to CONNEQTOR
JPX
Tokyo Stock Exchange, Inc. (TSE) launched the RFQ (Request For Quote) platform, CONNECTOR, in February of this year with the aim of improving liquidity in the ETF market. We are pleased to announce that Phillip Securities Japan, Ltd. has joined as a broker to provide connectivity to CONNEQTOR from today. As a result, institutional investors will be able to trade via CONNEQTOR with the 11 securities companies.
/bit.ly/3gono8v
Hong Kong bourse publicly censures Jia Yueting, former CEOs of smartphone maker Coolpad Group; Former Coolpad chairman Jia Yueting and ex-CEO Jiang Chao 'failed to act honestly and in good faith' in connection with US$200 million in transactions, bourse says; SFC pursuing separate High Court action against Coolpad, former directors
Chad Bray - South China Morning Post
Hong Kong's stock exchange publicly censured failed Chinese tycoon Jia Yueting, as well as two former CEOs and several ex-directors of loss-making Chinese smartphone maker Coolpad Group, on Tuesday in connection with more than 1.3 billion yuan (US$200 million) in related-party transactions that the company failed to disclose in a timely manner.
/bit.ly/3koDFvl
Towards a sustainable repo market
Eurex
Gerard Denham, Senior Vice President in our Funding & Financing Business Development, recently wrote for Securities Finance Times on the subject of the repo market's growing contribution to sustainable finance.
/bit.ly/3DgA8aO
Future administrative practice for the publication of decisions according to Section 50a para. 3 of the German Stock Exchange Act (new)
Eurex
On 1 July 2021, the German Financial Market Integrity Strengthening Act (Finanzmarktintegritätsstärkungsgesetz, FISG) and, in the course of this, Section 50a para. 3 of the German Stock Exchange Act (Börsengesetz) (hereafter: Stock Exchange Act) entered into force. Accordingly, the Management Board of an Exchange is obligated to decide whether and under which circumstances decisions on measures and sanctions pursuant to Section 22 para. 2 sentence 1 of the Stock Exchange Act against Trading Participants shall be published on the website of the Exchange.
/bit.ly/3DgM8sU
FIX Gateway back-office and FIX Gateway 4.2 trading sessions: Extension of the support in the T7 production environment
Eurex
As previously announced in Eurex Circular 012/21, Eurex will decommission the support of the existing FIX Gateway back-office sessions and the FIX Gateway 4.2 trading sessions prior to the introduction of T7 Release 10.0, which will be launched in the simulation environment on 13 September 2021 and in the production environment on 22 November 2021.
/bit.ly/3mudczg
- Amendments to the Contract Specifications Regarding Price Limits and Trading Halts of the Yen Denominated Nikkei Stock Average Futures, USD Denominated Nikkei Stock Average Futures, E-mini Yen Denominated Nikkei Stock Average Index Futures and Yen Denominated TOPIX Index Futures Contracts -- CME
- Administrative Amendments to Six (6) Micro FX Futures Contracts to Delete Redundant Language Regarding Currency Flows at Delivery Which is Provided in CME Chapter 7 ("Delivery Facilities and Procedures") -- CME
- Amendments to the Cash Settlement Rule of the Brazilian Real/U.S. Dollar (BRL/USD), Chilean Peso/U.S. Dollar (CLP/USD) and U.S. Dollar/Chilean Peso (USD/CLP) Futures Contracts -- CME
- Review of Collateral Haircuts - Effective August 23, 2021 -- CME
- September 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 | kACE partners with Algorithmica to launch FX Volatility Aggregator
Fenics Software Limited
kACE, a division of Fenics Software Limited, an entity within the BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC" or the "Company") group of companies, announced today the launch of its kACE Volatility Aggregator (kACE VA) application, a collaboration between kACE and Algorithmica, leveraging both organisations' vast experience in FX derivatives and advanced analytical solutions to deliver unparalleled volatility aggregation functionality.
/prn.to/3kz1XTB
The Digital Payment Giant That Adds Up; Adyen's business was boosted during the pandemic, but it can keep growing even as real-life shopping returns
Rochelle Toplensky - WSJ
Digital payment providers have been among the pandemic's biggest winners. For Adyen, an Amsterdam-listed company that supplies white-labeled services to the likes of Uber, eBay and Spotify, prospects look undiminished even as the world reopens.
/on.wsj.com/3musfbR
Robinhood Analysts Are All Over the Map
Avi Salzman - Barron's
Analysts seem to agree that Robinhood Markets is a major disruptive player in stock and crypto trading. But they are all over the map in terms of how to value that disruption, and it may be a while before it becomes clear how investors can put a price on the stock.
/bit.ly/3gsSCeq
SoftBank's $2 billion valuation makes OPay Africa's new unicorn — Quartz Africa
Alexander Onukwue - Quartz
In less than three years, OPay has gone from a curious startup known for its motorcycles in Lagos, Nigeria, to a financial services company worth $2 billion. The latest valuation comes after it raised $400 million from a round led by SoftBank, the Japanese investment firm, with Sequoia Capital China, and five other large firms participating.
/bit.ly/3DgktbB
Fintech Ramp More Than Doubles Valuation To $3.9 Billion, Raising $300 Million To Take On AmEx In Massive Corporate Card Market
Jonathan Ponciano - Forbes
Just four months after raising a $115 million round led by Goldman Sachs and payments goliath Stripe, two-year-old corporate credit card startup Ramp has raised another $300 million from investors at a $3.9 billion valuation, more than double the $1.6 billion value investors placed on it in April.
/bit.ly/3DdqTsg
Fintech platforms offer funds for individual investors to access unicorns in private equity, real estate markets
Georgina Lee - South China Morning Post
Several start-ups in Asia are using fintech to help individual investors get a piece of the action in the US$98 billion market for alternative assets, access that typically requires an outlay equivalent to the value of a sea-view luxury villa in Hong Kong.
One such example is German start-up Moonfare, which has 13,000 users on its digital platform that aggregates small individual tickets into a feeder fund, which in turn invests in private equity or credit vehicles. Hong Kong-based Altive is also distributing a new fund for professional investors to get into the same sphere.
/bit.ly/3gt8RZj
DLT at Critical Juncture in Capital Markets
Shanny Basar - Traders Magazine
Capital markets are at a key juncture in the development and adoption of distributed ledger technology according to consultancy Capco who said that its application to post-trade settlement will be the next trend. Capco said in a report, How can digital help realize value in capital markets ?, that DLT provides efficient and resilient information transfer that are estimated to save capital markets billions in operating expenses once adopted in full.
/bit.ly/3Dfzb2P
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| Cybersecurity | | Top stories for cybersecurity | Consumer Confidence in Data Security Plummets
Nathan Eddy - Security Boulevard
A survey of more than 2,000 U.S. adults revealed 83% of respondents agree that those data systems have become more vulnerable to cyberattacks and nearly nine in 10 survey respondents said organizations and government entities must have better data security systems in place to protect them from the increase in third-party remote attacks.
/bit.ly/3sG62ZI
The Cybersecurity 202: Election officials are tearing into the Maricopa County audit
Joseph Marks and Aaron Schaffer - The Washington Post
Election administrators from both parties are making their case that the audit of the 2020 election results in Maricopa County, Ariz., was partisan and ham-handed, even before it's released. They're hoping to halt the momentum for efforts at similar audits in Wisconsin, Pennsylvania and elsewhere.
/wapo.st/2WkB6Cu
Report finds NSO Group's spyware used on Bahraini activists
Alan Suderman - The Washington Post
Nine activists from Bahrain had their iPhones hacked by advanced spyware made by the Israeli company NSO Group, the world's most infamous hacker-for-hire firm, a cybersecurity watchdog reported on Tuesday.
/wapo.st/3muMDd4
The United States Department of the Treasury and the Monetary Authority of Singapore Finalize a Memorandum of Understanding on Cybersecurity Cooperation
Treasury.gov
On August 23, 2021, the United States Department of the Treasury ("Treasury") and the Monetary Authority of Singapore ("MAS") announced the finalization of a bilateral Memorandum of Understanding ("MoU") on Cybersecurity Cooperation. This announcement was made during Vice President Kamala Harris' visit to Singapore, where both the US and Singapore recognized the importance of deepening cooperation in new domains to deal with the challenges of the 21st century.
/bit.ly/3kmL7Hc
Apple's Tim Cook, Microsoft's Satya Nadella Plan to Visit White House
Rebecca Kern, Mark Gurman, and Spencer Soper - Bloomberg
The chief executive officers of Apple Inc., Microsoft Corp. and Amazon.com Inc. plan to attend a White House meeting with President Joe Biden this week to discuss efforts by private companies to improve cybersecurity following a dramatic uptick in ransomware and online attacks over the past year. Apple's Tim Cook, Microsoft's Satya Nadella and Amazon's Andy Jassy plan to attend the event scheduled for Wednesday afternoon, according to people familiar with the matter.
/bloom.bg/3DepFwz
Cyber Daily: Company Data Hoards Create Tempting Targets for Hackers
James Rundle - WSJ
The size of the T-Mobile hack, which the company said affects 54 million people, is a byproduct of poor data hygiene or data overreach—or both. There are a few factors in play. Unlike in Europe, say, or China, even the strictest privacy law in the U.S. (California's) doesn't require companies to limit the amount of consumer information they gather. T-Mobile harvested lots of data about people who don't even do business with it.
/on.wsj.com/3gtamXr
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| Cryptocurrencies | | Top stories for cryptocurrencies | Cal Athletics and FTX Unveil 10-Year Landmark Relationship; The Field Naming Rights Sponsorship is the First in Collegiate History paid 100% in Crypto
FTX
Cal Athletics, its multimedia rightsholder, LEARFIELD's Cal Bears Sports Properties ("the Company"), and West Realm Shires Services Inc., owners and operators of FTX.US ("FTX"), a leading US-regulated cryptocurrency exchange, today announced the first-ever collegiate cryptocurrency naming rights sponsorship. As part of the $17.5 million deal, LEARFIELD will accept the full payment in cryptocurrency on behalf of the university. Through this historic, 10-year agreement, FTX receives naming rights to the field at California Memorial Stadium, which will be known as FTX Field at California Memorial Stadium.
/prn.to/3mt00KP
FTX Crypto Exchange Buys Cal Memorial Stadium Naming Rights
Vildana Hajric and Joanna Ossinger - Bloomberg
'FTX Field' name is part of a 10-year, $17.5 million agreement; Firm's COO Nader played football as a walk-on at UC-Berkeley
The Cal Golden Bears will play their home games on newly rebranded FTX Field this football season, after the California university signed a 10-year, $17.5 million naming rights deal with cryptocurrency exchange FTX.US.
/bloom.bg/3gsQfIV
El Salvador Readies Bitcoin Rollout With 200 ATMs for Conversion
Michael D McDonald - Bloomberg
Bitcoin to save citizens $400 million/year in remittance fees; Government has created a $150 million fund to back conversions
El Salvador began installing Bitcoin ATMs, allowing its citizens to convert the cryptocurrency into U.S. dollars and withdraw it in cash, as part of the government's plan to make the token legal tender.
/bloom.bg/3mtDt0k
Coinbase, Circle Say USDC Reserves to Be In Cash, Treasuries
Joe Light and Vildana Hajric - Bloomberg
Stablecoin's reserves had expanded into corporate bonds, paper; Coinbase until August had falsely said reserves were in a bank
A consortium including Coinbase Global Inc. said all the reserves of the second-largest cryptocurrency stable coin will shift into cash and short-term U.S. Treasuries, forgoing riskier investments. The reallocation of the assets backing USDC, a $27 billion stablecoin, marks a swift change from July when consortium member Circle Internet Financial Inc. said that the reserves included corporate bonds and commercial paper.
/bloom.bg/3Bd70Qh
Circle to simplify reserves of USD Coin as stablecoin competition grows; Payments group says its digital token will be backed by cash and short-term US government debt
Siddharth Venkataramakrishnan - FT
Circle has said it will take a conservative approach to managing the reserves backing its stablecoin, as the company heads towards a stock market listing and a battle heats up over assets central to the plumbing of the crypto market.
/on.ft.com/3DgqNzO
Chainalysis Says DeFi Adoption Is Still Far From Mainstream
Muyao Shen - Coindesk
Mainstream adoption of decentralized finance (DeFi) protocols remains at an early stage relative to the wider crypto industry, a Chainalysis report released Tuesday said. In its "Global DeFi Adoption Index," the blockchain data firm found that while DeFi adoption has increased significantly over the past 18 months in both emerging and developed markets, most of this growth has occurred in countries and regions with higher incomes and more professional investors and traders.
/yhoo.it/3gs3utl
Another US Bank Joins the Small List Willing to Serve Crypto Companies
Nate DiCamillo - Coindesk
Customers Bank, based in West Reading, Pennsylvania, is joining the small list of FDIC-insured institutions in the U.S. that are willing to work with cryptocurrency businesses. The bank will compete against Silvergate in California and Signature in New York in offering crypto firms basic accounts as well as a blockchain-based platform for clients to instantly send each other dollars 24/7.
/yhoo.it/3AYFsOm
Continued Investor Demand: A Reflection on the Crypto Industry's Growth and Maturity
Carlos Betancourt - Worth
2021 has seen an explosion in cryptocurrency trading and a huge influx of institutional and private investment in the crypto space. As of August 2021, venture capital funds had invested approximately $17 billion into cryptocurrency and blockchain companies, according to data from PitchBook. This is a record figure, surpassing the total figure for 2020.
/yhoo.it/3khR7Rv
Digital Yuan Used in China's Domestic Futures Market for First Time
Sebastian Sinclair - Coindesk
China's digital yuan has been used to pay storage fees to a delivery warehouse in the Chinese city of Dalian, marking the first use of its kind within the domestic futures market.
/yhoo.it/3mwUTt0
Europe's First Bitcoin Futures, Based on ETC Group's BTCetc Physical Bitcoin, to List on Eurex in September
First futures contract on a Crypto ETP in Europe launching 13 September 2021
ETC Group - Business Wire
ETC Group ( www.etc-group.com), Europe's leading specialist provider of innovative, digital asset-backed securities, announces that Eurex, Europe's largest derivatives exchange, will list Bitcoin ETN Futures on 13 September 2021 based on its flagship product BTCetc. This will be the first time futures contracts are available for investors on a Crypto ETP in Europe.
/bwnews.pr/3mp8QJz
Visa Buys NFT of Digital Avatar With Mohawk for $150,000; The payments network shelled out for a CryptoPunk of a woman with clown-green eyes and "hot lipstick."
Natasha Abellard - Bloomberg
Visa Inc. bought a digital avatar for $150,000 in a show of support for a burgeoning area of investment in the realm of cryptocurrencies and blockchain technology.
/bloom.bg/3DcIGQb
Mark Cuban-Backed Firm Alethea Is Creating 'Intelligent' NFTs
Joanna Ossinger - Bloomberg
Metapurse, Crypto.com are lead purchasers in token sale; Other token purchasers include Multicoin, Alameda, Dapper
Non-fungible tokens are ready to get more interactive, according to one firm that's working to create "intelligent" versions. Alethea AI, which allows users to embed AI animation, interaction, and voice synthesis capabilities into NFTs, is looking to expand in a space with a lot of competition. But the firm has already had some commercial success, selling one intelligent NFT, or iNFT, for $478,000 via Sotheby's in June.
/bloom.bg/3Debs2P
$500,000 for a Picture of a Rock NFT Says Where the Cycle Is; Non-fungible tokens are an innovation that might be even more important than the cryptocurrencies they are based on. But not like this.
Jared Dillian - Bloomberg
A few nights ago, cryptocurrency entrepreneur Justin Sun announced on Twitter that he had paid half-a-million dollars for a picture of a rock with laser eyes. It wasn't even a good picture of a rock. It had little to no artistic merit, like most of the non-fungible tokens, or NFTs. Whether it's the original cryptokitties, or the penguins wearing hats, or the rocks, it is all crypto-community internet kitsch, a big inside joke that none of us are supposed to get except for the cool crypto kids. The geeks buy and sell these "assets," driving prices up to unsustainable heights, while the rest of us just shrug. We just don't get it, they say. I get it perfectly well.
/bloom.bg/3mAQlSi
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| Politics | | An overview of politics as it relates to the financial markets | WHO says it only has medical supplies in Afghanistan for a week
Nafisa Eltahir and Aidan Lewis - Reuters
The World Health Organization only has enough supplies in Afghanistan to last for a week after deliveries of medical equipment from abroad were blocked by restrictions at Kabul airport, a senior regional WHO official said on Tuesday.
/reut.rs/2XSdaqx
Zambia's New Leader Pledges to Stabilize Nation's Shaky Finances
Taonga Clifford Mitimingi and Matthew Hill - Bloomberg
Hichilema secured presidency after winning Aug. 12 elections; New administration seeking International Monetary Fund Loan
Zambia's new President Hakainde Hichilema pledged to rein in public debt and the budget deficit, while restoring the nation's credibility following a default on its foreign loans.
/bloom.bg/3kkDAJ1
Fed Decries a Wealth Gap It Helps Perpetuate; The longer the central bank continues ultra-easy monetary conditions, the more the richest families benefit disproportionately.
Lisa Abramowicz - Bloomberg
Federal Reserve officials often decry the unprecedented disparity between the wealthy and poor. But they usually avoid mentioning the direct role they have played in widening these financial disparities over the past few decades.
/bloom.bg/2XSmdYx
Show Afghan Girls the World Still Cares; At their emergency summit next week, G-7 nations should commit to funding Afghan schools at the same rate as before — as long as they remain open to female students.
Gordon Brown - Bloomberg
Taliban leaders ask us to believe that they will not return to the oppression of their pre-2001 rule, when they persecuted women, violated the basic rights of girls and denied them education. Sadly, actions on the ground do not yet bear this out. Conquering fighters have reportedly seized young girls as "wives." Women are afraid to leave their homes unless clad in full-body burqas and niqabs, and schools are already closing, with girls told that education is not for them.
/bloom.bg/3DfugyE
Hey, Republicans, Stop Fighting Vaccine and Mask Mandates; From one conservative to another: Give businesses and localities freedom to respond to Covid-19. That's what personal responsibility and limited government are all about.
Michael R. Strain - Bloomberg
When it comes to Covid-19, too many prominent Republicans are acting like theirs is not the party of limited government and personal responsibility. Some Republican elected officials are trying to thwart measures local governments and private businesses are taking to reduce the spread of Covid-19. For example, it is illegal in Governor Greg Abbott's Texas for businesses to require customers to provide proof of vaccination — a law that restaurants in Austin learned about the hard way when they nearly had their liquor licenses revoked. Florida has a similar law, signed by Governor Ron DeSantis, though a judge recently gave a cruise operator permission to ignore it.
/bloom.bg/3kdsSUs
China Eyes $1 Trillion of Minerals With Risky Bet on Taliban
Iain Marlow and Enda Curran - Bloomberg
Beijing seeks to welcome Taliban into international community; Militants face challenge convincing U.S. to lift sanctions
When the U.S. invaded Afghanistan in 2001, the global economy looked a lot different: Tesla Inc. wasn't a company, the iPhone didn't exist and artificial intelligence was best known as a Steven Spielberg film.
/bloom.bg/3knMF3A
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Fee Rate Advisory #1 for Fiscal Year 2022
SEC
The Securities and Exchange Commission today announced that in fiscal year 2022 the fees that public companies and other issuers pay to register their securities with the Commission will be set at $92.70 per million dollars.
/bit.ly/3gvNx58
SEC Enforcement Chief Counsel Joe Brenner Retires
SEC
The Securities and Exchange Commission announced that Joseph K. Brenner has retired as the Chief Counsel of the Division of Enforcement, a role he held since January 2011. As Chief Counsel, Mr. Brenner served as the head of the Division of Enforcement's Office of Chief Counsel, where he oversaw the process of providing legal and policy advice on potential enforcement actions and other critical issues to the Division's leadership and 1400-person staff.
/bit.ly/3myYebf
Federal Court dismisses Mineralogy's claim against ASIC
ASIC
The Federal Court has set aside, with costs, an application brought by Mineralogy Pty Ltd (Mineralogy) against ASIC regarding Mineralogy's audited accounts for the year ending 30 June 2014.
/bit.ly/3DdEiQY
ASIC bans former broker Richard Pusey from financial services and credit for 10 years
ASIC
ASIC has banned Melbourne-based former mortgage broker Richard Pusey from providing financial services and engaging in credit activities, controlling a financial services or credit business, and performing any function in relation to carrying on a financial services or credit business for a period of 10 years.
/bit.ly/3kjgUZI
Westpac subsidiaries to pay $10.5 million penalty for breaches of best interests duty
ASIC
The Federal Court has ordered Westpac Bank subsidiaries Westpac Securities Administration Limited (Westpac Securities) and BT Funds Management Limited (BT Funds) to pay a combined penalty of $10.5 million for failing to act in their clients' best interests.
/bit.ly/3z7BnXz
ESMA Consults On Suitability Assessments Of Drsp Management Body Members
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, today published a Consultation Paper (CP) on draft Regulatory Technical Standards (RTS) under the Markets in Financial Instruments Regulation (MiFIR) regarding suitability assessments of DRSP management body members.
/bit.ly/3mqXpRF
Statement of Commissioner Dawn D. Stump on the CFTC's Regulatory Authority Applicable to Digital Assets
CFTC
The CFTC's regulatory oversight authority, as well as the application of our enforcement authority, must be well understood by the public. Only then can proper regulatory compliance be demanded. The recent growth in popularity of crypto products and other digital assets has drawn much attention to the question of how this new financial asset class is regulated in the United States. In response, there has often been a grossly inaccurate oversimplification offered which suggests these are either securities regulated by the Securities and Exchange Commission, or commodities regulated by the Commodity Futures Trading Commission. The prevalence of this misunderstanding about U.S. regulatory delineations has grown to a point that I believe requires correction.
/bit.ly/3gvm8k2
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Congrats, You've Inherited Some Money. Now What? As baby boomers start to pass their assets to their children, inheritors should remember that rushing to pay off debt isn't always advisable.
Teresa Ghilarducci - Bloomberg
Those who inherit money after a loved one's passing often face anxiety over what to do with it. It may be a once in a lifetime chance to get ahead but there's the perennial personal finance question of whether it's better to pay off debt with the money or invest it for retirement. It's especially relevant now, with baby boomers starting to pass their assets to their children in one of the biggest wealth transfers in U.S. history.
/bloom.bg/3mHgcsb
Treasury Sales Under Scrutiny as Foreign Demand Rises to Record
Stephen Spratt - Bloomberg
Global funds snapped up 38% of U.S. 10-year sale this month; One potential reason is central banks reallocating FX reserves
An autopsy of this month's blockbuster 10-year Treasury auction shows global funds bought a record amount. Traders will be scrutinizing this week's sales for a possible repeat. A breakdown of the Aug. 11 sale released by the Treasury on Monday showed the Foreign and International category, a group that includes foreign official entities, were awarded $15.4 billion of the $41 billion of notes sold, an all-time high. Their 38% share was the biggest proportion in over a decade.
/bloom.bg/3gsL7UU
China's Biggest Fears Are Giving Dollar All the Support It Needs
Maria Elena Vizcaino and George Lei - Bloomberg
Default risk, Covid spread, slow growth keep the yuan in check; Chinese currency is second-best EM performer vs USD this year
The U.S. dollar is getting a boost from an unusual place -- China. Increasing coronavirus infections, slower growth and rising risk of default in the world's second-largest economy are combining to help fuel a stronger dollar, according to Morgan Stanley strategists. But at the same time, these factors are combining to keep the yuan in a tight trading range, which caps how high the greenback can go.
/bloom.bg/3mnEFm2
Discord has won over gamers. Now it wants everybody else; Chief executive Jason Citron is looking to broaden the appeal of the popular chat platform
Hannah Murphy - FT
First came the gamers, then came the offers for his business. In recent months Jason Citron, chief executive and founder of gaming-focused chat platform Discord, has rebuffed a series of potential suitors, including a $12bn takeover bid from Microsoft and reported interest from Twitter, Amazon and Epic Games.
/on.ft.com/3gv359w
If You Bought Municipal Bonds a Long Time Ago, This Is a Great Time; Prices surge, hurting yields for new investors, as Biden comments ignite tax-increase fears and local governments weather Covid-19
Heather Gillers - WSJ
Everyone wants state and local-government bonds. That's a good thing if you already own muni debt, and a bad thing if you're trying to get your hands on some. The yield on the S&P Municipal Bond Index this summer fell below 1% for the first time since it was created in 1998. The index tracks returns on a selection of core municipal bonds from across the market and assumes any interest thrown off is reinvested. The yield in question—known as yield to worst—is the lowest rate the investor can expect to earn short of a default.
/on.wsj.com/3B5zLy6
After struggling with substance abuse, this financial adviser found a mentor who helped him rescue his career; 'I was completely broke but I had found someone who believed in me.'
Morey Stettner - MarketWatch
In the late 1980s, Gary Schwartz hit rock bottom. Drug and alcohol abuse led him to lose his bearings and his business. In his early 30s with a wife and two newly adopted sons, Schwartz operated a butcher shop in the Bronx, N.Y. But after it failed due to his substance abuse, he sought treatment and went into recovery.
/on.mktw.net/3goXCAU
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Spain counts cost of agribusiness in rising desertification; In Europe's most affected country, the agricultural overuse of water is made worse by climate change
Daniel Dombey - FT
The heatwaves and forest fires that swept through the Mediterranean this summer gave Europeans a grim lesson in the dangers of climate change. But many experts are just as worried about a longer-term affliction: desertification.
/on.ft.com/3kh8xxS
Maersk takes biggest step yet to decarbonise container shipping; World's biggest liner is first to order large carbon-neutral vessels that can sail from China to Europe
Richard Milne - FT
Maersk is taking the biggest step yet to decarbonise the shipping industry by ordering eight new vessels capable of carrying 16,000 containers each that can run both on traditional bunker fuel and "green" methanol.
/on.ft.com/3mxfYUb
Climate action will stall until the finance problem is solved; Clean energy supply is no longer the big hurdle, rather the entire economy needs to be retooled
Sam Arie - FT
The climate debate can be captured in three simple questions: is there an emergency? Will we address it? And who should pay the costs? The first question seems to have been settled by the latest IPCC report and its conclusion that we are likely to experience global warming of 1.5C within 20 years, as the Paris agreement had hoped to avoid. The second should be settled this November at the COP26 climate conference, where for the first time in history the US, Europe and China will arrive having already pledged a pathway to zero emissions. So a repeat of the 2019 conference, where nothing of note was agreed, seems almost inconceivable. Which means that we are left today with the last and hardest question: how to pay for the green transition.
/on.ft.com/3B4dZuA
U.S. Crops Wither Under Scorching Heat; Inventories of grains world-wide are dwindling, further pushing up already high prices for corn and wheat
Kirk Maltais - WSJ
Drought is blistering key U.S. cash crops, further elevating prices for staples including corn and wheat. The punishing dynamics of a torrid summer were evident this month on the Pro Farmer Crop Tour, an annual event in which farmers visit key growing areas across the grain belt to gather data on the coming harvest. Driving along state Route 14 outside of Verdigre, Neb., Randy Wiese turned to see a farmer harvesting hay. The piles were small.
/on.wsj.com/3B27x7e
South Africa aims to bring pilot carbon capture project online in 2023
Wendell Roelf - Reuters
South Africa heavily reliant on coal-fired power;World Bank's $23 mln project grant extended; First injection of CO2 underground seen in 2023
South Africa has started geological mapping at the country's first carbon capture and storage (CCS) site, where it plans to inject vast quantities of CO2 deep underground from 2023, a senior Council for Geoscience official said.
/reut.rs/3mwVZoC
Chevron Expanding Push into Dairy-to-Gas Fuel to Cut Emissions
Naureen S Malik - Bloomberg
Chevron and Brightmark developing 38 dairy biomethane sites; Critics say biomethane delays shift away from fossil fuels
Chevron Corp. is accelerating its push to convert cow manure into renewable natural gas as part of its effort to reduce its carbon footprint.
/bloom.bg/3B7CU0p
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge Funds Are Hot Again. Good Luck Finding One That'll Take Your Money; A record number of funds are closing to new cash. Investors risk missing out on the top money makers.
Nishant Kumar - Bloomberg
Confined to their desks in the midst of the global pandemic, former Citadel traders Niall O'Keeffe and Tio Charbaghi made the rounds on video calls to woo investors for their new hedge fund. It should have been a hard sell. The price tag was high for a fledgling fund — a 20% cut of profits on top of a hefty 2% annual fee. The investment style, betting on rising and falling stocks, was out of vogue with investors. The pitch was uncompromising: take it or leave it.
/bloom.bg/3kh4QZ2
Capital Group Yields to ETF Craze With Slate of Actively Managed Funds; The $2.6 trillion mutual fund giant is one of the last big financial firms to launch an ETF.
Claire Ballentine - Bloomberg
Capital Group, the $2.6 trillion mutual fund giant, plans to launch a slate of ETFs in the first quarter, one of the last of the major asset managers to relent by offering the low-cost product to clients.
/bloom.bg/3DaDNah
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Here's What Some Chinese Firms Are Adding to U.S. IPO Filings
Filipe Pacheco and Julia Fioretti - Bloomberg
SEC is pushing for disclosures of offshore structures, risks; IPO hopefuls awaiting approvals start to update information
Chinese firms planning to list on American exchanges are slowly starting to tackle increasingly detailed queries from the U.S. Securities and Exchange Commission, which has been pushing for full disclosure of political and regulatory risks they face in their home country.
/bloom.bg/3Ba3NRw
India Considers Allowing Foreign Direct Investment in Life Insurance Corp
Shruti Srivastava - Bloomberg
May open room for single investor to buy significant stake; LIC is headed for what could be India's biggest ever IPO
India is considering allowing foreign direct investment in Life Insurance Corporation, according to a person familiar with the matter, which could enable a single overseas investor to buy a large stake in the firm that's headed for a mega-IPO.
/bloom.bg/3gvvDzs
Cannabis Firm Plans South Africa IPO, Magic Mushroom Expansion; Cilo Cybin is first local group to win full cannabis license, named after magic mushroom substance.
Loni Prinsloo and Antony Sguazzin - Bloomberg
Cilo Cybin Pharmaceutical Ltd. is considering an initial public offering in the next 12 months after becoming the first South African company to win the right to grow, process and package cannabis products.
/bloom.bg/3Dg2jXt
IMF chief: how the world can make the most of new special drawing rights; Poor and vulnerable countries need help to fight their way out of the pandemic
Kristalina Georgieva - FT
On Monday, IMF member countries start receiving their shares of the new $650bn special drawing rights allocation — the largest in the fund's history. This injection of fresh international reserve assets marks a milestone in our collective ability to combat an unprecedented crisis.
/on.ft.com/3mtN72Y
China's courts take centre stage as defaults shake $17tn bond market; Judiciary takes stronger role in restructurings and bankruptcies but foreign investors still at a disadvantage
Edward White - FT
For decades, one of the last places anyone in China would want to find themselves is standing before a judge. Yet, when it comes to certain areas of commercial law, there are signs of modernisation.
/on.ft.com/3gsRIip
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| Miscellaneous | | Stories that don't quite fit under the other sections | Struggling News Industry Steps Up Recruitment of Diverse Leaders
Gerry Smith - Bloomberg
Houston and Dallas become latest papers to make historic moves; Editors of color face challenges beyond tight newsroom budgets
With much of corporate America targeting greater diversity in its management ranks, news companies are taking steps to close the gap, offering a glimpse at what more representative leadership might bring in an industry that has lagged behind.
/bloom.bg/3B7kBsd
B-Schools Must Evolve for Future Business Demands, Employers Say; MBA programs should be more flexible and teach skills like digital transformation, according to a survey.
Chris Stokel-Walker - Bloomberg
MBA programs have traditionally been the finishing school for ambitious students, who hand over $100,000 for a year or two of studies that promise to jump-start high-paying careers. That venerable formula is showing signs of strain, according to executive education consultants CarringtonCrisp in London.
/bloom.bg/3khtRDj
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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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