| July 31, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Trabue Bland, the thoughtful and cheerful senior vice president of ICE Futures Exchanges, has written a thought leadership piece titled "The globalization of natural gas gains momentum." The subheadline is "Geopolitical shifts and a tight LNG market heighten the need to manage price and supply risks."
In his commentary, Bland writes that the global natural gas market is rapidly evolving due to the rise of liquified natural gas (LNG) and geopolitical shifts. The demand for LNG has surged, particularly in Europe and Asia, due to the withdrawal of Russian gas and the push for cleaner energy. This has led to increased competition for U.S. LNG cargoes, creating a tight market with high price volatility. Three key benchmarks have emerged: Europe's Title Transfer Facility (TTF), Asia-Pacific's Japan Korea Marker (JKM), and North America's Henry Hub. TTF has become a dominant index, providing crucial price signals and facilitating investment, especially after Europe reduced its reliance on Russian gas.
The U.S. has become a top LNG exporter, with Europe and Asia vying for its supplies, impacting global gas prices. In Asia, economic growth and environmental concerns are driving LNG demand, with JKM becoming a key regional benchmark. Bland notes Canada is set to become a significant LNG exporter, with new infrastructure allowing it to compete globally. Canadian LNG has advantages like shorter shipping routes to Asia, reducing costs and risks.
He ends by reminding us of the risks and uncertainties we face and how the markets are increasingly interconnected and "market participants must adopt a global perspective to manage risks and capitalize on opportunities."
Speaking of energy, Angelina LaRose, assistant administrator for energy analysis at the US Energy Information Administration, will keynote at the FIA Forum: Commodities 2024 in Houston from September 16-18. On September 17, she will present key insights from the recent Short Term Energy Outlook, covering trends in energy production, consumption, inventories, and prices, as well as the forecasting methodology used by the agency. Other sessions will address the current uncertainties in energy and commodities and how firms are adapting their trading, risk, compliance, and legal strategies. Register HERE.
USA Today reports that in Scurry County, west Texas, more than 100 earthquakes have struck in the past week, prompting a state of emergency. The initial earthquake, a magnitude 4.9, occurred on July 22, causing widespread damage. Subsequent quakes, including a 5.0 magnitude tremor, have alarmed local officials and residents. Geophysicist Justin Rubinstein from the U.S. Geological Survey attributes nearly all of these quakes to oil and gas extraction activities, specifically the disposal of saltwater produced during drilling. The Texas Railroad Commission is investigating the link between these tremors and the injection of fluids into the ground, having already shut down two deep disposal wells and inspected others within a 2.5-mile radius of the earthquake cluster.
China has appointed Li Ming as the new deputy chief of the China Securities Regulatory Commission (CSRC), replacing Fang Xinghai, who turned 60 in May, the typical retirement age for vice-ministerial level officials. Fang, a Stanford graduate fluent in English, studied in the U.S. and had strong relations with the leaders of the Futures Industry Association and regulators in Singapore. He was known for his reformist views and international engagement, including leading the CSRC's international department and securing a significant audit cooperation agreement with the U.S. Li Ming, the new deputy chief, previously headed CSRC's law enforcement and is not fluent in English. He has pledged to crack down on market manipulation and insider trading. Bloomberg has a story about the change in leadership.
Bloomberg is reporting that "Dr. Doom" Nouriel Roubini is launching his first ETF. Here are the top 10 reasons to invest in the Roubini ETF:
1. "Invest in Roubini's ETF-because who doesn't want a little doom and gloom in their portfolio?"
2. "Finally, an ETF that predicts the end of the world while you still make a profit!"
3. "Roubini's ETF: Perfect for those who believe the glass is always half empty and about to spill."
4. "If you've been looking for a fund manager who wears pessimism like a badge of honor, Dr. Doom's ETF is your dream come true."
5. "Why invest in a bull market when you can ride the doomsday wave with Roubini's ETF?"
6. "Roubini's ETF: Because betting on the apocalypse is just good financial planning."
7. "For those who think optimism is overrated, Roubini's ETF is here to turn your frown into funds."
8. "Tired of sunshine and rainbows in your investments? Roubini's ETF brings the storm clouds you've been waiting for."
9. "In a world of bullish ETFs, Dr. Doom's fund is a breath of pessimistic air."
10. "Investing in Roubini's ETF: where even the bear market feels optimistic by comparison."
Here are excerpts of stories from in front of FOW's paywall: The inclusion of WTI Midland crude oil into the Brent basket has led to increased exposure for Asian firms, enhancing risk management in the region, according to REA. Proprietary trading firms faced challenging conditions in the first half of 2024, yet nearly half reported better conditions compared to the previous year, as found in an Acuiti survey. ICE Futures Europe reported a record 350,612 lots of open interest in its ESTR futures contract on July 29, more than doubling from May 27. Bitvavo has adopted Nasdaq's market surveillance technology to enhance its compliance framework amidst rapid growth in the cryptocurrency industry. Sterling Trading Tech hired Vedant Gaur, a former Barclays SVP in futures trading, as sales director to expand its global bank and brokerage segments. BGC Group's CEO Howard Lutnick is optimistic about launching US treasury futures based on the SOFR on its FMX platform in September, adding to its existing US cash treasuries trading.
The World Alliance of International Financial Centers (WAIFC) Annual General Meeting will be held in Tokyo this October hosted by FinCity.Tokyo, the WAIFC posted to LinkedIn.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- CQG's Kevin Darby Discusses AI Innovations and Market Integration at Options Conference from John Lothian News.
- Hedge funds pile into euro systematic gamma selling from Risk.net.
- Probability of Reaching Max Loss Using Iron Condors from tastylive. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Unlocking Market Potential: Frank Somma Discusses SIX Clearing's Innovative Solutions and T+1 Impact
JohnLothianNews.com
Frank Somma, senior sales manager at SIX, recently shared insights on the benefits of central counterparty (CCP) clearing and SIX Clearing's offerings in an interview with John Lothian News at FIA's International Derivatives Week in London.
Watch the video »
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Rich Feltes' Farm to Table Journey Through the Grain Markets
JohnLothianNews.com
Rich Feltes is retired and living in a Del Webb community just outside of Nashville, TN. He recently gave a presentation for the Del Webb Academy on polio, its history, and the current state of the disease. Feltes contracted polio when he was 11 months old, making this an issue near and dear to him.
Watch the video »
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CQG's Kevin Darby Discusses AI Innovations and Market Integration at Options Conference
JohnLothianNews.com
Kevin Darby, vice president of CQG, sat down with John Lothian News at the Options Conference in Asheville, North Carolina, for the JLN Industry Leader video series sponsored by the Options Clearing Corporation (OCC). JLN asked Darby about CQG's advancements and strategies in the realm of artificial intelligence (AI) and machine learning (ML) within the financial markets.
Watch the video »
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Central clearing might not solve US Treasury snafus; Sorry!
Robin Wigglesworth - Financial Times
Half a century after it was first proposed, mandated central clearing is finally coming to the US government bond market. But will it actually help address one of the main problems regulators want it fix? Perhaps not, according to an obtusely-written but fascinating paper published by three Federal Reserve officials last month, which FTAV belatedly read properly today (because of holidays and stuff). It concludes: Combining a detailed analysis of the rules involved in calculating the SLR with a unique set of regulatory data, we conclude that expanding central clearing would have relatively limited effects on the level of SLRs.
/jlne.ws/3ynIoZ7
***** Every little bit helps when you are talking about something as big as the U.S. Treasury market.~JJL
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CFTC Warns Customers to Watch for Follow-on Frauds
CFTC
The Commodity Futures Trading Commission's Office of Customer Education and Outreach (OCEO) today issued a customer advisory reminding the public that frauds may extend beyond one-time acts and that victims may be targeted multiple times-sometimes by the same criminal gangs. It's not uncommon for victims of trading frauds to also be targeted by fraud-recovery scams or recruited to launder money for criminal enterprises.
/jlne.ws/4d0xUxP
***** The MarketsWiki category page for types of fraud continues to grow.~JJL
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Trump Crypto Plan Could End Bitcoin's Anarchic Vision; A strategic US stake in Bitcoin, like with oil, would invite government interference and forsake the original libertarian philosophy.
John Authers - Bloomberg
A Questionable Union
There's a bull market for cryptocurrency promoters. Donald Trump's endorsement of Bitcoin is only the latest win for the digital asset. As Bloomberg News' reporters note in this Big Take, his backing capped a complete about-face on an asset class he considered a crime-riddled scam when in office. There may also be a reversal from crypto bros now happy to back him. Their original libertarian concept was that the currency would break the hold of banks on the financial system, and of the government over the currency. The notion of benign anarchy had already seemed to be dying; official embrace now could bury it once and for all.
/jlne.ws/4cfdCje
***** Evidently the "We are from the government and we're here to help" message is not one that works well with the libertarian bent of bitcoin's origin.~JJL
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Tuesday's Top Three
Our top story Tuesday was Illinois Supreme Court Appoints Hon. Celia Gamrath to First District Appellate Court, from the Illinois State Bar Association. Second was Carbon Credits Found to Be Mostly 'Ineffective' in Key Study, from Bloomberg. Third was Judge Celia Gamrath's order striking the CME's motion for a summary judgment in the CME Group member class action lawsuit from her schedule, as she was appointed by the Illinois Supreme Court to the First District Appellate Court.
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| Lead Stories | China Names New Markets Deputy to Replace Reformist Fang Xinghai; Fang turned 60, typical retirement age, in May this year; Replaced by Li Ming, former head of CSRC law enforcement
Bloomberg News
China has appointed a new official as deputy chief at its markets regulator to replace Fang Xinghai, a long-time advocate for reform and open capital markets. The State Council, China's cabinet, named Li Ming as deputy head of the China Securities Regulatory Commission, the markets regulator said in a statement late Tuesday. Fang Xinghai will be removed from his post as CSRC deputy as well as his role on its party committee, it said, without further explanation. In May Fang turned 60, the typical retirement age for vice-ministerial level officials. The CSRC currently has four deputy chiefs listed on its website.
/jlne.ws/3WqymhN
Howard Lutnick says new exchange ready to take on CME: 'You ain't seen nothing yet'; FMX Futures Exchange is set to launch in September
Jeremy Chan - Financial News London
The chief executive of broker dealer BGC said the launch of its interest rate futures exchange will be the first step in breaking rival CME's stranglehold on the market. "It is the beginning of a process of bringing fundamental competition to a market that is 100% at the CME today," said Howard Lutnick during BGC's second-quarter earnings call on 30 July. "We bring such an incredible type of competition, the likes of which CME has never seen." BGC is planning to launch the FMX Futures Exchange in September after receiving approval from the Commodity Futures Trading Commission, Lutnick said. "There's nothing in our way. We are fully approved and ready to go."
/jlne.ws/4fo9hgh
US regulators seek to limit asset managers' sway over big banks; Investment groups are alarmed by efforts to curb their influence on governance and strategy at American lenders
Stephen Gandel and Brooke Masters - Financial Times
US banking regulators are pursuing a plan that could limit investment managers' sway over governance and strategy at American banks, in a move the industry called an "alarming" attempt to curb shareholder input. The Federal Deposit Insurance Corporation approved a proposal on Tuesday that would require large managers of passive investment funds to meet new restrictions before they can buy and hold large stakes in publicly traded banks.
/jlne.ws/3Wphlol
BGC chief confirms US treasury futures launch in September
Luke Jeffs - FOW
The chairman and chief executive of BGC Group has confirmed the US broker will launch in September its much-anticipated US treasury futures trading platform in a direct challenge to CME's dominance of the world's biggest rates market. Speaking as BGC Group announced second quarter earnings up 11.7% to $550.8m (£430m), Howard Lutnick confirmed the firm's new US treasury futures trading venue called FMX will go live in September. Lutnick said: "FMX, together with its clearing partner, LCH, has full CFTC approval to open our futures exchange. Together with our 10 partners, the world's largest banks and market-makers, we look forward to the launch of SOFR futures, the largest notional futures contract in the world, in September."
/jlne.ws/4fsDFGs
Founder of Crypto DeFi Project BitClout Arrested, Faces Wire Fraud, SEC Charges; The securities regulator says Nader Al-Naji diverted investor funds toward luxury purchases
Mengqi Sun - The Wall Street Journal
U.S. authorities have filed criminal and civil charges against Nader Al-Naji, founder of cryptocurrency trading and social-media platform BitClout, alleging he defrauded investors. Al-Naji, under the pseudonym "Diamondhands," was arrested on Saturday and presented to a magistrate judge in California on Monday, the Justice Department said Tuesday. The 32-year-old Los Angeles resident faces one count of wire fraud, which carries a maximum prison sentence of 20 years if convicted, according to a sealed complaint filed by federal prosecutors in Manhattan.
/jlne.ws/3zYhjft
SBTi Details Possible Uses of Carbon Credits Despite Finding Little Evidence They Work; The referee on corporate net-zero targets is at the forefront of a debate over the legitimacy of offsets
H. Claire Brown - The Wall Street Journal
The world's leading referee on corporate net-zero targets left open the possibility of allowing companies to use carbon credits in their efforts to reduce emissions, but said more research was needed after a review of evidence found that many credits are largely ineffective. The findings, released Tuesday, mark the latest development in a monthslong saga that has put the Science Based Targets initiative, or SBTi, at the forefront of a global debate over whether carbon credits have a legitimate place in voluntary corporate climate commitments. SBTi relies on scientific evidence to verify companies' emissions reduction plans and has validated climate targets for more than 5,000 companies to date.
/jlne.ws/4dmG57B
BGC Group Reports Second Quarter 2024 Financial Results
BGC Group
BGC delivered record second quarter revenues and Adjusted Earnings, with continued growth across our businesses and geographies. Our revenue growth of 12 percent delivered Adjusted Earnings growth of over 19 percent, demonstrating BGC's operating leverage. Higher revenues, along with improved profitability in our FMX and Fenics businesses, contributed significantly to our profit growth and margin expansion in the second quarter.
/jlne.ws/3A6UJBC
Russia Legalizes Crypto Mining and Brings an Experimental Regime; The State Duma passed two bills on Tuesday.
Amitoj Singh - CoinDesk
Russia's lower house of the Federal Assembly, known as the State Duma, has passed two crypto-related laws on Tuesday, a Russia based policy expert told CoinDesk and Ria Novosti, Russia's state-owned domestic news agency reported. The first law fully legalizes cryptocurrency mining in Russia from Nov. 1, 2024. Legal entities and individual entrepreneurs registered with the Ministry of Digital Development can engage in mining, while those who are not registered can only operate mining rigs if they do not exceed energy consumption limits, Ria Novosti reported. Oversight over mining activities will be spread between different institutions with the Bank of Russia seemingly having overriding powers. The cabinet of ministers will independently establish a scope of requirements for activities of the mining infrastructure operators.
/jlne.ws/4c9C7Oq
Quant Funds Face Profit Risk as India Moves to Curb Options Boom; Sebi's proposal may shrink liquidity, eat into trading margins; Global high-speed trading firms are expanding India operations
Chiranjivi Chakraborty - Bloomberg
Profits for global and domestic quant traders in India's options market are set to come under threat as the country aims to slow the rapid growth in equity derivatives trading. The securities regulator Tuesday proposed measures that could shrink liquidity in the $4 trillion futures and options market and cut into margins for market makers and traders. India's surge to the top of global equity derivatives volumes has lured high-speed trading firms including Citadel Securities LLP and Optiver. The market grabbed global attention in April after US-based Jane Street Group revealed that a strategy used in India generated $1 billion in profits, highlighting the potential for big gains. This also sheds light on how smaller investors often struggle to compete with the big players in equities trading.
/jlne.ws/4drUjnN
Swiss Stock Trading Is Halted, Second Outage in 13 Months; Technical snag prevented distribution of pricing data; Spain's market also had data problem though trading continued
Allegra Catelli and Joe Easton - Bloomberg
Switzerland's stock market operator halted equity trading for hours Wednesday after a technical snag that made it impossible to distribute pricing data, the exchange's longest outage ever and the second to hit it in little more than a year. The halt began at 10 a.m. Zurich time and stock trading will resume at 2:30 p.m., SIX Swiss Exchange said. The exchange hadn't been able to disseminate market data and indexes since about 9:10 a.m., a spokesperson said. Data for the Spanish stock market, owned by SIX, also was affected for several hours, though trading there continued.
/jlne.ws/3A638Fi
London loses its historic grip on global mining sector listings; New York, Toronto and Sydney overtake UK capital as companies seek higher valuations and deeper liquidity
Harry Dempsey and Nic Fildes - Financial Times
London has fallen behind New York, Toronto and Sydney as a global venue for mining company listings, and investors warn it is in danger of being "sidelined" by a sector it once dominated if a few major groups head overseas. The market capitalisation of London-listed mining stocks has shrunk to $272bn this year from $322bn in 2018, while rival bourses in Australia, Canada and the US have all overtaken it and now each have mining sectors worth more than $325bn, according to data compiled by S&P Global Market Intelligence.
/jlne.ws/3WvoN1h
What Opec's next big goal should be; Cartel should help members through an energy transition that will be devastating for many oil producers
Adi Imsirovic - Financial Times
Opec is facing the greatest challenge since its inception. The world needs to stop burning oil and limit global warming below 2C, along the lines of the Paris Agreement by nations on climate change. The general consensus is that oil use needs to shrink by as much as 80 per cent by the middle of the century if we are to meet the Paris goals. The impact of such a fall will be devastating for many oil producers. Opec must help its members to navigate the treacherous waters of energy transition. The organisation should be promoting what two of its wealthy members, Saudi Arabia and the United Arab Emirates, are already doing - working hard on diversifying their economies.
/jlne.ws/3LMXsTa
Lessons to be learned from the US to boost European ETF growth; With clear distinctions in volumes across the UK and EU when compared to the US, Wesley Bray explores the evolving use of ETFs, reasons behind regional disparities, what can be learned from the US and how innovation can help bolster trading volumes.
Wesley Bray - The Trade
In recent years, exchange-traded funds (ETFs) have undergone significant evolution, shifting from simple passive investment instruments to more versatile tools that help reinforce a range of strategies. Initially known to track broad market indices, today's ETFs cover niche sectors and even include thematic investments.
/jlne.ws/3YrQoD5
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | EU disputes China claim that it supports Beijing's proposal to end Ukraine war
South China Morning Post
Brussels sources have pushed back against China's claims that the EU's top diplomat "attaches great importance" to a Sino-Brazilian statement on ending the war in Ukraine, stating he did not say such a thing. Josep Borrell met Chinese Foreign Minister Wang Yi on the margins of an Asean summit in Laos on Friday. A foreign ministry statement released shortly afterwards said: "The EU attaches importance to the peace initiatives of China and Brazil on the political solution of the Ukrainian crisis."
/jlne.ws/46ofkgR
Russia unleashes massive drone attack on Kyiv; Ukrainian officials say raid is one of the biggest since war started
Isobel Koshiw - Financial Times
Russia launched almost 90 drones against Ukraine in one of its largest attacks since the start of the full-scale invasion in 2022. The overnight attack, which lasted for seven hours and well into Wednesday morning, mainly targeted Kyiv where more than 30 drones were shot down, according to Ukraine's air defence forces.
/jlne.ws/3WqB5Yz
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | The risk of all-out Middle East war is rising sharply; Strikes in Beirut and Tehran could plunge Israel and Iran deeper into dangerous cycle of escalation
Andrew England - Financial Times
Israeli Prime Minister Benjamin Netanyahu has just taken a huge gamble. In a matter of hours, Israeli forces launched an air strike in Beirut targeting a senior commander of Hizbollah, the Lebanese militant movement, and have been accused by Hamas and Iran of assassinating the Palestinian group's political leader in an attack in Tehran. Israel said it killed Fuad Shukr, a Hizbollah commander considered close to the group's leader, Hassan Nasrallah. But it has not commented on the strike that killed Ismail Haniyeh, the senior Hamas official. It typically neither denies nor confirms targeted assassinations in Iran.
/jlne.ws/4fr7G9h
***** Here is The New York Times version of this story.~JJL
Killing of Two Israeli Enemies Puts Middle East on Brink of Wider War; Strikes on Hezbollah in Beirut and Hamas in Tehran add new risks as diplomats try to head off escalation
Summer Said, Rory Jones and Carrie Keller-Lynn - The Wall Street Journal
Iran had planned to use this week's inauguration of its new president to show off its powerful collection of militias. Representatives of Hamas, Palestinian Islamic Jihad, Yemen's Houthis and Lebanon's Hezbollah all gathered in Tehran, where Hamas political leader Ismail Haniyeh hugged new Iranian President Masoud Pezeshkian amid chants of "Death to Israel." But before the next day dawned, it was Haniyeh who was dead, in a mysterious strike in the Iranian capital that Hamas blamed on Israel. It came just hours after the Israeli military said it had killed a top Hezbollah official with an airstrike in Beirut.
/jlne.ws/4dpqKDb
Israel says it has killed senior Hizbollah commander in Beirut strike; Attack was retaliation for deadly incident in Golan Heights that has been blamed on the Lebanese militant group
Raya Jalabi, James Shotter and Neri Zilber - Financial Times
Israel said on Tuesday it had killed a senior Hizbollah commander in an air strike on Beirut, stating the operation was retaliation against the individual responsible for a deadly rocket attack on the Israeli-occupied Golan Heights. The Israeli military said Fuad Shukr died in the attack on an area of southern Beirut that is a Hizbollah stronghold. The Israel Defense Forces described Shukr as Hizbollah's most senior military commander and right-hand man to Hassan Nasrallah, leader of the Iran-backed Lebanese militant group. Hizbollah has yet to make an official comment about the Israeli strike.
/jlne.ws/46pw0EB
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | MARF registers a new Commercial Paper Programme from Greenvolt for 75 million euros
BME
It is the eighth Portuguese company to be financed through BME's fixed income market Greenvolt Energias Renovaveis has registered a new Green Commercial Paper Programme on BME's fixed income market, MARF, for an amount of 75 million euros. Greenvolt is the eighth Portuguese company to come to this market to expand and diversify its financing options and access new international investors. Bankinter Investment participates as Arranger of the programme. Bankinter, Banco Finantia and PKF Attest Capital Markets are the appointed Placement Entities. VGM Advisory Partners is the Registered Advisor of Greenvolt in MARF.
/jlne.ws/4fp9iAC
Product Modification Summary: Amendments to the Block Trade Minimum Quantity Threshold and Spread Combinations for Certain CME and CBOT Agricultural Futures and Options Contracts - Effective August 26, 2024
CME Group
Amendments to the Block Trade Minimum Quantity Threshold and Spread Combinations for Certain CME and CBOT Agricultural Futures and Options Contracts.
/jlne.ws/4d00pMf
New Product Summary: Initial Listing of the WTI Houston vs. WTI Midland Trade Month Average Price Option Contract - Effective August 26, 2024
CME Group
Initial Listing of the WTI Houston vs. WTI Midland Trade Month Average Price Option Contract
/jlne.ws/3yjaGUF
New Product Summary: Initial Listing of Q2 Seasonal Strip Weather Futures and Options Contracts
CME Group
Initial Listing of Q2 Seasonal Strip Weather Futures and Options Contracts.
/jlne.ws/3WIw1jB
BigRep SE: New entry in the General Standard of the Frankfurt Stock Exchange
Deutsche Boerse
SMG Technology Acceleration SE was listed as a Special Purpose Acquisition Company (SPAC) on the Frankfurt Stock Exchange in October 2023. Following the successful merger with BigRep GmbH and subsequent change of name, the company's shares are traded as of today under BigRep SE (ISIN: LU2859870326) on the Regulated Market (General Standard) of the Frankfurt Stock Exchange.
/jlne.ws/3Wqxrhw
Caution for Investors
MCX
It has been brought to the notice of the Exchange that application named "TradeNow" having website link "https://tradenow.pro/" and Whatsapp group named "Tradenow Mgmt" operating through mobile numbers "7898025337" and "9755742422" and email ID "info@tradenow.pro" is providing illegal dabba trading platform and misusing the Multi Commodity Exchange of India Ltd. (MCX) brand name.
/jlne.ws/3LNv4jW
Trading remains halted on SIX Swiss Exchange; An issue related to BME market data has led to technical problems with SIX MDDX, halting trading across structured products.
Claudia Preece - The Trade
SIX Swiss Exchange has suspended trading due to technical problems with its SIX MDDX Multi-Dimensional Data fluX (SIX MDDX) data feed. The exchange was halted earlier today and looked to be rebounding before being halted again at 11.23am BST, The TRADE understands. According to SIX Exchange: "The technical problems with the dissemination of indices and market data in Switzerland and Spain is still ongoing. Trading on SIX Swiss Exchange has been halted again until further notice due to ongoing technical problems."
/jlne.ws/3Yqj13l
TMX Group pledges support to the 2024 Alberta Wildfires Appeal
TMX
TMX Group today announced a $25,000 donation to the Canadian Red Cross 2024 Alberta Wildfires Appeal to help those impacted by wildfires in Jasper and other affected areas in the province. Donations in support of this appeal will be used by the Red Cross for assistance with immediate and ongoing relief including financial assistance, support to evacuees and the communities hosting them, recovery and resilience efforts in response to the wildfires, as well as supporting community preparedness and risk reduction for future all-hazard disaster events within Alberta.
/jlne.ws/4fsePq8
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nvidia Slide Underscores Volatility Stalking US's Hottest Stock
Emily Forgash - Bloomberg
The artificial-intelligence boom has made one of the hottest US stocks even more volatile than the largest cryptocurrency. Nvidia Corp., whose stock-price had surged sharply as companies spend billions on its computer chips, slid 7% on Tuesday in its steepest drop in more than three months, wiping $193 billion from its market value. The recent reversal of fortune - which has knocked its share price down 23% since July 10 - is underscoring a risk that didn't matter when Nvidia's stock price did nothing but go up: By one key measure, at least, it's been roughly twice as volatile as Bitcoin.
/jlne.ws/4d6V5XA
Samsung Profit Surge Fuels Plan to Boost High-End Memory Output; Net income jumped six-fold and cash pile grows at juggernaut; Global computing markets are emerging from a downturn
Yoolim Lee - Bloomberg
Samsung Electronics Co. reported its fastest pace of net income growth since 2010 and said it plans to double output of the high-end chips fueling the artificial intelligence boom next year. The world's largest maker of memory and smartphones posted a six-fold surge in net income to 9.64 trillion won ($6.96 billion) in the June quarter, outpacing analysts' projection of 7.97 trillion won. Samsung earlier this month reported a 15-fold rise in preliminary operating profit and a 23% rise in revenue, the biggest gain in sales since 2021.
/jlne.ws/3StlmXu
Microsoft's AI Dreams Make for an Expensive Reality; As cloud growth disappoints, blowout capital spending won't hearten investors
Dan Gallagher - The Wall Street Journal
Microsoft's artificial-intelligence ambitions are putting up some big numbers. Just not in the right column. The $3 trillion software giant's fiscal fourth-quarter results late Tuesday showed a couple notable trends. Revenue growth in its cloud business slowed during the June quarter, with the Intelligent Cloud segment missing Wall Street's projections for the first time in nearly two years, according to FactSet data. Microsoft also spent an eye-popping $19 billion in cash capital expenditures and equipment purchased under finance leases during the quarter. That is equivalent to what the company used to spend in an entire year-just five years ago.
/jlne.ws/3WLp29R
Meta to pay $1.4 billion to settle Texas facial recognition data lawsuit
Mike Scarcella and Jody Godoy - Reuters
Meta Platforms has agreed to pay $1.4 billion to Texas to resolve the state's lawsuit accusing the Facebook parent of illegally using facial-recognition technology to collect biometric data of millions of Texans without their consent. The terms of the settlement, disclosed on Tuesday, mark the largest accord ever by any single state, according to the lawyers for Texas, whose legal team included the plaintiffs firm Keller Postman.
/jlne.ws/3WKtUvM
Gravis Capital Management enhances front-office capabilities through Bloomberg AIM integration; Gravis Capital Management is set to utilise Bloomberg AIM to provide operational intelligence and management for its front-office to enhance pre-trade processes and order generation workflow.
Claudia Preece - The Trade
UK asset manager Gravis Capital Management has become the latest to integrate Bloomberg AIM in a bid to enhance its front-office workflows. Specifically, Gravis is set to utilise Bloomberg AIM to provide operational intelligence and management for its front-office to enhance pre-trade processes and order generation workflow, as well as for fund holdings reconciliation.
/jlne.ws/4cbOgm2
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| Cybersecurity | | Top stories for cybersecurity | China data watchdog plans tighter control of internet users; Proposed digital IDs potentially covering everything from ecommerce to travel itineraries spark backlash
Eleanor Olcott and Wenjie Ding - Financial Times
China's powerful data watchdog has proposed tighter controls over users' online information, including a nationwide rollout of digital IDs, in a move that met sharp pushback from leading technology experts. The Cyberspace Administration of China, alongside the country's Ministry of Public Security (MPS), released draft regulations to issue unified digital IDs for internet users on Friday last week. Concern about the idea has increased over the past few days.
/jlne.ws/4fut9yb
China Wants to Start a National Internet ID System; The government said the proposal would protect online privacy. Critics said it could further concentrate government control over the internet.
Meaghan Tobin and John Liu - The New York Times
It's hard to be anonymous online in China. Websites and apps must verify users with their phone numbers, which are tied to personal identification numbers that all adults are assigned. Now it could get more difficult under a proposal by China's internet regulators: The government wants to take over the job of verification from the companies and give people a single ID to use across the internet.
/jlne.ws/3A4aDfT
Meta to pay $1.4bn to settle Texas facial recognition complaint; Facebook parent accused of gathering data from photos and videos without 'informed consent'
Stephanie Stacey and Hannah Murphy - Financial Times
Facebook owner Meta has agreed to pay $1.4bn to the state of Texas to settle claims that the company harvested millions of citizens' biometric data without proper consent. The settlement, to be paid over five years, is the largest ever obtained from an action brought by a single US state, said a statement from attorney-general Ken Paxton.
/jlne.ws/4fF1Rpd
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| Cryptocurrencies | | Top stories for cryptocurrencies | Donald Trump's pitch to the crypto crowd lacks logic; Being a force for stability is a tough ask for a volatile asset
Financial Times Lex (opinion)
Donald Trump's plans to create a bitcoin strategic reserve pumped up the crowds in Nashville this weekend - and lifted the cryptocurrency too. Still missing was any logic to the presidential hopeful's verbiage. Cash and gold reserves typically provide stability for countries with non-US dollar currencies. When financial or other crises hit, it helps to have a store of emergency dollars to cover (US dollar denominated) import bills or shore up the home currency. That need hardly arises when you are the reserve currency and can simply print more.
/jlne.ws/4d3sfXR
Making Bitcoin a Strategic Reserve Asset Contradicts 'Freedom From Government' Narrative, Says WSJ; The plan, which sounds similar to a proposal from Sen. Cynthia Lummis' (R-Wyo.), doesn't echo "freedom, sovereignty and independence from government coercion and control," which former president Donald Trump said is what bitcoin stands for.
Helene Braun - CoinDesk
The former president and current Republican nominee for this year's presidential election caused chatter in the crypto industry earlier this month after several reports said he would announce those plans at the Bitcoin Conference in Nashville last weekend. He did - partially - but he also told attendees that bitcoin stands for "freedom, sovereignty and independence from government coercion and control." But his views and plans don't match up, the WSJ wrote. "Freedom from government isn't what he's proposing," the op-ed states. "He wants all future bitcoin to be made in America, which is a limit on freedom and would require a much bigger electric grid since bitcoin mining is energy intensive."
/jlne.ws/4c9ks9Q
World's Second-Largest Bitcoin Fund Spawns Lower-Fee Offshoot; The Grayscale Bitcoin Mini Trust listed in the US on Wednesday; Some $19 billion has left Grayscale's higher-fee Bitcoin fund
Isabelle Lee - Bloomberg
A lower-fee version of the world's second-largest Bitcoin fund began trading in the US, intensifying competition for crypto investor flows. The Grayscale Bitcoin Mini Trust listed on Wednesday with a 0.15% expense ratio - the lowest for US exchange-traded funds holding the digital asset, fee waivers aside. The product is being seeded with 10% of the assets from the more than decade-old Grayscale Bitcoin Trust, which converted into an ETF in January.
/jlne.ws/3Stg528
Women in Crypto Earn 15% More Than Men: Pantera Capital; Chart of the Day
CoinDesk (video)
/jlne.ws/3Sw4WOf
Blackbird, the hot new restaurant app, now lets diners settle the check with crypto
Niamh Rowe - Fortune
Restaurant loyalty app Blackbird Labs today announced the launch of a new tool aimed at cutting payment transaction fees for restaurants, while allowing customers to settle their check in-app-without needing to track down the server. And in a nod to the crypto technology that makes it work, Blackbird will now let customers pay their check using a token called $FLY, which also functions as loyalty points within the app.
/jlne.ws/46uOeEK
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| Politics | | An overview of politics as it relates to the financial markets | Trump and the politics of bitcoin; Big tech libertarians see crypto as a way of blowing up the Fed
Edward Luce - Financial Times
Bitcoin is to its devotees what the wafer is to Catholics - an article of faith. It also goes with a collection box. It is a safe bet that Donald Trump's recent conversion to bitcoin is motivated by the big donations that come with it. Which puts his Democratic opponent Kamala Harris in a bind. Harris would like to protect retail investors from an asset class that often resembles a Ponzi scheme. But America has an army of crypto investors - roughly 40mn - that in a tight election cannot be disrespected.
/jlne.ws/3Sthjug
Trump's Foreign Policy Won't Make America Stronger; Severing alliances, disrupting trade, courting autocrats and abandoning US leadership will only sow chaos and failure.
The Editorial Board - Bloomberg
The Republican Party platform summarizes Donald Trump's foreign policy as a "return to peace through strength." If the former president holds to his hash of vague and often contradictory pledges, the opposite is more likely. That's a big if, of course. Former advisers purporting to lay out Trump's vision may be optimistically identifying it with their own. He himself does not fit neatly into any of the three camps that divide the party - traditionalists who want the US to be more assertive globally, isolationists who prefer to pull back, and China-focused hawks who argue resources and attention should shift to Asia. Trump remains preoccupied with flashy deals that might burnish his reputation and ratings.
/jlne.ws/3A4uWdn
Leo Fibonacci, Colonel Kernel Stacker, Taproot Wizards: Meet the Crypto Enthusiasts Trump Is Courting
David Gura, Thomas Lu, and Alexander Sugiura - Bloomberg (podcast)
This past weekend, Donald Trump became the first American president to address a crypto conference, telling an audience in Nashville that "if Bitcoin is going to the moon, I want America to be the nation that leads the way." It's a stark contrast from five years ago, when Trump said Bitcoin's value was based on "thin air." Is his conversion from crypto skeptic to crypto cheerleader real - or just a canny attempt to get donations?
/jlne.ws/3WJMZhx
More Than 100 Silicon Valley Investors Pledge to Support Kamala Harris; The group, including Democratic donors such as Reid Hoffman and Vinod Khosla, has been organized under an effort called VCsForKamala.
Theodore SchleiferMike Isaac and Erin Griffith - The New York Times
More than 100 venture capitalists said on Wednesday that they had pledged to vote for Vice President Kamala Harris in November and had solicited donations for her presidential campaign, in a rejoinder to the splintering among tech leaders over whom to support in the election. The group includes Reid Hoffman, a founder of LinkedIn; Vinod Khosla of Khosla Ventures; Mark Cuban, the former principal owner of the Dallas Mavericks; Ron Conway, a well-known angel investor; and the billionaire Chris Sacca.
/jlne.ws/3WIvD4Q
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| Regulation & Enforcement | | Stories about regulation and the law. | Taiwan's FSC Downplays Foreigners' Stock Sales, Eyes US Vote; FSC says foreign interest in Taiwan assets has been increasing; Regulator is analyzing possible outcomes of US election
Chien-Hua Wan and Cindy Wang - Bloomberg
Taiwan's top financial regulator said recent sales of stocks by overseas investors are a "short-term phenomenon" that don't represent a bearish view, with foreign holdings on an upward trend in recent years. Foreign investors account for about 42% of the island's stock market, compared with 37.5% in 2022, Peng Jin-lung, head of the Financial Supervisory Commission, said in an wide-ranging interview on everything from risks with China to the US election.
/jlne.ws/3WJvNsw
Bank of Japan Probes Website Crash That Blocked Traders Before Decision
Takahiko Hyuga, Ruth Carson, and Katia Dmitrieva - Bloomberg
The Bank of Japan is investigating an issue with its website that prevented some market participants from accessing the central bank's closely watched rate-hike announcement on Wednesday. In the minutes leading up to the announcement's release at 12:56 p.m. local time, some people trying to access the BOJ website got a message saying that it was temporarily unavailable due to "network congestion or other issues."
/jlne.ws/3Srbyxp
Brokers Brace for Impact as India Plans Tighter Stock Derivatives Rules
Ashutosh Joshi - Bloomberg
Tougher derivatives rules puts BSE, brokers in focus
Sebi's plan to curb volumes in equity derivatives will put a spotlight on India's oldest stock exchange, BSE Ltd., and stock brokers. Angel One, which makes a good chunk of its earnings from clients trading in derivatives, may suffer the most. Investors are eager to see how brokers handle this tougher regulatory environment. The new uniform exchange fee and the increased capital gains tax have already dampened industry sentiments. Now, with SEBI aiming to actively curb volumes in options trading, the threat to brokers' earnings is greater than ever.
/jlne.ws/3YpDHZm
BitClout Founder Charged With Wire Fraud, Civil Securities Charge; Nader Al-Naji was arrested on Saturday and faces both civil and criminal charges.
Cheyenne Ligon - CoinDesk
The U.S. Securities and Exchange Commission (SEC) and Department of Justice charged the founder of crypto social media platform BitClout with wire fraud and the sale of unregistered securities. According to court documents, Nader Al-Naji - known pseudonymously as "Diamondhands" - raised approximately $257 million from the sale of BitClout's native token, BTCLT. Al-Naji led investors to believe that the money would be used to pay him and other BitClout employees, but instead spent "more than $7 million of investor funds on personal expenditures" including renting a mansion in Beverly Hills and giving family members "extravagant cash gifts," an SEC press release said Tuesday.
/jlne.ws/46uKAe2
SEC Charges Nader Al-Naji with Fraud and Unregistered Offering of Crypto Asset Securities
Founder of the BitClout blockchain protocol now known as Decentralized Social, or DeSo, adopted the pseudonymous moniker Diamondhands to evade regulatory scrutiny
SEC
The Securities and Exchange Commission today charged Nader Al-Naji with perpetrating a multi-million-dollar fraudulent crypto asset scheme involving a social media platform called BitClout and its native token of the same name (herein, "BTCLT").
/jlne.ws/3A6SCxH
Singapore Nickel Scandal Liquidators Seek to Recoup S$855m: ST
Jackie Cai - Bloomberg
The liquidators of alleged nickel fraudster Ng Yu Zhi's three companies are seeking a court order to recover about S$855 million ($637 million) from Ng and three others, the Straits Times reported. Ng, together with ex-directors Lee Si Ye and Ju Xiao and ex-employee Cheong Ming Feng, were sued in November 2021 by the liquidators of Envy Global Trading, Envy Asset Management and Envy Management Holdings in a bid to recover millions of investors' monies, according to the newspaper. The civil trial of the case began on July 30 in Singapore's High Court. Ng, who is in remand, did not appear in court for the trial, ST said.
/jlne.ws/3YlV1i1
Prepared Remarks before the Small Business Capital Formation Advisory Committee
Chair Gary Gensler - CFTC
Today, I understand the Committee will discuss recent changes to the Small Business Investment Company (SBIC) program under the Small Business Administration (SBA). The Committee will hear from industry stakeholders, as well as Bailey DeVries, who leads the SBIC program as Associate Administrator at the SBA. When Congress established the SBIC program in 1958, their intent was to "stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need... and which are not available in adequate supply."[1]
/jlne.ws/4cfgkFq
Remarks to the Small Business Capital Formation Advisory Committee
Commissioner Mark T. Uyeda - CFTC
Good morning, it is a pleasure to be with you at today's meeting. At the last meeting, the committee discussed how Regulation Crowdfunding ("Reg. CF") could be improved to expand its use for early-stage capital raising. Thank you for your thoughtful recommendation that Reg. CF's threshold, for which reviewed financial statements are required, be raised from $124,000 to $350,000.[1] This increase would mean that companies offering less than $350,000 within a 12-month period would be able to use certified financial statements and tax return information in lieu of financial statements reviewed by an accountant.
/jlne.ws/3Wosx4F
SEC Charges Florida Resident with Insider Trading
SEC
The Securities and Exchange Commission today charged Palm Beach County resident Charles Baugh with violations of the anti-fraud provisions of the federal securities laws in connection with his trading in the securities of ADT, Inc. ahead of an announcement that the company had agreed to enter into a partnership with Google LLC.
/jlne.ws/3WosHJj
ASIC suspends AFS licence of Id Funds Management Limited
ASIC
ASIC has suspended the Australian financial services (AFS) licence of Id Funds Management Limited (Id Funds) until 28 February 2025. The licence was suspended on the basis that Id Funds failed to meet its statutory audit and financial reporting lodgment obligations for the financial years ending 30 June 2022 and 30 June 2023.
/jlne.ws/3LNN51o
ASIC bans United Global Capital (in Administration) director for 10 years and cancels licence
ASIC
ASIC has banned Joel James Hewish for 10 years from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business. ASIC has also cancelled the Australian financial services (AFS) licence of Mr Hewish's company, United Global Capital Pty Ltd (UGC). ASIC found that UGC's authorised representatives contacted prospective clients and recommended they establish a self-managed superannuation fund (SMSF), rollover their existing superannuation into the SMSF and invest it in highly speculative investments related to Mr Hewish.
/jlne.ws/3YpFJZs
ASIC further extends transitional relief for foreign financial services providers
ASIC
ASIC is extending for a further 12 months the transitional relief for foreign financial services providers (FFSPs) from the requirement to hold an Australian financial services (AFS) licence when providing financial services to Australian wholesale clients. The current transitional arrangements for ASIC's sufficient equivalence relief and limited connection relief were due to expire on 31 March 2025.
/jlne.ws/4doaIJJ
ASIC disqualifies Sydney director Dominique Grubisa from managing corporations for 18 months
ASIC
ASIC has disqualified Sydney-based director Dominique Grubisa from managing corporations for 18 months following her involvement in the failure of two companies. The disqualification took effect on 24 May 2024. Ms Grubisa was the sole director of DGI Accounting Pty (DGIA) from 10 April 2018 to 26 August 2022, and DGI Debt Management Pty Ltd (DGID) from January 2019 to 26 August 2022. DGIA and DGID were part of a group of companies that provided a range of services. DGIA provided accounting services and DGID provided debt management services.
/jlne.ws/3WMZBUf
Taking the leap on the Consumer Duty
FCA
Speech by Sheldon Mills, executive director of consumers and competition delivered at our Consumer Duty: 1 year on event.
/jlne.ws/3A0THH4
Restrictions imposed on London Stone Securities Limited in response to significant concerns
FCA
We have imposed restrictions on wealth management firm, London Stone Securities Limited. The firm cannot undertake any regulated activity, charge any further fees to existing clients or take on new clients without our express permission. The firm was also required to withdraw all financial promotions and keep assets in the business.
/jlne.ws/4fn0Xxb
MAS Takes Enforcement Actions Against China Capital Impetus Asset Management, its Executive Director and Former CEO for Breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations
MAS
The Monetary Authority of Singapore (MAS) has reprimanded China Capital Impetus Asset Management Pte. Ltd. (CCIAM), a registered fund management company (RFMC), for breaches of the Securities and Futures (Licensing and Conduct of Business) Regulations (SFR). MAS has also issued a Prohibition Order (PO) against CCIAM's Executive Director and former Chief Executive Officer (CEO), Mr Sun Quan, for failing to take reasonable steps to secure compliance by CCIAM with the SFR. In addition, MAS has declined CCIAM's application to upgrade to a licensed fund management company (LFMC).
/jlne.ws/46uNmzY
SEBI clarifies on reports regarding T+0 settlement cycle
SEBI
At an NSE event on July 30, 2024 the SEBI Chairperson released a report on "Indian Capital Markets: Transformative shifts achieved through technology and reforms". The Reportreferred to potential annual benefit of Rs. 2,800 crore if ASBA for secondary market were to be adopted fully by retail investors.
/jlne.ws/3A7PpxS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bunge Earnings Shrink to Pandemic Levels on Bumper Harvests; Second-quarter earnings shrank to lowest since early 2020; CEO Heckman cites "limited visibility" for latter part of year
Gerson Freitas Jr and Tarso Veloso - Bloomberg
Bumper harvests across the globe are shrinking profits for Bunge Global SA, with the downturn in crop markets providing the company with "limited visibility" for the rest of the year. Shares plunged. The St. Louis-based company, one of the world's largest agricultural commodities traders, posted earnings of $1.73 a share in the second quarter, the lowest since the start of the pandemic, according to a statement on Wednesday. Results also missed analyst expectations by 10%.
/jlne.ws/3zZ8odK
Rio Tinto chief warns over 'big risk' of large acquisition; Jakob Stausholm says 'major M&A' could put company off course
Nic Fildes in Sydney and Harry Dempsey - Financial Times
Rio Tinto chief executive Jakob Stausholm said he had no fear of missing out on mining sector deal-making, labelling a potential takeover of rival Anglo American as "all-consuming" for the world's second-largest mining company. The Rio boss said it was now in "better shape" and could digest an acquisition, but warned that big deals risked putting the company off course after spending a decade rebuilding its balance sheet and reputation with governments and local communities.
/jlne.ws/4fqg5Ka
It pays to be a lazy investor - but for how long? Passive investment strategies have outperformed, saving investors a fortune in fees, but it doesn't always pay to be lazy
Claer Barrett - Financial Times
There is a lot to be said for being a lazy investor. Once you have decided to adopt a passive strategy, it is easy to set up a direct debit into a global tracker fund (within your tax wrapper of choice, of course), then sit back and wait for your low-fee investments to compound away. Drip feeding money into the stock market at regular intervals, there's none of the stress of trying to time the market, or wasting time searching for stock picking ideas that could prove to be ten-baggers. Nor will you waste money on frequent trading fees, or pay handsomely for an active fund manager to pick stocks on your behalf.
/jlne.ws/3LNbDHZ
Changes in Retirement Savings Rules to Know Before Year's End; New rules promote Roth treatment of workers' investments and ease some RMD burdens, among other things
Leonard Sloane - The Wall Street Journal
Investors might be forgiven for not being aware of all of the provisions Congress put into the landmark retirement law it passed more than a year and a half ago. But the unknown could prove costly. The provisions, some of which have yet to kick in, cover everything from the yearly mandated withdrawals known as required minimum distributions, or RMDs, to the types of accounts that can be used for certain retirement-plan contributions.
/jlne.ws/3SrfbU3
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US emissions of planet-warming gas far exceed estimates, study finds; Fossil fuel extractors emit enough methane to meet the annual energy needs of more than half of American homes
Jamie Smyth - Financial Times
US oil and gas facilities are pumping out four times more planet-warming methane gas than estimated by regulators, according to research underscoring the gulf between reality and compliance with new environmental rules. Data published by the Environmental Defense Fund on Wednesday estimates leaks, flaring and venting of methane at US onshore oil and gas operations at 7.5mn tonnes per year - enough wasted gas to meet the annual energy needs of more than half of American homes.
/jlne.ws/3WzBt7s
Corporate climate targets group steps back from carbon offsets controversy; Research finds practice is 'ineffective' but body leaves door open in future standard-setting
Lee Harris - Financial Times
The world's leading arbiter of corporate climate targets issued research finding the use of carbon offsets in climate goals was mostly "ineffective", as it attempted to move beyond a backlash from staff and climate experts. The Science Based Targets initiative leadership has faced heavy criticism over a push to allow wider use of the carbon offsets, generated by projects such as tree planting and cleaner cooking stoves, which are meant to reduce emissions or remove carbon dioxide from the atmosphere.
/jlne.ws/3WJGHhT
US energy reform bill a 'wishlist for the fossil industry', say environmental groups; Critics say bill is a 'fossil fuel wolf in clean energy clothing' that would gut environmental protections
The Guardian
US senators should reject an energy-permitting reform bill being brought to committee on Wednesday by senators Joe Manchin and John Barrasso because it's a "wishlist for the fossil industry" of the kind envisioned by Project 2025, environmental groups say. Manchin, a senator from West Virginia and a former Democrat who registered as an independent in May, and Barrasso, a Republican from Wyoming, argue their bill will speed permitting of power transmission, mining and liquefied natural gas (LNG) export projects. Their bill will be voted on by the Senate energy and natural resources committee, of which Manchin, a longtime proponent of the reforms, is the chair and Barrasso is the committee's top Republican.
/jlne.ws/3A67TyE
Airline's Dumped Climate Goal Opens Door for Industry to Follow; Carriers face shortages of greener jet fuel, newer planes; Supply issues create doubts about 2050 carbon neutrality goal
Angus Whitley - Bloomberg
Air New Zealand Ltd.'s decision to ditch its 2030 emissions target suggests more airlines will also have to confront a harsh reality: There's simply not enough sustainable fuel or new, more-efficient aircraft. This double-whammy has left the world's commercial carriers, among the planet's biggest polluters, without their two best decarbonization weapons. Global supply of sustainable aviation fuel will be just 0.5% of total fuel requirements this year, according to the International Air Transport Association.
/jlne.ws/3YrKCRV
Study: Two gigatonnes of CO2 a year protected by investment treaties
James Murray - BusinessGreen
New report from E3G accuses investment treaties and investor-state dispute settlement of hampering the global clean energy transition. The UK and EU may have recently quit the Energy Charter Treaty over fears the accord was protecting fossil fuel interests and undermining the net zero transition, but a host of investment treaties remain in place that are directly protecting millions of tonnes of carbon emissions each year.
/jlne.ws/4d5WI7C
Asset managers to start using new 'anti-greenwashing' fund labels this week
Sarah George - edie
New fund labels intended to tackle greenwashing in the UK's finance sector can be applied by asset managers from this week.
/jlne.ws/3WuRsmS
Harris Grabs Green New Deal Network Endorsement That Eluded Biden
Marianne Lavelle and Keerti Gopal - Inside Climate News
/jlne.ws/3M7lSXX
Study: Economic damage from ocean plastic could reach $434bn by 2050
Stuart Stone - BusinessGreen
/jlne.ws/4cYwKTA
US oil and gas mergers continue at furious pace in Q2, says Enverus
Gary Mcwilliams - Reuters
/jlne.ws/4c8ZDvh
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Jefferies Weighs Opening Brokerage in Brazil, Plans More Hiring; Bank hired former BofA executive Rodrigo Lowndes in March; Plan is to hire at least one more senior investment banker
Cristiane Lucchesi - Bloomberg
Jefferies Financial Group Inc., which opened its first office in Brazil last year, plans more hiring there and is exploring whether to open a brokerage in the nation to support local distribution of equity and debt offerings. "Our clients asked us to open an office in Brazil, and we are very happy with the presence we built here since April last year," Alejandro Guevara, the bank's senior country officer for Brazil, said in an interview. Jefferies is "actively exploring the possibility" of adding a brokerage to its operations in South America's biggest economy, he said.
/jlne.ws/3ykUxOs
Citi Repeatedly Breached Rules for Interbank Loans, Reuters Says
Jennifer Surane - Bloomberg
Citigroup Inc. repeatedly breached a set of Federal Reserve rules designed to protect customers' insured deposits, Reuters reported. The infractions were related to Regulation W, which protects depositors by limiting the transactions that banks can make to subsidiaries, the outlet reported, citing an internal company document. The moves led to errors in Citigroup's internal liquidity reporting, Reuters said. Spokespeople for Citigroup didn't immediately respond to requests for comment. In a statement to Reuters, the lender said it has frameworks in place to "ensure prompt identification, escalation and remediation of issues in a timely manner."
/jlne.ws/3LNL0CC
HSBC Boss Bows Out With $3 Billion Buyback; Noel Quinn is stepping down after five years reshaping the global lender
Josh Mitchell - The Wall Street Journal
HSBC Holdings reported solid profit and announced another big payout to shareholders, lifting the global bank's shares ahead of Chief Executive Noel Quinn's retirement. The bank, Europe's biggest by market value, said net profit hit $6.4 billion in the spring. While that was a slight decline from the April-June period a year earlier, it far exceeded analyst expectations. HSBC pledged to return another $3 billion to shareholders through a new share buyback, and boosted its financial targets for next year.
/jlne.ws/46v19Gw
BlackRock Leads Big Firms Racing to Put Private Assets Into ETFs;
Invesco, Apollo, Goldman weigh potentially potent combination; Liquidity mismatch, SEC rules are among hurdles to overcome
Vildana Hajric and Katie Greifeld - Bloomberg
A high-stakes race is taking shape between major money managers including BlackRock Inc. and Invesco Ltd. to combine Wall Street's most trendy investment vehicle with its fastest-growing asset class. The firms are among those signaling they want to offer access to private markets via ETFs, a tie-up with the potential to open the closed-off world to investors of all stripes. It could also channel fresh cash into an asset class struggling to keep the boom alive after years of breakneck expansion.
/jlne.ws/3SuuStA
Active ETF launches in Europe are sign of BlackRock's new focus; World's largest asset manager believes we are at a 'turning point' as take-up of active ETFs accelerates globally
Steve Johnson - Financial Times
BlackRock believes the exchange traded funds industry is at a "turning point" as it launches a further five actively managed ETFs in the European market, according to a senior executive. The suite of "enhanced" funds doubles BlackRock's existing European active ETF roster and is a further sign of where the world's largest asset manager is increasingly focusing its attention.
/jlne.ws/3WLyQ3I
Ares Management clinches record-breaking $34bn private credit fund
Eric Platt - Financial Times
/jlne.ws/3A2dK81
Top BlackRock executive benefits from unusual 'points-style' bonus pay; Rob Kapito in line for at least $20mn in retirement incentives beyond annual pay and company stock
Brooke Masters - Financial Times
/jlne.ws/46tcVBq
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Fake Job Interviews Are Securities Fraud; Also bad passwords are securities fraud, the Pershing Square USA IPO, Raiffeissen in Russia, index-fund ownership caps and musical NFTs.
Matt Levine - Bloomberg Opinion
Oh Wells Fargo. We talked in 2022 about reports that Wells Fargo & Co. did fake job interviews for fake diversity purposes. Wells Fargo had rules saying that "diverse candidates" had to be interviewed as part of the hiring process for certain jobs. Sometimes a job would open up, and a manager would offer it to a White man, but in order to comply with the rule, he would need to interview a woman or person of color before filling the job. So he'd call in a Black woman, interview her, and then immediately toss her resume in the garbage and give the job to the White man anyway.
/jlne.ws/3SveJUB
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| Wellness Exchange | | An Exchange of Health and Wellness Information | How We Are Trying to Increase the Odds of Having a Healthy Retirement; Deterioration in our bodies is inevitable. But there are things we're doing that, we hope, will keep us healthier longer.
Stephen Kreider Yoder - The Wall Street Journal
The first couple of years in retirement are often the most difficult. But they also can set the stage for how you'll fill the years ahead-both financially and psychologically. Stephen Kreider Yoder, 66, a longtime Wall Street Journal editor, joined his wife, Karen Kreider Yoder, 67, in retirement in late 2022. In this monthly Retirement Rookies column, they chronicle some of the issues they are dealing with early in retirement.
/jlne.ws/3LSPWWN
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong's Economy Is Now Risky Business
Olivia Enos - Forbes
Hong Kong is not the world's freest market economy that it once was. For years, Hong Kong was a place where one could count on an open business environment with strong rule of law protections. 2020 - and the subsequent implementation of the National Security Law (NSL) and Article 23 legislation - changed all of that. And now, today, Hong Kong is increasingly becoming a hub for rogue regimes to conduct illicit financial transactions and evade international sanctions. A new report by lawyer and Hong Kong advocate Samuel Bickett for the Committee for Freedom in Hong Kong Foundation (CFHK) presents evidence for the extent and nature of Hong Kong's sanctions evasion. Bickett's report goes beyond the headlines we all know - that Chief Executive John Lee has openly flouted U.S. and international law by refusing to enforce sanctions - and provides details on how Hong Kong is working at the behest of bad actors to undermine the rule of law.
/jlne.ws/3YsaP2K
Dollars Vanish From Ethiopia's Streets as Residents Hoard Forex; Ethiopia freed trading in its currency to unlock IMF funding; The nation's currency plunged as much as 28% after the move
Fasika Tadesse - Bloomberg
Trading in Ethiopia's currency has almost evaporated in the parallel market, with residents hoarding dollars on expectations that the birr will weaken further after the government allowed it to trade freely. Money changers were willing to pay 115 for a dollar in the parallel market but there were hardly any sellers, according to 10 street traders who asked not to be identified because dealing in foreign-exchange outside official channels is illegal. The currency was trading at 110 against the greenback on Friday on the street, according to the traders.
/jlne.ws/4ftKd7u
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