| October 27, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Later this morning JLN will publish a two-part video interview I conducted with leaders of Women in Financial Markets, the rebranded Women in Derivatives. Marisol Collazo, the chair, and Cassandra Seier, the president and CEO of WIFM, joined me for a discussion about the rebrand and more about this women's organization that is expanding from its roots in the OTC markets into a much broader audience. The organization did an outstanding job during the pandemic of increasing its programming, including creating "Wolfpack" groups to connect women. With 6000 women globally, the move to rebrand will only extend its reach more. Look for the interview on www.johnlothiannews.com.
Do you remember when the stock market was down and JP Morgan CEO Jamie Dimon used the weakness in the market to buy some more JPM stock? Well, several news sources, including the Financial Times, are reporting that Dimon is preparing to sell JP Morgan stock for the first time, up to $141 million worth representing one million shares.
Patrick Young has a new position. He is now chief executive officer at Valereum PLC, which bills itself as "Linking conventional mainstream currency products (USD & GBP) into the world of crypto currencies."
R.J. O'Brien is hiring a new clearing systems advanced analyst in the London Area, United Kingdom. You can apply today HERE.
It turns out that new Morgan Stanley CEO Ted Pick is a bit of a math wiz. The Wall Street Journal has a story titled "Ted Pick Is a Math Whiz Among Math Whizzes. He's the New Morgan Stanley CEO" with the subheading "The company lifer will have to keep the wealth-management unit happy, while doing the same for investment banking and trading."
Former JLN Editor-in-Chief Jim Kharouf, who served for a year as CEO of John J. Lothian & Company, Inc., is celebrating five years at Incubex via a post on LinkedIn. He was employee number nine and now the firm is up to 35 employees, he said. Congratulations Jim on your anniversary and I am glad to see you so happy in your present endeavor.
Which is better for you, red or white wine? The Wall Street Journal weighs in on the subject with a column by Lettie Teague titled "Is Red Wine Actually Better Than White? The Question Is More Controversial Than You Might Think" with the subheading "Certainly, red wines have built more mystique over the centuries. But is the hype warranted? Our columnist polled wine lovers and learned more than she expected to."
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 yesterday on JLN Options were:
- Options Discovery Episode 23: Intro To JEPI And JEPQ, JP Morgan's Covered Call ETFs; Rich Excell Discusses Covered Call ETFs video from John Lothian News.
- Hedge Fund Manager Louis Bacon's Top 12 Stock Picks from Yahoo Finance.
- Griffin Says Scrutiny of SEC Basis Trade 'Utterly Beyond Me' from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Citi Used Generative AI to Read 1,089 Pages of New Capital Rules; Bank set up AI task forces, started pilot program for coders; Wall Street races to adopt technology to improve efficiencies
Katherine Doherty - Bloomberg
Citigroup Inc. is planning to grant the majority of its over 40,000 coders access to generative artificial intelligence as Wall Street continues to embrace the burgeoning technology. As part of a small pilot program, the Wall Street giant has quietly allowed about 250 of its developers to experiment with generative AI, the technology popularized by ChatGPT. Now, it's planning to expand that program to the majority of its coders next year.
/jlne.ws/40fxPRs
****** There is a mad lawyer joke in here somewhere. How about this one: "Why are lawyers mad about AI reading 1,089 pages of new capital rules? Because the AI charged by the millisecond while lawyers still needed a whole coffee break!" ~JJL
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This new data poisoning tool lets artists fight back against generative AI
Melissa Heikkila - MIT Technology Review
A new tool lets artists add invisible changes to the pixels in their art before they upload it online so that if it's scraped into an AI training set, it can cause the resulting model to break in chaotic and unpredictable ways. The tool, called Nightshade, is intended as a way to fight back against AI companies that use artists' work to train their models without the creator's permission. Using it to "poison" this training data could damage future iterations of image-generating AI models, such as DALL-E, Midjourney, and Stable Diffusion, by rendering some of their outputs useless-dogs become cats, cars become cows, and so forth. MIT Technology Review got an exclusive preview of the research, which has been submitted for peer review at computer security conference Usenix.
/jlne.ws/40aGG6V
***** Brings new meaning to the word data mine.~JJL
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How deepfake videos could derail democracy at the next general election; 'The threat is, what happens if this comes out the day before an election, or on the day of an election? What impact does that have?'
Molly Blackall - Inews
If you were scrolling social media earlier this month, you may well have heard a clip of Sir Keir Starmer verbally abusing a member of his staff. The file was viewed more than a million times, causing a wave of attacks against the Labour leader, with some telling him to resign and others warning a "disgusting bully is about to become our next PM". The source of the clip isn't clear, but one thing is: it wasn't a secret audio recording. In fact, it wasn't a recording at all. It was a deepfake, a type of AI-generated video clip in which voices or faces are manipulated to make it appear as if a person is saying or doing something they aren't.
/jlne.ws/3Q666he
****** It is going to be really ugly.~JJL
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The tragically millennial vocabulary of the Sam Bankman-Fried trial
Elizabeth Lopatto - The Verge
It is one thing to type the world YOLO, jokingly, on Beyonce's internet. It is another thing entirely to hear it explained in a court of law. The trial of Sam Bankman-Fried has been, in its vocabulary, tragically millennial. (Disclosure: I am also a millennial.) Christian Drappi, a former Alameda software engineer, was put in the position of explaining YOLO - "you only live once" - as well as the phrase "a YOLO thing" to anyone who might be unfamiliar. He was testifying about a recording of an Alameda all-hands meeting in which Caroline Ellison, then the CEO of Alameda, confessed to taking FTX customer funds. In the recording, Drappi said "I'm sure this wasn't, like, a YOLO thing" in response to the confession.
/jlne.ws/497a8ii
******ICYMI SBF OLO.~JJL
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Thursday's Top Three
Our top story Thursday was our lead story, ICE Appoints Chris Edmonds to Lead Fixed Income and Data Services Business, an ICE press release. Second was Barron's' An Epidemic of Unhappiness Is Consuming Young Americans. It Could Hobble the Economy. Third was A famed trader known as '50 Cent' is making a big bet that the world's worst-performing currency is about to surge 'violently', from Markets Insider.
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| Lead Stories | China Selloff Threatens $27 Billion of 'Snowball' Derivatives; Structured products tied to China indexes at risk of losses; Hitting knock-in level may trigger selling of index futures
Bloomberg News
Another 10% decline in a major Chinese equity gauge may trigger a wave of selling in index futures tied to structured products, adding fresh risks to the slumping stock market. Investors face losses in complex "snowball" derivatives at maturity when a benchmark falls below a so-called knock-in level. For those tied to the CSI Smallcap 500 Index, the average threshold is 4,865, according to estimates by China International Capital Corp. The gauge traded at around 5,417 as of 9:52 a.m. Friday.
/jlne.ws/46T4NK4
Fidelity Aims to Break Into an ETF Market Dominated by Vanguard; Vanguard's patent on a dual-share structure expired in May; The exchange-traded structure comes with tax advantages
Miles Weiss and Emily Graffeo - Bloomberg
Fidelity Investments is seeking clearance that would allow some of its best-known mutual funds to also operate as exchange-traded funds, becoming the largest firm to challenge Vanguard Group's former monopoly on the concept. The Boston-based firm applied Tuesday for a government waiver that would allow its actively managed mutual funds to also issue a separate class of ETF shares, according to a regulatory filing.
/jlne.ws/474CkjY
Most Popular Cryptocurrency Keeps Showing Up in Illicit Finance; Tether has allegedly been used by Hamas, drug dealers, North Korea and sanctioned Russians
Ben Foldy - The Wall Street Journal
Tether, the $84 billion so-called stablecoin bridging the worlds of cryptocurrencies and the dollar, is increasingly showing up in investigations tied to money laundering, terror financing and sanctions evasion. Tether is now the world's most heavily traded cryptocurrency by volume. The stablecoin, also known as USDT, maintains a 1:1 exchange ratio with the dollar. Traders use it to stash their cash, easily invest in other cryptocurrencies or swap it into traditional currencies such as the dollar.
/jlne.ws/49mAhKa
US SEC chair makes pitch for climate rule to corporate group
Douglas Gillison and Isla Binnie - Reuters
Establishing rules for U.S. companies to follow when reporting environmental risks would help them avoid the confusion of trying to use foreign frameworks, Gary Gensler, chair of the Securities and Exchange Commission, said on Thursday. Gensler told an event held by the U.S. Chamber of Commerce that he hoped an eventual rule on reporting climate risks, which was first proposed more than a year ago and received some 16,000 comments, would survive any legal challenges.
/jlne.ws/3SigipU
U.S. SEC has 8-10 filings of possible bitcoin ETF products
Bansari Mayur Kamdar and Douglas Gillison - Bloomberg
The U.S. Securities and Exchange Commission (SEC) has eight to 10 filings of possible exchange-traded products for bitcoin in front of it for consideration, SEC Chair Gary Gensler said Thursday. Bitcoin has rallied this week on speculation that SEC approval is imminent for a spot bitcoin exchange-traded fund (ETF) - seen as a driver of demand because it would allow investors to obtain direct exposure to the cryptocurrency via an exchange-listed product.
/jlne.ws/476pD8b
Wall Street's new guard is ready to take over
David Hollerith - Yahoo Finance
A new generation is taking over the top jobs on Wall Street. When the 54-year-old Ted Pick becomes Morgan Stanley's (MS) new CEO on Jan. 1, replacing the 65-year-old James Gorman, four of the biggest banks in the US will be run by people who were not in charge during the 2008 financial crisis - or its aftermath. Three of them - Pick, Citigroup (C) CEO Jane Fraser, and Wells Fargo's (WFC) Charlie Scharf - are in their 50s. Another new CEO of a smaller investment bank, Lazard's (LAZ) Peter Orszag, is also in his 50s. Goldman Sachs' (GS) David Solomon, who took over in 2018, is 61.
/jlne.ws/3s9MssU
United Nations creates advisory body to address AI governance
Supantha Mukherjee - Reuters
The United Nations Secretary-General Antonio Guterres on Thursday announced the creation of a 39-member advisory body to address issues in the international governance of artificial intelligence. Members include tech company executives, government officials from Spain to Saudi Arabia, and academics from countries such as the U.S., Russia and Japan.
/jlne.ws/3Qh7iPf
Opaque practices await UK regulators in private asset valuations probe; Insiders describe lack of transparency and poor methodology in some corners of the market
Laura Noonan, Josephine Cumbo and Arjun Neil Alim - Financial Times
When UK regulators probe what private assets are really worth, they are likely to find a mix of rigour, guesswork and wishful thinking, industry insiders say. The Financial Conduct Authority is expected to begin its review this year - a critical moment of scrutiny for a sprawling asset class that pension funds and other investors piled into as they hunted for returns during the long era of low interest rates.
/jlne.ws/49efQPA
Dimon Plans to Sell $141 Million Worth of JPMorgan Shares; Disposal to be CEO's first such stock sale during his tenure; Sale is for financial diversification, tax planning: filing
Steven Arons and Hannah Levitt - Bloomberg
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon plans to sell shares currently worth about $141 million, the first such transaction since he took the helm at the Wall Street giant almost 18 years ago. Starting next year, Dimon and his family will dispose of 1 million of the lender's shares for financial diversification and tax-planning purposes, according to a regulatory filing Friday. JPMorgan shares closed at $140.76 in New York on Thursday.
/jlne.ws/40bBn76
Binance Founder CZ Loses $12 Billion on Crypto-Trading Slump; Crypto exchange CEO's wealth has plunged 82% since its peak; US regulators have sued Binance alleging a range of violations
Tom Maloney and Olga Kharif - Bloomberg
Sam Bankman-Fried, on trial for fraud in New York, isn't the only crypto founder feeling the heat. The Bloomberg Billionaires Index slashed its estimate of revenues at crypto exchange Binance by 38% after data showed volumes at the firm declined this year. That wiped $11.9 billion from the fortune of Binance's founder, Changpeng Zhao, known as CZ, dropping him to $17.2 billion.
/jlne.ws/3FTbyQd
Sam Bankman-Fried Needs to Testify Twice: To Judge, Then to Jury; Bankman-Fried seeks to testify about role of lawyers; FTX co-founder dodged prosecutors' questions, drawing rebuke
Bob Van Voris, Allyson Versprille, and Yueqi Yang - Bloomberg
Sam Bankman-Fried struggled on the witness stand in a rare dress rehearsal of what he wants to tell the jury in his trial, the first time in months the world has heard from the former King of Crypto as he attempts to defend the fraud charges against him.
/jlne.ws/45PE7Zg
Sam Bankman-Fried takes the stand to testify - but the judge wants to know what he's going to say before he allows a jury to hear it
Grace Kay, Jacob Shamsian, Katie Balevic - Business Insider
Sam Bankman-Fried took the witness stand Thursday to testify in his own defense in the criminal trial involving FTX's collapse. The jury was dismissed before the FTX cofounder began his testimony. Judge Lewis Kaplan said some of Bankman-Fried's testimony would occur without the jury present so that he could decide whether it could be used as evidence.
/jlne.ws/3Q68hRW
Sam Bankman-Fried Says FTX Actions Were Guided by Lawyers; In unusual rehearsal of self-defense testimony, crypto-exchange founder struggles before testifying in front of jury
Corinne Ramey and James Fanelli - The Wall Street Journal
FTX founder Sam Bankman-Fried previewed a potential defense Thursday when he told a federal judge that he relied on the blessing of lawyers to make business decisions such as deleting communications and making loans to himself, actions that prosecutors said allowed him to commit the crimes that led to the implosion of his crypto exchange.
/jlne.ws/3QBxzsV
FTX's Sam Bankman-Fried previews legal defence at fraud trial; Former crypto billionaire blames lawyers as court hears first snippets of testimony without jury present
Joe Miller and Joshua Oliver - Financial Times
Sam Bankman-Fried said he consulted with lawyers about critical decisions around passing client money from his FTX exchange to his private trading firm Alameda, in a preview of the former billionaire's planned defence in the criminal trial over the collapse of his cryptocurrency empire.
/jlne.ws/477YW33
World's Top Gold Refiner Resigns From Swiss Industry Association
Eddie Spence - Bloomberg
Valcambi SA has resigned from the Swiss gold refining association due to "irreconcilable differences" between the two. The world's top gold refinery left the Swiss Association of Precious Metal Manufacturers on Thursday, according to a statement on Friday from the industry group. Following discussions between Valcambi and the ASFCMP, it became clear their were irreconcilable differences and continued collaboration was no longer an option, the statement said.
/jlne.ws/3tTQ1UM
Marex becomes Derivatives Trading and Clearing Member of SGX Group
Marex
Marex, the diversified global financial services platform, today announces that it has become a trading and clearing member of Singapore Exchange Group (SGX), enabling it to offer direct trading and clearing services to clients across SGX as it invests in expanding its global client offering in the Asia Pacific region.
/jlne.ws/46M1sMJ
The Problem With China's Green Subsidies Is They Don't Exist; It's time for policies to distinguish between good and bad use of state funding.
David Fickling - Bloomberg
As the US slams a backdoor entry for Chinese-made solar panels and the European Union examines trade restrictions on electric vehicles and wind turbines, there's one point on which most people agree: China's clean-energy products are cheaper because the sector is being grossly subsidized.
/jlne.ws/3ScHjuR
Where Does the Prop Trading Industry Go from Here? A look into the proprietary trading industry.
Pedro Ferreira - Finance Magnates
The landscape of proprietary trading, also known as prop trading, has changed dramatically in recent years, owing to technological improvements, shifting market dynamics, and regulatory changes. Online prop trading has developed as a major and revolutionary force in the business as the financial world becomes more interconnected and digital.
/jlne.ws/3Q869cy
Where Will the Buck Stop at Morgan Stanley? The bank's smooth CEO succession is slightly marred by outgoing James Gorman becoming chair. Continuity is one thing, but clean breaks are valuable, too.
Chris Hughes - Bloomberg
There are clearly more positives than negatives in Morgan Stanley's appointment of Ted Pick to succeed James Gorman as chief executive officer. But the fly in the ointment shouldn't be forgotten. Gorman is stepping aside having secured his legacy as the leader who got the Wall Street firm to a strong premium valuation over arch rival Goldman Sachs Group Inc. His vision to push into wealth management reweighted Morgan Stanley's business to a growing revenue stream that's less volatile than investment banking. Gorman could have stayed on - just look at JPMorgan Chase & Co.'s Jamie Dimon - but he saw that his work was essentially done.
/jlne.ws/3tOWv7f
A new chapter for RBC BlueBay Asset Management's London-based fixed income trading desk; Annabel Smith sits down with RBC BlueBay Asset Management's newly reabsorbed London-based fixed income trading desk to talk counterparty relationships, technology, liquidity dynamics, as well as what the future might hold for the formerly boutique firm, now part of a global one.
Annabel Smith - The Trade
UK-based boutique fixed income trading desk BlueBay Asset Management is beginning a new chapter in its life. Now, officially known as the London-based fixed income trading desk of RBC BlueBay Asset Management - the non-North American arm of RBC Global Asset Management which manages US$419 billion in assets - the desk was reabsorbed by RBC at the end of last year moving it from a quaint office based in Mayfair to the lofty heights of the City's 100 Bishopsgate.
/jlne.ws/3SeHiGE
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | One Exhausted Ukrainian Brigade In Avdiivka Reportedly Blew Up 200 Russian Vehicles And Killed 800 Russian Troops
David Axe - Forbes
On Oct. 10, a trio of Russian brigades attacked toward Avdiivka, a key Ukrainian strongpoint just northwest of Donetsk in eastern Ukraine's Donbas region. The attack, which was preceded by a heavy artillery bombardment, was an obvious fixing operation-an effort to draw in Ukrainian brigades from across the 600-mile front of Russia's 21-month wider war on Ukraine and pin them in place...so they can't fight elsewhere.
/jlne.ws/45Wki2A
Russia is executing its own retreating soldiers as Ukraine offensive fails, says US; US claims some of Russian casualties near Avdivvka were 'on orders of their own leaders'
Maroosha Muzaffar - Independent
The White House said it had information that Russia was executing its own soldiers who retreated from an offensive in Ukraine or refused to follow orders. "We have information that the Russian military has been actually executing soldiers who refuse to follow orders," White House spokesperson John Kirby told a media briefing on Thursday. "It's reprehensible to think about that you would execute your own soldiers because they didn't want to follow orders and now threatening to execute entire units, it's barbaric," Mr Kirby said.
/jlne.ws/3FB2pLY
There's an Army of Volunteers Driving Supplies to Ukraine's Frontline. I'm One of Them; Ukrainian forces need a lot of supplies besides weapons and ammunition. That's where I come in.
Anna Husarska - Politico
When Vladimir Putin's Russia invaded Ukraine in February 2022, I was a long way away, scuba diving in Madagascar. Having decided to stop reporting on conflicts, I was writing a book on Cuba. But when the war broke out next door to my native Poland, I was overwhelmed by the scale of the monstrosity and couldn't stay away.
/jlne.ws/3Shgx4C
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | How the West-and Israel Itself-Inadvertently Funded Hamas; Islamist organization diverted humanitarian assistance and levied taxes after blockade of Gaza was eased
Jones, Ian Talley and Benoit Faucon - The Wall Street Journal
After Hamas launched its murderous assault on Israel this month, the U.S. and its allies condemned Iran for funding what they deem a terrorist organization. Left unspoken were the many ways the international community-and even Israel itself-inadvertently helped Hamas fill its coffers. The Islamist group has raised tens of millions of dollars by skimming off humanitarian assistance and taxing economic activity stirred by a trade opening into its Gaza Strip stronghold, according to independent researchers and current and former Western security officials.
/jlne.ws/46NAsfF
US strikes back at Iranian-backed groups that attacked troops in Iraq and Syria: Pentagon; The airstrikes follow more than a dozen attacks on bases in the Middle East.
Luis Martinez and Matt Seyler - ABC News
U.S. military aircraft have carried out strikes in eastern Syria against facilities associated with Iranian-backed militant groups believed to be responsible for more than a dozen rocket and drone attacks on American troops in Iraq and Syria that injured 21 service members, the military said Thursday night. "Today, at President Biden's direction, U.S. military forces conducted self-defense strikes on two facilities in eastern Syria used by Iran's Islamic Revolutionary Guard Corps (IRGC) and affiliated groups," said Defense Secretary Lloyd Austin in a statement.
/jlne.ws/40kTEiv
Iran Warns the US Won't Be Spared If Israel-Hamas War Spreads; Foreign minister delivers fiery speech at UN General Assembly; Amirabdollahian accuses US of genocide against Palestinians
Nick Wadhams - Bloomberg
Iran's foreign minister warned that the US won't escape unaffected if the Hamas-Israel war turns into a broader conflict, firing back after the Biden administration said Iran was ultimately to blame for a recent spate of drone attacks on American forces. Foreign Minister Hossein Amirabdollahian delivered the threat in a speech to the United Nations General Assembly, speaking in English as he accused the US of overseeing "genocide" against the Palestinian people.
/jlne.ws/3MjOqhn
Israeli troops mount second ground raid into Gaza; Troops attack targets in eastern Gaza City and pre-dawn bombardments reportedly kill dozens
Rory Carroll - The Guardian
Israeli troops backed by armoured vehicles and aircraft have mounted another ground raid into Gaza in advance of an expected invasion. Infantry and engineering units struck targets overnight near the Shuja'iyya neighbourhood in eastern Gaza City under cover of air force helicopters, drones and jets, the Israel Defence Forces (IDF) said on Friday.
/jlne.ws/3Sh7oJ3
The Hamas Hostage Crisis Bodes Terror for the US and World; As a tactic, hostage-taking is ancient. But what Hamas has done is in a new league of evil and will find imitators.
Andreas Kluth - Bloomberg
Hostage-taking, like collective punishment, is among the most barbaric but also oldest tactics in human warfare. And yet something qualitative changed on Oct. 7, when Hamas went on its murderous rampage in Israel and abducted more than 200 innocent people into the Gaza Strip. What Hamas, Israel and others do in the coming days and weeks will set new precedents that may open a tenth circle of hell in this and other conflicts to come.
/jlne.ws/3Mk5UtJ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Singapore Exchange Group welcomes Marex as derivatives trading and clearing member; The move comes as part of Marex's strategy to expand its global client offering in the Asia Pacific region; follows the Australian Securities Exchange adding Marex as a futures clearing and trading participant earlier this month.
Wesley Bray - The Trade
Marex has become a trading and clearing member of Singapore Exchange Group (SGX), which will allow the firm to offer direct trading and clearing services to clients across SGX. The move comes as part of the firm's strategy to expand its global client offering in the Asia Pacific region, allowing Marex to capture further growth opportunities through its combination of services that connect clients to markets.
/jlne.ws/3sazpHD
SGX Group welcomes Marex Spectron Asia Pte. Ltd. as Derivatives Trading and Clearing Member
SGX
Singapore Exchange (SGX Group) is pleased to welcome Marex Spectron Asia Pte. Ltd. to its derivatives market as a trading and clearing member. Marex is a UK-based diversified global financial services platform, providing access, liquidity and infrastructure services to clients in the energy, commodities and financial markets. The company provides services in clearing, market making, agency and execution, as well as hedging and investment solutions. Marex has more than 30 offices, with more than 1,800 staff across Europe, Asia and America.
/jlne.ws/3tNDoKT
SGX Cares marks two decades of giving with S$2.5 million raised for charity this year
SGX
Over S$50 million has been raised since 2004 for more than 50 charities and a variety of causes; Minister of State for Social and Family Development Sun Xueling flagged off the final fundraiser, SGX Cares Bull Charge Charity Run, for the year
Close to 3,500 runners celebrated SGX Cares' 20th anniversary at the highly anticipated SGX Cares Bull Charge Charity Run, held at the Marina Barrage for the first time. With the support of the financial community, S$2,538,888 was raised for SGX Cares' adopted beneficiaries for 2023. Guest-of-Honour Minister of State for Social and Family Development Sun Xueling flagged off the run which featured two race categories - the 3km Chief Challenge involving CEOs and chiefs of companies and the 5km mass run. The runners were also treated to food, drinks, live music and entertainment at the Festival Village, which made a comeback after a three-year hiatus due to the pandemic.
/jlne.ws/3FTb8t7
CME's Interest Rate Complex Has Record Q3
Shanny Basar - MarketsMedia
Terry Duffy, chairman and chief executive of CME Group, said on the third quarter results call on 25 October the total average daily volume of 22.3 million contracts was just less than 1% lower than the record set in the third quarter of last year. "We are operating in an environment that unquestionably requires risk management," said Duffy. "This is particularly true in the interest rate markets as the shape of the yield curve and interest rate views continue to shift and our customers need to manage that risk."
/jlne.ws/3QAlfZY
CSE Unveils New Market Opportunities With Regulated Short Selling And Stock Borrowing & Lending; New Investment Opportunities Backed By Regulatory Oversight
Echelon.lk
Colombo Stock Exchange Chief Regulatory Officer Renuke Wijayawardhane delves into the proposed new frameworks for Regulated Short Selling (RSS) and Stock Borrowing and Lending (SBL) and their benefits, measures to safeguard the rights of lenders and stabilizing the market during downturns.
/jlne.ws/3Qw34V0
Cboe Global Markets Announces Increase in Share Repurchase Authorization; Declares Fourth-Quarter 2023 Dividend
Cboe Global Markets
Increases share repurchase authorization by $250 Million; Quarterly cash dividend of $0.55 per share. Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its Board of Directors has authorized the company to repurchase up to an additional $250 million of its outstanding common stock and declared a quarterly cash dividend of $0.55 per share of common stock for the fourth quarter of 2023.
/jlne.ws/46L0EYd
Marubeni Power Retail Corporation and JPXI Sign Virtual Power Purchase Agreement
JPX
Marubeni Power Retail Corporation, a consolidated subsidiary of Marubeni Corporation, and JPX Market Innovation & Research, Inc., a consolidated subsidiary of Japan Exchange Group, Inc., have signed a Virtual Power Purchase Agreement to trade Non-FiT Non-Fossil Certificates derived from solar power generation. Some of the solar panels are supplied by Rexia Corporation, an affiliate of Marubeni Corporation. This will be the first third-party ownership-model VPPA in Japan that utilizes used solar panels (according to Rexia).
/jlne.ws/45IXUJT
Revision in Nifty Fixed Income indices
NSE
The Index Maintenance Sub-Committee (Debt) of NSE Indices Limited has decided to revise the index methodology and index name of Nifty India Select 7 Government Bond Index (INR) as mentioned hereunder.
/jlne.ws/46YmkQy
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Microsoft's Cloud Recovery Is Outshining Rivals Amazon, Google; The software maker's business is likely getting a boost from an alliance with startup OpenAI
Dina Bass, Matt Day, and Davey Alba - Bloomberg
In the race to rebound from a two-year slowdown in spending on cloud computing, Microsoft Corp. is pulling ahead of its chief rivals, Amazon.com Inc. and Google. Microsoft's Azure cloud business posted 29% sales growth in the September quarter, faster than analysts estimated, in part because of corporate customers' interest in new artificial intelligence products. In its own report the same day earlier this week, for the same period, Google parent Alphabet Inc. struck a more subdued tone, saying that cloud clients are still in cost-cutting mode. And on Thursday, Amazon.com Inc.'s cloud-revenue picture was mixed, with sales slightly less than projected and operating income ahead of analysts' predictions. Microsoft - which is No. 2 in the market, behind Amazon but ahead of Google - noted that it took cloud market share from competitors, but didn't say which.
/jlne.ws/49b2inB
You Don't Need a New iPhone. You Just Need a New Battery; Every iPhone has a secret indicator of battery health. So why did our columnist's iPhone 14 Pro battery deplete so much in a year?
Joanna Stern - The Wall Street Journal
You know what they say: iPhone batteries are like a box of organic raspberries. They go bad a lot sooner than you want. Even if no one actually says that, it's true. Your iPhone's lithium-ion battery will expire and, unfortunately, there's no "Best Before" label. Instead, Apple shows the current health of your iPhone's battery. Go to Settings > Battery > Battery Health & Charging. See the Maximum Capacity percentage? The amount of power your phone's battery holds when it's brand new equals 100% capacity. As you use your phone, that capacity drops. The lower the percentage, the shorter your phone may last on a charge.
/jlne.ws/3tPREmc
What's the "Equation" for Operational Resilience?
Derek Haworth - BornTec
The ION ransomware event that began at the end of January 2023 was an unprecedented occurrence for the global derivatives industry. While there were no cataclysmic outcomes like bankruptcies or market crashes, the industry and its customers faced weeks of disruption and uncertainty as manual processes were required to keep the lights on and the wheels turning. It would be impossible to overstate how significant the event was when, in many instances, statements and margin calculations were days (or more) behind, leading customers and firms to fly blind and resulting in some firms refusing to do business with others, effectively black balling them. In short, it was both a "close call" and a "wake-up call" for the global financial industry.
/jlne.ws/49b4RWL
MultiBank.io Introduces "Panic Sell" Feature for Instant Asset Liquidation
News Direct
MultiBank.io, the cryptocurrency exchange arm of the MultiBank Group, the world's leading financial derivatives institution, is announcing the launch of its innovative "Panic Sell" feature, marking another milestone in its ongoing commitment to enhancing the trading experience for its users. The "Panic Sell" feature is designed to provide traders the convenience to swiftly convert all positions into a specific cryptocurrency, or even fiat currency, with just a single click, allowing them to subsequently wire out their funds to their bank accounts. This feature comes from the understanding of the time-sensitive nature of trading.
/jlne.ws/46MPSku
The Godmother of AI Calls for US 'Moonshot' Investment in the Technology; AI pioneer Fei-Fei Li said she told President Biden that the country needs to be aggressively funding more artificial intelligence research and public projects.
Shirin Ghaffary - Bloomberg
An AI moonshot
Fei-Fei Li didn't grow up thinking she would be a pioneer in the field of AI. At 15, she moved with her family from China to a tiny one-bedroom apartment in the suburbs of New Jersey. She worked late nights at a local restaurant to help make ends meet and struggled to adapt to a foreign culture.
/jlne.ws/3QA6AOr
Leaders in Trading 2023: Meet the nominees for...Outstanding Innovation in Fixed Income; Learn more about the four firms shortlisted for The TRADE's 2023 Editors' Choice Award for Outstanding Innovation in Fixed Income, including: Broadridge's LTX, FlexTrade Systems, Liquidnet, and Wavelabs.
Editors - The Trade
Next up in our introduction to the distinguished nominees for Leaders in Trading 2023 Editors' Choice Awards, we bring you the shortlist for Outstanding Innovation in Fixed Income.Fragmented liquidity, reduced balance sheet on the sell-side, and increased regulatory burdens have continued to drive change in the market. The fixed income community has had to innovate to remain competitive in an increasingly evolving space.
/jlne.ws/3QCmIyY
Can AI Ever Be Made Safe? On the Exponentially podcast, Anthropic CEO Dario Amodei says we're moving too fast-but adds there are solutions that may rein in artificial intelligence.
David Rovella - Bloomberg
/jlne.ws/40fAlqS
Generative AI Sparks Talk of Profit, Not Fun From Tech Companies
Alex Barinka - Bloomberg
/jlne.ws/3QyjHhV
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| Cybersecurity | | Top stories for cybersecurity | Germany wins the 2023 European Cybersecurity Challenge - ENISA
ENISA
Germany is the winner of the 2023 edition of the ECSC, followed by Switzerland in second place and Denmark in third place. The European Union Agency for Cybersecurity (ENISA) thanks the Norwegian University of Science and Technology (NTNU) for hosting the 9th edition in Hamar.
/jlne.ws/40fKrIr
Cybersecurity at the Crossroads - Can it Keep Up with Threats?
Pedro Ferreira - Finance Magnates
The need of cybersecurity has become increasingly clear in a society dominated by digital communications. As technology advances, it creates new opportunities for creativity while also posing new concerns for protecting digital assets. With the increasing number of cyber risks, a critical question arises: Can the area of cybersecurity improve at a rate that keeps up with the ever-changing world of digital threats?
/jlne.ws/40fAdHU
Rationalizing The Security Complexity Conundrum
Kevin Lynch - Forbes
Complexity is one of the biggest obstacles standing in organizations' path to cyber resilience. When organizations are more focused on battling the complexity of their own internal environment, they can't effectively or proactively defend against external cyber threats. Solving this complexity conundrum is key to turning the tables and empowering organizations to stay one step ahead of cybercriminals. It starts with rationalizing tech stacks, technology partners and talent.
/jlne.ws/45SBl5k
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| Cryptocurrencies | | Top stories for cryptocurrencies | Digital Pound Consultation Received Over 50,000 Responses, With Privacy a Major Concern; Many of the respondents outlined concerns around privacy, programmability and the decline of cash, Jon Cunliffe, deputy governor of the Bank of England said.
Camomile Shumba - CoinDesk
The Bank of England (BOE) garnered over 50,000 responses to its consultation on a digital pound, Deputy Governor Jon Cunliffe said in a speech on Thursday. The majority expressed concerns over privacy, programmability and the decline of cash, Cunliffe said at a conference held by the Federal Reserve Board in Washington, D.C.
/jlne.ws/3MGuBRB
Crypto Assets Under Management Jump to $31.7B; SOL-Based Products Rise 74%: CCData; Bitcoin-based products have increased their market share to 73.3% from 70.5% amid optimism over the possible approval of a spot-price exchange-traded fund.
Omkar Godbole - CoinDesk
The total assets under management (AUM) for digital products traded on exchanges and over the counter jumped 6.74% to $31.7 billion in October, the first monthly increase since July, according to benchmark administrator CCData. The advance comes amid mounting expectations the U.S. Securities and Exchange Commission will approve several exchange-traded funds (ETFs) that invest in bitcoin (BTC) early next year. AUM represents the total value of all the assets a financial institution manages on behalf of its clients.
/jlne.ws/3QzguzE
Indian banks offer incentives to lift digital currency transactions - sources
Jaspreet Kalra - Reuters
Indian banks are offering incentives for conducting transactions using the central bank digital currency, the e-rupee, nudged by the Reserve Bank of India to boost volumes, three sources said. The incentives range from cash-backs to reward points, similar to those offered by the banks on credit and debit cards, they said. The sources declined to be named as they were not authorised to speak to the media. The RBI did not respond to an email seeking comment.
/jlne.ws/3QcNFrs
Crypto Bros Have the Fix for a $1 Trillion Fake Parts Problem; Aviation passengers are at risk - the industry needs to move quickly to deploy the right technologies to keep supply chains secure.
Tim Culpan - Bloomberg
The $1 trillion aerospace parts industry has a simple solution to the problem of bogus components threatening flight safety: the technology that underpins cryptocurrencies such as Bitcoin. The challenge now is to get the powerful victims of those fake components, including the global aviation industry and US Department of Defense, to move on it.
/jlne.ws/3s5Sn2f
FTX Estate Sends Funds to Binance, Potentially Preparing for Creditors Repayment
Hope C - CoinMarketCap
Collapsed crypto exchange FTX has initiated the transfer of $8.6 million worth of Ethereum (ETH), Chainlink (LINK), Aave (AAVE), and Maker (MKR) tokens to Binance, potentially signaling the start of a sale to repay creditors, according to analysts. The flow of cash from the FTX and Alameda Research wallets was identified by Nansen, a crypto analytics firm. Binance, the world's largest cryptocurrency exchange and a former competitor of FTX, is the recipient of the funds.
/jlne.ws/3tPFGsK
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| Politics | | An overview of politics as it relates to the financial markets | Conspiracy theorists have found their new paradise on Elon Musk's 'X'; A year on we have already lost the one place online that encouraged world-shifting, creative and informative communication
Sarah Manavis - Inews
If, when billionaire Elon Musk bought Twitter a year ago on 27 October 2022, you had laid out what an unprecedented car crash his first 12 months of ownership would turn out to be, even his harshest critics would say you were exaggerating. But the destruction was almost immediate: from the moment he took over until just this past week, the past year has been a near-daily circus of menacing and mystifying decisions that have only served to make Twitter worse, if not entirely unusable.
/jlne.ws/3Sh0cfX
Rep. Dean Phillips will challenge Biden in Democratic presidential race: "This is an election about the future"
Robert Costa, Alisa Wiersma, Fin Gomez, Ed O'Keefe, Jake Rosen - CBS News
Rep. Dean Phillips of Minnesota has decided to challenge President Biden for the Democratic presidential nomination and will launch his 2024 campaign on Friday in New Hampshire, where he will file to appear on the state's primary ballot. "I am. I have to," Phillips told CBS News chief election & campaign correspondent Robert Costa in an exclusive interview for "CBS Mornings" that will air on Friday, when asked whether he is making a late entry into the Democratic race.
/jlne.ws/494WufH
Wall Street Worries About Losing Texas Deals Over Ken Paxton's Green Energy Probe; State AG's review of bank energy policies disrupts borrowings; AG 'has put a strain on municipalities,' Houston official says
Amanda Albright, Nic Querolo, and Danielle Moran - Bloomberg
Texas Attorney General Ken Paxton is sending shock waves through the state's booming municipal-bond market, leaving borrowers and bankers alike on edge. At least two banks, RBC Capital Markets and Wells Fargo & Co., were dropped from underwriting muni deals since Paxton said last week that he was probing the energy policies of a group of finance companies given commitments they've made to cut greenhouse gas emissions.
/jlne.ws/3SiLOUM
Trudeau Rolls Back Carbon Plan Under Pressure From Voters
Laura Dhillon Kane - Bloomberg
Prime Minister Justin Trudeau suspended a carbon price on oil used for home heating, bowing to political pressure in Canada's eastern provinces just months after the tax came into effect. Oil is used to to heat a small fraction of Canadian homes, but it's a more important energy source for the Atlantic region's 2.6 million residents. Trudeau said the three-year pause on the pollution levy will give those people time to switch over to electric heat pumps.
/jlne.ws/3QhfIFY
China's ex-premier Li Keqiang, sidelined by Xi Jinping, dies at 68
Laurie Chen and Yew Lun Tian - Reuters
Chinese former Premier Li Keqiang died of a heart attack on Friday, barely seven months after retiring from a decade in office during which his reformist star had dimmed. He was 68. Once viewed as a top Communist Party leadership contender, Li was sidelined in recent years by President Xi Jinping, who tightened his grip on power and steered the world's second-largest economy in a more statist direction.
/jlne.ws/46T7wDi
China Uses Fentanyl for War With US by Other Means; For Beijing to tolerate, in the name of geopolitics, an opioid trade that kills tens of thousands of Americans a year is too cynical for words.
Andreas Kluth - Bloomberg
/jlne.ws/40b3SSD
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| Regulation & Enforcement | | Stories about regulation and the law. | Lululemon Founder Wilson Said He Was Dishonest With the SEC, Then Backtracked; Lululemon's founder said family took precedence over truth; The billionaire's representatives recanted 'due to falsity'
Max Abelson - Bloomberg
Chip Wilson, the billionaire who founded Lululemon Athletica Inc., said in an interview he was dishonest with the US Securities and Exchange Commission, although he later backtracked through his representatives. Asked on an episode of The Businessweek Show airing tonight if he could remember the last time he was dishonest, he said he could: "And it actually makes me quite sick. I was being interviewed by the SEC, and I think I had to say what wasn't true," he said. "How can I say this? If I would've said what was true, then I would've spent three or four years in court."
/jlne.ws/40fhPyH
FCA statement regarding NatWest Group
FCA
As previously set out, we have been intensifying supervisory work in relation to NatWest Group and Coutts since the widely reported events earlier this year. We have reviewed the findings of the initial independent report, commissioned by NatWest, into decisions on potential account closures and data protection breaches. This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement.
/jlne.ws/49ddobI
SEC Sues Calif. Advisor Accused Of Defrauding Elderly Clients Of $2.25M
Financial Advisor
The Securities and Exchange Commission has filed civil charges against Julie Darrah and Vivid Financial Management, the wealth management firm she co-founded, for allegedly stealing $2.25 million from at least nine elderly female advisory clients. The SEC action comes about a month after Darrah, 50, of Santa Maria, Calif., was sued by advisor aggregator Wealth Enhancement Group, which acquired Vivid in 2021 with much fanfare but now accuses Darrah of being a thief who preyed on and stole millions of dollars from older clients.
/jlne.ws/49c2nYd
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | First Sovereign Transition Bond Drawing Little Foreign Interest; Japan plans to issue world's first climate transition bonds; Foreign investors likely to stay away due to greenwashing risk
Sheryl Tian Tong Lee, Takashi Umekawa, and Shoko Oda - Bloomberg
Japan's pitch to sell the world's first sovereign transition bond is expected to draw scant demand from foreign investors wary of potential greenwashing, in a debt program that aims to raise up to 20 trillion yen ($130 billion) over the next decade. Interest in the new bonds, unveiled by Prime Minister Fumio Kishida last year, will be limited to local investors, according to Itaru Asano, senior ESG analyst at SMBC Nikko Securities. Japan aims to sell its first sovereign bond by March, raising as much as 1.6 trillion yen.
/jlne.ws/3tS6MQ3
These ETFs Died Only to Be Reborn; On this episode of Trillions, we discuss the so-called Lazarus List, failed exchange traded funds that were ahead of their time.
Joel Weber and Eric Balchunas - Bloomberg
More than 1,000 exchange-traded funds have been liquidated and sent to the proverbial ETF graveyard. But a select few have been resurrected by issuers who think that either the time is finally right for what was a premature idea-or that they now have the ways and means to make it work.
/jlne.ws/45IIOUE
Treasury bond supply could soon hit record levels as unsustainable deficits and high rates create spiral effect, Bank of America says
Filip De Mott - Business insider
Treasury bond issuance could reach a record high in 2024, as elevated interest rates will aggravate US deficits, Bank of America said in a Wednesday report. That prompted analysts to raise their estimate for the supply of 10-year equivalents to be around $1.34 trillion, or $90 billion higher than previously estimated.
/jlne.ws/40hjp3o
Chevron's mega oil deal more expensive than Exxon's
David French - Reuters
Exxon Mobil's $59.5 billion deal to acquire oil and gas producer Pioneer Natural Resources may have been larger than Chevron's $53 billion agreement to buy Hess, but it is Chevron that is paying a loftier price tag.
/jlne.ws/494Tz6F
ExxonMobil seeks more M&A opportunities after $60bn Pioneer deal; Quarterly profits at oil group and rival Chevron miss Wall Street expectations
Myles McCormick - Financial Times
ExxonMobil remains on the hunt for deals even after unveiling its biggest transaction this century, the company said on Friday, as it and rival Chevron reported profits that fell short of Wall Street expectations.
/jlne.ws/3QcUxVM
BlackRock Says Private Debt Will Double to $3.5 Trillion by 2028; Firm said it expects the asset class to grow at 15% annually; BlackRock sees private markets competing directly with public
Silla Brush - Bloomberg
BlackRock Inc. predicts that the global private debt market will roughly double to $3.5 trillion by 2028, one of the most bullish calls to date on the growth of the industry. The money manager is forecasting that "tectonic shifts" in financial markets will spur more borrowers to seek out private funds for financing, especially as some banks pull back from lending, according to a note published on Thursday by Amanda Lynam, BlackRock's head of macro credit research.
/jlne.ws/3tN5ANY
Short Sellers Quit Emerging Markets With ETF Bets at 17-Year Low; Bearish bets on the Vanguard ETF have fallen to near zero; Investors have bailed on EM assets amid China's property woes
Srinivasan Sivabalan - Bloomberg
/jlne.ws/3s81Wh8
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Weak policy holds back corporate climate action, says Sarah Bloom Raskin; Companies handicapped by 'conflicting standards, definitions and accounting rules'
Kenza Bryan - Financial Times
Policy changes and backtracks by national governments were holding back corporate plans to limit global warming, a former Federal Reserve board member conducting a UN consultation said. Sarah Bloom Raskin, who was US president Joe Biden's pick to lead financial regulation at the Fed before running into Republican opposition, told the Financial Times that companies were struggling to make climate plans."It's hard to plan to invest when a policy context is either patchy, non-existent [or] not well designed," said Raskin, who also served as US Treasury deputy secretary during the Obama administration.
/jlne.ws/3FxeLoc
House Speaker Mike Johnson's First Big Bill Cuts Biden's Climate Change Funding; Measure would end rebates for energy-efficient appliances; Slashes funds for other programs to counter climate change
Ari Natter - Bloomberg
The first major legislation House Republicans passed under newly installed Speaker Mike Johnson would cut billions of dollars in consumer rebates for energy efficiency upgrades included in President Joe Biden's signature climate law. The $58 billion measure, which funds the Energy Department and other agencies, rescinds more than $5.5 billion from the Inflation Reduction Act, including a $4.5 billion program for homeowners to switch to more energy efficient appliances and a $1 billion grant program to help states craft more stringent building energy codes.
/jlne.ws/40bXWc2
China warns against 'empty slogans' at COP28 climate talks
David Stanway - Reuters
Countries must refrain from "empty slogans" and adopt a pragmatic attitude to climate change that reflects concerns such as energy security, employment and growth, a Chinese climate official said on Friday ahead of COP28 climate talks next month. The latest round of global climate negotiations are set to get under way in Dubai in late November, focusing on the gaps in the implementation of the 2015 Paris Agreement.
/jlne.ws/3QbZ7DO
Analysis: Global CO2 emissions could peak as soon as 2023, IEA data reveals
Carbon Brief
International Policy. Analysis: Global CO2 emissions could peak as soon as 2023, IEA data reveals. Global carbon dioxide (CO2) emissions from energy use and industry could peak as soon as this year, according to Carbon Brief analysis of figures from the International Energy Agency (IEA). The IEA's latest World Energy Outlook 2023 says it now expects CO2 emissions to peak "in the mid-2020s" and an accompanying press release says this will happen "by 2025". Yet the IEA's own data shows the peak in global CO2 coming as early as this year, partly due to what the outlook describes as the "legacy" of the global energy crisis triggered by Russia's invasion of Ukraine.
/jlne.ws/45NSqNJ
South Pole's Collapsing Kariba Mega-Project Throws Carbon Offsets Into Chaos; The breakup of the partnership behind the world's biggest carbon project in Zimbabwe raises new doubt about the carbon market's ability to backstop failures.
Ben Elgin and Natasha White - Bloomberg
It's been a brutal year for the developers of Kariba, one of the planet's largest carbon projects. South Pole, the company that sold most of the credits tied to the forest-protection project in Zimbabwe, said on Friday that it terminated its contract with Carbon Green Investments, which owns and develops the site. Their business practices have come under repeated scrutiny, including an investigation by Bloomberg Green that found significant flaws in accounting behind carbon credits from Kariba. Most of the project's proceeds have gone to the two partners rather than people in the rural communities who fight deforestation, as the companies have claimed.
/jlne.ws/45U1Sz7
Mainers See Climate Promise in Ballot Initiative to Create a Statewide Nonprofit Electric Utility; The state's shareholder-owned utilities that would be replaced by a new company mandated to pursue climate goals have outspent its supporters nearly 30 to 1 to stop it.
Annie Ropeik - Inside Climate News
/jlne.ws/3QA7s5F
Government shirks request to disclose carbon impact of net-zero policy rollbacks; The Department for Energy Security and Net-Zero (DESNZ) has shunned a request for MPs to see "detailed" calculations of how recent changes to key policies on electric transport and building energy use will impact the UK's emissions trajectory.
Sarah George - edie
/jlne.ws/3saD1tb
edie publishes new business guide to sustainable procurement; edie readers working to embed circular and sustainable approaches into their organisation's procurement function now have access to a brand new, free guide on this topic.
Edie Staff
/jlne.ws/45M53ZW
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Axioma Risk wins Best Risk Management Software category at the Hedgeweek US Awards 2023
Press Releases - Qontigo
Axioma, a leading global provider of factor risk models, portfolio construction tools, and enterprise risk solutions, today announces its enterprise risk management system has won in the category for Best Risk Management Software at the Hedgeweek US Awards 2023. The awards form the voice for Hedgeweek's global audience, with online voting taking place across a number of key investment areas. With a single, multi-asset platform combining a range of historical and Monte Carlo simulations with both factor and full revaluation approaches, Axioma Risk helps hedge funds make quicker and more incisive investment decisions. Supporting a wide range of investment approaches from global, quant and long/short strategies, users benefit from an API-first, cloud-native platform that can easily plug into their order management and execution management systems.
/jlne.ws/3Qy1ZvR
SocGen Loses Bid to Keep Gold Fight Out of London Court; Lender accused law firm of negligence in Goldas lawsuit; SocGen wanted latest case to be heard in France not England
Katharine Gemmell - Bloomberg
Societe Generale SA lost a chance to keep the latest salvo in a dispute with Clifford Chance over careless advice given during a $483 million gold deal from playing out in a London courtroom. SocGen accused the global law firm of professional negligence when it represented the French lender in a case against Turkish jewelers Goldas Kuyumculuk Sanayi Ithalat Ihracat AS. Clifford Chance then brought a claim against the bank's allegations to seek a declaration that it was not liable.
/jlne.ws/3s7WdrE
Rithm Wins Dan Och's Support for Sculptor Bid at $720 Million; Offer values the struggling hedge fund at $720 million; Boaz Weinstein, other billionaires previously bid for Sculptor
Katherine Burton and Hema Parmar - Bloomberg
Sculptor Capital Management Inc. said that major shareholder and founder Dan Och and his group have agreed to a sweetened deal for the hedge fund from Rithm Capital Corp. Rithm's amended offer increased the bid to $12.70 a share from an original bid of $11.15, Sculptor said in a statement Friday. It values Sculptor at about $720 million, according to the statement.
/jlne.ws/3FT9TKt
Charlie Javice Asks Court to Force JPMorgan to Pay $830,000 in Legal Costs; Bank was ordered to cover her legal bills under 2021 agreement; Javice is accused of defrauding JPMorgan in $175 million deal
Jef Feeley - Bloomberg
Charlie Javice, the onetime entrepreneur accused of defrauding JPMorgan Chase & Co. in its $175 million acquisition of her college-loan-planning site, said the bank was not sticking to a court order requiring it to pay for her legal defense.
/jlne.ws/3SgKph9
Goldman's JPMorgan Copycat ETF Launches in 'Early Days' of Boom
Katie Greifeld - Bloomberg
Goldman Sachs Group Inc. is the latest exchange-traded fund issuer attempting to take market share from JPMorgan Chase & Co.'s breakout active strategy lineup. The actively managed Goldman Sachs S&P 500 Core Premium Income ETF (ticker GPIX) and the Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) both begin trading Thursday, according to a press release. GPIX and GPIQ track the S&P 500 and the tech-heavy Nasdaq 100, respectively, while also selling call options tied to their benchmarks for additional yield. Each fund charges 29 basis points.
/jlne.ws/46E3qi5
Fireside Friday with...BNY Mellon Pershing's Linda Gibson; The TRADE sits down with Linda Gibson, head of regulatory change, EMEA, at BNY Mellon Pershing, to discuss the impact of varying settlement times for institutions, the changes needing to be made to communication channels, human behaviour and technology, and how knowledge from the previous shift to T+2 can be leveraged in this next transition.
Wesley Bray - The Trade
What sort of impact will an 'unevenness' in settlement times have for institutions?
When the US moves to T+1, we will definitely see an increase in settlement fails initially and US regulators understand there will be a dip in settlement efficiency. The impact will be felt globally, with all firms trading US-listed securities having to adapt to the shortened settlement period.
/jlne.ws/4722Z1r
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | A New White House Plan to Create Affordable Housing: Convert Empty Office Buildings; The Biden administration is freeing up resources to help turn offices into apartments.
Kriston Capps - Bloomberg
As cities across the US continue to struggle with climbing office vacancies and unaffordable rents, the White House on Friday released a new plan to help property owners convert empty offices into apartment units. By opening up significant financing resources to office-to-residential conversions, as well as by providing technical assistance, the Biden administration aims to make it easier for these challenging rehab projects to advance - with an eye toward both sustainability and affordability.
/jlne.ws/3tVc9hc
Job Seeker's 500 Applications Reveal Frustration in Labor Market; More people seeking employment are leveraging technology to mass apply to open positions and many applicants struggle to find work.
Charlie Wells - Bloomberg
It's part flex, part gripe, and increasingly, part and parcel of the job search process. It goes a little something like this: "I applied to 500 jobs." From career fairs to social-media posts, the claim of having applied to hundreds of roles is coming to represent growing frustration with today's job market. While US Labor Department data continue to show a preponderance of openings, it's gotten tougher for many applicants to land a new gig - a big shift from the heady days of the pandemic's "great resignation."
/jlne.ws/4988wou
How Automation Has Changed Work for Casino Employees in Detroit; For cocktail servers and hotel housekeepers, the arrival of robotic technologies has made their jobs harder, they say. It's part of why they're on strike.
Emma Goldberg - The New York Times
On a chilly Wednesday evening in October, the sounds filling Ambre Romero's home were familiar: her grandchildren unloading the dishwasher, her husband, just off work, watching television. Ms. Romero was getting ready for her shift serving cocktails at the MGM Grand Detroit, the casino where she has worked since 1999. She pulled on her blue bustier top, said goodbye to her family and drove to a nearby gas station to pick up Red Bull and Lucky 13 scratch-off tickets. Ms. Romero, who has long reddish-brown hair and a wry smile, enjoys the predictability of her nights. Her shifts revolve around the regulars, whose families, health problems and pet names she knows well. The work is unceasingly social, which is just how Ms. Romero likes it; she's a former dancer who turned to cocktail serving because it felt like performing. But Ms. Romero, like so many millions of Americans, has seen her job remade in recent years by the arrival of new technologies automating parts of her work.
/jlne.ws/3tRWm2Y
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Health care unaffordable even for insured Americans: survey
Maya Goldman - Axios
As health care costs continue to rise, more than half of working-age Americans said they've struggled to afford care this year, according to a new Commonwealth Fund survey. Why it matters: The survey is the latest evidence of how people with insurance are struggling to pay medical bills, forcing them to forgo or delay needed care. By the numbers: Nearly a third of adults reported having medical or dental debt, and nearly half of them said it's at least $2,000.
/jlne.ws/3QuJt7H
Alcohol Might Be Ruining Your Orgasm; How much and how often you drink can affect your ability to climax during sexual activity.
Catherine Pearson - The New York Times
Emma Schmidt, a clinical sexologist in Cincinnati, has lost track of the number of clients she's seen for low libido and problems orgasming after they've first visited a doctor who advised them to "Just relax and have a glass of wine." That type of suggestion is not just dismissive, Dr. Schmidt said, but it highlights the gaps in our collective understanding about the interplay between alcohol and sex.
/jlne.ws/3FzLJEo
3 Ways to Unlock Your 'Hidden Potential'; In his new book, the organizational psychologist Adam Grant shares counterintuitive strategies for higher achievement.
Melinda Wenner Moyer - New York Times
In a culture that focuses so intensely on success, it's easy to feel like a failure. But according to the organizational psychologist Adam Grant, that might be because we're thinking about achievement all wrong. Many people assume that accomplishments are tied closely to innate ability, so they give up on pursuits they find challenging. That's a mistake, Dr. Grant writes in his new book, "Hidden Potential: The Science of Achieving Greater Things."
/jlne.ws/3FARMbM
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Middle-Aged Men on Apps Lead $67 Trillion Japan FX Trading Boom
Mia Glass - Bloomberg
Salarymen scrolling through their phones on the subway are a common sight in Tokyo, but they aren't all playing Pokemon Go - many are on trading apps, aggressively buying and selling the yen to profit from short-term swings.
/jlne.ws/3QwKc8w
Is Singapore set to become the next major trading hub? With increasing activity from both the buy- and sell-side, The TRADE explores the initiatives that are helping position Singapore as a major trading hub and the advantages this region can provide for international institutions.
Wesley Bray - The Trade
As part of a major scheme from the Monetary Authority of Singapore (MAS) to develop the region as a global FX trading hub, several large banks over the last few years agreed to develop FX pricing and trading engines in Singapore, in partnership with MAS.
/jlne.ws/3FBq4M0
Turkey Winds Down Forced Government Bond-Buying for Banks; Rules had largely killed foreign interest in local bond market; Central bank is stepping up efforts to return to orthodoxy
Beril Akman and Kerim Karakaya - Bloomberg
Turkey scrapped rules forcing banks to buy government bonds as a penalty for lending at interest rates above certain limits or falling short of targets for business loans, ending a practice widely reviled by local lenders and foreign investors.
/jlne.ws/45QZj0K
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