| August 09, 2021 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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$52,156/$300,000 (17.4%)
Daniel Rudrud
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Hits & Takes
John Lothian & JLN Staff
On August 15, 1971, President Nixon on a Sunday night ended the convertibility of the U.S. dollar into gold, marking the beginning of the modern era of financial markets. Mark Hulbert of Bloomberg has a story about how gold has worked as an inflation hedge. BTW, Nixon interrupted the popular television show "Bonanza" to make the announcement. How is that for karma? -- Bloomberg
The Washington Post has published a "Bitcoin FAQ" about how bitcoin works. -- Washington Post
There are more and more headlines with lists, because readers love to click on stories with lists. The Wall Street Journal has a story titled, "The 6 Concepts You Should Know to Be Financially Literate." I am surprised it is limited to just six concepts. There is so much more to being financially literate. -- WSJ
Another Wall Street Journal story warns active stock traders to beware because your returns may suffer in the years before a divorce. I wonder if that is a financial literacy concept listed above?
-- WSJ
Daniel Rudrud, a longtime executive with JP Morgan and now managing partner at DSKTR LLC. & DSKTR Properties LLC in Naples, Florida, is the latest to give to the JLN MarketsWiki Education GoFundMe campaign. Besides managing real estate investments, Rudrud is serving on multiple boards. He left JP Morgan in 2019 as executive director of midwest region client sales executive - securities services: derivative clearing, FX prime, OTC clearing, securities lending, custody and fund accounting. He was also a member of the Midwest operating committee for JP Morgan Chase and managed North American futures clearing products. He has also held positions in derivative clearing sales and started in futures sales and execution. Rudrud is a cycling enthusiast who has participated in many amateur races and helped raise money for cycling-related charities. Thank you to Daniel and all who have given and all who have yet to give. Support our efforts to preserve industry history and educate the next generation of industry professionals and market participants by giving to our GoFundMe campaign.
This upcoming weekend is the Williams Bay Lions Club Corn & Brat Roast in Williams Bay, Wisconsin. I have mentioned this event before. Last year, because of the pandemic, the event was canceled. But this year it is returning. It is a very popular event in the Geneva Lake area, with music and Saturday night fireworks from off the beach in Williams Bay. My kids and the rest of my family love the event.
Fruit baskets — with fruit still inside — that are more than 2,200 years old were discovered this week in ruins of Thonis-Heracleion, the ancient lost city near Alexandria, Egypt. -- Greek Reporter
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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The Cboe Options Institute is hosting a live 75-minute webinar with Geralyn Endo, Cboe's global head of client engagement, and Henry Schwartz, Cboe's head of product Intelligence, who will discuss Options Order Flow Analysis and Tools on Wednesday, August 11, at 12 p.m. ET. Topics include basic concepts for the implementation of option orders, tools and techniques for efficient orders, and market sentiment gauges. You can register here. ~SC
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The Spread - August 6, 2021
JohnLothianNews.com
Robinhood shares get an options boost; July options volume up more than 29%; John Lothian says exchange competition is heating up; The Delta variant and volatility; Bullish bets in bitcoin and ether options; And tastytrade's Jermal Chandler goes back to the basics with calls and puts in the Term of the Week.
Watch the video »
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U.N. sounds 'deafening' warning on climate change
Nina Chestney, Andrea Januta - Reuters
Human activities 'unequivocally' causing climate change; World is likely to hit 1.5C warming limit within 20 years
The United Nations panel on climate change told the world on Monday that global warming was dangerously close to being out of control - and that humans were "unequivocally" to blame. Already, greenhouse gas levels in the atmosphere are high enough to guarantee climate disruption for decades if not centuries, the report from the scientists of the Intergovernmental Panel on Climate Change (IPCC) warned.
/reut.rs/3Cohiya
*****It is not the time to hold your hands over your ears to block this deafening warning.~JJL
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Companies Thought They Had Plans for Fall. Now They Are Scrapping Them; The fast-spreading Delta variant has managers revamping schedules, with bosses delaying office reopenings and canceling events
Chip Cutter - WSJ
Up until a few weeks ago, corporate leaders felt confident about what to expect this fall. Offices would reopen after Labor Day. Business travel would resume more broadly. Long-delayed work gatherings, conventions and off-site meetings would finally take place. The pandemic has, once again, upended many of those plans.
/on.wsj.com/3lGw79w
*****There is a list of events and conferences that have been canceled in this story beyond the New York International Auto Show.~JJL
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The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey; About 15 miles from midtown Manhattan, the head of Archegos is groping for answers in the wake of one of the biggest debacles in Wall Street history.
Sridhar Natarajan, Katherine Burton - Bloomberg
He sits on the porch in a white plastic chair, a swing set out back, the lawn freshly mowed. Here in suburban Tenafly, 15 miles from midtown Manhattan, few would guess that this unassuming figure is none other than Bill Hwang — the man who just lost more than $20 billion. "Billion with a B?" gasps a neighbor down the block, when told of the epic blowup at Hwang's Archegos Capital Management.
/bloom.bg/3CuzTIY
*****Lying low is a good idea. ~JJL
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U.S. City With 2.4 Million Population Has Just Six ICU Beds Left
Linus Chua - Bloomberg
City's medical head asks residents to help avoid 'catastrophe'; Texas capital's risk level raised to highest level this week
With ICU beds down to a single digit, Austin sounded the alarm Saturday, using its emergency alert system to let residents in the Texas capital city know that the local state of the pandemic is "dire." The Austin area -- with a population of almost 2.4 million people -- has just six intensive-care unit beds left, state health data show. A total of 313 ventilators are available.
/bloom.bg/3lL4cFf
***** Maybe Austin does not have the infrastructure of a great city like Chicago. ~JJL
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U.S. Covid Cases Reach Six-Month High Even as Vaccinations Rise
Ian Fisher - Bloomberg
Delta variant pushes weekly cases to most since February; U.K. reports rise in hospitalizations among fully vaccinated
New Covid-19 cases in the U.S. have rebounded to more than 100,000 a day on average, returning to the levels of the winter surge six months ago. Weekly cases on Friday passed 750,000, the most since early February, according to data compiled by Johns Hopkins University and Bloomberg. Almost 135,000 weekly cases were reported in Florida on Friday, a record for a state that makes up about one in five U.S. cases. Louisiana said 1% of its entire population had been infected in the last two weeks as the delta variant spreads, particularly among the unvaccinated.
/bloom.bg/3fKGky2
***** This is a trend that is not your friend.~JJL
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Friday's Top Three
Our most read story Friday by a long way was Howard Lutnick Takes Aim at CME's Dominant U.S. Rates Market, from Bloomberg, in which the billionaire said he plans to create a futures exchange to rival CME Group Inc.'s interest-rate derivatives franchise. Second was CFTC Commissioner Says SEC Lacks Authority Over Commodities, Including 'Crypto Assets', about a tweet from Commissioner Brian Quintenz, from Yahoo Finance. Third was Banker to World's Richest Families Has $3.6 Billion Fortune, from Bloomberg.
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MarketsWiki Stats
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| Lead Stories | Climate Scientists Reach 'Unequivocal' Consensus on Human-Made Warming in Landmark Report
The first major assessment from the UN-backed Intergovernmental Panel on Climate Change in nearly a decade sees no end to rising temperatures before 2050.
Eric Roston, Akshat Rathi - Bloomberg
An epochal new report from the world's top climate scientists warns that the planet will warm by 1.5° Celsius in the next two decades without drastic moves to eliminate greenhouse gas pollution. The finding from the United Nations-backed group throws a key goal of the Paris Agreement into danger as signs of climate change become apparent across every part of the world.
/bloom.bg/2XbY5Qg
Nasdaq's Board-Diversity Proposal Wins SEC Approval; Agency backs plan to set minimum targets for composition of listed companies' directors
Alexander Osipovich - WSJ
Nasdaq Inc.'s NDAQ -0.14% push for greater diversity on corporate boards cleared a key hurdle, as regulators approved the exchange operator's proposal to include gender and race in its listing rules. In an order released Friday afternoon, the Securities and Exchange Commission agreed to Nasdaq's proposed rule changes. But in a sign of the political divisions over the proposal, the SEC's two Republican commissioners registered their opposition, with one voting against the decision and the other giving only partial support.
/on.wsj.com/3AhkNoq
SEC Brings and Settles First Case in Crypto-Linked DeFi Sector; Two men agree to cease-and-desist order and to return profits reaped by using decentralized-finance technology
Paul Kiernan - WSJ
The Securities and Exchange Commission brought and settled its first case against a firm in the so-called decentralized-finance or DeFi sector, the latest sign of intensifying regulatory scrutiny for cryptocurrency markets.
/on.wsj.com/3AEuEoz
US head of crypto exchange Binance quits after three months; Brian Brooks cites strategic differences at group that has attracted intense regulatory scrutiny
Hannah Murphy and Gary Silverman - FT
Brian Brooks, chief executive of Binance's US arm, has announced that he is stepping down from his position at the embattled cryptocurrency exchange after only three months, citing "differences over strategic direction". In a tweet, Brooks, a former US banking regulator, wrote: "Letting you all know that I have resigned as CEO of ???Binance US. Despite differences over strategic direction, I wish my former colleagues much success. Exciting new things to come!"
/on.ft.com/3AsUSKC
ETFs set to overtake mutual funds as passive vehicle of choice; Global assets under management in index-tracking ETFs hit record $8.66tn at the end of June
Steve Johnson - FT
The mutual fund industry is poised to lose its crown as the dominant passive investment vehicle, with the non-active exchange traded fund sector on track to surpass it for the first time.
/on.ft.com/2X5gy0F
SEC Pauses Enforcement of Some Whistleblower Program Rules; The move comes after SEC chairman said he was directing staff to prepare potential revisions to two amendments for the agency's consideration
Mengqi Sun - WSJ
The Securities and Exchange Commission said it would look into revising two amendments to its whistleblower award program rules adopted last September, adding that in the interim it would largely pause enforcement of parts of the two amendments.
/on.wsj.com/3CvEbjb
Stable coins' rise has echoes of Bretton Woods; A half-century on from the decision that defined the current monetary set-up, calls are mounting for new ideas to address old monetary problems
Ousmène Jacques Mandeng - FT
Fifty years ago, an embattled Richard Nixon dropped a monetary bombshell: the dollar would no longer be pegged to gold. The currency markets were thrown into chaos as the mechanism that underpinned fixed exchange rates was killed off overnight. The Bretton Woods era had ended and a new monetary order took shape.
/on.ft.com/3lLAd03
Gold as an Inflation Hedge: What the Past 50 Years Teaches Us; On the anniversary of the metal's unleashing by Nixon, gold's believers may be disappointed by the record
Mark Hulbert - WSJ
On a Sunday evening 50 years ago—on Aug. 15, 1971, to be exact—then-President Nixon interrupted "Bonanza," one of the most popular TV shows of that era, to announce that he was ending the convertibility of the U.S. dollar into gold. Many consider it to be one of the most consequential decisions he made.
/on.wsj.com/3fLSbM7
China's Hubris Is a Threat to Its Economic Future; Beijing's habit of stamping on private enterprise is a sign of overconfidence that could end up undermining growth.
Matthew Brooker - Bloomberg
China's increasingly muscular interventions in the private economy have wiped hundreds of billions of dollars off share prices and sent investors scurrying to understand where the next targets will be. The country's leadership has embarked on a risky top-down approach to economic policy-making that signals a departure from decades of market opening and engagement with the world, according to an Atlantic Council briefing paper released late last month by Dexter Roberts, a senior fellow with the Washington-based think tank.
/bloom.bg/3lM5znm
Why banks fear central bank digital currencies; Crypto push threatens to diminish the role of traditional lenders
Jonathan Guthrie - FT
With the summer Olympics in Tokyo winding down, preparations are stepping up for Winter Olympics in Beijing in February. These will ring the starting bell on a much bigger international contest than downhill skiing.
/on.ft.com/3lMvcVc
Austin warns of 'catastrophe' as Texas again becomes center of pandemic; City implores residents to stay home, mask up and get vaccinated as ICU capacity in hospitals dwindles to single digits
Alexandra Villarreal - The Guardian
With Covid-19 cases skyrocketing exponentially and intensive care unit capacity in hospitals dwindling to single digits, officials in the Austin area are warning of "catastrophe" as Texas again becomes a center of the pandemic.
/bit.ly/3CrPrNP
Active Stock Traders, Beware: Your Returns May Suffer in the Years Before a Divorce; Things get better, however, around the time the divorce settlement is made final, a study finds
Simon Constable - WSJ
Actively trading securities in the run-up to a divorce can be detrimental to an individual investor's wealth, a draft research report finds. The paper adds to research showing how major life events can affect the investment performance of both individual and professional investors.
/on.wsj.com/3fH7bLh
Sudden shake-up looms for US independent mortgage bankers; Ginnie Mae proposes tougher eligibility rules — but who is behind this idea?
John Dizard - FT
A rushed, drowsy-summer-weekend rulemaking by Ginnie Mae, the $2.1tn US housing finance agency, illustrates the decay of the federal government's machinery. Most political amateurs are watching videos of bitter intra-Democratic party feuds or bellowing Southern governors. The real DC is at work in its second home office, watching the waves or the clouds over the mountains, tweaking obscure regulations and electronically murmuring to colleagues. That is where the big money is made.
/on.ft.com/3CvRgt6
Wall Street's Hottest Commodity: College Grads With Excel Skills
Mary Biekert - Bloomberg
Banks are still on a hiring spree to fill entry-level roles; Efforts threatened by private equity, pandemic disillusion
All across Wall Street, one price keeps going up: the one for young talent. Big banks can't hire junior staff fast enough -- not even at the new going rate of $100,000 a year. Chalk it up to the pandemic. Or the notoriously long hours. Or youthful realizations that maybe banking isn't all it's cracked up to be.
/bloom.bg/2WZTSyT
Hargreaves Lansdown shares slide after warning pandemic trading boom will not last; Volatility and meme stocks help boost takings as investment platform says new generation of investors is here to stay
Joshua Oliver - FT
Hargreaves Lansdown's share tumbled more than 11 per cent in morning trading after it warned that the pandemic boom in stock trading that has lifted the investment platform's takings will not last, but the company said a new generation of lockdown investors was here to stay.
/on.ft.com/3Ahn9Ue
In European equities size matters; Commerzbank, Deutsche Bank and Macquarie have all restructured or exited the equities market as larger institutions maintained their grip on market share.
Annabel Smith - The Trade
The European equities market is set to get even more competitive now as smaller sell-side institutions continue to exit the market and the largest brokers absorb market share. For several years shrinking commissions and stringent regulatory requirements imposed on the European market through MiFID II have made it difficult for participants to make equities trading pay. Rising costs have progressively encouraged economies of scale as a necessary means of survival in the market.
/bit.ly/3jEDsUs
SEC boss Gary Gensler has few regulatory bullets on crypto: lawyer
Charles Gasparino - NY Post
Gary Gensler's ambition to regulate the "Wild West" of cryptocurrencies is on a collision course with something he can't regulate: more than seven decades of case law.
/bit.ly/3jTyC5Z
Former HKEX CEO Starts Venture to Invest in China's Small Firms
Kiuyan Wong and Yvonne Man - Bloombereg
Charles Li launches Micro Connect targeting 100,000 firms; Li says fundamentals in H.K. haven't changed for business
The man who engineered the landmark program linking stock markets in mainland China and Hong Kong is now offering a fresh way to invest in the world's second biggest economy.
/bloom.bg/3Cz8SUC
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | China's Covid-Zero Strategy Risks Leaving It Isolated for Years
Bloomberg News
As most of the world learns to live with Covid-19, China is tethering itself to eliminating the virus over the long term -- an approach that risks leaving the world's second-biggest economy isolated for years to come.
/yhoo.it/3jAsGyl
Australia expands COVID lockdown over concern virus has spread from Sydney
Colin Packham, Renju Jose - Reuters
NSW says COVID-19 may have spread beyond epicentre; State records 283 infections in past 24 hours; Victoria state to end lockdown of regional areas
Australia expanded a COVID-19 lockdown to a rural town and the coastal region of Byron Bay on Monday, as fears grew that the virus has spread from Sydney to the northern tip of the country's most populous state.
/reut.rs/3fGHOcv
S.Korea apologises as Moderna halves August COVID-19 vaccine shipments
Hyonhee Shin, Sangmi Cha - Reuters
South Korea's health minister apologised for COVID-19 vaccine shortages on Monday, saying U.S. drugmaker Moderna Inc (MRNA.O) would deliver less than half its planned shipment this month due to production issues.
/reut.rs/3fNZ1Rd
China reports more COVID-19 cases; some cities kick off new tests
Reuters
China reported on Monday more COVID-19 infections in its latest outbreak of the disease, while some cities added rounds of mass testing in the bid to stamp out locally-transmitted infections.
/reut.rs/3jTfOUr
BioNTech Raises Covid Vaccine Sales Forecast to $18.7 Billion
Naomi Kresge - Bloomberg
BioNTech SE raised its forecast for this year's Covid-19 vaccine sales to 15.9 billion euros ($18.7 billion) and said it is pushing forward plans test its messenger RNA technology in cancer.
/bloom.bg/3At4xAu
Fauci Says Covid Boosters Should Go 'Soon' to the Vulnerable
Yueqi Yang - Bloomberg
Debate grows over booster needs and breakthrough cases; Fauci calls for vaccine mandates in schools, businesses
Anthony Fauci, the U.S.'s top infectious-disease doctor, said he's "strongly in favor" of speeding booster shots to people with weakened immune systems, a further sign of how the delta variant continues to shift the strategies for curbing the pandemic.
/bloom.bg/2XbYwKo
Covid Travel Tests Probed by U.K. Competition Watchdog
Emily Ashton - Bloomberg
Minister asks CMA to help stamp out 'exploitative behavior'; Sajid Javid warns of 'potentially unfair practices' by firms
The U.K.'s competition watchdog is investigating the cost of Covid tests for travelers, after Health Secretary Sajid Javid asked it to help stamp out any "exploitative behavior" by rogue firms. The Competition and Markets Authority said it was aware of concerns about the "evolving markets" for the tests and would issue advice to the government on how to ensure they are "affordable and reliable."
/bloom.bg/3jD8onZ
Covid Long Haulers Spark Call for Increased Disability Funding; A new report calls for increased federal funding for rental assistance, nutrition programs and disability insurance.
Hadriana Lowenkron - Bloomberg
Last week, the Biden Administration announced a growing number of individuals with lingering Covid-19 symptoms could qualify for disability resources and protections — a win for victims of "long Covid."
/bloom.bg/2Xa4QlE
Pfizer Booster Causes Similar Side Effects to Second Dose: Study
Yaacov Benmeleh - Bloomberg
Most people who got a booster shot of the Pfizer Inc.-BioNTech SE vaccine had similar or fewer side effects than they did after the second dose, according to a preliminary study conducted by Israel's largest health maintenance organization.
/bloom.bg/3AkKQe8
As Delta Variant Spreads, Florida Hospitals Race to Find Open Beds; Timing is crucial for critical patients; 'minutes look like hours,' one AdventHealth doctor says
Melanie Evans - FT
Nurse Darlene Andrews stood before a small crew responsible for stopping the latest pandemic surge from overrunning seven of AdventHealth's Orlando-area hospitals.
/on.wsj.com/3lZKExl
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext announces volumes for July 2021
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for July 2021. From this release onwards, cash trading volumes exclude fixed income trading volumes. Comparative data for the past periods have been restated accordingly.
/bit.ly/3lMBQe6
Euro Fixed Income Futures: Definition of reporting and position limits for September 2021
Eurex
Position limits apply only to long positions in the front month contracts of the products concerned. Reporting limits will be valid from 31 August 2021 after close of trading until 3 September 2021 after close of trading.
/bit.ly/3jxElOu
HKEX Enhances Product Offering with Li Auto Debut
HKEX
Li Auto Futures and Options to be introduced on 12 Aug;Li Auto shares to be included in Designated Securities Eligible for Short Selling on 12 Aug; Issuers can list derivative warrants on Li Auto shares on 12 Aug
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) that it will offer investors more options on Li Auto Inc. (Li Auto, stock code: 2015) shares after its debut.
/bit.ly/3fLMaPn
Micro WTI Crude Oil Futures Surpass 1 Million Contracts Traded
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced that Micro WTI Crude Oil futures volume surpassed 1 million contracts on Friday, August 6, 2021. "Since launching just a month ago, we continue to see strong interest across the globe for our smaller-sized Micro WTI Crude Oil contract," said Peter Keavey, Global Head of Energy. "Our benchmark WTI futures have always been the market's choice for managing crude oil exposure, and the uptick we are seeing in new customers utilizing the Micro WTI Crude oil futures demonstrates the value in the robust transparency and price discovery that our markets offer for traders of all sizes."
/prn.to/3yCYhFZ
NYSE Historical Market Data: Managed File Transfer (MFT) Hardware Upgrade
NYSE
Since 2018, the NYSE has enabled market data customers to download end of day historical files via secure FTP using the Managed File Transfer (MFT) system. The current MFT hardware will be decommissioned and replaced with new MFT production hardware in Q4 2021 with the exact date to be announced in a future Trader Update.
/bit.ly/3Cu6IWz
Amendment to Relationship Agreements
London Stock Exchange Group
London Stock Exchange Group (LSEG) today announces an amendment to the terms of the Relationship Agreements (as defined below) between LSEG and the former shareholders of Refinitiv. The Relationship Agreements are being amended to allow the former Refinitiv shareholders to introduce leverage of up to 20% on the value of their entire shareholding in LSEG that is subject to lock-up provisions, including by allowing a pledge, charge or grant of another security interest ("Security Interest") under a margin loan. There are no other changes to the Relationship Agreements or the original lock up provisions. All market related hedging activity in relation to the LSEG Shares underlying the Security Interest by any party continues to be prohibited, other than in the unlikely event of enforcement of the Security Interest. The agreed amendment is a common arrangement for large strategic shareholdings.
/lseg.group/3jAagOp
The risky loophole Chinese companies have been using for years
Charles Riley - CNN Business
When investors purchase a stock, what they're doing is buying a percentage of the company. Right? Wrong! At least when it comes to many of the Chinese companies listed on the Nasdaq and the New York Stock Exchange.
/cnn.it/3AvUbAd
- Termination of Trading, Conversion and Delisting of Standard-Size Standard and Poor's 500 Stock Price Index Futures and Options on Standard and Poor's 500 Stock Price Index Futures Contracts -- CME
- Product Modification Summary: Termination of Trading, Conversion and Delisting of Standard-Size S&P 500 Index Futures and Options Contracts - Effective September 17, 2021. -- CME
- Effective Dates for Spot Month Position Limits in the September 2021 Core Products -- CME
- Product Modification Summary: Expansion of Trading at Settlement ("TAS") Block Trade Eligibility for Copper Futures - Effective August 23, 2021. -- CME
- OTC IRS New Release Advisory - IRS Trade Register Enhancements -- CFME
- Change in Regular Firm's Clearing Agent; The Exchange has been notified that Crop Marketing Services, Inc. has changed its clearing agent to R.J. O'Brien for the firm's transactions --CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | UBS joins new blockchain-based repo platform from Broadridge; Distributed ledger repo platform from Broadridge is now processing more than $6 trillion in average daily volume since it went live in June.
Hayley McDowell - The Trade
Broadridge has confirmed that UBS has signed up to use its new distributed ledger repo (DLR) trading platform that aims to transform the repo market using blockchain technology. With UBS, Broadridge said its fixed income platform includes 20 of the 24 primary dealers and is processing more than $6 trillion in average daily volume since it went live in June.
/bit.ly/3Ahrk2m
Broadridge onboards UBS onto Distributed Ledger Repo platform
Broadridge Financial Solutions, Inc.
Broadridge Financial Solutions, Inc. (NYSE:BR), a global fintech leader, today announced that UBS has joined its transformative distributed ledger repo (DLR) platform. Early participants of the blockchain-enabled platform are accelerating their digital journey and realizing the significant and immediate benefits of reduced risk and operational costs as well as enhanced liquidity. The addition of UBS builds on the early platform success and accelerates the expansion of the DLR network, leveraging Broadridge's fixed income platform that processes over $6T in average daily volume and includes 20 of the 24 primary dealers.
/prn.to/3fL2yQl
DLT bond trading platform LedgerEdge installs surveillance tech with Eventus Systems; LedgerEdge will use the flagship market surveillance platform from Eventus Systems when it launches in the UK later this year.
Hayley McDowell - The Trade
Blockchain-based corporate bond trading start-up LedgerEdge has implemented a trade surveillance platform from Eventus Systems as it prepares to launch. LedgerEdge will use the Validus platform for all markets ahead of its go live as a multilateral trading facility in the UK in September and as an alternative trading system in the US in the second quarter next year.
/bit.ly/2XaHVXn
**** SR: The press release is here.
Interactive Brokers automates regulatory documentation with LPA; Under a new partnership, Interactive Brokers has installed the Capmatix Doc and Data Cockpit tools to automate its documentation processes.
Hayley McDowell - The Trade
Interactive Brokers has implemented a technology solution to automate its regulatory and product documentation processes across all instruments through a new partnership with LPA Group. The capital markets technology firm has provided Interactive Brokers with its Capmatix Doc and Data Cockpit tools for documentation in stocks, bonds, options and futures in more than 135 markets via a 24/7 automation process.
/bit.ly/3fKRxyC
Colt celebrates milestone 200+ connected cloud onramps worldwide
DataCenterNews.asia
Colt Technology Services is celebrating an interconnection milestone, passing more than 200 interconnections at public cloud on-ramp locations around the world. The company states it now covers the 'majority' of major public cloud points of presence in Asia and Europe, helping the company to position itself as a big player in cloud across the two regions.
/bit.ly/2VxJq1s
Qontigo flourishes after turning point year
ETFExpress
2019 was a turning point year for the newly named Qontigo group, the year when its index provider, STOXX, merged with US-analytic firm Axioma. The resulting company is majority owned by Deutsche Boerse and has the index capabilities of STOXX and DAX, as well as the analytical skills of Axioma.
/bit.ly/3AuUTxB
Colt Set to Connect to Cboe Europe Derivatives From Day One; Capital Market customers will benefit from a quick turn on and low latency connection to the new pan-European equity derivatives exchange
Colt
Colt Technology Services, a leading provider of agile, high bandwidth connectivity solutions, has today announced it will provide connectivity to Cboe Europe Derivatives (CEDX) via Colt's financial extranet, Colt PrizmNet.
/bit.ly/3lMwvTO
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| Cybersecurity | | Top stories for cybersecurity | U.S. Covid Cases Top 100,000 a Day, Accelerated by Delta Variant
Daren Fonda - Barron's
Cybersecurity companies are prospering as businesses shift to cloud platforms, while recent ransomware attacks have highlighted a growing need for security.
The sector is volatile and includes high-multiple stocks with a slim margin of safety—any signs of a slowdown can send their shares tumbling.
/bit.ly/37wxTS9
Why Understanding Cybersecurity Is No Longer Optional For Businesses
Janos Konetschni - Forbes
Recently the White House issued an open letter calling on businesses to improve their cyber defenses in response to ransomware — and not a moment too soon.
Ransomware has been getting worse for some time. A recent survey found that 51% of businesses in America were hit by ransomware in 2020, with an average ransom demand of $178,000. An estimated 25% of victims chose to pay the ransom.
/bit.ly/37s1lZJ
Why Cyber Security Stocks Have Rallied Over The Last Month
Forbes
Our theme of Cyber Security Stocks has gained a solid 6% over the last month and remains up by about 22% year-to-date. In comparison, the broader Nasdaq-100 NDAQ 0.0% has returned about 18% over the same period. The recent outperformance comes on the back of a renewed interest in the cybersecurity space following several high-profile cyber attacks, including the recent attack on software company Kaseya and the ransomware attack on the Colonial Pipeline in May. This could make companies and governments more serious about protecting their networks and digital infrastructure, translating into higher demand for the companies in our theme in the years to come. Moreover, going by the performance of the few companies that have already reported results, investors are expecting strong numbers from cybersecurity players this earnings season.
/bit.ly/3yA0NwM
Want a strong password? You're probably still doing it the wrong way
Liam Tung - ZDNet
Bad passwords are easy to remember, but also easy to guess - and that can give an attacker access to your online accounts.
That's why the UK's National Cyber Security Centre (NCSC) has explained why it is still recommending users pick three random words for a password rather than meeting complex requirements, such as an alphanumeric string, that could permit the creation of bad passwords like "pa55word".
/zd.net/3xwzVfS
Cybersecurity Spending Is Rising As Workers Return to Offices. Here's How to Play It.
Daren Fonda - Barron's
Cybersecurity companies are prospering as businesses shift to cloud platforms, while recent ransomware attacks have highlighted a growing need for security. The sector is volatile and includes high-multiple stocks with a slim margin of safety—any signs of a slowdown can send their shares tumbling.
/bit.ly/3fMtyiq
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| Cryptocurrencies | | Top stories for cryptocurrencies | 2 things are becoming apparent about crypto: Fidelity exec
Thomas Hum - Yahoo Finance
The cryptocurrency space continues to be characterized by conversations surrounding its adoption and investment by large institutional investors. Landmark events like Coinbase's (COIN) direct listing in April may suggest that digital currencies are beginning to break into the mainstream. According to Fidelity Digital Assets President Tom Jessop, however, there are two emerging themes that are becoming apparent about cryptocurrency.
/yhoo.it/2VBOp0Z
SEC Brings Charges in its First Case Involving Securities & DeFi
Matthew De Saro - BeInCrypto
The Securities and Exchange Commission (SEC) has charged a pair of men for their part in making millions off fraudulent offerings. The case has already been settled. Two men from Florida were been brought up on charges by the SEC after using a Cayman Islands company to illegally obtain $30 million. The case was the first for the SEC in the DeFi sector.
/yhoo.it/3ArGsu8
Coinbase gives green light to Apple Pay and says Google Pay is next
Sean Dickens - Coin Rivet
Coinbase has just launched facilities for Apple Pay, and says it will soon be opening up for Google Pay. From today, iPhone users will be able to purchase leading cryptocurrencies such as Bitcoin and Ethereum with a Visa or Mastercard debit card that's linked to Apple Pay.
/yhoo.it/3lJaBB1
China Can't Lead on Crypto With Isolationism; Don't think of Beijing's policies toward virtual currencies as a global pacesetter. They're part of the broader turn inward.
Michael Schuman - Bloomberg
Yet again, China has gotten an edge over the U.S. — this time in virtual currencies. The central bank's snazzy digital yuan could be a threat to dollar primacy, and, if the Federal Reserve fails to match it, the U.S. will fall dangerously behind in an entirely new area of superpower competition.
/bloom.bg/3lTejI6
SoHo crypto startup lets you bet on Britney, Biden — and anything else
Conor Skelding - NY Post
Gamblers can add news events to their wagering options thanks to a Soho start-up that lets users bet on outcomes such as whether Britney Spears can free herself from her father's control. Polymarket offers odds on a wide array of developments, including COVID-19 vaccination rates, the next host of "Jeopardy" and who will win the 2024 presidential election.
/bit.ly/2VvcNBz
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| Politics | | An overview of politics as it relates to the financial markets | Opening Schools Should Be Priority No. 1; The pandemic has done immense harm to students. Getting kids back to class should top everyone's agenda.
Michael R. Bloomberg - Bloomberg
Over the long course of the Covid-19 pandemic, one comforting fact has been that children have been at very little risk from the virus. Unfortunately, that doesn't mean they haven't suffered.
/bloom.bg/3jw2HYY
China Punishes Dozens of Officials as Delta Outbreaks Spread
Bloomberg News
More than 30 officials disciplined for mishandling the virus; Variant's persistent spread tests China's Covid Zero strategy
China has punished a slew of officials for failing to curb a Covid-19 outbreak that's spawned nearly 900 symptomatic infections across the country in less than a month, a resurgence that complicates Beijing's strategy of keeping the virus out entirely.
/bloom.bg/3CyO0wK
Senators Near Deal On Crypto Oversight, But May Be Too Late
Mackenzie Hawkins, Laura Davison and Steven T. Dennis - Bloomberg
Senators say they are nearing last-minute crypto compromise; The amendment may not get called up for a vote in Senate
The two groups of senators who were battling over how to word a section of the infrastructure bill that would impose new tax rules for cryptocurrencies say they are nearing a compromise, but the deal may come too late to get added to the Senate's infrastructure bill.
/bloom.bg/3CvbSS7
Cuba regime 'backed into corner' by shortages, protests and US embargo; President Miguel Díaz-Canel faces biggest threat to Communist party's authority in decades
Marc Frank and Michael Stott - FT
The Cuban regime is facing the biggest threat to its authority in decades, just four months after President Miguel Díaz-Canel consolidated his power on the communist-run island.
/on.ft.com/3jFAoqT
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | SEC Moves First DeFi Unregistered Securities Lawsuit
Adrian Zmudzinski - Benzinga
The United States Securities and Exchange Commission (SEC) sued the organization responsible for the development of a decentralized finance (DeFi) protocol over activities involved with the project for the first time. What Happened: According to a Friday SEC announcement, the agency has sued Cayman Islands-based Blockchain Credit Partners and two of its top executives over allegedly selling unregistered securities through its DeFi Money Market platform from February 2020 to February 2021. The firm purportedly sold over $30 million worth of two types of tokens that the SEC deemed to be securities that should have been registered as such.
/yhoo.it/3AqJM8J
SEC Charges Decentralized Finance Lender and Top Executives for Raising $30 Million Through Fraudulent Offerings; Case Is Agency's First Involving Securities Using DeFi Technology
SEC
The Securities and Exchange Commission today charged two Florida men and their Cayman Islands company for unregistered sales of more than $30 million of securities using smart contracts and so-called "decentralized finance" (DeFi) technology, and for misleading investors concerning the operations and profitability of their business DeFi Money Market.
/bit.ly/3ArZH6C
Prosecutors drop Wirecard insider trading probe into ex-Deutsche board member; German authorities say evidence to support allegations against Alexander Schütz do not justify a formal investigation
Olaf Storbeck - FT
German prosecutors have dismissed a criminal probe into former Deutsche Bank supervisory board member Alexander Schütz over allegations of insider trading in Wirecard shares. Prosecutors in Stuttgart said on Monday that they decided against opening a formal investigation after evaluating a complaint filed in April by BaFin, Germany's financial watchdog.
/on.ft.com/3lKz6O8
SEC Awards $3.5 Million to Whistleblowers in Two Enforcement Actions
SEC
The Securities and Exchange Commission today announced awards totaling more than $3.5 million to three individuals in two separate enforcement proceedings. In the first order, the SEC awarded approximately $2 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. The whistleblower alerted SEC staff to an ongoing fraud, prompting the opening of an investigation. The whistleblower also participated in multiple voluntary interviews, and provided documents and additional information that saved staff time and resources.
/bit.ly/2XaL3CB
SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange
SEC
The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.
/bit.ly/3jAJchP
Statement on the Commission's Approval of Nasdaq's Proposal for Disclosure about Board Diversity and Proposal for Board Recruiting Service
Chair Gary Gensler - SEC
Today, the Commission voted to approve Nasdaq's proposed rule changes requiring issuers to disclose certain information about the diversity of the company's board and to offer certain companies access to a complimentary board recruiting service.[1] These rules will allow investors to gain a better understanding of Nasdaq-listed companies' approach to board diversity, while ensuring that those companies have the flexibility to make decisions that best serve their shareholders.
/bit.ly/3AvQv1n
Statement on the Commission's Order Approving Proposed Rule Changes, as Modified by Amendments No. 1, to Adopt Listing Rules Related to Board Diversity submitted by the Nasdaq Stock Market LLC
Commissioner Hester Peirce - SEC
I write in opposition to the approval of the Board Diversity Proposal ("Board Diversity Proposal" or "Proposal") submitted for approval by the Nasdaq Stock Market LLC ("the Exchange").[1] The Proposal attempts to expand opportunity, a goal I share,[2] but it does so in a way that improperly leverages authority that Congress has entrusted to it under the Exchange Act. Because the Exchange cannot show that its Proposal is consistent with the Exchange Act, and because the Proposal is in fact outside the scope of the Act and contrary to fundamental Constitutional principles, I cannot support its approval.[3]
/bit.ly/2X1oHmQ
Statement on the Commission's Order Approving Exchange Rules Relating to Board Diversity
Commissioner Elad L. Roisman - SEC
Today, the Commission approved rule changes proposed by The Nasdaq Stock Market LLC ("Nasdaq" or the "Exchange") relating to board diversity.[1] One will offer certain listed companies free access, for a limited time, to a board recruitment service with access "to a network of board-ready diverse candidates."[2] The other will "require each Nasdaq-listed company, subject to certain exceptions, to publicly disclose in an aggregated form, to the extent permitted by applicable law, information on the voluntary self-identified gender and racial characteristics and LGBTQ+ status (all terms defined [in the Approval Order]) of the company's board of directors."[3] It will also "require each Nasdaq-listed company, subject to certain exceptions, to have, or explain why it does not have, at least two members of its board of directors who are Diverse, including at least one director who self-identifies as female and at least one director who self-identifies as an Underrepresented Minority or LGBTQ+ [all terms are defined in the Approval Order]."[4] Failure to comply could eventually, after a specified period, subject companies to delisting.
/bit.ly/3fJwP1K
Statement on Nasdaq's Diversity Proposals - A Positive First Step for Investors
Commissioner Allison Herren Lee, Commission Caroline A. Crenshaw - SEC
Today, the Commission approved Nasdaq Stock Market LLC's proposed rule changes related to board diversity and disclosure.[1] The new listing standards will require each Nasdaq-listed company, subject to certain exceptions, to have at least two diverse board members or explain why it does not.[2] The new listing standards also will require disclosure, in an aggregated form, of information on the voluntary self-identified gender, racial characteristics, and LGBTQ+ status of the company's board.[3] We support the proposal because it represents a step forward for investors on board diversity.
/bit.ly/3fLxAaM
FCA publishes Decision Notice against financial adviser for pension transfer advice failings
FCA
The Financial Conduct Authority has published a Decision Notice against Geoffrey Edward Armin of Retirement and Pension Planning Services Limited (In Liquidation) (RPPS).
/bit.ly/3CykMOQ
FCA obtains bankruptcy order against Mohammed Maricar following unlawful CFD forex trading promotion
UK FCA
On 25 March 2021, following an application for summary judgment by the Financial Conduct Authority, the High Court ordered Mohammed Fuaath Haja Maideen Maricar (Mr Maricar) to pay £530,000 to the FCA to distribute to victims of an unlawful forex trading business.
/bit.ly/3jHgVq9
FINRA Adopts Rule 6439 Governing the Operation of Inter-dealer Quotation Systems and Announces Closure of the OTC Bulletin Board; Effective Date of Rule 6439 (except paragraph (d)(1)(B)): October 1, 2021
FINRA
FINRA has adopted new Rule 6439 (Requirements for Member Inter-Dealer Quotation Systems),1 which implements additional requirements for firms that operate systems that regularly disseminate the quotations of identified broker-dealers in OTC Equity Securities (each an "inter-dealer quotation system" or "IDQS").2 Rule 6439 will become effective on October 1, 2021, except for paragraph (d)(1)(B), which relates to the collection of order-level information. The effective date for this paragraph will be announced at a later date to better coordinate, and avoid regulatory duplication, with reporting obligations to the Consolidated Audit Trail (CAT) under Rule 6830 (Industry Member Data Reporting).
/bit.ly/3lMqkz2
Web Application Firewall Information
FINRA
fileX is in the process of introducing Web Application Firewall (WAF) to the fileX APIs. Below are the key dates related to the WAF changes.
/bit.ly/3iAy7wS
FCA issues scam warning as firm prepares for liquidation
Sonia Rach - Financial News
The Financial Conduct Authority has urged customers of Northern Provident Investments to remain alert to the possibility of being scammed after the firm said it was planning to enter liquidation. Last week (August 6), Northern Provident Investments (NPI) proposed entering creditors' voluntary liquidation and appointing partners from FRP Advisory Trading Limited (FRP) as its liquidators.
/bit.ly/3lMGPvk
FCA stops Cyprus firm from flogging CFDs to UK investors; Many Brits 'were attracted' to the company via social media accounts
Robbie Lawther - International Adviser
The Financial Conduct Authority (FCA) has prohibited three Cyprus-based firms from selling contracts for differences (CFDs) to UK customers since April. The latest move saw it stop BDSwiss Holding Plc, and other members of the BDSwiss Group, from offering high risk CFDs to Brits.
/bit.ly/3fLQoXf
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Diversifying Your Portfolio Isn't Zesty, But It Works; Forget about multiplying money 10 times in a short period and stick with the steady gains.
Nir Kaissar - Bloomberg
When the story of this era in financial markets is written, it will be said that many investors were overtaken with fanciful notions of money growing to the moon, leading them to make costly mistakes that could have been avoided with simple steps to safeguard and grow their savings. But this era is not over yet, and it's not too late to get on the smart side of history.
/bloom.bg/3CwB4Yn
Bond Yields Can't Stay This Low Forever; It might take a while, but normality will return.
Bill Dudley - Bloomberg
See if you can figure out which of these data points conflicts with the others: The U.S. economy grew at an annualized, inflation-adjusted rate of 6.5% last quarter; it added an estimated 850,000 jobs last month; consumer prices have risen 5% over the past year; and the 10-year Treasury note yield has recently fallen to 1.2%.
/bloom.bg/3jAvFa1
The Price of Your Morning Cup of Coffee Keeps On Rising
Fabiana Batista and Marvin G Perez - Bloomberg
Freakish weather in biggest producer Brazil slashed yields; Expect smaller packages of beans and fewer free refills
The price of a cup of coffee keeps rising -- and nobody seems to care. Prices for arabica beans are up 50% in the past 12 months, hitting seven-year highs in July after drought and frost damaged crops in top producer Brazil and signaled tight world supplies for at least two years. The rally comes as high freight costs and shipping container shortages continue to rattle global supply chains, squeezing margins and heightening inflation fears.
/bloom.bg/2VE9Gab
Review casts doubt over Rio Tinto explanation of Oyu Tolgoi problems; Independent report finds geological issues were not behind delays and cost overruns
Neil Hume - FT
Ground conditions were not a significant factor behind delays and cost blowouts in the $6.75bn expansion of Rio Tinto's huge copper project in Mongolia, according to an independent review that is contrary to the company's explanation for the problems.
/on.ft.com/3fMgOIC
Rio Tinto Mismanagement Caused Mongolia Copper Mine's Woes, Report Says; Report rejects Rio Tinto's explanation that problems at Oyu Tolgoi mine were largely because of ground and geotechnical conditions
Alistair MacDonald and Rhiannon Hoyle - WSJ
An expert group examining the cause of a $1.4 billion cost overrun at a giant copper mine run by Rio Tinto RIO 0.27% PLC in Mongolia said in a report that it was caused by mismanagement and not the unfavorable rock conditions blamed by the world's second-largest miner.
/on.wsj.com/3jTo9Yf
Chicken Producer Sanderson Farms Nears Sale to Continental Grain, Cargill; Potential $4.5 billion deal would value poultry giant at $203 a share
Cara Lombardo and Jacob Bunge - WSJ
Sanderson Farms Inc. SAFM 0.59% is nearing a deal to sell itself for around $4.5 billion, according to people familiar with the matter, as the poultry giant rides a wave of demand for chicken products. Sanderson is in advanced talks with Cargill Inc. and agricultural-investment firm Continental Grain Co., which owns a smaller chicken processor, the people said. The deal could be finalized by Monday, they said.
/on.wsj.com/3izOxa6
A Gold Mine Takeover Highlights Increasing Mining-Sector Risk; In Kyrgyzstan, the government seized a large mine owned by Canada's Centerra Gold; the company now faces an uphill battle to get it back
Jacquie McNish and Joe Wallace - WSJ
Canada's Centerra Gold Inc. CG -1.78% invested more than $3 billion over nearly three decades to turn a remote gold prospect in Kyrgyzstan into a prosperous gold mine. Then in May, the mine was taken over by authorities in the former Soviet republic.
/on.wsj.com/37sPM4e
Say Goodbye to the 1% Investment-Adviser Fee? Investors who don't want to pay the traditional 1% of assets for financial advice have an increasing number of alternatives
Neal Templin - WSJ
Keith Rudman used to pay hundreds of thousands of dollars annually to an adviser who charged him a fee on managed assets. Four years ago, the 62-year-old North Carolina resident got rid of the money manager and moved his eight-figure taxable portfolio into passive investments. Mr. Rudman now uses a planning firm that charges by the hour for advice on everything from tax-loss harvesting of investments to estate planning.
/on.wsj.com/2VE3Sxx
What Is a 'Drawdown'? In the simplest terms, t's a loss, and knowing an asset's drawdown history can help investors build a portfolio
Simon Constable - WSJ
Sometimes stock-market research reports refer to something known as "drawdowns." But it's not always clear what the term means, because it's often ill-defined and it's used in at least a couple of different ways. In its simplest form, it's Wall Street-speak for "You lost money."
/on.wsj.com/2XchGzO
Cash Is Flooding Into Short-Term Markets Like Never Before. Is That a Bad Sign? Wall Street is watching for signs of broader financial stress as trillions of dollars change hands every night in reverse and repo markets
Julia-Ambra Verlaine - WSJ
An unusual surge of short-term lending by cash-rich companies is raising concerns on Wall Street that a period of unrest may lie ahead. Investors such as money-market funds and banks are parking over $1 trillion in spare cash overnight at the Federal Reserve. That is the most on record since the Fed opened its facility for these reverse repurchase agreements in 2013.
/on.wsj.com/2X61Kip
Saudi Aramco Posts $25 Billion Profit; The world's oil giants are bouncing back, aided by accelerating economies in crucial markets.
Reuters
Saudi Aramco, the world's largest oil company, reported a nearly fourfold rise in second-quarter net profit on Sunday, bolstered by higher oil prices and a recovery in oil demand.
/nyti.ms/3fIJD8U
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Once-in-50-year heat waves now happening every decade -U.N. climate report
Jake Spring - Reuters
Extreme heat waves that previously only struck once every 50 years are now expected to happen once per decade because of global warming, while downpours and droughts have also become more frequent, a UN climate science report said on Monday.
/reut.rs/3CzDAgK
Some Climate-Change Effects May Be Irreversible, U.N. Panel Report Says; Report highlights human responsibility for record heat waves, droughts, more intense storms and other extreme weather events seen around the world in recent years
Robert Lee Hotz - WSJ
Rising seas, melting ice caps and other effects of a warming climate may be irreversible for centuries and are "unequivocally" driven by greenhouse-gas emissions from human activity, a scientific panel working under the auspices of the United Nations said Monday in a new report.
/on.wsj.com/2VBYVFv
Asset Managers Find Greenwashing 'Blind Spots' in EU Rules
Frances Schwartzkopff, Nicholas Comfort, and Morten Buttler - Bloomberg
As Europe rewrites the rules of investing to protect the planet from climate change, asset managers say they're seeing differences in how those edicts are being interpreted.
/bloom.bg/2VH5FBT
Global warming will hit 1.5C by 2040, warns IPCC report; 'Code red for humanity' in the findings of latest landmark analysis of climate change
Camilla Hodgson - FT
The world is likely to temporarily reach 1.5C of warming within 20 years even in a best-case scenario of deep cuts in greenhouse gas emissions, a landmark report on climate change signed off by 234 scientists from more than 60 countries has concluded.
/on.ft.com/3Ao7fr8
Business must scrutinise three areas of UN climate report; The message from the Intergovernmental Panel on Climate Change will almost certainly be gloomy
Leslie Hook - FT
Look through the transcripts of chief executives speaking on earnings calls this reporting season, and the climate vocabulary really jumps out. "Net zero emissions", once a niche technical term, is mentioned by more than 150 companies, from Rolls-Royce to Glencore and Deutsche Bank. Some two dozen executives also talk about 1.5C targets. (For those not inducted into the world of climate jargon, that is not a thermostat reference, it means limiting global warming to 1.5C, as the Paris agreement recommends.)
/on.ft.com/3CtZa6b
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Jamie Dimon defends seeking full control of JPMorgan's securities business in China, says he's a 'patriot way before' CEO
Francis Agustin - Business Insider
JPMorgan Chase CEO Jamie Dimon on Sunday defended his company's move to gain full control of its securities business in China, saying the expansion will serve both the investment bank and other US companies. Dimon appeared on Fox News' Sunday Morning Futures to discuss becoming the first international firm to be granted permission from China to take full control of a securities business there.
/yhoo.it/3Cuorgy
EXCLUSIVE Banker behind report alleging HSBC racism resigns over lack of support
Lawrence White - Reuters
'Project Speak Up' author alleged discrimination at HSBC; Says bank reacted well, but not supported by colleagues; HSBC welcomes ex-employee's 'commitment to improving' it
The author of a report alleging institutional racism inside HSBC (HSBA.L) has resigned, citing frustration at its response to some of his criticism and a lack of support from white colleagues, two internal emails seen by Reuters show.
/reut.rs/3lPYYYX
Hedge fund that won on GameStop extends gains to $1.6bn; Senvest continues strong run after backing consoles retailer with bets on energy and tech stock
Laurence Fletcher - FT
A US hedge fund that made $700m from betting on consoles retailer GameStop has continued its strong run through well-timed positions in soaring energy and technology stocks.
/on.ft.com/2Vv8zKd
Jefferies Raises Junior Pay to Match Goldman Sachs at Top of Wall Street; The bank's first-year analysts in the U.S. will now make $110,000, up from $85,000
David Benoit - WSJ
Jefferies Financial Group Inc. JEF 1.78% will match Goldman Sachs Group Inc. GS 3.54% at the top of Wall Street's pay scale for younger bankers, according to people familiar with the matter, in a bid to go head-to-head with better-known rivals.
/on.wsj.com/2Vvxe1d
Jared Kushner Is Launching an Investment Firm in Miami; Son-in-law of Trump and ex-White House senior adviser plans to establish money manager as soon as this fall
Konrad Putzier - WSJ
Jared Kushner is returning to the private sector, heading up a money-management firm. The son-in-law of former President Donald Trump and an ex-White House senior adviser plans to launch his investment firm as soon as this fall, according to a person familiar with the matter. His company, Affinity Partners, will be based in Miami, not far from the South Florida home where he and his wife, Ivanka Trump, moved after leaving the White House in January.
/on.wsj.com/3lJloLx
Axos Financial, Inc. Closes E*TRADE Advisor Services Acquisition
Business Wire
Axos Financial, Inc. (NYSE: AX) ("Axos" or the "Company"), parent of Axos Bank, announced today that it has closed its acquisition of E*TRADE Advisor Services ("EAS"), the registered investment advisor ("RIA") custody business Morgan Stanley acquired in its acquisition of E*TRADE Financial Corporation in 2020. EAS had approximately $24.8 billion of assets under custody, including $1.2 billion of client cash sweeps, at July 30, 2021. EAS has been rebranded Axos Advisor Services and operates as the RIA custody business within Axos Clearing LLC.
/bwnews.pr/3As8ndc
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Money Fleeing China Stocks May Overlook India, UBS Says
Nupur Acharya - Bloomberg
Investors pulling out of China due to the recent regulatory crackdown may overlook India, where stocks are looking pricey after their climb to successive records, according to UBS Group AG.
/yhoo.it/2VvnDaH
Troops Eject Rebels Who Besieged Total's Mozambique LNG Project
Matthew Hill and Borges Nhamirre - Bloomberg
Step toward restarting $20 billion TotalEnergies LNG project; Mozambique began major counter-offensive with Rwandan help
Troops from Mozambique and Rwanda retook a port town at the heart of a four-year insurgency that led to the suspension of a $20 billion project by TotalEnergies SE.
/bloom.bg/3CGfhxE
Chinese Air Travel Posts Biggest Drop Since Start of Pandemic
Siddharth Vikram Philip and Layan Odeh - Bloomberg
Seats offered drops 32% in a week as country battles outbreaks; Global capacity slides 6.5% as Europe, U.S. markets stagnate
Airline seat capacity in China dropped the most since early in the Covid-19 pandemic, as rising cases of the delta variant spurred fresh restrictions on movement. The number of seats being offered by carriers plunged 32% in one week, accelerating a decline in the country that began at the end of July, based on data from aviation specialist OAG. China's wobble sent global capacity to a weekly 6.5% slide, as comebacks stagnated in Europe and North America.
/bloom.bg/3g4lOZp
Ritchie Bros. to Buy Euro Auctions for About $1.1 Billion Cash
Virginia Van Natta - Bloomberg
Ritchie Bros. will buy Euro Auctions Group for an enterprise value of about 775 million pounds ($1.1 billion) to expand its footprint in Europe and the Middle East, the Vancouver-based company said in a statement.
/bloom.bg/3AkLqIQ
Pandemic plunges families into food poverty in world's rich economies; First increase in food insecurity in Europe and North America since UN data began in 2014
Emiko Terazono and Davide Ghiglione - FT
When the pandemic last year forced Mariassunta Seccia and her husband Rodolfo out of their jobs, they struggled to pay for food, rent and bills. "It didn't take long for all the money to run out," said 36-year-old Seccia, who worked as a cleaner in a Milan hotel while her husband sold fruit at a market stall. "When our children opened the fridge and couldn't even find a bottle of water . . . it was quite shocking for them, they had never experienced hunger in their lives before."
/on.ft.com/3lMKxVK
Covid surge in Vietnam hits global supply chains; Manufacturers for Nike and Adidas forced to close factories as infections rise
John Reed and Kathrin Hille - FT
A record surge of Covid-19 infections has forced factories to shut in southern Vietnam, hitting one of the world's busiest manufacturing centres for clothing and footwear and sending global brands looking for back-up suppliers.
/on.ft.com/3lMdYqI
China's Producer Prices Jump Despite Efforts to Cool Commodities Costs; Rise in factory-gate prices matches highest level in more than 12 years
Jonathan Cheng - WSJ
China's factory-gate prices rose at an unexpectedly fast clip in July, matching the highest level in more than 12 years as crude oil and coal prices soared—though economists say the price pickup is unlikely to last.
/on.wsj.com/3AhoAlA
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| Miscellaneous | | Stories that don't quite fit under the other sections | Las Vegas dices with Delta as the casinos roar back to life; Visitors return and takings are up but America's lopsided attitude to Covid could yet spoil the party
Dave Lee - FT
Whether for the Elvis Presley years or the heyday of 80s glam rock, Las Vegas has always unashamedly trafficked in nostalgia. Right now the city yearns most for the days of 2019 — a time before the coronavirus pandemic plunged it into the most acute crisis in its 116-year history.
/on.ft.com/3CFzqnB
Business travel will not recover any time soon, but so what? The pandemic has revealed how many trips were done for reasons that actually had nothing to do with business
Pilita Clark - FT
He was on the shortish side, probably in his forties, with pale hair, eyes of ice and the steely voice of a remorselessly officious prig. "All your liquids have to go into one plastic bag no larger than 20 by 20 centimetres," he said flatly, as I stood in the security line at Stansted airport last weekend.
/on.ft.com/3CvWm8A
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