| August 28, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Join JLN in Chicago for FIA's Futures & Options Expo from November 18-20. The event will offer insights and innovations to help you and your firm thrive in the evolving cleared derivatives market. Choose from four participation options: Full Conference, Single Day, Single Day Exhibits Plus, or Exhibits Plus. Register by August 30 for the best rates. Don't miss this opportunity to connect with industry experts and explore cutting-edge technologies. We look forward to seeing you this fall. Register HERE.
There would seem to be a good marketing opportunity for Mars and ICE to collaborate on a new campaign involving space travel. Yesterday, Intercontinental Exchange, Inc. (ICE) announced a partnership between its subsidiary, ICE Benchmark Administration Limited (IBA), and Space Intelligence to launch the ICE Commodity Traceability Service (ICE CoT). This service is designed to support compliance with the European Union's Deforestation Regulation (EUDR) by ensuring that cocoa and coffee imported into the EU are "deforestation-free" and legally produced. ICE CoT will automate the process of managing due diligence information required by the EUDR, using Space Intelligence's satellite-based nature mapping to validate and track the origins of these commodities. The pilot phase for validating farm geolocation data began in June 2024, with plans to expand to include physical flow data. The collaboration aims to enhance transparency and compliance in the cocoa and coffee markets, which are significant to the European market. I could definitely see promoting this ICE CoT service with a Milky Way candy bar in space campaign.
The SEC has charged brothers Jonathan and Tanner Adam with running a $60 million Ponzi scheme and has obtained emergency asset freezes against them and their entities, GCZ Global LLC and Triten Financial Group LLC. From January 2023 to June 2024, the brothers allegedly lured over 80 investors with promises of up to 13.5% monthly returns, claiming investments were safe and tied to a non-existent crypto trading bot and lending pool. Instead, the funds were used to pay existing investors and finance their luxury lifestyles, including a $30 million Miami condo and expensive vehicles. Jonathan Adam also allegedly lied about his background, concealing previous securities fraud convictions.
By comparison the leading hedge fund performance in 2023 was Citadel's with a 15.3% gain - for the year, not monthly. Izzy Englander's Millennium Management was up 10% for 2023, and Eisler Capital, a London-based multi-strategy hedge fund, gained 9.8% in 2023.
Maybe if hedge funds weren't so secretive, their results would be more widely known and fewer people would fall for this kind of criminal malarkey.
Sometimes politics can get a little harry, or even hairy. The current nominee for the Republican, J.D. Vance, currently sports a beard and mustache, which made me think about the history of presidential and vice presidential facial hair. The last U.S. president to have a full beard was Benjamin Harrison, who served from 1889 to 1893. Before him, James A. Garfield, who served briefly in 1881, also had a beard. As for vice presidents, Charles Curtis, who served under Herbert Hoover from 1929 to 1933, was the last vice president to sport a mustache, but he did not have a beard.
The last president to have facial hair of any kind was William Howard Taft, who had a mustache and served from 1909 to 1913. Since then, all U.S. presidents and vice presidents have been clean-shaven.
The FIA Law & Compliance Division is hosting a webinar on September 26, 2024, from 10:00 to 11:00 AM ET, titled "CFTC's Evolving Disclosure Requirements." This webinar will explore the Commodity Futures Trading Commission's (CFTC) changing disclosure obligations, especially after the Dodd-Frank amendments, and how they compare with securities industry standards set by the SEC. The discussion will include recent enforcement actions, industry responses, and developments in both the EU and UK. The session will be hosted by Natalie Tynan of FIA and feature panelists from Cadwalader, including Ken Breen, Ivan Loncar, Peter Malyshev, Alix Prentice, and Maurine Bartlett.
If you are headed to Cboe's RMC 2024 and are a risk manager, one of the risks you will not have to manage is how to ski down the slopes of beautiful Snowbird, Utah. The conference is set for October 18, 2024, a little bit before the season begins, though Snowbird may occasionally offer limited skiing in October if conditions permit because it can make some snow.
Here are excerpts from in front of FOW's paywall from some recent stories: CFTC Commissioner Christy Goldsmith Romero dissented from the Commodity Futures Trading Commission's decision to fine Swiss energy trader TOTSA TotalEnergies $48 million for attempted market manipulation, marking another instance of her opposing such penalties. Following the introduction of the EMIR Refit regulation four months ago, firms in the EU are now reporting in compliance with new validation rules but must improve their focus on data quality to ensure accurate reporting. CME Group and Euronext plan to launch the first US-Europe wheat spread futures contracts on October 14, contingent on regulatory approval. These contracts aim to facilitate trading between the two major markets. Intercontinental Exchange (ICE) is set to launch a European traceability service for cocoa and coffee by the end of the year, collaborating with a nature mapping data provider to comply with regulatory standards and ensure supply chain transparency. The European Energy Exchange (EEX) is expanding its future-to-spot trading service to include the Nordic power market, coinciding with Euronext's announcement of a similar launch in partnership with Nord Pool. And CME Group will introduce the first weekly Bitcoin futures contracts on September 30, sized at one fiftieth of a Bitcoin and cash-settled against the CME CF Bitcoin Reference Rate New York Variant, providing more flexible trading options for Bitcoin investors.
It appears from his LinkedIn update that former Trading Technologies CEO Rick Lane's non-compete has ended from his post TT tenure at Citadel and he is now working for Millennium Management.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- CME Group Volatility Index from CME Group.
- Navigating A Historic VIX Spike With SVOL from Seeking Alpha.
- Nasdaq seeks SEC approval for bitcoin index options from Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Gary DeWaal Reflects on His Last Conference Before Retirement: Insights from Mexico
JohnLothianNews.com
Last week, the veteran attorney and Katten Senior Counsel Gary DeWaal headed south of the border for his final conference as an employee of an entity in the financial services space. He attended the Risk Management & Trading Conference produced by the RiskMathics Financial Institute in Mexico.
Watch the video »
Sally Duros - Toronto ESG Conference
Watch Video »
Shun Takato - JPX Market Innovation & Research
Watch Video »
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| Sponsored Content |
Russell 2000 Index quarterly chartbook - August 2024
The Russell 2000 Index brings data-rich detail to the investable small cap market segment. See the new Russell 2000 Index quarterly chartbook for a Q2/2024 update on index performance, industries, and risks in the small cap market.
The Russell 2000 Chartbook offers you the ability to drill down on the information and research you value most. Have patience as exhibit graphics may take a moment to resolve onscreen. View the report: Russell 2000 Index Quarterly Chartbook - August 2024 | LSEG
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After a decade of free Alexa, Amazon now wants you to pay; AI is a chance for companies to charge for products we're in the habit of using for free.
Shira Ovide - The Washington Post
Would you pay for a less dimwitted digital assistant? Amazon is about to find out. My colleague Caroline O'Donovan reported that Amazon is planning to sell a paid subscription for an artificial intelligence-revamped version of Alexa that could cost as much as $10 a month. Among features of the subscription Alexa, expected in October, are recipe suggestions based on your family's dietary restrictions and AI summaries of the news. Caroline reported that you'll still be able to use the current version of Alexa without a subscription fee.
/jlne.ws/3Xl0g0h
****** Someone has to pay for Alexa's carbon footprint.~JJL
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Parenting Is Hazardous to Your Health, the Surgeon General Warns; The nation's doctor says parents are lonely. Maybe it's really the powerlessness of parenthood that's gotten us down.
Julie Jargon - Financial Times
There's a new U.S. surgeon general's warning: Parenting can be harmful to your mental health. An advisory issued Wednesday by Dr. Vivek Murthy, the nation's doctor, said parents in particular are under dangerous levels of stress. The report cites the American Psychological Association, saying nearly half of parents report overwhelming stress most days, compared with 26% of other adults. They're lonelier, too, according to cited data from health insurer Cigna. In a 2021 survey, 65% of parents said they were lonely, compared with 55% of those without kids.
/jlne.ws/4dCBYoz
****** To use a contemporary phrase, this story sounds like it was written by a "childless cat-lady." Of course I am kidding, it was actually written by an owner of a puppy farm. If you want a friend and happiness, buy a dog! If you really want happiness, raise a family with a dog, or dogs. And when the kids go to college, make sure you replace the kids with a dog. That is what my wife did, although we only have two dogs, not three. However, Tim has a dog. Robby and Kat have cats. ~JJL
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Blue Bonds Are on a Roll, Giving a Boost to the Oceans
Abby Schultz - Barron's
The market for bonds sold to support the environment in some way has continued to expand and mature. Today, a growing percentage of these bonds-broadly known as green, social, and sustainability bonds-carry a different name: blue bonds. These are securities issued specifically to protect and support the marine environment and a healthy ocean economy. The Climate Bonds Initiative estimates there was a 163% rise in the use of the blue label for environmentally focused bonds last year, pushing the size of the outstanding market to nearly US$6.4 billion from just under US$2.5 billion a year earlier.
/jlne.ws/3TbfWRp
***** I learned something new today. "Blue Bonds" are financial instruments designed specifically to protect and support marine environments and promote a healthy ocean economy.~JJL
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Tuesday's Top Three
Our top clicked item Tuesday was CFTC to Host a Career Forum for Law School Students, a CFTC notice about an event to take place September 25 featuring NYSE Chair Sharon Bowen. Second was a tie between Understanding the VIX index, from CNN and Euronext to launch Nordic power derivatives as competition hots up, from FOW. Third was a three-way tie among Dangerous Heat Wave Is Set to Test the Biggest US Power Grid from Bloomberg, CFTC commissioner highlights consistency after BNY fined $5m from FOW, and An ETF that tracks the stock trades of Democrats in Congress has been beating the S&P 500 on the strength of Magnificent 7 tech bets from Business Insider.
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| Lead Stories | CME's Launching Smaller Bitcoin 'Friday Futures' Contract in Bid to Lure Retail Investors; Retail individuals are looking for something smaller: Vicioso; CME calling the tiny contracts 'BFF' or Bitcoin Friday futures
Katherine Doherty, Vildana Hajric, and David Pan - Bloomberg
CME Group Inc. is launching a smaller Bitcoin futures contract in a bid to appeal to retail investors who may be priced out of the exchange's existing crypto offerings. The weekly futures contracts, dubbed Bitcoin Friday futures, will be priced at one-50th the size of one Bitcoin, meaning that investors won't need to shelve out as much as they do when buying current offerings. The cash-settled product will be available starting Sept. 30, pending regulatory review, according to the Chicago-based company. Bitcoin was recently trading at around $62,500.
/jlne.ws/4cIbj8r
Treasury Loosens Final Anti-Money Laundering Rules for Investment Advisers, Real-Estate Agents; Rules meant to prevent criminals from laundering illicit money through investments or real estate are slated to go into effect by the beginning of 2025
Dylan Tokar - The Wall Street Journal
The Treasury Department moved to complete regulations that extend anti-money-laundering measures to certain investment advisers and real-estate professionals, but said it was loosening the requirements after feedback from the two industries. The rules, published in final form on Wednesday, seek to address what the Biden administration and others have characterized as critical gaps in the U.S. financial system's safeguards through which criminals and other nefarious actors can move illicit money.
/jlne.ws/3Z3FeEJ
Fighting Financial Crime Could Pay for Nasdaq; The exchange company has diversified into more services for banks, including anti-financial crime tools
Telis Demos - The Wall Street Journal
Nasdaq made its name in stock trading. But its future may be about crime fighting. The exchange operator has for many years been diversifying its traditional business listing and trading stocks. One move was to acquire financial-technology company Verafin. Its tools are used by banks to detect financial crimes such as payments fraud and money laundering. These days, financial crime seems to be rampant. Nasdaq Verafin estimates over $480 billion was lost to bank fraud schemes and scams globally in 2023. The United Nations Office on Drugs and Crime estimated that about 2% to 5% of global gross domestic product, or as much as $2 trillion, is laundered each year.
/jlne.ws/4dXWrUo
TotalEnergies Unit to Pay $48 Million Over Alleged Gasoline Futures Manipulation; The Commodity Futures Trading Commission said a TotalEnergies subsidiary tried to manipulate a gasoline benchmark after it took a short position in the futures market
Richard Vanderford - The Wall Street Journal
A unit of TotalEnergies, a major French oil-and-gas producer, will pay $48 million to settle a U.S. regulatory action after it allegedly attempted to manipulate a gasoline futures benchmark price by selling physical gasoline at below what buyers were willing to pay. The Commodity Futures Trading Commission on Tuesday said TOTSA TotalEnergies Trading in 2018 sold EBOB, a type of gasoline used in European cars, at prices lower than what buyers indicated they were willing to pay.
/jlne.ws/3Tae1wC
US says genetically modified wheat safe to grow, pending trials
Tom Polansek and Julie Ingwersen - Reuters
A type of genetically modified wheat developed by Argentina's Bioceres Crop Solutions may be safely grown and bred in the United States, the U.S. Department of Agriculture said on Tuesday. Bioceres must still complete additional steps, including field trials, that will take years before it can commercialize HB4 wheat, modified to tolerate drought, industry group U.S. Wheat Associates said.
/jlne.ws/4dV8l1a
Fidelity's 401(k) Millionaires Hit a New High as Gen X Steps Up; IRA contributions for Gen X savers were up 30% from a year ago.
Suzanne Woolley - Bloomberg
Gen X is cranking up its savings as the prospect of retirement draws closer. In the second quarter, Americans between the ages of 44 and 59 ramped up IRA contributions to the highest in five years, according to a Fidelity Investments report released Wednesday. Total IRA contributions for Gen X savers were up 30% from a year ago. The rise is notable given the competing claims on Gen X cash flows. Many have children in college, aging parents and higher health care costs but are still managing to prioritize retirement saving, Fidelity Wealth President Roger Stiles said in a statement.
/jlne.ws/3T85Kt7
A New Way for the Fed to Fight a Market Crisis; Balance sheet operations are distinct from QE
Joe Weisenthal and Tracy Alloway - Bloomberg
When the Treasury market broke in March 2020, the Federal Reserve intervened in extraordinary fashion. It purchased more than $1 trillion worth of Treasury securities in that month alone. Superficially, this looked a lot like the Quantitative Easing that we came to know during the GFC. But it's purpose was different. This wasn't about depressing the yield curve or providing a form of strong forward guidance. Instead, it was the Fed taking on a role of the "market maker of last resort," so to speak. And yet, despite the different goals, the two different operations look the same and are carried out by the same officials (the members of the FOMC).
/jlne.ws/3z8z7V4
China bond bulls warned of bubble risk over debt supply; People close to Chinese central bank highlight impact of plans to issue almost $400bn more this year
Joe Leahy and Wenjie Ding and Cheng Leng and Arjun Neil Alim - Financial Times
China's plans to issue billions of dollars of government bonds before the end of the year could lead to a correction in the price of the country's treasuries, people close to the central bank have warned, bursting what some have called a bubble in the market. The warning follows frenzied buying that has driven up the prices of Chinese 10-year central government bonds, pushing yields below 2.2 per cent and leading the People's Bank of China to caution that a sudden reversal could threaten financial stability.
/jlne.ws/3T7zPsq
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Zelenskiy Will Pitch Plan to Force Russia to End War to US; Ukraine touts powerful package to coerce Moscow to pull troops; President to present plan to Biden in the US next month
Olesia Safronova and Volodymyr Verbianyi - Bloomberg
Ukrainian President Volodymyr Zelenskiy will present a plan to force Russia to halt its invasion of his country to Joe Biden just weeks before the US holds presidential elections. Zelenskiy said on Tuesday that he wants to discuss the blueprint with Biden during his trip to the United Nations General Assembly meeting in New York in September. He will also present it to presidential candidates Kamala Harris and Donald Trump, he said.
/jlne.ws/4e40lLH
Pennsylvania ammo plant boosts production of key artillery shell in Ukraine's fight against Russia
Michael Rubinkam - Associated Press
A Pennsylvania ammunition plant that makes a key artillery shell in Ukraine's fight against Russia has managed to boost production by 50% to meet surging demand, with more capacity set to come on line. Government officials revealed the increase in production this week as they showcased the historic factory's ongoing, $400 million modernization. The Scranton Army Ammunition Plant cuts and forges 2,000-pound (907-kilogram) bars of steel into 155 mm howitzer rounds that are then shipped to Iowa to be packed with explosives and fitted with fuses. From there, many of them make their way to the fight in Ukraine, where they are highly sought.
/jlne.ws/3X75RpV
Kremlin, dismissing Zelenskiy's talk of plan to end war, says Russia will keep fighting
Reuters
The Kremlin on Wednesday dismissed talk by Ukrainian President Volodymyr Zelenskiy about a plan he has to end the war and said Russia would continue what it calls its "special military operation" in Ukraine. Zelenskiy said on Tuesday he would present his plan - full details of which he did not publicly disclose - to U.S. President Joe Biden and his two potential successors. Zelenskiy, addressing a news conference, said Kyiv's three-week-old incursion into Russia's Kursk region was part of his plan, but that it also comprised other steps on the economic and diplomatic fronts.
/jlne.ws/4dHNX3W
Ukraine drones set oil depot ablaze in Russia's Rostov, governor says
Reuters
A Ukraine drone attack sparked a fire at an oil depot in the Kamensky district of Russia's southern region of Rostov, its governor said on Wednesday, confirming media reports that several tanks were on fire. "There are no casualties," the governor, Vasily Golubev, said on the Telegram messaging app. "Firefighters are extinguishing the fire."
/jlne.ws/3T8bMtE
Want More Refugees? Keep Blocking Ukraine's Missile Use; Germany and the US must allow Kyiv to use its most effective weapons against Russian long-range strikes.
Marc Champion - Bloomberg
The moment it became clear Hezbollah would be starting a large-scale drone and missile attack last week, Israel fired a preemptive strike that targeted dozens of launch sites within Lebanon. This was, to use sophisticated military parlance, a no-brainer, reducing stress on the air-defense systems that the attack was designed to overwhelm.To the best of our knowledge, it also worked.
/jlne.ws/3yVVMUF
Ukraine War Bankrupts Alaskan Fishery; Moscow's war in Ukraine has rippled through European debt markets and prompted US import bans on everything from Russian diamonds to vodka. This week it helped drag an Alaskan fishing business into bankruptcy.
Jonathan Randles - Bloomberg
Moscow's war in Ukraine has rippled through European debt markets and prompted US import bans on everything from Russian diamonds to vodka. This week it helped send an Alaskan fishing business to bankruptcy.
/jlne.ws/4g0EXZo
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israeli military launches large-scale raid on West Bank; At least 9 Palestinians dead as IDF forces surround Jenin refugee camp in one of the largest incursions in months
Mehul Srivastava - Financial Times
The Israeli military has launched a large-scale raid in the occupied West Bank, killing at least nine Palestinians and sealing off a large refugee camp in the northern city of Jenin. Israeli forces, including armoured carriers, bulldozers and infantry, were seen surrounding the Jenin camp, a hotbed for Palestinian militancy, and closing off the area around a nearby city. Residents reported snipers, drones and intermittent gun battles in one of the largest incursions into West Bank Palestinian cities in months.
/jlne.ws/3TvdhT1
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX names new group executive for technology and data; Individual joined ASX in 2018 and has previously served at: Chi-X Australia and the London Stock Exchange.
Claudia Preece - The Trade
Jamie Crank has been named group executive technology and data at the Australian stock exchange, ASX. Prior to this appointment, he was general manager in the trading and markets division, and before that general manager of information and connectivity services for ASX.
/jlne.ws/3X2y5SA
CME Group to launch weekly futures contracts next month; New weekly futures contracts are sized at one fiftieth of a bitcoin and will be cash settled at 4pm EDT/EST every Friday.
Claudia Preece - The Trade
CME Group is set to launch weekly futures contracts - called Bitcoin Friday futures (BFF) - on 30 September, pending a regulatory review. The move is set to leverage the opportunities of a Friday expiry which allows these contracts to closely track the spot price of bitcoin. In addition, the offering is set to help investors mitigate weekend price moves.
/jlne.ws/3X0k4oB
CME Group to Launch Wheat Spread Futures on October 14
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will launch two new wheat spread futures contracts on October 14, pending regulatory review. The CBOT Wheat - Euronext Milling Wheat No. 2 Spread futures contract and the KC HRW Wheat - Euronext Milling Wheat No. 2 Spread futures contract will each be U.S. dollar-denominated in metric tons and based on the spread between either CBOT Wheat futures prices or KC HRW Wheat futures prices and Euronext Milling Wheat No. 2 futures prices.
/jlne.ws/3MlR9q7
CME Group to Launch Bitcoin Friday Futures on September 30
CME
CME Group, the world's leading derivatives marketplace, today announced it will further expand its cryptocurrency derivatives offerings with the introduction of Bitcoin Friday futures (BFF) on September 30, pending regulatory review. Sized at one-fiftieth of one bitcoin, these new weekly futures contracts will be cash-settled to the CME CF Bitcoin Reference Rate New York Variant (BRRNY) at 4:00 p.m. New York time every Friday. A new BFF contract will be listed every Thursday at 6:00 p.m. New York time for a Friday trade date, with market participants able to trade the nearest two Fridays at any given point. A Friday expiry allows these contracts to closely track the spot price of bitcoin, as well as help investors mitigate weekend price moves.
/jlne.ws/3MnoLnn
ICE Collaborates with Space Intelligence to Launch ICE's Commodity Traceability Service Supporting Commercial Trade Compliance with EU Deforestation Regulation
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that ICE Benchmark Administration Limited (IBA) is collaborating with Space Intelligence, a provider of high accuracy nature mapping data, to launch the ICE Commodity Traceability Service (ICE CoT). ICE CoT is a technology platform designed to facilitate the continued frictionless trade of physical cocoa and coffee by automating the process of submitting, storing, validating and sharing due diligence information mandated by the European Union's Deforestation Regulation (EUDR).
Nasdaq Launches The Nasdaq Stockholm IPO Pulse: Tripled IPO Activity Since Recent Low
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announces the launch of the Nasdaq Stockholm IPO Pulse, a new leading indicator of IPO activity in Sweden. This new indicator blends six fundamental drivers into an index that reliably leads the turns in the Swedish IPO cycle quarterly. The Nasdaq Stockholm IPO Pulse shows a 2024 upturn in IPO activity, which has already tripled from its recent low in September 2022. Looking forward the forecast shows a continued increase over the next several months. "Nasdaq Stockholm is a leading European marketplace with the deepest capital markets on the continent, driven by the country's robust investment culture. The introduction of the Nasdaq Stockholm IPO Pulse serves as a significant indicator for the direction in which the rest of Europe is heading." said Adam Kostyal, President of Nasdaq Stockholm.
Initial Listing of the Chicago Wheat - European Milling Wheat Spread Futures and KC HRW Wheat - European Milling Wheat Spread Futures Contracts
CME Group
Initial Listing of the Chicago Wheat - European Milling Wheat Spread Futures and KC HRW Wheat - European Milling Wheat Spread Futures Contracts.
/jlne.ws/4e3foVY
EEX and EPEX SPOT extend Future-to-Spot service to Nordic Power markets
EEX
The European Energy Exchange (EEX) and the European Power Exchange (EPEX SPOT) will extend their Future-to-Spot service (FTS) to the 12 Nordic power market areas from October 2024. Market participants admitted to both power markets will be able to enter bids in the respective Day-Ahead auctions of EPEX SPOT according to their corresponding position in EEX Nordic Zonal Futures, thus generating savings as well as cross-margining benefits.
/jlne.ws/3Z8c5Zn
The low touch future of FX derivatives
Eurex
The accelerating integration of over-the-counter (OTC) and listed FX derivatives markets is a story of change on multiple fronts. While regulatory shifts triggered the futurization of FX, technology will be the force that sustains its momentum. Block trades and Exchange for Physicals (EFPs) are key to the growing interlinkage between OTC and listed FX markets. They create a bridge for sizeable trades sourced in the OTC FX markets to access the efficiencies offered by clearing in listed FX markets. As such, most major FX desks within banks are establishing low touch execution services for FX futures blocks and EFPs.
/jlne.ws/3MnXFMX
Euronext announces the launch of spread contracts on agricultural commodities
Euronext
Euronext today announced the upcoming launch, pending regulatory review, of three spread contracts on agricultural commodities. Spread contracts are financially-settled futures contracts whose underlying is a price differential between two different products, and in this case two different futures. The spread contracts will start trading on 14 October 2024.
/jlne.ws/4cDAXuY
Intercontinental Exchange Chair & CEO Jeffrey C. Sprecher to Present at the Goldman Sachs Communacopia & Technology Conference on September 9
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, announced today that Jeffrey C. Sprecher, Chair and CEO, will present at the Goldman Sachs Communacopia & Technology Conference. The presentation will take place on Monday, September 9 at 5:25 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com/ .
/jlne.ws/3Z3BXpg
UBS Becomes New ETP Issuer at SIX Swiss Exchange; SIX welcomes UBS as the newest issuer of Exchange Traded Products (ETPs). UBS is launching its first ETP, becoming the 19th ETP issuer on the third-largest exchange in Europe.
SIX
The new UBS Carbon Credit ETP provides access to carbon credit markets. Flow Traders will act as the market maker for this ETP, ensuring liquidity. With the new product from UBS, the total number of ETPs traded on SIX Swiss Exchange rises to 200, and the number of ETP issuers to 19. Since the beginning of this year, the 199 ETPs on SIX Swiss Exchange have recorded a trading turnover of CHF 1.98 billion across 132,500 trades. Compared to the entire previous year, this represents a growth of 47.7% in trading turnover and 55.8% in number of trades.
/jlne.ws/4cP4mCu
Banking Holidays Nonvalid Prompt Dates and LME Business Days 2024 Member Notice
LME
This notice sets out the LME Business Days, banking holidays and the valid and non-valid Pounds Sterling, US Dollars, Japanese Yen and the Euro Exchange ("LME") Prompt Dates for the remainder of 2024, and up to and including 2035. This replaces Notice No. 23/063, dated 19 April 2023.
/jlne.ws/3AJ4Wo7
FTSE UK Index Series - Indicative Quarterly Review Changes September 2024
FTSE
FTSE Russell, the global index provider, advises of the following indicative changes to the FTSE 100 and FTSE 250, based on data as of Friday 23rd August 2024.
/jlne.ws/471Hhvb
New ETF Options Classes
Montreal Exchange
Bourse de Montreal Inc. (the Bourse) and Canadian Derivatives Clearing Corporation (CDCC) hereby inform you that at the opening of trading on Wednesday August 28, 2024, the following new ETF option classes will be listed:
/jlne.ws/3XjfvXE
NYSE Bonds - Addition to the List of Traded Bonds
NYSE
The following bonds will be added at the opening of trading on Thursday, August 29, 2024. These bonds have been added as "NYSE traded bonds" pursuant to an SEC exemption that allows the NYSE to trade certain non-convertible debt of NYSE listed companies and their wholly owned subsidiaries, without the issuer having listed those securities on the NYSE.
/jlne.ws/4dVOzTe
MIAX Exchange Group - Options Markets - Market For Underlying Security Used For Openings On MIAX Options, MIAX Pearl Options And MIAX Emerald Options For Newly Listed Symbols Effective Wednesday, August 28, 2024
MIAX
Please refer to the Regulatory Circulars listed below for newly added symbols and the corresponding market for the underlying security used for openings on the MIAX Exchanges. The newly listed symbols will be available for trading beginning Wednesday, August 28, 2024.
/jlne.ws/3Mm0hLt
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Intel board member quit after differences over chipmaker's revival plan
Max A. Cherney - Reuters
The sudden resignation of a high-profile Intel (INTC) board member came after differences with CEO Pat Gelsinger and other directors over what the director considered the U.S. company's bloated workforce, risk-averse culture and lagging artificial intelligence strategy, according to three sources familiar with the matter. Lip-Bu Tan, a semiconductor industry veteran, had said he was leaving the board because of a personal decision to "reprioritize various commitments" and that he remained "supportive of the company and its important work," in a regulatory filing on Thursday.
/jlne.ws/4dKFxJd
Credit Scores Without Debt? Fintech Cards Baffle Credit Industry; Credit-builder cards let users deposit money to pay bills. The fintechs say this counts as borrowing.
Gina Heeb - The Wall Street Journal
Fintechs with names like Chime Financial and Credit Sesame are advertising an unusual perk on some of their products: Customers can boost their credit scores without ever borrowing or paying back any money. Millions of Americans have opened these so-called credit-builder cards since the first major ones came onto the market around the start of the pandemic. Customers deposit money into these accounts to pay bills or make purchases, much like with a debit card.
/jlne.ws/3AI5Gd1
Microsoft's AI software is gaining traction with enterprises
Daniel Howley - Yahoo Finance
Microsoft (MSFT) says more of its customers are signing up for and using its generative AI-based Copilot software in a sign that its AI investments are beginning to pay off. The tech giant is pouring billions of dollars into its AI efforts as it seeks to spread the technology across its Azure-based cloud offerings, suite of productivity products, and Windows operating system.
/jlne.ws/3XjCpOM
AI's race for US energy butts up against bitcoin mining
Laila Kearney and Mrinalika Roy - Reuters
US technology companies are pursuing energy assets held by bitcoin miners as they race to secure a shrinking supply of electricity for their rapidly expanding artificial intelligence and cloud computing data centers. Those data centers are driving the fastest US power demand growth since the start of the millennium, outpacing grid expansions and leaving giant technology companies, like Amazon and Microsoft, to scavenge for vast amounts of electricity.
/jlne.ws/3XkAFVj
The World's Call Center Capital Is Gripped by AI Fever - and Fear; The experiences of staff in the Philippines' outsourcing industry are a preview of the challenges and choices coming soon to white-collar workers around the globe.
Saritha Rai - Bloomberg
While the rest of the world is still debating what artificial intelligence might mean for jobs, citizens in the Philippines are already living in the new reality. The same relentless drive to cut labor costs that saw back-office roles shipped to the archipelago in the first place is now starting to turn over some of their duties to bots. All of the major players in its vast outsourcing industry, which is forecast to cross $38 billion in revenue this year, are rushing to rollout AI tools to stay competitive and defend their business models.
/jlne.ws/4g24scG
Google Refused Permission to Build Data Center Near Dublin
Olivia Fletcher - Bloomberg
Alphabet Inc.'s Google has been refused permission to build a data center just outside Dublin for failing to meet some of Ireland's sustainability requirements. The tech giant's plan to develop a 72,400 square-meter (779,310 square-foot) data storage facility was rejected by South Dublin County Council in a decision published last week. The council wrote that Google hadn't provided enough detail on "how the proposal will impact the power supply once operational" in 2027, according to the decision.
/jlne.ws/47cbuHV
Chip challengers try to break Nvidia's grip on AI markets Companies such as Cerebras, d-Matrix and Groq are focusing on cheaper, more specialised products
Michael Acton and George Hammond - Financial Times
/jlne.ws/4e1Al3n
Hong Kong's launch of wCBDC sandbox takes it closer to tokenised market
South China Morning Post
/jlne.ws/3MmJs2L
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| Cybersecurity | | Top stories for cybersecurity | CrowdStrike Ends Turbulent Quarter, Battered but Standing; Cybersecurity vendor set to release earnings Wednesday, its first quarterly report since causing a global tech outage in July
James Rundle - The Wall Street Journal
CrowdStrike will report its second-quarter earnings after markets close on Wednesday, following a tumultuous quarter that has seen it forced to navigate a global tech crisis and confusing acquisition rumors. Wall Street expects the Austin, Texas-based company, which develops cybersecurity tools for companies to detect and respond to hacks, to bring in around $958.3 million in revenue for the quarter, up 13% from the same period last year, according to FactSet's consensus estimate.
/jlne.ws/3AQjSR8
How AI is changing the cybersecurity landscape
Josh Lipton and Seana Smith - Yahoo Finance (video)
As the AI race shows no signs of slowing, TD Cowen Senior Analyst Shaul Eyal joins Market Domination to discuss how the technology is changing the face of the cybersecurity industry. "We have begun to see a little bit of an impact as it relates to cybersecurity stocks, specifically in the security operation centers... Companies coming out with specific tailored gen. AI solutions. I would imagine as we start looking into [2026] and beyond, we should be able to see initial impact on cybersecurity stocks," Eyal explains. He notes that hackers are becoming much "much more advanced" and companies will "need to respond with AI-related solutions."
/jlne.ws/3yWOoZ6
The South African hacker who revolutionised cybersecurity around the world
Jan Vermeulen - MyBroadband
South African hacker Haroon Meer founded Thinkst Applied Research, which revolutionised network intrusion detection with its Canary honeypot tools. Meer was hired as SensePost's chief technology officer in 2001, the year after the company was founded. SensePost quickly became one of South Africa's premier cybersecurity firms. He worked at SensePost for nine years before leaving to launch Thinkst. Thinkst didn't immediately set out to revolutionise how honeypots are deployed in networks. It began by consulting to other companies and tackling cybersecurity problems Meer described as "difficult and interesting".
/jlne.ws/4dHYqfK
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| Cryptocurrencies | | Top stories for cryptocurrencies | Russia challenges US dominance with new cryptocurrency exchanges
CryptosRUs - TheStreet
Russia's recent move to establish its own cryptocurrency exchanges is making waves in the financial world. George Tung, Host of CryptosRUs, explains that this decision, motivated by Russia's leadership among sanctioned countries, reflects a broader strategy to distance itself from the U.S. dollar. This development could signify a shift in global financial dynamics, especially as other nations consider stockpiling bitcoin as part of their strategic reserves. George Tung highlights that Russia's new exchanges will avoid any trading that involves the U.S. dollar, aligning with the nation's push to operate independently of Western financial systems. The focus will instead be on fiat currencies from BRICS nations, a move that aligns with the broader de-dollarization trend among these countries. Tung points out that Russia, like China, may be keenly observing the United States' potential plans to stockpile bitcoin, considering similar strategies for their own reserves.
/jlne.ws/3Z26pjx
Telegram's Loudest Defender: The Global Crypto Industry; When the messaging app's founder, Pavel Durov, was arrested, he received a flood of support from a multitrillion-dollar industry that relies on it.
David Yaffe-Bellany - The New York Times
Shortly after Pavel Durov, the founder of the messaging app Telegram, was arrested in France on Saturday, the chief executive of the cryptocurrency company Tether called the situation "very concerning." Crypto enthusiasts pledged to support Mr. Durov, posting the hashtag #FreeDurov. Others investors declared that the arrest was an assault on free speech. "Can't even imagine a day without Telegram," one crypto user wrote. The wave of support for Mr. Durov was a reflection of the multitrillion-dollar crypto industry's heavy reliance on Telegram.
/jlne.ws/4cIWQZN
Nasdaq, CF Benchmarks File to Launch Bitcoin Index Options; Nasdaq Bitcoin Index Options will provide added transparency, accessibility and reliability to cryptocurrency ecosystem.
Traders Magazine
Nasdaq (Nasdaq: NDAQ), in partnership with CF Benchmarks, announced its filing with the Securities and Exchange Commission to list and trade Nasdaq Bitcoin Index Options (XBTX). Upon regulatory approval, investors will be able to manage positions and hedge investments in cryptocurrency through options, furthering the maturity and liquidity of the asset class.
/jlne.ws/4fZan2n
Bitcoin Mining Is So Rough a Miner Adopted Michael Saylor's Successful BTC Strategy
Aoyon Ashraf - CoinDesk
Billionaire Michael Saylor famously pioneered large-scale corporate purchases of bitcoin {{BTC}}, using borrowed money to turn his publicly traded software developer MicroStrategy (MSTR) into one of the world's largest holders of the cryptocurrency. Now, another company - a surprising one - is following a similar strategy. It's a bitcoin miner, a company that can theoretically snag discounted BTC through mining. The fact that it's following Saylor's playbook, selling debt to fund bitcoin purchases, not using that borrowed money to buy equipment to mine more coins, puts a spotlight on how tough the mining sector has gotten this year.
/jlne.ws/3T2SA0n
Ether Trails Bitcoin as Supply Fears, Memecoins Spook Investors; ETFs for the token have seen eight straight days of outflows; Buyers are concerned about an uptick in Ether's total supply
Sidhartha Shukla - Bloomberg
Ether continues to lag behind leading cryptocurrency Bitcoin as recently-debuted exchange-traded funds fail to kindle greater demand for the second-ranked token. The spot-Ether ETFs launched in July have suffered eight consecutive days of net outflows totaling nearly $112 million, their longest losing streak so far, according to data compiled by Bloomberg.
/jlne.ws/3Z0ux5W
Kraken Must Face SEC's Crypto Case Over Platform Sales
LAW360
/jlne.ws/3AEzc3n
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| Politics | | An overview of politics as it relates to the financial markets | Voter registration surging compared to 2020 election, data firm finds
CBS News Videos
New data indicates a surge in voter registrations among key voting groups for the 2024 election. The data was compared to 2020 election figures by TargetSmart, a firm that analyzes voter data. Tom Bonier, a senior adviser at TargetSmart, joins CBS News with more on the numbers.
/jlne.ws/4g2Mnev
Why Kamala Harris's approach to capital gains is generating so much controversy
Ben Werschkul - Yahoo Finance
A top business world critique of Kamala Harris since becoming the Democratic nominee is her endorsement of plans from the Biden administration that would reshape how the assets of America's richest citizens are taxed. But these plans - which include the taxation of unrealized capital gains on holdings not yet sold - would face an uphill fight on Capitol Hill even if Harris wins big. Many of the critiques also vastly overstate how far-reaching they would be.
/jlne.ws/3yWtF7M
S&P Election-Week Options Imply Greater Chance of Big Move Lower
David Marino - Bloomberg
Investors trying to gauge the sentiment toward equities around the US presidential election can now look directly at S&P 500 Index options linked to the period of the vote, in addition to Cboe Volatility Index futures. For months, there's been a persistent premium for October VIX futures, signaling expectations for heightened volatility in stocks in the wake of Election Day on Nov. 5. As of a couple weeks ago, traders can also monitor S&P 500 options for that period, and those are pricing in a greater chance of a large move following the vote.
/jlne.ws/3X6fBAM
Donald Trump hit with updated criminal indictment in 2020 election case; US prosecutors attempt to tailor charges to reflect Supreme Court decision on presidential immunity
Joe Miller - Financial Times
US prosecutors have filed a revised set of charges against Donald Trump over his alleged attempts to overturn the results of the 2020 election, thrusting his legal woes back into the spotlight with just over two months to go in the White House race. The superseding indictment, filed by special counsel Jack Smith in the Washington federal court on Tuesday, is an attempt to comply with a Supreme Court decision that recognised broad immunity from criminal prosecution for presidents.
/jlne.ws/3Xkmqju
A Fake Spy, Russian Oil and $1 Million Funneled to Democrats; Former business partner claims Gaurav Srivastava scammed millions by posing as a CIA operative; a photo op with Biden
Joe Wallace - The Wall Street Journal
Gaurav Srivastava dreamed of being a player in the murky world of clandestine operations. His goal was to build a private military and intelligence operation, funded by natural resources, he told business partners. It would be akin to the notorious Wagner Group, only with the blessing of the U.S. instead of Russia. Leaving associates with the impression he had high-level contacts in the intelligence community, he said he wanted to do business in difficult places and muscle bad guys out of strategic markets.
/jlne.ws/3yT1EOz
To Lure Michigan Voters, Trump Campaign Stokes China Fears; JD Vance, the Republican vice-presidential nominee, waded into a fight over plans by Gotion, a Chinese battery plant, to build a factory in Michigan.
Alan Rappeport - The New York Times
For two years, a rural town in the middle of Michigan has been embroiled in a civil war over plans by a Chinese-owned electric vehicle battery company to build a $2.4 billion factory. On Tuesday, the local furor collided with presidential politics as the Trump campaign sought to leverage anti-China sentiment and concerns over the future of the electric vehicle industry in Michigan for political gain.
/jlne.ws/3T6tvBN
China calls US sanctions over Ukraine war 'illegal and unilateral'
Antoni Slodkowski - Reuters
/jlne.ws/3Z8McIy
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| Regulation & Enforcement | | Stories about regulation and the law. | FCA to probe potential rip-offs in UK pure protection insurance market; Financial regulator to examine whether customers receive poor value for products such as critical illness cover
Joshua Oliver - Financial Times
The UK financial watchdog will probe whether customers are being ripped off by insurance policies designed to financially protect them and their families if they die or fall ill, as it steps up pressure on the industry over consumer outcomes. The Financial Conduct Authority said it would launch a market study into pure protection insurance products, such as income protection and critical illness cover, due to concerns over how such policies are being sold. About £4bn was paid out in claims in 2022.
/jlne.ws/472teoY
Nordea to Pay $35 Million for Anti-Money-Laundering Violations; New York's financial regulator alleged the Nordic bank had significant anti-money-laundering compliance failures
Mengqi Sun - The Wall Street Journal
New York's financial regulator imposed a $35 million fine against Nordea Bank over alleged compliance failures at the Nordic bank. The New York State Department of Financial Services said it found significant deficiencies in Nordea's anti-money-laundering programs at its branches in the Baltics and Denmark. The regulator also determined Nordea failed to conduct sufficient due diligence on its correspondent banking relationships and its transaction monitoring system was inadequate, according to a consent order published Tuesday.
/jlne.ws/3XlEt8Z
CEO of Publicly Traded Company Arrested in Securities Fraud Scheme
U.S. Department of Justice, Office of Public Affairs
The chief executive officer of Minerco Inc. (stock ticker MINE) was arrested last week on charges of securities fraud related to a scheme to defraud investors in Minerco. According to court documents, between about October 2019 and June 2021, Julius Jenge, 54, allegedly defrauded investors in the publicly traded securities of Minerco by, among other things, working together with his co-schemer to take control of Minerco in late 2019; causing the issuance of one billion Minerco shares to a nominee shareholder; and causing positive press releases about Minerco to be issued to the public, at least some of which contained materially false and misleading information, in an effort to artificially increase the share price of Minerco. Beginning in or around January 2020, Minerco purported publicly to be in the business of developing, marketing, and distributing psilocybin mushrooms, also known as magic mushrooms or psychedelic mushrooms.
/jlne.ws/3APBWLc
CFTC Orders Swiss Energy Trader to Pay $48 Million for Attempted Market Manipulation; TOTSA Attempted to Manipulate the Market for EBOB-Linked Futures Contracts
CFTC
The Commodity Futures Trading Commission today issued an order filing and simultaneously settling charges against TOTSA TotalEnergies Trading SA, formerly known as TOTSA Total Oil Trading SA (TOTSA), for attempting to manipulate the market for EBOB-linked futures contracts in order to benefit its derivatives positions in violation of the Commodity Exchange Act (CEA) and CFTC regulations. TOTSA is not registered with the CFTC. The order requires TOTSA to pay a $48 million civil monetary penalty and cease and desist from violating the CEA and CFTC regulations.
/jlne.ws/4g1Ft9o
SEC Charges U.S. Navy Shipbuilder Austal USA with Accounting Fraud
Australian parent company Austal Limited also charged with fraud
SEC
The Securities and Exchange Commission today announced that Austal USA, LLC, a Mobile, Alabama-based shipbuilder, and its Australia-based parent company, Austal Limited, have agreed to settle the SEC's charges that the companies conducted a fraudulent revenue recognition scheme. As part of the settlement with the SEC, Austal USA will pay a $24 million civil penalty.
/jlne.ws/475Nmqq
SEC Charges Brothers Jonathan and Tanner Adam with $60 Million Ponzi Scheme; SEC obtains emergency relief to freeze defendants' assets
SEC
The Securities and Exchange Commission today announced that it obtained emergency asset freezes against Jonathan Adam, a resident of Angleton, Texas, and his brother, Tanner Adam, a resident of Miami, Florida, and against their respective entities, GCZ Global LLC and Triten Financial Group LLC, to halt an alleged $60 million Ponzi scheme impacting more than 80 investors across the country.
/jlne.ws/3XkCJNa
SEC Charges China-based QZ Asset Management Ltd. and its CEO in Pre-IPO Fraud Scheme
Firm's U.S.-based holding company QZ Global Ltd. also charged with fraud
SEC
The Securities and Exchange Commission today announced charges against China-based investment adviser QZ Asset Management Limited a/k/a Qianze Asset Management Limited (QZ Asset), its South Dakota-based holding company QZ Global Limited, and the CEO of both entities, Blake Yeung Pu Lei a/k/a Yang Pulei (Yeung), with fraud for lying to clients and prospective clients regarding the safety of their investments, the investment adviser's relationships with certain well-known banks and law firms, and the holding company's initial public stock offering.
/jlne.ws/3AFZDFP
Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Proposed Rule Change to Adopt the Clearing Agency Framework for Certain Requirements on Governance and Conflicts of Interest
SEC
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act")1 and Rule 19b-4 thereunder, 2 notice is hereby given that on August 15, 2024, Fixed Income Clearing Corporation ("FICC") filed with the Securities and Exchange Commission ("Commission") the proposed rule change as described in Items I, II and III below, which Items have been prepared by the clearing agency. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
/jlne.ws/4731xfQ
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 16, 2024 Through December 31, 2024
SEC
Pursuant to Section 19(b)(1) under the Securities Exchange Act of 1934 (the "Act")1 and Rule 19b-4 thereunder, 2 notice is hereby given that on August 15, 2024, Cboe EDGX Exchange, Inc. (the "Exchange" or "EDGX") filed with the Securities and Exchange Commission (the "Commission") the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
/jlne.ws/3Xi2wWd
ASIC pilots new portal for Australian financial service licence applications
ASIC
ASIC is piloting a new digital portal for licensing, which includes the ability to apply for, maintain, and vary AFS licences. The new AFS licence portal simplifies and streamlines the digital application experience. It provides a user-friendly and streamlined experience by pre-filling information already known to ASIC, and only presenting questions relevant to each applicant's application.
/jlne.ws/3MsKbPS
AFS licensee to cease providing independent expert reports on corporate transactions
ASIC
ASIC has accepted a voluntary variation of the Australian financial services (AFS) licence of AP Lloyds Pty Ltd, excluding the firm and its corporate authorised representative, Advisory Partner Connect Pty Ltd, from providing advice as an independent expert.
/jlne.ws/3T6NC2O
CoFI Licensing - the SBS experience
FMA
Any registered bank, licensed insurer, or licensed non-bank deposit taker in the business of providing one or more relevant services will need to hold a financial institution licence to continue operating, if that service is received by a consumer in New Zealand. SBS Bank who were one of the first organisations to be granted their Financial Institution licence, Rowena Thompson, Group Chief Risk Officer, talked to FMA's Anita Frazer about the bank's experience and their licensing journey.
/jlne.ws/3Z8dVcJ
FCA announces work into pure protection market
FCA
The FCA intends to launch a market study into how pure protection insurance products are sold following concerns that competition is not working well in the market. The study will be launched later in 2024/25. Pure protection products are designed to help individuals and their families with their finances should the policyholder die or become unable to meet their financial commitments. Around £4 billion was paid out in claims in 2022. The products are mainly sold through intermediaries like independent financial advisers or mortgage brokers.
/jlne.ws/3T31BGQ
Court Sentences Mr Tan Kheng Yeow to 8 months' Imprisonment for False Trading
MAS
Mr Tan Kheng Yeow, the former Chief Executive Officer and Executive Director of KTL Global Limited (KTL) was sentenced to 8 months' imprisonment by the State Courts on 23 January 2024 for engaging in a conspiracy with another individual, Mr Tang Boon Hai, to create a false appearance of active trading in KTL shares. Mr Tan has commenced serving his sentence, following the High Court's dismissal of his appeal against sentence on 19 July 2024.
/jlne.ws/4dFJpey
SFC welcomes launch of Project Ensemble Sandbox as key step in Hong Kong's tokenisation development
SFC
The Securities and Futures Commission (SFC) welcomes the Hong Kong Monetary Authority's (HKMA) launch of the Project Ensemble Sandbox (the Sandbox) today, and is pleased to co-lead with the HKMA the tokenisation initiatives for the asset management industry to build and scale the tokenisation market in Hong Kong.
/jlne.ws/4dHTjMA
Advisory regarding investment in securities of the Companies listed on the SME Segment of Stock Exchanges
SEBI
The Small and Medium Enterprises (SME) platform of the Stock Exchanges was operationalised in the year 2012 to serve as an alternative source of raising funds for emerging businesses. Ever since, there has been an increase in the number of SME issues as also the investor participation in such offerings. During the last decade, more than 14,000 Crores has been raised through this platform, of which around 6,000 Crores was raised during FY '24.However, it has come to the notice of SEBI that, post listing, some of the SME companies and / or their promoters have been resorting to certain means that project an unrealistic picture of their operations. Such companies / promoters have been seen to make public announcements that create a positive picture of their operations. These announcements are typically followed up with various corporate actions such as bonus issues, stock splits, preferential allotments, etc. The above actions create a positive sentiment amongst investors, which induces them into purchasing such securities. Simultaneously, this also presents an easy opportunity to the promoters to off-load their holdings in such companies at elevated prices. SEBI, in the recent past, has passed Orders against such entities, which are available on the SEBI website. It can be seen that the modus-operandi of these entities follows a pattern that is by and large similar to what has been mentioned above.
/jlne.ws/4g4kW4g
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Nvidia results could spur record $300 billion swing in shares, options show
Saqib Iqbal Ahmed - Reuters
Traders in the U.S. equity options market are expecting Nvidia's (NVDA) upcoming earnings report to spark a more than $300 billion swing in the shares of the world's most dominant artificial intelligence chipmaker. Options pricing shows that traders anticipate a move of around 9.8% in the company's shares on Thursday, a day after it reports earnings, data from analytics firm ORATS showed. That's larger than the expected move ahead of any Nvidia report over the last three years and well above the stock's average post-earnings move of 8.1% over that same period, according to ORATS.
/jlne.ws/4e0O0b6
Truth Social Exec Dumps Stock as Price Plummets
Victor Tangermann - Futurism
The executives at former president Donald Trump's Truth Social venture are officially starting to cash out of its meme stock. According to a recent filing with the Securities and Exchange Commission, Trump Media & Technology Group (TMTG) CFO and treasurer Juhan Phillip has already sold a whopping $1.9 million worth of company shares.
/jlne.ws/3T8bnYa
Billionaire investor Buffett offloads Bank of America shares worth $982 million in latest sale
Reuters
Billionaire Warren Buffett's Berkshire Hathaway has sold some more shares of Bank of America over the past few days, raking in $981.9 million, as the conglomerate continues to trim down its stake in the second-largest U.S. lender. Berkshire has now shed about $5.4 billion worth of Bank of America shares in a string of sales since mid-July.
/jlne.ws/3yMo7wJ
Number of 401(k) 'millionaires' reaches new high
Jeanne Sahadi - CNN Business
On balance, 401(k) participants have had a good run over the past year. Especially those who have amassed a balance of at least $1 million. The number of so-called 401(k) 'millionaires' rose to a new record high in the second quarter, according to a new data analysis released Wednesday by Fidelity Investments, which based its conclusions on 24 million 401(k) accounts across the 26,000 employer-sponsored plans that it administers.
/jlne.ws/4cDywZm
China's Two Richest People Lose Billions in Consumer Stock Rout
Bloomberg
Record-breaking stock selloffs in two of China's biggest consumer companies erased more than $16 billion from the fortunes of the nation's richest people, underscoring deepening investor concern over the health of Asia's biggest economy. China's wealthiest person, Nongfu Spring Co. founder Zhong Shanshan, lost some $3 billion as the beverage giant's shares fell by a record 10% Wednesday in Hong Kong, according to the Bloomberg Billionaires Index, leaving him with a total of $46.6 billion.
/jlne.ws/4e0y6xd
Intervention in currency markets can work; Bank of Japan's moves to shore up yen indicate consensus on such actions needs to be updated
Brad Setser - Financial Times
Not long ago, there was a near-consensus that Japan's intervention in the foreign exchange market wouldn't work because the country's interest rate differential with the US - which propelled the yen to record lows - was simply too powerful. That consensus reflects somewhat dated research showing that, without capital controls, intervention only works when it is co-ordinated and backed by broader monetary and fiscal policy changes. This conventional wisdom is embedded in the IMF's core model for assessing the impact of intervention. That model assumes that intervention is completely ineffective for large, open, advanced economies.
/jlne.ws/4dFt0a0
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Learning to live with 50C temperatures; From Dubai to Mumbai, cities are having to adapt to hotter summers, often exacerbating economic inequality in the process
Chloe Cornish - Financial Times
Sitting astride a motorbike near a Dubai kitchen, sweat forms on Mohamad's brow as he waits to collect a lunch order. The food is not for him; he'll drive it through the sweltering financial and tourist hub to a customer in an air-conditioned tower block. With the mercury nudging 44C and high humidity, "it feels like a sauna", the delivery driver says. Originally from Pakistan, Mohamad is uncomfortably dressed for the weather, wearing protective pads, dark trousers and the branded long-sleeved, high-neck top supplied by the delivery platform he works with.
/jlne.ws/4cLSJfs
Tell us: have you been affected by the US insurance crisis?; We want to hear from people across the US who have been affected by the volatility of the home insurance market
The Guardian
We know the industry is in an enormous state of flux amid the climate crisis and increasingly severe wildfires, floods, hurricanes and other natural disasters. Companies have been raising premiums, cancelling or refusing to issue policies, and pulling out of entire markets. The Guardian US has reported on the crippling effects for homeowners in Florida, California, Louisiana and beyond.
/jlne.ws/4g6b3Tt
Why Biodiversity Urgently Needs More Financing Options; Financial strategies targeting biodiversity are about 10 to 15 years behind those focused on cutting greenhouse-gas emissions.
Saijel Kishan - Bloomberg
Difficult to define and measure. A lack of investment options. A challenge to make money and protect the natural world. That's the state of the financial market for biodiversity, according to John Tobin-de la Puente, a 15-year Credit Suisse veteran and early player in the market who's now a professor at Cornell University in Ithaca, New York.
/jlne.ws/3MkWH4d
China's Upstream Oil Profits Undercut By Worries Over Refining; Slowing economy and decarbonization goals are concerns; Flat Chinese demand could sink international oil prices
Bloomberg News
China's top oil and gas companies are getting outsized profits from drilling fossil fuels, but it's a different story when it comes to processing their haul and selling it. Stronger international crude prices and rising output drove big gains in net income at PetroChina Co. and Cnooc Ltd. this week, as well as brightening earnings at Sinopec, a firm that relies more heavily on its downstream operations for profit. It shows that the big three are reaping the rewards of Beijing's insistence they cut the nation's import bill by producing more of their own oil and gas.
/jlne.ws/3yWxBp4
Libya Oil Output Drops 400,000 Barrels a Day Amid Shutdowns; Output hit as eastern government escalates row with rival; Tussle surrounds central bank, manager of vast energy revenue
Salma El Wardany and Hatem Mohareb - Bloomberg
Libya's oil output has almost halved this week - and risks taking close to 1 million barrels a day off the global market - as the country's fields reduce operations amid a stalemate over who controls the central bank. Output has fallen at least 400,000 barrels a day since eastern authorities on Monday ordered a shutdown of all production, according to people with knowledge of the situation. Cuts include at Sarir, operated by Arabian Gulf Oil Co., which was producing 145,000 barrels a day and has now shut down. Oil supplying the Ras Lanuf terminal also dropped at least 130,000 barrels a day.
/jlne.ws/3z5bHzV
Can a Closed Nuclear Power Plant From the '70s Be Brought Back to Life? Surging demand for electricity and new investment in green energy drove the plan to restart Michigan's decommissioned Palisades plant. It would be a global first.
Eric Niiler -The Wall Street Journal
When Michigan mothballed the Palisades nuclear power plant in 2022, the facility looked like a perfect relic of nuclear power's 1970s heyday. Walls were painted salmon pink and pale green. Control panels had analog dials, manual switches and hundreds of lights that flash green or red to indicate on or off. The valves, levers and ductwork in the turbine room gave off a steampunk vibe. Just two years later, the 53-year-old plant's owners are implementing a historic decision to give it another go.
/jlne.ws/47lnuqR
Rhine's Falling Water Levels Slash Cargo Limits for Oil Barges; Capacity is now slightly above 50% past key German waypoint; River is vital for transport of oil products and other goods
Jack Wittels - Bloomberg
/jlne.ws/3T6sQjN
Thames Water Says Regulator's Proposed Cuts Make It Uninvestible; Utility is racing to find £3.3 billion of new equity by May; Thames Water wants to hike customer bills by 52% by 2030
Jess Shankleman - Bloomberg
/jlne.ws/3T7RLmX
Lowe's becomes latest company to dial back DEI efforts aimed at LGBTQ groups; Lowe's changes follow closely on the heels of announcements by Harley Davidson and Jack Daniel's, as well as similar changes made by Tractor Supply, John Deere and Best Buy.
Rob Wile - NBC News
/jlne.ws/3MlyQRM
Surging Methane Emissions Could Be a Sign of a Major Climate Shift; New studies suggest global warming boosts natural methane releases, which could undermine efforts to cut emissions of the greenhouse gas from fossil fuels and agriculture.
Bob Berwyn - Inside Climate News
/jlne.ws/3yXEx5m
Drought Strains Brazil Hydropower Supply, Raising Energy Costs
Rachel Gamarski and Beatriz Amat - Bloomberg
/jlne.ws/3Z289t5
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citigroup sees revenue boost in pursuit of small-business clients; US bank is expanding services to commercial banking customers that once flew below its radar
Stephen Gandel - Financial Times
Citigroup is making a push to expand its offering to small and midsized businesses around the world, hoping to double its commercial banking revenues even as competition for the same borrowers intensifies. In the past two months, the US bank has poached a top banker from Barclays to head efforts to work with more UK companies with annual revenues between $10mn and $3bn, and launched its first dedicated unit for smaller companies in Japan.
/jlne.ws/4e0FZCL
Goldman Sachs Analysis Sheds Light on Rise of Commodities in ESG; Holdings of fossil-fuel, mining stocks increase in ESG funds; Sustainable funds also show signs of rebound in net inflows
Lisa Pham - Bloomberg
The days of equating ESG with the blacklisting of commodities are over, it seems. In a fresh study, analysts at Goldman Sachs Group Inc. have found that fund managers are increasingly including oil, gas and mining stocks in portfolios that are registered as ESG.
/jlne.ws/4cHh8D4
Hedge Fund Arbitrage Tactic Sees Payoff in PDD's Record Plunge; Strategy involves buying convertibles and selling shares short; Gains on short position more than offset drop in bond price
Yiqin Shen - Bloomberg
PDD Holdings Inc.'s record stock slide delivered gains to a popular hedge-fund strategy that seizes on the disconnect between the stock and corporate-bond markets. The tactic is centered on convertible bonds, a type of debt that can be redeemed for shares under certain circumstances. It involves buying the debt - which gives the owner the equivalent of a call option allowing them to buy shares at the conversion price - and selling the company's shares short as a hedge.
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Dimensional boosts active ETF offering in slow Australian market; Active funds have struggled to raise assets from local investors this year
Peter Ortiz- Financial Times
Dimensional Fund Advisors has doubled its roster of active exchange traded funds in Australia despite such products struggling to raise assets among local investors this year. The US asset management giant's new offerings, Australian Value Trust, Global Value Trust and Global Small Company Trust, also come nine months after it first entered the Australian ETF space with three active strategies.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Working Six Days a Week Is No Myth In Greece; Europe will have a hard time sustaining its leisurely ways without a productivity revolution.
Lionel Laurent - Bloomberg
Anyone who's seen swathes of sunburnt German tourists harrying Greek workers for a beach towel this summer will know how wrong economic cliches can be. Greeks, depicted as "lazy" during the euro crisis, actually work more hours than anyone else in Europe, and supposedly workaholic Germans work among the least. Sipping wine in Santorini or lounging in a villa is a lifestyle not all that accessible to actual Greeks.
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HSBC's Incoming CEO Weighs Cutting Layers of Middle Management; Incoming CEO Georges Elhedery looking at country head changes; Elhedery starts as HSBC's boss next week as Quinn steps down
Ambereen Choudhury, Harry Wilson, and Denise Wee - Bloomberg
HSBC Holdings Plc's incoming Chief Executive Officer Georges Elhedery is considering plans that could remove layers of middle management at Europe's largest bank, mirroring similar moves undertaken by rivals Citigroup Inc. and Standard Chartered Plc. As part of the deliberations, the London-based lender could cut the number of country heads operating across its worldwide network, according to people familiar with the discussions. Elhedery is also likely to make changes to the executives and roles that will report to him after he takes the reins next month, the people said.
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TikTok Sued in UK by Content Moderator Alleging Toxic Workplace; Employee alleges disability discrimination at London tribunal; TikTok denies all allegations, say worker offered support
Upmanyu Trivedi - Bloomberg
ByteDance Ltd.'s TikTok was sued by a content moderator in the UK alleging disability discrimination and a toxic work environment that caused her stress and pregnancy complications. Olivia Anton Altamirano worked on TikTok's Badness Project meant to weed out harmful content from the platform. She was given targets that were "impossible to meet" and was discriminated because she suffered from multiple sclerosis, Altamirano alleged in court filings. TikTok denied all allegations.
/jlne.ws/4fWlLMt
Employees who use and abuse marijuana miss more work, new study shows
Lindsey Leake - Fortune
While the modern marijuana consumer may be shedding that lazy stoner stereotype, new research shows that employees who use and abuse the drug are more likely to miss work. The findings were published Monday in the American Journal of Preventive Medicine.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Painkiller Used for Just About Anything
Paula Span - The New York Times
Mary Peart, 67, a retired nurse in Manchester-by-the-Sea, Massachusetts, began taking gabapentin a year and a half ago to reduce the pain and fatigue of fibromyalgia. The drug helps her climb stairs, walk her dog and take art lessons, she said. With it, "I have a life," she said. "If I forget to take a dose, my pain comes right back." Jane Dausch has a neurological condition called transverse myelitis and uses gabapentin as needed when her legs and feet ache. "It seems to be effective at calming down nerve pain," said Dausch, 67, a retired physical therapist in North Kingstown, Rhode Island.
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On the COVID 'Off-Ramp': No Tests, Isolation or Masks
Emily Baumgaertner - The New York Times
Jason Moyer was days away from a family road trip to visit his parents when his 10-year-old son woke up with a fever and cough. COVID-19? The prospect threatened to upend the family's plans. "Six months ago, we would have tested for COVID," said Moyer, 41, of Ohio. This time they did not. Instead, they checked to make sure the boy's cough was improving and his fever was gone - and then set off for New Jersey, not bothering to tell the grandparents about the incident.
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Living in tree-filled neighborhoods may reduce risk of heart disease, study shows
Kaitlin Sullivan and Anne Thompson - NBC News
Living in a tree-filled neighborhood may be as beneficial to the heart as regular exercise, new research shows. Researchers at the University of Louisville designed a clinical trial that followed hundreds of people living in six low- to middle-income neighborhoods in South Louisville, Kentucky. They used blood and other samples to better understand how their heart risks changed before and after the team planted thousands of mature trees near their homes.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Proposes New Curbs on Grain Imports to Boost Local Prices; Beijing asks importers to halt purchases of barley and sorghum; Measures designed to ease domestic stockpiles, support farmers
Hallie Gu and Alfred Cang - Bloomberg
China is asking domestic traders to buy less foreign grains as ample supplies and weaker-than-expected demand weigh on prices and threaten its longstanding policy to support local growers. Beijing this week summoned top importers for meetings and suggested they halt purchases of barley and sorghum, according to people familiar with the matter. The move, ahead of a forecast bumper grains harvest this year, is the latest effort by China to ease domestic oversupply and bolster local prices.
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Macau Candidate Warns of 'Wild' Expansion of Gambling Industry; The city needs to diversify away from casinos, says ex-judge; Comments come as Beijing cracks down on money laundering
Shirley Zhao - Bloomberg
A former judge in Macau who announced he intends to run for the city's top leadership position warned against the dominant role casinos play in the local economy, comments that could add to the worries for the industry. "For a period of time, the tourism and gaming industry developed in a disorderly manner and expanded wildly," Sam Hou Fai, the ex-president of Macau's Court of Final Appeal, said at a press briefing Wednesday. "Having one dominant industry is not beneficial for Macau's long-term development and has had a very negative impact."
/jlne.ws/4e2COKO
BRICS is a bad bet for ASEAN economies; Indonesia is right to reject the bloc for economic, geographic and geopolitical reasons
Doris Liew - Nikkei Asia (opinion)
The allure of joining the BRICS economic bloc has captured the attention of several Southeast Asian nations, such as Malaysia, Thailand, the Philippines and Vietnam. But beyond the headline-grabbing potential of increased trade and investment, crucial questions arise regarding the bloc's capacity to deliver tangible economic advantages.
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Bulgaria Selling First Dollar Bonds in Two Decades Amid Upheaval; Bulgaria is offering euro, dollar bonds to cover debt, deficit; Seventh election in less than 4 years is scheduled for October
Slav Okov - Bloomberg
Bulgaria is selling US dollar-denominated bonds for the first time in 22 years as it seeks to plug a budget deficit and repay maturing debt amid a protracted political crisis. The country is offering long 12-year dollar securities, as well as euro notes due in eight and 20 years, in a deal that may price today, according to a person with knowledge of the matter. BNP Paribas SA, Citigroup Inc., ING Groep NV and UniCredit SpA are running the deal.
/jlne.ws/3ASavAr
Austria Drops Plan to Sell 2086 Bonds on Waning Demand; Nation proceeded only with sale of five-year debt on Wednesday; Recent corporate issuance saw weaker bid for long maturities
James Hirai and Helene Durand - Bloomberg
Austria decided not to proceed with a syndicated sale of long-maturity bonds on Wednesday, the latest sign of fading investor appetite for duration. The nation's debt agency moved ahead only with a five-year debt sale, according to people familiar with the matter who asked not to be identified. Earlier this week, it approached investors to gauge interest for a tap of its existing bonds due 2086, which pay a 1.5% coupon.
/jlne.ws/3XlR1gr
Panama Canal Eases Limits That Caused Global Shipping Bottleneck; Canal authority boosted shipping draft to its 50 foot maximum; Canal expects another drought within the next four years
Michael D McDonald - Bloomberg
The Panama Canal is lifting restrictions that caused a global shipping bottleneck as water levels normalize after a severe drought. The Panama Canal Authority increased the draft in the waterway to a maximum 50 feet and will allow 36 vessels a day to transit after recent rains lifted water levels at an artificial lake that forms part of the canal system, administrator Ricaurte Vasquez told reporters Monday. The agency expects rains to continue through November, further lifting water levels, he said.
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| Miscellaneous | | Stories that don't quite fit under the other sections | The Private-Equity Scion Buying Up America's Trophy Homes; Daren Metropoulos has spent roughly 18 years building a property portfolio worth about $326 million
E.B. Solomont - The Wall Street Journal
More than a decade ago, at the age of 32, private-equity scion Daren Metropoulos stunned when he paid $100 million for the Playboy Mansion in Los Angeles. In June, the entrepreneur and real-estate collector did it again, paying $148 million in cash for a historic estate in Palm Beach, Fla., designed around 1919 by noted architect Addison Mizner. Painstakingly renovated by the prior owner, the 23,000-square-foot Mediterranean Revival-style residence is one of the tony Florida town's "most storied architectural treasures," he said at the time of the off-market purchase.
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