| October 24, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Trish Foshee is retiring from The IFM, the FIA announced today in a press release. Foshee, who has been working since she was 16, has been with The IFM for the last 24 years.
She has been a stalwart proponent for education in the industry and will officially retire at the end of December. She is retiring for health and family considerations. During her tenure her major accomplishments included extending the educational reach of The IFM, building the industry data center, which was sold to FIA Tech and she also helped put the institute in a strong financial position.
Walt Lukken in the press release said this:
"For more than two decades, Trish has brought her knowledge, experience and passion for educating about the cleared derivatives industry to the IFM. Thousands within our industry have benefited from her stewardship of the IFM, including myself, and we are eternally grateful for her many years of service," said FIA president and CEO Walt Lukken. "Trish leaves big shoes to fill, and we wish her well in retirement." Intercontinental Exchange (ICE) announced record trading volumes in its interest rate derivatives markets, with over 190 million contracts traded in Q3 2024, surpassing the previous record set in Q1 2020. Average daily volume (ADV) reached 2.9 million contracts, a 39% increase year-to-date, driven by heightened activity in Euribor futures and options, which hit their highest volume in over 10 years. Additionally, SONIA futures saw record trading, with ADV up 59% year-to-date. ICE's multi-currency markets for key interest rate benchmarks continue to see significant growth, reflecting increased liquidity as market participants manage shifting interest rate policies.
The Wall Street Journal has a podcast today titled "Cybersecurity Expert Chris Krebs Warns of Risks to U.S." with the subheadline "The top cybersecurity official at the Department of Homeland Security during the Trump administration talks about the possible cyber risks for the upcoming U.S. election."
John Mark Dougan, a former U.S. Marine and Palm Beach County deputy who fled to Moscow, is working with Russian military intelligence to produce deepfakes and misinformation targeting Vice President Kamala Harris's campaign, according to documents reviewed by The Washington Post. Funded by the Russian GRU, Dougan has been involved in creating fake news sites and spreading disinformation, including viral videos with millions of views, while collaborating with far-right ideologues like Alexander Dugin. This operation raises concerns about Russian interference in the upcoming U.S. election, including potential deepfakes questioning the election's integrity. This is a story you should read. Beware of ad hominem attacks, on both sides, in these last days before the election.
The Financial Times today has a Special Report titled, "Women in Business," highlighting key lessons from stand-up comedy on improving public speaking, discussing the consequences of not taking women seriously in the workplace, and profiling women making strides in AI and sustainability. It also explores AI tools to help job seekers navigate hiring algorithms and addresses the importance of diverse, next-generation boards.
Here are the headlines from in front of FOW's paywall from some recent stories: LSEG interest rates units drive quarterly revenue up a tenth, EEX welcomes India's massive power potential amid hydrogen deal, Liquidnet hires new head of Latin America for regional push, ANALYSIS: FMX Futures in 'launch phase' after first month - Marex, ANALYSIS: Regulation to power Deutsche Boerse's fixed income ambitions and CME quarterly revenue up 18% on record trading volumes.
Acuiti invites senior derivatives executives to a Sell-Side Derivatives Managers' Meeting on November 14, 2024, in London. This exclusive event is designed for clearing and execution leaders within the global derivatives markets, offering valuable insights into industry trends and future opportunities. The event will feature expert-led discussions and provide a platform for executives to connect and network with peers. The meeting is supported by event partners, including Broadridge, Cboe Global Markets, Cumulus9, ION Markets, and Sernova Financial. The meeting will take place at One America Square, London, starting at 2 p.m.
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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Cboe Global Markets and The Options Institute (OI) have introduced the "Level Up Learning" curriculum to enhance financial literacy and empower individuals to better navigate the financial world, according to an article by Vivian Rohleder, Director of Curriculum Development for The Options Institute, in the October edition of The World Federation of Exchange's Focus Magazine. The Level Up Learning program focuses on 11 core competencies, such as spending, budgeting, saving, investing, decision-making, risk management, and understanding financial markets. The emphasis on risk management and decision-making aims to equip participants with the skills necessary for informed investing and trading. The curriculum is designed to be inclusive and accessible, offering programming in multiple languages and regional adaptations. Through partnerships with institutions like National Louis University, the OI extends its reach to students across various educational levels in the U.S., with plans for global initiatives. Read more about it HERE in this month's Focus from the WFE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- CME Group Inc. Reports All-Time Record Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share for Q3 2024 from CME Group.
- Oil Traders Flock to Options Like Never Before on Mideast Risk from Bloomberg.
- CFTC to Police Electing-Betting Platforms, Chair Behnam Says from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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ForecastEx, event contracts, and a new way to think about markets; Waters Wrap: Anthony speaks with the former CEO of OneChicago David Downey about his new venture and the future of prediction markets.
Anthony Malakian - Waters Technology
It was a chilly Saturday afternoon in November 2021, and David Downey wasn't sure what his next move was going to be. OneChicago-the exchange of which he was the CEO-had closed a year earlier. Downey had fought the good fight trying to bring single stock futures to the forefront of finance, but for a variety of reasons (not entirely related to performance), there were too many stars aligned against OCX. Maybe after almost four decades in finance, it was time to fully embrace enjoying the fruits of his labor and retire. But in a scene that was eerily reminiscent of how he landed the CEO gig at OCX, Thomas Peterffy knew what was next for Downey, even if Downey himself didn't know it just yet.
/jlne.ws/4eSkpkJ
****** After reading this story, I think the best way to understand the ForecastEx contracts is to take a long walk until you get that ah ha! moment.~JJL
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What is GivingTuesday? The annual day of charitable giving is coming up
Associated Press
Since it started as a hashtag in 2012, GivingTuesday, the Tuesday after Thanksgiving, has become one of the biggest fundraising days of the year for nonprofits in the U.S. In 2022 and 2023, GivingTuesday raised $3.1 billion for charitable organizations, according to estimates from GivingTuesday. This year, GivingTuesday is on Dec. 3.
/jlne.ws/4fbSsEc
****** Every day is a giving day. Give, you will like what you receive.~JJL
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Wednesday's Top Three
Our top story Wednesday was Wall Street ramps up staffing as election nears, expecting volatile trading, from Reuters. Second was a tie between CME Group Inc. Reports All-Time Record Revenue, Adjusted Operating Income, Adjusted Net Income and Adjusted Earnings Per Share for Q3 2024, from CME Group, and Gensler Sees Potential Peril in $13 Trillion of Eurodollars, from Bloomberg. And third was a tie between What are the differences between ICE Brent and NYMEX WTI Futures? and First Look at September 2024 Mortgage Data, both from ICE.
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| Lead Stories | Corporate wizards out-magic the muggles; Sectors like semiconductors and AI can reshape - or, in some cases, conjure up entirely new - markets
John Thornhill - Financial Times
When the McKinsey consultant Chris Bradley tries to explain the changing nature of corporate competition, he turns to the fictional universe of Harry Potter. A few exceptional "wizard" companies have emerged this century, which seemingly operate in a different dimension to their non-magical "muggle" counterparts, he says. Mostly US and Chinese technology giants, such as Amazon, Xiaomi and Nvidia, these magical companies are characterised by extraordinary dynamism, intense investment levels and global impact. They can reshape - or, in some cases, conjure up entirely new - markets. In so doing, they drive a disproportionate share of the world's economic growth, which has been captured in their profits and soaring stock market valuations. Duller corporate muggles, on the other hand, huddle in older, lower growth industries, such as finance, consumer goods, construction and transport, largely unloved by investors. "Something strange is afoot in the industrial landscape whereby a small set of firms in a few arenas have really driven all the dynamism and value creation in the world in a way that is historically unusual," Bradley tells me, snapping back into more traditional McKinseyese.
/jlne.ws/4dY6rwE
Vicious Partner Feud Roils EF Hutton; Investment bank that took Trump Media & Technology Group public is beset by angry investors and a slowdown in public listings
Alexander Osipovich and Amrith Ramkumar - The Wall Street Journal
Two years ago, EF Hutton was riding high. The bank was the top dealmaker in the speculative world of special-purpose acquisition companies, making millions taking risky startups such as Donald Trump's social-media platform public. Now, the firm that revived a storied Wall Street name is reeling from a vicious fight between two top executives. In dueling lawsuits last month, the partners accused each other of mismanagement and abusing drugs and alcohol. The suits revealed a federal investigation into securities fraud and allegations that one partner lost millions of dollars gambling and the other partied with strippers and prostitutes.
/jlne.ws/3Ac36Ms
ION connects to FMX Futures Exchange to bolster execution and post-trade clearing; Development will allow banks and brokers using ION's technology stack to offer clients advanced execution capabilities and clearing services on the newly launched exchange from day one.
Wesley Bray - The Trade
ION has connected to the newly launched FMX Futures Exchange, allowing clients to trade on the exchange through ION's execution and post-trade product suite. Having opened on 23 September, the FMX Futures Exchange is the first US interest rate futures exchange to launch with a fully operational, globally connected trading system, allowing for potential capital savings driven by clearing partner LCH's cross-margin capabilities.
/jlne.ws/4hfAClL
Man Group's head of risk engineering doesn't trust ChatGPT when it comes to risk management; Risk managers have a duty to know how AI is being used within their firms. At a recent event, execs from Man Group and others discussed the benefits and pitfalls of AI in risk management
Emma Hilary Gould - Waters Technology
"When it comes to ChatGPT, I'm sure it's a hot topic that we all care about," said Vlad Mereuta, head of risk engineering at Man Group. "Personally, I see a lot less use from it. It's great as an assistant. ... I will not trust it to do anything from a risk perspective." It's perhaps a refreshing take in an age where it seems nearly everyone from consumers to conglomerates are trying to cut themselves a piece of the AI pie. And the scene was no different at a Tuesday meeting of risk and analytics
/jlne.ws/3BUXZ3L
As Election Looms, Disinformation 'Has Never Been Worse'; A torrent of falsehoods, from home and abroad, have undermined what was once a shared faith in the honesty of America's democracy.
Steven Lee Myers - The New York Times
The Democratic Party's vice-presidential nominee has been falsely accused of sexually molesting students. The claims have been spread by a former deputy sheriff from Florida, now openly working in Moscow for Russia's propaganda apparatus, on dozens of social media platforms and fake news outlets. A faked video purporting to show one victim - creating fake people is a recurring Russian tactic - received more than 5 million views on X, a platform owned by the world's richest man, Elon Musk. Mr. Musk has not only leaned all in for the Republican nominee, former President Donald J. Trump, but he also used his platform to reanimate discredited claims about the validity of the election's outcome.
/jlne.ws/4eTCX45
Time running out to backload Emir derivatives reporting; Significant slice of legacy trades still not ready for new formats, as October 26 deadline looms
Samuel Wilkes - Risk.net
With a deadline at the end of this week, some European derivatives counterparties have struggled to update reports of legacy trades in time to meet a new regulatory standard, according to multiple sources at banks and vendors. Firms unable to meet the deadline face the risk of closer regulatory scrutiny, or even fines.
/jlne.ws/48iUiRI
The Quarter-Trillion-Dollar Rush to Get Money Out of China
Jason Douglas and Rebecca Feng - The Wall Street Journal
Chinese residents have been illicitly moving billions of dollars out of the country under authorities' noses as a cratering property market and economic uncertainties push people to find safer places to park their wealth overseas. Moving fortunes out of China is hard: The country imposes strict capital controls that cap individual purchases of foreign exchange at $50,000 a year. Violators can receive big fines, or even prison sentences, if they break the law.
/jlne.ws/3AaSkGl
Why These ETFs Died During a Bull Market; On this episode of Trillions, we examine how some funds managed to faceplant in the best of times.
Eric Balchunas and Joel Weber - Bloomberg
As with humans, death is a part of life in the exchange-traded fund industry. There have been about 150 closures this year, which may be a bit surprising given how almost everything is up in the markets. So what's behind this year's class of liquidated ETFs? And what does it mean for investors? On this episode of Trillions, Eric Balchunas and Joel Weber dig into the stories and answer the "why" behind some of the closures in 2024. On hand to assist is Vildana Hajric, a cross-asset reporter for Bloomberg, and Todd Rosenbluth, head of research at VettaFi.
/jlne.ws/3C8dC7Z
Odd Lots Podcast: How Banks and Private Credit Became the Best of Frenemies; Two big forces in finance are teaming up.
Tracy Alloway and Joe Weisenthal - Bloomberg
By now, everyone knows that private credit is a hot market. What's less known is that banks want in on it too. It's an odd state of affairs given that both these entities are in the business of making loans, so in theory they should be competing against each other. But instead we're seeing a bunch of deals, with more than a dozen big banks teaming up with private credit over the past year. So why are two seemingly natural competitors joining forces? And how much of an existential threat does private credit really pose for the banking industry? On this episode, we with speak with Huw van Steenis, vice-chair at Oliver Wyman and a long-time bank analyst at Morgan Stanley, about this new dynamic.
/jlne.ws/3UKbHNJ
Dimensional Fund Advisors Remembers John "Mac" McQuown
Dimensional Fund Advisors via Traders Magazine
John "Mac" McQuown, a founding Director of Dimensional Fund Advisors in 1981, was a financial engineer, entrepreneur, and environmentalist with an insatiable curiosity and relentless drive that led him to start more than a dozen companies in his lifetime. A self-described "data dog," Mac was a pioneer in the transformation of investing from guesswork into a science guided by academic research.
/jlne.ws/4e5BrKV
ACCESS ASIA: SGX FX Aims to Grow Electronic FX Options Trading
Shanny Basar - Traders Magazine
Lee Beng Hong, CEO of SGX FX and head of wholesale markets & platforms at Singapore Exchange (SGX Group), said the company would like to grow electronic trading of currency options as average daily volume (ADV) of both over-the-counter and exchange-traded derivatives reached a record. SGX reported that OTC FX ADV surpassed its target by increasing 47% to reach $111bn in the last financial year, between 1 July 2023 and 30 June 2024. In the same period, FX futures ADV grew 36% to about 204,000 contracts. In September this year, combined OTC and futures ADV reached a notional $168bn.
/jlne.ws/4dXyxIf
How an ex-Goldman banker built a $10bn private credit 'whale' - and now may sell it; After years of preparation, HPS is on the verge of either a deal or an IPO
Eric Platt - Financial Times
Goldman Sachs' former head of investment banking is staring down perhaps the biggest deal of his life. Scott Kapnick, the chief executive of HPS Investment Partners, is closing in on a transformational transaction for the private credit firm he founded less than two decades ago at a potential valuation of $10bn or more, according to people briefed on the matter. The press averse 65-year-old was last week courting top Middle Eastern sovereign wealth funds in New York, as he and his lieutenants debated their future. Ahead of him were three paths: the first, the sale of a stake in HPS to one of those investors of $1bn or more; the second, an initial public offering.
/jlne.ws/48kDSIm
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian arms group warns it may halt exports as Ukraine war demands surge; Rostec chief Sergei Chemezov, an ally of Vladimir Putin, also blames high interest rates for making overseas sales difficult
Daria Mosolova in London and Anastasia Stognei in Tbilisi - Financial Times
Russian state weapons group Rostec may halt exports of its high-tech goods including jets, air defence systems and ships to fulfil the demands of Moscow's war in Ukraine, its chief executive has warned. "Unfortunately we cannot deliver everything [for export] in time, because first and foremost it is important to supply our army," Sergei Chemezov told senators on Wednesday.
/jlne.ws/3UogKmv
US Asks G-7 to Consider Sanctions on Russian Palladium, Titanium; Possibility floated at meeting of G-7 officials in Washington; Europe has shown little appetite to target metals it relies on
Daniel Flatley - Bloomberg
The US asked Group of Seven allies to consider sanctions on Russian palladium and titanium, a person familiar with the matter said, as the Biden administration mulls fresh ways to squeeze President Vladimir Putin's war machine. Biden administration officials floated the possibility during a meeting of G-7 deputy finance ministers on Tuesday in Washington, according to the person, who asked not to be identified discussing a private discussion. Finance officials from around the world have gathered in the US capital for annual meetings of the International Monetary Fund and the World Bank.
/jlne.ws/4e113so
Palladium Jumps After US Suggests Sanctions on Russian Exports; US asks allies to consider steps to squeeze Russian war effort; Russia's Norilsk Nickel is world's top palladium producer
William Clowes and Sybilla Gross - Bloomberg
Palladium surged as much as 9.5% after the US asked the Group of Seven allies to consider sanctions on Russian exports of the metal. The Biden administration floated the potential restrictions during a meeting of G-7 finance officials in Washington this week as it mulls fresh ways to squeeze President Vladimir Putin's war efforts. Russia's MMC Norilsk Nickel PJSC is the biggest producer of the metal, which is mainly used in catalytic converters for automobiles.
/jlne.ws/3BQpZ8D
Vladimir Putin bets on North Korean troops to retake Kursk from Ukraine; 'Storm Corps' is first foreign army contingent deployed in Russia's war
Max Seddon, Christian Davies and Isobel Koshiw - Financial Times
Hundreds of North Korean troops have been filmed at military bases in Russia's far east, training ahead of what Kyiv and its western allies say is a deployment to fight in Vladimir Putin's war against Ukraine. Disguised as Buryats and Yakuts, ethnic minorities from Siberia who have made up a disproportionate share of Moscow's forces, the North Korean troops are part of a 12,000-strong force sent to help Russia retake the Kursk region, partly held by Ukraine since August, according to video footage published by the South Korean intelligence service.
/jlne.ws/48iHRFu
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | FinCEN Issues Alert to Financial Institutions to Counter Financing of Hizballah and Its Terrorist Activities
FinCEN
Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an alert to assist financial institutions in identifying and reporting suspicious activity supporting Lebanese Hizballah, a U.S.-designated Foreign Terrorist Organization engaged in active hostilities against Israel. The alert builds upon FinCEN's May 2024 advisory on Iran-backed terrorist organizations and offers a comprehensive overview of Hizballah's global criminal financial networks.
/jlne.ws/4hfFSWw
Top Hezbollah official Hashem Safieddine is dead
Bassem Mroue - Associated Press
Hashem Safieddine, a strongman who rose through the ranks of the Iran-backed Lebanese militant group Hezbollah over decades to become the second-most powerful person within the organization, has died. Safieddine, who was about 60, was killed in early October in a series of Israeli airstrikes in a southern suburb of Beirut that shook much of the Lebanese capital, part of Israel's campaign against Hezbollah. Israel said Tuesday that Safieddine had been killed in the strikes; Hezbollah confirmed the death Wednesday.
/jlne.ws/40gJhOQ
Hamas official in Russia for talks to end Gaza war
Lilia Sebouai - The Telegraph
A senior member of Hamas has arrived in Moscow for talks to end the war in Gaza. Mousa Abu Marzouk, a political leader in the Palestinian terror group, will hold a series of meetings with Russian officials, Russian state media said. Moscow has repeatedly blamed the current crisis in the Middle East on the failure of US diplomacy and called for a ceasefire between Israel and Hamas.
/jlne.ws/3A0Ssbz
How Hezbollah Is Hitting Back After Being Pummeled by Israel; The Lebanese militant group is weakened but resilient. Its escalating responses show the danger of an extended conflict.
Jared Malsin - The Wall Street Journal
After suffering a series of punishing blows by Israel, Hezbollah is fighting back, launching ambushes on Israeli troops in Lebanon and ratcheting up drone and missile strikes deeper into Israel. The attacks show that Hezbollah, though weakened by Israeli strikes that have killed a generation of its top leaders and destroyed some of its weapons, is still capable of turning Lebanon's deadliest conflict in decades into a long grind for Israel.
/jlne.ws/4hbkq4S
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE and Dun & Bradstreet to Launch Climate Data and Analytics for Broad Universe of Public and Private Companies
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, and Dun & Bradstreet Holdings, Inc. (NYSE: DNB), a leading global provider of business decisioning data and analytics, today announced plans to launch a new climate risk data offering for privately-held companies globally. The new service will be designed to provide transition risk data, including Greenhouse Gas Scope 1, 2 and 3, and physical risk data on tens of millions of public and private companies globally. This will be one of the broadest climate data offerings available on the market across public and private companies.
/jlne.ws/4eVDCCi
New York Roundtable: The expanding role of the buy-side in cleared repo
Eurex
Our second installment of the Eurex repo roundtable series explores the growing significance of buy-side firms in cleared repo markets. In this article, which includes expert commentary from Frank Gast, Managing Director and Global Head of Repo Sales at Eurex and Frank Odendall, Head of Product & Business Development for Repo and Securities Lending at Eurex, we examine why buy-side firms have joined Eurex and the benefits they have enjoyed since doing so.
/jlne.ws/4eU9ozD
HKEX Celebrates Excellence, Teamwork and Community Spirit With Hong Kong Athletes
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) was pleased to host today (Thursday) a special Gong-strike ceremony in celebration of the achievements of the Sports Federation & Olympic Committee of Hong Kong, China (SF&OC) and Hong Kong athletes at the Paris 2024 Olympic Games. The ceremony welcomed Hong Kong Olympic athletes, including badminton mixed doubles pair Tang Chun-man and Tse Ying-suet, as well as table tennis players Lee Ho-ching and Wong Chun-ting.
/jlne.ws/4eYWsZk
London Stock Exchange Group plc: Q3 2024 Trading Update; Strong Q3 performance, extending our track record of broad-based growth; further strategic progress
LSEG
David Schwimmer, CEO said: "We delivered a particularly strong quarter, with healthy growth in our subscriptions business and very strong performance in our high-quality volume-based businesses. "We are executing successfully on our strategy, delivering multiple new products in Q3. The ongoing transformation of our business with faster product innovation and more powerful solutions is driving higher user engagement and better outcomes for our customers. Our partnership with Microsoft continues to make strong progress and our product timetable is on track. "We are confident of continued growth as we look forward to 2025."
/jlne.ws/3UlAwiw
Nasdaq Announces Quarterly Dividend of $0.24 Per Share
Nasdaq
The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.24 per share on the company's outstanding common stock. The dividend is payable on December 20, 2024 to shareholders of record at the close of business on December 6, 2024. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
/jlne.ws/3NF7wie
Nasdaq Reports Third Quarter 2024 Results; Fourth Consecutive Quarter of Double-Digit Solutions Revenue Growth
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2024.
/jlne.ws/3YyBwCq
HANetf Becomes New ETP Issuer at SIX Swiss Exchange with Gold Product
SIX
SIX welcomes HANetf ETC Securities as its latest issuer of Exchange Traded Products (ETPs). With the launch of HANetf ETCs commodity-based ETP, investors now gain access to gold. The addition of HANetf ETC Securities as an ETP issuer further strengthens SIX's position as the third-largest exchange in Europe - according to free float market capitalization.
/jlne.ws/3UhW140
Product Modification Summary for Clearing Firms, Bookkeeping Software Providers, ISVs
CME Group
Effective Sunday, Sunday, November 17, 2024, for trade date Monday, November 18, and pending all relevant CFTC regulatory review periods, please be advised that the Board of Trade of the City of Chicago, Inc., and the Chicago Mercantile Exchange, Inc. (respectively CBOT and CME, or Exchanges) will expand the listing of contract months for the products listed below on CME Globex, and available for submission for clearing on CME ClearPort.
/jlne.ws/3AdpBkf
CME STP Notices: October 24, 2024
CME Group
/jlne.ws/3Ulc5BU
EBS Market on CME Globex Notice: October 24, 2024
CME Group
/jlne.ws/3BTgYf0
CME Globex Notices: October 21, 2024
CME Group
/jlne.ws/3AcRhFS
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | ATSs Bring Innovation to Equity Trading
Coalition Greenwich via Traders Magazine
Equity traders looking to stay ahead of the curve-and the competition-are turning to alternative trading systems (ATSs) that are experimenting with new innovative features to improve trading outcomes. About 16% of U.S. equity volumes overall are currently executed via ATS and could be accounting for at least half of the liquidity needs for institutional traders. Traders are attracted to these systems for their potential ability to deliver high-quality execution and enhanced liquidity with less information leakage and impact.
/jlne.ws/3BY6JpS
EquiLend Announces Appointment of New Chief Executive Officer
EquiLend
EquiLend, the global leader in technology, data, and analytics solutions for the securities finance industry, today announced the appointment of Rich Grossi as its new Chief Executive Officer. Grossi brings a wealth of experience in fintech, operational excellence, and strategic leadership, positioning EquiLend to accelerate its growth and innovation within the securities finance market. "I'm honored to join EquiLend at such a pivotal time for both the company and the securities finance industry," Grossi stated. "EquiLend's unique technology platform and differentiated suite of solutions enable a level of transparency, automation, and efficiency that is unmatched in the market. I look forward to working closely with the team to build on this foundation and help clients gain even more value from our solutions."
/jlne.ws/4eUsCVw
J.P. Morgan Launches Private Markets Data Solutions
J.P. Morgan via Traders Magazine
J.P. Morgan announced the launch of its Private Markets Data Solutions for institutional investors, available through Fusion by J.P. Morgan. This is a comprehensive data management solution for private assets that enables investors, both General Partners (GP) and Limited Partners (LP), to analyze and gain transparency into their complete portfolio across public and private holdings and eliminate the manual processes of managing this operational workflow at scale.
/jlne.ws/3BVJ8q1
Bank of America Expands AI and Machine Learning Patents 94% Over Two Years
Katherine Doherty - Bloomberg
Bank of America Corp. nearly doubled the number of patents related to AI and machine learning in two and a half years as financial firms race to embrace the evolving technology. The lender has nearly 1,100 AI and machine learning patents and pending applications within its portfolio at midyear, a 94% increase since early 2022, according to a statement Wednesday. More than half of the total have been granted already, BofA said.
/jlne.ws/3YhN6Az
Nvidia's Huang teams with Asia's richest man on Blackwell AI hub
Saritha Rai - Bloomberg
Nvidia Corp.'s (NVDA) Jensen Huang struck a partnership with Asia's richest man, Mukesh Ambani, to build out artificial intelligence infrastructure and spur the technology's adoption in the world's most populous country. The two executives shared the stage at Nvidia's AI summit in Mumbai on Thursday and said a new major data center by Ambani's Reliance Industries Ltd. in India is set to use the latest Blackwell chips from the US company. Nvidia also forged partnerships with Indian conglomerates including Infosys Ltd. and Tata Consultancy Services Ltd.
/jlne.ws/4eXmSKN
Companies Look Past Chatbots for AI Payoff; Emerging tools can help companies apply artificial intelligence to their data, but only if business processes can keep up with the furious pace of tech innovation
Steven Rosenbush - The Wall Street Journal
Two years after the launch of OpenAI's ChatGPT, many companies display a level of enthusiasm for artificial intelligence that seems to leave much of the public bewildered. Sure, generative AI-based chatbots are useful. But do they really justify the $632 billion that research firm IDC estimates companies worldwide will spend on AI by 2028?
/jlne.ws/3Yyek7s
Intel-Backed Blockchain Startup R3 Weighs Options Including a Sale; New York-based R3 has spoken to firms including Ava Labs; Blockchain adoption in finance has moved slower than expected
Anna Irrera - Bloomberg
/jlne.ws/4dXuXOj
HSBC Hong Kong joins China's alternative to Swift global payments system; Direct participation in Cips system will mean faster settlements and help internationalise use of renminbi
Kaye Wiggins - Financial Times
/jlne.ws/48Bey1b
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| Cybersecurity | | Top stories for cybersecurity | Scammers are stealing homes from under their owners' noses. AI is making it scarily easy.
Jordan Pandy, Katie Balevic - Insider
Spelling Manor - a 120-room mansion in Los Angeles with its own bowling alley and beauty salon, built by Aaron Spelling, the television producer behind "Beverly Hills 90210" and "Dynasty" - is one of the largest properties for sale in the country. It's been on the market for over 2 ½ years with a fittingly giant price tag: $137.5 million. Its owner must have been thrilled when Eric Schmidt - the former CEO and executive chairman of Google, with a net worth of $23 billion as of October 21 - expressed interest in purchasing it, as The Wall Street Journal reported earlier this month.
/jlne.ws/3YyPQLj
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto's Political Money Cannon Still Has Millions to Deploy; Fairshake is the rare political action committee that is backing both Democrats and Republicans - as long as they take crypto seriously.
Biz Carson and Fola Akinnibi - Bloomberg
Fairshake, a political action committee representing cryptocurrency interests, is poised to spend more than $40 million in the final weeks of the 2024 US elections, after already deploying $140 million on dozens of Congressional races nationwide. Funded by Coinbase Global Inc., Ripple Labs, Andreessen Horowitz and other industry heavyweights, Fairshake's efforts have rattled some candidates - perhaps none more than Sherrod Brown, Ohio's incumbent Democratic senator and banking committee chair. The latest Federal Election Committee filings show that a Fairshake-funded PAC has funneled some $40 million since August to support Republican challenger Bernie Moreno, who has since erased Brown's six-point lead and made the race too close to call.
/jlne.ws/3Um1t5Y
Ripple CEO Brad Garlinghouse Says an XRP ETF Is 'Inevitable'
Teresa Xie and Sonali Basak - Bloomberg
After being embroiled in a years-long dispute with the US Securities and Exchange Commission over what constitutes a security, Ripple Labs Inc. Chief Executive Officer Brad Garlinghouse says it's "just inevitable" that the company's XRP cryptocurrency will be offered through an exchange-traded fund. Since funds holding Bitcoin were first approved in January, "$17 billion has flowed into the fastest growing ETF in history," Garlinghouse said during a Bloomberg Television interview Wednesday. "It clearly demonstrates that there's demand from institutions and retail to access this asset class."
/jlne.ws/3Un3Q8r
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| Politics | | An overview of politics as it relates to the financial markets | BlackRock's Boivin Says Disputed US Election Is Underpriced Risk
Naomi Tajitsu - Bloomberg
Markets are underpricing the risk that one of the US presidential candidates contests the results of next month's election, according to the BlackRock Investment Institute's Jean Boivin. Boivin, managing director at the research arm of BlackRock Inc., the world's largest asset manager, sees a disputed victory leading to "weeks of very disrupting legal battles" that could roil assets. Treasuries are already reeling from a selloff that's pushed up benchmark yields more than 40 basis points this month, while stocks remain near a record high.
/jlne.ws/4dYaGZ0
American creating deepfakes targeting Harris works with Russian intel, documents show; Russian documents reviewed by The Post expose the workings of a Moscow network that has become a potent source of fake news targeting American voters.
Catherine Belton - The Washington Post
A former deputy Palm Beach County sheriff who fled to Moscow and became one of the Kremlin's most prolific propagandists is working directly with Russian military intelligence to pump out deepfakes and circulate misinformation that targets Vice President Kamala Harris's campaign, according to Russian documents obtained by a European intelligence service and reviewed by The Washington Post.
/jlne.ws/48iCp5u
Polymarket power players have poured a ridiculous amount of crypto into a Trump win-but U.S. voters aren't even allowed to use the platform
Sydney Lake - Fortune
In the final few weeks of the presidential race, some polls and prediction markets are indicating we could have Donald Trump back in office come January 2025. For the first time since August, the former president overtook Vice President Kamala Harris in The Economist's statistical model of America's presidential election, and some other news outlets and political forecasters are predicting the same outcome.
/jlne.ws/3YgcTJv
Harris Goes Quiet on Biden's Push to Tax Unrealized Gains; Candidate distances herself from White House on investor taxes; Democratic nominee crafts message to appeal to moderates
Josh Wingrove - Bloomberg
Vice President Kamala Harris has gone silent on Democrats' bid to tax unrealized investment gains - casting doubt on how strongly she'd push for a key plank of the party's efforts to raise taxes on billionaires. Harris, who has already pledged to scale back one of President Joe Biden's key policies on capital gains taxation, is declining to give specifics about her support for other pillars of the administration's vision to raise taxes on businesses and the wealthy. That includes a White House plan to tax unrealized gains, a major proposed Internal Revenue Code change designed to increase levies on the richest Americans who are often able to avoid taxes under the current rules.
/jlne.ws/3AeDqPp
Putin faces calls for peace at flagship BRICS summit
AFP
World leaders called for peace in the Middle East and Ukraine at the BRICS summit in Russia on Wednesday, as President Vladimir Putin told them he welcomed offers to mediate in the Ukraine conflict. The Russian leader is casting the gathering as a sign that Western attempts to isolate Moscow have failed, but faced direct calls to end the Ukraine conflict from some of his closest and most important partners.
/jlne.ws/3YbhQTS
US Asks G-7 to Consider Sanctions on Russian Palladium, Titanium
Daniel Flatley - Bloomberg
/jlne.ws/4dUzOjm
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| Regulation & Enforcement | | Stories about regulation and the law. | Google's Anthropic AI Investment Gets Formal UK Merger Probe; Google pledged to invest $2 billion into the AI startup; UK antitrust agency has been scrutinizing wave of investment
Katharine Gemmell - Bloomberg
Google's partnership with AI firm Anthropic is at risk of being derailed in the UK after the competition watchdog called for further investigation into the pact's potential impact. The Competition and Markets Authority said Thursday it's opening a formal phase one merger probe, in the latest sign that regulators are taking closer order of the wave of investment into startup AI firms.
/jlne.ws/4hlKmL9
Apple and Goldman Sachs fined $89 million over Apple Card missteps
Greg McKenna - Fortune
The long breakup between Apple and Goldman Sachs over their joint credit card has become even messier. The Consumer Financial Protection Bureau announced on Wednesday that it had ordered both companies to pay a total of $89 million for allegedly mishandling disputed transactions and misleading consumers about interest-free payment plans for iPhones and other Apple devices.
/jlne.ws/40fsMT2
ASIC cancels AFS licence of Next Generation Advice
ASIC
On 18 October 2024, ASIC cancelled the Australian financial services (AFS) licence of Next Generation Advice Pty Ltd (in Liquidation) (Next Gen). Next Gen's licence was cancelled by ASIC after the Queensland Supreme Court ordered the company be wound up on 23 August 2024. ASIC has specified that Next Gen must continue its membership of the Australian Financial Complaints Authority (AFCA) until 17 October 2025.
/jlne.ws/4hl4LQs
ASIC 2024 Update
ASIC
Keynote address by ASIC Commissioner Kate O'Rourke at the 34th Annual Credit Law Conference, 24 October 2024.
/jlne.ws/4hft1Uh
ASIC updates guidance for auditors following extension to financial reporting and audit obligations
ASIC
ASIC has today released updated regulatory guidance for the resignation, removal and replacement of auditors. The updates to Regulatory Guide 26 Resignation, removal and replacement of auditors (RG 26) reflect expanded obligations applying in relation to registrable superannuation entities (RSEs) and retail corporate collective investment vehicles (retail CCIVs).
/jlne.ws/3A2uPiO
FMA publishes 2024 Annual Report
FMA
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - today published its annual report for the year to 30 June 2024. The report details the FMA's core focus areas: monitoring and supervision of market participants, implementation of new legislation, enforcement action and providing resources for investors and consumers. The FMA achieved six out of nine of its Statement of Performance Expectations.
/jlne.ws/4fd9p1d
FSA Weekly Review No.608
FSA
Week of October 11, 2024 - October 17, 2024. This page contains the latest in events, developments, and updates to the FSA website.
/jlne.ws/3NHFK4k
MAS and IMDA Announce Implementation of Shared Responsibility Framework from 16 December 2024
MAS
The Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority of Singapore (IMDA) today announced that the Shared Responsibility Framework (SRF) for phishing scams, which was published for consultation on 25 October 2023[1], will be implemented on 16 December 2024.
/jlne.ws/3UmBoTY
SFC engages securities industry on regulatory trends and market development
SFC
The Securities and Futures Commission (SFC) hosted a seminar today with more than 200 financial sector representatives at its headquarters to engage the industry in ongoing discussion of key challenges and opportunities. During the seminar, the SFC shared its proactive measures to foster continued growth and stability for Hong Kong's capital markets as well as recent developments related to virtual assets, the integrated funds platform and RMB fixed-income instruments.
/jlne.ws/3Ulb9gS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Surge in Treasury 'Term Premium' Warns of Rising Bond Risks; Key gauge rises to highest since November as bond rout deepens; Traders demand more yield on growth, deficit, election concern
Michael Mackenzie and Greg Ritchie - Bloomberg
The US Treasury market, already mired in one of its worst losing stretches of the year, is flashing a fresh warning sign of mounting risks as yields surge. The so-called term premium on 10-year Treasury notes - an expression of the extra yield investors demand for owning the debt rather than rolling over shorter-term securities - has risen from near zero to just under a quarter point so far this month to the highest since last November, a Federal Reserve gauge shows.
/jlne.ws/3Yma7Tb
Calculating the Real Value of the Art You Own; Sometimes, one's possessions brush up against greatness, if not great valuations.
Howard Chua-Eoan - Bloomberg
At this year's Frieze Masters, the annual arts fair in Regent's Park, nine prints of spiders made me catch my breath. The arachnids were a complete set of Ode a Ma Mere by Louise Bourgeois, who used the creepy-crawlies to illustrate her relationship with her mother. Her most famous expressions of the theme are the gargantuan sculptures in museums like the Guggenheim in Bilbao and the Tate Modern in London.
/jlne.ws/3Ykp0VL
The Art Market Is on the Brink of Major Upheaval; After surveying thousands of collectors this summer, a new report from Art Basel and UBS articulates the demographic shift that's (slowly) rocking the market.
James Tarmy - Bloomberg
The art market is nearing a critical inflection point, according to a new 2024 survey of global collecting from Art Basel and UBS. Rich people are getting richer, but art represents a lower percentage of their net worth than in years past; meanwhile, a core group of dedicated collectors report that they plan to attend fewer art-related events than before, even though they favor in-person acquisitions by a large margin. On top of this, a slow-moving tsunami of wealth is transferring art from the hands of an older generation into a younger one, even as the youngest generation of collectors appears to be pulling back from the market.
/jlne.ws/4dTFYQI
Euro Hedges Are Most Overpriced Since 2017 Ahead of US Election; Relative premium is increasing with presidential contest tight; US race seen as most significant risk since 2017 French vote
Vassilis Karamanis - Bloomberg
The relative cost of hedging the euro in the run-up to the US presidential elections is the most elevated in seven years as polls suggest voting will go down to the wire. A key options-market measure - based on how much wider currency swings are expected to be in the future compared with now - hasn't been this high since the turbulent 2017 French elections, which some feared would scupper the common currency. A positive number for the so-called relative premium indicates hedging costs are overpriced.
/jlne.ws/3YhJ632
UK Plc Is Buying Longer Currency Hedges After Pound's Surge; Average hedge length rises to near 6 months, says MillTechFX; Geopolitical uncertainty seen driving volatility, survey finds
Alice Atkins - Bloomberg
British companies are locking in currency hedges for longer, driven by the pound's surge and concerns that global geopolitical uncertainty will spur more volatility. The average hedge length has increased to nearly six months, up from less than four months last year, foreign-exchange platform MillTechFX said in a report on Thursday. UK firms are seeking longer-term protection against dramatic currency swings, its survey of 250 chief financial officers and treasurers found.
/jlne.ws/3YyBcUn
S&P Revises Up 2024 Global Bond Issuance Forecast to $9 Trillion; Firm forecasts issuance growth of 17% in 2024 and 4% in 2025; Trade threats, risk of rate-cut pause may dent 2025 outlook
Finbarr Flynn - Bloomberg
Global bond sales will climb 17% this year to about $9 trillion with momentum from the third quarter likely sustained, S&P Global Ratings said, revising up a previous estimate. The pace of bond issuance in 2025, including municipal, corporate and structured debt, will likely moderate to a 4% jump, given the high-base of comparison this year and slowing economic growth, according to the firm's report dated Oct. 23.
/jlne.ws/3NANVj9
US Previously Owned Home Sales Fall to an Almost 14-Year Low
Michael Sasso - Bloomberg
/jlne.ws/3C6FuJD
The 20 greatest trading innovations; In celebration of The TRADE's twentieth birthday, editor Annabel Smith rounds up the 20 greatest trading innovations, exploring the solutions that have overhauled and reimagined the processes that traders depend on day in and day out to execute in the markets.
Annabel Smith - The Trade
/jlne.ws/3BUoHK3
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Investors give funds aligned to Paris Agreement a wider berth; ESG funds which track companies' adherence to climate pledges have been falling from favour
Alice Ross - Financial Times
It always surprises me how effective it is to give a child a gold star for good behaviour. They can't do anything or buy anything with a gold star - they just seem to like being rewarded. One theory behind sustainable investment is that investors will reward companies that are doing well on the environment - though this sort of gold star does involve money.
/jlne.ws/3A9H8tE
E.P.A. Toughens Requirements to Remove Lead Paint Dust Around Children; The new rules consider any detectable level of lead dust in a building a "lead hazard," requiring property owners to pay for cleanup.
Hiroko Tabuchi - The New York Times
The Biden administration said Thursday that it was strengthening requirements for homes and child-care facilities to remove lead-based paint dust, a move that could better protect more than 300,000 children a year from the toxic metal.
/jlne.ws/3NCR3ed
US power grid added battery equivalent of 20 nuclear reactors in past four years; Pace of growth helps maintain renewable energy when weather conditions interfere with wind and solar
Oliver Milman - The Guardian
Faced with worsening climate-driven disasters and an electricity grid increasingly supplied by intermittent renewables, the US is rapidly installing huge batteries that are already starting to help prevent power blackouts. From barely anything just a few years ago, the US is now adding utility-scale batteries at a dizzying pace, having installed more than 20 gigawatts of battery capacity to the electric grid, with 5GW of this occurring just in the first seven months of this year, according to the federal Energy Information Administration (EIA).
/jlne.ws/40bTEmZ
Voters Head to the Polls in a World Full of Plastic Pollution. What's at Stake This Year?; The presidential election could have big implications for how the United States responds to a global plastics crisis, though a gridlocked Congress would reduce those options.
James Bruggers - Inside Climate News
Polling shows environmental issues are far from the top of voters' minds this year, and the global plastics crisis rarely gets a mention-unless it's to defend plastic straws.
/jlne.ws/3Yl3Dnd
Dutch environmental agency warns on North Sea wind project delays
Toby Sterling - Reuters
Delays in the Netherlands' rollout of offshore wind are already leading to higher greenhouse emissions and more are expected, the country's PBL environmental assessment agency warned on Thursday. A rapid expansion of wind turbines in the North Sea is a cornerstone of Dutch environmental policy, with grid company TenneT (IPO-TTH.AS) planning to spend more than 100 billion euros ($108 billion) to support it.
/jlne.ws/3A9dyV6
Permian Producer Matador Raises 2024 Oil Production Plans; Driller credits new assets for output up to 101K barrels a day; Western part of Permian Basin continues to drive growth
Mitchell Ferman - Bloomberg
/jlne.ws/3YignLx
Non-exec roles offer a launch pad to boardroom gender parity; The role allows women to sharpen their leadership skills amid a lack of senior management opportunities
Kate Hodge - Financial Times
/jlne.ws/4f1ytJ2
Why AI is the key to unlocking leadership opportunities for women; Efforts to remove bias will become a strategic advantage for business, and protect its long-term legitimacy
Lorena Goldsmith - Financial Times
/jlne.ws/3A1onIT
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Jefferies, Truist Surge on Competitive Muni Bond Deals; Jefferies reaches third in competitive sales from 12th in 2021; Truist ranks seventh after winning 37 muni auctions this year
Shruti Singh - Bloomberg
Jefferies Financial Group Inc. and Truist Financial Corp. are winning a larger number of muni bond sales up for auction this year, the latest evidence of the shake up in the market after large banks like Citigroup Inc. pulled back. So far this year, Jefferies was third among competitive managers, up from twelfth three years ago, according to data compiled by Bloomberg. Truist has jumped to seventh after winning more than three dozen deals this year.
/jlne.ws/4eTDMtH
Policymakers should not exacerbate the risks of deglobalisation; A fragmented approach to rulemaking in banking around the world has the potential to be destructive
Sergio Ermotti - Financial Times
The writer is chief executive of UBS.
As trade has globalised over the past 80 years, the role of banks has evolved with the needs of customers but remained relatively constant: providing the financial lubricant that keeps the world economy humming. In an era where deglobalisation brings new risks, ensuring that capital flows to local and regional companies and communities is even more crucial to guarantee future prosperity. Yet divergent and often-burdensome regulatory constraints threaten to weaken, if not destabilise, the global financial system.
/jlne.ws/3BY3T4b
BMO Predicts as Much as $50 Billion in US IPOs Next Year; 'We're entering a pretty unique period of time,' says Benedict; IPO activity has been tame for the better part of three year
Bailey Lipschultz - Bloomberg
The market for US initial public offerings is expected to accelerate next year, according to senior bankers at BMO Capital Markets, potentially pushing the volume of such deals to a four-year high. Proceeds for companies selling shares for the first time in the US will probably be between $40 billion and $50 billion next year, according to Eric Benedict, BMO's co-head of global equity capital markets. That would mark a pick up of at least 32% from what the market has seen so far this year, when measuring companies that raised more than $20 million and when teasing out blank check firms. It would also be the most since the pandemic-rally-fueled boom in 2021, data compiled by Bloomberg show.
/jlne.ws/3A7vq2F
Barclays Turnaround Gathers Pace as CEO Delivers on Revamp; Revenue from trading, UK consumer divisions topped estimates; Results show progress for Venkatakrishnan's three-year plan
Jan-Henrik Foerster - Bloomberg
Barclays Plc third-quarter results offered signs that executives are delivering on the lofty promises they made earlier this year to boost the bank's lagging returns. Better-than-expected income from its two biggest divisions fueled a 5% increase in total revenue to £6.55 billion, which topped analyst expectations. Pretax profit for the period soared 18% to £2.23 billion.
/jlne.ws/4hik7W0
Barclays and Deutsche Bank Need to Chase More Equity Deals
Paul J. Davies - Bloomberg
Barclays Plc and Deutsche Bank AG have both benefited from interest rates staying higher than expected this year, supporting revenue and helping them lock in more income for future years. But both still need to prove their investment banks can compete with US rivals. If their rainmakers can't catch a growing share of next year's dealmaking and stock sales by companies, both European banks will struggle to hit ambitious revenue growth targets and risk missing profit goals, too.
/jlne.ws/3BRuaRC
BlackRock launches three targeted ETFs for investors looking to diversify risks
Niket Nishant and Manya Saini - Reuters
BlackRock has launched three new exchange-traded funds (ETFs), including two that offer exposure to the largest U.S. stocks and one designed to avoid them, reflecting asset managers' efforts to provide more tailored investment options. The sustainability of the rally in mega-cap stocks has been one of the biggest talking points among investors. While advocates tout their outsized gains, critics are worried about frothy valuations and concentration risk.
/jlne.ws/3C8bgpF
Saudi Arabian ETF Tracking Chinese Stocks Raises $1.3 Billion; ETF has raised HK$10 billion, more than any of its local peers; Fund due to be listed on the domestic exchange next week
Bloomberg News
A Saudi Arabian investment firm will soon launch the country's largest exchange traded fund to track Hong Kong-listed Chinese stocks, the latest sign of closer financial ties between China and the oil-rich kingdom. The securities arm of Bank Albilad raised HK$10 billion ($1.3 billion) for its Albilad CSOP MSCI Hong Kong China ETF as of Wednesday, according to the social media account of the fund's Chinese partner. The fund is bigger than any of its peers listed on the Saudi Arabian exchange, according to data compiled by Bloomberg. It will start trading next Wednesday.
/jlne.ws/48m20KX
Iranian Oil Kingpin's Hedge Fund Manages Millions From London; Ocean Leonid - a fund operating from London's Knightsbridge neighborhood - has hired financial industry veterans and is said to trade on behalf of Iran's Hossein Shamkhani
Ben Bartenstein - Bloomberg
/jlne.ws/48mxhgt
Odey Rejoins Hedge Fund Firm He Left Over Misconduct Claims; Tycoon was removed from company last year after FT report; Odey Asset Management no longer handles outside money
Benjamin Stupples and William Shaw - Bloomberg
/jlne.ws/3BY4d2U
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Too many women excel at their jobs but are ignored for top roles; The struggle to overcome gender bias and be taken seriously leads many to quit prematurely
Anjli Raval - Financial Times
Imagine a scenario where two executives make the same point at a high-level meeting: one receives nods of agreement, but the other is met with scepticism. For many female managers, the latter reaction is all too real. This invisible barrier, dubbed the authority gap, remains pervasive in working life. It is defined as the disparity in how authority is perceived, acknowledged, and respected between different groups in the workplace, based on gender, race, class or other differentiating factors. Women, in particular, are often viewed as less competent or authoritative, even if they hold the same position or have the same qualifications as male counterparts.
/jlne.ws/48s2rDl
AI tools to help job-hunters get past the recruiters' bots; A range of tech-based options are available to help candidates secure an interview
Laura Whitcombe - Financial Times
Are you missing out on interviews by not using artificial intelligence in your job hunt? If you are not tech-savvy, you could well be, warn recruiters. You may find the "computer says no" and your CV fails to make it through an AI-powered sifting process, compiled for the hiring company. Last year, a report by AI-powered recruitment platform Jobscan found that almost all Fortune 500 companies now use AI tools to track applications - which usually involves scanning CVs to remove those deemed not to match job specifications. And, at the same time, almost half of jobseekers say they use AI tools when applying for positions.
/jlne.ws/3YjzmFF
What the Happy Warrior in Your Office Knows About Getting Ahead; Your perpetually upbeat co-worker stands out because so many others are grumpy or slacking off
Callum Borchers - The Wall Street Journal
They smile even when work is a slog, but fierce ambition lies behind their sunny dispositions. They're the happy warriors in your office, and make no mistake: The "warrior" half of the moniker is just as important as the "happy" part. "I want to win," says Danielle Korins, chief human resources officer of an artificial-intelligence company in Connecticut and a self-described happy warrior. "I want to get things done and make money."
/jlne.ws/3AnVJBA
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| Wellness Exchange | | An Exchange of Health and Wellness Information | McDonald's shares drop as Quarter Pounders tied to fatal US E. coli outbreak; Fast-food chain withdraws signature burger from four states after 49 infections and one death
Oliver Barnes - Financial Times
Shares in McDonald's dropped by as much as 10 per cent after US public health authorities linked a fatal E. coli outbreak affecting 10 states with the fast-food chain's Quarter Pounder hamburgers. The Centers for Disease Control and Prevention said on Tuesday that the "severe" E. coli outbreak had infected 49 people, leaving 10 in hospital and one elderly person dead. Everyone interviewed by authorities investigating the outbreak reported having eaten McDonald's before falling ill.
/jlne.ws/4fdwOzy
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong Makes Good on Yuan Globalization Pledge With Bond Sale
Tania Chen - Bloomberg
Authorities in Hong Kong are following through on a pledge to bolster the city's role as an offshore yuan trading hub via a rare issuance of bonds denominated in the Chinese currency. The city sold 1 billion yuan ($140 million) of debt maturing in three years under its Infrastructure Bond Programme, according to a statement on the government's website on Thursday. The offering marks the authorities' latest effort to enhance offshore yuan liquidity amid a push to encourage a broader usage of the currency.
/jlne.ws/3NEzOcq
Top China Quant Offers Permanent Zero Fees After Market Losses; Shanghai Power Asset apologizes to investors upset by losses; Case adds to Chinese quants' setbacks from stocks rally
Bloomberg News
A top-performing Chinese quantitative hedge fund offered zero performance fees to keep investors from quitting after suffering record losses in recent weeks, the latest casualty of wild swings in the nation's stock market. Shanghai Power Asset Management Co. feels "deeply guilty" for investors in its options-trading products, according to a statement on its WeChat account on Wednesday. The company said it would consider a permanent exemption on performance fees if clients are willing to buy its new products.
/jlne.ws/4hgVN70
Head of Australia's largest listed tech group quits after reports on private life; Billionaire Richard White steps down as WiseTech Global chief following 20% fall in company's shares
Nic Fildes - Financial Times
Richard White, the billionaire co-founder of Australia's largest listed technology company WiseTech Global, has stepped down as chief executive after a series of revelations about his personal life wiped more than 20 per cent off the value of the logistics software group. WiseTech shares hit a record high in September, valuing the company at A$45bn (US$30bn), as White's vision to build "the operating system of global logistics" gathered pace.
/jlne.ws/4dZSOg8
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