| October 06, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
More sad news. This one hurts. Mark D. Connelly has passed away at the age of 60. He died suddenly on September 29, the obituary in the Chicago Tribune says. I found out yesterday, only after all of his services had been held.
Mark was a good friend, a former Elmhurst neighbor and futures industry stalwart who I first met in an YMCA Little Dribblers program in Elmhurst, Ill. when my son Tim was in the first grade. I later ran into him in The Price Futures Group's offices one day, as he had been hired to audit one of their funds and we both came to realize we worked in the same industry. It was Mark who connected me with his then firm, now McGladrey, to do the taxes for John J. Lothian & Company, Inc. I have had a relationship with McGladrey since then.
Mark was a wizard at helping firms find problems with the fees they paid to exchanges. His Gmail account was Connelly.Fees@. He was a very upbeat, smiling, happy person. He is described in the Tribune as "the life of the party," which would be right. He was a loyal Chicago Cubs fan. He coached Little League baseball in Elmhurst for many years for his different sons.
Mark was a friend of many in the futures industry. He was taken from us too soon. It is a shock. Every day is a gift. I keep reminding myself of that.
The CME Group has appointed new heads for their equity and cryptocurrency businesses, naming Paul Woolman, currently global head of equity index products, to lead the company's equity index product portfolio, while Giovanni Vicioso, the CME's global head of cryptocurrency products, will assume responsibility for the company's cryptocurrency products.
Tyson Foods announced they are moving their corporate headquarters out of Chicago, following the lead of such firms as Citadel and Boeing Inc. They are moving all of their corporate teams to their longtime headquarters in Springdale, Arkansas. They did not give a reason for the move, like "there is too much crime in Chicago," because I think they did not want to seem....chicken.
The Financial Times has a Special Report, "Investing in America."
This sounds like a sure thing investment. Tuttle Capital Management has filed with the SEC to launch an ETF that takes short positions against those stock picks recommended by the TV personality Jim Cramer. Tuttle has also filed a long ETF with the SEC, but come on, it is the short one that begs for your investment dollars.
I need to apologize for including a bad link yesterday for the best bar. Rather than sending you to a bar hidden behind a pastrami shop, I sent you to the aggregation document for this newsletter. We normally double check our links, but this one slipped through our processes. The right link for the best bar in the world is HERE.
MLB.com had a story a couple of days ago about a former Purdue Exponent colleague of mine who went to work for Major League Baseball for 20 years. It is a story titled "The coin flip that saved baseball in Seattle" about how Carolyn Holmes was asked by the president of the Seattle Mariners to make the coin flip selection on behalf of the Mariners that determined home field advantage in the case of a tie. Chuck Armstrong, the Mariners' president, asked her to do this because they were both Purdue Boilermakers and he trusted her. It is an interesting story about the history of coin flips and tie breaking in baseball.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The 2022 United Nations Climate Change Conference, or COP27, will be held from November 6 through 18 in Sharm El Sheikh, Egypt. State parties to the United Nations Framework Convention on Climate Change (UNFCCC) as well as thousands of experts, journalists, and representatives from businesses and nongovernmental groups will gather at COP27 with the goal of global cooperation to address climate change. You can learn more and view session information here. ~ SAED
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Swiss Finance Museum Fills Unique Niche to Promote Financial Literacy
JohnLothianNews.com
Amid educational events occurring around the world for IOSCO's World Investor Week, John Lothian News spoke to the director of the Swiss Finance Museum at the Swiss exchange about the museum and what they are doing to promote financial literacy.
JLN interviewed Andrea Weidemann, director of the Swiss Finance Museum, about the history of the museum and what it is trying to accomplish. She said the finance museum is unique in Switzerland, especially for a country that has 1,111 museums of all different kinds.
Watch the video »
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Most Powerful Women in Finance: No. 5, Lynn Martin, NYSE Group
Joel Berg - American Banker
As a child, Lynn Martin nurtured her love of technology and coding on a Commodore 64 in her parents' home in Smithtown, New York. But it was not until her first job in coding that she felt the pull of Wall Street. After landing at IBM in 1998, Martin was assigned to write code for a major global bank to measure trade-processing times on the New York Stock Exchange during peak days. The work, coupled with her after-hours pursuit of a master's degree in statistics, set her on the path that led to her current job. In January, Martin was named president of the NYSE, only the second woman to lead the exchange in its 200-plus years of operation. Martin's background in technology is a key asset as she steers the company through the increasingly digital nature of business and finance.
/jlne.ws/3SD3pE0
***** I am surprised Lynn is not higher in the list. She is on mine.~JJL
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Greta Thunberg Discusses How Asperger's Shaped Her Approach to Climate Crisis
Connie Evans - The Press Association
Greta Thunberg has revealed how being diagnosed with Asperger's syndrome has shaped her approach to the climate crisis, saying "it's helped me see through a lot of the bullshit". The 19-year-old climate activist gained recognition at the age of 15 when she began spending her Fridays sat outside the Swedish parliament building calling for more serious action on climate change.
/jlne.ws/3e7iEX1
***** Greta is up there too on my list.~JJL
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Cost of living: Shell boss calls on government to tax oil and gas companies to protect poorest
Sarah Taaffe-Maguire - Sky News
The chief executive of Shell has called on the government to tax oil and gas companies in order to protect the poorest people in society from soaring energy costs. Speaking at the Energy Intelligence Forum in London, Ben van Beurden said: "One way or another there needs to be government intervention that somehow results in protecting the poorest. "That probably may then mean that governments need to tax people in this room to pay for it."
/jlne.ws/3RHpi3J
***** Common sense is not so common, but the Shell boss seems to have it.~JJL
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Author of The Onion Supreme Court brief explains why parody is worth defending
Rachel Treisman - NPR
The long-running First Amendment case of an Ohio man is suddenly getting a lot of attention, thanks to the satirical news site The Onion. And that's not because it's been spoofed. It's because the publication has gotten involved directly, submitting a brief to the Supreme Court in defense of parody itself.
/jlne.ws/3RGJ5jK
***** It is no fun if you can't make fun of people.~JJL
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Wednesday's Top Three
Our top story Wednesday was Chicago to Convert Famous Business District Office Buildings to Apartments, from the Wall Street Journal. Second was the link that was intended to be to a story called The Best Bar in the World Is Hidden Behind a Barcelona Pastrami Shop, from Bloomberg, but instead mistakenly linked to our news aggregation document. We apologize for the error, and this link should be the correct one. Third was the LaSalle Street (Chicago) story from Crain's Chicago Business's point of view, Could these plans revive LaSalle Street?
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MarketsWiki Stats
27,026 pages; 241,066 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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| Lead Stories | Crypto Exchanges Cut Fees to Gain Market Share From Rivals; Binance and others are following Wall Street's approach to winning over customers
Vicky Ge Huang - The Wall Street Journal
Crypto exchanges are taking a page from mainstream brokers. To drum up business, the biggest exchanges are cutting fees. The crypto-market crash damped trading volumes, putting more pressure on crypto exchanges. Companies are hoping lower fees will help them capture market share from rivals. Over the past decade, Wall Street brokers and fund managers eliminated fees on stock trading and a host of investment products to win over customers. In many cases, the biggest asset managers have benefited the most from low fees because their scale allows them to still turn a profit—and funnel clients into higher-margin products.
/jlne.ws/3ViTCVA
Cboe Takes Step Into DeFi by Posting Free Market Data on Pyth
Katherine Doherty and Yueqi Yang - Bloomberg
Cboe Global Markets Inc. is making some real-time market data freely available over blockchain, as the exchange operator makes its entry into decentralized finance. The Chicago-based firm is joining the Pyth Network, the Jump Trading Group-backed decentralized publisher of crypto and other market data, as a contributor. It will provide data of 10 equities starting in the fourth quarter.
/jlne.ws/3EqnEAy
Electronic-Trading Startup OneChronos Hires Trumid Executive to Lead New Platform; Vlad Khandros is hired to lead new alternative trading system; Firm built an automated auction to trade quantities of stocks
Katherine Doherty - Bloomberg
Vlad Khandros, an executive at electronic bond-trading platform Trumid, has left to lead OneChronos, which lets institutional investors bid for stocks in an automated auction. Khandros, Trumid's former head of corporate development, will become chief executive officer of OneChronos Capital Markets, a subsidiary of OCX Group Inc., according to people familiar with the move who asked to not be named discussing a private matter. He starts next week based in New York and will report to Kelly Littlepage, co-founder and CEO of OneChronos.
/jlne.ws/3Mdccdx
Nord Stream Leaks Caused by Detonations in Sign of Sabotage; Swedish security service concludes preliminary investigation; Evidence is being analyzed to see if prosecution is possible
Charles Daly and Ott Ummelas - Bloomberg
Detonations caused the recent ruptures of Russia's Nord Stream gas pipelines, with the evidence pointing to a deliberate act, according to Swedish investigators. The completed preliminary investigation has "strengthened the suspicions of serious sabotage," the Swedish Security Service said in a statement on Thursday. Swedish investigators didn't give any indication of how the detonations occurred or who might be responsible.
/jlne.ws/3ecPIgc
Treasuries Liquidity Problem Exposes Fed to 'Biggest Nightmare'; JPMorgan measure of Treasury-market depth continue to plunge; Bloomberg's gauge of how far yields are from fair value rising
Liz McCormick - Bloomberg
The latest bout of global financial volatility has heightened concerns about regulators' continuing failure to resolve liquidity problems with US Treasuries -- the debt that serves as a benchmark for the world. It's getting harder and harder to buy and sell Treasuries in large quantities without those trades moving the market. Market depth, as the measure is known, last Thursday hit the worst level since the throes of the Covid-19 crisis in the spring of 2020, when the Federal Reserve was forced into massive intervention.
/jlne.ws/3CasZtb
The OTCQX And OTCQB Markets Experience A Shift Over Pink Tiers Following Improved Regulation Standards By The SEC
Jad Malaeb - Benzinga
On September 28, 2021, an amendment to the U.S. Securities and Exchange Commission (SEC) Rule 15c2-11 came into force with significant implications for retail investors trading the more than 12,000 securities in the OTC Markets. Previously, the rule required market makers to only review basic issuer information before publishing quotations for that issuer's securities. The SEC writes, "Market makers must have a reasonable basis for believing that the information is accurate and from reliable sources. The Rule describes the kind of information that the broker-dealer must review."
/jlne.ws/3fMax2y
A Crisis Is Coming in Europe. The Only Question Is, Which Kind?; European governments may be tempted to fend off an energy crisis by risking a fiscal crisis, but both options are costly.
Tyler Cowen - Bloomberg
European governments are facing a choice of which kind of crisis to have: an energy crisis or a fiscal crisis. The global economy may hang in the balance. Estimates of the size of the energy price shock vary, but one plausible assessment runs in the range of 6% to 8% of GDP for Europe. One response to this shock would be to let energy prices rise and allow the private sector to adjust. This would mean higher costs for manufacturing, higher home heating bills, and lower disposable income to spend on other goods and services. In broad terms, it would be like the energy price shock of 1979 and the following recession.
/jlne.ws/3SJs7CT
Wall Street finds a tax silver lining in down market; Banks are helping wealthy clients to sell investments at a loss to lighten their bills
Joshua Franklin in New York and Mary McDougall - Financial Times
Wall Street banks have found a silver lining in this year's market rout: making money by helping wealthy clients sell some investments at a loss to lighten their tax bills. This so-called "tax-loss harvesting" strategy has been around nearly as long as the federal tax code — which came into force in the second decade of the 20th century — but has surged in popularity this year as stocks and bond prices have plunged.
/jlne.ws/3EmVl5W
Do Kwon denies prosecutors froze $67mn of his cryptocurrency assets; 'I don't know whose funds they've frozen, but good for them,' fugitive Terraform Labs founder says
Song Jung-a - Financial Times
Do Kwon, the co-founder of collapsed cryptocurrency operator Terraform Labs, has denied that South Korean prosecutors froze an additional $39.6mn of his cryptocurrency assets as South Korean authorities began the process to revoke his passport. The Seoul Southern District Prosecutors' Office said on Thursday that Kwon's bitcoin holdings, worth a total of $67mn and held in exchanges OKX and KuCoin, had now been frozen.
/jlne.ws/3V7fvHe
Patricia Cloherty, Trailblazing Venture Capitalist, Dies at 80; A logger's daughter, she was among the first women to thrive in the high-risk, high-reward field and a key backer of fledgling Russian companies in the 1990s.
Ed Shanahan - The New York Times
Patricia M. Cloherty, a logger's daughter who was among the first women to thrive in the high-risk, high-reward field of venture capitalism and was a key financial supporter of fledgling companies in post-Communist Russia, died on Sept. 23 at her home in Miami. She was 80. The death was confirmed by her sister, Judith Cloherty Mendel. Ms. Cloherty was 27, had two master's degrees from Columbia University (neither in finance) and had spent two years in the Peace Corps teaching Brazilian farm children to neuter pigs when, at a United Nations-related event in 1969, she met Alan Patricof, an investor who was opening a venture capital firm.
/jlne.ws/3Mi0tKQ
Elon Musk's Renewed Twitter Bid Puts Pressure on Wall St. Banks Backing Him; Looming in the background of Mr. Musk's $44 billion offer to buy the company is whether financing challenges will provide him with an escape hatch from a deal.
Lauren Hirsch, Joe Rennison and Kate Conger - The New York Times
Elon Musk's planned acquisition of Twitter looked like the deal of the year back in April. Investment banks and Silicon Valley bigwigs clamored to be a part of it. Moved by his lofty promises and past successes, they collectively promised billions to Mr. Musk, the world's richest man. Then Mr. Musk tore it all up. He announced in July that he no longer wanted go through with his bid, and he publicly thrashed the company he had asked for help in buying. But, on Monday night, Mr. Musk said that he had changed his mind once again and that he still wanted to buy Twitter, a company under more duress than it was in the spring and operating in an economy that looks much shakier.
/jlne.ws/3fO4Qkz
Climate crisis made summer drought 20 times more likely, scientists find; Record northern hemisphere drought in 2022 hit crops and power stations, worsening food and energy crises
Damian Carrington - The Guardian
The climate crisis made the record drought across the northern hemisphere this summer at least 20 times more likely, scientists have calculated. Without human-caused global heating, the event would have been expected only once every four centuries. The drought hit crop production and power supplies, exacerbating the food and energy crises already sparked by Russia's war in Ukraine. Droughts will become even more severe and more frequent unless the burning of fossil fuels is phased out, the researchers warned.
/jlne.ws/3rCe46e
Asia's crypto craze spurs swath of fund launches; ETFs and mutual funds have hit the market despite regulatory concerns about retail access
Peter Ortiz - Financial Times
The crypto craze among Asian investors is spurring asset managers in the region to seize opportunities to woo them over with their products despite tightening regulation, Cerulli Associates notes in a new report. A number of cryptocurrency and blockchain-focused funds that invest in the broader universe without directly investing in cryptocurrency have been rolled out this past year in Singapore, Hong Kong and Korea, while Australia has seen the region's first exchange traded funds with direct exposure to bitcoin and ether. "For investors, the growing number of mutual funds and ETFs coming to market help to widen product choices or even legitimise crypto investing by providing arguably safer routes to accessing this asset class, compared to direct crypto investing," said Ken Yap, Singapore-based managing director for Asia at Cerulli.
/jlne.ws/3rB1B2s
Swiss National Bank monitoring Credit Suisse situation - Maechler
Reuters
The Swiss National Bank (SNB) is following the situation at Credit Suisse closely, SNB Governing Board member Andrea Maechler told Reuters on Wednesday. Switzerland's second-biggest bank saw its shares slide by as much as 11.5% and its bonds hit record lows on Monday, before clawing back some of the losses, amid concerns about its ability to restructure its business without asking investors for more money.
/jlne.ws/3SRnne2
Credit Suisse Is Seeking an Outside Investor for Investment Bank Spin Off
Brian Swint - Barron's
Credit Suisse is looking for an outside investor to provide funds for a spinoff of its advisory and deal making businesses, according to a report by Bloomberg citing unnamed people familiar with the matter.The bank is looking for an outside party to take a partial stake in a new boutique-like firm to provide capital as it tries to hire and retain talent, the report said. It may revive the First Boston brand name that was retired years ago.
/jlne.ws/3CCUeOp
Crypto Failures Fueled Better Due Diligence
Thomas M. Barwick - CoinDesk
How do investors in traditional risk assets stay safe in rough markets? They flee to fundamentals, value, income or quality - some expression of factors that lead to a traditional security having less volatility and more advantageous returns in periods of turbulence and down markets. But what should digital asset investors do? The fundamentals of digital assets are not as easily discerned, and it's not always clear which cryptocurrency is going to be more or less volatile than its peers.
/jlne.ws/3MdLEZz
Where's the beef? Rancher sentenced to 11 years for ripping off Tyson Foods of nearly $250 million in 'ghost cattle' scam.
Lukas I. Alpert - MarketWatch
A Washington state rancher has been sentenced to 11 years in prison for a nearly quarter-billion-dollar ripoff of Tyson Foods Inc. TSN, -1.22% in which it sold the meat processor more than 260,000 head of cattle that didn't exist. Prosecutors say Cody Easterday, 51, of Mesa, Wash., ran the "ghost cattle" scam for more than four years in order to cover over $200 million in losses he had incurred trading commodity futures. "The sheer magnitude of the fraud that Easterday perpetrated is staggering," federal prosecutors wrote in court filings. "The $244 million that Easterday stole would have funded the combined police, courts, and fire budget of Yakima — a city of nearly 100,000 people — for more than four years."
/jlne.ws/3EmVIh1
EU lays foundation for crypto-asset regulation as landmark bill approved; The regulation details provisions on the supervision, consumer protection and trading of the burgeoning asset type.
Chris Lemmon - The Trade
The European Union has approved the legal text for its landmark Markets in Crypto Asset Regulation (MiCA), marking a significant step in the journey towards a fully authorised and regulated crypto-asset market in Europe. The European Parliament's Committee on Economic and Monetary Affairs will now vote to pass the final text on 10 October, before a date is decided for the implementation of the regulation.
/jlne.ws/3RB3Hdr
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Total CEO Says Capping Price of Russian Oil Is a 'Bad Idea'
Will Mathis and Anna Shiryaevskaya - Bloomberg
The boss of Europe's second-largest oil company said a Group of Seven plan to cap the price of Russian oil is a "bad idea," the most direct criticism of the idea from a senior industry official. "I think it is a bad idea in fact," TotalEnergies SE Chief Executive Officer Patrick Pouyanne said at the Energy Intelligence Forum in London. "It's a way to give leadership back to Vladimir Putin in fact, and I would never do that."
/jlne.ws/3ebh3PO
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LME Blocks New Metal from Russia's UMMC After UK Sanctions
Jack Farchy - Bloomberg
The London Metal Exchange will restrict new deliveries of copper and zinc from Russia's Ural Mining & Metallurgical Co. and one of its subsidiaries, after the UK sanctioned co-founder Iskandar Makhmudov. The move is by far the most significant restriction on Russian supplies by the world's main metals market since the invasion of Ukraine. Metals including copper, zinc and aluminum haven't specifically been targeted by US or European sanctions, although there is an intensifying debate in the industry over whether the LME should act independently to block new deliveries of Russian material.
/jlne.ws/3C9Cbhr
Rusal Says 'No Basis' for Any LME Ban on Russian Aluminum
Jack Farchy - Bloomberg
United Co. Rusal International PJSC said there's "no basis" for any moves by the London Metal Exchange to block its aluminum, ratcheting up its pushback after US rival Alcoa Corp. said the exchange should stop accepting Russian metal. The metals industry has been grappling with the question of how to handle Russian supplies since the invasion of Ukraine in February, but the debate has intensified in over the past month or so. Last week, the LME confirmed it was considering launching a discussion paper on whether to block new supplies of Russian metal from being delivered to its network of warehouses.
/jlne.ws/3ymjRAB
Closure Of Bursa Malaysia In Conjunction With Maulidur Rasul
Bursa Malaysia
Bursa Malaysia and its subsidiaries will be closed on Monday, 10 October 2022 in lieu of Maulidur Rasul (Prophet Muhammad's Birthday) which falls on Sunday, 9 October 2022. Bursa Malaysia and its subsidiaries will resume operations on Tuesday, 11 October 2022.
/jlne.ws/3CgjqZs
SIX Introduces for the First Time a Comprehensive Crypto-Currency Data Offering in Partnership with CryptoCompare
BME-X
Swiss financial data expert SIX, one of Europe's leading financial information providers, is delighted to announce that CryptoCompare's cryptocurrency data is now available for the broad customer base of SIX to further strengthen their activities in digital asset markets. As a result of the partnership, SIX can now cover more than 85% of all cryptocurrency market activities worldwide. CryptoCompare is a key third-party cryptocurrency data provider that SIX has onboarded to its distribution channels.
/jlne.ws/3CdOJUT
Tradeweb Reports Total September Trading Volume of $25.1 Trillion with 17.2% YoY Increase in Average Daily Volume; U.S. High Grade sets monthly and quarterly records for fully electronic ADV and TRACE share; Third quarter ADV up 14.0% YoY
Tradeweb Markets Inc.
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for September 2022 of $25.1 trillion (tn). Average daily volume (ADV) for the month was $1.20tn[1], an increase of 17.2 percent (%) year-over-year (YoY). For the third quarter of 2022, total trading volume was $70.6tn and ADV was $1.10tn, an increase of 14.0% YoY, with preliminary average variable fees per million dollars of volume traded of $2.73.[2]
/jlne.ws/3RGeoeG
Cboe Global Markets Reports Trading Volume for September 2022
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported September monthly trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the third quarter of 2022.
/jlne.ws/3CAuWAm
Cboe to provide market data to blockchain through Pyth network; The move will see Cboe contribute real-time, derived market data to serve the global DeFi community.
Wesley Bray - The Trade
Cboe Global Markets has joined decentralised financial market data distribution platform for aggregated data, Pyth network, becoming the first major global exchange operator to join the network. As part of the move, Cboe intends to publish limited derived equities market data for certain symbols from one of its four US equities to the Pyth network in Q4, offering real-time, institutional-grade pricing information to help enhance the network.
/jlne.ws/3rCZYBi
CME Group Appoints New Global Heads for Equity Index and Cryptocurrency Businesses
CME Group
CME Group, the world's leading derivatives marketplace, today announced the appointment of two new global heads for its Equity Index and Cryptocurrency businesses to continue driving product innovation and supporting long-term growth. Paul Woolman, Global Head of Equity Index Products, will oversee the company's Equity Index product portfolio, while Giovanni Vicioso, Global Head of Cryptocurrency Products, will assume responsibility for the company's Cryptocurrency products. Woolman and Vicioso will report to Ti McCourt, who previously led both business lines and was recently named to the CME Group management team as Global Head of Equity and FX Products.
/jlne.ws/3T34vsm
CME Group and CF Benchmarks to Launch Three New Cryptocurrency Reference Rates and Real-Time Indices on October 31
CME Group
CME Group, the world's leading derivatives marketplace, and CF Benchmarks, the leading provider of cryptocurrency benchmark indices, today announced plans to launch three new cryptocurrency reference rates and real-time indices, which will be calculated and published daily by CF Benchmarks, beginning October 31.
/jlne.ws/3C6AReY
JSE announces 2022 Virtual Trading Game winners
JSE
The Johannesburg Stock Exchange (JSE) has today announced the winners of the JSE Virtual Trading Game (VTG), a game that aims to teach South Africans about investing on the JSE. This year's VTG winner announcement coincides with the sixth annual World Investor Week (WIW), a global campaign to drive financial literacy and promote investor protection.
/jlne.ws/3CgDY43
Warranting of Ural Mining and Metallurgical Company and Joint Stock Company Chelyabinsk Metal
LME
This Notice updates the market on the Russia-related sanctions imposed on Iskander Kakhramonovich Makhmudov by the UK government on 26 September 2022 (the "Sanctions") pursuant to the Russia (Sanctions) (EU Exit) Regulations 2019 and the LME's position in respect of metal produced by Ural Mining and Metallurgical Company ("UMMC"), and its subsidiary Joint Stock Company Chelyabinsk Zinc Plant ("Chelyabinsk") being listed on the LME following the Sanctions.
/jlne.ws/3vimcfa
Miami International Holdings and The Bermuda Stock Exchange Announce Participation in World Investor Week Ring the Bell for Financial Literacy 2022 Ceremony
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), Minneapolis Grain Exchange, LLC (MGEX™), and The Bermuda Stock Exchange (BSX™), today announced their participation in the "Ring the Bell for Financial Literacy 2022" ceremony taking place on October 6, 2022. MIAX will ring the bell at its Princeton, N.J. office, while BSX will ring the bell at its new headquarters facility at Exchange House, in Hamilton, Bermuda.
/jlne.ws/3ry8BNJ
SGX Orb Awards
Singapore Exchange
The media landscape has evolved, with the proliferation of social media and mobile technology giving voice - and the power to influence those seeking information - to a new generation of content producers. It is against this backdrop of change and transition that the SGX Orb Awards seeks to recognise excellence in financial news and content.
/jlne.ws/3M98HVo
TMX Group Consolidated Trading Statistics - September 2022
TMX Group
TMX Group Limited today announced September 2022 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange.
/jlne.ws/3yfKlnh
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | BMLL launches intuitive no-code data visualisation tool for US and European equities and ETFs; BMLL Vantage brings data science and quant analytics capabilities to all market participants
BMLL
BMLL, the leading, independent provider of harmonised, historical data and analytics today launched BMLL Vantage, an intuitive no-code data and analytics visual application for US and European equities and ETFs. BMLL Vantage offers a broad range of market participants, including sales traders, analysts, quants, Exchanges and ETF issuers, access to the most granular Level 3 order book data and analytics to understand market behaviour without the need to code.
/jlne.ws/3fKFcgw
How DeFi & Blockchain Are Shaping The Future Of India's Fintech Sector
Edul Patel - Inc42
Decentralised Finance (DeFi) is a new financial system that is emerging as an alternative to the traditional financial world. DeFi and blockchain technology are reshaping the financial services industry. Unlike traditional banking, DeFi projects powered by blockchain technology do not require intermediaries to provide services such as buying, selling, lending, and borrowing crypto assets. It helps omit all the charges levied at each stage by the middlemen.
/jlne.ws/3CDIFX2
Swiss data and analytics service Nuant prepares for the Q4 launch of the first unified platform for digital asset data, analytics & portfolio intelligence
Nuant
Swiss-based digital asset data and analytics Fintech, Nuant, is launching a platform that solves a critical industry-wide portfolio management problem for institutional funds invested in digital assets: namely data fragmentation from exchange accounts, on-chain wallets, custodial wallets, on-chain data and market data by providing a single unified hub to manage, monitor and make accurate data-driven investment decisions for digital asset portfolios. For the first time, funds will now have access to accurate on-chain and market data, metrics, analytics and compliance tools for all current holdings as well as potential new assets into a portfolio, in one place, in real-time.
/jlne.ws/3RHuCUL
Coinbase Expands Services in Australia, Calling Country a 'Priority Market for Us'; The crypto exchange is adding a way for retail customers to easily transfer Australian dollars to their Coinbase accounts, among other improvements.
Nelson Wang - CoinDesk
Coinbase (COIN) is boosting its services in Australia, calling the country "a priority market for us," the company announced in a blog post this week. The crypto exchange said it is adding local payments platform PayID as a way for customers to transfer Australian dollars to their Coinbase accounts, offering advanced trading tools and better pricing to its local retail customers and providing 24/7 chat support to customers there.
/jlne.ws/3RFsuwM
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| Cybersecurity | | Top stories for cybersecurity | Former Uber Security Chief Found Guilty of Obstructing FTC Probe; Joe Sullivan covered up 2016 data breach by paying hackers $100,000 'bug bounty,' prosecutors said
Robert McMillan - The Wall Street Journal
A San Francisco jury has found Uber Technologies Inc.'s former chief security officer Joseph Sullivan guilty of criminal obstruction charges for failing to report a 2016 cyber intrusion to federal authorities. The case was closely watched as a rare instance of a senior cybersecurity executive facing criminal consequences for a decision not to disclose a hacking incident. The verdict, delivered Wednesday in U.S. federal court, followed a three-week trial. Mr. Sullivan now faces a five-year prison sentence on the obstruction charge and as many as three years in prison on a second charge of failing to report a felony.
/jlne.ws/3fLvnPA
Cybersecurity leaders are having a hard time keeping companies secure, and there's no easy solution
Jada Jones - ZDNET
As more businesses experience a digital transformation and continue to store consumer information in the cloud, cybersecurity risks are an increasing concern for web surfers, companies, and online buyers. According to Foundry's 2022 Security Priorities Study, which surveyed nearly 900 surveyed security leaders around the world, 90% think their organization is not doing enough to address cybersecurity risks.
/jlne.ws/3EkCJ6I
Dispelling 4 cybersecurity compliance myths
Maria Henriquez - Security Magazine
Misinformation about information security compliance is all over the place. Compliance standards are complex and ever-evolving which makes keeping track of changes difficult for security teams, which often don't have the in-house expertise. Security magazine sits down with Troy Fine, Senior Manager of Cybersecurity Risk Management and Compliance at Drata, to break down information security compliance myths and unpack compliance complexities.
/jlne.ws/3RIFZff
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| Cryptocurrencies | | Top stories for cryptocurrencies | Celsius' Crypto Customers Face Big Obstacle in Trying to Claw Back Their Deposits
Ian Allison - CoinDesk
The bankruptcy case of cryptocurrency lender Celsius Network is entering a new phase where shareholders will be pitted against the firm's beleaguered customers, with customers seemingly facing a major disadvantage as the company parcels out its assets in an auction. A recent motion to appoint a preferred equity committee seeks to put shareholders at the front of the queue when it comes to the sale of the custody firm GK8 that Celsius owns and Celsius' mining operations. (Celsius' assets are due to be auctioned off later this month.) A point of interest will likely be changes made to Celsius' corporate structure in the midst of last year's Series B funding round that raised $750 million just months before the company collapsed.
/jlne.ws/3MaTtiI
Decentralized Exchange Token GMX Surges After Binance, FTX Listings
Krisztian Sandor - CoinDesk
The token of the decentralized exchange GMX surged close to its all-time high Wednesday as Binance and FTX, two of the world's most widely used crypto exchanges, announced plans to list the token. GMX jumped to as high as $60 from around $40, data on crypto price tracker CoinGecko shows, the highest since January, when the price hit $62. The token has since pared some of the gains, changing hands at $48 at press time. Trading volume soared, reaching $150 million in the last 24 hours, almost 20 times more than the previous day, CoinGecko data shows.
/jlne.ws/3RKVrYe
Investment Manager Hamilton Lane to Tokenize 3 Funds Through Securitize
Jamie Crawley -CoinDesk
Investment management firm Hamilton Lane (HLNE) will tokenize three of its funds in a partnership with digital-asset securities company Securitize. Hamilton Lane plans to give qualified U.S.-based investors access to funds providing exposure to direct equities, private credit and secondary transactions, which will be tokenized via Securitize's digital transfer agency, according to an announcement Wednesday. The firm expects the tokenized funds will be available by the fourth quarter.
/jlne.ws/3CClT1O
Stablecoin Issuer MakerDAO Allocates $500M for Treasuries, Corporate Bond Investment
Amitoj Singh - CoinDesk
The community governing MakerDAO, a decentralized autonomous organization (DAO) behind stablecoin DAI, has allocated $500 million for investing in U.S. short treasuries and corporate bonds. The "strategic investment" will be converted from its overcollateralized stablecoin, with 80% going towards U.S. short term Treasuries and the remaining 20% to investment grade corporate bonds. MakerDAO's community voted in favor of the allocation proposal, which was presented in late June.
/jlne.ws/3T1EV7f
Crypto Derivatives Exchange PowerTrade Launches 'RFQs' for Institutional Options Trading
Lyllah Ledesma - CoinDesk
PowerTrade, a crypto exchange focused on derivatives, is rolling out a request-for-quote (RFQ) model for the options market, which it says will cater to institutional investors by mirroring a widely used practice in traditional finance. The exchange, which is available as a mobile and web-based application, is the latest to launch an RFQ model. Institutional players tend to prefer to trade options as multi-leg RFQs as they allow investors to buy and sell assets in bulk. Generally speaking, an RFQ is when an investor asks brokers or market makers to bid on a trade.
/jlne.ws/3RHLefg
Celsius' Top 3 Execs Cashed Out $42M in Crypto Before Bankruptcy
Krisztian Sandor, Nikhilesh De - CoinDesk
Crypto lender Celsius' top three executives withdrew $42.13 million in cryptocurrency between May and June 2022, right before the company suspended withdrawals and filed for bankruptcy, new court records show. According to a Statement of Financial Affairs filed late Wednesday, former CEO Alex Mashinsky, former CSO Daniel Leon and CTO Nuke Goldstein withdrew the funds largely from custody accounts in the form of bitcoin (BTC), ether (ETH), USDC (USDC) and CEL tokens (CEL).
/jlne.ws/3CCStAN
Binance gets nod to operate in Kazakhstan
Timmy Shen - Forkast
Binance has obtained a "permanent license" to operate a digital asset platform and provide custody services at Kazakhstan's Astana International Financial Center, the world's largest cryptocurrency exchange announced in a blog post on Thursday. The license gives Binance the status of a regulated platform in the Central Asian nation and authorizes it to offer digital asset trading services, deposit and withdrawal of fiat currencies and custody.
/jlne.ws/3M8tkkF
Ripple slams SEC's opposition to brief motions in XRP lawsuit
Timmy Shen - Forkast
Ripple Labs has spoken against the U.S. Securities and Exchange Commission's opposition to motions from two firms that had requested to file amicus briefs in support of Ripple, in the lawsuit that the SEC filed in 2020 against Ripple.
/jlne.ws/3fQ4w4Z
Grayscale debuts bitcoin mining investment LLC as businesses show 'distress'
David Hollerith - Yahoo Finance
In the thick of crypto winter, asset manager Grayscale Investments says it's the right time to get into the bitcoin mining business and is asking investors to jump in with the firm. The crypto company is spinning up an LLC with its sister firm Foundry (both under Digital Currency Group) that will use accredited investor funds to buy new and distressed crypto mining equipment as well as to finance existing mining businesses.
/jlne.ws/3echrgQ
Hedge Fund Two Sigma to Provide Data to Blockchain Information Network Chainlink
Brandy Betz - CoinDesk
Two Sigma Securities, a quantitative hedge fund with about $60 billion in assets under management, will provide data to popular blockchain information network Chainlink, according to a press release provided to CoinDesk. Chainlink offers price feeds and other data through its oracle network, which can help Web3 developers get projects off the ground faster. Two Sigma's market data includes swaps, options and other derivative-related information. The addition comes a week after financial services firm Galaxy Digital joined Chainlink to offer crypto pricing data to blockchains.
/jlne.ws/3fBQfbI
Singapore's central bank says illegal crypto operations will be hunted down
Pradipta Mukherjee - Forkast
The Monetary Authority of Singapore (MAS) said illegal crypto-related businesses are operating in the city state and it is working with the police to identify and prosecute them. In a reply to a Parliamentary question, Tharman Shanmugaratnam, senior minister and minister in charge of MAS, said that the central bank has been conducting surveillance to identify unlicensed firms that illegally provide digital payment token (DPT) services in Singapore.
/jlne.ws/3CF4Qwo
World Currency Reserves Shrink by $1 Trillion in Record Drawdown
Ye Xie and Mary Biekert - Bloomberg
Global foreign-currency reserves are falling at the fastest pace on record, as central banks from India to the Czech Republic intervene to support their currencies. Reserves have declined by about $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003.
/jlne.ws/3e9ND4F
abrdn plc Joins Hedera Governing Council, Cementing its Vision for Web3 and Client-centric Fund Management; The global investment company, which holds £508 billion in assets, will first move to make Hedera the technology of choice for investment fund tokenization
abrdn
Investment company abrdn has today joined the Hedera Governing Council as the first buyside finance and asset management company on the Council. abrdn believes that distributed ledger technology (DLT) has the potential to transform structural inefficiencies that exist in the fund management industry. It sees Hedera as the technology of choice for this shift due to its interest in strong governance, operational efficiency, and the environmental sustainability of Hedera's best-in-class energy efficiency.
/jlne.ws/3V9L6rG
UK Investment Giant Abrdn Joins Hedera Governing Council to Advance Tokenization Goals
Jamie Crawley - CoinDesk
U.K. asset management firm Abrdn (ABDN) has joined the Hedera Governing Council to continue its exploration of tokenizing traditional assets. The Edinburgh, Scotland-based company becomes the 27th member of the council that runs the Hedera blockchain-like public ledger. Like all other council members, Abrdn will run a Hedera network node. Abrdn, which manages 464 billion GBP ($529 billion) in assets, is exploring the future prospects for the tokenization of investments funds, using Hedera, with the goal of listing them on a digital exchange.
/jlne.ws/3EuGQwW
Fidelity Unveils New Ethereum Index Fund
Tom Taulli - Barron's
Fidelity Investments is launching the Fidelity Ethereum Index Fund, according to an Oct. 4 filing with the Securities and Exchange Commission. "We have continued to see client demand for exposure to digital assets beyond Bitcoin," a Fidelity spokesperson said in an emailed statement to Barron's Advisor. The fund is part of the Fidelity Digital Assets division, which was formed in 2018 to provide custody and trading services for crypto investments.
/jlne.ws/3C9BFjv
Hamilton Lane Preps Tokenized Funds to Draw Individual Investors; Securitize deal aims to draw individuals to private markets; Private-credit firms are increasingly turning to retail cash
David Brooke - Bloomberg
Investment manager Hamilton Lane Inc. is planning to deploy blockchain technology to make its private markets offerings more accessible to individual investors. The firm will be among the first in the $1.2 trillion private-credit market to make its funds available through tokenization -- a method of purchasing securities in the form of digital tokens using blockchain, that operates similarly to shares.
/jlne.ws/3ylDKaW
NFL Legend Steve Young's Firm Helps Take Metaverse-Related Company Movella Public
Brandy Betz - CoinDesk
Movella, a metaverse-related firm that makes sensors and develops software, will become a publicly traded company on Nasdaq through a combination with Pathfinder Acquisition Corp. (PFDR), according to a regulatory filing with the U.S. Securities and Exchange Commission on Tuesday.
/jlne.ws/3ylLc5J
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| Politics | | An overview of politics as it relates to the financial markets | Your 401(k) Is the Next Midterm Battleground for Republicans; Republicans use market declines to reinforce midterm messaging; Issues just beginning to resonate with voters, strategists say
Mike Dorning and Edward Harrison - Bloomberg
Republicans are opening a new line of attack on President Joe Biden and congressional Democrats as US stocks head for their worst year since 2008, sapping Americans' retirement accounts in the run-up to the midterm elections. Dropping balances in 401(k)s and IRAs have only just begun to surface as a concern among swing voters in focus groups, though usually as one complaint in a litany of grievances over the economy, still mostly driven by frustration over consumer prices, several Republican strategists said.
/jlne.ws/3e6XSqt
Saudi Arabia Snubs Biden and Aids Putin With Oil Output Cut; Move came despite frantic lobbying effort from Washington; White House blasts 2 million b/d OPEC+ cut as 'shortsighted'
Jack Farchy, Annmarie Hordern, and Ben Bartenstein - Bloomberg
When Joe Biden swallowed his pride and flew to Saudi Arabia in July to fist bump with Crown Prince Mohammed bin Salman, he expressed optimism that Riyadh would take steps to boost oil supplies "in the coming weeks." Instead, less than three months later, the US president has got the opposite of what he was hoping for: a major oil production cut of 2 million barrels a day from OPEC+, where Saudi Arabia is the prime mover.
/jlne.ws/3ylYH5p
U.S. Looks to Ease Venezuela Sanctions, Enabling Chevron to Pump Oil; The proposed deal would require Caracas to open talks with political opponents, with the aim of free elections in 2024
Patricia Garip, Vivian Salama and Kejal Vyas - The Wall Street Journal
The Biden administration is preparing to scale down sanctions on Venezuela's authoritarian regime to allow Chevron Corp. to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela, according to people familiar with the proposal. In exchange for the significant sanctions relief, the government of Venezuelan President Nicolás Maduro would resume long-suspended talks with the country's opposition to discuss conditions needed to hold free and fair presidential elections in 2024, the people said.
/jlne.ws/3rCUfM1
'Uninvestable' UK Market Lost £300 Billion in Truss's First Month; Investors turn away from British policy chaos: Liberum; Domestic stocks start to look cheap as pound recovers
Joe Easton - Bloomberg
A wild first month for Liz Truss's government has seen at least £300 billion ($340 billion) wiped from the combined value of the nation's stock and bond markets. While assets globally have been roiled by central bank efforts to tame surging inflation, confidence in the UK has been shaken. The September selloff on concerns about the Truss government's tax cuts saw the pound hit a record low against the dollar, intervention by the Bank of England and a humiliating government climbdown amid questions over credibility.
/jlne.ws/3CEiSOP
European Parliament calls for crypto asset taxation, blockchain tax innovation
Dylan Butts - Forkast
Members of European Parliament (MEPs) voted in favor of a resolution that called for the use of blockchain technology to fight tax evasion and urged member states to coordinate more on the taxing of crypto assets, according to a Tuesday press release.
/jlne.ws/3CCemQH
Crypto Fugitive Do Kwon Is Set to Lose His South Korean Passport; Terra founder Kwon has been ordered to return the document; He faces charges over crypto crash but his location is unclear
Joanna Ossinger and Sangmi Cha - Bloomberg
South Korea is set to strip Terraform Labs Pte founder Do Kwon of his passport, intensifying pressure on the fallen entrepreneur to return to the nation and face charges over a $60 billion crypto crash. The 31-year-old must hand the document back or else it will be revoked in about 14 days, according to a government notice posted on Wednesday. Kwon's location is unclear and he is the subject of an Interpol red notice.
/jlne.ws/3SFVMN3
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| Regulation & Enforcement | | Stories about regulation and the law. | Grant Vingoe, CEO Of The Ontario Securities Commission To Address The Economic Club Of Canada
Ontario Securities Commission
In a keynote address, Grant Vingoe, CEO of the Ontario Securities Commission (OSC), will discuss why regulatory oversight of the crypto industry is critical for our capital markets and outline the OSC's path forward under its new structure and expanded mandate. The address is titled Buyer Aware: Applying essential protections to the crypto world.
/jlne.ws/3ElXb7p
Chairman Behnam to Attend the 47th IOSCO Annual Meeting
CFTC
Chairman Rostin Behnam will attend the 47th IOSCO Annual Meeting.
/jlne.ws/3fPpgd7
CFTC Charges Delaware Precious Metals Dealer, Depository, and Their Owner with Ongoing Fraud
CFTC
The Commodity Futures Trading Commission today announced that it filed a civil enforcement action in the U.S. District Court for the District of Delaware against a precious metals dealer, Argent Asset Group LLC (Argent), and a precious metals depository, First State Depository Company, LLC (FSD), both of Wilmington, Delaware, and their owner, Robert Leroy Higgins (Higgins) of West Chester, Pennsylvania, charging them with fraud in connection with a multimillion-dollar precious metals scheme.
/jlne.ws/3EiIkdF
FINRA Foundation Announces 2022 Military Spouse Fellows; The Fellowship Program Gives Military Spouses Resources and Accreditation to Help Their Community Overcome Financial Strains and Advance Their Careers
FINRA
The FINRA Investor Education Foundation (FINRA Foundation) and the Association for Financial Counseling and Planning Education® (AFCPE®) announced today the 2022 FINRA Foundation Military Spouse Fellowship recipients. Forty-five military spouses representing more than 40 bases globally will receive free training and assessment to earn their Accredited Financial Counselor® (AFC®) designation, which can help kickstart a career in financial empowerment and improve their own financial capability. The AFC is a comprehensive life-cycle financial education, providing the knowledge and skills to assist clients in complex financial decision-making.
/jlne.ws/3MaQeaY
FINRA Fines Barclays Capital Inc. $2 Million for Best Execution Violations
FINRA
FINRA announced today that it has fined Barclays Capital Inc. (Barclays Capital) $2 million for failing to comply with its best execution obligations in connection with its customers' electronic equity orders. From January 2014 through February 2019, Barclays Capital owned and operated an alternative trading system known as LX. Barclays Capital routed all its customers' marketable orders to LX, prior to routing to any competing venue, if the order could be filled in LX completely or partially at the National Best Bid and Offer or better, unless customers opted out of this routing preference.
/jlne.ws/3V4Pp7D
ASIC cancels AFS licence of CMH Financial Group Pty Ltd
ASIC
ASIC has cancelled the Australian financial services (AFS) licence of CMH Financial Group Pty Ltd (CMHFG).
The licence was cancelled because CMHFG failed to maintain external dispute resolution membership with the Australian Financial Complaints Authority (AFCA). Further, CMHFG failed to lodge its profit and loss statements and balance sheets for the financial years ended 30 June 2019, 30 June 2020 and 30 June 2021.
/jlne.ws/3RHfvuo
$150 million returned to customers following conduct and culture reviews of banks and insurers
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko today said customer remediation by banks and life insurers following the Conduct and Culture reviews was progressing well, with the total dollar value returned to customers now reaching $150 million.
The joint reviews of banks and life insurers were commenced by the Reserve Bank of New Zealand and FMA between 2018 and 2019. Financial institutions were asked to report on any issues requiring remediation, and this update reflects the continuing efforts to review their practices and systems.
/jlne.ws/3EnjTMu
FCA fines Sigma Broking Limited £530,000 and bans and fines its former directors following market abuse reporting failures
FCA
Between December 2014 and August 2016, Sigma did not report, or failed to report accurately, 56,000 contracts for difference (CFD) transactions to the FCA. It also failed to identify 97 suspicious transactions or orders that it should have reported to the FCA.
/jlne.ws/3RAlx00
MAS launches ESG Impact Hub to spur growth of ESG ecosystem
The Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) today launched the ESG Impact Hub (the Hub) to spur co-location and collaboration between Environment, Social, Governance (ESG) FinTech start-ups and solution providers, financial institutions and real economy stakeholders. The Hub will also anchor industry-driven sustainability initiatives such the Point Carbon Zero Programme and KPMG's ESG Business Foundry. Located at The Great Room at Afro-Asia, the launch was officiated by Mr Ravi Menon, Managing Director of MAS.
/jlne.ws/3CBRbpw
Court orders Sound Global to purchase shares from investors
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) has obtained an order in the Court of First Instance against the chairman and executive director of Sound Global Ltd. (Sound Global), Mr Wen Yibo, to purchase shares held by the other shareholders of the company at a price to be determined by the Court - after he was found to have orchestrated a scheme to falsify the company's bank balances and fabricated relevant bank statements and balance confirmations (Notes 1 to 3).
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | American Financial Exchange® Third Quarter 2022 Volume Surges, Reporting Highest Monthly Volume since Second Quarter 2020; Average Daily Volume in Q3 up 64% from Q2 2022
Ameribor®
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, announced third quarter 2022 average daily volume (ADV) of $1.919 billion, setting its best quarterly result since 2020 in the early days of the pandemic.
/jlne.ws/2VWhP6T
401(k) Companies Make It Easier for Retirement Savings to Follow You to Your Next Job; Fidelity, Vanguard and Alight to offer automatic rollovers for small retirement accounts when workers change jobs
Anne Tergesen - The Wall Street Journal
Millions of workers have changed jobs in the past few years. A large share of them have likely left retirement savings behind or cashed out their accounts. Cash-outs result in billions of dollars lost to future retirement savings, as workers opt to spend the money, paying taxes and penalties on it rather than rolling it to a new employer's 401(k) plan or keeping it invested in the old plan. To reduce those cash-outs and boost retirement savings, three of the nation's largest 401(k) plan administrators are jointly offering a way for employers to enable the automatic transfer of small retirement accounts of departing workers to a new employer's retirement-savings plan.
/jlne.ws/3V0kmKl
Larry Summers: 'The destabilisation wrought by British errors will not be confined to Britain'; The former US Treasury secretary delivers his verdict on a fiscal statement that sent markets spinning
Martin Wolf - Financial Times
It is a critical juncture for the world economy, with the legacy of Covid, war in Ukraine, high inflation (especially soaring food and energy prices), tightening monetary policy and a strong dollar. This was the background when late last month, Kwasi Kwarteng, chancellor of the exchequer in Liz Truss's new government, delivered his "mini" Budget.
/jlne.ws/3C6n3Ba
The U.K.'s Lesson for the World: Turmoil Isn't Just for Emerging Markets
Nathan Sheets - Barron's
Last week's turmoil in the U.K. financial markets generated surprising global spillovers, including to the U.S. bond market. The stresses have now eased in response to the Bank of England's willingness to buy bonds and, ultimately, the U.K. government's decision to scale back its proposed tax cuts. In a narrow sense, the stresses reflected market concerns about the gearing of U.K. macroeconomic policies. But more broadly, the turmoil offers an extraordinary example of the markets constraining policy choices of a major developed-market government. Such pressures have been felt in the emerging markets in recent decades, but only rarely in the developed markets.
/jlne.ws/3SFsyxL
SocGen Traders Cut China Counterparty Exposure as Risks Escalate; Moving China risk to replicate contracts elsewhere, people say; Banks are seeking ways to minimize exposure to Greater China
Ambereen Choudhury and Manuel Baigorri- Bloomberg
Societe Generale SA cut its exposure to counterparties on trades in China by about $80 million in the past few weeks as global banks seek to guard against any potential fallout from rising geopolitical risks in the world's second-largest economy. It has several hundred million dollars in positions on China's Financial Futures Exchange, people familiar with the matter said, asking not be identified as the details are private. The French bank has been seeking to replicate those positions elsewhere in Asia, they said.
/jlne.ws/3V9cHcI
Zinc and Aluminum Rise as LME Bans New Metal From Russian Firm; Exchange restricts deliveries from Ural Mining & Metallurgical; It is the LME's most significant restriction on Russian supply
Annie Lee, Liz Ng, and Eddie Spence - Bloomberg
Zinc and aluminum climbed after the London Metal Exchange said it will restrict new deliveries of the metals from Russia's Ural Mining & Metallurgical Co. and one of its subsidiaries. Starting immediately, metal from UMMC or its Chelyabinsk Zinc unit can only be delivered to LME warehouses if the owner can prove to the exchange that it won't constitute a breach of recent sanctions on the firm's co-founder, Iskandar Makhmudov. The move is by far the most significant restriction on Russian supplies by the world's main metals market since the invasion of Ukraine.
/jlne.ws/3ErP8Gd
Former Rusal chief launches London's first mining Spac; Artem Volynets' venture will seek to invest in critical metals such as cobalt and copper
Leslie Hook - Financial Times
One of the most prominent Anglo-Russian executives in the metals industry is seeking to raise $125mn for a new mining venture through a London-listed special purpose acquisition company. Artem Volynets, former chief executive of EN+ Group, believes now is a good time for mining deals, particularly for critical metals such as copper and cobalt, despite difficult market conditions.
/jlne.ws/3Caw0cZ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Where will we live in the future?: How climate change is remapping humanity
CNN
Parag Khanna, author of "Move: Where People are Going for a Better Future," argues that movement is a key part of human history, adding that climate change is already driving mass migration.
/jlne.ws/3V7L5o3
I have a voice': African activists struggle to attend UN climate talks in Egypt
Young campaigners from the continent most affected by the climate crisis face financial and accreditation difficulties for Cop27
Nina Lakhani - The Guardian
African climate activists from some of the countries most affected by global heating say they are struggling to get access to the UN climate talks in Egypt in November. Cop27, which has been termed "the African Cop", threatens to take place without African activists advocating for communities devastated by drought, floods and fossil fuel projects in the negotiations when life-or-death decisions about climate finance will be made.
/jlne.ws/3eedwjJ
Rising Rates Could Help Reinsurers Better Price Climate Risk; If Hurricane Ian leaves some 'cat bond' investors with losses, reinsurers might see improved pricing in the future
Telis Demos - The Wall Street Journal
The reach for yield has long been a boost for the catastrophe bond market, which acts as a backstop to the global insurance industry. But as economic conditions change and climate worries rise, taking on storm risk might become too much of a stretch for some investors. Industry loss estimates for Hurricane Ian are still in flux, and in any event the actual loss tally won't be settled for some time as litigation and claims adjustments play out. But at the forecast level of several tens of billions of dollars, reinsurance that sits behind primary insurers is set to kick in—as is "alternative capital" insurance such as so-called cat bonds.
/jlne.ws/3M8riB2
The Climate Economy Is About to Explode; A new report suggests that the Inflation Reduction Act could be even bigger than Congress thinks.
Robinson Meyer - The Atlantic
Late last month, analysts at the investment bank Credit Suisse published a research note about America's new climate law that went nearly unnoticed. The Inflation Reduction Act, the bank argued, is even more important than has been recognized so far: The IRA will "will have a profound effect across industries in the next decade and beyond" and could ultimately shape the direction of the American economy, the bank said. The report shows how even after the bonanza of climate-bill coverage earlier this year, we're still only beginning to understand how the law works and what it might mean for the economy.
/jlne.ws/3e8Ke60
HSBC warns only companies with robust sustainability strategy will get finance as banks take steps to tackle climate change
Martin Choi - South China Morning Post
HSBC warned that companies will need a "robust and clear sustainability" strategy or they will find it increasingly difficult to get financing, a senior executive said on Wednesday. "You need to be [green], otherwise you're going to find it increasingly difficult to obtain capital from us and from the markets generally," said Jonathan Drew, head of global banking sustainability in the Asia-Pacific at HSBC, speaking at the "Hong Kong's race towards a net-zero future" panel discussion at the Rethink HK conference.
/jlne.ws/3ealHgV
Saudi Wealth Fund Raises $3 Billion in Debut Green Bond Sale; Public Investment Fund priced three green notes Wednesday; Sovereign wealth fund raised $500 million in 100-year bonds.
Archana Narayanan - Bloomberg
Saudi Arabia's sovereign wealth fund raised $3 billion with its debut bond sale in the currency that also marked its first foray into ethical finance. The Public Investment Fund sold the debt in three tranches, including a world-first dollar century green bond.
/jlne.ws/3e7RoYr
Congo's President Rejects US Call to Halt Oil Bids in Peatlands; Country can explore and protect environment, minister says; Congo and US to form working group by COP27 next month
Michael J Kavanagh - Bloomberg
The Democratic Republic of Congo's President Felix Tshisekedi rejected a request by the US to halt bidding on oil blocks in one of the world's most important carbon sinks. The central African nation has the largest tropical peatlands and is home to most of the Congo Basin, the world's second-biggest tropical rainforest after the Amazon. The basin's peatlands alone contain about 29 billion tons of carbon, equivalent to about three years of worldwide carbon-dioxide emission.
/jlne.ws/3T2K1A4
Auditors fall down on climate risk as corporate polluters fail basic tests, study shows; None of the 134 companies responsible for 80 per cent of corporate industrial emissions gave adequate disclosures
Camilla Hodgson - Financial Times
Auditors were identified as falling down in the disclosure of climate-related risks in a sweeping analysis of companies responsible for 80 per cent of corporate industrial greenhouse gas emissions, as none of the 134 companies assessed passed basic tests.
/jlne.ws/3V9SpQ8
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Sucden Financial Commences STIR Market Making
Sucden Financial
Sucden Financial, the multi-asset execution, clearing and liquidity provider, has announced it is now a market maker for ICE Futures Europe's short-term interest rate (STIR) options. The new service is managed by Sucden Financial's interest rate options team, which is now fully integrated following the acquisition of the trading, IT, and IP assets of Atlantic Trading London Limited.
/jlne.ws/3fGN4zD
Basel Committee publishes evaluation of buffer usability and cyclicality in its regulatory framework; issues newsletter on positive cycle-neutral countercyclical capital buffer rates
Bank for International Settlements
The Basel Committee on Banking Supervision today issued a second report on its evaluation of the impact and effectiveness of implemented Basel reforms. Buffer usability and cyclicality in the Basel framework sets out the Committee's evaluation findings relating to the areas of the Basel regulatory framework identified as warranting further consideration in its previous report Early lessons from the Covid-19 pandemic on the Basel reforms.
/jlne.ws/3ebfjGg
IMF Releases the 2022 Financial Access Survey Results
International Monetary Fund
The International Monetary Fund released the results of the thirteenth annual Financial Access Survey (FAS) which presents the 2021 data and highlights the continued expansion in the use of digital financial services—considerably higher than pre-pandemic levels. The survey also shows a decline in the balances of outstanding loans to SMEs and persistent gender gaps in financial access for many economies. Microfinance institutions played an important role in some economies promoting the inclusion of unserved and underserved populations, including by channeling pandemic support.
/jlne.ws/3CfN0yf
BNY Mellon And Pirum Launch New Collateral Optimization Service To Improve Profitability
Mondovisione
BNY Mellon and Pirum today announced the launch of a joint optimization service to offer collateral providers margining, risk management and inventory management to drive improved risk-return outcomes. The solution, ECPOConnect, combines BNY Mellon's industry leading collateral management service, ECPO, which optimizes more than $4 trillion in assets globally, with Pirum's CollateralConnect platform, a SaaS based solution supporting front-to-back cross-asset margin, collateral and inventory management and optimization.
/jlne.ws/3ROfaXe
Sustainable Investment is now mainstream according to FTSE Russell global asset owner survey
FTSE Russell
The majority (86%) of asset owners globally are implementing SI in their investment strategies, compared to 76% in 2021. In APAC, this number rises to 97% of asset owners who are currently implementing or evaluating SI considerations into their strategies.
Two in five (44%) are currently considering how to incorporate climate or sustainability within SAA models or frameworks (24% already do), whilst one in four (24%) are using climate/sustainable indexes within models and frameworks.
/jlne.ws/3T3GZvk
Why foreign banks find the US a tough market to crack; Fierce competition has prompted a scaling back of ambition and a focus on market niches
Joshua Franklin - Financial Times
The US has long proved irresistible to foreign banks. Credit Suisse chose New York for its first foreign representative office in 1870. Deutsche Bank arrived two years later, financing a railroad expansion from Wisconsin to the state of Washington. Scores have followed since.
/jlne.ws/3SYbtiu
Credit Suisse looks to sell Zurich's Savoy Hotel
Reuters
Beleaguered bank Credit Suisse is looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district, it said on Thursday. The Swiss bank regularly reviews its property portfolio as part of its global real-estate strategy, a spokesperson said.
/jlne.ws/3fB4jCj
Barclays bolsters financial institutions group with new EMEA co-head
Pamela Barbaglia - Reuters
Barclays has promoted Luca Maiorana to lead its financial institutions group (FIG) across Europe, the Middle East and Africa as part of its efforts to deepen its ties with key clients who are grappling with the turmoil in financial markets. Maiorana, who heads Barclays' fintech and asset management franchise, will become co-head of EMEA FIG investment banking and will share responsibilities with Enrique Pinel who has been in charge of the business since 2020, a memo seen by Reuters said. The move comes amid a broader reshuffle of the bank's senior dealmakers aimed at boosting revenues at its advisory business and tightening relationships with large European corporate clients.
/jlne.ws/3RIcla3
Said Haidar's Hedge Fund Soars 274% on Rates, Commodity Trading
Nishant Kumar - Bloomberg
Said Haidar, the founder of his eponymous macro hedge fund firm, is on track for his best ever year. His $4.3 billion Haidar Jupiter hedge fund soared about 19% in September, according to people with knowledge of the matter. That lifts his year-to-date returns to 274%, nearly four times the best-ever annual advance for the money manager since he started trading more than two decades ago, said the people, who asked not to be identified because the information is private.
/jlne.ws/3EmkpKo
Nomura plans to hire more bankers to beef up green financing
Reuters
Nomura Holdings Inc plans to hire more bankers to beef up its sustainable financing business in anticipation of a surge in demand for decarbonisation-related funding, its global investment banking chief said on Thursday.
/jlne.ws/3CkLTh8
Woodford fund investors warned illiquid holdings to curb future payouts; Another £20mn to be paid out but value of remaining holdings in former star stockpicker's fund slashed
Joshua Oliver - Financial Times
Investors in Neil Woodford's frozen fund will receive another £20mn, but face dwindling prospects for recovering more as the downturn in markets cuts the value of the remaining companies backed by the former star stockpicker. Link Fund Solutions, the administrator overseeing the closure of Woodford's fund, said in a letter to investors on Thursday that it was ready to pay out another tranche of cash following the sale of the small clutch of equities still held in the fund.
/jlne.ws/3CzEnjE
The Inverse Cramer ETF might soon be a thing; Mad Money for stable returns
Bryce Elder and Robin Wigglesworth - Financial Times
Need a hedge against Jim Cramer? Going by the SEC filing that landed on Wednesday evening, it might soon be possible. Tuttle Capital Management has filed to launch two exchange traded funds that trade on the stock tips of the CNBC personality and Alphaville reader, one that goes long and one that goes short. The mooted tickers are LJIM and SJIM.
/jlne.ws/3V0ealo
Goldman Sachs pursues asset purchases in UK pensions fire sale; US bank's asset management arm targets retirement schemes' illiquid holdings
Kaye Wiggins, Adrienne Klasa and Robert Smith - Financial Times
Goldman Sachs is among a group of investors seeking to buy cut-price private assets from UK pension funds, which are rushing to raise cash after last week's crisis in the government bond market. UK pension funds have sold liquid assets since Chancellor Kwasi Kwarteng's "mini" Budget sparked turmoil in the gilts market, forcing some to raise cash urgently. Many are now planning to sell more illiquid holdings, including property, private credit and stakes in buyout funds.
/jlne.ws/3yl3T9V
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Here's what might happen the second—or third—time you get Covid, experts say: 'There's no guarantee'
Annika Kim Constantino - CNBC
As the weather grows colder, you may find yourself experiencing a second — or even third — round of Covid infection. That prompts a few questions: Will getting Covid again be similar to my previous experience? Will it be any different than last time? Will my symptoms be more or less severe? The answer to all of them, experts say: It's complicated. It depends on how long it's been since you last had Covid, your risk of severe disease and how long it's been since you were last vaccinated — if you're vaccinated at all.
/jlne.ws/3fLtsKS
What Doctors Still Don't Understand About Long COVID; Even mild COVID-19 is at least correlated with a startlingly wide spectrum of seemingly every illness. We need a much better taxonomy to address people's suffering.
Adam Gaffney - The Atlantic
As a pulmonary specialist, I spend most of my clinical time in the hospital—which, during pandemic surges, has meant many long days treating critically ill COVID-19 patients in the ICU. But I also work in an outpatient clinic, where I also treat those same sorts of patients after they're discharged: people who survived weeks-long hospitalizations but have been dealing ever since with lung damage. Such patients often face the same social and economic factors that made them vulnerable to COVID-19 to begin with, and they require attentive care.
/jlne.ws/3egZY6Z
Covid-19 boosters could prevent about 90,000 US deaths this winter, but only if more people get them, analysis suggests
Jacqueline Howard - CNN
Covid-19 vaccinations could save thousands of lives and billions of dollars this winter. A new analysis suggests that if more people in the United States get their booster by the end of the year, about 90,000 Covid-19 deaths could be prevented this fall and winter. But if booster vaccinations continue at their current pace, the nation could see a peak of more than 1,000 Covid-19 deaths per day this winter, according to the study, published Wednesday by The Commonwealth Fund. There are now more than 400 daily Covid-19 deaths, on average, in the United States.
/jlne.ws/3M95rt8
This Simple Sitting Exercise Lowers Blood Sugar and Burns Fat, Study Says; The "soleus pushup" may reduce your type 2 diabetes risk.
Jeff Csatari - Eat This, Not That!
Have a seat; it can prove to be healthy! Sitting in a chair might do more to lower your blood sugar and avoid type 2 diabetes than going for a walk or a run. By performing a special type of exercise using a muscle in your lower leg, you can boost your metabolic health, says University of Houston professor of Health and Human Performance, Marc Hamilton, Ph.D. Are you intrigued? If so, keep reading to learn more about this simple sitting exercise that can lower blood sugar and burn fat.
/jlne.ws/3SHntFq
Fall COVID surge begins in Europe—and US outlook already looks rough; With subvariant soup simmering, OG BA.5 kicks off fall COVID surge.
Beth Mole - Ars Technica
The dreaded winter COVID wave may already be upon us—and based on early signs, we may be in for a rough time. As people head indoors amid cooling weather, several European countries are seeing upticks in COVID-19 cases, hospitalizations, and deaths. Though the situation in the US remains quiet for now, trends in the US tend to echo those in Europe.
/jlne.ws/3RErhGe
4 out of 5 people with long COVID have trouble performing day-to-day activities: CDC; Younger adults were more likely to report long COVID than older adults.
Mary Kekatos - ABC News
Most people suffering from long COVID are experiencing some trouble performing day-to-day activities, new federal data shows. As of Sept. 26, 81% of adults with ongoing symptoms of COVID lasting three months or longer -- or four out of five adults -- are experiencing limitations in their daily activities compared to before they had the virus. Additionally, 25% said they were experiencing significant limitations.
/jlne.ws/3SF5FdT
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Southeast Asia Can't Afford Climate Backsliding; Compounding crises should be accelerating the energy transition in this vulnerable region. The opposite is playing out.
Clara Ferreira Marques - Bloomberg
In theory, a European war that has driven up the price of oil, gas and coal — thereby exposing the fiscal and security risk of depending too heavily on grimy imports — should be setting off warning lights in climate-vulnerable Southeast Asia. Reality has proven far more complicated. Exposure to the upheaval in global commodities markets since Russia's invasion of Ukraine varies across this region of nearly 700 million people, but the basic dilemma is similar. Governments are juggling short-term price oscillations and the strain on households, while also attempting to reduce reliance on polluting fuels in general, and on coal in particular.
/jlne.ws/3ebYY4c
Aussie laundered stolen retirement funds via Hong Kong using crypto, diamonds
Lachlan Keller - Forkast
A woman in Melbourne, Australia pleaded guilty on Wednesday to her role in stealing millions of dollars from superannuation (retirement) funds and stock portfolios before laundering the proceeds via Hong Kong through the purchase of cryptocurrency and diamonds, as reported by The Age newspaper.
/jlne.ws/3rCFSHm
US to boost gas exports to Germany under deal with EnBW; Venture Global's expanded 20-year contract a sign of revived LNG market as buyers avoid Russia
Myles McCormick - Financial Times
The newest US exporter of liquefied natural gas has signed a deal to increase exports to Germany, one of a flurry of sales to Europe amid a scramble to replace Russian energy supplies. Venture Global said on Thursday it would expand a 20-year contract with German utility EnBW by 500,000 tonnes of LNG a year, to 2mn tonnes. US companies have executed about 47mn annual tonnes of sale and purchase agreements with various countries this year, according to Webber Research and Advisory.
/jlne.ws/3SJ1ZI3
Bank of England says £65bn gilt intervention staved off UK financial 'spiral'; Central bank worried pension funds would dump £50bn in government bonds into a chaotic market
Tommy Stubbington - Financial Times
The Bank of England has defended last week's intervention in the UK government debt market, saying it stepped in to prevent a £50bn fire sale of gilts that would have taken Britain to the brink of a financial crisis. The central bank said on Thursday that had it not launched its emergency bond-buying scheme in the wake of chancellor Kwasi Kwarteng's "mini" Budget, pension funds would have been forced to sell £50bn worth of long-term UK government debt "in a short space of time". This would far exceed the average daily trading volume of £12bn.
/jlne.ws/3Ce4N9l
Dwindling Mississippi Grounds Barges, Threatens Shipments; Largest barge operator in the US declares force majeure; River isn't set to see replenishing rainfalls anytime soon
Michael Hirtzer, Elizabeth Elkin, and Joe Deaux - Bloomberg
A logjam of more than 100 ships, tugboats and their convoys of barges in the shrinking Mississippi River is threatening to grind trade of grains, fertilizer, metals and petroleum to a halt. The largest US barge operator warned customers it won't be able to make good on deliveries. Ingram Barge Company declared force majeure in a letter to customers due to "near-historic" low water conditions on the Mississippi, the top route to get US grains and soybeans to the world market.
/jlne.ws/3RzCuYw
Chicago Faces More Corporate Departures as Tyson Moves Out
Michael Hirtzer and Isis Almeida - Bloomberg
America's top meat company is following in the footsteps of hedge fund Citadel and Boeing Inc. with plans to move white-collar workers out of the Chicago area. Tyson Foods Inc. said Wednesday it's shifting all of its corporate teams to its longtime headquarters in Springdale, Arkansas, the company said in a statement. That means about 1,000 employees from downtown Chicago and its Downers Grove suburb will relocate, as will workers in Dakota Dunes, South Dakota.
/jlne.ws/3Eno0bk
Saudi Sovereign-Wealth Fund Joins 100-Year Bond Club; The Public Investment Fund raised $3 billion from three-part bond sale
Anna Hirtenstein and Rory Jones - The Wall Street Journal
Saudi Arabia braved turbulent markets to join the small club of issuers that have borrowed for 100 years from investors, with its sovereign-wealth fund selling the ultralong debt as part of a $3 billion bond-market debut. The three-part sale of green bonds tapped global investors for funds that will help support projects at the heart of Crown Prince Mohammed bin Salman's national economic transformation.
/jlne.ws/3SYvfue
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| Miscellaneous | | Stories that don't quite fit under the other sections | Exclusive-GE lays off workers at onshore wind unit as part of turnaround strategy - sources
Rajesh Kumar Singh and Liz Hampton - Reuters
General Electric Co is laying off workers at its onshore wind unit as part of a plan to restructure and resize the business, which is grappling with weak demand, rising costs and supply-chain delays, four sources familiar with the move said. The sources said the company on Wednesday notified employees in North America, Latin America, the Middle-East and Africa about the cuts. It also has plans to cut its onshore wind workforce at a later date in Europe and Asia Pacific.
/jlne.ws/3T23Jfg
Hollywood says farewell to Chinese investment bonanza; Geopolitics and the pandemic put paid to the deals boom of the 2010s
Christopher Grimes - Financial Times
In 2019, Tencent Holdings of China made a savvy call on a future box office smash by agreeing to co-finance Top Gun: Maverick with Skydance, a Hollywood studio. Tencent had invested in Skydance a year earlier, just one of dozens of deals between Chinese companies and Hollywood studios during the 2010s. But like much of the relationship between China and Hollywood itself, Tencent's potential Top Gun profits fell victim to great power politics.
/jlne.ws/3yn9lJn
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