| November 08, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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IEX Joins as Sponsor of John Lothian News to Mark Entry into Equity Options Trading
ELMHURST, IL - John Lothian News (JLN) is proud to announce IEX as its newest sponsor, underscoring a shared commitment to industry transparency and innovation. IEX's sponsorship includes the flagship John Lothian Newsletter, the JLN Options Newsletter, and the website JohnLothianNews.com, where they will support vital industry insights and connect with JLN's engaged readership as IEX enters the equity options exchange space.
The collaboration marks the continuation of a longstanding relationship between IEX and John Lothian News, built on a mutual dedication to advancing market integrity and informed trading. Since 2000, The John Lothian Newsletter has been a respected source in the industry, delivering daily updates, expert commentary, and deep dives into the latest trends and issues that matter most to traders, market participants, and decision-makers alike.
John Palmer, Head of Options at IEX Group, commented on the collaboration, "We are excited to work with one of the industry's most respected voices to share the value of our customer-first solutions for options. The asset class continues to evolve, and John is a trusted source for the trends that matter most to investors, market participants, and decision-makers."
Quote from John Lothian, Publisher of John Lothian News: "We are thrilled to welcome IEX as a sponsor of John Lothian News and into the equity options exchange space. IEX has long been a respected leader in promoting transparency and fairness in the equities market, and their expansion into equity options is a powerful testament to that mission. We're excited to support IEX's journey and amplify their vision through our platform, helping our readers stay at the forefront of industry developments."
Through this partnership, IEX aims to further engage with the trading community, providing new insights and resources to inform its foray into equity options trading while promoting integrity and growth in the marketplace.
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Hits & Takes
John Lothian & JLN Staff
Stephane Boujnah, Chairman and CEO of Euronext, announced Euronext's new strategic plan, Innovate for Growth 2027, which builds on the company's transformation from 2020 and early achievement of its Growth for Impact 2024 targets. The plan focuses on three priorities: accelerating growth in non-volume businesses, expanding FICC (fixed income, currency and commodities), trading, and clearing, and strengthening Euronext's trading leadership. By 2027, Euronext aims to become a more diversified and efficient gateway to European capital markets, reinforcing its commitment to ESG and AI, while positioning itself as the backbone of the European Savings and Investments Union.
Congratulations to CME Group Chairman and CEO Terry Duffy, who was given another year on his contract, and to Lynne Fitzpatrick, who added the title of president along with her CFO role. Additionally, CME announced that Julie Holzrichter would be stepping down as chief operating officer and assuming a senior advisor role and would be replaced as COO by Suzanne Sprague, who has been senior managing director and global head of clearing and post-trade services since 2022 and assumes the title of chief operating officer and global head of clearing. Sprague is taking on additional responsibilities beyond her current role, a CME spokesperson said.
CFTC Commissioner Caroline Pham appeared on CNBC and on Thursday from Singapore and emphasized the need for "smart regulation" for crypto assets in the U.S., advocating for clear, upfront rules rather than regulation by enforcement. She argued that Americans want regulators with real-world business experience to create policies that balance innovation with consumer and market safety. Pham noted that U.S. companies often pursue crypto innovations abroad due to regulatory clarity in places like the EU and Singapore, but that better clarity at home would allow for more domestic use cases. She proposed establishing regulatory sandboxes and pilot programs to support innovation, with her Global Markets Advisory Committee already providing frameworks, such as a U.S. digital asset taxonomy and guidelines for tokenized collateral.
Flack Global Metals (FGM), a steel industry platform, has executed the first-ever European hot rolled steel options trade. The trade was handled by Flack Metals Trading SA, FGM's global trading arm in Switzerland, and cleared on the Chicago Mercantile Exchange. This new options trade aims to enhance market liquidity and provide better price discovery, supporting FGM's international operations in ferrous and non-ferrous material trading.
The Financial Times yesterday published a Special Report on Business Education Research Insights that explores alternative ways to measure the impact of business school research, focusing on relevance and resonance beyond academia. It highlights how top institutions, like Chicago Booth, lead in producing research that informs management and aligns with societal goals. The report also examines new tools that analyze academic impact more comprehensively than traditional citation metrics and discusses how real-world case studies are valuable in developing future leaders. Despite high readership, business authors often struggle for recognition within academia, though download metrics indicate significant real-world influence.
Peter Best has joined ClearToken as chief operating officer, he shared on LinkedIn. He has had a couple of tours at ICAP and was at the NYSE during his career.
Here are the headlines from in front of FOW's paywall from some recent stories: ANALYSIS: Marex expects no 'competitive threat' from CME broking approval, SGX total volumes up 52% in October to daily trading record, Euronext plans move into European fixed income futures, and CME extends Duffy contract by one year, changes operating chief.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Options Trading Is More Popular Than Ever Despite the Risks from The Wall Street Journal (video).
- VIX declines ahead of Fed decision, extending post-election slide from MarketWatch.
- You Want Volatility? Here's Some Volatility from Bloomberg (podcast). ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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| Sponsored Content |
"FIA Forum - Tokyo 2024" held at JPX
Together with FIA and FIA Japan, OSE successfully hosted the FIA Tokyo Forum on October 10, 2024, at the Tokyo Stock Exchange. The event welcomed over 220 attendees representing more than 100 companies.
The program opened with remarks from Mr. Nakaso, Chairman of FinCity.Tokyo, and Mr. Yokoyama, President and CEO of OSE. These introductions were followed by two engaging panel discussions and an insightful address by Mr. Ito, Commissioner of the Financial Services Agency.
During the panel discussions, industry leaders from global exchanges and brokerages shared their perspectives on the Japanese market and their development plans. They also explored practical applications of OSE's recent innovations in the interest rates market, including the newly launched 3-Month TONA Futures.
Mr. Kazuhisa Kakizaki, Executive Officer of OSE/TOCOM, joined a panel to discuss JPX's product advancements. He highlighted developments such as the 3-Month TONA Futures, TOCOM Electricity Futures, and the revival of the Single Stock Options market.
For further details , please refer to the following link: https://www.fiajapan.org/post/fia-forum-tokyo-2024-co-organized-with-fia-japan.
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Prediction Markets Are a Thing Now; Also CZ is relaxed, greenhushing and a fake Paramount buyer.
Matt Levine - Bloomberg
One thing that I thought was a little interesting on Tuesday is that the prediction markets for the US presidential election didn't really move all day. Kalshi, for instance, had Donald Trump at 57.1% at 6 a.m.; at 11 a.m. he was up to 58.6%, at 2 p.m. down to 57%, and at 7 p.m. he was back to 57.1%, where he had started the day.1 After that, polls closed, results started coming in and the odds moved pretty rapidly: 61% at 8 p.m., 74.1% at 10 p.m., 92.5% by midnight. But essentially no new information was incorporated into prices during the day.
/jlne.ws/48KtVEj
***** Matt Levine wrote that "Prediction markets are not a natural savings device." I emailed him a note about ForecastEx and how they pay interest on open positions. He responded with interest. We shall see where this leads.~JJL
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Should Exchanges Own Their Own Commission Merchants? Vertical Integration
Jeffrey Carter - Points And Figures
One business item you for sure didn't notice slipped into the business cycle in October. CME Group which owns several commodity exchanges filed for and received permission from the Commodity Futures Trading Commission to create its own futures commission merchant. It has thrown the brokerage industry into a tizzy. This might be a big deal to the American and worldwide economy, but you have to understand why in order to connect the dots to see why. It also is a big deal because the structure of the nascent cryptocurrency industry is still being built and evolving. How it is regulated will have a big part in determining how the structure looks in the future. Let me define.
/jlne.ws/4fD35jL
***** Jeff Carter was a CME board member when the exchange started the change to become publicly traded and decisions were being discussed about how they should structure the exchange. Worth the read.~JJL
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Thursday's Top Three
Our top clicked item on Thursday was the JLN video Thomas Peterffy on ForecastEx: Building a Buy-Only Market to Transform Event Trading and Crowd-Based Insights, which we published on November 1. Second were the Kalshi Klear registration documents on the CFTC web site. Third was Marex raises guidance as revenue rises a third, from FOW.
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| Lead Stories | Euronext plans US-style prospectus to boost corporate fundraisings; European exchanges operator aims to harmonise listing information across seven countries
Nikou Asgari - Financial Times
Euronext will create a US-style single prospectus for companies raising money on its seven stock exchanges, aiming to make information more accessible to investors and kick-start Europe's flagging fundraising market. Executives at Europe's largest stock exchange group will in the coming weeks develop a standardised form that can be used by companies looking to raise funds on its venues. The documents would contain key information for investors and be written in English, with an appendix in their local language, chief executive Stéphane Boujnah told the Financial Times.
/jlne.ws/3UI9kLa
CME Group Announces Employment Agreement Extension for Chairman and Chief Executive Officer Terry Duffy
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its Board will extend Chairman and Chief Executive Officer Terry Duffy's contract through December 31, 2026. The company also announced Lynne Fitzpatrick will take on the expanded role of President and Chief Financial Officer. Additionally, its Chief Operating Officer Julie Holzrichter has decided to step down from her role to begin serving as an advisor to the company. Suzanne Sprague will succeed Holzrichter as Chief Operating Officer and Global Head of Clearing.
/jlne.ws/4ef9oZK
Elon Musk might be Wall Street's great white whale; The US election and elevation of the Tesla boss could lead to big deal fees. The race is on to be his favourite consigliere
Lex - Financial Times
Wall Street consiglieri are readying for a rush of new business. Bankers who advise on capital raisings or mergers and acquisitions expect a deluge of fees as Donald Trump returns to the presidency. But some clients are suddenly more valuable than others. The potential snapback in deals is enormous. Global mergers are traditionally equivalent to around 20 per cent of US GDP in any given year, but in 2024 are around half that. If M&A volumes bounced to 25 per cent, as in 2021, that's $4tn of additional activity. Fees range anywhere from 1 to 5 per cent for banks that win hearts, minds and mandates.
/jlne.ws/3YIQAME
Wall Street Luminaries Jockey for Influence on Next Trump Administration; Financiers, ready for dealmaking, are no longer scared to embrace the former president
Alexander Saeedy, AnnaMaria Andriotis, Lauren Thomas and Miriam Gottfried - The Wall Street Journal
Gary Cohn's phone hasn't stopped ringing since late Tuesday night. He's one of a handful of so-called "Trump ambassadors" seen as an unofficial liaison between President-elect Donald Trump's orbit and Wall Street. That means the former Goldman Sachs president and chief economic adviser for part of the first Trump administration is a coveted conduit for early signals about what government policy might look like in the next Trump administration, and who's in line for plum jobs.
/jlne.ws/3UIjdbO
World Food Price Index Hits 18-Month High on Production Concerns
Celia Bergin - Bloomberg
Global food prices hit the highest level in 18-months in October, with unfavorable weather raising production concerns for many commodities and threatening to keep consumer costs higher for longer. An index of food-commodity prices created by the United Nations' Food and Agriculture Organization rose to the highest since April 2023, according to data released on Friday. The gauge - that tracks grains, sugar, meat, dairy and vegetable oils costs - rose 2% in October, led by a jump in the cost of vegetable oils.
/jlne.ws/3Ayte4k
LSE Group Said to Mull FTSE Rule Change to Draw Foreign Listings; Potential change would open indices to non-sterling stocks; Discussions come as London strives to attract new IPOs
Pablo Mayo Cerqueiro and Joe Easton - Bloomberg
The London Stock Exchange Group PLC is having early discussions about a potential rule change to allow shares that trade in foreign currencies to join major UK indexes, according to people familiar with the matter, in what would be one of its boldest moves yet to attract listings. Under the potential rule change, companies with London-listed shares denominated in currencies other than the pound could be added to FTSE UK indices, said people familiar with the matter, who spoke on condition of anonymity because the deliberations are private.
/jlne.ws/3CiP38x
New Analysis Boosts Trump Whale's Polymarket Haul to $85 Million; Higher winnings calculated in research by Chainalysis; France's gambling regulator is examining the platform
Emily Nicolle - Bloomberg
A French trader who made millions of dollars on Polymarket bets that Donald Trump would win the US presidential election may have profited more than initially estimated, thanks to a network of accounts that have been newly linked to his activity. As many as 11 accounts may be operated by the same trader, according to research conducted by blockchain analytics platform Chainalysis Inc. and seen by Bloomberg News. Best known by the username Fredi9999, the total profit he is expected to have made now amounts to more than $85 million.
/jlne.ws/3CgYVjl
Millennium in Early Talks to Sell an Equity Stake to BlackRock
Hema Parmar and Silla Brush - Bloomberg
BlackRock Inc. is in talks with Izzy Englander's Millennium Management to take a minority stake in his $70 billion hedge fund, according to people familiar with the matter. The discussions are in the early stages and may not result in a deal, said the people, who asked not to be identified because the talks are confidential. Representatives for both firms declined to comment.
/jlne.ws/3NYsY1D
Spanish central banker set to inherit big challenges as next BIS head; Pablo Hernández de Cos to take over amid fears Donald Trump will derail progress on setting capital standards for world's biggest lenders
Martin Arnold - Financial Times
The world's top central bankers are this weekend expected to approve the appointment of Pablo Hernández de Cos, the former head of the Bank of Spain, as the next general manager of the Bank for International Settlements. The move comes at a delicate time for the BIS, which is a forum for the world's central banks and helps to manage their foreign exchange reserves, after Donald Trump's election as US president threatened to shatter the already fraying global consensus on financial rulemaking.
/jlne.ws/48DeDBr
Prediction Markets Are Basking in Their Election Win. Can It Last?
Alexander Osipovich and Gunjan Banerji - The Wall Street Journal
Prediction markets passed a closely watched test by correctly forecasting that Donald Trump would win the election. Their future is more difficult to predict. History shows that prediction markets-betting platforms where people wager on the likelihood of future events-have flourished during U.S. presidential elections, then struggled afterward. "They've all followed this cycle of overexcitement during the election phase, and then a crumbling realization that elections are their one big thing," said Nigel Eccles, a co-founder of online-betting company FanDuel as well as Hubdub, a prediction market that closed in 2010.
/jlne.ws/3UGCY3e
Trading in Currency Options Surged to Record After Trump Victory; Daily volume of FX options rose past $160b, according to DTCC; Dollar surged as traders piled into so-called Trump trades
Vassilis Karamanis - Bloomberg
Trading of currency options swelled to a record after Donald Trump's victory in the US presidential election, as traders rushed to bet on further dollar gains. Over $160 billion worth of contracts exchanged hands on Wednesday, the highest daily volume in data going back to 2013, according to the Depository Trust & Clearing Corporation.
/jlne.ws/4fGaMWC
Secret Recording Over Sushi Helps Oil Trader Bring London Poaching Case; Dare International sues Stephen Soliman and Ashley Hikmet; Soliman and Hikmet deny the allegations at a London trial
Upmanyu Trivedi and Alex Longley - Bloomberg
British energy trading firm Dare International Ltd. sued two ex-traders alleging they "flagrantly" violated their employment terms to gain "more money as soon as possible" before joining the company's main rival in Dubai. Dare International alleged that crude trader Ashley Hikmet started working for Onyx Capital Management Ltd. while still drawing a six-figure salary from his old firm. His colleague, propane trader Stephen Soliman, was accused of taking a "gap year" when he was meant to be serving his notice period before starting at Onyx. Both men deny the allegations and are contesting the case.
/jlne.ws/4hElSgi
A Russian reprieve for JPMorgan? Trump victory puts a twist in the tale of Moscow vs America's biggest bank
George Steer - Financial Times
Yesterday, we wrote about how Donald Trump's resounding election victory sparked a rally in Russia's Moex index, Austria's heavily Russia-exposed Raiffeisen Bank International and various other Russia-linked assets. We missed a biggie - on Wednesday, JPMorgan's Emerging Europe, Middle East and Africa Securities (JEMA) had jumped 18.3 per cent, its biggest daily rise in over two years. Until 2022, the London-listed investment fund went by a slightly snappier name: JPMorgan Russian Securities.
/jlne.ws/3O0Ghic
Time for India to allow 100% FDI in insurance, regulator's head says
Reuters
It is time for India to allow 100% foreign direct investment (FDI) in insurance, the head of the country's insurance regulator said at the Business Standard newspaper's BFSI summit on Friday. To stick to India's target of "insurance for all by 2047, we need a lot of capital...we need a lot of new entities to come in, there may be some consolidation happening," Debasish Panda, chairperson of the Insurance Regulatory and Development Authority of India (IRDAI) said. Allowing 100% FDI in the insurance sector will attract more investments into the country, he said. Currently, India allows 74% FDI.
/jlne.ws/4fuFDVU
Warren Buffett's Apple share sales and cash pile spark intrigue over motives; Berkshire Hathaway has investors asking questions after filling its coffers by unwinding its most profitable trade
Eric Platt - Financial Times
Warren Buffett is unwinding his most profitable trade in history, filling Berkshire Hathaway's coffers with cash. But it is unclear if the Oracle of Omaha is ready to go elephant-hunting with his recent bounty. Buffett last Saturday revealed that he had continued to slash his position in iPhone maker Apple and other stocks in the third quarter, generating $97bn in gains for Berkshire Hathaway, the sprawling industrial-to-insurance conglomerate he has controlled since 1965.
/jlne.ws/3YYe0PF
The aftermath of Hurricane Helene in Florida. Attribution science has advanced to help tease out climate change's influence on extreme weather days after a storm.
Ethan M Steinberg - Bloomberg
TV meteorologists have an increasingly impressive suite of tools to communicate weather risks with viewers. That includes a sophisticated effort to show how climate change is driving extreme events. The World Weather Attribution (WWA) group began 10 years ago as a rapid-response team showing how the warming planet intensified individual storms, heat waves and droughts. And TV forecasters have relied on the group's analyses to shift the climate conversation. "The science is so undeniable," said CNN meteorologist Elisa Raffa, whose team regularly cites WWA reports. "Meteorologists are talking about it more because it's a part of the story, it's right there in front of our faces."
/jlne.ws/4hIfRzd
Trump Inc.: How a Second Administration Could Rewrite the Way America Does Business; The president-elect is likely to oversee a more hands-off, business-friendly approach to policy and regulation
WSJ Pro Staff
President-elect Donald Trump's victory in Tuesday's election has business leaders contemplating how the new administration could reshape policies ranging from the environment to technology and corporate taxes. Trump's stated goals have been to freeze new climate regulations, introduce protectionist measures for American-made products-particularly in high-tech industries-and streamline the bureaucracy and cost of the federal government, among others.
/jlne.ws/3NZOlQb
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin praises Trump, says Russia is ready for dialogue
Vladimir Soldatkin and Guy Faulconbridge - Reuters
Russian President Vladimir Putin on Thursday congratulated Donald Trump on winning the U.S. election, praised him for showing courage when a gunman tried to assassinate him, and said Moscow was ready for dialogue with the Republican president-elect. In his first public remarks since Trump's win, Putin said Trump had acted like a real man during an assassination attempt on him while he was speaking at a campaign rally in Pennsylvania in July.
/jlne.ws/48E4wfF
Putin is ready to talk to Trump but his Ukraine demands are unchanged, Kremlin says
Dmitry Antonov - Reuters
Zelenskiy has congratulated Trump, but said he does not know how the American plans to end the conflict quickly. "If it's just fast, it means losses for Ukraine. I just don't yet understand how this could be in any other way. Maybe we do not know something, do not see," he said on Thursday. Putin on Thursday congratulated Trump on winning the U.S. election, praised him for showing courage when a gunman tried to assassinate him in July, and said Moscow was ready for dialogue with Trump. He said comments that Trump had made about trying to end the war were worthy of attention.
/jlne.ws/3Aync3G
Zelensky confirms deadly clashes with North Korean troops as Putin says he's willing to talk with Trump
Helen Regan and Svitlana Vlasova - CNN
North Korean troops deployed to Russia's Kursk region have fought Kyiv's forces on the battlefield, Ukrainian President Volodymyr Zelensky said Thursday, adding that the clashes resulted in fatalities. Zelensky said 11,000 North Korean soldiers are in the region, where Ukraine's three-month military incursion into Russian territory has stalled.
/jlne.ws/3CcPuRJ
Zelenskiy says he is unaware of details of Trump plan to end war, bridles at ceasefire talk
Yuliia Dysa and Tom Balmforth - Reuters
President Volodymyr Zelenskiy said on Thursday he was not aware of any details of U.S. President-elect Donald Trump's plan to end the Ukraine war quickly and he was convinced a rapid end would entail major concessions for Kyiv. The Ukrainian leader told a news conference at the European Political Community summit in Budapest that he believed Trump wanted to end the war with Russia quickly, but that he had not discussed a plan with him.
/jlne.ws/3YISNaO
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Nearly 70% of verified Gaza war dead women and children, UN rights office says
Emma Farge - Reuters
The U.N. Human Rights Office said on Friday nearly 70% of the fatalities it has verified in the Gaza war were women and children, and condemned what it called a systematic violation of the fundamental principles of international humanitarian law. The U.N. tally since the start of the war, in which Israel's military is fighting Hamas militants, includes only fatalities it has managed to verify with three sources, and counting continues.
/jlne.ws/48D50Tj
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Change in Interest Rate on USD Cash Balances - Effective November 08, 2024
CME Group
Effective November 8, 2024, CME Clearing will modify the interest rate paid on USD cash balances on deposit by clearing members accordingly: The interest rate paid on USD cash balances on deposit by clearing members to meet guaranty fund requirements associated with products in the Base waterfall and in the
Cleared Swaps IRS waterfall will decrease from the current rate of 460 basis points to 435 basis points. The interest rate paid on USD cash balances on deposit by clearing members to meet customer and house (proprietary) performance bond requirements associated with products in the Base waterfall and in the Cleared Swaps IRS waterfall will continue to be based on the benchmark formula of the Interest on Reserve Balances ("IORB") minus 25 basis points.
/jlne.ws/3YWUB1q
Performance Bond Requirements: Energy and Equity Margins - Effective November 08, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on November 08, 2024.
/jlne.ws/3UJZnNf
Review of Collateral Haircuts - Effective November 07, 2024
CME Group
In conjunction with the regular review of market volatility and to ensure adequate collateral coverage, please find below the current acceptable collateral and haircuts for CME Clearing.
/jlne.ws/3YWHZr4
SPAN 2 Framework Equity Pod Parameter Changes - Effective November 08, 2024
CME Group
As per normal review, CME Clearing has undertaken a review of the parameters within the stress value-at-risk ("SVaR") sub-component of the SPAN 2 framework's market risk component for the equity pod. Following this review, CME Clearing has determined it will implement adjustments to these parameters to further align with the observed implied volatility changes for E-mini S&P 500 options across the volatility skew. In general, these parameter changes are expected to increase the portion of the margin requirement coming from the SVaR sub-component for certain portfolios containing contracts within the equity pod.
/jlne.ws/48KsZ2L
CME Group Announces Winners of the 21st Annual University Trading Challenge
CME Group
CME Group, the world's leading derivatives marketplace, today announced the winners of its 21th annual University Trading Challenge, led by Indiana University.
/jlne.ws/3YCPy4V
Euronext publishes Q3 2024 results
Euronext
In Q3 2024, Euronext delivered a strong performance, driven by a diversified business model, the successful expansion of Euronext Clearing and continued cost discipline. Euronext reached its "Growth for Impact 2024" strategic plan targets one full quarter in advance.
/jlne.ws/4fk2XWB
Euronext announces its new strategic plan "Innovate for Growth 2027"
Back; "Innovate for Growth 2027" targets the acceleration of Euronext's revenue growth through innovation and diversification.
Euronext
Euronext, the leading European capital market infrastructure, today released its new three-year strategic plan, "Innovate for Growth 2027". "Innovate for Growth 2027" sets out the Group's ambition to leverage Euronext's presence on the entire capital markets value chain in Europe to accelerate growth through innovation and efficiency. Euronext announces an updated capital allocation policy with a focus on shareholders' returns and strategic flexibility. In line with this new capital allocation policy, Euronext will launch a EUR300 million maximum share repurchase programme on 11 November 2024.
/jlne.ws/4fG3Toe
Intercontinental Exchange CFO Warren Gardiner to Present at the J.P. Morgan Ultimate Services Investor Conference on November 14
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, announced today that Warren Gardiner, CFO, will present at the J.P. Morgan Ultimate Services Investor Conference. The presentation will take place on Thursday, November 14 at 10:10 a.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE's website at http://ir.theice.com.
/jlne.ws/3YVeWnP
Miami International Holdings Reports Trading Results for October 2024; Multiple Options & Equities Exchanges Report Record Volumes; MIAX Sapphire Reaches 1.7% Market Share in October 2024
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported October 2024 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire (collectively, the MIAX Exchange Group), and MIAX Futures.
/jlne.ws/4hGmOAM
Nodal Exchange achieves new records in its power (up 23%), environmental (up 621%) and natural gas (up 261%) markets
EEX
Nodal Exchange today announced new trading records in its power, environmental and natural gas markets. In power, Nodal achieved a year-to-date record with January to October 2024 traded power futures volume of 2.600 billion MWh, up 10% from 2.357 billion MWh during the same period in 2023. In October, Nodal Exchange traded volume was 299 million MWh, up 23% from October 2023. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with 1.416 billion MWh at the end of October. The open interest represents over $124 billion of notional value (both sides).
/jlne.ws/3NZw1Xr
NYSE Group Announces 2025, 2026 and 2027 Holiday and Early Closings Calendar
Intercontinental Exchange, Inc.
NYSE Group, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced the 2027 holiday calendar and early closing dates for its cash equity markets: New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago and NYSE National, as well as the NYSE American Options, NYSE Arca Options and NYSE Bonds markets. The 2025 and 2026 holiday and early closing dates are also set forth below.
/jlne.ws/40Fapam
New Comprehensive Fixed Income Market Report
SIX
Andre Buck, Head Debt Capital Market, and Ueli Goldener, Head Fixed Income Switzerland, share insights about the new monthly Fixed Income Market Report which provides detailed statistics about the CHF bond market on SIX Swiss Exchange.
/jlne.ws/40Dxt9h
SGX Cares Bull Charge Charity Run rallies 4,500 runners, raises over S$2.25 million for beneficiaries
SGX
This year's SGX Cares Bull Charge Charity Run saw an impressive turnout of 4,500 runners, one of its highest in recent years. Flagging off at Marina Barrage, the much-anticipated event featured a new route along Gardens by the Bay East as both competitive runners and casual joggers worked out a sweat for a good cause.
/jlne.ws/40Fw9TG
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Why Trump Faces a Losing Tech War Against China; In this Bloomberg Originals mini-documentary, we show how the president-elect's planned trade salvos may not have the effect he intends.
David Rovella - Bloomberg
When Donald Trump ran for president back in 2016, one of the chief targets of his ire was China and what he considered its unfair trade practices-practices he said were coming at the expense of the American economy. After defeating Hillary Clinton, Trump's adjutants set about putting his plan for tariffs into place, and executed it. Eight years later, Trump again is making China the bogeymen of American blue-collar workers, many of whom catapulted him to victory over Vice President Kamala Harris. But this time China is a very different rival. Over a decade, it's achieved many if not most of its goals for technological development, a success fueled in part by the self-reliance forced upon it by Trump's trade war.
/jlne.ws/3Aw5mhU
Nvidia CEO Jensen Huang Predicts 'Hyper Moore's Law' Pace for AI
Tae Kim - Barron's
CEO Jensen Huang says the level of computing performance is about to grow exponentially during the coming decade, enabling new AI innovations and capabilities. "Over the next ten years, our hope is that we could double or triple performance every year at scale," Huang said on an episode of the AI-focused podcast "No Priors" published Thursday. "I wouldn't be surprised, if the way people think about Moore's Law which is 2X every couple years, we're going to be on some kind of hyper Moore's Law curve."
/jlne.ws/3Z0Wpp9
Russia's Yandex plans to invest in Indonesia's AI, minister says
Reuters
Russia's internet giant Yandex plans to invest in Indonesia's artificial intelligence (AI) ecosystem, the Southeast Asian country's communications and digital minister said. Meutya Hafid, Indonesia's communications minister, met Alexander Popovskiy, head of Yandex's international search division, on Thursday and said the company expressed its plan to "widen the search engine platform in Indonesia," according to a statement distributed by the ministry on Friday.
/jlne.ws/3NWT8SB
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| Cybersecurity | | Top stories for cybersecurity | The Case For Federal Regulations In Cybersecurity: Requiring Passwords And Multifactor Authentication (MFA)
Brian Greenberg - Forbes
As our world continues to move entirely online, the need for thoughtful cybersecurity has never been more urgent. Almost every aspect of modern life, from social activity and business to healthcare and banking, depends on the internet. With these new abilities and conveniences comes cybercrime. Cyberattacks are becoming more frequent and sophisticated, and companies and individuals are increasingly vulnerable to hacking, breaches and identity and data theft.
/jlne.ws/4hJ0aIj
MSSP Market Update: Cybersecurity Earnings Disappoint
Jessica C. Davis - MSSP Alert
A few cybersecurity companies released their quarterly earnings reports today, revealing a tough period. Cloudflare's Q4 revenue fell short. Fortinet's quarterly revenue forecast disappointed investors. Akamai Q4 forecast revenue below estimates, blaming weak client spending. Reuters reporting said competition in the cybersecurity market intensified, making it a tougher quarter for the companies.
/jlne.ws/3Cd0peb
Cloudflare Stock Falls as Fortinet Rises. The Cybersecurity Companies Face These 2 Challenges.
George Glover - Barron's
Shares in Cloudflare were sliding on Friday, but rival Fortinet climbed after the cybersecurity companies both forecast weaker-than-expected sales for the fourth quarter.
/jlne.ws/4hIitgv
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| Cryptocurrencies | | Top stories for cryptocurrencies | The Crypto World's Victory Lap Begins; The industry made a $135 million bet on the election. It paid off spectacularly.
Zeke Faux - Bloomberg
On Nov. 5, a few dozen Bitcoiners, MAGA-hat wearers and curious locals gathered to watch the election results come in at PubKey, a Bitcoin-themed bar in New York's Greenwich Village. A digital display on the wall showed the price of Bitcoin, which ticked past $73,000 as favorable news came in for Donald Trump. The tallies looked increasingly good, too, for Bernie Moreno, an Ohio Republican trying to unseat Senator Sherrod Brown, who'd called for hearings on crypto's use by terrorists. Moreno was backed by $40 million from crypto companies.
/jlne.ws/4fjmLt5
Trump's return could herald a 'crypto golden age' says CEO of stablecoin firm Paxos
Lionel Lim - Fortune
Cryptocurrencies surged after Donald Trump won the U.S. presidential election, as crypto investors hope for a more friendly regulatory regime under a Republican president. Flagship cryptocurrency Bitcoin briefly surpassed $75,000; other tokens like Ether and Dogecoin saw significant gains. Trump's election creates "a real opportunity for a crypto golden age," said Charles Cascarilla, CEO and co-founder of Paxos, a New York-based blockchain platform, on Friday at the Singapore Fintech Festival. "The Trump campaign had a real crypto theme around it, and there's a sense all this pent-up demand could be unleashed by the U.S. and turn the U.S. into a leader from kind of a laggard," he explained.
/jlne.ws/4ep64vb
Cryptocurrencies Tainted by SEC Suits Surge After Trump Victory; More than a dozen tokens have been designated as securities; Tokens for Uniswap and Polygon are outperforming Bitcoin
Sidhartha Shukla - Bloomberg
The likely departure of US Securities and Exchange Commission Chair Gary Gensler following Donald Trump's victory in the presidential race is sparking a rally in cryptocurrencies that were previously identified as unregistered securities by the markets watchdog. Tokens associated with projects like the decentralized exchange Uniswap and the layer-2 blockchain Polygon, which were named in various SEC complaints, have surged 38% and 20% respectively over the past three days, outpacing crypto market bellwether Bitcoin's 14% gain, according to data compiled by Bloomberg.
/jlne.ws/40FyKNq
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| Politics | | An overview of politics as it relates to the financial markets | Crypto's $135 Million Campaign Is Undefeated in 48 Races So Far; The industry is taking a victory lap - and betting its lavish and bipartisan spending translates to influence in Washington.
Fola Akinnibi and Biz Carson - Bloomberg
The cryptocurrency industry spent about $135 million in the 2024 election cycle to back more than 50 candidates, including Democrats and Republicans, incumbents and challengers, shoo-ins and longshots. But they all now share something in common: Victory. In the Nov. 5 races, 48 out of 48 candidates backed by crypto's biggest political action committees were declared winners as of midday Friday morning. In eight races where votes are still being counted, the PACs' preferred candidate is ahead in all but three.
/jlne.ws/3YHAEtZ
What a Second Trump Term Could Mean for Your Money; Here's what the president-elect has said he might do with your taxes, student loans, Social Security and more.
Ron Lieber and Tara Siegel Bernard - The New York Times
President-elect Donald J. Trump made a number of personal finance promises during his presidential campaign. How many will he try to - and be able to - keep? The answer will depend in part on the outcome of races in the House of Representatives and the Senate. Despite Republican gains, both houses are close enough to a 50-50 split that just a few elected officials could impose their will and lead to certain policies that look nothing like Mr. Trump's campaign agenda. It will also depend on the courts. Last year, the Supreme Court struck down President Biden's attempt to cancel certain federal student loans, ruling that Congress had not provided clear enough authority to take such a major action. The court may - or may not - restrict some of Mr. Trump's actions in the same way.
/jlne.ws/4hB1oFf
Robert Kennedy Jr's influence over Donald Trump sparks Big Pharma alarm; Vaccine sceptic expected to hold sway over health policy and top appointments
Oliver Barnes, US Pharmaceutical and Biotech Correspondent - Financial Times
Pharmaceutical executives and public health experts have warned that Robert F Kennedy Jr's influence over Donald Trump could have a "chilling" impact on US vaccine research and provision. Kennedy, a vaccine sceptic, is expected to hold formidable sway in Trump's second administration, including installing doubters of Covid-19 jabs in top federal roles and launching a sweeping review of regulation. "We need to have somebody who is going to be grounded by science and evidence and not somebody who rejects it," said John Maraganore, a former chief executive of $35bn Boston-based biotech Alnylam.
/jlne.ws/48GkRAh
Donald Trump's Billion-Dollar Windfall After Election Is Just the Start; From his social-media network to real estate and crypto, the former president's return to the White House will give him power to leverage his array of assets.
Tom Maloney - Bloomberg
Hours before polls closed on Election Day, Donald Trump's social media company reported a bleak financial update: It had lost $363 million in the first nine months of 2024 on just $2.6 million of sales. Less than 12 hours later, as it became clear the former president was heading back to the White House in a resounding win, the shares soared 60%, adding an instant $2.4 billion to Trump's paper wealth. Markets have always moved in anticipation of who's going to be in power in Washington. But there's never been a more clear-cut way to put a value on the US presidency itself than by looking at Trump's personal fortune, estimated at $6.7 billion by the Bloomberg Billionaires Index.
/jlne.ws/4ejCt6h
Snap German Election Likely to Boost Stocks, Citi's Manthey Says; Citi sees potential tax cuts boosting DAX profits by 2%; Barclays says German stocks could rerate on pro-growth policy
Isolde MacDonogh - Bloomberg
Stock markets in Europe are likely to find some relief from a snap election call in Germany this week as it could prompt corporate tax cuts and deregulation, according to Citigroup Inc. strategists. Germany's benchmark DAX Index outperformed Thursday after Chancellor Olaf Scholz, a Social Democrat, ended his three-party alliance with the Greens and fiscally conservative Free Democrats. While the gauge was caught up in a global market risk-off day on Friday, investors are optimistic that early elections next year will bring a much needed economic boost.
/jlne.ws/40KtWGe
The end of Germany's dysfunctional coalition offers Europe new hope; Paralysis in Berlin is a big reason the EU is ill-prepared for Donald Trump's return
Ben Hall - Financial Times (opinion)
Barely 12 hours after Donald Trump's victory in the US presidential election, his America First policy claimed its first European victim with the collapse of Germany's coalition government. The three coalition partners - Olaf Scholz's Social Democrats, the Greens of economy minister Robert Habeck and the liberal Free Democrats of finance minister Christian Lindner - have been at loggerheads for months over policy to the point of paralysis. On Wednesday, they convened to try to resolve their differences over a EUR9bn hole in the 2025 budget.
/jlne.ws/3NWTYid
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| Regulation & Enforcement | | Stories about regulation and the law. | Mike Mayo Sees 'Paradigm Shift' for Banks on Trump Deregulation; KBW Bank Index surged 11% on Wednesday following election; Analysts see more gains as capital markets activity picks up
Eleanor Harmsworth - Bloomberg
For Mike Mayo, the veteran analyst known for pointed opinions on the largest US banks, the election of Donald Trump is nothing short of a sea change for the industry. As he sees it, a new era of deregulation could fuel a surge in Wall Street profitability. "This has been one long harsh regulatory cycle for banks," the Wells Fargo & Co. analyst said in an interview. "Now the expectation is for a paradigm shift that prioritizes economics over politics."
/jlne.ws/4enIu1K
Trump's Win Sets Off Race to Complete Chips Act Subsidy Deals; Companies seek to finalize agreements as quickly as possible; Republicans are brainstorming reforms to semiconductor law
Mackenzie Hawkins - Bloomberg
The Biden administration is racing to complete Chips Act agreements with companies like Intel Corp. and Samsung Electronics Co., aiming to shore up one of its signature initiatives before President-elect Donald Trump enters the White House. The Commerce Department has allocated more than 90% of the $39 billion in grants under the 2022 Chips and Science Act, a landmark law designed to rebuild the domestic chip industry. But the agency has only announced one binding agreement so far.
/jlne.ws/4fiJAxh
Solving the right problems: Remarks to FINSIA - The Regulators 2024; Remarks by ASIC Commissioner Alan Kirkland at FINSIA - The Regulators in Sydney on 8 November 2024.
ASIC
In identifying the most important problems for ASIC to focus on - those that that put consumers, investors, and the financial system at greatest risk - we start with the data. We analyse all the complaints, intelligence, and reports that come through to us - including more than 11,000 reports of misconduct that we finalised from the public last financial year.
/jlne.ws/4hDiC50
Former CEO of AI marketing company Metigy charged with misleading investors and dishonestly using his position
ASIC
David Fairfull has appeared in the Downing Centre Local Court to answer charges following an ASIC investigation alleging he provided false statements to investors and used his position as a director to gain an advantage for himself. Mr Fairfull has been charged with five counts of making false and misleading statements contrary to s 1041E(1) of the Corporations Act 2001 and one count of dishonestly using his position as a director to gain an advantage contrary to s 184(2) of the Corporations Act 2001.
/jlne.ws/3OkC35j
FSA Weekly Review No.610
FSA
/jlne.ws/4hF1PhJ
Ramp-and-dump case against surrendered fugitive transferred to District Court
SFC
The Eastern Magistrates' Courts today granted an application by the Department of Justice (DoJ) to transfer to the District Court a case brought by the Securities and Futures Commission (SFC) against a surrendered fugitive Ms Chan Sin Ying for alleged securities fraud. Chan, a fugitive offender surrendered from Singapore to Hong Kong on 3 October 2024, is a suspected core member of a highly sophisticated ramp-and-dump syndicate and was charged the following day at the Eastern Magistrates' Courts with the offence of conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities, contrary to section 300 of the Securities and Futures Ordinance and sections 159A and 159C of the Crimes Ordinance. Chan was suspected to have conspired with Mr Stevens Yip Chi Fai, Mr Lau Ka Wing, Ms So Lung Ying and other persons in an alleged ramp-and-dump scheme involving the shares of Wan Cheng Metal Packaging Company Limited (Note 1).
/jlne.ws/3Anep4N
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | What a Trump Administration Means for the US Bond Market; The return of rates volatility?
Tracy Alloway and Joe Weisenthal - Bloomberg
The US election is over and Donald Trump has won a second term as president. Stocks have rallied on Trump's win, of course, but some of the more interesting moves have taken place in the bond market. Not only have yields on US Treasuries shot up, but expectations for volatility in the world's most important market were also shifting higher ahead of Trump's win. All of this is happening even though the Federal Reserve is widely expected to cut benchmark rates again this week. So what's driving higher yields? On this episode, we speak with Harley Bassman, managing partner at Simplify Asset Management and creator of Convexity Maven, about all the recent moves in bonds and what could be coming next. This transcript has been lightly edited for clarity.
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Even at a Time Like This, Slow and Steady Works in the Stock Market; Big changes are coming in the next Trump administration. But your investing plans needn't change, our columnist says.
Jeff Sommer - The New York Times
The U.S. stock market is booming. Since Donald J. Trump declared that he had won the presidency for the second time, traders have been happily driving share prices up. Stocks have reached new highs, the dollar is strengthening and bond yields have moved up in the expectation that Mr. Trump's victory will mean not only accelerated economic growth, but, quite possibly, another surge of inflation.
/jlne.ws/3YYjppY
Why it's way easier to call US elections than pick stocks; Even so, I'm yearning to have a go if only to amuse my readers
Stuart Kirk - Financial Times
One of my close friends has two stocks in his self-managed pension plan, which is roughly the same size as mine. By contrast, adding up the holdings in the four equity funds in my Sipp comes to 1,736. Who's right? To be fair, David loves risk. He pushes boundaries - to put it politely - and is a fearsome poker player. Post-Covid, he purchased International Airlines Group and Deliveroo when everyone said we would never fly or order a curry ever again, Well we did and his money doubled. Easy peasy. But then, so was predicting the result of the US election to Donald Trump supporters. I, on the other hand, have written endlessly of my distrust of stock picking. Requires a lot of hindsight, it seems to me.
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Trump's Return Threatens to Disrupt the Food World Again
Agnieszka de Sousa - Bloomberg
Donald Trump's return to the White House has put the focus on potential trade disruptions in the agricultural world and what his presidency will mean for food prices. Here are some key things to watch out for: Trade Wars The president-elect has proposed a 10% to 20% tariff across the board on all imported goods into the US, and a 60% tariff on Chinese products. Such a move risks reprisals from the world's biggest soybean buyer. But how exactly might China respond? Bloomberg Economics says Beijing's retaliatory targets could be similar to the last time - particularly agricultural and energy exports from Republican-leaning states. If China wants to target US imports again, the options could be like in the first trade war, with soybeans and other commodities the most likely picks.
/jlne.ws/48Lokh1
Trump victory hands hedge funds $1.2bn win from bet against renewables; Clean energy shares have tumbled on fears US president-elect will scrap subsidies and tax breaks
Mari Novik, Rafe Uddin and Rachel Millard - Financial Times
Investors running bets against renewable energy stocks have racked up profits of more than $1.2bn from the heavy sell-off that swept the sector in the wake of Donald Trump's US presidential election victory. Arrowstreet Capital and Qube Research & Technologies were among firms that had built up short positions against companies such as Norwegian hydrogen company Nel and German wind turbine manufacturer Nordex, according to data group Breakout Point.
/jlne.ws/3O15Lw0
US Stocks Draw Biggest Inflow Since June on the Day of Trump Win; About $20 billion flows into US stock funds on Wednesday: BofA US small-cap funds note biggest daily additions since March
Sagarika Jaisinghani - Bloomberg
A whopping $20 billion flowed into US equity funds on Wednesday, the day Donald Trump claimed a decisive victory in the presidential election, according to Bank of America Corp. strategists. That was the biggest daily addition in five months, strategist Michael Hartnett said in a note citing EPFR Global. Small-cap stocks - which are seen benefiting from Trump's protectionist stance - attracted the biggest inflow since March, at $3.8 billion.
/jlne.ws/3CefkEY
The TRADE announces Leaders in Trading 2024 award winners
The Editors - The Trade
The TRADE is delighted to announce the winners of this year's Leaders in Trading awards, with the recipients honoured at a ceremony held last night at The Savoy, London. More than 300 industry leaders joined The TRADE in a sold-out room to recognise the year's leading individuals and firms within the industry, with 39 awards handed out honouring the buy-side, sell-side, service providers, technology firms and venues.
/jlne.ws/3YXmPsZ
Seed Company Corteva Plunges as Profit Outlook Dims on Crop Woes
Kim Chipman - Bloomberg
/jlne.ws/3Ay2wsC
Deutsche Bank takes a bite out of Greggs; Wages up, margins down
George Steer - Financial Times
/jlne.ws/4fd2pBQ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Trump Stranglehold Adds to Growing Doubts at Climate Talks; Nearly 200 nations will soon gather for the annual COP29 summit, where efforts to increase funding for poor countries and slash emissions will run against the reality of a hostile American president.
Jennifer A Dlouhy - Bloomberg
The election of Donald Trump - and his vow to once again undertake a US retreat from international climate diplomacy - poses a decisive threat to the fight against global warming, as the window for meaningful action closes. Trump's win comes just days before representatives from nearly 200 nations gather in Azerbaijan for COP29, the annual United Nations climate summit. That two-week meeting will start Monday in the shadow of a Republican president-elect who has promised to lead another withdrawal from the landmark 2015 Paris Agreement.
/jlne.ws/3UIWwUC
South Dakota Is Set to Pull Pipeline Law in Blow for US Ethanol
Kim Chipman - Bloomberg
A proposed $8.9-billion carbon-capture pipeline that has polarized the US Corn Belt has hit another setback in the critical state of South Dakota. At least 60% of South Dakotans voted to repeal a law critics say was meant to ease approval of the project by Summit Carbon Solutions, according to preliminary results of a statewide ballot done with Tuesday's election. The project is the last high-profile carbon pipeline proposal still standing after rivals with similar visions went bust amid opposition from landowners in various Midwestern states.
/jlne.ws/4fjWWJs
World on track to exceed warming of 1.5C this year, EU agency says; Data comes as experts fear Donald Trump will deliver on his promise to pull US out of the Paris Agreement
Kenza Bryan - Financial Times
The global temperature rise is expected to hit an average of 1.55C above pre-industrial levels this year, the latest data from the EU earth observation agency confirmed, making it "virtually certain" to be the warmest on record. The forecast temperature rise in 2024 compares with a climb of 1.48C in 2023. It represents a temporary breach of the ideal goal of no more than 1.5C, which is enshrined in the Paris climate agreement, a value that is measured over decades rather than just a single year.
/jlne.ws/3UHnU5A
Musk Believes in Global Warming. Trump Doesn't. Will That Change?; The Tesla billionaire is a key figure in the president-elect's orbit. One question is whether his views on climate and clean energy will have any sway.
Brad Plumer - The New York Times
Elon Musk has described himself as "pro-environment" and "super pro climate." But he also threw himself wholeheartedly into electing as president someone who has dismissed global warming as a hoax. Now, as President-elect Donald J. Trump prepares to enter the White House, one big question is how much sway - if any - Mr. Musk's views on climate change and clean energy might have in the new administration.
/jlne.ws/40D3PRO
Trump's 'Drill, Baby, Drill' Cuts Two Ways for Oil Companies; The president-elect has promised to make it easier to build energy infrastructure and secure drilling leases. But higher production could hurt prices and profits.
Rebecca F. Elliott - The New York Times
President-elect Donald J. Trump and oil and gas executives have championed each other. But his victory may prove to be a mixed blessing for the industry. The former president's return to the White House is likely to usher in more permissive regulations that let companies drill more on federal land and ship more natural gas overseas.
/jlne.ws/4hI4yXN
Activists fear Florida enshrining right to fish and hunt will lead to trophy hunting; Critics say amendment 2 is intentionally 'open to applying chicanery' and outdated hunting practices
Richard Luscombe - The Guardian
Black bears in Florida could soon again be in the crosshairs of trophy hunters after a controversial wildlife ballot measure was approved by voters, environmental advocates say. The fear stems from amendment 2, which enshrines into the state constitution legal protections for citizens' right to hunt and fish. The law, critics say, was written deliberately vaguely in order to present it as a conservation measure instead of a vehicle they claim will speed the rolling back of environmental protections and open a pathway to future legislation permitting inhumane measures such as steel-jawed traps and hunting with dogs.
/jlne.ws/48F1QhA
COP29 preview: Here's everything you need to know about the climate conference in Baku
Sidhi Mittal - edie
/jlne.ws/3CkLCOR
German firms launch world's largest plug-in solar system for homes with 6 kW output
Interesting Engineering
/jlne.ws/4emgE6d
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Pitches a Personal CFO to the Ultrawealthy; The Wall Street giant is expanding its services in a quest for more assets and stable fee revenue
AnnaMaria Andriotis - The Wall Street Journal
For years, Goldman Sachs's private-wealth team has focused on providing investment advice to the ultrarich. Now, it wants to organize their financial paperwork, manage their house staff and find them home insurance. Goldman recently rolled out a family office within its private-wealth management division, part of a broad effort to expand services it provides to the most affluent. Those clients are increasingly important for the firm's strategy to diversify its revenue beyond dealmaking and trading.
/jlne.ws/48InLEO
'Treated me like an insignificant cockroach': JPMorgan Chase denies NY widow her husband's $53K pension pot
Victoria Vesovski - Moneywise
Elaine Silverberg, a 73-year-old widow, has been fighting JPMorgan Chase for 13 years over their refusal to pay her late husband's estimated $331 monthly pension. When her husband Melvyn Silverberg passed away suddenly in 1988 at age 43 from multiple organ failure, Elaine was just 37 and left to raise three children on her own. The largest bank in country, which reported $12.9 billion in profits last quarter, has denied her the pension claiming she lacks "necessary documentation."
/jlne.ws/3UKRneP
Europe's banks brace for tougher competition under Trump 2.0
Sinead Cruise and Tommy Reggiori Wilkes - Reuters
European banks face an even tougher task to close an earnings gap on U.S. rivals, as Wall Street awaits a new era of financial deregulation under a second Donald Trump presidency. Lenders in the euro zone and Britain have been hobbled by poor profitability and weak economies since the 2008-09 global financial crisis, while U.S. banks have soared in value and stolen market share, especially in investment banking as European rivals retreated.
/jlne.ws/3NXeG1p
British banks face an expensive motor finance crash; Giving dealers incentives to increase loan interest rates for car buyers could be ruinous for lenders
John Gapper - Financial Times (opinion)
When the US economist George Akerlof wrote his Nobel Prize-winning paper on the problem of information asymmetry in business in 1970, his leading example was used car dealers. Akerlof noted that it was impossible for a buyer to grasp whether a car they were being offered was a bargain or a dud. Only the dealer knew. Time has passed but some things do not change. Substitute "used car finance deal" for "used car" and this summarises the scandal that has emerged in the UK motor finance industry. The liability for compensating customers who were mis-sold loans by car dealers and brokers could reach many billions. This recalls the payment protection insurance fiasco that ended up costing British banks £50bn.
/jlne.ws/4fB6TC6
Goldman Promotes Singapore, Hong Kong and Japan Bankers to Partner; It's part of a biennial ritual of promotions to highest ranks; Bank added most partners this year since CEO Solomon took over
Takashi Nakamichi - Bloomberg
Goldman Sachs Group Inc. promoted three Japanese nationals to its highest rank of executives, the most in more than a decade, after a revival in local financial markets helped the Wall Street bank enjoy a blockbuster year in the country. The New York-based firm added Kazuya Iketani, co-head of Japan fixed income, currencies and commodities, to its partnership as part of a biennial ritual to tap a select few to join its highest ranks. The other two are Kosuke Kurosawa, who manages Japan equity and fund core structuring, and Teppei Takanabe, head of the financial institutions group in the country.
/jlne.ws/3O0OcvW
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Gen Z is stressing managers out, survey finds; Managers report they've altered their management style to accommodate younger workers, saying they require more time and resources.
Carolyn Crist - HR Drive
About 18% of managers say they've thought about quitting because of the stress of managing Generation Z employees, according to a Nov. 5 report from online education magazine Intelligent.com. In addition, 27% of managers said they'd avoid hiring Gen Z workers if they could, and half of managers repoted firing a Gen Z worker who directly reports to them.
/jlne.ws/48Fem0y
Real-world scenarios: Toxic team turnarounds in action
Paul Falcone - Business Management Daily
Much of the literature available around employee accountability, performance management and constructive confrontation focuses on individual relationships between managers and their direct reports. However, so much work is done by teams, and it's important that we look at a team equivalent to ensure we're able to address larger groups of people with similar types of accountability, performance or behavioral challenges.
/jlne.ws/40AWHoP
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Your standing desk isn't making you any healthier; A large new study found that standing for more than two hours a day doesn't protect against the cardiovascular risks of too much sitting
Gretchen Reynolds - The Washington Post
Sitting for long hours is bad for our health. Standing up may not be much better, though. A large new study of more than 83,000 adults found that standing for more than two hours a day - as many people with standing desks do - didn't protect against the cardiovascular risks of too much sitting. Those hours of standing also turned out to have their own downsides, increasing people's likelihood of developing serious circulatory problems, including varicose veins, abnormally low blood pressure and blood clots, compared with people who rarely stood.
/jlne.ws/3YVmtmB
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Booming Offshore Rupee Bond Market Set for Record Year of Supply; Index inclusion has helped investor rush to the market; SSAs driving supply as India becomes hotspot for multilaterals
Malavika Kaur Makol and Ayush Damani - Bloomberg
India's offshore rupee bond market has made a big comeback this year, with deals from issuers such as the World Bank and the Asian Development Bank pushing annual volumes to an all-time high. Investors have this year bought more than 420 billion rupees ($5 billion) of offshore rupee bonds, which are rupee denominated but settled in dollars. That is almost double last year's tally and has already beaten the full-year record set in 2017, according to data compiled by Bloomberg.
/jlne.ws/3UHMGCL
India's rice inventories hit record high, triples govt target
Mayank Bhardwaj and Rajendra Jadhav - Reuters
India's rice inventories surged to an all-time high of 29.7 million metric tons in November, sources said on Friday, nearly three times the government's target, as export curbs imposed over the past two years bumped up local supplies. Higher stocks would allow the world's biggest rice exporter to boost shipments without worrying about domestic supplies, which were limited last year and led New Delhi to restrict exports of all grades.
/jlne.ws/48D6XPD
Argentina Eyes Homegrown Shale Boom as Exxon Exits; While the US oil major is retreating from the Vaca Muerta patch, Argentine producers are busy expanding.
Jonathan Gilbert - Bloomberg
In his first year in office, Argentine President Javier Milei has been on a crusade to improve his country's poor business climate. That hasn't stopped the exit of foreign companies amid long-standing currency controls and concerns that political and economic turmoil won't end. Exxon Mobil Corp. is likely to join the list. The US oil major has agreed to sell most of its assets in Argentina's Vaca Muerta, a vast shale patch often likened to the US Permian Basin.
/jlne.ws/4flDgFk
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| Miscellaneous | | Stories that don't quite fit under the other sections | Max Read on how the Internet Got Infested With Garbage; Understanding this world of AI slop
Joe Weisenthal and Tracy Alloway - Bloomberg
There was a point in time when Twitter used to be good for breaking news. Social media outlets like Instagram and Facebook were great for keeping up with friends. There used to be websites that people would refresh throughout the day, reading news or gossip from sources they knew and trusted. Now, most of that has gone -- or at least changed dramatically. A combination of profit imperatives, political motivations, and AI have upended much of that old internet. So what happened? Why has the web become a home of slop and sludge? We speak to Max Read, the author of the Read Max newsletter, to understand today's internet, and where things are going next.
/jlne.ws/4hHIyMC
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