| December 15, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Yesterday I attended the holiday party of Advantage Futures, which held a private party at Ceres Cafe in the CBOT Building, renting out the whole restaurant for the event. The event had about 200 people there, which was good to see. Advantage had not held a holiday party since 2018.
I can't share a lot of what I learned at the event due to confidentiality, but I can say this, Advantage is doing well. Joe Guinan is one the nicest guys in the industry and he has a great team at the firm. His three kids were there at the party and all are currently working for the firm in various roles, though one is getting ready to go to law school.
I could not be happier to see Advantage thriving again and a smile back on Joe's face, reflecting his optimism about the prospects of his firm and of the industry.
With Covid-19 cases rising in the U.S. again, the Biden administration is again making Covid testing kits available for free from CovidTests.Gov, The Wall Street Journal reported. There were 3,000 deaths in the week ended December 7, according to the Centers for Disease Control and Prevention. On the positive side, hospitalizations were running below a year ago when the Omicron variant was running rampant.
France has restarted five nuclear reactors, which eased the threat of blackouts, The Wall Street Journal reported.
Nikhilesh De of CoinDesk has an excellent recap of recent FTX happenings in his piece titled "After Sam Bankman-Fried's Arrest, the FTX Show Goes On."
Tradeweb's 2022 annual client letter is titled "Markets Put to the Test... Again."
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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SIFMA issued a statement yesterday from president and CEO Kenneth E. Bentsen, Jr. on the SEC's new proposals on equity market structure reform (see Leads for that story). It begins: "The U.S. equity markets are incredibly efficient and resilient and investors, especially retail investors, have the greatest ease of access, lowest cost of trading and best execution in history. There is intense competition in the marketplace both upstream and downstream, especially with regard to retail investors. A measured, data driven review of the U.S. equity market structure and specifically Reg NMS has been a SIFMA priority for many years, and SIFMA presented recommendations designed to enhance the current structure to the SEC and Congress in 2013, 2014 and 2017. The substantial changes proposed today by the SEC are incredibly complex with material impact to all market participants, but particularly to investors." You can read the rest here.~SR
The Future Minerals Forum and Exhibition is January 11-12 at King Abdulaziz International Conference Center, Riyadh, Saudi Arabia. The forum explores the future of mining and minerals in Africa, East and West Asia. You can view the agenda, download a brochure and apply to attend here. It is free to attend. ~SAED
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MWE SHORT: Chris Ferreri - Market Structure, Regulations and Tying it All Together
JohnLothianNews.com
Chris Ferreri, former head of e-commerce for ICAP and founder of Eight Point Strategies, is a master at taking complicated issues and breaking them down into pieces that can be readily understood. When at ICAP, Ferreri was tasked with explaining market structure to legislators and regulators as they crafted the rules related to the Dodd-Frank Act. In this MarketsWiki Education presentation, he explains the different modes of execution in fixed income markets in terms we can all understand - Zillow, Craigslist, Kelley Blue Book, and the used car salesman down the street.
Watch the video »
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'We're F****** Robbing Idiots:' Eight Financial Influencers Indicted in Massive Pump and Dump Scheme
Kyle Barr - Gizmodo
If you have ever heard the words "this is not financial advice" or "this is not stock advice" when scrolling through TikTok or YouTube, you can be sure the next several minutes will be devoted to doing exactly that. Now federal law enforcement alleged that several financial influencers followed by hundreds of thousands of would-be traders were using their fans to bet big on stock trades, all the while expecting to cash out before prices tanked.
/jlne.ws/3FxCTqe
***** TikTok, there is bad advice being given, TikTok.~JJL
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Former FTX spokesman Kevin O'Leary says he believes Binance put FTX 'out of business intentionally'
Breck Dumas - Fox Business
Former FTX celebrity spokesman Kevin O'Leary says he believes the bankrupt crypto exchange was toppled on purpose by China-based rival Binance, based on claims made by ousted FTX founder Sam Bankman-Fried and the actions of Binance CEO Changpeng "CZ" Zhao. "In my view, my personal opinion, these two behemoths that own the unregulated market together and grew these incredible businesses in terms of growing were at war with each other, and one put the other out of business intentionally," O'Leary said.
/jlne.ws/3BCUAUo
***** And this is a bad thing, why?~JJL
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The cautionary tale of FTX; Visionaries drive US capitalism but investors must do their homework
The editorial board - Financial Times
Fake it till you make it: an aphorism embraced perhaps too heartily by Sam Bankman-Fried, founder of the collapsed crypto exchange FTX. At the beginning of the year, SBF - as the board-short wearing, tousled-haired 30-year-old likes to be known - boasted an estimated paper fortune of $20bn. He ends 2022 languishing in a Bahamian jail, facing extradition to the US on charges of wire fraud, money laundering and violations of campaign-finance laws. In a written statement to a congressional committee, SBF admitted that he "fucked up". That is one way of putting it. Prosecutors put it another way: that he is the perpetrator of one of the biggest financial frauds in history. It will ultimately be up to a jury to decide whose explanation is the most persuasive.
/jlne.ws/3PuGJVK
****** The Financial Times editorial board weighs in on due diligence.~JJL
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NYC Helicopters Are Back, Sending Noise Complaints Soaring 678%; Choppers ferrying CEOs and tourists are clogging air space and irking at-home workers.
Gregory Korte - Bloomberg
The noise of helicopter taxis ferrying busy Manhattan executives to John F. Kennedy International Airport is so loud that Lara O'Brien has to keep her Zoom calls on mute when she works from her Brooklyn home. "They rattle our apartment. The floor shakes," she said. "This is something that happens in my neighborhood and across the entire borough."
/jlne.ws/3FRc4ij
****** Is this a sign of life in the Big Apple?~JJL
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Holiday Chocolate Demand Seen Rebounding as Covid Rules Ease; Family gatherings and office parties to boost spending: ICCO; Chocolate consumption in Asia expected to remain resilient
Mumbi Gitau - Bloomberg
Chocolate consumption will rebound to pre-pandemic levels during the first festive season in three years without widespread Covid restrictions, the International Cocoa Organization said. The return of family gatherings and office parties will drive chocolate buying, ICCO Executive Director Michel Arrion said in an interview.
/jlne.ws/3FVsKFk
****** Hot Chocolate demand rebounding could just mean baby it's cold outside.~JJL
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Wednesday's Top Three
Our top story Wednesday was The Wall Street Journal's FTX's Sam Bankman-Fried Charged With Criminal Fraud, Conspiracy. Second was Sam Bankman-Fried's parents were at his hearing in the Bahamas, and his mother laughed during the proceedings, report says, from Business Insider. Third was How to Do Fraud at a Futures Exchange, Matt Levine's column in Bloomberg.
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MarketsWiki Stats
27,100 pages; 242,055 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
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| Lead Stories | Europe's Trading Superhighway in the Alps Highlights Data Rush; Data centers are booming around the world - and location is all important.
William Shaw and Luca Casiraghi - Bloomberg
Bomb-proof buildings, biometric security passes and financial trading at the speed of light. Welcome to data centers, a booming global industry that's hosting more of the world's money, entertainment and energy use than ever. In the foothills of the Italian Alps, one of Europe's newest data hubs is a prime example of how these boxy buildings have become cornerstones of the economy. Since June, Euronext NV has facilitated a quarter of European equities trading in the former textile town of Ponte San Pietro.
/jlne.ws/3W34arR
Binance's Biggest Platform Shows Concern Over Crypto Contagion Is Rising; Seven-day average Bitcoin perpetuals open interest is down 40%; Other derivative trading platforms show differing changes
Olga Kharif - Bloomberg
One of the most closely watched indicators of trader sentiment on Binance's market-leading derivatives exchange suggests that anxiety over additional fallout from this year's crypto market meltdown has grown. The seven-day average of open interest for Bitcoin perpetual futures has dropped 40.3% from the start of November as of Wednesday, according to researcher CryptoCompare.
/jlne.ws/3FzJGQi
BlackRock Is Caught in the ESG Crossfire and Struggling to Get Out; The asset-management giant thrust itself to the forefront of the discussion over sustainable investing and landed in a political minefield.
Amelia Pollard, Silla Brush, and Cynthia Hoffman - Bloomberg
BlackRock Inc. and Chief Executive Officer Larry Fink spent the past several years championing investment strategies that focus on a now-ubiquitous and tormented acronym: ESG. As a result, the asset-management behemoth has become a leading corporate voice in the environmental, social and governance movement.
/jlne.ws/3HDdoXc
FTX Executive Ryan Salame Tipped Off Bahamian Regulators to Possible Fraud
Olga Kharif - Bloomberg
Several days before FTX collapsed into bankruptcy, one of Sam Bankman-Fried's most senior executives was tipping off Bahamian authorities to possible misuse of funds at the exchange. Ryan Salame, the former co-CEO at FTX Digital Markets, told island regulators on Nov. 9 that client assets were transferred to Alameda Research to "cover financial losses" at the trading firm, court filings show.
/jlne.ws/3FSHbtS
***** Here is the Financial Times version of this story.
US markets watchdog plans biggest overhaul of stock trading in nearly 20 years; Proposals by Securities and Exchange Commission aim to boost transparency for small investors
Jennifer Hughes, Nicholas Megaw and Madison Darbyshire - Financial Times
The main US markets watchdog has proposed the most sweeping overhaul of stock trading in almost two decades in an effort to improve prices and transparency for small investors. Gary Gensler, chair of the Securities and Exchange Commission, said the measures outlined in more than 1,500 pages of documents on Wednesday would improve "competition and benefit both everyday investors and institutional investors". But his plans led to resistance from market-making firms that dominate the system.
/jlne.ws/3FqR2Wi
SEC proposes series of seismic new trading reforms
Laurie McAughtry - The Trade
The US Securities and Exchange Commission (SEC) yesterday announced plans for a series of significant changes to the structure of the US stock market: including a new best execution framework, mandatory open auctions for certain retail orders (likely to significantly curtail payment for order flow), amendments to adopt variable tick sizes and reduce fee caps, and enhanced disclosure requirements for banks and brokers. The move is widely seen as a response to the meme stock crisis of last year: in which retail investors (the 'reddit army') pushed up the price of penny stocks such as GameStop - to the detriment of institutional short players such as Citadel, and resulting in surges so high that many platforms were forced to impose temporary trading restrictions.
/jlne.ws/3ForuZW
Will Auctions Help Investors Get Better Prices? Traders Are Skeptical; Industry questions SEC plan to push more competition for market orders
Alexander Osipovich - The Wall Street Journal
If regulators have their way, your orders to buy and sell stocks could be directed into auctions where sophisticated trading firms would battle to give you the best price. The problem: Those firms say the plan won't work. Brokers, stock-market veterans and some academics are skeptical, too.
/jlne.ws/3Yo5xTs
Sam Bankman-Fried's Harsh Bahamas Jail Could Shift His Stance on Extradition; FTX founder was denied bail in Bahamas court hearing Tuesday; He was sent to jail described as overcrowded, rat-infested
Ava Benny-Morrison and Katanga Johnson - Bloomberg
The grim conditions FTX founder Sam Bankman-Fried is encountering in the Bahamas prison where he's currently being held could change his attitude on extradition to face fraud charges in the US. At Bankman-Fried's first court appearance on Tuesday, his lawyer said he planned to fight extradition. But that was before the judge denied Bankman-Fried's request to be released on $250,000 cash bail and an ankle monitor to track his movements and ordered him taken into custody at the Bahamas Department of Correctional Services facility, commonly known as Fox Hill.
/jlne.ws/3HCERbC
Prosecution of Sam Bankman-Fried Could Rise or Fall on Intent; Prosecutors will need to persuade jury that FTX founder intended to defraud customers, lenders, investors
James Fanelli and Corinne Ramey - The Wall Street Journal
FTX founder Sam Bankman-Fried stuck to a common refrain ahead of his indictment on fraud and conspiracy charges, saying that while bad decisions and lack of oversight led to the collapse of the crypto exchange, he didn't commit or know of any wrongdoing.
/jlne.ws/3W4XnxU
City of London Workers Want to Make WFH From Abroad Easier, Survey Finds
Leonard Kehnscherper - Bloomberg
Finance workers are pushing for simpler rules for cross-border remote working, the latest sign that the pandemic-fueled appetite for flexible work isn't abating. The UK government, which launched a review into cross-border working rules earlier this year, should adopt common standards around tax, immigration policies and regulatory oversight, according to a report by the City of London Corporation and consulting firm EY published Wednesday.
/jlne.ws/3uUMvGU
ECB to Allow Staff to Work Remotely for About Half of the Time
Alexander Weber - Bloomberg
The European Central Bank will let staff work remotely for 110 days a year - roughly half their time. The rules, which take effect Jan. 1, permit as many as 10 days a month away from desks. That's stricter than the current system, under which employees must show up at the office at least eight days a month.
/jlne.ws/3UZ2LRx
Wall Street Stock Trading Set for Overhaul in New SEC Plan; Agency to propose biggest changes for order filling since 2005; Plan set for industry pushback before it can be finalized
Lydia Beyoud and Katherine Doherty - Bloomberg
US regulators took the first step toward the most widespread revamp in more than a decade of the way stocks are traded, a move that aims to spur better prices for investors and direct more business to traditional exchanges. The Securities and Exchange Commission laid out four proposals on Wednesday that Chair Gary Gensler says would boost transparency and competition. They delve into the guts of how the $43 trillion market works, and affect everything from order routing to pricing and disclosures that brokers must make to clients.
/jlne.ws/3UTXNWk
Peak Oil Demand Is Nowhere in Sight; The International Energy Agency says consumption will climb to a record 104 million barrels a day late next year.
Javier Blas - Bloomberg
In energy and commodities, there's stuff that's always at least 10 years away. Fusion energy is one; asteroid mining is another. And so is peak oil demand. The problem is that a decade goes by, the prediction doesn't come true, the goalposts are moved further out, and everyone forgets about the old predictions. Don't get me wrong: one day, they will come true, and I'll have to eat my words. It will be a great celebration. But for now, in the realm of the present, things aren't going as many hoped.
/jlne.ws/3W1yNhk
FTX Executives Used 'Korea' Account to Mask Giant Alameda Liabilities
Gillian Tan and Annie Massa - Bloomberg
A GitHub account bearing the name of former FTX executive Nishad Singh authored code that hid Alameda Research's ballooning liabilities on the now-collapsed cryptocurrency exchange, according to internal documentation reviewed by Bloomberg News.
/jlne.ws/3PBRIgk
Guggenheim's Minerd Warns of 'Another Shoe to Drop' in FTX Fallout
Yueqi Yang - Bloomberg
Guggenheim Partners Chief Investment Officer Scott Minerd is warning investors there will be more shakeouts to come following the collapse of crypto exchange FTX as years of easy money end. "There's another shoe to drop - I can't tell you where it is," Minerd said during a Bloomberg Television interview ahead of Wednesday's rate decision from the Federal Reserve. "The reason is this is just like any number of periods where we had easy money and a lot of speculation; the weakest players fall first. Crypto was obviously something that is crazy."
/jlne.ws/3PuuubK
Incoming FCA Chair Calls Crypto Firms Like FTX 'Deliberately Evasive'
Camomile Shumba - CoinDesk
Crypto firms like FTX are "deliberately evasive", the incoming chair of U.K. Financial Conduct Authority (FCA), Ashley Alder, told the Treasury Committee in a meeting on Wednesday. Alder told the committee that he will be starting with the U.K. financial regulator on Feb. 20. Alder is currently the CEO of Hong Kong's Securities and Futures Commission (SFC), and once he starts at the FCA he will be working alongside FCA CEO Nikhil Rathi.
/jlne.ws/3VT2n8B
Meme-Stock Influencers Charged in $114 Million Fraud Scheme; Federal prosecutors accuse eight men of 'pump and dump' fraud; 'MrZackMorris' gained followers in pandemic stock trading boom
Bob Van Voris - Bloomberg
Social media influencer @MrZackMorris and several others active in last year's meme-stock frenzy were charged by federal prosecutors with engaging in a $114 million "pump and dump" scheme. Edward Constantinescu, known on Twitter as "@MrZackMorris," and Perry Matlock, whose Twitter handle is "@PJ_Matlock," were among the defendants charged in an indictment unsealed Tuesday in federal court in Houston.
/jlne.ws/3FVxCKs
In 60 Seconds Before CPI Hit, Heavy Trading Drove Mystery Rally; Stocks, bonds jumped just ahead of key inflation report; White House says it's unaware of any early release of data
Akayla Gardner, Jess Menton, and Edward Bolingbroke - Bloomberg
Karine Jean-Pierre, the press secretary for President Joe Biden, quickly brushed off the question when it came in toward the end of her daily press conference Tuesday. No, she said, there was no chance that anyone in the White House leaked the November inflation report before its 8:30 a.m. publication. Too much fuss was being made, as she saw it, over what were just "minor market movements."
/jlne.ws/3FTUmur
US Plays Down Idea of CPI Leak Following Pre-Report Trading
Reade Pickert and Akayla Gardner - Bloomberg
US government officials said they weren't aware of any early leaks of closely watched inflation data Tuesday, following a surge of Treasuries buying that took place seconds before the report was released.
/jlne.ws/3W1RRfm
Animoca Founder Says Crypto 'Cheering' Bankman-Fried's Arrest
Joanna Ossinger - Bloomberg
A co-founder of crypto investor and game developer Animoca Brands Corp. said many in the digital-asset industry welcome the arrest of Sam Bankman-Fried because it helps to separate the fallen tycoon from the sector. "The reputational impact for crypto has definitely been affected because Sam was such a prolific figure," Yat Siu, also chairman of Animoca Brands, said on Bloomberg Television on Wednesday. "But I think today, especially the news of his arrest, many people in our industry are actually cheering it on."
/jlne.ws/3BxI4p9
Fine Wine Ponzi Scheme Accused Facing US Extradition Over Fraud
Upmanyu Trivedi - Bloomberg
A senior executive who's accused of lying about the size and vintage of his firm's fine wine collection and who duped investors out of at least $99 million is facing extradition to the US over the alleged Ponzi scheme. The US wants the ex-chief financial officer of Bordeaux Cellars Ltd., Andrew Fuller, to face charges of fraud and money laundering. He allegedly flew, with firm founder Stephen Burton, to investor conferences in the US and other countries where they raised money making false claims about the wine, lawyers said in documents prepared for a London hearing.
/jlne.ws/3HyZtS9
What Crypto's Decline Means for the Future of Bitcoin ATMs (Podcast); There once were more than 34,000 BTC ATMs. But they've begun to decline as Bitcoin prices drop.
Muhammad Farouk Abdulrahman - Bloomberg
Bitcoin ATMs could be considered symbolic of the state of crypto's popularity. During the digital-asset boom they kept appearing in what could reasonably be considered unusual locations, such as Amherst County, Virginia, a place that has no hospital but does have a Bitcoin ATM. Just in case.
/jlne.ws/3uWcxcN
Why Is Wall Street So Hot for Biodiversity Right Now? Finance is taking sudden interest in halting and reversing nature loss, moving to bring data and disclosures developed for climate into a murkier area.
Eric Roston - Bloomberg
As climate change moved higher on the Wall Street agenda, there had been fewer indications that financial giants took similar interest in the biodiversity crisis. Carbon dioxide is something that can be priced and traded. But how does finance value an insect? That appears to be changing. Among the nearly 17,000 diplomats and environmental activists who registered for the UN Convention on Biological Diversity conference in Montreal this week, there are at least several hundred representatives from private-sector financial institutions and companies, including Bank of America, Citi, Aviva, BNP Paribas, Unilever and L'Occitane.
/jlne.ws/3W1jGV4
Sam Bankman-Fried's Arrest Shows Crypto Cops Are Catching Up
David Voreacos and Ava Benny-Morrison - Bloomberg
Working with breathtaking speed, US prosecutors and regulators on Dec. 13 unveiled criminal and civil fraud cases against Sam Bankman-Fried, the disgraced founder of bankrupt crypto exchange FTX, a day after his arrest in the Bahamas. The bombshell moves show how US authorities are combining new technological expertise to crack crypto's complexity with old workhorse laws against money laundering, securities fraud and wire fraud to protect investors and customers.
/jlne.ws/3C1c11d
Sheila Bair: 'I feel for the regulators. You're damned if you do and you're damned if you don't'; The US banking expert discusses distorted interest rates and the dangers of the 'shadow' banking sector
Brooke Masters - Financial Times
This is part of a series, 'Economists Exchange', featuring conversations between top FT commentators and leading economists and policymakers Central banks across the world, most notably in the US, are struggling to tame inflation with higher interest rates. But the more rates climb, the more stress they put on the broader economy - and the greater the chance of an accident in the financial markets.
/jlne.ws/3W3a9Nl
Treasury Proposal Lays Out Who Would Have Access to New Ownership Database; Officials look to banks and law enforcement to act as checks on the use of anonymous shell companies
Dylan Tokar - The Wall Street Journal
The U.S. Treasury Department has proposed giving both banks and law-enforcement officials varying degrees of access to a sprawling new database of corporate-ownership information as part of an effort to stop criminals and terrorists from using anonymous shell companies to hide dirty money.
/jlne.ws/3Pwjmen
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian businessman Vladimir Potanin faces U.S. sanctions - WSJ
Reuters
The United States is moving to impose sanctions on Vladimir Potanin, one of Russia's richest men, but would not sanction Nornickel, the company where he is a major shareholder, the Wall Street Journal reported on Wednesday, citing U.S. officials. The action, which may come as early as Thursday, is expected to include sanctions against Potanin, his wife Ekaterina Potanina, a yacht he owns and some of his financial companies, the newspaper reported. Nornickel, the world's top palladium and refined nickel producer, was one of the biggest prizes in the post-Soviet carve-up of Russian industry in 1990s.
/jlne.ws/3BCF76C
Putin says Russia will fight sanctions with shift in trade and energy flows
Reuters
President Vladimir Putin said on Thursday that Russia would expand trade cooperation with new partners, including by switching gas flows to eastern neighbours, in order to combat Western sanctions. Putin said in a televised speech that Russia would develop its economic relations with partners in Asia, Africa and Latin America to thwart Western efforts to isolate it economically.
/jlne.ws/3YllKcd
Russia preparing for long war, Ukrainian military says
Pavel Polityuk - Reuters
Russia is digging in for a long war in Ukraine and still wants to conquer the entire country, a senior Ukrainian military official said on Thursday. Brigadier General Oleksiy Gromov told a military briefing that although he did not expect Moscow to launch an attack from Belarus, Russian was training new troops on its neighbour's soil and had moved military aircraft there. Deputy Defence Minister Hanna Malyar, at the same briefing, warned against allowing complacency to set in after recent Russian military setbacks.
/jlne.ws/3HGin9S
Ukraine Steps Up Attacks on Russian Targets in Occupied Territory; Kyiv seeks to destabilize occupying Russian forces and place them on the back foot
Ukraine said it struck a Russian ammunition depot and military base on occupied territory in the country's east, as Moscow warned that such attacks on its assets were dragging Kyiv's Western backers further into the war. The Ukrainian armed forces' Center for Strategic Communications on Thursday published video footage of what it said was an explosion caused by an attack on an arms depot in Kadiivka, a town around 30 miles west of the Russian-held regional capital of Luhansk.
/jlne.ws/3YtDRg7
An Alternate Reality: How Russia's State TV Spins the Ukraine War; Leaked emails detail how Russia's biggest state broadcaster, working with the nation's security services, mined right-wing American news and Chinese media to craft a narrative that Moscow was winning.
Paul Mozur, Adam Satariano and Aaron Krolik - The New York Times
As Russian tanks were stuck in the mud outside Kyiv earlier this year and the economic fallout of war with Ukraine took hold, one part of Russia's government hummed with precision: television propaganda.
/jlne.ws/3W4maC4
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The Federation of Euro-Asian Stock Exchanges holds "Capital Market Talks" event in Cairo, Egypt
FEAS
Today, the Federation of Euro-Asian Stock Exchanges (FEAS) holds the second "Capital Market Talks" event for FEAS Members in Cairo, Egypt, hosted by the Egyptian Exchange. Continuing its mission to promote collaboration of the capital markets of the Eurasian region, the Federation of Euro-Asian Stock Exchanges is delighted to host the annual Capital Market Talks event, this time in Cairo, Egypt.
/jlne.ws/3WjC8YD
FX trading shifts towards listed markets as regulatory impact hits; The effects of regulations such as UMR and SA-CCR, combined with geo-political pressures, are shifting FX activity on-exchange - widening spreads and creating highly liquid trading conditions, according to the latest data from CME Group.
Laurie McAughtry - The Trade
Exchanges are seeing record levels of FX activity as geo-political and economic conditions, combined with regulatory uncertainty, are driving hedge funds and asset managers to shift their interest from OTC to listed products. Over $200 billion ($210 billion) was transferred in CME Futures for September to December, with spreads for rolling risk in OTC markets among the G5 currency pairs (USD, GBP, EUR, JPY and CHF) in the three weeks prior to the September futures expiry hitting their widest level for six years.
/jlne.ws/3HBpMXJ
LCH SwapClear extends clearing eligibility to SWESTR and DESTR reference rates; Latest move comes as part of LCH's goal to support the benchmark transition in the cleared and bilateral Nordic markets.
Wesley Bray - The Trade
LCH SwapClear has extended clearing eligibility to SWESTR (Swedish krona short-term rate) Overnight Index Swaps (OIS) alongside becoming the first CCP to launch the clearing of DESTR (Denmark short-term rate).
/jlne.ws/3FvRt1B
Nasdaq Welcomes 156 IPOs and 29 Exchange Transfers in 2022
Nasdaq
Leading U.S. exchange by number of IPOs and proceeds raised for the fourth consecutive year; SEC approves Nasdaq's optimized rules for a direct listing with a capital raise; Featured the largest SPAC IPO, SPAC combo switch, and direct listing; 7 of the 10 largest global IPOs by proceeds raised listed on Nasdaq; 74% of all proceeds raised through IPOs listed on Nasdaq.
Nasdaq (Nasdaq: NDAQ) announced today that in 2022 it welcomed 156 initial public offerings (IPOs), raising a total of $14.8 billion. A total of 85 operating companies and 71 SPACs listed on Nasdaq this year, representing an 89%-win rate in the U.S. market, and extending Nasdaq's leadership to 36 consecutive quarters. In addition to IPOs, there were 29 exchange transfers to Nasdaq.
/jlne.ws/3YuGMoS
CME Group's Micro WTI Options Volume Surpasses 100,000 Contracts Traded
CME Group
CME Group, the world's leading derivatives marketplace, today announced that Micro WTI options volume surpassed 100,000 contracts on December 13, 2022. "Traders are facing unprecedented volatility as markets react to recession risk, OPEC and U.S production shifts, changing demand from China, geopolitical events and other factors," said Peter Keavey, Global Head of Energy and Environmental Products at CME Group.
/jlne.ws/3HGSE13
ASX Acknowledges ASIC Requirement For A Special Report On Current Chess And Rba Expectations For Current Chess And Chess Replacement
ASX
ASX acknowledges that the Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have set out their immediate requirements and expectations of ASX about current CHESS and the plan to replace it. ASIC requires ASX to prepare a special report about arrangements for current CHESS. Additionally, the RBA expects ASX to maintain current CHESS sufficiently, which we have undertaken to do in a letter to the RBA Governor attached to this announcement.
/jlne.ws/351gPmZ
European benchmark futures roll update; Statistics of the current December roll
Eurex
As we have stepped into the final week of the futures roll period, we would like to show the statistics of the current December roll with a focus on Benchmark Index Futures. Below, every graph contains a solid line representing the back month open interest ratio to the total open interest. The dashed line shows a historical mean of the ten recent rolls and gray bandwidths depict one standard deviation from the historical mean levels.
/jlne.ws/3PCwcIb
Moscow Exchange and AFT held a round table on the development of IT solutions based on open source code for the financial market
MOEX
On December 13, 2023, the Moscow Exchange hosted a round table dedicated to improving the efficiency and security of using open source software by participants in the financial industry. The event was organized by the FinTech Association and the Moscow Exchange.
/jlne.ws/3PxWKdO
SGX-listed issuers to return to physical general meetings when govt's (Temporary Measures) Orders cease from 1 July 2023
SGX
Singapore Exchange Regulation (SGX RegCo) notes that the Ministry of Law intends to revoke the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings) Orders (Orders) from 1 July 2023.
/jlne.ws/3FtELAl
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Twitter Suspends the Accounts Tracking Musk's Jet and The Man Behind It; Accounts used public data to follow Elon Musk's plane; Musk said last month Twitter wouldn't ban the account
Edward Ludlow, Paulina Cachero, and William Turton - Bloomberg
Twitter Inc. suspended multiple accounts that track the locations of private jets using publicly available flight data, including one that followed the plane of the company's owner, Elon Musk. Musk publicly declared last month that he would not ban the account even though he saw it as a safety risk, saying that it was evidence of his commitment to free speech.
/jlne.ws/3HArvfV
Coinbase's Prime Broker Platform Receives Industry Attestation Reports
Helene Braun - CoinDesk
Coinbase's prime broker platform, Coinbase Prime, has received two System and Organization Control (SOC) attestation reports that verify that an organization follows industry best practices. Coinbase Prime received SOC 1 Type 2 and SOC 2 Type 2 certifications, according to a blog post on Tuesday. The reports are governed by the American Institute of Certified Public Accountants (AICPA) and were conducted for Coinbase by auditor Deloitte, according to a Coinbase spokesperson.
/jlne.ws/3HBD32H
JPMorgan, Citi and BNP invest in risk management provider Acin
Andres Gonzalez - Reuters
A group of five banks including JPMorgan, Citi and BNP Paribas are among the investors who backed an overall $24 million fundraising for risk control specialist Acin as part of their strategy to step up their risk expertise. The investment, which was also backed by Barclays and Lloyds Banking Group, will help Acin accelerate its strategic product development in partnership with investors and existing clients.
/jlne.ws/3FVEjfK
Meta Stops Planned $342 Million Data Center Expansion in Denmark; Construction of two new data centers had already started; Meta says it is adapting plans to build data centers for AI
Olivia Solon - Bloomberg
Meta Platforms Inc. has halted construction of two new data centers in Denmark, canceling a 2.4 billion kroner ($342 million) contract it signed in August with contractor Per Aarsleff Holding A/S.
/jlne.ws/3V5R4Zs
PayPal Working With Crypto Wallet MetaMask to Offer Easy Way to Buy Crypto
Elizabeth Napolitano - CoinDesk
PayPal will integrate its buy, sell and hold crypto services with MetaMask Wallet as the companies look to broaden users' options to transfer digital assets from their platforms, the companies said Wednesday. According to a press release, the partnership between the payments firm and MetaMask developer ConsenSys is intended to enable users to select their PayPal accounts as a payment option to buy ether (ETH) from within the MetaMask app. The offering is designed to facilitate seamless purchases and transfers of ether from PayPal to MetaMask.
/jlne.ws/3V8qEGI
Binance Launches Payments Service for US Customers
Helene Braun - CoinDesk
The feature has been available to Binance customers outside the U.S. since February 2021 when it was first launched. Back then, Binance founder and CEO Changpeng "CZ" Zhao said payments is one of the "most obvious use cases for crypto." Binance Pay allows users to send, request, and receive nearly 150 different crypto currencies from other users, enabling instant, zero-cost crypto transfers.
/jlne.ws/3uUZnMY
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| Cybersecurity | | Top stories for cybersecurity | Here's what's next in the Senate on cybersecurity
Tim Starks - The Washington Post
Sen. Gary Peters (D-Mich.), chairman of the Homeland Security and Governmental Affairs Committee, told me his key cybersecurity priorities next year are fortifying cyberdefenses for small businesses, open-source software, federal agencies and vital technology used in industrial facilities.
/jlne.ws/3uUFo0W
FBI's InfraGard Cybersecurity Program Breached by Hackers
Lucas Ropek - Gizmodo
A hacker has breached an FBI program dedicated to critical infrastructure cybersecurity and is now selling access to its data on the dark web.
/jlne.ws/3uPMS5w
Cybersecurity company Coro expanding West Loop office
Danny Ecker - Crain's Chicago Business
An Israeli cybersecurity software firm that recently planted its flag in Chicago is beefing up its office space in the West Loop for the second time this year to make room for a hiring run. Coro, which sells software that small and midsize companies use to protect themselves against data and other digital security breaches, has leased around 21,000 square feet at 550 W. Van Buren St., the company confirmed. Coro will move early next year to the new space on the building's 13th floor from roughly 6,000 square feet that it occupies today two floors above.
/jlne.ws/3YuK775
The rising threat of cybersecurity for retailers
Greg Crowley - Security Magazine
Stores across the country have their holiday lights on display and retailers everywhere are gearing up for the all-important fourth quarter and busy holiday shopping season. As managers stock their shelves and shoppers hit the stores, many customers are pulling out their phones as they 'Tap to Pay' their way through self-checkout lines. Others are circumventing the big-box experience altogether, opting for curbside pickup of 'Buy Online, Pickup in Store' (BOPIS) orders, an offering made popular during the darker days of the pandemic that seems here to stay.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Hedge Funds Drawn to Crypto's Next Big Short After FTX Reveals Cracks; Fir Tree, Viceroy among firms that have bets against Tether; Stablecoin's FTX links draw scrutiny after exchange's demise
Annie Massa and Katherine Burton - Bloomberg
Before Sam Bankman-Fried was arrested in the Bahamas and charged with fraud this week, and before the demise of a $60 billion crypto ecosystem decimated digital asset lenders in May, there was the industry's original bogeyman: Tether. A handful of hedge funds are now turning their focus back to the $66 billion stablecoin, which they warn could be the next crypto catastrophe - one that would make the implosion of Bankman-Fried's FTX exchange look small in comparison.
/jlne.ws/3WcKdOO
'99% of People' Will Lose Crypto Storing in Self-Custody: Binance CEO Changpeng Zhao
Alys Key - Decrypt
Binance chief Changpeng "CZ" Zhao has suggested users are more likely to lose crypto by holding it in a cold wallet than by putting it on a centralized exchange. "For most people, for 99% of people today, asking them to hold crypto on their own, they will end up losing it," he said in a Twitter Space discussion held on Wednesday. The exchange founder, who was speaking a few hours after news broke that he had told his staff to brace for a "bumpy" few months, said his company was "neutral" on whether users wanted to hold their own crypto or put it on an exchange, but suggested that practicalities make self-custody unrealistic for many.
/jlne.ws/3BC5WYS
Sam Bankman-Fried attended a top Silicon Valley prep school where his senior class prank reportedly included making $100 bills with his face on them called 'Bankmans'
Morgan Chittum - Business Insider
Long before FTX founder Sam Bankman-Fried was accused of facilitating a massive crypto fraud and in the crosshairs of regulators, he was a nerdy kid from a well-to-do family in Northern California, raised in the upper echelons of academia. Bankman-Fried attended a top Silicon Valley prep school where his senior class's prank included making $100 bills with his face on them called "Bankmans," Puck reported.
/jlne.ws/3HEoawv
FTX bankruptcy lawyers say they 'do not trust' Bahamas government
Dietrich Knauth - Reuters
Lawyers for the bankrupt crypto exchange FTX on Wednesday opposed a demand for internal records from an insolvent affiliate based in the Bahamas, saying they "do not trust" the Bahamian government with data that could be used to siphon off assets from the bankrupt company. Liquidators of FTX's Bahamian business, FTX Digital Markets, had asked U.S. Bankruptcy Judge John Dorsey to give them access to the U.S. unit's Slack, Google and Amazon Web Services accounts and data.
/jlne.ws/3FnwXQI
FTX Bankruptcy Standoff Heats Up as Bahamas Challenges US Case
Steven Church - Bloomberg
Bahamian court officials scuffled with US-based bankruptcy lawyers over the remains of Sam Bankman-Fried's crypto empire Wednesday, exacerbating a key tension hanging over the downfall of FTX. The American legal team has refused to give liquidators appointed by a Bahamian court access to FTX computer systems, claiming securities regulators in the Bahamas cannot be trusted. The lawyers say the Bahamas colluded with Bankman-Fried and his co-founder, Gary Wang, to wrongly access FTX's system last month and mint new digital coins worth hundreds of millions of dollars.
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Binance Founder 'CZ' Insists We Can Trust His Crypto Exchange - but Can We?
Sam Kessler - CoinDesk
Monday's arrest of Sam Bankman-Fried ("SBF") capped off a historic period in the world of memes, money and mayhem that is the cryptocurrency industry. The arrest of the FTX exchange founder drew mainstream headlines that greatly overshadowed the other big crypto story of the day: questions around the solvency of Binance, the largest cryptocurrency exchange by trading volume. If the collapse of FTX was catastrophic for the burgeoning crypto industry, a collapse of Binance would be apocalyptic.
/jlne.ws/3FUiVaJ
FTX CEO Confirms He's Investigating Bankman-Fried's Politically Connected Progressive Parents
Caroline Downey - National Review
Testifying before the House Financial Services Committee Tuesday morning, the newly appointed CEO of FTX revealed that he is investigating the role that disgraced founder Sam Bankman-Fried's parents played in the cryptocurrency exchange's recent implosion. CEO John Ray was asked by Republican Representative Bill Huizenga whether Bankman-Fried's parents, both of whom are professors at Stanford Law School, had advised their son or been employed by his firm in any capacity.
/jlne.ws/3HymLHQ
Crypto Derivatives Platform Paradigm Slashes Salaries to 'Reduce Need for Layoffs'
Ben Munster - Decrypt
Paradigm, a crypto derivatives platform, is cutting its employees' salaries by 15%, citing dismal market conditions. "Post FTX's collapse, it is clear the contagion is deep and wide and like many of our clients and peers, we are not immune," the company said in a statement posted to Twitter on Thursday. "Salary cuts reduce the need for layoffs seen across the ecosystem and have a lesser impact on org momentum."
/jlne.ws/3HN73IK
After FTX, Let's Get Back to Hiring Crypto People for the Job
Jenna Pilgrim - CoinDesk
In the early years, people left Wall Street for crypto because they believed in the future of this industry. It was fundamentally different from traditional finance. Then somewhere during the last bull run, the calculus changed. We started filtering candidates not on their crypto chops, but based on who went to Harvard or MIT or had high-pedigree parents.
/jlne.ws/3YDGKer
Crypto Lender Amber Scraps Bonuses, Cuts Jobs as FTX Collapse Turmoil Continues; Temasek-backed platform is slashing 60% of its workforce; Fundraising paused, costs cut to help it survive crypto winter
Zheping Huang and Hannah Miller - Bloomberg
Amber Group, one of Asia's biggest trading and lending platforms for digital currencies, has canceled this year's staff bonuses as the one-time industry darling grapples with the crypto downturn. The Singapore-based outfit told employees this week that it is scrapping performance-based bonuses for 2022 due to slower business growth and market uncertainties, in an internal memo viewed by Bloomberg News.
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| Politics | | An overview of politics as it relates to the financial markets | Why US and EU Are Heading for a Fight Over Green Subsidies: Q&A
Richard Bravo - Bloomberg
European leaders are willing to start a transatlantic fight over Joe Biden's climate-friendly tax law, dubbed the Inflation Reduction Act, even though it's dedicated to boosting green tech and moving toward a carbon-neutral future. They're upset over the subsidies it will dole out, which they say give American firms an unfair leg up.
/jlne.ws/3WdzJ1W
Manchin Spurs US Reversal on Carbon Capture Funding in Win for Big Oil; Funding will go to projects that produce fossil fuels; DOE pivots on policy after Manchin, senators send letter
Kevin Crowley and Ari Natter - Bloomberg
The Biden administration has reversed course on a carbon capture funding program to allow oil production following an intervention by senators including Joe Manchin and Kyrsten Sinema, handing a win to the fossil fuel industry. The Department of Energy on Tuesday announced $3.7 billion of funding to back projects that remove carbon dioxide from the atmosphere, which have long been considered key technologies needed to reach net-zero goals. But in a policy pivot, the programs now open the door to the use of taxpayer dollars to fund carbon capture projects that produce fossil fuels through a process known as enhanced oil recovery, or EOR.
/jlne.ws/3V0NAas
Senator Warren Introduces New Crypto Bill Targeting Self-Custody Wallets
Andrew Hayward - Decrypt
Amid this week's United States Senate hearings about the collapse of FTX, Senators Elizabeth Warren and Roger Marshall today introduced the Digital Asset Anti-Money Laundering Act, which targets the cryptocurrency industry with a number of proposed regulations that critics are calling authoritarian and unconstitutional.
/jlne.ws/3PrzHBf
UK's Largest Money Laundering Prosecution Heads for a Retrial; A jury in Leeds failed to reach verdicts after lengthy trial; Four defendants linked to English gold dealer also cleared
Jonathan Browning - Bloomberg
A group of people linked to an English gold dealer will face a retrial in the UK's largest money laundering prosecution after a jury failed to reach verdicts for them after a nearly eight month trial. Four defendants were found not guilty, while the remaining four will be tried again, a prosecutor said Wednesday. The group were accused of concealing and converting hundreds of millions of pounds of street cash that was banked by NatWest Group Plc.
/jlne.ws/3HFt4ti
Netherlands to Cap Rents of Thousands of Homes at $1,172; Over 300,000 homes will have their rent reduced by around EUR190; Landlords who charge too high rents will soon risk fines
April Roach - Bloomberg
The Dutch government is set to impose rents caps on more than 300,000 homes to provide more affordable housing for middle-income tenants amid a crippling shortage. Under the plan, the rental price of those homes will be cut on average by EUR190 ($202) a month when the new measures come into force in January 2024. Housing Minister Hugo de Jonge wants to expand rent controls currently in place for social housing to apply to all homes valued at up to 187 points under the Dutch housing valuation system. Pricing will be indexed annually with inflation and when the law comes into effect from January 2024, those properties will carry a maximum monthly rent of around EUR1,100.
/jlne.ws/3Fy0mHN
Dutch Minister Warns Economy Is Hitting Wall on Emissions, Space; Finance minister says 'very difficult choices' must be made; Kaag says growth in next decade must be based on technology
Cagan Koc and Diederik Baazil - Bloomberg
Dutch growth has "hit a wall" because of nitrogen emissions and a lack of space as the Netherlands seeks to reduce the environmental impact of its economy, Finance Minister Sigrid Kaag said. The world's second-largest agricultural exporter will need to accelerate a shift toward high-tech jobs, boost affordable housing and attract more business investment over the next decade, she said in an interview with Bloomberg News.
/jlne.ws/3BEfEKd
European Parliament president says democracy is under attack as corruption probe continues
Associated Press - MarketWatch
The European Union's parliament was reeling Tuesday, its credibility under threat, as a corruption and bribery scandal damaged lawmakers' careers and fingers pointed at Qatari officials accused of seeking to play down labor rights concerns ahead of the soccer World Cup. The scandal, which started unfolding publicly last week, has scarred the reputation of the EU's only institution comprised of officials elected directly in the 27 member countries. It has undermined the assembly's claim to the moral high ground in its own investigations, such as into allegations of corruption in member country Hungary.
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| Regulation & Enforcement | | Stories about regulation and the law. | Regulators set sights on hedge funds after UK pension crisis
Carolyn Cohn - Reuters
Britain's markets watchdog is working with overseas regulators to look at other stresses in the global financial system, such as leveraged hedge funds, its chief executive said on Wednesday, following a pensions crisis in late September. A radical tax-cutting budget in September by former Prime Minister Liz Truss's government triggered a jump in British government bond yields, which forced defined benefit, or final salary pension schemes to raise cash quickly to meet margin calls on liability-driven investment (LDI) derivatives positions. The Bank of England had to step in to stabilise the market.
/jlne.ws/3Wj4OB5
FTX Bahamas Co-CEO warned authorities on Nov. 9 of illegal customer asset transfers, documents show
Zoltan Vardai - Forkast
Ryan Salame, the former co-CEO of FTX's Bahamian entity, FTX Digital Markets, tipped off the Securities Commission of the Bahamas (SCB) on Nov. 9 about FTX violating its internal procedures in transferring customer funds to its brokerage and hedge fund arm, Alameda Research, according to documents made public Wednesday.
/jlne.ws/3HEa6D7
A top FTX exec blew the whistle on Sam Bankman-Fried's moves just 2 days before the crypto exchange's collapse
George Glover - Business Insider
A top FTX executive helped speed up Sam Bankman-Fried's downfall by alerting authorities in the Bahamas about potential wrongdoing at the crypto exchange just two days before its bankruptcy, a court filing shows. FTX Bahamas co-CEO Ryan Salame told the country's security commission that customer funds were being used to cover losses at sister trading firm Alameda Research on November 9, according to court records released Wednesday.
/jlne.ws/3WmbLS4
France Mulls Full-Licensing Regime for Crypto Firms Citing FTX Bankruptcy
Alys Key - Decrypt
France may compel crypto firms to get a full license to operate in the country after a lawmaker proposed aligning the country's laws with incoming EU regulation. Hervé Maurey, a member of the Senate who sits on the finance commission, put forward an amendment on Tuesday that would do away with a grace period France currently plans to extend to crypto platforms.
/jlne.ws/3uT6VQp
EU regulators seek evidence businesses are relocating due to US subsidy law
Foo Yun Chee - Reuters
EU competition regulators are seeking evidence that businesses are shifting investment from the bloc due to the U.S. Inflation Reduction Act as they consider loosening state aid rules to deal with the impact, according to a European Commission document seen by Reuters.
/jlne.ws/3BDi3og
CFTC Obtains Final Judgment Against Michigan Commodity Pool Operator and His Company for a Fraudulent Forex Scheme
CFTC
The Commodity Futures Trading Commission today announced that Judge Matthew F. Leitman of the U.S. District Court for the Eastern District of Michigan entered an order of default judgment and permanent injunction against Ali Bazzi and his company Welther Oaks, LLC, both of Dearborn, Michigan, for misappropriating funds, fraudulent solicitation, and issuing false account statements. The court's order requires Bazzi and Welther Oaks, jointly and severally, to pay a $441,232 civil monetary penalty, imposes permanent trading and registration bans against them, and prohibits them from violating provisions of the Commodity Exchange Act (CEA), as charged.
/jlne.ws/3BEjZgo
SEC charges 8 social media influencers, alleging $100M pump-and-dump stock scheme
Alexis Keenan - Yahoo!Finance
The U.S. Department of Justice and the Securities and Exchange Commission filed parallel lawsuits against eight social media influencers, alleging they engaged in a pump-and-dump stock manipulation scheme that fleeced their followers out of $100 million. https://jlne.ws/3VYB2C4
SEC votes to propose major overhaul of U.S. stock-trading rules
William Watts - MarketWatch
The Securities and Exchange Commission on Wednesday voted to propose a package of rule changes, including measures that could affect, but not block, the controversial practice known as payment for order flow. In this practice, brokers send many small orders from individual investors to market makers or other venues, who compensate the brokers for the order flow. The brokerage industry argues that the practice, which is banned in several countries, offers a net saving to investors, allowing for zero-commission trades and otherwise lowering costs.
/jlne.ws/3PqQR1T
SEC Charges Financial Services Professional and Associate in $47 Million Front-Running Scheme
SEC
The Securities and Exchange Commission today announced fraud charges against Lawrence Billimek, an employee of a major asset management firm with securities portfolios worth billions of dollars, and Alan Williams, who previously worked at several financial industry firms, for perpetrating a multi-year front-running scheme that generated at least $47 million in illegal trading profits.
/jlne.ws/3FSuK10
SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted on Discord and Twitter
SEC
The Securities and Exchange Commission today announced charges against eight individuals in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to manipulate exchange-traded stocks.
/jlne.ws/3j95omz
SEC Adopts Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures
SEC
The Securities and Exchange Commission today adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new disclosure requirements to enhance investor protections against insider trading. The amendments include updates to Rule 10b5-1(c)(1), which provides an affirmative defense to insider trading liability under Section 10(b) and Rule 10b-5. Collectively, the final rules aim to strengthen investor protections concerning insider trading and to help shareholders understand when and how insiders are trading in securities for which they may at times have material nonpublic information.
/jlne.ws/3Yo8p2L
SEC Proposes Amendments to Enhance Disclosure of Order Execution Information
SEC
The Securities and Exchange Commission today proposed amendments that would update the disclosure required under Rule 605 of Regulation NMS for order executions in national market system stocks, which are stocks listed on a national securities exchange. Rule 605 was adopted in 2000 and provides visibility into execution quality at different market centers. It has not been substantively updated since it was adopted.
/jlne.ws/3FUcggE
SEC Proposes Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders
SEC
The Securities and Exchange Commission today proposed to amend certain rules under Regulation NMS to adopt variable minimum pricing increments, or "tick sizes," for the quoting and trading of NMS stocks, reduce access fee caps for protected quotations, and accelerate the transparency of the best priced orders available in the market. The proposed amendments are designed to enhance trading opportunities for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors.
/jlne.ws/3j5bPY6
SEC Proposes Rule to Enhance Competition for Individual Investor Order Execution
SEC
The Securities and Exchange Commission today proposed a rule that would require certain orders of individual investors to be exposed to competition in fair and open auctions before such orders could be executed internally by any trading center that restricts order-by-order competition.
/jlne.ws/3YrF1sd
SEC Proposes Regulation Best Execution
SEC
The Securities and Exchange Commission today proposed Regulation Best Execution, which would establish through Commission rules a best execution regulatory framework for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers. While a best execution rule was first established in 1968 by the National Association of Securities Dealers, Inc., the predecessor to the Financial Industry Regulatory Authority, Inc., the proposed rule, if adopted, would create the first SEC-established rule concerning best execution.
/jlne.ws/3hvV9Zg
SEC Charges Four Individuals in Crypto Pyramid Scheme that Targeted Spanish-Speaking Communities
SEC
The Securities and Exchange Commission today charged Francisley Valdevino Da Silva, Juan Antonio Tacuri Fajardo, Ramon Antonio Perez Arias, and Jose Ramiro Coronado Reyes for their roles in creating and promoting Forcount Trader Systems, Inc., a fraudulent crypto asset pyramid scheme that raised more than $8.4 million from hundreds of retail investors primarily from Spanish-speaking communities throughout the United States and other countries.
/jlne.ws/3BDqr7b
SEC Charges Eight Social Media Influencers in $100 Million Stock Manipulation Scheme Promoted On Discord and Twitter
SEC
On December 13, 2022, the Securities and Exchange Commission brought charges against eight individuals in a $100 million securities fraud scheme in which they used the social media platforms Twitter and Discord to manipulate exchange-traded stocks.
/jlne.ws/3HNhz2G
France under pressure to tighten crypto-friendly regulations; Light-touch regime that allows exchanges to operate without a full licence is called into question post-FTX
Akila Quinio and Scott Chipolina - Finanial Times
France is coming under pressure to close a loophole in incoming crypto rules that would grant it a longer grace period to entice digital asset companies to set up in the country with minimal regulatory oversight.
/jlne.ws/3BDpwUe
FX trading shifts towards listed markets as regulatory impact hits; The effects of regulations such as UMR and SA-CCR, combined with geo-political pressures, are shifting FX activity on-exchange - widening spreads and creating highly liquid trading conditions, according to the latest data from CME Group.
Laurie McAughtry - The Trade
Exchanges are seeing record levels of FX activity as geo-political and economic conditions, combined with regulatory uncertainty, are driving hedge funds and asset managers to shift their interest from OTC to listed products.
/jlne.ws/3HBpMXJ
UK bank capital plans at odds with post Brexit vision; Executives say gold-plating of capital standards could lead to 'entrenched benefit' for EU competitors
Laura Noonan - Financial Times
If UK banks were hoping for an easier ride after Brexit from regulators on the capital buffers they must hold against shocks, they have suffered an early disappointment. At first, second and third glance, the UK's proposals for implementing the latest package of global bank capital standards clash with the government's pledge to make the City of London a more accommodating place for financial services after the EU divorce.
/jlne.ws/3j4bwww
SEC urged to rein in single-stock leveraged and inverse ETFs; The regulator should impose more restrictions, members of its Investor Advisory Committee say
David Isenberg - Financial Times
The Securities and Exchange Commission should prevent leveraged and inverse single-stock exchange traded funds from being called ETFs, members of its Investor Advisory Committee have said.
/jlne.ws/3FS7xw2
We need to talk about the CFTC; Pnwed by Sam Bankman-Fried
Robin Wigglesworth - Financial Times
You may have missed it after Sam Bankman-Fried's Bahamas perp walk and a brace of brutal indictments by the SEC and the US Department of Justice, but the Commodity Futures Trading Commission also piled on late on Tuesday.
/jlne.ws/3Wokl2q
CAT got the cream; At long last, will consolidated audit trails rule everything around the SEC?
Robin Wigglesworth - Financial Times
This has been a good week for highly entertaining and/or high-profile SEC cases. Here is one from yesterday that could easily fly under the radar, but is still worth highlighting.
/jlne.ws/3FouF3O
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Goldman Says Commodities Will Gain 43% in 2023 as Supply Shortages Bite
Paul Wallace - Bloomberg
Commodities will be the best-performing asset class once again in 2023, handing investors returns of more than 40%, according to Goldman Sachs Group Inc. The Wall Street bank said that while the first quarter may be "bumpy" due to economic weakness in the US and China, scarcities of raw materials from oil to natural gas and metals will boost prices after that.
/jlne.ws/3j8hBrG
Bitcoin No Better Than Beanie Babies: Ralph Schlosstein
Bloomberg
Evercore Chairman Emeritus Ralph Schlosstein weighs in on the FTX scandal and discusses his views on cryptocurrencies with Guy Johnson and Alix Steel on "Bloomberg Markets."
/jlne.ws/3WkGA9H
This Is the World's Biggest Stock Winner of 2022 With 1,600% Gain; Stock has slid from April peak, but still best performer; The coal miner has seen profit surge amid selling price gains
Soraya Permatasari - Bloomberg
In a turbulent year marred by global monetary tightening, recession fears, and a war in Ukraine, a mining stock in Indonesia is proving to be the world's best performer with a whopping 1,595% rally. Shares of PT Adaro Minerals Indonesia have moved sideways since sliding from a peak in April, but are still handsomely beating peers in the 2,803-member Bloomberg World Index - delivering more than double the returns of runner-up Turkish Airlines.
/jlne.ws/3hu9fKK
Stock Sniper Might Have Pumped and Dumped; Also shorting Tether, cost-cutting at Twitter and securities fraud at Danske Bank.
Matt Levine - Bloomberg
Look, if someone on Twitter or Discord says that he is an expert day trader who has made millions trading penny stocks and will teach you his secrets, then I can tell you his secret.
/jlne.ws/3FRZors
SPAC Euphoria Turns Into Painful Reckoning as Liquidity Runs Dry; Sponsors with $74 billion have deadlines in the coming months; Industry veterans predict smaller, dedicated pool of backers
Bailey Lipschultz - Bloomberg
One of the hottest pandemic-era trends in investing is receding back into obscurity after more than a billion dollars in losses for backers of special-purpose acquisition companies.
/jlne.ws/3hwNsC7
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The 'Power of Aridity' is Bringing a Colorado River Dam to its Knees; For the millions of people who depend on Glen Canyon Dam for electricity, drinking water and irrigation of crops, two decades of drought have brought a reckoning.
Alex Hager - Inside Climate News
Deep in the bowels of the Glen Canyon Dam, an awful lot stays the same. Under the mass of concrete it's pleasantly cool all year long, even when the Arizona sun beats down above. As the decades march on, the machinery inside remains unchanged, too. The dam's innards are a time capsule of 1960s engineering. Bolts as thick as a forearm hold together the hulking metal casing for hydroelectric generators. Here, the Colorado River surges through turbines, producing power for about 5 million people across seven states.
/jlne.ws/3FyJcd5
UN biodiversity summit 'could help avoid potential mass extinction event'; The summit aims to finalise a framework to protect 30 per cent of global land and ocean areas by 2030
Saphora Smith - The Independent
The outcome of the United Nations biodiversity conference in Montreal this week could have implications for thousands of years and help avoid a potential mass extinction event, the chair of Natural England has said. "The next few days couldn't be more significant in laying the foundations to avoid what is potentially a mass extinction event," Tony Juniper told journalists during a briefing from the UN biodiversity summit, Cop15, on Tuesday. "The complexity behind the talks that are going on here do have real-world consequences."
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Climate Change Tops Institutional ESG Assets for First Time
Shanny Basar - MarketsMedia
Climate change was the leading environment, social and governance factor for institutional investors in terms of assets for the first time according to US SIF Foundation's latest biennial report. The US SIF Foundation's 14th edition of the Report on US Sustainable Investing Trends said institutional investors had $4 trillion of assets related to climate change.
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BNP Paribas Asset Management and Degroof Petercam join Sustainable Trading
EIN Presswire
Sustainable Trading, the non-profit organisation dedicated to transforming Environmental, Social and Governance practices in the financial markets trading industry, today welcomes BNP Paribas Asset Management and Degroof Petercam to its membership network. Since its launch in February 2022, Sustainable Trading has expanded membership to 50 firms, representing the full spectrum of participants across the financial markets trading industry.
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Amazon says it reduced use of single-use plastic last year but an environmental group says it jumped almost 20%
Haleluya Hadero - Fortune
A report by environmental group Oceana has found that plastic waste from Amazon packages went up by 18% last year, but Amazon says it has reduced its use of single-use plastic across its network. According to the Oceana's estimates, released Thursday, Amazon's plastic waste jumped from 599 million pounds in 2020 to 709 million pounds last year - an amount that can circle the planet more than 800 times in the form of air pillows, the group said.
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A first step toward measuring circular buildings
World Business Council for Sustainable Development
Switching from linear to circular ways of doing business could contribute to a substantial dent in emissions from the built environment. But what makes a building circular, and how do you measure progress? A new paper by the World Business Council for Sustainable Development (WBCSD) defines what companies need to measure, how to measure it and how to interpret the results to evaluate how circular a building is. The built environment is responsible for 37% of global emissions and more than half of total global resource consumption. A shift to a circular economy could make the built environment more sustainable, helping the sector reduce waste and pollution, keep products and materials in use longer and regenerate natural systems.
/jlne.ws/3HVSPFV
BlackRock Is Becoming the Republican Bogeyman for ESG
Tim Quinson - Bloomberg
Florida Governor Ron DeSantis is making it clear that he either doesn't like BlackRock Inc. or thinks pillorying the Wall Street giant as "woke" is good politics with 2024 approaching. The Republican's administration is pulling $2 billion from the world's largest investment firm and is pushing managers who run the state's pension funds to withdraw their holdings-some $13 billion. Why? Mainly because of the New York-based company's loudly professed ties to environmental, social and governance investment principles.
/jlne.ws/3hw7CfC
Natural Capital for Biodiversity Policy: What, Why and How?
Capitals Coalition
Governments have a significant role in creating an enabling environment for a capitals approach and safeguarding biodiversity. By facilitating a dialogue, governments from around the world can share best practices strengthen their enabling role. This paper explains what natural capital is, why it is relevant for biodiversity policy, and how it can help to achieve the global goal to be carbon neutral, nature positive and equitable. It is written to inform leaders, policymakers and decision-makers that are negotiating a new deal for nature and people in the context of the 15th Conference of the Parties to the Convention of Biological Diversity (CBD) and the 26th Conference of the Parties on Climate Change. It aims to demonstrate how natural capital approaches can help to mainstream biodiversity into all decisions taken by business, financial institutions and the whole of government.
/jlne.ws/3V5XZlf
The surprising stickiness of the "15-minute city"
Lisa Chamberlain - World Economic Forum
Urbanism trends come and go but the "15-minute city" framing of walkable, mixe-use urban development is a lot more than a fad. The historical roots of the 15-minute city are connected deeply with the current moment-one we will be living with for a long time to come. As climate change and global conflict cause shocks and stresses at faster intervals and increasing severity, the 15-minute city will become even more critical.
/jlne.ws/3HNakb0
5 ways nature tech can bring integrity and scale to nature-based solutions; Florian Reber; Head of Partnerships, Chloris Geospatial Inc.
World Economic Forum
Nature-based solutions, or NbS, particularly conservation and restoration of forests, are vital for tackling the climate and biodiversity crises. NbS have risen sharply on the sustainability agenda of large corporations, but has also raised debate about their impact and integrity. Here's how nature-based solutions can be transformed through nature tech into solutions that are scalable, transparent and trustworthy. Nature-based solutions (NbS), specifically conservation and restoration of forests, are essential for tackling the climate and biodiversity crises - and nature tech will play a crucial role in enabling, scaling up and accelerating these solutions.
/jlne.ws/3W0kZUl
Vanguard spared ESG grilling in Texas after ditching green alliance; Second-largest asset manager dropped from state hearing a week after it quit financial alliance on climate change
Brooke Masters - Financial Times
Texas legislators have excused Vanguard from being grilled on its investment practices at a hearing on environmental, social and governmental investment factors, a week after the asset management giant quit the main global financial alliance on tackling climate change.
/jlne.ws/3hwTTFd
HSBC to stop new oil and gas project funding after backlash; Bank reacts to criticism of climate change policies with symbolic step to cut ties to fossil fuel development
Kenza Bryan and Emma Dunkley - Financial Times
HSBC will cut direct financing and advisory ties to new oil and gasfields and metallurgical coal projects, after coming under fierce criticism over its climate change policies from shareholders and environmental activists.
/jlne.ws/3uQLq2K
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman's Celebrated Club Shrinks Further With Tim O'Neill Exit; Group of pre-IPO partners at Goldman has almost disappeared; O'Neill was 'smartest guy' in every room, Blankfein says
Sridhar Natarajan - Bloomberg
Eight: That's all that's left of one of the most celebrated clubs in the history of Goldman Sachs Group Inc. The holders of the coveted Goldman partner rank numbered 221 before that illustrious group took the company public in 1999. Now, that cohort of pre-IPO partners moves one step closer to vanishing with the exit of Tim O'Neill.
/jlne.ws/3C0hg19
Goldman weighs a 40% cut on investment banker bonuses as Wall Street goes from feast to famine
Sophie Mellor - Fortune
One year after Goldman Sachs paid out the largest bonuses on Wall Street, the investment banking giant is considering slashing banker bonuses by around 40% - the largest cut to payouts since the 2008 financial crisis. The bonus cuts for the bank's 3,000 investment bankers - first reported by Semafor and further detailed by the Financial Times - are reportedly deeper than many of the bank's Wall Street rivals, stoking fears the bank could face higher staff turnover next year. Bonuses for Goldman's top 400 partners may even be cut by around half as senior bankers bear the brunt of compensation cuts, Semafor reported.
/jlne.ws/3HAKXtb
China Asks Banks to Buy Bonds Via Prop Desks After Market Slump; PBOC window guidance follows rapid slump in bond prices; Retail investors have been withdrawing from debt products
Bloomberg
China asked some of the nation's biggest banks to help stabilize the domestic bond market after a wave of fund redemptions by retail investors fueled the biggest credit selloff since 2015, according to people familiar with the matter. Regulators asked lenders to buy bonds via their proprietary trading desks, said the people, who spoke on condition of anonymity to discuss a private matter. The goal is to absorb the selling pressure caused by retail withdrawals from some of those same banks' wealth management products, the people said.
/jlne.ws/3FCSncS
Limina Financial Systems and Qontigo partner to deliver integrated portfolio and risk analytics within Limina IMS
Press Releases - Qontigo
Limina Financial Systems and Qontigo today announced a strategic partnership to integrate Axioma Analytics solutions into Limina's Investment Management System, Limina IMS.
/jlne.ws/3htWLmh
Lloyds Names New COO, Numis Hires in Dublin: The London Rush
Leonard Kehnscherper - Bloomberg
It's Bank of England rate-decision day, with investors and economists expecting the central bank to dial down the pace of increases. While inflation dipped last month, the cost-of-living squeeze goes on - as Bloomberg's latest Breakfast Index shows. This morning's corporate updates saw banks continue to hire and power group Drax warning of a "difficult winter."
/jlne.ws/3Puh0wC
Goldman Sachs weighs bonus cut of at least 40% at investment bank; Reduction for 3,000-strong unit would be most severe since financial crisis
Joshua Franklin and Ortenca Aliaj and James Fontanella-Khan - Financial Times
Goldman Sachs is considering shrinking the bonus pool for its more than 3,000 investment bankers by at least 40 per cent this year, as chief executive David Solomon tries to control costs with deeper cuts than many of its Wall Street rivals.
/jlne.ws/3UXglVD
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Working Parents Are Overwhelmed as Kids Get Sick Again and Again; Parents are sharing survival tips as they face down a winter virus hellscape.
Arianne Cohen - Bloomberg
For a week in early October, Lucia Gugliotta, global head of people at AI video company Synthesia in London, worked with an unexpected office assistant: her feverish four-year-old daughter. "In the thick of it, she was in the bed behind me on Zoom calls, and I just apologized to my colleagues and explained," she said. "She really suffered-high temperatures." Two weeks earlier, her two-year-old son stayed home sick for a week.
/jlne.ws/3YqLjZ7
As COVID cases rise, White House announces more prevention efforts, including free tests
Karen Weintraub - USA Today
As COVID-19 cases rise again with the arrival of winter and holiday gatherings, the White House on Thursday announced its plans for controlling cases this winter. The plans include: offering Americans four more free COVID-19 tests per household; collaborating with communities to open pop-up or mobile vaccination sites; pre-positioning critical supplies like masks gloves and gowns from the Strategic National Stockpile; providing more support to nursing homes and long-term care facilities to protect the most vulnerable.
/jlne.ws/3uUEIsq
We Need a Public Health Campaign Against Teen Marijuana Use; A concerted effort has driven down teen alcohol use, but it's the Wild West as far as cannabis is concerned.
Lisa Jarvis - Bloomberg
There's good news and bad news when it comes to teen drug and alcohol use. The good news is that fewer teens are drinking, a trend that has been steadily improving over the last two decades. The negative is that cannabis seems to be picking up alcohol's slack. The research is still evolving, but the decline in teen drinking likely stems from a mix of policies and public health campaigns. The same level of effort should be applied to discouraging teen cannabis use - and quickly.
/jlne.ws/3FwGbtP
Covid Surge Spooks Beijing Residents, Disrupts Government
Bloomberg News
Covid infections are surging in Beijing, disrupting official government work and keeping people at home after authorities made an about-turn in their strict policy of managing virus cases.
/jlne.ws/3W46nTO
France Struck By Cold Virus Ahead of World Cup Final
The Associated Press
A cold virus is running through the France squad ahead of the World Cup final against Argentina on Sunday, affecting at least three players in the squad. Coach Didier Deschamps said two players with symptoms, defender Dayot Upamecano and midfielder Adrien Rabiot, were isolated earlier this week and didn't play in France's 2-0 semifinal win over Morocco.
/jlne.ws/3FDFNtU
Beijing urged to roll out Covid boosters to avoid 1mn deaths; Report released as economic data reveal impact of lockdowns on output and consumer demand
Edward White, Ryan McMorrow in Beijing and William Langley - Financial Times
Beijing must rapidly roll out booster shots and antiviral drugs as well as enforce social controls if China is to avoid a Covid-19 death toll of close to 1mn people, according to a new report part-funded by the Chinese Center for Disease Control and Prevention.
/jlne.ws/3UXfNPz
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Tokyo makes solar panels mandatory for new homes built after 2025
Kantaro Komiya - Reuters
All new houses in Tokyo built by large-scale homebuilders after April 2025 must install solar power panels to cut household carbon emissions, according to a new regulation passed by the Japanese capital's local assembly on Thursday. The mandate, the first of its kind for a Japanese municipality, requires about 50 major builders to equip homes of up to 2,000 square metres (21,500 square feet) with renewable energy power sources, mainly solar panels.
/jlne.ws/3HNlU5Y
Japan Was the Safest Place to Be an FTX Customer
J.P. Koning - CoinDesk
FTX was a massive hydra with subsidiaries across the globe. Amid FTX's failure and entrance into bankruptcy court, one of these subsidiaries appears to be relatively unscathed: FTX Japan. Assuming FTX Japan makes it through, here are some things that other nations can learn from Japan's experience. FTX Japan is a Japanese-based crypto exchange, formerly known as Liquid, that Bahamas-based FTX purchased in early 2022. Whereas the customers of most FTX entities are in limbo, FTX Japan says that it is close to paying out its customers in full: "We have put together a plan for the resumption of withdrawal service, which has been shared with and approved by the new FTX Trading management team. Development work for this plan has already started and our engineering teams are working to allow FTX Japan users to withdraw their funds."
/jlne.ws/3uTXBfi
Commission welcomes the political agreement on new EU rules for pay transparency
European Commission
The European Commission welcomes the political agreement reached today between the European Parliament and the Council on the Directive on pay transparency measures. The initiative was an important element of the political guidelines of President von der Leyen and the Commission tabled its proposal on 4 March 2021. The new rules will provide for more transparency and effective enforcement of the equal pay principle between women and men as well as improve access to justice for victims of pay discrimination.
/jlne.ws/3UUtyP6
Corruption scandal: MEPs insist on reforms for transparency and accountability
European Parliament
All work related to Qatar should be suspended, no access to Parliament for Qatari interest representatives; Set up an inquiry committee to investigate cases of corruption by third countries and a special committee on transparency; Call for EU-level ban on donations from third countries to MEPs and political parties; MEPs should file asset declarations at the beginning and end of their mandates. Parliament has reacted to recent allegations with immediate changes and demands for measures to close loopholes in existing transparency rules. Following Tuesday's debate, Parliament has adopted a resolution on the suspicions of corruption by Qatar and the broader need for more transparency in the EU institutions, with 541 votes in favour, two against, and three abstentions.
/jlne.ws/3Ps34mY
Wealthy nations offer Vietnam $15bn-plus deal to shift from coal; Third in a series of packages designed to support developing economies and limit global warming
Aime Williams - Financial Times
Wealthy nations have offered Vietnam a $15.5bn package to help pay for its move from coal to renewable energy, the latest in a total of $44bn in deals aimed at shifting developing economies away from fossil fuels. The funding package, which mirrors agreements reached with Indonesia and South Africa, includes $7.75bn in public funding over the next three to five years alongside a further estimated $7.75bn in private finance.
/jlne.ws/3hqt1H4
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| Miscellaneous | | Stories that don't quite fit under the other sections | Anti-Cheating Education Software Braces for AI Chatbots
Brad Stone - Bloomberg
When I first tried ChatGPT, the almost magically sophisticated artificial intelligence tool made by OpenAI, my initial reaction was to marvel at its crisp answers and conversational lucidity. My second thought, as the father of high-school kids, was to say a small prayer for the teachers of the world. Because ChatGPT knows things. It knows the metaphorical significance of Boo Radley in To Kill a Mocking Bird. It can opine with relative clarity on the merits of autobiography as a literary form in relation to Richard Wright's Black Boy. It can wax on about morality in Shakespeare's final play, The Tempest.
/jlne.ws/3V1mMqS
SBF thinks one of his biggest mistakes at FTX was slashing his workday from 18 hours to 13 hours a day, his planned testimony shows
Matthew Loh - Business Insider
FTX founder Sam Bankman-Fried thinks one of his biggest mistakes was cutting his workday from 18 hours to about 13 hours a day, he wrote in a draft of his planned testimony. In his 7,000-word draft, Bankman-Fried wrote that he was "less grounded in operational details" in the months leading up to his exchange's downfall.
/jlne.ws/3Yoa5cp
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