| May 04, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Someone created a Twitter account that has my name and title on it, but a slightly different Twitter handle; rather than my name @johnlothian, it uses @johnlothain as the handle. This imposter has been approaching some of the people who follow me on Twitter or whom I am connected to on LinkedIn to try to spark a conversation. Please ignore them, report them and let me know. I am sorry that Twitter owner Elon Musk is such a putz and that this kind of thing is happening now that he has gutted the company of 80% of its employees.
There was a flurry of activity out of the SEC yesterday, with ten different statements from the SEC Commissioners, including Chairman Gary Gensler. Gensler opined with a "Statement on Form PF" and a "Statement on Share Repurchase Disclosure Modernization." And in case you missed it, Gensler on May 2 gave a speech titled "The '90s: Rom-coms, the Spice Girls, & MFA: Remarks Before the Managed Funds Association."
Commissioner Hester M. Peirce chimed in with "The Changing Nature of Form PF: Statement on Amendments to Form PF" and "No Repurchase Left Behind: Dissenting Statement on Share Repurchase Modernization Rule."
Not to be left out, Commissioner Caroline A. Crenshaw contributed a "Statement on Amendments to Form PF" and "Statement on Share Repurchases Adoption."
Commissioner Mark T. Uyeda took the prize for the longest statement title with a "Statement on Final Amendments to Form PF to Require Event Reporting for Large Hedge Fund Advisers and Private Equity Fund Advisers and to Amend Reporting Requirements for Large Private Equity Fund Advisers" and followed that with the rather modest length headline of "Statement on the Final Rule: Share Repurchase Disclosure Modernization."
And last, but not least, Commissioner Jaime Lizarraga offered up "Enhancing Financial Stability and Fulfilling Our Investor Protection Mandate" and "Modernizing Share Repurchase Disclosures."
TMX reported record revenue of over $299.1 million, a 4% increase from the first quarter of last year, driven by double-digit growth in revenue from global solutions, insights and analytics, including TMX Datalinx and Trayport, and Montreal Exchange derivatives trading and clearing, excluding BOX, it said on LInkedIn. The full report of its first quarter 2023 results are available HERE.
Our friends at Nodal Exchange reported on LinkedIn that "Environmental markets on Nodal set monthly volume and open interest records in April. Volume across the suite of products totaled 43,883 contracts, topping the prior all-time monthly volume record of 35,787 contracts set in May 2022. Nodal also posted a new open interest record of 255,418 lots, up 33% from 192,707 a year earlier. Highlights included New Jersey Class 2 RECs posting daily and monthly volume records of 4,840 lots and 10,990 lots respectively, and open interest of 28,870 contracts, (equal to 2.88 million MWh of renewable energy)."
There are questions about whether the drone attack on the Kremlin yesterday was a "false flag" attack. The first reports of the attack were not from street sources, but rather from the Kremlin 12 hours after the attack was said to have taken place. That seems like a big red (false) flag to me. The Guardian and CNBC reported on the false flag story.
We have something new to worry about. Astronomers have caught a star swallowing a planet. An aging star 15,000 light years away swallowed a planet the size of Jupiter, which is no small feat, the science journal Nature reported, The Wall Street Journal said in a story.
And if we don't get swallowed by a star, then we have El Nino and rising temperatures to worry about, NPR reports.
If you are looking for volatility to trade - and who isn't? - then you might want to read this story from Bloomberg titled "London May Be a Great Place to Cash In on Market Volatility." The subheadline is "BlackRock's Alex Brazier tells In the City that there's a new investment playbook, and money to be made by those who know the new rules."
On World Press Freedom Day 2023, a judge dismissed an attempt to intimidate a newspaper for its reporting of a story. This particular case involved Donald Trump suing The New York Times. The judge dismissed the case as being without merit and fully protected by the First Amendment to the U.S. Constitution and made the former president pay for the Times' legal expenses, The New York Times reported. Trump sued The New York Times and three of its reporters and his niece over an investigation into his tax returns.
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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Markets Media Group's 11th-annual U.S. Markets Choice Awards event was held Wednesday, May 3, at New York City's Tavern on the Green. Among the winners in a variety of categories were: Bank of America, BNP Paribas, Instinet, Liquidnet, DTCC Institutional Trade Processing, and Rob Flatley of TS Imagine as CEO of the Year.~SR
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U.S. SEC Changes Its Mind on Officially Labeling Digital Assets
Jesse Hamilton - CoinDesk
The U.S. Securities and Exchange Commission (SEC) took one small step backwards in regulating the crypto sector on Wednesday, when it erased what would have been its first formal definition of "digital asset" from its latest hedge fund rule. While the SEC had initially included the definition in its 2022 proposal to overhaul mandatory disclosures for hedge funds, the securities regulator yanked it in the final rule approved by the commissioners. The agency included a footnote to explain itself: "The commission and staff are continuing to consider this term and are not adopting 'digital assets' as part of this rule at this time," the note declared.
/jlne.ws/42aQyOo
***** Sometimes great minds think differently.~JJL
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Oil's Dramatic Open Leaves Traders Puzzled After WTI Crashes; Traders cutting long positions, algo selling touted as reasons; US crude briefly sinks more than 7% in first minutes of trade
Alex Longley - Bloomberg
After a wave of selling over the last week it was little surprise when US crude futures opened lower on Thursday, but few traders were braced for the 7.2% plunge that unfolded in the first dramatic minutes of trading. West Texas Intermediate plummeted by almost $5 a barrel for a few seconds shortly after the open in Asia at 6 a.m. in Singapore, then recovered. When trading kicked off a couple of hours later in global benchmark Brent, it failed to respond in kind, merely shedding a little more than $1 a barrel.
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***** In the old days, this would have been a FAST MARKET and fills would have taken until midday to get back.~JJL
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A Ship Out to Sea; A Homily About The Trading Floor.
Jeffrey Carter
The trading floor wasn't actually a physical ocean-going vessel, but the journeys and experiences were the same. It had its own rough seas and sometimes smooth sailing. When you deviated from your True North, the water certainly got choppy. Like the ocean, the floor could seem placid at times but was full of distraction and danger. Like the ocean, it was also full of great joy. Amazing things could happen at any moment.
/jlne.ws/3nuuU8t
****** I am not sure what got into Jeff Carter, but I think after writing this homage to the trading floor he has worked it all out.~JJL
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London Stock Exchange chief calls for UK firms to pay bosses more
Jasper Jolly - The Guardian
The chief executive of the London Stock Exchange has called for the bosses of UK companies to be paid more in order to match their counterparts in the US. Julia Hoggett argued that British companies were finding it difficult to attract and retain executives because they offered smaller pay packages than rivals in the US.
/jlne.ws/423aqCT
****** How about paying the workers more, which will make the company perform better, which will make the CEO job more lucrative? Or you could just pay the CEO more and forget about the workers.~JJL
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Wednesday's Top Three
Our most read story Wednesday was Half of America's banks are potentially insolvent - this is how a credit crunch begins, from The Telegraph. Second was a tie between CME Group Inc.'s (NASDAQ:CME) CEO Compensation Is Looking A Bit Stretched At The Moment, from Simply Wall St., and Bevon Joseph's LinkedIn post about his son being involved in a car-jacking in Chicago. Third was How WTI Became the Most Important Commodity Contract on the Planet, from Institutional Investor.
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MarketsWiki Stats
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| Lead Stories | Even as China Reopens, Security Visits Spook Foreign Businesses; Fears are growing that the Communist Party's increasing focus on control over information about markets and companies is behind the questioning of firms.
Daisuke Wakabayashi, Chris Buckley and Keith Bradsher - The New York Times
With China's pandemic restrictions dismantled and its leaders wooing executives flying into the country again, this was supposed to be a springtime of renewed investor confidence in the world's second-biggest economy.
/jlne.ws/3LzvdH7
The World Federation of Exchanges to Create New Educational Certification for Market Infrastructure
The World Federation of Exchanges
The World Federation of Exchanges ("The WFE"), the global body for exchanges and CCPs, today announced the creation of a new Market Infrastructure Certificate (MIC) programme, the first of its kind, which is aimed at educating the next generation of financial services leaders globally.
/jlne.ws/44vSMJG
FDIC's McKernan Says Failed-Bank Auctions Aren't Competitive
Gillian Tan - Bloomberg
The Federal Deposit Insurance Corp. failed to create a level playing field for nonbank bidders pursuing First Republic Bank, according to FDIC board member Jonathan McKernan. "Since the SVB auction, I've pushed for changes to build more competitive tension in our failed-bank auctions so we get the best price," McKernan said in an interview, referring to the seizure and sale of Silicon Valley Bank to First Citizens BancShares Inc. in March. "But the FDIC ran essentially the same process again for First Republic."
/jlne.ws/44GvgtF
Swiss Hit With 120 Lawsuits Over Credit Suisse AT1 Bond Wipeout; Notional deadline to file claim against Finma has passed; Thousands of bondholders looking to recoup investments
Hugo Miller - Bloomberg
Six weeks since the deal to rescue Credit Suisse Group AG was rushed through, at least 120 claims have been filed against the Swiss banking watchdog's decision to wipe out about $18 billion worth of its high-risk bonds as part of the deal.
/jlne.ws/3VwZECo
There Was Really Just One Bank That Could Rescue First Republic; Only JPMorgan had the money, expertise-and Jamie Dimon.
Hannah Levitt and Jennifer Surane - Bloomberg
It's Jamie Dimon again. Famously the "last man standing" after the 2008 financial crisis, the JPMorgan Chase & Co. chief executive officer stuck around long enough to emerge victorious from the next mess. The government has ended up leaning on him even though it made the biggest US bank even bigger overnight.
/jlne.ws/3LBK2c2
EU Wants More Commodity Trading Scrutiny After War Exposed Risks
Archie Hunter and Jorge Valero - Bloomberg News
For decades, Europe's commodity traders have avoided being regulated on par with other financial firms. A new proposal currently working its way through the European Union legislative system could change that. As part of a package updating its landmark MiFID II regulations on financial markets, the European Parliament has proposed to review its "ancillary activities exemption," according to position documents seen by Bloomberg. The proposal is part of early discussions and could still change.
/jlne.ws/44uuAXR
LCH: The other side of the tiller
Christopher Walker - IPE
Isabelle Girolami undoubtedly has a strong background in financial services, having worked for a range of very different institutions in very different roles. She was COO at the fixed income division of BNP Paribas, before going on to a similar role at Bear Stearns, the bank that failed early in 2008 and which was subsumed into JP Morgan. Prior to her current role at LCH she was global head of markets at Credit Agricole.
/jlne.ws/3nA3wWz
U.S. SEC adopts new rules around private fund disclosures, share buybacks
John McCrank - Reuters
The U.S. Securities and Exchange Commission on Wednesday adopted new disclosure rules for hedge fund and private equity fund advisors aimed at increasing transparency, competition, and efficiency in the $25-trillion marketplace.
/jlne.ws/3ARFycm
GMEX Group launches ZERO13 digital carbon credits aggregation ecosystem; Partners with Verdana Eco-Consortium, Alléo Energy and Pay DIRT
GMEX Group
We are pleased to be able to announce today the launch of our latest venture, a climate fintech called ZERO13. ZERO13 provides an automated AI and multi-blockchain driven aggregation ecosystem delivering trusted supply, digital issuance, trading, clearing and settlement for a broad range of carbon credits and related ESG real-world assets. ZERO13 digitally interconnects multiple stakeholders, including registries, banks, custodians, asset managers, corporates, buyers and sellers, markets, exchanges, climate tech and fintech firms to help achieve Net Zero.
/jlne.ws/42oI5GN
Busted Banks Wipe Out $54 Billion of Stocks, Bonds During Turmoil
Paige Smith and Jill R. Shah - Bloomberg
The collapses that claimed four US lenders this year have stuck investors with more than $54 billion of losses, after First Republic Bank's demise added to the pile of nearly worthless securities and sent some peers into a new tailspin. The tally includes $46.9 billion of market capitalization erased since Feb. 28, just before the bank turmoil began in earnest, and about $7.5 billion gone from bonds and preferred shares, according to calculations by Bloomberg.
/jlne.ws/4278CZI
FTX Seeks to Claw Back $3.9 Billion in Cash, Crypto from Genesis; Funds relate to loans, collateral and withdrawn assets; Alameda allegely repaid Genesis $1.8 billion before bankruptcy
Jeremy Hill - Bloomberg
FTX Group is seeking to claw back close to $3.9 billion of cash and crypto from bankrupt digital asset lender Genesis Global Capital LLC and a non-bankrupt affiliate, GGC International Ltd. The funds relate to $1.8 billion of loans and $273 million of collateral given to Genesis Global Capital by Alameda Research Ltd., Sam Bankman-Fried's defunct crypto trading house, shortly before it collapsed into bankruptcy alongside FTX, according to court papers filed Wednesday.
/jlne.ws/44laEXs
Coinbase Launches Offshore Crypto Derivatives Exchange Amid U.S. Regulatory Scrutiny
CoinDesk
Coinbase is opening a derivatives exchange in Bermuda as the crypto exchange faces continued regulatory headwinds in the U.S. Owen Lau, senior analyst at Oppenheimer, discusses his firm's rating and price target for Coinbase's stock. Plus, Lau reacts to Coinbase Chief Legal Officer Paul Grewal telling CoinDesk at Consensus 2023 that the exchange is prepared to take legal action if the SEC doesn't provide the regulatory clarity it is seeking.
/jlne.ws/3VExENd
The new Coinbase and Gemini offshore exchanges and what they mean for crypto
Jeff John Roberts - Fortune
This week will see not one but two flagship American crypto brands open exchanges offshore. Coinbase confirmed that institutional users will begin trading on its new Bermuda-based operation today, while Fortune Crypto's Leo Schwartz had the exclusive this morning that the Winklevoss twins are opening up shop in Singapore. This is big news for the crypto world, so it's worth assessing what it means-and what it doesn't.
/jlne.ws/3nC3lKp
Goldman Sachs named as defendant in SVB-related class action lawsuit
Reuters
Goldman Sachs is among the underwriters named as defendants in a securities class action lawsuit related to several of SVB Financial Group's share offerings in 2021 and 2022, the investment bank disclosed in a regulatory filing on Thursday.
/jlne.ws/3LTZJg7
What JPMorgan's First Republic takeover means for the crypto industry
Forkast.News
In the midst of every crisis lies great opportunity. That's certainly true in the case of cryptocurrency, the most influential financial innovation of our age, whose very origins are often attributed to the global financial crisis that engulfed banks, economies and livelihoods some 15 years ago.
/jlne.ws/3pajbfX
The US Shale Oil Capital Won't Invest in Itself; Midland's inability - or refusal - to fund basic infrastructure upgrades is dinging worker retention rates, imperiling Texas' ability to deliver the energy needed to fuel the global economy.
Mitchell Ferman - The Wall Street Journal
The schools are among the worst funded in the state. The hospital is recruiting high schoolers instead of nurses to draw blood. There's so little to do on weekends that Tall City Brewing Co. named its honey blonde ale "Five Hour Drive" because that's what it takes to get somewhere fun.
/jlne.ws/3LULckh
How AI Is Redefining the Battlefield | Episode 3
Jackie Davalos and Nate Lanxon - Bloomberg
Artificial intelligence has triggered an arms race with the potential to transform modern-day warfare. Countries are vying to develop cutting-edge technology at record speed, sparking concerns about whether we understand its power before it's deployed.
/jlne.ws/3VyMCEh
Who Would Want to List in London? Certainly Not You; The FCA should press ahead with proposed reforms to UK listing rules. Then think of a few more.
Merryn Somerset Webb - Bloomberg
Imagine you've successfully founded a company in the UK. You sell your technology-related product globally. You manufacture at home and in China. You have a few hundred employees. You'd like to take some money out of the company, so you look into listing. Your inclination is to list in the UK.
/jlne.ws/3VMCgBb
First Silicon Valley Bank, Now First Republic. How Worried Should We Be About a Financial Crisis?
Amit Seru - The New York Times
Our nation's banking system is at a critical juncture. The recent fragility and collapse of several high-profile banks are most likely not an isolated phenomenon. In the near term, a damaging combination of fast-rising interest rates, major changes in work patterns and the potential of a recession could prompt a credit crunch not seen since the 2008 financial crisis.
/jlne.ws/3nuBVWV
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Exclusive-JPMorgan could process another 40 Russian grain export payments - sources
Polina Devitt and Michelle Nichols - Reuters
U.S. bank JPMorgan Chase & Co could process another 40 Russian grain export payments, two sources said, as the United Nations seeks to save a deal allowing safe Black Sea exports of Ukrainian grain that Moscow has threatened to quit on May 18. Reuters reported last week that JPMorgan had processed the first payment for the Russian Agricultural Bank, which was cut off from the SWIFT payment system by the European Union in June over Moscow's 2022 invasion of Ukraine.
/jlne.ws/42H3V8T
Russia may soon come under merciless attack
Con Coughlin - The Guardian
Who was responsible for yesterday's dramatic drone attack in Moscow? We may never know. But it has displayed Vladimir Putin's biggest fear - because for all the talk of Ukraine staring down the barrel of defeat, the Kremlin knows that Ukraine is far from willing to run up the white flag just yet.
/jlne.ws/3LSyPWa
The Ugly Case for Continuing to Support Ukraine; If the West's governments want their policies to attract lasting public approval, they need to appeal to the basest instincts of distracted and distrustful voters.
Leonid Bershidsky - Bloomberg
As the rich soil dries in Ukraine's south and east and the Kyiv-led military prepares to counterattack, it's a good time to revisit a key question for the invaded country's Western allies: "Is Ukraine worth supporting and if so, why?"
/jlne.ws/3LU6heH
Ukraine Grain Deal Talks Set as Russia Threatens to Exit Pact; Wheat steady as deputy ministers prepare for meeting on Friday; Prices under pressure from ample supplies, harvest prospects
Megan Durisin and Ugur Yilmaz - Bloomberg
Wheat held near a two-year low as officials from the Black Sea region agreed to negotiate the continuation of the Ukraine grain deal, before a looming Russian deadline for leaving the pact.
/jlne.ws/3LPVGSd
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | HKEX Names Co-Head of Data and Analytics
HKEX
Hong Kong Exchange & Clearing Limited (HKEX) is today (Wednesday) pleased to announce that Mr Patrick Khong has joined the Group as Managing Director and Co-Head of Data and Analytics. Working in partnership with Andy Shum as Co-Head of Data and Analytics, Mr Khong will help drive HKEX's data management strategy, oversee the group's data governance and design, work on and deliver a range of data and analytics technology initiatives. As a senior member of HKEX's Innovation and Data Lab, he will work closely with the Group IT functions as well as business teams across the organisation, supporting the development of data-driven solutions.
/jlne.ws/3LXtyg5
Cboe Global Markets Reports Trading Volume for April 2023
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported April monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain April trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/425FAti
CME Group Declares Quarterly Dividend
CME Group
CME Group Inc., the world's leading derivatives marketplace, today declared a second-quarter dividend of $1.10 per share. The dividend is payable June 27, 2023, to shareholders of record as of June 9, 2023.
/jlne.ws/3LWEg6c
DTCC is Taking Innovation to New Heights
Darlene Newman - DTCC
Join DTCC's Darlene Newman as she discusses how DTCC is taking innovation to new heights from a technology perspective.
/jlne.ws/3AQUTtQ
Intercontinental Exchange Approves Second Quarter Dividend of $0.42 per Share
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced today a $0.42 per share dividend for the second quarter of 2023, which is up 11% from the $0.38 per share dividend paid in the second quarter of 2022. The cash dividend is payable on June 30, 2023, to stockholders of record as of June 15, 2023. The ex-dividend date is June 14, 2023.
/jlne.ws/40ZFhyJ
Intercontinental Exchange Reports Strong First Quarter 2023
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the first quarter of 2023. For the quarter ended March 31, 2023, consolidated net income attributable to ICE was $655 million on $1.9 billion of consolidated revenues, less transaction-based expenses. First quarter GAAP diluted earnings per share was $1.17. Adjusted net income attributable to ICE was $791 million in the first quarter and adjusted diluted EPS was $1.41. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.
/jlne.ws/414byVq
Nodal Exchange achieves records in power and environmental futures with 25% and 179% growth respectively in trading volume in April
Nodal Exchange
Nodal Exchange today announced new records in power and environmental futures. In power, Nodal set a calendar month record for April with traded power futures volume of 306 million MWh, up 25% from 244 million MWh in April 2022. Nodal continues to be the market leader in North American power futures with a record 52.4% share of open interest at the end of April with 1.269 billion MWh open interest representing $117 Billion of notional value based on both sides. Nodal posted a monthly volume record in environmental markets of 43,883, topping the prior record of 35,787 lots in May 2022 by 23% and growing 179% over April 2022.
/jlne.ws/3LBfffJ
TMX Group Announces Election of Directors
TMX
May 3, 2023 - TMX Group today announced that the nominees listed in the management proxy circular for the 2023 Annual and Special Meeting of Shareholders were elected as directors of TMX Group Limited. Detailed results of the vote for the election of directors held at the Virtual Annual and Special Meeting on Tuesday, May 2, 2023 are set out below.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | T+1 settlement: The seismic post-trade change impacting the trading desk; With the US confirming its shift to T+1 settlement in 2024, Wesley Bray looks at the impact this will have globally, whether or not the UK and EU should follow suit and how trading desks will be impacted by the move.
Wesley Bray - The Trade
The eyeing of a shift to T+1 settlement around the world in recent years has represented an almost inevitable evolution of market structure in the never-ending search for efficiencies and risk reduction. The move - essentially, the shortening of the equities settlement cycle to one day, as opposed to the current standard in most major markets where trades are settled two business days after they occur - is a contentious one, despite the aforementioned inevitability.
/jlne.ws/3NC5wIu
A regulatory backtrack on pre-trade data for EU consolidated tape would not be 'commercially viable', says EU asset managers; In a joint industry letter published by the European Fund and Asset Management Association, asset managers including JP Morgan AM, UBS and Vanguard, emphasise the importance of pre-trade data with fair prices for a consolidated tape.
Wesley Bray - The Trade
With the forthcoming trilogues on the Mifid/r review, European asset managers have published a joint industry letter expressing their views on an appropriately constructed equities/ETFs consolidated tape and its significance for the Capital Markets Union - warning against the potential impacts a change of heart from regulators on pre-trade data could have.
/jlne.ws/3LviJjP
Hidden Road Releases API Functionality Across Account Activities, Risk Metrics and Automated Treasury Management
Hidden Road
Hidden Road, the global credit network for institutions, today announced the general release of a suite of application programming interfaces (APIs) that brings much needed real-time functionality to prime brokerage and clearing. These APIs are among the first in the industry designed to share information across the range of products and asset classes that Hidden Road services, including FX and digital assets.
/jlne.ws/3LSTY2u
DLT Platform to Improve Standing Settlement Instructions
MarketsMedia
SSImple, a SaaS DLT platform that aims to fundamentally change the way standing settlement instructions (SSIs) are stored, shared, and enriched across the financial services industry, launched its post-trade offering following an extensive testing period. SSImple has a robust industry rule engine to ensure multi-asset class SSIs are entered correctly, thereby mitigating risk, creating efficiencies, and reducing costs for custodians/prime brokers, buy-side/outsourcer firms, broker-dealers, and third parties.
/jlne.ws/425OdUz
Iress partners with Kaiko to offer digital assets data
Iress
Iress today announced that it has partnered with Kaiko, the leading source of cryptocurrency market data, to deliver high quality, regulatory-compliant digital assets and cryptocurrency data to institutional clients. The new data service is available to clients now in Iress's FeedOS format, meaning it can be seamlessly integrated into existing workflows.
/jlne.ws/3Vz99kt
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| Cybersecurity | | Top stories for cybersecurity | How Cybersecurity Drives New Market Opportunities and Improves Business Outcomes
Stan Lowe - TheFastMode.com
As a security executive for several decades, one thing is clear... the proliferation and ubiquity of technology requires a laser focus on safeguarding systems and the valuable information contained within them. Today, the Internet and mobility provide an array of useful services and convenience across every industry and business model. We can easily communicate, send and receive payments, share files, and access systems with a few strokes or swipes from an array of devices. However, with convenience and accessibility, there is also vulnerability and the potential for systems to be compromised without the right security infrastructure and protocol.
/jlne.ws/3LU0xSb
The $8 Trillion Risk: Why Investing in Cybersecurity Will Save You Future Pain and Risk
Apu Pavithran - Entrepreneur
Today's cyber threat landscape is elaborate, fast-paced and continuously evolving. The complexity of such threats has raised the predictions that the total cost of cybercrime will exceed $8 trillion by the end of 2023. It includes, for example, the money stolen by cybercriminals, the subsequent investments in security tools and services, and the money spent on ancillary activities such as staffing, remediation, legal fees, fines and more. So, why do many organizations still fail to see cyber hygiene or even cybersecurity as a boardroom priority, even in 2023? Many business leaders, especially small to medium-business leaders, fail to perceive themselves as targets. From their perspective, spending more on cybersecurity is a wasted effort, and those resources can be used elsewhere.
/jlne.ws/3I1MoAn
What's the Secret to Finding the Next Big Thing in Cybersecurity?
Karen Spiegelman - Dark Reading
At the 2023 RSA Conference in San Francisco, Varun Badhwar presented his latest company, Endor Labs, to the judges at the Innovation Sandbox, the conference's startup competition. While AI security company HiddenLayer ultimately carried the day, the event still marked a singular honor for Badhwar. He has founded three companies, and all three have been named an Innovation Sandbox finalist: CipherCloud in 2011, RedLock in 2017, and Endor Labs in 2023.
/jlne.ws/42lFiOE
Cybersecurity - Change is coming and that's a good thing
Tripwire
Those words were spoken by the US National Security Advisor way back in 2005, and it is remarkable to see how prescient they were. The economy is not only supported by the cyber world, but that world is entirely data driven. Data has become a primary focus, not just for regulatory fodder, but for business survival.
/jlne.ws/3p9fMxS
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Innovation and Regulation Should Be Partners, Not Adversaries
Glenn Williams, Nick Baker - CoinDesk
"There's no reason why innovation and regulation have to be mutually exclusive." Out of the myriad thought-provoking statements made at this year's Consensus 2023 conference, this is the one that stands out the most to me. Uttered by Chris Zuehlke, the global head of crypto market maker Cumberland DRW, the comment brings together two important aspects of the economy.
/jlne.ws/3nrN9LK
What Coinbase International Exchange Means for U.S. Investors
Emma Newbery - The Motley Fool
Coinbase is going global. The popular exchange will launch a new international crypto derivatives exchange for non-U.S. investors. Coinbase is one of the few crypto companies to be listed on the U.S. stock exchange, and the move is part of a strategy to broaden its horizons internationally.
/jlne.ws/3LzQwZ0
Can CBDCs, Tokenized Deposits, Stablecoins and DeFi Coexist?
Yiannis Giokas - CoinDesk
Decentralized finance (DeFi) is booming, and the FTX exchange collapse has thrown a spotlight on the urgent need for safer, more efficient systems in the crypto market. So how can governments, financial institutions and DeFi-native groups meet this challenge?
/jlne.ws/3NyMVgB
Blockchain Association Leaves New York as Federal Regulatory Fight Looms
Elizabeth Napolitano - CoinDesk
The Blockchain Association, a crypto industry advocacy group, is exiting New York as it gears up to fight against federal regulators' increasingly stringent restrictions on the cryptocurrency industry. "Blockchain Association is shifting resources out of New York State to focus on federal policy - and we continue to hire and build out our full-time staff in Washington," Blockchain Association CEO Kristin Smith told CoinDesk through a spokesperson. "Our mission remains the same: to advance the future of crypto in the United States."
/jlne.ws/3Vu6Jnf
Crypto Memecoin Mania Begins to Cool Shortly After Latest Renaissance; Pepe coin surged by more than 1,800% before recent price drop; Creator of the so-called deflation token is anonymous
Muyao Shen - Bloomberg
A rally in some of the most speculative cryptocurrencies appears to running out of stream just as quickly as fresh memecoins such as Pepe reignited visions of instant riches among the online faithful. The token, associated with a internet meme of a green anthropomorphic frog that has been around since the early 2000s, was down by about 12% on Wednesday, according to data site CoinGecko. It has surged more than 1,800% since being introduced in April, though it still trades at a fraction of one cent.
/jlne.ws/3nu7ccx
Coinbase to Stop New Loans Against Bitcoin in Borrow Service; Firm says Coinbase Borrow new loans to cease effective May 10; Coinbase to report earnings May 4 amid regulatory uncertainty
Yueqi Yang - Bloomberg
Coinbase Global Inc., the largest US crypto exchange, will stop issuing new loans through a service that lets people borrow against Bitcoin. New loans via the service, Coinbase Borrow, will cease effective May 10, the company said in a statement late Wednesday. There is no impact on customers' outstanding loans, the firm added. "We regularly evaluate our products to ensure we're prioritizing the offerings that our customers care about most," a spokesperson said in the statement.
/jlne.ws/44tN3DV
Former OpenSea Manager Convicted In NFT Homepage Fraud Case
LAW360
A Manhattan federal jury found a former OpenSea manager guilty Wednesday of fraudulently taking $57,000 in secret profits by selling digital art that rose in value when featured on the homepage...
/jlne.ws/44tMhqv
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| Politics | | An overview of politics as it relates to the financial markets | Vivek Ramaswamy's vision is America first - even more than Trump
Miranda Devine - NY Post
While Donald Trump and Ron DeSantis are busy tearing chunks out of each other, there is an unlikely sleeper candidate in the Republican race who is quietly winning hearts and awakening hope across the country with his sunny version of America First.
/jlne.ws/3NCIT6Q
Russia says talks with UN on grain deal to be held in Moscow on May 5
Reuters
Russian Foreign Ministry spokeswoman Maria Zakharova said on Wednesday that talks between Russia and the United Nations on the Black Sea grain deal will be held in Moscow on May 5. She said the U.N. would be represented by top trade official Rebeca Grynspan
/jlne.ws/3p6SgBJ
China Takes the Yuan Global in Bid to Repel a Weaponized Dollar; A string of new deals promote the Chinese currency as geopolitical risk spills into international finance
George Lei, Tania Chen and Jacob Gu - Bloomberg
China is putting the yuan front and center in its fight back against the US's unique influence over global money. President Xi Jinping's government has been busy striking deals over the past year to expand the ways in which the currency is used, with new agreements linked to the renminbi stretching from Russia and Saudi Arabia to Brazil and even France.
/jlne.ws/3nuwx69
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| Regulation & Enforcement | | Stories about regulation and the law. | FCA sets out steps to improve whistleblower confidence
FCA
The Financial Conduct Authority (FCA) is today setting out actions to improve the confidence of whistleblowers - including sharing further information with whistleblowers on how it's acted on their information; improving the use of information provided by whistleblowers; and improving how it captures information from whistleblowers.
/jlne.ws/44qZC35
SEC Adopts Amendments to Enhance Private Fund Reporting
SEC
The Securities and Exchange Commission today adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds. The amendments are designed to enhance the ability of the Financial Stability Oversight Council (FSOC) to assess systemic risk and to bolster the Commission's oversight of private fund advisers and its investor protection efforts.
/jlne.ws/3ATAaph
SEC Adopts Amendments to Modernize Share Repurchase Disclosure
SEC
The Securities and Exchange Commission today adopted amendments to modernize the disclosure requirements relating to repurchases of an issuer's equity securities, including requiring issuers to provide daily repurchase activity on a quarterly or semi-annual basis, depending on the type of issuer. The amendments will improve disclosure and provide investors with enhanced information to assess the purposes and effects of share repurchases.
/jlne.ws/3AQViwu
SEC Obtains Final Judgments Against Firm and Its Principals for Acting as Unregistered Dealers and Engaging in a Penny Stock Fraud Scheme
SEC
On May 2, 2023, the U.S. District Court for the Southern District of New York entered final judgments against Alexander J. Dillon, Cosmin I. Panait, and their corporate entities GPL Ventures LLC and GPL Management LLC, whom the SEC charged with acting as unregistered dealers and engaging in a penny stock fraud scheme. To settle the case, the defendants consented to pay more than $39 million in civil penalties and disgorgement.
/jlne.ws/3Vyty9d
SEC Alleges Son and Father-In-Law Touted Faith to Target Church Members in $20 Million Offering Fraud
SEC
On May 2, 2023, the Securities and Exchange Commission charged Brett M. Bartlett, his father-in-law Scott A. Miller, and their companies for fraudulent securities offerings that raised at least $20.5 million, some of which Bartlett and Miller misused for personal expenses.
/jlne.ws/3Vyty9d
SEC Charges Call Room Operator with Fraud
SEC
The Securities and Exchange Commission charged Lee Cohen, a citizen of the United Kingdom, with violating the federal securities laws through his participation in a fraudulent scheme to manipulate trading in the stock of HD View 360 Inc., a now-defunct microcap company that was based in Miami, Florida.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Icahn Short Sellers Reap Only a Fraction of Billionaire's $6 Billion Stock Drop; Investors betting against stock net $9 million in the two days; Mark-to-market returns pale compared to Block, other targets
Bailey Lipschultz - Bloomberg
Hindenburg Research is targeting Carl Icahn's investment firm as its latest victim, but short-sellers haven't made much off the company's $6.3 billion wipeout largely because Wall Street is so reluctant to bet against the billionaire. Icahn Enterprises LP, founded by the activist investor, has slumped 35% since the short-seller report, wiping out billions in market value over the past two days.
/jlne.ws/3ARnYVU
Oil Prices Under Pressure on Economic Fears and Gusher of Russian Supply; With a slowing global economy crimping demand, Moscow appears not to have followed through on pledges to ax output
Joe Wallace - The Wall Street Journal
This week's tumble in oil prices has its origins in concerns that the Federal Reserve's campaign of higher interest rates is slowing the economy and curbing energy demand. But there's another factor behind the slide: Traders think Moscow hasn't followed through fully on pledges it made in response to Western sanctions to throttle production. They say Russia keeps pumping and exporting huge volumes of oil to maximize income for its beleaguered economy-crude that has added to a global surplus and undermined Saudi Arabia's effort to bolster the market.
/jlne.ws/42aThr6
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | DeSantis signs bill targeting 'discriminatory ESG' in Florida
Saul Elbein - The Hill
Florida Gov. Ron DeSantis (R) signed into law Tuesday a sweeping ban on sustainable investing. House Bill 3 bars state and local governments from factoring in environmental, social or governance (ESG) factors in their decision of whether to invest or contract with specific businesses.
/jlne.ws/3VyVb26
Republicans aim to stop ESG investing in NC pension fund
Brian Gordon - Raleigh News & Observer
ESG, an investing approach that factors in companies' environmental, social and governance policies - in addition to their financial outcomes - has been in the cross-hairs of Republican-controlled state legislatures. In the past year, more than a dozen states have limited ESG investments by their pension funds. This week, a similar ESG debate is playing out in North Carolina.
/jlne.ws/42b8sR6
GMEX Group launches ZERO13 digital carbon credits aggregation ecosystem; Partners with Verdana Eco-Consortium, Alleo Energy and Pay DIRT
GMEX Group Limited ("GMEX"), a leader in digital business and technology solutions for capital, commodities and sustainability markets, announces the launch of ZERO13, a climate fintech. ZERO13 provides an automated AI and multi-blockchain driven aggregation ecosystem delivering trusted supply, digital issuance, trading, clearing and settlement for a broad range of carbon credits and related ESG real-world assets. ZERO13 digitally interconnects multiple stakeholders, including registries, banks, custodians, asset managers, corporates, buyers and sellers, markets, exchanges, climate tech and fintech firms to help achieve Net Zero.
/jlne.ws/3HEBHDE
The Renewable Energy Revolution Has a Power Line Problem
The Editorial Board - The New York Times
To tap the potential of renewable energy, the United States needs to dramatically expand the electric grid between places with abundant wind and sunshine and places where people live and work. And it needs to happen fast. The government and the private sector are investing heavily in a historic shift to electric-powered vehicles, heating systems and factories, including hundreds of billions of dollars in federal spending approved last year as part of the Inflation Reduction Act. But without new power lines, much of that electricity will continue to be generated by burning carbon. Unless the United States rapidly accelerates the construction of power lines, researchers at Princeton University estimate that 80 percent of the potential environmental benefits of electrification will be squandered.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Big Hedge Funds Face New 72-Hour Deadline to Report Losses
Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission wants to be let in on some of Wall Street's most confidential information - and quickly. In a first, the SEC is going to require big hedge funds to share with regulators major investment losses in near real-time. The rule, approved Wednesday, marks a significant shift for an industry that tends to prize its secrecy. It also promises to add to businesses' administrative headaches. Until now, funds have generally had to report positions in quarterly public filings.
/jlne.ws/425iOSr
US Turns to Familiar Name to Clean Up $114 Billion Banking Mess: BlackRock; FDIC counts on Larry Fink to pick up after SVB, Signature; The challenge: Unloading investments without ruffling markets
Silla Brush - Bloomberg
Once again, Washington is turning to its favorite Wall Street cleaning crew to pick up after the US banking industry. After almost two months of smoldering turmoil in the banking sector - and investors worrying there could be more trouble ahead - BlackRock Inc. has only just begun its work. The firm's Financial Markets Advisory unit, a sort-of financial-crisis SWAT team, has been retained to size up and sell investments related to two failed lenders, Silicon Valley Bank and Signature Bank.
/jlne.ws/42l1EQm
PacWest Is Weighing Strategic Options, Including Possible Sale; The bank put aside a previous effort to raise capital; A breakup is one idea considered by financial adviser
Matthew Monks - Bloomberg
PacWest Bancorp., a regional bank teetering following the collapse of three rival California-based lenders, has been weighing a range of strategic options, including a sale, according to people familiar with the matter. The Beverly Hills-based bank has been working with a financial adviser and has also been considering a breakup or a capital raise, said the people, who asked to not be identified because the matter isn't public.
/jlne.ws/3pbJ6nb
Credit Suisse AT1 Holders in Asia Add to Claims Over Wipeout
Chanyaporn Chanjaroen - Bloomberg
A group of Credit Suisse Group AG bondholders in Asia challenged Switzerland's banking regulator over the decision to write down about 16 billion Swiss francs ($18.1 billion) of the bank's riskiest debt, the first known move by wealthy investors in the region.
/jlne.ws/3LpJQMY
Frank founder accused of fraud spars with JPMorgan over legal bills, passwords, and where she moved her money
Luisa Beltran - Fortune
For months, JPMorgan Chase has been embroiled in a very high-profile lawsuit against Charlie Javice, whom the bank sued for fraud after acquiring her student loan startup Frank. Now, in an April 28 brief filed in Delaware District Court, JPMorgan Chase is seeking to conduct early limited discovery and to have Javice to hand over any passwords to JPMorgan Chase applications she may have and explain why she moved the funds she received from the sale of Frank to entities that aren't in her name. The bank also continued to argue that Javice's employment counterclaims should be moved to arbitration.
/jlne.ws/42qFU5y
TD Bank, First Horizon Agree to Terminate $13 Billion Merger; Canadian lender says regulatory approval was in doubt; Deal's collapse comes with US regional lenders under pressure
Tom Metcalf - Bloomberg
Toronto-Dominion Bank and First Horizon Corp. have agreed to terminate their previously announced merger amid uncertainty about the possibility of regulatory approvals. The lenders said in a statement Thursday that they "entered into a mutual agreement" to terminate their 2022 merger. TD will make a $200 million cash payment to Memphis-based First Horizon, on top of a $25 million reimbursement due as part of the merger agreement.
/jlne.ws/3AUYd7m
Liontrust to acquire GAM Holding for £96 million; Acquisition is set to be completed by the fourth quarter and creates a combined asset manager with £53 billion in assets under management and administration.
Annabel Smith - The Trade
UK asset manager Liontrust has conditionally agreed to acquire its Swiss competitor GAM Holding for £96 million following murmurs of the deal in April. The deal, once completed in the fourth quarter, will create a global asset manager with £53 billion in assets under management and administration, and expand Liontrust's product range into fixed income, thematic equities and alternatives.
/jlne.ws/3LVfuDG
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Laurie McAughtry joins Markets Media as Managing Editor of Best Execution
Dan Barnes - Markets Media
Mohan Virdee, CEO of Markets Media, said, "Getting the right information to the right people at the right time is the core of content delivery. Our successful expansion needs expert writers and editors, who can crystallise intelligence into stories, and maximise information transfer in the minimum amount of time. We are very excited to be adding to our pool of talent and ultimately to the value we offer our audiences."
/jlne.ws/3Ls68xM
Fierce AI Talent War Shifts to India With Salaries Being Doubled; Top recruits are getting their comp doubled at new companies; One worker was offered a BMW motorcycle as a sign-on bonus
Saritha Rai - Bloomberg
Aditya Chopra isn't looking for a new job, but recruiters keep calling him anyway. The 36-year-old data-science specialist works in artificial intelligence, perhaps the most coveted experience on the planet after OpenAI demonstrated the breakthroughs of ChatGPT. Chopra, who works outside of New Delhi, sees friends in the field get pay hikes of 35% to 50% each time they switch jobs. "There's a real shortage of data and AI talent," he said.
/jlne.ws/422w3Dl
Morgan Stanley Is Sued by Outside Recruiter Alleging Race Bias; Recruiter claims bank snubbed him and his diverse candidates; Bank says the suit has no merit and is based on a fee dispute
Greg Farrell - Bloomberg
Morgan Stanley was sued by an external recruiter who claims it discriminated against him because he is Black, short-changing him on commissions he earned in placing diverse candidates at the bank - even as it treated them with racial bias as well.
/jlne.ws/42qts5M
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Notable & Quotable: The CDC's Covid Outbreak; 'Disease detectives...probing a new outbreak: the roughly three-dozen coronavirus cases linked to their own annual conference last week.'
The Wall Street Journal
From a May 2 Washington Post report: Disease detectives at the Centers for Disease Control and Prevention are probing a new outbreak: the roughly three-dozen coronavirus cases linked to their own annual conference last week. "CDC is working with the Georgia Department of Health to conduct a rapid epidemiological assessment of confirmed COVID-19 cases that appear to be connected to the 2023 EIS Conference to determine transmission patterns," CDC spokesperson Kristen Nordlund said in an email.
/jlne.ws/44rpuf7
R.S.V. Vaccine Approved for Older Adults
Christina Jewett - The New York Times
The Food and Drug Administration on Wednesday approved GSK's vaccine for the respiratory syncytial virus, or R.S.V., for adults who are 60 and older, the company said. The vaccine, to be sold as Arexvy, appears to be the first in the world approved for sale to protect older adults from R.S.V., a potentially fatal respiratory illness.
/jlne.ws/3B0PHU9
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Takes the Yuan Global in Bid to Repel a Weaponized Dollar; A string of new deals promote the Chinese currency as geopolitical risk spills into international finance
George Lei, Tania Chen and Jacob Gu - Bloomberg
China is putting the yuan front and center in its fight back against the US's unique influence over global money. President Xi Jinping's government has been busy striking deals over the past year to expand the ways in which the currency is used, with new agreements linked to the renminbi stretching from Russia and Saudi Arabia to Brazil and even France.
/jlne.ws/416IH2G
London Rents Soar at Fastest Pace in More Than a Decade; Supply shortfall hits UK with 10 tenants for every property; London new home sales fall to lowest in more than a decade
Tom Rees - Bloomberg
Rents in London are rocketing at their fastest pace in more than a decade as private tenants fight over a dwindling supply of homes. Private renters in the capital saw a 4.8% jump in prices in March compared to a year ago with further increases across the UK expected over the next year, the Office for National Statistics said Wednesday.
/jlne.ws/3pbz9pS
Sweden's Top Pension Fund Faces Probe After $2 Billion Loss
Christopher Jungstedt and Charles Daly - Bloomberg
The fallout for the Swedish pension fund embroiled in the US banking crisis deepend on Thursday after the country's watchdog said it was formally opening an investigation. Alecta's risk management systems will be scrutinized by the Swedish Financial Supervisory Authority in the wake of the fund's failed US bank bets that led to losses of nearly $2 billion, according to a statement.
/jlne.ws/3HClRJm
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