| August 25, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
During the GOP presidential debate in Wisconsin Wednesday night, Vivek Ramaswamy said the climate change agenda is a hoax and that we should drill, frack and generally make things worse. At the alma mater of Milton Friedman, a bastion of free market economics, the University of Chicago produced a study that "found that corporate emissions are undermining prosperity."
There is a Financial Times story in the ESG section of today's JLN in which Ramaswamy is quoted saying just the opposite about climate change. Amazing!
Bloomberg reported that "The damage caused when publicly traded companies emit greenhouse gasses is equivalent - on average - to about 44% of operating profits, according to an analysis by Michael Greenstone and Christian Leuz of the University of Chicago, and Patricia Breuer of the University of Mannheim."
Cboe Global Markets shared on LInkedIn that it issued a letter responding to the SEC's proposed rule on minimum pricing increments.
FIA welcomed a new member, Sinara. FIA said, "Sinara provides trading and market data software solutions for exchanges and brokers, with expertise across the different stages of the derivatives trading lifecycle. It serves clients looking for specialist technology to streamline operations, reduce risk, or take new business initiatives to market."
John Warnock is dead at the age of 82. You may not know the name, but you may use his invention regularly. Warnock was a founder of Adobe Systems, whose innovations in computer graphics included the ubiquitous PDF, which made possible today's visually rich digital experiences, The New York Times reported.
Think of how great a basketball player Michael Jordan was, and how he ended up buying and then selling the Charlotte Hornets, netting him a $3.5 billion fortune, the most ever for a basketball player. Then consider that the CEO of Nvidia Corp, Jensen Huang, had his net worth jump by $4.2 billion after the company's latest earning and forecast beat estimates, leaving him with a fortune of $46 billion, Bloomberg reported. Billions of people know who Michael Jordan is and many wear his Nike shoe, but more and more people are buying Nvidia chips for crypto mining, gaming and now artificial intelligence purposes.
You should have a "safe" word with your boss. Bloomberg is reporting that the next wave of scams will be deepfake video calls from your boss.
The advice stories in The Wall Street Journal are normally very good, and timely. But you can tell we are in August and the Journal is looking for filler. The advice story today is about men's ties in a story titled "The Best Men's Ties for Office Casual, Power Meetings and Formal Events." I hope they follow up with a story about the best socks, or maybe how to match your shoes and belt.
BornTec reported in LinkedIn that it has completed development to SGX
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Sustainable Investment Forum North America 2023 takes place September 19 at the Ziegfeld Ballroom during Climate Week New York. The forum attracts asset owners with more than USD $3 trillion in assets under management. UNEP Finance presents the Sustainable Investment Forum as the number one meeting point for the finance community during Climate Week NYC. Climate Week NYC is the meeting for world leaders from finance, governments, business and social change projects to gather to discuss conservation, decarbonisation, and mobilizing public and private finance to deliver a green and inclusive net zero global economy. Learn more about the Sustainable Investment Forum North America and register here. Learn more about Climate Week NYC here.~SAED
Our most read stories yesterday on JLN Options were:
- Retail Traders Are Driving Up to 40% of Zero-Day Options Boom
- Bank of America Disputes Goldman Logic on Zero-Day Option Threat to Stocks
- Were Options Traders Right About Nvidia? ~JB
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'Money buys power': Jon Stewart compares 'legalized corruption' on Wall Street with Sam Bankman-Fried case - here's how you can invest without relying on the stock market
Bethan Moorcraft - MoneyWise
American comedian and political commentator Jon Stewart has called out corruption on Wall Street - drawing comparisons between U.S. financial markets and former FTX CEO Sam Bankman-Fried. "When I look at the intricate workings of Wall Street, it doesn't look that much different from the s- that Sam Bankman-Fried pulled - in that the legalized corruption that we have in this country looks very similar," Stewart said on an episode of his podcast The Problem with Jon Stewart.
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***** Money is the ugliest and the least lasting way to buy power. Real power is paid for by ideas, aspirations and ultimately blood.~JJL
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The Instinct to Share Our Good Fortune; A new study shows that recipients of a cash windfall usually give much of it away, even if they don't get credit for their generosity.
Alison Gopnik - The Wall Street Journal
What would you do if suddenly, out of the blue, someone gave you $10,000? Buy a new couch? Give your grandson a trip to New York? Make a big donation to help Maui fire victims? It's fun to daydream, but this simple scenario may help to answer one of the deepest questions about human nature. Are we fundamentally selfish or altruistic?
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****** Why give away so much potential power?~JJL
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Hester Peirce, Republican thorn in the SEC's side; Donald Trump appointee has spent the past three years fighting efforts to boost financial regulation
Brooke Masters - Financial Times
When the US Securities and Exchange Commission met this week to impose sweeping reforms on the $27tn private funds industry, Republican commissioner Hester Peirce did not mince words. "The rulemaking is ahistorical, unjustified, unlawful, impractical, confusing and harmfulâEUR‰.âEUR‰.âEUR‰.âEUR‰In the name of fostering competition, we are squelching it," she said.
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****** Is that why Gary Gensler always seems to have a funny look on his face? ~JJL
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Baby Boomers Are Overestimating Future Social Security Income; The amount of pre-retirement earnings replaced by the government program will be less than many surveyed workers expect.
Suzanne Woolley - Bloomberg
Social Security benefits may not provide as much income as many older Americans expect - and that's before possible cuts are needed to address a projected shortfall a decade from now. Baby boomers anticipate that 47% of pre-retirement earnings will be replaced by Social Security, according to results of an annual survey from the Nationwide Retirement Institute. But the reality for someone making what the Social Security Administration considers the average wage in recent years, about $60,000, is more like 37%, according to the Committee for a Responsible Federal Budget. And the percentage drops as household income rises.
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****** Sometimes I think no one reads the fine print except some journalist.~JJL
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Stock Pickers Never Had a Chance Against Hard Math of the Market; In years like this one, when just a few big companies outperform, it's hard to assemble a winning portfolio.
Justina Lee - Bloomberg
Consider two assertions about the much-maligned stockpicking industry. First: Only 1 in 3 active managers can beat a nearly free fund tracking the S&P 500. Second: Active managers taken together possess discernible investing skill. According to Hendrik Bessembinder, the Arizona State University professor whose research has upended much accepted wisdom about investing, both are true. How that can be so goes back to the paper that's made him an academic lightning rod in one of the most fraught debates on Wall Street. To him, the case against active management has nothing to do with the world's best-paid professional investors being the equivalent of dart-throwing monkeys or pawing cats.
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*****As many a journalist would say, "I was told there would be no math."~JJL
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Thursday's Top Three
Our top story Thursday was Majority of prop trading firms obliged to join FINRA under expanded SEC rule, from The Trade. Second was SEC Adopts Amendments to Exemption From National Securities Association Membership, from the SEC. Third was Goldman, JPMorgan, Morgan Stanley, UBS Settle Stock-Lending Suit, from Bloomberg via Yahoo Finance.
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| Lead Stories | Everything China Is Doing to Juice Its Flagging Economy
Bloomberg News
China has made a number of pledges recently to revive the economy's recovery and improve the business environment as concerns about the growth outlook continue to mount. A flurry of statements from the government and Communist Party since July have largely focused on encouraging more spending on things like consumer goods and cars, coaxing private companies to expand investment, and making it easier for businesses to access funding.
/jlne.ws/3EvVHGB
Hedge fund trend followers endure tough year after banner 2022; Quantitative funds hit by reversals in government bonds as investors rethink their interest rate expectations
Laurence Fletcher and Costas Mourselas - Financial Times
Hedge funds that try to make money by betting on prevailing trends in global markets are struggling to repeat their bumper 2022 as violent swings in asset prices and rapid shifts in investors' interest rate expectations throw them off balance. So-called commodity trading advisers (CTAs), including Leda Braga's Systematica and Stockholm-based Lynx Asset Management, have posted losses of close to 10 per cent year to date, according to numbers seen by the Financial Times, while others have struggled to make money.
/jlne.ws/3KVLG9a
Retail Traders Are Driving Up to 40% of Zero-Day Options Boom; Estimate comes from Cboe and is way higher than JPMorgan's 5%; Diverging views highlight an ongoing debate on a popular tool
Lu Wang - Bloomberg
Day traders are far more active in the booming world of zero-day stock options than Wall Street realizes, according to the exchange at the center of the frenzy. Retail investors likely make up at least 30% of the volume in contracts tied to the S&P 500 that expire within 24 hours - and possibly up to 40% - according to Jonathan Zaionz, senior derivatives analyst at Cboe Global Markets.
/jlne.ws/3sque6a
China Regulator to Meet Global Investors to Shore Up Market
Bloomberg News
China's securities regulator plans to convene a meeting with some of the world's biggest asset managers on Friday, its latest attempt to shore up confidence after a record stretch of outflows by foreign funds.
/jlne.ws/45M8BvF
EXCLUSIVE: Cboe challenges perceived narrative on US equity market structure reform
Laurie McAughtry - MarketsMedia
The US regulator is proposing major structural reforms - and not everyone is happy about the current plans. Last night Cboe Global Markets issued a letter to the SEC to stress its "strong disagreement" with the perceived attack on exchange pricing practices. BEST EXECUTION spoke to Adam Inzirillo, head of North American equities, to learn why he believes reducing access fees is a "myth" that won't improve market efficiency.
/jlne.ws/3OTonhe
Quants Fail to Replicate Their US and China Success in India
Ishika Mookerjee and Ashutosh Joshi - Bloomberg
Quantitative strategists are supposed to be good at figuring out winning formulas. But one puzzle they haven't solved is how to succeed in India, one of the world's top-performing major markets of the pandemic era.
/jlne.ws/3YPUEKF
How the Syndicated Loan Industry Is Finally Getting Automated
Jacqueline Poh - Bloomberg
While technology has transformed many areas of finance, one corner that's remained relatively untouched - at least until recently - is the opaque world of syndicated loans. That's because most deals involve hundreds of pages of bespoke agreements that can be hard to automate. But as annual issuance in the global loan market reached $5 trillion by 2022, almost doubling from 2010, and as compliance rules get tougher, the pressure for digitization has grown and opportunities for new "fintech" platforms have opened up.
/jlne.ws/3YOyt7Q
Bankrupt Crypto Exchange FTX Seeks to Protect Assets through Hedging and Staking With Galaxy Digital
Hope C - CoinMarketCap
FTX, the crypto exchange currently undergoing bankruptcy proceedings, is pursuing strategies to safeguard its remaining assets according to recent court filings. The company's legal team has requested permission from the bankruptcy court to engage in activities such as hedging and yield generation using its idle cryptocurrency holdings.
/jlne.ws/3EahHGu
If the UK stock market is cheap, why doesn't it go up? While there are reasons why London is underpriced by world standards, some good opportunities stand out, says FT
Louis Ashworth - Financial Times
My earliest memory of watching a football match was the FA Cup Charity Shield final in August 2001, where Liverpool beat Manchester United 2-1. My father and older brother supported Manchester United, so - a free agent at that point - I chose to root for Liverpool - and I've been a very lazy Reds fan ever since. If I'd been biased by geography rather than naked contrarianism, I would have supported the local club, Coventry City, and yielded a substantially worse return on my (costless) investment of support.
/jlne.ws/3QQrXLR
What's a Reverse Stock Split, and Why Is WeWork Doing One?
Breanna Bradham and Norah Mulinda - Bloomberg
Most investors are familiar with stock splitting, which happens when a publicly traded company with a high stock price divides its shares to cut their price in the market without fundamentally altering the company's value. But there's also a reverse maneuver for firms with share prices so low that exchanges could threaten delisting - a "reverse stock split." In August, WeWork Inc. said it would conduct one, issuing one new share for every 40 shares outstanding. The move came after the stock fell to as low as 11 cents, jeopardizing its listing on the New York Stock Exchange.
/jlne.ws/3P9L9D1
Regulatory Penalties for Global Financial Institutions Drop by 88% in H1 2023; U.S. financial institutions continue to lead in fines, paying out 83% of the total penalty dollars, despite being cited for only 10% of the world's regulatory violations
Fenergo
Fenergo, the leading provider of digital solutions for client lifecycle management (CLM), today released its half-year annual findings on global financial institution enforcement actions, revealing a sharp 88% decline in monetary penalties collected in H1 2023 compared to H1 2022. U.S. financial institutions continued to lead in fines, paying out 83% of the total penalty dollars totaling $157,263,860 despite comprising only 10% of the world's regulatory violations.
/jlne.ws/3EbQxix
Jeremy Grantham's GMO enters ETF space for the first time; The active offering will invest in companies it classifies as 'high quality'
Brian Ponte - Financial Times
GMO, the value-oriented house co-founded by the veteran investor Jeremy Grantham, has filed to launch its first exchange traded fund, a regulatory filing shows. The actively managed GMO US Quality ETF will invest primarily in companies that GMO believes to be of "high quality", the filing says.
/jlne.ws/47LN8Vm
China hopes expanded Brics will turn world upside down; The size of proposed 11-country grouping would put G7 in the shade
James Kynge - Financial Times
For China, a decision on Thursday to expand the Brics bloc of developing economies by adding six new countries is all about trying to right the perceived wrongs of a global system that favours the US-led west. The move to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to the five existing members of Brics - Brazil, Russia, India, China and South Africa - creates a grouping of impressive size and influence. After decades of the western world dominating global institutions, China is attempting to build a club that, by some measures of economic power, would turn the world upside down.
/jlne.ws/45M8Sib
New SEC Rule Isn't Just for Hedge Funds. Here's How Retail Advisors Are Affected.
Kenneth Corbin - Barron's
When the Securities and Exchange Commission adopted new rules for private fund advisors this week, it also made two moves that will affect a broader swath of registered investment advisors than just the private-fund community. First, the commission mandated that all advisors document an annual review of their compliance policies and procedures, whether they work with private funds or not.
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Morgan Stanley Fined by U.K. Energy Market Regulator Over WhatsApp Uses; The fine was the first ever issued in the U.K. for record-keeping requirements related to trading wholesale energy products, the regulator Ofgem said
Mengqi Sun - The Wall Street Journal
Morgan Stanley agreed to pay 5.41 million British pounds, equivalent to about $6.82 million, to the U.K.'s energy markets regulator to settle an investigation over its traders' use of banned messaging apps that breached requirements to retain written communications.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | US to start training Ukrainian pilots on F-16 fighter jets; Programme expected to begin at Arizona base this autumn
Felicia Schwartz - Financial Times
The US has will begin to train Ukrainian fighter-jet pilots in Arizona this autumn, the Pentagon said on Thursday. The pilots are expected to start training at the Morris Air National Guard Base in Tucson in October after completing English language education in September at Lackland Air Force Base in San Antonio, Texas.
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Pro-Kyiv Russians urge Wagner Group to revenge Prigozhin's death
Reuters
A group of Russian militants who fight on the Ukrainian side called on the Wagner Group of mercenaries to switch sides and join their ranks to revenge the deaths of Wagner founder Yevgeny Prigozhin and their commander Dmitry Utkin. Russian air authorities have said Prigozhin, Utkin and eight other people were on a private plane that crashed with no survivors north of Moscow on Wednesday.
/jlne.ws/3OON1Qb
Russia may 'suddenly break' under pressure from Ukraine's counteroffensive, former US general Petraeus says
Mia Jankowicz - Business INsider
As Ukraine struggles to make substantial gains in its counteroffensive, General David Petraeus says that Russia's front line may yet falter under pressure. The former top general and CIA director brought his experience in Iraq to the picture as he laid out why he believes Ukraine can still push through Russia's formidable defenses.
/jlne.ws/3soMay1
Heineken exits Russia at a loss of EUR300mn; Deal follows criticism of delayed departure after invasion of Ukraine
Daniel Thomas - Financial Times
Heineken has finally sold its Russian operations, at a loss of EUR300mn, after criticism of the time it took the Dutch brewing group to exit the country following Russia's full-scale invasion of Ukraine. Heineken will sell the business, which has seven breweries and 1,800 employees, to Russian manufacturer Arnest Group for EUR1. The deal would result in an expected loss of EUR300mn, the company said on Friday.
/jlne.ws/45k0DtI
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date August 15, 2023
Nasdaq
At the end of the settlement date of August 15, 2023, short interest in 3,276 Nasdaq Global MarketSM securities totaled 10,165,210,409 shares compared with 10,124,012,140 shares in 3,275 Global Market issues reported for the prior settlement date of July 31, 2023. The mid-August short interest represents 2.70 days compared with 2.70 days for the prior reporting period.
/jlne.ws/3QT5YDQ
Mark Peterson's term as NZX CEO extended
NZX Group
The NZX Board has extended Mark Peterson's employment term as NZX Chief Executive beyond April 2024. Mr Peterson was appointed NZX Chief Executive on 10 April 2017 with an initial employment term of five years and an option to extend for a further two years. That option was exercised in December 2020 extending the employment term to April 2024. The NZX Board has now agreed to an open-term agreement.
/jlne.ws/45Lx04b
NZX delivering to its growth strategy in challenging times
NZX Group
NZX Limited today announced operating earnings (EBITDA) of $20.0 million for the six months ended 30 June 2023, up 15.0% on H1 2022, demonstrating positive momentum in delivering to its growth strategy. Excluding acquisition, integration and integration costs, Group operating earnings (EBITDA) for the same period were $20.6 million - up 16.8%.
/jlne.ws/3QSQOys
Qatar Stock Exchange Initiates Educational Campaign On Securities Lending And Borrowing, And Covered Short Selling Mechanisms
Qatar Stock Exchange
Aligned with its dedication to providing market participants with essential insights, QSE is pleased to unveil a series of educational initiatives that will empower investors to navigate the evolving landscape of financial opportunities. To kick off this campaign, QSE will be organizing two educational seminars, conducted in both Arabic and English, on August 29 and 30, 2023.
/jlne.ws/47KQKa5
SGX Securities welcomes the listing of CGS Fullgoal Vietnam 30 Sector Cap Index ETF
SGX Group
SGX Securities today welcomed the listing of CGS Fullgoal Vietnam 30 Sector Cap Index ETF, with assets under management (AUM) of S$35 million at launch, offering investors efficient access to a rising and dynamic market in this region. The ETF references the iEdge Vietnam 30 Sector Cap Index developed by SGX Index Edge as part of its suite of thematic index solutions, which tracks the performance of the top 30 largest and most liquid companies by market capitalisation listed on Ho Chi Minh Stock Exchange.
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Deliverable Government Of Canada Bond Issues And Their Conversion Factors (As Of August 24 2023)
TMX
Thirty-Year Government Of Canada Bond Futures Contracts - Lgb
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Changes in Nifty Fixed Income indices
NSE
The Index Maintenance Sub-Committee (Debt) of NSE Indices Limited has decided to make changes as listed hereunder. These changes shall become effective from August 31, 2023.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Shares in mortgage fintech Better crash on market debut
Christiaan Hetzner - Fortune
There is only one word in the English language that comes close to capturing the essence of fintech Better.com's first day trading on the stock market-bloodbath.
/jlne.ws/3Ecagid
Citi makes key investment in fintech Rextie
Anika Sidhika - Private Banker International
The investment from Citi marks Rextie as one of Latin America's first FX fintechs to obtain funding from one of the world's top banks. Rextie's currency exchange services will also include innovative FX technology from Citi. Clients of Rextie will have access to a solution that stands out for its automation, real-time payments, increased liquidity, and competitive rates through CitiFX Pulse and Instant Payments.
/jlne.ws/44qGMI9
FinTech IPO Index Dips 0.1% as Earnings Season Wanes
Pymnts.com
The FinTech IPO Index barely budged this past week, giving up a slight 0.1% through the past five sessions. A bit less than three months from now, earnings season will be in full swing again, and we'll see if the lending picture has brightened, if consumer spending has remained resilient, if the FinTech players dependent on those trends are sanguine about their prospects.
/jlne.ws/44rU5YT
Dropbox Ends Unlimited Cloud Storage Following Google Change; Company says some abused 'all the space you need' policy; Majority of users will see storage capped at 5 terabytes
Brody Ford - Bloomberg
Dropbox Inc., a provider of online data storage, is ending its unlimited option, saying a small handful of customers were using massive amounts of resources that had the potential to degrade the cloud service for the rest of its clients. The company's highest-tier "all the space you need" storage plan will be capped at about 5 terabytes per user for new customers, the company said in a blog post shared with Bloomberg to be released Thursday.
/jlne.ws/3KRUmxh
Data arms race heats up as venues and vendors eye buy-side business through new initiatives; As the buy-side increasingly seek higher quality and comprehensive data, providers are answering the call, focused on enhancing their services and increasing their scope.
Claudia Preece - The Trade
Across the market, businesses have been increasingly turning their attention to data quality and accessibility, seeking to enhance their offerings for buy-side clients with ample recent movement in the last few weeks. Over recent months, historical Level 3 data provider BMLL has seen a surge in activity as it continues to expand its equities and ETF data coverage. Its products now include data fromâEUR¯the Hong Kong Stock Exchange (HKEX),âEUR¯Cboe Europe Indices,âEUR¯and more recently this month, the Shenzhen Stock Exchange.
/jlne.ws/3qQWhv2
Banks call for direct oversight of cloud providers by US regulators; Tri-opoly of cloud vendors "poses systemic risk" to financial sector, say risk managers
Menghan Xiao - Risk.net
Senior risk managers at three large global banks tell Risk.net they want US bank regulators to exercise direct oversight of cloud service providers, such as Amazon, Google and Microsoft. "Those big cloud providers already pose systemic risk to the financial sector," says the head of third-party risk management at a large European bank with operations in the US. "Regulators cannot shy away from regulating them directly."
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| Cybersecurity | | Top stories for cybersecurity | Business Lobby Struggles to Thwart SEC Cybersecurity Disclosure Rules
Katrina Manson - Insurance Journal
Business lobbyists are struggling to soften new US Securities and Exchange Commission rules that require publicly traded companies to quickly disclose cybersecurity breaches. The Justice Department is planning to issue guidance by December on how firms can get exemptions from the new SEC regulations, according to an agency official, who asked not to be identified discussing internal deliberations. Companies will only rarely be able to delay making an incident public due to national security and public safety concerns, the person said.
/jlne.ws/47YSRY6
What Is a Cyber Risk Score?
Danielle Fallon-O'Leary - US Chamber of Commerce
Staying up to date on and enacting the latest cybersecurity measures are crucial for protecting your company from cyberattacks and potential data breaches, but these practices are often overlooked until it's too late. Knowing your business's cyberscore, also known as a cyber risk score, can give you peace of mind. Discover what a cyberscore is and why it matters for your business.
/jlne.ws/44t7dNj
Key Findings on Cybersecurity Risk Management
Sumeet Wadhwani - SpiceWorks
Risk management is an inherent part of cybersecurity that enables organizations to minimize threats and capital overheads and optimize operations. It entails identifying, assessing, evaluating, and controlling strategic elements concerning cybersecurity. Changing tech services, threat landscape, emerging zero-day vulnerabilities, and evolving geopolitical cyberwarfare consistently change organizations' risk appetite.
/jlne.ws/3YOyW9Q
US Small Business Administration announces $6M in cybersecurity grants
Security Magazine
Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden's Cabinet for America's 33 million small businesses, announced six new recipients and $6 million in total funding for the SBA's Cybersecurity for Small Business Pilot Program. All six grantees are state entities that will assist small businesses in advancing cybersecurity infrastructure and mitigating cyber threats.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase, in Uncharted Territory as Public Company Running Blockchain, Pledges Neutrality
Margaux Nijkerk - CoinDesk
Crypto exchange Coinbase released a plan to pursue decentralization and neutrality for its new "Base" blockchain, just weeks after the network went live. The new framework is known as the "Base Neutrality Principles." According to a blog post by Coinbase, the principles are meant to align with Optimism's "Law of Chains," a framework meant to unify various chains built in keeping with the project's vision for a "Superchain."
/jlne.ws/45LKNrN
Sam Bankman-Fried's lawyers granted unlimited prison visits; FTX tries to sell crypto holdings
Danny Park - Forkast
Sam Bankman-Fried's lawyers can visit him in jail on a daily basis, a U.S. district court ruled Wednesday. The FTX founder will go on trial from Oct. 2 for multiple fraud charges related to the collapse of the cryptocurrency exchange in November. Meanwhile, the company's new CEO is attempting to revive the platform by selling its crypto holdings.
/jlne.ws/47KLOlA
Coinbase Is Talking With Canadian Banking Giants to Promote Crypto
Helene Braun - CoinDesk
U.S.-based crypto exchange Coinbase is in talks with Canadian banking giants, trying to convince them to support the crypto ecosystem in that nation, which the company recently entered as it grapples with regulatory uncertainty in its home country.
/jlne.ws/3OP9NHF
FTX, BlockFi's Customer Data Compromised in Kroll Hack
Jack Schickler - CoinDesk
Customer data of bankrupt crypto exchange FTX and lender BlockFi have been compromised due to a hack of Kroll, a third party agent that manages creditor claims on behalf of bankrupt companies. Crypto account passwords and other sensitive data weren't affected, but customers were warned to be on the lookout for scammers impersonating parties in the bankruptcy.
/jlne.ws/45Isbsv
Binance Is Contacting Low-Cap Crypto Projects in Bid to Boost Trading
Jamie Crawley - CoinDesk
Binance contacted some projects asking for details about their market makers and whether they would consider contribution some of their tokens to Binance savings pools. The approach is intended to boost market liquidity and lower the risk of price manipulation. Binance, the world's largest crypto exchange by trading volume, has contacted some crypto projects with low-liquidity tokens in what it said was a move to "enhance their liquidity protection."
/jlne.ws/3QPip3G
Crypto Exchanges to Report Customer Data Under Treasury Proposal
Allyson Versprille and Erin Slowey - Bloomberg
US-based cryptocurrency exchanges, such as Coinbase Global Inc. and Kraken, would have to disclose detailed information on their clients' transactions to the IRS starting in 2026 under a new Treasury proposal. The proposed regulations from the Treasury Department and Internal Revenue Service offers clarity on reporting rules enacted in 2021 to curb crypto-related tax evasion by offering more transparency into customer trades. At the time, it was estimated the measure would raise up to $28 billion in additional revenue over 10 years, according to the Joint Committee on Taxation.
/jlne.ws/45FJdaM
Bitcoin Miners' Stock Market Lifeline Becomes Irritant to Shareholders; CEOs cite better balance sheets, stock prices to ease concern; Tumble in Bitcoin prices may spur more stock, token sales
David Pan - Bloomberg
/jlne.ws/3P9FYmA
Factbox-How the US SEC is overhauling the fund industry
Chris Prentice and Michelle Price - Reuters
/jlne.ws/45GivyP
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| Politics | | An overview of politics as it relates to the financial markets | Argentina's Top Presidential Candidates Reject BRICS Membership
Manuela Tobias - Bloomberg
Argentina's decision to join the BRICS is facing backlash at home, with two leading presidential candidates criticizing members of the group of major emerging market economies, and one of them vowing to pull the South American country from the bloc altogether. Frontrunner Javier Milei, asked about his view on the bloc formed by Brazil, Russia, India, China and South Africa, said his government would only have relations with nations that defend liberty, peace, democracy and free trade.
/jlne.ws/45ATAgc
Poll: Trump could be in big trouble for 2024 if convicted of crimes
Andrew Romano - Yahoo! News
So far, the fact that former President Donald Trump has been criminally indicted four times this year has done little to dent his support among Republican voters. But what if he's eventually convicted? A new Yahoo News/YouGov poll has found that in that scenario, even some current Trump supporters could start to have second thoughts about casting their ballots for him in 2024.
/jlne.ws/45n2r5m
Nikki Haley Floats Raising Retirement Age to Curb Rising US Debt
Hadriana Lowenkron, Annmarie Hordern and Joe Mathieu - Bloomberg
Republican presidential candidate Nikki Haley backed an increase in the retirement age that would be tied to life expectancy as a way to counter rising US government debt, a day after her standout performance in the first GOP debate. "We change retirement age to reflect life expectancy instead of cost of living increases. We do it based on inflation. We limit the benefits on the wealthy, and we expand Medicare Advantage plans," the former United Nations Ambassador and South Carolina governor said Thursday in an interview with Bloomberg Television.
/jlne.ws/3KTwqJG
Trump Returns to Musk's X With Post of Georgia Mug Shot; Post is former president's first on platform since 2021; Musk reinstated Trump's suspended account in November
Michael Sin and Mark Niquette - Bloomberg
Former President Donald Trump posted his own mug shot in a return to Elon Musk's X, which was formerly known as Twitter. In his first post since 2021, Trump displayed the mug shot taken at the Fulton County Jail, along with the words "ELECTION INTERFERENCE NEVER SURRENDER!" and a link to a political fundraising page.
/jlne.ws/44nuOz2
The Dollar Is the Fortress China Struggles to Breach; Contrary to predictions of its weakening status, the greenback remains a linchpin of global trade. Welcome to the 'Imperial Circle.'
Daniel Moss - Bloomberg Opinion
If this is what a bad year for the dollar looks like, I'll take it. Widespread predictions of a significant retreat after a bumper 2022 haven't come to pass. The greenback is still the place to be. Not just in good times, but when the rest of the world looks less than enticing. No mere currency, it sometimes resembles a medieval fortress, complete with a moat.
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Transcript: Forget About Early Retirement in Britain; Read the conversation between Phoenix Group CEO Andy Briggs and In the City host Francine Lacqua.
Jill Namatsi - Bloomberg
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Norway has a chance to transform climate finance; The country's windfall from the energy crisis should be used to underwrite investments in developing countries
Michael Grubb - Financial Times
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City With World's Longest Lifespan Rethinks Nearly Free Transit for Elderly; Hong Kong's decade-old policy of heavily subsidized public transport for pensioners is under scrutiny as costs mount.
Siuming Ho - Bloomberg
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India's food price surge forces government measures to improve supplies
Rajendra Jadhav and Aftab Ahmed - Reuters
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| Regulation & Enforcement | | Stories about regulation and the law. | OSC announces agenda and panellists for roundtable on diversity in Canada's capital markets
Ontario Securities Commission
The Ontario Securities Commission (OSC) today announced the agenda and panellists for its roundtable on diversity, beyond gender which will take place on Thursday, September 14, 2023, from 9:00 a.m. to 11:30 a.m. The OSC has assembled an expert panel to discuss the Canadian Securities Administrators' (CSA) diversity consultation and to explore approaches to broader diversity, investor and issuer perspectives on disclosure, alignment with local and international market developments and more.
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Charges laid over insider trading at Kidman's Wesfarmers sale
Peter Ker - Financial Review
A man with close links to former Kidman Resources chief executive Martin Donohue has been charged with insider trading, with the corporate regulator alleging he had early knowledge of Wesfarmers' $776 million plan to buy the lithium company in 2019. Duncan Stewart appeared in the Melbourne Magistrates Court on Thursday charged with buying Kidman shares in April 2019 while aware that Wesfarmers had made a proposal to buy the company.
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Factbox - How the US SEC is overhauling the fund industry
Chris Prentice and Michelle Price - Reuters
The U.S. Securities and Exchange Commission, led by chair Gary Gensler, on Wednesday voted to overhaul private fund rules, one of several rule changes the agency has targeted at the country's funds sector. Together, the changes mark the biggest industry overhaul in living memory. The SEC on Wednesday finalized a sweeping overhaul of private rules with the aim of increasing transparency and fairness in the industry which oversees more than $20 trillion in assets.
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Tesla Investors to Get About $12,000 Apiece in Musk's SEC Deal; Losses were $12 billion, plaintiffs claimed in separate case; Both cases were over famous tweet about taking Tesla private
Bob Van Voris - Bloomberg
A group of Tesla Inc. investors stands to recover an average of about $12,000 a head for losses they incurred from Elon Musk's famous 2018 tweet that he had "funding secured" to take the car maker private at $420 a share - and then didn't. The US Securities and Exchange Commission aims to pay the investors the $40 million plus interest that Tesla's chief executive officer and the company agreed to as civil penalties to settle a lawsuit by the regulator.
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Wells Fargo Settles with SEC for Charging Excessive Advisory Fees
SEC
The Securities and Exchange Commission today charged Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC (collectively, Wells Fargo) for overcharging more than 10,900 investment advisory accounts more than $26.8 million in advisory fees. Wells Fargo agreed to pay a $35 million civil penalty to settle the SEC's charges.
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SEC Charges Former Attorney At U.S.-Based Global Law Firm with Insider Trading
SEC
The Securities and Exchange Commission filed insider trading charges against Romero Cabral da Costa Neto for trading based on material, nonpublic information concerning a client of the global law firm where he worked as a visiting attorney from Brazil. According to the SEC's complaint, in 2023, during Costa's one-year term of employment as a visiting attorney at the law firm, he accessed confidential information about the law firm's work on the biopharmaceutical company Swedish Orphan Biovitrum AB's acquisition of CTI BioPharma Corp. (CTIC). The complaint alleges that, on May 9, 2023, the day before the deal was publicly announced, Costa purchased more than 10,000 shares of CTIC. He then allegedly sold those shares in violation of securities laws and the firm's policies, including its policy against insider trading, on the day of the announcement, realizing a profit of more than $42,000. In addition to CTIC, Costa traded in the securities of several other issuers represented by the law firm, close in time to material announcements by those companies.
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ASIC welcomes appointment of three Commissioners
ASIC
ASIC Chair Joe Longo has welcomed the Treasurer's appointment of three new Commissioners to ASIC. The Treasurer has announced the appointment of Ms Katherine O'Rourke, currently a First Assistant Secretary at Treasury, as Commissioner from 11 September 2023. Mr Alan Kirkland, who is currently the CEO of leading consumer group CHOICE, and Ms Simone Constant, who is currently the Chief Risk Officer, Institutional Bank and Markets at the Commonwealth Bank of Australia, will commence their terms on 20 November 2023. Mr Longo said the new Commissioners bring exceptional experience and skills to the Commission.
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SFC concludes consultation on risk management guidelines for futures dealing activities
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today published consultation conclusions on its proposed risk management guidelines for licensed futures brokers (Note 1). The guidelines set out a comprehensive risk management framework for futures brokers which covers market risk management, commodity futures trading, client credit risk management, concessionary margining and risk management over executing or clearing agents. Requirements for funding liquidity risk management, safeguarding client assets, trading in futures markets outside Hong Kong and stress testing are also included.
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SEBI initiates third tranche of distribution of disgorged / recovered amount to investors in the matter of IPO irregularities
SEBI
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Nvidia Is Not as Expensive as It Seems
Dan Gallagher - The Wall Street Journal
Nvidia's market value is more than three times what it was at the start of the year. The stock is also cheaper than it has been in a while. Credit the earnings power that comes with owning a red hot market. The chipmaker's shares were up more than 2% Thursday afternoon-a relatively mild gain considering the strength of its second-quarter report, which also featured another blowout financial forecast.
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How Nvidia became the world's most important company overnight
James Titcomb - The Telegraph
The three mid-ranking Silicon Valley engineers behind Nvidia had just $40,000 (£31,500) between them when they started the company three decades ago, fuelled by a belief that 3D graphics would change the rapidly growing video game industry. Now, it costs the same amount to buy just one of Nvidia's microprocessors, and it can't make enough of them.
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SBI-Owned B2C2 Eyes European Expansion With Acquisition of Rival Trading Firm Woorton
Oliver Knight - CoinDesk
London-based liquidity provider B2C2 has acquired French market making firm Woorton in a deal that grants B2C2 access to Woorton's regulatory licenses, allowing it to operate in the EU, according to a press release. B2C2 can now offer its services to the European Union's institutional sector via Woorton's PSAN (prestataires de services sur actifs numériques) license, which is regulated by the AMF (Autorité des Marchés Financiers).
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Biggest Yuan Bears Fail to Gain Traction Among Option Traders; Options pricing in just tiny chance of yuan hitting 7.70 in 3Q; Implied volatility in dollar-yuan has begun to retreat
Bloomberg
Strategists may be getting increasingly bearish on the yuan but their words are failing to resonate with option traders who see very little chance of the currency falling to some of the most pessimistic levels forecast. Societe Generale SA have penciled in a year-end target of 7.60 per dollar for the embattled currency while their peers at Bank of America see a slide toward 7.70 this quarter as a possibility - about 5% weaker than Friday's 7.29 level offshore.
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FIA July 2023 SEF Tracker
Futures Industry Association
Trading volume on swap execution facilities reached $801.2 billion in average notional value per day during July 2023. This was down 13.7% from the previous month and the lowest monthly total for the year to date. On the other hand, it was up 17.1% from the same month of the previous year. Compared to June 2023, trading was down in every category.
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Wall Street's Last Analyst With a 'Sell' on Nvidia Gives In
Youkyung Lee - Bloomberg
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Carbon credit speculators could lose billions as offsets deemed 'worthless'; Many credits in the voluntary market going unused, with study finding some offsetting could make global heating worse
Patrick Greenfield - The Guardian
Carbon credit speculators could lose billions as scientific evidence shows many offsets they have bought have no environmental worth and have become stranded assets. Amid growing evidence that huge numbers of carbon credits do nothing to mitigate global heating and can sometimes be linked to alleged human rights concerns, there is a growing pile of carbon credits equivalent to the annual emissions of Japan, the world's fifth largest polluter, that are unused in the unregulated voluntary market, according to market analysis.
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Milton Friedman's Alma Mater Exposes Huge Cost of Emissions; Damage is valued at close to half firms' operating profit; Study comes as fossil fuel subsidies hit record $7 trillion
Frances Schwartzkopff - Bloomberg
A study published by academics at the University of Chicago has found that corporate emissions are undermining prosperity. The damage caused when publicly traded companies emit greenhouse gasses is equivalent - on average - to about 44% of operating profits, according to an analysis by Michael Greenstone and Christian Leuz of the University of Chicago, and Patricia Breuer of the University of Mannheim.
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The impact fund betting on community lawsuits; Also in today's newsletter, a new study suggests a better way forward for the carbon credits market
Simon Mundy - Financial Times
US politics fans will have noticed Vivek Ramaswamy stealing the show at this week's debate for (non-Trump) Republican presidential candidates, presenting himself as a fearless, straight-talking player from outside the political swamp. One particularly eye-catching moment came when 38-year-old Ramaswamy declared: "The climate change agenda is a hoax." That struck a rather discordant note with the entrepreneur's eminently reasonable remarks to me, when I pressed him on this subject in an interview last September. "The strong weight of evidence supports the view that climate change is real, global surface temperatures are going up, that man-made causes play a role in that," Ramaswamy told me then. "And that's not up for reasonable debate."
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New global biodiversity fund launched in Vancouver
Global Environment Facility
During the GEF Assembly, Canada and the United Kingdom announced contributions to the new Global Biodiversity Framework Fund, created to ramp up investment in nature restoration and renewal. In good news for nature in a challenging moment, representatives of 185 countries agreed at the Global Environment Facility's Seventh Assembly in Canada to launch an innovative new fund for biodiversity that will attract funding from governments, philanthropy, and the private sector. The new Global Biodiversity Framework Fund (GBFF) has been designed to mobilize and accelerate investment in the conservation and sustainability of wild species and ecosystems, whose health is under threat from wildfires, flooding, extreme weather, and human activity including urban sprawl.
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Carbon Offsets to Reduce Deforestation Are Significantly Overestimating Their Impact, a New Study Finds; A study in six countries across three continents finds that most carbon offsets aimed at avoiding deforestation are failing to keep forests standing or cut atmospheric greenhouse gasses.
Keerti Gopal - Inside Climate News
Carbon offset projects claiming to curb deforestation are significantly overestimating their impact, according to a new study published in Science on Thursday. Sold as a way to lessen the impact of greenhouse gas emissions by allowing polluters or consumers to purchase offsets or credits that allow them to keep emitting in return for funding projects that decrease emissions elsewhere, offsets have become a high-profile model for corporate climate action.
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IAIS Asks ISSB to Maintain Climate Focus
Vibeka Mair1 - ESG Investor
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On the Streets of Berlin, Bicycles Have Enriched City Life - and Stoked Backlash; Pop-up bike lanes have become permanent, with benefits for the climate and safety.
Dan Gearino - Inside Climate News
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Progress Against Pernicious Plastic Pollution
Seb Beloe - ESG Investor (contributor)
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | T-Bill Deluge Risks Draining Bank Reserves, St. Louis Fed Warns
Alexandra Harris - Bloomberg
As the US Treasury borrows heavily in the bills market, the Federal Reserve may find it has to pause its efforts to shrink its balance sheet to ensure the banking system remains stable, according to the St. Louis Fed. The US Treasury has sold about $1 trillion of bills since June after the government suspended the debt ceiling. The cash to buy this government debt can come from at least two places instead: bank accounts, or money market funds.
/jlne.ws/3OU24bg
HSBC Hires Evercore's Hong to Lead Singapore Deals Coverage
Joyce Koh - Bloomberg
HSBC Holdings Plc has hired Alex Hong from Evercore Inc. to lead the bank's dealmaking efforts in Singapore. Hong, who has been at Evercore for almost a decade, is set to join HSBC in September, a spokesperson for the UK lender confirmed in response to a Bloomberg News query. He will report to Sandeep Pahwa, head of investment banking for South and Southeast Asia.
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Odey Asset Management abandons Mayfair headquarters; Firm's move comes in wake of sexual assault allegations against founder Crispin Odey
Antonia Cundy - Financial Times
Odey Asset Management has vacated its longstanding Mayfair office, closing the doors on one of London's oldest hedge funds' headquarters after sexual assault allegations against founder Crispin Odey forced the firm to break itself up. Staff at the shrinking company have moved from Upper Brook Street into serviced offices a short walk away at 64 North Row, according to a Companies House filing on Wednesday.
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Regional Banks Are Stuck in No Man's Land; Along with deposit losses and higher funding costs, they face the prospect of tough new capital rules.
Max Reyes and Breanna Bradham - Bloomberg
This hasn't been a good year for banks. Since March, four with assets of greater than $1 billion have collapsed, billions in deposits have migrated out of bank accounts into higher-yielding alternatives, and regulators have unveiled sweeping new rules that could reduce the amount of money they have available for lending.
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TD Bank Says It's Cooperating With a US Justice Department Probe; Bank has received inquiries about compliance with AML rules; Canadian lender abandoned a deal to buy First Horizon in May
Derek Decloet - Bloomberg
Toronto-Dominion Bank says it's been receiving inquiries from regulators and law enforcement about its compliance with anti-money-laundering rules, including requests related to a US Department of Justice investigation. Canada's second-largest bank made the disclosure in its third-quarter financial results Thursday, saying it may face penalties as a result of the probe.
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India's food price surge forces government measures to improve supplies
Rajendra Jadhav and Aftab Ahmed - Reuters
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Deutsche Bank Seeks to Boost Asia Financing Unit With New Roles
Preeti Singh and Saikat Das - Bloomberg
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Across the multimanagerverse; A closer look at the hottest hedge fund strategy
Robin Wigglesworth - Financial Times
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | What the Barbie Movie Tells Us About Workplace Culture; Films and novels offer as much of a window into the current soul of workers as business books.
Julia Hobsbawm - Bloomberg
Oscar Wilde's assumption that life imitates art might need a rethink. Right now, it looks like the other way around. Especially when it comes to work, popular culture is reflecting back what life is like. You might expect me to take this view, as the author of a column called Working Assumptions. But take some of the more recent hit movies or bestselling books and you'll find that how we work is the subject or subtext of the story.
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A worker quitting a 6-figure job so she won't have to return to the office full time says she's a victim of her bosses' productivity paranoia: 'I don't need to be in an office to do my work'
Juliana Kaplan - Business Insider
Felicia, 53, is leaving her job after being asked to work in person five days a week. For over a year she worked three days at home and two in her office - a perfect balance for her. But she'd rather find a job that pays less than keep going in for five days.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Highly mutated COVID variant found in new countries but pandemic in 'a different phase'
Jennifer Rigby and Julie Steenhuysen - Reuters
A highly mutated COVID variant called BA.2.86 has now been detected in Switzerland and South Africa in addition to Israel, Denmark, the U.S. and the U.K., according to a leading World Health Organization official. The Omicron offshoot carries more than 35 mutations in key portions of the virus compared with XBB.1.5, the dominant variant through most of 2023 - a number roughly on par with the Omicron variant that caused record infections compared to its predecessor.
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Updated Covid-19 vaccines are coming mid-September, officials say
Brenda Goodman - CNN
Covid-19 vaccines that have been tweaked to teach the body how to fend off the current crop of circulating variants are now expected to land in drugstores and clinics in mid-September, CDC and FDA officials said. The officials spoke Thursday about the US government's preparations for the fall and winter respiratory virus season on the condition that they not be named.
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Wealthy People Are Getting Full-Body Scans. Early Detection or Unnecessary?; The real cost of a preventive health scan goes well beyond the price tag
Alex Janin - The Wall Street Journal
Companies are selling body scans to seemingly healthy patients, promising peace of mind. Traditional medical professionals are concerned about the costs. The financial cost for a preventive scan ranges from $650 to several thousand dollars. Insurance generally doesn't cover it. Demand for these types of procedures has surged, particularly among the wealthy, healthcare professionals say. People are driven by a fear of mortality. The clinics say they can help patients catch early-stage health issues such as cancer or aneurysms before symptoms occur. Kim Kardashian recently shared an Instagram post touting her own scan from the preventive-MRI company Prenuvo.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India's food price surge forces government measures to improve supplies
Rajendra Jadhav and Aftab Ahmed - Reuters
A broad rise in prices of food essentials in India driven by uneven and scanty rain is forcing the government into a series of measures to boost supplies and ease inflationary pressures. While annual retail inflation was at a 15-month high of 7.44% in July, food price inflation rose to 11.5%, its highest in more than 3 1/2 years, pushing Prime Minister Narendra Modi's government to act quickly to avert any backlash from voters in upcoming state and national elections.
/jlne.ws/47MEFRK
Beijing selling off US Treasurys is a sign of China's economic weakness as it tries to prop up the yuan
Matthew Fox - Business Insider
China has been selling its US Treasurys over the past few months, but it's not a sign of economic strength and it won't hurt the US, according to a Tuesday note from Carson Group. Beijing's holdings at the end of June hit a 14-year low of $835 billion amid mounting evidence that the post-COVID economic rebound is fizzling.
/jlne.ws/3Pd5VBO
Rupee Faces Risk of 'Speculative Attacks' on RBI Grip, ANZ Says
Ronojoy Mazumdar - Bloomberg
Indian central bank's policy to keep the rupee stable at weaker levels may make the currency vulnerable to "speculative attacks" in case of large risk events, according to Australia & New Zealand Banking Group Ltd.
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Top Uranium Producer Wants to Shake Up Nuclear Decision Making; Kazakhstan is one of 17 countries excluded from IAEA board; Central Asian nation is preparing to file a legal demand
Jonathan Tirone - Bloomberg
Since the height of the Cold War, the rules governing the safety and security of the global nuclear industry have been decided behind closed doors by a 35-member board that excludes some of the major players in the business. The world's biggest uranium producer is trying to shake up the status quo.
/jlne.ws/47YSP2q
US Corn Harvest Is in Trouble
Tarso Veloso, Millie Munshi and Michael Hirtzer - Bloomberg
Sagging ears just short of maturity, cobs half bare of kernels as if nibbled, earth so dry that deep cracks criss-cross the fields: The US corn harvest is in trouble. The signs were already there in South Dakota. Scouts surveying fields there this week found what farmers call tip back, when corn kernels aren't filled all the way to the top of the cob as a result of dryness and poor pollination. It leaves them looking half eaten.
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