| October 04, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Yesterday Miami International Holdings (MIH) announced the renaming of its subsidiary, Minneapolis Grain Exchange (MGEX), to MIAX Futures Exchange (MIAX Futures). This rebranding reflects MIH's broader strategy to expand its futures offerings, building on the legacy of MGEX's flagship Hard Red Spring Wheat (HRSW) futures, which will also be rebranded. MIAX Futures will serve as a platform for listing a wider range of futures and options, including new equity index products in collaboration with Bloomberg. The exchange plans to roll out its new MIAX Futures Onyx matching engine in 2025 to support agricultural and financial products.
My first full-time job after college was with Commodity News Services, Inc., covering the MGEX from Chicago. I had planned a trip to Minneapolis in December 1984 to meet the many contacts I spoke with daily. However, a major snowstorm swept across the Midwest, grounding my flight. I ended up making the trip in January instead. I must admit, visiting Miami in January would have been much more pleasant.
Tradeweb Markets LLC today reported record trading volumes in September 2024, reaching $56.1 trillion in total and an average daily volume (ADV) of $2.63 trillion, marking a 68.3% increase year-over-year (YoY). For the third quarter, total volume hit $147.5 trillion, with a 55.3% YoY increase in ADV, driven by strong organic growth and acquisitions such as Yieldbroker, r8fin, and ICD. Significant growth occurred across various asset classes, including U.S. government bonds, swaps, credit, and repo markets, with rates and credit derivatives seeing substantial increases due to heightened market volatility, central bank moves, and increased client adoption.
Cboe Global Markets today reported mixed trading volumes for September 2024 across its business lines. Average daily volume (ADV) for multiply-listed options saw a slight decrease of 0.2% year-over-year, while index options ADV grew by 4.6%. Futures trading dropped by 1.5% compared to September 2023, and U.S. equities on-exchange trading decreased by 2.6%. However, off-exchange U.S. equities rose by 17%, and both Canadian and European equities saw gains of 2.2% and 19.5%, respectively. Cboe Clear Europe also reported an 18% increase in cleared trades.
Here are excerpts from in front of FOW's paywall from some recent stories: The central clearing of US Treasuries is set to simplify and streamline the market, according to Jo Burnham, who supports the Bank for International Settlements (BIS)'s stance on risk reduction. Burnham highlights her clearing house experience, emphasizing that the move will make processes easier. Meanwhile, interest rate markets are benefiting from shifts in central bank policies, driving increased trading volumes across both listed and unlisted derivatives platforms. Additionally, TraditionData has hired a new COO, a former Parameta Solutions executive, as the company continues expanding its leadership team. Cboe Global Markets reported a modest 1% increase in options trading volumes for September, following a slower performance in August. Lastly, Miami International Holdings has rebranded its Minneapolis Grain Exchange to reflect its expanding futures market focus.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Intercontinental Exchange Reports September and Third Quarter 2024 Statistics from Intercontinental Exchange.
- Trading Technologies establishes Platform Services business unit from Trading Technologies.
- Why India's Giant Options Market Poses a Danger to Financial Stability from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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 Indexing the Future: How AI and ESG are Reshaping Asset Management JohnLothianNews.com In the ever-evolving world of finance, asset managers are facing a new frontier: the intersection of artificial intelligence, environmental, social, and governance (ESG) concerns, and the growing appetite for private markets. Rick Redding, CEO of the Index Industry Association, offers a glimpse into this brave new world. Watch the video »
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America Risks Running Out of Tickers for Single-Stock ETFs; Snappy symbols for single-stock funds face a supply crunch; Some issuers have even resorted to stockpiling tickers
Katie Greifeld - Bloomberg
Securing a snappy ticker is a high-stakes mission in the $10 trillion exchange-traded fund arena. For issuers launching funds riding the boom in single stocks - Tesla Inc., Apple Inc. and more - standing out from the crowd is only getting harder by the day. US exchanges currently allow a four-character limit for tickers, which produces a functionally infinite number of combinations: 456,976, theoretically. However, if you narrow it down to the burgeoning world of single-stock ETFs, the possibilities dwindle dramatically, given that the symbol must be built around an existing ticker - that of the company it's tracking.
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******* Call this a Y2KKKKKKKK problem.~JJL
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Thursday's Top Three
Our top clicked item Thursday was Trading Technologies' press release, Trading Technologies establishes Platform Services business unit. Second was Intercontinental Exchange's press release, Intercontinental Exchange Reports September and Third Quarter 2024 Statistics. Third was Crypto Investment Scams: What You Should Know, an infographic from the CFTC.
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| Lead Stories | Failed Trades in 20-Year US Bonds Have Soared to a Record
Elizabeth Stanton - Bloomberg
The 20-year Treasury bond just drove home yet again why it has become a problematic maturity for traders of US government debt. In the crucial market for borrowing and lending Treasuries - known as repo for its use of repurchase agreements - demand for the security far outpaced supply for several days last month. The imbalance created a shortage so pronounced that uncompleted trades - known as fails - exceeded all previous totals in the maturity, according to data released Thursday by the Federal Reserve Bank of New York. Small numbers of fails are common due to human or system errors. But in a pattern that has repeated almost quarterly, these breakdowns in the 20-year dwarfed those in other maturities. In the week ended Sept. 25, fails to deliver the 20-year tallied $22.9 billion, the most on record in the data set, which has been published since 2022. That equated to 94% of the fails involving specific Treasury issues that week, according to the data, which cover trades involving primary dealers.
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New Texas exchange pledges tough standards in challenge to old guard; The launch feeds into an effort to establish the state as a corporate mecca with a new bourse trading equities in Dallas
Myles McCormick and Jennifer Hughes - Financial Times
The head of the fledgling Texas Stock Exchange has pledged tougher listing standards than his New York rivals as part of his state's bold attempt to establish Dallas as a financial challenger to east coast dominance. Jim Lee, chief executive of the TXSE, told the Financial Times the new exchange's standards, including earnings tests, minimum prices and other unspecified measures, would be stringent enough to in effect exclude more than a third of the companies listed on Nasdaq and the New York Stock Exchange. The comments push back against early expectations that the nascent bourse would adopt looser rules in its attempt to break New York's pre-eminence. Its emphasis on "predictability" in its initial June launch was seen as a riposte to a controversial 2021 board diversity disclosure rule Nasdaq introduced that is being challenged in court.
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Goldman Sachs Prodigy Finds It Hard to Crack the Hedge Fund Elite; Eisler Capital's recent difficulties show just how tough it is to grab a seat at the hedge fund industry's top table.
Nishant Kumar, William Shaw, Sridhar Natarajan, and Donal Griffin - Bloomberg
Three years ago Ed Eisler set out on a mission. The former Goldman Sachs wunderkind had a plan to turn his hedge fund into the kind of all-singing, all-dancing "multistrategy" firm that has minted fabulous wealth for the billionaire founders of Citadel, Millennium Management and their ilk. The timing seemed perfect. Clients were throwing cash at these "multistrats," which appeared to have hit on a magic formula of delivering consistently hefty returns by doling out capital to dozens of traders making lots of different bets. Eisler had built a decent track record managing a macro hedge fund. He wanted in on the gold rush.
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In investing, what if bad is good and good is bad? As with parenting, constraints are not enemies. Quite the opposite in fact
Stuart Kirk - Financial Times
As an Aussie bloke, I tell my kids that no good comes of opening up emotionally. But my sobbing about performance in this column a fortnight ago has done wonders. My portfolio has raced to £513,000 and is now 9 per cent up year-to-date. Recent gains may surprise readers given the escalating violence in the Middle East. Indeed we are regularly told that bad news stymies returns, while positive news helps. With mostly equities in my pension fund, however, I reckon the reverse is true.
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How climate risk will complicate central bankers' jobs; Severe weather events are intensifying and so too are their economic impacts
Sabine Mauderer - Financial Times
It is clear that the effects of climate change have started to influence the monetary policy considerations of several central banks. Unfortunately, such factors will become even more relevant in the future. Severe weather events are intensifying, and so too are their economic impacts. Tropical storm Helene in south-eastern US is just the latest reminder of the damage that can be wrought.
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Robinhood to launch margin trading in UK expansion drive; Chief executive Vlad Tenev says British customers will soon be able to make leveraged stock bets on its platform
Nikou Asgari and Ian Smith - Financial Times
Robinhood is set to launch margin trading in the UK in the coming weeks, opening the door for individual investors to engage in the leveraged stock bets that have helped propel frenzied bouts of US retail trading. The move comes ahead of a big UK marketing push for the group, which is also considering launching long-term savings products as it seeks to position itself as a mainstream investment platform for younger investors.
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Simm casts off Covid pain for $40 billion IM reprieve; Recalibration cuts risk weights in equity and commodities, but some credit exposures double on ABX halt
Helen Bartholomew and Luke Clancy - Risk.net
At least $40 billion of collateral held against non-cleared derivatives trades could be freed up in December, when the latest recalibration of Isda's standard initial margin model, or Simm, casts off a period of extreme volatility relating to the 2020 Covid pandemic. Version 2.7 of Simm, which is set to go live on December 7, sees delta risk weights substantially lowered across three of the six risk classes, though 'non-qualifying' credit, which represents complex securitisations, will see risk
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A Big Russia Bet Is Minting Fortunes on Paper for Retail Investors; US and EU citizens bought into Russian firms despite invasion; Windfall profits are stranded due to western sanctions
Patrick Sykes - Bloomberg
On Christian Wehr's first investor road trip to Russia, he brought his dad along for moral support. It was December 2022, 10 months after Russia had attacked Ukraine, and friends had warned the 32-year-old software developer not to travel from his native Germany, designated an "unfriendly country" by the Kremlin. But Wehr saw it as the only way to save his bet on Russian stocks from complete wipe-out.
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Citi Denies Responsibility for Alleged Harassment of ICAP Broker; Broker accused ICAP, Citi of 'toxic alliance' in August suit; Both firms say they will ask court to throw out her claims
Ava Benny-Morrison - Bloomberg
Citigroup Inc. said that it can't be held responsible for alleged harassment of a TP ICAP broker by one of the bank's traders, denying it knew of any inappropriate conduct. The broker, Christine O'Reilly, sued Citigroup along with her employer and a UK-based superior in New York in August, claiming ICAP encouraged her to go along with the trader's advances to keep orders flowing. In court filings on Wednesday and Thursday, both defendants largely denied O'Reilly's allegations and also contended legal deficiencies would require dismissal of many of her claims.
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Chinese Delegates Jolt LME Week With Their Newfound Optimism; Traders were surprised by Chinese representatives' bullishness; 'We are going to see a major game changer,' BOCI's Fu says
Bloomberg News
Metals traders arriving in London for LME Week were in for a surprise as they caught up with friends and customers from China. For the last couple of years, the biggest consumer and producer has been a buzzkill for metals bulls. Now suddenly Chinese representatives were among the most bullish in any room. In both private conversations and public forums, many market insiders who have spent their careers observing the Chinese economy said they believe the latest stimulus plan unveiled last week is of great political significance - representing a shift by Xi Jinping to once again place economic development among the government's top priorities.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia has lost access to CERN in a sign that its war in Ukraine is causing a major scientific brain drain
Mia Jankowicz - Business Insider
CERN is about to revoke access to around 500 scientists affiliated with Russian institutions, in a move that will cut Russia's researchers off from its state-of-the-art facilities. The European Organization for Nuclear Research, or CERN - home to the world's only Large Hadron Collider - announced the number of affected scientists on Monday, according to Reuters, finalizing a pledge first made after the outbreak of Russia's full-scale invasion of Ukraine.
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Kremlin accuses Ukraine of 'playing with fire' after reported attack near Kursk nuclear plant
Reuters
The Kremlin on Friday accused Ukrainian authorities of playing with fire, a day after Russian forces said they had intercepted a Ukrainian drone near the Kursk nuclear plant and some news outlets reported a fire had broken out several miles away. "Kyiv is continuing to play with fire, and we will naturally bring this to the attention of the IAEA's representatives," Kremlin spokesman Dmitry Peskov told reporters, referring to the International Atomic Energy Agency, the U.N. nuclear watchdog.
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Israel strike suspected near Russian air base in Syria
Iona Cleave - The Telegraph
Israel is suspected of launching missiles overnight into Syria, striking close to a Russian air base believed to house weapons for Iran. Up to 30 missiles were said to have targeted an area near to Khmeimim air base, near the coastal city of Latakia, triggering a series of huge explosions. Video footage showed streaks of bright orange light in the night sky, as air defences attempted to intercept the missiles. A huge blaze could be seen for miles close to Khmeimim.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel Bombs Beirut Targets as Iran Calls on Arab World to Unite; Military launches strikes against Hezbollah sites in Lebanon; Iran's leader addresses crowd after missile attack on Israel
Henry Meyer, Dana Khraiche, and Golnar Motevalli - Bloomberg
Israel carried out huge bombing raids on Hezbollah targets near Beirut airport alongside ground attacks in southern Lebanon, while Iran's leader called on the Arab world to unite amid the escalating conflict. The airstrikes in the southern outskirts of the Lebanese capital targeted the potential successor of the militant group's assassinated leader Hassan Nasrallah and other figures, the New York Times and other US media reported, citing Israeli officials. It was not known if Hashem Safieddine died in the bombardment, which residents said shook buildings in the city.
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Israel's Fight With Islamist Groups Puts Arab World in Dilemma; In Jordan's capital Amman, there's rising support for Hamas and Hezbollah and the political groups that call to unite behind them.
Sam Dagher - Bloomberg
The crowd of several hundred men, women and children roared as speakers took turns to praise Hamas commanders and other Iran-backed militants like Hezbollah. "We bear a Koran and a knife," shouted a young boy wearing a black bandana, standing on a makeshift stage in the street as security forces looked on. "They say Hamas is a terrorist group, but all of Jordan is Hamas!" The scene in the Jordanian capital of Amman is a near daily occurrence nowadays, and it encapsulates the dilemma facing Israel's neighbors as the Middle East stands on the brink of a widening war.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | EIB and Luxembourg Stock Exchange mark EUR100 billion milestone in sustainability funding
LuxSE
The European Investment Bank (EIB) has passed the EUR100 billion mark in total Climate Awareness Bonds (CAB) and Sustainability Awareness Bonds (SAB) issuance since producing the world's first green bond in 2007. Today, the EIB celebrated this milestone at the Luxembourg Stock Exchange, the world's reference exchange for sustainable bonds.
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Tradeweb Reports Record September 2024 Total Trading Volume of $56.1 Trillion and Record Average Daily Volume of $2.63 Trillion
Tradeweb Markets Inc.
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported record total trading volume for the month of September 2024 of $56.1 trillion (tn)[1]. Average daily volume (ADV) for the month was a record $2.63tn, an increase of 68.3 percent (%) year-over-year (YoY).[2] For the third quarter of 2024, total trading volume was a record $147.5tn and ADV was a record $2.21tn, an increase of 55.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.29.[3] Excluding the impact of the ICD acquisition, which closed on August 1, 2024, total ADV for the month of September was up 50.3% YoY and total ADV for the third quarter of 2024 was up 42.7% YoY.
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Cboe Global Markets Reports Trading Volume for September 2024
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported September 2024 trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the third quarter of 2024. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain September 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.
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ASX Group Monthly Activity Report - September 2024
ASX
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Springer Nature new in the Prime Standard of the Frankfurt Stock Exchange
Deutsche Borse Cash Market
As of today, Springer Nature AG & Co. KGaA (ISIN: DE000SPG1003) is listed in the Prime Standard of the Frankfurt Stock Exchange. The initial price of the share was EUR 24.00. The current share price is available via Börse Frankfurt. The IPO was accompanied by Deutsche Bank, J.P. Morgan, and Morgan Stanley Europe as Joint Global Coordinators and Joint Bookrunners. Additionally, BNP Paribas, Commerzbank, Goldman Sachs Bank Europe, and Unicredit Bank acted as Joint Bookrunners. Crédit Agricole Corporate and Investment Bank and ING Bank were Co-Bookrunners. Morgan Stanley Europe is the designated sponsor on Xetra, and the specialist on the trading venue Börse Frankfurt is Baader Bank.
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EEX re-appointed as French Power Guarantees of Origin registry provider
EEX
The European Energy Exchange (EEX) has been re-appointed by the French Ministry of Ecological Transition, Energy, Climate and Risk Prevention to continue offering registry and auctioning services for power Guarantees of Origin (GOs) for a further term of five years, starting from 4 October 2024.
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IEX's Bryan Harkins On New Options Exchange - Bloomberg Markets
YouTube video
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JSE Hosts Inaugural Capital Markets Event to Present Mid-Term Strategy and Business Overview
JSE
The Johannesburg Stock Exchange (JSE) hosted its inaugural Capital Markets event under the theme "Driving Innovation, Delivering Value", where Group CEO Leila Fourie and the executive leadership team showcased the JSE's strategic journey.
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LME Clear Margin Parameters October 2024
LME
LME Clear Members are advised that new SPAN1 margin parameters have been set
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | BestEx Research launches new aggregation functionality for execution algorithms; Named 'Order Aggregation', the new tool has been developed in response to requests from BestEx Research clients, including Nordea Asset Management.
Claudia Preece - The Trade
BestEx Research has launched a new functionality for execution algorithms for stocks and futures - named Order Aggregation - aimed at increasing efficiency when managing multiple orders. Specifically, the tool addresses a major issue facing the buy-side, wherein higher slippage occurs when sending multiple parent orders for the same instrument when they arrive at different times. The Order Aggregation feature sits within BestEx Research's execution algorithms for equities and futures and allows traders to consolidate new orders with existing ones in real time, treating them as a single parent order.
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Google is taking its rivalry with OpenAI to another level
Britney Nguyen - Bloomberg
Google (GOOGL) reportedly wants to bring its artificial intelligence rivalry with OpenAI to the next level of AI models: those that can "reason." Teams at Google have made progress in recent months on software for AI models that resembles humanlike reasoning abilities, Bloomberg reported, citing unnamed people familiar with the matter. Google has long focused on "reasoning" capabilities in large language models (LLMs), including in its work on chain-of-thought prompting. With this technique, which people told Bloomberg that Google is using, LLMs can solve multistep problems using "a series of intermediate reasoning steps," similar to the way a human would. Models with this software take a longer time to respond to inquiries because they consider similar prompts that are summarized into a response. The chain-of-thought technique gives models the ability to solve more complex math- and computer-programming-related inquiries.
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ChatGPT Is Now a Creepy Cultural Chameleon; OpenAI's advanced voice mode shatters language barriers. It's uncanny, incredible, and poised to change how we interact with AI.
Catherine Thorbecke - Bloomberg
Nearly two years since the launch of OpenAI's ChatGPT, I had my first true "wow" moment from the artificial intelligence frenzy. Granted, I've been impressed by how chatbots can generate helpful responses and synthesize information. I've amused myself with some of the images I've created with various applications. But mostly I've approached AI with a healthy dose of skepticism, often seeing more hype than substance, and still finding it glaringly obvious when I am interacting with a computer and not a human.
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Stopping the great AI energy squeeze will need more than data centres; Innovative solutions require joined up government, which is currently in short supply
Gillian Tett - Financial Times
Last month, the corporate behemoth that is Amazon celebrated its 20th birthday in Ireland. It should have been a joyous moment. After all Amazon, like other tech giants, has invested heavily in the country over the past two decades, partly due to its low tax regime, supporting heady growth. But in reality these birthday celebrations had a sour tinge. One reason is that European courts ruled last month that EUR13bn of tax breaks given to Apple were unlawful. On a recent visit, I was told that local business leaders fear this could undermine future investment.
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Frances Haugen Makes the Case for More Whistleblowing in the Age of AI; The Facebook whistleblower said cash-for-tips programs are vital for getting those who speak out access to legal support
Mengqi Sun - The Wall Street Journal
The former Facebook product manager who became known as the source for documents that exposed the social-media company's knowledge about its platforms' potential for harm said that dangers from the growing use of artificial intelligence make whistleblowing more vital than ever. Frances Haugen came into the public spotlight three years ago as the person who gathered documents that formed the basis of The Wall Street Journal's Facebook Files series. Now, Haugen said whistleblowing has become more important than ever in the often opaque technology industry, which she said uses nondisclosure agreements to silence those who choose to speak out against potential misconduct.
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Meta Unveils Instant A.I. Video Generator That Adds Sounds; The tech giant is among the many companies building technology that could remake Hollywood - or help spread disinformation.
Cade Metz and Mike Isaac - The New York Times
In February, the artificial intelligence start-up OpenAI unveiled technology called Sora that let people generate photorealistic videos - like woolly mammoths trotting through a snowy meadow - simply by typing a sentence into a box on a computer screen. Because of concerns over how the technology might be misused, and perhaps the high cost of operating the technology, OpenAI has not yet released Sora beyond a small group of testers. But other companies are racing to release similar technology. On Friday, the tech giant Meta unveiled a set of A.I. tools, called Meta Movie Gen, for automatically generating videos, instantly editing them and synchronizing them with A.I.-generated sounds effects, ambient noise and background music.
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| Cybersecurity | | Top stories for cybersecurity | This Teenage Hacker Became a Legend Attacking Companies. Then His Rivals Attacked Him; His life in cybercrime began at age 11, investigators say-and his case has brought worries about a new breed of fearless young hackers
Robert McMillan and Jenny Strasburg - The Wall Street Journal
The City of London Police had put the teenage boy in the suburban Travelodge to protect him. They even set up a code with him and his mom to signal it was safe to open the door: "Lucky lucky." Then they grew suspicious. The teen had a history with the police. It was September 2022, and 17-year-old Arion Kurtaj had been arrested twice earlier that year for his alleged role in a hacking group that stole data and demanded ransoms from some of the world's biggest tech companies. Kurtaj, who is autistic, was released both times. The second time, that March, he had been let go under the condition that he stay offline.
/jlne.ws/3BsrKZs
Department's Actions Were Coordinated with Concurrent Actions by Microsoft
U.S. Department of Justice
The Justice Department announced today the unsealing of a warrant authorizing the seizure of 41 internet domains used by Russian intelligence agents and their proxies to commit computer fraud and abuse in the United States. As an example of the Department's commitment to public-private operational collaboration to disrupt such adversaries' malicious cyber activities, as set forth in the National Cybersecurity Strategy, the Department acted concurrently with a Microsoft civil action to restrain 66 internet domains used by the same actors.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Cryptocurrency at Center of SEC Dispute Tumbles as Agency Appeals Judgment; XRP has dropped almost 20% in last four trading sessions; Bitwise filed this week to offer an XRP exchange-traded fund
Muyao Shen - Bloomberg
XRP, the cryptocurrency that has been the focal-point of a long running legal battle between its issuer and the SEC, slumped as much as 11% after the agency appealed an earlier court ruling that was viewed as favorable for the company. Ripple Labs Inc. was sued in 2020 by the US Securities and Exchange Commission, which claimed the San Francisco-based company broke the law when it raised money by selling the digital token without registering it as a security. Last year, US District Judge Analisa Torres found XRP was covered by securities law only when sold to institutional investors, a ruling hailed as a major victory for the industry.
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Coinbase to Delist Non-Compliant Stablecoins in EU in December
Emily Nicolle - Bloomberg
Coinbase Global Inc. will delist all unauthorized stablecoins from its crypto exchange in the European Economic Area by year-end, a potential blow for tokens like Tether Holdings Ltd.'s USDT. The European Union is set to fully implement new rules to oversee the crypto industry, known as MiCA, by the end of this year. Regulation of stablecoin issuers under MiCA took effect on June 30 and requires them to hold e-money authorization in at least one member state. Guidance for crypto exchanges and other companies operating in the bloc will kick in from Dec. 31. "Given our commitment to compliance, we intend to restrict the provision of services to EEA users in connection with stablecoins that do not meet the MiCA requirements by December 30, 2024," a Coinbase spokesperson said in a statement on Friday.
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Binance's Crypto Market Share Drops to Lowest Level in Four Years; Overall market share fell to 36.6% last month, CCData says; Binance saw the most severe share drop among top exchanges
Olga Kharif - Bloomberg
Binance's rehabilitative efforts appear to be slow to take root, with the largest crypto platform's share of trading volume in the roughly $2 trillion digital-asset market falling in September to the lowest level in four years. The market share of the world's biggest crypto exchange shrunk to 36.6% last month, down from 42.7% at the start of the year, according to researcher CCData. Binance's 27% share of the spot market is the least since January 2021, while it accounts for 40.7% of derivatives trading, also the lowest in four years.
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Chainalysis CEO steps back for 'personal issue' after a decade of service
Yogita Khatri - The Block
Chainalysis co-founder and CEO Michael Gronager has stepped back from his leadership role at the company. Sari Granat, Chainalysis' president and chief operating officer, is serving as interim CEO. Michael Gronager, co-founder and CEO of blockchain analytics unicorn Chainalysis, has stepped back from his leadership role after a decade of service, a source familiar with the matter told The Block. A Chainalysis spokesperson confirmed that Gronager has stepped back and has been on "personal leave" since Sept. 25 for "a personal issue." Gronager separately confirmed the move as "temporary" but declined to provide specific details. It remains unclear if or when he plans to return.
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Visa Launches Platform to Help Banks Issue Stablecoins Globally; Platform is expected to go live in 2025, payments firm says; A pilot test will be run on Ethereum at some point next year
Paige Smith - Bloomberg
Visa Inc. is launching a platform for banks to issue fiat-backed tokens such as stablecoins and tokenized deposits, as more financial institutions and businesses express interest in how cryptocurrencies and blockchain technology can improve their operations. The product, which will be known as the Visa Tokenized Asset Platform or VTAP, will allow banks to "mint, burn and transfer" tokens. While still in the testing stage, the plan is to go live next year, according to a Thursday statement.
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| Politics | | An overview of politics as it relates to the financial markets | Tax Cuts Pay for Themselves and Other Fairy Tales; Historian Rick Perlstein on how a crackpot idea that took root in the Republican Party in the 1980s is getting a second wind under Trump.
Rick Perlstein - Bloomberg
During Donald Trump's 90-minute presidential nomination acceptance speech at the Republican National Convention in July, the falsehoods flew so fast and thick that the most important fact-checking site didn't even notice one of the most outrageous ones-maybe because his party has been repeating it for so long that it's simply taken for granted. Buried 4,023 words into the 12,187-word address was the statement that after he signed the Tax Cuts and Jobs Act into law in 2017, the federal government "took in more revenues the following year than we did when the tax rate was much higher." In fact, federal revenue remained level in nominal terms, and as a percentage of gross domestic product-the relevant measure-it fell a full percentage point. A 2018 analysis by the nonpartisan Congressional Budget Office estimated that the TCJA would end up costing the US Department of the Treasury $1.9 trillion over 10 years.
/jlne.ws/3XTBmEd
Kamala Harris's Wall Street charm offensive begins to pay off; Vice-president builds ties with finance bosses in attempt to quell support for Trump
Brooke Masters, James Fontanella-Khan and Harriet Agnew and Lauren Fedor - Financial Times
Wall Street is warming to US presidential candidate Kamala Harris after weeks of behind-the-scenes courting between donors and her campaign, even as some executives still lean towards Donald Trump and his plans for deep tax cuts. Leading Democratic donors and bundlers, including Blackstone's Jon Gray, Centerview's Blair Effron and Lazard's Ray McGuire, have been fostering closer ties between financiers and the vice-president. Many on Wall Street considered President Joe Biden hostile to business but Harris has tried to reassure executives that she would be a moderate in office.
/jlne.ws/3TWvTLJ
Tax Cuts Pay for Themselves and Other Fairy Tales; Historian Rick Perlstein on how a crackpot idea that took root in the Republican Party in the 1980s is getting a second wind under Trump.
Rick Perlstein - Bloomberg
During Donald Trump's 90-minute presidential nomination acceptance speech at the Republican National Convention in July, the falsehoods flew so fast and thick that the most important fact-checking site didn't even notice one of the most outrageous ones-maybe because his party has been repeating it for so long that it's simply taken for granted. Buried 4,023 words into the 12,187-word address was the statement that after he signed the Tax Cuts and Jobs Act into law in 2017, the federal government "took in more revenues the following year than we did when the tax rate was much higher." In fact, federal revenue remained level in nominal terms, and as a percentage of gross domestic product-the relevant measure-it fell a full percentage point. A 2018 analysis by the nonpartisan Congressional Budget Office estimated that the TCJA would end up costing the US Department of the Treasury $1.9 trillion over 10 years.
/jlne.ws/3XQphzO
Trump-Proofing Europe Looks Impossible; Geopolitical risk is the big unknown threatening France and Germany.
Lionel Laurent - Bloomberg Opinion
Nothing is certain except death and taxes. The latter is on everyone's mind in Europe, where France is embarking on an eye-watering round of belt-tightening worth EUR60 billion ($66.4 billion) to repair public finances. Italy is eyeing fresh levies on corporate profits and oil major TotalEnergies SA is criticizing UK tax plans. The effect will be bad for big firms and a dampener on growth, though hardly existential, at least in France, where it equates to an eight-point rise in the corporate-tax rate to around 33%.
/jlne.ws/4dyaqj5
Trump-Proofing Europe Looks Impossible; Geopolitical risk is the big unknown threatening France and Germany.
Lionel Laurent - Bloomberg
Nothing is certain except death and taxes. The latter is on everyone's mind in Europe, where France is embarking on an eye-watering round of belt-tightening worth EUR60 billion ($66.4 billion) to repair public finances. Italy is eyeing fresh levies on corporate profits and oil major TotalEnergies SA is criticizing UK tax plans. The effect will be bad for big firms and a dampener on growth, though hardly existential, at least in France, where it equates to an eight-point rise in the corporate-tax rate to around 33%.
/jlne.ws/3TVtMrn
Japan's New Leader Confronts Legacy of Market-Savvy Predecessor
Hideyuki Sano and Aya Wagatsuma - Bloomberg
New Japanese Prime Minister Shigeru Ishiba took just days following his appointment to wade into the biggest question facing investors in the country: When is the next interest rate hike coming? His unexpected remarks that Japan isn't ready for more rate increases - an abrupt change from his hands-off approach to the central bank during the recent leadership race - led to a 2% decline in the yen against the dollar, the currency's worst one-day performance in more than two years. That came just days after a stock market selloff following his election that drew comparisons to the "Kishida shock," when early comments by his predecessor about tax hikes sent stocks plummeting.
/jlne.ws/3ZKYZ4u
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| Regulation & Enforcement | | Stories about regulation and the law. | Macron Says Over-Regulation to Leave Europe Behind US, China
Samy Adghirni and Ania Nussbaum - Bloomberg
French President Emmanuel Macron delivered a pessimistic outlook for the European Union, warning that lack of investment and too much regulation would make the bloc uncompetitive. Speaking at the Berlin Global Dialogue, Macron said Washington and Beijing outstrip the EU in both economic output and investment, and Europe won't be able to compete with other countries unless it moves quickly to complete a banking union and make global trade rules more fair.
/jlne.ws/3XSyojh
Charges against former Macquarie adviser dismissed
ASIC
Charges laid against former Macquarie financial adviser Warren Scott Acworth have been dismissed.
/jlne.ws/3Y8sVGt
Federal Court appoints liquidators to Global Capital Property Fund
ASIC
The Federal Court has made orders for property investment company Global Capital Property Fund Limited (GCPF) to be wound up on just and equitable grounds, appointing Ross Blakeley and Kelly-Anne Trenfield of FTI Consulting as liquidators. ASIC applied for the winding-up of GCPF as it holds numerous concerns about the management of GCPF's business.
/jlne.ws/4eM8DYP
Inter-Ministerial Committee Publishes Recommendations to Strengthen Singapore's Anti-Money Laundering Framework: 'Proactive Prevention, Timely Detection, Effective Enforcement
MAS
The Inter-Ministerial Committee (IMC) released its report today to share the findings and recommendations following a review of Singapore's Anti-Money Laundering (AML) framework. The overarching strategy is a whole-of-society approach, in which relevant stakeholders, who are part of our frontline of defence, need to work collaboratively with the Government.
/jlne.ws/3zLFZIn
Fugitive ramp-and-dump core suspect arrested in Singapore and surrendered to Hong Kong to face securities fraud charge
SFC
The Securities and Futures Commission (SFC) is forging ahead with its enforcement actions against ramp-and-dump schemes with another suspected core member of a highly sophisticated syndicate being charged after she was surrendered to Hong Kong following her arrest in Singapore.
/jlne.ws/4eQodTb
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Fireside Friday with... Baton System's Arjun Jayaram; The TRADE sits down with Arjun Jayaram, chief executive at Baton Systems, to discuss growing post-trade inefficiencies, how firms are adapting to T+1 and the impacts of market volatility on liquidity management processes.
Wesley Bray - The Trade
Which post-trade inefficiencies are becoming increasingly apparent and restrictive during periods of market stress? As payments become more critical for large banks, we are noticing changes in settlement volumes, liquidity pressures, and operational challenges linked to market volatility. Typically, higher trade volumes increase risk due to volatility and intraday liquidity pressures related to margining and settlements. Additionally, the rise in trades exacerbates operational issues, such as mismatches, breaks, and strain on affirmation processes when handled manually.
/jlne.ws/4gQUziq
More Stocks Trade Below Book Value in Japan Despite Reforms; Topix 500 firms trading below book value rise from March; Governance reform must lead to higher ROE: SMBC's Ito
Hideyuki Sano - Bloomberg
An increasing number of Japanese stocks are trading below book value despite corporate reforms that have attracted investor praise, suggesting managers need a bolder approach to drive shareholder wealth. About 38% of Topix 500 companies were trading below book value as of end-September, up from 32.2% in March, according to data compiled by Bloomberg. That's a reversal from an earlier falling trend, when the ratio dropped from 43.9% in December 2022 following the Tokyo Stock Exchange's pressure on low valuation companies to roll out business improvement plans. One key element to boost price-to-book ratio is return on equity, a measure of a firm's profitability and profit-making efficiency.
/jlne.ws/47SVjiZ
Why are the British so reluctant to invest? Millions of people have five-figure sums sitting in cash, in spite of inflation's corrosive effects
Emma Dunkley - Financial Times
Luke Stevens kept his savings in cash for more than a decade before deciding to dip his toe into the market earlier this year. He had wanted easy access to his money to buy a house and to help cover costs during a period of high inflation. Stevens, who works in the City, also thought that he was earning a decent rate on his savings accounts, so it made sense to park his earnings in cash.
/jlne.ws/4gKfPGC
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Is nuclear energy the zero-carbon answer to powering AI?; After decades of stagnation, the world's biggest tech groups and banks are considering an alternative energy option
Malcolm Moore and Lee Harris - Financial Times
The rise of AI and its insatiable demand for energy could not have come at a better time for the nuclear industry. After decades of stagnation in the west, this year has seen a rush of demand for nuclear plants from the so-called hyperscale tech companies, Google, Amazon, Meta and Microsoft, which need vast amounts of low-carbon, 24-hour electricity to run their data centres and win what one of the companies internally calls "the AI war".
/jlne.ws/3NaDu5o
UK pledges £22bn in funding for carbon capture and storage projects; Three sites are earmarked for development but prospects for five more have become unclear
Rachel Millard and Jim Pickard - Financial Times
The UK government has announced up to £21.7bn of support to get the country's first carbon capture and storage projects up and running, in a big moment for the nascent industry but one which highlights the costs involved. Ministers said the funding, over 25 years, would support two undersea carbon storage sites and pipelines, with the capacity to store over 8.5mn tons of carbon dioxide per year combined, as well as carbon capture at three planned projects to produce hydrogen, power and energy-from-waste. The projects are in Teesside and Merseyside, northern England.
/jlne.ws/4eS3AWD
Helene Knocked Out a Key Facility for Monitoring the Global Climate; The National Centers for Environmental Information in Asheville, N.C., sweep together data from around the world to help track Earth's warming.
Raymond Zhong - The New York Times
Among the many pieces of critical infrastructure that Hurricane Helene knocked offline in Asheville, N.C., was a key federal office for monitoring the global climate. Work is underway to get the facility running again, but the outage is likely to delay some agencies' monthly updates on global warming and other climate indicators.
/jlne.ws/3BIkeK0
Exported gas produces far worse emissions than coal, major study finds; Research challenges idea that sending liquefied natural gas around the world is cleaner alternative to burning coal
Oliver Milman - The Guardian
Exported gas emits far more greenhouse gas emissions than coal, despite fossil-fuel industry claims it is a cleaner alternative, according to a major new research paper that challenges the controversial yet rapid expansion of gas exports from the US to Europe and Asia. Coal is the dirtiest of fossil fuels when combusted for energy, with oil and gas producers for years promoting cleaner-burning gas as a "bridge" fuel and even a "climate solution" amid a glut of new liquefied natural gas (or LNG) terminals, primarily in the US.
/jlne.ws/4dOWVMl
Czechs seek partners to challenge EU's CO2 goals for car sector
Reuters
The Czech Republic will seek European Union partners to help it contend with tougher EU CO2 emission rules next year, Transport Minister Martin Kupka and the country's main sector lobby said on Friday. The EU will lower a cap on average emissions from new vehicles sales to 94 grams/km from 116g/km. Exceeding that cap could lead to fines of 95 euros ($104.80) per excess CO2 g/km multiplied by the number of vehicles sold.
/jlne.ws/3zKSdRA
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Rajiv Jain Is Unimpressed by China Stock Mania Sweeping Globe; GQG's Jain keeps Chinese stocks half of the index weighting; 'If the party goes on without us, that's fine,' he says
Ye Xie - Bloomberg
Investors across the globe are rushing to scoop up Chinese stocks as Beijing's stimulus blitz sets off an epic rally. Just don't count Rajiv Jain among them. The manager of the top-performing $23 billion GQG Partners Emerging Markets Equity Fund has kept his holdings in Chinese stocks at about 12% of the fund - roughly half of the weighting of its benchmark. As a result, the fund's outperformance this year has been wiped out as the MSCI China Index ripped more than 30% higher in just 10 days.
/jlne.ws/47XAPG6
Stifel names former Instinet execution sales head Arora to EMEA lead role; Incoming execution sales specialist had most recently been with Instinet for five and a half years in a similar role.
Annabel Smith - The Trade News
Stifel has selected a former Instinet executive to join its ranks as managing director and head of execution services for EMEA, The TRADE can reveal. Stifel did not respond to a request for comment. Seema Arora has been appointed as execution services head for EMEA at the firm after most recently serving at Instinet for five and half years, leaving earlier this year. During her tenure at Instinet, Arora was a keen supporter of The TRADE's Rising Stars of Trading and Execution initiative supporting up and coming talent on the buy-side and was nominated for the Industry Person of the Year Award at Leaders in Trading 2023.
/jlne.ws/3ZUurx9
BNPP overtakes Barclays in Ucits single-name CDSs; Counterparty Radar: Europe's retail funds shed notional but used wider range of underlyings, new data shows
Samuel Karasek - Risk.net
BNP Paribas added $117 million in uncleared single-name credit default swap (CDS) notional with Ucits funds in the second half of last year to become the largest European dealer serving the region's retail funds in the space. With a book totalling $807 million in notional, the French bank surpassed Barclays, which lost positions worth a combined $317 million, representing 31% of its notional. The single-name CDS market for Ucits funds as a whole shrank by $501 million to $9 billion in the second
/jlne.ws/47TEjZY
Inside Nomura's European equities rebuild; Talking Heads: Global chief Simon Yates also addresses US crowding and Japan's prospects post-carry trade
Lukas Becker - Risk.net
For an investment bank, running a European equities business is a difficult task. Unlike the US or Japan, it has multiple markets and currencies, different languages, and complex, nation-specific clearing systems. For a Japanese bank without a natural home in the region, it's even more tricky. Nomura inherited a full-service equity franchise from its 2008 purchase of Lehman Brothers
/jlne.ws/3XL5kdw
HSBC Plans Risk Transfer Linked to EUR2 Billion of Corporate Loans; Lender is looking to issue SRT during busy time of year; NatWest, Piraeus are among other banks marketing new deals
Esteban Duarte - Bloomberg
HSBC Holdings Plc plans to issue a significant risk transfer linked to a portfolio of about EUR2 billion ($2.2 billion) of corporate loans, according to people familiar with the matter. In SRTs, banks offload the risk of loan portfolios, holding on to the assets but paying investment firms to share any potential future losses. Usually, a bank would obtain default protection for as much as 15%. In return, investors receive yields that frequently top 10%.
/jlne.ws/4gPekad
Citadel Boosts Asia Fundamental Equities Headcount Past 60; New additions to bolster the unit's pods in Asia to nine; Doris Yang and Jerry Jiang to start at firm early next year
Bei Hu - Bloomberg
/jlne.ws/4dsO3eY
ETFs keep coming for private markets; The spaghetti cannon shoots again
Robin Wigglesworth - Financial Times
/jlne.ws/3N9Hcwp
Active ETFs triumph over passives in fees from new flows
Record 70% income haul from fresh money is shot in the arm for active fund industry
Steve Johnson - Financial Times
/jlne.ws/4dxj2Xs
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Why India's Giant Options Market Poses a Danger to Financial Stability
Connor Hart - MSN
Shares of Asana fell after the company projected third-quarter results that missed Wall Street's estimates and lowered the high end of its full-year outlook. The stock fell 12% at $11.71 in after-hours trading Tuesday. Shares were down 30% year to date, at $13.29, when the regular session ended.
/jlne.ws/3Nbk1l9
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| Wellness Exchange | | An Exchange of Health and Wellness Information | WHO Approves Mpox Diagnostic Test, Hoping to Stop Spread of Virus; Abbott product is first to receive emergency use listing; Delays in confirming African mpox cases raise risk of spread
Janice Kew - Bloomberg
The first diagnostic test for mpox has been approved by the World Health Organization in a bid to expand its availability and stop the spread of lethal outbreaks of the disease in Africa. Testing for the illness that has already killed 866 people in Africa this year is insufficient and improving surveillance to limit contagion is crucial, the global health agency said.
/jlne.ws/3N9CoXT
The Health Tech Boss Putting AI in Every Single Product; Roy Jakobs on rebuilding trust, what geopolitical risk means for supply chains and where money can be made in AI.
Anna Edwards and Cagan Koc - Bloomberg
Royal Philips NV Chief Executive Officer Roy Jakobs took the reins of the century-old Dutch company in October 2022 as it was reeling from one of the biggest product recalls in the history of the medical-technology sector. After cutting jobs and overhauling management, his turnaround program has started to regain customer and investor confidence, helping propel the company's stock more than 40% higher this year.
/jlne.ws/3NcBSZ1
FSA vs. HSA: What's the Difference and How to Pick the Right Account for You; Both accounts can help defray medical costs, but there key differences
Martha C. White - The Wall Street Journal
Paying for healthcare is expensive, even with insurance. In fact, the average family deductible alone is nearly $4,000, according to a recent employer benefits study by non-profit research and polling firm KFF. Fortunately, the tax code gives you two separate ways to save on everything from copayments to contact lenses: FSAs and HSAs. These tax-advantaged accounts are offered through your employer and can be a lifesaver when it comes to economizing on doctor visits, prescriptions, over-the-counter medications and more. Both FSAs and HSAs are funded with pretax payroll contributions and can help lower your taxable income, but there are important distinctions regarding who is eligible for these accounts and how they're used.
/jlne.ws/3TV6aDu
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Opinion - Beijing's nickel glut leaves America penniless
Oliver McPherson-Smith - The Hill
America's vast mineral wealth has underwritten our nation's evolution into an economic and military superpower. From the gold rush that fueled the race westward almost 200 years ago to the iron ore and coal miners that powered the construction of bridges, skyscrapers, rail lines and military vessels, mining has been central to American prosperity. Sadly, America's commitment to mining its resources has fallen victim to progressive dogma. Now, Beijing's vast influence over global mineral supply chains poses an economic threat to the United States. While the Biden-Harris administration is hamstringing American mining projects in red tape, Chinese miners are preemptively flooding the global market to keep American minerals in the ground.
/jlne.ws/4eQ23Am
Taiwan's Regulator Allows Professional Investors to Access Digital Asset ETFs
Kevin Helms - Bitcoin.com News
Taiwan's Financial Supervisory Commission (FSC) announced on Monday that professional investors are now permitted to invest in foreign digital asset exchange-traded funds (ETFs) through sub-brokerage. This move aims to provide investors with more diverse investment options and enhance local brokerage firms' sub-brokerage operations. The FSC also recognized the higher risks associated with investing in virtual asset ETFs, considering the volatility of such assets.
/jlne.ws/3zP2LPF
Offshore Trades of Korean Bonds Triple as Reforms Gain Traction; Transactions rise to 1.039 trillion won in September; KSD tells Bloomberg it expects a further increase in volume
Whanwoong Choi - Bloomberg
Offshore trading in South Korean bonds nearly tripled last month, adding to signs that reforms undertaken to boost the country's chances of joining a major international debt index are having an effect. Overseas transactions via a so-called omnibus account increased to 1.039 trillion won ($780 million) in September, up from 367.5 billion won in August, according to data from the Korea Securities Depository.
/jlne.ws/3Na9FlJ
Indian Investors Set New Record in Buying The Dip
Chiranjivi Chakraborty - Bloomberg
RBI rate cuts in focus
Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. It's Friday and traders will simply be glad to see the back of a rough week that's put the benchmark Nifty index on track for its biggest weekly decline in over two years. While sentiment remains fragile amid the Middle East tensions, investors are taking solace from the fact domestic institutions are not letting go of any market dip.
/jlne.ws/3NcGcaQ
Turkey to Keep Some Curbs on Wheat Imports Even When Ban Lifts; Market will be only partially opened this month, letter says; Ban implemented to shield local producers from price decline
Aine Quinn and Firat Kozok - Bloomberg
Turkey plans to continue limiting some wheat imports when its four-month ban on purchases ends this month, according to a document seen by Bloomberg. After Oct. 15, the market will be only partially opened using a quota system, according to a letter from the Turkish Flour Industrialists' Federation to millers. It indicated that the federation had received the directive from Turkish officials.
/jlne.ws/3NedztW
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| Miscellaneous | | Stories that don't quite fit under the other sections | Google says it will stop linking to New Zealand news if proposed new law passed
Lucy Craymer - Reuters
Google said on Friday it will stop linking to New Zealand news articles and ditch the agreements it has with local news organisations, if the country's government goes ahead with a law to force tech giants to pay a fair price for content that appears on their feeds. The New Zealand government in July confirmed it would progress legislation started by the previous Labour Party-led government that ensures fair revenue sharing between operators of digital platforms and news media entities. The proposed legislation is still in review and is likely to see changes including some to bring it more in line with Australian legislation.
/jlne.ws/3Y8BOQo
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