| December 06, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
I think this whole Sam Bankman-Fried "against the advice of my lawyers I am doing this two hour interview with you" is a bunch of baloney. It is really part of a larger defense strategy.
He is the target of multiple investigations, including probably some looking at potential money laundering. It would be in his best interests to stay silent, as most lawyers would tell him and even Bernie Madoff's lawyer told him. So why does he keep showing up doing interviews, the latest one with The Block's Frank Chaparro? The reason is because it is part of a strategy.
I say that he is not ignoring the advice of counsel, but using the premise of ignoring sound legal advice as a way to garner more lengthy media interviews where he can peddle his distorted version of the FTX debacle. He is taking the advice of counsel, the best counsel that a boy could have, that of his parents.
His father, Stanford Law Professor Joseph Bankman, has canceled his classes for the spring semester, according to a story in The San Francisco Standard. No doubt that is to be able to help his son with his approaching legal problems. His mother, Barbara Helen Fried, is a lawyer who is currently the William W. and Gertrude H. Saunders Professor of Law at Stanford Law School.
So my premise is that you don't grow up in a house with two lawyers/law professors and not take the advice of counsel. Instead, you take the advice of the counsel that you trust the most, your parents. And the advice they are probably giving him is to be yourself, don't act guilty, blame it on incompetence and inexperience, and hope to influence potential juries.
Sam also likes the limelight, which his parents must know, so this is a media campaign that is both strategic and practical.
Facebook is threatening to remove news from its US platform in response to a proposed law that would force firms like Meta to pay publishers for content.
Cboe yesterday announced November trading volumes with some record numbers. Total U.S. options volume reached an all-time high with 313.4 million contracts traded across all four Cboe U.S. options exchanges, the fourth consecutive record month. Total volume in Mini S&P 500 Index (XSP) options surpassed 1.3 million contracts in November with an average daily volume of 66,000 contracts.
Cboe BIDS Canada set a new monthly volume record of 28.2 million shares, representing an ADV of 1.3 million shares, and surpassed the previous record of 23.2 million shares in June 2022. Cboe's Global FX spot full amount ADV reached a new all-time monthly high of $15 billion.
Cboe Europe Equities had an overall market share of 24.7 percent in November, making it Europe's largest stock exchange for the fifth successive month.
At the start-up Cboe Europe Derivatives, it traded 2,688 contracts, a record monthly figure and beating the previous high of 2,464 contracts in March 2022.
Cboe Clear Europe, Cboe's pan-European clearinghouse, cleared a record 7.0 million trades on Euronext's stock exchanges in Amsterdam, Brussels, Paris and Lisbon under the preferred clearing model, beating the previous high of 6.5 million trades cleared in September 2022.
We missed this news, but the Financial Times reported that it appointed Brooke Masters as U.S. financial editor in New York, where she will oversee the news organization's coverage of the financial services industry in the world's financial capital.
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 Task Force on Nature Related Financial Disclosures (TNFD) will host several in-person and hybrid events during COP 15 in Montreal. Discussions will center around data tools relevant to energy and utilities; marine biomes; agriculture and food sectors; forestry and construction; and mining and extractives. An extended session December 15 will feature senior executives from the leading regulators, standards organizations, and framework developers discussing the latest developments in metrics and disclosures. You can view the agenda and register here. All events are hosted at Humaniti Hotel and are available in hybrid format. ~ SAED
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MWE SHORT: Richard Rosenblatt - Choose an Industry with a Future
JohnLothianNews.com
In this video from MarketsWiki Education's World of Opportunity event in New York, Richard Rosenblatt, CEO of Rosenblatt Securities, explains how to choose a career with a solid future. Rosenblatt considers himself an institutional execution expert, but when the market crashed in '87, he had to get creative. At the end of the day, you have to follow your smile and do what you enjoy. The person that loves what they do will win every time.
Watch the video »
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Introducing Consensus Magazine: Putting Web3 in Perspective
Ben Schiller - CoinDesk
As of today, CoinDesk's digital magazine - formerly known as Layer 2 - will be renamed Consensus Magazine. Last December we launched Layer 2 as a venue to explore crypto, blockchain and Web3's big themes: the reinvention of money, the decentralization of the internet, the re-ordering of organizations around trustless collaboration (to name a few). We called it Layer 2 (normally used to describe supplements to a blockchain's base layer) because we conceived it as a second layer to what we were doing in the newsroom. CoinDesk has long been a leading source of crypto news. Layer 2 aimed to build on the daily headlines, supplying context, explanation, opinion and investigation.
/jlne.ws/3F64FKv
***** Smart move by CoinDesk to increase the brand awareness for their Consensus conference.~JJL
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Jim Cramer urges investors to exit crypto - 'it's never too late to sell'
Krystal Hur - CNBC
CNBC's Jim Cramer on Monday told investors that they still have time to sell their cryptocurrency holdings. "You can't just beat yourself up and say, 'hey, it's too late to sell.' The truth is, it's never too late to sell an awful position, and that's what you have if you own these so-called digital assets," he said. The collapse of FTX, the bankrupt cryptocurrency exchange that was worth $32 billion at its peak, has thrown the crypto space under intense scrutiny and spurred mounting losses in a market that has seen digital assets get pummeled by the Federal Reserve's interest rate hikes.
/jlne.ws/3VKMfWi
****** Cramer is stuck on his "SELL, SELL, SELL" button.~JJL
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Want Your Country to Thrive? Give Geniuses a Universal Basic Income; The best way to help average citizens is to treat the brightest well.
Adrian Wooldridge - Bloomberg
One of the most troubling problems of our time is why intellectual progress is stalling. Governments and corporations throw vast resources at knowledge-creation and yet intellectual breakthroughs are getting rarer and innovations punier. A 2011 study of US data on creativity and originality came to a devastating conclusion: "The results indicate creative thinking is declining over time among Americans of all ages, especially in kindergarten through third grade. The decline is steady and persistent."
/jlne.ws/3BcuuY5
****** Sounds like the old days when geniuses would find benefactors.~JJL
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Monday's Top Three
Our most read story yesterday was The Wall Street Journal, How to Start Regulating the Crypto Markets-Immediately. Second was from CoinDesk via Yahoo! Finance, Misfortune Favors the Crypto Mouthpiece. Third was The Wall Street Journal story, Couples Who Combine Finances Are Happier. So Why Don't More Do It?
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MarketsWiki Stats
27,090 pages; 241,932 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
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| Lead Stories | FIA launches ETD Tracker; New online tool displays data on the trading of exchange-traded derivatives
FIA
FIA today announced the release of the FIA ETD Tracker, a new tool on its website that provides insights on trends in the trading of futures and options on exchanges worldwide. The ETD Tracker consists of interactive visualizations that allow users to view monthly data on volume and open interest. The visualizations include filters based on data, region and jurisdiction as well as asset group and type of product, which allows users to focus on particular segments of the global exchange-traded derivatives markets.
/jlne.ws/3HgBcQM
Ex-Deutsche Bank Trader Builds $6 Billion Fortune on Trading Boom; Alex Gerko's London-based quant trading firm has benefited from market swings, paying out almost $1.6 billion in dividends so far this year.
Tom Maloney - Bloomberg
The low interest rates and government stimulus that drove Wall Street's record trading profits during the pandemic may have faded, but volatility remains high. And that's creating enormous fortunes. One beneficiary has been Alex Gerko, the founder of quantitative trading firm XTX Markets. His London-based company handles almost $300 billion in daily volume across equities, commodities, currency and fixed income. It paid out a dividend of almost £1.3 billion ($1.6 billion) in March - more than triple the amount from a year earlier, according to accounts filed with Companies House.
/jlne.ws/3F9tepG
Business is caught in political crossfire of ESG disputes; Kind actions by companies face harsh legal jeopardy
Brooke Masters - Financial Times
America is tied up in legal knots over investing based on environmental, social and governance factors. While European governments have set formal targets for diverse boards and legislated standards for funds that seek to fight climate change, US politicians and regulators are busy engaging in political combat over the basic principles involved in abiding by ESG criteria. Companies, investors and asset managers now find themselves in legal jeopardy from several directions, making it hard to come up with a coherent strategy or workable business plan.
/jlne.ws/3FxHydf
UK finalises plans for regulation of 'wild west' crypto sector; Implosion of FTX injects fresh urgency into government's pledge to impose order
Daniel Thomas, Laura Noonan and George Parker - Financial Times
The Treasury is finalising plans for a package of sweeping rules to regulate the cryptocurrency industry, including limits on foreign companies selling into the UK, provisions for how to deal with the collapse of companies and restrictions on the advertising of products. Ministers will shortly launch a consultation on the new regulatory regime, after the implosion of FTX injected fresh urgency into the government's promise to impose order on finance's "wild west". Prime Minister Rishi Sunak said in April, while still chancellor, that "effective regulation" would help make Britain a global hub for cryptoasset technology and would encourage "the businesses of tomorrow to invest, innovate and scale up on UK shores".
/jlne.ws/3P3Q2M2
Cboe Global Markets selects Mirae as clearing broker for US treasuries platform; New marketplace will offer access to curated liquidity through the consolidation of streaming quotes from dealers into a single best price at desired volume levels.
Wesley Bray - The Trade
Cboe Global Markets has selected Mirae Asset Securities (USA) as the fully disclosed clearing broker for its new US treasuries trading platform. Mirae, which is a member of the DTCC Fixed Income Clearing Corporation (FICC), will provide anonymity on the platform, with all trades facing Mirae and settling against the FICC.
/jlne.ws/3HeI1lR
Exclusive-Goldman Sachs on hunt for bargain crypto firms after FTX fiasco
Iain Withers and Lawrence White - Reuters
Goldman Sachs plans to spend tens of millions of dollars to buy or invest in crypto companies after the collapse of the FTX exchange hit valuations and dampened investor interest. FTX's implosion has heightened the need for more trustworthy, regulated cryptocurrency players, and big banks see an opportunity to pick up business, Mathew McDermott, Goldman's head of digital assets, told Reuters. Goldman is doing due diligence on a number of different crypto firms, he added, without giving details. "We do see some really interesting opportunities, priced much more sensibly," McDermott said in an interview last month. FTX filed for Chapter 11 bankruptcy protection in the United States on Nov. 11 after its dramatic collapse, sparking fears of contagion and amplifying calls for more crypto regulation. "It's definitely set the market back in terms of sentiment, there's absolutely no doubt of that," McDermott said. "FTX was a poster child in many parts of the ecosystem. But to reiterate, the underlying technology continues to perform."
/jlne.ws/3HexsiH
Indonesia Maps Out a Digital Rupiah as a 'Tool of the Future'; Bank Indonesia issues white paper on digital rupiah plans; CBDC to be issued to larger banks first before retail use
Grace Sihombing - Bloomberg
Indonesia is setting out its plans and concept for the digital rupiah, a blockchain-based currency, starting with transactions between local banks. The so-called "Project Garuda" -- named after the mythical bird -- is Bank Indonesia's attempt at experimenting with central bank digital currencies to safeguard its position as the sole authority issuing legal tender in a rapidly changing digital era. The monetary authority recently issued a white paper to detail its plans.
/jlne.ws/3VBjkUW
Deutsche Bank Hit With Bonds Cartel Complaint From EU; EU suspects traders illegally swapped pricing and trading info; Rabobank also issued with so-called statement of objections
Stephanie Bodoni and Steven Arons - Bloomberg
Deutsche Bank AG and Rabobank received formal complaints from the European Union's antitrust watchdog for their alleged roles in a cartel for euro-denominated bonds, setting them up for potential fines from the regulator. The European Commission on Tuesday said it sent the banks a so-called statement of objections laying out concerns that the banks colluded "to distort competition" in trading certain bonds issued by governments or agencies backed by them.
/jlne.ws/3Fvotbt
Crypto Pressure Ratchets Up as FTC Probes Several Firms Over Ads; Consumer protection agency says probing 'possible misconduct'; Securities and Exchange Commission also enforces ad rules
Leah Nylen and Allyson Versprille - Bloomberg
The US Federal Trade Commission is probing several crypto firms over allegations their advertisements were deceptive or misleading, the agency said Monday. "We are investigating several firms for possible misconduct concerning digital assets," FTC spokeswoman Juliana Gruenwald Henderson said in a statement to Bloomberg News. She declined to offer further details on the confidential probes.
/jlne.ws/3uruX4G
Sam Bankman-Fried could face years in prison over FTX's $32 billion meltdown - if the U.S. ever gets around to arresting him
MacKenzie Sigalos and Rohan Goswami - CNBC
Sam Bankman-Fried, the disgraced former CEO of FTX - the bankrupt cryptocurrency exchange that was worth $32 billion a few weeks ago - has a real knack for self-promotional PR. For years, he cast himself in the likeness of a young boy genius turned business titan, capable of miraculously growing his crypto empire as other players got wiped out. Everyone from Silicon Valley's top venture capitalists to A-list celebrities bought the act.
/jlne.ws/3BcY93k
Elon Musk backs call for Sam Bankman-Fried to go to jail: 'Let's just give him an adult timeout in the big house'
Chloe Taylor - Fortune
With details gradually emerging about the demise of one-time crypto icon Sam Bankman-Fried, many have questioned whether the sudden collapse of his FTX empire will land him in jail. Both the Department of Justice and the SEC are reported to be investigating the downfall of FTX, the crypto exchange Bankman-Fried founded and ran as CEO.
/jlne.ws/3BcTWgb
Bankman-Fried Is a 'Master of Deflection,' Securities Lawyer Says
Fran Velasquez - CoinDesk
Former FTX CEO Sam Bankman-Fried's attempts to change the narrative won't prevent his imminently unavoidable day in U.S. court, said James Murphy, former founder and chairman of financial-services law firm Murphy & McGonigle. "What he's trying to do is creating narrative that he didn't do anything wrongful with intention, because that's what gets you prosecuted criminally," Murphy said on CoinDesk TV's "First Mover" on Monday.
/jlne.ws/3BehSQc
2-hour sit-down with Sam Bankman-Fried on the FTX scandal
Davis Quinton and Frank Chaparro - The Block
In this episode of The Scoop, Sam Bankman-Fried describes how a legacy payment system linked FTX's future to Alameda Research's fate, and explores why regulators and auditors alike failed to discover this relationship. According to Bankman-Fried, many FTX customers would fund their accounts via direct wire transfers to Alameda Research bank accounts: "What that flow I think looked like was basically: Bob wires $100 straight to Alameda Research, and then Alameda effectively ledger transfers $100 to Bob on FTX."
/jlne.ws/3UFsxtT
Tradeweb Reports Total November 2022 Trading Volume of $23.2 Trillion and Average Daily Volume of $1.13 Trillion
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for November 2022 of $23.2 trillion (tn). Average daily volume (ADV) for the month was $1.13tn, a decrease of 3.7 percent (%) year-over-year (YoY) despite strong growth when excluding foreign currency (FX) impact as described below.
/jlne.ws/3VDGx8Y
SPACs Collapse as $11 Billion of Deals Are Called Off Within an Hour
Bailey Lipschultz - Bloomberg
One of the SPAC industry's most well-known sponsors and a would-be serial backer have seen deals worth $10.6 billion go up in smoke in less than an hour. Alec Gores, one of the most well-respected sponsors, said Monday that Gores Holdings VIII Inc. would not be merging with materials science tech company Footprint. Meanwhile, Concord Acquisition Corp., whose chairman is former Barclays CEO Bob Diamond, pulled the plug on its tie-up with a stablecoin issuer, dealing a blow to retail traders and Cathie Wood's Ark Investment Management.
/jlne.ws/3FrzY3I
A SPAC and Crypto Marriage Was Always Doomed; Crypto companies seeking the public markets' stamp of approval face a rightly skeptical SEC.
Chris Bryant. - Bloomberg
Banker Bob Diamond was forced to pull the ripcord this week on his attempt to take stablecoin issuer Circle Internet Financial public via a special purpose acquisition company. The ex-Barclays Plc boss's dealmaking ability probably wasn't the issue. Nor was the target's financial performance: Circle earns interest income on the reserves that backstop its stablecoin USDC, and rising interest rates have thus benefited its bottom line.
/jlne.ws/3VRGiXA
Australia Heads for Record Wheat Crop Even as Rains Hurt Yields; Harvest estimate increased almost 14% from September; Canola output is also likely to be a new record this year
Sybilla Gross - Bloomberg
Australia, one of the world's largest wheat exporters, is poised to harvest another record crop this season even as heavy rains hurt yields in the eastern states, according to the government forecaster. Farmers are set to gather 36.6 million tons in 2022-23, Abares said, which is a jump of almost 14% from its September forecast, driven by spring rains which helped areas in Western Australia and South Australia. It's also an increase of 1% from the previous all-time high last season. Canola production is estimated at 7.3 million tons, the highest ever and 4% more than last season.
/jlne.ws/3HeTQbI
Oil Merchants Troubled by Trade Norms That Don't Fit the Cap
Serene Cheong and Sharon Cho - Bloomberg
The oil price cap that the Group of Seven nations imposed on Russia may finally be in place, but it's yet to convince one vital group of people: the traders who can help get the supplies onto the global market. From Dec. 5, any company wanting to access G-7 services -- particularly European insurance and ships -- to move Russian oil can only do so if they pay $60 a barrel or less for the cargo. The initiative is aimed at punishing the Kremlin for the Ukraine war by curbing oil revenue while maintaining exports.
/jlne.ws/3HdgoJE
US bank Silvergate defends ties to Sam Bankman-Fried's crypto groups; Federal Reserve-regulated company says it performed 'significant due diligence' on FTX and Alameda Research
Joshua Oliver - Financial Times
US bank Silvergate has defended its role in accepting deposits for Sam Bankman-Fried's conglomerate, saying it conducted "extensive due diligence" on crypto exchange FTX and trading shop Alameda Research. The California-based lender acknowledged in a US regulatory filing late on Monday that it processed wire transfers for companies and individuals that traded with Alameda.
/jlne.ws/3FxG8zr
Slack CEO Stewart Butterfield to Depart Salesforce; Lidiane Jones, currently a cloud executive at the company, to run the messaging app
Will Feuer - The Wall Street Journal
Salesforce Inc. said Stewart Butterfield, the chief executive and co-founder of the messaging app Slack Technologies, plans to leave the company next month. The news of Mr. Butterfield's departure comes after Salesforce said last week that co-CEO Bret Taylor would depart the company in January, leaving Chairman Marc Benioff the sole CEO of the company he co-founded. Mr. Taylor was credited as the architect of Salesforce's 2020 deal to buy Slack for $27.7 billion, Salesforce's biggest acquisition ever.
/jlne.ws/3VS0oB5
LCH's fixed income and IRS units hit by record margin breaches Peak breaches in Q3 were £924 million and £698 million in size, respectively
Alessandro Aimone - Risk.net
Market volatility in the third quarter triggered a flurry of initial margin breaches across LCH's fixed income and interest rate swaps clearing divisions. At RepoClear, the clearing service for fixed income contracts, the number of backtesting deficiencies stood at 128, up from two reported in Q2 2022. The peak breach was £924 million ($1.13 billion) in size, the biggest for the clearing service since public disclosures began in 2015. The average breach size was £41 million, the fourth-highest
/jlne.ws/3XY5ltZ
Davis Wright Tremaine Again Ranked Among the Leading Law Firms for Fintech
Davis Wright Tremaine
For the second consecutive year, Davis Wright Tremaine LLP has been named one of the country's top law firms in fintech by Chambers and Partners. In the Chambers FinTech Guide 2023, Davis Wright achieved an elevated ranking in the category of FinTech Legal and was newly ranked in the sub-area of FinTech Legal: Payments and Lending. Andrew Lorentz, co-chair of the firm's fintech practice, was again listed as one of the field's top individual practitioners and was elevated this year to Band 2.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine hails air defences after heavy Russian missile strikes
Reuters
Russia rained long-range missiles on Ukraine on Monday, killing two people, destroying homes in the southeast and causing power outages, but Kyiv said its air defences had limited the damage. Air raid sirens blared across the country and men, women and children huddled in the capital's cavernous metro system to take cover during the latest big wave of missile strikes since Russia's Feb. 24 invasion of Ukraine. Moscow has been targeting Ukraine's power grid in intense waves of attacks since October, and state energy company Ukrenergo, which operates the national power grid, said more infrastructure had been hit on Monday.
/jlne.ws/3VCnGLp
Third Russian Airfield Hit by Drone as Moscow Accuses Ukraine; Oil tank at Kursk airfield on fire after strike, governor said; Two strategic bombers damaged on Monday, Defense Ministry said
Bloomberg News
A third Russian airfield came under drone attack Tuesday after Moscow accused Ukraine of carrying out strikes against two bases used by its long-range bombers, the deepest retaliation on its territory since President Vladimir Putin ordered the invasion.
/jlne.ws/3iusL9V
Drone Strikes Show Putin His Homeland Isn't Safe; Ukrainians aren't taking credit for the attacks on Russian air bases, but the message was clear: They are mad as hell and not going to take it anymore.
James Stavridis - Bloomberg
Reports of significant attacks against two Russian air bases are a new and dangerous twist in the Ukraine war. One of the explosions was at the Engels-1 air base in the Saratov region, the other at Dyagilevo in the Ryazan area - both hundreds of miles inside the Russia-Ukraine border. Several Russians were reportedly killed or wounded, and at least two aircraft damaged. Moscow immediately blamed Ukraine for the strikes, which appear to have been conducted using unmanned aerial vehicles.
/jlne.ws/3h8gk3d
Oil tanker jam forms off Turkey after start of Russian oil cap; Vessels mass in Turkish waters after Ankara demands confirmation of insurance cover
Tom Wilson, David Sheppard and Ian Smith and Ayla Jean Yackley - Financial Times
A traffic jam of oil tankers has built up in Turkish waters after western powers launched a "price cap" targeting Russian oil and as authorities in Ankara demanded insurers promise that any vessels navigating its straits were fully covered.
/jlne.ws/3h40tTr
The west's messy Russian oil price cap begins to bite; Policy is two steps forward and one step back, but in the right direction
The editorial board - Financial Times
It is one of the most forceful interventions in the global oil market ever. From Monday of this week, the EU has banned seaborne oil imports from Russia. It also joins the US, the UK, and the broader west in prohibiting their businesses from transporting Russian oil anywhere in the world, or providing services such as insurance, unless Moscow sells its oil below a price cap of their choosing.
/jlne.ws/3Behr8n
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CCP12 Special General Meeting 2022
CCP12
The Global Association of Central Counterparties - held its Virtual Special General Meeting 2022. In the CCP12 Special General Meeting which took place on 30 November 2022, CCP12 members acknowledged the Working Committees updates, working plan for 2023, progress outlook and budget 2022. Furthermore, CCP12 members discussed the upcoming in-person meetings in upcoming years.
/jlne.ws/3h20qHE
London Stock Exchange Launches First Fund Under New Market for Carbon Credits
Kristin Broughton - The Wall Street Journal
The London Stock Exchange Group PLC on Monday launched the first fund under its new market for carbon credits, which aims to provide capital to green projects and transparency in an opaque area of sustainable finance. The new market offers a way for companies and investors to purchase carbon credits to offset emissions and meet net-zero commitments. Developers can raise funds through the exchange and use the money on projects to reduce greenhouse gasses. Companies and shareholders, in return for their investments, can receive carbon credits in lieu of cash dividends.
/jlne.ws/3utyhwd
Introduction of ESG Index Futures
JPX
Japan Exchange Group, Inc. aims to assist the creation of a sustainable society by utilizing market mechanisms to provide solutions for a wide range of societal issues, through the provision of an environment where sustainability-related information, products, and services are easily accessible to all. As part of this effort, Osaka Exchange, Inc (OSE), which operates the derivatives market, is pleased to announce that it will be listing "S&P/JPX 500 ESG Score Tilted Index Futures", "FTSE JPX Net Zero Japan 500 Index Futures" and "Nikkei 225 Climate Change 1.5°C Target Index Futures", which are futures contracts based on ESG indices, to be utilized in asset management taking into account ESG (Environmental, Social, and Governance) factors. OSE will be accepting public comments regarding this matter as of today. The launch of these contracts is scheduled for May 29, 2023.
/jlne.ws/3iFsP75
Nasdaq November 2022 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for November 2022 on its investor relations website. A data sheet showing the monthly volumes can be found at:
/jlne.ws/3qksQOm
Nasdaq Completes Migration of the First U.S. Options Market to AWS; The Successful Migration of MRX Marks a Major Milestone in Building the Global Capital Markets Infrastructure of the Future; The New Cloud-Enabled Market Infrastructure Delivers a 10% Performance Improvement for Market Participants
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today announced it has successfully completed the migration of the core trading system of Nasdaq MRX - one of its six U.S. options exchanges - to Amazon Web Services (AWS). The completed migration marks a major milestone in Nasdaq's journey to build the next-generation technology infrastructure for the world's capital markets. The new cloud-enabled system, which uses AWS Outposts, continues to deliver a low double-digit microseconds latency for end-to-end and order-to-trade processes, in addition to a 10% performance improvement in round trip latency.
FIA Expo: ICE's Brian Norris Talks ESG Investment, Carbon Credits And Market Data
Abdelaziz Fathi - Finance Feeds
The FIA Futures & Options Expo, now in its 38th year, convened the listed derivatives dealers, thought industry leaders and other stakeholders for two days of networking. This fall, more than 3,000 industry attendees gathered at the Sheraton Grand Chicago Riverwalk to meet with the most innovative technology and service providers. FinanceFeeds Editor in Chief Nikolai Isayev sat down with Brian Norris, VP of Global Sales and Trading Solutions at Intercontinental Exchange (ICE), to discuss challenges and opportunities for exchange-traded markets and the role of their respective offerings in the years ahead.
/jlne.ws/3VYeRLV
Hong Kong's race to launch first crypto-linked ETF begins
Zoltan Vardai - Forkast
Three Hong Kong-based asset management firms have applied for exchange-traded funds (ETFs) tracking Bitcoin and Ethereum futures, traded on the Chicago Mercantile Exchange, for retail investors.
/jlne.ws/3upKQsC
ASX Group Monthly Activity Report - November 2022
ASX
Australian Securities and Investments Commission ASX Market Announcements Office; Attached is a copy of the ASX Group Monthly Activity Report for November 2022.
/jlne.ws/351gPmZ
Number of investors grows at B3 despite a volatile wider scenario; An unprecedented study of investors' behavior in the election month of October found increased trading volume and higher values for all investment types at the exchange
B3 S.A.
Despite the global uncertainty that increased market volatility, the number of individual investors in equity securities at B3 grew 35% between the third quarter of 2021 and the same period in 2022, to 4.6 million from 3.3 million. Between the second and third quarters of 2022, the number of investors grew by 200,000.
/jlne.ws/3HgkYHc
Mirae Asset Securities (USA) Inc. Appointed as Fully Disclosed Clearing Broker for Cboe's New U.S. Treasuries Trading Platform
Mirae Asset Securities (USA) Inc
Mirae Asset Securities (USA) Inc. today announced it will serve as the fully disclosed clearing broker of Cboe Global Markets' new U.S. Treasuries trading platform. As a DTCC Fixed Income Clearing Corporation (FICC) member, Mirae will help ensure anonymity on the platform, with all trades on the platform facing Mirae and settling against the FICC.
/jlne.ws/3h6elMX
Cboe Global Markets Reports Trading Volume for November 2022
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported November monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain November trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/3F72mXj
Derivatives Trade Reporting Rules Roundup
DTCC
Arm your firm with key regulatory insights to get ahead of the upcoming revisions to global derivatives reporting rules.
/jlne.ws/3VC63vf
ICE Benchmark Administration Launches the ICE Carbon Reference Entity Data Service
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited (IBA) has launched the ICE Carbon Reference Entity Data Service (ICE CRED) to facilitate the management of carbon credits through the trade lifecycle.
/jlne.ws/3VCczC6
MEMX Urges Reconsideration of Retail Midpoint Liquidity Program
MEMX
Earlier this year, the SEC's Division of Trading and Markets ("Staff") disapproved MEMX's proposal to introduce a new retail midpoint program designed to provide an opportunity for retail investors to receive substantial price improvement at the midpoint of the national best bid and offer, while allowing institutional and other investors to interact with retail order flow on a national securities exchange. These goals will sound familiar to anyone that's been following the recent market structure debate as they are some of the same goals that the Commission intends to facilitate through upcoming rulemakings anticipated in mid-December.
/jlne.ws/3iAwvXz
Moscow Exchange held a master class for students of the Financial University under the Government of the Russian Federation
MOEX
On December 6, 2022, money market experts from the Moscow Exchange held a master class for undergraduate and graduate students of the Financial University under the Government of the Russian Federation.
/jlne.ws/3uutH0S
The share of private investors on the stock market of the Moscow Exchange exceeded 80% in November
MOEX
The number of individuals with brokerage accounts on the Moscow Exchange reached 22.6 million in November 2022 (+469.7 thousand people), they opened 37.9 million accounts.
/jlne.ws/3XThd0a
NYSE Arca Options: Pillar Update - Temporary Rollback of changes to MMID Validations, Arb and Intrinsic Checks, Auction Imbalance message publication interval
NYSE
Effective December 6, 2022, NYSE Arca Options will roll back the previously announced changes to MMID Validations, Arb and Intrinsic Checks, Auction Imbalance message publication interval. The updated implementation date(s) for these changes will be announced via a subsequent Trader Update. Please contact rmteam@nyse.com with any questions regarding this update.
/jlne.ws/3P3lTMU
Taiwan opens up new liquidity with exchange-traded notes launch; The Taiwan Futures Exchange (TAIFEX) has listed a new covered call ETN tracking the Taiwan Strategy Index series, in a move the issuer says will increase diversity in trading strategy execution.
Laurie McAughtry - The Trade
The Taiwan Futures Exchange (TAIFEX) saw a busy first day of trading for a new covered call exchange traded notes (ETN) product, tracking one of the indices in the Taiwan Strategy Index series. With over 257,000 shares traded on the day of launch, the product was the third most heavily traded ETN by daily trading volume, marking a new milestone in the development of trading diversity for the market.
/jlne.ws/3H9k3IC
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Facebook threatens to remove news from US platform; Warning comes in response to proposed law that would force Big Tech to pay publishers for content
Alex Barker - Financial Times
Facebook has publicly threatened to remove news content from its American platform if the US Congress forces big tech groups to systematically pay publishers and broadcasters for carrying their content. The warning echoes Facebook's shortlived decision to ban news from its website in Australia last year, an attempt to defy groundbreaking legislation that sought to change the terms of trade between publishers and platforms.
/jlne.ws/3gXBt0g
FactSet and BMLL Technologies Collaborate to Provide Cloud-Based Granular Historical Tick Data and Analytics
BMLL Technologies
FactSet (NYSE:FDS) (NASDAQ:FDS), a global provider of integrated financial information, analytical applications, and industry-leading services, today announced its collaboration with BMLL Technologies (BMLL) to offer the company's granular order book history and analytics in the cloud. The initial release of the FactSet-BMLL offering includes "Market by Price" Level 2 Tick History, which addresses the data quality challenges with current industry Level 2 offerings. By building upon BMLL's leading historic Level 3 data engineering capabilities, FactSet is bringing a best-in-class Level 2 product to market, equipping clients with deep market insights and real-time data.
/jlne.ws/3Fwrvw6
DeFi Lender Maple Finance Cuts Off Orthogonal Trading for 'Misrepresenting Its Financial Position'
Liam J. Kelly - Decrypt
DeFi lending platform Maple Finance has cut ties with crypto firm Orthogonal Trading after the latter allegedly misrepresented "its financial position." M11 Credit, a Maple Finance pool delegate, issued a default notice to Orthogonal Trading yesterday, claiming that the company has has $31 million in outstanding liabilities and is unable to repay those debts. M11 Credit uses Maple Finance's services to issue loans to interested parties. Maple Finance isn't involved in the lending process except for providing technical services. The platform's CEO Sidney Powell compared the service to Shopify, but for lending, previously telling Decrypt that it gives firms "the tooling to run a lending business online."
/jlne.ws/3VN0Ale
MercadoLibre Files Complaint Against Apple in Brazil, Mexico; Company says Apple allegedly breaking antitrust regulations; MercadoLibre submitted the complaint in its largest markets
Carolina Millan - Bloomberg
Latin American e-commerce and fintech firm MercadoLibre Inc. has filed a complaint with antitrust regulators in its largest markets of Brazil and Mexico against Apple Inc., claiming that the US tech firm has broken anticompetitive practices. MercadoLibre alleges that Apple is violating anti-competitive practices by prohibiting third-parties from distributing digital goods on iOS apps, Head of Antitrust Paolo Benedetti said in an interview. In addition to hurting developers, that policy also leads to higher prices due to the large commissions that Apple charges, he said.
/jlne.ws/3VzRloJ
Baton Systems wins "Best New Technology Introduced Over The Last 12 Months - Trading, Risk and Compliance" at the American Financial Technology Awards
Baton Systems
Baton Systems ("Baton"), the global fintech digitally transforming post-trade processing using distributed ledger technology (DLT), is delighted to announce that it has been awarded "Best New Technology Introduced Over The Last 12 Months - Trading, Risk and Compliance" at the American Financial Technology Awards 2022. The award adds to Baton's 2022 success having won Best Settlement Initiative for the second year running at the FX Markets e-FX Awards in June, the firm's DLT win at the April Sell-Side Technology Awards and acknowledgement as one of "The Most Influential Fintech Firms 2022" by the The Financial Technologist in March.
/jlne.ws/3VS7Zzx
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| Cybersecurity | | Top stories for cybersecurity | Fixing The Cybersecurity Staff Shortage
Anurag Lal - Forbes
Cybersecurity and IT job positions are growing in demand faster than companies can hire. With cybersecurity being an essential part of any enterprise that carries valuable, private data and information, finding and retaining this kind of specialty talent is critical.
/jlne.ws/3VWeGkc
Bill C-26: Introducing bureaucratic delays would undermine cybersecurity
Press Release - The Montreal Economic Institute
The addition of federal administrative requirements in digital security-as Bill C-26 proposes-would lengthen the time required for companies to act and respond to breaches, according to a new publication released this morning by the Montreal Economic Institute.
/jlne.ws/3P2M8Do
Zapata Computing Earns Two New Patents for Post-Quantum Cybersecurity Threat Intelligence
Press Release - Zapata Computing, Inc.
Zapata Computing, the leading enterprise quantum software company, today announced that the company has earned two new patents for post-quantum cybersecurity techniques. The new patents are for its Variational Quantum Factoring (VQF) and Quantum-Assisted Defense Against Adversarial AI (QDAI) algorithms.
/jlne.ws/3F5MUuH
Cybersecurity unicorn Aqua axes 10% of workforce
Sophie Shulman - Ctech
Cybersecurity unicorn Aqua has notified its employees that it will be laying off 10% of its workforce. The cloud security company will part with 65 employees in total, including 20 based in Israel.
"Since its inception Aqua has set itself the goal of growing in a responsible and balanced manner, which led to its success," the company said. "At this time, with the market conditions changing, we are forced to make some changes in order to focus on our strong core activities in order to continue the growth of the company and its profitability in 2023 and beyond."
/jlne.ws/3iFkgJg
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| Cryptocurrencies | | Top stories for cryptocurrencies | Cryptoverse: Forget crypto winter, this is a bitcoin 'bloodbath'
Medha Singh and Lisa Pauline Mattackal - Reuters
"I'm nearly bankrupt," says Jad Fawaz, a crypto trader in Abu Dhabi. "I'm laughing because there's no point in exerting more depression and more frustration about it." The 45-year-old, who quit his real-estate job a year ago to focus on trading, has seen his holdings evaporate in recent months. He hasn't slept in a week because of the stress. "I had about 40 coins and then I came down to 20 coins then I came down to 10 coins, came down to five coins and now I'm down to the last two coins, and it's bitcoin and ripple XRP," he says.
/jlne.ws/3iHtAMC
New FTX CEO Testimony 'False,' Bankman-Fried Says
Jack Schickler - CoinDesk
Testimony from the new FTX chief executive John J Ray III is "false," founder of the now-defunct crypto exchange Sam Bankman-Fried said in an interview with The Block. In a bankruptcy deposition made Nov. 17, restructuring specialist Ray berated poor record-keeping and untrustworthy financial information at FTX, which had filed for Chapter 11 bankruptcy in Delaware on Nov. 11. In an interview released Monday, Bankman-Fried referred to "statements that have been made, that have been put on legal record that I knew to be false."
/jlne.ws/3HfTYaY
Even the Winklevoss twins aren't immune to the crypto crisis, with $900M of their customers' money frozen in wake of FTX collapse
Lukas I. Alpert - MarketWatch
Add the Winklevoss twins to the growing list of crypto evangelists feeling the heat following the multi-billion dollar collapse of the FTX cryptocurrency exchange. Cameron Winklevoss said Monday that Gemini, the crypto exchange he co-founded with his brother Tyler in 2014, has hired lawyers and formed a creditors committee to recoup funds following a report that $900 million of its customers' money was frozen after crypto broker Genesis halted withdrawals last month due to liquidity issues.
/jlne.ws/3VVldvn
Celsius Judge Will Rule on Whether Lender Owns Customer Crypto
Jeremy Hill - Bloomberg
A federal judge will soon decide whether depositors at Celsius Network LLC gave up ownership of their cryptocurrencies in exchange for interest payments, a key legal issue that could echo through other crypto bankruptcies. Celsius has asked for US Bankruptcy Judge Martin Glenn's permission to sell $18 million of crypto on its balance sheet to keep paying its bills while it works on a way to repay creditors. But the coins in question came from Celsius users, who put the assets into interest-bearing accounts prior to the company's Chapter 11 bankruptcy in July.
/jlne.ws/3P22Oef
FTX Contagion Spreads as Orthogonal Trading Gets Default Notice for $36M Debt on Maple Finance
Krisztian Sandor - CoinDesk
Maple Finance, a big blockchain-based lending platform, severed ties with crypto firm Orthogonal Trading, alleging that it was "misrepresenting its financial position." The move came after Orthogonal was due to pay back a $10 million USDC stablecoin loan from a credit pool managed by M11 Credit on Dec. 4. Orthogonal has been a significant borrower on Maple, and also was a manager and underwriter of a credit pool on Maple.
/jlne.ws/3Fsnqco
Crypto Lender Nexo to Exit US Market After Facing Regulatory Scrutiny; Firm says recent events caused change in regulator engagement; Lender faced cease-and-desist orders for offering earn product
Yueqi Yang - Bloomberg
Crypto lender Nexo Inc. is phasing out its products and services in the US market after facing cease-and-desist orders from multiple states over its interest-earning products. "Our decision comes after more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end," Nexo said in a statement on Monday. "Although regulators initially encouraged our cooperation and a sustainable path forward appeared viable, the events of recent weeks and months and the subsequent change in regulators' behavior point to the opposite," it said.
/jlne.ws/3P23non
How FTX used Hong Kong cash-for-crypto shop to turbocharge growth
Primrose Riordan and Chan Ho-him in Hong Kong - Financial Times
At Sam Bankman-Fried's 29th birthday in March last year, his closest colleagues and friends dressed up in curly wigs mimicking his trademark style. But they were not in the Bahamas, the scene of his spectacular unravelling last month. They were in Hong Kong, the birthplace of his FTX exchange. In a photo obtained by the Financial Times, Caroline Ellison, Bankman-Fried's one-time romantic partner and chief of trading company Alameda Research, and FTX co-founder Gary Wang, are seen smiling for the camera at The Crown, an exclusive club started by a Hong Kong celebrity with a private elevator and a seat in the shape of US dollar bills.
/jlne.ws/3h6FAak
Bankrupt Crypto Lender Celsius Wins Approval Give Out Bonuses to Stem Exodus
Jeremy Hill - Bloomberg
Bankrupt cryptocurrency lender Celsius Network LLC won court approval to give out bonuses totaling as much as $2.8 million to workers in a bid to keep them from quitting. The payments will go to non-executive employees helping Celsius keep the lights on while the company works to exit bankruptcy, according to a plan approved by US Bankruptcy Judge Martin Glenn on Monday. Celsius needs to file a restructuring plan by Feb. 15, according to an arrangement also approved in court on Monday.
/jlne.ws/3HjhbJn
Ordinary Investors Who Jumped Into Crypto Are Saying: Now What?; Many small investors who piled into cryptocurrencies on FTX, BlockFi and other platforms are recognizing the perils of investing in an unregulated industry.
Matthew Goldstein - The New York Times
In early November, Adrian Butkus, a 43-year-old father of two, put $600,000 - much of his life savings - into an account at BlockFi, a cryptocurrency trading firm. BlockFi had marketed the account as risk free, yielding 6.5 percent interest, more than Mr. Butkus could get anywhere else. Just days later, as the collapse of the cryptocurrency exchange FTX shook the entire crypto industry, Mr. Butkus asked BlockFi for his money back. But the firm had suspended customer withdrawals, citing its close financial ties to FTX. By late November, BlockFi, too, had filed for bankruptcy.
/jlne.ws/3iENhVs
Former IRS Agents at Binance Seek to Keep Crypto Crime-Free
Decrypt Staff
Where do you go to find the world's top crypto investigators? After an ambitious hiring spree, Binance may be able to claim the title. The crypto exchange is now home to two former IRS agents-Matthew Price and Tigran Gambaryan-with years of experience chasing multi-billion crypto criminals, both on-chain and off-chain. Price and Gambaryan joined Binance shortly after the exchange added to its ranks a dark web specialist from the law enforcement agency Europol and a compliance director from trading giant eToro.
/jlne.ws/3P6fW1V
Goldman Sachs to Spend 'Tens of Millions' on Discounted Crypto Investments After FTX Implosion: Report
Eliza Gkritsi - CoinDesk
Goldman Sachs (GS), one of the world's largest investment banks, is looking to spend tens of millions of dollars on crypto firms whose valuations have been hit after the implosion of FTX, Reuters reported on Tuesday. Crypto exchange FTX filed for chapter 11 bankruptcy on Nov. 11 following worrying revelations about its financials and relationship to trading firm Alameda Research.
/jlne.ws/3VRxfWA
Bankrupt crypto lender Celsius gets court approval for extension to file restructuring plan
Ningwei Qin - Forkast
Cryptocurrency lender Celsius Network has received approval from the bankruptcy court of the Southern District of New York to extend the deadline to submit a restructuring plan, according to a tweet by Celsius on Tuesday.
/jlne.ws/3P2b9OZ
What Exactly Are Crypto Diehards (Re)Building? (Podcast); While crypto diehards insist this is the perfect time to update and refine systems, it's difficult to figure out what may be worthy of a re-boot.
Victoria Vergolina - Bloomberg
"It's time to rebuild" is a catchy phrase often uttered by crypto enthusiasts after massive implosions, such as FTX's. In the aftermath of these events, investors are known to imagine all the potential for growth following the downturns. But it seems that the time for rebuilding has come again and again in the crypto industry this year. Far too often, some might say. So, while crypto believers say: Let's rebuild, the question remains: Rebuild what exactly?
/jlne.ws/3FvmOmf
Circle, SPAC Call Off Plan to Take USDC Issuer Public
Will McCurdy - Decrypt
Stablecoin provider Circle is no longer set to list publicly, in a decision that has been approved by the directors of both Circle and Concord Acquisition Corp. Circle had been eyeing an entry into the stock market via a merger with Concord Acquisition Corp, a New York Stock Exchange (NYSE) listed special purpose acquisition company (SPAC) backed by former Barclays CEO Bob Diamond.
/jlne.ws/3Fu6TVn
CoinDesk Got Colorful With the Most Influential 2022 NFT Collection
Sam Ewen - CoinDesk
For the fourth year in a row, CoinDesk has partnered with artists to immortalize on-chain a number of those on this year's Most Influential list. Fourteen portraits of the people who have had the most impact on crypto in 2022 were selected for the collection, and these works will be made available in an exclusive auction being held on Coinbase NFT.
/jlne.ws/3VVHWHO
He Keeps Art NFTs Hot in Crypto Winter
Cam Thompson - CoinDesk
Amid the harsh crypto winter conditions, non-fungible token (NFT) sales have slumped, too. NFT artists and auction sites hoped the long-anticipated Ethereum Merge would kick the market back into action. But the data after the Sept. 15 event ended up being disappointing.
/jlne.ws/3FwRT9k
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| Politics | | An overview of politics as it relates to the financial markets | Republicans should have booted Trump long before he threatened the Constitution
Jennifer Rubin - The Washington Post
Defeated former president Donald Trump, within the space of two weeks, sat down to dine with two antisemites (one of whom later declared his love of Hitler) and declared on Truth Social that the U.S. Constitution should be subject to "termination" so he could be installed as president. Rarely has an authoritarian insurrectionist under criminal investigation for attempting to overthrow the government issued so candid a confession.
/jlne.ws/3F716Dz
The Members of Congress Who Have Stablecoin Issuers Watching Their Next Moves
Jesse Hamilton - CoinDesk
The two most important members of the U.S. House of Representatives committee that oversees much of the financial system almost pulled off a miracle: Writing a bill to establish the first real federal regulations over crypto in the U.S. Alas, House Financial Services Committee Chair Maxine Waters (D-Calif.), and the panel's top Republican, Rep. Patrick McHenry of North Carolina, faced 11th-hour obstacles for their stablecoin legislation that proved too high to clear.
/jlne.ws/3UACDw8
SBF Says He Will Testify Before House, Without Committing to Date
Susanne Barton - Bloomberg
Sam Bankman-Fried says he will testify before the House Financial Services Committee after he's finished "learning and reviewing" the events that led to the implosion of FTX. Representative Maxine Waters, the committee's chair, last week invited Bankman-Fried to join the panel's Dec. 13 hearing on his crypto exchange's collapse. The FTX founder, also known as SBF, didn't commit to appearing at the meeting this month.
/jlne.ws/3VS6od1
US Upgrades Taiwan Weapons Package With Newer Patriot Missiles; Congress told Thursday of $882 million 100 Patriots sale; Earlier package let China to suspend some military contacts
Anthony Capaccio - Bloomberg
The US has proposed selling Taiwan as many as 100 of its most advanced Patriot air-defense missiles along with radar and support equipment in a deal valued at $882 million, according to a State Department notice obtained by Bloomberg News. The proposal was made under the provisions of a 2010 sale to the island and so technically is not new. It is classified as an enhancement to the earlier deal, with a potential total value of $2.81 billion. The upgrade won't change the overall value of that deal, which infuriated Beijing at the time and led it to halt planned military exchanges with the U.S.
/jlne.ws/3Hb8EI7
FTX Collapse: Bankman-Fried in No Rush to Talk to Congress
Luc Olinga - TheStreet
Sam Bankman-Fried is the executive of the end of this year. If he was already prominent in the crypto industry, he has become a global figure since Nov. 11, the date his crypto empire filed for bankruptcy. This empire was made up of FTX, the cryptocurrency exchange, and Alameda Research, a hedge fund that also was a trading platform.
/jlne.ws/3Uz5YHt
Canada to send more warships through Taiwan Strait in signal to China; Foreign minister Mélanie Joly says Ottawa will play bigger defence role in Indo-Pacific
Demetri Sevastopulo - Financial Times
Canada plans to sail more warships through the Taiwan Strait to affirm the waters claimed by China are international, after Ottawa released an Indo-Pacific strategy that described Beijing as an "increasingly disruptive" power. "We need to make sure that the question of the Taiwan Strait is clear and that it remains an international strait," Canadian foreign minister Mélanie Joly said in an interview.
/jlne.ws/3Fs57nE
How the UK Uses Its Land for Wealth, Energy and Grouse Hunting
By Nicholas Larkin, Hayley Warren and Tim Coulter - Bloomberg
A small island nation that once held an empire covering one-quarter of the world, the UK is now coming to terms with an uncertain post-Brexit era. To find its footing, every resource must be marshaled to ensure continuing prosperity. How the country uses its land, an area only slightly larger than half of California, will be an ever more critical element as Prime Minister Rishi Sunak navigates an energy crisis, rising food prices, cracks in the property market and net-zero commitments.
/jlne.ws/3UzVJ5I
Is Boris Johnson really the emissary that blockchain needs right now? FTX's ignominious collapse leaves a sector searching for justification
Mercedes Ruehl - Financial Times
With FTX in tatters, bitcoin in abeyance and the entire fundament of crypto finance in doubt, the technology of blockchain was badly in want of an image boost. What the distributed ledger technology needed, Singapore decided, was the rhetorical skills of former UK prime minister Boris Johnson to burnish its battered image, and here he was at a glittering gathering of the blockchain industry in a five-star hotel last week.
/jlne.ws/3UzYF2e
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| Regulation & Enforcement | | Stories about regulation and the law. | AT&T to Pay $6.25 Million to Settle Claims It Tipped Off Wall Street
Dave Michaels - The Wall Street Journal
AT&T Inc. will pay $6.25 million to settle a lawsuit filed by regulators that alleged it gave nonpublic financial information to analysts who then lowered their estimates, allowing the company to beat sales expectations. The telecom company agreed to pay the fine and settle the Securities and Exchange Commission's litigation without admitting or denying wrongdoing, according to a court filing. Three AT&T investor-relations executives each agreed to pay $25,000 individually to end the lawsuit, records show.
/jlne.ws/3iHR6cE
AT&T to Pay $6.25 Million in SEC Case About Disclosures
Liz Moyer - Barron's
AT&T is paying $6.25 million to the Securities and Exchange Commission over charges from 2021 that it made selective disclosures of nonpublic information to research analysts. The agency said it is the largest penalty agreed to be paid in a case about Regulation FD, the 2000 rule that prevents some investors from getting market-moving information before others.
/jlne.ws/3Y3HJE4
UK FCA Plans Screening Checks on Firms That Sign Off on Finance Ads
Leonard Kehnscherper - Bloomberg
Britain's markets watchdog has proposed checks for firms that can approve financial advertisements in a bid to clamp down on "rogue" promotions. Firms will be required to undergo screening checks before they can sign off on promotions, the Financial Conduct Authority said in a statement Tuesday. The proposal, part of wider finance reforms the UK Parliament is considering, would enable the regulator to act more quickly to prevent "harmful" ads from unauthorized firms, including in areas such as high-risk investments and buy-now pay-later, it said.
/jlne.ws/3BcZSpt
Statement of Commissioner Summer K. Mersinger on Order of Registration Regarding SpectrAxe LLC SEF
CFTC
I support the Commission's issuance of an Order of Registration (Order) regarding the application of SpectrAxe LLC SEF (SpectrAxe) to register as a swap execution facility (SEF). The record before us demonstrates that SpectrAxe, subject to conditions set forth in the Order, has demonstrated compliance with the Commodity Exchange Act and the Commission's regulations, and therefore its registration as a SEF is appropriate.
/jlne.ws/3h1gvxk
CFTC Grants SpectrAxe LLC Registration as a Swap Execution Facility
CFTC
The Commodity Futures Trading Commission today announced it has issued an Order of Registration to SpectrAxe LLC (SpectrAxe) granting it registration as a swap execution facility (SEF). SpectrAxe is a Delaware limited liability company headquartered in New York, N.Y. and an affiliate of Spectra FX Solutions LLC, an introducing broker.
/jlne.ws/3Fvchrm
AT&T Settles SEC Charge of Selectively Disclosing Material Information to Wall St. Analysts
SEC
The Securities and Exchange Commission today announced that AT&T agreed to pay a $6.25 million penalty and three company executives agreed to pay $25,000 apiece stemming from charges brought in March 2021 related to the company's selective disclosure of material nonpublic information to research analysts in violation of Regulation FD and Section 13(a) of the Securities Exchange Act of 1934. The penalty that AT&T agreed to pay is the largest ever in a Regulation FD case.
/jlne.ws/3VAonFf
SEC Charges Seven Parties in a Combination Pump-And-Dump and Securities Offering Scheme
SEC
The Securities and Exchange Commission filed charges against five individuals and two companies for running a fraudulent pump-and-dump scheme of Upper Street Marketing, Inc. stock while at the same time selling new stock shares through a boiler room. Previously on June 27, 2019, the SEC suspended trading in Upper Street Marketing securities for ten business days.
/jlne.ws/3XYgdYF
SFC issues quarterly report
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from July to September 2022.
During the quarter, the SFC welcomed the Central Government's support initiatives (Note 1) announced by Mr Fang Xinghai, Vice-Chairman of the China Securities Regulatory Commission (CSRC), to enhance Hong Kong's status as an international financial centre, offshore renminbi centre and risk management centre. The SFC also published its Agenda for Green and Sustainable Finance, setting out its next steps to support Hong Kong's role as a regional sustainable finance centre.
/jlne.ws/3P75oPS
FCA outlines stronger rules to protect consumers from rogue financial promotions
FCA
The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to approve.
Under current legislation, any FCA authorised firm is allowed to approve financial promotions on behalf of other firms who are not authorised by the regulator. Changes being introduced by Parliament will require authorised firms to undergo new screening checks before they are allowed to approve financial promotions, giving the FCA greater oversight to stop harm before it occurs.
/jlne.ws/3FEReTn
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How to Cash Out of a Small Business Without Selling Out; Founders of purpose-driven companies are setting up trusts to protect their values when they step aside.
Maureen O'Hagan - Bloomberg
Sitting outside the Grand Central Bakery in the Beaumont-Wilshire neighborhood of Portland, Oregon, Chief Executive Officer Claire Randall examines her latte. "Ooh, look!" she says, pointing to a rosetta pattern in the foam. She's still impressed with the barista artistry after almost 30 years with the company. While Grand Central is known for its coffee and fresh baked goods, the company's progressive values and commitment to community are equally important to Randall and her five co-owners. For example, its 11 cafes and two production facilities in Portland and Seattle use carbon-neutral milk and avoid imported, water-intensive avocados. The business relies on local and sustainable farms, offers above-average salaries and benefits and donates a portion of sales to social causes.
/jlne.ws/3F4vm1V
The Stock Market Has Been Full of Drama in 2022, and It's Masking Investing Opportunities; Patient investors can see patterns common to previous traumatic markets, and be rewarded for doing so
Mellody Hobson and John W. Rogers Jr. - The Wall Street Journal
There has been no shortage of market drama this year. Real pain has been inflicted. Pessimism is proliferating. Uncertainty abounds. The breathtaking returns fueled by post-Covid enthusiasm have been drained from stocks as a bear market has taken hold. The drama is understandable. Instability grips the world as the pandemic lingers, inflation swells, violence against Ukraine rages, an energy crisis looms and China shelters. The supply-chain bottlenecks that were expected to have straightened themselves out remain entangled.
/jlne.ws/3VOZqW6
Wall Street Managers Are Learning to Love Treasury Bonds Again; Highest Treasury coupons since GFC provide appealing income; Yet Fed hikes, sticky inflation remain a risk for Treasuries
Michael Mackenzie and Liz McCormick - Bloomberg
Slowly but surely, bond haters are vanishing across Wall Street -- even as fresh market havoc remains a distinct possibility next year if still-raging inflation forces the Federal Reserve to ramp up policy tightening anew. Undeterred, money managers are starting to rebuild their exposures across the battered $24 trillion world of Treasuries, on the conviction that the highest payouts in over a decade will help cushion portfolios from the damage wrought by further interest-rate hikes.
/jlne.ws/3HeBkzX
Spacs confess to accounting weaknesses as year-end audits loom; Forty-nine per cent of a sample of companies that went public in the cash shell boom had material flaws
Stephen Foley - Financial Times
Scores of companies that went public during the Spac boom are heading into the financial year-end with weaknesses in their accounting practices, raising the prospect that their annual reports may not paint a true picture of their financial health.
/jlne.ws/3VSBEIT
Investors need to adapt to the new multipolar world; Lower returns and higher volatility require a mindshift away from chasing asset appreciation in a world of easy money
Sonja Laud - Financial Times
Of the many risks asset managers need to consider, one has become increasingly prominent in 2022: the shift towards a multipolar world. This has profound implications for companies, policymakers and investors. Ever since the emergence of China as a superpower, we have been travelling towards a world in which tensions between global powers - and their proxies - appear harder to contain. And Russia's invasion of Ukraine, together with growing jitters over China-Taiwan relations, shows that the pace of change has only accelerated.
/jlne.ws/3FuBX7r
The (American) age of ETFs; A quick update
Robin Wigglesworth - Financial Times
FT Alphaville highlighted on Monday how even Fidelity is now starting to convert some of mutual funds into ETFs. But the latest data on the ascent of ETFs is even starker than we imagined - at least in the US. Rocky markets have meant that this is a bad year for fund launches in general, with only 576 open-ended funds inaugurated in 2022, according to Morningstar. That is the lowest in at least a decade.
/jlne.ws/3XYhBdT
'Who is going to buy?' UK set to unleash historic debt deluge; Government will need to issue around £240bn in gilts a year for the next half decade to finance its spending
Tommy Stubbington - Financial Times
Investors are preparing for the UK government to unleash a "cataclysmic" flood of debt sales over the next few years, leaving many asking who exactly is going to buy all the gilts - and at what price.
/jlne.ws/3FuShVy
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Black Startups Get Just a Third of the Venture Capital Raised by Peers; New paper by Fed Governor Lisa Cook finds bias in funding; Only part of gap explained by tangible factors such as schools
Steve Matthews - Bloomberg
Black founders of US startups raise just one-third as much venture capital over the first five years as other comparable businesses formed at the same time, according to new research co-authored by Federal Reserve Governor Lisa Cook. Only part of the gap in funding can be explained by tangible factors -- for example, that Black firms have smaller founding teams, attended different schools from venture capital leaders or live in different regions, and are less likely to have a patent -- according to the National Bureau of Economic Research study published Monday. The other authors were Emmanuel Yimfor of the University of Michigan and Matt Marx of Cornell University.
/jlne.ws/3HePwcn
The Club With a 60,000-Woman Waitlist; Chief, a $1.1 billion startup, is creating support groups for women in the workplace. Only executives need apply.
Jeff Green - Bloomberg
When Ashley Cordova was promoted to chief financial officer of the cancer treatment company Novocure Ltd., she was the only C-level executive there who was a woman. The experience was lonely. Her male colleagues were supportive, but they had different experiences and challenges at work. And few of her closest female friends could relate to the stresses of running the finance department of an $8 billion oncology corporation.
/jlne.ws/3FuzZnz
Big Oil Backs Israeli Startup That Sucks CO2 From the Atmosphere; RepAir aims to cut the amount of energy needed for direct air capture.
Will Mathis - Bloomberg
Israeli startup RepAir raised $10 million to help scale up its technology to suck planet-warming carbon dioxide out of the air. RepAir is one of a handful of companies looking to build technology that performs a process known as direct air capture, which takes CO2 from the air and stores it safely out of the atmosphere. It's potentially a key tool for getting rid of excess greenhouse gas emissions that are causing global warming - alongside the much larger effort to prevent them from ever entering the atmosphere in the first place.
/jlne.ws/3BcYuTK
In a New Book, Annie Proulx Shows Us How to Fall in Love with Wetlands; These vital carbon sinks and havens for biodiversity, rarely encountered, are disappearing three times faster than forests.
Kiley Bense - Inside Climate News
In a quiet corner of the oldest botanic garden in North America grows a tree with long, graceful branches and leaves that curl like rust-colored tongues. When it's blooming, the tree's snow-white flowers are said to smell like honeysuckle, but at the end of November, its branches are bare, and its leaves are mostly heaped on the ground, a browning pile on the edge of the lawn. Though it looks unassuming in winter, the tree has a prominent place on the maps of the garden where it's cared for, Bartram's Garden, on a stretch of land in Philadelphia hemmed in by the city on three sides and the Schuylkill River on the fourth. At the base of the trunk sits a placard with its name: Franklinia alatamaha, a species of tea tree that has been extinct in the sandy southern swamplands it came from for more than a century.
/jlne.ws/3BcZmru
A sustainable finance policy engagement handbook | Thought leadership
Principles for Responsible Investment
Public policy critically affects institutional investors' ability and incentives to generate sustainable returns. It also affects the sustainability and stability of financial markets and of social, environmental and economic systems. Policy engagement is therefore a natural and necessary extension of investors' duty to act in the best interests of their clients and beneficiaries. This handbook sets out why investors should engage with policy makers, how they are doing so and offers guidance to help investors get started.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank Considers Return to Trading Mortgage Securities; Trading head Nayak is gradually expanding again after cuts; Lender would only make markets in agency issued debt
Steven Arons - Bloomberg
Deutsche Bank AG is considering a return to trading residential mortgage-based securities as part of a strategy to expand the markets business that has driven much of its recent growth. Trading head Ram Nayak has floated the idea internally as another potential step in his plan to build out the fixed income and currencies unit without the need for many additional resources, people familiar with the matter said.
/jlne.ws/3VAQJPA
BIS analysis shines light on persistent risks in foreign exchange trades, hidden dollar debt: BIS Quarterly Review
BIS
The Bank for International Settlements (BIS) today published new insights on global foreign exchange (FX) and over-the-counter (OTC) interest rate derivatives markets. This December 2022 Quarterly Review provides detailed analysis of the recently published Triennial Survey, which aims to help central banks and market participants to monitor global financial markets. The authors analyse shifts in trading patterns and market structure and identify risks that warrant further attention.
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Changes in DAX: Porsche replaces Puma | Press Releases
Press Releases - Qontigo
Qontigo's global index provider STOXX Ltd. has announced changes to the DAX index family, which will become effective on 19 December 2022.
DAX, MDAX, SDAX and TecDAX represent the largest companies on the Regulated Market of Frankfurt Stock Exchange; they are reviewed every three months. Selection is based on free float market capitalization. In the December review, the DAX index family is reviewed by the Fast Exit and Fast Entry rules, according to the "Guide to the DAX Equity Indices".
/jlne.ws/3VD3LMz
Credit Suisse business is stable, chairman tells broadcaster SRF
Reuters
Credit Suisse is "definitely stable," Chairman Axel Lehmann told Swiss broadcaster SRF on Monday, adding that the embattled bank had seen a stabilisation in the outflows of client funds. The bank has reported sharp outflows as wealthy clients move assets elsewhere, while the bank battles to recover from a string of scandals by focusing more on its flagship wealth management franchise and pruning back investment banking.
/jlne.ws/3B8uatp
A Hedge Fund Hit by FTX Collapse Defaults on $36 Million of Debt; FTX collapse had a severe impact, Orthogonal Trading says; Lenders alleged Orthogonal Trading misrepresented financials
Sidhartha Shukla and Emily Nicolle - Bloomberg
Contagion from the collapse of crypto exchange FTX is spreading into the world of decentralized finance, as lending protocol Maple Finance severed ties with a hedge fund that defaulted on almost $36 million worth of crypto loans on its platform. Sydney-based Orthogonal Trading said in a tweet on Tuesday that it defaulted on a $10 million loan after being "severely impacted by the collapse of FTX and associated trading activities," without giving further details. M11 Credit, which runs a lending pool on Maple, on Monday said Orthogonal Trading had informed it on Dec. 3 about its inability to repay.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Long ICU Stays Lead to Extended Misery for Many Covid Survivors; Advances in critical care spared hundreds of thousands of people from the coronavirus. Yet the life-saving measures often have harrowing after-effects.
Jason Gale - Bloomberg
For weeks on end, Kellie McCarthy fought the ventilator pushing oxygen rhythmically into her Covid-inflamed lungs with such ferocity that she was given a slew of drugs to tolerate the invasive treatment. Muscle relaxants paralyzed her body, while sedatives and opioids calmed her agitation. But even comatose, she was tormented mentally. The reptilian hiss of the tube in her windpipe inspired nightmares of writhing black snakes. Once, she dreamed that her doctor was trying to kill her.
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JPMorgan Is Still Trying to Fix Health Care; An ambitious partnership with Amazon and Berkshire Hathaway fizzled, but the biggest US bank is giving it another shot-this time on its own.
John Tozzi - Bloomberg
Bill Wulf was in a meeting when he missed a call from Jamie Dimon. As an internist and boss of a medical group in Columbus, Ohio, Wulf doesn't often hear from the commanding heights of the US economy. But when he rang back, the JPMorgan Chase & Co. chief executive officer immediately got on the line. Wulf's group had been involved in Haven, a venture led by JPMorgan, Amazon.com and Berkshire Hathaway that aimed to fix American health care with better technology and simplified benefits. But the project had flopped, and Dimon wanted to understand where it had gone wrong.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Ramps Up Corn Purchases From Brazil as US Exports Decline; Brazil's shipments may exceed 1 million tons of corn this year; First Brazilian corn cargo departed for China in November
Tarso Veloso Ribeiro and Michael Hirtzer - Bloomberg
China is ramping up imports of Brazilian corn, replacing imports of the more expensive US grain. Four vessels loaded with Brazilian corn are currently en route to China and five more should sail to China soon, according to the shipping agency Alphamar Agencia Maritima. Additional vessels waiting to load may also head there, pushing total Brazilian corn shipments to China past 1 million tons for the year.
/jlne.ws/3VRYMY3
Labor Shortage to Cost Malaysia Palm Oil Sector $4.6 Billion
Anuradha Raghu - Bloomberg
A chronic shortage of plantation workers in Malaysia may cost palm oil producers about 20 billion ringgit ($4.6 billion) this year, according to the Malaysian Palm Oil Association, curbing supply and potentially boosting global prices.
/jlne.ws/3F5PyRc
Water Crisis Poses Greatest Risk For Africa's Food, CEO of Fertilizer Company Says; Major Africa maker of farming chemicals warns of climate risks; Omnia sees water as a bigger threat than Ukraine war
Felix Njini, Loni Prinsloo, and Janice Kew - Bloomberg
One of Africa's largest producers of agriculture chemicals says erratic rains and water shortages pose the biggest risk to food security on the continent, more than Russia's war on Ukraine or other supply-chain disruptions. Those water issues -- driven by climate change -- will see African countries grappling with food crises for decades to come, Seelan Gobalsamy, chief executive officer of South Africa's Omnia Holdings Ltd., said in an interview Monday. Inadequate infrastructure to move key farming products will cause further problems, he said.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Fake Chocolate Sidesteps Cocoa's Biggest Problems; Upstarts that make surprisingly tasty imitation treats are touting supply chains free from ethical and environmental issues.
Clara Hernanz Lizarraga - Bloomberg
For thousands of years, humans have been drawn to chocolate. Its production these days, though, is linked to widespread deforestation and child labor, posing an ethical quandary for consumers. A British startup says it has the answer: a guilt-free alternative to chocolate that can be indistinguishable from the real thing.
/jlne.ws/3Hded8W
How a Family of Accidental Beekeepers Created a Hit Honey Company; By trying to address a son's allergies with raw honey, Summer and Kam Johnson hatched an incredibly sweet business plan.
Sojourner Elleby, Suma Hussien, and David Nicholson - Bloomberg
Summer and Kam Johnson were elated when they finally found a remedy for their son's seasonal allergies-raw local honey. In doing so, they changed not only his health, but their family's future. In this episode of Bloomberg's Made, we show how the Johnsons built a burgeoning brand that's become a hit both online and in person, including in New York City's own Chelsea Market. And along the way, you'll get some tips on how to become a beekeeper yourself.
/jlne.ws/3XZ56P8
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