| September 05, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Did you know that today is "International Day of Charity?" The date of September 5 was chosen in order to commemorate the anniversary of the passing of Mother Teresa of Calcutta, who received the Nobel Peace Prize. Our friends from Deutsche Boerse's OneGlobalTeam were busy today contributing their time to help clean up the outdoors.
The World Federation of Exchanges published research on exchange engagement with crypto market functioning and development today that is the focus of our lead story from Reuters. You can find the press release about the research and a link to the paper HERE. This is the first of a two-part research project which analyzes exchange engagement with crypto market developments. The paper's objective is to improve understanding of the benefits and risks of crypto market infrastructures and how they function.
Vincent Molinari, the founder and CEO of Fintech.TV, had NYSE Head of Corporate Affairs and ICE Chief Communications Officer Josh King on as a guest on Fintech.TV to talk about this latest episode of "Inside the ICE House." During the segment talking about Virtu Financial Founder Vinnie Viola, Molinari and King both gave me and JLN a nice shoutout for our coverage of the episode as well as our general work. Thank you to both for the kind words.
The American Financial Exchange has unveiled an updated website, which can be found at https://theafex.com/.
This must be important because Cathryn Lyall tagged me on the story on LinkedIn when she published it. The story is from Redbelly and the title is "Solving a trillion-dollar problem with a ground-breaking Australian solution." The lede says "Redbelly Network is proud to announce a revolutionary new way of tokenising high value assets in regulated markets through its Compliant Asset Tokenisation (CAT) solution. By focusing on the dual foundations of composability and accountability to ensure responsibility in distributed systems, Redbelly puts trustworthy technology at the heart of its Compliant Asset Tokenisation solution." And there you have it.
Elon Musk waded deeper into antisemitic propaganda on X, formerly Twitter, Rolling Stone reports, with a #BanTheADL hashtag trending on X. Rolling Stone said, "On Thursday, a number of accounts began tweeting #BanTheADL, calling on Musk to remove the Anti-Defamation League (ADL) from the site." Musk has blamed the Anti-Defamation League for X's US ad sales slump, with advertising sales down 60% according to Musk, Bloomberg reported.
Gemma Lloyd is starting a new position as chief operating officer EMEA at R.J. O'Brien. Lloyd joined RJO in January of 2023 as chief commercial officer. She had previously been at GH Financials for eight years.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Sustainable Stock Exchanges Initiative (SSE) Monthly News Alert includes August news from LSEG, NGX, and PSX, and also includes a regulatory update. The SSE newsletter also highlights upcoming UN SSE Events at the UNCTAD World Investment Forum (WIF) at the Abu Dhabi National Exhibition Centre in Abu Dhabi, United Arab Emirates (UAE), October 16-20. More than 100 speakers have confirmed for the SSE sessions at the Forum. View the news update and learn more about the WIF events here. ~SAED
Our most read stories last Friday on JLN Options were:
Short-term investors in SPY and QQQ warned of options risks
No More SPIKEs Could Hurt Traders
Options: don't be a hero - steer clear of zeroes ~JB
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Taming the Street - the SEC and the battle to clean up America's financial markets; Diana B Henriques' history of Wall Street and Washington from the late 1920s to the start of the second world war is both riveting and timely
Brooke Masters - Financial Times
The US Securities and Exchange Commission is very much in the news. Chair Gary Gensler recently made waves with an aggressive regulatory agenda that seeks to put a wide range of investment firms, from cryptocurrency exchanges to private equity funds, under much tighter supervision. The financial industry is fighting back, claiming the SEC has overstepped and exceeded its statutory authority in ways that will ultimately harm investors. That makes Taming the Street, a new book by Diana B Henriques about the founding years of America's primary securities regulator, particularly timely.
/jlne.ws/3qZcwX4
****** As if the street could be tamed.~JJL
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Larry David's Superbowl Ad Casts Doubt on FTX.US Separation, DOJ Says
Jack Schickler - CoinDesk
FTX ads featuring comedian Larry David and American football player Tom Brady show a blurring between the bankrupt crypto exchange's U.S. and international businesses, a Friday night filing by the U.S Department of Justice has said. Sam Bankman-Fried, FTX's founder and former CEO, is sparring about exactly what evidence the government can bring in support of charges that include wire fraud - and he's accused the DOJ of introducing corruption and campaign finance allegations through the back door. Bankman-Fried has pleaded not guilty, and the trial starts Oct. 2.
/jlne.ws/481hHXa
****** This is clearly not funny.~JJL
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Friday's Top Three
Our top story Friday was Bloomberg's Jon Corzine's Critics Want Him Banned From Futures Trading - a story and a video. Second was John Lothian Productions' video for R.J. O'Brien, James Bugzy Brooks - IB Conference 2023, honoring long-time RJO derivatives professional James Bugzy Brooks. Third was The Washington Post's The Best Pizza in America - Region by Region.
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| Lead Stories | Financial exchanges still split on crypto - industry survey
Elizabeth Howcroft - Reuters
Regulated financial exchanges are talking about how to capitalise on interest in crypto, an industry group said on Tuesday, but a third of respondents to its latest survey said they had no plans to offer the asset class. Exchanges said they were concerned about a lack of uniform regulatory standards, market volatility and the potential for cybersecurity risks relating to crypto assets, a report from the London-based World Federation of Exchanges (WFE) said.
/jlne.ws/483xEfC
Return-to-Office Is a $1.3 Trillion Problem Few Have Figured Out
Matthew Boyle - Bloomberg
In the emerging post-pandemic era, most aspects of life have returned to normal. Moviegoers are flocking to cinemas, vacationers jammed airports for summer travel and kids are returning to classrooms. The one thing that has remained stubbornly fraught: the world of work. Three and a half years after millions of office-goers were sent home en masse, companies, employees and governments are still figuring out how to adapt to lasting changes to corporate life.
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Global financial watchdog warns of 'further challenges and shocks' ahead; FSB chair tells G20 leaders of potential for market strains and risks in sectors such as real estate
Laura Noonan - Financial Times
The world's most powerful financial watchdog has warned of "further challenges and shocks" in the months ahead, as high interest rates undermine economic recoveries and threaten key sectors including real estate. In his regular update to G20 leaders ahead of their summit in New Delhi this week, Klaas Knot, chair of the Basel-based Financial Stability Board, said: "The global economic recovery is losing momentum and the effects of the rise in interest rates in major economies are increasingly being felt." "There will certainly be further challenges and shocks facing the global financial system in the months and years to come," he added.
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Why is the London Stock Exchange muscling in on the private equity world? The market wants to give founders, investors and employees in private companies a way to sell their shares
Helen Thomas - Financial times
Autumn has arrived in London in much the same gloomy mood as spring departed. Abcam, a leading UK biotech that had already left for Nasdaq, agreed to be bought by US industrial consolidator Danaher. Arm's initial public offering preparations stateside are a sore reminder that the formerly UK-listed tech darling shunned British equity markets this time around. Private equity's interest in London-listed bargains remains, with France's Archimed agreeing to buy Aim-listed software group Instem. There is little sign of life in the IPO market.
/jlne.ws/45Apgmf
Number of traditional exchanges set to offer crypto-related services on the up despite risk; Around 23 exchanges confirmed that regulation remains the key challenge when it comes to offering crypto assets, according to a report from the World Federation of Exchanges (WFE).
Claudia Preece - The Trade
An increasing number of incumbent exchanges are planning to introduce crypto-related assets and services going forward, despite established risks, new research by the World Federation of Exchanges (WFE) has found. The recently published report found that around 40% of the surveyed exchanges which as yet do not offer these services are planning to do so in the future.
/jlne.ws/3R9zqpo
Intercontinental Exchange Completes Acquisition of Black Knight and Announces Preliminary Results of Elections Made by Black Knight Stockholders in Connection with the Acquisition
Businesswire
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, and Black Knight, Inc. (NYSE: BKI), a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, as well as the secondary markets, today announced that ICE has completed its acquisition of Black Knight. The Black Knight acquisition follows ICE's 2020 acquisition of Ellie Mae, its 2019 acquisition of Simplifile, and its 2018 acquisition of Mortgage Electronic Registrations Systems (MERS), which together created the foundation of its ICE Mortgage Technology business segment.
/jlne.ws/45ZqSp4
A $700 Million Bonanza for the Winners of Crypto's Collapse: Lawyers; Bankruptcy lawyers and other corporate turnaround specialists have reaped major fees from the bankruptcies of five cryptocurrency companies, including FTX.
David Yaffe-Bellany and Yiwen Lu - The New York Times
The collapse in cryptocurrency prices last year forced a procession of major firms into bankruptcy, trigging a government crackdown and erasing the savings of millions of inexperienced investors. But for a small group of corporate turnaround specialists, crypto's implosion has become a financial bonanza.
/jlne.ws/3R3yt1S
Credit Suisse collapse led balance sheet of Swiss banks to contract
Reuters
Credit Suisse clients withdrawing their money as the bank headed for collapse likely accounts for the first significant balance sheet contraction in a decade for all banks in Switzerland, a report by the Swiss Bankers Association on Tuesday said. In Switzerland, the balance sheet of banks fell 6.9% to 3,339.7 billion Swiss francs ($3.76 trillion) in 2022, said the Banking Barometer, an annual report on banking industry trends.
/jlne.ws/3Z2B2Da
Cryptoverse: Venture capital still haunted by crypto chaos
Lisa Pauline Mattackal and Medha Singh - Reuters
For venture capitalists, the scars of bitcoin's disastrous 2022 run deep. While breezy bitcoin has bounced back, leaping by about 55% this year, investments in crypto startups have dropped for the fifth straight quarter. VC crypto bets totaled just under $2.3 billion in April-July this year, the lowest quarterly level for over three years, according to data firm PitchBook. In the first half of 2023, investments were down by almost three-quarters from a year ago to $5 billion.
/jlne.ws/481gIWY
SEC issues ruling for a new National Market System; The regulator has ordered FINRA and SROs associated with Cboe, Nasdaq, and NYSE to work jointly in creating a new plan.
Claudia Preece - The Trade
The SEC has ordered the filing of a new national market system plan (NMS plan), specifically directing FINRA and 18 SROs associated with Cboe, Nasdaq, and NYSE to act jointly in developing the NMS plan. The results are set to be published for public comment, and according to the SEC, the revised plan must: include a date by which it will become fully effective, alongside a prescribed timeline and periodic progress reports; require that all those involved be subject to the plan's conflicts-of-interest and confidentiality policies; include specialised provisions regarding the sharing of protected information; and outline rules regarding the use of subcommittees.
/jlne.ws/3sDWToC
Acquisition of Abel Noser Solutions 'moves us closer than ever to the buy-side', says Trading Technologies CEO; Clients of TT will now have access to TCA and regulatory services, with analytics from Abel Noser Solutions expected to be integrated into TT's platform at a later stage.
Wesley Bray - The Trade
Trading Technologies (TT) has completed the acquisition of the buy-side TCA provider subsidiary of US agency broker Abel Noser Holdings. Abel Noser, which provides trading and analytical services for the buy-side, is not part of the transaction and will maintain its independence as an agency-only execution broker-dealer.
/jlne.ws/3r9eh3X
Robinhood to buy back Bankman-Fried's stake from US govt for $605.7 million
Manya Saini and Hannah Lang - Reuters
Robinhood said on Friday it had entered into a share repurchase agreement with the United States Marshal Service (USMS) for $605.7 million to buy back stock from Sam Bankman-Fried's Emergent Fidelity Technologies. The shares of Robinhood were seized and subsequently transferred to the custody of the U.S. government after Bankman-Fried's FTX and Emergent filed for bankruptcy protection last year.
/jlne.ws/44y3ldW
Instant settlement of Indian stock market trades to come in by Oct 2024 - regulatory source
Jayshree P Upadhyay - Reuters
India's market regulator expects instant settlement of stock market trades to be implemented by October 2024, a source from the regulator told Reuters on Tuesday. Currently trades in India are settled in "T+1" or one day after the trades are initiated. Instant settlement would ensure trades are settled immediately. For foreign investors, the instant trade settlement would be optional and not mandatory, the source said. To start, the regulator would implement settlement within one hour of the trade, with instant settlement coming some months later.
/jlne.ws/3Enhm3A
Bitcoin's Use as Margin Collateral in Crypto Futures Trading Is Growing
Omkar Godbole - CoinDesk
Bitcoin (BTC) is unlikely to shed its tag as an unpredictable and volatile asset any time soon because crypto traders are increasingly using the largest cryptocurrency as a margin in futures trading. Since July, the percentage of bitcoin futures open interest margined with bitcoin has risen to 33% from roughly 20%, according to data tracked by Glassnode. Cash or stablecoin-margined contracts still account for 65% of the total open interest.
/jlne.ws/3R79fj2
Leaders in Trading 2023: Editors' Choice Awards shortlists revealed; In an exceptionally strong selection for 2023, the shortlists represent the pick of the litter as decided by The TRADE's editorial judging panel.
Editors - The Trade
Following an extensive and lengthy selection process over the Summer, The TRADE is delighted to announce the shortlists for the Leaders in Trading Editors' Choice Awards 2023. For the first time ever, we invited the industry to have their say and submit suggestions for the 2023 Editors' Choice shortlists and the editorial team were humbled to see so many complimentary and celebratory nominations pouring in to aid them in their decision.
/jlne.ws/484oAH6
Copper Crime Ring Is Latest Scandal to Rock the Metals World
Mark Burton and Jack Farchy - Bloomberg
The history of commodity markets is littered with fraud and risk, and the opaque trade in scrap metal is no exception. But even veterans with decades of experience say they've never seen anything like the scam now rocking one of the world's top copper recyclers. Aurubis AG revealed this week it has uncovered a large-scale fraud involving shipments of scrap metal that it uses to feed its copper smelters, with potential losses running into hundreds of millions of euros.
/jlne.ws/45xUZEq
A Global Web of Chinese Propaganda Leads to a U.S. Tech Mogul
Mara Hvistendahl, David A. Fahrenthold, Lynsey Chutel and Ishaan Jhaveri - The New York Times
The protest in London's bustling Chinatown brought together a variety of activist groups to oppose a rise in anti-Asian hate crimes. So it was peculiar when a street brawl broke out among mostly ethnic Chinese demonstrators. Witnesses said the fight, in November 2021, started when men aligned with the event's organizers, including a group called No Cold War, attacked activists supporting the democracy movement in Hong Kong.
/jlne.ws/3ErVnsm
LSEG explores blockchain for cross-asset digital 'ecosystem'
Reuters
London Stock Exchange Group is looking into using blockchain to build what it described on Monday as "an end-to-end digital market ecosystem to raise and transfer capital across asset classes". Murray Roos, head of capital markets at LSEG, earlier told the Financial Times that the London-based exchange had been examining the potential for a blockchain-powered trading venue for around a year and had reached an "inflection point".
/jlne.ws/484vhcg
Ex-Wells Fargo Exec Deserves Prison in Accounts Scandal, US Says; Recommendation follows Carrie Tolstedt's plea deal this year; She tried to hide one of the biggest banking scandals, US says
Joel Rosenblatt - Bloomberg
Wells Fargo & Co.'s former head of retail banking should spend a year in prison for impeding a probe of the bank's practice of opening millions of accounts for customers without their authorization, prosecutors said. Carrie L. Tolstedt, the only executive at the bank to be accused of criminal wrongdoing stemming from its fake-accounts scandal of 2016, agreed this year to plead guilty to obstructing the investigation.
/jlne.ws/3PnDQrs
A worldwide lithium shortage could come as soon as 2025
Lee Ying Shan - CNBC
The world could face a shortage for lithium as demand for the metal ramps up, with some analysts forecasting that it could come as soon as 2025. Others, however, see a longer time frame before that shortfall hits. BMI, a Fitch Solutions research unit, was among those that predict a lithium supply deficit by 2025. In a recently published report, BMI largely attributed the deficit to China's lithium demand exceeding that of its supply.
/jlne.ws/45BWjWZ
Apple Is Set to Embrace an iPhone Charger Change It Didn't Want
Mark Gurman - Bloomberg
Apple is set to shift its iPhone charging port from Lightning to USB-C after pushing back on such a change for years. Also: The company confirms the date of its Sept. 12 iPhone 15 event and aims to overhaul device production with 3D printers. Finally, Apple is developing a more laptop-like Magic Keyboard for the iPad and finishing up work on iOS 17.
/jlne.ws/3P2OT83
BlackRock chief investment officer shares her unlikely career path-from theater major to running a $5.9 trillion business
Emma Hinchliffe and Joseph Abrams - Fortune
All the world's a stage. In the early 1990s, Samara Cohen was a theater major at the University of Pennsylvania. Never one for the stage, she spent her summers working for regional theater companies backstage in production, direction, and design. Today, she's chief investment officer for BlackRock's $5.9 trillion ETF and index investments platform. That's not a trajectory that many would imagine-but Cohen says there's more of a path than most would expect.
/jlne.ws/3Z2fjeA
Who Are the Names in Jeffrey Epstein's Calendar?
Khadeeja Safdar and David Benoit - The Wall Street Journal
A multipart investigation by The Wall Street Journal has revealed prominent people who met multiple times with Jeffrey Epstein. The Journal's reporting, based on thousands of pages of emails and schedules largely from 2013 to 2017, also provides new details about how often or where people met with Epstein, and the kinds of favors Epstein did for them.
/jlne.ws/3R8Gi6C
Hurricanes and High Yields Come Together on Wall Street
Eric Wallerstein - The Wall Street Journal
The mounting cost of extreme weather events is turbocharging the market for catastrophe bonds. Designed in the mid-1990s in the aftermaths of Hurricane Andrew and the Northridge earthquake, these bonds allow insurers, companies and even governments to transfer some of the risk of a disaster to investors.
/jlne.ws/3P2RCOP
Money and Politics Put World's Biggest Climate Deal at Risk; A draft blueprint for Indonesia's $21.5 billion green aid package highlights significant obstacles, including a big loophole for new coal.
Harry Suhartono, Faris Mokhtar, and Jennifer A Dlouhy - Bloomberg
When Indonesia agreed last year to clean up its energy system with an estimated $20 billion of help from a coalition of wealthy countries and large financial institutions, world leaders hailed the deal as "extraordinary," "realistic," and "historically large." Almost 10 months later, as Southeast Asian leaders gather in Jakarta, the hosts have little to show off.
/jlne.ws/3EoY0uL
Scientists warn invasive pests are taking a staggering toll on society
Dino Grandoni - The Washington Post
Invasive pests are wreaking havoc across the planet, destroying crops, disseminating pathogens, depleting fish people rely on for food and driving native plants and animals toward extinction, according to a major report backed by the United Nations. The landmark assessment found more than 3,500 harmful invasive species cost society more than $423 billion a year, a tally only expected to grow as the modern age of global trade and travel continues to supercharge the spread of plants and animals across continents like never before.
/jlne.ws/3Z0FQZX
Ex-Wells Fargo Exec Deserves Prison in Accounts Scandal, US Says; Recommendation follows Carrie Tolstedt's plea deal this year; She tried to hide one of the biggest banking scandals, US says
Joel Rosenblatt - Bloomberg
Wells Fargo & Co.'s former head of retail banking should spend a year in prison for impeding a probe of the bank's practice of opening millions of accounts for customers without their authorization, prosecutors said. Carrie L. Tolstedt, the only executive at the bank to be accused of criminal wrongdoing stemming from its fake-accounts scandal of 2016, agreed this year to plead guilty to obstructing the investigation.
/jlne.ws/3L9vPnj
Money-for-Nothing Lawsuits Against Private-Equity Founders Get Boost; Court cases allege firms used arcane tax deals to enrich executives at the expense of shareholders
Ben Foldy - The Wall Street Journal
The founders of giant private-equity firms have been paid billions of dollars over the years. Payouts tied to arcane tax deals that brought nearly a billion more are under scrutiny in a Delaware courtroom.
/jlne.ws/480O5cm
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine strikes Russian factory producing microchips for missiles; Officials claim attack on Tomilinsky electronics facility, near Moscow, will undermine 'Russia's terror'
Nataliya Vasilyeva - The Telegraph
Ukraine said it carried out a drone strike on a factory on the outskirts of Moscow that manufactures microchips used in missile production, in a symbolically significant strike. Officials claimed the attack on the Tomilinsky electronics factory, situated to the east of the Russian capital, in Lyubertsy, would undermine "Russia's missile terror".
/jlne.ws/3qYUGnc
A Brutal Path Forward, Village by Village
Marc Santora - The New York Times
The mission for the Ukrainian unit was to take a single house, in a village that is only a speck on the map but was serving as a stronghold for Russian soldiers. Andriy, a veteran marine, had waited for three days with his small assault team - none of whom had seen combat before - as other Ukrainian units crawled through minefields, stormed trenches and cleared a path to the farming village of Urozhaine. Finally, one day last month, the order came to move.
/jlne.ws/480gShc
Russia Says It Thwarted Another Ukrainian Attack on Crimea Bridge
Marc Santora - The New York Times
The Russian military said Saturday that it had thwarted another attack on a critical bridge linking the occupied Crimean Peninsula to Russia that Kyiv has vowed to keep attacking until it is unusable. The Russian Ministry of Defense said that three Ukrainian "semi-submersible unmanned boats" targeting the Kerch Strait Bridge were destroyed in the Black Sea overnight.
/jlne.ws/3Prr37a
Russia launches drone strikes on Odesa region a day before grain talks
John Paul Rathbone and Roman Olearchyk - Financial Times
Russian forces launched a massive drone attack on Ukraine's southern Odesa port region in the early hours of Sunday, a day before the Turkish and Russian presidents were due to hold talks about restarting the export of grain via the Black Sea. Moscow in July pulled out of the agreement that had allowed Ukraine to ship grain from Black Sea ports, claiming that a parallel deal to remove obstacles from the export of Russian fertiliser and food had not been honoured.
/jlne.ws/47YVdGl
Ukraine says it retakes more ground as Zelenskiy visits front lines
Reuters
Ukraine said on Monday its troops had regained more territory on the eastern front and were advancing south in their counteroffensive against Russian forces while President Volodymyr Zelenskiy visited two front-line areas.
/jlne.ws/3Eri3ZK
South Africa Says It Didn't Deliver Arms to Russia
Gabriele Steinhauser - The Wall Street Journal
/jlne.ws/47YiisH
A shake-up and a breakthrough? Ukraine's counteroffensive is at a key moment
Daryna Mayer and Yuliya Talmazan - NBC News
/jlne.ws/3R1Ovt8
Putin says he won't renew the grain deal until the West meets his demands. The West says it has
The Associated Press
/jlne.ws/3Enh4tw
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | EDX Markets boss: 'Bear market is the best time to hire crypto talent'
Bilal Jafar - Financial News
EDX Markets CEO Jamil Nazarali is bullish about crypto - even amid a bear market, he says it is the right time to launch a business as the sector prepares itself for the next bull run. While the crypto exchange began operating in June, following its September 2022 launch with the backing of Charles Schwab, Citadel Securities, and Fidelity Digital Assets, it is now pushing ahead with beefing up staff.
/jlne.ws/3Pritpl
Celebrating 25 Years as WFE's Membership & Events Coordinator: Q&A With Antoinette Di Massa
World Federation of Exchanges
During my many interim assignments in Paris in 1990, I was offered the position of Personal Assistant to the Senior Vice President of the International Relations of the NYSE. This was my first employment in this industry. This interim assignment led to a permanent contract. I then discovered the FIBV, the Federation Internationale des Bourses de Valeurs, of which the NYSE was a member.
/jlne.ws/3sBSWk9
Issue 76: September 2023
Greg Wojciechowski - World Federation of Exchanges
/jlne.ws/3qRZ9bj
Exchange Market Information - Equivalence and Equality
Tom Skinner - World Federation of Exchanges
There is an increasing burden on exchanges to produce trusted and verifiable market information to a global standard that meets regulatory and user requirements, which represents both a challenge and an opportunity. Market information can be described broadly as all aspects of exchange activity other than the pricing platform environment.
/jlne.ws/45u9IAh
Note of Welcome From Our General Assembly Host Exchange
World Federation of Exchanges
The Bermuda Stock Exchange (BSX) is looking forward to hosting the World Federation of Exchanges' 62nd General Assembly in a few weeks' time. It is a great privilege for us and our island. We look forward to welcoming you for two days of engaging discussion about the key topics confronting our industry and providing experiences that will immerse you in Bermuda's culture, heritage and stunning, natural beauty.
/jlne.ws/3RaeMWk
CME Group to Launch T-Bill Futures on October 2, as U.S. Treasury Futures Open Interest Hits Record 19.8 Million Contracts
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will expand its benchmark interest rates offering with the launch of U.S. Treasury Bill (T-Bill) futures on October 2, pending regulatory review. The new T-Bill futures contract will begin trading amid record demand for CME Group U.S. Treasury futures, with open interest reaching 19,814,295 contracts for the first time on August 23.
/bit.ly/483LxdK
CME Group Reports Second-Highest August ADV on Record
CME Group
Double-digit growth in Interest Rate, Energy, Agricultural, Metals and options products; Highest-volume August for Equity Index futures and options and Agricultural options products
Amid ongoing geopolitical, economic and weather-related uncertainties, CME Group, the world's leading derivatives marketplace, today reported its August 2023 market statistics, including average daily volume (ADV) of 24.2 million contracts, an increase of 14% from 2022 and the second-highest ADV for the month of August on record.
/bit.ly/44FX53Y
EEX Press Release - EEX launches Global Carbon Index Family
European Energy Exchange
New EEX Global Carbon indices to provide in-depth understanding of global compliance carbon markets; Unique methodology introduced by weighting with cap volumes of ETS programmes; First truly global carbon index, including national ETS programs from Asia Pacific; Advisory committee established to shape the further development of indices. The European Energy Exchange (EEX) has launched its Global Carbon Index (GCI) Family, offering a comprehensive view into the rapidly evolving global carbon markets. The new index bundle will introduce the EEX GCI Core, and the EEX GCI Extended.
/bit.ly/3P6MHfD
August 2023 figures at Eurex
Eurex
Total Eurex volume up 8 percent y-o-y in August; Strong rise in Repo volumes to EUR 358 billion; Strongest growth again in GC Pooling at plus 243 percent y-o-y; Notional outstanding in OTC Clearing up 14 percent. Eurex, Europe's leading derivatives exchange, reports an 8 percent increase in total trading volume to 133.4 million contracts in August from 123.6 million contracts in the same month last year. Interest rate derivatives increased by 11 percent year-on-year in August from 49.5 million to 54.9 million traded contracts. Equity derivatives also increased by 11 percent, from 15.3 to 17 million contracts traded in August while index derivatives saw a 5 percent rise, from 58.7 million to 61.4 million contracts traded.
/bit.ly/3Z12Nw9
"Tokyo Stock Exchange REIT Sector Focus Index Series" Launches
JPX
JPX Market Innovation & Research, Inc. today announce the launch of "Tokyo Stock Exchange REIT Office Focus Index," the "Tokyo Stock Exchange REIT Residential Focus Index" and the "Tokyo Stock Exchange REIT Hotel & Retail Focus Index". Index value is updated once a day at around 16:00.
/bit.ly/480WPiG
ASX appoints Chief People Officer
ASX
ASX is pleased to announce the appointment of Jane Franks as Chief People Officer (CPO), effective Monday 13 November. Ms Franks will be responsible for the People and Culture function, including leading the organisation's culture transformation, capability uplift and people strategies to support ASX's new vision and five year strategy. This includes oversight of performance management activities, compensation and benefit structures, HR policies and systems, leadership and talent programs, and diversity and inclusion activities.
/bit.ly/3PpnE8W
SIX Exchanges Figures: August 2023
BME
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
/bit.ly/3qZBg1w
Moscow Exchange summed up trading results in August 2023
MOEX
The total trading volume on the markets of the Moscow Exchange in August 2023 increased by 56.9% and amounted to 127.5 trillion rubles (81.2 trillion rubles in August 2022). Here and below, the dynamics is shown in comparison with the same period last year.
/bit.ly/481zaic
List Of Deliverable Canadian Government Bond Issues For The LGB, CGB, CGF and CGZ Futures Contracts (Erratum)
TMX
For your information, please find enclosed the list of deliverable canadian government bond issues with respect to the LGB, CGB, CGF and CGZ futures contracts delivery months. This list is produced in accordance with the Rules of Bourse de Montreal Inc. and Canadian Derivatives Clearing Corporation (CDCC) relating to delivery standards. This list replaces the one that was distributed on August 25, 2023 (circular no. 108-23).
/bit.ly/3EqswV9
Exclusion of Jio Financial Services Limited from Nifty indices
JSE
NSE Indices Limited vide its press release dated July 17, 2023 had announced inclusion of Jio Financial Services Limited (JIOFIN or spun-off entity) on account of demerger of financial services business from Reliance Industries Limited (RELIANCE) in various indices effective from July 20, 2023 (close of July 19, 2023). After demerger, JIOFIN was listed on August 21, 2023 at the National Stock Exchange Ltd. (NSE).
/bit.ly/3PqpXsB
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Musk's new Twitter policies helped spread Russian propaganda, E.U. says
Joseph Menn - The Washington Post
Twitter under Elon Musk ownership has played a major role in allowing Russian propaganda about Ukraine to reach more people than before the war began, according to a year-long study released this week by the European Commission, the governing body of the European Union. The research found that, despite voluntary commitments to take action against Russian propaganda by the largest social media companies, including Meta, Russian disinformation against Ukraine thrived.
/jlne.ws/3R8To3A
Elon Musk Refusing to Pay Severance to Fired Twitter Employees May Be Backfiring Spectacularly
Sharon Adarlo - Futurism
Since Elon Musk took over as CEO of X, formerly known as Twitter, the company has been a lawsuit magnet. There's that class-action suit in California by former employees who claim they weren't paid promised bonuses. Another claims the company hasn't ponied up $500 million in severance pay to employees who were laid off.
/jlne.ws/45RKQSE
Elon Musk's erosion of safety standards at X is helping Putin spread Russian propaganda, study finds
Polly Thompson - Insider
Changes made by Elon Musk to X's safety policies have played a key role in increasing the reach of Russian propaganda, according to a study released by the European Commission. "Preliminary analysis suggests that the reach and influence of Kremlin-backed accounts has grown further in the first half of 2023, driven in particular by the dismantling of Twitter's safety standards," the year-long study carried out by the nonprofit analysis group Reset concluded.
/jlne.ws/45PbfRq
FXCM Pro partners with Tools for Brokers to bridge liquidity; Partnership will give FXCM Pro clients more choice when selecting a bridging provider, alongside faster execution, automation and improved market access.
Wesley Bray - The Trade
FXCM's institutional arm FXCM Pro has entered a liquidity bridging partnership with Tools for Brokers (TFB), an international provider of technology for retail brokers, prop trading companies and hedge funds. As part of the partnership, FXCM Pro will stream its institutional liquidity directly to TFB clients, providing the ability to connect their pricing and trading to their MT4 and MT5 platforms using TFB's FIX API server.
/jlne.ws/3LbOj6H
New Take on Trading Technology: How to Navigate the Cloud-Tech Arms Race
Guy Melamed - World Federation of Exchanges
We're on the cusp of a new arms race. That is the description given to the phenomenon involving the world's largest cloud service providers competing to invest into the largest financial exchanges. Last year, Microsoft announced an investment of £1.5 billion in London Stock Exchange Group (LSEG) to provide the exchange with data analytics, cloud infrastructure products, and custom Gen-AI models.
/jlne.ws/3Er1E7x
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| Cybersecurity | | Top stories for cybersecurity | Crypto Casino Stake Targeted in Reported $40M Exploit
Oliver Knight - CoinDesk
Cryptocurrency casino Stake appears to have been targeted by a exploit, with on-chain analyst Cyvers reporting that $16 million has been withdrawn on the Ethereum network following a "private key leak." Blockchain sleuth ZachXBT backed up Cyvers' claim, stating that $15.7 million had been drained on Ethereum and another $25.6 million had been lost across Polygon and the Binance Smart Chain.
/jlne.ws/3L5u3nu
Is CrowdStrike's Surge A Sign Of Cybersecurity Revival?
Marketbeat
CrowdStrike Holdings Inc. is within striking distance of the stock's best levels since November.
Is the stock ready to stage a new rally after lagging the S&P 500 tech sector on a one-month and three-month basis, and is CrowdStrike's uptick a good omen for other cybersecurity stocks?
/jlne.ws/3R9aH4n
Keeper Security Joins Forces With Atera to Provide Robust Cybersecurity Solutions to Managed Service Providers
Press Release
Keeper Security, the leading provider of zero-trust and zero-knowledge cybersecurity software protecting passwords and passkeys, privileged access, secrets and remote connections, today announces its latest integration with AI-powered IT management software provider Atera. Leveraging Atera's all-in-one platform for IT teams and Managed Service Providers (MSPs), this strategic integration with Keeper aims to enhance the cybersecurity landscape for businesses worldwide and ensure unparalleled protection against ever-evolving cyber threats.
/jlne.ws/45uA7hn
Thales and Kyndryl announce partnership for comprehensive response to cybersecurity incidents
Thales Group
As part of this strategic alliance, Thales' Rapid Intervention Force, will now be made available to Kyndryl customers, reinforcing their security capabilities. The Rapid Intervention Force is recognized for its expertise and response capacity with organizations of vital importance.
/jlne.ws/3PqJrgA
Crypto is in 'arms race' against AI-powered scams: Quantstamp co-founder; Quantstamp's Richard Ma explained that the coming surge in sophisticated AI phishing scams could pose an existential threat to crypto organizations.
Tom Michelhill - CoinTelegraph
With the field of artificial intelligence evolving at near breakneck speed, scammers now have access to tools that can help them execute highly sophisticated attacks en masse, warns the co-founder of Web3 security firm Quantstamp. Speaking to Cointelegraph at Korea Blockchain Week, Quantstamp's Richard Ma explained that while social engineering attacks have been around for some time, AI is helping hackers become "a lot more convincing" and increase the success rate of their attacks.
/jlne.ws/3L8N08J
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto ETF Opportunity Doesn't Stop at Bitcoin, Extends Into Multiple Digital Assets: Bernstein
Will Canny - CoinDesk
Grayscale secured a landmark win against the U.S. Securities and Exchange Commission (SEC) last week in a court ruling that went past the Grayscale Bitcoin Trust (GBTC) conversion into an exchange-traded-fund (ETF), laying out unambiguous principles for regulators to evaluate spot ETF applications, broker Bernstein said in a report on Monday.
/jlne.ws/3P3Jduy
Deribit Sees 17% Growth in Crypto Derivatives Trading Volume in August, Led by Options
Omkar Godbole - CoinDesk
Trading volume across crypto derivatives listed on the Panama-based Deribit exchange remained brisk last month even as the global activity cooled. Deribit's derivatives market volume rose to $42 billion in August, a 17% increase versus July, bucking the global downtrend that saw worldwide derivatives volumes decline 12.1% to around $1.6 trillion, the exchange said in the monthly review shared with CoinDesk. Volume figures represent total activity in options, futures and perpetual futures segments.
/jlne.ws/3Poz8d4
Jump Crypto's specialists depart for startup that will work with Pyth Network
Crain's Chicago Business
A group of specialists at Jump Crypto, one of the digital-asset world's top market-making firms, have left to start a new software company focused on developing a financial data feed project built on blockchains. Former Jump employees Mike Cahill, Jayant Krishnamurthy and Ciaran Cronin have co-founded Douro Labs to work closely with the Pyth Network, a blockchain-based data service, according to a statement Tuesday.
/jlne.ws/3R43frv
Bitcoin Faithful Resume ETFs Approval Guessing-Game After Latest Round of Rejections; Bulk of gains seen since BlackRock filing have been wiped out; SEC is likely to again weigh in on ETF applications in October
Olga Kharif and Vildana Hajric - Bloomberg
After a summer-time surge of exchange-traded-fund-inspired exuberance, Bitcoin advocates are back to speculating whether the SEC will ever allow asset managers to offer US funds that invest directly in the largest cryptocurrency. After this week's deferral of applications from the likes of Fidelity and Invesco by the main US securities regulator, Bitcoin has essentially erased all of the gains registered since fund powerhouse BlackRock Inc. joined in on the race in June to try to be the first to win approval.
/jlne.ws/45xUhXM
Mastercard, Visa Step Back From Binance Card Partnerships; Visa halts issuing new Binance Card while Mastercard ends pact; Crypto exchange under legal and regulatory challenges globally
Yueqi Yang - Bloomberg
Mastercard Inc. and Visa Inc. stepped back from their card partnerships with Binance Holdings, distancing themselves from the cryptocurrency platform that's under threat from regulators worldwide. Visa stopped issuing new co-branded cards with Binance in Europe as of July, a spokesperson for Binance said. Mastercard Inc., meanwhile, will end its card partnership with Binance entirely in September.
/jlne.ws/3P5waZv
Stablecoin Reshuffling Chips Away at Tether's Crypto Market Dominance; Total stablecoin market cap declined in August again: CCData; Tether showed its first market-cap loss in nine months
Olga Kharif - Bloomberg
/jlne.ws/3EqtuRe
U.S. Court Calls ETH a Commodity While Tossing Investor Suit Against Uniswap
Sandali Handagama - CoinDesk
/jlne.ws/3sANdeh
The US can't kill crypto: Real regulations are coming
Lane Kasselman - TechCrunch
/jlne.ws/44ESSNX
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| Politics | | An overview of politics as it relates to the financial markets | Former New Mexico Governor Bill Richardson dead at 75
Uwa Ede-Osifo - The Associated Press
Bill Richardson, the former New Mexico governor, U.S. ambassador to the United Nations and Secretary of Energy under President Bill Clinton, has died. Richardson was 75. Mickey Bergman, vice president of the Richardson Center, said in a statement Saturday that Richardson had died in his sleep Friday night.
/jlne.ws/3sCHpkx
How paranoid nationalism corrupts; Cynical leaders are scaremongering to win and abuse power
The Economist
People seek strength and solace in their tribe, their faith or their nation. And you can see why. If they feel empathy for their fellow citizens, they are more likely to pull together for the common good. In the 19th and 20th centuries love of country spurred people to seek their freedom from imperial capitals in distant countries. Today Ukrainians are making heroic sacrifices to defend their homeland against Russian invaders.
/jlne.ws/3EuWYNK
US Official Says Russian Oil Price Cap Is Working Despite Rally; Multiple enforcement agencies will investigate any breaches; Urals oil has been trading above $60 a barrel since mid-July
Alex Longley and Haslinda Amin - Bloomberg
The price cap on Russian oil imposed by the US and its allies continues to work, a senior US Treasury Department official said, even though Russia's crude keeps rising. Since the middle of July, Russia's flagship Urals crude has been quoted above $60 a barrel, while some refined oil products have climbed above the cap set by the US, Group of Seven nations and European Union.
/jlne.ws/3P2XszJ
China Mulls Tougher Rules on Commodity Trading For Key Firms; Beijing proposes strict rules for centrally-owned SOEs; Opaque industry has been hit by multiple cases of fraud
Bloomberg
China has proposed tougher-than-expected rules on commodities trading by its state-owned giants, as Beijing seeks to tackle hidden risks in the world's biggest raw materials market. The government is gathering feedback from some of the country's top state-run energy, metals and food companies on draft regulations that aim to guard against fraud and halt what officials view as wasteful financial activities, according to people familiar with the matter.
/jlne.ws/3Z0ympT
India Exempts Some Nations From Rice Curbs for Food Security
Pratik Parija - Bloomberg
Sign up for the India Edition newsletter by Menaka Doshi - an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. India has permitted some rice shipments to Mauritius, Bhutan and Singapore for food security purposes after the South Asian nation imposed sweeping export restrictions to control domestic prices.
/jlne.ws/483tnIO
Australia Senate Committee Rejects Crypto Bill From Opposition Senator Andrew Bragg
Amitoj Singh - CoinDesk
/jlne.ws/3EobXJF
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| Regulation & Enforcement | | Stories about regulation and the law. | Information From BaFin On Disruptions To Business At Postbank - A Branch Of Deutsche Bank AG
Mondo Visione
The German Federal Financial Supervisory Authority (BaFin) has observed considerable disturbances in the handling of customer business at "Postbank - a branch of Deutsche Bank AG" (Postbank) and is examining whether there are shortcomings at the institution that are relevant from a supervisory perspective. Numerous consumers have submitted complaints.
/jlne.ws/3P7XI0a
The truth about proposed bank capital rules; New measures are an important step to protect the US and world economies against future financial crises
Sheila Bair - Financial Times
The writer is a former chair of the US Federal Deposit Insurance Corporation and former member of the Basel Committee on Banking Supervision US regulators recently proposed sweeping new rules to strengthen capital requirements for the nation's largest banks. They are the product of a thoughtful, multiyear process by an international regulatory group called the Basel Committee to refine and improve reforms first undertaken after the global financial crisis. Then, a grossly undercapitalised financial system nearly brought the world economy to its knees.
/jlne.ws/3R71Ccm
FCA vows 'prompt action' over refusal of bank services to UK politicians; Move by Britain's financial regulator follows controversy around former Ukip leader Nigel Farage
Laura Noonan - Financial Times
The UK's top financial regulator has vowed to take "prompt action" against any banks found to be unfairly refusing service to politicians and their families, as it outlined the terms of a broad review thrust into the spotlight by controversy around Nigel Farage's banking relationships.
/jlne.ws/3r96sv4
CFTC Charges "My Forex Funds" with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders; Court Issues Restraining Order Instituting Asset Freeze
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the District of New Jersey against Murtuza Kazmi, formerly of Phillipsburg, New Jersey, and his companies, Traders Global Group Inc., a New Jersey corporation and Traders Global Group Inc., a Canadian business organization, all doing business as "My Forex Funds."
/jlne.ws/3sHdbgx
Ripple Opposes SEC Appeal of Ruling That Crypto Isn't a Security
Chris Dolmetsch - Bloomberg
Ripple Labs objected to the Securities and Exchange Commission's request to appeal a federal judge's ruling that cryptocurrency wasn't a security when sold to the public. Ripple on Friday asked US District Judge Analisa Torres in New York to deny the SEC's request. The company said the agency is "rushing to appeal" what it claims is a legal question that applies to every case involving digital assets while "the factual and legal procedural postures of other SEC enforcement actions are different."
/jlne.ws/480fICm
Private funds sue to stop 'unlawful' SEC disclosure rules
Brooke Masters and Mark Vandevelde - Financial Times
A coalition of private equity, venture capital and hedge fund groups have sued to block sweeping new US regulations they claim would fundamentally and illegally change the $27tn industry. Six industry groups told a Texas-based federal appeals court that the Securities and Exchange Commission overstepped last week when it adopted new rules for private fund managers.
/jlne.ws/3EuUSxm
Hedge Funds, Private Equity Sue SEC Over Fee Disclosure Rule; Trade groups argue that regulator overstepped its authority; Case may have implications for jurisdiction over private funds
Dawn Lim - Bloomberg
Trade groups for the world's biggest hedge funds and private equity firms are taking the US Securities and Exchange to court over new restrictions it placed on the industry last month. The American Investment Council and the Managed Funds Association are among the groups alleging the SEC went too far by rolling out sweeping rules mandating disclosures and barring firms from doing sweetheart deals with some investors.
/jlne.ws/3PpudZa
SEC Pushes Equity Exchanges to Redo Public Market-Data Feeds
Katherine Doherty - Bloomberg
The top US securities regulator is asking equity exchanges to revamp how they consolidate and disseminate public stock-trading data. The Securities and Exchange Commission directed exchange firms and the Financial Industry Regulatory Authority to file a proposal to replace three existing plans that mandate how real-time equity market data is distributed, according to an SEC statement Friday.
/jlne.ws/45P9BiI
US Stock Investors' Complacency is Worrying, JPMorgan Strategists Warn; Strategists warn of optimism as September is typically weak; US stock valuations are 'stretched' versus rising real yields
Farah Elbahrawy - Bloomberg
US stock investors have gotten so confident that it's concerning strategists at JPMorgan Chase & Co. "There is complacency in sentiment evident, VIX is near record low and positioning has increased" to above-average levels, a team led by Mislav Matejka wrote in a note. "There is no more safety net" and FOMO - the fear of missing out - is in full swing.
/jlne.ws/3Eo1FJk
CFTC Charges "My Forex Funds" with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders
CFTC
The Commodity Futures Trading Commission today announced it filed a complaint in the U.S. District Court for the District of New Jersey against Murtuza Kazmi, formerly of Phillipsburg, New Jersey, and his companies, Traders Global Group Inc., a New Jersey corporation and Traders Global Group Inc., a Canadian business organization, all doing business as "My Forex Funds." The complaint charges them with fraudulently soliciting customers to trade leveraged, margined, or financed retail foreign exchange (retail forex), and leveraged retail commodity transactions.
/jlne.ws/45JIlCA
SEC Directs Equity Exchanges and FINRA to Improve Governance of Market Data Plans
SEC
The Securities and Exchange Commission today issued an order directing the equity exchanges and the Financial Industry Regulatory Authority (FINRA) (the participants) to file a new national market system plan (NMS plan) to replace the three existing national market system plans that govern the public dissemination of real-time, consolidated equity market data for national market system stocks.
/jlne.ws/3R76lL8
SEC Charges Internet Message Board User in Alleged Market Manipulation Scheme
SEC
On September 1, 2023, the Securities and Exchange Commission charged Jeremy Koski, a resident of Hawaii, with securities fraud in connection with his manipulation of the trading market for structured equity securities backed by certain J.C. Penney Company, Inc. debentures ("JCP Debentures"), which trade over the counter under the symbol COTRP. The Commission alleges that Koski fabricated and anonymously posted fake documents on internet message boards under different usernames in order to boost the trading price of COTRP and increase the value of his large position in the stock.
/jlne.ws/47VnvBD
ASIC proposes to remake financial reporting legislative instrument
Australian Securities & Investments Commission
ASIC proposes to remake ASIC Class Order [CO 13/1050] Financial reporting by stapled entities. Under the Legislation Act 2003, legislative instruments cease automatically, or 'sunset', after 10 years, unless they are remade before the sunset date. The purpose of sunsetting is to ensure that instruments are kept up to date and only remain in force while they are fit for purpose, necessary and relevant.
/jlne.ws/484k9vW
ASIC proposes to extend electronic precontractual disclosure legislative instrument
Australian Securities & Investments Commission
ASIC proposes to extend the operation of ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 for a temporary period of 12 months, pending law reform. In June 2023, the Government introduced Treasury Laws Amendment (2023 Law Improvement Package No. 1) Bill 2023 to move exemptions or modifications of the law currently in ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 directly into the primary Acts and regulations. The Bill has not yet passed Parliament. ASIC Credit (Electronic Precontractual Disclosure) Instrument 2020/835 is due to expire on 1 October 2023.
/jlne.ws/3ZbRUaL
Governance Thematic Review
Financial Markets Authority
The Reserve Bank of New Zealand (RBNZ) - Te PÅ«tea Matua and the Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko expect regulated entities to have effective governance arrangements to support boards in their crucial role. Such arrangements enable boards to make well-informed decisions, based on sound judgement and in the best interest of the entity, its customers, and its key stakeholders. This publication reports on the findings from a joint review of a sample of 29 entities across the banking, insurance, non-bank deposit taking and investment management sectors, focusing on the foundational elements of governance, which include frameworks, policies and processes necessary to assist boards to meet their obligations and help drive good governance outcomes.
/jlne.ws/3ErxJft
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | BlackRock's Rieder Says 'Put Your Shoulder' Into Bonds as Fed Rate Risk Recedes
Liz Capo McCormick and Alix Steel - Bloomberg
BlackRock Inc.'s chief investment officer for global fixed income, Rick Rieder, said the cooling labor market supports speculation that the Federal Reserve is done raising rates, making bonds more appealing than they have been in months. While US hiring picked up in August, the Labor Department's report also showed that wage growth slowed and the unemployment rate jumped to the highest since February 2022, the month before the central bank started tightening monetary policy.
/jlne.ws/45xSZfo
T-Bill Deluge Risks Draining Bank Reserves, St. Louis Fed Warns; St. Louis Fed economists sees risk of bank reserves declining; Usage of reverse repo tool has stabilized around $1.8 trillion
Alex Harris - Bloomberg
As the US Treasury borrows heavily in the bills market, the Federal Reserve may find it has to pause its efforts to shrink its balance sheet to ensure the banking system remains stable, according to the St. Louis Fed. The US Treasury has sold about $1 trillion of bills since June after the government suspended the debt ceiling.
/jlne.ws/44IR7PI
Blackstone, Airbnb to Join S&P 500 After Index Rebalancing; Lincoln National, Newell Brands to be removed from gauge; Shifts to take place prior to market open on Sept. 18
Isabelle Lee and Emily Graffeo - Bloomberg
Private equity giant Blackstone Inc. is the latest addition to the S&P 500 Index, the first alternative asset manager to join the equity gauge. Airbnb Inc. is added as well. The New York-based Blackstone and Airbnb will replace Lincoln National Corp. and Newell Brands Inc. prior to the start of trading on Sept. 18, S&P Dow Jones Indices said in a press release late Friday.
/jlne.ws/3PpWJKk
Stock Traders Get Back to Believing Everything Is Just Perfect; It will take time before rising rates become problematic: BI; Part of the reason why earnings, market have held up: Hogan
Vildana Hajric and Emily Graffeo - Bloomberg
In the boardrooms of Corporate America, one big fear has been palpable for more than a year now: That surging interest rates are set to wipe out earnings, cap stock prices and kill off investment. Yet with the S&P 500 netting its best week since June after a month-long anxiety attack, equity traders are once again shrugging off the highest borrowing costs in more than two decades.
/jlne.ws/3Z3z2up
Rice Market Shows Strain After India's Campaign of Curbs; Philippines places price cap on grain after retail costs soar; Thailand tells Asian buyers that nation has adequate supply
Ben Sharples and Anuradha Raghu - Bloomberg
In about six weeks, India has rattled the rice market. The world's top shipper has placed restrictions on all of its exports, panicking governments from Asia to West Africa. Other big growers have tried to reassure consumers that rice supply is ample, but it's done little to calm the market. Rice prices in Asia jumped back near the highest level in almost 15 years on Wednesday after India slapped more curbs on parboiled and basmati over the previous weekend.
/jlne.ws/44As41b
A Global Stock Trader's Guide to Navigating Food Inflation; Agri producer stocks have beat global equities since July; Food-supply crisis is seen among top global threats this year
Abhishek Vishnoi and Lisa Pham - Bloomberg
/jlne.ws/3P7zVh9
Diamond Prices Are in Free Fall in One Key Corner of the Market; De Beers has been forced to slash prices aggressively for one of its benchmark products.
Thomas Biesheuvel - Bloomberg
/jlne.ws/3qZ5WQs
Municipal-Bond Investors Pay a Hefty Price for Not Being Taxed; A new study suggests that 'investors overvalue the pleasure' of tax-exemption
Daisy Maxey - The Wall Street Journal
/jlne.ws/3Z0s6hT
Hong Kong's Stock Market Liquidity Task Force to Meet This Week; Group to study expanding capital flows, boost competitiveness; Cutting stamp duty not enough: Financial Secretary Chan
Venus Feng - Bloomberg
/jlne.ws/3L9JB9y
US Stock Investors' Complacency is Worrying, JPMorgan Strategists Warn; Strategists warn of optimism as September is typically weak; US stock valuations are 'stretched' versus rising real yields
Farah Elbahrawy - Bloomberg
/jlne.ws/3Eo1FJk
Trafigura Says 'Fragile' Oil Market May Be Prone to Price Spikes; Luckock says one reason is underinvestment in crude production; Oil options traders boost wagers on $100 oil on tighter market
Serene Cheong and Sharon Cho - Bloomberg
/jlne.ws/3EohpMz
Yes, There Is a Bull Case for Investing in China
James Mackintosh - The Wall Street Journal
/jlne.ws/3P2t8Fj
This Is the Age You Really Need to Start Saving for Retirement; Investing $100 a week starting at age 25 can result in a nest egg topping $1.1 million by retirement, a new analysis found
Suzanne Woolley - Bloomberg
/jlne.ws/460dyRF
Roth vs. Traditional 401(k): Where to Put Your Money for Retirement?
Anne Tergesen - The Wall Street Journal
/jlne.ws/3Z6mkvd
My dividends strategy continues to deliver; Highly depressed markets have thrown up very attractive yields
John Lee - Financial Times
/jlne.ws/3qZz75W
Secretive active ETFs lose out to their fully transparent rivals; The portfolio-shielding models had a strong start when they were approved in 2019, but have failed to gain traction
Steve Johnson - Financial Times
/jlne.ws/3sGjX66
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Buildings Are Empty, Now They Have to Go Green; Rising rates, falling occupancy and new carbon taxes hit building owners
Shane Shifflett - The Wall Street Journal
Their buildings echo with empty offices, their borrowing costs have soared, and now owners of buildings in cities across the U.S. are facing a new tax on their carbon emissions. Cities are toughening their climate standards and are beginning to tax buildings that don't meet the new requirements. Landlords are left with a difficult choice between paying for expensive upgrades to reduce emissions or paying the tax.
/jlne.ws/45ADljt
A Medical Toolkit for Climate Resiliency Is Built on the Latest Epidemiology and ER Best Practices; Doctors at Harvard devised the treatment principles based on the belief that every person's health is affected by climate change.
Danish Bajwa - Inside Climate News
Harvard University's Chan School of Public Health has developed a Climate Resiliency Toolkit to aid emergency rooms and clinics with protocols for robust medical care during climate emergencies, based on the assumption that they now affect every person on the planet. The toolkit, developed jointly by Americares and Chan's Center for Climate, Health, and the Global Environment contains specific resources and guidance for administrators, physicians and patients at frontline medical clinics to proactively address climate-induced medical emergencies.
/bit.ly/3L5YPwb
Technologies Help Cities and Neighborhoods Beat the Heat; Green roofs, reflective surfaces and building upgrades reduce urban temperatures
Eric Niiler - The Wall Street Journal
Cities across the U.S. have found relief from this summer's record-setting heat with the help of technologies that shield roofs, pavement and other surfaces from the sun's scorching rays. Some of these technologies have been around for more than a decade but are experiencing greater demand as global temperatures rise. Washington, D.C., for example, has built more than 3,200 green roofs covering 9 million square feet-up from about 300,000 square feet in 2006, according to federal and city officials.
/jlne.ws/3Pma8TD
New Research Shows Direct Link Between Greenhouse Gas Emissions and Polar Bear Decline; Scientists say their findings could help close a legal loophole that enables the federal government to avoid considering greenhouse gas emissions impacts on threatened and endangered species.
Bob Berwyn - Inside Climate News
In 2008, polar bears had the dubious distinction of being the first animal placed on the United States' endangered species list due to climate threats, specifically the loss of Arctic sea ice. But that same year, President George W. Bush's Interior Department adopted a new policy that prevented federal agencies from considering the effects of greenhouse gas emissions on polar bears, despite those emissions being the main driver of the climate threat to the keystone Arctic predators. Every new ton of emissions leads to more melting of the sea ice that the bears live on.
/bit.ly/3PpTe6t
Kenya's president William Ruto calls for African debt relief to fight climate change; Appeal to reduce financial demands on indebted nations comes as Nairobi hosts first Africa Climate Summit
Andres Schipani - Financial Times
Kenya's president has called for a global debt relief deal to help indebted African nations fight the damaging effects of climate change, insisting the two issues are indelibly linked. William Ruto said most countries on the continent lacked the finance needed to address a range of pressing issues, including climate change, following debt defaults in Zambia and Ghana over the past years.
/jlne.ws/44G9rZZ
Money and Politics Put World's Biggest Climate Deal at Risk; A draft blueprint for Indonesia's $21.5 billion green aid package highlights significant obstacles, including a big loophole for new coal.
Harry Suhartono, Faris Mokhtar, and Jennifer A Dlouhy - Bloomberg
/bit.ly/3EovfhS
There is no green future for Europe without an upgraded power grid; Electrifying the EU economy must be made easier, cheaper and quicker
Kadri Simson - Financial Times
/jlne.ws/3P8GL5U
UK investment trusts urged to improve diversity and governance; Survey by asset manager Quilter Cheviot describes sector as 'too cosy and clublike'
Sally Hickey - Financial Times
/jlne.ws/3Z2TE5Y
The Coming Green Energy Bailout; Renewable power operators already want rate increases for their subsidized projects.
The Editorial Board - The Wall Street Journal
/jlne.ws/3PpMxS5
France Heat Nears 40C With Winds Raising Risk of Wildfires; London is set to exceed 30C by midweek, Maxar forecast shows; In Spain, flash floods are affecting La Mancha and Madrid
Ellie Harmsworth and Laura Millan - Bloomberg
/bit.ly/3ZbMsVl
Alien Species Threaten Food Supply, Public Health And Cost $423 Billion; Creatures displaced from their natural habitats by human activity and climate change damage local ecosystems. They also impose a heavy economic cost on the global economy, a new report says.
Liza Tetley - Bloomberg
/bit.ly/3P85szx
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Six banks team with Expand Research to create data vendor catalog
Max Bowie - Waterstechnology
Six global investment banks are collaborating with Boston Consulting Group-owned Expand Research to create an industry-wide data catalog covering all data vendors and their services, which would make it easier for firms to manage their data spend and to find new or alternative sources of data to meet specific end-user needs.
/jlne.ws/3Lesh3h
TD Bank Says It's Cooperating With a US Justice Department Probe; Bank has received inquiries about compliance with AML rules; Canadian lender abandoned a deal to buy First Horizon in May
Derek Decloet - Bloomberg
Toronto-Dominion Bank says it's been receiving inquiries from regulators and law enforcement about its compliance with anti-money-laundering rules, including requests related to a US Department of Justice investigation. Canada's second-largest bank made the disclosure in its third-quarter financial results Thursday, saying it may face penalties as a result of the probe.
/jlne.ws/45EebQQ
Chinese Banks Lend Billions to Russia Amid Western Sanctions: FT
Olivia Carville - Bloomberg
China's biggest banks are extending billions of dollars to Russia as sanctions pressure western lenders to exit the country, according to a Financial Times report. Since Moscow's invasion of Ukraine in February 2022, western regulators have cracked down on Russia by imposing sanctions and urging banking institutions to pull back on operations in the country. Chinese lenders are now filling the gap, the newspaper said.
/jlne.ws/3Pq1yDq
Hyun Song Shin on the New Financial Stability Risks; Where are the dangers now?
Tracy Alloway and Joe Weisenthal - Bloomberg
At Jackson Hole, the Kansas City Fed's annual gathering for economists and central bankers, there's a lot of focus on the short-term path of monetary policy. But, of course, the Economic Symposium is supposed to be about long-term policy frameworks. And central bankers aren't just responsible for changing benchmark interest rates - they are also financial regulators.
/jlne.ws/47ZIwLA
Ex-Wells Fargo Exec Deserves Prison in Accounts Scandal, US Says; Recommendation follows Carrie Tolstedt's plea deal this year; She tried to hide one of the biggest banking scandals, US says
Joel Rosenblatt - Bloomberg
Wells Fargo & Co.'s former head of retail banking should spend a year in prison for impeding a probe of the bank's practice of opening millions of accounts for customers without their authorization, prosecutors said. Carrie L. Tolstedt, the only executive at the bank to be accused of criminal wrongdoing stemming from its fake-accounts scandal of 2016, agreed this year to plead guilty to obstructing the investigation.
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SVP, Deutsche Bank Win Control of Spanish Steelmaker Celsa in Debt-Equity Swap; Question of valuation divided company and its lenders; Creditors pledge to keep operations in Spain, protect jobs
Irene Garcia Perez - Bloomberg
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JPMorgan Sees City of London Office Values Falling 20% This Year; Deterioration in asset values may spur disposals, bank warns; JPM downgrades British Land after two years at overweight
Joe Easton - Bloomberg
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Keep Calm And Bank On: Panic-Driven Bank Runs And The Role Of Public Communication
Damiano Sandri, Francesco Grigoli, Yuriy Gorodnichenko and Olivier Coibion
Bank for International Settlements
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Ferrari and Saint Gobain to be included in the EURO STOXX 50 Index
Qontigo
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Changes in composition of the STOXX Europe 600 Index
Qontigo
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Investors raise questions after Sequoia Capital's turbulent year; Silicon Valley's premier venture firm undergoes 'profound change' after China splits and soured bets on FTX and Twitter
George Hammond - Financial Times
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Gerko's XTX sues Aviva and L&G over alleged Russian discrimination; Billionaire's firm claims asset managers wrongly barred company after Ukraine invasion
Michael O'Dwyer - Financial Times
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Ontario Teachers' fund acquires UK wealth manager 7IM; Canadian pension fund agrees to buy holding from Caledonia Investments in roughly £450mn deal
Harriet Agnew and Arjun Neil Alim - Financial Times
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UBS to absorb Credit Suisse's Securities Research offering
Reuters
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | City firms make tweaks to help neurodiverse workers thrive
Ana Altchek - Crain's New York Business
When Jeanne Fitzsimons, who has attention-deficit/hyperactivity disorder, entered the workforce 10 years ago, she struggled with memory and concentration issues-factors that made seemingly simple tasks daunting and came across to employers who did not know about her issues as red flags.
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How to Be Direct Without Being Rude
Yasmina Khelifi and Irina Cozma - Harvard Business Review
You're pressed for time and have a zillion emails sitting in your inbox. You also need to send your boss the weekly sales report ASAP. You quickly shoot a message to your team: "Hi, Please send me your individual sales numbers for this week. I need them pronto, no later than 10 am. Thanks." Your work BFF later says she saw the message, and thought it was a tad rude.
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AI has a big, dirty problem that is tarnishing Big Tech's environmental image
Monica Melton - Insider
Big Tech's reputation as a safe bet for environmental, social and governance investors and sustainability-minded consumers is clashing with a new reality as industry giants Microsoft, Amazon, Google, and Meta, develop and deploy AI capabilities. AI is becoming more of an environmental hazard, from power-hungry GPUs used to train models to new datacenters that consume huge amounts of electricity and water.
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Critics of Workplace Diversity Efforts Eye Civil War-Era Law
Riddhi Setty and Khorri Atkinson - Bloomberg
Several suits filed on behalf of White workers following the US Supreme Court's decision outlawing affirmative action in higher education are banking on a Civil War-era statute guaranteeing equal rights to Black Americans to challenge the legality of corporate diversity, equity, and inclusion policies. The discrimination cases have been filed in recent weeks under Section 1981 of the 1866 Civil Rights Act, rather than the more traditional route, Title VII of the 1964 Civil Rights Act.
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How New Wealth, Few Rules Fuel Family Office Boom
Benjamin Stupples - Bloomberg
The descendants of oil tycoon J. Paul Getty have one. So do Microsoft Corp. founder Bill Gates, Fidelity Investments Chief Executive Officer Abby Johnson and Hong Kong telecommunications tycoon Li Ka-Shing. They are family offices, the loosely regulated, privately owned companies that manage vast amounts of money for wealthy clans.
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Occupational Segregation Drives Persistent Inequality, Study Says; New research points to the limits of education as a path to upward mobility for Black workers.
Steve Lohr - The New York Times
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The Ground-Floor Window Into What's Ailing Downtowns
Emily Badger - The New York Times
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What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone
Kaja Whitehouse, Michelle Abrego - Business Insider
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| Wellness Exchange | | An Exchange of Health and Wellness Information | A late summer COVID wave is here, but it's trickier than ever to track
Sareen Habeshian - Axios
The anticipated late summer COVID wave is here - but it's tougher than ever to measure. With the end of federal COVID case tracking and the prevalence of rapid at-home testing, virus-related hospitalization rates and wastewater analyses are the best bet for monitoring spread. If people in your life are testing positive, you're probably not alone.
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A Single Dose of Magic Mushroom Psychedelic Can Ease Major Depression, Study Finds
Alex Millson - Bloomberg
A single dose of psilocybin can lead to a "rapid, robust, and sustained reduction" in symptoms of severe depression when taken in conjunction with psychotherapy, according to a new study. Patients across the US were given either a 25mg dose of the drug, found in magic mushrooms, or a B vitamin, before spending between seven and 10 hours with therapists.
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Home insurers cut natural disasters from policies as climate risks grow
Jacob Bogage - The Washington Post
In the aftermath of extreme weather events, major insurers are increasingly no longer offering coverage that homeowners in areas vulnerable to those disasters need most. At least five large U.S. property insurers - including Allstate, American Family, Nationwide, Erie Insurance Group and Berkshire Hathaway - have told regulators that extreme weather patterns caused by climate change have led them to stop writing coverages in some regions, exclude protections from various weather events and raise monthly premiums and deductibles.
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When Screening for Prostate Cancer Comes Too Late; Late-stage diagnoses have risen and a decline in deaths has stalled
Brianna Abbott - The Wall Street Journal
Prostate cancer loomed over David Weigand's family: His uncle had the disease, and his father died of it. Yet widely followed recommendations for prostate-cancer screening didn't consider him eligible for a test. In 2021, he got tested anyway at his partner Cody Green's urging. Weigand was 53 at the time-two years below the age when the U.S. Preventive Services Task Force says men should consider testing for levels of prostate-specific antigen, or PSA. He had no symptoms.
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Jill Biden Tests Positive for Covid Ahead of Biden's G-20 Trip; White House says president tested negative on Monday; Biden scheduled to attend G-20 summit and visit Vietnam
Jenny Leonard - Bloomberg
First lady Jill Biden has tested positive for Covid-19, the White House said on Monday, days before President Joe Biden is scheduled to travel to the G-20 summit in India. Biden was administered a test Monday evening and was negative, White House press secretary Karine Jean-Pierre said. "The President will test at a regular cadence this week and monitor for symptoms," she added.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia revamps hydrogen push to reshape economy
Nic Fildes - Financial Times
The giant steelworks that overshadows Wollongong's beachfront relies on the coal and iron ore at the heart of Australia's resource-rich economy. Now the town south of Sydney is a proving ground for Australia's hopes of an industrial transformation based around a new resource: hydrogen. Next to the steelworks, a university spinout called Hysata has converted an 8,000 sq m building to make electrolysers, which separate hydrogen from water, both for export and to support Australia's need to develop hydrogen fuel for industrial use.
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Malaysia's Capital Control Experiment Resonates 25 Years On; Mahathir's shock move to stanch outflows changed the way the world thinks about maps and money.
Daniel Moss - Bloomberg
One of the most seminal moments in the Asian financial crisis transpired in a country that scraped through without a bailout - courtesy of economic heresy. This particular drama didn't pass into the history books easily. In the quarter of a century since Malaysian capital controls shocked global finance, brakes on how money shows up and leaves have moved closer to respectability.
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Australia Trims Wheat Crop Estimate, Curbing Global Supplies; Country is a major exporter of wheat, barley and canola; China is top buyer of Australian wheat in past two years
Keira Wright - Bloomberg
Australia's wheat production is likely to be lower than forecast after dry conditions and below-average rainfall in some growing regions. The government trimmed its estimate by 3% from June to 25.4 million tons, putting the crop on track for a 36% decline from the record harvest a year earlier, according to the Australian Bureau of Agricultural and Resource Economics and Sciences.
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Foreign Funds Reverse $17 Billion Record India Stocks Exodus
Ashutosh Joshi - Bloomberg
Foreign funds reversed their record exodus from Indian stocks as the country's appeal as an alternative to China grows, boosting valuations for its equity market to a new peak.
/jlne.ws/3Z6LN7q
Japan and U.K. to jointly invest in critical minerals in Africa
Anna Nishino - Nikkei Asia
Japan and the U.K. are set to make joint investments in critical minerals in such places as Africa and set up a framework for discussing economic security at the ministerial level, with supply chains on the agenda. They aim to cooperate in developing mines -- which generally requires dealing with high costs and risks -- and to stabilize the supply of the minerals.
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Iran's Booming Oil Exports Are Poised to Slow for Rest of Year; Shipments are likely to ease with seasonal dip in China demand; Tehran has been boosting shipments following diplomacy with US
Sharon Cho, Serene Cheong, and Anthony Di Paola - Bloomberg
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Belgium Sells Record EUR22 Billion Retail Bond to Investors; More than 600,000 savers signed up for the one-year notes; Sale was intended to 'stimulate competition': finance ministry
Lyubov Pronina - Bloomberg
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Finland is home to the world's happiest people. Their No. 1 secret is this 500-year-old mindset, says psychology expert
E. Elisabet Lahti - CNBC
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How the power grid survived a hot, hot summer; The power system has held up so far in record-breaking temperatures despite predictions that extreme heat could cause a crash. Here's why.
Jason Plautz - Politico
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This Alaskan glacier holds back billions of gallons of water. Until it doesn't.
Joshua Partlow - The Washington Post
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The Ground-Floor Window Into What's Ailing Downtowns
Emily Badger - The New York Times
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| Miscellaneous | | Stories that don't quite fit under the other sections | 13 Books We Read This Week; The print revolution's past and future, valuing an empire's impact, a saga of inheritance and imposture from Zadie Smith, and more.
The Wall Street Journal
'Colonialism: A Moral Reckoning' Review: Empire Without Apology; The Gutenberg Parenthesis' Review: Johannes G., Meet ChatGPT; 'Defectors' Review: Passing Through the Iron Curtain
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