| October 03, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The pre-recorded fireside chat between CFTC Chairman Rostin Behnam and FIA President and CEO Walt Lukken was 86ed and the chairman delivered his speech in person yesterday at FIA EXPO following Lukken's welcoming remarks. Speaking of which, Lukken clearly has new writers for his material as yesterday's opening remarks were missing the obligatory mention of CQG SVP Pat Kenny. For those of you scoring at home in the Kenny mention over/under game, this was a win for the under. Following the chairman's speech, Lukken and Behnam sat for the fireside chat shown above.
Lukken held a press conference at EXPO yesterday to promote FIA's DMIST initiative for standards building and also talked about the cyber after action report FIA released this week, "FIA issues recommendations for strengthening cyber resilience." He talked about AI and addressed the principles in which we engage with AI. He made a great point when talking about the challenges government regulators have keeping up with technical innovations like AI or crypto, noting exchanges are also regulators and on the the frontlines of dealing with these innovations.
One interesting feature of this year's EXPO is the lack of crypto participation of any kind. There is no crypto advertising like we have seen at recent FIA events and no big crypto firms with booths at the event. Even Cboe has no presence for its crypto, or any other part of its exchange offerings, at EXPO this year. Perhaps headline puts it better than this for Reuters, "The crypto market still bears the scars of FTX's collapse." The lack of crypto participation at EXPO is clearly a scar from the FTX collapse, as well as other issues in the crypto world. The recent story of JP Morgan UK banning crypto purchases, with one senior banker estimating that 20 to 25 percent of transactions sent to customers accounts were related to fraud, was certainly a huge red flag for many in the TradFi world. Back in 2021, everything at EXPO was about crypto, and Sam Bankman-Fried was interviewed by Lukken on the EXPO main stage in his schlocky uniform of t-shirt, shorts and sneakers. John Lothian News also interviewed him, a video I captured on my iphone as our other cameras were being used to video the Innovator Pavillion presentations. You can see my interview with SBF HERE.
The FIA for the second year has opened up nominations for the FIA Hall of Fame. If you would like to nominate someone for the 2024 FIA Hall of Fame class, you can do so with THIS LINK. Also, FIA is taking nominations for the President's Award, which "honors outstanding individuals for their direct and meaningful contributions to our work through FIA divisions, committees and working groups over the past year." You can make a nomination for the President's Award HERE.
I have several nominations I am going to make for the Hall of Fame, some international and some repeats of nominations I made last year that did not get in.
Thank you to the CME Group for sponsoring the opening reception last night at the Sheraton, where the conference is being held. It makes it easy to get to, especially for those of use staying in the hotel. I will admit, CME did throw some grand parties in iconic Chicago locations in year's past at EXPO, when the conference was bigger, pre-COVID.
The Cboe has made an ignoble list of companies, including BP, CNN and McDonalds, in a graphic of a Financial Times story titled "Why personal conduct is a growing risk for business," with the subheading "Embarrassing revelations about senior leaders can damage trust and cause significant upheaval." What I want to know is what Cboe is doing inside the company to build relationships with the new CEO, replacing one who was very accessible and relatable as a former Cboe member. But things are buttoned up pretty tight over at Cboe, so we will have to wait for those and other answers.
I received many comments at EXPO yesterday about my column about the Cboe and the harshness of the press release announcing Ed Tilly's resignation. All of the comments were positive and affirming.
I learned yesterday that MexDer's Gary Flagler and I have the same taste in glasses and have the same red, white and blue Ralph Lauren eyeglass frames. We are just a couple of Purdue grads with the same glasses.
Patrick Troy is starting a new position as senior managing director - business development and strategic initiatives at GuavaTech, Inc.
Cboe's Head of Derivatives Market Intelligence, Mandy Xu, has issued a report titled "Demystifying Dispersion with the DSPX Index" with the subheading "What the DSPX Index Reveals About Dispersion & Volatility."
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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Today is the second day of World Investor Week (WIW), which began Oct. 2 and runs until the end of the week, Oct. 6. Celebrating WIW is "Ring the Bell for Financial Literacy," a global campaign orchestrated by the World Federation of Exchanges and IOSCO, in which financial exchanges all over the world are ringing their bells to raise awareness about the importance of investor education and protection. You can follow the bells as they are rung on the WFE website.~SAED
Our most read stories yesterday on JLN Options were:
- Hedge Funds Haven't Made a Bet This Big in 5 Years from Schaeffer's Investment Research.
- Asset Management: The hedge fund bet that's scaring regulators from the Financial Times.
- Building the foundations for successful derivatives markets from the FIA. ~JB
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| Sponsored Content |
Navigating Uncertainty: JPX Launches New Derivatives Amid Global Challenges
In a year shadowed by the Ukraine conflict, soaring inflation, environmental and geo-political crises, Japan Exchange Group (JPX) is fortifying its offerings with new derivatives products. This strategic move coincides with the 35th anniversary of Equity Index Futures trading in Japan, spotlighting the Nikkei 225 and TOPIX indices as enduring financial tools.
This milestone anniversary underscores the resilience of JPX's flagship products, which continue to offer investors risk-hedging opportunities amid geopolitical and economic volatility.
Nikkei 225 Micro Futures: Inflation Hedge
While the Nikkei 225 soars to new decade highs, JPX's newly launched Nikkei 225 Micro Futures cater to individual investors, offering a cost-effective way to navigate inflation and market volatility. The micronized contracts provide an accessible and affordable hedge against global economic unpredictability.
Nikkei 225 Mini Options: Geopolitical Risk Management
With geopolitical tensions in mind, JPX has introduced Nikkei 225 Mini Options. These instruments open risk management strategies to a broader audience, offering adaptability in a swiftly changing global landscape.
3-month TONA Futures: Addressing Rate Uncertainty
JPX's 3-month TONA Futures assist institutions in managing liquidity during an unstable interest rate environment. As TONA emerges as a key rate benchmark, these futures serve as a strategic tool for financial adaptability. The offering completes the already robust JGB futures and vibrant JSCC IRS markets, cross margin efficiencies across the whole fixed income playbook are available through the JSCC clearing house.
Futureproofing and ESG
JPX is also preparing to implement Value-at-Risk (VAR) clearing in November 2023, offering a best-in-class margining methodology to further unleash portfolio efficiencies for market participants.
To deliver our part to global ESG concerns, JPX has launched a carbon credit market under the TSE brand, this offering will complement the already actively trading TOCOM Power market in the future. These anticipatory measures ensure JPX stays aligned with global sustainability initiatives.
These product launches, along with the upcoming VAR clearing system, cement JPX's role as a resilient, forward-thinking player in the global financial landscape and to further stride to remain your exchange of choice!
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Author: Matthias Rietig, Senior Officer of OSE Contact: Osaka Exchange / Tokyo Commodity Exchange Derivatives Business Development E-mail: ose-dmg@jpx.co.jp |
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Experts at FIA Expo see promise for tokenization of collateral; Despite short-term regulatory challenges and up-front cost hurdles, panelists remain optimistic
Jeff Reeves - FIA MarketVoice
At FIA's Expo conference in Chicago on 2 October, a diverse panel of experts had a frank discussion about the future outlook for the technology and the path to widespread adoption of tokenized collateral. The general consensus was that the industry is a long way from a widespread embrace of the technology, but market participants are still making steady progress and strategic investments in the future of this technology.
/jlne.ws/3RJs8c9
***** Nice of FIA's Jeff Reeves to cover this panel for all of us.~JJL
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Why everyone's phone will alarm at 2:20 pm ET on Wednesday
Catherine Thorbecke - CNN Business
If you hear a screeching alert go off on your cell phone - and everyone else's cell phone - this Wednesday at 2:20 pm ET, don't panic. The federal government said it will conduct on Wednesday afternoon a nationwide test of its Emergency Alert System and Wireless Emergency Alerts. The EAS portion of the test will send an emergency alert to all radios and televisions, while the WEA portion of the test will direct alerts to all consumer cell phones.
/jlne.ws/48zO93h
***** Don't be alarmed, when the alarm goes off.~JJL
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Monday's Top Three
Our top story Monday was Come On Down! And Will the Last Business in Chicago Turn Off the Lights? Thanks, a column by The Streetwise Professor, Craig Pirrong. Second was SEC hands out $79mn in fines over latest round of messaging violations, from the Financial Times, subtitled "Perella Weinberg Partners and Interactive Brokers among 10 firms caught up in latest enforcement action." Third was the SEC's press release page containing nine new press releases charging firms with violations or ordering them to pay.
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| Lead Stories | From $26 Billion to Bust: Sam Bankman-Fried's Astonishing Rise and Fall
Ava Benny Morrison, Yueqi Yang, Tom Maloney and Christopher Cannon - Bloomberg
Ever since his arrest, Sam Bankman-Fried has bucked advice from lawyers to keep quiet. But through press interviews, blog posts, leaks and social media, he has challenged the allegation that he is solely responsible for the world's biggest crypto meltdown. Now, as jury selection starts Tuesday in Bankman-Fried's trial on charges that he swindled billions of dollars from his crypto platform FTX, the 31-year-old will have one last chance to tell his side of the story.
/jlne.ws/48ERePk
You Can Now Invest in 'Shrek' Music Rights the Same Place You Buy Stocks; The Public platform offers everyday investors a slice of 'Shrek' catalog with quarterly payouts
Hannah Miao - The Wall Street Journal
Everyday investors will soon be able to own a cut of "Shrek" music royalties alongside their stocks and exchange-traded funds. Starting Thursday, customers of investing platform Public will be able to purchase a slice of the rights to the score of the "Shrek" film franchise and receive quarterly payouts. While royalty payments fluctuate depending on content consumption, the "Shrek" composition rights generated an annualized dividend yield above 8% in 2022 and 2021, according to Public.
/jlne.ws/3LNiTnz
Even Michael Lewis Can't Make a Hero Out of Sam Bankman-Fried; "Going Infinite," Lewis's new book about the disgraced crypto billionaire, defies the author's winning formula of upbeat narratives and unsung genius.
Jennifer Szalai - The New York Times
Reading "Going Infinite," Michael Lewis's strange new book about the disgraced crypto entrepreneur Sam Bankman-Fried, you soon get the sense that Lewis felt unusually flummoxed by his material. Among the reliable pleasures offered by a Michael Lewis book are his formidable storytelling skills, his comic timing, his winsome confidence. He makes sure to give you an unsung hero to root for: the dedicated public servant, the renegade baseball general manager, the contrarian investor who doesn't get snookered by the hype. Even Lewis's first book, "Liar's Poker," which recounts all kinds of bad behavior on Wall Street, is structured around a young man named Michael Lewis who leaves the "absurd money game" of finance for the bright lights of journalism and best-sellerdom.
/jlne.ws/46BXxBJ
Who's Rooting Hardest for a Sam Bankman-Fried Conviction? The Crypto Industry; Crypto insiders, who have been trying to distance themselves from the FTX founder, are united in their zeal to see Mr. Bankman-Fried held to account.
Erin Griffith - The New York Times
Travis Kling has spent a lot of time this year focusing on his mental, physical and spiritual health. That has been his coping mechanism since his cryptocurrency firm, Ikigai Asset Management, lost most of its assets from last year's collapse of the cryptocurrency exchange FTX, where he was a customer. Mr. Kling said he harbored no hatred for Sam Bankman-Fried, FTX's founder. But as Mr. Bankman-Fried's criminal fraud trial kicks off on Tuesday, Mr. Kling is eager to see the onetime crypto mogul - who is now viewed as its biggest villain - held accountable for his actions.
/jlne.ws/3RIUgw7
Crypto Could Be a Mystery to Jurors in Bankman-Fried Case; Jurors might know little about digital currency, raising strategic questions for prosecution and defense
James Fanelli and Corinne Ramey - The Wall Street Journal
When jurors size up FTX founder Sam Bankman-Fried for the first time, they might not know much about the world of cryptocurrencies. The prosecution and defense each could try to use that to their advantage. Jury selection gets under way Tuesday morning in the criminal case against Bankman-Fried, 31, who is on trial for a series of actions that allegedly led to the abrupt meltdown of the FTX crypto exchange last year.
/jlne.ws/48FIsAI
Trial of former cryptocurrency star Sam Bankman-Fried to start in Manhattan
Victoria Bekiempis - The Guardian
A federal court in Manhattan will start hearing the case against erstwhile crypto star Sam Bankman-Fried, with jury selection beginning on Tuesday. Bankman-Fried, who founded cryptocurrency exchange FTX and associated hedge fund Alameda Research, is facing trial on finance crimes stemming from the shocking collapse of FTX. Bankman-Fried faces seven conspiracy and fraud counts for allegedly siphoning investors' money into risky trades and other unlawful purposes.
/jlne.ws/3LKiZwn
One-third of all CFTC crypto enforcement actions took place this year - Chairman Behnam; CFTC Chairman Rostin Behnam told an audience at the Financial Industry Association Expo about the agency's activity in the crypto space and its need for modern legislation.
Derek Andersen - Cointelegraph
United States Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam highlighted his agency's activity in the cryptosphere and the need for up-to-date legislation at the Financial Industry Association Expo 2023 event in Chicago. He described the CFTC Enforcement Division's efforts as a "nonstop drumbeat."
/jlne.ws/48EOUYC
The crypto market still bears the scars of FTX's collapse
Hannah Lang and Elizabeth Howcroft - Reuters
The global cryptocurrency market remains badly scarred following the tumultuous collapse of crypto exchange FTX and other big players last year, with crypto prices, volumes and venture capital investment well below their 2021 peaks. Sam Bankman-Fried, the former CEO of FTX, stands trial in New York on Tuesday, charged with seven counts of fraud and conspiracy stemming from the exchange's abrupt collapse in November 2022. He has pleaded not guilty.
/jlne.ws/3LMQ7n8
ESG ratings: whose interests do they serve? Regulators and politicians are focusing on the accuracy, transparency and potential for conflicts of interest with sustainability scores
Kenza Bryan - Financial Times
The Deepwater Horizon oil rig disaster in 2010, which killed 11 workers and released almost 5mn barrels of oil into the Gulf of Mexico, was not just an environmental cataclysm. It also changed the financial industry.
/jlne.ws/3Q2rllA
Probe into US bank losses prompts Swedish pension fund chair to quit; Alecta has come under scrutiny over large stakes in lenders including SVB and a struggling property company
Richard Milne - Financial TImes
The chair of Alecta has become the latest senior executive to leave Sweden's biggest pension fund as regulators expand their probe into a series of botched investments. Ingrid Bonde said on Monday that she would resign as chair of Alecta with immediate effect, six months after she fired Magnus Billing as chief executive after the Swedish fund ended up as one of the biggest losers from the collapse of several US banks, including Silicon Valley Bank.
/jlne.ws/3ZImKIw
Jerome Joins LoopFX Board
Colin Lambert - The FullFX
FX market veteran and co-founder of BestX, Ollie Jerome, has joined the board of LoopFX as a non-executive director. Prior to establishing BestX in 2016, Jerome was head of FX sales and trading for EMEA at Morgan Stanley for six years, having joined from a similar role at Standard Chartered. He started his career at JP Morgan, where he worked for more than a decade, most latterly as MD of FX sales and structured products. He stepped down from BestX, where he was CEO, in June 2023.
/jlne.ws/45inFQK
GMEX ZERO13 Partners with HalaZone Technologies and CarbonCX to Provide Turnkey Digital Carbon Credit Services
GMEX
ZERO13, GMEX Group's digital climate fintech ecosystem is collaborating with Dubai-based HalaZoneTechnologies, the carbon credit project finance specialist, and Calgary-based CarbonCX, a digital platform for integration, calculation, aggregation, management and monetization of Carbon Reduction Credits. This partnership will enable clients with CO₂e¹ reduction projects to originate carbon credits and gain access to project financing or benefit from carbon offsets.
/jlne.ws/3tdA2jT
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | To tackle Putin's dark oil fleet, enforcement needs to be stepped up; Governments have options to give a price cap on Russian exports more teeth
Michelle Wiese Bockmann - Financial Times
The effectiveness of the G7 price cap on Russian oil stumbled at the first hurdle when prices rallied from July. That is because the principle of keeping oil flowing while limiting revenue to the Kremlin is flawed as the cap is currently enforced.
/jlne.ws/3RDITpe
We All Need to Keep Supporting Ukraine, Elon; False dichotomies and general weariness are undermining American backing of Kyiv. Time to remember what's at stake.
Andreas Kluth - Bloomberg
Surely we have bigger things to worry about than "a quarrel in a faraway country between people of whom we know nothing." That quote comes from Neville Chamberlain, prime minister of the UK at the time. He said it in 1938, when Adolf Hitler was about to seize the Sudetenland, part of what was Czechoslovakia. And you know what came next.
/jlne.ws/3EZvrVd
Army Ready to Deliver Long-Range Missiles for Ukraine Once Biden Approves; Long-range missiles carry from 300 to 950 cluster munitions; Pentagon has been preparing, Army Acquisition chief Bush says
Anthony Capaccio and Roxana Tiron - Bloomberg
The Army is poised to send Ukraine some of its long-range ATACMS missiles armed with cluster munitions once President Joe Biden approves the transfer, according to the service's top weapons buyer. The service "has been postured for this eventuality for a while," Army Assistant Secretary for Acquisition Doug Bush said in an interview. "We're ready to go fast."
/jlne.ws/3RDKOdq
Russia's Main Budget Goal Is Battlefield Victory, Finance Chief Says
Bloomberg News
Russia's budget, under which the nation will spend more on its military than social policies next year, is oriented toward one main goal - victory in the war on Ukraine, according to the country's finance minister. "Yes, it's a large amount in the budget expenditures, but we need this money to achieve the most important task today - the task of ensuring victory," Finance Minister Anton Siluanov said Tuesday at a budget hearing before the upper house of Russia's parliament.
/jlne.ws/45gqTEB
Ruble Sinks Back to 100 Versus Dollar in New Headache for Russia
Bloomberg News
The ruble depreciated near 100 per dollar again, briefly crossing an important psychological mark for Russian consumers and the government after past efforts by policymakers failed to arrest the currency's decline.
/jlne.ws/46vmPkQ
Inside Ukraine's Fight to Retake Bakhmut: 'The Ground Was Covered in Bodies'; A soldier's ground-level view of the costly battle-against a much larger Russian force-for a tiny village
Ian Lovett and Nikita Nikolaienko - The Wall Street Journal
/jlne.ws/46kHHM8
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Commodity Futures Trading Commission's Request for Comment on the Impact of Affiliations on Certain CFTC-Regulated Entities
CCP Global
The Global Association of Central Counterparties ("CCP Global") is the international association for central counterparties ("CCPs"), representing 42 members who operate over 60 individual CCPs across the Americas, EMEA, and the Asia-Pacific region.
CCP Global appreciates the opportunity to respond to the Request for Comment on the Impact of Affiliations on Certain CFTC-Regulated Entities ("the Request") issued by the Commodity Futures Trading Commission ("CFTC" or "Commission"). We appreciate the CFTC's outreach to the industry to better inform its understanding of the impact of affiliations between designated contract markets ("DCMs"), derivatives clearing organizations ("DCOs"), and/or swap execution facilities ("SEFs") and intermediaries, such as a futures commission merchant ("FCM") or other market participants.
/jlne.ws/3LIz6KO
OCC Reports September 2023 Monthly Volume Data
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through September 2023 was 44.4 million contracts. Total monthly volume for September 2023 was 847.8 million contracts.
/jlne.ws/3Q136Eh
CME Group Reports Second-Highest September and Q3 ADV on Record
CME Group
Highest-ever Q3 volume for interest rate and agricultural products; Record Equity Index options in September and Q3. CME Group, the world's leading derivatives marketplace, today reported its September and Q3 2023 market statistics, reaching an average daily volume (ADV) of 22.7 million contracts in September, representing the company's second-highest September ADV on record. Q3 ADV was 22.3 million contracts, the second-highest Q3 volume ever. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3LHKoik
Nasdaq Launches Custom Basket Forwards
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced the launch of Nasdaq Custom Basket Forwards. The Custom Basket Forwards solution meets the increasing market demand for a simpler and more efficient way of handling equity exposures by utilizing standardized contracts on the regulated market. Custom Basket Forwards enable investors to create a Forward contract on a customized equity basket that is defined by return type, currency, and selected from a European universe of equities, totaling around 1,700+ stocks from 15 countries.
/jlne.ws/45kImM2
TAIFEX Hosts the "2023 World Investor Week Taiwan Forum" in Support of the IOSCO and the WFE's Ring the Bell for Financial Literacy
TAIFEX
Taiwan Futures Exchange (TAIFEX), in collaboration with other organizations,
hosts the "2023 World Investor Week Taiwan Forum" from October 2 to 6, to
support the Ring the Bell for the Financial Literacy initiative as part of the World
Investor Week (WIW) campaign launched by the International Organization of
Securities Commissions (IOSCO) and the World Federation of Exchanges
(WFE).
/jlne.ws/46zLRza
JPX Monthly Headlines - September 2023
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
/jlne.ws/3Q1rBkz
Self-Certification: Proposed Amendments To The Rules Of Bourse De Montreal Inc. To
List Cash Settled Bitcoin Price Index Futures
TMX
The Rules and Policies Committee of Bourse de Montréal Inc. (the "Bourse") and the Special Committee of the Regulatory
Division of the Bourse approved amendments to the Rules of the Bourse in order to list cash settled bitcoin price index futures.
These amendments were self-certified in accordance with the self-certification process as established in the Derivatives Act
(CQLR, Chapter I-14.01).
/jlne.ws/3ZEjygM
Change Of Address Of London Agent
LME
Summary. Please note that with effect from 04 October 2023 the address for International Commodity Services Ltd will be as follows:
/jlne.ws/3vimcfa
The volume of open position on transactions with the central counterparty with a floating rate in the money market exceeded 500 billion rubles
MOEX
The volume of open position on repo transactions and deposits with a central counterparty (CCP) with a floating rate on the money market of the Moscow Exchange has exceeded 500 billion rubles since its launch in January 2023. Most often, market participants enter into transactions with maturities of 3 and 6 months.
/jlne.ws/3F0UPK5
TMX Group Thanksgiving Holiday Market Closures
TMX Group
Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Monday, October 9, 2023 for the Thanksgiving holiday. The Exchanges will re-open and resume regular trading on Tuesday, October 10, 2023.
/jlne.ws/3PYZm6c
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Barchart Announces Barchart Impact: Connecting Clients with Millions of Investors
Barchart
Barchart is proud to announce the release of Barchart Impact, a new media syndication offering that connects clients with millions of investors on barchart.com and hundreds of sites that are part of Barchart's syndication network. Through Barchart Impact, clients can build brand awareness, improve SEO visibility, promote products, generate leads, and attract new investors.
/jlne.ws/48AJ1fb
Tech IPOs Could Burn Firms Who Bought Into Hot Startups Too Late; The end of the IPO drought will mean riches for some, but it won't provide relief for those who invested at huge valuations over the past few years.
Sarah McBride and Katie Roof - Bloomberg
On the day Instacart held its initial public offering in September, the company's market value was just a quarter of the $39 billion price tag investors had put on it in March 2021, when it was a privately held startup. Still, Sequoia Capital, which first invested in the company in 2013, held a stake worth more than $1 billion at the time of the IPO.
/jlne.ws/46kH31a
Hacking the Help Desk: How Attackers Talk Their Way Into Company Networks; The group believed to be behind recent attacks on casinos excels at so-called social engineering, the term of art for tricking IT call center workers into unwittingly aiding them.
Margi Murphy - Bloomberg
In many ways it was an unremarkable conversation. An employee working for an IT help desk took a call, introduced himself and asked, "Is this regarding a new or existing ticket?" The caller, who sounded like an American in his early 20s, explained that he was having trouble signing in to his account. "I don't know how to reset my password, so I was just calling to get a password reset today." The caller provided his name, and it matched an employee on staff.
/jlne.ws/3PJxgue
Eventus, Phillip Capital Inc. announce extension of relationship for trade surveillance on all PhillipCapital markets
Eventus and Phillip Capital Inc.
Eventus, a leading global provider of state-of-the-art, at-scale trade surveillance software across all lines of defense, and Phillip Capital Inc. (PhillipCapital), the Chicago-based futures commission merchant (FCM) and broker-dealer subsidiary of Singapore-based PhillipCapital Group, announced today the extension of their relationship and the brokerage and clearing firm's use of the Validus platform to meet all of its trade surveillance needs.
/jlne.ws/48AG1iV
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| Cybersecurity | | Top stories for cybersecurity | Companies should prepare to comply with new SEC cybersecurity rules
Todd Ehret - Reuters
New cybersecurity rules from the U.S. Securities and Exchange Commission (SEC) are set to take effect on Dec. 15, 2023; and although the rules primarily target publicly listed companies, other private and smaller companies should familiarize themselves with the new rules, while preparing and monitoring their operations for their own security. The SEC's cybersecurity rules, adopted this past July, require publicly listed companies to comply with numerous incident reporting and governance disclosure requirements. Organizations should assume that they will experience real threats and potential breaches, the rules state.
/jlne.ws/3thC8zk
Evolving conversations: Cybersecurity as a business risk
Barry O'Connell - Help Net Security
Board members often lack technical expertise and may not fully grasp cyber risks. On the other hand, CISOs are more accustomed to interfacing with IT staff. This is understandable; the board is responsible for guiding high-level decision-making. They rarely become involved with the details, leaving implementation plans and technical audits for the CISO to handle.
/jlne.ws/3rDwVBu
New ISACA Research: 59 Percent of Cybersecurity Teams are Understaffed
Press Release
New cybersecurity data hones in on where cybersecurity pros come up short, with soft skills, cloud computing, and security controls emerging as the biggest skills gaps in today's cybersecurity professionals, according to ISACA's annual research report, State of Cybersecurity 2023, Global Update on Workforce Efforts, Resources and Cyberoperations.
/jlne.ws/3PNEPQS
Cybersecurity experts raise concerns over EU Cyber Resilience Act's vulnerability disclosure requirements
Michael Hill - CSO Online
Dozens of global cybersecurity experts have raised concerns about the proposed vulnerability disclosure requirements of the EU's Cyber Resilience Act (CRA). An open letter signed by representatives from a wide range of organizations including Google, the Electronic Frontier Foundation, the CyberPeace Institute, ESET, Rapid7, Bugcrowd, and Trend Micro claimed that the current provisions on vulnerability disclosure are counterproductive and will create new threats that undermine the security of digital products and the individuals who use them.
/jlne.ws/45kFvTk
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bankrupt Celsius Says Restart Is Crypto Customers' Best Option; Celsius is seeking court approval on bankruptcy exit plan; Failed crypto lender wants to re-launch as creditor-owned firm
Jonathan Randles - Bloomberg
Failed crypto lender Celsius Network kicked-off a bankruptcy trial over its plan to restart as a user-owned Bitcoin miner, telling a judge it wants to repay customers whose funds have been frozen on the platform since June 2022 a portion of what they're owed by year's end.
/jlne.ws/45dtVcM
Former Galaxy Europe Boss to Lead New Investment Firm Deus X; Deus X Capital has $1 billion in assets under management; Assets include stakes in Galaxy and crypto bank SEBA
Anna Irrera and Emily Nicolle - Bloomberg
Tim Grant, the former head of crypto investor Galaxy Digital Holdings Ltd.'s European business, is to spearhead a new investment and operating firm backing companies in areas including digital assets, fintech and institutional capital markets.
/jlne.ws/3RH2iFK
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| Politics | | An overview of politics as it relates to the financial markets | Matt Gaetz moves to oust Kevin McCarthy as House Speaker; Fellow Republicans set for showdown after bipartisan deal to keep government from shutting down
Lauren Fedor - Financial Times
Matt Gaetz, the firebrand Republican congressman from Florida, has moved to oust the Speaker of the House of Representatives, setting the stage for a dramatic vote within 48 hours to determine Kevin McCarthy's political fate. Gaetz took the bold step to aim to remove McCarthy late on Monday, just two days after the Speaker brokered a deal with Democrats to avert a costly government shutdown.
/jlne.ws/3tiJORX
When it comes to AI and democracy, we cannot be careful enough; Without adequate precautions, next year's elections could descend into chaos
Marietje Schaake - Financial Times
Next year is being labelled the "Year of Democracy": a series of key elections are scheduled to take place, including in places with significant power and populations, such as the US, EU, India, Indonesia and Mexico. In many of these jurisdictions, democracy is under threat or in decline. It is certain that our volatile world will look different after 2024. The question is how - and why.
/jlne.ws/3PHtkKn
Why MAGA Wants to Betray Ukraine
Paul Krugman - The New York Times
So the federal government wasn't shut down over the weekend, although we may have to go through this whole drama again in six weeks. Kevin McCarthy, the speaker of the House, ended up doing the obvious: bringing a funding bill to the floor that could pass only with Democratic votes, because the hard-liners in his own party wouldn't agree to anything feasible. And the bill didn't include any of the spending cuts Republicans have been demanding, except for one big, bad thing: a cutoff of aid to Ukraine.
/jlne.ws/48zjUcB
Putin May Announce Run for New Term in November, Kommersant Says
Bloomberg News
Russian President Vladimir Putin may announce he's running for reelection as soon as November, launching his widely expected bid for a fifth term as president.
/jlne.ws/3PJc47T
Singapore's Money Laundering Crackdown Tops Parliament Agenda; Case sheds light on financial sector, fund flows from abroad; Singapore police seized more than $1.8 billion in assets
Philip Heijmans and Chanyaporn Chanjaroen - Bloomberg
Lawmakers will discuss one of Singapore's largest-ever money-laundering cases in parliament as the government comes under pressure to tighten rules and crack down further on cross-border organized crime.
/jlne.ws/3Q21kTq
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| Regulation & Enforcement | | Stories about regulation and the law. | Explainer-What charges does Sam Bankman-Fried face over FTX's collapse?
Luc Cohen - Reuters
Sam Bankman-Fried is set to go on trial on Tuesday on fraud and conspiracy charges related to the collapse of FTX, the now-bankrupt cryptocurrency exchange he founded and led. The 31-year-old former billionaire has pleaded not guilty. Below is an explanation of the seven charges he faces. Prosecutors say Bankman-Fried embezzled customer money to plug losses at Alameda Research, a crypto hedge fund he owned, as well as to make investments, buy real estate in the Bahamas, and donate to U.S. political campaigns - sometimes through "straw" donors used to mask the true source of the funds.
/jlne.ws/46wNzS6
Sam Bankman-Fried's fraud trial to begin jury selection; New York court will weed through prospective jurors as case against founder of FTX crypto exchange gets under way
Joe Miller - Financial Times
The search for 12 jurors to decide the fate of FTX founder Sam Bankman-Fried will begin on Tuesday, as dozens of New Yorkers are quizzed over their attitudes to cryptocurrencies and their abilities to remain fair and impartial in the blockbuster criminal case.
/jlne.ws/3LKsiMI
Brussels warns against 'paranoia' when regulating generative AI; European Commission vice-president says legislation should be based on 'solid analysis'
Javier Espinoza and Alice Hancock - Financial Times
One of the EU's most senior officials has warned against being "paranoid" or too restrictive when regulating generative artificial intelligence because fear of the technology would stifle innovation. Věra Jourová, the European Commission's vice-president for values and transparency, told the Financial Times that the bloc's impending legislation should not be based on "dystopian" concerns.
/jlne.ws/3RFbs5L
CFTC Approves Proposed Rule Regarding Exemptions from Certain Compliance Requirements for Commodity Pool Operators, Commodity Trading Advisors, and Commodity Pools
CFTC
The Commodity Futures Trading Commission today published a proposed rule that would amend CFTC Regulation 4.7, a provision that provides exemptions from certain compliance requirements for commodity pool operators (CPOs) with respect to commodity pool offerings to qualified eligible persons (QEPs) and for commodity trading advisors (CTAs) with respect to trading programs advising QEPs.
/jlne.ws/3LPIGvl
Keynote Address of Chairman Rostin Behnam at the Futures Industry Association Expo 2023, Chicago, Illinois
CFTC
Markets continue to demonstrate volatility amid economic and geopolitical uncertainty. And that means that the Commission must act purposefully while remaining careful stewards of our resources. I feel more committed than ever to these principles of deliberation and stewardship during this time of uncertainty. Recognizing the responsibilities of a financial regulator, my duties include prioritizing market resilience and stability, and protecting the public from fraud and abuse, while resisting calls for action rooted in short-termism that may place our markets at risk. Every decision we make, and every word we say impacts people and markets, and this reality will continue to anchor me.
/jlne.ws/3rzRQW0
SEC Spotlights Due Diligence during World Investor Week 2023
SEC
The Securities and Exchange Commission today announced it will highlight the importance of investor education and protection during World Investor Week (WIW) 2023, which takes place October 2-8. Arising technologies and new digital tools are making it easier and quicker to invest. Taking time to do due diligence can help investors avoid fraud and make better informed investment decisions.
/jlne.ws/46RWSfF
SEC Charges Agent Funds and Principals with Fraud and Registration Violations; Settles with Other Agent Funds to Registration Violations
SEC
Last week the Securities and Exchange Commission charged Pisces Income Fund, LLC, Pisces Income Fund Parallel, LLC, and their principals Shannon Westhead and Alec Vagnozzi; Capricorn Income Fund I, LLC, Capricorn Income Fund I Parallel, LLC, and their principal Albert Vagnozzi; Merchant Services Income Fund, LLC, Merchant Services Income Fund Parallel, LLC, and their principal Michael Tierney alleging violations of the federal securities laws in connection with their participation in the more than $500 million unregistered and fraudulent securities offering by Complete Business Solutions Group, d/b/a Par Funding ("CBSG"). These entities, acting as agent funds of CBSG, and individuals raised more than $65 million from approximately 260 investors nationwide for the purpose of investing in CBSG in violation of the antifraud, securities registration, and broker-dealer registration provisions of the securities laws.
/jlne.ws/3RIPnTS
Written reply to Parliamentary Question on use of artificial intelligence in supervision of financial institutions
Monetary Authority of Singapore
To ask the Prime Minister (a) how has the Monetary Authority of Singapore used artificial intelligence (AI) in its supervision of financial institutions; (b) whether this has resulted in positive outcomes; and (c) what is the long-term role of AI in its regulatory framework.
/jlne.ws/3RJA3Gp
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Secretive billionaire Harald McPike sues over collapse of Spac deal; Lawsuit accuses gaming investor Jason Ader of misrepresenting investment in Spac that tried to buy Manila casino
Ortenca Aliaj and Oliver Barnes - Financial Times
The family office of secretive billionaire Harald McPike has accused US gaming investor Jason Ader of fraudulently inducing it into backing his special purpose acquisition company because he was under pressure to return $16mn to his mother.
/jlne.ws/46fiGld
Pick Your Luxury Stocks Like You Pick Your Handbags; Obstacles remain, but bling businesses won't be out of fashion forever.
Andrea Felsted - Bloomberg
Prada, Dior and even Gucci sent more subdued styles down the runways of Paris and Milan in recent weeks. Shareholders in the bling behemoths have also swapped their exuberance for caution, as the mood sours on top-end shoppers. But investors with longer-term horizons should still have room for some maximalism amid the derating of luxury stocks. The industry faces a difficult year or so, but rising wealth in many parts of the world - and a desire to show it off - should continue to buoy demand for Louis Vuitton bags and Moncler coats.
/jlne.ws/46wpYkr
When Will the Fed Stop Raising Rates? That's the Trillion-Dollar Question for Bond Investors; Asset managers are betting on flood of money into fixed-income funds that has yet to materialize
Jack Pitcher - The Wall Street Journal
Asset managers have been counting on what BlackRock BLK -0.53%decrease; red down pointing triangle calls a "generational opportunity" in the bond market, now that yields are at decade-plus highs. Investors ranging from pension funds to retirement savers should be buying longer-term bonds to lock in higher rates, their thinking goes, spurring a flood of inflows to bond funds. BlackRock, for one, has projected assets under management at its bond exchange-traded funds to triple to $2.5 trillion by 2030
/jlne.ws/3F2RcTU
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Rating the ESG raters
Joanna S Kao and Kenza Bryan - Financial Times (podcast transcript)
Environmental, social and governance investing, or ESG, has become all the rage in recent years. Almost $3tn worth of investments are now marketed as sustainable. But as its influence has grown, so have questions about who gets to decide which companies count as green and how transparent their ratings are. Here to talk to me about this is Kenza Bryan. She writes about sustainable finance for the FT. Hey, Kenza.
/jlne.ws/46dUUpT
Young Climate Activists Say 'We'll See You in Court'; Court cases are becoming increasingly common in the battle to curb carbon emissions.
Lara Williams - Bloomberg
It doesn't get more David versus Goliath than the latest case to be heard before the Grand Chamber at the European Court of Human Rights. Six youngsters from Portugal, represented by a small crowdfunded legal team, charged 32 countries and their 86-strong team of lawyers with climate crimes last week. It's part of a wave of judicial mobilization seeking to ensure climate agreements aren't just words on paper.
/jlne.ws/3PG47QD
EU Nominee for Climate Chief Vows to Continue Green Shift; Wopke Hoekstra comments on climate in EU Parliament hearing; Hoekstra is set to replace former climate chief Timmermans
Ewa Krukowska and John Ainger - Bloomberg
The European Union's climate commissioner-designate pledged to complete the bloc's plan to reduce emissions if he's permanently approved for the post and vowed more ambition globally on environmental issues.
"I want to assure you that continuity is in place on the entire Green Deal," said Wopke Hoekstra, who was previously the Dutch foreign minister, at a hearing of the European Parliament's environment committee. "In my own portfolio, I aim to swiftly conclude all pending negotiations."
/jlne.ws/3PE9MXC
EU launches first phase of world's first carbon border tariff
Philip Blenkinsop and Kate Abnett - Reuters
BThe European Union launched on Sunday the first phase of the world's first system to impose CO2 emissions tariffs on imported steel, cement and other goods as it tries to stop more polluting foreign products from undermining its green transition. The planned tariff has caused disquiet among trading partners and at a forum last month, China's top climate envoy Xie Zhenhua urged countries not to resort to unilateral measures such as the EU levy.
/jlne.ws/48E0lQl
In Shipping, a Push to Slash Emissions by Harnessing the Wind; More ships are running on wind power, as the global industry tries to fight climate change. One concept has backing from Abba, the Swedish pop stars.
Cara Buckley - The New York Times
One ship was pulled across the sea with the help of an enormous sail that looked as if it belonged to a kite-surfing giant. Another navigated the oceans between China and Brazil this summer with steel and composite-glass sails as high as three telephone poles. Both harness a natural propellant that oceangoing vessels have depended on for centuries: the wind. And they're part of a growing effort to move the shipping industry away from fossil fuels.
/jlne.ws/3ZGxxCT
Deutsche Bank's Kamran Khan Casts Asia as the Lead in the Globe's ESG Efforts
ICE House (podcast)
/jlne.ws/45b9UTX
Money managers are shifting their attitude to ESG as 'realism' sets in, says S&P's Dan Yergin
Lee Ying Shan - CNBC
/jlne.ws/3Q0jjZh
A Florida Coral Reef Fights to Survive After Record Ocean Heat Wave; Extreme heat in the Atlantic Ocean is testing the resilience of coral reefs, and forcing scientists to rethink their conservation strategies.
Zahra Hirji - Bloomberg
/jlne.ws/45vKUqZ
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Boaz Weinstein Raises Bid for Hedge Fund Sculptor as Rithm Weighs Higher Offer
Hema Parmar, Katherine Burton and Sonali Basak - Bloomberg
Boaz Weinstein has again boosted his bid for hedge fund firm Sculptor Capital Management Inc., prompting Rithm Capital Corp. to weigh a sweetened offer of its own, according to people familiar with the matter.
/jlne.ws/48BQ7Qu
Hedge funds using computers to sell up to $30 billion of stocks soon - UBS
Nell Mackenzie - Reuters
Hedge funds using computers to trade equities are expecting to start selling to the tune of $20 billion to $30 billion in the next two weeks given retreating stock markets, a UBS note seen by Reuters shows. Hedge funds using algorithms to follow market trends have turned neutral from bullish on stocks, the UBS note said.
/jlne.ws/3PEmhlJ
Ex-BTG Partners' Investment Firm Buys Brazil Fund Manager; Galapagos expands into equity funds through Frontier deal; Amid consolidation wave, Galapagos also bought Taler, Cypress
Vinicius Andrade and Cristiane Lucchesi - Bloomberg
Galapagos Capital, an investment firm run by former Banco BTG Pactual partners, acquired a Brazilian asset manager in a bid to expand its fund offerings. Galapagos's purchase of Frontier Capital, which manages about 42 million reais ($8.3 million) across two equity funds, gives its clients access to the investments, Chief Investment Officer Fabio Guarda said in an interview.
/jlne.ws/3PEoOML
Swiss Risk in AT1 Market Vanishes Just as UBS Weighs a Comeback; Extra yield on UBS bonds over non-Swiss peers evaporates; Gap had spiked on worries over Swiss authorities' decisions
Tasos Vossos - Bloomberg
Traders of bank bonds are no longer penalizing UBS Group AG for Swiss risk. That's opportune as the country's largest lender considers a new issue of additional tier 1 notes. UBS, which acquired Credit Suisse in a government-brokered rescue that left investors in Credit Suisse's AT1s with $17 billion of worthless notes, saw its risk premium soar to 450 basis points relative to non-Swiss issuers.
/jlne.ws/3rB5kRj
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | JPMorgan's Dimon Predicts 3.5-Day Work Week for Next Generation Thanks to AI
Daniel Taub and Hannah Levitt - Bloomberg
Jamie Dimon said artificial intelligence is already being used by thousands of employees at his bank, and is likely to make dramatic improvements in workers' quality of life, even if it eliminates some jobs. "Your children are going to live to 100 and not have cancer because of technology," Dimon said in an interview on Bloomberg TV Monday. "And literally they'll probably be working three-and-a-half days a week."
/jlne.ws/3F27KeT
Prezi CEO Is Betting Remote Meetings Will Be Better Than In-Person; Five minutes with Jim Szafranski about why virtual meetings won't go away with office returns and how the company is trying to make them a better place to actually get work done.
Irina Anghel - Bloomberg
The message "Do you have any weekend plans?" moves across the screen image in oversized lettering, appearing in undulating waves over the head of Jim Szafranski , the chief executive officer of Prezi Inc. Such attention-grabbing screen text - in this case at the start of my virtual interview with Szafranski - is just one of the features of Prezi Video, a tool launched in 2019 and now used by over 200,000 companies and other organizations. The internet-based presentation software - an alternative to Microsoft's Power Point product - allows virtual meeting participants to share feedback, answer questions and edit charts in a more interactive way than screen sharing.
/jlne.ws/48AmrDs
Tougher Return-to-Office Policies Are No Remedy for Half-Empty Buildings; Office owners are struggling with near record-high vacancy rates
Peter Grant - The Wall Street Journal
First, the good news for office landlords: A post-Labor Day bump nudged return-to-office rates in mid-September to their highest level since the onset of the pandemic. Now the bad: Office attendance in big cities is still barely half of what it was in 2019, and company get-tough measures are proving largely ineffective at boosting that rate much higher.
/jlne.ws/3LHpVdB
Zoom's Ex-CMO Will Now Pitch Hybrid Work as CEO of Video-Tech Firm Neat; Janine Pelosi is assuming the top spot at another company that depends on the new flexible way of working-one that many businesses are trying to rein in
Megan Graham - The Wall Street Journal
Janine Pelosi, former chief marketing officer of Zoom Video Communications, saw the company take off when the pandemic abruptly forced workplaces around the world to go remote. As she takes up the role of chief executive at Neat, a Norway-based maker of software and devices for videoconferencing, Pelosi said she would try to coax employers to keep those remote policies flexible as back-to-the-office pressure mounts.
/jlne.ws/3rsb4wR
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Covid-19 vaccine winners suffer reversal of fortune; Companies have yet to provide investors with convincing post-pandemic strategies
Hannah Kuchler - Financial Times
At the height of the pandemic, investors clamoured to buy vaccine makers, the closest thing to a sure bet. But the fall in coronavirus infections has meant a reversal in fortunes for these Covid-19 winners, with the shares sliding on sales uncertainty and questions surrounding their future growth.
/jlne.ws/3ZH3AT7
Without a College Degree, Life in America Is Staggeringly Shorter
Anne Case and Angus Deaton - The New York Times Opinion
By many measures, the U.S. economy is thriving: Unemployment stands close to the 50-year low set in April, the fraction of people aged 25 to 54 in work is at a two-decade high, gross domestic product is growing rapidly, inflation is falling, and the S & P 500 is a third higher than it was before the pandemic. While encouraging, economic statistics like these offer an incomplete picture of the state of the country. There is a deep and persistent national malcontent - in one recent NBC News poll, nearly three-quarters of Americans say the country is on the wrong track, while Gallup reports that poor life ratings are at record highs.
/jlne.ws/46wktSK
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore considers money-laundering checks for luxury cars and handbags; Single family offices could also face stiffer rules as value of assets under investigation swells to $2bn
Mercedes Ruehl - Financial Times
Singapore may subject luxury assets, including cars, watches and handbags, to anti-money laundering controls and increase scrutiny of single family offices as the Asian financial hub reels from a S$2.8bn (US$2bn) money-laundering scandal.
/jlne.ws/3rKcylU
Singapore Seizure Tops $2 Billion as Laundering Probe Widens; Investigation is ongoing as city-state weighs measures; Authorities said probe into laundering started in 2021
Philip Heijmans and Chanyaporn Chanjaroen - Bloomberg
Singapore authorities seized or froze assets worth more than S$2.8 billion ($2 billion) in one of the city-state's largest money laundering investigations, a senior official said on Tuesday while signaling the government could tighten immigration rules to curb illicit inflows.
The amount disclosed to parliament by Second Minister for Home Affairs Josephine Teo is higher than the S$2.4 billion previously announced. The assets included 152 properties, 62 vehicles, thousands of bottles of liquor, cryptocurrencies, gold bars and jewellery.
/jlne.ws/3PYxX4j
Russia's Seaborne Crude Flows Rebound to Hit a Three-Month High; Flows surged after port works were completed at major export terminals
Julian Lee - Bloomberg
Russia's seaborne crude exports jumped to the highest in three months in the week to Oct. 1, lifting four-week average flows to a level that's broadly in line with the country's pledge to reduce overseas shipments. About 3.72 million barrels a day of crude was shipped from Russian ports last week, a 24% increase from the previous seven days and the highest since the week ending July 2, tanker-tracking data monitored by Bloomberg show. That lifted the less volatile four-week average to about 3.3 million barrels a day.
/jlne.ws/3PyjB9m
Russian Oil Exports to India Bounced Back Strongly in September; Ample supplies and discounts helped drive the increase: Kpler; Russian diesel ban means more crude is available for export
Rakesh Sharma - Bloomberg
Shipments of Russian oil to India jumped 15% in September from a seven-month low in August, boosted by plentiful supply and price discounts, according to Kpler SAS. Cargoes arriving from Russia amounted to 1.78 million barrels a day last month, the data intelligence firm said. The imports are likely to stay strong, according to Viktor Katona, lead crude analyst at Kpler.
/jlne.ws/45cm9Qd
OPEC+ Shows No Sign of Easing Oil Squeeze as Ministers Meet; Delegates don't anticipate policy changes at committee meeting; Saudis, Russia are applying additional squeeze on oil supplies
Grant Smith, Salma El Wardany, and Fiona MacDonald - Bloomberg
As OPEC+ ministers prepare to review global oil markets, the group is showing no signs of cooling a rally that brought prices near $100 a barrel. Crude has soared more than 20% in three months as alliance leaders Saudi Arabia and Russia squeeze supplies while world fuel demand hits records. The surge threatens to undermine a fragile global economy, harm consumers with another inflationary spike and derail central banks' plans to wrap up interest-rate hikes.
/jlne.ws/3rKgoLQ
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