| May 03, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today is World Press Freedom Day, the 30th anniversary of this important celebration proclaimed in 1993. The Wall Street Journal reports that the number of journalists imprisoned at the end of last year reached a 30-year high. And of course, we are all concerned about the imprisonment of Wall Street Journal reporter Evan Gershkovich in Russia, during his fifth week of captivity.
I believe you can't have free markets without a free press and as you know I believe in free markets. All the good that comes from free markets depends on the access to accurate information that only a free press, unencumbered by threats and attacks on its independence, can provide. So today as you participate in the markets, remember to celebrate the 30th anniversary of World Press Freedom Day.
Next week ISDA's 37th Annual General Meeting comes to Chicago and it will bring out the stars of Chicago and the derivatives industry. The AGM is from Tuesday May 9 until Thursday May 11, 2023 and will be held at the Swissotel at 323 E. Wacker Dr. Your last chance to register is running out. Register HERE.
Among the speakers at the ISDA AGM are CFTC Chairman Rostin Behnam, Virtu Financial Co-Founder and Chief Executive Office Douglas A. Cifu, CME Group Chairman and Chief Executive Officer Terry Duffy, U.S. Securities and Exchange Commission Chairman Gary Gensler, U.S. Treasury Department Under Secretary for Domestic Finance J. Nellie Liang and London Stock Exchange Group Chief Executive Officer David Schwimmer
But that is not all. ISDA also has U.S. Treasury Deputy Assistant Secretary for Capital Markets Dini Ajmani, Bank of England Executive Director, UK Deposit Takers Supervision Prudential Regulation Authority Sarah Breeden, Federal Reserve Bank of Chicago Vice President and Head of Financial Markets Group Alessandro Cocco, US Commodity Futures Trading Commission Commissioner Kristin Johnson, European Securities Markets Authority CCP Supervisory Committee Chair Klaus Lober, US Commodity Futures Trading Commission Commissioner Summer Mersinger, Jump Trading Group President and Chief Investment Officer Dave Olsen, Tradeweb Markets President Thomas Pluta, DRW Founder and CEO Don Wilson and Morgan Stanley Vice Chairman and Alternative Reference Rates Committee and the Global Markets Advisory Committee Chair Tom Wipf.
We all know a whale is a big trader, but whales are also very important to the environment, it turns out. The Financial Times explains it all in a story titled "Turning whales into carbon-based assets won't be easy" with the subheadline "We have allowed the natural capital on which we all depend to be depreciated off the books."
Corporate activist investor Carl Icahn took a $10 billion gut-shot yesterday after Hindenburg Research accused him of using a "ponzi-like" economic structure at his investment company, Bloomberg reported. This is one of those cases of karma finally catching up with you, IMO.
The Kremlin reported a drone attack on the Kremlin, which they blamed on Kyiv and said was an attempt on the life of Russian President Vladimir Putin, The Wall Street Journal reported. There are more stories on this from Bloomberg and the Financial Times in the Ukraine War News section.
Ihor Andrushko has joined Transaction Network Services as manager of its support desk for financial markets. He previously spent six years at BornTec in an account management and sales role. He was at Trading Technologies for almost 15 years and left in 2015 as global director of customer support and operations.
Bevon Joseph shared the story of his son being involved in a car-jacking in Chicago while traveling home from daycare with his great-grandfather. He reflects on the experience and what the solutions that are needed to truly resolved the crime problems in Chicago in a LinkedIn post.
Bloomberg has an interesting travel tip, that you should always travel with two mobile phones. Keep your old phone and use it as a backup. Buy a $10 replacement SIM card to be able to switch your number to the backup phone should you lose your regular phone or it be disabled. The story is titled "Why You Should Always Bring Two Phones When Traveling."
The owner of Olive Garden restaurants, Darden Restaurants, is buying the owner of the Ruth's Chris steakhouse chain, The Wall Street Journal reported. Get ready for lots more bread at Ruth's Chris.
Monday night I had the pleasure of attending a Court of Honor for the Scouts BSA troops I formerly served and the Crew I founded and was the Crew Advisor for. Not only that but Troop 117B celebrated its 25th anniversary. The girl troop I founded, 117G, celebrated its 4th anniversary and the Crew is now eight years old. The boy troop recently took in 19 new Scouts, many from another troop that had folded. Troop 117B now has 43 boys and Troop 117G has 22 girls. There are 13 Venturers in Crew 711. It was good to see the units thriving, especially the girl troop, which has generated five Eagle Scouts so far and has two more about done.
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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Quantum computing could break the internet. This is how; The next generation of quantum computers will open a new world of possibilities, but also pose enormous risks to our online security
Sam Learner, John Thornhill, Sam Joiner and Irene de la Torre Arenas - Financial Times
They call it Q-day. That is the day when a robust quantum computer, like this one, will be able to crack the most common encryption method used to secure our digital data.
/jlne.ws/3AOFwlH
***** Every tool can be used for good or evil. This one may be really bad evil.~JJL
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How WTI Became the Most Important Commodity Contract on the Planet
Owain Johnson - Institutional Investor
Let me take you back to 1983. Amazingly, that's 40 years ago now, even though it doesn't seem that long ago for some of us. 1983 was the year when Michael Jackson released Thriller, and I also remember waiting in a huge line to watch Return of the Jedi at the cinema. 1983 was also a big year for technology: Nintendo released the first games console, Motorola released the first mass-appeal mobile phones, and a standard Internet Protocol was adopted for the first time.
/jlne.ws/3VnVexL
***** Well, there used to be a lot of dinosaurs, and you see, the oil...~JJL
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Media lies threaten the truth and decency on which democracy depends; One has to hope that the electorate and judiciary will remain robust against future efforts at subversion
Martin Wolf - Financial Times
Last month, Fox, a business controlled by Rupert Murdoch and his son Lachlan, agreed to pay $787.5mn to Dominion Voting Systems to settle the latter's $1.6bn defamation case against it. Justin Nelson, Dominion's lawyer, insisted in response to this settlement that it shows that "the truth matters" and "lies have consequences". This is true, but only to a limited extent.
/jlne.ws/3VrLFxA
****** Free markets depend on the free press. And that includes a press that does not lie.~JJL
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Icahn the Hunter Has Become the Hunted; A short seller's attack on the activist investor's company could weaken him for future offensives.
Ed Hammond - Bloomberg
I don't know what Carl Icahn eats for breakfast. Shark blood? He's supposed to be the most feared man on Wall Street, after all. Tuesday morning, he got something even less appealing: a short seller. Hindenburg Research attacked Icahn Enterprises LP as an overvalued, dangerously levered confidence trick for retail investors who don't know any better. It is unclear whether Icahn will care; he has been called worse - raider, devil, evil Captain Kirk, and so on - but this time he should.
/jlne.ws/3p4zn2c
****** What goes around comes around.~JJL
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Tuesday's Top Three
Our most-read story Tuesday was American Financial Exchange Appoints Veteran Financial Services Executive John Shay as CEO, a press release from the American Financial Exchange. Second was CME Group Inc.'s CEO Compensation Is Looking A Bit Stretched At The Moment, from Simply Wall St. Third was USA Today's What is the healthiest beer? Consider these factors before you crack open a cold one, which was our top story Monday.
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MarketsWiki Stats
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| Lead Stories | Half of America's banks are potentially insolvent - this is how a credit crunch begins
Ambrose Evans-Pritchard - The Telegraph
The twin crashes in US commercial real estate and the US bond market have collided with $9 trillion uninsured deposits in the American banking system. Such deposits can vanish in an afternoon in the cyber age. The second and third biggest bank failures in US history have followed in quick succession. The US Treasury and Federal Reserve would like us to believe that they are "idiosyncratic". That is a dangerous evasion.
/jlne.ws/3AQgGBQ
Regulator proposes sweeping changes to UK listing regime; FCA fast-tracks reform after companies shun City for New York and European exchanges
Laura Noonan - Financial Times
The UK's financial regulator is pursuing a deeper and faster overhaul of the stock market listing rules after a string of high-profile companies shunned the City in favour of New York, raising questions about London's future.
/jlne.ws/3Lqr5ct
China dominates global IPO market as Wall Street fails to rebound; US companies raise less than a fifth of Chinese total this year as banking turmoil dulls enthusiasm for new listings
George Steer, Nicholas Megaw and Hudson Lockett - Financial Times
Chinese initial public offerings have raised more than five times as much money as those in the US this year as a crop of fresh listings in the world's biggest economy failed to appear after a dire 2022. Rising interest rates, stubbornly high inflation and the recent turmoil in the US banking sector have dashed hopes of a recovery in companies floating on Wall Street.
/jlne.ws/44BRLQr
You Don't Want to Know How Banks Make Their Sausage; Post-mortems from the Fed and the FDIC on Silicon Valley Bank are clues to how financial institutions really operate.
Marc Rubinstein - Bloomberg
Normally, the words exchanged between bank and regulator don't leave the room. Bank examiners are bound by strict confidentiality requirements that can land them with fines or even jail time if they are breached. Nor can banks themselves reveal confidential supervisory information because even though they are party to it, the material is deemed the property of the Federal Reserve. And good luck trying to lodge a Freedom of Information request. Exemption 8 of the Freedom of Information Act explicitly exempts from public disclosure any information "contained in or related to examination, operating, or condition reports prepared by, on behalf of, or for the use of an agency responsible for the regulation or supervision of financial institutions."
/jlne.ws/3nhfRz6
Listings overhaul must stop London's sucking sound getting louder; Review ditches gold standard of governance but has yet to work out what comes next for the City
Helen Thomas - Financial Times
That sound is a "dirty great hoover...on full suction mode". Lord Jonathan Hill, who two years ago began the process of reforming London's listing regime with his eponymous review, was referring to the US Inflation Reduction Act sucking investment out of Europe. He may as well have been talking about London's capital markets. The risk, ironically, of subsidies in drawing money towards the land of the free, said Hill, is that it "reinforces the mentality that the US is...where you want to be for business."
/jlne.ws/3AQbcXW
How the American War Machine Ran Out of Gas; The conflict in Ukraine shows that the "arsenal of democracy" is in a pitiable state, which may encourage Chinese aggression.
Hal Brands - Bloomberg
The arsenal of democracy is in a pitiable state, and so is America's ability to sustain - or better yet, deter - a great-power war. That fragility didn't develop overnight; it was the result of decades of deliberate policy choices. Those choices didn't carry much penalty in a post-Cold War world defined by American dominance. As the conflict in Ukraine has shown, however, they are likely to prove far costlier in the years ahead.
/jlne.ws/3p9Jjas
Three failed US banks had one thing in common: KPMG; Big Four auditor's work for SVB, Signature and First Republic comes under scrutiny in aftermath of their collapses
Stephen Foley - Financial Times
The trio of bank failures since March has cast a pall over KPMG's lucrative business as the largest auditor of the US banking sector. Questions over the quality of its work and independence have mounted in recent days, following the release of a Federal Reserve report into the collapse of Silicon Valley Bank and the forced sale of First Republic. The Big Four accounting firm was auditor to both banks, as well as to Signature, which was seized by regulators in March.
/jlne.ws/415FwIx
Central banks bow to the inevitability of digital currencies; Retail demand is still scant, but careful design can take advantage of their merits
Eswar Prasad - Financial Times
The future of retail and peer-to-peer payments is undoubtedly digital. As the use of cash plunges around the world, central bank digital currencies are an inevitable part of this transition. Most central banks are bowing to this reality, either experimenting with or preparing the ground for CBDCs - as instruments for broadening financial access, increasing payment system resilience and ensuring monetary sovereignty. Even as these digital tokens gain momentum, however, the case for them has weakened.
/jlne.ws/3nnVyQm
Coinbase Opens Offshore Crypto Derivatives Exchange
Danny Nelson - CoinDesk
U.S.-based crypto trading firm Coinbase is opening a derivatives exchange in Bermuda as part of an international expansion plan that comes as the publicly traded firm faces regulatory headwinds at home. Called Coinbase International Exchange, the new facility will initially let traders bet on the price of bitcoin and ether via perpetual futures contracts with up to five times leverage and all trades will settle in the stablecoin USDC. In a blog post Coinbase said trading has begun.
/jlne.ws/41WplP6
Coinbase Grew Quickly by Working With U.S. Regulators. Will It Expand Even More by Disregarding the SEC?
Daniel Kuhn - CoinDesk
Coinbase has launched a new derivatives exchange in Bermuda, a totemic act showing the largest U.S. crypto exchange means business when it says U.S. crypto regulations are increasingly nonviable. The exchange, which has been publicly feuding with the U.S. Securities and Exchange Commission (SEC) over a range of issues, received its license to operate in the island nation last month as it looks to test the international waters.
/jlne.ws/42kfgeF
DWS partners with Galaxy Digital to develop crypto ETPs; The German asset manager is planning a 'comprehensive' range of crypto vehicles aimed at European investors
Sandra Heistruvers - Financial Times
DWS has agreed a strategic partnership with US-based digital assets manager Galaxy Digital to launch a "comprehensive" range of cryptocurrency-focused exchange traded products for investors in Europe. Germany's largest provider of retail funds and the New York-headquartered firm also intend to "subsequently explore other digital asset solutions".
/jlne.ws/44pfItN
UBS Inherits Legacy of Legal Headaches From Credit Suisse
Hugo Miller - Bloomberg
When UBS Group AG integrates Credit Suisse Group AG in the coming months, the Swiss bank plans to run staff from the scandal-prone former rival through what Chairman Colm Kelleher dubbed a "culture filter" to weed out potential bad apples.
/jlne.ws/4216xya
Icahn group's shares tumble after attack by short seller Hindenburg; Legendary activist investor's vehicle said to be overvalued in critical report
Ortenca Aliaj and Antoine Gara - Financial Times
US short seller Hindenburg Research has unveiled a position against Icahn Enterprises, the publicly listed fund run by activist Carl Icahn, knocking its share price and setting up a battle between two of Wall Street's most feared and outspoken investors.
/jlne.ws/40Ybvuj
Crypto Loses Some of 24/7 Luster as Weekday Trading Sees Uptick; Average daily weekend volumes have fallen by 10%, says Kaiko; Crypto markets are becoming less 24/7 now, says Kaiko's Ryder
Vildana Hajric - Bloomberg
One of crypto's focal characteristics is that it trades around the clock, every day of the year. Now the market is, due to a number of recent shifts in the industry, becoming much more focused on a Monday-through-Friday routine. Thanks to the closure of Silvergate Capital Corp.'s Silvergate Exchange Network, as well as the shuttering of Signet - the real-time payments network for crypto companies operated by the now-failed Signature Bank - markets have become "less 24/7," according to researcher Kaiko.
/jlne.ws/3NGubLY
Is the Federal Government Trying to Kill Off Crypto? The industry sure thinks so - even as the White House denies it.
Jen Wieczner - New York Magazine
The crypto company was essentially reverse-engineered for Washington, D.C.'s stamp of approval. Protego Trust, founded by a lawyer turned venture capitalist, was betting big that it could be the squeaky-clean, bona fide bank that crypto needed to win Wall Street's business. It had spent $80 million pursuing a coveted approval for a national trust charter, winning conditional approval in 2021.
/jlne.ws/42mf12T
How a Blackpool Gang That Couldn't Shoot Straight Pulled Off a $24.5 Million Crypto Heist; Unemployed man found a glitch in an Australian crypto exchange; Hacker went from living on benefits to millionaire lifestyle
Katharine Gemmell - Bloomberg
On a dreary British day in January 2018, two men, one in a wheelchair, the other pushing him, sped through Manchester Airport on their way to catch an Emirates jumbo jet to Dubai. James Parker, an unemployed man living in the English seaside town of Blackpool, and Stephen Boys, a financial adviser making a modest living, were on their way to the United Arab Emirates to invest their haul from a crypto heist as simple as it was effective.
/jlne.ws/3np0Afy
Ex-Barclays CEO assaulted Jeffrey Epstein victim, lawsuit claims
Josie Ensor - The Telegraph
Former Barclays chief Jes Staley was not only aware of client Jeffrey Epstein's abuse of young women but allegedly assaulted at least one victim himself, according to a court ruling which claims Mr Staley was sent "sexually suggestive" photographs of them. Mr Staley, who once advised Epstein as head of JP Morgan's private banking division, is accused of being personally involved in some of the abuse at the disgraced late financier's US Virgin Island retreat and had Epstein's "permission" to "do what he wanted".
/jlne.ws/44zGG2e
AI Walked the Met Gala Red Carpet and Fooled Us All; The technology is blurring the lines between real and fake, and many scientists are afraid to air their concerns.
Jessica Karl - Bloomberg
Between all the cat costumes and tweed, it's tough to choose a favorite look from the 2023 Met Gala. If I had to pick one, it would be the designs of Vaquera, a campy Paris-based label with a tongue-in-cheek approach to fashion. The two designers behind the brand, Patric DiCaprio and Bryn Taubensee, were tasked with dressing four celebrities for the big event: September Evans, Anita Kristiansen, Anita Lee and Carrie Marie Carey.
/jlne.ws/40U8B9P
Overseas reference prices, outages industry taskforce and SI reporting overhaul among new FCA reforms; Wholesale Markets Review reforms range across post-trade transparency, OTC transaction reporting, use of reference prices from overseas venues, tick sizes, and market outages.
Annabel Smith - The Trade
The UK Financial Conduct Authority (FCA) has today announced its next set of changes to the equity secondary markets designed to reduce the cost of trading and streamline reporting obligations.
/jlne.ws/3Vu0saZ
LSEG and Barclays sign multi-year strategic partnership; Partnership spans across investment banking, capital markets, wealth and private banking and retail; Barclays is in discussions to join LSEG and Microsoft's Design Partner Programme.
Annabel Smith - The Trade
The London Stock Exchange Group (LSEG) and Barclays have announced a multi-year strategic partnership spanning the "full ecosystem of the business". The partnership will see Barclays use LSEG products and services across investment banking, capital markets, wealth and private banking and retail.
/jlne.ws/3VpoKTL
ESMA recognises Malaysia, Taiwan, Colombia and Israel CCPs; The move takes total recognised Third Country (TC) CCPs to 39; comes as watchdog withdraws recognition of six Indian CCPs.
Wesley Bray - The Trade
The European Securities and Markets Authority (ESMA) has recognised four additional third country central clearing counterparties (TC-CCPs) under Article 25 of Emir, increasing the total number of ESMA-recognised TC-CCPs to 39.
/jlne.ws/4235pKG
Laurie McAughtry joins Markets Media as Managing Editor of Best Execution
Dan Barnes - Fi-Desk
Markets Media is pleased to announce the appointment of Laurie McAughtry as managing editor of Best Execution Magazine, with former editor, Lynn Strongin Dodds, moving to a new role at Markets Media, working across multiple titles.
/jlne.ws/411ZSTl
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Says Downed Drone Attack on Putin's Kremlin Residence; Kremlin threatens unspecified 'retaliatory measures'; Moscow issues order banning drone flights amid rising fears
Bloomberg News
Russia said it defeated an attack by a pair of drones on President Vladimir Putin's residence in the Kremlin in Moscow Tuesday night, blaming the attempt on Ukraine. The drones were disabled and crashed in the Kremlin without causing injuries or damage, the Kremlin said in a statement. Putin was not in the Kremlin at the time, his spokesman, Dmitry Peskov, said, according to RIA Novosti.
/jlne.ws/3AQcUsk
Russian Gold Is in Hands of Obscure Firms as JPMorgan, HSBC Exit; Some little-known firms are taking over Russian bullion trade; Imports banned in G-7 and EU nations, but allowed elsewhere
Eddie Spence - Bloomberg
With Russian gold shut out of Western markets, little-known companies are stepping in to help the country's bullion find new buyers. Russian bars became taboo after the invasion of Ukraine, and were blocked by Group of Seven nations and European Union import bans last summer. That created a big headache for Russia's huge gold industry - its own market can't absorb the $20 billion of metal mined each year, leaving the central bank or foreign buyers to take the rest.
/jlne.ws/42g37r6
Russian spy network smuggles sensitive EU tech despite sanctions; Covert FSB procurement chain acquires goods for war in Ukraine even after operatives were apprehended last year
Miles Johnson, Max Seddon and Chris Cook - Financial Times
A Russian spy network has acquired sensitive technology from EU companies to fuel Vladimir Putin's war in Ukraine even after a US-led crackdown on the covert smuggling ring. The network - set up to procure goods ranging from microchips to ammunition - has managed to obtain machine tools from Germany and Finland despite US sanctions imposed in March 2022, a Financial Times investigation has found.
/jlne.ws/3LPGi8l
Russian military ship spotted near Nord Stream pipelines days before blasts; Tugboat capable of launching and rescuing mini-submarines was photographed close to where sabotage took place
Richard Milne and Max Seddon - Financial Times
Several Russian military ships were observed close to the Nord Stream pipelines in the days before the gas links between Russia and Europe were blown up last year. A Russian tugboat SB-123 capable of launching and rescuing mini-submarines was seen near the pipelines on September 21 and 22, shortly before the explosions on September 26, according to an investigation by four Nordic state broadcasters based on intercepted radio messages.
/jlne.ws/40UWyJn
Russia accuses Ukraine of Putin assassination attempt; Unconfirmed report from state newswire says two Ukrainian drones attacked Kremlin
Max Seddon - Financial Times
The Kremlin has accused Ukraine of attempting to assassinate Russian president Vladimir Putin in a drone attack. State newswire Ria Novosti on Wednesday reported that Russia's military and secret services acted in a "timely" fashion to shoot down two Ukrainian drones that attacked the Kremlin overnight.
/jlne.ws/42iqss7
Russia and Ukraine step up air strikes ahead of expected counter-offensive; Air raid sirens heard in Kyiv soon after midnight followed by series of explosions
Roman Olearchyk and Christopher Miller - Financial Times
Dozens of explosions were reported in Ukraine and near Russian-occupied Crimea early on Wednesday, as both sides stepped up air attacks ahead of an expected counter-offensive by Kyiv to recapture lost territory.
/jlne.ws/424NByD
Russia Halts Some Oil Wells But Keeps Production Data Secret; The share of inactive wells jumped to highest in 10 months; Tanker-tracking data show no sign of cut in seaborne exports
Bloomberg News
Russian oil data show a jump in the number of idled wells in March, adding another contradictory element to the murky picture of whether the country really is cutting crude production as promised.
/jlne.ws/3oVJ56O
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LSEG signs long-term strategic partnership with Barclays; Multi-year agreement for LSEG products and services across Barclays including in Investment Banking, Capital Markets, Wealth & Private Banking and Retail.
LSEG (London Stock Exchange Group) and Barclays have signed a new multi-year strategic partnership. Building on their longstanding relationship, the agreement includes a wide range of capabilities to support Barclays across the full ecosystem of businesses to enhance delivery for customers and clients and prepare for the next generation in financial services.
/jlne.ws/3nimb9z
OCC Clears 764.3M Contracts in April 2023, down 2.4% Year-Over-Year
Options Clearing Corporation
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through April 2023 was 44.9 million contracts, up 7.2 percent compared to year-to-date average daily volume through April 2022. Total volume was 764.3 million contracts, down 2.4 percent compared to April 2022.
/jlne.ws/3Vuc664
Intercontinental Exchange Reports April 2023 Statistics
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported April 2023 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. April highlights include: Total average daily volume (ADV) up 4% y/y Energy ADV up 9% y/y; open interest (OI) up 6% y/y, including record OI of 49.7M lots on April 24 Total Oil ADV up 27% y/y; OI up 5% y/y Brent ADV up 29% y/y; OI up 8% y/y Gasoil ADV up 33% y/y; OI up 15% y/y Other crude and refined products ADV up 34% y/y; OI up 7% y/y
/jlne.ws/412foye
BGC Partners, Inc. Reports First Quarter 2023 Financial Results
BGC Partners, Inc.
BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial technology company, today reported its financial results for the quarter ended March 31, 2023.
/jlne.ws/3ARC9dE
Tradeweb Reports April 2023 Total Trading Volume of $22.3 Trillion and Average Daily Volume of $1.15 Trillion
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for April 2023 of $22.3 trillion (tn). Average daily volume (ADV) for the month was $1.15tn1, an increase of 4.7 percent (%) year-over-year (YoY).
/jlne.ws/3LS7T8I
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Twitter's Unpaid Bills Threaten to Be an Even Bigger Problem for Elon Musk; At least 10 vendors have sued the company, claiming it has not paid them money it owes them.
Aisha Counts - Bloomberg
Small businesses are accusing Twitter Inc. of stiffing them, even as company owner Elon Musk, who has a personal net worth of more than $150 billion, is saying the social network's finances are finally on the way to recovery.
/jlne.ws/41RbwS5
Emerging Voices in Fintech: Gould Scholastic Award Winners
Darpan Bhargava - SS&C
For more than 30 years, the annual Gould Scholastic Award has been awarded in recognition of outstanding university students who compose exceptional academic papers on topics related to investment management strategies, theories and trends. The scholarship was previously administered by DST Systems, Inc. before its acquisition by SS&C Technologies in 2018.
/jlne.ws/44pHs1K
Onetick Appoints Shailesh Dwivedi Head of Buy-Side Regulatory Solutions
OneMarketData News
OneMarketData LLC, a leader in tick data management and analytics, today announced it appointed Shailesh Dwivedi as Head of Buy-side Regulatory Solutions. A proven financial technology leader with extensive experience working in product management across top-tier banks, asset management firms and consultancies, Dwivedi will oversee and expand OneTick's buy-side offerings to ensure OneTick clients meet and exceed requirements across the global regulatory landscape.
/jlne.ws/3Hyg8V5
Why NDF execution algos might still hit the spot; Products have yet to live up to initial hype, but their long-term potential for investors remains significant
Joe Parsons - Risk.net
With any new product, there is always a concern that it won't live up to the hype. Google Glass did not revolutionise computing, the Sinclair C5 did not mark a step change in the field of transport and blockchain has yet to provide any tangible solutions for the world of finance. Many in the currency markets believe execution algorithms for non-deliverable forwards have similarly failed to meet expectations.
/jlne.ws/41WbtEL
TNS Launches Full-Suite of Financial Infrastructure Services Across Canada
TNS
Transaction Network Services (TNS) has deployed network connectivity in all major Canadian financial exchange markets in a series of partnerships announced today. Now, all brokers, analysts, traders and investors which are part of the TNS worldwide financial community can access Canadian markets leveraging TNS' trading infrastructure.
/jlne.ws/3LszfRx
TS Imagine launches cross asset all-in-one trading system for hedge funds; New system is built for entire investment team to use across trading and risk management; follows merger of Trading Screen and Imagine Software in 2021.
Annabel Smith - The Trade
TS Imagine has today launched a new hedge fund targeted, cross asset, all-in-one trading and risk management system designed for the entire investment team to use, The TRADE can reveal. Named TS One, the system is SaaS based and was designed for hedge funds looking to scale their businesses by removing costs associated with disparate systems.
/jlne.ws/44olX16
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| Cybersecurity | | Top stories for cybersecurity | FCA contacts Capita's clients over cyber attack; UK regulators urge outsourcer's customers, including insurers and pension funds, to examine data loss
Josephine Cumbo, Ian Smith and Leke Oso Alabi - Financial Times
The UK financial regulator has contacted clients of Capita, the outsourcer which suffered a cyber attack in March, urging companies including insurers and hundreds of pension funds to determine customer data losses from the data breach.
/jlne.ws/3nxqRbr
Boards Are Having the Wrong Conversations About Cybersecurity
Lucia Milică and Dr. Keri Pearlson - Harvard Business Review
Boards that struggle with their role in providing oversight for cybersecurity create a security problem for their organizations. Even though boards say cybersecurity is a priority, they have a long way to go to help their organizations become resilient to cyberattacks. And by not focusing on resilience, boards fail their companies.
/jlne.ws/3noexKC
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| Cryptocurrencies | | Top stories for cryptocurrencies | Binance, Coinbase Endure $700M in Staked Ether Outflows as Decentralized Liquid Staking Protocols Gain
Krisztian Sandor - CoinDesk
Centralized crypto exchange giants Binance and Coinbase have suffered large outflows of staked ether (ETH) since Ethereum's Shanghai upgrade as investors flock to decentralized rivals, blockchain data shows. Coinbase's staking platform has endured a $367 million net outflow of staked ETH since April 12, as withdrawal requests - including reward withdrawals and full exits - outpaced new deposits, according to a Dune Analytics data dashboard. The world's largest crypto exchange Binance's staking service has seen a net outflow of $340 million.
/jlne.ws/44ApKbU
Coinbase Launches International Exchange as Tensions With US Regulators Grow
Yueqi Yang - Bloomberg
Coinbase Global Inc. is launching an international derivatives exchange for institutional crypto traders outside the US, seeking to diversity its business amid souring relations with American regulators. The new platform, Coinbase International Exchange, will list Bitcoin and Ether perpetual futures starting this week after it received a license last month from the Bermuda Monetary Authority.
/jlne.ws/44zBKKK
UK Crypto Tax Advisers Welcome Proposed Changes to DeFi Lending, Staking Treatment
Camomile Shumba - CoinDesk
Tax advisers in the U.K. have welcomed proposed rules for decentralized finance (DeFi) lending and staking activities, calling it a positive step that offers some "certainty" for the crypto industry. On Thursday, the U.K. government's tax branch, His Majesty's Revenue and Customs (HMRC), announced it will be consulting crypto stakeholders for the next eight weeks on its plan.
/jlne.ws/44ouK35
DCG's CFO Steps Down as Crypto Conglomerate Repays $350M Loan; The company's revenue increased from the fourth quarter as crypto prices soar.
Aoyon Ashraf - CoinDesk
Crypto conglomerate Digital Currency Group (DCG) said Chief Financial Officer Michael Kraines stepped down in April and revealed that it fully repaid a $350 million senior secured term loan during the first quarter. Kraines became CFO two years ago. DCG has engaged Heidrick & Struggles for a new CFO search, according to a letter to shareholders, and President Mark Murphy and Chief Strategy Officer Simon Koster will run the finance department in the meantime.
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Former Coinbase Official Balaji Srinivasan Closes Out $1 Million Bitcoin Bet Early; Balaji Srinivasan made the 90-day prediction in March; 'I am raising public alarm," Srinivasan said in a Tweet
Olga Kharif - Bloomberg
Balaji Srinivasan, the former chief technology officer of Coinbase Global Inc., said he closed out what appeared to be a losing bet that Bitcoin would rise to $1 million within 90 days. Srinivasan said he gave $1 million to two organizations, including Bitcoin Core development team at researcher Chaincode Labs, as well as paying $500,000 to someone who goes by James Medlock on Twitter, and who won the wager.
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Bitcoin Climbs as US Bank Failure Bolsters Crypto Narrative; Crypto gains as the stock market declines on banking concerns; Latest bank collapse puts a 'positive spotlight' on Bitcoin
Muyao Shen - Bloomberg
Bitcoin climbed Tuesday as renewed fears of stability in the US financial system bolstered the price of cryptocurrencies. The largest digital asset by market value rose as much as 4.4% to $28,892 in New York trading hours, with Ether, the second largest token, also up 3.7%. The gains come as US regional banks led a selloff in American equities following the collapse and sale of First Republic Bank, which has prompted calls on the Federal Reserve to pause further interest-rate hikes to shield the economy from lagging impacts.
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Sports Illustrated Launches NFT Ticketing Platform on Polygon
Jamie Crawley - CoinDesk
U.S. sports publication Sports Illustrated is launching a non-fungible token (NFT) ticketing platform built on the Polygon network, an Ethereum scaling tool. Sports Illustrated's ticketing marketplace SI Tickets has developed "Box Office" in partnership with Ethereum software firm ConsenSys, the company behind crypto wallet MetaMask. The announcement on Tuesday says it will be the world's first complete NFT ticket service, allowing event owners, organizers and promoters to use Box Office to build further engagement opportunities into tickets, such as highlights, collectibles and offers through a feature called "Super Ticket."
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| Politics | | An overview of politics as it relates to the financial markets | Texas Has a Bill to Kill Booming Renewables Sector; The state's senators are trying to hobble a thriving wind and solar industry that already employs almost 39,000 Texans.
Liam Denning - Bloomberg Opinion
Like the (probably apocryphal) village destroyed that it might be saved, Texas' legislature is rampaging across the state's energy industry purportedly to preserve it. One measure in particular, which just passed the state senate, strikes a blow not just at renewable energy but also the quintessentially Texan prerogative of what you do with your own acres.
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Robert F. Kennedy Jr. Wades Further Into Crypto Following Anti-CBDC Remarks
André Beganski - Decrypt
Democratic presidential candidate Robert F. Kennedy Jr. came out swinging on behalf of the digital assets industry on Tuesday, criticizing what he called a "war on crypto" following earlier remarks he made opposing a U.S. central bank digital currency, or CBDC.
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Ron Desantis Renews Attack on CBDCs as Part of 'Woke Politics'
Ryan Ozawa - Decrypt
Florida Governor Ron DeSantis took another swing at a U.S. digital dollar today even as he defended crypto as a whole, unveiling a series of state legislative proposals that would combat "woke politics." "They don't like crypto because they can't control crypto," he said in answer to a question posed at a Tuesday press conference. "They want to get rid of crypto, which my view is, if you want to invest in crypto, it's up to you, you can do it, you can make those decisions.
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Canadian companies face unexpected tax burdens after going public on stock exchanges
Jameson Berkow - The Globe and Mail
When Andrew White took his company public on the TSX Venture Exchange in 2016, he was more focused on what he stood to gain than what he stood to lose. But once CHAR Technologies Ltd. change was no longer a private corporation, he discovered that major tax benefits - incentives for scientific research and experimental development (SR&ED) being key among them - were no longer available to his business.
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| Regulation & Enforcement | | Stories about regulation and the law. | U.S. SEC to vote on boosting disclosures by private funds, hedge funds
John McCrank - Reuters
The U.S. Securities and Exchange Commission will decide on Wednesday whether to adopt new rules for advisors to hedge funds and private equity funds aimed at increasing transparency, competition, and efficiency in the $25-trillion marketplace. The SEC will vote on a proposal to update so-called Form PF, which was put in place following the financial crisis of 2008-2009 to monitor risks in the private fund sector, to boost the quality of disclosures by large funds about their investment strategies and leverage.
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SEC's Gensler Blasts Hedge Fund Fees as Agency Readies Rules
Austin Weinstein - Bloomberg
Gary Gensler is again blasting hedge funds and private equity firms for the fees they charge investors, as the Securities and Exchange Commission plows ahead with plans to boost oversight of the private fund industry. "Today, private fund advisers receive multiple levels and types of fees-from management to performance to portfolio company fees.," the SEC chief said in remarks prepared for a Managed Funds Association trade group conference.
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Bid to Launch ETFs That Aim to Double Tesla's Famous Volatility Filed With SEC; Past tries at double-leveraged, single-stock ETFs have failed; Tesla-focused ETFs command the bulk of assets in new category
Vildana Hajric and Katherine Greifeld - Bloomberg
A long-shot bid to launch double-leveraged, single-stock exchange-traded funds tracking the notoriously volatile Tesla Inc. has been filed with US regulators after past attempts have failed. The T-Rex 2X Long Tesla Daily Target ETF would trade under the ticker TSLT and use derivatives to track twice the daily returns of Elon Musk's electric-vehicle maker, according to a Tuesday filing.
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SEC Alleges Son and Father-in-Law Touted Faith to Target Church Members in $20 Million Offering Fraud
SEC
The Securities and Exchange Commission today charged Brett M. Bartlett, his father-in-law Scott A. Miller, and their companies for fraudulent securities offerings that raised at least $20.5 million, some of which Bartlett and Miller misused for personal expenses.
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Options Market Eyes SEC Equity Proposals
Markets Media
Compliance in Focus is a content series on regulatory topics for financial markets and the challenges compliance officers face in addressing surveillance and monitoring. Compliance in Focus is produced in collaboration with Eventus. The U.S. Securities and Exchange Commission's equity market structure proposals changes were assessed April 26 at the Options Industry Conference in Nashville. Market Structure: Change on the Horizon panelists noted that regulators historically have been amenable to transporting equity rules over to the options market, so the equity proposals currently on the table are important for their potential direct implications for options trade handlers and market operators.
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"The '90s: Rom-coms, the Spice Girls, & MFA:" Remarks Before the Managed Funds Association
Chair Gary Gensler - SEC
Thank you Bryan. As is customary, I'd like to note that my views are my own as SEC Chair, and I'm not speaking on behalf of my fellow Commissioners or the SEC staff.
The 1990s
The 1990s was the decade of Michael Jordan and the Chicago Bulls. The Cold War was over. It was the dawn of the internet and the Spice Girls. Seinfeld was on TV. Bill Clinton brought blue jeans and Domino's delivery to the White House.
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Overseas reference prices, outages industry taskforce and SI reporting overhaul among new FCA reforms; Wholesale Markets Review reforms range across post-trade transparency, OTC transaction reporting, use of reference prices from overseas venues, tick sizes, and market outages.
Annabel Smith - The Trade News
The UK Financial Conduct Authority (FCA) has today announced its next set of changes to the equity secondary markets designed to reduce the cost of trading and streamline reporting obligations. The changes follow a consultation by the FCA and fall under the UK's wider ongoing Wholesale Markets Review (WMR) designed to make its markets more competitive post-Brexit.
/jlne.ws/3Vu0saZ
FCA proposes to simplify rules to help encourage companies to list in the UK
FCA
The FCA wants to make the listing regime, the rules companies must follow to be allowed to list their shares in the UK, more effective, easier to understand and more competitive. The FCA has been acting to improve the UK's position for years. Within months of leaving the European Union, 2 years ago, the FCA significantly reformed the listing regime to boost growth and competitiveness.
/jlne.ws/3NuW9dP
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | SwapsInfo First Quarter of 2023 Review: Summary
International Swaps and Derivatives Association
The latest ISDA SwapsInfo Quarterly Review shows that interest rate derivatives (IRD) traded notional and trade count increased in the first quarter of 2023 compared to the first quarter of 2022, while index credit derivatives trading activity declined over the same period. This summary provides a high-level overview of key trends for the first quarter of 2023. The full report will be published in due course.
/jlne.ws/3Hyul4g
Morgan Stanley in Talks to Resolve US Block Trading Probes; Focus is information-sharing when big blocks are sold; Wall Street keeping tabs on investigations into stock sales
Sridhar Natarajan - Bloomberg
Morgan Stanley said it's in talks with US prosecutors and regulators to resolve a probe into its block trading practices. "The firm is currently engaged in discussions regarding potential resolution of the investigations by the enforcement division of the U.S. Securities and Exchange Commission and the US Attorney's Office for the Southern District of New York into various aspects of the firm's blocks business," the bank said Tuesday in a regulatory filing.
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Why Trying to Time the Market Is a Bad Idea; Investors who retreated from stocks into cash in late 2022 are paying a high price.
Suzanne Woolley - Bloomberg
Sell in May and go away? Not so fast. The old adage says that the stock market performs worse over the summer months, so investors should cash out and go on vacation. It may be especially tempting this year after a surprisingly strong rally that seems to be defying fears ranging from a looming recession to multiple bank failures. Stocks dropped Tuesday as regional banks sold off.
/jlne.ws/3VoJIlJ
Citigroup's Fraser Says Return-to-Office Trends Drive Property Fears
Jenny Surane - Bloomberg
Pockets of commercial real estate, such as the area east of Third Avenue in Manhattan, are likely to come under stress as landlords continue to struggle to refill towers in the aftermath of Covid-19, Citigroup Inc. Chief Executive Officer Jane Fraser said.
/jlne.ws/41Z02vX
US investor interest in China cools as political tensions grow; Trading activity in US options tracking Chinese stocks slows after hitting record last year
Nicholas Megaw and Madison Darbyshire and Hudson Lockett - Financial Times
US investor interest in Chinese stocks has cooled significantly after hitting a record late last year, as political tensions between the two countries grow. News of China's impending reopening from coronavirus pandemic restrictions late last year prompted a brief burst of enthusiasm for Chinese stock markets after years of underperformance on hopes of an uptick in economic growth. But trading activity has fallen back this year, according to fund managers and trading data.
/jlne.ws/3HBraJ4
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Lithium Investors Need Not Fear a Government Takeover; A guaranteed supply is needed to meet soaring demand for EVs and the batteries that power them.
David Fickling - Bloomberg
There's nothing that gets private investors more alarmed than the prospect of nationalization. So it's little wonder that mining companies are taking fright at plans announced in Chile last month to give the state more control over production of lithium, a crucial ingredient in rechargeable batteries for electric vehicles and power plants.
/jlne.ws/3Nyo5NZ
COP28 head sets agenda for $100bn fund and push for 'low-carbon' tech; Jaber promises to 'supercharge' climate finance but focuses on cutting fossil fuel emissions rather than production
Attracta Mooney - Financial Times
The UN COP28 climate summit incoming president has set out an agenda to "supercharge" global climate finance and finally reach a promised $100bn to help poorer countries adapt to climate change, a goal that has eluded his predecessors. Sultan Al Jaber, the president-designate of COP28 and head of the Abu Dhabi National Oil Company, told the Petersberg Climate Dialogue in Berlin on Tuesday that "mobilising" private finance and the reform of international finance institutions was a priority.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Druckenmiller Warns US Debt Crisis Worse Than He Imagined; Billionaire investor says Fed is fueling reckless behaviors; US fiscal problems go far beyond debt-ceiling battles, he says
Sonali Basak - Bloomberg
Stanley Druckenmiller, the hedge fund investor and long-time deficit hawk, said the current impasse over the debt ceiling is dwarfed by the dangers of unchecked future government spending. "The fiscal recklessness of the last decade has been like watching a horror movie unfold," Druckenmiller, 69, who now runs his own Duquesne Family Office, said in a speech Monday at the University of Southern California Marshall School of Business.
/jlne.ws/3nu1PtJ
Wells Fargo CEO Says Regulators Acted Correctly in Bank Failures
Paige Smith - Bloomberg
Wells Fargo & Co. Chief Executive Officer Charlie Scharf said US banks such as his shouldn't be required to "unconditionally" cover the failures of other financial institutions. Regulators functioned as they were supposed to as three banks - Silicon Valley Bank, Signature Bank and, most recently, First Republic Bank - failed over the past two months, Scharf said Tuesday during a panel discussion at the Milken Institute Global Conference in Beverly Hills. https://jlne.ws/44iAVG5
SVB's $7 Billion Municipal Bond Portfolio Could Pose Challenge for Liquidators; Liquidity and de minimis tax risk seen as potential challenges; BlackRock sale of failed banks' munis began on Tuesday
Nic Querolo and Martin Z Braun - Bloomberg
Silicon Valley Bank's roughly $7 billion municipal bond portfolio could pose a challenge for BlackRock Inc. as it starts liquidating the failed bank's securities, investors say. The lender's muni holdings were mostly long-dated bonds with low coupons, according to Nicholos Venditti, senior portfolio manager at Allspring Global Investments LLC, who said he saw the breakdown in a list circulated by dealers.
/jlne.ws/3p75y16
Ex-Merrill Lynch Star Flips Sides to Help Dividend Tax Scheme Prosecutors; Osman Semerci says he has 'shared everything' with officials; He tells judges he'd been 'dazzled' by Cum-Ex profits
Karin Matussek - Bloomberg
A former Merrill Lynch banker, who says he was "dazzled" by potential gains from the Cum-Ex tax scheme that's implicated some of Wall Street's biggest banks, has switched sides to cooperate with German prosecutors. Osman Semerci's decision was made public on Tuesday when he testified at a Bonn trial over the Cum-Ex scheme. The 55-year old ex-partner at London-based asset manager Duet Group said the move was prompted after he hired a new German defense lawyer.
/jlne.ws/3VoHi6A
UBS weighed Credit Suisse deal as early as December - SEC filing
Noele Illien - Reuters
UBS was considering the potential impact of buying struggling rival Credit Suisse as early as December, months before the takeover was hastily arranged by Swiss authorities in March, according to a regulatory filing.
/jlne.ws/3NzlF1r
UBS aims to close Credit Suisse deal by end of May, early June-CEO
Reuters
UBS Chief Executive Sergio Ermotti said on Wednesday that the Swiss bank was working on closing its merger with Credit Suisse by the end of May or early June. Speaking at the Finanz '23 conference in Zurich, Ermotti also repeated his bank's line that all options were still on the table concerning Credit Suisse's Swiss business.
/jlne.ws/42jamP7
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | CEOs get closer to finally saying it - AI will wipe out more jobs than they can count
Hasan Chowdhury - Business Insider
What's it like to be told that you're not just out of a job, but that your bosses think your job can be done by AI? Tech workers are about to find out. On Monday, per a report by Bloomberg, it emerged that IBM is preparing to pause hiring on roles that it believed could be better performed by AI. That leaves 7,800 jobs at the tech giant vulnerable to being eradicated for good.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Emergency Room Visits Have Risen Sharply for Young People in Mental Distress, Study Finds Matt Richtel - The New York Times
Mental health-related visits to emergency rooms by children, teenagers and young adults soared from 2011 to 2020, according to a report published on Monday in the Journal of the American Medical Association. The sharpest increase was for suicide-related visits, which rose fivefold. The findings indicated an "urgent" need for expanded crisis services, according to the team of researchers and physicians who published the report.
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BCBS encouraging Alabama schools to apply for health, wellness grants
WSFA 12 News
In an ongoing effort to combat childhood obesity, Blue Cross and Blue Shield of Alabama is continuing its Be Healthy School Grant Program for the 2023-2024 school year.
Blue Cross will award grants up to $10,000 to 30 K-12 schools across the state. Since 2012, more than $2.6 million in 284 Be Healthy School Grants have been awarded statewide, impacting over 134,000 students.
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New book 'The Wellness Trap' digs into the dark side of wellness culture
Carrie Dennett - The Seattle Times
As Christy Harrison, New York-based registered dietitian and host of the "Food Psych" podcast, was writing and promoting her 2019 book, "Anti-Diet: Reclaim Your Time, Money, Well-Being, and Happiness Through Intuitive Eating," she had a pretty good idea what her second book would be. "I found that I was talking a lot about the second chapter, which was about wellness culture," she said. "It was really resonating with people."
/jlne.ws/411OMOb
One Dose of HPV Vaccine Prevents Infection for at Least Three Years; Protection may last even longer, scientists reported. The finding may be a boon to low-income countries, where cervical cancer takes an enormous toll.
Apoorva Mandavilli - The New York Times
A single dose of the human papillomavirus human papillomavirus vaccine is highly effective at preventing infections over three years, most likely lowering rates of cervical cancer and other diseases linked to the virus, according to a new study in Kenya. A single-dose strategy would dramatically extend supplies of the vaccine, lower costs and simplify distribution, which would make vaccination a more viable option in countries with limited resources, experts said.
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Experimental Drug Slows Alzheimer's in Large Study, Eli Lilly Says; Company plans to seek FDA approval for the therapy donanemab
Peter Loftus - The Wall Street Journal
An experimental Eli Lilly drug slowed cognitive and functional decline for people with early-stage Alzheimer's disease in a new study that could support regulatory approval and commercial sale. Based on the new data, Lilly said Wednesday it plans to apply this quarter to the U.S. Food and Drug Administration for approval to market the drug, setting up a potential agency decision later in 2023 or in 2024.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Isn't Going to Save the World This Time, Macquarie Says
Swati Pandey and Haidi Lun - Bloomberg
China will avoid a massive stimulus injection to boost its post-pandemic economy like the one delivered after the 2008-09 global financial crisis as it has learned its lesson, said Ric Deverell at Macquarie Group Ltd.
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Apple is a Chinese company; What happens when the SEC, auditors and investors wake up?
Jay Newman - Financial Times
With Apple stock near an all-time high, it's worth asking how it got there - and how long that can last. The world's most valuable company makes great products, but it may turn out that the biggest driver of its share price has been the close relationship CEO Tim Cook has cultivated with China.
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Third of UK over-65s 'uncomfortable' with online banking; Older customers at risk of being financially excluded as branches close, warns Age UK
Siddharth Venkataramakrishnan - Financial Times
Nearly a third of over-65s in Britain are "uncomfortable" using online banking, leaving them at risk of financial exclusion as banks continue to close high street branches, according to a campaign group for older people. The findings by charity Age UK, published on Wednesday, reflect the reliance on physical cash by a key demographic of more than 11mn people, close to a fifth of the population.
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Banker Pay Surges For Those Willing to Work in Saudi Arabia; The expansion of Wall Street firms and Saudi government bodies is boosting banker salaries in the kingdom
Nicolas Parasie and Matthew Martin - Bloomberg
Even as the global financial community contends with layoffs and lower bonuses, banking jobs remain plentiful and salaries are surging in one unexpected corner of the world: Saudi Arabia.
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Saudi Arabia Needs Pricier Oil to Balance Its Budget, IMF Says; Budget deficit likely with this year's breakeven seen at $80.9; Kingdom still dependent on petrodollars to power expenditure
Abeer Abu Omar - Bloomberg
The International Monetary Fund expects Saudi Arabia won't balance its budget if oil is below $80 a barrel, a revision that means the kingdom will move back into fiscal deficit after its first surplus in almost a decade.
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Turkey's $1 Billion ETF Maneuver Can't End Stock Bear Market; Ziraat's ETFs saw about 24 billion-lira inflow since February; JPMorgan sees 74% upside potential if orthodoxy returns
Kerim Karakaya and Tugce Ozsoy - Bloomberg
Turkish stocks are sinking deeper into a bear market, defeating an open-ended attempt by the government to keep equities from falling as investors favor safer assets in the run-up to this month's elections.
/jlne.ws/3nmQonR
Ukraine Grain Deal Talks Set as Russia Threatens to Exit Pact; Wheat steady as deputy ministers prepare for meeting on Friday; Prices under pressure from ample supplies, harvest prospects
Megan Durisin and Ugur Yilmaz - Bloomberg
Wheat held near a two-year low as officials from the Black Sea region agreed to negotiate the continuation of the Ukraine grain deal, before a looming Russian deadline for leaving the pact.
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Guggenheim Partners readying move to Miami
Greg Hinz and Steve Daniels - Crain's Chicago Business
Another pillar of Chicago's financial community is headed toward the exits - and apparently has quietly slashed its Chicago workforce in recent months. Multiple industry sources report that Guggenheim Partners, an investment firm which has employed roughly 1,000 people in the West Loop, is on the verge of deciding to move its headquarters to Miami, the Florida city to which Citadel recently decamped.
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