| December 22, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Cboe said ODTE options shouldn't be blamed for the sell-off on Wednesday in a Bloomberg story, the same day it expanded its daily expiration for the Russell 2000 index options suite. Meanwhile, a Reuters story said zero-day options are just a factor in U.S. market volatility.
The commentary I wrote about the disruptive potential on the CME Group membership market of a certified class action lawsuit led to the biggest traffic day of the year for www.johnlothiannews.com, which was up another 58% from the previous day's 170% jump. The story is the third most clicked-on item on the website for the year, only eclipsed by the front page and the payments page.
The story is titled "Opinion: Class-Action Lawsuit Against CME Group Holds Disruptive Potential to Membership Prices, Future Deals and CME Leadership."
The FIA posted its December 2023 Highlights to LinkedIn where FIA President and CEO Walt Lukken offered his latest viewpoint reflecting on the end of 2023, and offered gratitude, and hope as we move forward into next year.
The latest video in the series Office Hours with Gary Gensler *Division Edition* is about the SEC's Division of Trading and Markets, which is responsible for overseeing intermediaries within the SEC's markets-think exchanges, brokers, dealers, clearinghouses, transfer agents, and self-regulatory organizations associated with those intermediaries.
Bloomberg has a video titled "Why Women Entrepreneurs Find Success When They Get Older." In it, Nasdaq Entrepreneurial Center Executive Director Nicola Corzine discusses findings from the "Lived Experience Research for Women Business Owners." The report was released by the non-profit Nasdaq Entrepreneurial Center with support from the Wells Fargo Foundation. Corzine speaks with Ed Ludlow and Caroline Hyde on "Bloomberg Technology."
We will be publishing the John Lothian Newsletter all next week, except for Monday, which is a holiday since Christmas is on Monday. We will not be publishing JLN Options through the end of the year. The JLN staff next week will be working under what are called Given Days, which means they will work on the John Lothian Newsletter in the morning and then be given the rest of the day off.
From all of us at JLN, we wish you happy holidays and Merry Christmas!
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Vilified Zero-Day Options Blamed by Traders for S&P Decline from Bloomberg.
- The #0dte Boom Is Set to Hit New Heights in 2024 from The Wall Street Journal.
- Option Traders Sound Alarm Bells Over Sizzling India Stock Rally from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Musk Blasts Public Markets, Says Indexing Has 'Gone Too Far'
Emily Graffeo and Kurt Wagner - Bloomberg
Elon Musk is lashing out at the state of US financial markets. In a wide-ranging talk with ARK Investment Management's Cathie Wood Thursday, he bemoaned the high regulatory burden faced by publicly traded companies, the pressure from shareholders that limits efficiency, and how passive investing is stoking volatility.
/jlne.ws/3H08Us5
***** Musk's index comments just don't compute.~JJL
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The 11 Big Trades of 2023: From Market Busts to Career-Making Wins; From the AI craze to China's struggles and Bitcoin's epic comeback, here's how major market trends this year created winners and losers
Bloomberg News
A big AI trade rescued the stock market. A niche bet on Bed Bath & Beyond sank amateur day traders. A buy-China call backfired on investing pros. A slew of trades around the world, from bank bonds to cryptocurrencies, either blew up or rocketed higher against expectations this year. Short-seller attacks on Adani's empire in India took a surprising turn. Crypto diehards got a shot of redemption. So-called bubbles, like ESG, deflated. The irresistible force behind much of the action: the Federal Reserve's disruptive monetary-tightening campaign, creating new winners and losers in its wake.
/jlne.ws/47bWk3U
***** I fear Bloomberg has been watching my stock trades.~JJL
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Police warn of bunnies going on 'rampant crime sprees' in Texas, chewing Christmas lights
Tara Brolley - The National Desk
Police in Texas made a public service announcement about native cottontail rabbits that have been chewing through Christmas lights. The Hutto Police Department said the critters are normally timid and docile, but around the holidays they go on "rampant crime sprees."
/jlne.ws/48d8ieP
****** It could not have been the bunnies. They had hare-raising alibis!~JJL
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Thursday's Top Three
Our top story yesterday was a repeat from yesterday from John Lothian News, Opinion: Class-Action Lawsuit Against CME Group Holds Disruptive Potential to Membership Prices, Future Deals and CME Leadership. Second was Bloomberg's AI Robot Outmaneuvers Humans in Maze Run Breakthrough. Third was Bloomberg's Vilified Zero-Day Options Blamed by Traders for S&P Decline.
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| Lead Stories | How a JPMorgan star faded at Hong Kong stock exchange; Global status of Chinese territory's market is under threat as chief executive Nicolas Aguzin departs
Kaye Wiggins and Hudson Lockett - Financial Times
Running Hong Kong's stock exchange was never going to be an easy job for Nicolas Aguzin, but some who worked with the former star JPMorgan banker say the task was not helped by some of his more unconventional ideas. Months after joining Hong Kong Exchanges and Clearing as chief executive in May 2021, Aguzin proposed that it should award "tokens" to listed companies based on how diverse their boards were.
/jlne.ws/3ts1St8
The War in Ukraine Has Created a New 'Axis of Evil'; Russia is turning to Iran and North Korea for military supplies and diplomatic support.
Yaroslav Trofimov - The Wall Street Journal
Beaming at every turn, North Korean dictator Kim Jong Un toured the jewels of Russia's military industries in September. A guest of President Vladimir Putin, he gawked at the plant making Su-35 jet fighters, inspected a Russian Navy frigate and examined the Kinzhal missiles at the Vostochny spaceport. Soon thereafter, trainloads of North Korean artillery shells started rolling to Russian troops in Ukraine-by American calculations, as many as one million munitions, or roughly three times what European nations had been able to supply in a whole year.
/jlne.ws/3tzPUxx
Zero-Day Options Shouldn't Be Blamed for Selloff, Cboe Says; Buying of S&P 4,765 puts topped selling by only ~1K contracts; Debate about role of 0DTE sparked anew after Wednesday's drop
Elena Popina - Bloomberg
Contrary to what some Wall Street analysts are saying, a surge in trading of zero-day to expiry options shouldn't be blamed for Wednesday's drop in the S&P 500 Index, according to Cboe Global Markets Inc. As the broad equities benchmark sank in the last two hours of the session, trading picked up in put options on the index that expired the same day, pushing dealers on the other side of the trade to buy or sell futures or other instruments to balance their positions. A number of analysts cited that so-called "gamma" hedging for accelerating Wednesday's slide.
/jlne.ws/3tpIptd
Cboe To Offer Daily Expiries For Russell 2000 Index Options Suite, Beginning January 8, 2024; Cboe to list Tuesday and Thursday-expiries for Russell 2000 Index Weeklys® (RUTW) options and Mini-Russell 2000 Index Weeklys (MRUT) options; New listings will expand product suite to offer expirations every trading day of the week; Reflects growing investor demand for hedging and tactical trading with short-dated index options
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced it plans to launch Tuesday and Thursday-expiring Russell 2000® Index weekly (RUTW) options and Mini-Russell 2000® Index weekly (MRUT) options, beginning Monday, January 8, 2024. With these new listings, Cboe expands its cash-settled Russell 2000 Index weekly options suite to offer investors with expirations every trading day of the week.
/jlne.ws/3RR6bHL
Zero-day options just a factor in US stock volatility -experts
Saqib Iqbal Ahmed - Reuters
A sudden surge in U.S. stock volatility this week prompted some traders to blame short-dated options as the culprit, though others say the popular derivatives were just one piece of the puzzle. Traders got a rude awakening on Wednesday when stocks began sliding in the middle of a sleepy afternoon session. With no market-moving news in sight, many said big trades in so-called zero-day to expiry (0DTE) options contributed to the decline, of 1.5% for the S&P 500 (.SPX).
/jlne.ws/3vhaC5O
Euronext CEO rules out another Allfunds bid in acquisition hunt
Pablo Mayo Cerqueiro - Reuters
Euronext is unlikely to make another bid for Allfunds as it pursues acquisitions that can grow and diversify revenues, its CEO Stephane Boujnah told Reuters. The Paris-headquartered stock exchange group withdrew a 5.5 billion euro ($6 billion) bid for the Spain-based investment fund platform in February, after news of the possible offer sent Euronext's shares into a tailspin.
/jlne.ws/3tu9D1K
Two Sigma Researcher Fights Hedge Fund Over Blame for $170 Million Loss; Jian Wu says in NY court filing that hedge fund defamed him; Wu says he made $23 million in 2022, may now be 'unemployable'
Greg Farrell - Bloomberg
A Two Sigma Investments quantitative researcher is pushing back against claims that his misconduct resulted in $170 million in client losses. The firm told investors in October that a researcher made unauthorized changes to its quantitative models that led to the losses. Two Sigma didn't identify the researcher, but an Oct. 30 Wall Street Journal story cited "people close to the matter" in naming him as Jian Wu.
/jlne.ws/48kAKeE
Ex-Swiss Banker Admits Helping Wealthy Taxpayers Hide Assets; Rolf Schnellmann faces as much as five years in prison; Prosecutors say 'Singapore Solution' hid $60 million in assets
Chris Dolmetsch - Bloomberg
A former executive at a Swiss financial services company pleaded guilty to charges that he helped wealthy US taxpayers hide millions of dollars in offshore bank accounts. Rolf Schnellmann, one of six people charged in September 2021 with assisting an unidentified hedge fund manager and two other US taxpayers to shield some $60 million in assets, admitted Thursday that he participated in a tax fraud conspiracy, federal prosecutors in Manhattan said. He faces as much as five years in prison at sentencing, which is scheduled for July.
/jlne.ws/486HXPn
Joe Biden calls for investigation of Nippon Steel takeover bid for US Steel; White House says $14.9bn deal merits scrutiny on security grounds despite Japan being an ally
Alex Rogers and Claire Jones and Kana Inagaki - Financial Times
Joe Biden has thrown his support behind an investigation of Nippon Steel's purchase of US Steel on national security grounds, despite Japan's status as one of Washington's closest allies.
/jlne.ws/3RBegyY
decision, the Supreme Court restored him from censured analyst to whistle-blower in a major corporate fraud.
Sam Roberts - The New York Times
Raymond L. Dirks, a maverick Wall Street analyst who was accused of insider trading by securities regulators but then vindicated by the U.S. Supreme Court as a whistle-blower in a major fraud, died on Dec. 9 in Manhattan. He was 89.
/jlne.ws/489FVy0
Robert Solow, Nobelist Who Tied Technology to Growth, Dies at 99; He developed a mathematical model for expanding production; Advocated an active role for government in managing economy
Laurence Arnold - Bloomberg
Robert Solow, an economics professor at the Massachusetts Institute of Technology who won a Nobel Prize for his analysis of how technology drives economic growth in developed nations, has died. He was 99. Solow died on Thursday at his home in Lexington, Massachusetts, the New York Times reported, citing his son. The Royal Swedish Academy of Sciences awarded Solow the 1987 Nobel in economics for developing a mathematical model for expanding production, part of a field that became known as growth accounting. "Solow's growth model constitutes a framework within which modern macroeconomic theory can be structured," the Nobel organization said in announcing his award.
/jlne.ws/3vb4ZWU
An Old SBF Favorite Becomes Crypto's Next Big Thing; Solana's resurgence is mostly based on risk and speculation; The blockchain has seen some important technical improvements
Hannah Miller - Bloomberg
The devastating collapse of FTX last year swept up one of the crypto industry's hottest blockchains: Solana. Hailed for its high speeds and cheap transaction fees, the blockchain previously championed by Sam Bankman-Fried saw the price of its SOL token plummet in the wake of his FTX crypto exchange's implosion.
/jlne.ws/3TB4W0J
The Race to Fill Crypto's FTX-Shaped Hole; When crypto exchange FTX collapsed, it left behind a hole in the market. From Backpack to OPNX, faces new and old are vying to fill it.
Joel Khaliki - Wired
The fall of FTX created a "huge vacuum" in the cryptocurrency market, says Can Sun, cofounder of Backpack, a new crypto exchange under development in the United Arab Emirates. Sun knows that better than most: He was previously the general counsel at FTX, whose high-profile collapse has led to industry-wide turmoil this year. Backpack is one of the parties racing to fill the hole FTX left behind. It's a "winner-takes-all" opportunity, Sun says. Sun has partnered with Armani Ferrante, previously a software engineer at Alameda Research, the sibling company through which FTX founder Sam Bankman-Fried ran billions of dollars that weren't his before spending them. Their front-row perspective of the FTX debacle, the duo say, could help give Backpack a competitive advantage.
/jlne.ws/4atoxGf
The TRADE predictions series 2024: Market volatility; Market experts from across Invesco, BNP Paribas Asset Management, Cassini and CME Group share their insights on the market's quest to use market volatility to its greatest advantage over the next 12 months and the key challenges going forward.
Editors - The Trade
Samuel Henderson, EMEA equities head trader, Invesco. I predict we will see increased flows into international equities and active management coming back into vogue amidst a rise in earnings and macro volatility. As money moves back into international equities the demand and competition for liquidity will increase and so, how we access it will become more of a focus. Traders will need different tools as well as the counterparties to navigate.
/jlne.ws/3RuXUYR
The TRADE predictions series 2024: Market Structure - T+1; Key industry voices from Manulife Investment Management, Duco, CLS, DTCC and Torstone Technology delve into the buzz phrase on everyone's lips as they look to 2024 - the shift to T+1.
Editors - The Trade
Peter Welsby, head of European FICC trading, Manulife Investment Management. Regulation will continue to direct market trends in 2024, just as it has in recent years. The knock-on effects from the impending switch in May to T+1 settlement for US instruments need to be monitored and prepared for, particularly in FX. In fixed income, focus will remain on data transparency and whether consolidated tapes would be beneficial or detrimental to liquidity in the EU and emerging markets. Other topics that will continue to garner attention include ESG, peer-to-peer execution and the prevalence and perception of pre-hedging.
/jlne.ws/3v4U5lo
Fireside Friday with... Broadridge LTX's Jim Kwiatkowski; The TRADE sits down with Jim Kwiatkowski, chief executive of Broadridge's LTX, to discuss the role of artificial intelligence (AI) in trading and execution, including the foremost hurdles for adoption, as well as delving into use cases and what the future holds for the space.
Claudia Preece - The Trade
What's the next step of AI utilisation? When end users like traders need to make split second decisions for a living, they want to take advantage of all the information that's available. Natural language processing is a technology that has been in existence for several decades, however, the issue has been the slow processing times - it wasn't fast enough to be useful. The technology has gone through a transformative shift, making it possible to answer complex questions very quickly from vast data sources. However, the challenge remains around the seamless blending of disparate data sets across different systems to arrive at an answer.
/jlne.ws/3S3548h
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | US threatens sanctions on banks that help fund Russia's war machine; White House executive order targets lenders Moscow is using to source sensitive items
Felicia Schwartz and Sam Jones - Financial Times
The Biden administration will blacklist foreign financial institutions that support Russia's military industrial complex as part of Washington's efforts to starve Moscow's war machine. An executive order to be issued on Friday will enable the US to place sanctions on financial institutions helping Russia secure the equipment and other goods it needs to keep fighting in Ukraine. Banks under sanctions would be denied access to the US financial system.
/jlne.ws/3TB3xY1
Russian copycats fill market gaps left by western brands; Local lookalikes replace departed companies ranging from Ikea and Zara to McDonald's and Starbucks
Daria Mosolova - Financial Times
When Swed House first launched in winter 2021, the "Scandinavian-style" homeware brand of Belarusian entrepreneur Murat Shagylydzhov was one of many local businesses operating in the shadow of furniture giant Ikea. "Our initial idea was to open a small-scale store selling home decor items," said Shagylydzhov. But when Vladimir Putin's full-scale invasion of Ukraine last year prompted hundreds of international businesses to withdraw from the Russian market, he spied a once-in-a-lifetime business opportunity. "Our project expanded," he said.
/jlne.ws/4au6f7H
Ukraine's Lost Crops: An 8 Million-Ton Black Hole in World Stats; Key analysts struggle to estimate grain in occupied Ukraine; NASA research shows millions of tons of crops in those regions
Aine Quinn and Agnieszka de Sousa - Bloomberg
Millions of tons of crucial crops are being grown in Ukrainian regions occupied by Russia. The problem is that it's hard to know exactly how much or where it's really going. It's so tricky estimating volumes that some of the most prominent analysts are just cutting those regions held by Moscow out of forecasts altogether.
/jlne.ws/48LXx3d
Chips From Texas Instruments and Other US Makers Flow Into Russia Despite Ban; Components stream into country through Hong Kong dealers; Companies say they had no knowledge of Russian transactions
Sheridan Prasso - Bloomberg
US semiconductors have continued to flow to Russian military-linked companies this year in spite of export restrictions aimed at cutting them off - with Texas Instruments Inc. and Analog Devices Inc. emerging as the biggest makers of those chips.
/jlne.ws/47cn9VF
Putin Moves to Digitize Russia's Military Registration, Draft; Under order, digital system would be in place by Oct. 2024; Putin earlier said repeat of partial mobilization isn't needed
Bloomberg News
Russian President Vladimir Putin ordered his government to put in place a digital registration system that will allow authorities to more easily track and draft into the army military-aged citizens as early as next year. Putin instructed Defense Minister Sergei Shoigu and Minister of Digital Development Maksut Shadayev to start work by Jan. 15 to issue all draft notices electronically, according to the Russian president's order published by the Kremlin on Thursday. Under the order, all military registrations will be processed digitally, which would allow the government to expedite any draft and make it more difficult to avoid being called up.
/jlne.ws/47cngAz
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israeli military accused of targeting journalists and their families in Gaza; Committee to Protect Journalists says at least 68 journalists and media workers killed since 7 October
Chris McGreal - The Guardian
The Committee to Protect Journalists has accused the Israeli military of targeting journalists and their families in Gaza amid the highest death toll of media workers in any recent conflict. The New York-based CPJ said at least 68 journalists and other media workers had been killed in Gaza, Israel and southern Lebanon since the Hamas cross-border attack on 7 October and subsequent Israeli assault.
/jlne.ws/3RVfIOh
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX to explore carbon exchange development
Asset Servicing Times
ASX will explore the development of an Australian Carbon Exchange in 2024, in partnership with the Clean Energy Regulator (CER). The exchange will operate similarly to a securities exchange, with Australian carbon credit units (AACUs) able to be traded, cleared and settled. A feasibility study will be undertaken to assess whether the current regulatory framework for AACUs can support a new solution that meets the needs of the Australian market, or whether changes need to be made, ASX says.
/jlne.ws/3RuTjpz
Cboe To Offer Daily Expiries For Russell 2000 Index Options Suite, Beginning January 8, 2024
Cboe
Cboe to list Tuesday and Thursday-expiries for Russell 2000 Index Weeklys (RUTW) options and Mini-Russell 2000 Index Weeklys (MRUT) options. New listings will expand product suite to offer expirations every trading day of the week Reflects growing investor demand for hedging and tactical trading with short-dated index options. Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced it plans to launch Tuesday and Thursday-expiring Russell 2000 Index weekly (RUTW) options and Mini-Russell 2000 Index weekly (MRUT) options, beginning Monday, January 8, 2024. With these new listings, Cboe expands its cash-settled Russell 2000 Index weekly options suite to offer investors with expirations every trading day of the week.
/jlne.ws/3RBvVqe
EEX publishes 2024 EUA and EUAA auction calendars
European Energy Exchange
The European Energy Exchange (EEX) has published the 2024 calendars for the auctioning of EU allowances (EUA) and EU Aviation Allowances (EUAA), with the below timings and notes on auction volumes. In 2024, EEX will continue to hold Common EU (CAP3) auctions, as well as regular auctions on behalf of Germany and Poland, and on behalf of the UK in respect to Northern Ireland. Furthermore, EEX will provide the platform for the bi-monthly EU EUAA auctions, as well as one-off German and Polish EUAA auctions.
/jlne.ws/3vbI4eh
TOPIX Micro Cap and TOPIX Style Index Series for Large-Cap and Mid-Cap Stocks to be Launched
JPX
JPX Market Innovation & Research, Inc. have been calculating and publishing the TOPIX New Index Series, which classifies the TOPIX constituents according to their liquidity (trading value) and market capitalization, and the TOPIX Style Index Series, which classifies the TOPIX constituents into Value and Growth stocks according to their consolidated PBR (Price Book-Value Ratio), etc. Seeking to improve these index series with the aim of meeting various needs as benchmarks and investment targets, we will begin calculating and publishing the "TOPIX Micro Cap," which is a new index that specializes in small-cap stocks, and new style indices for large-cap and mid-cap stocks, in which the constituents of the TOPIX 500 Value and the TOPIX 500 Growth are each classified into the constituents of the TOPIX Core30, the TOPIX Large70, and the TOPIX Mid400.
/jlne.ws/48uSow0
Amendment of Methodologies for KRX Bluechip Indices
KRX
KRX amends the methodologies for KRX bluechip indices with the aims to boost index management efficiency and user convenience. To-be-amended methodologies : KOSPI 200, KOSDAQ 150 and KRX 300 methodology; Effective Date : February 1, 2024.
/jlne.ws/4asNkKp
Re-Introduction Of An Option Class And Share Future Contracts Canopy Growth Corporation - WEED
Bourse de Montreal
Bourse de Montreal Inc. (the Bourse) and Canadian Derivatives Clearing Corporation (CDCC) hereby inform you that at the opening of trading on Wednesday December 27, 2023, the following new option series and share future contracts on the above-mentioned option class will be re-listed.
/jlne.ws/3TAKVHt
Nasdaq to Host 2024 Investor Day
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced that it will host its 2024 Investor Day on Tuesday, March 5, 2024. The event will feature presentations on the company's operations and strategy, as well as question and answer sessions, with members of Nasdaq's senior leadership team including Adena Friedman, Chair and CEO, and Sarah Youngwood, Executive Vice President and CFO. The Investor Day will be held at Nasdaq's Global Headquarters in Times Square, New York. Due to limited capacity, in-person attendance is by invitation only. Invitations for in-person participation will be sent at a date closer to the event. All interested parties are invited to access the live webcast from Nasdaq's IR website. A replay will be available after the conclusion of the event.
/jlne.ws/41AqNax
Nasdaq to Hold Fourth Quarter 2023 Investor Conference Call
Nasdaq
Nasdaq (Nasdaq: NDAQ) has scheduled its Fourth Quarter 2023 financial results announcement. WHO: Nasdaq's CEO, CFO, and additional members of its senior management team; WHAT: Review Nasdaq's Fourth Quarter 2023 financial results; WHEN: Wednesday, January 31, 2024; Results Call: 8:00 AM Eastern. Senior management will be available for questions from the investment community following prepared remarks.
/jlne.ws/47bWecy
NSE Indices launches Nifty Smallcap250 Momentum Quality 100 index
National Stock Exchange of India
NSE's index services subsidiary, NSE Indices Limited today launched a new strategy index - Nifty Smallcap250 Momentum Quality 100 index. The Nifty Smallcap250 Momentum Quality 100 Index aims to track the performance of the 100 small cap stocks selected based on combination of their momentum and quality factor scores.
/jlne.ws/3NDgf4L
Changes in Nifty Fixed Income indices
National Stock Exchange of India
The Index Maintenance Sub-Committee (Debt) of NSE Indices Limited, as part of its periodic review, announces the following changes in Nifty fixed income indices: A. Changes on account of periodic review of Nifty Target Maturity indices: These changes shall become effective from December 29, 2023.
/jlne.ws/3RWF3ra
Trading schedule on the Moscow Exchange during the New Year holidays
MOEX
The Moscow Exchange has determined the rules for the operation of markets during the New Year holidays in 2024. On January 3-5 and January 8, 2024, trading on the exchange markets is carried out taking into account the following features: trading on the stock and bond markets, deposit and loan markets, and the derivatives market will be conducted as usual; in the foreign exchange market and the precious metals market, trading will be carried out in all instruments, with the exception of transactions with a settlement date on the day of conclusion of transactions (transactions with "TODAY" settlements) and swap transactions, the date of settlement of obligations for the first parts of which falls on the day of conclusion of these transactions swap; concluding over-the-counter transactions with a central counterparty (CCP) in the standardized derivatives market will be carried out with settlements for all instruments, with the exception of derivatives contracts that provide for obligations expressed in Russian rubles.
/jlne.ws/46EpaJJ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | These are the space stocks to keep an eye on in 2024; "Everyone wants to launch satellite constellations at the moment," says KeyBanc Capital Markets analyst Michael Leshock
James Rogers - MarketWatch
From space tourism to rocket launch technologies, these are the space stocks to look out for in 2024. Justus Parmar, CEO of Fortuna Investments, a venture-capital and advisory company currently focused on space investments, sees Virgin Galactic Holdings Inc. SPCE, 1.01% as particularly worthy of attention, pointing to the company's market cap of $1.06 billion and its cash balance of $1.1 billion. "The reality is that the market is not valuing them at all," he said. "This would be interesting to watch in terms of 'does that change over the course of the year?'"
/jlne.ws/3vhPpbT
AI will spur more hiring, not less, as it enables 'more ingenuity per person,' says top Adobe executive Scott Belsky
Steve Mollman - Fortune
Artificial intelligence will lead to mass unemployment or create more jobs, depending on who you ask. So which view is right? Few people have better insight into this question than Scott Belsky, Adobe's chief strategy officer and executive vice president of design and emerging products.
/jlne.ws/3NDdSin
Amazon's Cloud Business Looks Vulnerable in Wake of ChatGPT
Matt Day - Bloomberg
'What last place looks like.' Every November, Amazon Web Services holds re:Invent, a weeklong trade show that brings tens of thousands of software developers and business technology executives to the Las Vegas Strip.
/jlne.ws/41vM4Ch
Yuan Tops Yen in Share of Global Currency Payments, Swift Says; Chinese currency takes fourth spot in monthly report; US dollar, euro and British pound maintain top rankings
Carter Johnson - Bloomberg
The Chinese yuan overtook the yen as the currency with the fourth-largest share in international payments in November for the first time since early 2022, according to transaction data compiled by global financial messaging service Swift.
/jlne.ws/3vbXYFm
Fintech Startup Revolut Could Be Getting Closer to Becoming a U.K. Bank
Josh Mitchell - The Wall Street Journal
Revolut, the financial-technology startup, could finally be closing in on a critical U.K. banking license. On Friday, Revolut said it had obtained "sufficient appropriate audit evidence" to resolve accounting concerns raised by an auditor in its 2021 annual report. That could boost its efforts to secure a U.K. banking license.
/jlne.ws/3v8uhoC
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| Cybersecurity | | Top stories for cybersecurity | How to rebuild trust after a cybersecurity breach
Rupal Hollenbeck - World Economic Forum
The last several years have fundamentally changed the way we live and work. The shift to remote and hybrid work has produced significant disruption, which in turn has led to technology innovation. This enabled people to connect to their workplaces and stay productive from outside the traditional security perimeter through new platform tools, workforce collaboration solutions, internal messaging integrations, remote training and more.
/jlne.ws/3TB4RtX
These are the cybersecurity stories we were jealous of in 2023
Lorenzo Franceschi-Bicchierai, Zack Whittaker, Carly Page - TechCrunch
Back in 2018, my former colleague at VICE Motherboard Joseph Cox and I started publishing a list of the best cybersecurity stories that were published elsewhere. It wasn't just a way to tip our hats at our friendly competitors; by pointing to other publications' stories, we were giving our readers a fuller picture of what had happened in the world of cybersecurity, privacy, and surveillance in the year that was just ending.
/jlne.ws/3vaOJoO
"Digital Dilemma: As Corporations Grow, So Does Their Cybersecurity Risk"
Medium
In an era where technology is integral to every aspect of business, a paradox emerges in cybersecurity. The increase in high-profile corporate hacks raises a critical question: does the advancement of technology inevitably lead to greater cybersecurity vulnerabilities? The Status Quo: A Landscape of Increasing Threats: The current cybersecurity landscape is complex, with large corporations becoming frequent targets for cybercriminals. They are attractive due to the vast sensitive data they hold and their often complex, vulnerable systems.
/jlne.ws/48rwcDc
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto had a surprisingly great year. It still faces threats in 2024.
David Hollerith - Yahoo Finance
A year ago the crypto world was in shambles. Now it's back, riding a new rally that supporters predict will surge even higher in 2024. The price of bitcoin (BTC-USD), the world's largest cryptocurrency, is up more than 160% this year after topping $44,000 for the first time since early 2022. The stock of cryptocurrency exchange Coinbase (COIN) has more than tripled, while the total market value of all crypto assets has nearly doubled.
/jlne.ws/41CKxKD
Bitcoin Options Show Traders Are Hedging Bets Ahead of ETF Deadline
David Pan - Bloomberg
While now seen as a sure thing by the vast majority of the Bitcoin community, the options market is showing that traders are hedging bets ahead of a Jan. 10 deadline for the US to decide whether to allow exchange-traded funds holding the cryptocurrency.
/jlne.ws/3HdIMuh
Coinbase secures crypto license in France amid broader global push
Reuters
Cryptocurrency exchange Coinbase Global secured registration with the French markets regulator on Thursday, as it seeks to expand globally under its Go Deep, Go Broad strategy. France's AMF watchdog has given Coinbase virtual asset service provider (VASP) approval, a green light for the company to operate digital currency services. Registration will allow Coinbase to offer its full suite of retail, institutional and ecosystem products and services to users in the country.
/jlne.ws/3RUmUtG
With Wall Street Entering Crypto, Regulations Are Sure to Turn Favorable
Rob Nelson - The Street
As the crypto industry seeks a foothold in the U.S. financial system, it's become a complex maze of regulatory hurdles, a theme that was front and center in a recent discussion hosted by Roundtable anchor Rob Nelson with Brian Dixon, president of Off The Chain Capital. The conversation
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Argentina's Foreign Minister Claims New Decree Legalizes Bitcoin and Other Crypto Assets for Contracts and Payments
Hope C - CoinMarketCap
Diana Mondino, Argentina's Minister of Foreign Affairs, International Trade, and Worship, has asserted that a recently passed decree legalizing the use of certain currencies in contracts and for payments applies to Bitcoin (BTC) and other cryptocurrencies.
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| Politics | | An overview of politics as it relates to the financial markets | Harvard Financial Pain Grows as Blavatnik Joins Donor Revolt; Billionaire pauses gifts to school amid antisemitism furor; University is still richest in US with $51 billion endowment
Janet Lorin - Bloomberg
The list of Harvard University's disaffected donors has added another billionaire: Len Blavatnik. His family foundation has given at least $270 million to Harvard, but it's pausing donations in the wake of university President Claudine Gay's widely derided congressional testimony on antisemitism, according to a person with direct knowledge of the matter.
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UK to introduce carbon levy on imports by 2027; Industry criticises ministers for implementing scheme on a slower timetable than EU
Rachel Millard and Jim Pickard - Financial Times
The UK has announced plans to introduce a carbon border tax by 2027 to try to protect British manufacturers and match similar measures in the EU but industry has urged ministers to move faster.
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House probe into ESG violations expands to proxy advisors ISS and Glass Lewis
Lydia Moynihan - NY Post
The House of Representatives has subpoenaed shareholder advisors Glass Lewis and Institutional Shareholder Services as it expands a probe into whether they have violated antitrust laws by coordinating ESG efforts with each other, On The Money has learned. On Wednesday, House Judiciary Committee Chair Jim Jordan (R-Ohio) requested what will likely amount to thousands of documents from both Glass Lewis and ISS, so-called proxy advisory firms that big investment firms use as consultants for shareholder votes, sources said.
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| Regulation & Enforcement | | Stories about regulation and the law. | Warning of fraud: BaFin warns consumers about fake emails sent by info@bafin.holdings
Bafin
The Federal Financial Supervisory Authority (BaFin) warns consumers about emails sent from the domain info@bafin.holdings. These emails are sent to consumers by a person using the name "Jessica Bolton" who claims to be acting on behalf of BaFin. This is not the case.
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CFTC Agricultural Advisory Committee focuses on important role of FCMs; CFTC Agricultural Advisory Committee focuses on important role of FCMs
Panel looks at improving access to futures markets for small and mid-size farmers
Kyle Glenn - MarketVoice
The Commodity Futures Trading Commission's Agricultural Advisory Committee held a discussion on 14 December to discuss futures margining in the agricultural markets. The advisory committee also heard a presentation by Seth Meyer, the US Agriculture Department's chief economist, about global events that are impacting the US futures markets. CFTC Chairman Rostin Behnam highlighted the important role derivatives markets serve for the agriculture community. He also used his opening statement to highlight that the CFTC and the Center for Risk Management Education and Research (CRMER) at Kansas State University will host an agriculture focused conference on 11-12 April, 2024 in Overland Park, Kansas. This conference will also include the next meeting of the advisory committee.
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CFTC Chairman Announces Division of Data Appointments to Continue the CFTC's Focus on Mission Critical Data; Ted Kaouk Named the Chief Data Officer and Director of the Division of Data and John Coughlan Named Chief Data Scientist
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced two appointments in the Division of Data (DOD) that will enhance the CFTC's analytic capabilities as the agency increasingly innovates its data-driven culture. Ted Kaouk has been named Chief Data Officer and Director of DOD. Dr. Kaouk will spearhead data integration initiatives and collaborate with the CFTC's offices and divisions to help the agency make informed policy decisions. John Coughlan will serve as the agency's first Chief Data Scientist. He will advance DOD's data science expertise and expand the agency's use of artificial intelligence to more effectively oversee the derivatives markets and meet its own regulatory requirements.
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SEC Charges UAE-Based Brooge Energy and Former Executives with Fraud
SEC
The Securities and Exchange Commission today announced fraud charges against Brooge Energy Limited, a publicly-traded energy company located in the United Arab Emirates, the company's former CEO, Nicolaas Lammert Paardenkooper, and its former Chief Strategy Officer and Interim CEO, Lina Saheb.
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FINRA Names Feral Talib as Executive Vice President and Head of Surveillance and Market Intelligence
FINRA
FINRA announced today that it has appointed Feral Talib as Executive Vice President and Head of Surveillance and Market Intelligence. He will assume the role on January 2. In the newly created role, Talib will be responsible for leading FINRA's surveillance program, which serves a unique and critical role in fostering the integrity of the U.S. securities markets. As the markets have evolved and grown increasingly complex, FINRA has made significant investments and collaborated with the national securities exchanges to develop robust and sophisticated surveillances that operate across markets and products.
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Changes to FMA executive leadership team
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - said today that Paul Gregory, Executive Director, Response and Enforcement has resigned. Mr Gregory has accepted a role with ANZ Investment Management as Head of Investment Partnerships. His new role starts in April 2024. FMA Chief Executive, Samantha Barrass, said: "We want to thank Paul for his significant contribution to the FMA during his tenure, showing leadership across the Investment Management function before leading the Enforcement and Response enterprise team. Paul has been a major figure in our leadership team, we and the Board of the FMA wish him well in the future." In keeping with the FMA's standard conflicts of interest protocols, Mr Gregory has stood down, effectively immediately, from involvement in any regulatory work of the FMA. FMA Executive Director for Evaluation and Oversight, and General Counsel, Liam Mason, takes on the role of Acting Executive Director, Response & Enforcement.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Record Cash Inflows Show Investors Missed Out on Stock Rally
Farah Elbahrawy - Bloomberg
Investors poured record amounts into cash this year, according to Bank of America Corp. strategists, highlighting how a lot of market participants missed out on the best stock rally since 2019.
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Five gold rings? I'd rather have silver; Demand for rare metals is likely to soar over the next 10 years
Moira O'Neill - Financial Times
All I want for Christmas is silver, copper and uranium rings. plus, maybe, some recycled gold. When gold plunged to $1,355 in April 2013 financial advisers lined up to warn me that the metal was "just speculation" and "not a traditional investment" because it didn't pay an income. But all I should have asked for at Christmas in 2013 was the investment equivalent of five gold rings: shares in iShares Physical Gold. Ten years later I would have doubled my money, as gold passed $2,000 to reach record highs.
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You've never had it so bad. . . if you've been a government bond holder
Toby Nangle - Financial Times
As we approach 2024, the humungous rally of recent weeks has taken the edge off the bond bear market. Not long ago, we compared the drawdowns suffered by today's bondholders to those experienced in the 1970s. Today we're venturing further back into the British and American archives to see how 2023 stacks up against the long long run.
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What are the bestselling shares of 2023? Tech and financials favoured by UK investors - along with the odd bargain stock
Claer Barrett - Financial Times
The search for dividend income, big tech and bargain hunting were the most tempting themes for customers of UK investment platforms in 2023, according to lists of the most popular stocks picked this year. FTSE 100 financial and insurance stocks dominated the top 10 net buy lists of the UK's biggest investment platforms, with their generous dividends proving attractive to retail investors in an inflationary environment.
/jlne.ws/3NCwsXQ
How SoftBank's bet on US mortgage lender Better backfired; Multibillion-dollar investment in start-up soured as interest rates rose and Spac craze ended
Ortenca Aliaj and Eric Platt and David Keohane - Financial Times
In April 2021, SoftBank was so eager to back US mortgage lender Better Home & Finance that it wrote a $500mn cheque and was prepared to hand its newly acquired voting rights to Vishal Garg, the start-up's founder and chief executive.
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Why Do People File for Bankruptcy? Rudy Giuliani filed for bankruptcy a day after a judge ordered him to start paying $148 million in damages to two former Georgia election workers.
Matthew Goldstein - The New York Times
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | US offshore wind poised for success next year after turbulent 2023
Scott Disavino - Reuters
The U.S. offshore wind industry is eying a brighter 2024, with work expected to start on several projects following a year marked by stalled developments and billions of dollars in write-offs. The offshore wind industry is expected to play a major role in helping several states and U.S. President Joe Biden meet goals to decarbonize the power grid and combat climate change.
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Do Wind Farms Really Affect Property Values? A New Study Provides the Most Substantial Answer to Date. The results in a new paper are likely to become part of local debates about the ramifications of wind development.
Dan Gearino - Inside Climate News
For years, opponents of wind energy development have argued that the projects lead to a decrease in property values, despite the companies proposing the projects saying there was almost no evidence to support such claims. A new paper published in the journal Energy Policy is likely to shake up this debate with its finding that properties within a mile of a proposed wind farm experience an average decrease in value of 11 percent following the announcement of the project, compared to properties located three to five miles away
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Regulation of culture in financial institutions: global trends and challenges
Freshfields Bruckhaus Deringer - Lexology
Around the world, regulators have become increasingly concerned about culture in financial services firms, as part of a wider focus on ESG issues. In the UK, the FCA and PRA recently published highly anticipated consultation papers on diversity and inclusion (D&I) in financial services, in which they propose to introduce new reporting, disclosure and target-setting requirements for regulated firms, as well as strengthen their expectations around non-financial misconduct. Culture is also an important issue in Europe, where EU regulators have made it clear, for example, that D&I is a core factor when assessing the collective suitability of banks' management.
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What Do You Know About Climate Change? Take Our Quiz; As the hottest year in recorded history draws to a close, now is a good time to test what you know about the state of the climate.
Olivia Rudgard, Zahra Hirji, Eric Roston, Coco Liu, Jack Wittels and Todd Woody - Bloomberg
This year saw no shortage of climate news: There were record-breaking heat waves, floods and fires; major developments in carbon capture and renewable energy; significant energy-transition progress for some countries; and notable backsliding for others. It was all capped off by a UN climate conference at which nearly 200 countries agreed to transition away from fossil fuels - an imperfect but historic step forward in the fight against climate change. If you're struggling to stay on top of it all, we get it. It turns out keeping tabs on "the planet" is a bit of a full-time job. That's why Bloomberg Green pulled together some of the most important - and interesting - facts picked up in our reporting this year, and turned them into a quiz. If you know the answers, great! Congratulations on your environment know-how. If you find yourself stumped, check the links in the explanations to keep learning.
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Reducing Methane From Livestock Is Critical for Stabilizing the Climate, but Congress Continues to Block Farms From Reporting Emissions Anyway; A long standing pattern of letting livestock producers off the hook continues, even as billions pour into the industry.
Georgina Gustin, Phil McKenna - Inside Climate News
Anyone feeling compelled to look into a bill passed recently by the House of Representatives will see some familiar language. It may seem wonky-the concern of agriculture or climate policy geeks. But the language relates to one of the country's biggest sources of an especially powerful climate-warming greenhouse gas: methane from cows. And right now, reducing methane is the world's best, most expedient strategy for quickly staving off atmospheric calamity.
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Electric Cars Are Driving China Toward the End of the Age of Oil; An EV road trip across China reveals how economics and consumer preferences-not green concerns-are hastening the energy transition.
Bloomberg News
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India Plans to Expand Its Coal Power Fleet to Meet Soaring Demand; Nation plans to add 88 GW of thermal capacity by 2032; Government envisages 63% more capacity than earlier plans
Rajesh Kumar Singh - Bloomberg
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Analysis: From carbon markets to CBAM, where we stand on climate finance after COP28
Angeli Mehta - Reuters
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EU, UK Push Back Tariffs on EV Trade for Three Years; Duties now set to enter into force from start of 2027; Grace period to give time to expand battery production
Katharina Rosskopf and Max Ramsay - Bloomberg
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COP28: where do greener investors go from here? Options abound as the world transitions to cleaner energy sources
Simon Mundy - Financial Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Private Equity Firm Warburg Taps Apollo for $1 Billion Loan to Bypass Banks
Dawn Lim and Allison McNeely - Bloomberg
Warburg Pincus turned to investment giant Apollo Global Management Inc. for a $1 billion loan to pay down bank facilities involving an older fund.
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Failed Warburg Pincus talks reveal scale of BlackRock's private equity ambitions; Discussions about a possible strategic partnership foundered over two firms' competing visions
Antoine Gara and Brooke Masters and Arash Massoudi and Harriet Agnew - Financial Times
BlackRock's push into alternative investments led it to hold talks with Warburg Pincus as the world's largest money manager seeks a transformational deal that could reshape the $27tn private funds industry.
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Deutsche Bank discovers thousands of unresolved customer complaints; Latest setback after botched IT project key reason for delay to CEO Sewing's promise of fixing Postbank issues this year
Olaf Storbeck - Financial Times
Deutsche Bank has discovered thousands of forgotten and unresolved complaints in its German retail operation Postbank, people familiar with the matter told the Financial Times. The backlog of customer service issues has emerged months after the German lender promised to quickly fix the widespread disruption caused by a botched IT migration project.
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Japan banks scramble to beef up asset management business amid govt reform push
Makiko Yamazaki and Ritsuko Shimizu - Reuters
The Japanese government's reform push for the country's $5 trillion asset management industry has sparked a series of action plans from top Japanese banking groups to beef up their long overlooked asset management business. Asset management has emerged as an area of focus for the banks this year as the financial regulator sought their help to shake up the industry in line with Japan's policy pledge to turn dormant household savings into investments.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How to survive the office Christmas party ... and how to recover if you've already embarrassed yourself
Working It - Financial Times (podcast)
It's the work Christmas party season: you're out of the office, and the alcohol is flowing. How can you make sure you don't embarrass yourself (or derail your career)? And how can you bounce back if you do go wrong? Isabel Berwick speaks to FT columnist and veteran party-goer Stephen Bush, author and comedian Viv Groskop and party-shy FT columnist Emma Jacobs to find out. Warning: contains drunken secret Santas, dancefloor embarrassment and toe-curling apologies.
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The perils of mangling a name; Mispronouncing a colleague's name at work can be hazardous - and not just if it's the boss
Pilita Clark - Financial Times
How would you pronounce Kristalina Georgieva? The first name of the managing director of the IMF is easy enough for English speakers. The second is another matter entirely. For years, I have heard people pronounce it with one and often two soft Gs, like the sound of the 's' in measure, as in Zhore-zhee-ay-vah. But having just been to the COP28 climate conference in Dubai, where name mangling was a constant menace, I can report this is completely wrong.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Our best wellness tips and stories from 2023
Tara Parker-Pope - The Washington Post
Readers were captivated this year by the story of a young college student who suddenly developed psychosis and became catatonic. Solving the mystery of her illness took 20 years and a chance encounter with a doctor who had been haunted by the patient's case as a medical student. This is the story of April Burrell and the doctor who was determined to help her. It's an uplifting tale about both science and the human spirit. I hope you enjoy it.
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Five tips on how to maintain health and wellness during the holiday season
ABC News
As the holidays arrive and people attend gatherings with family and loved ones, many will stray from their daily routines but maintaining your health is possible. "It is hard to stick with routines when on holiday because we are no longer in our day to day pattern," Dr. Amanda Velazquez, director of obesity medicine at Cedars-Sinai Center for Weight Management and Metabolic Health, told ABC News.
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Happy Christmas (Covid's Over); The stock market truly blew past the pandemic era in 2023, with cruise operators soaring and vaccine-makers tanking.
John Authers - Bloomberg
There's time for one last great factoid before we head off for the holiday season. This is the last regular Points of Return for the year, but we will be sending you a couple of installments about the performance of Hindsight Capital LLC, my imaginary hedge fund that made all the right trades at the beginning of 2023, to help while away the quiet time between Christmas and the New Year.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong pulls in financial firms as they target rich clients, family offices with array of services
South China Morning Post
Hong Kong's capital market is attracting a wave of financial services providers eyeing opportunities in the wealth management and family offices space even as dozens of home-grown brokerages call it a day. The city's market regulator has been inundated with applications from financial firms and individuals seeking financial services licences, despite a downturn in the capital market.
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Hong Kong Weighs More Digital Green Bond Sales Amid Hub Push; City hires five banks for potential multi-currency debt sale; Hong Kong issued its debut digital green bond in February
Alice Huang - Bloomberg
Hong Kong is considering offering green bonds managed on distributed ledger technology, the latest step in the city's efforts to become a digital-asset hub, following its first sale of similar notes earlier this year.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Investors lose taste for top Burgundies and vintage Champagne; Higher interest rates and weak demand from China damp 'frothy' market
Laurence Fletcher - Financial Times
The market for top-end Burgundies, vintage Champagnes and other fine wines has soured this year, as higher interest rates and a slowdown in the Chinese economy catch up with the once-booming asset class. The price of Burgundy has dropped 15.7 per cent this year to the end of November, according to wine exchange Liv-ex's Burgundy 150 index. Top-end vintage Champagne is down 17.2 per cent, while wines from France's Rhone valley have lost 19.4 per cent in price on average, according to Liv-ex indices.
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Hedge Fund Traders Snap Up Some of London's Priciest Mansions; Some deals even exceeded £100 million as the ultra-rich shrugged off the UK's broader housing market woes.
Damian Shepherd and Sarah Rappaport - Bloomberg
Hedge fund traders were among those who snapped up luxury London homes in multimillion-dollar deals this year, as the ultra-rich shrugged off the UK's broader housing woes. Citadel trader Adam Frame, whose company outperformed many of its peers in 2023, purchased a mansion overlooking Primrose Hill for £42.9 million ($54 million) in June. A few months earlier, Olivier Meyohas, director of a Blackstone Inc. unit that invests client money in hedge funds, bought a £24.7 million semi-detached house near Chelsea.
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