| March 13, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Well, the Hall of Fame ceremony at the FIA Boca 2024 conference has come and gone and I did not stumble on the stage, which was my greatest fear. I was truly humbled to be part of this year's class with so many distinguished market participants, exchange leaders and other industry leaders.
The best part of the Hall of Fame induction for me is the message that it sends to my family, particularly my children. I am not a big believer in handing down generational wealth to the next generation. But I am a believer in handing down a good reputation and a good name. That is something that each one of them can build upon for themselves. The FIA Hall of Fame was a validation of all of the hard work and good works that I have given and done for the listed and cleared derivatives industry. Of course, this is not to say I still can't mess things up.
My dreams for my children are for them to live their own lives, figure out who they are and what they want to be.
Yesterday, we were able to conduct another 16 interviews, sneaking the 16th in right before the Hall of Fame ceremony. We have another nine this morning, and then we are done. The conference program ends at noon, which is when the putters come out on the practice green. The conference ends with the traditional fundraiser cocktail party on the 18th green on behalf of Futures For Kids. Of course this afternoon is also the Pickleball clinic sponsored by Connamara Technologies.
Like most Bocas, the conference has flown by. Comments from participants have noted how the conference has changed from one with more golf and leisure to a series of 30-minute speed-dates. For JLN it was a series of 20-minute speed interviews, with nary a moment for a coffee break. Maybe next year we will schedule those in.
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:
- Broadridge launches global futures and options trading platform from The Trade.
- Wall Street's Risky Bet Returns: The Resurgence of Short-Volatility Trading from Investing.com.
- Short-Term Options Have Become Popular In Commodities from Seeking Alpha. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Structured products and the 'broken Vix' discourse; Whodunnit?
Robin Wigglesworth - Financial Times
Last week we wrote about how the BIS thinks the explosion of structured products like ETFs built for derivatives-derived income could be the real cause for the decline in the Vix. The volatility index's parent now begs to differ. The Cboe - formerly known as the Chicago Board Options Exchange - has put out a report examining the decline in the volatility measured by its flagship Vix index, which it admits "has not only been historic, but also surprising".
/jlne.ws/3VlVkbf
****** Who is going to FIX the VIX?~JJL
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How China Tried to Fix the Stock Market-and Broke the Quants; Beijing wanted to end a stock-market slump. That led to unintended consequences.
Weilun Soon and Rebecca Feng - The Wall Street Journal
China's biggest quant funds beat the market for years by applying complicated statistical models to stock picking. But they didn't model a key factor-the government. Quantitative funds, which use algorithms to chew masses of data and make trading decisions, have become a powerful force in the U.S., where funds such as AQR Capital Management, Renaissance Technologies and Millennium Management manage huge portfolios and provide an important source of liquidity for small investors. But the industry has at times been controversial, being accused of herd behavior that exacerbates periods of volatility.
/jlne.ws/4cb99PD
****** Let the quants fix themselves, if any still exist.~JJL
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Tuesday's Top Three
Our top story on Tuesday was a tie between the BBC's More than a fifth of UK adults not looking for work and the FIA's FIA releases report on derivatives industry trends. Second was Bloomberg's UK Moves Ahead in Vaccine Race With 6.3 Million RSV Shots. And third was a tie between The Wall Street Journal's Singapore Exchange to Launch Short-Term Interest Rate Derivatives and the CQG press release CQG Unveils New First-of-its-Kind AI / Machine Learning Trading Toolkit for Predicting Futures Market Moves.
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| Lead Stories | How a Physics Whiz Made a Killing Betting on Nature's Catastrophes; John Seo used his scientific knowledge to develop a winning formula for trading catastrophe bonds - a market that's booming thanks to climate change and inflation.
Gautam Naik - Bloomberg
When thousands of homeowners in Florida and Louisiana purchased their hurricane insurance, they probably had no idea that John Seo stood to make a big profit if their properties got through the next three years unscathed. Unbeknownst to them, Seo, a 57-year-old hedge fund manager in southern Connecticut, is the reason why millions of people from New Zealand to Chile have financial protection against natural disasters. His fund, Fermat Capital Management, owns the world's biggest collection of catastrophe bonds - complex financial instruments that insurers issue to cover risks they can't handle.
/jlne.ws/43egDNM
CME Group bids to enter US Treasury clearing business; CEO of exchange group says move into world's biggest bond market is 'no-brainer' and its application will come this year
Nikou Asgari and Jennifer Hughes - Financial Times
CME Group said it will apply to clear US Treasuries, becoming the first exchange company to publicly state its ambitions to grab a lucrative slice of the world's biggest bond market. "It's a no-brainer to go ahead and file the application to become a Treasury clearer," Terry Duffy, chief executive of CME, told the Financial Times on Tuesday. The $27tn Treasury market is facing seismic changes under new US Securities and Exchange Commission rules, which will remodel the way that trades are finalised. The regulator is forcing more Treasury trades through a clearing house in an effort to make the market more resilient after a series of crises.
/jlne.ws/48Nj0Z2
Brexit has made investing in the UK harder, says Intercontinental Exchange chief; Jeffrey Sprecher was an early backer of UK split from EU but now says London has lost value as a trading centre
Jennifer Hughes and Nikou Asgari - Financial Times
Brexit has made it hard to invest in the UK, according to the head of the company behind the New York Stock Exchange - a one-time backer of the UK's split from the EU. Jeffrey Sprecher, founder and chief executive of Intercontinental Exchange, said the UK had lost value as a trading centre since leaving the single market, and uncertainty around some post-Brexit regulations had made it difficult to invest in British businesses.
/jlne.ws/3wVeURl
Coinbase Accuses U.S. SEC of Breaking the Law in Rejecting Crypto Rulemaking
Jesse Hamilton - CoinDesk
Coinbase Inc. (COIN) has accused the U.S. Securities and Exchange Commission of ignoring the law when it rebuffed the company's formal petition for crypto rules, according to a filing Monday in the U.S. Court of Appeals for the Third Circuit. Lawyers for Coinbase are arguing that the securities regulator has acted arbitrarily and capriciously when it claims authority over crypto assets while also declining to write new regulations on how those assets should be treated. Instead, the agency steered its oversight of digital assets through its enforcement actions, the company argued in the opening brief of its lawsuit.
/jlne.ws/3Tyka65
Bitcoin Sets Another All-Time High as Crypto Sees Record Inflows
Ryan Weeks - Bloomberg
Bitcoin rose to a record for the third time in five days before traders appeared to take the opportunity to realize some of the recent gains. The original cryptocurrency reached an all-time peak of $72,968 on Tuesday, before pulling back below $70,000. The fresh highs were reached in the wake of a report from CoinShares showing $2.7 billion flowed into crypto assets last week, with the bulk of that going to Bitcoin. Both the token and a gauge of the largest 100 coins are up roughly 70% this year.
/jlne.ws/4cdNGW3
Bitcoin Liquidity Crisis Incoming? Bitcoin ETF Demand Surges And New All-Time Highs
Caden Pok - Benzinga
Bitcoin has been on a tear in 2024. Over the past several weeks, the token has reached multiple new highs. While many factors have contributed to this buying pattern, one of the more interesting elements of the recent run is the approval of spot Bitcoin exchange-traded funds (ETFs).
/jlne.ws/3PioHam
Coinbase Global Plans to Offer $1 Billion in Convertible Notes
Olga Kharif - Bloomberg
Coinbase Global Inc., the largest US cryptocurrency exchange, said it plans to offer $1 billion in convertible senior notes to repay existing debt and for general corporate purposes. The notes maturing in 2030 will be sold through a private offering to institutional investors, Coinbase said in a statement Tuesday. Coinbase also expects to grant a 30-day option to allow the purchase of up to an additional $150 million of the securities to cover over-allotments. The notes will be convertible into cash, shares of Coinbase's Class A common stock, or a combination, at the company's election.
/jlne.ws/3v7NIhK
Jamie Dimon doesn't care if Bitcoin hit a record high, but will defend people's right to buy it like he'll defend your right to smoke a cigarette
Eleanor Pringle - Fortune
A Bitcoin frenzy has pushed the price of the cryptocurrency above $72,000 to a record high, but even that isn't enough to convince JPMorgan Chase CEO Jamie Dimon of its value. Over the past month the price of the digital currency has surged more than 40%, prompting bullish backers to hail the end of the so-called crypto winter.
/jlne.ws/3wZn4rK
Wealth managers face the music after years of rip-off fees
Michael Bow - The Telegraph
During the good times, being a wealth manager felt like a bet you couldn't lose. Assets under management - the key barometer of any manager's health - kept rising and rising across the industry, and so too did the fees and profits. Not anymore. Gloom has descended over the £620bn industry after the City watchdog launched a crackdown on rip-off fees and slapdash practices within the industry. St James's Place, the UK largest wealth manager with £180bn of assets under management, became the most significant casualty last month after taking a £426m provision to cover thousands of compensation claims.
/jlne.ws/3TijL6u
Record-breaking bitcoin is minting more than 1,500 'millionaire wallets' a day as experts praise its staying power
Filip De Mott - Business Insider
Bitcoin's latest rally to all-time highs is helping push over 1,500 wallets past the million-dollar mark each day, Kaiko Research reported. So far this year, the trend peaked at 1,691 wallets on March 1. Given the decentralized nature of crypto, it's difficult to determine the ownership details behind these addresses, and it is possible that multiple wallets belong to a single person or entity. Since the beginning of this month, bitcoin has gained another 16%, extending a bull run that first kicked off in mid-January, when regulators approved spot bitcoin ETFs to begin trading in the US.
/jlne.ws/4af4hHv
Nigeria demands Binance disclose top users, executives remain detained
Tage Kene-Okafor - TechCrunch
Nigeria is actively seeking information from Binance regarding its top 100 users in the country and all transaction history spanning the past six months, according to a Financial Times report. This news overlaps with the revelation of the names of the two executives from the cryptocurrency exchange who were detained two weeks ago: Tigran Gambaryan, Binance's head of investigations, and Nadeem Anjarwalla, the crypto platform's regional manager for Africa, the Wired reported Tuesday.
/jlne.ws/3Iz9Pk3
How M&A boutique Evercore became 'Goldman North'; The New York investment bank is narrowing the gap with its downtown Wall Street rival
Joshua Franklin and Sujeet Indap and Ivan Levingston - Financial Times
At first, it was Lazard and Rothschild that Roger Altman's boutique New York investment bank Evercore had in its sights. Almost three decades after its founding, the firm is instead closing the gap with Goldman Sachs, JPMorgan and Morgan Stanley on its core business of deal advice. Last year, the firm's advisory fees put it in fourth place behind the three Wall Street titans: it reported advisory revenues of $2bn to Morgan Stanley's $2.2bn, JPMorgan's $2.8bn and Goldman's $3.3bn. This year, Evercore has found its way into nearly every mega-deal in the US, including BlackRock's $12.5bn acquisition of infrastructure investor GIP and Synopsys' $35bn acquisition of Ansys.
/jlne.ws/3PkjxKS
Social Capital sacks two partners over 'situation' involving AI investment; Chamath Palihapitiya's venture capital group also hires law firm to investigate undisclosed issue
Tabby Kinder - Financial Times
Chamath Palihapitiya's venture capital group Social Capital has fired two of its most senior partners and hired a law firm to investigate an undisclosed "situation" related to its investment in Groq, an artificial intelligence chips start-up. In a letter to investors sent this week, Social Capital said it had fired Jay Zaveri, its head of early-stage and venture investing who had been a partner since 2015, and Ravi Tanuku, who had been head of public markets and M&A since 2020.
/jlne.ws/4a7sDmn
Reddit's Long, Rocky Road to an Initial Public Offering; The site, a throwback to an earlier era of social media, is poised to go public as soon as next week. It hasn't been easy to reach this point.
Mike Isaac - The New York Times
During a leadership crisis in 2015, Reddit asked Steve Huffman, one of its founders, to return to run the social media platform. Mr. Huffman, who was working on a travel site, was not eager to come back. Reddit was a headache. It was experiencing a revolving door of chief executives. Its sprawling community of users was combative with management. Reddit's ownership was also complicated, and its technology was lagging behind competitors.
/jlne.ws/3Ty3Yll
Australia's Wyloo says industry will turn from LME without green nickel
Reuters
Nickel miner Wyloo, owned by Australian mining magnate Andrew Forrest, said that if the London Metal Exchange (LME) doesn't launch a green nickel contract, the industry will have to look for another trading venue. Forrest had told Australian media last month that the LME should classify its contracts into clean and dirty to give customers more choice. Wyloo is set in May to shutter two nickel mines in Australia that it bought last year for $504 million.
/jlne.ws/3wPfy2S
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Major Russian Oil Refinery on Fire After Drone Strike; Fire at Ryazan refinery caused by drone attack, governor said; Putin said Ukrainian campaign aims to interfere with election
Bloomberg News
Vladimir Putin hit out at Ukraine for an escalating campaign of drone strikes that he said aimed to disrupt this week's presidential election, as Rosneft PJSC's largest oil refinery was hit in the latest wave of attacks. Ukrainian strikes in Russian regions "are aimed at, if not frustrating the elections in Russia, then interfering with them," President Putin said in an interview with the RIA Novosti news service published Wednesday. "Another goal is to get some kind of trump card in a possible negotiation process."
/jlne.ws/43egdGW
Ukraine needs 500,000 new recruits. Can it raise them? Ukrainian soldiers have manned the frontline for more than two years with little time off
Isobel Koshiw - Financial Times
In the two years he's served on Ukraine's battlefield, Ilya has had just 25 days of leave. "Two years without a break, without rotation - of course, morale is low and it's killing motivation," said Ilya, who serves in an assault brigade. "We need either rotation or normal vacations to rest properly." The soldier said Ukraine's open-ended service was among the reasons men tried to avoid being drafted to the front. But, he said, "if people don't come, we can't rest", adding that the personnel shortages were so bad in his unit that upcoming leave had been cancelled.
/jlne.ws/3Twf36C
To Build More Missiles, the U.S. Looks to an Ally 10,000 Miles Away; Australia aims to establish first factory outside U.S. for making a missile that's been pivotal in Ukraine
Mike Cherney - The Wall Street Journal
At an Australian military base here on the outskirts of Sydney, an unassuming shed-like structure known as Building 215 is set to play an important role in Washington's strategy for confronting rivals such as China and Russia. Inside, officials plan to establish the first factory outside the U.S. to help make a type of missile that's been pivotal in the Ukraine war: Lockheed Martin's Guided Multiple Launch Rocket System, or GMLRS. The U.S. has already sent Ukraine thousands of these missiles, which are fired out of vehicles known as Himars.
/jlne.ws/43g2TC4
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Hamas has been shattered. Now it is fighting to survive; With its fighting ranks decimated and Gaza in ruins, the militant group's goal is to avoid elimination
Neri Zilber and Andrew England - Financial Times
On the 14th floor of Israeli military headquarters in Tel Aviv, high up in the defence minister's office, a large pyramid adorns the wall made up of images of Hamas's top ranks. The title: "Status of leadership assassinations." After five months of ferocious conflict in Gaza, those still alive greatly outnumber the mostly mid-ranking commanders whose fate is illustrated by a giant red X across their faces.
/jlne.ws/3IxNa7Q
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Deutsche Boerse Digital Exchange Completes First Trade; Source Expands ETFs in Germany
MarketsMedia
ICF Bank and Bankhaus Metzler as first clients with pilot trading activity; DBDX offers trading, settlement and custody of crypto assets from a single point of access. Trading on the Deutsche Bourse Digital Exchange (DBDX) has started successfully. During the first transactions by ICF Bank and Bankhaus Metzler on DBDX, the crypto-asset Ether was traded and settled against euros (ISIN: EU000A2YZK75). The crypto spot platform initially offers trading in Bitcoin and Ether.
/jlne.ws/3Vjgvui
Road Trip: ICE's Chris Edmonds Talks AI and Other Data Trends in Capital Markets
Modern Money SmartPod
It's no surprise that an industry veteran like Chris Edmonds, president of fixed income and data services at Intercontinental Exchange, would have a few insightful (and entertaining) thoughts to share about the buzz surrounding artificial intelligence. This chat with Edmonds at the 49th annual International Futures Industry Conference features his view on where AI fits in the long history of advancements in humans' ability to compute at greater speed.
/jlne.ws/3PkEq97
Aquis Technologies wins contract to build new exchange for Colombian government bond market; The exchange's mandate is focused on modernising the market; the contract is is due to go live from 2026.
Claudia Preece - The Trade
Aquis Technologies is set to provide the technology and support services for the operation of the Central Bank of Colombia (Banco de la República) government bond market (Sistema Electrónico de Negociación - SEN) having been awarded the contract, due to go live from 2026. Aquis Technologies is the Aquis Exchange's software and technology division, and has been mandated to modernise Colombia's government bond market.
/jlne.ws/48REm7B
NSE Indices launches Nifty AAA Bond Jun 2025 HTM Index
National Stock Exchange of India
NSE's index services subsidiary, NSE Indices Limited today launched a new target maturity index Nifty AAA Bond Jun 2025 HTM Index. The Nifty AAA Bond Jun 2025 HTM Index follows a target maturity structure with maturity date of June 30, 2025. The index measures the performance of portfolio of AAA rated bonds issued by Public Sector Undertakings (PSUs), Housing Finance Companies (HFCs), Non-Banking Financial Companies (NBFCs) and Banks maturing during the six month period ending June 30, 2025.
/jlne.ws/3Vclltr
Notification of dividend / distribution
ASX
Appendix 3A.1 - Notification of dividend / distribution 1 / 6. Update Summary. Entity name: ASX LIMITED. Security on which the Distribution will be paid. ASX - ORDINARY FULLY PAID. Announcement Type. Update to previous announcement.
/jlne.ws/46R1Cme
First Initial Access Document on BME Scaleup from SOLVENTO GROUP 2022 SOCIMI
BME
It is the second to register an Initial Access Document (DIAM) for this market. The Market Coordination and Incorporations Committee considers that SOLVENTO GROUP 2022 SOCIMI will meet the requirements to join the BME Scaleup trading segment.
/jlne.ws/4cdXhfx
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Coinbase Plans $1B Bond Sale That Avoids Hurting Stock Investors, Copying Michael Saylor's Successful Bitcoin Playbook
Aoyon Ashraf - CoinDesk
The only publicly traded cryptocurrency exchange in the U.S., Coinbase (COIN), announced a plan to cash in on the recent rally in digital assets by raising $1 billion through selling convertible bonds, avoiding an equity sale that could hurt its stock price and also following the path Michael Saylor's MicroStrategy has taken to fund its crypto aspirations. Coinbase said on Tuesday that it will offer the unsecured convertible senior notes via a private offering. Convertible bonds can be turned into shares of the issuing company (or cash) at a certain point. For the notes Coinbase plans to offer, that conversion year is 2030. Had the company chosen instead to raise money by selling new Coinbase shares, that would dilute the ownership interest of existing shareholders - something investors may view unfavorably.
/jlne.ws/4adj8lt
Gold-Medalist Coders Build an AI That Can Do Their Job for Them; A new startup called Cognition AI can turn a user's prompt into a website or video game.
Ashlee Vance - Bloomberg
A new installment of Silicon Valley's most exciting game, Are We in a Bubble?!, has begun. This time around the game's premise hinges on whether artificial intelligence technology is poised to change the world as the consumer internet did-or even more dramatically-or peter out and leave us with some advances but not a new global economy. This game isn't easy to play, and the available data points often prove more confusing than enlightening. Take the case of Cognition AI Inc.
/jlne.ws/4cdOWbJ
UK researchers seek to slash AI computing costs by a factor of 1,000; The £800mn Advanced Research and Invention Agency launches £42mn plan to find cheaper alternatives
Clive Cookson - Financial Times
A UK research agency set up to fund high-risk, high-reward projects has launched a £42mn programme that aims to slash the cost of computing for artificial intelligence, as the government seeks to secure a leading role in the fast-developing technology. The Advanced Research and Invention Agency's first programme, Scaling Compute, will work to find cheaper and less energy-intensive alternatives to the costly silicon-based digital infrastructure on which AI runs today, reducing the costs by a factor of more than 1,000.
/jlne.ws/3VnfUYq
Reddit is casting aside community spirit in search of financial maturity; A conservative directed-share program on its IPO risks leaving the Redditor army feeling left out
Craig Coben - Financial Times
At the end of Henry IV, Part 2, the wayward Prince Hal ascends the throne and publicly rejects his drinking pal Falstaff. "Presume not that I am the thing I was," the new king tells his erstwhile friend. Hal learned a lot from carousing with Falstaff, but his assumption of state power means he has to cast off his wild ways and misfit friends.
/jlne.ws/4a65rF0
Sterling Trading Tech Brings Proprietary OMS and Risk Models to Asia; Korea Launched, Hong Kong and Singapore to Follow
Sterling Trading Tech
Sterling Trading Tech (STT), a leading global provider of technology in order management, risk and margin, and trading, today announced a 2024 expansion into Asia. STT focuses on client growth by delivering technology that provides clients with a competitive advantage. This announcement comes as the second in a series of strategic announcements for 2024 regarding plans for international expansion, following the recent onboarding of KBFG Securities America Inc.
/jlne.ws/3IAvhoX
Nvidia might not be Wall Street's favorite AI stock anymore
Mark Hulbert - MarketWatch
/jlne.ws/3IyjZRY
Arm Traders Brace for a Selloff as Lockup Lifts After Rally
Jeran Wittenstein and Bailey Lipschultz - Bloomberg
https://jlne.ws/49PUec2
Major investment banks and asset managers partake in landmark blockchain pilot
Jonathan Watkins and Chris Lemmon - The Trade
/jlne.ws/49MvZLK
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| Cybersecurity | | Top stories for cybersecurity | Nozomi Networks Raises $100 Million in Series E; Cybersecurity company joins series of industrial specialists raising funds
James Rundle - The Wall Street Journal
Cybersecurity company Nozomi Networks has secured $100 million in a Series E funding round, making it the latest company focusing on industrial technology to successfully raise significant investment in recent months. Nozomi, which brought its first product to market in November 2013, develops technology designed to secure the internet-connected devices and systems used to support the day-to-day running of critical infrastructure such as power grids, oil and gas facilities, manufacturing plants and water utilities.
/jlne.ws/3v62uFL
Is Cybersecurity The Achilles' Heel Of The Electric Vehicle Revolution?
Emil Sayegh - Forbes
The electric vehicle (EV) sector, though nascent and in its formative years, faces numerous challenges. Recent concerns, such as "range anxiety" (a vehicle battery's charge and ability to complete a planned journey) among consumers and incidents of vehicles losing power in cold temperatures, have contributed to a slowdown in adoption. While the trajectory of electric vehicle integration into our lives remains uncertain, one critical issue demands attention but does not get a lot of press: cybersecurity vulnerabilities.
/jlne.ws/3TyE6Ww
CISO Role Shifts from Fear to Growth, says Check Point & IDC
Amber Jackson - Technology Magazine
A Check Point & IDC study finds that CISOs are moving from a fear-based security mindset towards growth, to align security with business development goals.
/jlne.ws/3IBRCTi
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| Cryptocurrencies | | Top stories for cryptocurrencies | This Bitcoin Bull Run Is Breeding Millionaire Whales at Slower Pace, Data Show
Omkar Godbole - CoinDesk
The ongoing bitcoin {{BTC}} bull run is characterized by Wall Street's embrace of the long-awaited spot exchange-traded funds (ETFs). Still, the rally is producing "millionaires," however, at a slower rate than the 2020-2021 uptrend. The leading cryptocurrency by market value has risen 70% this year, setting new record highs above $72,000. The rally follows the past year's 155% surge from the depths of a brutal bear market.
/jlne.ws/3TwYtnc
Crypto's 'Alameda Gap' Narrows as Billions Pour Into Bitcoin ETFs
Sidhartha Shukla - Bloomberg
A long awaited batch of spot Bitcoin exchange-traded funds is already influencing the way crypto markets function, just two months after they launched in the US on Jan. 11. The spot Bitcoin ETFs brought to market by the likes of BlackRock Inc. and Fidelity Investments have already drawn net inflows of about $10 billion, while helping to push the price of the token they track to record highs. Bitcoin topped $72,900 for the first time on Tuesday, before pulling back to around $70,000.
/jlne.ws/48Uc4tc
Risk Appetite in Bitcoin Spurs 'Enormous' Leveraged ETF Flows
David Pan - Bloomberg
Demand for the investment vehicles that offer leveraged exposure to Bitcoin is soaring as the digital asset hits record highs. Leveraged futures-based exchange-traded funds such as VolatilityShares' 2x Bitcoin Strategy ETF (BITX) are seeing flows rivaling spot Bitcoin ETFs. The fund raked in $630 million in net monthly inflows, beaten only by BlackRock and Fidelity, according to data compiled by K33 Research.
/jlne.ws/43bQjnv
Grayscale Plans New Bitcoin Fund as GBTC Sheds Billions
Katie Greifeld and Emily Graffeo - Bloomberg
Grayscale Investments LLC intends to launch a clone of the world's biggest Bitcoin fund as it loses billions to lower-cost rivals. The asset manager submitted plans for the Grayscale Bitcoin Mini Trust, which would be physically backed by the cryptocurrency and trade under the ticker 'BTC,' a Tuesday filing showed.
/jlne.ws/3ThVu0o
Grayscale plans spin off of spot bitcoin ETF
Niket Nishant and Hannah Lang - Reuters
Digital asset manager Grayscale Investments on Tuesday filed for a spin-off of its spot bitcoin exchange-traded fund (ETF), the Grayscale Bitcoin Trust (GBTC). The spin-off is part of a bid to offer investors lower-fee exposure to bitcoin, according to a person familiar with the matter. GBTC - which in January received approval to convert from a trust to an ETF - currently has higher fees than its peers, one of the key factors in drawing investors to rival ETFs, Reuters has reported.
/jlne.ws/3PkhTZI
Michael Saylor is never selling MicroStrategy's bitcoin
Julie Hyman - Yahoo Finance
/jlne.ws/48MEPb6
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| Politics | | An overview of politics as it relates to the financial markets | Ex-Wall Street Banker Takes On AOC in New York Democratic Primary
Laura Nahmias - Bloomberg
A Wall Street veteran is mounting a long-shot challenge to US Representative Alexandria Ocasio-Cortez in New York's June 25 Democratic primary, marking the first intra-party battle she's faced in four years. Martin W. Dolan, 66, who spent 30 years working for Jefferies Financial Group Inc., Morgan Stanley and other financial firms, formally registered a campaign committee this week to run against Ocasio-Cortez. He now begins a month-long sprint to gather the necessary signatures to land a spot on the ballot for the 14th congressional district, which includes parts of northern Queens and the Bronx.
/jlne.ws/3IBR1ke
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| Regulation & Enforcement | | Stories about regulation and the law. | SVB's $285 Million in Fees Puts FHLB Rules in Spotlight
Bloomberg
The Federal Home Loan Bank system got $285 million in fees for an early wind down of emergency financing it gave to Silicon Valley Bank before the lender's collapse, Bloomberg's Sally Bakewell reports. That kind of fee collection from a failed bank is likely to stoke debate in Washington on the FHLB's future.
/jlne.ws/3Vhgkjc
Thailand's SEC Greenlights Investment From Institutional and Wealthy Individuals in Crypto ETFs
Shenna Peter - CoinDesk
Thailand's Securities and Exchange Commission (SEC) has made an exception, allowing institutional investors and very high-net-worth individuals to invest in crypto exchange-traded funds (ETFs). The SEC will now allow asset managers to invest in spot bitcoin {{BTC}} ETFs on U.S. exchanges, said Pornanong Budsaratragoon, the SEC's Secretary-General, on Monday. Spot bitcoin ETFs are classified as securities rather than digital assets under the SEC Act. This reclassification allows Thai securities firms to also partake in these investments. The SEC is contemplating extending this investment opportunity to individual investors in the future.
/jlne.ws/3Vd3BxR
SEC Orders First Trust-SkyBridge to Declare Its Bitcoin ETF Application Abandoned
Sam Reynolds - CoinDesk
First Trust Advisors and SkyBridge Capital, the hedge fund run by Trump-era White House Communications Director and digital assets investor Anthony Scaramucci, have been ordered by the Securities and Exchange Commission (SEC) to mark their bitcoin {{BTC}} ETF application as abandoned. In a notice published on Wednesday, the SEC said that the registration statement must be declared abandoned because the First Trust SkyBridge Bitcoin ETF failed to respond to prior communications from the Commission.
/jlne.ws/4crHlXx
CFTC Chair Behnam says agency preparing rulemaking in risks for 'new market structures', prediction markets
Sarah Wynn - The Block
The Commodity Futures Trading Commission (CFTC) plans to introduce new regulatory proposals during the summer to manage the potential risks and conflicts of interest arising in vertically integrated business models. These models, where a single company controls multiple levels of its supply chain or operations, have raised concerns even within the cryptocurrency industry.
/jlne.ws/48O100t
Keynote of Chairman Rostin Behnam at the FIA Boca 2024 International Futures Industry Conference, Boca Raton, Florida; "Stay Golden"
CFTC
Good morning and thank you, Alicia, for the kind introduction. There may be a few FIA Futures Hall of Fame members in the audience who know or can recall the origin of the CFTC. This October, the CFTC will commemorate the 50th anniversary of the passage of the Commodity Futures Trading Commission Act of 1974.[1] The Act established the CFTC as an independent agency with exclusive jurisdiction over futures trading in all commodities.[2] Next year, we will mark the 50th anniversary of the swearing in of the first four Commissioners and the official transfer of authority from our predecessor in the U.S. Department of Agriculture to the CFTC. This 50th milestone is referred to as a golden anniversary or jubilee.
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Tesla Abandons an Auto Lobby Over Emissions Rules
Angus Whitley - Bloomberg
Tesla Versus the Old Guard. Elon Musk has shown he isn't afraid of picking a fight. Australia's main auto industry lobby group just became his latest target. An ugly dispute has broken out between Tesla and Australia's Federal Chamber of Automotive Industries, or FCAI, over local vehicle-emissions laws. It's a brawl that encapsulates the challenge of decarbonizing a market that remains stubbornly in love with gas-guzzling pickups.
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SEC Charges Tallgrass Energy's Former Board Member Roy Cook and Four Others with Insider Trading in Advance of Blackstone Acquisition
SEC
The Securities and Exchange Commission today announced insider trading charges against Roy Cook, a former board member of Tallgrass Energy LP, and four of his friends for trading on material nonpublic information in advance of a public announcement that Blackstone Infrastructure Partners had offered to acquire Tallgrass and take it private. The SEC also charged Cook for failing to file required disclosure reports concerning securities transactions by family trusts. All five of the defendants agreed to settlements that, in aggregate, include more than $2.2 million in disgorgement, prejudgment interest, and civil penalties.
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SEC Charges Former Energy Company Official and Four Others with Insider Trading
SEC
The Securities and Exchange Commission today announced insider trading charges against Roy Cook, a former member of the Board of Directors of Tallgrass Energy LP("Tallgrass"), and four of his friends for trading on material nonpublic information in advance of a corporate acquisition involving the Kansas-based energy company. The SEC also charged Cook for failing to file required disclosure reports concerning securities transactions by family trusts.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Reddit Launches Long-Awaited IPO With $748 Million Target
Amy Or, Priya Anand and Ryan Gould - Bloomberg
Reddit Inc. disclosed further details of what is set to be one of the year's biggest initial public offerings, with the company and some existing shareholders seeking to raise as much as $748 million. Reddit and the holders are planning to sell 22 million shares for $31 to $34 each, the social media platform said in a filing Monday. About 15.3 million those shares will be sold by the company and the rest by the investors, who are Reddit employees.
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ADM Incentive Plan Levels Hold Even After Restatements, CEO Says
Anne Riley Moffat - Bloomberg
The compensation packages awarded to Archer-Daniels-Midland Co. executives that were closely tied to the performance of the nutrition division still stand, even after the company announced on Tuesday several years of internal earnings adjustments following a financial probe.
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Stock Investor With 1,900% Gain Breaks Long Silence in Japan; For years, Silchester mostly kept a low profile in the country; Then it made a series of demands for companies to change
Benjamin Stupples and Taiga Uranaka - Bloomberg
For almost three decades, Stephen Butt's company mostly stayed behind the scenes, a long-term investor in the tradition of Warren Buffett that saw little reason to draw attention to itself. Silchester International Investors quietly bought shares in some of the world's blue-chip companies, watched them grow in value and racked up a return that surpassed 1,900%. The former Morgan Stanley banker became super-rich in the process, but the investing world and public heard little from his wildly successful firm.
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Global art market shrinks as big-ticket sales stall; Sales fell to three-year low of $65bn last year, Art Basel and UBS Art Market Report shows
Melanie Gerlis - Financial Times
The world's art market hit the buffers in 2023, falling 4 per cent to a three-year low of $65bn as the macroeconomic and geopolitical backdrop slowed activity at the top end, according to a new report. The annual Art Basel and UBS Art Market Report found that the wealthy "are not immune to disruptive financial, social or political changes", according to author Clare McAndrew of Arts Economics. Continuing uncertainty points to "stable" expectations for 2024, she said.
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Are penny stocks getting the memestock treatment? Why some penny stocks are trading more than shares in Tesla
Financial Times
Penny stocks are having a moment. In recent months, little-known companies with names such as Bit Brother and Phunware have been among the most traded stocks in America's public markets, surpassing companies like Tesla and popular exchange traded funds. The FT's US markets editor Jennifer Hughes explores why this is happening, and whether retail investors should think twice before diving in. Clip from Paramount Movies
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Citadel's Ken Griffin: Fed must go slow on rate cuts to avoid disaster
William Watts - MarketWatch
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Bank climate group members to report capital markets emissions
Simon Jessop and Virginia Furness - Reuters
A U.N.-backed banking climate coalition on Wednesday released updated guidance for members requiring them to disclose more about how they plan to cut carbon emissions, including for the first time those from their capital markets activities. The Net-Zero Banking Alliance (NZBA) whose 143 members oversee $74 trillion in capital said the guidelines will also see more data disclosed on client transition planning and advocacy. The guidelines, which confirm a story first reported by Reuters, maintain ambition in the face of a tough political backdrop, the group said, including pressure on some members from U.S. politicians citing anti-trust concerns.
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Methane emissions from energy sector near record high in 2023, IEA says
Gloria Dickie - Reuters
Methane emissions from the energy sector remained near a record high in 2023 despite a raft of commitments from the oil and gas industry to plug leaking infrastructure, a report by the International Energy Agency said on Wednesday. However, the agency said it was optimistic new satellites could help improve monitoring and transparency around leaks of methane - a potent greenhouse gas responsible for roughly a third of the rise in global temperatures since the industrial revolution.
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Bar is rising for companies' disclosure of climate risk information; Pressure remains on international groups from EU and California rules despite lighter-touch SEC regulations
Kenza Bryan - Financial Times
Thousands of international companies will still face pressure to meet the higher bar for climate risk information set by Europe, despite the wider gap in global standards created by the new lighter rules of the US Securities and Exchange Commission. "American corporations that want to operate in Europe are going to have to abide by regulations around disclosure and reporting that they have been fiercely lobbying against in the US," said Mark Campanale, founder of the Carbon Tracker think-tank.
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Corals Have 'No Reprieve' as the Great Barrier Reef Faces Its Latest Bleaching Event; Increasingly frequent marine heat waves are hammering away at the world's coral reefs, scientists say.
Kiley Price - Inside Climate News
For the past nine months, the world has repeatedly smashed heat records on land. But February marked a particularly unsettling record for the ocean: Average global sea surfaces climbed to the hottest temperatures ever recorded of any month since at least 1979, according to the Copernicus Climate Change Service. Fueled by El Niño conditions and climate change, these ocean temperatures are now pushing the world toward its fourth mass coral bleaching event, the National Oceanic and Atmospheric Administration announced on March 5.
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By the Numbers: How Much U.S. Investors Are Diverging From Global Peers on ESG
Sixty-eight percent of U.S. institutional investors do not use ESG in their portfolios.
Alicia McElhaney - Institutional Investor
For the past two years, ESG has fallen out of favor among U.S. allocators. The rest of the world? Not so much. Considering investments based on environmental, social and governance factors has become politicized, leading to state legislation banning the practice, lawsuits, and reputation concerns, so U.S. allocators are pulling away from it. Those in Europe, Canada, and Asia, by comparison, are forging ahead.
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BP and Abu Dhabi suspend talks to buy stake in Israeli gasfield; Talks with Tel-Aviv listed NewMed paused because of external environment
Chloe Cornish - Financial Times
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MIT's Sloan School Launches Ambitious Climate Center to Aid Policymakers; Environmentalists welcome the new initiative, but worry about potential funding and influence from fossil companies.
Phil McKenna - Inside Climate News
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | HSBC to hire almost 50 bankers for startup, venture lending in US
Reuters
HSBC is planning to recruit about 50 more bankers in its U.S. commercial bank to lend to startup companies, mainly in the technology and healthcare sectors, according to a senior executive. The London-headquartered bank hired about 40 people from Silicon Valley Bank after the latter lender failed a year ago. The innovation banking business at HSBC now stands at about 60 employees and is focused on serving early- and mid-stage companies.
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Bank of America Executives Get Pay Bump Even After CEO's Compensation Cut
Lyla Du - Bloomberg
Bank of America Corp. disclosed pay increases of more than 10% for two of its highest-ranking executives a month after reporting that Chief Executive Officer Brian Moynihan's compensation was cut for 2023. Chief Financial Officer Alastair Borthwick's total compensation climbed 14% to $12 million last year, while Jim DeMare, head of the bank's global-markets division, saw his pay rise 11% to $21 million, according to BofA's latest proxy, distributed Monday. DeMare's compensation was second only to Moynihan's $29 million, which was down 3% from the previous year.
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UBS Starts Job Cuts at Asia Wealth Unit After Profit Slump; Swiss bank to cut about 70 people mainly in HK, Singapore; UBS' CEO Ermotti warned last month of a difficult year
Denise Wee, Joyce Koh, and Cathy Chan - Bloomberg
UBS Group AG started cutting jobs at its Asia private banking division this week as a slump in profits weighs on the region's largest wealth manager, according to people familiar with the matter. The firm is cutting about 70 people, including relationship managers, mainly in Hong Kong and Singapore through the end of March, one of the people said, asking not to be identified discussing a private matter. A spokeswoman for the bank declined to comment.
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UBS's Credit Suisse Takeover Came With a CO2 Headache; The purchase of its troubled Swiss rival included a multibillion-dollar shipping portfolio and some very big emissions questions.
Alastair Marsh - Bloomberg
Among the many headaches UBS Group AG inherited when it swallowed its crosstown rival was one tied to Credit Suisse's multibillion-dollar shipping portfolio. This particular issue wasn't about the quality of Credit Suisse's loans, mind you. Instead, said two people familiar with the matter, it was how to account for their climate risk. While UBS hadn't previously offered ship finance, Credit Suisse was among the world's biggest lenders to the industry. And as part of its climate policy, Credit Suisse had set a target for decarbonizing those loans that aligned with the so-called Poseidon Principles, which are widely-followed among banks with shipping clients.
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Blank-cheque company aims to buy failed US banks; Porticoes Capital bets on further turmoil with approval to take over collapsed lenders from FDIC
Stephen Gandel - Financial Times
Blank-cheque companies have raised money to buy businesses ranging from pilotless helicopters to Donald Trump's social media platform. A group of Wall Street veterans is now setting its sights on a new target: failed banks. Porticoes Capital will seek to take over banks closed by the Federal Deposit Insurance Corporation, the US regulator, according to an official filing. The firm's sponsors aim to attract hundreds of millions of dollars from investors.
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Three Mideast Wealth Funds Close In on the $1 Trillion Mark
Adveith Nair - Bloomberg
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Pimco files for its first mutual fund-to-ETF conversion; The targeted vehicle is the manager's $141mn Mortgage-Backed Securities Fund
Daniel Gil - Financial Times
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Epidemic of 'Overwork' Is a Dangerous Illusion; Worry about dropouts, not burnouts.
Adrian Wooldridge - Bloomberg
You have to admire how much hard work is going into persuading us that we work too hard. Malissa Clark of Georgia Tech has recently added a new book, Never Not Working: Why the Always-On Culture Is Bad for Business - and How to Fix It, to a pile that already includes: The Overworked American (Juliet Schor), Sleeping with Your Smartphone (Leslie Perlow), The Meritocracy Trap (Daniel Markovits) and the Workaholics Anonymous Book of Discovery, among many others.
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Proof That Positive Work Cultures Are More Productive
Emma Seppala and Kim Cameron - Harvard Business Review
Too many companies bet on having a cut-throat, high-pressure, take-no-prisoners culture to drive their financial success. But a large and growing body of research on positive organizational psychology demonstrates that not only is a cut-throat environment harmful to productivity over time, but that a positive environment will lead to dramatic benefits for employers, employees, and the bottom line. Although there's an assumption that stress and pressure push employees to perform more, better, and faster, what cutthroat organizations fail to recognize is the hidden costs incurred.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Four Years On, Covid Has Reshaped Life for Many Americans; Covid was declared a national emergency on March 13, 2020. Even as the threat of severe illness and death has faded, the pandemic's effects linger.
Julie Bosman Reporting from Chicago - The New York Times
Jessie Thompson, a 36-year-old mother of two in Chicago, is reminded of the Covid-19 pandemic every day. Sometimes it happens when she picks up her children from day care and then lets them romp around at a neighborhood park on the way home. Other times, it's when she gets out the shower at 7 a.m. after a weekday workout. "I always think: In my past life, I'd have to be on the train in 15 minutes," said Ms. Thompson, a manager at United Airlines. A hybrid work schedule has replaced her daily commute to the company headquarters in downtown Chicago, giving Ms. Thompson more time with her children and a deeper connection to her neighbors. "The pandemic is such a negative memory," she said. "But I have this bright spot of goodness from it."
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The Promise of the PCOS Diet Falls Apart; Patients were told for years that cutting calories would ease the symptoms of polycystic ovary syndrome. But research suggests dieting may not help at all.
Alisha Haridasani Gupta - The New York Times
For years, people who had polycystic ovary syndrome and were also overweight were told that their symptoms would improve if they lost weight via a restrictive diet. In 2018, a leading group of PCOS experts recommended that overweight or obese women with the hormonal disorder consider reducing their caloric intake by up to 750 calories a day. That guidance helped to spawn questionable diet programs on social media, and reinforced an impression among people with PCOS that if only they could successfully alter their diets, they would feel better. But the recommendations were not based on robust PCOS studies, and researchers now say that there is no solid evidence to suggest that a restrictive diet in the long-term has any significant impact on PCOS symptoms.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Biggest ETF Reaches $28 Billion on National Team Buying
Bloomberg
Recent state-fund buying of Chinese equities in a bid to bolster market confidence has helped lift the value of the nation's largest onshore stock exchange-traded fund to a record of 200 billion yuan ($28 billion). While the Huatai-Pinebridge CSI 300 ETF has long been the heftiest mainland ETF, buying by sovereign wealth fund Central Huijin Investment Ltd. has been an added boon. Purchases of the ETF by the so-called "national team" are estimated to have totaled 50 billion yuan between October and last week, according to data compiled by Bloomberg Intelligence.
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Top US Climate Envoy Urges Japan to Speed Renewables Adoption; John Podesta visiting Asian nation after replacing John Kerry; Offshore wind an excellent opportunity for Japan, he says
Shoko Oda and Aaron Clark - Bloomberg
Japan should accelerate its renewable energy roll-out and focus on technologies including offshore wind, John Podesta, the top US climate envoy, said on a visit to the Asian nation. Offshore wind, particularly floating turbine technology, can help Japan decarbonize, and there are opportunities to collaborate with the US on it, Podesta said at a briefing in Tokyo on Wednesday. Nuclear power restarts are also important for the country to meet its climate targets, he said.
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Malaysia Rises as Crucial Link in Chip Supply Chain; U.S. and European companies looking to diversify from China are expanding around Southeast Asia, a sign of how geopolitics is reshaping tech manufacturing.
Patricia Cohen - The New York Times
Construction cranes still surround the brand-spanking new plant in Kulim's industrial park in Malaysia. But inside, legions of workers hired by the Austrian tech giant AT&S are already gearing up to produce at full capacity by year's end. Outfitted in head-to-toe coveralls, with oversized safety glasses and hard hats, they're reminiscent of the worker bees in the movie "Minions," but color coded by function: Blue for maintenance. Green for vendors. Pink for janitors. White for operators.
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Pirates Board Commodity Ship Off the Coast of Somalia
Arun Devnath and Alex Longley - Bloomberg
A Bangladeshi bulk commodity carrier was boarded by armed men about 600 miles off the coast of Somalia, the latest incident to mark a resurgence of piracy near the country. The ship, named Abdullah, was carrying cargo to the United Arab Emirates from Mozambique, Bangladeshi broadcaster Somoy TV reported. About 20 armed suspects boarded the ship from two boats, security company Ambrey Analytics said.
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Nigeria hit by wave of food looting as economic crisis deepens; Ransacking of warehouses and deadly stampede at grain sale spark fears of breakdown in law and order
Aanu Adeoye - Financial Times
Nigeria has been hit by a wave of violent unrest over food as its economic and security crisis deepens, raising fears of widespread hunger and a breakdown in law and order in Africa's most populous nation. Assaults on grain warehouses have been reported across the country in recent weeks after the cost of living reached levels not seen since the mid-1990s and the food inflation rate jumped above 35 per cent at the start of the year.
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US's Adeyemo Says South Africa Lacks Will to Fix Energy Crisis; Country needs to encourage green-metal mining investment; South Africa is held back by corruption, Adeyemo says
Antony Sguazzin - Bloomberg
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Argentina's record bond swap aims to pave way to ending currency controls; Refinancing by economy ministry of $50bn in peso-denominated sovereign debt in bid to ease pressure on public accounts
Ciara Nugent - Financial Times
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