| August 03, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Dog Days of Summer are from July 3 to August 11 each year, according to the Farmer's Almanac. These are the hottest days of the year that are "not fit" for a dog. We have just a little more than a week before we hopefully see some respite from the summer heat, just in time for kids to head back to school in mid-August.
One of my favorite events of the summer is also coming up the second weekend in August - the annual Williams Bay Lions Club Corn & Brat Roast. Williams Bay is a small town on the north side of Geneva Lake, just east of Fontana, where CQG's Pat Kenny serves as village president.
The corn and brat roast features some of the best sweet corn, live music and a fireworks display on Saturday night. It is a fun time and raises money that funds numerous village groups, including the little league. I used to be a little league coach in Williams Bay, when I was working for Thomas J. Cashman as a driver when I was in my teens, and Thomas F. Cashman was one of my players.
Also in Williams Bay is a quirky store called the Green Grocer that occupies space in a century-old building that held Bay Hardware during my youth. My nephew Andrew Lothian, who performs under the name Wallace Tallman, plays at the Green Grocer on Friday, Saturday and Sundays during midday when he does not have other gigs to play.
Celebrities from Albert Einstein to Harrison Ford have visited Williams Bay. If you are looking for some fun near Chicago the second weekend of August, consider coming to the corn and brat roast.
Despite the Fitch Ratings downgrade of the credit rating of the U.S., Warren Buffett Is buying US Treasuries, Bloomberg reported. Warren Buffett's Berkshire Hathaway bought $10 billion of US Treasuries last Monday, he said.
Chicago Federal Reserve Policy Advisor and Head of Financial Markets Risk Analysis Ketan B. Patel and Senior Financial Markets Analyst Santiago I. Sordo Palacios discuss how U.S. defined pension plans compare to those at the center of the UK turmoil in 2022 in an article in the latest Chicago Fed Letter.
Ajay Jain is starting a new position as vice president, regulatory technology at Cboe Global Markets. He was previously senior director of data and analytics at Cboe and before that had been executive director and head of market regulatory systems at CME Group
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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Climate Bonds CONNECT 2023 convenes decision-makers at a series of invitation-only in-person regional conferences and a larger online audience at the London Global Conference. Climate Bonds CONNECT's 2023 theme is "Ready, Set, Transition." Upcoming events include New York on September 23 and London on November 9 and 10. The focus will be on establishing standards for high emitting industries like steel and cement, which will provide clarity to investors looking to support credible transitions. You can view videos from the Hong Kong and Bogota events that have already occurred and learn more here. ~SAED
Our most read stories yesterday on JLN Options were:
- Why Wall Street's Biggest Bull Just Got a Little More Cautious on the Stock Market
- Stocks are in a 'slow-motion meltup' as investors realize the bull market isn't a fluke
- Bank Stocks Could Soon Catch Up With the Market. Here's How to Play It. ~JB
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Exegy's Laurent de Barry on Exegy's tech solutions, how it helps firms address IT costs, and its crypto plans
JohnLothianNews.com
Laurent de Barry, Director of Hardware Trading Solutions at Exegy, spoke with JLN Correspondent Julie Ros at IDX in London. She asked him how Exegy helps firms address IT cost constraints, and he mentioned how Exegy helps companies make sure that when they pay for a solution it will help them differentiate themselves from the marketplace. He talked about the acquisition of Vela in 2021 and how it enriched Exegy's portfolio. Ros also asked him who Exegy's primary customers are. He talked about the major latency races among market makers and quant firms and said that is not likely to end anytime soon.
Watch the video »
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California Law Threatens to Help Drive Up Bacon Prices; Wholesale pork-belly prices nearly triple as the state's animal-welfare measure takes effect
Kirk Maltais - The Wall Street Journal
Bacon prices could soon start heating up. Wholesale prices for pork belly-the cut of meat used to make bacon-have surged this summer, nearly tripling since the start of June after hitting a multiyear low in May. Pork-belly prices were at $2.15 a pound on Wednesday, just shy of their highest level since last August. The run-up could soon pressure restaurants and supermarkets that had been stepping up bacon promotions.
/jlne.ws/3Qp7Vrv
****** There goes my triple bacon burger - that is triple bacon, not triple burger.~JJL
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Robinhood Needs to Steal More Users; Online brokerage posts surprise profit, but drop in active users shows how much further it still has to go
Telis Demos - The Wall Street Journal
Robinhood Markets turned a surprise profit in the second quarter. But that may not be enough to nab back its momentum just yet. What originally got the world so excited about Robinhood-explosive growth in active users-is a thing of the past. Monthly active users declined by about a million over the course of the second quarter, to 10.8 million. That is around half the level of two years ago, when Robinhood was in the midst of 2021's wild trading surge. Transaction-based revenue from equities, options and crypto trading is also falling, dropping 8% quarter over quarter.
/jlne.ws/3YlKTDH
****** What is the unique value proposition of Robinhood today?~JJL
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The Long Arm of the Kremlin and the Politics of Uranium; A potential loss for Europe after the coup in Niger is a win for Putin.
Javier Blas - Bloomberg
The town of Arlit, a desolate settlement on the southern fringes of the Sahara, is the improbable ground zero of a new geopolitical tussle: the fight for the control of uranium, the fuel that powers the nuclear industry. It was there, in the arid ranges of northern Niger, where French geologists found the radioactive mineral in the 1950s. Since then, French state-owned companies have dug it out from their former colony, transforming Niger into the world's seventh-largest producer. In 2022, the mines surrounding Arlit accounted for 25% of all European Union uranium imports.
/jlne.ws/3YmRL44
****** There are those who think the world is all about the acquisition of natural resources. They are not all wrong.~JJL
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Wednesday's Top Three
Our top story Wednesday was The Failed Promise of Unregulated Crypto; By Chris Edmonds, Chief Development Officer, ICE, in JLN. Second was DeFi Died and We Didn't Even Notice, from CoinDesk. Third was our MarketsWiki page for Christopher S. Edmonds
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| Lead Stories | How bonds ate the entire financial system; A very short, very wild history of the market that will shape the next financial crisis
Robin Wigglesworth - Financial Times
It was a crisp September day in 2015 when Timothy Young arrived at Houten, an unremarkable Dutch commuter town, determined to collect an almost 400-year-old debt. He carried a case containing a fragile piece of goatskin covered in dense writing and numbers. It was a bond, issued in 1648 by a group of Dutch landowners, who managed the dikes on a stretch of the river Lek. They had borrowed 1,000 guilders from a local merchant and the bond explained that, in return for the loan, the merchant would receive a 5 per cent interest payment every year - for ever.
/jlne.ws/3DEcBCg
With AI Booming, Gary Gensler Wants to Keep Finance Safe for Humans; The head of the SEC is focused on the risk to markets and investors when artificial intelligence is making trades and recommendations.
Austin Weinstein - Bloomberg
Gary Gensler would like to talk about something other than crypto. After two years of battling an industry that he says is riddled with scams and fraud, the head of the US Securities and Exchange Commission is focused on a different technology that has all of finance buzzing: artificial intelligence. Unlike digital coins and nonfungible tokens, AI warrants the hype, according to Wall Street's top regulator. "This is the most transformative technology of this generation," Gensler says. "There's a 'there' there-we can get to crypto later. We're taking so much of what we humans do on a daily basis and automating it."
/jlne.ws/43Rmc3q
SEC Tells Some Wall Street Brokers to Clean Up Their Anti-Money-Laundering Controls; Regulator issues risk alert citing flaws in certain broker-dealers' efforts to combat the flow of dirty money
Dylan Tokar - The Wall Street Journal
Some Wall Street stockbrokers must do more to ensure their services aren't being used to launder dirty money, the U.S. Securities and Exchange Commission said. The SEC's examinations unit this week issued a risk alert saying it had observed broker-dealers that weren't putting enough resources or staffing into their anti-money-laundering programs. The unit also found that some firms were inconsistent in their implementation of policies and procedures designed to stop financial criminals. No firms were named.
/jlne.ws/3QnNrPO
Cboe Digital to clear first external technology venue Crossover Markets' CROSSx; Launched earlier this year, CROSSx is an execution-only cryptocurrency electronic communication network backed by US-based hedge fund Two Sigma and Nomura.
Wesley Bray - The Trade
Digital asset technology firm Crossover Markets Group is collaborating with Cboe Digital to offer a clearing solution for trades across digital asset execution platforms. Crossover's flagship product, CROSSx, has become the first external technology venue to provide connectivity to Cboe Digital.
/jlne.ws/3QjxhHi
LSEG boasts positive first half on the back of swelling data and analytics and post-trade businesses; Total income grew to just under £4 billion, marking an 8% increase in comparison with H1 results from 2022.
Annabel Smith - The Trade
The London Stock Exchange Group (LSEG) has reported positive first half results on the back of strong growth in its data and analytics and post-trade divisions. Total income grew to £4 billion, marking an 8% increase in comparison with H1 results from 2022, largely thanks to an "outstanding" 19% growth in post-trade revenues. Post-trade revenues grew to £590 million in H1 in comparison with £483 million in H1 of last year. The exchange attributed this to strong demand for its OTC derivatives services - primarily its Swap Clear service which saw boosted client interest in light of global interest rate uncertainty.
/jlne.ws/43T3Hvi
European Stock Research Doesn't Need Another Reform; Unbundling hasn't gone quite as planned. That's no reason to reverse course.
The Editors - Bloomberg
Five years ago, the European Union undertook a financial-market reform with a laudable goal: saving investors money by ending an arrangement in which they unwittingly subsidized the research departments of big banks and brokerages.
/jlne.ws/45fX9YX
Your Rich Hedge-Fund Pals Are All Going to Dubai; A new breed of digital nomad will raise the hackles of Western governments.
Lionel Laurent - Bloomberg
First came the tacky influencers, broadcasting raucous yacht parties to their followers caught in pandemic lockdowns. Then came Russian wealth, from cash to crypto, looking for a home unbothered by pesky sanctions after the invasion of Ukraine.
/jlne.ws/3Oo9VgS
Russian Drones Hit Danube Port Key to Ukraine Grain Exports; Infrastructure damaged at Izmail port on Danube River; Russia extends campaign to cripple Ukrainian food exports
Kateryna Choursina, and Irina Vilcu - Bloomberg
Russian drones struck a Ukrainian port on the Danube River, driving global wheat and corn prices higher as Moscow continues its campaign to cripple Kyiv's ability to export food. The attack damaged grain storage facilities, a fuel tank and administrative buildings in the Odesa region in southwestern Ukraine, officials said Wednesday. Izmail, one of Ukraine's biggest river terminals near the border with Romania, was the worst hit, although it continued to operate.
/jlne.ws/3qexdOk
National champions now dominate in banking; Lenders outside US and Europe make up bulk of top 100 by market capitalisation
Rupak Ghose - Financial Times
US banks have rallied hard in the past month driven by a healthy earnings season and a rebound in investor confidence in the economy and the financial sector. After the sector turmoil over the collapse of Silicon Valley Bank, it is very much a case of crisis averted. European bank share prices have been more muted over the past month but are up 25 per cent over the past 12 months.
/jlne.ws/3YhsoR5
How an Ex-Goldman Banker Fought US Sanctions Over Russia - and Won; Titova was targeted despite quitting Russian lender's board; Huge increase in the use of restrictions has raised questions
Daniel Flatley and Aine Quinn - Bloomberg
Elena Titova held top jobs in Moscow for Goldman Sachs, Morgan Stanley and UBS in her almost three decades as an investment banker, then stuck with the Russian market even as the big US and European banks cut back.
/jlne.ws/47aMbFT
Corporate ESG Claims to Soon Face Audits to Address Greenwashing Fears; New global audit standards to be finalized by the end of 2024; Norway's sovereign wealth fund among investors backing plan
Greg Ritchie - Bloomberg
The disclosures that companies make about their green credentials will be evaluated by new global audit standards that are expected to be finalized by the end of next year. The International Auditing and Assurance Standards Board (IAASB) set out its sustainability assurance proposals on Wednesday, with a consultation closing Dec. 1. The move reflects investor and stakeholder concern that corporate disclosures about sustainability aren't always reliable.
/jlne.ws/47jjSF0
Ex-S&P Analyst Who Cut US Rating in 2011 Says AAA Is No God-Given Right; David Beers says Fitch downgrade reinforces S&P's 2011 move; US fiscal position, debt trajectory has gathered pace: Beers
Liz Capo McCormick - Bloomberg
It's taken more than a decade, but David Beers is feeling something like vindication after Fitch Ratings downgraded US government debt this week. The former head of S&P Global Ratings' sovereign debt scoring committee was one of the analysts behind the controversial decision to cut the US credit grade back in 2011. He warned Wednesday that issues dogging the world's top economy now are reminiscent of those that drove S&P's downgrade 12 years ago - and some have escalated. That includes political brinkmanship surrounding the US debt ceiling.
/jlne.ws/3qjh7TJ
Goldman hit by senior departures as lower pay and overhaul take toll; Some insiders fear it could take years to replace top-tier bankers
Joshua Franklin, Stephen Gandel and Madison Darbyshire - Financial Times
When a memo landed in Goldman Sachs inboxes earlier this year announcing that Mike Koester was leaving the firm, there were audible gasps at the bank's headquarters in lower Manhattan. The departure of the 25-year Goldman veteran, co-president of the group's alternative investments business, stunned staff, with one employee describing Koester as a "beloved" figure inside the bank. "If you don't have aspirational mentors, it becomes difficult to stay," they added.
/jlne.ws/3KnVgRG
A 14-Year High Hedging Cost Is Hardly Scaring Asian Investors; Dollar weakness bets are fueling demand for costly protection; Cost of hedging to remain high as Fed keeps rates on hold: BI
Marcus Wong - Bloomberg
Local-currency investors from emerging Asian nations aren't shying away from hedging their overseas investments even as the cost of protection rises to the highest in 14 years amid concern dollar weakness may erode the value of their portfolios. The aggregate hedging cost for funds from seven emerging-Asian economies has risen to the highest since at least 2009, according to data compiled by Bloomberg, mainly due to the divergence between their monetary policies and those of the US. And while the prospect of a Federal Reserve rate pause ensures that gap doesn't widen further, increasing bearishness toward the dollar is prompting investors to safeguard their holdings.
/jlne.ws/3OHRi9o
Covid Taught Nations to Shut Down. Extreme Heat Is Borrowing the Playbook; A two-day nationwide closure in Iran marks a new era of heat waves forcing authorities around the world to shut schools, close tourist sites and shorten working hours.
Liza Tetley, Jack Wittels and Arsalan Shahla - Bloomberg
Iran's declaration of a two-day public holiday over life-threatening heat, as temperatures in parts of the country are forecast to touch 50C (122F), is an eerie echo of restrictions enacted to protect citizens from the Covid-19 pandemic. It's a demonstration of the elevated public-health risks caused by climate change that will impose increasingly severe costs on human life and the global economy. The decision to close offices, banks and the stock exchange on Wednesday and Thursday is likely the first nationwide shutdown in response to extreme heat.
/jlne.ws/3OG1leZ
Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
Reuters
Switzerland's financial capital is bracing itself for the biggest wave of job losses in over a decade following Credit Suisse's collapse earlier this year. Since the government engineered a rescue of the 167-year-old bank in March by merging it with rival UBS, tens of thousands of jobs have been expected to go. UBS is likely to provide more specifics later this month on its plans. Its savings targets and indications from insiders and analysts suggest it might be looking at cutting about a third of the combined group's global workforce, or some 30,000-35,000 jobs.
/jlne.ws/3YjRVJc
The US Is More AA+ Now; Also ETFs and bond market liquidity, Armenian ruble arbitrage, Binance.US and double insider trading.
Matt Levine - Bloomberg Opinion
US AA+ What do you do with this information? Fitch Ratings ... cut the US's sovereign credit grade one level from AAA to AA+. The move comes just two months after it warned the rating was under threat as lawmakers flirted with default by battling over raising the nation's debt limit. The credit grader justified the shift by arguing the country's finances will likely deteriorate over the next three years given tax cuts, new spending initiatives, economic shocks and repeated political gridlock.
/jlne.ws/3Qq8VvE
Ackman Says He's Short 30-Year Treasuries as Supply Ramps Up
Natalie Ching Mun Choy - Bloomberg
Bill Ackman is making sizable bets on declines for 30-year US Treasuries as a hedge on the impact of higher long-term rates on stocks. Ackman also sees the short as a "high probability" standalone play, the Pershing Square Capital Management founder said in a post on X, the platform formerly known as Twitter. An increasing supply of Treasuries will be needed to fund the current budget deficit, future spending plans and higher refinancing rates, Ackman said. He is making the investment via options, rather than shorting bonds outright.
/jlne.ws/3YjWof2
Baseball-Size Hail Makes Insuring Solar and Wind Farms Pricier; Extreme weather events complicate the fight against global warming
Mark Chediak - Bloomberg
The Scottsbluff solar farm in western Nebraska was built to withstand most hailstones. But the icy pellets that rained down in late June were bigger than baseballs. The hail - part of a larger pattern of severe storms, heat and other extreme weather fueled by climate change - smashed the bulk of Scottsbluff's glass panels. Designed to power more than 650 local homes, the facility remains out of commission over a month later. Its owner, private developer Arevon Energy Inc., is still tallying the cost.
/jlne.ws/3KuKCJ1
US seeks to set aside convictions in KPMG audit scandal; Prosecutors concede wire fraud charge cannot stand against former managing partner and PCAOB employee
Stephen Foley - Financial Times
Two people found guilty in a corruption scandal involving KPMG and the US audit regulator are set to have their convictions dropped, after prosecutors conceded they had misinterpreted the law. David Middendorf, a former KPMG managing partner for audit quality, and Jeffrey Wada, who worked at the Public Company Accounting Oversight Board, were convicted of fraud over claims that Wada passed confidential information to KPMG to help the firm prepare for PCAOB audit inspections, in the hope of being given a job at the Big Four firm.
/jlne.ws/459A9dZ
Venues set to bear the brunt of monitoring crypto market abuses under proposed UK regulatory regime; The new framework proposes that venues listing crypto assets should shoulder the responsibility of the issuer in cases where none exist - as is the case for Bitcoin, asserts an Acuiti report.
Claudia Preece - The Trade
The UK Government is proposing a new regime in which venues will be charged with greater responsibility in monitoring market abuse and play a key role in regulating the cryptocurrency landscape. The proposal follows the EU's passing into law of the Markets in Crypto-Assets Regulation (MICA), with ESMA publishing its first consultation package last month, inviting feedback from stakeholders by 20 September.
/jlne.ws/3QuB2tH
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukrainian Strike Disables Bridge Between Crimea and Russia; Moscow says Kyiv used naval drones to hit only road link from peninsula to Russia
Yaroslav Trofimov - The Wall Street Journal
A Ukrainian strike disabled the only road bridge connecting Russia with the occupied Crimean Peninsula, hitting once again a major symbol of President Vladimir Putin's rule and constricting Russian supplies to the front lines in southern Ukraine. Russian Deputy Prime Minister Marat Khusnullin said it would likely take until mid-September to restore partial two-way cargo traffic on the bridge, and until November to fully rebuild the 12-mile-long structure.
/jlne.ws/3OGgigY
On Ukraine's landmine-strewn front, even the corpses can kill
Vladyslav Smilianets - Reuters
When they found the bodies of Russian troops at an abandoned position, something about the corpses looked wrong. "There were three or four of their dead. Two guys were lying on each other, which made us suspicious, because if there had been an explosion they would have been thrown in different directions, but here, one is lying on the other," said Volodymyr, a 47-year-old sapper with possibly the most dangerous job in Ukraine: clearing landmines at the front.
/jlne.ws/3QpUSpN
Ukrainian Troops Trained by the West Stumble in Battle; Ukraine's army has for now set aside U.S. fighting methods and reverted to tactics it knows best.
Eric Schmitt and Helene Cooper - The New York Times
The first several weeks of Ukraine's long-awaited counteroffensive have not been kind to the Ukrainian troops who were trained and armed by the United States and its allies. Equipped with advanced American weapons and heralded as the vanguard of a major assault, the troops became bogged down in dense Russian minefields under constant fire from artillery and helicopter gunships. Units got lost. One unit delayed a nighttime attack until dawn, losing its advantage. Another fared so badly that commanders yanked it off the battlefield altogether.
/jlne.ws/3YgukcB
Ukrainian tanks are being wiped out by Russian minefields. The country needs its own 'Manhattan Project' to figure out how to clear them, a retired general told the NYT.
Hannah Getahun - The New York Times
If Ukraine wants to overcome its pernicious minefield problems, it needs to start getting serious about solutions to mine clearing, a retired army general told The New York Times. Last week, the Washington Post reported that vast Russian minefields had weakened Ukraine's counteroffensive strategy, forcing troops to abandon tanks and infantry fighting vehicles provided by Western governments and advance on foot. This has caused troops to move at a slower pace, killing troops and morale in the process.
/jlne.ws/3QkTAfP
Russia fines Wikipedia and Apple for spreading 'false information' about Ukraine conflict
Associated Press
A Russian court on Thursday imposed fines on Apple and the host of Wikipedia for failing to remove material deemed to be "false information" about Russia's military actions in Ukraine. A justice of the peace in a magistrate's court, which handles administrative violations and low-level criminal cases, fined the Wikimedia Foundation 3 million rubles ($33,000) for retaining material on Russian-language Wikipedia pages that violated a law against discrediting Russia's military and spreading false information about the Ukraine conflict, the Interfax news agency reported.
/jlne.ws/3KpwJvR
Ukraine Boosts Ammunition Production as War Depletes Global Supply
The New York Times
/jlne.ws/43Qax4J
Putin reaffirms Russian stance on grain deal in call to Erdogan
Reuters
/jlne.ws/3QrWO0W
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX appoints Chief Operating Officer
ASX
ASX is pleased to announce the appointment of Diona Rae as Chief Operating Officer (COO), effective Monday 7 August. Ms Rae will be responsible for the Enterprise Customer and Operations function, including project delivery, customer, brand and marketing, digital, and regulatory reporting.
/jlne.ws/46R1Cme
Deutsche Boerse acquires outstanding shares in leading digital fund distribution platform FundsDLT
Deutsche Boerse
Global market infrastructure provider Gruppe Deutsche Boerse has announced the acquisition of the remaining shares in FundsDLT. The Luxembourg-based company operates a leading platform based on Distributed Ledger Technology (DLT), which covers all process steps of fund distribution and fund processing. The acquisition is expected to close in Q4 2023 or Q1 2024, subject to regulatory approvals.
/jlne.ws/3KNRce3
Intercontinental Exchange Reports Strong Second Quarter 2023
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the second quarter of 2023. For the quarter ended June 30, 2023, consolidated net income attributable to ICE was $799 million on $1.9 billion of consolidated revenues, less transaction-based expenses. Second quarter GAAP diluted earnings per share was $1.42. Adjusted net income attributable to ICE was $802 million in the second quarter and adjusted diluted EPS was $1.43.
/jlne.ws/3qkgcSX
Intercontinental Exchange Reports July 2023 Statistics
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported July 2023 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/jlne.ws/47kw2hd
Intercontinental Exchange Approves Third Quarter Dividend of $0.42 per Share
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced today a $0.42 per share dividend for the third quarter of 2023, which is up 11% from the $0.38 per share dividend paid in the third quarter of 2022. The cash dividend is payable on September 29, 2023 to stockholders of record as of September 15, 2023. The ex-dividend date is September 14, 2023.
/jlne.ws/43RR7fR
London Stock Exchange Group plc Interim results for six months ended 30 June 2023
London Stock Exchange Group
Delivering on our growth potential: strong H1 performance; 2023 revenue growth expected to be towards the upper end of 6-8% guidance
David Schwimmer, CEO said: "LSEG delivered strong, broad-based growth in the first half. Data & Analytics is growing faster than it has for many years, with the ongoing improvements to our offering and strengthened customer relationships increasingly reflected in financial performance. Post Trade once again demonstrated the critical role it plays in helping customers manage risk in uncertain markets, delivering outstanding growth. Our Capital Markets businesses also made progress, despite a very strong prior period. LSEG's resilient business model and the quality of our earnings, diversified by customer, geography, product and asset class, position us well for further growth in the second half and beyond.
/jlne.ws/47uyMJ1
CME Group Declares Quarterly Dividend
CME Group
CME Group Inc., the world's leading derivatives marketplace, today declared a third-quarter dividend of $1.10 per share. The dividend is payable September 27, 2023, to shareholders of record as of September 8, 2023.
/jlne.ws/3OFobmO
July 2023 figures at Eurex; Strong rise in Repo volumes to EUR 332 billion; Strongest growth again in daily GC Pooling at plus 150 percent y-o-y; Notional outstanding in OTC Clearing up 20 percent
Eurex
Eurex, Europe's leading derivatives exchange, reports an 8 percent decrease in total trading volume to 118.6 million contracts in July from 128.3 million contracts in the same month last year. Interest rate derivatives decreased by 5 percent year-on-year in July from 50.4 million to 48 million traded contracts. Index derivatives decreased by 11 percent, from 61.4 million to 54.4 million contracts traded. In equity derivatives 15.9 million contracts were traded in July, decreasing by 3 percent from July last year.
/jlne.ws/45cPjPz
Moscow Exchange summed up trading results in July 2023
MOEX
The total trading volume on the markets of the Moscow Exchange in July 2023 increased by 37% and amounted to 103.7 trillion rubles (75.7 trillion rubles in July 2022). Here and below, the dynamics is shown in comparison with the same period last year.
/jlne.ws/3KoE92l
Resignation Of a Foreign Approved Participant Freshwater Securities Llc
TMX
On July 28, 2023, the Self-Regulatory Oversight Committee of Bourse de Montreal Inc. approved the resignation of Freshwater Securities LLC, a foreign Approved Participant of Bourse de Montreal Inc. This change became effective at the end of the business day on July 28, 2023.
/jlne.ws/44QkBMv
Nodal achieves record volume in power and record open interest in environmental in July 2023
Nodal Exchange
Nodal Exchange today announced significant growth in power and environmental futures in July 2023. Nodal achieved a calendar month record for July with power futures volume of 179 TWh, up 39% from July 2022. The majority of U.S. power futures open interest is on Nodal Exchange with 1.261 billion MWh representing $111 billion of notional value based on both sides as of the end of July 2023.
/jlne.ws/3KrpmDQ
Singapore Governance and Transparency Forum 2023 - Launch of the Singapore Governance and Transparency Index 2023, Guest-of-Honour Speech by Tan Boon Gin, CEO of SGX RegCo
SGX
Mr Cheung Pui Yuen, Divisional President - Singapore, CPA Australia, Professor Lawrence Loh, Director, Centre for Governance and Sustainability, NUS Business School. Ms Wong Su-Yen, Chairperson, Singapore Institute of Directors. Ladies and gentlemen, good morning. Speech. Thank you for the kind invitation for me to speak today.
/jlne.ws/3OhytZ7
MARF registers a New Commercial Paper Programme of Grupo Losan for 25 million euros
BME
The BME's fixed income market, MARF, has admitted to trading a new Commercial Paper Programme of Losan Gestion Integral, the parent company of the Losan Group, for an outstanding balance of 25 million euros. The commercial paper to be issued will be irrevocably guaranteed on first demand by several of the companies that make up the Group. This is Losan's first commercial paper programme on the MARF and it is also the first time that the company has accessed the fixed income markets to finance itself.
/jlne.ws/3QmNpI0
Tradeweb Reports July 2023 Total Trading Volume of $25.6 Trillion and Average Daily Volume of $1.27 Trillion
Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for July 2023 of $25.6 trillion (tn). Average daily volume (ADV) for the month was $1.27tn, an increase of 16.3 percent (%) year-over-year (YoY).
/jlne.ws/3KrdJNz
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AI-Ready Data Centers Are Poised for Fast Growth; Buoyed by rising demand for enterprise AI tools, CoreWeave secures a $2.3 billion debt facility to build data centers that can handle more intensive computer applications
Angus Loten - The Wall Street Journal
Companies' insatiable appetite for artificial intelligence is driving a fast-emerging market for data centers purpose built to handle compute-intensive AI applications. As veteran enterprise cloud vendors race to retrofit existing data centers with advanced chips and other upgrades aimed at meeting demand for AI software, some upstart builders see an opening to develop new facilities from scratch, analysts say.
/jlne.ws/3rV1keh
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| Cybersecurity | | Top stories for cybersecurity | Microsoft says Russia-linked hackers behind dozens of Teams phishing attacks
Zeba Siddiqui - Reuters
A Russian government-linked hacking group took aim at dozens of global organizations with a campaign to steal login credentials by engaging users in Microsoft Teams chats pretending to be from technical support, Microsoft researchers said on Wednesday. These "highly targeted" social engineering attacks have affected "fewer than 40 unique global organizations" since late May, Microsoft researchers said in a blog, adding that the company was investigating.
/jlne.ws/3Ynw9Vc
Microsoft Flags Growing Cybersecurity Concerns for Major Sporting Events
The Hacker News
Microsoft is warning of the threat malicious cyber actors pose to stadium operations, warning that the cyber risk surface of live sporting events is "rapidly expanding." "Information on athletic performance, competitive advantage, and personal information is a lucrative target," the company said in a Cyber Signals report shared with The Hacker News. "Sports teams, major league and global sporting associations, and entertainment venues house a trove of valuable information desirable to cybercriminals."
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| Cryptocurrencies | | Top stories for cryptocurrencies | Binance could face fraud charge from US Department of Justice
Tom Zuo - Forkast
Officials at the U.S. Department of Justice (DOJ) are considering fraud charges against the world's largest crypto exchange Binance, according to a report published Thursday by New York-based news website Semafor. However, people familiar with the matter said that officials are treading carefully to avoid negatively impacting Binance users and wider market stability.
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Katie Haun launched a $1.5 billion crypto fund-and then the industry blew up. How has she navigated crypto's year from hell?
Leo Schwartz, Anne Sraders - Fortune
On a sunny morning in April, Katie Haun trudged up a winding path around the Stanford Dish in the hills over Palo Alto. The three-and-a-half-mile trail is a favorite of the prosecutor turned venture capitalist, but Haun wasn't out for leisure. Instead, her small team of 11 needed to invigorate themselves for a high-stakes show-and-tell to persuade the wealthy backers of her $1.5 billion firm that-even as the crypto industry lay in tatters-everything was going according to plan.
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Japan's blockchain group lobbies for tax change
Forkast
The only two certainties in life may be death and taxes - at least according to U.S. founding father Benjamin Franklin - but for the digital asset industry in Japan, those two ugly twins morph into one: death by taxes. The Japan Blockchain Association's recent request for a rethink of Japan's high taxation of cryptocurrency activity can thus be seen as a cry for help, of sorts, from an industry lobby that may not have much industry left to lobby for if crypto and other digital asset businesses continue to depart Japan due to those taxes.
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Bankrupt Crypto Firm Genesis Says Mediation to End Soon Regardless of Deal Status; Crypto lender seeks agreement with key creditors by Aug. 16; Company extended mediation period for additional two weeks
Amelia Pollard - Bloomberg
Bankrupt crypto lender Genesis Global Holdco LLC has extended its mediation with creditors for the last time, a company lawyer said during a hearing Wednesday. "If we do not make substantial progress with respect to a deal in principle in the next two weeks, we do not believe that we will be seeking to extend the mediation further," company lawyer Sean O'Neal told US Bankruptcy Judge Sean Lane. As a result, the talks will have to wrap up by Aug. 16.
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| Politics | | An overview of politics as it relates to the financial markets | Elizabeth Warren, Bernie Sanders Demand Crackdown on 'Crypto Tax Evaders'
Mathew Di Salvo - Decrypt
Left-leaning lawmakers have urged the IRS and the Treasury to publish tax reporting guidelines for cryptocurrency brokers-and then vigorously enforce them. Democratic Senators Elizabeth Warren (D-Mass.), Bob Casey (D-Pa.), and Richard Blumenthal (D-Conn.) have joined Bernie Sanders (I-Vt.) in signing a letter Tuesday warning the heads of the two agencies that time was running out for them to set proposed rules.
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SALT Deduction Cap Vexes GOP After Vexing Democrats After Vexing GOP; Tax bill stalls as Republicans in areas with high levies insist on changes
Richard Rubin - The Wall Street Journal
The $10,000 cap on the state and local tax deduction is bedeviling Congress. Again. Taxpayers who itemize deductions can get a federal break for state and local income- and property-tax payments. Republicans in 2017 limited that deduction to help pay for tax cuts, and the new restrictions largely pinched high-income people in high-tax states. That decision split the GOP, divided Democrats who tried to repeal it, and just sparked yet another intraparty fight.
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UK 'absolutely committed' to net zero, says Shapps; Minister tells energy bosses he wants them to invest in renewables as well as putting money into North Sea
George Parker and Rachel Millard - Financial Times
Grant Shapps, the UK energy secretary, has reassured industry leaders that the government remains "absolutely committed" to hitting its net zero carbon targets by 2050, in spite of recent controversy over its intentions. Shapps told bosses of energy companies at a summit in Downing Street on Wednesday that he wanted them to invest in renewables - including solar, tidal, wind and nuclear - alongside putting money into North Sea oil and gas.
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| Regulation & Enforcement | | Stories about regulation and the law. | Ripple Ruling Rebuke Complicates Coinbase's Defense Against the SEC: Berenberg
Will Canny - CoinDesk
Coinbase (COIN) shares have outperformed the market following the U.S. District Court's July 13 ruling that Ripple Labs did not violate securities laws by selling its XRP token on crypto exchanges. However, another judge from the same district offered an emphatic rejection of the Ripple ruling on Monday, investment bank Berenberg noted in a research report Tuesday.
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Son of Colombia's president is charged with money laundering
Manuel Rueda - Associated Press
The son of Colombia's president was charged Tuesday with money laundering and illicit enrichment at a hearing where prosecutors said he took thousands of dollars from drug traffickers and used it to buy luxurious homes and expensive cars.
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DOJ Has 'Extremely Thin' Basis to Jail Sam Bankman-Fried Before Trial: Defense
CoinDesk
Attorneys for Sam Bankman-Fried are pushing back against the DOJ's motion to jail FTX founder ahead of his trial over allegations that Bankman-Fried has tampered with witnesses. CoinDesk's global policy and regulation managing editor Nikhilesh De breaks down the defense team's arguments.
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Trading Platform for College Students Sued by SEC Over Capital Rules; Platform Ustocktrade repeatedly fell below $250,000 minimum; It promised to help youth but never turned a profit, SEC says
Bob Van Voris and Annie Massa - Bloomberg
A former London Stock Exchange executive settled a Securities and Exchange Commission lawsuit over claims that he ran a chronically underfunded brokerage for college-age day traders. The regulator on Wednesday sued Tony Weeresinghe and his Ustocktrade LLC, which operated an alternative platform marketed to students. The business wasn't profitable and relied on cash infusions from Weeresinghe, the SEC claimed in its suit, filed in Manhattan federal court. The defendants agreed to pay a total of $85,000 in civil penalties to resolve the suit right away, according to court filings.
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SEC Charges Owners of Broker-Dealer with Aiding and Abetting Violations of Net Capital Requirements
SEC
The Securities and Exchange Commission today charged Ustocktrade LLC and its owner Anthony Weeresinghe of Chestnut Hill, Massachusetts with aiding and abetting a registered broker-dealer's repeated violations of the SEC's net capital provisions. The SEC's net capital provisions are designed to ensure that broker-dealers have adequate liquid assets to meet their obligations to their customers.
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SEC Obtains Final Judgment Against Silicon Valley IT Administrator at the Center of Multimillion Dollar Insider Trading Ring
SEC
On August 1, 2023, the United States District Court for the Northern District of California entered a final judgment, by consent, against Janardhan Nellore. The Securities and Exchange Commission sued Nellore, a former IT administrator at Palo Alto Networks, Inc., alleging that he traded on confidential earnings information about Palo Alto Networks and tipped four of his friends to do the same, in violation of the federal securities laws. In settling the charges against him, Nellore agreed to pay $16,614 in disgorgement and prejudgment interest, and to be permanently enjoined from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
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SEC Charges Florida Investment Adviser a Second Time for Insider Trading
SEC
The Securities and Exchange Commission today filed insider trading charges against Charles Rustin Holzer, a family office executive and former broker who last year settled SEC charges that he traded in options of Dun & Bradstreet Corp. (DNB) on inside information. The SEC's latest complaint alleges that, in addition to the options trades that were the subject of the SEC's prior lawsuit, Holzer also placed unlawful trades in DNB stock through offshore accounts that were not disclosed to the SEC in connection with the prior investigation and settlement.
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SEC Charges Florida Resident in Connection with Ponzi Scheme Targeting Religious Community
SEC
On July 28, 2023, the Securities and Exchange Commission filed a complaint against Mina Tadrus and Tadrus Capital LLC related to an alleged Ponzi scheme.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Apple's Goldman Sachs-Backed Savings Account Tops $10 Billion in Deposits
Mark Gurman - Bloomberg
Apple Inc. and Goldman Sachs Group Inc. said that their new high-yield savings account has reached $10 billion in US deposits, showing strength in the face of speculation that the partners may be headed for a breakup. Since the service launched in April, 97% of users have chosen to get their Apple Daily Cash - a cash-back reward program - deposited into the account, the iPhone maker said in a statement Wednesday. The savings account is built into the Wallet app on iPhones and allows users to transfer money in and out like a traditional account, yielding 4.15% in interest.
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Listening to investment's old bears can have grisly consequences; Ignore the pessimists, there are UK companies with huge potential
James Henderson - Financial Times
With prices and wages still rising sharply - dragging interest rates in their wake - younger colleagues sometimes ask me: "What's it like to invest during an inflationary period?" Having recently become a grandfather, I am tempted to don a pair of slippers, suck on a pipe, gaze through the window and say something whimsical. I limit myself to the whimsy.
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TCW agrees deal to buy Engine No. 1's ETF business; Acquisition of activist manager's ETFs is expected to complete in third quarter pending shareholder approval
Brian Ponte - Financial Times
TCW Group has agreed to purchase activist investment manager Engine No. 1's ETF business, the companies announced on Tuesday. The acquisition, which is expected to be completed in the third quarter pending shareholder approval, will give the $210bn TCW its first in-house ETFs.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | This Northern Manhattan Wetland Has Faced Climate-Change-Induced Erosion and Sea Level Rise. A Living Shoreline Has Reimagined the Space; In the process to create a climate-resilient city, the shoreline restoration of one of the largest remaining wetlands in Manhattan has succeeded due to community engagement and consistent stewardship.
Juanita Gordon - The New York Times
When the New York Restoration Project first started working in the late 1990s to clean the unnamed shoreline along the Harlem River in northern Manhattan, the intertidal mudflat and wetlands weren't just a neglected area, but a former illegal dumping ground. How the cove, the largest wetland left in Manhattan, has become a bountiful greenspace where migrating birds, crabs, tadpoles and toads are all thriving, despite the existential threat posed by climate change in shoreline communities, is a story of robust community involvement and skillful coastline management by the New York Restoration Project (NYRP), the parks nonprofit created 28 years ago by Bette Midler, the singer, actress and activist.
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What This Year's 'Astonishing' Ocean Heat Means for the Planet
Elena Shao - The New York Times
Brutal heat waves have baked the world this summer and they haven't been contained to land. Earth's oceans are the hottest they have been in modern history, by an unusually wide margin. The planet's average sea surface temperature spiked to a record high in April and the ocean has remained exceptionally warm ever since. In July, widespread marine heat waves drove temperatures back up to near-record highs, with some hot spots nearing 100 degrees Fahrenheit, or nearly 38 Celsius.
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The science of forecasting ever more extreme weather; The UK Met Office's predictions have become much more accurate, but some dramatic events remain elusive
Henry Mance and David Sheppard - Financial Times
The world's weather is presenting a paradox. In many regions, conditions are unprecedented, different to anything seen before. Yet they are also more predictable than ever. This summer's extreme heat across Europe and the US was foretold days in advance. Last year, four days before Britain experienced 40C for the first time, the UK's national weather service, the Met Office, issued a red warning - announcing an 80 per cent chance of record-breaking temperatures.
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Larry Fink's Bet on Saudi Oil Money Is Also His Latest E.S.G. Woe; Mr. Fink finds himself on the back foot once again, with BlackRock appointing the head of Saudi oil giant Aramco to its board. Analysts say the move is about money, not optics.
Maureen Farrell - The New York Times
For years, Larry Fink, the chief executive of the giant asset manager BlackRock, has been broadcasting a message to corporate America: Environmental, social and governance goals should be core to how companies do business. So when BlackRock announced in July that it would appoint Amin Nasser, the head of the world's largest oil company, Aramco, to its board, investors and politicians immediately called out Mr. Fink on what they said was his hypocrisy.
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Get ready for more ESG lawsuits; Litigation related to ESG issues is becoming more common. Is it time to hire a lawyer?
Nico McCrossan - GreenBiz
The rise in ESG-related lawsuits and settlements is driving many companies to adjust how they communicate about environmental, social and governance issues. It's also driving a growing number to consult lawyers and other subject matter experts for guidance. The concern is tangible. Lawsuits involving ESG-related issues have increased by 25 percent over the past three decades, according to research published earlier this year by the World Business Council for Sustainable Development (WBCSD).
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Forests Are Losing Their Ability to Hold Carbon; A new USDA report finds forests could become a major emitter of carbon by 2070
Minho Kim, E&E News - Scientific American
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | MUFG to Buy $936 Million Stake in U.S. Bancorp After Unit Sale
Taiga Uranaka and Hideki Suzuki - Bloomberg
Mitsubishi UFJ Financial Group Inc. will buy a stake in U.S. Bancorp for $936 million, deepening an alliance after selling its regional banking business to the US lender last year. The deal effectively swaps debt owed by U.S. Bancorp to Japan's biggest bank when it bought MUFG Union Bank in December 2022, according to statements by the companies. The proceeds will be used to repay some of the $3.5 billion U.S. Bancorp borrowed, with the rest due by December 2027.
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UBS-Credit Suisse Union Exposes Private Banker Tensions; Different cultures and a fast-changing industry mean the Swiss banks' integration in Asia won't be smooth or pleasant. Shuli Ren - Bloomberg Opinion
Credit Suisse Group AG's crown jewel is its wealth management business in Asia, judging by the tremendous personnel effort its acquirer is making. UBS Group AG plans to retain most of Credit Suisse's relationship managers in the region, while cutting more than half of its smaller rival's 45,000-strong workforce worldwide. Special bonuses are being dangled in front of private bankers with growing client books. Singapore-based Jin Yee Young, a long-time star banker at Credit Suisse who had left for Deutsche Bank AG early this year, was poached back to co-head UBS's Asia wealth business. Young's return was good optics, a signal that UBS desires an equal partnership, at least in Asia.
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The Billion-Dollar Hedge Fund Club Is About to Get Bigger; Lykos Global, JCAP, LuminArx are among those targeting big launches after years of declines in the number of funds
Peter Rudegeair - The Wall Street Journal
For startup hedge funds, bigger is increasingly better. A handful of new firms are aiming for 10-figure launches, people familiar with their plans said, including Nick Laster's Lykos Global; JCAP, the brainchild of a 30-year-old quant; LuminArx Capital Management, started by former Blackstone executives; and stocks-focused Obion Capital Management.
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SocGen CEO Krupa Hints He May Shrink Some Businesses in Revamp; Lender aims to run "tight ship" in terms of business portfolio; New CEO Krupa set to unveil new strategic plan next month
Alexandre Rajbhandari - Bloomberg
Societe Generale SA Chief Executive Officer Slawomir Krupa signaled that he is likely to shrink or even dispose of some activities as part of a strategic overhaul he's slated to present next month. All of SocGen's business lines must "make sense from the perspective of long-term value creation," Krupa said on an earnings call Thursday in response to a question about potential disposals. "Meeting a cost of equity in a sustainable way is a basic requirement that our business activities within our portfolio will have to deliver on."
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Metals Traders Are Leaving Hedge Funds as Markets Disappoint; Many funds only began bulking out metals trading recently; Calmer markets have limited opportunities to make profits
Eddie Spence, Alfred Cang, and Nishant Kumar - Bloomberg
A series of metal traders are leaving hedge funds - including some fairly new hires - after the wild price swings that drew fresh money into the sector in recent years have evaporated, leaving markets drifting sideways. Specialists at firms including Balyasny Asset Management, BlueCrest Capital Management and Millennium Management have all left this year, according to people familiar with the matter, who asked not to be identified discussing private information.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Health-Care Staffing Crisis Is Bad and Getting Worse; The shortages throughout the system, from doctors and nurses to home health aides, are a "national emergency."
Gerry Smith - Bloomberg
For much of his life, Justin Cooper's mother was his caregiver. But she was recently hospitalized, and Cooper, who is 41 and has muscular dystrophy, can't find enough home health aides to fill the void. Unable to hire someone who can stay late on weekends to help him get into bed, he often sleeps in his wheelchair, causing his legs to swell and develop pressure sores. "It's been a struggle finding people who can come in at specific hours to help," says Cooper, who lives in Chicago. "It's not a good situation."
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong PMI Contracts First Time This Year as Recovery Falters
Jill Elaine Disis - Bloomberg
Hong Kong's private sector activity contracted in July for the first time this year, providing further proof of the slowdown in the financial hub's post-Covid recovery. The S&P Global Purchasing Managers' Index fell to 49.4 last month from 50.3 in June, slipping below the 50 mark that separates expansion from contraction for the first time since December. Overall optimism slipped to the weakest since November, according to a statement accompanying the data.
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Typhoon's Devastation Brings Respite to China's Coal Market; Coal consumption at power generators drops in eastern regions; Coastal shipping may be affected by approach of Typhoon Khanun
Bloomberg News
Torrential rains are dousing Chinese coal prices as power consumption drops in flood-hit cities and industrial areas. Typhoon Doksuri, which inundated northern China this week, has affected the supply of China's mainstay fuel but is wreaking even more havoc on demand. Factories have been forced to halt or curb production due to the disastrous weather, while lower temperatures have cut the amount of electricity required for air conditioning.
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Banks from 4 Arab countries are in talks to invest in struggling Lebanese banks, official says
Kareem Chehayeb - Associated Press
Banks from four Arab countries are interested in investing in Lebanon's struggling banking sector, which was hard-hit by the small nation's three-year economic meltdown, a top Arab banker said Thursday. Lebanon is in the throes of its worst economic crisis in its short and troubled history that has skyrocketed poverty and inflation, and crippled its bloated public sector and infrastructure.
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| Miscellaneous | | Stories that don't quite fit under the other sections | The Wolf of Wall Street Lamborghini Countach Is Up for Auction; The white-on-white supercar that Leonardo DiCaprio drove has an estimated value of up to $2 million.
Hannah Elliott - Bloomberg
The Lamborghini Countach that Leonardo DiCaprio drove in Martin Scorsese's film The Wolf of Wall Street will go up for sale on Dec. 8 at an RM Sotheby's sale in New York. Originally delivered in Bianco Polo and Bianco (white) exterior and interior, the 1989 Lamborghini Countach 25th Anniversary is one of just 12 similar examples sent to the US. It figures prominently in the infamous Quaaludes scene wherein a heavily inebriated DiCaprio, playing financier Jordan Belfort, struggles to crawl inside the car and drive home. It was used with a similar model shown later in the film, dramatically destroyed, as police officers drag DiCaprio away.
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