| April 12, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
It is with great sadness that we report the passing of Hardy Thomson Brumfield, the brother of Harris Brumfield. His obituary from the Chicago Tribune is HERE.
Hardy, like his brother, was a trader at the Chicago Board of Trade. His obituary says this about his trading, "For eight years he was the largest volume trader in the 10-year note futures."
A memorial service will be held on Thursday, April 13, 2023, 1:00 pm, at Peachtree Presbyterian Church, 3434 Roswell Road, NW, Atlanta, Georgia, 30305. A Celebration of Hardy's Life will follow at the Thomson Buckhead, 415 E Paces Ferry Road Atlanta, GA 30305.
The entire JLN Team offers its condolences to the Brumfield family on Hardy's passing. We too celebrate his life.
Thank you to ALL who donated to Thom Lant's fundraising efforts to provide non-lethal aid to Ukraine, with him personally delivering it there. A big thanks to Brian Rice of Ever.ag for his £500 donation. You made my and Thom's day.
The U.S. national emergency response to the Covid-19 pandemic ended on Monday after President Joe Biden signed a congressional resolution to bring it to a close, the Associated Press reported.
Euronext would like you to know that "on 17 March, Euronext reached the third highest equity value traded in history with euro 27.6 billion traded, following an uptick in volatility. Over March 2023, euro 12.7 billion of average daily traded volumes was reported on our markets, the highest level in 12 months. During this time, Euronext reinforced its position as the venue of price formation in Europe (based on BMLL data) thanks to its continued superior market quality." And that is all they have to say about this.
I won't be able to make it out to the London Metal Exchange Asia Metals Seminar. But I don't have to worry, because virtual tickets are available. The seminar is on Tuesday, May 16, 2023 from 08.30 to 15.30 HKT. Click HERE for more details and to register.
The Futures for Kids 2023 Fun Run, a good cause and fun for all, is scheduled for May 25, 2023 in Queen Elizabeth Olympic Park, London. The lead sponsor is R.J. O'Brien, gold sponsors are ION and StoneX Group Inc., and a silver sponsor is GH Financials. For more details and to register, sponsor or DONATE, click HERE.
It is not often JLN carries news from The Harvard Gazette, but today we have the story that Harvard alumnus Kenneth C. Griffin made a $300 million gift to the Faculty of Arts and Sciences. The Graduate School of Arts and Sciences will be named in honor of Griffin, who previously gave $150 million to undergraduate financial aid. Harvard will rename the graduate school the Kenneth C. Griffin Graduate School of Arts and Sciences in his honor.
Bloomberg and The Guardian also reported on the gift, which brings Griffin's contributions to Harvard to half a billion dollars. The Guardian story was more partisan as it waded into the history of Griffin's Citadel's holdings in "gun and ammunition manufacturers worth more than $139m as of March 2022, according to Chicago NPR affiliate WBEZ."
The Guardian noted "A WBEZ analysis of firearms recovered by Chicago police from violent crime incidents over five years found that nearly one in four were produced by companies in which Citadel invests." The Guardian also noted Griffin's support of Florida Gov. Ron DeSantis, who has proposed banning critical race theory, a theory developed at Harvard, from Florida public colleges and universities.
Qontigo would like you to know about a theme for 2023. That theme is thematic indices. In a blog post from today titled "New horizons in thematic investing," Qontigo explains how thematic indexes are performing in our rather interesting markets today and in the last several years.
The AI hype is whipping up into a frenzy. The Biden Administration is trying to figure out how to regulate it. Bloomberg has a story titled "Does AI Terrify You? Take This Panic Quiz." The subheadline is "Are these quotes about artificial intelligence, or just some other tech innovations of yore?"
The Wall Street Journal has a paid content piece from the CME Group titled "The Year Crude Oil Markets Embraced Something New." The subheadline is "WTI crude oil futures launched in 1983. One of the contract's first traders weighs in on its importance 40 years later." The piece features an interview with Thomas McMahon, co-CEO of AirCarbon Exchange, who we interviewed at FIA Boca. That interview will be coming soon. JLN also has a podcast interview coming up with Corinne Boone of the AirCarbon Exchange on the history of the carbon markets.
Rosalyn Wilton is the featured FIA Hall of Fame member today by the FIA on LinkedIn, with the full-length video interview of Wilton presented.
The CME Group is looking for a director financial research & product development in London.
Veteran journalist Debbie Carlson has a story in Barron's titled "Exchange-Traded Notes Are More Dangerous Than They Might Appear."
Journalist Sara Velezmoro has an exclusive interview in FinanceAsia with NYSE international listings head Cassandra Seier. In the interview, which is eight months after Seier joined NYSE, she "shared her strategy for attracting international listings and her outlook for the public markets across the rest of 2023."
The cost of writing Aunt Betty is going up. Time to buy more forever stamps. The price of a U.S. postage stamp will rise from 63 cents to 66 cents on July 9, unless overruled by the postal regulator. This is the fourth hike in two years and the price of a first class stamp has increased 32% since 2019.
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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The EEX Group March Environmentals Newsletter provides news from the EEX Emissions Market, including information about events, products and incentives. This month's topics include GHG quota trading, ETS auctions, a North America update and Carbon Chat video webinars. Learn more and subscribe to the free newsletter here.~SAED
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Shawn Creighton of FTSE Russell discusses sustainability and ESG with John Lothian News
JohnLothianNews.com
Shawn Creighton, director, Index Derivatives Solutions at FTSE Russell (An LSEG Business) was interviewed by John Lothian News at the FIA International Futures Conference in Boca Raton, FL. about the firm's work as a global provider of benchmarks, analytics, and data solutions.
Watch the video »
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Ex-JPMorgan Gold Traders Ask for No Prison Time in Spoofing Case; Michael Nowak, Gregg Smith convicted at Chicago trial in 2022; Prosecutors said Nowak, Smith spoofed metals markets for years
Steve Stroth - Bloomberg
JPMorgan Chase & Co.'s former precious-metals desk head and his top gold trader asked to be spared prison sentences for spoofing. Desk head Michael Nowak and trader Gregg Smith were both convicted in August of market manipulation by a federal jury in Chicago. Prosecutors last month recommended that Nowak be given five years in prison and Smith, six years.
/jlne.ws/3GE1dbw
****** Why should we have to go to jail for breaking the law? That is for people who do bad things. We just spoofed the markets for years.~JJL
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Buffett Says More Bank Failures Are Likely But Depositors Are Safe; Berkshire CEO praises BofA's Moynihan, plans to hold the stock; Troubled bank shares aren't value investments, Buffett says
Max Reyes - Bloomberg
Warren Buffett said more US banks are likely to fail, but depositors should be confident they won't lose any of their funds. "We are not through with bank failures," the Berkshire Hathaway Inc. chairman and chief executive officer said in an interview on CNBC Wednesday. "Dumb decisions" by bank managers shouldn't be "panicking the whole citizenry of the United States about something they don't need to be panicked about."
/jlne.ws/3zS3kEN
****** We will always have bank failures. We will always have winners and losers. It just depends on who gets to pick who the losers are.~JJL
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Leaders should update our financial system for women - and the world; As the World Bank and IMF spring meetings begin, policymakers must not let the decisions of a different time hold them back
Melinda French Gates - Financial Times
There are two interlocking stories to be told right now about the forces shaping the economic outlook in the world's poorest places. One is of billions of people on the cusp of crisis - reeling from climate change, pandemic fallout, skyrocketing food prices and crushingly heavy national debt burdens. The other is about the enormous unrealised economic potential of the women who live within these communities - women like Khady Diallo, Yaye Souadou Fall and Kumkum Gupta.
/jlne.ws/3zT14NK
****** Melinda, this is not part of the plan of the incoming theocracy.~JJL
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AI Can Write a Song, but It Can't Beat the Market; Quants have tried for decades with limited success at their biggest challenge
Gregory Zuckerman - The Wall Street Journal
Where is Wall Street's AI revolution? Almost every industry, from architecture to entertainment, is testing generative artificial intelligence, hoping to profit from a technology that can produce writing, images and art much like humans. Wall Street has long used automated algorithms for tasks such as placing trades and managing risk. But investors haven't made much progress relying on AI to tackle their biggest challenge: beating the market. While some see ChatGPT as a way to boost sales and research efforts, the investing results using AI haven't been especially impressive.
/jlne.ws/3KDR2Fc
****** AI can write a song, but can't beat the market, but can it write a song about me beating the market?~JJL
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Tuesday's Top Three
Our top story on Tuesday was Groundwater Gold Rush; Banks, pension funds and insurers have been turning California's scarce water into enormous profits, leaving people with less to drink, from Bloomberg. Second was Driehaus Gold Coast mansion with a bit part in 'Ferris Bueller' sold, from Crain's Chicago Business. Third was our top story Monday, Chicago Gets What It Voted For; Mayor-elect Brandon Johnson blames businesses for crime, from The Wall Street Journal's editorial board.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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| Lead Stories | How Jamie Dimon became king of Wall St.
Nick Rose - Yahoo Finance
Jamie Dimon- unless you've had your head buried in the sand for the last 20 years, you've probably heard that name. He's the Chairman and CEO of JPMorgan Chase (JPM), and perhaps the most well known banker on the planet. Dimon was officially named CEO in 2006, but his true rise to stardom came during the 2008 financial crisis Born in New York City to a family of bankers, Dimon went to Tufts University where he studied philosophy and economics, followed by Harvard Business School, before starting his career at American Express (AXP). It was there that Jamie Dimon became the protege of legendary financier Sandy Weill and in 1985 they both left AMEX to run consumer financing company, Commercial Credit, under Weill's leadership.
/jlne.ws/43tJmxw
Global financial regulator calls for tougher rules after bank panic; FSB chair says rising interest rates, volatility and tight liquidity mean 'more challenging' outlook
Laura Noonan - Financial Times
The global finance system's top regulator has urged officials to "learn lessons" from the recent banking turmoil, saying the latest stresses were a reminder that financial stability is "not merely an abstract concept". Klaas Knot, chair of the Financial Stability Board, wrote in a letter published on Wednesday that the need to tighten rules in response to the panic was "all the greater" because, unlike other recent shocks to the global economy, such as the war in Ukraine and the coronavirus pandemic, "this latest episode had its origins within the financial system".
/jlne.ws/3nXm0Ac
Tradeweb, Euroclear and IGM collaborate to automate primary market security identification and set-up processes; New solution looks to improve access to critical Eurobond data for investors, alongside improving the transition into secondary trading.
Wesley Bray - The Trade
Tradeweb, Euroclear and Informa Global Markets (IGM) are collaborating to automate the security identification and set-up process for forthcoming syndicated Eurobonds in the primary market. The solution aims to improve the way investors access and manage critical pre-pricing data for newly-syndicated Eurobonds, allowing for increased automation of primary markets and an improved transition into secondary trading.
/jlne.ws/3MCijKs
Swiss Lower House Votes Against UBS-Credit Suisse Deal
Bastian Benrath - Bloomberg
Switzerland's parliament is approaching a deal to push through government guarantees for UBS Group AG's takeover of Credit Suisse Group AG after a upper houses compromise was met with approval in the lower chamber.
/jlne.ws/3GyrtEg
MBS Is to Blame for Saudi Arabia's Shame in Yemen; The crown prince's first foreign policy foray is ending in abject failure.
Bobby Ghosh - Bloomberg
It has taken eight years, cost more than 200,000 lives and drained the exchequer of tens of billions of dollars, but Mohammed bin Salman is hoping nobody will notice that his first foray into foreign policy has been an utter failure. As he seeks a peace with Yemen's Houthi militia, Saudi Arabia's crown prince and de facto ruler would prefer that we all pay attention to his growing stature as a player in international affairs.
/jlne.ws/3nXmw16
G7 to discuss digital currency standards, crypto regulation
Leika Kihara - Reuters
Group of Seven (G7) advanced economies will consider how best to help developing countries introduce central bank digital currencies (CBDC) consistent with appropriate international standards, Japan's top currency diplomat Masato Kanda said on Tuesday. The move will be among key themes of G7 discussions that Japan chairs this year, as part of efforts to address challenges the global community face from fast-moving digital technology, he said.
/jlne.ws/3GBTwCw
Ex-JP Morgan and Deutsche Bank Employee Charged With Crypto Fraud
Mathew Di Salvo - Decrypt
A former Deutsche Bank investment banker is facing up to 20 years behind bars for allegedly committing crypto fraud. Registered broker Rashawn Russell, 27, was arrested yesterday and will be arraigned today in a New York court, the Justice Department said Tuesday. Russell is charged with conning a number of investors into believing that their money would generate big returns with altcoins-the name given to different digital assets that are not Bitcoin-the announcement said.
/jlne.ws/3GBZPpY
UK cracks down on financial fixers for Russian oligarchs Abramovich and Usmanov; Latest moves target those who 'assisted sanctioned Russia oligarchs to hide their assets in complex financial networks'
Sarah Provan - Financial Times
The UK has cracked down on several financial fixers supporting Russian oligarchs such as Roman Abramovich and Alisher Usmanov, the government revealed in a statement. The latest sanctions, unveiled on Wednesday, target "those who have knowingly assisted sanctioned Russia oligarchs to hide their assets in complex financial networks" and include Cypriots Demetris Ioannides and Christodoulos Vassiliades.
/jlne.ws/3MCBOTt
Fintech startup Clear Street raises $270M at a $2B valuation
Mary Ann Azevedo - TechCrunch
Clear Street, which says it is building "modern infrastructure" for capital markets, has raised $270 million in the second tranche of a Series B funding round at a $2 billion valuation. Growth equity firm Prysm Capital led the financing, which brings the round total to $435 million. New York-based Clear Street raised the first tranche of the round in May of 2022 at a $1.7 billion valuation.
/jlne.ws/3UwaAiZ
Billionaire Thomas Lee's NYC Office Up for Lease After His Death; Space for family office is at the General Motors Building; Lee was a private equity pioneer, building multiple firms
Natalie Wong and Amanda L Gordon - Bloomberg
The Manhattan space that housed billionaire Thomas H. Lee's family office is now being marketed for sublease. The space, spanning more than 11,000 square feet (1,022 square meters), is on the sixth floor of the General Motors Building, according to marketing materials viewed by Bloomberg. The lease runs through June 2025 and the office is available for immediate occupancy.
/jlne.ws/3UykYH5
Global Commodities' Indonesian nickel indices plan may be a game-changer
Pratima Desai - Reuters
An exclusive deal that will lead to the development and marketing of indices for Indonesian nickel, signed by UK-based Global Commodities Holdings Limited (GCHL), could change the landscape for referencing nickel prices, industry sources say.
/jlne.ws/3MCmOok
Biden Administration Weighs Possible Rules for AI Tools Like ChatGPT
Ryan Tracy - The Wall Street Journal
The Biden administration has begun examining whether checks need to be placed on artificial-intelligence tools such as ChatGPT, amid growing concerns that the technology could be used to discriminate or spread harmful information. In a first step toward potential regulation, the Commerce Department on Tuesday put out a formal public request for comment on what it called accountability measures, including whether potentially risky new AI models should go through a certification process before they are released.
/jlne.ws/3MBlpOU
Employees of South Korean Crypto Exchange Coinone Arrested: Report
Jamie Crawley - CoinDesk
Employees of South Korean cryptocurrency exchange Coinone have been arrested in connection with exchanging money in return for listing certain crypto assets, CoinDesk Korea reported on Tuesday. "There is concern about escaping," said Seoul Southern District Court Chief Judge Kim Ji-Sook, who issued a warrant for the arrests on Monday.
/jlne.ws/41cCFya
Javice to Have No JPMorgan Contact, Except About Mortgage
Hadriana Lowenkron - Bloomberg
Frank founder Charlie Javice, who is charged with defrauding JPMorgan Chase & Co. in its $175 million acquisition of her college finance site, had her bail terms modified so she can communicate with the bank about her mortgage.
/jlne.ws/3zTrSNI
Crypto VC Funding Plunges by 80% in Dire Quarter for Startups; Global venture funding for cryptocurrency-related companies has hit its lowest level in two years.
Hannah Miller - Bloomberg
Venture capitalists are continuing to pull back from crypto, an industry that's been plagued by scandals, a market downturn and regulatory uncertainty. Private funding for crypto startups in the first quarter of this year plunged to its lowest level since 2020, according to data from research firm PitchBook.
/jlne.ws/3Ux0izf
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Up to 50 UK special forces present in Ukraine this year, US leak suggests
Harry Davies and Manisha Ganguly - The Guardian
Leaked US military documents indicate that the UK has deployed as many as 50 special forces to Ukraine. The documents suggest that more than half of the western special forces personnel present in Ukraine between February and March this year may have been British. It is unclear what activities the special forces may have been engaged in or whether the numbers of personnel have been maintained at this level.
/jlne.ws/414C4Pw
Ukrainian hackers say they have compromised Russian spy who hacked Democrats in 2016
Raphael Satter - Reuters
Ukrainian hackers claim to have broken into the emails of a senior Russian military spy wanted by the Federal Bureau of Investigation for hacking the Hillary Clinton campaign and other senior U.S. Democrats ahead of Donald Trump's election to the presidency in 2016. In a message posted to Telegram on Monday, a group calling itself Cyber Resistance said it had stolen correspondence from Lt. Col. Sergey Morgachev, who was charged in 2018 with helping organize the hack and leak of emails from the Democratic National Committee (DNC) and the Clinton campaign.
/jlne.ws/40ZjAjp
Russian Windfall Plunges by $51 Billion as Energy Cash Dries Up
Bloomberg News
Russia's current-account surplus shrank last quarter by over $51 billion from a year earlier, as sanctions increasingly deprive the government of what's been a critical source of hard currency since the invasion of Ukraine.
/jlne.ws/412N3bU
Russia's war transforms sleepy Polish city into aid hub for Ukraine; World leaders fly into Rzeszow, wounded troops are evacuated from there to hospitals around Europe and its restaurants are full
Raphael Minder - Financial Times
Stay across the latest Ukraine coverage.Join the FT's Telegram channel It is hard to find a city outside Ukraine and Russia more transformed by Vladimir Putin's war than Rzeszów in south-eastern Poland. The city, some 45 miles from Ukraine's border, has become the main gateway for western allies to ship weapons and humanitarian aid, dispatch wounded soldiers to hospitals around Europe and for world leaders to land at its small airport before taking a train to the Ukrainian capital.
/jlne.ws/43p7DVF
Renminbi's share of trade finance doubles since start of Ukraine war; Rising cost of dollar financing has also made China's currency more attractive
Hudson Lockett and Cheng Leng - Financial Times
The renminbi's share of trade finance has more than doubled since the invasion of Ukraine, analysis by the Financial Times has found - a surge that analysts say reflects both greater use of China's currency to facilitate trade with Russia and the rising cost of dollar financing.
/jlne.ws/3MGpwJA
Podcast: Best Of: How Russia loots grain from Ukraine; Polina Ivanova explains how she and her colleagues tracked the shipment of 2,675 metric tonnes of milling wheat from an occupied Ukrainian port to Turkey
Financial Times
/jlne.ws/41mYNGc
Russia Stole Land and Grain. Now It's Taking Timber, Ukraine Says; Officials say acres of forest have been cut down for commercial gain or to fortify defensive positions
Alistair MacDonald - The Wall Street Journal
/jlne.ws/43lxrC9
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext announces highest cash volumes in a year in March 2023
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for March 2023. Euronext reached the third highest equity value traded in history on 17 March with euro 27.6 billion traded, following an uptick in volatility. Over March 2023, euro 12.7 billion of average daily traded volumes was reported on Euronext markets, the highest level in 12 months. During this time, Euronext reinforced its position as the venue of price formation in Europe thanks to its continued superior market quality.
/jlne.ws/3KRioca
Clearstream creates new Luxembourg bank for global institutional fund investors
Deutsche Boerse
Support for international banks and wealth managers in processing international funds; High security, automation and efficiency for customers in a new, agile banking environment; Close integration with Clearstream Securities Services, including use of the established global market infrastructure. Clearstream, the provider of global post-trade services, has created a new bank for institutional fund investors: Clearstream Fund Center SA.
/jlne.ws/3MEdVL8
JPX Monthly Headlines - March 2023
JPX Group
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
/jlne.ws/3MDdPDI
Nasdaq Enhances Risk Platform to Help Banking and Broker-Dealer Community Manage Real-Time Risk
Significant upgrades incorporating additional asset classes and live streaming capability to better navigate extreme market volatility; Number of customers using the Nasdaq Risk Platform increased by over 50% in the last 12 months, reflecting substantial increase in demand for real-time risk capability. Nasdaq (Nasdaq: NDAQ) today announced it has made a series of enhancements to its risk technology platform, which is widely used by the banking and broker-dealer community to manage liquidity and market risk. The upgrades will help firms better navigate extreme market conditions, providing a live view of risk across proprietary and client trading portfolios with detailed analytics to support real-time decision-making.
/jlne.ws/41qUYzT
TAIFEX March Newsletter
News and Events TAIFEX Reported Steady Volume Increase in March; Taiwan Futures Exchange (TAIFEX) reported a total volume of 30,996,997 contracts with an average daily volume (ADV) of 1,347,696 contracts traded in March 2023, an increase of 8.42% in monthly ADV as compared to February.
/jlne.ws/3KTtXiQ
NYSE Group - Reminder - Disaster Recovery Test - April 15, 2023
On Saturday, April 15, 2023, NYSE Group will offer an opportunity for firms to test connectivity to the Disaster Recovery data center in Cermak. NYSE, NYSE Arca, NYSE American, NYSE National, NYSE Chicago, NYSE Amex Options, NYSE Arca Options, Global OTC, and NYSE TRF will be available to test. The test will run between 8 AM ET and 12 PM ET.
/jlne.ws/41kMz0z
SGX RegCo issues Trade With Caution alert on the shares of Digilife Technologies Limited
Singapore Exchange
Singapore Exchange Regulation ("SGX RegCo") urges investors and potential investors to exercise caution when dealing in shares of Digilife Technologies Limited ("Digilife"). The price of Digilife shares has climbed steadily from $1.12 on 6 January 2023 to S$2.88 on 11 Apr 2023, an increase of $1.76 or 157%. The Straits Times Index rose by 21.11 points or 0.64% during the same period.
/jlne.ws/3o5y8iH
ASX to consult on the future of the ASX Managed Fund Settlement Service (mFund)
ASX
ASX Limited and ASX Settlement Pty Limited (together ASX) are aiming to release a consultation paper in June 2023 to seek feedback regarding a proposed wind down and closure of the ASX Managed Fund Settlement Service (mFund). ASX expects the consultation period to remain open for six weeks.
/jlne.ws/351gPmZ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Sterling Trading Tech Launches Calculation Service for FINRA Member Firms to Comply with Enhanced Portfolio Margin Reporting Requirements
Sterling Trading Tech
Sterling Trading Tech (STT), a leading provider of order management systems, risk and margin solutions and trading platforms to the capital markets worldwide, today announced the launch of a calculation service for FINRA member firms in response to the recently announced enhancements to the regulator's portfolio margining requirements. These new requirements were set to go into effect April 1 of this year, which FINRA recently updated to be later in 2023.
/jlne.ws/3Uxjr4k
AI-Focused Blockchain CryptoGPT Raises $10M Funding at $250M Valuation
Jamie Crawley - CoinDesk
Zero-knowledge (ZK) layer 2 blockchain CryptoGPT has cashed in on the recent surge in interest around artificial intelligence (AI) to raise $10 million in funding. The Series A round, which was led by market maker DWF Labs - which has emerged as one of the most active investors during the crypto bear market - gave the AI-focused blockchain a $250 million valuation, according to a statement.
/jlne.ws/41755tJ
DeFi Could Be Forced to Incorporate and Certify, French Central Bank Says
Jack Schickler - CoinDesk
Projects in decentralized finance, or DeFi, could be forced to incorporate or prove that they meet governance and security norms, a report by the French central bank said, as regulators seek to extend planned crypto laws to cover more kinds of blockchain-based structures. Policymakers are now focusing on financial services that lack an intermediary, basically software programs that allow individuals to borrow and lend without a bank.
/jlne.ws/3KV8BBX
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| Cybersecurity | | Top stories for cybersecurity | New Spyware Firm Said to Have Helped Hack iPhones Around the Globe; Tools linked to QuaDream of Israel highlight continued use of secret software
Dustin Volz and Robert McMillan - The Wall Street Journal
Hacking tools sold by a little-known Israeli vendor have been used to break into the iPhones of journalists and political opposition figures by silently exploiting Apple Inc.'s iPhone software, cybersecurity researchers said. The intrusions are linked to QuaDream Ltd., which markets spyware under the name "Reign," according to new research published Tuesday by Citizen Lab, a research group at the University of Toronto, and Microsoft Corp.
/jlne.ws/3KRZnGj
German Superyacht Maker Targeted by Ransomware Cyberattack
Stefan Nicola - Bloomberg
German shipbuilder Lurssen, which makes military vessels as well as luxury yachts, has become the target of a ransomware cyberattack. The Bremen-based company was attacked over the Easter holiday period, company spokesman Oliver Grun said Tuesday. "In coordination with internal and external experts, we immediately initiated all necessary protective measures and informed the responsible authorities," he said by text message.
/jlne.ws/414VBza
Israeli spyware used to hack across 10 countries, Microsoft and watchdog say
Christopher Bing and Raphael Satter - Reuters
An Israeli firm's hacking tools have been used against journalists, opposition figures and advocacy organizations across at least 10 countries - including people in North America and Europe - according to new research published Tuesday by Microsoft Corp (MSFT.O) and the internet watchdog Citizen Lab. Citizen Lab said in its report that it had been able to identify a handful of civil society victims whose iPhones had been hacked using surveillance software developed by the Israeli company, QuaDream Ltd - a lower-profile competitor to the Israeli spyware company NSO Group, which has been blacklisted by the U.S. government over allegations of abuse.
/jlne.ws/3Kytsta
Liquidnet adds liquidity-seeking alerts to equities trading application; New Surge Opportunity alert will allow traders to take advantage of liquidity events created by dark blocks.
Wesley Bray - The Trade
/jlne.ws/41nSVfW
Extreme market conditions spark upgrade to Nasdaq Risk Platform; The upgrades aim to provide a live view of risk across proprietary and client trading portfolios; adds fixed income securities to its remit.
Annabel Smith - The Trade
/jlne.ws/3o1P3CN
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX had a 'hilariously' hard time understanding its own problems
Myles Udland - Yahoo! Finance
One of the most memorable scenes in Adam McKay's 2015 movie "The Big Short" finds Steve Carell and his hedge fund's analysts on the road in Florida talking to mortgage officers who admit to fabricating loan documents. Carell turns to his analyst and asks why they're confessing. His analyst informs him they're not confessing, they're bragging.
/jlne.ws/3mzRgox
The U.S. Is Losing Its Edge in Crypto, Says Andreessen Horowitz
André Beganski - Decrypt
As the regulatory climate surrounding crypto continues to heat up in the U.S., a report released by a16z on Tuesday linked a steady stream of enforcement actions and court cases to a decline in America's leadership in the digital assets space. In an entirely new section in the regular "State of Crypto" report that touches on regulation and policy, the investment arm of Andreessen Horowitz highlighted a decline in several metrics gauging crypto-related activity in the U.S.
/jlne.ws/3UrSBud
Ethereum's Shanghai Upgrade Will Permanently Alter ETH Economics
James Hodges - CoinDesk
An Ethereum transformation is on the horizon, and no one is sure how the market will respond. In time the "Shanghai" upgrade may be remembered as a uniquely bullish event for ether (ETH), the world's second-largest cryptocurrency by market value. In the short term, however, a number of the world's leading Ethereum quant traders who historically have outperformed ETH staking yield believe price action will be neutral to potentially bearish due to the expected large increase in circulating supply of ETH after investors are finally able to withdraw their stakes.
/jlne.ws/3zScn8L
Bitcoin's Lightning Network is hard to use. PayPal's ex-president has a solution, and a replacement for SEN & Signet
Frank Chaparro - The Block
If you can't beat 'em, join 'em. That's the underpinning philosophy of former PayPal President David Marcus's approach to the cryptocurrency market, and his new startup Lightspark, after a tumultuous career in the space that included an attempt by Facebook to launch its own digital coin. "We're very focused on rails and not assets," Marcus, who most recently led Facebook's payments division, Novi, said in an interview with The Block.
/jlne.ws/3mxtZUb
MicroStrategy's Bitcoin Bet Is Profitable Again After Price Surge; Bitcoin jumps above the firm's average purchase price $29,803; MSTR 'has themselves to thank' for bet flipping positive
David Pan and Vildana Hajric - Bloomberg
MicroStrategy Inc. co-founder and Executive Chairman Michael Saylor's more than $4 billion bet on Bitcoin is profitable again after the value of the largest cryptocurrency exceeded its average purchase price. Bitcoin has rallied more than 80% since the start of the year and finally crossed above $30,000 late Monday, a level that's slightly above the Tysons Corner, Virginia-based company's average purchase price of $29,803.
/jlne.ws/3Mx4n4B
Former Bitcoin Core Developer Says NFT Market Is 'Pleasantly Down to Earth' Again
Fran Velasquez - CoinDesk
The hype once driving the popularity of non-fungible tokens (NFT) may have finally settled, said Jeff Garzik, a former Bitcoin core developer and co-founder of software development company Bloq. "I call the [NFT] market 'pleasantly down to Earth,'" Garzik, who is also the founder of Web3 focused entertainment company NextCypher Productions, told CoinDesk TV's "First Mover" on Tuesday.
/jlne.ws/412TCv5
Binance Searches for Alleged Source Code Leaker
Kyle Barr - Gizmodo
/jlne.ws/3MEOE3C
El Salvador Grants First Digital Asset License to Bitfinex
Andrés Engler - CoinDesk
/jlne.ws/3ZXrQPj
Binance.US to delist digital asset tokens TRON, Spell
Reuters
/jlne.ws/3KR8MhA
Alameda-linked Ren Protocol Transfers $13M in Bitcoin to FTX Debtors
Nivesh Rustgi - Decrypt
/jlne.ws/3UwUvK7
Stablecoin Issuers, Conglomerates Targeted by IMF After Crypto's 'Rough Year'
Jack Schickler - CoinDesk
/jlne.ws/3mqeM7q
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| Politics | | An overview of politics as it relates to the financial markets | Biden Administration Proposes Evenly Cutting Water Allotments From Colorado River
Christopher Flavelle - The New York Times
After months of fruitless negotiations between the states that depend on the shrinking Colorado River, the Biden administration on Tuesday proposed to put aside legal precedent and save what's left of the river by evenly cutting water allotments, reducing the water delivered to California, Arizona and Nevada by as much as one-quarter. The size of those reductions and the prospect of the federal government unilaterally imposing them on states have never occurred in American history.
/jlne.ws/4135Js4
U.S. Treasury Department Issues Proposed Regulations To Finally Eviscerate Microcaptive Tax Shelters
Jay Adkisson - Forbes
The U.S. Department of the Treasury has finally proposed regulations to deal with so-called microcaptive transactions. You can read the proposal here. You can read the IRS press release in IR-2023-74 (April 10, 2023), here. In a nutshell, microcaptives are for the most part insurance companies that attempt to qualify for treatment under section 831(b) of the Internal Revenue Code by way of a shared risk-pool arrangement which only superficially provides risk sharing and risk distribution for tax purposes, and whose real purpose is to provide inflated deductions for the businesses that the microcaptives are insuring.
/jlne.ws/3GC8PeE
Dems tap Chicago for 2024 convention, cite critical Midwest
Will Weissert - AP
Democrats announced Tuesday that they will hold their party's 2024 national convention in Chicago, choosing the biggest liberal city in the Midwest as they try to keep the momentum going after a strong midterm election performance in the key battleground region. Organizers from Chicago, Atlanta and New York spent months lobbying to be the site of the convention, but the final decision lay with President Joe Biden, who is expected to formally launch his reelection campaign in the coming weeks.
/jlne.ws/3MCZjMa
Kevin McCarthy Headed To Wall Street As Debt Limit Fight Stalls
Jonathan Nicholson - Huff Post
House Speaker Kevin McCarthy (R-Calif.) will travel to the New York Stock Exchange for a speech Monday, potentially setting the stage for the next round of debt limit back-and-forth between House Republicans and the White House. McCarthy's office announced the upcoming speech Tuesday, but gave few details about its content, aside from it would be "on the economy."
/jlne.ws/3GZX81F
Why Ron DeSantis Is Taking Aim at the Federal Reserve
Jeanna Smialek and Linda Qiu - The New York Times
Gov. Ron DeSantis of Florida, who is preparing to take a widely anticipated leap into a 2024 presidential campaign, appears to have discovered something that populists throughout history have found to be true: Bashing the Federal Reserve is good politics. Mr. DeSantis has begun to criticize Jerome H. Powell, the Fed chair, in speeches and news conferences.
/jlne.ws/3o5pwbQ
Swiss Lower House Votes Against UBS-Credit Suisse Deal
Bloomberg - Bloomberg
Swiss parliament's lower house on Tuesday voted against approving $120 billion in government guarantees for UBS Group AG's takeover of Credit Suisse Group AG, in a symbolic show of popular and political discontent with the deal. Nabila Ahmed reports on Bloomberg Television.
/jlne.ws/40i8EMF
Russian Windfall Plunges by $51 Billion as Energy Cash Dries Up
Bloomberg
Russia's current-account surplus shrank last quarter by over $51 billion from a year earlier, as sanctions increasingly deprive the government of what's been a critical source of hard currency since the invasion of Ukraine. The surplus in the current account - roughly the difference between exports and imports - decreased to $18.6 billion in the first three months of the year, according to preliminary central bank data published on Tuesday. It's the smallest surplus for any first quarter since 2016.
/jlne.ws/41jahKI
Japan's three mega-banks to face votes on climate change
Makiko Yamazaki - The Japan Times
A coalition of climate groups are stepping up pressure on Japan's top three banks to cut financing linked to fossil fuels, filing shareholder resolutions to be voted on at the companies' annual general meetings in June, sources said on Monday. The groups are targeting mega-banks Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, all of which are key to financing oil and gas projects, said the sources, who declined to be identified as the information is not yet public.
/jlne.ws/3GCHfxA
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| Regulation & Enforcement | | Stories about regulation and the law. | World Regulators Are Looking at DeFi
Nikhilesh De - CoinDesk
Decentralized finance (DeFi) is entering regulators' crosshairs, but they don't seem to be intent on taking it out - yet anyway. Instead a pair of reports from U.S. and French authorities seem more focused on understanding what sort of risks DeFi might pose to both users and the broader financial world, and whether there are ways to mitigate these risks while still allowing their operation.
/jlne.ws/3ZXs4G9
CFTC Charges New York Resident with Fraud and Misappropriation in Digital Assets Trading Scheme
CFTC
The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the Eastern District of New York against New York resident Rashawn Russell. The CFTC's complaint charges Russell with fraudulently soliciting retail investors to invest in a digital asset trading fund and with misappropriating at least $1 million in investor assets.
/jlne.ws/3zQfXjG
Escaping the Data Swamp: Remarks before the RegTech 2023 Data Summit
Commissioner Hester M. Peirce - SEC
Thank you Craig [Clay] for that introduction. Let me start by reminding you that my views are my own and not necessarily those of the Securities and Exchange Commission ("SEC") or my fellow Commissioners. I was intrigued when former Commissioner Luis Aguilar extended a speaking invitation for today's RegTech 2023 Data Summit. Modernizing how we collect, analyze, and facilitate the public's use of data is important to me, and this Summit was likely to be lively given last year's passage of the Financial Data Transparency Act ("FDTA").[1]
/jlne.ws/40ZnkRK
SEC Obtains Final Judgment Against Former Chief Credit Officer of Wilmington Trust
SEC
On April 10, 2023, the United States District Court for the District of Delaware entered a final consent judgment against William B. North, the former Chief Credit Officer of Wilmington Trust.
/jlne.ws/3GElI81
SEC Is Adding Attorneys to Crypto Enforcement Unit
Sandali Handagama - CoinDesk
The U.S. Securities and Exchange Commission is hiring general attorneys for its crypto enforcement division in New York, Washington, D.C., and San Francisco, according to a job posting. The call for attorneys to join the regulator's Crypto Asset and Cyber Unit, or CACU, comes after the agency said in March that it was "planning to add additional staff" to the unit, which was initially meant to be a 20-person operation but has since doubled in size.
/jlne.ws/41kEPM7
ESAs propose amendments to extend and simplify sustainability disclosures
ESMA
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have today published a Consultation Paper with amendments to the Delegated Regulation of the Sustainable Finance Disclosure Regulation (SFDR).The ESAs are proposing changes to the disclosure framework to address issues that have emerged since the introduction of SFDR. The authorities seek feedback on the amendments that envisage:
/jlne.ws/3MI8aw9
The USD LIBOR panel ceases at end-June 2023: Are you ready?
FCA
Following the successful cessation of the GBP LIBOR panel and widespread market adoption of the Sterling Overnight Index Average (SONIA), the Working Group on Sterling Risk-Free Reference Rates (the Working Group) concluded that it had met its original objective to 'catalyse a broad-based transition to SONIA across sterling derivative, loan and bond markets'. To address the remaining transition priorities, particularly USD LIBOR transition, it revised its objective in April 2022 to focus on the implications of non-GBP LIBOR transition in UK markets and transitioning legacy GBP LIBOR contracts. The Bank of England (the Bank) and the Financial Conduct Authority (the FCA) are ex-officio members of the Working Group.
/jlne.ws/3ZWZYuQ
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bankruptcy Trading Platform Xclaim Closes $7M Round as It Adds Crypto Focus
Sam Reynolds - CoinDesk
Bankruptcy claims trading market Xclaim has closed a $7 million Series A funding round, the company said Tuesday. Xclaim allows for the trading of major bankruptcy creditor claims, including FTX, CoinDesk sister company Genesis and BlockFi. Currently, FTX claims are going for 19 cents on the dollar, up from 13 cents earlier this year, while Genesis is going for 52.5 cents and BlockFi for 18 cents.
/jlne.ws/43DVnAX
Matthew Tuttle got the financial world buzzing with ETFs that short everything Cathie Wood's ARK and Jim Cramer buy. He told us the next big ideas on his radar.
Marley Jay - Insider
Investing usually isn't personal, which is why Matthew Tuttle's approach stands out a little bit. Tuttle, the CEO and investment chief of Tuttle Capital Management, is starting to get a lot of requests for "anti"-ETFs. Investors and financial Twitter users alike keep asking him to go after market commentators, strategists, or analysts and "invert" all their stock picks and calls.
/jlne.ws/40XdpMy
InterContinental Hotels chief warns London stock market 'not a very attractive place'; Keith Barr's comments come as several large companies desert London
Oliver Barnes - Financial Times
The chief of Holiday Inn owner InterContinental Hotels Group has warned that the UK stock market is "not a very attractive place" for listed companies and called on authorities to get on the "front foot" to arrest further decline. Several shareholders in the group, which has been listed in London since it demerged from pubs business Mitchells & Butlers two decades ago, asked at an investor roadshow last month whether it had any plans to switch its primary listing to the US, IHG chief executive Keith Barr told the Financial Times. The group has a secondary listing in New York.
/jlne.ws/43tGnW8
SoftBank's Masayoshi Son set to sign off on Nasdaq listing for Arm; Billionaire chief takes first formal step to put in motion New York IPO of UK-based chip designer
Leo Lewis and Kana Inagaki - Financial Times
/jlne.ws/3MCDmNh
An annus horribilis for UK stockpickers
Active UK managers and the terrible, horrible, no good, very bad year
Robin Wigglesworth - Financial Times
/jlne.ws/43vwg3c
iShares to convert frontier markets ETF to active management
FM fund to drop its peg to current MSCI index to achieve 'greater flexibility'
Joe Morris - Financial Times
/jlne.ws/41eRpNa
The 60-40 Investment Strategy Is Back After Tanking Last Year; The recovery has emboldened investors who didn't stray from the approach during 2022's market tumult
Hardika Singh - The Wall Street Journal
/jlne.ws/3GBFfWu
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Wall Street's Biggest Banks Failing Key ESG Test in Fresh Study; JPMorgan, BofA, Citi are listed as falling short in analysis; Study also singles out Goldman, Morgan Stanley and Wells Fargo
Alastair Marsh - Bloomberg
The six biggest banks on Wall Street are failing to live up to a key plank of their ESG commitments to stakeholders, according to a joint study published on Wednesday. An analysis by Ceres and the Transition Pathways Initiative has found that JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., Morgan Stanley and Wells Fargo & Co. have yet to align their oil and gas financing goals for 2030 with a scenario that keeps global warming within the critical threshold of 1.5C.
/jlne.ws/4136kdw
Louisiana's Vanishing Coastlines, Captured From Above; Photographer Ben Depp has spent a decade flying over the wetlands of Louisiana's Gulf Coast, documenting the state's rapid land loss from a vintage paramotor.
Erin X. Wong - Bloomberg
Ten thousand feet above the Mississippi River, Ben Depp floats under a nylon sail. His body is cold and vulnerable, held up by a handful of strings. A two-stroke, 20-horsepower engine thrums behind him, issuing the sound of a small airplane. From this height, he can see 50 miles in every direction. Below, the sprawling delta snakes out to the sea like the talons of a sky-colored bird.
/jlne.ws/4030LdL
Biden's Toughest-Ever Auto Pollution Crackdown to Drive EV Sales; Tailpipe emissions standards would be strongest in the world; Plan draws criticism from oil industry allies and Republicans
Jennifer A Dlouhy - Bloomberg
The Biden administration is proposing to crack down on vehicle pollution with tailpipe emission limits so tough they will compel automakers to ensure two out of every three cars and light trucks sold in 2032 are electric models.
/jlne.ws/3ob0wQI
Global Electricity Review 2023; Wind and solar reached a record 12% of global electricity in 2022, and power sector emissions may have peaked.
Malgorzata Wiatros-Motyka - Ember
Ember's fourth annual Global Electricity Review aims to provide the most transparent and up-to-date overview of changes in global electricity generation in 2022 and a realistic summary of how "on track" the electricity transition is for limiting global heating to 1.5 degrees.
/jlne.ws/3KwdcJd
Indian Metals Recycling Startup Sees Eightfold Processing Growth; Runaya run by nephews of Vedanta Resources' Anil Agarwal; Seeking strategic partners globally amid hunt for ESG funds
Swansy Afonso and P R Sanjai - Bloomberg
Metals recycling startup Runaya is planning to boost its processing of industrial waste about eightfold in the next two years as the Indian company adds zinc and copper to its existing aluminum portfolio. The Mumbai-based company plans to process 300,000 tons of metals waste by March 2025 from 40,000 tons in the financial year ended March 31, co-founder and Chief Executive Officer Annanya Agarwal said in an interview with Bloomberg Television.
/jlne.ws/3KvHrjF
LNAS: New UK advisory group launched to assist Government with nature goals; A new advisory group has launched to assist the Government in meeting its nature goals and aligning biodiversity with the current development of an updated green taxonomy.
Matt Mace - edie
The Land, Nature, and Adapted Systems Advisory Group (LNAS Advisory Group) launched today (12 April) and will work with Defra to help improve investment into sustainable agriculture and fisheries and deliver on key green policies such as halting the decline in species populations by 2030, and then increase populations by at least 10% greater than 2030, by 2042.
/jlne.ws/3muuezw
Georgia off to a record-warm start in 2023, new data shows; Average temperatures from January through March were 6.4 degrees above the 21st century norm
Drew Kann - The Atlanta Journal-Constitution
/jlne.ws/41hY0qx
New Rules to Raise Standards for Benchmarks; Regulation vital to ensure "transparency and rigour" of ESG benchmarks that play a key role in investors' transition to net zero.
Aaran Fronda - ESG Investor
/jlne.ws/3GH3hiT
Human Rights an "Emerging Area" of Bondholder Engagement; Worsening human rights records among emerging market issuers a cause for concern for sovereign bondholders.
Aaran Fronda - ESG Investor
/jlne.ws/3KA5IVA
UK Takes Nature-focused Path; Defra, BSI programme builds on Green Finance Institute research to facilitate the agriculture transition.
Emmy Hawker - ESG Investor
/jlne.ws/4103Nk5
Dutch minister warns of waning public support for climate policies; Measures to protect environment have led to stand-off between government and farmers in the Netherlands
Sam Fleming - Financial Times
/jlne.ws/3GDvaIR
European aviation industry warns of EUR800bn bill to reach net zero; Estimated cost of hitting target by 2050 comes as sector steps up lobbying for green incentives
Philip Georgiadis - Financial Times
/jlne.ws/43oO2VE
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BGC Partners' First Quarter 2023 Financial Results Announcement to Be Issued Prior to Market Open on Wednesday, May 3, 2023
BGC Partners
BGC Partners, Inc. (Nasdaq: BGCP) ("BGC"), a leading global brokerage and financial technology company, today announced the details regarding its first quarter 2023 financial results conference call. This call will take place on Wednesday, May 3, 2023, at 10:00 a.m. ET. BGC plans to issue an advisory press release regarding the availability of its consolidated quarterly financial results by 8:00 a.m. ET on Wednesday, May 3, 2023, which will be accessible at http://ir.bgcpartners.com.
/jlne.ws/3GBTqef
Ex-Deutsche Bank Investment Banker Charged With Crypto Fraud; Rashawn Russell promised 'guaranteed' returns, US alleges; US claims he used funds to gamble and repay other investors
Patricia Hurtado - Bloomberg
A former Deutsche Bank investment banker was charged with engaging in a Ponzi-like cryptocurrency fraud in which he falsely promised investors "guaranteed" returns and used some of their money to pay off others. Rashawn Russell, 27, was arrested on Monday and accused by US prosecutors of defrauding multiple investors by telling them their funds would be used for crypto investments, when he was really using the money for personal expenses like gambling or to keep the alleged scheme going.
/jlne.ws/3MyBgOn
Credit Suisse bond losses prompt Japan lawyers to look into brokers; Swiss government's use of obscure clause shocks retail investors
Mitsuru Obe - Nikkei Asia
Lawyers in Japan are exploring the possibility of pursuing legal action against brokers who sold retail investors Credit Suisse bonds that ended up being wiped out when the Swiss bank was taken over by its larger rival UBS. The entire value of Credit Suisse's alternative tier one (AT1) bonds was written down in the government-orchestrated acquisition, leaving global investors in the instruments nursing a $17 billion loss even as shareholders in the bank received $3.25 billion.
/jlne.ws/3o4x5zy
Credit Suisse, SEC letters show months-long reporting errors debate
Chris Prentice - Reuters
Credit Suisse and the U.S. Securities and Exchange Commission (SEC) engaged in a months-long debate over the severity of reporting deficiencies that led the Swiss bank to delay its annual report last month. Credit Suisse said in March it had postponed the annual filing after a "late call" with the regulator which raised questions about earlier financial statements.
/jlne.ws/3KRYg9B
Ex-Deutsche Bank investment banker charged in US with crypto fraud
Luc Cohen - Reuters
A former Deutsche Bank AG investment banker has been charged in an indictment unsealed on Tuesday with misappropriating funds from investors whom he wooed with promises of big returns from cryptocurrency trading. Rashawn Russell, 27, of Brooklyn, solicited investments from friends and colleagues but used the funds for gambling and other personal expenses, federal prosecutors said.
/jlne.ws/3KTNDTQ
Bank Failures Start Getting Cited as Risk Factors After SVB Collapse; Language listed with the economy, lawsuits, climate change; Jefferies cites 'current FDIC insurance limits' for deposits
Katherine Doherty - Bloomberg
Add bank failures to the list of warnings that companies give to shareholders, alongside geopolitical crises, climate change, economic turmoil and lawsuits. The collapse of several regional lenders in quick succession since the beginning of last month is spurring some publicly traded companies to add language identifying the banking sector as a potential area with negative consequences to the "risk factors" they include in regulatory filings.
/jlne.ws/3KT2rlB
Collapse of SVB, Signature Bank Tests the FDIC's Executive Reserve Corps; Tim Mayopoulos and Greg Carmichael sprang into action to calm panicked customers and employees
Candice Choi and Ben Eisen - The Wall Street Journal
Tim Mayopoulos was squashed into a middle seat in coach on his flight to San Francisco, the only one available when he booked that afternoon. The Wi-Fi wasn't working, so he pulled out a notepad to jot down what he would say to employees when he started his new job as chief executive of the failed Silicon Valley Bank the next morning. Around the same time that Sunday evening, Greg Carmichael walked into Signature Bank's Midtown Manhattan headquarters.
/jlne.ws/3MAlAdg
Clear Street announces $270 Million investment; Increasing Series B to $435 million, second tranche will support geographic expansion and improved access for market participants.
Richard Schwartz - The Trade
New York-based independent prime broker Clear Street has received a $270 million investment from Prysm Capital, a growth equity firm. The investment is the second tranche of a $435 million Series B funding round and values the Company at $2 billion.
/jlne.ws/3MCtzqb
Liontrust appoints new deputy head of trading as McLoughlin takes on C-level role; Incoming trading deputy will take on additional responsibilities within the team as Matt McLoughlin steps up to the role of chief commercial officer.
Annabel Smith - The Trade
/jlne.ws/43q9wBv
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Twice as many French companies will go bust as British ones, forecasts reveal
Oliver Gill - The Telegraph
Twice as many French companies will go bust as British ones over the next two years, forecasts reveal, piling further pressure onto Emmanuel Macron. Some 59,000 companies are projected to fall into insolvency in France this year, falling to 57,000 in 2024. In the UK the figures are 28,500 this year and 31,000 in 2024, according to research by Allianz Trade.
/jlne.ws/3GEwoDr
EY Calls Off Splitting Its Audit and Consulting Units
Amanda Iacone - Bloomberg
Ernst & Young's top leaders called off a planned breakup of the firm's consulting and audit practices after the US affiliate decided not to take part, disrupting a nearly yearlong struggle to build consensus for the historic shakeup of the Big Four accounting firm. Leaders told partners Tuesday that they planned to continue laying the groundwork for a possible split, but that more time and investments were needed to make that a reality.
/jlne.ws/41nQ8U2
OpenAI Will Pay People to Report Vulnerabilities in ChatGPT; Many in tech have tried to find workarounds in AI systems; New bug bounty program will offer rewards from $200 to $20,000
Rachel Metz - Bloomberg
OpenAI will start paying people as much as $20,000 to help the company find bugs in its artificial intelligence systems, such as the massively popular ChatGPT chatbot. The AI company wrote in a blog post on Tuesday that it has rolled out a bug bounty program through which people can report weaknesses, bugs or security problems they find while using its AI products.
/jlne.ws/412eqCW
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China records world's first human death from H3N8 bird flu, WHO says
Reuters
A Chinese woman has become the first person to die from a type of bird flu that is rare in humans, the World Health Organisation (WHO) said, but the strain does not appear to spread between people. The 56-year-old woman from the southern province of Guangdong was the third person known to have been infected with the H3N8 subtype of avian influenza, the WHO said in a statement late on Tuesday. All of the cases have been in China, with the first two cases reported last year.
/jlne.ws/3KyiJ1N
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | World's poorest nations spend 16% of revenue on debt, the highest in 25 years; Sri Lanka tops league of countries unable to respond to crises at home due to crippling payments, as campaigners call for action to cancel debt
Kaamil Ahmed - The Guardian
Low-income countries will have to sacrifice spending on public services this year as they face the highest levels of debt repayments for 25 years. Campaign group Debt Justice published figures on Tuesday showing that 91 countries will spend, on average, 16.3% of their revenues on external debts this year, an increase of nearly 150% since 2011 when the figure was 6.6%.
/jlne.ws/3o5wyNZ
Japan to Approve Plans for Casino in Osaka, Reports Say
Ryotaro Nakamaru - Bloomberg
Japan is set to approve Osaka as the nation's first casino location, local media reported, marking a major step in ambitions of turning the country into an Asian gambling destination. Prime Minister Fumio Kishida's government is expected to sign off on the proposal submitted by local authorities for an integrated resort including hotels and conference halls scheduled to open in late 2029, according to a Jiji report Wednesday.
/jlne.ws/3GCzDeI
Here are the best new event spaces in Chicago
Danielle Braff - Crain's Chicago Business
It's not enough to entertain clients or colleagues with some chicken and a glass of wine these days. About half of the new event spaces in the Chicago area this year have an interactive element, ranging from areas where guests can show off their golf skills to entire rooms filled with "sprinkle" pools (picture a ball pit replaced with plastic sprinkles). The slew of spaces with interactive elements reflects our growing need to be constantly entertained.
/jlne.ws/40Xa5RA
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