| August 06, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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$51,906/$300,000 (17.3%)
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Hits & Takes
John Lothian & JLN Staff
The rebooted The Spread weekly video series about options is getting better and better. We have a new format, multiple contributors, including outside experts offering The Term of the Week. Patrick Lothian redesigned the look and feel of it and my son Robby Lothian actually does the editing as a side gig. Suzanne Cosgrove is the producer of the series and a major contributor. It is short of snark, but longer on quality content. This week I look at the success so far of MIAX's SPIKES futures and MEMX's volume numbers. I also comment on Howard Lutnick's new futures exchange, though I will have more to say on that later when more details are known. But hey, it is a new era of exchange competition with MGEX now part of MIAX and startup exchanges The Small Exchange and FairX bringing innovation to customers.
We have some questions internally about how well our cannabis and hemp coverage is being received. These are commodities that are in their infancy in terms of investment and standardization, but have great potential. Do you like the coverage? Does it help you keep your eye on these emerging products? Let us know what you think.
MEMX released the second episode of its X Sessions member video series. MEMX CEO Jonathan Kellner sat down with Samara Epstein Cohen and Hubert De Jesus from BlackRock to discuss their future vision, technology innovation, market advocacy issues and more. You can watch the full episode HERE.
A message from SGX: As at 06 Aug 2021 06:49 PM | Please be informed that due to website maintenance, there will be intermittent access to our site from 08:00 am 7 August 2021 to 08:00 pm 8 August 2021 (Singapore time). We apologise for any inconvenience caused.
We are in a dry spell for donations to the JLN MarketsWiki Education GoFundMe campaign as we have not had a donation in a while.
Today we will publish part two of our interview with longtime CBOT member Bruce Williams, a street smart South Side kid who wanted to be a tennis player but found his way to the exchange through Ray Cahnman. Williams is very forthcoming and has a lot to say.
Have a great day and weekend 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 Illinois Department of Financial and Professional Regulation reported a record for adult-use cannabis sales in July, a total of nearly $128 million for the month, which was up $12 million from June. (The tally does not include sales of medical marijuana.) Observers note that recreational sales likely got a boost from visitors to Lollapalooza, held in Chicago's Grant Park at the end of July. See sales details here. ~SC
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| Sponsored Content |
Launch of the New J-Gate platform, JPX will offer one of the most liquid derivatives markets in Asia!
On September 21st 2021, Osaka Exchange, Inc. and Tokyo Commodity Exchange, Inc. -JPX (OSE/TOCOM) will upgrade the J-Gate derivatives trading system. The new J-Gate is based on the Genium INET Trading System and will offer lower latency and higher throughput for world-class trading performance, ITCH & OUCH protocols, extended trading hours, and new FLEX derivatives and energy-based futures that will deliver a new era in trading convenience.
Click here for more information.
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The Era of Cheap Natural Gas Ends as Prices Surge by 1,000%
Anna Shiryaevskaya, Stephen Stapczynski, and Ann Koh - Bloomberg
High prices seen sticking as demand jumps amid weak supplies; Energy transition's focus on gas to impact global economy
The era of cheap natural gas is over, giving way to an age of far more costly energy that will create ripple effects across the global economy. Natural gas, used to generate electricity and heat homes, was abundant and cheap during much of the last decade amid a boom in supply from the U.S. to Australia. That came crashing to a halt this year as demand drastically outpaced new supply. European gas rates reached a record this week, while deliveries of the liquefied fuel to Asia are near an all-time high for this time of year.
/jlne.ws/37pasdK
*****That is a burn the furniture for heat kind of price increase.~JJL
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Chicago World's Fair of Money to Unveil a Private Coin Collection Worth Millions of Dollars
Fang Block - WSJ
A private collection of more than 400 vintage U.S. coins worth millions of dollars will be exhibited for the first time in 20 years at the Chicago World's Fair of Money from Aug. 10-14. Known as "The Tyrant Collection," it was secretly amassed over a 20-year period by a Southern California tech executive nicknamed The Tyrant, according to Stack's Bowers Galleries, a leading rare coins auction house which is helping promote the debut exhibition.
/bit.ly/3ywrh25
*****They had me at Chicago World's Fair.~JJL
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Get Vaccinated. Get Masked. It's the Only Way Out of This.
The Editorial Board - NY Times
The United States is firmly entrenched in another coronavirus surge, and it seems that many leaders around the country still have not learned the most important lesson of the past 18 months: It takes quick, decisive action and clear communication to get ahead of this virus. Temporary restrictions now are the only way to avoid more stringent ones down the line. We know that masks work. That vaccines work. That mandates work. To keep schools, restaurants and other businesses and institutions open — and to bring the Delta variant to heel — communities will need to use all of those tools together.
/nyti.ms/2TYZlFb
*****Yes, yes and yes.~JJL
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Thursday's Top Three
Our most read story Thursday was the Wall Street Journal's Two Ex-Bank of America Traders Accused of Spoofing Found Guilty. They were convicted of rigging precious metals prices on the CME. Second was Bruce Williams - He Found Love Of Open Outcry Trading Through Tennis - Part One, a John Lothian video interview from JLN. Third was the New York Times' Going for Broke in Cryptoland, about "hype coins."
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MarketsWiki Stats
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| Lead Stories | Howard Lutnick Takes Aim at CME's Dominant U.S. Rates Market
Nick Baker - Bloomberg
Already shook up Treasuries market with eSpeed in 1990s; Expects to provide update on new venture next quarter
Howard Lutnick shook up Treasuries trading in the 1990s, and now he wants to take another crack at it, this time in the market for futures linked to U.S. government debt. The billionaire, speaking on BGC Partners Inc.'s earnings conference call Wednesday, said he plans to create a futures exchange to take on CME Group Inc.'s dominant franchise for interest-rate derivatives. Lutnick is chairman and chief executive officer of BGC, a broker affiliated with Cantor Fitzgerald LP.
/bloom.bg/2X6owHb
Nasdaq's Board Diversity Proposal Faces SEC Decision; Agency set to weigh in on plan that would set minimum targets for composition of listed companies' directors
Alexander Osipovich - WSJ
Nasdaq Inc.'s NDAQ -0.36% push for greater diversity in corporate boards faces a key hurdle as regulators are poised to rule on the exchange operator's proposal to include gender and race in its listing rules. Staffers at the Securities and Exchange Commission are expected to release a decision Friday on whether to approve or reject Nasdaq's proposed changes. Under the proposal, Nasdaq-listed companies would need to meet certain minimum targets for the gender and ethnic diversity of their boards or explain in writing why they aren't doing so.
/on.wsj.com/3AhkNoq
It's Chaos on Wall Street as Delta Variant Upends Return
Jenny Surane and Hannah Levitt - Bloomberg
The call from Morgan Stanley's human resources office went out late Monday: Two vaccinated employees had Covid-19, and workers on the 14th floor of the firm's Times Square headquarters should stay away until the area could be cleaned. But some staff missed the message and showed up Tuesday morning anyway. Others asked if the company would start mandating masks. For now, the answer was no. After all, you have to be vaccinated to be in the building.
/yhoo.it/3ipScHl
LSE chief pledges to resolve 'unacceptable' Eikon outages; Exchange group identifies problem server behind disruption that has overshadowed Refinitiv merger
Philip Stafford - FT
London Stock Exchange Group on Friday labelled the string of outages on Eikon, its new acquisition Refinitiv's most high-profile product, as "unacceptable" and promised customers it was fixing the problem.
/on.ft.com/3jxfhae
CFTC Commissioner Says SEC Lacks Authority Over Commodities, Including 'Crypto Assets'
James Rubin - Coindesk
Brian Quintenz, a Republican commissioner for the Commodity Futures Trading Commission (CFTC), tweeted Wednesday that the U.S. Securities and Exchange Commission (SEC) does not have jurisdiction over "pure commodities or their trading venues," including "crypto assets."
/yhoo.it/3Clg4nt
SEC Chief Gary Gensler Braces for Clash With Crypto Traders; Gensler wants to regulate digital assets to the same extent as stocks, bonds and commodity-related trading instruments
Dave Michaels and Alexander Osipovich - WSJ
Securities and Exchange Commission Chairman Gary Gensler this week declared war on what he called the Wild West of crypto trading, promising a vigorous attack on fraud and misconduct. But progress is likely to be more piecemeal and incremental than wholesale and sudden. Mr. Gensler outlined his desire to regulate digital assets such as bitcoin and other crypto products to the same extent as stocks, bonds and commodity-related trading instruments. He told the Aspen Security Forum on Tuesday that his priorities include newer innovations such as stablecoins and decentralized finance, products that are beginning to draw more mainstream investors.
/on.wsj.com/3xsqUV3
SEC Signals a Pathway for Bitcoin ETFs. This Firm Is Ready to Pounce.
Evie Liu - Barron's
A pathway to Bitcoin exchange-traded funds is looking more hopeful after Securities and Exchange Commission Chairman Gary Gensler openly talked about his vision on crypto market regulations.
/bit.ly/3AbZHaO
Reddit Crypto Traders Rush for Riches Before the Pros Invade
Justina Lee - Bloomberg
Matthew Tweed is worlds apart from Wall Street traders. The 20-year-old finished high school just two years ago, never went to college and works out of his bedroom at the family home in Surrey, England.
/yhoo.it/3lBom4u
Southeast Asia Assets Go From Bad to Worse as Delta Hurts Region
Bloomberg News
The combination of delta variant surge and low vaccination rates has made Southeast Asia the world's worst virus hotspot and its financial markets are feeling the brunt. Stocks have slumped as deaths in the region soar, with benchmarks in the Philippines and Vietnam leading global declines over the past month. Del Monte Philippines delayed its initial public offering this week citing market volatility from rising caseloads, and some analysts are predicting more losses for Southeast Asian currencies that have lagged the broader region this quarter, with the Thai baht at its weakest since 2018.
/yhoo.it/3itF9EK
Crypto bros stay loyal despite gathering crackdown; Wall Street's new sheriff Gary Gensler takes aim at digital tokens
Katie Martin - FT
With a certain ring of predictability, perhaps the heaviest-hitting US financial market regulator has rained on crypto's parade. True believers in the transformative power of cryptocurrencies, and in their ability to usurp the existing financial system, have long clung to the conviction that Gary Gensler, chair of the Securities and Exchange Commission, would come to their aid and somehow bless their mission.
/on.ft.com/3iqojXd
Goldman Knows the Way to a Banker's Heart Is a Free Meal
Deirdre Hipwell, Aoife Kearins, and Damian Shepherd - Bloomberg
Companies are revamping food perks in push to fill offices; Staff working fewer but longer days want better food options
Companies from Goldman Sachs Group Inc. to Havas SA are hoping the way to their employees' hearts is through their stomachs as they try to lure staff back to the office. At Goldman Sachs, free breakfast, lunch and ice cream are part of the pitch to convince employees from London to Hong Kong and New York to leave the comfort of their homes, where some have worked since March 2020 when the pandemic took hold. One of the most vocal proponents of bringing everyone back even allows those meals to be enjoyed on Plumtree Court's landscaped roof garden — once reserved for clients and visiting royalty.
/jlne.ws/37oamTr
Wells Fargo and BlackRock delay return-to-office plans; Amazon also postpones return date until January as Delta variant drives rise in US Covid-19 cases
Joshua Franklin and Michael Mackenzie and Dave Lee - FT
Wells Fargo, BlackRock and Amazon announced on Thursday that they were delaying plans for staff to come back to the office, a sign of how the spread of the Delta variant is hampering plans to return to pre-Covid work life.
/on.ft.com/3rZwxIY
How the Fed's digital currency could displace crypto; The Boston Fed and MIT are building a CBDC from scratch that aims to usurp existing tokens
Gillian Tett - FT
When the Federal Reserve holds its Jackson Hole meeting later this month, economists will need to discuss one big experiment: can Fed officials prepare markets for a "taper" of loose monetary policy, without sparking a shock?
/on.ft.com/3xsnJwB
Ethereum Founder Says Upgrade Sets Stage for Energy Usage Cut
Matthew Leising - Bloomberg
The most significant change to the Ethereum blockchain since 2015 that went into effect Thursday shows the network is well-poised to make an even bigger upgrade to reduce its energy use by 99%, according to its inventor Vitalik Buterin.
/jlne.ws/3saq921
The market is overlooking the change in Europe's investment banks; Resilience through the pandemic shows how much has changed for sector
Magdalena Stoklosa - FT
The events of 2020 were a litmus test for Europe's investment banks after a decade of regulatory reform and business model restructuring. Central bank support was crucial in maintaining functioning markets at the start of the pandemic and government intervention helped prop up the economy. However, the banks showed a greater resilience than in crises past.
/on.ft.com/3fCuSEs
Banker to World's Richest Families Has $3.6 Billion Fortune
Tom Maloney - Bloomberg
Byron Trott's private equity firm now manages $28 billion; Weber is the second BDT portfolio company to debut this year
Byron Trott, consigliere to some of the world's wealthiest families, doesn't like being called the billionaires' banker. How does billionaire banker sound?
/bloom.bg/3fFofkH
SwapsInfo First Half of 2021 and Second Quarter of 2021 Review: Summary
ISDA
The latest ISDA SwapsInfo Quarterly Review shows that trading volumes for both interest rate derivatives (IRD) and credit derivatives decreased during the first half of 2021 compared to the first half of 2020. This summary provides a high-level overview of key trends in the first half of 2021 and in the second quarter of 2021. The full report will be published in due course.
/bit.ly/3AgI4GP
Federal Reserve Board announces the individual capital requirements for all large banks, effective on October 1
Federal Reserve
Following its stress test earlier this year, the Federal Reserve Board on Thursday announced the individual capital requirements for all large banks, effective on October 1. Those capital requirements ensure that the large banks tested will hold roughly $1 trillion in high-quality capital—enough to survive a severe recession and still be able to lend to households and businesses.
/bit.ly/3CpoxGg
Gold Star Families Accuse Major Banks of Aiding Terrorists; A new lawsuit says the banks, including Deutsche Bank and Standard Chartered, ignored warnings that their customers were helping to finance attackers targeting Americans in Afghanistan.
Emily Flitter - NY Times
Anne Smedinghoff, a Foreign Service officer at the U.S. Embassy in Kabul, was escorting Afghan journalists on an outing when a roadside bomb killed her in 2013. The bomb's design relied on fertilizer made in Pakistan, at two factories that regularly supplied a nearby Taliban bomb-making operation — a fact that U.S. authorities had publicized.
/nyti.ms/3lEfvz8
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | Malaysia to Stop Using Daily Covid Cases to Decide States' Reopenings
Anisah Shukry - Bloomberg
Malaysia will no longer use daily virus infections as a metric to ease curbs for states once they enter the second phase of the national recovery plan, Finance Minister Tengku Zafrul Abdul Aziz said. The government will instead use Covid hospitalization rate as one of the three indicators to allow states to move to the third and the final phase of the plan, he said in a video posted on his Facebook page. The two other thresholds -- vaccination rate and ICU occupancy -- will remain the same, he said.
/jlne.ws/3ysV7o5
New Jersey Governor to Mandate Masks in Schools as Delta Spreads
Elise Young - Bloomberg
New Jersey Governor Phil Murphy will mandate masks in schools as Covid cases increase among the younger population. Murphy will give the order during a "major public health" announcement Friday afternoon at an elementary school in East Brunswick, New Jersey, according to an administration official familiar with the decision who spoke on condition of anonymity before the event.
/jlne.ws/3xniu16
Is My Delta Really Better Than Your Delta? The variant took hold earlier in the U.K. but the country has seen infections decline. Is the American surge vindication of Britain's more cautious reopening?
Therese Raphael - Bloomberg
For much of the pandemic, Britain provided a cautionary tale in how not to manage a crisis. It charted some of the world's worst death rates, a care home infection fest and a series of policy reversals that sorely tested public trust. Should it now be the country the U.S. looks to as an example of how to live with the delta variant?
/jlne.ws/3yxp6eH
Delta Spread Beyond Bangkok Is Pushing Thai Cases to Record
Randy Thanthong-Knight - Bloomberg
Delta variant has now been reported in 75 out of 77 provinces; Country reports highest daily increases in cases, deaths
Thailand is bracing for the emergence of new Covid clusters as the highly infectious delta variant spreads rapidly beyond the current epicenter of metropolitan Bangkok.
/jlne.ws/37p2HEu
Thai Court Blocks Government's Restriction on Covid News Reports
Randy Thanthong-Knight - Bloomberg
A civil court in Thailand has temporarily blocked a government order, made July 29, that prohibited news reports that can instigate "fear" among the public or lead to "misunderstandings" of efforts to control the Covid-19 outbreak.
/jlne.ws/3ysA9G8
Moderna says Covid vaccine 93% effective six months after second dose; Drugmaker still thinks booster shots will be required later this year as Delta variant spreads
Nikou Asgari - FT
Moderna's Covid-19 vaccine remains 93 per cent effective six months after the second dose, the US drugmaker said, as sales of the jab helped lift the company to a record quarterly profit.
/on.ft.com/3xq5Q1j
United Airlines to Require All U.S. Employees to Get Covid-19 Vaccines; Airline is the first major carrier to mandate vaccines for all employees
Allison Scott - WSJ
United Airlines Holdings Inc. will require its U.S. employees to be vaccinated this fall, the first major airline to take this step as the Delta variant drives a nationwide increase in Covid-19 infections. Airlines including United have so far tried to encourage workers to be vaccinated voluntarily, with incentives such as bonus pay or extra vacation.
/on.wsj.com/3xsxs63
Australia Will Block Expats From Leaving as It Toughens Border Curbs
Georgina McKay and Jason Scott - Bloomberg
Won't be allowed to visit then leave again without exemptions; Country has some of world's strictest Covid border measures
Australia is making some of the world's toughest pandemic border curbs even tougher, by barring non-resident citizens who enter the country from leaving again to reduce pressure on a quarantine system that's being tested by the delta variant.
/bloom.bg/2Vs9xXi
Singapore to Ease Covid Curbs in Shift to Life With Virus
Philip Heijmans and Derek Wallbank - Bloomberg
Dining-in will resume and work-from-home rules to ease; The nation will recongnize more vaccines such as Sinovac's
Singapore announced plans to ease Covid restrictions on daily life and begin slightly loosening border controls, citing a vaccination rate that now ranks among the best in the world.
/bloom.bg/3jrOEn7
J&J Vaccine Effective Against Delta in South Africa Trial
Janice Kew and Antony Sguazzin - Bloomberg
Study results looked at 480,000 South African health workers; Trial shows no need for booster after J&J, scientist says
Johnson & Johnson's Covid-19 vaccine helps prevent severe disease among those infected with the delta variant, according to a trial involving almost 480,000 health workers in South Africa.
/bloom.bg/2WWv1vP
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | MEMX sees record market share and dollar volume in July; US exchange MEMX recorded six days in July where its market share exceeded 3% while it saw a dollar volume of $9.94 billion in the week of 26 July.
Annabel Smith - The Trade
New US exchange group MEMX saw record high market share, dollar volume and trading activity in July, less than a year after its launch into the market. MEMX said it hit record highs of 3.3% market share for six days in July, as well as 5.7% exchange market share on 16 July and 4.2% exchange traded product market share on 7 July.
/bit.ly/2VxhRor
LSEG chief says Eikon outages 'unacceptable' ; Refinitiv's Eikon platform saw its third outage since April on Monday as LSEG's David Schwimmer says the issue has been identified.
Annabel Smith - The Trade
London Stock Exchange Group's (LSEG) chief executive has called the recent outages on Refinitiv's Eikon unacceptable following its third system failure since it acquired the data giant. Speaking on the exchange's 2021 interim results call, David Schwimmer said the cause of the outages had been identified and were being addressed.
/bit.ly/3yAaZpa
Forfeiture of Unclaimed Interim Dividend for 2015
HKEX
As provided in the Articles of Association of Hong Kong Exchanges and Clearing Limited ("HKEX"), any dividend unclaimed after a period of six years from the date for payment of such dividend shall be forfeited and shall revert to HKEX. Accordingly, HKEX's interim dividend for 2015 of HK$3.08 per share, payable on 24 September 2015 and remaining unclaimed on 24 September 2021, will be forfeited and will revert to HKEX.
/bit.ly/3xxDfqN
TMX Group Consolidated Trading Statistics - July 2021
TMX
TMX Group Limited today announced July 2021 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange.
/bit.ly/3rYh4cb
London Stock Exchange Group Directorate Changes
London Stock Exchange Group
London Stock Exchange Group plc (LSEG) today confirms that, as announced on 28 April 2021, Stephen O'Connor, Senior Independent Director (SID), is stepping down from the Board. Cressida Hogg will assume the role of SID, effective immediately. Don Robert, Chairman, London Stock Exchange Group, said "On behalf of the Board, I'd like to thank Stephen for his significant contribution to the Group over the past eight years including as Chair of the Risk Committee and most recently serving as the Board's Senior Independent Director. We wish him all the best in his future endeavours. I am delighted that Cressida is assuming the role of SID, given her strong board experience and corporate background."
/lseg.group/3ir0oXG
London Stock Exchange Group plc: H1 2021 Interim Results
London Stock Exchange Group plc
This release contains revenues, costs, earnings and key performance indicators (KPIs) for the six months ended 30 June 2021 (H1). All figures quoted in this release are on an underlying basis. Figures are stated on both a statutory and pro-forma basis for H1 2021 and H1 2020. Pro-forma figures assume that the acquisition of Refinitiv took place on 1 January 2021 and the prior year comparator assumes that the acquisition of Refinitiv occurred on 1 January 2020. All pro-forma and statutory figures exclude the financial contribution from Borsa Italiana which was divested within the period and classed as a discontinued business in both periods. Constant currency variance is calculated on the basis of consistent FX rates applied across the current and prior year period, the conversions have been made from the transactional values, which will eliminate any transactional and translational movements along with any related accounting adjustments. For more information please refer to "Accounting and modelling notes" section below. Organic variances have been removed from our disclosure due to the large variances associated with the acquisition of Refinitiv.
/lseg.group/3xr4bZy
Taiwan Futures Exchange Newsletter - August 2021
MondoVisione
TAIFEX held its annual shareholders' meeting on July 20, and passed the resolution for annual dividend distribution. With trading volume hitting all-time high last year, TAIFEX reported a record net income of TWD 2,858 million, or TWD 7.76 earnings per share, and announced to pay dividend of TWD 4.65 dividend per share, including a cash dividend of TWD 3.25 and a stock dividend of TWD 1.4.
/bit.ly/3Akw1Iv
EEX Group Monthly Volumes - July 2021 https://
Mondovisione
EEX Group today reports its July volumes including the following highlights.
/bit.ly/3CnXOJV
BOX Options Exchange Virtual Trading Floor
BOX
This notice is being issued to provide information regarding the BOX Virtual Trading Floor ("VTF") to be utilized if the BOX Trading Floor located at 141 W Jackson Blvd in Chicago, Illinois becomes inoperable.1 The procedures and requirements for access to the VTF environment appear below.
/bit.ly/3lBmB7o
Embark On A New Journey - Shenzhen Stock Exchange's ChiNext Board Has 1,000 Companies Listed
Mondovisione
On August 4, 2021, as BGT Group Co., Ltd. and Shenzhen Water Planning & Design Institute Co., Ltd. landed on the ChiNext Board of SZSE, which is committed to the mission of serving innovation-oriented and growing companies, the ChiNext had its milestone of having 1,000 listed companies.
/bit.ly/3jxr6NA
- Amended Procedures for Dynamically-Listed Exercise Prices ("Strikes") for Options on S&P 500 Stock Price Index Futures Contracts -- CME
- Performance Bond Requirements: Agriculture, Energy, Interest Rate, and Metal Margins - Effective August 06, 2021 -- CME
- Performance Bond Requirements: Energy & Metal Margins - Effective August 06, 2021 -- CME
- Additional Deliverable Shape for an Aluminum Brand -- CME
- CME ClearPort Notice: Amendment to Procedures for Dynamic Strike Submission for S&P 500 -- CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Tidjane Thiam's Spac in talks with Mexican fintech Credijusto; $1.5bn deal includes Latin American corporate data provider CIAL Dun & Bradstreet
Stephen Morris and Joshua Franklin and Ortenca Aliaj - FT
Tidjane Thiam's blank-cheque company is in exclusive talks with Mexican fintech group Credijusto and Latin American corporate data provider CIAL Dun & Bradstreet with the aim of merging and listing the companies in New York later this year.
/jlne.ws/37p3ZiO
FX FinTech Capitolis set to acquire optimisation and compression provider; Capitolis said its LMRKTS acquisition would allow it to increase the depth of its optimisation team and offering.
Wesley Bray - The Trade
Foreign exchange novation platform provider Capitolis has entered into an agreement to acquire multilateral optimisation and compression provider LMRKTS. The proposed acquisition is expected to close this month, subject to closing conditions. Terms of the deal were not disclosed.
/bit.ly/37soVpb
Fintech unit of Malaysia's AirAsia secures up to $100 mln from SK Group
Reuters
South Korea's SK Group (034730.KS) will invest up to $100 million in the financial technology unit of AirAsia Group Bhd (AIRA.KL), the Malaysian budget carrier said in a statement on Friday.
BigPay, a unit of AirAsia's digital arm, offers a prepaid debit card, local and international money transfers, micro-insurance, bill payments and a budgeting tool.
/reut.rs/3jtwmSx
California announces deal to treat fintech's ISAs as student loans
Brendan Pedersen - American Banker
State authorities in California struck a deal with a fintech firm to treat a controversial finance product known as income-share agreements as student loans, requiring compliance with the state's student borrower protection laws.
The voluntary agreement announced Thursday between Meratas, a New York-based ISA provider, and the California Department of Financial Protection and Innovation was hailed by state officials as "groundbreaking." ISAs offer students tuition dollars in exchange for a percentage of their post-graduation income. But critics say the product is a form of credit that has avoided necessary regulation.
/bit.ly/3jxkbUC
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| Cybersecurity | | Top stories for cybersecurity | CISA looks to tie together public-private partnerships through new cyber planning office
Justin Doubleday - Federal News Network
The Cybersecurity and Infrastructure Security Agency is teaming up with major cloud providers, cyber companies, and other private sector partners under a new initiative aimed at combining efforts on planning, threat analysis, and defensive operations.
/bit.ly/2X3bOZC
FTC official raps Facebook for booting political ads probe
Marcy Gordon - The Washington Post
A senior Federal Trade Commission official is criticizing Facebook's move to shut down the personal accounts of two academic researchers and terminate their probe into misinformation spread through political ads on the social network.
/wapo.st/37mAjTx
Ransomware poses threat to vulnerable local governments
Karina Elwood - The Washington Post
Underneath the big attacks, in the metropolitan area surrounding the nation's capital where security is a top priority, local government agencies such as school districts, city halls and police departments are among the most vulnerable to ransomware attacks, experts say.
/wapo.st/2VncGYI
The Cybersecurity 202: CISA's new director brought a unique style to Black Hat
Joseph Marks and Aaron Schaffer - The Washington Post
The government's new cybersecurity quarterback made a strong appeal at the Black Hat conference for industry cyber pros to partner with government to counter hacking threats. The entreaty from Cybersecurity and Infrastructure Security Agency Director Jen Easterly comes amid an unprecedented wave of cyberattacks against critical industry sectors that are threatening to disrupt the flow of electricity, water and gas and dramatically affect national and economic security.
/wapo.st/3AhnMNz
U.S. senators target ransomware by targeting countries that allow it
Reuters Staff
Two senior U.S. senators planned legislation on Thursday that would fight ransomware attacks on U.S. infrastructure by sanctioning countries the harbor cyber criminals, as well as by strengthening protections against attacks.
/reut.rs/3fEP5cR
Didi Weighs Giving Up Data Control to Appease Beijing
Vinicy Chan, Dong Cao, Heng Xie, Zheping Huang, and April Ma - Bloomberg
Didi Global Inc. is weighing giving up control of its most valuable data as part of efforts to resolve a Chinese regulatory probe into the aftermath of its controversial U.S. initial public offering, people familiar with the matter said.
/bloom.bg/3iob49z
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase CEO Brian Armstrong says proposed crypto tax rules 'make no sense' and will push innovation out of the US
Isabelle Lee - Insider
Coinbase CEO Brian Armstrong said the "hastily" proposed cryptocurrency tax provision "make no sense" and will push innovation away from the US if implemented. N"This makes no sense," Armstrong said in a series of tweets
Wednesday. "This provision could have a profound negative impact on crypto in the US and unintentionally push more innovation offshore."
/jlne.ws/3ipbYma
Crypto Exchange Binance Halts New Hong Kong Futures Accounts
Joanna Ossinger - Bloomberg
Binance Holdings Ltd. will no longer allow users from Hong Kong to open new futures accounts. The largest crypto exchange by reported turnover said in a Twitter post that the move is effective immediately. "We will be restricting Hong Kong users in respect of derivatives products (including all futures, options, margin products and leveraged tokens) in-line with our commitment to compliance," Binance said in a post on its website.
/jlne.ws/2U0PD5a
Why a U.S. Bitcoin ETF Could Be a Real Thing in 2021
Claire Ballentine and Katherine Greifeld - Bloomberg
Looking for the adrenaline rush of investing in Bitcoin but without the bother of crypto-exchanges and digital wallets? An exchange-traded fund might do the trick -- except for the fact that an investor won't find one tracking Bitcoin anywhere in the $6.6 trillion U.S. ETF universe, at least not yet. While exchange-traded crypto-tracking products exist in Europe and a Bitcoin ETF opened in February in Canada, U.S. regulators have repeatedly batted down attempts to introduce them, citing concerns about potential manipulation and thin liquidity. Yet with the world's largest digital coin rallying to new heights and a change of leadership at the Securities and Exchange Commission, proponents of a first U.S. Bitcoin ETF see grounds for optimism.
/jlne.ws/3isVyt7
Talos launches new FX and cryptocurrency pairing feature; The synthetic crossing functionality allows users to trade or get prices on pairs in any non-USD currency and cryptocurrency with Talos.
Annabel Smith - The Trade
Institutional cryptocurrency infrastructure provider Talos has launched a feature on its digital asset trading platform that allows users to pair cryptocurrencies with non-USD currencies. The additional feature will allow users to trade or get prices in pairs of non-USD currencies and cryptocurrencies by combining the FX and the digital asset legs to derive a cross rate with a tighter spread.
/bit.ly/2X2Of39
Bridging the Gap Between Cryptocurrency and Traditional Money
Kim Griffin - Benzinga
While investing in cryptocurrency might be a smart way to balance out your investment portfolio, the ways in which we can use digital assets to buy actual goods are limited. That's because it's not always easy to exchange cryptocurrencies like Bitcoin (BTC) into fiat money that you can use to make purchases. Plus, most places don't accept digital currency for payment — yet.
/yhoo.it/3lEg0sP
JPMorgan Says CBDCs Must Not Cannibalize Commercial Financial Systems
Jamie Crawley - Coindesk
Central bank digital currencies (CBDCs) must not cannibalize countries' commercial financial systems, JPMorgan said. This risk lies in banking customers moving funds from checking accounts to a CBDC account, which could lead to the exodus of as much as 30% of commercial banks' funding base, JPMorgan strategist Josh Younger wrote in a note cited by Bloomberg on Friday.
/yhoo.it/3sawQRH
Coinbase now lets you purchase crypto via Apple Pay, Google Pay option to arrive soon as well
Shivam Vahiaaug - Insider
Investors on one of the world's most popular crypto exchanges, Coinbase, will now be able to buy bitcoin, ethereum, and other cryptocurrencies using their Apple Pay accounts — with Google Pay integration coming soon.
/bit.ly/3jmNQji
New Pyth Data Provider: Cumberland DRW
Pyth Network
We are excited to announce that Cumberland DRW, a specialized crypto asset trading company, is joining the Pyth Network as we both look forward to advancing the infrastructure available to DeFi applications!
/bit.ly/3xtcEv2
Steve Cohen's Point72 Ventures Makes First Crypto Bet
Hema Parmar - Bloomberg
Steve Cohen's Point72 Ventures has made its first cryptocurrency investment, backing analytics firm Messari Inc. The venture capital arm of Point72 Asset Management led the crypto data and market intelligence company's Series A funding round, which closed at $21 million, according to a statement. Adam Carson, an operating partner at Point72 Ventures, joined the Messari board as part of the deal.
/yhoo.it/3AfnCGq
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| Politics | | An overview of politics as it relates to the financial markets | BOE Rings Alarm Bell for Sunak That Rock-Bottom Rates May Rise
David Goodman, Alex Morales, and Libby Cherry - Bloomberg
Chancellor has relied on monetary support for public finances; Central bank's pledge for 'modest tightening' may end that aid
Chancellor of the Exchequer Rishi Sunak's quest to repair the U.K.'s pandemic-battered public finances just got an added impetus after the Bank of England began a countdown to the end of rock-bottom borrowing costs.
/jlne.ws/3xDDoJH
Macron's Rebound from Vaccine Waterloo Gives Him Political Clout
Samy Adghirni and Gaspard Sebag - Bloomberg
Court ruling backs president's push for vaccination passport; Pace of inoculation has picked up as public life returns
Late in March, Emmanuel Macron faced a harsh reality. Virus infections in France were persistently high and the vaccination campaign so anemic that his right-wing nemesis, Marine Le Pen, called it Macron's "Waterloo." The president had no choice but to enforce another nationwide lockdown.
/jlne.ws/2U2ka2y
Crypto Investors Get Ready for More Taxes — but Clearer Rules
Ben Steverman, Claire Ballentine, and Donald Moore - Bloomberg
Sure, you might have to actually pay U.S. taxes on those crypto trades. But at least it will be easier to figure out how much you owe.
/bloom.bg/3fDoPzs
Cryptocurrency Compromise Emerges for Infrastructure Bill; Biden-backed provision aims to boost tax enforcement on crypto transactions
Andrew Ackerman and Paul Kiernan - WSJ
A key senator negotiating the roughly $1 trillion bipartisan infrastructure bill signaled a willingness to compromise over a provision that seeks to raise money through tougher tax enforcement of cryptocurrency transactions.
/on.wsj.com/3fF0XeW
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | U.K. Seeks Part-Time Watchdog Chair for £125,000 a Year
Silla Brush - Bloomberg
Financial Reporting Council is undergoing sweeping changes; U.K. vowed to overhaul oversight of audits after scandals
The U.K. has started a search for a new chair and slate of directors to the board of the country's accounting regulator, which has come under a barrage of criticism after a spate of audit scandals. The Financial Reporting Council chair position, which is a job for two-and-a-half-days per week, will pay 125,000 pounds ($174,000) and help guide the long-term strategy of the authority which is in the process of a "once-in-a-lifetime" overhaul, the government said. The U.K. is also looking for six non-executive directors to the board, jobs that pay 17,500 pounds per year for 25 days of work.
/jlne.ws/37olcJd
Regulator drops plans to cap investments for UK pension schemes; Reversal boosts government calls for trustees to put greater slice of capital in long-term assets
Josephine Cumbo - FT
The UK pensions regulator has abandoned plans to limit investment freedoms for retirement schemes holding billions of pounds of assets, as Boris Johnson and Rishi Sunak urge trustees to plough more cash into supporting the UK recovery.
/on.ft.com/3jsxjuf
EU Takes Another Step to Harmonize Anti-Money-Laundering Rules; European Banking Authority proposes guidance for financial-sector compliance officers, part of a wider revamp of how the bloc deals with money laundering
Dylan Tokar - WSJ
The European Union's banking regulator has proposed guidance for financial-sector compliance officers, another step in the bloc's effort to revamp its anti-money-laundering system. The proposal from the Paris-based European Banking Authority is the latest move by the EU to harmonize anti-money-laundering rules across member states and shift implementation away from national authorities.
/on.wsj.com/3ipa8Su
ASIC reviews the first round of super fund annual members' meetings
ASIC
ASIC today released findings about superannuation funds' annual members' meetings. The findings are based on a surveillance of the inaugural meetings held by trustees for a selection of superannuation funds between October 2020 to March 2021.
/bit.ly/3s57Jzt
Statement on the Commission's Action to Disregard Recently-Amended Whistleblower Rules by Commissioner Hester M. Peirce, Commissioner Elad L. Roisman
SEC
/bit.ly/2U0W8VC
ESMA publishes its report on the use of FinTech by CSDs
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its Report on the use of FinTech by Central Securities Depositories (CSDs).
/bit.ly/3yt378B
NFA orders New York, N.Y. introducing broker Tullett Prebon Financial Services LLC to pay a $150,000 fine
NFA
NFA has ordered New York, N.Y. introducing broker Tullett Prebon Financial Services LLC (TPFS) to pay a $150,000 fine. The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by TPFS, in which it neither admitted nor denied the allegations. The Committee found that TPFS failed to keep full, complete and systematic records of all transactions relating to TPFS's business of dealing in commodity interests. The Committee also found that TPFS failed to supervise its employees' recordkeeping activities and failed to review and supervise its associated persons' communications.
/bit.ly/3ipLr8s
Consumer warning on Northern Provident Investments
UK FCA
On 6 August 2021, Northern Provident Investments Ltd (NPI) proposed entering creditors' voluntary liquidation and appointing partners from FRP Advisory Trading Limited (FRP) as its liquidators. We believe there is a high risk of scammers trying to take advantage of customers.
/bit.ly/3irWzBL
Third consultation on new prudential regime for UK investment firms
UK FCA
We are asking UK investment firms to provide feedback on the UK Investment Firm Prudential Regime (IFPR).
/bit.ly/37ssD25
Can the FCA keep up with the City's post-Brexit demands? The watchdog has a monster workload and is still grappling with a £10m annual bill from the fallout of leaving the EU
Justin Cash - Financial News
In the game of rugby, there is a feat known as a hospital pass. The ball is thrown to a receiver who isn't ready for it. Who probably didn't want it. Who is immediately a target for a hefty tackle.
/bit.ly/2Vv7oKe
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | 'We will see a war over the next couple months between Robinhood enthusiasts and Robinhood skeptics'
Andrew Keshner - MarketWatch
After Robinhood's share price surged on Wednesday, the company announced Thursday that it has filed to sell up to 97.9 million more Class A shares over time. The no-fee trading app popular with young, often novice, retail investors registered the investor-held shares in a Securities and Exchange Commission filing. This makes them eligible for sale.
/jlne.ws/3saq6Dn
Retail investors on the hunt for bargains in China-focused funds; ETFs tracking Chinese stocks lure inflows even as institutional investors steer clear
Michael Mackenzie - FT
Retail investors are scooping up funds that track Chinese stocks after sharp falls in recent weeks, marking a contrast to institutions that have remained more cautious as Beijing cracks down on key sectors.
/on.ft.com/3yxsWED
What happens when investors lose faith in Beijing? It could take China years to win back confidence after recent state intervention in tech
Simon Edelsten - FT
I first visited China in 2004 on a trip to meet the major banks coming to the Hong Kong stock market in 2006. Along with representatives of the government and central bank, they went out of their way to reassure us they would protect foreign investors' rights.
/on.ft.com/3yvFVGO
Stakeholders incorporated: Can capitalism change if company charters stay the same? While more companies are adopting stakeholder-friendly mandates, they remain exceptions to the rule, with the industry still confused about the exact meaning of such alternative structures
Sarah Murray - FT
When Lemonade launched its initial public offering in 2020, the US home insurance start-up saw its market capitalisation double in the first morning's trading to $3bn, far above the private market valuation it had secured from early investors such as SoftBank.
/on.ft.com/3fAogGs
Private equity's interest in UK plc is sign of a broken system; Radical reform of pensions is needed for companies to thrive
Michael Tory - FT
Anyone wondering the real reason why so many UK companies may be about to be sold to private equity should consider the case of supermarket chain Morrisons.
/on.ft.com/3lDHvTG
Short sellers doubling down on Robinhood, betting it's poised to fall
Lydia Moynihan - NY Post
Robinhood's stock is hot with investors - and short sellers, too. More than 12.5 million HOOD shares — or roughly 25 percent of the float — were shorted as of the close of trading on Wednesday, according to data from S3 Partners. By comparison, the average short interest in a company is 5 percent.
/bit.ly/3rZWhoB
U.S. DOJ repatriates another $452 million in 1MDB funds to Malaysia
Reuters
The U.S. Department of Justice (DOJ) has repatriated $452 million in misappropriated funds from 1Malaysia Development Bhd (1MDB), it said in a statement on Thursday, bringing the total amount recovered from the corruption scandal to $1.2 billion.
/reut.rs/3CqfV1S
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | A Harvard Deal Tries to Break the Charmed Circle of White Wealth; In building a research campus, the university told developer Tishman Speyer it needed to bring in money from Black and Latino investors. It found $31 million worth.
Ira Boudway - Bloomberg
At the end of 2019, Rob Speyer, president and chief executive officer of the real estate company Tishman Speyer, was in the final stages of bidding for a highly coveted development deal with Harvard. The winner would build and manage a 2 million-square-foot life sciences research campus in Boston, next door to Harvard Business School, including labs, offices, retail, housing, and a hotel. As the deal neared closing, the school came to Speyer with a request: Would he be willing to set aside 5% of the equity in the project for Black and Latino investors? Speyer agreed and, that December, won the contract to build Harvard's Enterprise Research Campus.
/jlne.ws/3is4peH
JPMorgan Says Digital Currencies Must Balance Inclusion, Banks
Joanna Ossinger - Bloomberg
Central banks can address inequality, preserve monetary system; Strategist said account caps of $2,500 on holdings might work
The creation of central bank digital currencies to address economic inequality with new retail loan and payments channels must be designed so they don't "cannibalize" a country's commercial financial system, according to JPMorgan Chase & Co. If set up hastily, retail CBDCs could risk "disintermediating commercial banks" and lead to the exodus of 20% to 30% of their funding base -- "potentially rapidly under stress," JPMorgan strategist Josh Younger wrote in a note Thursday.
/jlne.ws/3yvo1nx
This Is Why Even Scientists Underestimate Climate Change; Climate science and economics are inherently conservative, and that may be a factor in Monday's highly-anticipated report from the UN-backed IPCC.
Gernot Wagner - Bloomberg
Scientists on the Intergovernmental Panel on Climate Change, a global group backed by the United Nations, have spent the past two weeks in meetings to ready their latest assessment of the physical science underpinning past, present, and future climate change. Expect the IPCC to paint a sobering picture of what is to come. The steep costs of such a world are all too apparent, but tallying them is harder still.
/jlne.ws/3xn8MMg
Third Hottest July Ever Shows How Even Modest Global Warming Looks; Extreme temperatures over Greenland and western U.S. push up averages as global warming grips economies.
Jonathan Tirone - Bloomberg
Near-record global temperatures last month gave a taste of the challenges the world's economies will face in the years ahead as Earth creeps closer toward crossing a key warming threshold.
/jlne.ws/3xqBKdZ
ING reports $2.5 billion pretax profit, plans dividends and buybacks
Toby Sterling - Reuters
ING Groep NV on Friday reported a better-than-expected quarterly pretax profit of 2.07 billion euros ($2.45 billion) and said it plans to resume paying dividends as it reversed some provisions for bad loans taken amid the coronavirus pandemic.
/reut.rs/3jsGpHp
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Here's how Goldman Sachs is advising private-wealth clients in 'confusing' market
Christine Idzelis - MarketWatch
Even professional investors are grappling with how to read markets in the pandemic. The "striking" decline in the 10-year Treasury yield TMUBMUSD10Y, 1.254% since May is a bit "confusing," said Sara Naison-Tarajano, the global head of capital markets for Goldman Sachs Group's private wealth management division, in an interview.
/jlne.ws/3xty0bZ
Credit Suisse to repay another $400 million to Greensill-linked fund investors
Reuters
Credit Suisse will repay another $400 million to investors in its Greensill-linked supply chain finance funds, the Swiss bank said on Friday. The payout, planned for Friday, is the fourth distribution so far and takes the total amount returned to investors to roughly $5.9 billion.
/jlne.ws/2TXgajI
The Hedge Fund Comeback Looks Like the Real Deal; Investors are once again allocating cash to the industry. Stock pickers need to stay on top of their game to keep those flows coming in.
Mark Gilbert - Bloomberg
Hedge funds are rediscovering the secret of alpha generation that made them masters of the financial universe in years past. The renaissance of the swashbuckling gang adds welcome color to an asset management industry that's been threatening to fade to gray as passive index trackers charging little to no fees take over the investing world.
/jlne.ws/2TWvNrA
World's Largest Pension Fund GPIF Now Holds Record $1.75 Trillion in Assets
Shoko Oda and Emi Urabe - Bloomberg
Foreign stocks are best performer, domestic shares are worst; Assets increase to new record high of 191.6 trillion yen
Japan's Government Pension Investment Fund posted a fifth consecutive quarterly gain in its investments as returns from overseas assets helped make up for losses on domestic equities.
/jlne.ws/3sarW7f
ING Signals Bumper Payouts as Profit Surpasses Expectations
Nicholas Comfort - Bloomberg
Bank to return 3.6 billion euros to investors after September; ING cut bad loan provisions as economic outlook brightens
ING Groep NV beat expectations for second-quarter profit after releasing money set aside for doubtful loans, and said it will boost payouts for investors. The Dutch lender's net income soared to 1.46 billion euros ($1.73 billion) in the three months through June from 299 million euros a year earlier. That compared to the 1.15-billion-euro average estimate of analysts surveyed by Bloomberg. The bank plans to return 3.62 billion euros to shareholders after September, ING said on Friday.
/jlne.ws/3irU0zx
Bets against Cathie Wood's flagship ETF hit record high
Investors are beginning to lose faith, analysts say, after stellar run in 2020
Emma Boyde and Michael Mackenzie - FT
Short sellers have ramped up bets against Cathie Wood's flagship Ark innovation fund as belief in its strategy shows signs of faltering.
/jlne.ws/2Vy9qtj
Credit Suisse repays another $400 mln to Greensill-linked fund investors
Reuters
Credit Suisse (CSGN.S) has repaid another $400 million to investors in its Greensill-linked supply chain finance funds, the Swiss bank said on Friday.
/reut.rs/3Aky4MH
Allianz CEO describes horrible week with U.S. DOJ probe
Tom Sims, Alexander Hübner - Reuters
Oliver Baete, chief executive officer of Germany's Allianz (ALVG.DE), on Friday spoke of a "horrible week" for him and the insurer, his first response to a disclosure that the U.S. Department of Justice was investigating losses at its fund division.
/reut.rs/3AhpBtT
Japan's Mizuho Joins Wall Street in Six-Figure Junior Banker Pay
Mary Biekert and Gillian Tan - Bloomberg
Mizuho Financial Group Inc. became the latest lender to raise pay for its U.S. junior bankers, according to people familiar with the matter. The Japanese bank's Mizuho Americas unit will now pay first-year junior analysts $100,000, the people said, asking not to be identified discussing private information.
/bloom.bg/3lAaRlB
BGC Partners Reports Second Quarter 2021 Financial Results
BGC Partners
/bit.ly/3juqZCD
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Wild Summer of Stock Market Shocks: A Timeline
Olivia Tam - Bloomberg
Investors are on edge after steep losses triggered by China's ban on profits at tutoring companies ignited a volatile few weeks for the nation's stock market.
/jlne.ws/2TZqasT
Kenyan Shilling Set for Longest Losing Streak this Year
Eric Ombok - Bloomberg
Kenya's shilling is on track for its longest stretch of weekly losses this year, despite the central bank's efforts to prop up the currency, as concerns about a surge in Covid-19 infections spurred dollar buying by importers.
/jlne.ws/37psQ60
Farmers Race to Save Their Cattle From Canada's Drought; A dry season made worse by climate change has left cow farmers with dwindling feed.
Vjosa Isai and Brett Gundlock - NY Times
Thick gray smoke from distant forest fires hovers over pastures in Western Canada, some browned or barren because of a yearslong drought that has worsened since the Pacific Northwest's record-breaking June heat wave.
/nyti.ms/3xzdoiA
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| Miscellaneous | | Stories that don't quite fit under the other sections | Have I got what it takes for a family camping trip? 'As a holiday, it works in that, by God, you soon appreciate your real kitchen, bathroom and bedroom'
Orla Ryan - FT
It isn't the hard ground, the cold showers or the sleepless sheep baa-ing that makes me wonder if we've made a mistake. All of those I can live with. That's what camping is about, after all. I'm not a wimp. It's the 2am-cry of a child who needs a wee, the debate over whether they should just go outside the tent, followed by the stumbling walk over damp grass to the communal toilets, realising when we get there that I don't have a toilet roll and watching the child change their mind because the toilet stinks and is, in fact, the weirdest toilet they have ever seen.
/on.ft.com/3yt7NLX
Baseball Card Boom: How Nostalgia and Innovation Have Made Topps Unbeatable
Emily Cegielski - Worth
took over Citi Field for an entire evening, the company's logo displayed on the Mets' jumbotron and plastered around the stadium. The air was full of excitement as 30 or so baseball card collectors filed past security and up to the VIP area for cocktails, nibbles and networking, ahead of a much-anticipated dinner. Despite the intricately designed baseball card centerpieces and the decadent food—a gorgeously fresh Caesar salad, the option of equally mouthwatering chicken or short rib and a rich chocolatey dessert—the main stars of this meal were MLB Hall of Famers Randy Johnson and Mike Piazza, who joined halfway through for an intimate Q&A session.
/yhoo.it/3lHo3oT
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