| November 12, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Next week is shaping up to be an extraordinarily busy and significant period for the global financial and digital asset industries, with four major conferences occurring simultaneously across three continents.
The Futures Industry Association (FIA) will host its annual EXPO in Chicago, bringing together key players in the derivatives and futures markets. Concurrently, the CME Group's prestigious Global Financial Leadership Conference will take place in Naples, Florida, attracting top executives and thought leaders in the financial sector.
On the other side of the world, Kuala Lumpur will host the World Federation of Exchanges' (WFE) 63rd General Assembly & Annual Meeting, organized by Bursa Malaysia. This event is particularly noteworthy as it will feature several high-profile attendees who have previously participated in the FIA EXPO, including Thomas Book from Deutsche Borse AG, Jorge Alegria of Bolsa Mexicana de Valores, Tim Brennan from S&P Dow Jones Indices, and Boon Chye Loh of Singapore Exchange, who also serves as the chairman of the WFE
Meanwhile, in New York, Benzinga's Future of Digital Assets '24 conference will convene at Convene, featuring an impressive lineup of 71 high-level speakers from the digital asset world. This event highlights the growing importance and mainstream acceptance of digital assets in the broader financial ecosystem.
The concurrent timing of these events presents both challenges and opportunities for industry professionals. While it may create scheduling conflicts for some, it also reflects the dynamic and multifaceted nature of today's financial landscape. The diversity of topics covered across these conferences - from traditional futures and derivatives to emerging digital assets - illustrates the rapid evolution and convergence of various sectors within the global financial industry.
This busy week serves as a testament to the industry's resilience and adaptability, especially in the post-pandemic era where in-person events are making a strong comeback. It also provides a unique opportunity for cross-pollination of ideas between traditional finance and emerging technologies, potentially fostering innovation and collaboration across different segments of the financial world.
On November 16, 2024, and December 14, 2024, NYSE, NYSE American, NYSE Arca, Nasdaq, and Cboe BZX will conduct coordinated tests of contingency closing procedures to prepare for potential marketplace disruptions that could prevent the primary listing exchange from holding a closing auction. If an exchange identifies a technical issue before 3:00 pm, it will designate an alternate exchange, such as NYSE Arca in the November 16 test, to conduct the closing auction for its listed securities. If a disruption occurs after 3:00 pm, the official closing price will be determined using the VWAP from the last five minutes of Core Trading Hours.
Ken Griffin, founder of Citadel, donated $10 million to the Perez Art Museum Miami, known for its focus on African, Caribbean, and African-American art, Bloomberg reported. Following political wins in the recent election that included defeating marijuana legalization in Florida and securing a Republican Senate majority, Griffin, who recently moved to Miami, praised the museum for fostering unity. The donation announcement came during the museum's annual gala, where Griffin's name was added to a central gallery. Griffin's philanthropic efforts in South Florida include supporting healthcare, education, and community projects. The event raised $1.5 million for education, with museum founder Jorge Perez playfully suggesting Griffin's art collection could fill the museum's "empty walls."
As a Purdue University alumnus and Boilermaker, I have suffered through many losing football seasons and bad coaches. There was one thing to look forward to each season, an Indiana University football team that was just as bad as or worse than Purdue's. However, this year Purdue has one of the worst teams in all of college football. The Boilermakers were just clobbered by number two rated Ohio State last week 45-0 after losing to number one rated Oregon two weeks earlier 35-0. There have been some closer games like a shootout with the University of Illinois, a 50 to 49 loss in overtime, but we also got our butts kicked by Notre Dame 66 to 7. On November 60, right after Thanksgiving, Purdue will play Indiana University for the Old Oaken Bucket game and most likely end up with very large splinters in new places where we sit. Indiana is one of the best teams in the country this year, currently ranked number five. That is such news that it prompted The Wall Street Journal to write about them in a story titled The Unbeaten Indiana Hoosiers Are College Football's Surprise Sensation with the subheadline "And no, I'm not just saying that because they beat Michigan. Head coach Curt Cignetti has the Hoosiers soaring at 10-0. Ohio State looms.'' Luckily this game comes after EXPO, so FIA's Walt Lukken's Hoosier gloating will be somewhat restrained.
Joe Schroeter has a blog post titled 'Have the Odds for "New" Exchanges to be Successful Improved?' He writes that historically, new exchanges have struggled to succeed in established markets, often facing poor odds against incumbents. However, Schroeter suggests that recent developments-such as advancements in trading technology, new instruments, and regulatory changes-have improved their chances. At the recent FIA Quarterly ETD review, Will Acworth's Q3 2024 volume report highlighted how no single company controls over one-third of options volume, with retail trading adding significant participation. Newer exchanges now focus on innovations like fractional trading, tokenized assets, and event-based trading rather than relying on established players to drive volume. Additionally, the DTCC has shown openness to tokenization, accelerating potential adoption for core markets. As regulatory frameworks grow more accommodating, Schroeter believes that the ability to lead innovation and manage governance will be crucial for exchanges aiming to succeed in the evolving market landscape.
Here are the headlines from in front of FOW's paywall from some recent stories: ICE Futures Europe to launch long EU bond index future in December, Raiffeisen latest to sign with Sernova for derivatives clearing, The cross-asset efficiency advantage, FOW launches FOW Professional - Single solution for futures and options reference data and market insights, ANALYSIS: European active account reforms could fragment liquidity - Cboe and LCH adds Commerzbank to ForexClear as clearing member.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- Is Chicago's Don Wilson the smartest man in trading? from the Financial Times.
- New titans of Wall Street - an FT series from the Financial Times.
- Post-Election Volatility Crush Has Options Traders Chasing Rally from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
| Sponsored Content |
"FIA Forum - Tokyo 2024" held at JPX
Together with FIA and FIA Japan, OSE successfully hosted the FIA Tokyo Forum on October 10, 2024, at the Tokyo Stock Exchange. The event welcomed over 220 attendees representing more than 100 companies.
The program opened with remarks from Mr. Nakaso, Chairman of FinCity.Tokyo, and Mr. Yokoyama, President and CEO of OSE. These introductions were followed by two engaging panel discussions and an insightful address by Mr. Ito, Commissioner of the Financial Services Agency.
During the panel discussions, industry leaders from global exchanges and brokerages shared their perspectives on the Japanese market and their development plans. They also explored practical applications of OSE's recent innovations in the interest rates market, including the newly launched 3-Month TONA Futures.
Mr. Kazuhisa Kakizaki, Executive Officer of OSE/TOCOM, joined a panel to discuss JPX's product advancements. He highlighted developments such as the 3-Month TONA Futures, TOCOM Electricity Futures, and the revival of the Single Stock Options market.
For further details , please refer to the following link: https://www.fiajapan.org/post/fia-forum-tokyo-2024-co-organized-with-fia-japan.
|
++++
Trading Technologies launches TT Accreditation program
Trading Technologies International, Inc.
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced the broad introduction of an industry-first certification program, TT Accreditation, providing traders and administrators with comprehensive, online, self-paced training modules to achieve certification in various aspects of the TT platform. Accreditation can serve to improve trading capabilities by enhancing the user's understanding of the platform's functionality, enabling them to optimize TT's tools, strengthen their credentials and fortify their understanding of compliance requirements. Trading institutions - such as proprietary trading firms, banks, brokers, hedge funds, and energy and commodity firms - as well as individual retail/protail investors can leverage the program to ensure users are following proper protocols and demonstrating proficiency in their use of the platform.
/jlne.ws/4epVqEC
****** I always thought a protail investor was a floor trader with some paper stuck to the back of his shoe as he walked across the messy trading floor.~JJL
++++
Raiffeisen Bank International Upgrades Exchange Traded Derivatives Clearing Capabilities with Sernova Financial
Raiffeisen Bank International via Finextra
Raiffeisen Bank International (RBI) has selected Sernova Financial's ("Sernova") unique clearing solution for exchange-traded derivatives (ETD). This partnership enhances RBI's capacity to clear ETD transactions, providing significant operational and cost efficiencies for clients globally. Sernova's deep expertise and cutting-edge technology will enable RBI's Group Prime Services division to improve risk management, transparency, regulatory compliance and streamline operations of its ETD business. RBI will now be able to offer more seamless, secure and scalable clearing processes for this segment. "Our clients expect the best clearing solutions, and Sernova provides this. Together we are strengthening our clearing capabilities and enhancing the overall user experience. We are confident that this partnership will bring long-term value and growth to RBI and our clients," said Christian Geberth, Division Head Group Prime Services at Raiffeisen Bank International.
/jlne.ws/48LbWgZ
****** Back when I named my electronic trading brokerage operation at The Price Futures Group the Electronic Trading Division (ETD), it seemed the acronym ETD was not in use for Exchange Traded Derivatives. But then it just exploded. I was crowded out, in more ways than one.~JJL
++++
Elon Musk-Loving Day Traders Are Sweeping Speculative Markets
Yiqin Shen and Vildana Hajric - Bloomberg
Elon Musk's day-trading fan club is on a buying spree in some of the most speculative parts of the market, from the joke cryptocurrency Dogecoin to a controversial closed-end fund that counts SpaceX among its key holdings - all in hopes that Donald Trump's election will release more animal spirits. Destiny Tech100 Inc. (ticker DXYZ), which holds shares of private-market unicorns like SpaceX and Sam Altman's OpenAI, has already surged roughly 280% over the past week since Trump recaptured the presidency, data compiled by Bloomberg show. The rally triggered multiple volatility halts Monday, and sent its shares up as much as 38% after a 64% jump Friday. Meanwhile, Dogecoin was up nearly 20% in Monday trading amid a broad crypto rally.
/jlne.ws/4g1riRd
***** They love Musk because they love volatility and he is Mr. Volatility.~JJL
++++
Monday's Top Three
Our top story Monday was New titans of Wall Street - an FT series, from the Financial Times. Second was the story within that series titled Is Chicago's Don Wilson the smartest man in trading? Third was The Mighty German Bund Is Losing Its Benchmark Shine, an opinion piece from Bloomberg.
++++
++++
|
| | | | |
| Lead Stories | ICE to Start First EU Bond Futures Trading Next Month
Greg Ritchie - Bloomberg
Intercontinental Exchange Inc. plans to launch a futures contract for the European Union's bonds next month, a move that could eventually aid trading volumes in the bloc's securities. The derivatives will first trade on Dec. 9, subject to regulatory approval, according to a ICE notice to clients dated Friday. The futures will reflect movements in the ICE 8-13 Year European Union Index, it said. It's a welcome development for the EU, which has touted a futures market as a way of boosting trading in its debt. While futures are often preferred by investors given they tend to offer better liquidity, it's far from guaranteed that the newly-launched contract will attract sufficient volumes.
/jlne.ws/3O93XAM
UK to Trial Sales of Blockchain-Based Gilts Within Two Years; Labour embraces use of digital debt in UK's financial markets; Reeves to announce plan in Mansion House speech Thursday
Ellen Milligan and Greg Ritchie - Bloomberg
The UK plans to begin issuing digital gilts within the next two years, as the government latches onto technology it's been slow to embrace. Chancellor Rachel Reeves is expected to announce a digital issuance trial in her Mansion House speech to the City of London on Thursday, according to people familiar with the matter. Chancellors traditionally use the forum to announce policies to support the financial industry.
/jlne.ws/4fkcgWD
The Wall Street CEO Raising His Hand to Run Trump's Economy; Transition team co-chair discussed himself overseeing policy; Uncertainty raised over his business if he moves to Washington
Todd Gillespie - Bloomberg
The text to Elon Musk: a picture of giant scissors. Musk's text back: a picture of a sword. The person on the other end: Howard Lutnick - Wall Street billionaire, MAGA believer and head-hunter-in-chief to Donald Trump, the next American president. "Me, Elon Musk and Trump are going to figure it out," Lutnick, head of brokerage and investment bank Cantor Fitzgerald LP, told a podcaster shortly before Trump staged his comeback for the ages on Election Day.
/jlne.ws/4ftp2Cb
Treasury probe of cryptocurrency could pose conflict for Trump aide; Howard Lutnick, Trump's transition co-chair, has talked up Tether, which the government is looking into.
Jeff Stein and Jonathan O'Connell - The Washington Post
Officials at the Treasury Department have spent months weighing sanctions against the cryptocurrency Tether for allegedly facilitating illicit financial activities, according to two people with knowledge of the matter - which could pose a conflict of interest for the co-chair of President-elect Donald Trump's transition, billionaire Cantor Fitzgerald CEO Howard Lutnick. Lutnick, who is also a candidate to be treasury secretary, has touted Tether in media interviews and has said he manages assets for the cryptocurrency.
/jlne.ws/3YZdUXY
Trump eyes pro-crypto candidates for key federal financial agencies; The incoming administration has explored new personnel and policy that can deliver on Trump's campaign promise to turn the United States into the "crypto capital of the planet."
Tony Romm - The Washington Post
President-elect Donald Trump is preparing the U.S. government to adopt a more permissive stance toward cryptocurrency, eyeing a roster of industry-friendly candidates for key posts while his top advisers consult crypto executives on potential changes to federal policy. By pursuing a more lenient regulatory environment, Trump aims to fulfill his campaign promise to transform the United States into the "crypto capital of the planet" - a declaration that once rankled consumer watchdogs even as it earned the industry's robust support and generous political donations.
/jlne.ws/40IJla5
The 'Tesla-financial complex' roars back to life Notional trading value of Tesla options hit $245bn on Friday
George Steer - Financial Times
Investors who were betting against Tesla have had a rough few days, Bloomberg writes: Hedge funds that had short positions against Tesla between election day and Friday's close took an on-paper hit of at least $5.2 billion, according to Bloomberg calculations based on data compiled by S3 Partners. [...] Since the Nov. 5 election, Tesla shares have gained close to 30%, representing well over $200 billion in additional market value. By Friday, the company's valuation exceeded $1 trillion. Against that backdrop, hedge funds that had previously built short bets have since rushed to reverse course.
/jlne.ws/3YJmb0S
China's Copper Production Boom Threatens to Crowd Out the Rest of The World
Bloomberg
Chinese copper smelters are facing pressure to rein in an expansion that's pounding the industry's profitability. The viability of plants across the globe may be at stake. The top consumer of copper globally is on track to produce about half the world's refined metal this year after a frenzy of smelter construction to secure supplies crucial to the energy transition. The boom in capacity has continued despite cutthroat competition for scarce raw materials that is crushing margins everywhere.
/jlne.ws/4foK2da
Saudi Arabia Kicks Off Carbon Trading to Unlock Financing
Verity Ratcliffe - Bloomberg
Saudi Arabia started a carbon-trading market, launching the program a day after climate negotiators secured a major breakthrough by agreeing rules for a United Nations-administered global emissions market. Over 2.5 million tons of carbon credits will be auctioned on the kingdom's Regional Voluntary Carbon Market Co. exchange from Tuesday, according to a statement. The trading will help fund climate projects across the global south and also support Saudi Arabia net zero goals, it said.
/jlne.ws/4hIsGtu
Exxon CEO Pushes Back on Trump's Anti-Climate Change Agenda
Jennifer A Dlouhy and Akshat Rathi - Bloomberg
The chief executive of Exxon Mobil Corp. on Tuesday discouraged President-elect Donald Trump from withdrawing the US from the landmark Paris climate pact, arguing that would mean forfeiting a chance to push for "common sense" carbon-cutting policy on the world stage. "The way you influence things is to participate, not to exit," Darren Woods said in an interview during the UN's COP29 climate summit in Azerbaijan.
/jlne.ws/4etYz62
ECB Is Set to Step Up Focus on Geopolitical Risks at Banks; Regulator set to ask banks for more information on the risks; Supervision head Buch has signaled bigger focus on geopolitics
Nicholas Comfort, Laura Noonan, and Jorge Zuloaga - Bloomberg
The European Central Bank plans to demand more information from banks about their exposure to geopolitical risks as supervision head Claudia Buch puts her stamp on the institution. The ECB is poised to formally elevate next month the importance of potential hits from political events including wars in its annual list of banking supervisory priorities for the coming years, according to people familiar with the matter. That will entail increasing requests for information as well on-site inspections for banks, said some of the people, who asked to remain anonymous as the move has yet to be announced.
/jlne.ws/48Kj6lI
Governments must eliminate FTTs to unlock investment and reduce volatility, says The WFE
WFE
The World Federation of Exchanges, the global trade body for exchanges and clearing houses (The WFE), has published a paper analysing whether Financial Transactions Taxes (FTTs) inflict harm on economies. The paper shows how FTTs create numerous distortions, harm investor outcomes, prevent companies from raising capital, particularly from listing, and make hedging against risk more costly. Additionally, The WFE demonstrates how implementing an FTT is a poor way to regulate financial markets as the effect FTTs have on trading patterns is, at best, unproven and, at worst, completely counterproductive. The 250 market infrastructures that comprise our membership see the impact of these taxes on the trades going through their order books, which can be taken as a proxy for the general health, confidence and buoyancy of the broader market and economy.
/jlne.ws/3Aqc88Y
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | US carries out second consecutive night of strikes in Yemen, defense official says
Oren Liebermann and Karina Tsui - CNN
The United States has carried out a second consecutive night of strikes against Houthi targets in Yemen, a US defense official said Sunday. Details of the types of weapons, targets or locations of the strikes were not immediately available, though there were reports of explosions in the Amran and Saada governorates, north of the capital of Sanaa, where the US has carried out strikes in the past.
/jlne.ws/3Azr4S8
Russia's Arctic LNG 2 Barely Pumps Any Gas After Sanctions Lock In Exports; Novatek-led facility produced 0.4 mcm/day of gas on Nov. 1-10; Output at the Russian facility fell to lowest in over a year
Bloomberg News
Russia's Arctic LNG 2 project has slashed output at its gas fields to nearly zero so far in November after stopping liquefaction last month due to western sanctions. Fields feeding the Novatek PJSC-led facility pumped an average of 0.4 million cubic meters of gas a day in the first ten days of November, according to a person with knowledge of industry data, who spoke on condition of anonymity. That's a drop of more than 90% from the average output for most of October, Bloomberg calculations show.
/jlne.ws/3VbzYfR
|
| | | |
|
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | After War in Gaza, Rivals Hamas and Fatah Don't Plan to Be in Charge; Palestinian factions aim to create an apolitical committee acceptable to Israel to oversee aid distribution and rebuilding
Benoit Faucon in Doha, Qatar, and Summer Said in Dubai - The Wall Street Journal
The two main Palestinian factions, Hamas and Fatah, are coalescing around a plan for Gaza's reconstruction when major fighting stops. Its main selling point: Neither will be in charge. Palestinian officials from both factions, long bitter rivals, have reached a consensus to create an apolitical committee of Palestinian technocrats not affiliated with either of them to manage the sensitive and massive jobs of aid distribution and rebuilding, Palestinian and other Arab officials said. Their acquiescence clears one potential obstacle to a postwar plan discussed by the U.S. and Israel, which would put a temporary technocratic government in place in Gaza until it is stable enough for elections.
/jlne.ws/4fn5cZo
Saudi crown prince says Israel must not attack Iran
AFP
Saudi Arabia's de facto ruler on Monday called on Israel to respect Iran's sovereignty and refrain from attacking Iranian soil, highlighting warming ties between the Middle East rivals. Crown Prince Mohammed bin Salman told a summit of Arab and Muslim leaders that the international community should oblige Israel "to respect the sovereignty of the sisterly Islamic Republic of Iran and not to violate its lands". Sunni Muslim-majority Saudi Arabia and Shiite-majority Iran have often found themselves on opposing sides of regional conflicts including Syria's.
/jlne.ws/3UK5aCs
Saudi crown prince accuses Israel of committing 'collective genocide' in Gaza
Mostafa Salem - CNN
Saudi Arabia's Crown Prince Mohammed bin Salman has accused Israel of carrying out "collective genocide" in Gaza, in some of his strongest criticism of the country since the war began last year. During a gathering of leaders of Islamic nations hosted by Saudi Arabia in Riyadh on Monday, the country's de facto leader said: "The Kingdom reiterates its condemnation and absolute refusal of the collective genocide committed by Israel against the brotherly Palestinian people."
/jlne.ws/48IYOsX
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Formycon AG new in the Prime Standard of the Frankfurt Stock Exchange
Deutsche Boerse
As of today, Formycon AG (ISIN DE000A1EWVY8) is listed in the Prime Standard on the Frankfurt Stock Exchange, the segment with the highest transparency requirements. Previously, the shares were traded via the open market (Scale segment) in Frankfurt. To mark the listing of Formycon AG, an opening bell ceremony was held in the morning with representatives of the company on the trading floor in Frankfurt. Following the segment change, the shares can still be traded via the trading venues Xetra and Bourse Frankfurt. Specialist on the trading venue Bourse Frankfurt is Wolfgang Steubing AG Wertpapierdienstleister.
/jlne.ws/48O7wWA
Joined forces: Flow Traders partner of Eurex on crypto offering
Eurex
In April 2023, Eurex launched futures on the FTSE Bitcoin Index. Over 100,000 traded contracts later - representing around $4 billion in notional - we enhanced our crypto offering by adding FTSE Ethereum Index Futures and Options this August. This marked another milestone in our ambition to offer secure access to cryptocurrencies in a regulated market environment and a good opportunity to talk to our market maker partner, Edgar de Bruin, Head of Digital Assets Trading at Flow Traders, and to Nicolae Raulet, Crypto Derivatives Product Manager at Eurex.
/jlne.ws/3YRTgrE
Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date October 31, 2024
Nasdaq
At the end of the settlement date of October 31, 2024, short interest in 3,083 Nasdaq Global MarketSM securities totaled 12,172,949,545 shares compared with 12,303,886,017 shares in 3,089 Global Market issues reported for the prior settlement date of October 15, 2024. The mid-October short interest represents 3.02 days compared with 3.26 days for the prior reporting period. Short interest in 1,664 securities on The Nasdaq Capital MarketSM totaled 2,128,624,815 shares at the end of the settlement date of October 31, 2024, compared with 2,127,809,664 shares in 1,659 securities for the previous reporting period. This represents a 1.05 day average daily volume; the previous reporting period's figure was 1.17.
/jlne.ws/3CoMIck
OCC Stories: Tricia Perl on the Power of Positive Leadership
OCC
Tricia Perl is part of the Investor Education team where she supports OCC through event planning and management. In her OCC story, she recalls how multiple senior leaders encouraged and empowered her growth and positively impacted her career.
/jlne.ws/3YK0JJd
TMX Group Equity Financing Statistics - October 2024
TSX
TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for October 2024. TSX welcomed 11 new issuers in October 2024, compared with 13 in the previous month and 29 in October 2023. The new listings were 10 exchange traded funds and one consumer products & services company. Total financings raised in October 2024 increased 111% compared to the previous month, and were up 83% compared to October 2023. The total number of financings in October 2024 was 37, compared with 31 the previous month and 46 in October 2023.
/jlne.ws/4ereDpn
Tradeweb and Tokyo Stock Exchange Collaborate to Expand Liquidity in Japanese ETFs
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, and Tokyo Stock Exchange (TSE), one of the largest stock exchanges in the world, today announced their collaboration to offer institutional investors enhanced access to liquidity in Japanese exchange-traded funds (ETFs). The launch of a new direct link between Tradeweb and TSE's request-for-quote (RFQ) platform, CONNEQTOR, allows Tradeweb buy-side clients to include CONNEQTOR liquidity providers when launching a trade enquiry on the Tradeweb Japan-listed ETF marketplace. Global X Japan executed the first transaction using this new connectivity.
/jlne.ws/40JKApF
Holidays and Early Closings in 2024-2025
TMX
/jlne.ws/3Z15Ndg
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apollo Invests in Fintech to Boost Service for Private Markets
Irene Garcia Perez - Bloomberg
Apollo Global Management Inc. is investing in startup Vega and adopting its technology that looks to improve service for clients looking to further their investments in private markets. The asset management giant and fintech-focused investment firm Motive Partners are leading a $20 million Series A round to support Vega AltOS, a technology platform that aims to help alternative asset managers further their distributions. AltOS' software facilitates a link between the asset manager and investors through the client's preferred platform.
/jlne.ws/3O96s68
Liquidnet launches new equities liquidity seeking algorithm; New algo sits within the Liquidnet Dark sphere and features prioritised routing to venues with larger execution sizes.
Annabel Smith - The Trade
Liquidnet has released a new liquidity seeking algorithm for users operating within its dark space. Named SmartDark, the equities algorithm is designed to enhance institutional execution by prioritising order routing to venues with larger executions and better price stability."Today's markets remain volatile and complex for buy-side traders to navigate," said Alan Polo, head of sales and trading, Americas, at Liquidnet.
/jlne.ws/40EeZ8T
oneZero receives capital boost from new investor as it seeks to expand its role within the global OTC asset trading market; The investment from Golden Gate Capital is set to "drive further organic growth and M&A", said oneZero.
Claudia Preece - The Trade
oneZero Financial Systems has received investment of an undisclosed sum from Golden Gate Capital as it seeks to expand its role across the global OTC asset trading market. Chief executive and co-founder of oneZero, Andrew Ralich, said: "Golden Gate Capital's investment is a seamless extension of our beneficial relationship with LMP. This next stage investment, alongside LMP's continued support, validates the clear opportunity we see to expand our role as a leading technology partner in the global OTC asset trading market.
/jlne.ws/3O4BFaN
big xyt secures EUR10 million capital injection; The investment from European growth investment firm Finch Capital is earmarked to facilitate big xyt's global expansion.
Claudia Preece - The Trade
big xyt has secured a EUR10 million capital injection from European growth investment firm Finch Capital, representing the first round of external funding. Commenting on the investment round, Robin Mess, chief executive of big xyt, said: "This investment is testament to big xyt's strong reputation and commitment to innovation, unrivalled data quality, and exceptional service.
/jlne.ws/3ADxGig
Musk's AI Nightmares Could Blunt Trump's Tech Ambitions; The tech mogul's zealous beliefs on AI doom could limit fast-and-loose policies for the industry.
Parmy Olson - Bloomberg Opinion
President-elect Donald Trump didn't talk a great deal about artificial intelligence while on the campaign trail, which is odd. Voters liked the potential improvements he could bring to the economy and inflation, yet AI could displace many jobs and a third of Americans believe it will do more harm than good, according to Gallup. If Trump's silence means he doesn't care much about AI, that leaves the door open for policy to be steered by other key players in his administration, particularly Elon Musk.
/jlne.ws/3YCZD1y
AI groups rush to redesign model testing and create new benchmarks; Rapidly advancing technology is surpassing current methods of evaluating and comparing large language models
Cristina Criddle - Financial Times
Tech groups are rushing to redesign how they test and evaluate their artificial intelligence models, as the fast advancing technology surpasses current benchmarks. OpenAI, Microsoft, Meta and Anthropic have all recently announced plans to build AI agents that can execute tasks for humans autonomously on their behalf. To do this effectively, the systems must be able to perform increasingly complex actions, using reasoning and planning.
/jlne.ws/4flE110
China's Baidu joins Meta in race to make AI-integrated smart glasses; Launch comes as Chinese internet groups jostle for dominance in hardware
Eleanor Olcott - Financial Times
/jlne.ws/3CoQvX8
Juniper Networks invests in AI startup Recogni in $102 million funding round
Akash Sriram - Reuters
/jlne.ws/3UPsjmZ
Adobe adds AI tools to its stock photography business
Stephen Nellis - Reuters
/jlne.ws/3O171PE
Amazon offers free computing power to AI researchers, aiming to challenge Nvidia
Stephen Nellis - Reuters
/jlne.ws/40IynkT
Hong Kong enterprise AI adoption sees upswing on back of government policy support
South China Morning Post
/jlne.ws/3YHPNf3
Qualcomm CEO Sees No Shortage of AI Chips Even as Demand Rises; CEO Amon sees demand and supply for AI chips fully balanced; Says users are increasingly opting for AI-enabled smartphones
Henrique Almeida - Bloomberg
/jlne.ws/3UPOE3N
Amazon steps up effort to build AI chips that can rival Nvidia; Big Tech group's Annapurna Labs is spending big to build custom chips that lessen its reliance on market leader
Michael Acton in Austin and Tim Bradshaw in London - Financial Times
/jlne.ws/3UOj0np
Connecty AI raises $1.8M to solve enterprise data's three-dimensional problem; As enterprises struggle with fragmented data ecosystems, Connecty AI's context-aware platform helps teams unlock hidden insights and reclaim up to 80% of time spent on manual analysis
Connecty AI
/jlne.ws/3UOF69f
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Biden Administration to Support Controversial UN Cyber Treaty; Critics fear it could be misused by authoritarian countries; Agreement would help pursuit of cybercriminals, official says
Jamie Tarabay - Bloomberg
The Biden administration plans to support a controversial cybercrime treaty at the United Nations this week despite concerns that it could be misused by authoritarian regimes, according to senior government officials. The agreement would be the first legally binding UN agreement on cybersecurity and could become a global legal framework for countries to cooperate on preventing and investigating cybercriminals. However, critics fear it could be used by authoritarian states to try to pursue dissidents overseas or collect data from political opponents.
/jlne.ws/4etW03U
Charges Unsealed for Alleged Hackers of Snowflake Customers
Margi Murphy - Bloomberg
Charges were unsealed for two men suspected of carrying out cyberattacks against customers of Snowflake Inc., providing new details about the breaches. Connor Riley Moucka, who lives in Canada, and John Erin Binns, who lives in Turkey, were indicted last month for their alleged roles in hacking into the computer networks of at least 10 organizations, stealing sensitive data, threatening to leak it unless the victims paid a ransom and offering it for sale to other criminals, according to prosecutors.
/jlne.ws/3YOc1vQ
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Examining MicroStrategy's record-shattering $21bn ATM At-the-market equity offering; in-your-face bitcoin evangelism
Craig Coben - Financial Times
History, they say, doesn't repeat, but it often rhymes. Bitcoin-hodling MicroStrategy is an excellent example. In early 2000, MicroStrategy embodied the excesses of the dotcom bubble: Super Bowl advertisements, a sky-high stock price of $333, a $25bn market cap, and boundless optimism. Then came accounting restatements, fines, lawsuits, and a humbling order from the SEC to "cease and desist" from securities law breaches. By autumn 2001, with its stock scraping $0.42, the company seemed destined to join the lengthy roster of tech-bubble casualties.
/jlne.ws/4fnA5wP
Bitcoin Hedge Funds' Just-About-Risk-Free Trade Is Roaring Back; Futures premium on the CME is fast approaching a year high; FalconX says credit desk is seeing increased demand for margin
David Pan - Bloomberg
The meteoric pace of the record-breaking rally in Bitcoin is making one of the most popular trades for crypto hedge funds even more lucrative than usual, likely helping to propel the original digital currency even higher to once unfathomable heights. Bitcoin, which has surged around 25% since a now more crypto friendly Donald Trump won the US presidential election last week, jumped as much as 6.3% to an all-time high of almost $85,000 on Monday. That has pushed the spread between Bitcoin futures and the digital currency's price to the most since March, when prices surged to a previous record after the introduction of US exchange-traded funds holding the tokens.
/jlne.ws/3O2novc
Brazilian Hedge Fund Verde Says It Made Bitcoin Bet Before Trump Win; Largest digital asset rose above $87,000 for first time Monday; Verde is neutral on Brazil stocks, bullish on the Indian rupee
Vinicius Andrade - Bloomberg
Verde Asset Management, the Brazilian money manager run by industry veteran Luis Stuhlberger, is among those riding the Bitcoin rally sparked by President-elect Donald Trump's return to the White House. Verde, one of Brazil's best-known hedge funds, built a small position in Bitcoin ahead of the Nov. 5 vote, while also boosting a wager against the Chinese yuan, it said in a note to clients Monday. The exact size of the firm's positions wasn't disclosed.
/jlne.ws/3UJgWNC
Humpy the Whale Cost FTX, Alameda $1 Billion in Losses, Lawsuit Alleges
Callan Quinn - CoinDesk
Among the lawsuits filed last week by the FTX estate is a 32-page document listing eight counts against Humpy the Whale, the crypto trader who earlier this year attracted attention for a governance attack on Compound DAO. Naming him as Nawaaz Mohammad Meerun, a Mauritian citizen, the suit filed in the U.S. Bankruptcy Court for the District of Delaware alleges that between January 2021 and September 2022, Meerun "orchestrated a series of massive market manipulation schemes and defrauded hundreds of millions of dollars from FTX." It also claims Meerun had connections to organized crime groups. Meerun dismissed the allegations.
/jlne.ws/48Ks4Q2
The Trump U-turn that could net tech bros billions; Cryptocurrencies have surged on hopes of a more favourable White House regime
James Titcomb - The Telegraph
Donald Trump has been a late convert to crypto. "I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he said during his first term. "We have only one real currency in the USA ... It is called the United States dollar!" However, during his victorious run for the White House this year, Trump's tune changed dramatically - to the benefit of tech bros around the world. On the campaign trail, he vowed to establish a "strategic national Bitcoin stockpile", attacked the Biden administration's crackdown on crypto, and even launched his own digital coin.
/jlne.ws/3CrZ9Ef
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Donald Trump Jr. Opts Out of White House to Join 1789 Capital
Amanda Gordon - Bloomberg
Donald Trump Jr. is joining 1789 Capital, a venture capital firm that invests in conservative-leaning companies, according to people familiar with his plans. President-elect Donald Trump's eldest son has said he won't be joining his father's administration in an official post, according to one of the people, who requested anonymity to discuss private conversations.
/jlne.ws/3O3Rv5u
Elon Musk wants to radically reshape who controls America's money supply
Elisabeth Buchwald - CNN
President-elect Donald Trump's return to the White House already carried the potential for sweeping changes to the Federal Reserve. But now a growing question is not how the central bank will operate under Trump but if it'll continue to operate at all. Elon Musk, a key Trump backer who is expected to have considerable sway in helping shape Trump's policies, included a "100" emoji while resharing Republican Sen. Mike Lee of Utah's post on X calling for abolishing the Fed.
/jlne.ws/40FKgbl
Secret Meetings, Big Money Drove Republicans' Senate Wins; Megadonors including Ken Griffin stepped up spending to help GOP take back majority
Lindsay Wise and John McCormick - The Wall Street Journal
Two years ago, Mitch McConnell undertook a covert mission to West Virginia to meet a portly English bulldog. The Senate Republican leader hoped to recruit Babydog's owner, Republican Gov. Jim Justice, to run for U.S. Senate in 2024. He told only one senior aide and traveled solo so as not to risk embarrassment to Justice or to himself, should the pitch fail. To McConnell's surprise, the governor wasn't just receptive to a Senate bid, but positive.
/jlne.ws/40MdiGn
Elon Musk's Chances of Being in Donald Trump's Administration
James Bickerton - Newsweek
Bookmaker William Hill is offering odds of 1/5 (83.3 percent) on billionaire Elon Musk taking on an official government role within President-elect Donald Trump's incoming administration. Musk, the CEO of Tesla and SpaceX and owner of X, formerly Twitter, established himself as one of Trump's most high-profile supporters over the past few months, with CNBC reporting that he donated "at least $130 million" to a pro-Trump campaign ahead of the election. On November 6, Musk celebrated Trump's electoral victory by writing on X, "The future is gonna be so [fire emoji]." He later joined the president-elect on a telephone call with Ukrainian President Volodymyr Zelensky.
/jlne.ws/3CpGatV
Trump Demands Republicans Allow Some Nominees to Bypass Senate; Incoming president says next GOP leader must agree to permit recess appointments to speed up filling posts
Siobhan Hughes and Jess Bravin - The Wall Street Journal
President-elect Donald Trump demanded that the next Republican leader of the Senate agree to allow him to push through at least some nominees without requiring a vote, a move that would give more power to the White House to get around congressional opposition. The statement by Trump, who prevailed on Election Day by winning all seven of the battleground states, showed him muscling the incoming Senate majority weeks before the Republicans are set to take over the chamber. The GOP senators, who are set to have a 53-47 margin in the next Congress, are voting on a new leader this week.
/jlne.ws/3ChL4ZR
Column: Trump's election says a lot about trust in journalism
LZ Granderson - Los Angeles Times
It's easy to forget that while the first Watergate article appeared in the summer of 1972, Richard Nixon did not resign until 1974. Over the course of those two years, Nixon won reelection in a historic landslide, mocked journalism and threatened the Washington Post repeatedly. It wasn't until the Supreme Court ordered the release of tape recordings related to the scandal that Nixon acknowledged the reporting was true and resigned in shame. Something else happened during these two years as well: The Australian media mogul Rupert Murdoch bought his first U.S. newspaper - the San Antonio Express-News - and he moved to New York.
/jlne.ws/3O92gDq
Trump's European allies think history is turning in their direction; Populist nationalists on both sides of the Atlantic share common ideas. But there are tensions just beneath the surface
Gideon Rachman - Financial Times (opinion)
/jlne.ws/40K8lxQ
Trump Win Gives Loyal Billionaire Backers Power to Sway Top Jobs; Loyal supporters of the president-elect are poised to play a major role in his second administration.
Devon Pendleton - Bloomberg
/jlne.ws/3YRU1Rw
US dependence on Canada's oil should deter Trump tariffs, industry says
Nia Williams - Reuters
/jlne.ws/3YZKvgj
Brussels to free up billions of euros for defence and security from EU budget; Policy shift will allow the bloc's capitals to redirect 'cohesion funds' amid Ukraine conflict and Trump victory
Paola Tamma in Brussels - Financial Times
/jlne.ws/48N1eGX
Germany's main parties agree to hold snap elections in February; Chancellor Olaf Scholz to bring forward confidence vote at opposition's request
Guy Chazan - Financial Times
/jlne.ws/3CneyG1
China Is Enemy No. 1 for Trump's New Team
Karl Maier - Bloomberg
/jlne.ws/3UOobDR
Allowing a London Monument to China's Power? Bad Idea; Beijing's revived plans for a super embassy should give the UK government pause for thought.
Matthew Brooker - Bloomberg
/jlne.ws/48KbGPu
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | Ex-UBS Vice Chair Joins Leniency Calls for Archegos' Bill Hwang
Ava Benny-Morrison - Bloomberg
A former UBS Group AG vice chair joined other Wall Street figures, clergy and an ex-NFL linebacker in backing leniency for Archegos Capital Management founder Bill Hwang, who faces sentencing next week for fraud and market manipulation. Bob Foresman, a senior investment banker at UBS from 2016 to 2020, wrote one of more than 100 letters Hwang's lawyers submitted Friday to back up their recommendation that he be given no prison time when he's sentenced Nov. 20 by US District Judge Alvin Hellerstein in Manhattan. Hwang faces a maximum of 20 years for each of the 10 counts on which he was convicted.
/jlne.ws/40I1fdi
ASIC sues Cbus alleging systemic claims handling failures
ASIC
More than 10,000 members and claimants of the Construction and Building Unions Superannuation Fund (Cbus) were impacted by death benefits and total and permanent disability (TPD) insurance claims taking more than 90 days to be processed, according to allegations contained in documents lodged by ASIC in the Federal Court today. The civil penalty proceedings filed by ASIC against United Super Pty Ltd (United Super), the trustee of Cbus, allege that from September 2022 to November 2024, it failed to act efficiently, honestly and fairly in the handling of claims for death benefits and TPD insurance.
/jlne.ws/3Z5PCvC
Small foreign controlled company pays $187,800 penalty for failing to lodge financial reports
ASIC
Optix Australasia Pty Ltd, has paid $187,800 to comply with an infringement notice issued by ASIC. The infringement notice was issued because ASIC has reasonable grounds to believe that Optix, a small proprietary company and ultimately controlled by South African listed company, KAP Limited, failed to lodge its financial reports with ASIC for the year end 30 June 2023 (FY23), within the period specified under the Corporations Act 2001. Optix paid the infringement notice on 8 November 2024. Payment of an infringement notice is not an admission of guilt or liability.
/jlne.ws/3UN8cpG
New rules to strengthen resilience of UK's financial sector
FCA
UK financial regulators have confirmed new rules to bolster the resilience of technology and other third parties providing key services to financial firms. Financial firms and financial market infrastructures (FMIs), such as payment systems, have become increasingly reliant on the services of a small number of third party providers, known as critical third parties. While these third parties can enhance competitiveness for the sector, disruption or failure to one of them-such as a cyber-attack or power outage-could affect a large number of consumers and firms, and threaten the stability of the UK financial system. That is why, in 2023, the government gave regulators new powers to oversee the resilience of the services these third parties provide the sector, that may cause risks to financial stability. Today, the Financial Conduct Authority, Bank of England and Prudential Regulation Authority have set out how they intend to use their new powers, having consulted widely and working closely with industry to inform the design of the regime. The new rules align closely with international standards and similar regimes, like the EU's Digital Operational Resilience Act.
/jlne.ws/4epVN1R
FCA fines Metro Bank £16m for financial crime failings
FCA
The FCA has fined Metro Bank PLC (Metro) £16,675,200. Between June 2016 and December 2020, Metro failed to have the right systems and controls to adequately monitor over 60m transactions, with a value of over £51bn, for money laundering risks. Metro automated the monitoring of customer transactions for potential financial crime in June 2016. However, its system did not work as intended. An error in how data was fed into the system meant transactions taking place on the same day an account was opened, and any further transactions until the account record was updated, were not monitored.
/jlne.ws/48OnAHV
Written reply to Parliamentary Question on an independent securities regulator
MAS
Question: To ask the Prime Minister and Minister for Finance (a) whether the Government will consider establishing an independent securities regulator instead of having Singapore Exchange Regulation (SGX RegCo) that undertakes all frontline regulatory functions and is a wholly-owned subsidiary of SGX; and (b) if not, why.
/jlne.ws/4fIjy6b
BlackRock and the Monetary Authority of Singapore (MAS) spearhead collaboration to unlock investment opportunities in decarbonisation in Asia
MAS
BlackRock, MAS, IFC, MUFG, NEXI, and AIA have signed an SOI at the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change to explore ways to work together on a blended finance debt initiative for global investors seeking opportunities to finance corporates' decarbonisation projects at scale in Asia with a focus on Southeast Asia. The Industrial Transformation infrastructure debt programme is one of the programmes under MAS' Financing Asia's Transition Partnership (FAST-P), a blended finance initiative announced by the Singapore Government at COP28 that aims to mobilise up to US$5 billion from public, private, and philanthropic partners to finance transition opportunities in Southeast Asia.
/jlne.ws/4hIulPK
Singapore Commits US$500 Million in Matching Concessional Funding to Support Decarbonisation in Asia
MAS
At the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change, Ms Grace Fu, Minister for Sustainability and the Environment, announced that the Singapore Government has committed up to US$500 million in concessional funding to support the Financing Asia's Transition Partnership (FAST-P) launched by the Monetary Authority of Singapore (MAS) last year.
/jlne.ws/3AFFccy
Written reply to Parliamentary Question on philanthropy advisory within the banking and finance sector
MAS
Question: To ask the Prime Minister and Minister for Finance (a) whether the current regulations for the banking and finance sector allow family office and private banking relationship managers to be proactive in discussing philanthropic giving with their clients; (b) whether the Ministry has plans to catalyse these professions to help channel capital into philanthropic causes and social impact in Singapore and beyond; and (c) if so, what are they.
/jlne.ws/4fCZjYh
Written reply to Parliamentary Question on measures for insurers to promptly identify deceased policyholders
MAS
Question: To ask the Prime Minister and Minister for Finance whether MAS will consider measures that will enable licensed insurers to more promptly identify deceased policyholders and initiate claim payouts in a timely manner, thereby ensuring alignment with insurers' fair dealing obligations.
/jlne.ws/4evq1QW
District Court sets next hearing date for three sophisticated ramp-and-dump cases
SFC
Nineteen defendants of three large-scale ramp-and-dump cases appeared at the District Court today for suspected securities-related fraud and money laundering involving shares of three listed companies following joint investigations by the Securities and Futures Commission (SFC) and the Police (Note 1). The listed companies are Eggriculture Foods Limited, Fullwealth Construction Holdings Company Limited, and KNT Holdings Limited.
/jlne.ws/3YJBs1x
SFC commences MMT proceedings against Deng Yi Feng's former chairman and others over suspected manipulation of Smartac International Holdings Limited shares
SFC
The Securities and Futures Commission (SFC) has commenced proceedings in the Market Misconduct Tribunal (MMT) against Mr Sui Guangyi, former chairman and non-executive director of Ding Yi Feng Holdings Group International Limited (Ding Yi Feng), two corporate entities and 28 other suspects for alleged manipulation of the shares of Smartac International Holdings Limited (Smartac) (Notes 1 and 2). The SFC alleges that between 31 October 2018 and 11 March 2019, Sui and the other 30 suspects conducted manipulative trading in Smartac shares to push up the price and turnover, which resulted in creating a false or misleading appearance of active trading in and the price of Smartac shares. Matched trades between the suspects' securities accounts constituted a notable portion of the trading volume of Smartac shares during the material period (Note 3).
/jlne.ws/4ert9gA
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | ETF flows smash full year record; The $1.4tn pumped into global ETFs in the first 10 months of the year surpasses the $1.33tn racked up in all of 2021
Steve Johnson - Financial Times
Investors have poured record sums into exchange traded funds this year, even before a buying spree that was ignited by the election of Donald Trump as the next US President. As of October 31, global net flows into the burgeoning ETF industry had hit $1.4tn, according to data from BlackRock, eclipsing 2021's full-year record of $1.33tn. Barring a sharp turnaround, the final full-year net flows tally looks destined to be higher still, after $22.2bn was pumped into US-listed ETFs last Wednesday, the day after the election, according to State Street Global Advisors, shattering the previous post-election day record of $4.9bn in 2020.
/jlne.ws/3O2JjSS
Big changes are coming for dollar and emerging markets; If Trump imposes larger tariffs, the renminbi and US currency pegs will come under pressure
Robin Brooks - Financial Times (opinion)
The writer is a senior fellow at the Brookings Institution and a former chief economist at the Institute of International Finance.
The US election may be the start of a massive dollar rally, but markets have yet to realise this. In fact, without much clarity on what is coming, markets are currently doing a retread of price action after Donald Trump's 2016 win. Expectations of looser fiscal policy are lifting growth expectations, boosting the stock market, while rising US interest rates vis-a-vis the rest of the world buoy the dollar. But, if the president-elect follows through on tariffs, bigger changes are coming.
/jlne.ws/40E71fZ
BofA Says US Equity Exposure Surges to 11-Year High After Vote; Survey shows fund managers turned more bullish post elections; Expect US stocks to be the best-performing asset next year
Sagarika Jaisinghani - Bloomberg
Investor exposure to US stocks jumped to the highest since 2013 after the presidential election, on optimism around stronger economic growth, according to a survey from Bank of America Corp. The poll - which canvassed fund managers with $503 billion in assets - ran from Nov. 1 to Nov. 7. About 22% of participants responded after the election results on Nov. 6 and showed a "surge in bulls," strategist Michael Hartnett wrote in a note.
/jlne.ws/4hYq1w3
SoftBank returns to profit as Indian IPOs boost Vision Fund gains; Investors await founder Masayoshi Son's next big move on artificial intelligence
David Keohane in Tokyo - Financial Times
Masayoshi Son's SoftBank Group swung to a ¥1.2tn ($7.8bn) profit in its latest quarter, driven by a string of successful initial public offerings in India and better tech valuations. The company's results easily beat analysts' forecasts for a profit of just ¥286.8bn and comes after a ¥931bn loss in the September quarter last year and a ¥174.3bn loss in its previous quarter.
/jlne.ws/3AsrjOX
Trump's Policies May See Return of 'Bond Vigilantes', Nouriel Roubini Says
Harry Brumpton and Haidi Lun - Bloomberg
Donald Trump's return to the US presidency could see the re-emergence of the "bond vigilantes" if he follows through with his big spending plans, Nouriel Roubini said. "The market discipline is going to be quite quick," if Trump pushes to make his 2017 tax cuts permanent, Roubini told Bloomberg Television on the sidelines of the UBS Australasia Conference in Sydney on Tuesday. That could curb against more "radical" economic policies, he said.
/jlne.ws/3CASS96
The 1928 Rally Was Just Like This One; Herbert Hoover and Donald Trump are a tale of two great post-election surges in the stock market - which proves nothing.
John Authers - Bloomberg Opinion
Too Soon to Hail the Markets: Politicians shouldn't judge themselves by the stock market. But it's happening again. Here follow some cautionary tales on what the post-election rally in stocks does and does not portend for the US economy over the next four years. Scott Bessent, for many years a leading investor for George Soros, may very well be the next Treasury secretary. The Polymarket prediction market (which hasn't gone away) puts his chances at 70%. In an important op-ed for the Wall Street Journal, he has set out an agenda for economic policy that's worth reading. Headed "Markets Hail Trump's Economics," it makes this claim:
/jlne.ws/3O3bgdh
Euro Parity With Dollar Is the Big New Call by Currency Analysts; Pictet, LBBW now forecast euro falling to $1 next year; US tariffs, German chaos spell 'worst case' for euro, TD says
Naomi Tajitsu and Anchalee Worrachate - Bloomberg
/jlne.ws/4hHezoh
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Sustainable Trading launches Member Progress Framework; Developed in response to member demand, the new framework offers an actionable way to track and communicate sustainability efforts.
Wesley Bray - The Trade
Sustainable Trading has launched its new Member Progress Framework, offering an effective way to engage directly with the firm and sustainability practices in the trading industry. The framework offers a practical, step-by-step approach for firms to make measurable progress, earn recognition and contribute to higher industry standards, the firm said.
/jlne.ws/4hJhnB8
Our economic survival depends on unlocking green capital; Governments, companies and investors all have a vital role to play in funding the energy transition
Christine Lagarde - Financial Times (opinion)
The writer is president of the European Central Bank.
We've all heard it time and again: either we tackle climate change and safeguard nature, or we face the steep price of our inaction. And that price is rising by the day. Just consider the recent flooding in Spain, the droughts in the Amazon basin or the storms in North America. These events are horrific in and of themselves, but they are also ruining the foundations of our economies and, ultimately, the basis of our economic survival.
/jlne.ws/3AEgA3M
Global carbon trading deal agreed even as US warns climate fight may be on 'back burner'; Biden diplomat at COP29 says Trump's election is 'bitterly disappointing' for those worried about global warming
Kenza Bryan in London, Attracta Mooney in Baku and Aime Williams in Washington - Financial Times
A deal to launch multibillion-dollar carbon markets governed by UN rules on emissions has been agreed at the COP29 climate summit, as countries attempt to show the fight against climate change will persist despite last week's election of Donald Trump. In the first symbolic negotiating breakthrough, the COP29 presidency pushed successfully on Monday for countries to adopt rules on a global market for trading instruments representing carbon emissions.
/jlne.ws/4fmITTD
How oil and gas companies disguise their methane emissions; FT analysis shows that firms regularly hide leakages of the deadly greenhouse gas - despite this being one of the easiest climate fixes there is
Attracta Mooney in Baku and Jana Tauschinski in London - Financial Times
On the shores of the Caspian Sea, less than 30 miles from the place where world leaders, ministers and negotiators are meeting at the COP29 climate summit in Baku this week, a powerful greenhouse gas has been venting into the atmosphere. A sensor installed on the International Space Station detected six separate plumes of methane between April and June. According to the California-based non-profit Carbon Mapper, which analysed the data and shared it with the Financial Times, all were traced to oil and gas sites on the outskirts of Azerbaijan's capital.
/jlne.ws/40D5Ihj
Shell Wins Appeal Against Landmark Carbon-Emissions Ruling Decision marks a setback for efforts by environmental groups to hold energy companies responsible for the effects of climate change
Jenny Strasburg and Christian Moess Laursen - The Wall Street Journal
Shell won its appeal against a 2021 landmark decision that said it was partially responsible for climate change and must sharply cut its carbon emissions, delivering a major court victory to the oil giant in a closely watched case. The ruling in a Dutch court is a setback for efforts by nonprofits and other groups to hold energy companies and other multinationals responsible for the effects of climate change. But experts warned the issues raised in the case remain far from settled. They said Tuesday's judgment signaled a willingness by the court to mandate emissions curbs, while leaving wide latitude for the mechanisms to be worked out in future litigation.
/jlne.ws/4epCNk8
Exxon Says Trump Should Keep U.S. in Paris Climate Pact; Exxon Mobil CEO Darren Woods says the president-elect's plan to pull U.S. out of the agreement is a bad idea
Collin Eaton and Benoit Morenne - The Wall Street Journal
The chief executive of Exxon Mobil says President-elect Donald Trump shouldn't pull the U.S. from an international pledge to mitigate climate change, putting the oil giant at odds with the incoming administration on a key policy issue. In an interview, Exxon CEO Darren Woods said a second U.S. exit from the 2015 Paris climate agreement-as Trump has proposed-would create uncertainty and could confuse global efforts to stop the worst effects of climate change. Exxon has publicly supported the goals of the accord since 2015.
/jlne.ws/3AC7Nzr
State Bank of India Unit to Raise $237 Million for Climate Fund; The unit plans to raise funds from multilateral institutions; Aims to invest in companies focusing on curbing emissions
Saikat Das - Bloomberg
/jlne.ws/3CoWCL4
Nuclear fusion start-up claims milestone with unconventional reactor; Design by New Zealand's OpenStar levitates a giant magnet inside a cloud of superheated plasma
Malcolm Moore - Financial Times
/jlne.ws/3YJKlIz
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The Outsider Trying to Restore Citi to Investment-Banking Glory; Citi bankers, 'embarrassed by how little we've done,' are trying to win more private-equity deals and loans
Justin Baer - The Wall Street Journal
The man charged with reviving Citigroup's reputation as an investment bank is setting his sights on the buyout kings. Vis Raghavan, Citi's new banking head, wants his dealmakers to advise on and finance more private-equity deals, bringing in more fees to a group that has punched below its weight for more than a decade. If they succeed, the business should be taking a bigger slice of the pie that companies and investors pay to Wall Street each year. Hitting his even modest growth targets could bring in some $400 million in additional fees a year. Citi earned $2.7 billion in investment-banking fees last year.
/jlne.ws/4fsTeO0
Citadel Hires Elliott's Bhanji in Race for Hedge Fund Talent
Swetha Gopinath, Dinesh Nair and Eyk Henning - Bloomberg
Citadel, the hedge fund founded by billionaire Ken Griffin, has hired Elliott Investment Management partner Nabeel Bhanji in one of the industry's top defections this year. London-based Bhanji, 38, is leaving Elliott after more than a decade, according to an internal memo seen by Bloomberg News. A representative for Citadel confirmed Bhanji is joining, without providing details on his exact role.
/jlne.ws/3CpHmgT
BlackRock Targets Money-Market Fund Business in New ETF Push
Katie Greifeld and Emily Graffeo - Bloomberg
BlackRock Inc. is throwing its weight behind an early push to bring exchange-traded funds to money-market investors. The asset-management company - which helped hasten the widespread adoption of ETFs - is seeking regulatory approval for two new funds, the iShares Government Money Market ETF and the iShares Prime Money Market ETF, according to filings with the Securities and Exchange Commission.
/jlne.ws/3CnMB0x
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Wall Street Welcomes Back Fatter Bonuses; Pay had been weighed down by higher rates and economic uncertainty
Justin Baer - The Wall Street Journal
Wall Street bonuses are on the rise for the first time in three years. How big a pay bump bankers and traders get will depend on the type of work they do. Those who work in the hot market for bond sales are set to see their bonuses jump by as much as 35%, according to a study by Johnson Associates, an industry pay consultant. Those who help companies sell stock should see increases of 15% to 25%, on average, with stock traders receiving raises of up to 20%. "If you're in the securities industry, you better be pretty optimistic," said Alan Johnson, the firm's founder. "Most of these firms will communicate a positive message: 'We're on an uptick and climbing the hill, and we're halfway there. We expect to go even further next year.'"
/jlne.ws/40IGzSh
***** Here is the Bloomberg version of this story.~JJL
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | RFK Jr. Is Too Dangerous for Government; A vaccine skeptic and peddler of junk science, his theories would put Americans at risk.
Michael R. Bloomberg - Bloomberg (opinion)
One of Donald Trump's signature first-term achievements was Operation Warp Speed, the $18 billion effort to accelerate development of the Covid-19 vaccine. He deserves lasting credit for supporting the major effort it involved, the millions of lives it helped save and the enormous economic benefits it produced. So why would he now appoint someone who would undo his own success? In his election night victory speech, Trump suggested that Robert F. Kennedy Jr. - a notorious anti-vaccine crusader and peddler of junk science - would have a prominent role in his administration. It would be a disastrous mistake that would kill and sicken countless Americans while also harming Trump's political standing and tarnishing his first-term legacy.
/jlne.ws/3UOlwtR
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan Pledges Fresh $65 Billion in Support for Chips and AI; Tokyo looks to keep up with global wave of spending on tech; Economic package draft sketches out new chip support framework
Takashi Hirokawa, Yoshiaki Nohara, and Takashi Umekawa - Bloomberg
Japanese Prime Minister Shigeru Ishiba pledged more than $65 billion of fresh support for the nation's semiconductor and artificial intelligence sector as Tokyo looks to keep up with a global spending spree on cutting-edge tech. Ishiba said he hoped public aid of more than ¥10 trillion ($65 billion) for the sector by fiscal 2030 would serve as a catalyst to generate public and private investment of more than ¥50 trillion over the next 10 years.
/jlne.ws/3UNvcVj
Nigeria Sees Crude Output Rising 30% by Year-End on New Deals
Emele Onu - Bloomberg
Nigeria expects a 30% increase in crude and condensate output as authorities strengthen security around the nation's oil infrastructure and incentives in the sector attract investment, even though the gain could cross its OPEC+ commitment to limit production. Output will reach 2 million barrels a day before the end of the year from 1.54 million barrels in September, according to the Nigerian Upstream Petroleum Regulatory Commission. "As at today the country's crude oil production plus condensate is 1.8 million barrels per day and we're pushing, working with everyone to increase it to two million barrels a day before December," Enorense Amadasu, executive commissioner for the Abuja-based agency said at a conference in Lagos on Monday.
/jlne.ws/4hHCHqO
Saudi Finance Firm Gets $35 Billion in Orders for $264 Million IPO; United International's Riyadh IPO was covered 132 times; Parent United Electronics is selling 30% stake in the deal
Laura Gardner Cuesta - Bloomberg
Investors put in 131 billion riyals ($34.8 billion) of orders for the initial public offering of a Saudi Arabian financial services firm, in the latest example of strong demand for share sales in the kingdom. United International Holding Co.'s Riyadh IPO was covered 132 times, according to a statement on Tuesday. Its parent United Electronics Co. - known as Extra - is set to raise 990 million riyals by selling a 30% stake in the deal. The final price was set at 132 riyals per share, the top end of a marketed range, implying a market capitalization of 3.3 billion riyals. The offering had sold out minutes after books opened last month.
/jlne.ws/3Z0gugl
Qatar Picks QIA's Americas Boss to Run $510 Billion Fund
Matthew Martin, Dinesh Nair, and Nicolas Parasie - Bloomberg
Qatar named Mohammed Al Sowaidi as the chief executive officer of its $510 billion sovereign wealth fund, which is set to acquire even more financial firepower in coming years. Al Sowaidi, who joined the fund in 2010, was most recently its chief investment officer for the Americas region and helped establish a US office. He replaces Mansoor Al Mahmoud, who's led the entity since 2018 - longer than a typical four-year term.
/jlne.ws/3YIwbaM
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
