| September 01, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Congratulations to James "Bugz" Brooks, who was honored at the R.J. O'Brien 27th Annual "Exchange of Ideas" IB Conference in Dallas, TX last weekend for his 40 years at the firm. August 26th was declared "James 'Bugz' Brooks Day" and a video was played that was produced by John Lothian Productions and featured an original song about Bugz, written, sung and produced by my musician/songwriter nephew Andrew Lothian. John Lothian Productions Head of Video Patrick Lothian did the creative work on the video, including the AI replication of Bugz's voice and the AI images of Bugz. I conducted the interviews, Patrick shot the in-person video, and Crystal Clear Communications' Ellen Resnick assisted with the project, along with Lulu Cavarette of R.J. O'Brien.
I really loved this project. First, Bugz is a great guy who is very deserving of the honor and all the nice things people said about him. Second, during the previous project we did for RJO, we learned that the late John O'Brien, Sr. used to like to write songs about employees of RJO for special occasions, writing new lyrics to well known tunes. So I pitched RJO on the idea of an original song for the video and it just made it incredibly special.
The song was written and performed in a country style because Bugz loves country music and is a friend of country singer Dierks Bentley. Bugz even has an interest in a bar in Denver where country music is performed.
You can hear the whole song on SoundCloud HERE. You can read the lyrics on the post on JohnLothianNews.com about the song.
STA President & CEO Jim Toes is throwing his hat in the political ring in one of the most high profile Congressional districts in the country, risking catching fire from an opponent whose pants are permanently on fire from telling numerous lies. Toes announced on LinkedIn that he is running for the 3rd Congressional district of New York as a Republican, facing off against two-faced George Santos. Toes "believes the U.S. Constitution is the greatest political document that has ever been written. He is an optimist who firmly believes there is no problem that the American people cannot solve."
Toes claims to be an outsider, which I guess he can, though he regularly meets with Congressional leaders on behalf of the STA and its member firms. Most importantly, Toes "believes it is time for an approach to politics that embraces collaboration and seeks common ground to drive progress."
Bloomberg is reporting that the MIAX Spikes futures will stop trading in November after a federal judge last month sided with Cboe Global Markets Inc. It isn't clear from the story what the legal issue is on which the judge sided with Cboe, but several market participants, including Citadel, were wanting Spikes to continue to trade in the name of competition. MIAX Spikes futures are the only competition to the dominant VIX futures of Cboe. For now, it looks like Cboe put a spike in Spikes, but I doubt the MIAX team will give up so easily. Having been around the industry for a long time, there are court wins, and then there are court wins with women wearing horned helmets while singing. I don't see no horns. On the other hand, I do see a Cboe shark.
The U.S. is not the only one with big storms this week; Hong Kong is getting hit with Super Typhoon Saola. According to Bloomberg, "The stock market was closed Friday along with schools and most public transportation was grounded. Many flights are being canceled."
CME Group Foundation Executive Director Eva Giglio shared on LinkedIn that the CME Foundation has launched a new grantmaking strategy centered on supporting the mental health of young women and girls in Chicago with an initial $2M investment. She wrote, "Recently, the CDC reported that 57% of teen girls in the US feel persistently sad or hopeless. We believe that we must focus on the wellbeing of the whole child in order for them to meet their educational goals. This new grantmaking strategy supports organizations that are offering mentoring, therapy, and other direct services to school aged girls and young women." Read the details HERE.
Happy 35th anniversary to equity index futures at JPX. Nikkei 225 futures and TOPIX futures began trading on the former Osaka Securities Exchange and the Tokyo Stock Exchange on September 3, 2007. Also, the Japan Securities Clearing Corporation ("JSCC") announced that "clearing volume in its clearing services for interest rate swap transactions ("IRS") reached 1,181 trillion yen as of August 2023, exceeding the previous record of 2022 yearly total of 1,111 trillion yen, setting a new record."
The Washington Post must have learned a thing or two about diplomacy from being the capital newspaper. A story about the best pizza in America does not seek a number one for the whole country, rather it lays out several notable pizza joints, restaurants and trattorias in each region of the country. It is good to know where to get a good pizza when traveling, so this is good information. The story is titled "The Best Pizza in America: region by region."
Do you know how to flirt? I think I may have forgotten, but then I am an old married guy, so I don't really need to, or should not be doing so. The Bumble CEO predicts AI dating coaches will teach you how to flirt, with dating technology helping to cure America's loneliness epidemic, Bloomberg reports.
It is going to be a hot Labor Day weekend in the Midwest, with temperatures in the 90s on Sunday and Monday, so good weather to find a shady spot outside to enjoy the weekend activities, family and friends and the end of summer. JLN wishes everyone in the U.S. a happy Labor Day weekend. There will be no JLN or JLN options on Monday for the holiday. We will return on Tuesday.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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CCP Global published the summer edition of its Bi-Annual Newsletter today. The newsletter recaps 2023 events, including its work with IOSCO and conclusion of its work formalizing information exchange among CCPs. It also discusses its trading name update to "CCP Global," while retaining the full name of The Global Association of Central Counterparties. Download the newsletter here. ~SAED
The ICE Climate & Capital Conference, part of NYC Climate Week, takes place September 20, from 9 a.m. to 6 p.m. Adaptation, Innovation and Regulation (AIR) are the themes that will be discussed in a series of panel discussions featuring 40 speakers. In person attendance is already oversubscribed but the event will be streamed live and direct from the NYSE on September 20. Learn more and register here.~SAED
LME Week, the annual gathering of the global metals community in London, takes place on Monday, October 9, 2023. Metal industry executives meet to discuss current trends in metals markets and what to expect for the year ahead, and to network with industry peers and colleagues. Flagship events during LME Week include the LME Metals Seminar on Monday, Oct. 9, at the QEII Centre in London and the LME Annual Dinner on Tuesday, October 10 in The Great Room, Grosvenor House Hotel, London. The LME Dinner is an invitation-only event attended by international VIP guests of the LME and its members. Accommodation is available at the Clermont Charing Cross and the London Hilton Park Lane. Early bird rates are available until September 8. Learn more and register here. ~SAED
Our most read stories yesterday on JLN Options were:
- VIX Fear Gauge's Only Competitor Set to Vanish From the Market
- Grayscale Faces 'Instantaneous' Fee War in US Bitcoin ETF Race
- The dangers of leveraged ETFs ~JB
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Iowa Dreams
JohnLothianNews.com
John Lothian Productions produced a video for R.J. O'Brien to honor James "Bugz" Brooks' 40 years at the firm. The video was unveiled at the R.J. O'Brien 27th Annual "Exchange of Ideas" IB Conference in Dallas, TX on August 26th, which was declared "James 'Bugz' Brooks Day."
Watch the video »
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Are you too passive about your passive investments? If you haven't reviewed your holdings for a few years, you may be shocked by the fees
Moira O'Neill - Financial Times
Beating the stock market by "active" investing is no longer the focus for many investors. Instead, investing in a passive or tracker fund, which follows a stock market index and delivers returns in line with the market average, has become the norm. But are you too passive about your passives? If you've ignored them for a few years, your chosen investments might carry higher fees than they need to. With a little effort, you can power up your performance.
/jlne.ws/3sBlvhC
****** I was passive for a very long time, when I was a broker and had too much risk otherwise. Now my passive investing is too active.~JJL
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Options: don't be a hero - steer clear of zeroes; Ultra-short contracts, already popular in the US, are now in Europe
Lex Populi - Financial Times
An investing tool that has become hugely popular in the US in recent years this week landed on European shores. The imports are "zero-day-to-expiry" options. These combine two elements with potentially explosive consequences: day trading and derivatives. Eurex, a derivatives exchange run by Deutsche Börse has launched one-day options tied to the widely-followed Euro Stoxx 50 equity index. The product will appeal to institutions and sophisticated private investors, it predicts.
/jlne.ws/3Z21qgL
***** A hero ain't nothing but a sandwich. Actually that is the name of a movie. ~JJL
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NFTs, Once Hyped as the Next Big Thing, Now Face 'Worst Moment'; When you look at the charts, "everything is down."
Olga Kharif and James Tarmy - Bloomberg
NFTs first crossed Daniel Maegaard's radar in 2018. He started investing in the tokens in 2019 and by 2021 held hundreds of them, ultimately ranking among the world's best-known and influential NFT collectors. Under the pseudonym Seedphrase, he accumulated millions of dollars' worth of the crypto tokens and famously sold one for a cool $4.45 million in 2022.
/jlne.ws/3R5QHzW
***** Hype only lasts so long before gravity takes over. ~JJL
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What Will Happen to Bloomberg After Its Founder Steps Away? A leadership reshuffle at the financial data giant has rekindled questions about a future sale or a move to take the company public.
Andrew Ross Sorkin, Ravi Mattu, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
What will happen to Bloomberg L.P. after Mike Bloomberg steps away? That question resurfaced last week after the billionaire, 81, announced leadership changes and a new board for the company he founded in 1981 after leaving Salomon Brothers. (That said, he told employees that he's "not going anywhere.") Publicly, Mr. Bloomberg has said that his 88 percent stake in the company behind Wall Street's favorite data terminals will pass onto Bloomberg Philanthropies, his charitable giving arm. But what happens after that?
/jlne.ws/45zUKso
****** Take the firm public, but have a big chunk of the voting stock owned by the charitable arm.~JJL
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Thursday's Top Three
Our top read item Thursday was The Global Association of Central Counterparties - adopts its new name and branding from CCP12 to CCP Global, a press release from the newly-renamed CCP Global. Second was Goldman Used to Be a Dream, Now It's Just a Bank, an opinion column from Bloomberg. Third was the Covid data tracker from the Center for Disease Control and Prevention (CDC).
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| Lead Stories | Jon Corzine's Critics Want Him Banned From Futures Trading
Lydia Beyoud and Miles Weiss - Bloomberg
Jon S. Corzine's critics are making a renewed effort to halt the comeback attempt of the former head of MF Global Holdings more than a decade after the derivatives brokerage imploded and about $1 billion in customer money went missing. Three prominent executives in the futures industry are asking the US Commodity Futures Trading Commission to take another close look at Corzine and his young New York-based hedge fund, JDC-JSC. They claim the former New Jersey governor and US senator no longer qualifies for an exemption that allows him and the fund to trade a small amount of futures. His 2017 settlement with the regulator left him that room, but a subsequent rule change could eliminate it, they said.
/jlne.ws/3Lt7KID
What's Behind a String of Scandals in Metals Trading?
Bloomberg News
A succession of scandals has shaken metals markets and reawakened concerns about the fragility of warehousing and shipping networks that play a critical role in the industrial economy. The latest incidents ensnared some of the world's most prestigious trading houses and revealed shortcomings in the oversight of warehouses connected to the London Metal Exchange - the world's benchmark futures market for base metals.
/jlne.ws/3YZBi60
Short-term investors in SPY and QQQ warned of options risks; Surge in use of zero-day-to-expiry instruments creates disconnect from fundamental value
Emma Boyde - Financial Times
The surge in options trading linked to the US stock market in recent years is driving more volatile pricing activity and creating potential risks for short-term investors in some of the world's largest ETFs, analysts warn. A rapid increase in the use of very short-term options, known as "zero-day-to-expiry" (0DTE) contracts, linked to the S&P 500 index and the world's largest tracker fund, the $402bn SPDR S&P 500 ETF (SPY), is driving price movements in ways that have raised concerns among academics and even highly experienced market participants.
/jlne.ws/45P36fC
Goldman's private equity deal with China state fund warrants regulatory scrutiny; China Investment Corporation has largely been a passive backer of western private equity funds, but the devil is in the details
Anne-Sylvaine Chassany - Financial Times
Not so long ago western private equity fund managers would show off their ties to China Investment Corporation, China's main sovereign wealth fund. In 2014 I paid a visit to Ardian boss Dominique Senequier's office in Paris' Place Vendôme. On the mantelpiece, stood a framed picture of then CIC chair Ding Xuedong who had recently visited. This was a sure sign the French fund manager had made it to the top league.
/jlne.ws/3EmOHLY
UBS's Biggest Win? Escaping Credit Suisse's Stigma; CEO Sergio Ermotti turns the rescue of its Swiss rival into a record profit.
Paul J. Davies - Bloomberg
UBS Group AG faced two big questions about its emergency rescue of Credit Suisse Group AG: How much profit would it make on the bargain deal? And would the distractions or taint of taking over the failing bank hurt its own business?
/jlne.ws/3r11vo3
Wall Street Gets Tough on Return-to-Office Laggards; Bosses 'will be more rigid' with latest in-person push: Wylde; Many firms expect workers in office at least three days a week
Aisha S Gani - Bloomberg
More than three years from the onset of the coronavirus pandemic, Wall Street is still working on cajoling staffers back to the office. In recent mid-year evaluations, Citigroup Inc. managers were reminding staffers with persistent absences of the firm's expectations for in-office work. Goldman Sachs Group Inc. has also started reiterating the message that it expects employees to be in the office five days a week. Later this month, BlackRock Inc. will tighten its in-office requirements from three days a week to four.
/jlne.ws/45S2rKj
All That Empty Office Space Belongs to Someone; What happens if the nearly 100 million square feet of workplace real estate stays empty?
Emma Goldberg - The New York Times
At an office in SoHo, rows of desks sit empty, while a shaggy dog - shadowing an owner nostalgic for work-from-home comforts - wanders the conference rooms. At a tech workplace downtown, a gaggle of 20-somethings divide into teams, calling out "Who's on the Orange team?" and "We're going to kill it!" as part of a game night enticing them back to in-person work. On the subway, commuters delight in a once-unimaginable indulgence: bag-spreading across two seats.
/jlne.ws/3EFnTa5
SEC Defers Decisions on Fidelity, BlackRock Bitcoin ETFs; Many analysts had expected regulator would delay on decision; Crypto industry remains excited about prospect for Bitcoin ETF
Vildana Hajric and Katherine Greifeld - Bloomberg
The US Securities and Exchange Commission delayed making a decision again on whether to approve the first US exchange-traded fund that invests directly in Bitcoin, disappointing advocates just days after a court ruling viewed by many as clearing a path for the long-awaited product. The primary US securities regulator, whose three-part mandate includes investor protection, deferred on filings from Bitwise, VanEck, Invesco, Valkyrie and WisdomTree, according to documents posted on its website Thursday.
/jlne.ws/3YVZhmF
Acquisition of Abel Noser Solutions by Trading Technologies Now Complete
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, and Abel Noser Solutions, LLC (ANS), the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants, today announced that TT's acquisition of ANS from Abel Noser Holdings, a majority-owned portfolio company of Estancia Capital Partners, is now complete.
Abel Noser LLC, an agency-only brokerage that provides a range of trading services and analytics for investment managers, asset owners, investment consultants and brokers, is not part of the transaction and will continue to operate as an independent agency-only execution broker-dealer.
/jlne.ws/3PjpEzz
'Deal of the century': how UBS's rescue of Credit Suisse proved a boon; Record $29bn quarterly profit linked to the takeover triggers fierce political debate in Switzerland
Owen Walker and Stephen Morris - Financial Times
UBS's top managers were sceptical when they were forced to rescue their scandal-ridden rival Credit Suisse. Five months on, the deal has made the bank Europe's second-most valuable lender. UBS on Thursday said the state-sponsored takeover had fuelled a $29bn gain, a record quarterly profit for any bank. Chief executive Sergio Ermotti also confirmed UBS would get to keep its rival's "crown jewel" - the domestic consumer bank - while also cherry picking the most attractive assets, clients and staff from the investment bank and wealth management divisions.
/jlne.ws/47VALWG
Massive Metals Theft Reported at Europe's Largest Copper Producer; Aurubis shares dropped 15% after the German company said it could face losses of hundreds of millions of euros
Julie Steinberg - The Wall Street Journal
Europe's largest copper producer Aurubis NDA -10.28%decrease; red down pointing triangle said it might face losses of hundreds of millions of euros stemming from a theft within its recycled materials business, the latest in a string of fraud-related incidents to hit the metals industry this year.
/jlne.ws/45ytgUe
Volatility trading picking up traction as the market pegs it as a future core strategy; A recent Acuiti report found that 75% of prop trading firms surveyed saw volatility trading strategies out-perform other markets in 2022.
Claudia Preece - The Trade
Following a recent period of high volatility, strategies have begun to alter accordingly and market onlookers continue to predict a growth in volatility trading as the market increasingly turns its attention to the area. A recent report from Acuiti published in July confirmed that volatility trading is gearing up for significant growth, with the sector "moving from a niche asset class to a core strategy for many firms seeking to diversify their strategies".
/jlne.ws/3PjmbkG
Fireside Friday with... Blue Ocean Technologies' Brian Hyndman; The TRADE speaks to Brian Hyndman, chief executive of Blue Ocean Technologies, about the drivers behind increased trading hours for US equities, the benefits this can provide retail and institutional investors, and how trading desks can adapt to this change.
Wesley Bray - The Trade
What is driving the push for increased trading hours for US equities?
When I tell people that we trade US equities overnight, they can't believe it hasn't been done before. Other asset classes such as crypto trade 24 hours a day, seven days a week. Futures and FX also trade 24/23 hours, so why not US equities?
/jlne.ws/3R55jzw
LinkedIn is getting weirdly personal and not everyone likes it
Danielle Abril - The Washington Post
She wanted to be open and real. So Erika Taylor-Beck got vulnerable on social media. "I don't always have it all together," she wrote before revealing that she had been sexually abused, had turned to self-harm and binge drinking as coping mechanisms and has struggled with social anxiety and depression. "I share my 'dirty laundry' because it has made me who I am. ... I'm grateful, and I want to help others get here too."
/jlne.ws/3Pj0G3s
SEC Opens A New Can Of Worms With NFT Enforcement Action
Maria Gracia Santillana Linares - Forbes
The U.S. Securities and Exchange Commission has taken its first enforcement action against non-fungible tokens, widening its assault on cryptocurrencies and raising a host of questions for issuers, exchanges, buyers and sellers of digital assets that can be used to transfer ownership of anything from artworks to real estate.
/jlne.ws/44FcG3v
Hyun Song Shin on the New Financial Stability Risks; Where are the dangers now?
Tracy Alloway and Joe Weisenthal - Bloomberg
At Jackson Hole, the Kansas City Fed's annual gathering for economists and central bankers, there's a lot of focus on the short-term path of monetary policy. But, of course, the Economic Symposium is supposed to be about long-term policy frameworks. And central bankers aren't just responsible for changing benchmark interest rates - they are also financial regulators.
/jlne.ws/47ZIwLA
In wake of Credit Suisse, Switzerland told to better prepare for bank failure
Noele Illien, Elisa Martinuzzi and John O'Donnell - Reuters
Switzerland was urged to prepare properly for the failure of a big bank on Friday by a group of experts in the wake of the collapse of Credit Suisse, but their report to government skirted radical reform some say is needed.
/jlne.ws/3sFuIFS
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukrainian forces make gains on front line, Kyiv says
Henry Austin - NBC News
Kyiv's forces have made gains on the front line in the southeast of the country, according to the Ukrainian military, a rare success as the slow-moving counteroffensive against well-defended Russian troops grinds on. The breakthrough, if it holds, would be a vindication for Ukraine, which has endured growing criticism from some of its closest partners about the way it is managing the war.
/jlne.ws/3PkkCmm
Zelenskyy says Ukraine has developed a long-range weapon, a day after a strike deep inside Russia
Associated Press
Ukrainian President Volodymyr Zelenskyy said Thursday his country has developed a weapon that hit a target 700 kilometers (400 miles) away, in an apparent reference to the previous day's strike on an airport in western Russia. Zelenskyy said on his Telegram channel the weapon was produced by Ukraine's Ministry of Strategic Industries but gave no other details.
/jlne.ws/3EnLYBO
'Don't belong there': the Ukrainians dodging the front
Barbara Wojazer and Helene De Lacoste - AFP
Ivan Ishchenko volunteered to fight against invading Russian troops, but after a month of combat he was willing to pay thousands of dollars and risk prison to flee the front. "Before I went to war, I thought I was a superhero. But all heroism ends when people see (war) with their own eyes and realise that they don't belong there," Ishchenko, 30, said. "I saw someone being shot near his spleen; the pain was crazy. Then I saw a severed head. It all built up... I didn't want to see anything else." So, one day he deserted without warning anyone but his mother and fled Ukraine.
/jlne.ws/3P0etKP
Russia Splits on Capital Controls With Outflow Threatening Ruble
Bloomberg News
Russia is hashing out a strategy for countering outflows of capital, with top officials disagreeing over the option of tighter controls as the ruble again comes under pressure to depreciate. Speaking at a central bank event in Moscow on Friday, Governor Elvira Nabiullina said she opposed stiffer restrictions because companies are able to bypass measures such as mandatory currency sales. Finance Minister Anton Siluanov, who advocates a tougher approach, acknowledged the differences but pledged that "we'll still find a joint solution."
/jlne.ws/3YX7sz6
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CCP Global Bi-Annual Newsletter
CCP Global
Dear Reader. It is a pleasure to bring you our latest newsletter - summer edition. This summer, we were delighted to hold our Annual General Meeting alongside IOSCO's General Meeting in Bangkok. The meetings with public sector bodies and across our membership were productive and there is always great satisfaction to see exchanges and thoughtful development. In particular, the exchanges on default management best practices and our participation in IOSCO's work on central clearing in emerging markets stand out. We are of course extremely pleased to welcome KELER CCP as a primary member and enjoyed their colourful presentation.
/jlne.ws/3L1Kv8b
SIX Exchanges Figures: August 2023
BME
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
/jlne.ws/3Z26nWT
Cash market trading volumes in August 2023
Deutsche Boerse
Deutsche Boerse's cash markets generated a turnover of euro 92.50 billion in August (previous year: euro 99.23 billion / previous month: euro 88.93 billion).
/jlne.ws/45BvbYe
Update of ETF Market Making Incentive Scheme Version 2.0
JPX
Tokyo Stock Exchange, Inc. (TSE) introduced an ETF Market Making Incentive Scheme in order to improve liquidity in the ETF market in July 2018. Thereafter, TSE launched ETF Market Making Scheme Version 2.0 (Ver.2.0) in April 2019 and will now be updating said scheme on October 1, 2023.
/jlne.ws/3Phs6GR
Trading Overview in August 2023; Japan Exchange Group released Trading Overview in August 2023
JPX
Cash Equity Market - In August 2023, the daily average trading value for the Prime Market (domestic common stocks) was JPY 3.7961 trillion; The daily average trading value for the ETF market was JPY 215.8 billion.
Derivatives Market - In August 2023, total derivatives trading volume was 32,891,367 contracts; In August 2023, total derivatives trading value was JPY 246 trillion; In August 2023, trading volume for the night session and the ratio of the night session were 12,204,052 contracts and 37.1%.
/jlne.ws/3EjWrOT
Celebrating the 35th Anniversary of Equity Index Futures at JPX
JPX
This year marks the 35th anniversary of equity index futures trading at JPX. On September 3, 1988, trading of Nikkei 225 Futures and TOPIX Futures began on the former Osaka Securities Exchange and the Tokyo Stock Exchange. With the launch of the night session in 2007 and holiday trading in 2022, the equity index futures market at Japan Exchange Group, Inc. (JPX) has grown to become one of the world's leading derivatives markets, attracting a wide range of participants including overseas and retail investors.
/jlne.ws/3EjuOFJ
Record-Breaking Volume in Clearing Service for Interest Rate Swap
JPX
Japan Securities Clearing Corporation ("JSCC") is pleased to announce that clearing volume in its clearing services for interest rate swap transactions ("IRS") reached 1,181 trillion yen as of August 2023, exceeding the previous record of 2022 yearly total of 1,111 trillion yen, setting a new record.
/jlne.ws/3EmFKlR
In August, a record activity of participants was recorded on the derivatives market
MOEX
The volume of trading on the derivatives market of the Moscow Exchange in August 2023 amounted to 9 trillion rubles. This is the highest value since February 2022. Transactions with futures and options were also concluded by a record number of clients in the entire history of the futures market - 149 thousand, of which 68% accounted for individuals.
/jlne.ws/3PnfYUE
NYSE Options: FLEX Timer Change
NYSE
Beginning Friday, September 1, 2023, pursuant to American Rule 900G(b)(5) and Arca Rule 5.30- O(b)(14), the Request Response Time (RRT) for FLEX option trading on the Floor will be adjusted to a reasonable amount of time - of no less than three seconds and no longer than five minutes - as determined by the Trading Official on an order-by-order basis.
/jlne.ws/3P2I4mQ
NYSE Arca Options: September 2023 Pricing Changes
NYSE
On September 1, 2023, pending effectiveness of a regulatory filing, NYSE Arca Options will introduce new Customer Take Fee Discount Tiers.
/jlne.ws/3qY3Tw4
NYSE American Options: Reduction of the Time Required to List Options on Certain Securities Following an IPO
NYSE
Effective September 1, 2023, pursuant to Commentary .01(4)(a) of NYSE American Rule 915, the Exchange will implement changes to reduce the time required to begin listing and trading options on certain covered securities following their Initial Public Offering ("IPO").
/jlne.ws/3OSANWM
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Best cryptocurrency exchanges and trading apps in September 2023
James Royal, Ph.D. - Bankrate
While cryptocurrency has surged in popularity in recent years, only a minority of Americans have actually traded it. Among the most popular cryptos are Bitcoin, Ethereum and Cardano, each of which has seen a lot of action as prices rise and fall. The appeal for traders? The potential to make significant money on the volatility of these highly speculative assets.
/jlne.ws/45yq7Uo
Fintech South 2023 is a world-class summit with its nexus in Atlanta live and in-person, a global financial technology hub that is home to more than 200 fintech companies.
Fintech South
/jlne.ws/3L4Pu7T
Get real-time access to the latest Trading Technologies news.
Elise Fleischaker - Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, and Abel Noser Solutions, LLC (ANS), the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants, today announced that TT's acquisition of ANS from Abel Noser Holdings, a majority-owned portfolio company of Estancia Capital Partners, is now complete.
/jlne.ws/3YWUlhp
Virtu Sues to Block Tech Executive's Move to Clear Street; Virtu says Nathan Clark would violate non-compete agreement; Clark is 'intimately familiar' with its software, Virtu says
Greg Farrell - Bloomberg
Market-making firm Virtu Financial Inc. sued to block its former head of client technology from accepting a senior role at prime broker Clear Street LLC, saying he would inevitably share its "most valuable trade secrets" with a budding competitor. Virtu said in a suit filed Thursday in New York state court that Nathan Clark, who resigned on Aug. 10, would be violating an 18-month non-competition agreement by accepting a position as Clear Street's chief technology officer.
/jlne.ws/44tDDas
Citi, BNP Paribas, BNY Mellon and Other Banks Complete Blockchain Interoperability Tests With Chainlink, Swift
Hope C. - CoinMarketCap
Swift, the interbank messaging service, has successfully completed blockchain interoperability tests in partnership with more than ten financial institutions, including Citi, BNP Paribas, and BNY Mellon. The tests involved connecting traditional financial assets with blockchain networks through tokenization, a process that has gained traction recently.
/jlne.ws/3L1Gi4n
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| Cybersecurity | | Top stories for cybersecurity | When And How To Hire A vCISO For Your Company's Cybersecurity Program
Justin Rende - Forbes
The role of Chief Information Security Officer (CISO) has emerged as a critical component for businesses of every size. However, not every organization has a need to employ a full-time person. The emergence of the virtual CISO (vCISO) offers a solution to this problem, but there's palpable confusion in the marketplace about what a vCISO is and what they do.
/jlne.ws/45TDE8U
Cybersecurity Tools Are New Targets For Nation-State Hackers
Newsweek
A recent flurry of online espionage campaigns shows high-end hackers increasingly targeting and exploiting the very cybersecurity tools designed to keep them out. A successful attack on a cybersecurity program offers hackers high-level access to the IT network it's installed on, opening a path to the computer crown jewels. And those networks tend to belong to the most security-conscious organizations: Government agencies and companies in critical businesses such as banking, telecommunications and electric power - attractive targets for both nation-state hackers and those with financial motivations, such as ransomware gangs.
/jlne.ws/47YvRbK
Cybersecurity firms CrowdStrike, Okta shares jump after better-than-expected earnings
Chibuike Oguh - Reuters
Shares of CrowdStrike Holdings Inc (CRWD.O) and Okta Inc (OKTA.O) each gained more than 10% on Thursday after both cybersecurity firms reported better-than-expected quarterly results, driven by strong demand for their products. CrowdStrike beat estimates when it reported late on Wednesday that its revenue jumped 37% to $731.6 million while adjusted net income more than doubled to $180 million in the second quarter on strong growth in subscriptions to its cloud-based data and identity protection services.
/jlne.ws/3YY3fei
SentinelOne CEO says the cybersecurity company is not for sale
Jordan Novet - CNBC
SentinelOne, a cybersecurity company that went public in 2021 and has yet to see its stock price exceed highs from that year, is not for sale, Tomer Weingarten, its co-founder and CEO, told CNBC in an interview Thursday. The comments follow a Reuters report earlier this month, citing unnamed sources, that said the company was looking at a possible sale. Bloomberg reported security startup Wiz was considering an acquisition of SentinelOne, pointing to comments from a Wiz spokesperson.
/jlne.ws/3L54i6E
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| Cryptocurrencies | | Top stories for cryptocurrencies | SEC delays verdict on BlackRock's ETF application; Will Bitcoin ETFs see light of day?
Danny Park - Forkast
The U.S. Securities and Exchange Commission (SEC) on Thursday postponed its decisions on seven Bitcoin exchange-traded fund (ETF) proposals, including one submitted by BlackRock, the world's largest asset manager. Seven firms - BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets - published ETF applications in the Federal Register on July 19. The SEC was scheduled to rule on all seven applications by Sept. 4. However, the regulator postponed by 45 days meaning the seven firms will now have to wait until mid-October for a decision.
/jlne.ws/3Ejmx4D
Decentralized Exchange PancakeSwap Extends its Reach to Coinbase's Layer-2 Network, Base
Hope C - CoinMarketCap
PancakeSwap, the prominent decentralized exchange (DEX) operating on the BNB Smart Chain (BNB Chain), is embarking on an expansion journey to integrate with Coinbase's Ethereum layer-2 network, Base. This strategic move is a part of PancakeSwap's ongoing multi-chain expansion initiative.
/jlne.ws/3La7IF9
Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal
Jack Schickler - CoinDesk
Creditors of bankrupt crypto lender Genesis Global Capital (GGC) have hit out at a proposed $175 million deal with the defunct exchange FTX, accusing GGC of vote-buying to "manipulate" the bankruptcy process. The Thursday filings present another headache for Genesis, which is hoping to wind up its affairs and start returning money to former customers.
/jlne.ws/44xPZhN
Treasury Aims to Snag Tax Cheats With Crypto Broker Proposal; Proposal would give government more data on crypto trades; Decentralized exchanges would also be subject to reporting
Allyson Versprille and Erin Slowey - Bloomberg
US-based cryptocurrency exchanges such as Coinbase Global Inc. and Kraken would have to report detailed information on their clients' transactions to the IRS starting in 2026 under a new Treasury proposal. The proposed regulations from the Treasury Department and Internal Revenue Service offer clarity on reporting rules enacted in 2021 to curb crypto-related tax evasion by offering more transparency into customer trades.
/jlne.ws/45zBJGw
Grayscale Faces 'Instantaneous' Fee War in US Bitcoin ETF Race; Firm vying with BlackRock, others known to undercut on fees; GBTC 2% fee compares with ETF-industry average of 0.54%
Katherine Greifeld and Vildana Hajric - Bloomberg
Fresh off a pivotal win in court this week, Grayscale Investments LLC may soon find itself in another fight: the $7.5 trillion US exchange-traded industry's never-ending contest over fees. A ruling Tuesday overturned the Securities and Exchange Commission's decision to block Grayscale's bid to convert its $17 billion Bitcoin trust into a physically backed ETF.
/jlne.ws/3szQ33n
Bitcoin Miners Draw From Iceland's Surplus of Renewable Energy
David Pan and Matt Goldman - Bloomberg
/jlne.ws/3OYirDF
Grayscale Ruling Not Enough to Halt Bitcoin's Two-Month Losing Streak; Trading volume and overall investor interest is waning; Fresh funds needed to push asset prices higher, says Acheson
Isabelle Lee - Bloomberg
/jlne.ws/45wEvMY
'September Is Going To Be Crazy'-A New Secret Binance Filing Could Be About To Rock The Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin And Solana Price
Billy Bambrough - Forbes
/jlne.ws/3szeoX9
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| Politics | | An overview of politics as it relates to the financial markets | The biggest risk to US democracy? You've probably never heard of them; The threat that a third party could swing the 2024 election is barely discussed
Simon Kuper - Financial Times
I've been obsessing about next year's US elections for a long while, but actually visiting a country always changes one's view. After talking to lots of clever people there, I came away feeling I'd overlooked the biggest risk to American democracy: that one or more third parties could win enough votes to throw the election to Donald Trump. This plausible scenario is barely discussed these days outside wonkish circles.
/jlne.ws/45ys0QY
How TikTok is cleverly evading calls in DC to ban China-owned app
Lydia Moynihan - NY Post
Threats in Washington to ban TikTok have grown quieter of late - and some insiders say the Chinese-owned app's clever courting of conservatives is part of the reason. After a dramatic spring in which calls to ban TikTok on US soil reached a fever pitch - made worse by a disastrous Congressional testimony from CEO Shou Zi Chew - the fervor died down this summer.
/jlne.ws/3r0n8Vy
Rejoining the EU remains a very distant dream; Even returning to the single market or customs union is a hard argument for an electorate queasy about reopening divisions
Robert Shrimsley - Financial Times
These should be heady times for the UK's pro-Europeans. Opinion polls now show clear and consistent expressions of regret that the country left the EU. Some even suggest a majority for rejoining. Leavers have all but given up arguing its merits, falling back on the old chestnut that "true Brexit hasn't really been tried". The dam is breached. Surely then, it is only a matter of time before the campaign to rectify this historic error begins in earnest.
/jlne.ws/45zF9Jm
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| Regulation & Enforcement | | Stories about regulation and the law. | FCA threatens banks with action as it reviews savings rates; NS&I ramps up pressure with market-leading deal
Rafe Uddin - Financial Times
UK banks are under pressure to improve deposit rates as regulators consider taking action over worries that savers have been short-changed and National Savings & Investments raised its one-year bond rate to a market-leading 6.2 per cent.
/jlne.ws/3EmNN22
Pretzel-shop worker with pennies in bank account charged in $1M scheme to buy Tesla, GameStop, Nvidia shares
Bradford Betz - Fox Business
A part-time pretzel shop worker who had only 9 cents in his bank account is charged in a fraudulent "free-riding" scheme to buy nearly $200,000 of shares in Tesla, GameStop, and Nvidia without paying for them, the Securities and Exchange Commission (SEC) says.
/jlne.ws/3L52L0v
Goldman Sachs' Fintech Unit Faces Scrutiny, EU Probe Prompts Microsoft To Unbundle Teams App, UBS Records Bumper Q2 Profit Thanks To Goodwill: Today's Top Stories
Vandana Singh - Benzinga
Goldman Sachs Group Inc's (NYSE: GS) partnerships with financial technology companies are reportedly under the scanner of the U.S. banking regulators owing to issues regarding compliance and risk. Concerns highlighted by the Fed included poor due diligence and monitoring processes when accepting high-risk non-bank clients.
/jlne.ws/3R5Qmxa
Q&A With Silicon Valley Prosecutor Taking Aim at Crypto 'Pig-Butchering' Scams; Erin West, a Santa Clara deputy district attorney, is known in crypto law-enforcement circles for raising awareness on the scams and helping victims get their money back
Mengqi Sun - Bloomberg
Erin West has been raising the alarm in crypto law-enforcement groups on "pig-butchering," an online grift in which trusting individuals are duped into bogus crypto investments. A deputy district attorney in California's Santa Clara county, which encompasses the city of San Jose and much of Silicon Valley, West said she receives multiple calls daily from victims and has for the past few years.
/jlne.ws/3YYCV3O
Bitwise Urges SEC to Greenlight All Bitcoin Spot ETFs as Deadline Looms; Best investor outcome as it would allow competition: Hougan; ETF race has captured Wall Street, crypto-industry attention
Vildana Hajric and Edward Ludlow - Bloomberg
Bitwise's Matt Hougan says that while the asset manager's application to offer the first US spot Bitcoin ETF is up for consideration this week, it may be better for the SEC to approve all the pending proposals at once. "If you look back at the history of the SEC's treatment of ETFs, you can see examples of each, and so we have no idea what their plans are," Hougan, the firm's chief investment officer, said on Bloomberg Television, about how the race might play out.
/jlne.ws/45Di34H
SEC Could Prepare Alternative Arguments to Reject Spot Bitcoin ETFs: Berenberg
Will Canny - CoinDesk
It is quite possible that the U.S. Securities and Exchange Commission (SEC) will prepare alternative arguments to justify continued rejections of spot bitcoin (BTC) exchange-traded-fund (ETF) applications based on concerns about the spot bitcoin market, German investment bank Berenberg said in a research report Wednesday.
/jlne.ws/3qOkQci
SEC Delays Spot Bitcoin ETF Decision for All Applicants Including BlackRock, Fidelity
Nikhilesh De - CoinDesk
The U.S. Securities and Exchange Commission (SEC) has delayed until October making a decision on all of the spot bitcoin exchange-traded fund (ETF) applications filed by applicants including BlackRock, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets earlier this year, according to agency filings on Thursday. Already down sharply on the day, bitcoin (BTC) fell further on the news, now off 4.1% over the past 24 hours to $26,100.
/jlne.ws/47Wj21q
SEC Charges Accountant for Aiding and Abetting a $110 Million Ponzi Scheme and Orchestrating a Separate Fraudulent Scheme
SEC
The Securities and Exchange Commission today announced charges against William V. Conn, Jr., a certified public accountant of Sandy Springs, Georgia, for participating in a Ponzi scheme perpetrated by John Woods using an investment fund Woods created and controlled, Horizon Private Equity, III, LLC ("Horizon III"). The SEC also charged Conn with conducting a fraudulent scheme through a different investment fund he formed and controlled, Horizon Private Equity, LLC ("Horizon I").
/jlne.ws/3Pl4cdr
SEC Charges Recidivist and Others in Real Estate Offering Fraud
SEC
The Securities and Exchange Commission today filed a complaint against Brady Speers, Chatree "Ben" Thiranon, and GHAP, LLC d/b/a Blue Star Texas ("Blue Star") for running a fraudulent house-flipping scheme that raised almost $8 million from 40 investors through the unregistered sale of promissory notes. Speers, Thiranon, and Blue Star represented that they would use investor funds to buy, renovate, and sell residential properties. The SEC's complaint alleges, however, that the defendants misused more than $2.9 million of investor funds to pay personal expenses and to make Ponzi-like payments.
/jlne.ws/3sAWOC1
FCA analysing lenders' fair value assessments
FCA
This assessment follows the introduction of the Consumer Duty in July 2023, which requires firms to ensure the products and services across their range deliver fair value to their customers and act if they do not. We will now analyse the information banks and building societies have provided. We will publish an update later this autumn, including any steps we might take if we identify areas of concern.
/jlne.ws/3L0Ny0s
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | One Ship in Panama Canal Paid $2.4 Million to Skip the Line
Alex Longley, Ruth Liao, and Anna Shiryaevskaya - Bloomberg
Shippers are paying up to $2.4 million per vessel if they want to beat a logjam of carriers waiting to sail through the drought-affected Panama Canal, according to one company active in the market. The high payment - in addition to a standard transit fee of around $400,000 - was made recently by one unnamed party in order to get a slot allowing its carrier to transit the waterway more quickly, shipping company Avance Gas Holding Ltd. said in its earnings report this week.
/jlne.ws/45QwvGm
China's Major Banks Cut Deposit Rates to Protect Profitability; China also lowers down payments, rates on existing mortgages; Authorities are seeking to boost consumer demand, economy
Lisa Du - Bloomberg
China's major banks made a coordinated cut in deposit rates for the third time in a year, as lenders move to protect business profitability amid government policies aimed to boost consumption and demand. State-controlled banking giants Industrial & Commercial Bank of China Ltd., Bank of China Ltd, and Agricultural Bank of China Ltd. were among the lenders who cut rates for customers, according to online statements.
/jlne.ws/3R6v6XU
IPO Drought Is Ending, But Don't Expect a Deluge; Before the pandemic, the US market for initial public offerings was in general decline. The pending ones for Instacart, Klaviyo and Arm won't reverse the trend.
Jonathan Levin - Bloomberg
The US market for initial public offerings is finally reopening after the sleepiest stretch in 32 years. Grocery delivery business Instacart, data automation provider Klaviyo and semiconductor designer Arm Holdings Ltd. all filed to go public last week. And if those deals go through smoothly, conventional wisdom holds that others will follow.
/jlne.ws/3sHS79l
'Cornerstone' investors prop up US IPOs in shaky market; Bankers predict more companies will seek early backing from big-name funds before going public on Wall Street
Jennifer Hughes, Silin Chen and Nicholas Megaw - Financial Times
Companies are increasingly seeking the backing of "cornerstone" investors before going public on US markets, bankers say, highlighting the difficulty of pulling off deals in a fragile market for stock listings. Several high-profile initial public offerings this year have involved cornerstone investors, who agree to their names being published in a company's prospectus in return for getting a guaranteed allocation of shares.
/jlne.ws/3Z1ysNU
Europe's largest copper producer says it has been victim of huge theft
Harry Dempsey - Financial Times
Shares in Aurubis have suffered their biggest one-day fall since 2015, plummeting 17 per cent in morning trading on Friday in Frankfurt, after Europe's largest copper producer said it had been the target of a huge theft that could lead to hundreds of millions of euros of losses. The German copper company announced late on Thursday it would fall short of its full-year financial target after it had identified discrepancies in stockpiles and shipments of metal tied to its recycling business in Hamburg. It concluded that it had been a target of "criminal activity".
/jlne.ws/3PnOgaF
Pimco Taps Battered Mortgage Bonds as Credit Gets Expensive
Finbarr Flynn and Scott Carpenter - Bloomberg
/jlne.ws/3L7vNMN
Money-Market Fund Assets Climb to Fresh Record $5.58 Trillion; About $14.37 billion poured into US money-market funds; Government fund assets rise by $8.44 billion to $4.59 trillion
Michael Mackenzie - Bloomberg
/jlne.ws/3PmYSqi
The Generational Paradigm Shift Taking Over Markets; For most of the 20th century, stocks and bond yields moved in opposite directions. They're doing it again after a two-decade break.
James Mackintosh - The Wall Street Journal
/jlne.ws/3L0M724
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate engineering: a quick fix or a risky distraction? Advocates say reflecting solar radiation back into space can help cool a warming planet but opponents fear a devastating free-for-all
Aime Williams and Alice Hancock - Financial Times
On a Tuesday in August, Luke Iseman drove two hours east of Oakland in drought-stricken California to a remote spot where he launched a handful of balloons filled with sulphur dioxide and helium high into the sky. From there, he used GPS to try to track the balloons as they rose into the stratosphere, the layer of Earth's atmosphere that begins about 12km high and contains the ozone layer that protects the planet from solar radiation. Once there, they would burst and release the gas.
/jlne.ws/45SV2ud
Maui's Wildfire Disaster Demands a National Reckoning; A thorough, bipartisan investigation is needed into what went wrong and how to protect other communities against future risks.
The Editors - Bloomberg
More than three weeks since wildfires devastated Lahaina, in western Maui, the death toll has reached 115, with many still missing. The fire is already the fifth-deadliest in US history and the worst in more than a century. It also is bound to be repeated, unless public officials at all levels investigate the policy failures that contributed to the tragedy and take steps to prevent them from happening again. Though much remains to be learned, a few facts seem clear. The disaster was far from unexpected: Parts of Hawaii have become highly vulnerable to wildfires, due to decades of below-average rainfall and the spread of flammable, non-native grasses on former plantation lands.
/jlne.ws/3EkrxFR
It's Getting Harder to Find Mining Engineers a Green World Needs; Fewer students study mining engineering in some key regions; Shortage of graduates risks crimping output of critical metals
Tiffany Tsoi and Mark Burton - Bloomberg
Digging up the metals that go into power grids and electric cars is crucial to the energy transition. While the mining industry has plenty of reserves to tap, it faces a worrying shortage of young workers needed to get materials out of the ground. In regions like Canada and the US, enrollment or graduation from university courses related to mining engineering slipped in recent years. The dilemma adds to the challenges miners face as they scramble to boost output of everything from copper and nickel to cobalt and lithium, just as many nations view supplies as a matter of national security and users rush to secure metal.
/jlne.ws/3P1iJd3
Illinois School Districts Vie for Clean School Bus Funds; The EPA made $400 million available in an effort to get diesel-run school buses off the road, with a special focus on low-income communities.
Aydali Campa - Inside Climate News
As many school districts in Illinois opened their school doors for students earlier this month, some also worked to secure funds to replace their diesel school buses with low-emission buses. Aug. 22 was the last day for school districts to apply for $400 million in grants under the U.S. Environmental Protection Agency's Clean School Bus program. The agency updated its eligibility requirements after last year's round of funding left out some Chicago Public Schools and other Chicago suburban school districts, many of which are in environmental justice communities that serve thousands of low-income students.
/jlne.ws/3EnSAjC
A momentous climate case could force countries to do more; The lawsuit brought by six young Portuguese has drawn attention to the shortcomings of the Paris Agreement
Philippe Sands - Financial Times
The writer is professor of law at University College London and visiting professor at Harvard Law School. His latest book is 'The Last Colony.' On September 27, the European Court of Human Rights in Strasbourg will hear an unprecedented climate lawsuit brought by six young Portuguese taking on 32 European countries. The case is momentous and unique: never before have so many nations been called upon jointly to defend their actions.
/jlne.ws/47Y3mL5
The SEC May Be Overstepping Its Authority In ESG/ Climate Related Disclosure Standards
Jon McGowan - Forbes (contributor)
/jlne.ws/3EmCG9l
Climate Markets Update from Carbon Pulse
Carbon Pulse - CME Group
/jlne.ws/3OX7kuR
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan Found $1 Billion in Suspicious Epstein Activity, US Virgin Islands Says; NY bank disclosed the activity in 2019 after Epstein's death; US Virgin Islands is suing the bank for enabling trafficking
Ava Benny-Morrison - Bloomberg
JPMorgan Chase & Co. identified to the federal government more than $1 billion in suspicious transactions linked to Jeffrey Epstein after the financier's death, the U.S. Virgin Islands has alleged in its lawsuit against the bank. The financial activity was detailed in a filing to the US Department of Treasury in 2019, a lawyer for the USVI said in federal court in Manhattan on Thursday.
/jlne.ws/47TvJdt
Hyun Song Shin on the New Financial Stability Risks; Where are the dangers now?
Tracy Alloway and Joe Weisenthal - Bloomberg
At Jackson Hole, the Kansas City Fed's annual gathering for economists and central bankers, there's a lot of focus on the short-term path of monetary policy. But, of course, the Economic Symposium is supposed to be about long-term policy frameworks. And central bankers aren't just responsible for changing benchmark interest rates - they are also financial regulators.
/jlne.ws/47ZIwLA
China's Major Banks Cut Deposit Rates to Protect Profitability; China also lowers down payments, rates on existing mortgages; Authorities are seeking to boost consumer demand, economy
Lisa Du - Bloomberg
China's major banks made a coordinated cut in deposit rates for the third time in a year, as lenders move to protect business profitability amid government policies aimed to boost consumption and demand. State-controlled banking giants Industrial & Commercial Bank of China Ltd., Bank of China Ltd, and Agricultural Bank of China Ltd. were among the lenders who cut rates for customers, according to online statements.
/jlne.ws/3R6v6XU
Taiwan Banks' Participation in China Loans Falls to Record Low; Geopolitical risks, property woes and competition led to drop; Move reflects broader de-risking by Taiwan firms in China
Lorretta Chen - Bloomberg
Taiwanese banks are fast disappearing from loan deals with Chinese companies, the latest indication of a collective effort to cut exposure to the world's second-biggest economy as a housing crisis rages on and geopolitical tensions linger. The participation rate of the island's lenders, defined by their involvement in any syndicated or club loan to Chinese borrowers, has dropped to a record low of 1.7% this year, according to a Bloomberg-compiled data series dating back to 2010. The rate peaked at nearly 33% in 2013, before falling to 4% last year.
/jlne.ws/45zfrop
BNP Paribas: Moved Away From Chinese Banks Into Insurers
Bloomberg
Manishi Raychaudhuri. Asia Pacific equity strategist at BNP Paribas, shares his views on Chinese stocks, the economy and the real estate market. He also discusses Federal Reserve policy and its market implications. He speaks with Haidi Stroud-Watts and Shery Ahn on "Bloomberg Daybreak: Asia."
/jlne.ws/47XLJuT
'Deal of the century': how UBS's rescue of Credit Suisse proved a boon
Owen Walker and Stephen Morris - Financial Times
/jlne.ws/3YW0YAx
Why Singapore Banks Are Worried About Foreign Customers; Police raids on a criminal gang have sparked fears over money laundering
Weilun Soon - The Wall Street Journal
/jlne.ws/3PnbHR6
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | When No One Retires; You can see the graying of your workforce as a crisis - or an opportunity.
Paul Irving - Harvard Business Review
Before our eyes, the world is undergoing a massive demographic transformation. In many countries, the population is getting old. Very old. Globally, the number of people age 60 and over is projected to double to more than 2 billion by 2050 and those 60 and over will outnumber children under the age of 5. In the United States, about 10,000 people turn 65 each day, and one in five Americans will be 65 or older by 2030.
/jlne.ws/3Em8lYl
Labor Day is just a 'milestone' in the marathon to get workers back to the office
Joy Wiltermuth - MarketWatch
The U.S. Labor Day holiday will mark another milestone in the marathon to bring workers back to the office, but it won't be a quick fix for landlords, according to Thomas LaSalvia, head of commercial real estate economics at Moody's Analytics. Employers from Facebook parent Meta to Goldman Sachs recently laid out mandates for staff to return to the office more frequently, starting this fall, including the big one - the federal government.
/jlne.ws/3L7hI1T
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Does the MIND Diet Prevent Dementia? Healthy eating might help protect your brain, experts say, but other factors play in as well.
Alice Callahan - The New York Times
If you're concerned about developing dementia later in life, it's natural to wonder if you might be able to prevent it. Experts have estimated that 40 percent of dementia cases worldwide might be prevented or delayed with certain modifiable factors, such as by prioritizing exercise and sleep and addressing health conditions like hearing loss or hypertension. But a growing body of evidence suggests that diet may play a role in dementia prevention, too, said Puja Agarwal, a nutritional epidemiologist at the Rush University Medical Center in Chicago.
/jlne.ws/3P0mYpd
Mental health stigma is still alive and well on LinkedIn-especially among hiring managers; Amid the movement to normalize discussions about mental health, a new study shows it could still hurt your job search.
Brittany Loggins - Fast Company
While mental health may be top-of-mind for most employees when looking for jobs, a new study shows that broadcasting this priority on social media could be a turnoff for hiring managers. After noticing an uptick in social media posts about personal experiences with depression and anxiety, researchers at North Carolina State University conducted a study to evaluate hiring managers' responses to the posts. They found that regardless of an applicant's age or gender, these posts impacted hiring managers' impressions of the potential employee's emotional stability and conscientiousness.
/jlne.ws/3PmdzK2
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Philippines Caps Rice Prices Amid Hoarding, Inflation Risks; Supply of staple grain seen more than enough to meet demand; Asia rice prices have jumped to 15-year highs amid India curbs
Ditas B Lopez - Bloomberg
Philippine President Ferdinand Marcos Jr. has imposed ceilings on rice prices across the country amid an "alarming" increase in retail costs of the staple grain and reports of hoarding by traders. Regular milled rice will be capped at 41 pesos ($0.72) per kilogram while well-milled rice is at 45 pesos a kilo, according to an executive order issued late on Thursday that takes effect immediately.
/jlne.ws/3L4pWrA
Australia Set to Reduce Wheat Forecast on Drier, Hotter Conditions; Hotter, drier weather has scorched growing areas across nation; Government to update estimate on expected harvest on Tuesday
Keira Wright - Bloomberg
Australia is expected to reduce its forecast for the upcoming wheat harvest as hotter conditions bake growing areas, a blow to buyers such as China which may need more imports after rain damaged its crop. Drier conditions across top producer Western Australia has already led to an industry association trimming its estimate for the state's wheat crop, while parts of the east coast have also been hotter.
/jlne.ws/47Qc7Hb
Secret paper trail reveals hidden Adani investors; Following claims of share price manipulation, new documents uncover potentially controversial shareholders in one of India's biggest conglomerates
Dan McCrum and John Reed - Financial Times
From the outside, the Global Opportunities Fund in Bermuda looked like any regular investment fund: broad, bland, and uncontroversial. On the inside, however, two men were using the fund for a specific purpose - to amass and trade large positions in shares of the Adani Group, one of the biggest and most politically connected private conglomerates in India.
/jlne.ws/3sJvEIY
Saudi Crude Oil Exports Plummet as OPEC Giant Slashes Production
Brian Wingfield - Bloomberg
Saudi Arabia's crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices. Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show. That compares with a revised 6.3 million barrels a day in July. Shipments to most major destinations, including China and the US, plummeted to multiyear lows.
/jlne.ws/3Z24Tvq
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| Miscellaneous | | Stories that don't quite fit under the other sections | Embattled Goldman Sachs CEO David Solomon stages 'awkward' dinner parties at NYC loft
Lydia Moynihan - NY Post
David Solomon is launching a major charm offensive at Goldman Sachs - and it includes dinner at his place. The brash Wall Street titan lately has been mired in a rash of bad press over layoffs and skimpy bonuses, his controversial DJ side gig, Goldman's botched push into consumer banking and even accusations of being "a jerk."
/jlne.ws/3R3ZzG5
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