| April 24, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Cboe Global Markets, formerly the Chicago Board Options Exchange, celebrates its 50th anniversary this week on April 26. The anniversary happens during the Options Conference in Nashville, but there is a celebration tomorrow at the exchange and I know of an informal celebration occurring at Ceres Cafe on April 26 from 3:30 to 7:30 PM of former members and employees.
My wife and I are headed to Nashville at midday to get ready for the Options Industry Conference. This is the first time I have attended an OIC that is not in a warm, sunny setting. Nashville has other attractions and the conference is set right in the middle of them in downtown Nashville. One of the reasons I like the OIC conference, besides the very smart people from the options industry who attend, is that the conference moves to a different location and hotel every year. This year should be fun. There are a lot of country music fans in the options industry and wider financial services industry, and I am one of them.
Being a CEO is tough. Being the CEO of a FTSE listed company is tougher, with the UK leading the way with double the number of CEOs stepping down in 2022 than the previous year, the Financial Times reports.
A publication named the Cantech Letter has a story titled "The ten largest stock exchanges in the world, listed." Seven of them are or have been JLN sponsors.
There is no rain in Spain (on the plain?) and the olive crop is being threatened. Olive prices have been pushed to record levels, the Financial Times reports.
The Financial Times has a Special Report titled "FTfm: Exchange Traded Funds:Investors seeking low-cost funds with the potential to outperform today's uncertain markets may find opportunities in artificial intelligence stockpicking, China's reopening, and digital platforms for regular saving." One of the stories is titled "Regulators get tough on crypto funds after FTX collapse."
Another story in the FT Special Report is "AI and ETFs: the machines are coming (but not always winning)." The subheadline is "ETFs using machine learning and natural language processing to pick stocks do not consistently outperform indices...yet."
The Financial Times also has story titled "The inside story of Credit Suisse's collapse, by Credit Suisse; Dispatches from the room where nothing was happening."
The comedian John Oliver, doing real investigative news work, has his second piece in the last five years on cryptocurrencies, titled "Cryptocurrencies II: Last Week Tonight with John Oliver (HBO)." It is worth watching.
Over the weekends there are sometimes too many stories to include in JLN, but many of those stories have been tweeted on the @johnlothian Twitter account. For more stories check out my Twitter feed.
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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MIAX Exchange Group, Options and Equities Markets, launched a new email address domain name and website on April 22. The new website, MiaxGlobal.com, can be viewed here. Any related email addresses have been updated to include the new domain @miaxglobal.com. ~SAED
Summer in Europe 2022 was the hottest on record - 1.4 degrees centigrade above average - killing more than 15,000 people, the World Meteorological Organization said in its new report, the State of the Global Climate 2022 (WMO-No. 1316). The publication provides a summary on the state of the climate indicators in 2022, including global temperature trends and most recent findings on greenhouse gas concentration and ocean indicators, among others. It also provides the most recent findings on the impact of climate change on food security, humanitarian and population displacement, and ecosystems. Watch the press conference here. Download the report here.~SAED
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Tacans's James Davies Explains How Transparency Wins Until DeFi Regulations Catch Up
JohnLothianNews.com
John Lothian News spoke with James Davies of Tacans last week about his company, a Web3-focused venture builder firm founded in 2021 by Matthias Nielsen and Lars Seier Christensen. Tacans is working on building trading applications for decentralized exchanges, where there is no centralized location but the exchange is made via smart contracts.
Watch the video »
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Day Traders Lose $358,000 Per Day Gambling on Zero-Day Options; New study tallies retail's misfortune during the trading boom; Researchers warn about growing risk should 0DTE broaden out
Lu Wang - Bloomberg
Day traders are paying a price for their newfound love affair with one of the hottest trades in the equity market. Rushing to join the trading frenzy in options with ultra-short lifespans, known as 0DTE for zero-days to expiration, small-time investors find themselves struggling to make it work. A fresh study from researchers at the University of Muenster in Germany shows the crowd may have lost $358,000 a day since May 2022, when it became possible to trade expiring contracts every day.
/jlne.ws/41lEhGh
****** I would love to see this broken down by the Greeks.~JJL
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CME plays down rival to LME nickel market; Chief executive Terry Duffy says UK group has 'a lot of issues'
Nikou Asgari - Financial Times
CME Group, the world's largest derivatives exchange, said it is not planning to launch a nickel contract to rival the London Metal Exchange, despite its chief describing the LME as having "a lot of issues". "I'm not working on listing a nickel contract," Terry Duffy, chair and chief executive of the Chicago-based group, told the Financial Times, adding "never say never" but that launching an alternative would be difficult.
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***** Terry Duffy doing his very best Sean Connery/James Bond impersonation, "Never say never."~JJL
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CBOE Origin Remembrances: Ed Tilly
Lawrence G. McMillan - Option Strategist
Ed Tilly is the current Chairman and Chief Executive Officer of CBOE Global Markets, after having taken over from Bill Brodsky as CEO in 2013 and Chairman in 2017. Ed began his career as a stock clerk on the CBOE trading floor in 1987, then became a member as a market-maker in 1989, before electing to move into CBOE's "front office" full time in 2006. I spoke with Ed recently to get some of his thoughts on his career at CBOE.
/jlne.ws/41ygiUq
****** Lary McMillan, I am going to have to get into the option strategy business if you are going to start to do career retrospectives. :-)~JJL
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Crooks' Mistaken Bet on Encrypted Phones
Ed Caesar - The New Yorker
In 1895, a police officer in Manhattan who had once worked for a telephone company, and whose name has been lost to history, suggested adding a hidden circuit to lines used by known criminals: a wiretap. The city's mayor, William L. Strong, approved the technique, and for two decades wiretapping secretly flourished at the N.Y.P.D. In 1916, news of the practice leaked, resulting in an outcry and a public inquiry-not least because the police had been tapping the calls of priests.
/jlne.ws/3LpobWz
****** Great story of the history of the wiretap and the current use of encrypted phones, including one company set up by the F.B.I. and the Australian Federal Police to trap criminals.~JJL
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Friday's Top Three
Our top story Friday was How a Brazen Plot to Rig Oil Auctions Cost Venezuela Billions, from Bloomberg. Second was the John Lothian News video Xuong Nguyen Explains StoneX Group's History to John Lothian News And Talks About How The Firm Is Preparing For the Next Generation. Third was Taylor Swift didn't fall for FTX because she asked a simple question, from Quartz.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Old-School Rules Apply to New-School DeFi Exchanges; Decentralized finance platforms should already be following rules for stock exchanges, SEC says
Paul Kiernan - The Wall Street Journal
Backers of so-called decentralized finance say their peer-to-peer cryptocurrency platforms eliminate both human intermediaries and the need for government oversight. Regulators' response: Not so fast. Decentralized finance, or DeFi, platforms should already be following rules for stock exchanges, the Securities and Exchange Commission said last week in a 166-page supplement to an earlier rule proposal.
/jlne.ws/3oxW9z7
Wall Street Is Getting a New Fear Gauge. Meet the One-Day VIX; Cboe plans to launch a one-day version of VIX Index on Monday; Angst has grown over VIX effectiveness in zero-day options era
Lu Wang and Sam Potter - Bloomberg
About a month ago, as Wall Street stared down the barrel of an incipient banking crisis, the investment world's most-watched gauge of market volatility did a funny thing: It didn't do much. Sure, the Cboe Volatility Index - a measure of expected swings in the S&P 500 Index also known as the VIX - climbed. But even at its intraday peak, it didn't come close to levels seen multiple times just a year ago.
/jlne.ws/3KSfUce
Options Trading Hits 50-Year Mark; Can Industry Innovation Help More Investors Grow Their Wealth?
Investor's Business Daily
Options trading in the U.S. hits a milestone this month as the Chicago Board Options Exchange (Cboe) marks its 50th anniversary on April 26. A lot has changed over the decades since that pioneering exchange introduced contracts to buy or sell 100 shares of stock at a fraction of the price of the underlying security.
/jlne.ws/40z9Fjk
Gen-X bankers warn Gen-Z content creators: don't give up the day job; Revenues are concentrated among a few megastars, with a yawning gap where a mid-level decent income might be
Leo Lewis - Financial Times
Within the past few weeks, two rivalrous, chunky primers on the present and future of the global creator economy have landed in investors' inboxes: one from Goldman Sachs, the other from Citigroup. Both are sublime examples of what happens when Generation X bankers try to quantify the financial opportunities for Generation Z of the offspring of Generation Y approaching teenagehood as members of Generation Alpha. Readers may reach the final pages of either report unsure whether they work best as multi-asset investment manifestos, or career advice for an ambitious 10-year-old.
/jlne.ws/43VDptE
Gemini's Plan for Derivatives Exchange Adds to Crypto's Flight From the US; Crypto company Gemini to set up a non-US derivatives exchange; Tightening US SEC digital-asset clampdown rattled many firms
Suvashree Ghosh - Bloomberg
Crypto businesses in the US are pursuing targeted international expansion amid a deepening regulatory crackdown at home. The latest moves came from billionaire twins Tyler and Cameron Winklevoss' Gemini Trust Co. The exchange last week unveiled plans to target growth in Asia and to establish a non-US crypto derivatives platform.
/jlne.ws/43RTSz7
Libor transition: the final leg of the marathon
Lary Stromfeld - IFLR
Lary Stromfeld of Cadwalader, Wickersham & Taft outlines the challenges of transitioning legacy contracts away from US dollar Libor
Since Andrew Bailey, then CEO of the UK's Financial Conduct Authority (FCA), fired the starting gun in July 2017, regulators and market participants around the world have been planning for the end of LIBOR, which will now occur in less than 10 weeks. For many, this is the final leg of a marathon that has included many legal, economic, and operational hurdles. For others, this will be an all-out sprint to the finish line. This article lays out some of the many considerations to meet the challenge of transitioning legacy contracts away from US dollar Libor.
/jlne.ws/3LnHOya
Doctor in $150 Million Covid Relief Scam Blew It on Bad Trades, US Says
Joe Schneider - Bloomberg
A California doctor accused of scamming Covid relief programs of more than $150 million lost most of the money with bad options trades, according to the US Justice Department. Dr. Anthony Hao Dinh, 63, engaged in high-risk options trading with the proceeds of his alleged fraud, and he lost more than $100 million in less than a year and a half - from November 2020 to February 2022, an FBI agent said in an affidavit seeking an arrest warrant. The April 10 complaint was unsealed Thursday by a magistrate judge in Los Angeles federal court.
/jlne.ws/3L3YaKT
Video Games Are the Accidental Incubators of Future Tech; From 3D graphics to livestreaming to augmented reality, gamers have a long track record of adopting new tech
Vlad Savov - Bloomberg
The rise of Capcom Co. over the past four years caught me by surprise. The Japanese game studio responsible for Street Fighter, Resident Evil and Monster Hunter has more than quadrupled its share price since this time in 2019 - and almost all of it has come from either selling existing games or adding new entries to flagship franchises. It's a remarkably conservative approach to business.
/jlne.ws/3oF0HUA
What A Sputtering SPAC Reveals About Ripple's Billion-Dollar XRP Business
John Hyatt - Forbes
Ripple wants Wall Street to believe that "crypto means business," marketing the company's payments prowess to a world that has been shaken by last year's turbulence in the digital-assets realm. At the new World Trade Center in New York, slick posters recently touted the company's "carbon-neutral blockchain" that can "move value across borders in an instant."
/jlne.ws/40xqlrl
SBF's parents could have every text, call, and download monitored while their son is under house arrest
Aaron McDade - Insider
New modifications to the bail conditions for disgraced FTX cofounder Sam Bankman-Fried proposed Friday would subject every phone call, text message, and downloaded app on his parents' personal devices to possible review by the courts. In a letter to Judge Lewis Kaplan Friday, Bankman-Fried's attorneys presented a new solution to monitoring digital activity in the household.
/jlne.ws/3LrR98s
It's no great surprise, but now there's proof that the rich get what they want
Torsten Bell - The Guardian
We aim to bring you surprising and important findings from the world of research. I fear this week's offering may not manage the "surprising" part but it is important. In a great new study, Swedish researchers investigated how policy outcomes reflect public attitudes towards those policies. They looked across 30 European countries over 38 years on issues ranging from welfare to immigration, foreign policy to the environment.
/jlne.ws/3mX38Bc
Bed Bath & Beyond Files for Bankruptcy; The home-goods retailer will begin closing down its store locations
Suzanne Kapner and Soma Biswas - The Wall Street Journal
Bed Bath & Beyond Inc. filed for bankruptcy protection to wind down its business after years of losses and failed turnaround plans left the once-powerful retailer short of cash. The company had warned of a potential bankruptcy for months. It needed a $375 million loan to get through the holidays. It struck an unusual $1 billion financing deal with a hedge fund in February to put off a bankruptcy filing, then scrapped the deal and tried this month to raise $300 million from other investors.
/jlne.ws/3H8VMSi
CEOs like Jamie Dimon, Warren Buffett, and Elon Musk want the government to fight inequality and 'reignite the American dream'
Ethan Dodd - Insider
Corporations have long wanted the US government to just get out of the way. Now, some of the biggest CEOs want it to lead. In his annual letter to shareholders last week, Jamie Dimon, CEO of JPMorgan, called the US government the "silent partner" of the world's largest bank, joining Warren Buffett, CEO of Berkshire Hathaway, and Elon Musk, CEO of Tesla, who've either affirmed the benevolent role the US government can play in shaping the economy or benefited from its policies.
/jlne.ws/3KYowhD
How the World Is Spending $1.1 Trillion on Climate Technology
Eric Roston and Akshat Rathi - Bloomberg
Big money - from the three biggest economies in the world, as well as scores of ambitious venture capitalists - is suddenly flying toward startups promising to help the world build a carbon-free future. It's a shift from the world of software into the actual world, following the trajectory of a tech founder like Peter Reinhardt, who sold a software company for $3.2 billion in 2020 and now leads carbon-storage company Charm Industrial.
/jlne.ws/41xZXPD
Credit Suisse Details Painful Final Days Before Rescue; The Swiss bank lost a further $75 billion in customer deposits before agreeing to be bought by UBS in March
Margot Patrick - The Wall Street Journal
Credit Suisse Group gave a glimpse of its chaotic final weeks before a rescue last month by UBS Group AG in a first-quarter earnings report that showed operating revenue diving and customers rushing to pull deposits.
/jlne.ws/43PWU6O
Ex-OpenSea manager's trial kicks off in first NFT insider trading case
Chris Prentice and Luc Cohen Reuters
U.S. prosecutors will square off this week against a former employee of OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), whom they accuse of insider trading.
/jlne.ws/3HaLYH8
Large US funds shrink exposure to top FX forward counterparties Smaller managers increase top-dealer allocations as big beasts pull back
Ben St. Clair - Risk
The largest US mutual and exchange-traded fund managers are increasingly dedicating less of their foreign exchange forwards books to their top counterparty, with six of the largest 10 FX forward-holding managers giving their main dealer a smaller proportion of volume in each of the past three years.
/jlne.ws/3oCtzN4
Silicon Valley Bank: the multiple warnings that were missed; Ahead of the first official postmortem on its collapse, bankers, regulators and executives admit that it was a crisis hiding in plain sight
Mark Vandevelde, Antoine Gara and Joshua Franklin, Colby Smith, and Tabby Kinder - Financial Times
To those caught in its path, the cycle of rumour and panic that destroyed Silicon Valley Bank struck as violently as a tornado. "The speed of the world has changed," said Sam Altman, the technology executive behind the artificial intelligence phenomenon ChatGPT, shortly after a historic bank run in which customers tried to withdraw at least one-quarter of their deposits in just over 24 hours. "People talk fast," he added. "People move money fast."
/jlne.ws/3Lm26YV
Zero hedged banks; Poring through interest rate swaps data
Robin Wigglesworth - Financial Times
FT Alphaville dug into Silicon Valley Bank's interest rate hedging strategy last month, and concluded that it was not quite as stupid as you'd think, but still pretty dumb. Basically, banks shouldn't (and usually don't) hedge the rate risk in "Hold To Maturity" bond portfolios because in practice it would function as a directional bet. But they should do on any bonds held as "Available for Sale", and SVB actually ditched their hedges to juice short-term earnings.
/jlne.ws/3H5SwH6
Ken Griffin Gifts $20 Million, Life Lessons to Miami College
Shiyin Chen - Bloomberg
Billionaire Ken Griffin is giving Miami Dade College $20 million - and sharing some life lessons with its graduates. The Citadel founder delivered the commencement address at Miami Dade College on Saturday, exhorting the Class of 2023 to invest in their community and saying there are "many problems to be addressed in our society."
/jlne.ws/40OocrL
Credit Suisse Details Painful Final Days Before Rescue; The Swiss bank lost a further $75 billion in customer deposits before agreeing to be bought by UBS in March
Margot Patrick - The Wall Street Journal
Credit Suisse Group AG gave a glimpse of its chaotic final weeks before a rescue last month by UBS Group AG in a first-quarter earnings report that showed operating revenue diving and customers rushing to pull deposits. The Swiss bank lost more than $2 billion from its businesses in the first quarter, but posted a prodigious net profit because of the paper gains realized from writing off $17 billion in bonds. Customers withdrew around $75 billion in deposits, in a run that the bank says has moderated since the UBS deal announcement on March 19.
/jlne.ws/43PWU6O
'Off the charts': UN report highlights rapid climate breakdown; Sea level rises double, and greenhouse gases in the atmosphere hit a record, World Meteorological Organization warns.
Al Jazeera
Record levels of greenhouse gases have caused "planetary scale changes on land, in the ocean and in the atmosphere", a UN agency says in a report that shows the past eight years were the hottest ever recorded on Earth. Global sea levels are rising at more than double the pace they did in the first decade of measurements from 1993 to 2002 and touched a new record high last year, the World Meteorological Organization (WMO) said on Friday in its State of Global Climate 2022 report.
/jlne.ws/3Ln6abt
*****Stories on the same topic from Thomson Reuters and Barron's~SAED
UK Alerts Banks to Money Laundering Through the Post Office
Gabriela Mello - Bloomberg
The UK's Financial Conduct Authority has set out measures to counter money laundering through the Post Office including reducing cash deposit limits to below the existing limit of £20,000 per transaction, according to a statement.
/jlne.ws/3oCdjf1
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | U.S. to Begin Training Ukrainian Forces on Abrams Tanks in May; M1 Abrams tanks, combined with other U.S.-provided battlefield vehicles, could reshape how Ukraine fight
Nancy A. Youssef - The Wall Street Journal
The U.S. will send 31 Abrams tanks to Germany next month and begin training Ukrainian forces on how to operate them, defense officials said Friday, in a step that adds a small number of the formidable weapons to Ukraine's arsenal as it prepares for a spring offensive. The U.S. began expediting its plans for the tanks earlier this spring when the Pentagon said it would send refurbished M1A1 Abrams tanks already in U.S. inventory instead of newer M1A2 Abrams tanks, moving up their expected delivery to the fall.
/jlne.ws/40zpk20
Italy Freezes Assets of Russian Who Dodged US Sanctions Charges; Uss escaped arrest in Milan after court cleared extradition; US says he was part of plot to buy chips for Russian military
Chiara Albanese - Bloomberg
Italy froze the financial assets of Artem Uss, a politically connected Russian who escaped from house arrest in Milan while awaiting extradition on US charges of sanctions evasion and money laundering. The Finance Ministry in Rome late Friday approved a decree freezing the assets, which include a stake in a company, a villa and a bank account.
/jlne.ws/41QlMJZ
There's No Silver Bullet For Ukraine Against Russia, Milley Says; US is starting to train Ukraine on M1 Abrams battle tank; US and allies set up repair plan for weapons sent to Ukraine
Peter Martin - Bloomberg
America's top uniformed military officer said there is no "silver bullet" the US and its allies can give Ukraine to win against Russia even as the Ukrainian troops prepare to train on the M1 Abrams battle tank. "I do think the M1 tank, when its delivered, will make a difference," chairman of the Joint Chiefs of Staff, General Mark Milley, told a press conference. "There's no silver bullet."
/jlne.ws/3Ap60dm
US Expands Hunt for Russian Sanctions Evaders to Their Financial Advisers; Focus on offshore financial advisers, bankers, private equity; Cryptocurrency transactions also under scrutiny by task force
Chris Strohm and Ava Benny-Morrison - Bloomberg
The US Justice Department is looking for new ways to cut off Russian sanctions evasion by focusing on overseas investment advisers, hedge funds, law firms and private equity managers that have previously escaped scrutiny. "People who are sitting in banks where they don't care about US sanctions or money laundering or frankly fraud concerns, fit the bill when I say we are prioritizing facilitators," Andrew Adams, head of the department's Task Force Kleptocapture, told Bloomberg in an interview this week.
/jlne.ws/41DMKVp
Ukraine needs '10 times more' weapons aid to fight Russia, official says
South China Morning Post
Ukrainian Deputy Foreign Minister Andrij Melnyk called for "10 times more" Western military aid as his country struggles to fight off the Russian invasion. "We are thankful to our allies for their military help. But: it is not enough. Ukraine needs 10 times more to finish Russian aggression this year," Melnyk, an outspoken former Ukrainian ambassador to Germany, wrote on Twitter on Saturday.
/jlne.ws/3L44aTV
Ukraine Gears Up to Hit Russians-and Show West It Can Win; In looming offensive, Kyiv will want Western backers to see it can maintain pressure on Moscow's forces
Daniel Michaels and James Marson - The Wall Street Journal
/jlne.ws/3L06ED6
There's No Silver Bullet For Ukraine Against Russia, Milley Says; US is starting to train Ukraine on M1 Abrams battle tank; US and allies set up repair plan for weapons sent to Ukraine
Peter Martin - Bloomberg
/jlne.ws/41PNAOw
Weapons Makers Can't Hire Enough Workers as Ukraine War Drives Demand; Rising geopolitical tensions have boosted military spending, prompting an industrywide hiring spree
Alistair MacDonald and Doug Cameron - The Wall Street Journal
/jlne.ws/3V3gWa2
Ukraine war spurs record global spending on military, Stockholm think tank says
Reuters
/jlne.ws/3L4laJM
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | OCC Readies for 41st Options Industry Conference, 50th Anniversary
Anna Lyudvig - Traders Magazine
The 41st annual Options Industry Conference will take place on April 26-28, 2023 at the Grand Hyatt, Nashville, TN. The premier event focuses on the key topics facing the options industry, from the regulatory shifts in the U.S. and Europe to the technological developments that are driving monumental change in markets around the globe. "We hope that the Options Industry Conference will serve as a forum for the industry to connect, learn and engage on the topics impacting the options market today," said Dan Busby, COO, OCC.
/jlne.ws/40yeCsK
Cboe Global Markets Launches 1-Day Volatility Index, Designed to Measure Volatility Over Current Trading Day
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced the launch of the Cboe 1-Day Volatility Index (VIX1D). Developed by Cboe Labs, the company's in-house innovation hub, the VIX1D Index seeks to measure the expected volatility of the S&P 500® Index over the current trading day (today); in other words, single trading day volatility. Similar to the Cboe Volatility Index® (VIX® Index), the VIX1D Index estimates expected volatility by aggregating the weighted prices of P.M.-settled SPX (SPXW) options with one- to zero- day expirations over a wide range of strike prices.
/jlne.ws/3H8KtJN
Singapore International Ferrous Week returns on 22-26 May, focuses on the steelmaking value chain's decarbonisation
SGX Group
The Singapore International Ferrous Week (SIFW) returns on 22-26 May as Asia's premier ferrous metals event, with a focus on the steel ecosystem's decarbonisation with an aim to transition to net zero. Themed "Resilience in a Low Carbon Future", SIFW 2023 will bring together industry decision-makers and experts to discuss a range of topics related to the economics, price discovery, risk management and race to net zero across the iron ore, steel, shipping and coking coal industries.
/jlne.ws/3n3fxUj
EEX/EEPX SPOT assessment of the EU Commission proposals for Electricity Market Design Reform Go for an evolution not a silent revolution
EEX Opinions & Expert Reports
The European Energy Exchange (EEX) and the European Power Exchange (EPEX SPOT), with long-standing track record in operating long- and short-term power markets, have evaluated the EU Commission's proposals. See our key insights below.
/jlne.ws/3oyhOHv
Copper 360 Limited, Africa's newest copper producer, lists on the JSE
JSE
The JSE is pleased to announce a new copper listing on the Alternative Exchange (AltX Board), Copper 360 Limited (CPR). This is the second company to list on the JSE this year, pushing up the number of listed companies on the bourse to 303 with an overall market capitalisation of R22.76 trillion.
/jlne.ws/3Nc8X8D
Market Order Type
TMX
In reference to Circular 049-23 published on April 3, 2023 kindly note that the market order protection bands for the Three-Month Canadian Bankers' Acceptance Futures (BAX) will be as follows as of April 23, 2023.
/jlne.ws/3oC84w3
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | YouTube case at Supreme Court could shape protections for ChatGPT and AI
Andrew Goudsward - Reuters
When the U.S. Supreme Court decides in the coming months whether to weaken a powerful shield protecting internet companies, the ruling also could have implications for rapidly developing technologies like artificial intelligence chatbot ChatGPT.
/jlne.ws/3n2k7lS
Law firms take a pass on paying for Twitter checks, but some star attorneys shell out
Jenna Greene - Reuters
Rough-and-tumble Twitter and cautious Big Law have never been well-matched, with most firms using the social media platform for tepid messages promoting their industry awards or white papers. So perhaps it's not surprising that when Twitter on Thursday began removing its legacy blue verification checkmarks from users who declined to pay for the privilege, I found just three firms out of the top 100 by revenue - Hogan Lovells; Holland & Knight and Vinson & Elkins - had ponied up for the badges.
/jlne.ws/40t9xlu
Not Even the Pope Is Verified on Twitter Anymore
Drake Bennett - Bloomberg
On April 20, a date Elon Musk really likes for some reason, Twitter finally began the long-threatened and delayed purge of blue verification check marks from people who had not signed up for its $8-a-month subscription service. It's a change Musk has talked about frequently, and few things better typify the ethos of the company under him.
/jlne.ws/43XTbnF
Crypto Trading Legend's Next Move Is Bringing U.S. Treasurys to Blockchains, With Plans for Corporate Bonds, Too
Brandy Betz and Nick Baker - CoinDesk
The March banking crisis made it harder for crypto companies to access conventional banks, erecting an obstacle to a mundane yet vital task for any business: finding a place to park excess cash. This has created a sort of Trojan Horse opportunity for a startup with a well-known pedigree to bring cash-like instruments to the cryptocurrency space, laying the groundwork for the company's broader ambition to digitize the corporate bond market.
/jlne.ws/3mWZBmq
Chinese city of Changshu plans to pay employees using digital yuan
Josephine Ma - South China Morning Post
A city in eastern China is planning to pay public sector employees entirely in digital currency, according to local media. Changshu city, a city of 1.5 million people in Jiangsu, will start paying civil servants and people who work for public institutions with the digital yuan starting next month, according to the Shanghai Securities Journal, an affiliate of state news agency Xinhua.
/jlne.ws/41V1Vcm
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| Cybersecurity | | Top stories for cybersecurity | CISA adds MinIO, PaperCut, and Chrome bugs to its Known Exploited Vulnerabilities catalog
US Cybersecurity and Infrastructure Security Agency
According to Binding Operational Directive (BOD) 22-01: Reducing the Significant Risk of Known Exploited Vulnerabilities, FCEB agencies have to address the identified vulnerabilities by the due date to protect their networks against attacks exploiting the flaws in the catalog. Experts recommend also private organizations review the Catalog and address the vulnerabilities in their infrastructure.
/jlne.ws/3V3UNsk
Hacker Group Names Are Now Absurdly Out of Control
Andy Greenberg - Wired
Hackers-particularly state-sponsored ones focused on espionage and cyberwar, and organized cybercriminals exploiting networks worldwide for profit-are not pets. They wreck businesses, sow chaos, disrupt critical infrastructure, support some of the world's most harmful militaries and dictatorships, and help those governments spy on and oppress innocent people worldwide.
/jlne.ws/3H4glz9
The New Risks ChatGPT Poses to Cybersecurity
Jim Chilton - Harvard Business Review
When OpenAI launched their revolutionary AI language model ChatGPT in November, millions of users were floored by its capabilities. For many, however, curiosity quickly gave way to earnest concern around the tool's potential to advance bad actors' agendas. Specifically, ChatGPT opens up new avenues for hackers to potentially breach advanced cybersecurity software.
/jlne.ws/41x4jGM
12 Potential Arcturus COVID Symptoms That May Impact You, According to Doctors
Zee Krstic - Good Housekeeping
Just as federal health regulators have released additional booster vaccines to at-risk Americans, doctors across the globe are raising concerns about a new SARS-CoV-2 variant that has the potential to trigger elevated COVID-19 spread this spring. Known officially as subvariant XBB.1.16 - but quickly picking up a moniker of "Arcturus" among media and healthcare professionals alike - this Omicron subvariant is increasingly being traced back to new COVID-19 cases here in the United States, according to the latest Centers for Disease Control and Prevention (CDC) data.
/jlne.ws/3n1hOze
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| Cryptocurrencies | | Top stories for cryptocurrencies | The S.B.F. Financial Autopsy
William D. Cohan - Puck
The initial interim report to FTX's independent directors, recently filed with the federal bankruptcy court by John J. Ray III, the C.E.O. of the debtor-in-possession, reads like a veritable roman à clef of corporate malfeasance, starring the scatterbrained fashion icon Sam Bankman-Fried and his inner circle of Gen Z lap dogs-namely Caroline Ellison, his MIT classmate and former girlfriend who has pleaded guilty to federal fraud charges, and Nishad Singh, FTX's co-founder and former director of engineering who has also pleaded guilty to six counts of criminal behavior.
/jlne.ws/3H8IMMo
Declining Bitcoin-Ether Correlation Could Impact Crypto Investors' Hedging Strategies: Coinbase
Will Canny - CoinDesk
The correlation between bitcoin (BTC) and ether (ETH) returns has been declining since mid-March, when BTC started outperforming against the backdrop of the U.S. banking turmoil and increased regulatory scrutiny of non-bitcoin digital assets, Coinbase (COIN) said in a research report Friday.
/jlne.ws/40yLLEH
Zimbabwe to Introduce Gold-Backed Digital Currency: Report
Camomile Shumba - CoinDesk
The Reserve Bank of Zimbabwe (RBZ) plans to introduce a gold-backed digital currency as legal tender to help stabilize the local currency, the Zim dollar, the Sunday Mail reported.
/jlne.ws/3ApjyFJ
Crypto Exchange Yellow Card in Talks to Expand Services in Nigeria; Company seeking approval for a crypto exchange in Nigeria; Nigeria blocked banks from facilitating cryptocurrency trade
Emele Onu - Bloomberg
Cryptocurrency exchange Yellow Card Financial Inc. is seeking approval to expand its services in Nigeria, where regulators have partially banned trading in digital tokens. The Africa-focused company, operating in 16 countries on the continent, initiated discussions with Nigeria's Securities and Exchange Commission to operate a crypto exchange, according to Rachael Akalia, Yellow Card's regional marketing manager for West Africa.
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Major Crypto Firms Deny Investment in Three Arrows Founders' New Exchange; Susquehanna (SIG), DRW and Nascent had been included in list of "major investors" in a Friday tweet from OPNX, the exchange.
Nick Baker and Danny Nelson - CoinDesk
OPNX, the bankruptcy claims exchange founded by the same people who started now-failed crypto hedge fund Three Arrows Capital (3AC), finally identified its financial backers in a tweet Friday. Not long after, three of those supposed "major investors" - trading firms Susquehanna International Group (SIG) and DRW, as well as venture-capital firm Nascent - denied what OPNX said.
/jlne.ws/3ozKf7Y
India's finance minister lauds DLT, says crypto regulation does not mean technology control
Pradipta Mukherjee - Forkast
/jlne.ws/3L1FETB
Introducing Gemini Foundation - A Non-US Crypto Derivatives Platform
Gemini
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A Closer Look at Bitcoin's Rally Suggests the Depth of Demand Is Deceptive; Bitcoin-dollar trade duo shows Q1 volume was lowest since 2020; That's better way of representing volume, says Kaiko's Medalie
Vildana Hajric - Bloomberg
/jlne.ws/3Ln3pH0
The Crypto Detectives Are Cleaning Up; Early adopters thought cryptocurrencies would be free from prying eyes. But tracking the flow of funds has become a big business.
David Yaffe-Bellany - The New York Times
/jlne.ws/3oxf4tP
Tether Recoups Almost All of Market Value Lost During Crypto Meltdown; Assets backing biggest stablecoin fell 20% in year-ago quarter; Growth was fueled in part by US regulatory crackdown
Olga Kharif - Bloomberg
/jlne.ws/41NguPg
Failed Crypto-Lender Celsius Auction Attracts Arrington, Gemini
Virginia Van Natta - Bloomberg
/jlne.ws/3L07AY8
Crypto Trading Legend's Next Move Is Bringing U.S. Treasurys to Blockchains, With Plans for Corporate Bonds, Too
Brandy Betz and Nick Baker - CoinDesk
/jlne.ws/3mWZBmq
Mark Zuckerberg's metaverse is shattering into a million pieces
Ben Marlow - The Telegraph
/jlne.ws/3mYKVU2
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| Politics | | An overview of politics as it relates to the financial markets | McCarthy Says House Will Pass GOP Debt-Limit Bill This Week
Erik Wasson and Billy House - Bloomberg
Speaker Kevin McCarthy said that the House will pass his $1.5 trillion debt-ceiling increase plan this week, but he dodged when asked if he has already secured the 218 Republican votes he needs.
/jlne.ws/3oCkKTs
The SBA's proposed 7(a) reforms deserve congressional support
Ryan Metcalf - American Banker
Congress should support the Small Business Administration's recently published rules to streamline its 7(a) program and lift the 1982 moratorium on issuing more licenses to state and SBA-regulated nondepository lenders. The SBA has long played an essential role in providing funding and support to small businesses, but its processes and programs have not kept pace with the rapidly changing financial landscape.
/jlne.ws/41vp0CM
At least 9 members of US Congress sold bank stocks amid turmoil last month
Madison Darbyshire - Financial Times
At least nine members of Congress sold banking stocks before and during market turmoil last month, including a member of the House financial services committee who sold Silicon Valley Bank stock before it failed. Josh Gottheimer, a New Jersey Democrat and a member of the financial services committee since 2019, disclosed the sale of shares in the California bank made on March 9, valued between $1,000 and $15,000, according to analysis of public disclosures of stock sales by Quiver Quantitative.
/jlne.ws/40xnLls
Europe has to be much clearer when it comes to China; While business leaders still salivate at the size of the Chinese market, the EU will struggle to wield a credible geoeconomic policy
Martin Sandbu - Financial Times
The steady stream of European leaders visiting Beijing recently comes with a risk. Europe's eagerness must make it look increasingly in China's eyes like a demandeur - the party in diplomatic relations that cannot wait for the other to propose something, but has to come asking. But what exactly is Europe asking for?
/jlne.ws/3mSm3NP
Russia's Lavrov says almost nothing done to address grain deal concerns
Reuters
Almost nothing has been done to address Russia's concerns over the Black Sea grain deal, Foreign Minister Sergei Lavrov said on Thursday, the latest in a series of downbeat comments by top Moscow officials about the pact that enabled Ukraine to resume exports. Russia has repeatedly said it will not renew the deal beyond May 18 unless the West agrees to lift a host of restrictions on payments, logistics and insurance which it says are hindering its own agricultural exports.
/jlne.ws/42b6Oyv
Russia's Medvedev Says G-7 Export Ban to Trigger Grain Deal Exit
Bloomberg
Moscow may retaliate if Group of Seven countries proceed with a total ban on most exports to Russia by withdrawing from the safe-transit deal that allows Ukraine to ship grains from Black Sea ports, said Dmitry Medvedev, deputy chair of Russia's Security Council. Russia would also consider banning exports of some of its own goods, Medvedev said in a Telegram post.
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| Regulation & Enforcement | | Stories about regulation and the law. | US regulators outline new rules to toughen financial oversight of non-banks; Financial Stability Oversight Council proposals aim to bolster stability after recent shocks
Colby Smith and Brooke Masters - Financial Times
Top US financial regulators on Friday announced a series of proposals to strengthen the process by which investment managers, insurers and other nonbank financial groups are swept into a more stringent regulatory regime. The new guidance from the Financial Stability Oversight Council - a group of the country's top financial regulators led by the Treasury department - details how it would go about singling out individual non-bank financial entities for supervision by the Federal Reserve, which would mean closer scrutiny.
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CFTC Grants RTX Fintech & Research LLC Registration as a Swap Execution Facility
CFTC
The Commodity Futures Trading Commission today announced it has issued an Order of Registration to RTX Fintech & Research LLC (RTX SEF) granting it registration as a swap execution facility (SEF). RTX SEF is a single-member limited liability company registered in Delaware and headquartered in New York City.
/jlne.ws/3KWoDKu
CFTC Charges 14 Entities for Fraudulently Claiming to be Registered with the Agency
CFTC
The Commodity Futures Trading Commission today announced it has filed charges against 14 entities for fraudulently claiming to be registered with the CFTC as futures commission merchants (FCM) and retail foreign exchange dealers (RFED).
/jlne.ws/441t92X
Do Kwon Says SEC Is Out of Bounds in Pursuing Crypto Fraud Suit; Terraform co-founder urges judge to throw out SEC lawsuit; Kwon is detained in Montenegro facing forgery charges
Robert Burnson - Bloomberg
Crypto entrepreneur Do Kwon's lawyers say a US regulator's lawsuit accusing him and Terraform Labs Pte of securities fraud is unfounded, in part, because the stable coin at issue is a currency, not a security. US law prohibits regulators "from using federal securities law to assert jurisdiction over the digital assets in this case," Kwon's lawyers said Friday in a request to a judge to dismiss the lawsuit.
/jlne.ws/41TV9UA
Brokers Should Take Care Before Recommending Risky Products, SEC Staff Says; SEC issues new guidance for investment advice obligations; Money managers, brokers can still suggest crypto, derivatives
Lydia Beyoud - Bloomberg
A top US financial regulator said money managers and brokers should consider whether there are alternatives to complex or risky products like digital assets or derivatives before recommending them to retail clients. That doesn't mean they can't suggest those products or others that the SEC considers risky for retail traders - like inverse or leveraged exchange-traded funds.
/jlne.ws/43VrjRf
Do Kwon, Jailed Crypto CEO, Rejects SEC Fraud Allegations; Kwon's lawyers say agency failed to prove he defrauded investors
Alexander Osipovich - The Wall Street Journal
Lawyers for crypto entrepreneur Do Kwon asked a judge to throw out a U.S. regulator's lawsuit accusing him of fraud in connection with last year's $40 billion collapse of the TerraUSD and Luna cryptocurrencies. In a Friday evening court filing, Mr. Kwon's lawyers said the Securities and Exchange Commission exceeded its authority when it sued him and his company, Terraform Labs Pte. Ltd., and failed to prove that they had defrauded U.S. investors.
/jlne.ws/43V7rOa
Remarks before the Financial Stability Oversight Council Financial Stability Risks & Guidance on Nonbank Determinations
Chair Gary Gensler - SEC
Good morning, Secretary Yellen. I want to thank the Council, the staff, and you for developing today's guidance on non-bank determinations, which I am pleased to support. History is replete with times when tremors in one corner of the financial system or at one financial institution spill out into the broader economy. Such risks can originate from the banking sector. The events of the last six weeks are yet another reminder of this. Such risks, though, also can originate from outside of the banking sector.
/jlne.ws/41Asu73
FCA confirms Digital Sandbox for UK financial services as it continues AI work
Matthew Gooding - TechMonitor
UK financial regulator the Financial Conduct Authority (FCA) will run a permanent digital sandbox to help financial services companies to access synthetic data and thousands of fintech APIs. This is to aid the development of new products and services as businesses incorporate more artificial intelligence and other emerging technologies into their workflows, the FCA's head of data has said.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Markets are facing a black swan event with 'nowhere to hide' as the latest rally has fueled a bubble that could burst at any time, veteran technical analyst says
Jennifer Sor - Business Insider
Markets are facing a black swan event, and investors have nowhere to run as the rally across markets in 2023 has inflated a dangerous bubble, according to veteran technical analyst Jeff Bierman. Bierman, chief market technician at TheoTrade, pointed to troubling technical signals in the current market rally that suggest the upward trajectory in asset prices is about to come to an abrupt end.
/jlne.ws/41QG4Tr
Money Is Pouring Into Stock ETFs at a Time When Bearish Warnings Soar; Spigots turn back on at time when bearish warnings are rampant; Investors peeking heads out of foxholes, says George Pearkes
Katherine Greifeld and Vildana Hajric - Bloomberg
Investors are losing their ability to resist a stock rally that much of Wall Street is convinced is doomed. More than $12.6 billion has been sent to equity exchange-traded funds in April, the largest influx since January and more than twice the rate of February and March. Money is pouring into stocks as fast as it's being yanked out of cash: ultra-short duration ETFs are on track for their first monthly outflow since January, data compiled by Bloomberg show.
/jlne.ws/41PiLtk
Lithium Stocks Are Getting Crushed Again. Here's Why.
Al Root - Barron's
Shares of lithium miners have been on quite a ride lately amid falling prices and unusual pricing strategies from industry players. Shares of lithium miners have been volatile amid falling prices and unusual pricing strategies from industry players. On Friday, lithium related-stocks are diving on the new policies in one country.
/jlne.ws/3H88Xmj
New Wall Street 'fear gauge' to track short-term market swings; Cboe set to launch 1-day Volatility Index in biggest change to Vix in years
Nicholas Megaw - Financial Times
The Vix - the volatility index popularly known as "Wall Street's fear gauge" - is going through its biggest shake-up in years with the creation of a new version that will track expectations of short-term market swings. The 1-day Volatility Index - or Vix1d - which will be launched by exchange group Cboe on Monday, is a response to a recent transformation in derivatives markets that had sparked concerns about the effectiveness and relevance of the original Vix.
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Individual Investors Are Still Hungry for Stocks-While Shunning Risk
Jack Pitcher - The Wall Street Journal
Individual investors scooped up shares of single stocks and exchange-traded funds at a near-record clip in the first quarter. They appear to have learned some lessons in risk taking as well. Individuals bought a net $77.7 billion in equities and ETFs on U.S. exchanges in the first three months of the year, according to Vanda Research data, which excludes contributions to 401(k)s and other retirement accounts. That sum trails only the first quarters of 2021 and 2022, when they bought about $80 billion.
/jlne.ws/41VTRIH
Hedge Funds Place Biggest Ever Short on Benchmark Treasuries
Garfield Reynolds - Bloomberg
Hedge funds are betting on higher Treasury yields in a market that's divided over whether the US economy can avoid recession and Federal Reserve interest-rate cuts.
/jlne.ws/3oGp3Nu
The Lex Newsletter: Cut through the noise with smart financial analysis; Pithy insight helps readers make well-informed investment decisions
The Lex Newsletter - Financial times
Elon Musk's Twitter takeover may have boosted the billionaire's personal following, but his brand has taken a hit. Musk's $44bn purchase price for the social media platform appears more insane by the day. Internal calculations put the value at $20bn. On Lex, we believe that the equity is now worthless.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Canopy Planet wins $60 million to scale circular fibers for paper, textiles; The forest conservation nonprofit plans to use the money to create connections between brands and material innovators, and to establish material production hubs.
Jesse Klein - GreenBiz
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The Economy Alone Can't Fix the Racial Divide in Labor; The unemployment rate among Black workers may have dropped to a record low 5%, but that's still not good enough.
Claudia Sahm - Bloomberg
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Poll: Climate change needs to be addressed...and soon, most Americans say
Jennifer De Pinto - CBS News
A majority of Americans - two-thirds - feel people need to address climate in the coming years, including more than half who think action is necessary right now. Most feel their generation bears some responsibility for making sacrifices and taking care of the environment for future generations. Majorities across gender, racial and age groups all see a need for climate change to be addressed now or in the next few years, with more urgency among younger Americans.
/jlne.ws/3mWVhDM
Do You Even Decarbonize, Bro?; 'Decarb bros' think the best way to combat climate change is to ditch the gloom of earlier environmentalism and focus on what new technology can do.
Nell Gallogly - The New York Times
Decarb bros believe it's all going to be OK. They believe that I.P.A.s go best with party chat about smart-grid management and electric vehicle infrastructure. They believe in trading memes on Twitter and in messaging groups, formed around their zeal for technology as the answer to a lower-emissions future.
/jlne.ws/43RofFT
How to Spot Greenwashing: When Companies Aren't as Green as They Claim; North American sales of goods advertising sustainability rose to $268.9 billion in as of July 2022.
The Wall Street Journal (video)
Companies, countries and organizations are attracting consumers and investors with promises to be more environmentally friendly. But what happens when they fall short? Here's how greenwashing is misleading consumers about how sustainable products and services are.
/jlne.ws/3An4KHx
Do-Good Funds Spurned for Safer Bets as Quarterly Losses Mount; US investors pulled $5.2 billion from ESG funds last quarter; New ESG fund debuts reached 27, topping fourth-quarter number
Peyton Forte - Bloomberg
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US renewables industry joins Big Oil to fight delays to project permits; Unlikely alliance underlines frustration that lengthy review process is hampering energy development
Myles McCormick and Aime Williams - Financial Times
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Floating wind power gains traction but can it set sail?
Nina Chestney and Susanna Twidale - Reuters
/jlne.ws/3Lpl54V
US renewables industry joins Big Oil to fight delays to project permits; Unlikely alliance underlines frustration that lengthy review process is hampering energy development
Myles McCormick and Aime Williams
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An oil chief heading COP28? Fossil fuel industry's climate change schizophrenia is on full display
David Dodwell - South China Morning Post
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The Startup That Lets Hedge Funds Bet Millions on Real-Life Events; Kalshi raised a bet limit to $7 million to woo pro traders; Firm also bolstering bid for approval on US election betting
Lydia Beyoud - Bloomberg
With its bid to let Americans wager on elections put on ice by federal watchdogs, Kalshi Inc. is now shopping a plan to let hedge funds easily wager millions of dollars on more real-life events. The upstart New York-based derivatives exchange has been quietly laying the groundwork with trading firms and desks for months.
/jlne.ws/41TRB4I
US Banks Ramped Up Lobbying by Nearly 20% as SVB, Signature Failed; Regional banks among those that spent more on lobbyists; Mid-tier banks to face more regulations in coming months
Laura Davison and Bill Allison - Bloomberg
Three dozen of the largest US banks and the groups who represent them increased spending on lobbying Congress by 19.3% last quarter as fears of a banking contagion spread. Thirty-two of the largest banks and four trade groups collectively spent $22 million on influencing lawmakers in the first quarter of 2023, according to federal lobbying disclosures, up from $18.4 million in the same period last year.
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A Schwab Divorce From Bank Could Unlock Value, JPMorgan Says; Stock could garner higher valuation multiple without bank; Recent selloff wiped more than $60 billion from Schwab's value
Breanna Bradham - Bloomberg
With all the angst bearing down on Charles Schwab Corp., the brokerage may be worth a lot more without its bank. That's the thinking of JPMorgan Chase & Co. analyst Kenneth Worthington who argues Schwab shares would be valued more highly by investors if they were unencumbered by the risks around its bank following the tumult in regional lenders.
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JPMorgan bankers met with Epstein after his accounts were closed - WSJ
Reuters
PMorgan Chase & Co bankers continued to have meetings with the sex offender Jeffrey Epstein even after the bank decided to close his accounts in 2013, the Wall Street Journal reported on Friday, citing people familiar with the matter. The banker Justin Nelson had about a half-dozen meetings at Epstein's townhouse between 2014 and 2017, the newspaper said.
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Investment Bankers Twiddle Their Thumbs; But the slow times won't last forever.
Sonali Basak - Bloomberg
The short answer is: eventually, hopefully. Dealmakers around the globe sure want it to be sooner rather than later. Morgan Stanley's James Gorman views the market for dealmaking as "very subdued," the chief executive officer told analysts in a conference call this week after reporting first-quarter results. He and his rivals said investment banking fees have dropped about 20% or more from a year earlier.
/jlne.ws/3V0FbFI
Qontigo licenses the STOXX® Europe Luxury 10 index to Samsung AM, as European luxury goods market rebounds
Qontigo
Qontigo has licensed the STOXX® Europe Luxury 10 index to Samsung Asset Management, to serve as an underlying index for an inaugural ETF listing on the Korea Exchange. The index comprises ten of the largest European companies in the luxury goods sector, including some of the world's most iconic premium brands: Dior, Hermes, LVMH and Moncler. In recent years the European luxury goods industry has seen a growing movement towards conscious consumption, increasing Gen Z adoption and the continuation of online sales growth, with McKinsey projecting growth between 5% and 10% globally in 2023*.
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French prosecutors accuse Lebanon central bank chief of hiding fraud
Reuters
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US banks on alert over falling commercial real estate valuations; Lenders increase provisions for losses on property loans as office values drop
Financial Times
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SIFMA Statement on FSOC Nonbank SIFI Designation Proposal
Securities Industry and Financial Markets Association
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Moody's Downgrades 11 Regional Banks, Including Zions, U.S. Bank, Western Alliance
Ben Eisen - The Wall Street Journal
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What a New Cold War Means for Central Banks
Daniel Moss - Bloomberg
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Bonds in Trouble as $1 Trillion Liquidity Drains: Credit Weekly; Central banks that pumped in cash are pulling out, Citi says; Junk debt is most exposed to tighter financial conditions
James Crombie - Bloomberg
/jlne.ws/41SmBSp
Billion-Dollar Hedge Fund Startups Rise to Pre-Pandemic Levels; Four firms launching this year are on track to top $1 billion; Millennium alum Bobby Jain may headline 2024 hedge fund debuts
Hema Parmar, Katherine Burton and Nishant Kumar - Bloomberg
/jlne.ws/3N8y2RP
ING sues China's biggest bank over copper trading losses
Harry Dempsey and Cheng Leng - Financial Times
/jlne.ws/41PqcAK
JPMorgan's Ties to Jeffrey Epstein Were Deeper Than the Bank Has Acknowledged
Khadeeja Safdar and David Benoit - The Wall Street Journal
/jlne.ws/3L5IVRE
UBS retains risk chief to bolster controls for Credit Suisse deal
Reuters
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Secret History of AI, and a Hint at What's Next; Artificial intelligence is already a big part of our daily lives. 'We are at an inflection point.'
Christopher Mims - The Wall Street Journal
If you're worried that artificial intelligence will transform your job, insinuate itself into your daily routines, or lead to wars fought with lethal autonomous systems, you're a little late-all of those things have already come to pass. The AI revolution is here. Recent developments like AI chatbots are important, but serve mostly to highlight that AI has been profoundly affecting our lives for decades-and will continue to for many more.
/jlne.ws/3L43Wfx
Glencore CEO's First Big Move: Chasing Mining's Toughest Prize; Battle for Teck at pivotal moment as investors vote on split; Teck's board says Glencore's proposal is opportunistic
Thomas Biesheuvel - Bloomberg
Glencore Plc's attempt to seal mining's biggest deal in a decade has thrust Chief Executive Officer Gary Nagle into center stage. Little known outside Glencore before taking the job nearly two years ago, the energetic South African is pursuing one of mining's most unattainable targets, in a bitter brawl that's headed for a potential climax this week.
/jlne.ws/3oHezgP
Individual Investors Are Still Hungry for Stocks-While Shunning Risk
Jack Pitcher - The Wall Street Journal
Individual investors scooped up shares of single stocks and exchange-traded funds at a near-record clip in the first quarter. They appear to have learned some lessons in risk taking as well. Individuals bought a net $77.7 billion in equities and ETFs on U.S. exchanges in the first three months of the year, according to Vanda Research data, which excludes contributions to 401(k)s and other retirement accounts. That sum trails only the first quarters of 2021 and 2022, when they bought about $80 billion.
/jlne.ws/41VTRIH
The Companies That Give Everyone the Day Off When Life Gets Stressful; More executives believe these initiatives are a crucial way to retain and attract employees in a tight labor market
Tara Weiss -The Wall Street Journal
More companies are carving out extra personal days for workers, not for a doctor's appointment or to run errands, but because of stressful events outside of the workplace. The decision to offer these types of personal days is one of several moves company executives say they are making to address concerns about employees' mental health. They are also offering companywide mental-health days and on-site respite rooms.
/jlne.ws/41RieqF
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Long COVID Is Being Erased-Again; What was once outright denial has morphed into a subtler dismissal.
Ed Yong - The Atlantic
Charlie McCone has been struggling with the symptoms of long COVID since he was first infected, in March 2020. Most of the time, he is stuck on his couch or in his bed, unable to stand for more than 10 minutes without fatigue, shortness of breath, and other symptoms flaring up. But when I spoke with him on the phone, he seemed cogent and lively. "I can appear completely fine for two hours a day," he said. No one sees him in the other 22.
/jlne.ws/3L3EtCZ
What the new Covid-19 vaccine guidance means for you; For most Americans, it's pretty simple - at least, for now.
Keren Landman - Vox
The past three years have taught us a hard truth: Covid-19 doesn't pose the same risk to everyone it infects. Now, American public health agencies are trying to align Covid-19 vaccination recommendations with that fact. This week, the Food and Drug Administration (FDA) and the Centers for Disease Control and Prevention (CDC) Advisory Committee on Immunization Practices rolled out streamlined vaccine recommendations aimed at helping people figure out what to do right now.
/jlne.ws/3NbAgzV
12 Potential Arcturus COVID Symptoms That May Impact You, According to Doctors
Zee Krstic - Good Housekeeping
Just as federal health regulators have released additional booster vaccines to at-risk Americans, doctors across the globe are raising concerns about a new SARS-CoV-2 variant that has the potential to trigger elevated COVID-19 spread this spring. Known officially as subvariant XBB.1.16 - but quickly picking up a moniker of "Arcturus" among media and healthcare professionals alike - this Omicron subvariant is increasingly being traced back to new COVID-19 cases here in the United States, according to the latest Centers for Disease Control and Prevention (CDC) data.
/jlne.ws/3n1hOze
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Argentina's wheat planted area seen growing to 6.7 million hectares in 2023/24 season
Reuters
Argentina is expected to plant 6.7 million hectares of wheat in the 2023/24 season, above the 6.1 million hectares planted in the previous season, the Buenos Aires grain exchange said in a report on Friday. Farmers in Argentina, a key global supplier of wheat, will begin planting their first lots of the new crop in the second half of May, following a historic drought that devastated the sector and practically cut the 2022/23 season's wheat harvest in half to 12.4 million tons.
/jlne.ws/3NbxdaX
Chile's New Lithium Plan to Scare Off Investors, Friedland Says
James Fernyhough - Bloomberg
The Chilean government's plan to demand a controlling stake in all future lithium projects will deter investment and risks stalling the clean energy transition, according to Canadian mining billionaire Robert Friedland.
/jlne.ws/3N7olDe
Argentina's lithium pipeline promises 'white gold' boom as Chile tightens control
Lucila Sigal - Reuters
In Argentina's mountainous north, a strong pipeline of lithium projects close to coming online looks set to unlock a wave of production that could see its output of the key electric vehicle battery metal as much as triple within the next two years.
/jlne.ws/3H4Qbfp
NYC Subway Ridership Hits 4 Million For the First Time Since March 2020; Ridership is still below pre-pandemic weekday average; MTA is the "lifeblood" of New York City, Hochul says
Michelle Kaske - Bloomberg
New York City's subway system tallied 4 million rides on Thursday, a record high since the onset of the pandemic for the nation's largest transit system. It's the first time the subway network served at least 4 million rides in one day after usage fell by as much as 90% in 2020, the first year of the coronavirus pandemic, according to a statement on Friday from New York Governor Kathy Hochul.
/jlne.ws/3AtiSyU
Eureka! After California's Heavy Rains, Gold Seekers Are Giddy.
Thomas Fuller - The New York Times
Albert Fausel spends his days at the family hardware store sorting through boxes of bolts and pacing the old, creaking floorboards to greet his loyal clientele. But on a recent sunny afternoon, he threw on his wet suit and diver's mask and inserted himself face down in the shallow creek near his home. A
/jlne.ws/3Ap85pK
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| Miscellaneous | | Stories that don't quite fit under the other sections | How to Negotiate a Better College Financial-Aid Package; Accepted students now might have greater wiggle room to ask for more money
Veronica Dagher and Oyin Adedoyin - Financial Times
Recently accepted to college? Now is the time to ask for more financial aid. Many schools require prospective students to make enrollment decisions by May 1. Financial advisers say this window is a good time to negotiate financial-aid packages, since some colleges don't know how many accepted students will actually attend until then.
/jlne.ws/3LqPQX8
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