| November 14, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Federal agents raided Polymarket CEO Shayne Coplan's home amid a U.S. Department of Justice investigation into the company for allegedly allowing U.S. users to access its prediction market platform, CoinDesk reported. Polymarket, which gained popularity during the 2024 presidential election with high volumes of bets on Donald Trump's victory, had previously settled with the U.S. Commodity Futures Trading Commission (CFTC) in 2022, agreeing to block U.S. users. Despite the ban, reports indicate that some Americans accessed the platform via VPNs. A Polymarket spokesperson called the raid "political retribution" by the outgoing administration, claiming the platform promotes transparency and information. A story by The Wall Street Journal focuses on the FBI seizing Coplan's phone during the raid.
Today JLN has a thought leadership commentary from Michael Posylkin of Sernova Financial titled "Client Clearing - The Direction of Travel." The commentary discusses the evolving landscape of client clearing and associated costs due to regulatory developments. It covers the Futures Industry Association's proposed European Trustee Model (EATM) for client clearing, designed to enhance clearing brokers' capital efficiency. Additionally, upcoming Basel 3.1 (Basel IV) and U.S. Basel III 'Endgame' regulations are expected to significantly raise capital requirements for U.S. Globally Systemically Important Banks (G-SIBs) and European banks. This increase in costs is likely to make clearing access more expensive, impacting smaller banks and broker-dealers who may consider direct CCP membership to manage costs. The report highlights the industry's dual challenge: improving client clearing access while navigating tightening capital regulations.
In Part Two of JLN's interview with veteran commodities and futures attorney William Nissen, he shared pivotal cases from his career. In Puckett v. Rufenacht, Bromagen & Hertz, Inc. (RB&H), Nissen argued that brokers aren't legally obligated to prevent clients from trading, a stance upheld by the Mississippi Supreme Court that set a precedent on broker suitability. He also discussed a 1992 margin call dispute with Lind-Waldock Futures, affirming brokers' right to adjust margins without meeting "reasonableness" standards unless intended to penalize. Another case, Farmland Industries v. Frazier-Parrott, involved claims of unauthorized trades, resulting in a landmark decision allowing defendants to recover attorney fees. Watch the video HERE.
Back in the 1980s when I worked for First American Discount Corporation, founded by FIA Hall of Fame member William Mallers, Sr., a former chairman of the Chicago Board of Trade who was elected in 1969 as a rogue candidate, I was lucky to hear many stories from him. One story was about the only trade he made the year he was the chairman. He bought some July '69 SRW at the CBOT and proceeded to watch it go down and ended up losing $70,000 on the trade. He had put in the high or near the high price for the contract and everyone in the pit knew it, given his prominence as CBOT chairman. A year or so later, there was a bull market in wheat and his price was finally exceeded. When he saw this on his quote screen, he walked down to the trading floor into the wheat pit and loudly told the assembled traders, "See, I told you so!"
This is not a story about a broken clock being right twice a day, but rather about waiting for the right time to silence your critics, who have had a long period of being right. Odell Beckam, Jr. and some other football players who took their salaries as bitcoin during a previous phase of the cryptocurrency's mania are emerging to say "See, I told you so!" A story on Ramswireis headlined "Odell Beckham Jr. dunks on everyone who laughed at him for taking Rams salary in Bitcoin." Beckam took his $750,000 salary from the Los Angeles Rams in 2021 in Bitcoin.
In a Bloomberg video interview, Euronext CEO Stephane Boujnah stated that Donald Trump's election ushers in an era of "un-inhibited decisions" in U.S. policy making, potentially impacting global markets. He highlighted Euronext's recent share buyback and its strategic growth plan, which focuses on expanding services and increasing market share through sector consolidation. The CEO emphasized Euronext's role in adapting to shifting market conditions and regulatory landscapes amid these geopolitical changes.
All I am going to say about President-elect Donald Trump's pick for Attorney General is to offer you the headline and subheadline from The Wall Street Journal. The headline is "Matt Gaetz Is a Bad Choice for Attorney General" and the subheadline is "He's a nominee for those who want the law used for political revenge, and it won't end well."
Chicago's luxury real estate market is attracting bargain hunters as wealthy sellers, including Ken Griffin and Michael Jordan, unload properties at significant discounts, Bloomberg reported. Griffin sold two condos at a 53% loss after moving to Miami, while Jordan halved the price of his suburban mansion to finally secure a buyer. High-end real estate in Chicago, long trailing markets like New York and Los Angeles, has struggled with the city's rising crime and exodus of affluent residents, including major firms like Citadel and Boeing. However, brokers report renewed buyer interest, with Chicago's summer events transpiring smoothly, lifting confidence in the market's recovery.
The Associated Press Finance reports that "Satirical outlet The Onion has bought Alex Jones' Infowars at auction, relatives of Sandy Hook shooting victims say." The New York Times reports "The satirical news site planned to turn Infowars into a parody of itself, mocking "weird internet personalities" who peddle conspiracy theories and health supplements."
Here are the headlines from in front of FOW's paywall from some recent stories: HKEX completes first severe weather trading day without a hitch, ANALYSIS: Fed to slow rate cuts on expected Trump tariff inflation - Nomura, Trump Will Bring Change for Investors, ANALYSIS: Euronext chief sees political will for European exchange consolidation and DTCC enhances VaR calculator to support expanded US Treasury clearing.
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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Our most read stories from our previous edition of JLN Options were:
- Contract That Made India Top Options Market Has Last Trading Day from Bloomberg.
- Bitcoin Traders Pile Into $100K CME Options as Price Climbs Through $93K: CF Benchmarks from CoinDesk.
- Crypto ETF Provider Bitwise Buys Ether Staking Service Attestant from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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| Sponsored Content |
"FIA Forum - Tokyo 2024" held at JPX
Together with FIA and FIA Japan, OSE successfully hosted the FIA Tokyo Forum on October 10, 2024, at the Tokyo Stock Exchange. The event welcomed over 220 attendees representing more than 100 companies.
The program opened with remarks from Mr. Nakaso, Chairman of FinCity.Tokyo, and Mr. Yokoyama, President and CEO of OSE. These introductions were followed by two engaging panel discussions and an insightful address by Mr. Ito, Commissioner of the Financial Services Agency.
During the panel discussions, industry leaders from global exchanges and brokerages shared their perspectives on the Japanese market and their development plans. They also explored practical applications of OSE's recent innovations in the interest rates market, including the newly launched 3-Month TONA Futures.
Mr. Kazuhisa Kakizaki, Executive Officer of OSE/TOCOM, joined a panel to discuss JPX's product advancements. He highlighted developments such as the 3-Month TONA Futures, TOCOM Electricity Futures, and the revival of the Single Stock Options market.
For further details , please refer to the following link: https://www.fiajapan.org/post/fia-forum-tokyo-2024-co-organized-with-fia-japan.
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 The Legal Mind Behind Futures Industry Landmarks, Part Two JohnLothianNews.com In part two of his interview with John Lothian News, William Nissen, a seasoned commodities and futures lawyer, shared insights from his decades-long career, highlighting more landmark cases that shaped the industry's legal landscape. Watch the video »
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Traders took charge at the FT Alphaville Pub Quiz - can you do better?; High frequency of correct answers
FT Alphaville - Financial Times
Are high-frequency traders simply a superior class of human being? Their pay certainly suggests so, and unfortunately their quizzing abilities also appear to be exceptional. There were 200 of New York City finance's finest in attendance at Houston Hall, Manhattan last night, as the FT Alphaville Pub Quiz returned, with thanks to our kind sponsors at Tastytrade. Some 31 teams took part, but there could only be one winner. After a hard-fought clash over seven rounds of financial trivia, the victors were RIP The Emily Account, a motley crew of traders.
/jlne.ws/4hO0yoU
***** I am so offended by the first sentence of this story, I can't believe the FT even wrote it. Just WOW! Talk about your snobs.~JJL
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More American households have access to bank accounts than ever before
David Hollerith - Yahoo Finance
The percentage of US households lacking access to a checking account is now at a record low, but minorities still have a weaker connection to the American banking system than white households do. Those were among the findings of a new Federal Deposit Insurance Corporation report this week that found roughly 5.6 million households were "unbanked"- meaning they lacked a bank or credit union account - as of 2023.
/jlne.ws/3YVyWFQ
****** One of the points of cryptocurrency was for the unbanked to have access to financial services? Is the success of crypto encouraging people to get bank accounts, or is there another organic reason for this increase?~JJL
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How often should you turn off your phone? Here's what the NSA advises
Laura Pippig - PC World
Many people underestimate the work needed to keep smartphones in tip-top shape. These tiny PCs in your pocket require regular maintenance and important updates in order to stay protected against wear and tear as well as attacks. Turning your phone off completely protects it from some hacks Surprisingly, this includes a very basic task that many people never do: switching your phone off completely. According to security experts at the NSA, this alone helps to protect the device from some hacking attacks. It is now not only common to gain access to smartphones via malicious links, but also via so-called zero-click exploits.
/jlne.ws/4eukGJG
****** I need to do this.~JJL
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Wednesday's Top Three
Our top clicked item Wednesday was the MarketsWiki page for the FIA Hall of Fame, which just announced its 2025 inductees. Second was the Chicago Tribune story from August 10, 2021, CFTC Finally Clears CBOT Group of Prearranged Trades, about the unanimous ruling in that case by William P. Albrecht, acting chairman of the CFTC, and two CFTC commissioners. We had reported that Albrecht died on October 30. Third was The Legal Mind Behind Futures Industry Landmarks, part 1 of a John Lothian video profile of Bill Nissen. Part 2 appears today.
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| Lead Stories | Polymarket CEO's Home Is Raided by FBI; "This is obvious political retribution," said a Polymarket spokesperson. Bloomberg reported that DOJ is investigating the company for letting U.S. users access the site.
Nick Baker, Nikhilesh De - CoinDesk
The prediction market was a breakout success in the U.S. presidential election, a platform where billions of dollars worth of bets were placed on the outcome. Polymarket traders viewed Donald Trump as the likely winner, as indeed he was. The raid was confirmed by a Polymarket spokesperson. The New York Post and Axios reported the news earlier. According to the Post, the feds took Coplan's phone and other electronic devices. By all accounts, Coplan has not been arrested or charged with any wrongdoing.
/jlne.ws/3UPHFYG
****** Here is the Reuters version of this story.~JJL
How Beijing Took Control of Hong Kong's Financial Hub-and Left the West Behind; The world's pre-eminent East-meets-West investment hub has become more Chinese as international financial institutions, corporations, and expatriates retreat
Rebecca Feng - The Wall Street Journal
With the golden gongs behind her waiting to be rung, Bonnie Chan, head of Hong Kong's stock exchange, launched into a speech this spring. What she said, extolling Hong Kong's position as an international financial hub, wasn't remarkable. Rather, it was how she said it. The Harvard-educated Chan spoke in Mandarin, a departure from the exchange's past practice of speeches being given in English or Cantonese. The language was dictated by a 2-to-1 vote over English by the three Chinese asset managers launching new cryptocurrency funds at the exchange that day. The exchange hadn't offered simultaneous translation in English or any other language.
/jlne.ws/48WVqLa
Why Goldman Stands Out as a Trump-Era Winner on Wall Street; Booms in dealmaking and private credit would be a double boost
Telis Demos - The Wall Street Journal
Donald Trump's election has unleashed big hopes in the market for dealmaking, regulatory easing and private credit. Together, all of that would put some extra shine on Goldman Sachs. Goldman is the top-performer among global banks in the S&P 500 so far in November, up nearly 15%. That is well above S&P 500 banks, which are up around 9%, and on par with private investment firm Apollo Global Management's gain this month. That may be no coincidence. Like other Wall Street banks, Goldman would benefit from an uptick in merger-and-acquisition or initial-public-offering activity, as well as any regulatory rollback. And generally when things are good on Wall Street, they are very good at Goldman: During the surge of activity in 2021, its return on equity for the year was 23%, versus 12% for S&P 500 banks overall.
/jlne.ws/3YMPr6Q
Trump's Treasury pick: Lutnick now a top contender alongside Bessent, sources say
Svea Herbst-Bayliss and Alexandra Ulmer - Reuters
Billionaire banker Howard Lutnick has emerged as a serious contender alongside investor Scott Bessent for the top Treasury job in the new Trump administration, two sources familiar with the matter said, as the race for the high profile role heats up. Lutnick, a longtime friend of Trump's and co-chair of the transition team, had received the backing of at least one influential member of President-elect Donald Trump's inner circle for the Treasury Secretary role, one of the sources said.
/jlne.ws/3ACOqX5
Gensler Makes Final Pitch on Crypto Rules as Trump Vows New Tack
Lydia Beyoud - Bloomberg
Gary Gensler is making a final pitch for how the SEC should be allowed to regulate cryptocurrency markets ahead of the incoming Trump administration and its enthusiasm for digital assets. In a speech prepared for a Thursday legal conference in New York, the Securities and Exchange Commission chair repeated that the agency should be focused on "rules of the road" that apply to crypto sales and intermediaries, such as brokers and exchanges, to promote proper disclosure.
/jlne.ws/4fnW1rB
Crypto industry pushes for policy sea change after Trump victory
Hannah Lang - Reuters
The crypto industry is pushing for an ambitious raft of policies that would promote the widespread adoption of digital assets and considering who best to promote them, as they anticipate a cryptocurrency-friendly regime under President-elect Donald Trump. While crypto companies were already anticipating a lighter touch with a new administration, Donald Trump's decisive victory and a projected Republican sweep of Congress pave the way for a dramatic and lasting crypto policy overhaul. Trump courted crypto cash with promises to be a "crypto president," and industry executives say he now has a strong mandate to deliver.
/jlne.ws/4euJfWT
Inside Goldman Sachs' years-long power struggle over its China venture; A deal with a prominent Chinese banker gave the US group market access, but securing full control cost a lot more than it expected
FT reporters
In the early 2000s, Hank Paulson travelled extensively to China seeking access to the country's financial markets for Goldman Sachs, where he was chief executive. The investment bank's top brass believed the deal he eventually cut would only be a temporary one. The thinking was that an alliance with Fang Fenglei, a mainland investment banker with peerless connections to the Communist party elite, would endure for only a few years, until the Wall Street institution was permitted to directly own its securities and investment banking business in China.
/jlne.ws/3CEDWqw
Trump Whale Scores $85 Million Windfall on Election; The mystery trader ultimately opened 11 accounts on Polymarket and kept betting through Election Day
Alexander Osipovich - The Wall Street Journal
The mystery trader who made a successful bet on Donald Trump winning the presidency earned about $85 million in profits, tens of millions of dollars more than previously reported, according to a blockchain-analysis firm and the trader himself. Research by Chainalysis shows the trader known as the "Trump whale" had 11 accounts on Polymarket-more than the four accounts that were earlier known. Polymarket is a crypto-based betting platform whose popularity surged in recent months when bettors piled into its contracts on the presidential election. Americans aren't permitted to trade on Polymarket.
/jlne.ws/4fM4GDV
Missing Crypto Influencer, Under Investigation by Canadian Regulator, Found Dead in Montreal: Report; His body was found months after he was kidnapped from a Montreal condo. A 32-year-old woman has been charged with his murder.
Callan Quinn - CoinDesk
A dead body discovered in the Île-de-la-Visitation park in Montreal, Canada on Oct. 30 has been identified as missing "crypto influencer" Kevin Mirshahi, according to a Nov. 12 report from the Montreal Gazette. The 25-year-old has been missing since he was abducted along with three others from a condo in the city on June 21. The other abductees, two women and one man, were located by police hours later. In August, Joanie Lepage, 32, was charged with first-degree murder of Mirshahi and the abduction of Mirshahi and the three others. It is not known if her actions are linked to Mirshahi's cryptocurrency ventures. At the time of his disappearance, Mirshahi ran a crypto investment scheme called Crypto Paradise Island, a paid-for Telegram group offering investment advice.
/jlne.ws/4fNVcbc
FBI Seizes Polymarket Founder's Phone in Raid of Home; Prediction-market startup accuses Biden administration of retaliation for calling the election for Donald Trump
Alexander Osipovich - The Wall Street Journal
The Federal Bureau of Investigation seized the phone of the founder and chief executive of Polymarket, the crypto-based prediction market that was a popular platform for bets on the U.S. presidential election, a person familiar with the matter said. Federal agents woke Shayne Coplan at his Manhattan home early Wednesday morning to carry out the search, the person said. The raid was earlier reported by the New York Post. It wasn't immediately clear what prompted the FBI's search of Coplan, the 26-year-old entrepreneur behind one of the most successful prediction markets in history. But Polymarket quickly tied the raid to its track record in the recent election, in which bettors on its platform correctly anticipated that Donald Trump would beat Vice President Kamala Harris.
/jlne.ws/3O7YFFO
X sees largest user exodus since Musk takeover; X users are weighing the decision to keep their followings or build them back up on alternative platforms after the election. Many users are leaving X for alternative platforms like Threads or Bluesky.
Kat Tenbarge and Kevin Collier - NBC News
On the day after the election, Nov. 6, X experienced its largest user exodus since Elon Musk bought the platform in 2022. And now, users are flooding to alternative text-based social media apps like Bluesky and Instagram's Threads. Those numbers appear to be climbing, as users and brands like The Guardian and Don Lemon continue to announce their departures from the platform. NBC News spoke to six people who have joined or committed to using Threads and Bluesky in place of X after the election because of Musk. Each of them cited growing issues on X, including bots, partisan advertisements and harassment, which they all felt reached a tipping point when Donald Trump was elected president last week with Musk's support.
/jlne.ws/48WdAg4
Bankman-Fried lieutenant builds fraud detection tool for prosecutors
Luc Cohen - Reuters
The former FTX executive who wrote computer code that enabled his imprisoned former boss Sam Bankman-Fried to steal billions of dollars from cryptocurrency customers has built software to help the U.S. government uncover fraud in the stock market. Federal prosecutors made the disclosure in a Wednesday court filing seeking leniency for Gary Wang, FTX's former chief technology officer, at his scheduled Nov. 20 sentencing before U.S. District Judge Lewis Kaplan in Manhattan.
/jlne.ws/4ewgyJk
Ex-Deutsche Boerse Staffer Convicted in Insider Trading Case; Ex-employee gets suspended jail term from Frankfurt court Deutsche Boerse made it easy for him to do crimes, judge says
Karin Matussek - Bloomberg
A former Deutsche Boerse AG employee was handed a suspended sentence and must pay EUR163,000 for secretly trading on non-public information the Frankfurt stock exchange received from listed companies. The man, who can only be identified as G. P., was found guilty of 14 counts of insider trading between January 2018 and July 2021, Presiding Judge Eva-Marie Distler said delivering the verdict in Frankfurt on Thursday. The money seized equals the transaction prices, she added.
/jlne.ws/3Z6PXy6
London Capital & Finance Bosses Ran a Ponzi Scheme, UK Judge Rules; Court finds LCF bosses committed fraud and must pay up
Upmanyu Trivedi and Eleanor Thornber - Bloomberg
Bosses at London Capital & Finance Plc ran a ponzi scheme to collect hundreds of millions of pounds from retail investors, spending much of it on themselves, a London judge ruled. LCF's former director Michael Andrew Thomson, shadow director Spencer Golding, and several associates were liable for violating their duties to the company and must pay compensation, the court ruled on a claim brought by the company's joint administrators.
/jlne.ws/48LVywR
Expanding equity trading hours risks alienating the new generation; The potential for a move in the opposite direction towards shortened hours is not out of the question, suggested experts speaking at the LSEG equities day earlier this week.
Claudia Preece - The Trade
As the extended trading hour debate continues, experts speaking at an exclusive London Stock Exchange panel earlier this week agreed that when it comes to equities, this would essentially be superfluous. The idea of the asset class following in the footsteps of the FX, crypto and retail markets - with increasingly 24-hour processes in place - was relatively dismissed, with a move even potentially in the opposite direction suggested.
/jlne.ws/3UTovBf
Italy sells almost all its stake in world's oldest bank; Italian government offloads most of its remaining stake in Monte dei Paschi
Silvia Sciorilli Borrelli and Simon Foy - Financial Times
Italy offloaded another 15 per cent stake in Monte dei Paschi di Siena on Wednesday, using the staged privatisation of the once-ailing lender to kick-start a consolidation process in the country's banking sector. Shares in the world's oldest bank jumped more than 12 per cent on Thursday after the EUR1.1bn sale by the government, which cut its stake from 26 per cent to just over 11 per cent.
/jlne.ws/3Z3x6Uv
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Trump needs concessions from Putin - they may be forthcoming; The Russian president wants to save face on Ukraine but this doesn't mean he won't give anything away
Rose Gottemoeller - Financial Times (opinion)
The writer is a lecturer at Stanford University and former deputy secretary-general of Nato.
On the campaign trail, Donald Trump famously said that he would end the war in Ukraine in 24 hours. In September, his vice president-elect, JD Vance, began to put out ideas of what that might mean: partition of Ukraine, with the eastern portions of the country falling to Russia and Nato membership out of the question. Other Republican strategists have voiced similar notions, although they have been a little softer on Nato: membership for Ukraine would be put off indefinitely.
/jlne.ws/4fsKkjj
Ukraine's bonds jump as investors bet Trump will end war; Rally in dollar debt is unlikely 'Trump trade' and comes just months after huge restructuring
Joseph Cotterill and Laurence Fletcher in London - Financial Times
Ukraine's sovereign bonds have surged in price as investors bet that the incoming US administration will push for a quick end to the war with Russia. The dollar-denominated bonds have risen 12 per cent in the past month, in expectation that the re-election of Donald Trump will lead to a ceasefire and boost Ukraine's capacity to repay creditors. The jump in the price of Ukrainian bonds, which one investor in the country called "the unlikeliest Trump trade ever", comes as bets relating to the new administration have swept global financial markets in recent weeks.
/jlne.ws/3YOnZ8L
Acting On Bad Intel, 'Rigid' Russian Forces Keep Attacking Along The Same Roads In Kursk-And Rolling Into The Same Ukrainian Kill Zones 'Every day they attack,' one Ukrainian drone operator reported.
David Axe - Forbes
A week into their counteroffensive aimed at eliminating Ukraine's 250-square-mile salient in western Russia's Kursk Oblast, Russian forces have suffered staggering casualties-and have very little to show for it so far. They've retaken the village of Pogrebki, on the northern edge of the salient. But that's little consolation to the hundreds of Russians who have died in failed assaults elsewhere along the salient's northern and western sides.
/jlne.ws/4fLtjRf
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Middle East latest: Human Rights Watch accuses Israel of war crimes in Gaza Strip
The Associated Press
Human Rights Watch said in a report released Thursday that Israel has committed war crimes and crimes against humanity in the Gaza Strip, including massive forced displacements that amount to ethnic cleansing. A new report released by the New York-based rights group said people have been killed while evacuating under Israeli orders and in Israeli-designated humanitarian zones, where hundreds of thousands are crammed into squalid tent camps.
/jlne.ws/3O4TXc2
Hamas Hackers Spy on Mideast Gov'ts, Disrupt Israel; APT Wirte is doing double duty, adding all manner of supplemental malware to gain access, eavesdrop, and wipe data, depending on the target.
Nate Nelson - Dark Reading
A longstanding threat actor affiliated with Hamas has been conducting espionage against governments across the Middle East and destructive wiper attacks in Israel. "Wirte" is a 6 1/2-year-old advanced persistent threat (APT) working to support Hamas' political agenda. Check Point Research identifies it as a subgroup of the Gaza Cybergang (aka Molerats), which is also thought to overlap with TA402.
/jlne.ws/3CsHJYa
Israel hits Beirut, ceasefire terms come into focus
Riham Alkousaa - Reuters
A senior Lebanese official has signalled that Hezbollah is ready to pull its forces away from the Lebanese-Israeli border in any ceasefire, whilst rejecting Israel's demand for freedom to act against the Iran-backed group in the future. Pressing its offensive against Hezbollah, Israel launched airstrikes on Beirut's southern suburbs for a third consecutive day, levelling more buildings in the area of the Lebanese capital controlled by the group.
/jlne.ws/3Z7nnfG
US indicts suspected leaker of classified documents on Israel's plans to strike Iran
Sarah N. Lynch - Reuters
A U.S. government employee has been indicted for leaking classified national defense information, according to federal court records unsealed on Wednesday. The indictment, charging Asif William Rahman with two counts of willfully transmitting classified information, does not provide details about the nature of the leak.
/jlne.ws/4fx8Bor
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | DTCC's FICC bolsters VaR calculator capabilities ahead of US Treasury clearing requirements; New developments will help improve users' understanding of risk management and margin requirements.
Wesley Bray - The Trade
The Depository Trust & Clearing Corporation (DTCC) has launched enhancements to its Value at Risk (VaR) calculator, adding cross-margining and repo transaction functionalities. The updated risk tools seek to support firms as they prepare for the expansion of US Treasury clearing in 2025 and 2026. Developed for the Fixed Income Clearing Corporation's (FICC) Government Securities Division (GSD), the calculator functionality offers users estimated calculations of potential cross-margining reductions at FICC as well as other enhancements.
/jlne.ws/3Z4TrRx
ASX announces appointment of interim Chief Risk Officer
ASX
ASX announces the appointment of Leanne McDougall as its interim Chief Risk Officer, commencing in the role later this month. Ms McDougall is a highly experienced risk professional with more than 30 years' experience in financial services in Australia and the United States. She was most recently the Chief Risk Officer of Suncorp Bank with responsibility for governance and management of all risk types. Prior to Suncorp Bank, Ms McDougall held a number of senior and executive roles in risk management at National Australia Bank and the Commonwealth Bank of Australia.
/jlne.ws/4fnUx0D
LME Clear proposes measures to further bolster market resilience
LME
LME Clear has today issued a consultation proposing a range of measures aimed to further bolster the resilience, transparency and fairness of its markets. The proposals include an increase to the minimum net capital requirement for members and the introduction of a default fund mutualisation limit and anti-procyclicality control. Michael Carty, LME Clear CEO commented: "Last year we committed to an ambitious programme of change to strengthen our markets, and these are the latest set of proposals designed to increase transparency, predictability and overall resilience for clearing members and market participants more broadly. I would like to thank members for their collaboration in the process so far and look forward to working together as we continue to advance our business and further enhance the health and vibrancy of our markets."
/jlne.ws/3O9iPPR
Performance Bond Requirements: FX, Interest Rate and Metal Margins - Effective November 14, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on November 14, 2024
/jlne.ws/3UN214Q
Revised: CME Group Settlement Files Update, January 13, 2025
CME Group
Please note that this migration is now rescheduled to January 13, 2025. In a previously published Notice 24-306, CME Clearing is planning an internal system update of the daily settlement files currently available via SFTP at "sftpng.cmegroup.com". This update is internal to CME and is limited to the system that handles the file distribution. The file names, formats, contents & locations are not changing and do not require changes on the firms' side. To ensure that our changes have no impact on the firms' ability to process the files from the new system, CME made the test settlement files available to the firms via SFTP
/jlne.ws/3O63wqX
After its successful start, Home Market Settlement prepares for further expansion
Eurex
Eurex's Home Market Settlement service for single stock derivatives demonstrated its success soon after launching on 23 September, evidenced by the trading volumes settled in its inaugural week. Volumes have since increased and are expected to rise as additional banks onboard to the service.
/jlne.ws/3CohX7s
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Trading Technologies wins Editors' Choice Award for Outstanding Market Data Services Provider - Fixed Income in The TRADE's Leaders in Trading 2024 Awards
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced that the firm has won The TRADE's Leaders in Trading 2024 award for Outstanding Market Data Services Provider - Fixed income. The category is one of the highly competitive Editors' Choice Awards judged by The TRADE's editorial panel based on achievements over the past year. The awards were presented Nov. 7 in a ceremony in London at a gathering of hundreds of industry leaders. Nick Garrow, EVP Chief Revenue Officer, accepted the award on the firm's behalf.
/jlne.ws/4fHfovi
It's a Legacy Agriculture Company-And Your Newest AI Vendor; Data-rich enterprises like Bayer are working with Microsoft to develop industry-specific gen AI models-and then licensing them to others
Isabelle Bousquette - The Wall Street Journal
Bayer is known for selling seeds. Now it sells seeds and artificial intelligence. Microsoft today announced it is working with the German pharmaceutical-and-agricultural group and other companies on specialized AI models fine-tuned on industry-specific data. The companies can now list and monetize those models on Microsoft's online model catalog.
/jlne.ws/40JqvQb
Nvidia's message to global chipmakers: If you can't beat it, join the US company's supply chain
June Yoon - Financial Times
Twenty-five years ago, Intel made history by becoming one of the first two tech companies to be included in the Dow Jones Industrial Average. Now, Nvidia - also a chip company - has replaced Intel in the blue-chip index following a seven-fold gain in its share price over the past two years. This is just the beginning of the shake-up facing the chip sector.
/jlne.ws/4hQpVGs
BlackRock's tokenized fund BUIDL expanding to Aptos, Arbitrum, Avalanche, Optimism and Polygon
James Hunt - The Block
The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), tokenized in collaboration with Securitize and initially launched on Ethereum, is expanding to the Aptos, Arbitrum, Avalanche, Optimism and Polygon networks. Each blockchain addition opens up their respective applications to natively interact with BUIDL, increasing access for investors, DAOs and other digital asset-native firms by allowing developers to build on the fund in their preferred ecosystem, Securitize said in a Wednesday statement. The tokenized fund offers an onchain yield, dividend accrual and near real-time peer-to-peer transfers.
/jlne.ws/3Cu09Yv
X9 Releases New Cloud Services Management and Security Standard
Accredited Standards Committee X9 Inc.
The Accredited Standards Committee X9 Inc. (X9) today announced that it has published a Cloud Management and Security standard. The new standard, X9.125, specifies the minimum management and security requirements for the effective use of cloud computing in a financial services environment.
/jlne.ws/4ftxqSm
Apple Faces $3.8 Billion Antitrust Legal Claim Over iCloud; Consumer-protection group Which? said the iPhone maker abuses its dominance by tying customers to its iCloud storage service
Edith Hancock - The Wall Street Journal
U.K. consumer-protection group Which? said it filed a 3 billion-pound ($3.82 billion) lawsuit against Apple, claiming the iPhone maker breached competition rules by tying consumers to its iCloud storage service. Which? said Apple abuses its dominance by nudging users into registering on iCloud to store data such as photos and messages without letting them back up their data with a competing provider, effectively favoring its own cloud software over rivals'.
/jlne.ws/3Z3s4HB
AI Power Demand Complicates Low-Carbon Goals, Dominion CEO Says
Josh Saul - Bloomberg
/jlne.ws/3O6nEJw
EP3 Technology Powers $560 Million in U.S. Election Contracts: The Invisible Engine Behind ForecastEx's Fast-Growing Predictions Market
Connamara Technologies
/jlne.ws/3UNw1xz
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| Cybersecurity | | Top stories for cybersecurity | More Spyware, Fewer Rules: What Trump's Return Means for US Cybersecurity; Experts expect Donald Trump's next administration to relax cybersecurity rules on businesses, abandon concerns around human rights, and take an aggressive stance against the cyber armies of US adversaries.
Eric Geller - Wired
For American companies grousing about new cybersecurity rules, spyware firms eager to expand their global business, and hackers trying to break AI systems, Donald Trump's second term as president will be a breath of fresh air. For nearly four years, president Joe Biden's administration has tried to make powerful US tech firms and infrastructure operators more responsible for the nation's cybersecurity posture, as well as restrict the spread of spyware, apply guardrails to AI, and combat online misinformation. But when Trump takes office in January, he will almost certainly eliminate or significantly curtail those programs in favor of cyber strategies that benefit business interests, downplay human-rights concerns, and emphasize aggressive offense against the cyber armies of Russia, China, Iran, and North Korea.
/jlne.ws/3YQF4z2
How Generative AI Will Change Jobs In Cybersecurity
Bernard Marr - Forbes
Ensuring robust cybersecurity measures are in place is more important than ever when it comes to protecting organizations and even governments and nations from digital threats. As society's reliance on digital platforms, online connectivity, and the transfer and storage of data has grown, so has the number of potential attack vectors. Phishing attacks, identity theft and ransomware are all growing in frequency and scale.
/jlne.ws/4esXvzt
Thales and the Tangible Link Between Cyber Expansion and ROI; Thales say expected growth of US$31.6bn is driven largely by their cybersecurity portfolio
Thales has announced they are expecting growth of US$31.6bn driven largely by their strong cybersecurity portfolio
Kristian McCann - Cyber Magazine
In today's volatile threat landscape, cybersecurity threats present an issue not only to a company's current operations, but its ability to expand. This has become all the more pressing in the age of digital transformation and AI, as although this new infrastructure brings new capabilities, it also expands the attack surface. Therefore, companies that can help enterprises enter in this new age, securely, are reaping the rewards.
/jlne.ws/3CtqXIk
ECS Partners With NSA Cybersecurity Collaboration Center; Company to leverage NSA threat intelligence to help protect DoD, DIB, and National Security Systems organizations
BusinessWire
ECS, an IT systems integrator focused on data and AI, cybersecurity, and enterprise transformation solutions, and an ASGN (NYSE: ASGN) brand, has formed a strategic partnership with the National Security Agency's (NSA) Cybersecurity Collaboration Center (CCC). This partnership will enable ECS to leverage the NSA's Threat Intelligence Collaboration service to strengthen the security posture of its customers across the U.S. defense industrial base (DIB).
/jlne.ws/3UNooqX
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| Cryptocurrencies | | Top stories for cryptocurrencies | Robinhood Adds Tokens to Offering for US Crypto Clients
Emily Mason - Bloomberg
Retail brokerage Robinhood Markets Inc. is adding cryptocurrencies Solana, Cardano, XRP and Pepe to its slate of tokens available for US users, as optimism in digital asset markets surges following Donald Trump's election victory. Memecoin Pepe -which is based on a cartoon frog- soared 51% to $0.000019 following Robinhood's announcement on Wednesday, according to CoinGecko. Robinhood had previously removed Solana and Cardano from its platform after the US Securities and Exchange Commission filed lawsuits against crypto trading firms alleging these tokens were unregistered securities.
/jlne.ws/4fnvLxq
UK to Spell Out Crypto Plans as Startups Eye US Trump Benefits; Government to introduce legislation on stablecoins, staking UK faces industry pressure for clarity as US, EU set pace
Ellen Milligan and Emily Nicolle - Bloomberg
The British government will seek to combat the lure of a Donald Trump-led US to the cryptocurrency industry by setting out its plans to regulate the sector this month, an effort to reassure firms about their UK prospects. The Treasury is planning two pieces of legislation on stablecoins - tokens tied to the value of a less volatile asset such as the US dollar - and a carve-out sought by crypto providers to exclude so-called staking services from current financial regulation, people familiar with the matter said.
/jlne.ws/4fMf9z4
Trump-Supported World Liberty Financial Taps Chainlink Data Services as DeFi Platform Takes Shape; Chainlink will provide crucial pricing data and cross-chain interoperability infrastructure for the nascent DeFi platform.
Krisztian Sandor - CoinDesk
World Liberty Financial (WLFI), the nascent decentralized finance (DeFi) protocol supported by Donald Trump and his family, said Thursday that it will use data provider Chainlink's services for better integrating with the wider crypto ecosystem.
/jlne.ws/48Nl2d6
U.S. ETF Inflows Hit $4.7B Over 6 Days as Bitcoin Becomes 7th-Largest Asset in the World; Bitcoin dominance continues its uptrend and hits new highs as ETF inflows soar.
James Van Straten - CoinDesk
Bitcoin (BTC) is on a roll. The largest cryptocurrency by market capitalization has just become the seventh-largest asset by market cap on the planet, overtaking oil giant Saudi Aramco. Its dominance over the crypto industry set a high of 61.38% and the price hit a record of over $93,000 on Wednesday. A large part of the recent success is due to U.S. President-elect Donald Trump's pro-crypto stance during the election campaign. As of today, the Republicans won the House, completing the trifecta and boding well for cryptocurrency prices due to favorable regulation.
/jlne.ws/3Z7nPuo
Bitcoin Briefly Tops $93,000 on Trump Agenda, Fed Policy Outlook
Sunil Jagtiani - Bloomberg
Bitcoin spiked above $93,000 for a short period as expectations of further interest-rate reductions by the Federal Reserve added to the impetus from President-elect Donald Trump's pro-crypto stance. The digital asset rose nearly 6% in the US on Wednesday to a record $93,462 but failed to hold the climb, changing hand at $91,305 as of 12:06 p.m. Thursday in London. The wider crypto market swung between gains and losses.
/jlne.ws/3YN7dqG
Bitcoin's big bang moment is impossible to ignore; The post-election excitement around crypto comes down to vibes and vision
Katie Martin - Financial Times (opinion)
Apparently it is time to let go of your old mindset (man). Forget about the past. Imagine a new and more glorious future. And buy bitcoin. This is a serious struggle for normies like me. Bitcoin is still not a proper currency - try using it to buy a coffee or pay your taxes almost anywhere in the world. It doesn't pay a yield or a dividend or provide a claim to anything other than itself. The ecosystem around it is peppered with wholesome, sensible people but dominated by cranks and grifters, especially as you look past bitcoin and into the vast universe of smaller tokens and coins.
/jlne.ws/40GGbUt
Novogratz Says Odds of a Bitcoin Strategic Reserve Under Trump Are Low; Bitcoin will rise to $500,000 if reserve happens, he says; It would force other countries to buy Bitcoin, Novogratz says
Sonali Basak and Muyao Shen - Bloomberg
/jlne.ws/3AGZWR6
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| Politics | | An overview of politics as it relates to the financial markets | Reserve Optimism For Financial Regulation Under Trump 2.0
Norbert Michel - Forbes
Now that Donald Trump has won a second term as president, everyone who cares about financial regulation and monetary policy wants to know what to expect in Trump administration 2.0. Regarding monetary policy, it's anyone's guess. President elect Trump recently suggested he should have a "say" in the Fed's policy decisions, and that has people nervous. But there's no telling exactly what he'll do, or whether the administration will pursue policies to make Fed officials and Congress more accountable for monetary policy.
/jlne.ws/3Z3xLoX
Krugman: Trump Voters About to Be Shocked at How Badly He Scammed Them; As Trump's personnel choices signal mass deportations are coming, New York Times columnist Paul Krugman explains how this will spike inflation-and why Trump voters will soon realize they've been had.
The New Republic (podcast)
Donald Trump has picked three anti-immigrant hard-liners for his administration: Stephen Miller will be deputy chief of staff for policy; Tom Homan, his former head of ICE, will be "border czar"; and South Dakota Governor Kristi Noem will be Homeland Security secretary. Which means Trump will act on his threat to carry out mass deportations. We talked to New York Times columnist Paul Krugman, who has a great new column arguing that mass deportations will cause a large spike in inflation. He explains why Trump's policies will likely backfire, how he'll corrupt government information to cover it up, and why Trump voters may soon be shocked at how badly he misled them. Listen to this episode here. A transcript is here.
/jlne.ws/3ZfTomd
U.S. Senator Elizabeth Warren Rises Into Role Where Crypto Sector Won't Shake Her; Warren will be the top Democrat on the Senate Banking Committee that crypto legislation must clear - the most senior role for the opposition party on digital assets matters.
Jesse Hamilton - CoinDesk
U.S. Senator Elizabeth Warren has long been held up as the crypto industry's chief opponent in Congress, and she's now ascending to the role as the top Democrat in the Senate Banking Committee, where she'll be heard from on the digital assets legislation that likely needs a sign-off from that panel. The Banking, Housing, and Urban Affairs Committee has been under the chairmanship of Sherrod Brown, the Ohio Democrat that the cryptocurrency industry spent tens of millions of dollars on defeating in this month's elections. In his tenure, Brown allowed no significant legislative debate on digital assets legislation, though even as he ran the committee, Massachusetts Democrat Warren often managed to be the more prominent naysayer on crypto matters. Now that the Republicans won the Senate majority and will take the gavel, Warren confirmed she'll step up as the ranking Democrat there.
/jlne.ws/3YGAenG
Germany tells its ports to reject Russian gas cargoes; Economy ministry instructs import terminal to refuse planned shipment of LNG
Shotaro Tani and Tom Wilson in London, Laura Pitel in Berlin - Financial Times
Germany has warned its state-operated gas import terminals to reject any Russian cargoes of liquefied natural gas, after it was notified of a planned shipment. In a letter seen by the Financial Times dated November 6, the German economy ministry "instructs" Deutsche Energy Terminal "not to accept any deliveries of Russian LNG" after the company informed Berlin that its import facility in Brunsbüttel was set to receive a Russian cargo on Sunday.
/jlne.ws/3YRN4zE
Fed Gov. Kugler Defends Central Bank Independence
Megan Leonhardt - Barron's
Federal Reserve Gov. Adriana Kugler on Thursday staunchly defended central bank independence, saying that keeping monetary policy decisions free from political influence improves inflation outcomes. In prepared remarks for the Latin American and Caribbean Economic Association and the Latin American Chapter of the Econometric Society 2024 meeting, Kugler said that central bank independence was "fundamental" to achieving lower inflation, particularly in advanced economies.
/jlne.ws/3YQIfGY
Trump Transition Co-Chair Makes Late Play for Treasury Secretary; Cantor Fitzgerald CEO Howard Lutnick and investor Scott Bessent are seen as leading candidates for the job
Andrew Restuccia and Brian Schwartz - The Wall Street Journal
Howard Lutnick and his allies are making a play for the billionaire Cantor Fitzgerald chief executive to be picked as Treasury secretary, as some advisers to President-elect Donald Trump quietly signal skepticism about the top contender, investor Scott Bessent. Lutnick has gone directly to Trump about becoming Treasury secretary, according to a person with knowledge of the conversations. Another person familiar with Lutnick's moves say they have been noticed by some of Trump's aides, notably because up until recently, the longtime Wall Street executive hadn't been directly advocating for the position.
/jlne.ws/3YNvb55
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| Regulation & Enforcement | | Stories about regulation and the law. | Former BofA Broker Pleads Guilty to Laundering His Father's Bribe Money; John Christopher Polit's father was an Ecuadorean official whose job was stamping out bribery
Richard Vanderford - The Wall Street Journal
A former Bank of America broker has pleaded guilty to laundering bribes that went to his father, a former Ecuadorean antibribery official, in connection with a scheme involving Brazilian conglomerate Odebrecht. John Christopher Polit, who worked for Bank of America's Merrill unit, entered a guilty plea Tuesday in federal court in Miami. His lawyer didn't respond to a request for comment. Prosecutors said the scheme ran from 2010 to 2018. Polit began working for Merrill in 2012 and left in 2018, according to records from the Financial Industry Regulatory Authority. Bank of America, which isn't accused of wrongdoing, declined to comment.
/jlne.ws/4ewzAzl
Federal Reserve Board invites comment on a report, as prescribed by law, that discusses the impact of a proposed international capital standard
Federal Reserve Board
The Federal Reserve Board on Wednesday invited comment on a report, as prescribed by law, that discusses the impact of a proposed international capital standard for large, internationally active insurance groups on U.S. consumers and markets. The joint report was completed with the U.S. Department of the Treasury. Comments on the report are due by January 12, 2025.
/jlne.ws/48WfvkD
Supreme Court seems likely to allow class action to proceed against tech company Nvidia
Mark Sherman - Associated Press
The Supreme Court on Wednesday seemed likely to keep alive a class-action lawsuit accusing Nvidia of misleading investors about its dependence on selling computer chips for the mining of volatile cryptocurrency. The justices heard arguments in the tech company's appeal of a lower-court ruling allowing a 2018 suit led by a Swedish investment management firm to continue.
/jlne.ws/4fDsrhG
Prepared Remarks before the Small Business Capital Formation Advisory Committee
Chair Gary Gensler - SEC
Today, I understand the Committee will focus on three topics, ranging from venture capital fundraising to exemptions for private fund advisers, and lastly the challenges faced by new fund managers. With regards to the first topic, venture capital funds play an important role in alternative capital raising. Their advisers also give advice to startups and entrepreneurs themselves. Small and early-stage funds often start out raising money from friends and family. Success, though, often means eventually outstripping those friends' and families' available capital. That's why both relationship-based fundraising and public advertising can play critical roles at different stages.
/jlne.ws/4fIjeV4
EU slaps Meta with a nearly 800 million euro fine for engaging in 'abusive' Marketplace practices
Kevin Chan - Associated Press Finance
European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what they call "abusive practices" involving its Marketplace online classified ads business. The European Commission, the 27-nation bloc's executive branch and top antitrust enforcer, issued the 797.72 million euro ($841 million) penalty after its long-running investigation found that the company abused its dominant position and engaged in anti-competitive behavior.
/jlne.ws/48PyPQq
Remarks to the Small Business Capital Formation Advisory Committee
Commissioner Mark T. Uyeda - SEC
As you will hear about in more detail from Commission staff, section 3(c)(1) permits a private fund to raise capital without registration, provided that there are 100 or fewer beneficial owners and the fund is not making a public offering. Section 3(c)(1) also provides under certain conditions that certain venture capital funds with less than $12 million in aggregate capital contributions and uncalled committed capital are not required to register, so long as there are 250 or fewer beneficial owners. Private and venture capital funds can provide nontraditional funding to small startups to help them innovate and grow. I wonder, however, if section 3(c)(1)'s 100 investor limit for private funds remains appropriate. This limitation dates back to 1940, while the venture capital exception was promulgated by Congress as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018.
/jlne.ws/48WWYEP
Generally Soliciting Comments without Checking Accreditation: Remarks before the Small Business Capital Formation Advisory Committee
Commissioner Hester M. Peirce - SEC
A belated thank you for your recommendation that the Commission "increase the [Crowdfunding] offering threshold at which reviewed financial statements are required from $124,000 to $350,000."[2] Such a change could help make crowdfunding a viable fundraising avenue for more small companies. Thank you also for your observations at the Committee's last meeting on the state of small business capital raising, which I found illuminating. At future meetings, I would welcome similar reflections on your own on-the-ground experiences. To be effective, capital markets must be able to get money into the hands of good managers, regardless of whether they have rich friends and family. Only then will investors' funds find their way to the companies that can put those funds to their best use. Today's panels about emerging fund managers will help us explore ways we can lower barriers to entry for such managers and thus ensure that their expertise is being drawn upon to deploy capital.
/jlne.ws/3AHwLxh
Former Director and CEO of Credit Union, Lyndon Kingston, found guilty of dishonest conduct
ASIC
Former Director and CEO of Bananacoast Community Credit Union Limited (BCU), Lyndon Allen Kingston, has been found guilty of dishonest conduct. On 12 November 2024, following a four-week trial in the Brisbane District Court, a jury found Mr Kingston guilty of two counts of dishonestly using his position with the intention of gaining an advantage and two counts of providing misleading information to the auditor of BCU.
/jlne.ws/3Z5lOin
ASIC Annual Forum 2024: Enforcement session opening remarks
ASIC
Enforcement session opening speech by ASIC Deputy Chair Sarah Court at the ASIC Annual Forum, 14 November 2024.
/jlne.ws/3YOg5fB
ASIC announces new enforcement priorities with a focus on cost of living pressures
ASIC
ASIC today announced its enforcement priorities for 2025, capturing the key areas where it will direct resources and expertise in the coming year. ASIC Deputy Chair Sarah Court said, 'Our 2025 enforcement priorities reflect the increased risks consumers are facing that are being driven by cost of living pressures. These priorities are about protecting Australians from financial harm and targeting the people who try to take advantage of them.
/jlne.ws/3UQpSR6
Navigating KiwiSaver Episode 2: KiwiSaver Funds
FMA
In this episode, Jess asks Stuart to break down the different types of KiwiSaver funds. Whether you're looking to dial your risk up or down, it's important to pick the right fund that aligns with your savings goals. Stuart also shares where to find out exactly which KiwiSaver fund you're in - because knowing your current fund is the first step to making sure it's working for you. This podcast has been prepared by the FMA. The advice is of a general nature, and is not intended to be financial advice and FMA does not accept responsibility for any loss that any a person may suffer from following it. The FMA recommends that our audience seek their own financial advice in respect of investing in KiwiSaver. Anyone considering investing in KiwiSaver or making changes to their investment in KiwiSaver should seek advice from a financial adviser.
/jlne.ws/4fwBnFW
The Transition Credits Coalition (TRACTION) Outlines Integrity, Scalability and Demand Considerations in Utilising Transition Credits to Accelerate the Early Retirement of Coal-fired Power Plants
MAS
The Transition Credits Coalition (TRACTION)[1], convened and launched by the Monetary Authority of Singapore (MAS) at the 28th Conference of the Parties (COP28) last year, today released an interim report outlining insights and considerations on the use of transition credits to accelerate the early retirement of coal-fired power plants (CFPPs). This builds on the joint working paper published in September 2023[2] that laid out a proposed concept and framework to scale the early retirement of CFPPs in Asia through the generation of high-integrity transition credits.
/jlne.ws/4eq5Vrv
"Achieving Scale and Impact in Transition Finance" - Opening Remarks by Mr Leong Sing Chiong, Deputy Managing Director (Markets & Development), Monetary Authority of Singapore, at the COP29 Singapore Pavilion, Finance Day, on 14 November 2024
MAS
/jlne.ws/4fNTqa2
The International Platform on Sustainable Finance presents the Multi-Jurisdiction Common Ground Taxonomy to enhance interoperability of taxonomies across EU, China and Singapore
MAS
The International Platform on Sustainable Finance (IPSF) today presented the Multi-Jurisdiction Common Ground Taxonomy (M-CGT), a comparison of the sustainable finance taxonomies of China, the EU and Singapore.
/jlne.ws/3O4L2r4
SEBI study finds that 1 out of 4 times, listed companies paid royalty exceeding 20% of their net profits to Related Parties
SEBI
SEBI has conducted astudy analysingthe royalty payments made by listed companies to their Related Parties(RPs).The study is based on annual, company level information, in respect of 233 listed companies across sectors in India. These companies have made royalty payments, amounting to less than 5% of turnoverto their RPs, during the 10-year period from FY 2013-14 to FY 2022-23.
/jlne.ws/3AvNmnX
India International Trade Fair (IITF) 2024
SEBI
As part of its endeavor to spread investor awareness, SEBI, in association with NISM,BSE, NSE, MCX, NCDEX,CDSL, NSDL and AMFIhas set up a pavilion 'BHARAT KAA SHARE BAZAAR'(7thEdition)in the 43rd India International Trade Fair (IITF), 2024 (14-27 November 2024). The pavilion was inaugurated by Shri Kamlesh C. Varshney, Whole Time Member, SEBI.
/jlne.ws/4fKj1AT
Statistics of Credit Card, Cash Card & Electronic Payment Institutions Business Operation as of September 2024
FSC
/jlne.ws/3AIiqko
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trader Bets on 75-Basis-Point ECB Cut Next Month for Tenfold Win; Wager uses options to target ECB cutting deposit rate to 2.5%; Bet seeks payout of 10 times the EUR625,000 premium paid
James Hirai - Bloomberg
A trader is betting the European Central Bank will deliver a jumbo interest-rate cut next month, a scenario becoming more plausible after Donald Trump's party won control of both chambers of the US Congress. The wager, using options on rate futures, will pay out EUR6.25 million ($6.6 million) - 10 times the initial outlay - if policymakers reduce the deposit rate by a hefty 75 basis points or by half a percentage point with a bias for a further cut in January, according to traders familiar with the transaction.
/jlne.ws/4fMU4Vn
Exchange-traded fund flows smash full-year record; The US$1.4 trillion pumped into global ETFs in the first 10 months of the year surpasses the US$1.33 trillion racked up in all of 2021
Steve Johnson - Financial Times
Investors have poured record sums into exchange-traded funds this year, even before a buying spree that was ignited by the election of Donald Trump as the next U.S. President. As of October 31, global net flows into the burgeoning ETF industry had hit US$1.4 trillion, according to data from BlackRock Inc., eclipsing 2021's full-year record of US$1.33 trillion.
/jlne.ws/3Z6XCwn
OPEC Cuts Global Oil Demand Growth Forecasts For a Fourth Consecutive Month; Group's estimate of 2024 oil consumption down 18% since July
Grant Smith - Bloomberg
OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China. Global oil consumption will increase by 1.8 million barrels a day - just under 2% - in 2024, the Organization of Petroleum Exporting Countries in a monthly report. That's 107,000 barrels a day less than previously forecast after data from across Asian nations like China and India, as well Africa, arrived below expectations, it said.
/jlne.ws/496oboR
Global Oil Market Faces a Million-Barrel Glut Next Year, the IEA Says; Chinese demand contracts for six straight months to September; Oil glut will be even bigger if OPEC+ revives production: IEA
Grant Smith and Alex Longley - Bloomberg
Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency said. Oil consumption in China - the powerhouse of world markets for the past two decades - has contracted for six straight months through September and will grow this year at just 10% of the rate seen in 2023, the IEA said in a monthly report on Thursday. The global glut would be even bigger if OPEC+ decides to press on with plans to revive halted production when it gathers next month, according to the agency.
/jlne.ws/4fJXWX3
US Money-Market Fund Assets Surpass $7 Trillion for First Time; Total rose by about $91 billion in week through Nov. 13: Crane; Investors continue to pile into funds even after Fed rate cuts
Alex Harris - Bloomberg
US money-market funds now have more than $7 trillion in assets under management, a milestone for an industry that's skyrocketed in popularity among investors thanks to lofty and dependable yields. The total rose by roughly $91 billion in the week through Wednesday, putting it at a fresh record, according to Crane Data, a money-market and mutual fund information firm.
/jlne.ws/4fJNe2W
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | France shuns COP29 as divisions deepen at UN climate summit; Argentina also withdraws negotiator as Azerbaijan's President Ilham Aliyev lashes out at Emmanuel Macron
Kenza Bryan - Financial Times
France and Argentina have withdrawn their top negotiators from the COP29 summit in Azerbaijan, deepening the divisions at a climate summit already shaken by Donald Trump's election. The move by France, a champion of the UN's strategy to fight climate change, came after the host country's President Ilham Aliyev used a speech at the event to accuse the "regime of President [Emmanuel] Macron" of "brutally" killing citizens during recent protests in New Caledonia.
/jlne.ws/3O7Cj7q
Climate Summit, in Early Days, Is Already on a 'Knife Edge'; Negotiators agree that trillions are needed to help lower-income countries adapt and cope, but not on who should pay.
David Gelles and Brad Plumer - The New York Times
The language of world leaders speaking on Tuesday at the United Nations climate summit was diplomatic, but the underlying message was clear: There's friction over the big issue at the conference. The negotiations are focused on delivering a new plan to provide developing countries with funds to adapt to a warming world. Ali Mohamed, Kenya's climate envoy, said there was widespread agreement that cutting emissions and making countries more resilient to storms, floods and heat would require "trillions" of dollars.
/jlne.ws/40OvCi6
COP29 climate talks urged to find $1 trillion a year for poorer countries
Kate Abnett, Olesya Astakhova and Virginia Furness - Reuters
Developing countries need at least $1 trillion per year by the end of the decade to cope with climate change, economists told U.N. talks in Baku, where early efforts to reach a finance deal risk being overshadowed by diplomatic disputes. Money is a focus at COP29 whose success is likely to be judged by whether it can agree a new target for how much richer countries, development lenders and the private sector must provide each year to help developing countries finance the transition to greener energy and protect against extreme weather.
/jlne.ws/3Csyg32
We don't need the US to fight climate change; Multilateral action has proven resilient before, and it must do so again
Laurence Tubiana - Financial Times (opinion)
The writer is chief executive of the European Climate Foundation and was France's special representative for COP21.
In the global fight against climate change, Donald Trump's election victory is undoubtedly a challenging setback. The next four years are critical for limiting global warming to 1.5C - every 10th of a degree counts. Trump's promise to take the US - one of the world's largest current and historic emitters - out of the Paris Agreement would undoubtedly be damaging and may embolden those countries and vested interests still clinging to the fossil fuel era. Yet no amount of misinformation can hide the fact that the climate crisis is deepening. Heatwaves, hurricanes and floods are leaving a devastating trail of lives lost and economies disrupted. In 2023 alone, natural disasters caused a record $380bn in economic damage. The cost of inaction is huge, and close to uninsurable.
/jlne.ws/3Z4ZaGU
Trump Aims a 'Wrecking Ball' at Climate Policy; The president-elect has said he'll exit the Paris climate accord and ramp up oil and gas production.
Leslie Kaufman - Bloomberg
President-elect Donald Trump has been crystal clear: His second term will be an assault on climate policy. On the campaign trail, he vowed to "drill, baby, drill" for more oil and gas and inveighed against offshore wind farms. He attacked President Joe Biden's Inflation Reduction Act, the largest climate investment in history, as the "green new scam." And he pledged to withdraw the US once again from the Paris climate agreement. Abroad, it's feared that the incoming administration will "take a wrecking ball to climate diplomacy," says Rachel Cleetus, climate and energy policy director at the Union of Concerned Scientists. Even before Trump takes office, his victory has cast a shadow over the United Nations climate conference COP29. Delegates there are grappling with how to navigate global climate action around the US in coming years.
/jlne.ws/3CoCKrg
Before and After COP29, Azerbaijan Is a Risky Place for Climate Activists
Jess Shankleman - Bloomberg
Javid Gara is a 32-year-old, self-employed electrician who moved from Baku to England's Manchester three years ago. He also runs Azerbaijan's only independent climate group, campaigning to clean up the environment and cut emissions. Activism of any kind is a rarity in Azerbaijan, which is this week hosting thousands of climate campaigners, scientists, diplomats, executives and world leaders for the COP29 climate summit. Draconian laws restrict local civil society groups and how they're funded, leading to dozens of arrests in the past decade.
/jlne.ws/4fr0IAW
Trump Threatens ESG Investing That Thrived in His First Term; Green funds took off the last time the Republican won the White House-but this time is different.
Saijel Kishan and Tim Quinson - Bloomberg
When Donald Trump first won the White House in 2016, his victory created one of the all-time best sales pitches for green-minded investment funds: If Washington wasn't going to push for a transition to cleaner energy to slow climate change, maybe capital markets could. Now, as Trump returns to power, the movement for environmental, social and governance investing, or ESG, is in a much weaker position after years of Republican backlash and a stretch of rough performance.
/jlne.ws/48Okdkk
Africa grapples with forecasting challenge as weather disasters loom
Mahamat Ramadane and Alessandra Prentice - Reuters
The deputy director of Chad's National Meteorological Agency waggled his finger up and down to demonstrate how a motionless humidity gauge at the agency's headquarters should have been working. The broken hygrothermograph was among the dustblown outdoor equipment in the capital N'Djamena that is meant to help the agency known as ANAM to track weather patterns.
/jlne.ws/4hM9bQO
COP29 climate talks urged to find $1 trillion a year for poorer countries
Kate Abnett, Olesya Astakhova and Virginia Furness - Reuters
Developing countries need at least $1 trillion per year by the end of the decade to cope with climate change, economists told U.N. talks in Baku, where early efforts to reach a finance deal risk being overshadowed by diplomatic disputes. Money is a focus at COP29 whose success is likely to be judged by whether it can agree a new target for how much richer countries, development lenders and the private sector must provide each year to help developing countries finance the transition to greener energy and protect against extreme weather.
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Russian Gas Supply to Europe Faces Disruption Risk, OMV Warns
Jonathan Tirone, Priscila Azevedo Rocha and Elena Mazneva - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan Sets Up Derivatives Development Unit in New India Hub; Bank to hire five people for development, support, sales India initiative adds to US bank's Hong Kong, London capacity
Preeti Singh and Saikat Das - Bloomberg
JPMorgan Chase & Co., in a first for any global bank, has set up a unit to develop derivative products in India's newest international hub, according to people familiar with the matter. The US bank will pitch the products to clients in Asia-Pacific and Europe, in addition to providing support for the offerings developed from the Gujarat International Finance Tec-City, or GIFT City, said the people who asked not to be identified citing private information. It plans to hire five people in the next 12 months to lead the effort in the hub, the people added.
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Private Equity Finds Yet Another Way to Keep the Money Coming In; Buyout firms have sparked controversy by borrowing money against their portfolios. Banks are now backing the funds who make those loans.
Kat Hidalgo and Laura Benitez - Bloomberg
Private equity's recent splurge of piling ever more debt onto already highly leveraged bets has sparked fears about financial-system risks. Banks, however, are positioning themselves to take advantage. As buyout firms have struggled to sell companies in a difficult M&A market, many have turned to "net asset value" loans, where they borrow money from specialist funds or banks secured against a portfolio of their holdings - often at very high interest rates. It's been a controversial way to avoid booking losses on asset sales while hoping for a better environment for making deals.
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The $4 Trillion Gulf Funds and the Power Brokers That Run Them
Adveith Nair - Bloomberg
The normally quiet world of Middle Eastern sovereign wealth funds was jolted by a series of changes this week. Qatar named a new chief executive officer for its $510 billion fund, Kuwait is replacing the head of its $1 trillion state-backed investor, while the Abu Dhabi Investment Authority is in the midst of a strategic shift. In all, regional entities oversee close to $4 trillion of assets, making them key players in global dealmaking. That means some of these moves, and any changes to investment strategies, could reverberate across the financial ecosystem.
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Element Capital Held $2 Billion in S&P 500 ETFs Before Election; Jeff Talpins' firm bought ETF stakes during past two quarters; S&P benchmark gained 3.5% in week after Trump was re-elected
Miles Weiss - Bloomberg
Jeff Talpins' Element Capital Management built a stake in exchange-traded funds tracking the S&P 500 that was worth about $2 billion at the end of September - trades that paid off when Donald Trump recaptured the White House. The macro hedge fund acquired a $954 million stake in the Vanguard S&P 500 ETF during the third quarter, according to a regulatory filing, and boosted its holding in the iShares Core S&P 500 ETF to about $1 billion. The S&P benchmark jumped 3.5% in the week that followed the Nov. 5 election.
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Inside Goldman Sachs' years-long power struggle over its China venture; A deal with a prominent Chinese banker gave the US group market access, but securing full control cost a lot more than it expected
FT reporters - Financial Times
In the early 2000s, Hank Paulson travelled extensively to China seeking access to the country's financial markets for Goldman Sachs, where he was chief executive. The investment bank's top brass believed the deal he eventually cut would only be a temporary one. The thinking was that an alliance with Fang Fenglei, a mainland investment banker with peerless connections to the Communist party elite, would endure for only a few years, until the Wall Street institution was permitted to directly own its securities and investment banking business in China.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Special Report - Best Employers: Asia-Pacific
Financial Times
Which companies do people most like working for in Asia-Pacific? The FT and Statista surveyed 50,000 employees to find out. Plus: long hours in Japan; caste and corporate India; China's robot revolution; stressed-out South Korea; Australia's costly childcare
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Wellness Is Now Worth $6.3T; The industry keeps climbing.
Ryan Deer - Fitt
Wellness is growing on all fronts. What's happening: A Global Wellness Institute (GWI) report quantified global spending on personal well-being.
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11 Hacks for Surviving Cold and Flu Season Our Wellness Editors Swear By; Now that cold and flu season is upon us, our wellness editors are using these hacks to avoid sickness and stay healthy.
Anna Gragert - CNet
It's that special time of year again when basically everyone you know (including yourself) catches a cold, COVID or the flu at some point. And while there is now an FDA-authorized test to tell you whether you have COVID or the flu, you still have to deal with the symptoms. We're talking about the dreaded sore throat, stuffy nose, chills, fever, cough and more. To help you get through this season, CNET's wellness editors compiled our cold and flu season hacks that we use to avoid sickness at all costs. In addition to our tips, we included any products we prefer and links to additional information on why these hacks may work.
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Infrared heat is all the rage-and it may really come with health benefits
Hilary Achauer - National Geographic
Infrared light therapy is more than just a trend: It's showing potential in easing chronic pain, improving mobility, and boosting mental health. Here's what you need to know before stepping into the heat.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China borrows almost as cheaply as US in return to dollar bond market; Investors place nearly $40bn of orders to buy $2bn of bonds issued by China's finance ministry
Arjun Neil Alim and Cheng Leng in Hong Kong and Joseph Cotterill in London - Financial Times
China has borrowed almost as cheaply as the US after returning to the global dollar bond market for the first time in three years. Investors placed nearly $40bn of orders to buy $2bn of bonds issued by China's finance ministry on Thursday at yields only marginally above equivalent US Treasuries. The sale took place in Saudi Arabia - a break with a tradition of issuing bonds in Hong Kong - in a sign of Beijing's push for closer financial links with the oil-rich kingdom. Chinese, US and other global banks arranged the sale.
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China's Copper Buyers Slash Annual Contracts With Market in Flux; Traders ready to rely more on spot market amid uncertainty; Yearly deals with Chile's Codelco are losing their relevance
Bloomberg News
China's copper importers are reining in the amount of tonnage they buy through annual supply negotiations, once a bellwether for the global metal market, and opting for spot supplies instead. For 2025, buyers in China will take less refined metal under yearly contracts than they did this year, including from producers like Chilean copper giant Codelco, according to six traders with direct knowledge of talks on the sidelines of a major industry event in Shanghai.
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The eerie quietness of India's new financial hotspot; Narendra Modi's GIFT City has already lured JPMorgan and HSBC but the social side has been slow to catch up
Chris Kay - Financial Times
Standing on his office balcony in India's searing afternoon heat, veteran civil servant K Rajaraman gestures across a panoramic sweep of cranes. They tower over the skeletal structures of tower blocks and a nearly finished metro system. This 886-acre work-in-progress is Gujarat International Finance Tec-City - also known as GIFT City - India's most ambitiously business-friendly project to date. Fast-talking Rajaraman, who heads the regulator that oversees the onshore tax haven, recently returned from the US where he was drumming up more investment. International interest, he says, is "proof of the pudding" that it will be a success.
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The Big Problem for Saudi Arabia's Futuristic City? The Country Doesn't Have Enough Money; To fully realize its ambitious plans, the kingdom would need to spend far more than the $1 trillion in its wealth fund
Eliot Brown - The Wall Street Journal
The giant futuristic planned city of Neom is proving a headache for Saudi Arabia. Costs are up, schedules are delayed and in recent days the world's largest construction project replaced its chief executive of six years. Looming in the background: The world's largest oil exporter is strapped for cash. Despite its reputation for deep pockets, Saudi Arabia can't afford the laundry list of glitzy megaprojects and economic initiatives tied to Vision 2030, Crown Prince Mohammed bin Salman's plan to pivot the economy away from oil.
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Hong Kong still awaits payback from new Spacs regime; Corporate bosses warn tough standards deter blank-cheque companies from listing
Arjun Neil Alim - Financial Times
Hong Kong's blank-cheque companies are landing their first acquisition targets but corporate executives warn that tight rules are stifling the risk-taking they are meant to reward. Last month heralded the first Hong Kong special purpose acquisition vehicle to close a deal, merging with Synagistics, a Singaporean ecommerce company. The acquisition by the blank-cheque company, headed up by Norman Chan, former head of the Hong Kong Monetary Authority, is likely to be followed by two other mergers that are awaiting final approval from regulators.
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