| October 26, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
FIA President & CEO Walt Lukken yesterday posted to LinkedIn that the nomination process for the 2023 class of the FIA Hall of Fame is open. The deadline for submissions is December 9. He tagged me in the post, which was very kind, so I would not miss it. I have already submitted a nomination for someone I believe belongs in the FIA Hall of Fame.
The form for nominations that FIA has designed asks for a link to a public profile from a site such as LinkedIn or MarketsWiki. I took that as a nice compliment for MarketsWiki. We do include all Hall of Fame members on the site and we try to include notable industry participants, but anyone can have a page on the site if they want. Any paid subscriber to this newsletter gets editing rights to MarketsWiki and can create a page for themselves or edit one if it already exists.
But back to the FIA Hall of Fame, the FIA's past inductees have come from the diverse and inclusive nature of our industry, Lukken said. They "come from many different parts of the world, with unique backgrounds and experiences," he said.
"They are selected based on lifetime contributions to our industry with a focus on demonstrated leadership, innovative and impactful achievement, break-through accomplishments, and industry collaboration, volunteerism and dedication."
If you want to nominate someone for the FIA Hall of Fame, you can start the process by clicking on this link.
The FIA has another award they are soliciting nominations for, the President's Award. This award "recognizes outstanding individuals who have made direct and meaningful contributions to the recent work of FIA through our divisions, working groups or committees," Lukken said.
Nominations for FIA's President's Award can be submitted separately on the FIA website.
At the FIA's International Futures Industry Conference in Boca Raton, Fla., on March 14-16, 2023, the Hall of Fame members will be recognized in a special awards ceremony, as will the President's Award winner.
John Angelos, former senior director, head of North America index options sales at Cboe Global Markets, has started a new position as senior director of commercial business development at MerQube.
Samantha Page is starting a new position as head of market structure at Euronext. She was previously in wholesale banking supervision at the U.K.'s Financial Conduct Authority.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
The FIA is holding a webinar called, "Q3 2023 Trends in Futures and Options Trading" with Will Acworth, senior vice president of publications, data & research at FIA, on Wednesday, November 9 from 10:30 a.m. - 11:30 a.m. ET. You will either need to create an account with FIA or login to your FIA account to register for this webinar; you can contact memberservices@fia.org if you have issues registering. Go here to register.~SR
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This half day event will gather exchange CEOs from the Association of Southeast Asian Nations (ASEAN), notable emerging Asia investment professionals, and US institutional investors to discuss the investment dynamics of this fast-growing region. Places are limited and will be allocated on a first come first serve basis.
For more information, and to register please visit: http://ow.ly/iH2N50Lgp4I
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MWE SHORT: Adena Friedman - Exchanges, Drivers and Beneficiaries of Change
JohnLothianNews.com
Adena Friedman loves working with interns. After all, she began her career as an intern at Nasdaq a number of years ago. Now, she serves as the exchange group's president and chief executive officer. So when she was asked to deliver a welcome address and opening talk at the MarketsWiki Education World of Opportunity intern event in July 2016, she jumped at the chance.
Watch the video »
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Germans are under attack. Can they adapt?
Katja Hoyer - The Washington Post
"We are at war with Putin," declared German health minister Karl Lauterbach this month. His remark caused consternation among his colleagues in government. But he's right. Spies, hackers and mysterious saboteurs are attacking critical infrastructure around the country - and the most likely culprits are the Russians. For the first time in decades, Germans are confronting a major challenge to their national security. How will they adapt?
/jlne.ws/3DgkfSW
***** We are all under attack, some of us are just closer to the action than others.~JJL
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Fear of Catching Covid Has Cost US Economy $250 Billion This Year; The researchers estimate a phenomenon they've dubbed "Long Social Distancing" kept 3 million people out of the workforce
Matthew Boyle - Bloomberg
Persistent worries about catching Covid kept about 3 million Americans out of the workforce, reducing the nation's economic output by $250 billion in the first half of 2022, according to new research on a phenomenon dubbed "Long Social Distancing." Close to 60% of respondents to a monthly survey of tens of thousands of adults said they wouldn't completely return to pre-Covid activities like riding crowded subways and elevators, and were staying out of the labor force as a result. Those not working or looking for a job in part due to infection fears totaled about 2% of the labor force, which translated to the 3 million figure, the researchers found.
/jlne.ws/3N55R4h
****** That number just scratches the surface for behavioral changes because of the fear of Covid-19.~JJL
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Deceptive fund name crackdown puts investment managers on edge; SEC proposal criticised as 'unhelpfully blunt' measure that could discourage stockpicking
Brooke Masters - Financial Times
Investment managers are up in arms about US plans to revamp the rules around fund names, saying they will discourage stockpicking and other active management and threaten to undermine financial stability. The Securities and Exchange Commission is trying to crack down on misleading marketing by requiring funds to prove that 80 per cent of their holdings match their names. The proposal under chair Gary Gensler would apply to everything from "core" and "growth" funds to those that purport to invest in "sin stocks" or claim to rely on "ESG" - environmental, social and governance investing factors.
/jlne.ws/3VZ3zI9
****** This should apply to legislation too. There is more deception in the naming of legislation than anything else.~JJL
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Tuesday's Top Three
Our most read story Tuesday was Is the Era of the Traditional FCM Model Coming to an End?, an opinion piece we published on Friday by Joe Raia of Abaxx Exchange. Second was The Crypto Story: Where it came from, what it all means, and why it still matters, by Bloomberg's Matt Levine. Third was Lake Geneva estate built for meatpacking dynasty sells for $17 million, from Crain's Chicago Business.
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MarketsWiki Stats
27,045 pages; 241,332 edits
MarketsWiki Statistics
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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
Publisher | | | Sarah Rudolph
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| Lead Stories | Regulators Weigh Whether to Allow Betting on Midterms; Kalshi, which allows users to buy contracts on another moon landing and hurricanes hitting major cities, is seeking approval for political bets
Paul Kiernan - The Wall Street Journal
Derivatives exchange Kalshi Inc. is ready to let users bet on next month's midterm Congressional election, with a timer on its website counting down the days, hours and minutes until the first U.S.-based election-betting market goes live. But the plan carries an asterisk: "pending regulatory approval." The Commodity Futures Trading Commission, which regulates derivatives, has set an informal Friday deadline for deciding whether to approve a Kalshi request to list options related to the partisan control of Congress.
/jlne.ws/3svaKKn
US commodities chief thinks most cryptocurrencies are securities
Scott Nover - Quartz
The US government wants stricter cryptocurrency regulation. It's unclear who has the authority to do it in Washington. At the moment, some cryptocurrencies are regulated like commodities, which are basic goods like agricultural products that can be bought and sold through futures contracts. Others are treated like securities, think stocks or bonds. That has allowed both the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to act as regulators of the crypto industry.
/jlne.ws/3FdXRfr
LME must 'justify continued faith' after nickel trading chaos, says chief; Matthew Chamberlain defends exchange's decision to cancel billions of dollars' worth of trades in March
Harry Dempsey - Financial Times
The chief of the London Metal Exchange said it must "justify continued faith" in the marketplace after its controversial decision to freeze and cancel nickel trades during a short squeeze in March. Matthew Chamberlain defended the exchange's decision to cancel billions of dollars worth of nickel trades, even as he acknowledged the pain felt by many investors in the market.
/jlne.ws/3gLu1on
FTX Is Raising Fresh Cash, in Part for Acquisitions; Amid crypto rout, new deals could help boost retail users, FTX CEO says at Tech Live conference
Berber Jin - The Wall Street Journal
FTX Trading Ltd. founder Sam Bankman-Fried said that he's in talks to raise fresh cash, in part to make "efficient acquisitions" amid the crypto rout. Mr. Bankman-Fried said at The Wall Street Journal's Tech Live conference Tuesday that he sees acquisitions as an opportunity to boost the number of retail users on the crypto exchange he founded, a consumer segment he said FTX has so far been slow to reach.
/jlne.ws/3zcUl15
Andreessen Horowitz Went All In on Crypto at the Worst Possible Time; Chris Dixon, a partner who led the charge, says he has a 'very long-term horizon'
Berber Jin - The Wall Street Journal
As cryptocurrency prices soared last year, no investor bet more on the sector than Andreessen Horowitz. The storied venture-capital firm had developed a reputation as Silicon Valley's greatest crypto bull, thanks largely to a 50-year-old partner named Chris Dixon who was one of the earliest evangelists for how the blockchain technology powering cryptocurrencies could change business. His unit was one of the most-active crypto investors last year, and in May announced a $4.5 billion crypto fund, the largest ever for such investments.
/jlne.ws/3ssRPA5
First bitcoin ETF loses record amount in its initial year; BITO's 70 per cent decline suggests it has burnt through $1.2bn of investors' cash
Steve Johnson - Financial Times
One year after its record-breaking launch, the world's first exchange traded fund tracking the price of bitcoin has lost more of investors' dollars than any other ETF debut. Asset manager ProShares launched its Bitcoin Strategy fund in October 2021, and it immediately became the most successful new ETF in history, amassing more than $1bn in its first week of trading on the New York Stock Exchange.
/jlne.ws/3TVepgn
West Texas Natural Gas Prices Go Negative for First Time in Two Years
Gerson Freitas Jr. - Bloomberg
Natural gas prices in West Texas dipped below zero for the first time since 2020 as booming production overwhelms pipeline networks, trapping supplies in the region. Gas for next-day delivery at the Waha hub in the prolific Permian Basin fell to around negative $2 per million British thermal units Tuesday, traders said. That compares with about $5 a week ago.
/jlne.ws/3SChQaG
A New VC Fund Will Put $100 Million into Decarbonizing the Ocean; Boston-based Propeller is looking for "narwhals": billion-dollar startups developing marine technology that can help solve the climate crisis.
Todd Woody - Bloomberg
A new $100 million venture fund is teaming up with one of the world's leading marine research institutes to invest exclusively in ocean technologies that can help solve the climate crisis. Boston-based Propeller will focus on startups developing tech to remove carbon dioxide from the ocean, decarbonize shipping and improve efficiency in marine industries, among other innovations. The firm will also invest in companies looking to tap ocean microbes and other organisms to produce energy, pharmaceuticals and other products.
/jlne.ws/3FlL2j8
Rishi Sunak and his wife are richer than King Charles
Niharika Sharma - Quartz
Rishi Sunak, the new British prime minister, is likely the first person in that role to be richer than their monarch - but only if King Charles III's personal wealth is defined in very specific ways. Sunak and his wife, Akshata Murty, have been in the headlines for their fortune and their ultra-luxury lifestyle, even as the cost of living has been rising in the UK. The couple has a combined worth of £730 million ($800 million), according to the Sunday Times Rich List.
/jlne.ws/3DvCAwm
A semi-interested American's guide to what's going on in the UK
Alexandra Scaggs - Financial Times
So Rishi Sunak is the new prime minister, but they had another one for a few weeks. Her chancel - sorry, treasury secretary did a budget - sorry, fiscal event. That caused gil - sorry, bond yields to spike. A popular pension management strategy blew up, which forced the Bank of England to step in. About a month ago, Liz Truss and Kwasi Kwarteng announced they were scrapping the UK's top marginal tax rate, as well as cutting the income tax and cancelling an increase in corporation tax. It added up to about £45bn of unfunded tax cuts.
/jlne.ws/3N4nql3
Could Wildcatters Spoil the Oil Profit Party? Continental Resources' take-private is no cause for panic, but it could worry energy investors
Jinjoo Lee - The Wall Street Journal
When one of the biggest, most vocal oil bulls decides to leave the public-market pen, it is hard not to notice. Continental Resources announced last week that its founder, Harold Hamm, and his family, who already own roughly 83% of the oil and gas producer, will buy the remainder of the company, taking it private for $74.28 a share. That would allow Mr. Hamm, a perennial oil bull, to have free rein and do with his capital what he wants.
/jlne.ws/3gFP37Q
Big Banks and U.N. Green Finance Group Clash in Alliance; Miscommunication, infighting hamper coalition meant to direct trillions of dollars into energy transition
David Benoit and Amrith Ramkumar - The Wall Street Journal
An uprising by banks in a United Nations-sponsored climate coalition has been quelled but opened wounds that could weaken an alliance meant to funnel trillions of dollars to fund the transition away from fossil fuels. Getting banks to sign on to the coalition was a marquee achievement of the U.N. climate conference in Glasgow. Since then, fuel shortages and pressure from politicians and regulators led banks to push back against what they thought were tighter rules.
/jlne.ws/3Fefgoh
Climate Pledges Are Falling Short, and a Chaotic Future Looks More Like Reality; With an annual summit next month, the United Nations assessed progress on countries' past emissions commitments. Severe disruption would be hard to avoid on the current trajectory.
Max Bearak - The New York Times
Countries around the world are failing to live up to their commitments to fight climate change, pointing Earth toward a future marked by more intense flooding, wildfires, drought, heat waves and species extinction, according to a report issued Wednesday by the United Nations.
/jlne.ws/3SHkzQ2
Looking ahead: Ankur Pruthi on the FX Global Code then, now and in the future; Ankur Pruthi, head of FX at Norges Bank Investment Management (NBIM), sits down with Laurie McAughtry to discuss his role in the development and ongoing upgrade of the FX Global Code.
Laurie McAughtry - The Trade
Ankur Pruthi is one of the most influential traders in the FX world, and one of the most experienced. He joined NBIM almost a decade ago to set up the firm's foreign exchange trading desk, which launched around seven years ago, and where he runs a trading book - for one of the biggest asset managers in the world. All FX flow for NBIM funnels through Pruthi's book, and he prices all internal clients and then lays off that risk. Sitting in the fixed income division and reporting to global head of fixed income trading Malin Norberg, Pruthi has traders sitting in Singapore, London, Oslo and New York. It's a big team and a big job.
/jlne.ws/3W6wN7E
Leaders in Trading 2022: Meet the nominees for.... Outstanding Derivatives Exchange Group; Learn more about the five firms shortlisted for our Editors' Choice Award for Outstanding Derivatives Exchange Group this year: including Cboe Europe Derivatives (CEDX), CME Group, Eurex, Euronext and ICE.
Wesley Bray - The Trade
The TRADE is happy to introduce the shortlist for our Editors' Choice, Outstanding Derivatives Exchange Group. The shortlisted derivatives exchange group have all experienced great years and have achieved outstanding performance. Learn more about our shortlisted candidates below, including Cboe Europe Derivatives (CEDX), CME Group, Eurex, Euronext and ICE.
/jlne.ws/3NaEdCV
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Most Ukrainians back continued armed resistance to Russia - poll
Reuters
An overwhelming majority of Ukrainians believes the country should keep up its armed resistance to Russia's invasion, according to a survey published on Monday after two weeks of heavy shelling of cities including the capital Kyiv. The survey, conducted by the Kyiv International Institute of Sociology (KIIS) on Oct. 21-23, showed 86% of those polled said it was necessary to continue fighting the invaders even if missile and drone attacks on Ukrainian cities persist.
/jlne.ws/3TB1sbG
Ukraine Claims Russia Uses Iranian 'Kamikaze' Drones to Save Money
Thomas Kika - Newsweek
Russia is allegedly depending on cheap "kamikaze" drones to continue its relentless pace of attack against Ukraine. In recent months, Russia's attacks against vital Ukrainian infrastructure have become more reliant on relatively inexpensive drones that have allegedly been provided by its ally Iran. At a cost of up to $30,000 per drone, these unmanned crafts have allowed the Russian military to keep hammering vital Ukrainian infrastructure without dipping into more expensive missiles, The Kyiv Independent reported on Monday.
/jlne.ws/3W2LuZC
Raid Russia's 'huge pot of gold'? Europe grapples over confiscating frozen assets to pay for rebuilding Ukraine
Christiaan Hetzner - FORTUNE
Can Brussels raid the tens of billions of euros in Russian assets frozen by the European Union to pay for Ukraine's recovery? This thorny legal question is currently under examination by the EU Commission as the cash-strapped bloc looks for potentially €18 billion ($18 billion) next year to keep Ukraine afloat as it fends off Moscow's invasion. Ursula von der Leyen, the EU Commission's president, told reporters on Tuesday in Berlin that she had set up a task force to map what assets exist as well as the preconditions that must be met to seize them.
/jlne.ws/3W5oNnu
Russia warns the U.S. it will start nuclear exercises THIS WEEK as Biden tells Putin he will be making a 'serious mistake' if he uses a 'dirty bomb' - and can't guarantee if it's a 'false flag operation'
Rob Crilly - DailyMail.com
Russia has formally told the United States that it is about to start exercises with its nuclear forces, officials said Tuesday, at a time of heightened tension over Ukraine amid claims and counterclaims that one side or the other was planning to use a dirty bomb. To underscore the high stakes, President Joe Biden warned Moscow it would be making a serious mistake if it chose to use tactical nuclear weapons. It follows alarm that Russian President Vladimir Putin is ready for one last brutal roll of the dice as his forces face setbacks in Ukraine.
/jlne.ws/3swxhq9
Ukrainian forces advance against Russian fighters in Kherson and Bakhmut
Mary Ilyushina and Emily Rauhala - The Washington Post
Ukrainian forces continued their advance against the Russian military in the southern Kherson region Tuesday, pushed back Russian mercenaries from Bakhmut in eastern Donetsk, and gained new momentum in Luhansk, where they seized a key highway between the towns of Kreminna and Svatove.
/jlne.ws/3TKgpIM
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | IEX Group Announces the Full-Scale Commercial Launch of cloudSwXtch to Solve Challenges of Leveraging Cloud Networks for Demanding Workflows
IEX Group Inc
IEX Group (the "Company"), through its wholly-owned subsidiary swXtch.io LLC, today announced the commercial launch of cloudSwXtch, a new cloud-native software product that brings bare-metal on premises performance capability to the major cloud networks.
/jlne.ws/3TU12O1
Saudi Stock Exchange CEO Sees Strong IPO Pipeline in Busy Year
Julia Fioretti - Bloomberg
The slew of initial public offerings that's made Saudi Arabia one of the hottest listings markets this year is unlikely to slow down, according to the chief executive officer of the country's main stock exchange. "What we've seen so far is great indications that this will not slow down in terms of pipeline," Mohammed Al-Rumaih, CEO of the Tadawul stock exchange, said in an interview on the sidelines of Saudi Arabia's Future Investment Initiative conference in Riyadh.
/jlne.ws/3Fz8FVN
BMLL Secures $26m in Funding
MarketsMedia
BMLL, the leading, independent provider of harmonised, historical Level 3 data and analytics across global equity and futures markets, announced it has secured a USD 26 million Series B investment in its latest funding round. The round was led by Nasdaq Ventures, FactSet and IQ Capital's Growth Fund, supported by ACF Investors and other new and existing investors.
/jlne.ws/3FfRVCv
CME Group Inc. Reports Third-Quarter 2022 Financial Results
CME Group
CME Group Inc. (NASDAQ: CME) today reported financial results for the third quarter of 2022. The company reported revenue of $1.2 billion and operating income of $739 million for the third quarter of 2022. Net income was $680 million and diluted earnings per share were $1.87. On an adjusted basis, net income was $719 million and diluted earnings per share were $1.98. Financial results presented on an adjusted basis for the third quarter of 2022 and 2021 exclude certain items, which are detailed in the reconciliation of non-GAAP results.
/jlne.ws/3VZ7kgJ
Expansion of the Listing Schedule of the Cobalt Metal (Fastmarkets)
Futures Contract
Effective Sunday, December 4, 2022, for trade date Monday, December 5, 2022, and pending all relevant CFTC regulatory review periods, Commodity Exchange, Inc. ("COMEX" or "Exchange") will expand the listing schedule of the Cobalt Metal (Fastmarkets) Futures contract (the "Contract") for trading on the CME Globex electronic trading platform ("CME Globex") and for submission for clearing on CME ClearPort as noted in the table below.
/jlne.ws/3f3UpJN
Swap Connect: a new channel, a new chapter
HKEX
China's onshore bond market ranks as the second largest in the world and features prominently in the largest global bond indexes, with an 8% weighting in the Bloomberg Barclays Global Aggregate Bond Index as of 2022." In recent years, China's bond market has opened up to international investors through the launch of CIBM Direct and Bond Connect. International capital flows into the onshore bond market have grown markedly, with volumes on Bond Connect growing markedly.
/jlne.ws/3DaRPJZ
Subject: Temporary Suspension of Volatility Control Mechanism ("VCM") for Hang Seng Index futures products in Derivatives Markets
HKEX
Please be advised that Hong Kong Futures Exchange Ltd. ("HKFE") is suspending until further notice the VCM for the spot and spot-next contracts of Hang Seng Index ("HSI") Futures, Hang Seng China Enterprises Index ("HSCEI") Futures, Hang Seng TECH Index ("HTI") Futures, Mini HSI Futures and Mini HSCEI Futures, due to an external vendor software issue. HKFE is working with its vendor to resolve the issue, and further announcements as appropriate will be made in due course. The VCM for Hong Kong Exchanges and Clearing Ltd. ("HKEX")'s cash market is unaffected and is operating as usual.
/jlne.ws/3Dzov11
Self-Certification; Amendments To The Rules Of Bourse De Montreal Inc. To Modify The Delivery Period Of The 30- Year Government Of Canada Bond Futures (Lgb)
TMX
On July 11, 2022, the Rules and Policies Committee of Bourse de Montreal Inc. (the "Bourse") approved amendments to the Rules of the Bourse in order to modify the delivery period of the 30-year government of Canada Bond Futures (LGB). The amendments will apply to the March 2023 LGB contract and all subsequent contract months. These amendments were self-certified in accordance with the self-certification process as established in the Derivatives Act (CQLR, Chapter I-14.01).
/jlne.ws/3TDVPK1
Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date October 14, 2022
Nasdaq
At the end of the settlement date of October 14, 2022, short interest in 3,446 Nasdaq Global MarketSM securities totaled 10,553,498,844 shares compared with 10,500,336,239 shares in 3,450 Global Market issues reported for the prior settlement date of September 30, 2022. The mid-October short interest represents 2.96 days compared with 2.80 days for the prior reporting period.
/jlne.ws/3D8dZws
NYSE Group Consolidated Short Interest Report
NYSE
NYSE today reported short interest as of the close of business on the settlement date of October 14, 2022.
/jlne.ws/3Fi57GZ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | We are dangerously reliant on GPS to tell the time; Recent outages in satellite systems have confirmed the importance of data from atomic clocks as an invisible utility
Anjana Ahuja - Financial Times
On October 17, air traffic controllers at Dallas Fort Worth airport in Texas received a worrying advisory. They were warned that GPS interference was making navigation unreliable within 40 nautical miles of the airport. The incident, which closed a runway, echoed a similar GPS failure at Denver International Airport in January. According to one report, a collision in the Colorado skies was averted only at the last minute. Aviation is just one sector that relies on GPS, or, more accurately, GNSS - the Global Navigation Satellite System, an umbrella term for all satellite navigation constellations, which include GPS and Galileo - to tell time and position. Other sectors, including energy, telecommunications and broadcast, also depend on GNSS for timing, and can be plunged into chaos if signals from space are disrupted. As a result, the National Physical Laboratory, the UK's official timekeeper, is now designing a time-signalling system that will bypass satellites, making it more robust against accidental or deliberate interference.
/jlne.ws/3ffbiB0
TS Imagine appoints Itiviti alumnus as head of sales for APAC; New head brings over 25 years' experience in sales related roles, having previously served at Itiviti, Bloomberg, Ullink and SUNGARD.
Wesley Bray - The Trade
TS Imagine has appointment Frederic Villain as its new head of sales for Asia Pacific (APAC). As part of the role, Villain will lead the firm's APAC sales team across its offices in Singapore, Hong Kong and Tokyo, holding responsibility for growth of the business in the region. Villain brings more than 25 years' experience is sales management roles covering marketing, sales and account management for global financial software vendors.
/jlne.ws/3N7Nhs6
Onemarketdata Launches Onetick Market Data Research Environment With Seamless Access To Comprehensive Market Data And Analytics
OneMarketData
Today OneMarketData, LLC ("OMD"), a high-performance enterprise-wide solution for tick data, analytics and visualization, announced it has launched OneTick Market Data Research Environment (MDRE). OneTick MDRE provides users streamlined access to market data, a library of analytics and a framework for machine learning. The new service allows users to easily access years of historical tick-by-tick market data on a T+1 basis from over 200 exchanges, covering global equities, futures, US equity options and crypto data.
/jlne.ws/3Fn1Ar0
Chinese blockchain firms conducting financial businesses may be violating PBOC guidelines
Ningwei Qin - Forkast
The People's Bank of China (PBOC) has reminded financial technology (fintech) firms to comply with financial laws and regulations, in the central bank's new set of guidelines released earlier this month.
/jlne.ws/3SE8xa7
Microsoft warns of cloud computing slowdown; Company sounds cautious note as its customers 'optimise' spending to save money
Richard Waters - Financial Times
Microsoft warned on Tuesday of a marked slowdown in its cloud computing business as large customers pause their spending in the face of a slowing economy, sending its shares down 7 per cent in after-market trading. The cautious comments, which came during a call with Wall Street analysts, dented hopes that continued solid demand for cloud services would offset a slump in the PC market and help the world's largest software company withstand wider pressures in the IT market.
/jlne.ws/3W5WeXe
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| Cybersecurity | | Top stories for cybersecurity | What Companies Really Need To Know About Cybersecurity And IPOs
Reuven Aronashvili - Forbes
Today, cybersecurity has become a crucial component of planning and carrying out an IPO. Cyberattacks have become real business risks and are growing in number; in 2021, the number of corporate attacks each week increased by 50%. Cybersecurity has also increasingly become part of the due diligence and regulatory reporting process-and it's set to play a bigger role. The U.S. Securities and Exchange Commission is currently weighing enacting additional requirements for listed companies to report cybersecurity incidents and give periodic overviews of their cyber risk management policies.
/jlne.ws/3sPPU8Z
APAC faces 2.1M shortage in cybersecurity professionals
Eileen Yu - ZDNET
Asia-Pacific has clocked the largest growth in cybersecurity workforce, but still faces a shortage exceeding 2.16 million. More than half of respondents in the region feel this gap puts their organisation at a "moderate" or "extreme" risk of cyber attacks.
/jlne.ws/3suKyzC
4 Misconceptions About Workers' Cybersecurity Awareness - Forbes Advisor
Jim Chilton - Forbes
October is National Cybersecurity Awareness Month, and cyber threats remain a major organizational challenge. Today, a cyberattack happens every 39 seconds and companies are targeted by a ransomware attack every 14 seconds. Some of the world's largest companies have been targeted, including Uber, Microsoft and Samsung.
/jlne.ws/3SF1u15
Paying off hackers is common, says top Australian govt cybersecurity firm
Byron Kaye - Reuters
Corporate insurers routinely pay hackers a ransom for the return of stolen customer data, a top Australian government cybersecurity provider said on Tuesday, as the country's biggest health insurer revealed the growing scale of a recent breach.
/jlne.ws/3gKBp38
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| Cryptocurrencies | | Top stories for cryptocurrencies | Digital Asset Data Provider Amberdata Acquires Crypto Analytics Company Genesis Volatility
Jamie Crawley - CoinDesk
Amberdata, a provider of digital asset data to financial institutions, has acquired Genesis Volatility (GVol), a crypto options and derivatives analytics firm. The purchase will allow Amberdata to expand its decentralized finance (DeFi) products, offering support for protocols such as Friktion, Ribbon and Lyra, according to an announcement shared with CoinDesk. The company's institutional clients include Citigroup (C), Fidelity and Nasdaq (NDAQ).
/jlne.ws/3TUOwNF
BitMex's Alexander Hoeptner Is Latest Crypto CEO to Depart
Olga Kharif - Bloomberg
BitMex said Chief Executive Officer Alexander Hoeptner has left after less than two years at the pioneering cryptocurrency exchange, joining the list of recent executive departures in the embattled industry. Stephan Lutz was named interim CEO, and will also continue to serve as chief financial officer, the exchange said in a statement. BitMex didn't provide a reason for Hoeptner's departure, and said it "won't be commenting any further at this time." Hoeptner declined to comment.
/jlne.ws/3TYC7Ze
Sam Bankman-Fried to refund FTX phishing victims - just this once
Dylan Butts - Forkast
Cryptocurrency exchange FTX will reimburse US$6 million lost by users in a phishing attack over the weekend, according to a Monday Twitter thread from the exchange's founder Sam Bankman-Fried.
/jlne.ws/3SHB6n8
Bitfinex Beat Binance, Coinbase for Bitcoin-Pound Trading Volume Last Month
Will McCurdy - Decrypt
The British pound's recent volatility may be encouraging many investors to try their hand at crypto trading if findings from a recent report from Kaiko are to be believed. Bitcoin trading volumes reportedly surged on UK markets last month as traders may have looked to take advantage of high exchange rate volatility. The pound has lost a significant amount of its value in recent months, hitting an all-time low against the U.S. Dollar on September 26.
/jlne.ws/3Db6PHK
Bitcoin, Dogeliens, And Filecoin: Three Crypto Projects Keeping Your Investments Safe In 2022
Coin Rivet
We live in a time of global chaos. Families around the world are cold and vulnerable to illness because of the energy crisis. More than 61 million kids worldwide also lack access to basic education. Some cryptocurrencies are taking the right measures to address these issues. In recent years, a few crypto projects have regularly contributed to humanitarian organizations, contributing millions to aid countries in the wake of national disasters. As a pro-charity organization, Dogeliens (DOGET) collaborates closely with non-profits to guarantee that every child can receive a quality education.]
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What the Mention of Crypto in Australia's Budget Means
Amitoj Singh - CoinDesk
The explicit mention of cryptocurrency in Australia's federal budget helps provide clarity on how digital assets will be handled in the country, industry observers said. The budget presented Tuesday reiterates June's announcement that bitcoin won't be treated as a foreign currency for tax purposes. It also appeared to clarify that the country won't follow El Salvador's example of allowing the cryptocurrency to be used as legal tender.
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Singapore central bank proposes measures on crypto trading, stablecoin
Chen Lin
Singapore's central bank has put forward proposals for new regulatory measures on cryptocurrency trading and stablecoins, in a bid to reduce the risk of consumer harm from the volatility of the industry. The measures published in two consultation papers on Wednesday include not allowing businesses to lend out cryptocurrencies owned by retail customers, and to ensure customer assets are segregated from their own assets.
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UK lawmakers vote to regulate digital assets as financial instruments
Dylan Butts - Forkast
Lawmakers in the British Parliament's lower house voted in favor of recognizing cryptocurrency assets as regulated financial instruments and products, according to a Tuesday statement.
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Crypto's New Class of Kingpins Emerge After The Merge; Now that the Ethereum software upgrade is complete, a small number of 'builders' have more power in the cryptoverse.
Victoria Vergolina - Bloomb erg
The Merge created a new class of blockchain participants, called "builders." The software upgrade, which refers to the Ethereum blockchain switching to a system called "proof of stake" from "proof of work," is a significant shift in the current decentralized ecosystem. And now there are a relatively small number of these builders who have a significant amount of power on the blockchain.
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Luna Token's Vexed Legal Status Dogs Prosecutors Chasing Kwon; South Korea has accused Kwon of breaching capital-markets act; But there's debate on whether the act covers the crypto sector
Hooyeon Kim - Bloomberg
South Korean prosecutors trying to build a case against Do Kwon over the $60 billion wipeout of his crypto project made an eye-catching admission this month: the latest court decision seems to support his defense. They made the comment after a judge rebuffed a request to detain a person linked to Kwon's collapsed Terraform Labs ecosystem. Part of the judge's reasoning was that it's debatable whether the individual had violated the nation's Capital Markets Act as prosecutors claim -- a key charge Kwon also faces, and which he has rejected.
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Reddit NFTs Challenge Bored Apes on OpenSea With Trade Surge
Cameron Thompson, Eli Tan, Rosie Perper - CoinDesk
Reddit users are pumping the platform's Polygon-based NFT collections, with cumulative sales volumes of the avatar collectibles topping $6.5 million on Tuesday. According to data from secondary non-fungible token (NFT) marketplace OpenSea, Reddit NFT collections edged out popular blue chip projects over the past several hours. Spooky Season, a series of collectible avatars created by Reddit user poieeeyee, currently has a trading volume of 538 ETH (approx. $760,000) - putting it just behind the reigning NFT collection Bored Ape Yacht Club at 642 ETH (approx. $906,000). According to OpenSea, the Spooky Season collection experienced a 121% increase over the past 24 hours.
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Swiss-Based Crypto Bank SEBA Offers Custody for 'Blue Chip' NFTs
Jamie Crawley - CoinDesk
Crypto bank SEBA has extended its digital asset custody services to blue chip, or premium, non-fungible tokens (NFT) including Bored Apes and CryptoPunks. The Zug, Switzerland-based bank is aiming to provide its customers with a secure service for storing any Ethereum-based NFTs without having to manage their private keys themselves.
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| Politics | | An overview of politics as it relates to the financial markets | Warren, AOC Ask Regulators to Clarify Rules on Fmr Staff Taking Roles in Crypto Industry
CoinDesk
U.S. Sen. Elizabeth Warren (D-Mass.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have asked regulators to clarify their rules on former employees taking roles in the crypto industry. "The Hash" hosts discuss the latest in crypto and politics.
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How Republicans weaponized climate investing; Corporate governance reporter Patrick Temple-West answers a crucial question: is it time for an ESG rebrand?
Financial Times
US Republicans are picking a fight with some major financial institutions over ESG, or environmental, social and governance investing. That means considering things such as climate risks, labour issues and board diversity when choosing investment funds. The FT's corporate governance reporter Patrick Temple-West explains why Republicans are upset and what this backlash might mean for the future of ESG.
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The Trump SPAC Has SEC Trouble; Also a big crypto thing, Celsius bankruptcy wrangling and cannabis accounting.
Matt Levine
Crypto
Over the past few months I have written a long piece about crypto for Bloomberg Businessweek. It is out today, and you can read it here. Some of the themes will be familiar to Money Stuff readers: I touch on crypto's sometimes hilarious and sometimes insightful reinvention of traditional finance, as well as Bitcoin's revolutionary (re)discovery of the fact that, if a bunch of people decide that something should be valuable, that's enough to make it valuable. But I also try to start from the beginning of crypto and build step by step, to develop complex modern crypto ideas from first principles.
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Rishi Sunak Is Getting His Treasury Team Back Together to Run No. 10; Potential chief of staff worked with Sunak as chancellor; Architect of Johnson's Ukraine policy set to stay on
Alex Wickham - Bloomberg
New UK Prime Minister Rishi Sunak has dispensed with most of his predecessor Liz Truss's Downing Street aides and is set to promote people he worked with in his previous cabinet job as Chancellor of the Exchequer, according to officials familiar with his plans. The arrival of a phalanx of former Treasury officials in No. 10 is confirmation of a return to the so-called "Treasury orthodoxy" that Truss had railed against before her fiscal plans sparked market panic in September.
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UK Lawmakers Vote to Recognize Crypto as Regulated Financial Instruments
Sandali Handagama - CoinDesk
Lawmakers in the U.K. voted in favor of recognizing crypto assets as regulated financial instruments and products in the country on Tuesday. The House of Commons, the Parliament's lower house, met on Tuesday for a line-by-line reading of the proposed Financial Services and Markets Bill, which broadly covers the U.K.'s post-Brexit economic strategy. The lawmakers considered a list of proposed amendments to the bill, including one put forward by parliamentarian Andrew Griffith to include crypto assets in the scope of regulated financial services in the country.
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Markets Didn't Oust Truss. The Bank of England Did; The way the UK government fell should worry all who support democracy.
Narayana Kocherlakota - Bloomberg
The precipitous fall of former UK Prime Minister Liz Truss's government has been widely credited to the objective discipline of financial markets. Her misguided policies, the logic goes, elicited such a negative reaction that she had no choice but to backtrack and resign. I see a very different story. Markets didn't oust Truss, the Bank of England did - through poor financial regulation and highly subjective crisis management.
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What the MiCA Bill Could Mean for the Future of Decentralization
Zac Colbert - CoinDesk
On Oct. 10, the Markets in Crypto-Assets (MiCA) bill was passed, with 28 members of the European Union Parliament voting in favor. The new legislation addresses key crypto elements such as consumer protection, anti-money laundering (AML), environmental impact and business accountability. The European Parliament is due to vote on MiCA before the year's out, at which point the bill will become law within 12 to 18 months. Unfortunately, the proposed legislation could mean many decentralized finance (DeFi) entities are going to struggle to operate effectively in Europe.
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Xi's Vow of World Dominance by 2049 Sends Chill Through Markets; President has vowed to boost China's international influence; His Covid, tech and Taiwan policies have cast doubt on plan
Bloomberg
President Xi Jinping has put himself in position to rule China for at least another decade, and possibly for life. The question now is what he'll do with all that power. On one level, Xi has made it clear where he wants to take China. At the opening of the Communist Party congress last week, he repeated a goal to make China a modern socialist power by 2035, boosting per capita income to middle-income levels and modernizing the armed forces. Then by 2049, the 100th anniversary of the People's Republic of China, he wants to ensure the nation "leads the world in terms of composite national strength and international influence."
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| Regulation & Enforcement | | Stories about regulation and the law. | Chair Behnam Says CFTC's 'Number One Accomplishment' Is Track Record of Enforcement Actions
CoinDesk
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam is eager for his agency to shed its reputation as the friendlier regulator for the crypto industry. "The Hash" hosts discuss what this means for the CFTC's role in future crypto regulation.
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Former Bithumb Chairman May Face Eight Years in Prison for Alleged $70M Fraud
Andrew Asmakov - Decrypt
Lee Jung-hoon, the former chairman of Bithumb Holdings, the company that operates South Korea's second-largest cryptocurrency exchange, could face a maximum sentence of eight years in prison if found guilty on charges related to an alleged fraud worth 100 billion won, or roughly $70 million. The trial took place on October 25 at the Seoul District Court, with the verdict to be delivered on December 20, per local media reports.
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Brit Socialite in Gold Laundering Trial Was 'Functioning Addict'; James Stunt charged with participating in laundering network; Ecclestone's former son-in-law denies 'slanderous' charges
Jonathan Browning - Bloomberg
A British socialite at the center of one of the UK's biggest money-laundering trials said he was a "functioning addict" at the time of his alleged involvement in a scheme to bank huge amounts of criminal cash via a gold dealer.
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Federal Court Orders California Man and His Commodity Pool Operator and Introducing Broker to Pay Over $2.3 Million for Commodity Fraud and Making False Statements to the NFA
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the District of Arizona entered a consent order on October 19, imposing monetary sanctions against Purvesh Mankad and his affiliated entities CTAX Series, LLC, a CFTC-registered commodity pool operator, and CTAX Partners, LLC, a CFTC-registered introducing broker.
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Chairman Behnam to Participate in a Conversation at the European Financial Forum: Financial Services in the Digital Age
CFTC
Chairman Behnam will participate in a conversation with David Wright on, "Global Financial Markets - The New Regulatory Challenges," at the European Financial Forum: Financial Services in the Digital Age.
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Remarks at the Georgetown Law Hotel and Lodging Summit
Commissioner Mark T. Uyeda - SEC
Good afternoon everyone. Thank you, Bob [Lannan], for the kind introduction. I'm pleased to share some thoughts on climate disclosure, which reflect my individual views as a Commissioner and do not necessarily reflect the views of the full Commission or my fellow Commissioners.
In March 2022, the Commission proposed sweeping changes for issuers regarding climate change disclosures.[1] Two months later, the Commission proposed additional rules for funds to incorporate environmental, social, and governance (ESG) factors into their disclosures.[2] These ambitious proposals have received robust public comment and for good reason. These proposals - both staggering in their complexity and reach - are merely two proposals among an exceedingly packed SEC regulatory agenda.[
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SEC Obtains Settlement Against Investment Professionals Charged with Cherry Picking
SEC
On October 3, 2022, the Securities and Exchange Commission obtained a final consent judgment against defendants Ramiro Jose Sugranes, Lina Maria Garcia, and two investment firms that the SEC had previously charged with an illegal cherry picking scheme, as well as a final consent judgment against relief defendants who received ill-gotten gains from the scheme. According to the terms of the court-approved settlement, the defendants and relief defendants must pay approximately $5.7 million in monetary relief. In addition, in separate, settled administrative proceedings instituted on October 24, 2022, the SEC imposed an associational bar and suspensions against Sugranes and Garcia, respectively.
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ANZ penalised $25 million for misleading customers and failing to provide promised account benefits
ASIC
The Federal Court has ordered Australia and New Zealand Banking Group Limited (ANZ) pay a $25 million penalty for failing to provide certain benefits it had agreed to give customers with offset transaction accounts or under a 'Breakfree' package.
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CommSec and AUSIEX to pay penalty of over $27 million for systemic compliance failures
Australian Securities & Investments Commission
The Federal Court has ordered Commonwealth Securities Limited (CommSec) and Australian Investment Exchange Limited (AUSIEX) pay a penalty of $20 million and $7.12 million respectively for breaches of the Market Integrity Rules, Corporations Act and ASIC Act (CommSec only) for systemic compliance failures, including overcharging brokerage fees to CommSec customers on 120,933 occasions, totalling over $4.3 million. The penalty is the largest ever penalty handed down for breaches of the Market Integrity Rules.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Billionaire Sam Zell Says Energy Bets Constrained by Oil Volatility
Gerson Freitas Jr - Bloomberg
The wild moves in oil prices over the past couple years have curbed billionaire Sam Zell's enthusiasm for investing in the US energy sector. Extreme price volatility has made such investments "extraordinarily difficult and challenging," the founder and chairman of Equity Group Investments said in an interview with David Westin for Bloomberg Television's Wall Street Week.
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Foreigners Flee China Stocks at Record Pace as Panic Spreads
Bloomberg
Foreign investors are on track to turn sellers of Chinese equities for the first time ever for the year, as concerns about a lack of supportive policies from the Party congress and a renewed Covid Zero push spook markets. Overseas investors sold a record net 17.9 billion yuan ($2.5 billion) of mainland shares via trading links with Hong Kong on Monday, according to Bloomberg data, tipping the year-to-date level into a small net outflow. If that holds through year end, it would be the first annual decline since the stock connect program was launched in 2014.
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A shock looms for governments over inflation-linked bonds; Rising costs of the debt instruments will add further strain to state finances
Nicholas Dunbar - Financial Times
As inflation becomes more persistent across developed nations, there is a costly bill looming for governments. In recent years, governments have exploited rising investor demand for bonds with returns that are linked to inflation, issuing increasing amounts of such instruments. The terms were attractive for issuers, with investors willing to accept negligible yields while inflation was low.
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Cadbury maker Mondelez to invest $600mn on sustainable cocoa sourcing; Ivory Coast and Ghana boycott annual meeting amid rising tensions in chocolate industry
Emiko Terazono - Financial Times
Mondelez has become the latest food company to step up its efforts to raise pay and reduce child labour in cocoa farming, as tensions flare between the African nations that produce much of the global crop and the chocolate industry. The owner of brands from Cadbury to Toblerone said on Wednesday that it would commit an additional $600mn in sustainability funding until 2030, on top of $400mn invested over the past decade.
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The bear hasn't broken passive yet; Bad flow data for fund managers
Robin Wigglesworth - Financial Times
One of the most persistent stories that money managers have whispered to themselves before going to bed every night over the past decade is that passive funds will definitely be found out in next big bear market. Sure, they murmured, their active funds were underperforming right now, but only because stupid central banks and their stupid ultra-easy monetary policy were "distorting" financial markets.
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Traders Bet on Aluminum Price Surge as LME Weighs Russia Ban; Market faces sharp price risks from LME, White House measures; Dash to buy call options shows market betting on year-end jump
Mark Burton - Bloomberg
Aluminum traders are making bold bets in the options market to position for price spikes later this year, as the metals world weighs the possibility of restrictions on Russian supplies. The London Metal Exchange is holding formal discussions about banning Russian metal, while the US government is considering a range of potential curbs on aluminum specifically, including possible sanctions on mining giant United Co. Rusal International PJSC. The debate has divided the aluminum market: some consumers are emphatically shunning Russian production, while others depend on it.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Recycling plastic is practically impossible - and the problem is getting worse
Laura Sullivan - NPR
The vast majority of plastic that people put into recycling bins is headed to landfills, or worse, according to a report from Greenpeace on the state of plastic recycling in the U.S. The report cites separate data published this May which revealed that the amount of plastic actually turned into new things has fallen to new lows of around 5%. That number is expected to drop further as more plastic is produced.
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The World's Biggest Source of Clean Energy Is Evaporating Fast; From California to Germany and China, climate change-fueled heatwaves and droughts have shrunk rivers that feed giant hydropower plants.
Bloomberg
China's Three Gorges Dam is an awe-inspiring sight, a vast barrier across the Yangtze River that contains enough concrete to fill seven Wembley Stadiums and more steel than eight Empire State Buildings. Its turbines could singlehandedly power the Philippines. But this summer, the world's largest power plant was eerily quiet.
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Is ESG Really A Sham?
Peter Krull - Forbes
The New York Times recently published an essay by Hans Taparia titled, 'One of the Hottest Trends in the World of Investing Is a Sham.' While Mr. Taparia paints a broad picture of widespread greenwashing (and I guess social washing and governance washing), he fails to look beyond the marketing engines of the big Wall Street firms to see the smaller ones that actually are working for positive change. One of the first things Mr. Taparia references is BlackRock founder and CEO Larry Fink's 2018 public letter. But anyone who has been in the SRI (sustainable, responsible and impact) investing space will look at an article that starts out quoting Mr. Fink as suspect.
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ESG Ratings: A Call for Greater Transparency and Precision
Cadwalader, Wickersham & Taft LLP - JD Supra
In early 2022, the ESG ratings industry attracted attention when electric vehicle manufacturer Tesla Inc. was dropped from the S&P 500 ESG Index. Explaining its decision, S&P cited perceived deficiencies in many ESG areas, including Tesla's lack of an internal low carbon strategy for reporting and reducing carbon emissions, insufficient codes of business conduct, claims of racial discrimination and poor working conditions at a California factory, and poor handling of a federal investigation into deaths and injuries linked to Tesla's autopilot vehicles. Tesla was not dropped from other comparable ESG indexes.
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Ramaswamy's Strive takes new swipe at ESG priorities
Javier E. David - Axios
The firm led by activist investor Vivek Ramaswamy is launching a new nationwide campaign aimed at getting major corporations to separate growth goals from increasingly polarized cultural issues characterized by environmental, social and governance (ESG). Driving the news: Starting Tuesday, Strive Asset Management will air digital ads that invoke a spirit of bipartisanship to "promote excellence over ESG priorities" that some view as divisive.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Musk Tells Bankers He Plans to Close Twitter Deal on Friday
Jeannine Amodeo, Gillian Tan, Paula Seligson and Ed Hammond - Bloomberg
Elon Musk pledged Monday to close the acquisition of Twitter Inc. by Friday in a video conference call with bankers helping fund the deal, according to people with knowledge of the matter. The banks, which are providing $13 billion of debt financing, have finished putting together the final credit agreement and are in the process of signing the documentation, one of the last steps before actually sending the cash to Musk, said the people, who asked not to be named discussing a private transaction.
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Fed's Waller 'Not a Big Fan' of Central Bank Digital Currencies
Hannah Levitt - Bloomberg
Federal Reserve Governor Christopher Waller is again pushing back on arguments that the US central bank should issue a digital dollar. "It's just a checking account at the Fed," Waller said in remarks during the Money 20/20 conference in Las Vegas. "I'm not a big fan of it, but I'm open to having someone convince me that this is something that's really valuable."
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HSBC's Elhedery, Fresh From Sabbatical, Stakes Claim to Be CEO; Georges Elhedery took a six-month break from banking this year; Lebanon-born trader is burnishing his credentials for top job
Harry Wilson - Bloomberg
A six-month sabbatical might be a time of relaxation for some, but for HSBC Holdings Plc's incoming Chief Financial Officer Georges Elhedery it provided an opportunity to burnish his credentials for the bank's top job. Elhedery, who was born in Lebanon and already speaks Arabic, English, French and German, spent several hours a week of his break getting to grips with the Chinese language, according to people familiar with the matter. It looks like a wise use of time as he emerges among the frontrunners to be HSBC's next boss once Noel Quinn eventually departs.
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Qontigo integrates Ortec Finance's climate risk scenarios into enterprise risk management solution, Axioma Risk
Qontigo
Qontigo, a leading provider of innovative risk, analytics, and index solutions, has partnered with Ortec Finance, a leading global provider of technology and solutions for risk and return management, to provide climate stress testing capabilities within Qontigo's Axioma RiskTM for clients to assess climate risks in their portfolio. With increasing regulatory pressures worldwide, asset managers and asset owners require more robust insights into their exposures to climate risk. Through combining Ortec Finance's state of the art climate risk-aware economic and financial scenarios with Qontigo's unique portfolio management and risk analysis solutions, clients can seamlessly translate climate transition scenarios to their portfolios to assess exposure and climate resilience.
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European banks' bumper quarter raises prospect of windfall taxes; Deutsche Bank posts one of its highest profits since before financial crisis
Owen Walker and Emma Dunkley, Olaf Storbeck, Barney Jopson, Silvia Sciorilli Borrelli and Hudson Lockett - Financial Times
Europe's largest banks generated huge profits on the back of rising interest rates in the third quarter, raising the prospect of governments targeting the lenders with windfall taxes. Deutsche Bank on Wednesday reported one of its strongest quarterly performances since before the financial crisis and is on course for its best annual profits since 2009, while Barclays, Santander, UniCredit, Standard Chartered, HSBC and UBS have all beaten analysts' estimates.
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Deutsche Bank's Dealmakers Suffer Worst Quarter Since Lehman; Investment banking revenue slumps to lowest since 2008; Losses on leveraged loans and an equity position erase revenue
Steven Arons - Bloomberg
Deutsche Bank AG's dealmakers suffered their worst quarter since the financial crisis as revenue from advising on stock and debt issuance evaporated. Investment bankers who usually bring in around €500 million ($500 million) on average in quarterly revenue, earned just €95 million from advising on mergers and capital raising this time around. Income from debt issuance slumped to €6 million in the third quarter, while the equity business even recorded a negative €2 million.
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Ex-Deutsche Bank Trader Sues for Bonus After Bad Bank Shutdown; Shikha Gupta says bank executives promised her high rewards; Deutsche Bank said there was no evidence of pay promises
Jonathan Browning
An ex-Deutsche Bank AG credit trader laid off when the lender closed down its bad bank has sued the company in London, saying she was denied hundreds of thousands of pounds in bonuses. Shikha Gupta, who led a team tasked with unwinding some of the "highest risk assets" held on the bank's own balance sheet, was made redundant in March 2017.
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Fidelity on Track to Hire 16,000 This Year, Offers Free Tuition as Perk
Annie Massa - Bloomberg
Fidelity Investments said it still plans to hire more than 16,000 people this year and is offering some workers full college tuition as an incentive. The tuition benefit will be extended to entry-level employees who answer customer-service calls at several locations including Texas, New Hampshire and Kentucky, the Boston-based firm said Tuesday in an emailed statement. The perk, which also includes books and other fees, is contingent on the recipients majoring in fields relevant to Fidelity's business.
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Barclays Profit Jumps on Market Volatility; U.K. lender's earnings beat analysts' expectations
Josh Mitchell - The Wall Street Journal
Barclays PLC's BCS 2.79%increase; green up pointing triangle profit jumped in the third quarter, boosted by rising interest rates, increased household use of credit cards and volatile bond markets. Net profit rose 10% from a year earlier to £1.5 billion, equivalent to $1.72 billion, in the three months through September, the London-based bank said Wednesday. The total exceeded analysts' expectations.
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JPMorgan Strikes Deal to End Former Compliance Employee's Retaliation Lawsuit; The former employee said she was fired for raising concerns about whether the bank had violated the terms of settlements with U.S. agencies
Dylan Tokar - The Wall Street Journal
A former compliance employee for JPMorgan Chase Bank NA has agreed to drop a retaliation lawsuit against the bank. Shaquala Williams, a former JPMorgan vice president, had sued her former employer last year, alleging the bank fired her for raising concerns about its compliance program. A federal judge in July denied a request by JPMorgan to dismiss the case, opening the door to a trial.
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Citi adds new head of European markets; Incoming hire has been promoted internally, and will cover all European markets excluding the UK.
Laurie McAughtry - The Trade
In its latest senior hire, Citi has appointed Fabio Lisanti as its new head of European markets, excluding the UK. Lisanti was previously the head of western markets for the bank, a position he has held for the past five years. Prior to that, he spent 21 years as managing director, global head of debt capital markets and client solutions at UBS. He was also a member of the board of the International Capital Markets Association for six years, ending his tenure in 2021.
/jlne.ws/3suCuyX
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Great Pandemic Hand-Washing Blooper; Should you wash your hands? Yes. Does it matter for respiratory viruses? Not as much as we once thought.
Jacob Stern - The Atlantic
Way back in the early, whirlwind days of the pandemic, surfaces were the thing to worry about. The prevailing scientific wisdom was that the coronavirus spread mainly via large droplets, which fell onto surfaces, which we then touched with our hands, with which we then touched our faces. (Masks, back then, were said by public health authorities to be unnecessary for the general public.) So we washed our hands until they were raw. We contorted ourselves to avoid touching doorknobs. We went through industrial quantities of hand sanitizer, and pressed elevator buttons with keys and pens, and disinfected our groceries and takeout orders and mail.
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New Covid Boosters Aren't Better Than Old Ones, Study Finds; Results show the new shots perform similarly to past ones; Moderna, Pfizer boosters aim to protect against new variants
Robert Langreth - Bloomberg
Bivalent booster shots from Moderna Inc. and Pfizer Inc. failed to raise levels of protective proteins called neutralizing antibodies against the dominant omicron strains any more than four doses of the original Covid vaccine, according to an early independent study on a small group of people. Researchers at Columbia University and the University of Michigan compared levels of neutralizing antibodies in blood samples from 21 people who got a fourth shot of the Moderna or Pfizer-BioNTech SE bivalent boosters against antibody levels in 19 people who got four shots of the original vaccines.
/jlne.ws/3TSPCKp
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Cost of Having Fun in Singapore Surges to Highest in 40 Years
Low De Wei and Kevin Varley - Bloomberg
Households in Singapore are spending more on necessities and accommodation. It's getting costlier to have fun and relax too. Prices of recreational and cultural activities in Singapore in September soared the most in 40-years, according to the Department of Statistics on Tuesday. Keeping that pet puppy or turtle now costs 5.2% more than a year earlier while holiday expenses rose by 8.4%.
/jlne.ws/3W5nNQg
Too Much Gas. Europe's Energy Crisis Takes a Surprise Turn
Vanessa Dezem, Anna Shiryaevskaya and Rachel Morison - Bloomberg
Europe suddenly has more gas than it can use. Starved of the Russian imports on which its long relied, Europe has rushed to import liquefied natural gas from around the world to fill up storage. Now, a combination of unusually warm weather and successful bidding for cargoes means facilities are almost full before Europeans have even turned the thermostats up. Gas prices have also fallen back sharply, and are less than a third of their summer peak.
/jlne.ws/3TDyDLQ
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| Miscellaneous | | Stories that don't quite fit under the other sections | A Rubens Masterpiece Could Fetch $35 Million at Auction
Fang Block - The Wall Street Journal
A 1609 Rubens masterpiece, Salome Presented with The Severed Head of Saint John the Baptist, will return to auction at Sotheby's next January, with an estimate of between US$25 million and US$35 million. The painting was considered lost until it was auctioned at Sotheby's in 1998 for US$5.5 million, the auction house said. The masterpiece was unveiled at Sotheby's New York galleries Tuesday morning, alongside nine Old Masters paintings from the collection of Mark Fisch, a real estate developer and a trustee of the Metropolitan Museum of Art in New York, and his ex-wife, Rachel Davidson, a former New Jersey judge. The two filed for divorce earlier this year.
/jlne.ws/3N8iwn2
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