| October 05, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
To all the business journalists who read JLN from around the world, I want to make you aware of an outstanding opportunity to take your career to the next level by applying for the "Journalists in Residence Fellowship" program at the University of Chicago Booth School of Business Stigler Center. The University of Chicago says, "The paid fellowship at the University of Chicago Booth School of Business seeks to shape the next generation of leaders in business reporting through a transformative on-campus learning experience for journalists from around the world."
Here is what I say. I think quality business journalism can be the difference between people having jobs or not, eating or not, having shelter or not or us having peace or not. Helping people understand the importance of markets and the value of a price signal, and understand the importance of fighting for market integrity, fairness and transparency is the work of a business journalist. Being able to do that well matters.
The Stigler Center fellowship takes place over approximately 12 weeks in Chicago at the University of Chicago Hyde Park campus, during which selected participants audit Chicago Booth classes, participate in events, collaborate with peers, and learn from the university's greatest scholars. So who can apply? Journalists with some years of media experience, proficient English, and an interest in deepening their knowledge and understanding of political economy are encouraged to apply. And the good news is, Fellows receive a $14,000 USD stipend and reimbursement for allowed travel expenses. Applications must be received by October 15, 2023. For more details go HERE, and to watch a YouTube video about the program, click here.
The FINRA Investor Education Foundation (FINRA Foundation) has honored Doug Shadel, Ph.D., with the prestigious 2023 Ketchum Prize. This award acknowledges his exceptional contributions and research in safeguarding consumers, with a special focus on protecting vulnerable Americans.
Congratulations to Rides FAR for generating $900K+ for the Autism Science Foundation to fund autism research to help improve the lives of families and those with autism with their most recent ride last weekend.
Citadel's Ken Griffin is featured in Leaders Magazine in a story titled "Extraordinary People Working Together."
Geneva Trading and Rob Creamer are featured in a BuiltIn story titled "A Great Team, Great Traders, Great Tech: Geneva Trading CEO Robert Creamer Breaks Down the Equation Powering the Company's Success" with the subheading "Creamer sat down with Built In to reflect on the company's humble beginnings, present initiatives and future ambitions."
Now we know why Sam Bankman-Fried cut his famous wild hair. His lawyers are saying he is being portrayed as a "cartoon villain" in his trial. Yes, his wild hair was part of his public relations strategy to push his story, and now his lawyers are trying to use the "cartoon" angle as a defense.
We know that we set record temperatures over the summer. Well, now it turns out September was also a temperature anomaly. Last month's average temperature surpassed the September 1991-2020 average by 0.93°C (1.7°F), marking the highest deviation from the norm in the 83-year history of the European Space Agency's Copernicus Climate Change Service records, the Associated Press reported. Here is how climate scientist Zeke Hausfather portrayed it on X, formerly known as Twitter, "This month was, in my professional opinion as a climate scientist - absolutely gobsmackingly bananas." Now that is a quote!
According to a Bloomberg story, the heat, which is usually connected to drought and wildfires, has also unleashed a different kind of disaster: deadly flooding. "Cities around the world have seen record rainfall more than 130 times in 2023," Bloomberg said.
Today I am off with my wife to get our latest flu and Covid-19 vaccinations, but one thing we won't have to worry about is the Covid card. The CDC has stopped printing and distributing them, according to a story by the Associated Press.
President Biden has very protective dogs, and his German Shepherd Commander is known to have bitten 11 people in the White House. From one perspective, this is a problem - you don't want staff and Secret Service agents getting bitten - but from another, it is good to know the president has such a loyal and effective protective dog. However, because Commander has bitten so many people, he is taking a vacation away from the White House until the Bidens can figure out how to keep him from biting the good guys, CNN reported. Then again, maybe Commander is just a good judge of character.
Wieger ten Have has started a new position as deputy chief compliance officer at Hidden Road.
Congratulations to Julie Crone on her new position as director, international recruiting at CME Group.
Also, congratulations to Matthew Southerlan, who has been promoted to director of corporate communications at CME Group.
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 yesterday on JLN Options were:
- Panic Creeps Up as VIX Curves Invert for First Time Since March from Bloomberg.
- Generative AI gaining traction in derivatives markets from FIA.
- VIX Soars To 5-Month High: What Surging Treasury Yields Mean For Stocks from Markets Insider. ~JB
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| Sponsored Content |
Navigating Uncertainty: JPX Launches New Derivatives Amid Global Challenges
In a year shadowed by the Ukraine conflict, soaring inflation, environmental and geo-political crises, Japan Exchange Group (JPX) is fortifying its offerings with new derivatives products. This strategic move coincides with the 35th anniversary of Equity Index Futures trading in Japan, spotlighting the Nikkei 225 and TOPIX indices as enduring financial tools.
This milestone anniversary underscores the resilience of JPX's flagship products, which continue to offer investors risk-hedging opportunities amid geopolitical and economic volatility.
Nikkei 225 Micro Futures: Inflation Hedge
While the Nikkei 225 soars to new decade highs, JPX's newly launched Nikkei 225 Micro Futures cater to individual investors, offering a cost-effective way to navigate inflation and market volatility. The micronized contracts provide an accessible and affordable hedge against global economic unpredictability.
Nikkei 225 Mini Options: Geopolitical Risk Management
With geopolitical tensions in mind, JPX has introduced Nikkei 225 Mini Options. These instruments open risk management strategies to a broader audience, offering adaptability in a swiftly changing global landscape.
3-month TONA Futures: Addressing Rate Uncertainty
JPX's 3-month TONA Futures assist institutions in managing liquidity during an unstable interest rate environment. As TONA emerges as a key rate benchmark, these futures serve as a strategic tool for financial adaptability. The offering completes the already robust JGB futures and vibrant JSCC IRS markets, cross margin efficiencies across the whole fixed income playbook are available through the JSCC clearing house.
Futureproofing and ESG
JPX is also preparing to implement Value-at-Risk (VAR) clearing in November 2023, offering a best-in-class margining methodology to further unleash portfolio efficiencies for market participants.
To deliver our part to global ESG concerns, JPX has launched a carbon credit market under the TSE brand, this offering will complement the already actively trading TOCOM Power market in the future. These anticipatory measures ensure JPX stays aligned with global sustainability initiatives.
These product launches, along with the upcoming VAR clearing system, cement JPX's role as a resilient, forward-thinking player in the global financial landscape and to further stride to remain your exchange of choice!
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Author: Matthias Rietig, Senior Officer of OSE Contact: Osaka Exchange / Tokyo Commodity Exchange Derivatives Business Development E-mail: ose-dmg@jpx.co.jp |
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Tuesday's Children to Host Annual Fundraiser, "Casino Night," in New York City, Commemorating 22 Years of Resilience
Tuesday's Children
Tuesday's Children announces its 22nd annual fundraiser themed as Casino Night this year, taking place on Wednesday, November 15, 2023 at 6:00 PM at the Ascent Lounge located at 10 Columbus Circle, New York City. The national nonprofit will host an evening with VIPs, an assortment of casino games, exciting auction items and delicious food and drinks, with all the evening's proceeds benefitting family and community members forever changed by terrorism, military conflict and mass violence. During this year's annual fundraiser, Tuesday's Children will honor Richard Repetto, CFA, a West Point graduate who served five years as a helicopter pilot in the U.S. Army, followed by a 25-year career on Wall Street focusing on research of electronic trading and financial technology companies.
/jlne.ws/46y2v2f
***** Rich Repetto is being honored, which is a great thing.~JJL
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AI Will Be Bigger Than Industrial Revolution, Says Leading AI Executive
Tae Kim - Barron's
AI Revolution. Hi everyone. The rising demand for artificial intelligence is boosting demand for high-performance server hardware. But there are two large limiting factors in this space: getting access to Nvidia (ticker: NVDA) graphics processors that power the most advanced AI models and the ability to quickly incorporate the latest technologies into server designs. Super Micro Computer (SMCI) has been ahead of the game on both fronts.
/jlne.ws/3F4riz7
****** This may be true, but I also know hype when I hear it.~JJL
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Top City Boss Warns Pay Is Causing London to Lose War for Talent; Top recruits would have to take pay cut to work in UK: Hoggett; LSE boss wants to improve City of London's appeal to business
William Shaw - Bloomberg
A top London Stock Exchange Group Plc executive said the UK's restrictions on executive pay are hindering companies' efforts to recruit top talent and undermining a push to make the City of London more appealing to businesses post-Brexit.
/jlne.ws/3tkUK1o
****** The UK keeps doing stupid stuff.~JJL
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Is Sam Bankman-Fried Guilty? It's Their Job to Convince the Jury; Millions of pages of documents. Hundreds of hours with witnesses. This is how prosecutors do their jobs and prepare for a trial.
Ben Cohen - The Wall Street Journal
A handful of assistant U.S. attorneys in the Southern District of New York have come to work for much of the past year to do something that many people around the world can only dream about: They get to make the case against Sam Bankman-Fried. They have been strategizing for the trial that began this week since before he was in handcuffs.
/jlne.ws/3RKe3eA
****** How many pizza boxes are involved?~JJL
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Wednesday's Top Three
Our top story Wednesday was ClearDox named FIA's 2023 Innovator of the Year, FIA's announcement of the innovator contest winner at FIA Expo. (CodeComplete AI was the runner-up, and Cumulus9 won the People's Choice Award.) Second was our MarketsWiki page for Ellen Resnick, president of Crystal Clear Communications and PR professional extraordinaire. Third was Sam Bankman-Fried built empire on 'lies', prosecutor says in fraud trial, from The Guardian.
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| Lead Stories | Sam Bankman-Fried painted by US as 'cartoon villain', his lawyer says; Prosecutors accuse former crypto billionaire of 'fraud on a massive scale' as FTX founder's trial gets under way in New York
Joshua Oliver and Joe Miller - Financial Times
Sam Bankman-Fried has been painted as a "cartoon villain" by prosecutors whose case depends largely on hindsight, the former cryptocurrency tycoon's lawyers told a Manhattan jury on Wednesday as they laid out their defence at the start of the hotly anticipated criminal trial.
/jlne.ws/3Q3V2T8
ICE Announces Largest Sugar Delivery on Record Amidst Strong Sugar Volumes and Open Interest
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home to the largest soft commodity futures and options markets in the world, today announced the largest delivery on record of ICE's global benchmark Sugar No.11 contract with 56,470 lots, a total of 2.82 million tons of sugar, headed for delivery following expiry of the October futures contract. The previous largest delivery for ICE Sugar No. 11 occurred in October 2020 where 2.62 million tons went to delivery through ICE's clearinghouse.
/jlne.ws/3ZFZRoK
***** Trabue Bland actually shared this news with JLN in our video interview with him on Wednesday. ~JJL
UN calls for more scrutiny of food traders; Report blames biggest companies for profiteering while consumers suffer worst bout of inflation for a generation
Susannah Savage - Financial times
The UN wants tougher rules for the world's biggest traders of agricultural commodities, claiming a lack of oversight has enabled merchants to make record profits while consumers face a cost of living crisis. Higher costs for food are - along with rising energy prices - one of the big factors behind the most serious wave of inflation for a generation. The war in Ukraine has also raised concerns over food security for millions of the world's poorest. The United Nations Conference on Trade and Development said in a report on Wednesday that the conditions faced by ordinary people lay in "stark contrast" to the "surging profits of commodity trading giants", underscoring "a troubling reality".
/jlne.ws/45oTk2Z
Where Have the Traders Gone? A $4 Trillion Market Is Stuck in a Rut; Hong Kong's stock market has stalled, trading volumes are slumping and foreign investors are backing away
Dave Sebastian - The Wall Street Journal
Hong Kong's $4 trillion stock market is having liquidity issues. Trading volumes in the financial hub have slumped over the past three years, reflecting fading investor interest in buying and selling stocks on the city's exchange. Lower trading activity has also contributed to bigger swings in share prices and has become a sticking point for some Hong Kong-listed companies whose stocks barely trade on some days. That has also made it harder for the exchange to attract listings from global companies.
/jlne.ws/3F9wv8M
FTX Employees Found Alameda's Secret Backdoor Months Before Collapse; The crypto exchange allowed Alameda to have a negative balance of up to $65 billion, prosecutors say
Alexander Osipovich and Angus Berwick - The Wall Street Journal
Months before the collapse of FTX, some of its U.S.-based employees discovered the so-called backdoor that Alameda Research allegedly used to withdraw billions of dollars of customer funds from the cryptocurrency exchange, people familiar with the matter said. The employees who made the discovery reported it to the boss of their division, who discussed it with one of FTX founder Sam Bankman-Fried's lieutenants, some of the people said.
/jlne.ws/3Q5xuxp
ICE Announces Record Third Quarter in TTF Natural Gas
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home to the broadest range of benchmarks to support the liberalization of natural gas, today announced a record third quarter for TTF with a record 18.7 million TTF futures and options traded, equivalent to 13,598 Terawatt hours. TTF also hit record average daily volume (ADV) during the third quarter of 296,782 across futures and options, with ADV up 101% year-over-year (y/y).
/jlne.ws/45erLcF
****** There is a new line in the description of ICE, "and home to the broadest range of benchmarks to support the liberalization of natural gas." Benchmarks around the world are moving and ICE is responding. I guess that is what you do when you are in the data business.~JJL
Math Nerd or Villain: Trial Starts for FTX Founder Sam Bankman-Fried; What prosecution calls crimes in meltdown of crypto exchange FTX, defense describes as mistakes
James Fanelli and Corinne Ramey - The Wall Street Journal
The long-awaited criminal trial of FTX founder Sam Bankman-Fried kicked off Wednesday with the defense and prosecution clashing over whether the fallen crypto leader was a deeply flawed company manager or the architect of one of the biggest financial frauds in U.S. history.
/jlne.ws/3rFYutQ
Bankman-Fried stole at least $10 billion, prosecutors say in fraud trial
Kate Gibson - CBS News
Sam Bankman-Fried on Wednesday faced jurors for the first time as opening arguments in his trial on federal fraud and money-laundering charges got underway in Manhattan. Bankman-Fried committed "a massive fraud," swiping at least $10 billion from customers and investors to finance outside ventures such as political donations and purchases of luxury real estate, Assistant U.S. Attorney Nathan Rehn declared in his opening statement.
/jlne.ws/3rJa7QA
The amazing 'moneyness' of Treasuries; The benefits of convenience
Robin Wigglesworth - Financial Times
US Treasury yields are often called the risk-free rate, much to the annoyance of certain finance types. Yes yes, you can lose money on them, as a lot of investors have rediscovered since 2022. But they remain the dominant reserve asset, and despite periodic Republican nihilism, the creditworthiness of US government debt remains unimpeachable. In a world of dirty shirts, USTs remain the least stinky.
/jlne.ws/3LPjOUJ
What you won't learn from Michael Lewis' book on FTX could fill another book
Julia M. Klein - LA Times
"In a lot of ways," the cryptocurrency tycoon Sam Bankman-Fried wrote to his frustrated girlfriend, Caroline Ellison, "I don't really have a soul." In fact, "there's a pretty decent argument that my empathy is fake, my feelings are fake, my facial reactions are fake." That confession is among the revelations of "Going Infinite," Michael Lewis' well-timed, if unsatisfyingly convoluted, account of Bankman-Fried and the crypto businesses he built and tanked. The book's Oct. 3 publication coincides with the start of Bankman-Fried's federal trial on seven counts of fraud and money laundering. Ellison, both a close business associate and a woman spurned, took a plea deal and is now a likely witness against him.
/jlne.ws/3PDiG7A
Hong Kong Tightens Scrutiny of Crypto Exchanges After JPEX Blowup; City further facilitates efforts to detect illegal activity; Step follows alleged $204 million fraud at JPEX exchange
Suvashree Ghosh and Kiuyan Wong - Bloomberg
Hong Kong's securities regulator and police force set up a task force to assist with the detection of suspicious activity at crypto exchanges, intensifying oversight of the industry after the blowup at the JPEX platform. The working group comprised of the city's Securities and Futures Commission and law enforcement officials will "enhance collaboration in monitoring and investigating illegal activities related to virtual-asset trading platforms," the financial watchdog said in a statement late Wednesday.
/jlne.ws/3PHFpiL
Sam Bankman-Fried faces crypto-crash fatigue with potential jurors in FTX trial
Alexis Keenan - Yahoo!Finance
FTX founder Sam Bankman-Fried arrived for the first day of his criminal trial with a new haircut. What he heard first from some prospective jurors were familiar stories about how their crypto investments went bad. At least five potential jurors said Tuesday that they, their company, or their close relatives invested in crypto, and all said those bets produced losses. One said her employer invested in FTX and Alameda Research, a hedge fund also once controlled by Bankman-Fried.
/jlne.ws/3ZIXVvP
Sam Bankman-Fried Apparently Told Caroline Ellison That "In a Lot of Ways I Don't Really Have a Soul"
Noor Al-Sibai - Futurism
Sam Bankman-Fried was apparently hellacious, as revelations from a new biography released as his fraud trial begins seem to illustrate. Penned by "The Big Short" author Michael Lewis, the newly-released SBF biography, "Going Infinite," includes intimate details about the disgraced crypto prince's life - including that he once sent a list of "pros" and "cons" to dating him to his on-off girlfriend and colleague Caroline Ellison, who headed up FTX's sister firm Alameda Research.
/jlne.ws/45cNHoI
Caroline Ellison was 'terrified' of Sam Bankman-Fried when she started working at Alameda
Jordan Hart - Business Insider
Before Caroline Ellison warmed up to dating Sam Bankman-Fried, she was afraid of him. "I was kind of, like, terrified of him," she told Michael Lewis, whose biography of Bankman-Fried, "Going Infinite: The Rise and Fall of a New Tycoon," came out this week. Ellison was convinced by Bankman-Fried, a fellow effective altruist and Jane Street alum, to leave her unsatisfying job at the Wall Street firm to work at his crypto trading firm Alameda Research.
/jlne.ws/46m1YRh
SBF Was Reckless From the Start; Also the SEC's fiscal-year-end incentives, bonds on sale and money-laundering line-drawing.
Matt Levine - Bloomberg
I am about halfway through Going Infinite, Michael Lewis' book about Sam Bankman-Fried, and I am very much enjoying it. Many of the reviews that I have read of the book complain that Lewis does not sufficiently explain that Bankman-Fried is Guilty and Bad, Actually, but that is not the book that he wanted to write or the one I want to read.1 He wanted to understand and explain Bankman-Fried's psychology and tell a good story. If you want to read a moral condemnation of crypto theft, you can get that anywhere. You go to Michael Lewis for character and story.
/jlne.ws/3LS3PFd
The SEC Had a Busy Week; Whistleblowers, WhatsApp, SPAC projections, bribery, a new Sculptor bid, AI for hedge funds and an ethics competition.
Matt Levine - Bloomberg
Many companies do at least a little bit of earnings management and "window dressing." If it is getting to be mid-to-late December and there is a sale that you have almost closed, or an expense that you'll probably have to pay pretty soon, you will sit down and say "well, our year is almost over, do we want this sale (or expense) to count for this year, or next year?" The answer will depend on your particular situation, but often you will want to book revenue early and expenses late: You'll rush to close the sale in December, and foot-drag on paying the expense until January, so that you can report higher income for this fiscal year. You want this year to look as good as possible; you'll worry about next year later.
/jlne.ws/46tp0pe
Sam Bankman-Fried Jury Includes Ex-Salomon Banker, Nurse, Teacher; Nine women and three men were sworn in as jurors on Wednesday; Jury will decide FTX co-founder's fate at criminal fraud trial
Bob Van Voris and Yueqi Yang - Bloomberg
A retired Salomon Brothers investment banker, a pediatric nurse and a special education teacher are on the jury that will decide whether FTX co-founder Sam Bankman-Fried is guilty of a multibillion-dollar fraud. Nine women and three men were empaneled as jurors on Wednesday in Manhattan federal court, a day after the selection process began. Six alternates were also sworn in. Opening statements in the trial began Wednesday afternoon.
/jlne.ws/48zqiRn
Tradeweb Reports September 2023 Total Trading Volume of $31.8 Trillion and Record Average Daily Volume of $1.57 Trillion
Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for September 2023 of $31.8 trillion (tn). Average daily volume (ADV) for the month was a record $1.57tn, an increase of 30.8 percent (%) year-over-year (YoY).
/jlne.ws/3F4rGxz
JPMorgan steps up securitisation effort ahead of new US capital rules; Bank moves to take loans off its balance sheet after a Federal Reserve push for tougher standards
Joshua Franklin - Financial Times
JPMorgan Chase has stepped up the pace at which it is securitising billions of dollars of its loan portfolio in anticipation of proposed new US capital requirements for large banks, according to people familiar with the matter. The effort pertains to JPMorgan's loan portfolio around products at Chase, its retail business, including mortgages, auto lending and credit card loans, these people said.
/jlne.ws/46jvE1k
Media: LSEG is creating a negative atmosphere around moribund IPO market; More clickbait coverage of London's struggles
Bryce Elder - Financial Times
LSEG has been accused of creating a negative atmosphere for business in the UK and discouraging investors from buying stocks floated in London. The London Stock Exchange owner on Wednesday advertised its upcoming IPO Forum by posting this image on LinkedIn:
/jlne.ws/3ti9AWm
King Charles III to Appear on Australian Gold Coins This Year
The Associated Press
An image of King Charles III will soon appear on Australian coins, more than a year after the death of his mother Queen Elizabeth II, officials said Thursday. The gold Australian dollar coin will be the first with an image of the new British monarch, who is also Australia's head of state, Royal Australian Mint chief executive Leigh Gordon said.
/jlne.ws/3LPuFxT
Chicago Seeks to Nix Rust Belt Label With $1 Billion Climate Bid; New alliance seeks federal funds to boost the green economy; The region's efforts lag those of other cities, group says
Kim Chipman - Bloomberg
Eager to scrap its Rust Belt reputation, a new US Midwest coalition is seeking $1 billion in federal funds to help transform the Chicago region into a hub for cutting-edge climate technology. A new Chicago-focused alliance, set to be unveiled Thursday by Illinois Governor J.B. Pritzker and Chicago Mayor Brandon Johnson, will seek to connect companies and nonprofits on initiatives to lower greenhouse gas emissions and get lucrative federal grants to fund their efforts. It's part of Illinois' bid to reinvent itself as a center for new technologies such as quantum computing, life sciences and electric vehicle manufacturing.
/jlne.ws/3F6n1LQ
New public-private partnership looks to spur Midwestern climate investment
Leigh Giangreco - Crain's Chicago Business
Gov. J.B. Pritzker and Mayor Brandon Johnson introduced a new organization this week dedicated to pushing eco-friendly startups and climate investments in the Midwest. The Chicagoland Climate Investment Alliance will spur investments in building decarbonization and secure federal grants for climate-resilient technologies developed in the Midwest. Along with the city and state, the Alliance's public and private members include World Business Chicago, Invenergy, ComEd, Nicor Gas and Jones Lang Lasalle. The group will also receive support on federal grants and startup collaborations from several partners including 1871, the Energy Policy Institute & the Polsky Center at the University of Chicago and mHUB.
/jlne.ws/3rvloEl
FIA Tech extends Atlantis brokerage settlement platform to buyside
FIA Tech
FIA Tech has opened its settlement platform Atlantis to buyside market participants for the first time. Historically, Atlantis facilitated brokerage payments from clearing brokers to executing brokers, but now offers clients the ability to manage execution brokerage payments directly.
/jlne.ws/46g1OL3
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine hit Russia's most treasured air-defense system on its own soil, reports say
Sophia Ankel - Business Insider
Ukraine damaged one of Russia's most treasured air-defense system in a drone attack, according to multiple reports. Using multiple strike drones, the Security Service of Ukraine (SBU) damaged a Russian S-400 Triumph anti-aircraft system on Wednesday, The Kyiv Post reported on Wednesday, citing an intelligence source.
/jlne.ws/45i2xKK
Former Russian state TV journalist gets 8 1/2-year sentence in absentia for Ukraine war criticism
The Associated Press
A Moscow court on Wednesday sentenced a former state TV journalist 8 1/2 years in prison in absentia for protesting Russia's war in Ukraine, the latest in a crackdown on dissent that has intensified since the invasion began nearly 20 months ago. Marina Ovsyannikova was charged with spreading false information about the Russian army, a criminal offense under a law adopted shortly after President Vladimir Putin sent troops to Ukraine.
/jlne.ws/3ZPq6cI
Ukraine could soon be a muddy mess, but its new Abrams were made for this fight
Chris Panella - Business Insider
Ukraine's infamous mud season is on the horizon, raising questions about how the country's new Western-made armor, like the heavy US-provided M1A1 Abrams tanks, will perform in the coming muddy mess. War experts and former US military personnel told Insider that the season's effect on the battlefield and the risk of vehicles sinking into or getting bogged down in the mud are sometimes overhyped and likely won't be a major problem for the Abrams, which was built for this.
/jlne.ws/3Q5GWRo
Russia's tactic of ceding ground then striking back is proving effective against Ukraine's advance, report says
Tom Porter - Business Insider
A Russian tactic of ceding ground then rapidly counterattacking is proving effective against Ukraine's counteroffensive, The New York Times reported. The tactic, known as "elastic defense," involves Russian troops withdrawing from a trench to a secondary defensive position once it comes under fire from Ukraine.
/jlne.ws/46Eew6c
What Will Happen If the US Stops Funding Ukraine? Nothing Good; Kyiv has fought too well to simply give up, but Russia and China will achieve their goal of splitting the West.
Hal Brands - Bloomberg
Imagine that the US is unable, or simply unwilling, to provide much further aid for Ukraine. That may not be the likeliest outcome, given that there remains bipartisan support for aid in Washington. But it is a plausible outcome, given that Congress was able to keep the US government open only by abandoning, for the moment, efforts to replenish rapidly dwindling assistance for Kyiv.
/jlne.ws/3LMtKhD
Zelenskiy Seeks More Europe Support as Funding Worries Mount; Zelenskiy wanted concrete results from trip, people say; Ukrainian leader refers to 'very strange' voices in US
Aliaksandr Kudrytski, Daryna Krasnolutska, and Katharina Rosskopf - Bloomberg
/jlne.ws/3RKcihu
Carlsberg prepares for fight over Russian unit's right to sell its brands; Baltika is challenging Danish brewer's attempt to terminate licence agreements for international labels
Madeleine Speed, Max Seddon and Anastasia Stognei - Financial Times
/jlne.ws/3PMuNiy
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Exchanges Ring The Bell Globally to Support Investor Education & Protection
World Federation of Exchanges
The World Federation of Exchanges ("WFE"), the global industry group for exchanges and CCPs, is organising the annual Ring the Bell for Financial Literacy, to promote awareness of the role and importance of investor education and protection - both fundamental priorities for regulated public markets. A global network of exchanges around the world is coming together to demonstrate their support for this cause, and to ring the bell for financial literacy. Many exchanges are holding virtual bell ringing ceremonies, workshops and events this week to drive awareness of the importance of financial literacy in enabling the development of an inclusive market infrastructure and the opportunities that brings.
/jlne.ws/46fWpDL
Government's London Stock Exchange boosterism is anti-competitive, claims rival boss
Charlie Conchie - City AM
The government's drive to boost the appeal of the London Stock Exchange (LSE) has been slammed as anti-competitive by rival exchange Aquis, which claimed ministers have been unfairly promoting the LSE in their efforts to breathe life into the City's IPO market this year. The London Stock Exchange's main market and smaller Alternative Investment Market (AIM), both owned by the publicly-traded London Stock Exchange Group (LSEG), have been rocked by a sharp drop off in listings this year against a torrid backdrop for debuts on the public markets.
/jlne.ws/3RNnji7
Toronto and Montreal Stock Exchange unveils ESG data hub; Offering will provide clients with: climate action plans, impact quantifying, company and controversy screening, news and event coverage, corporate peer analysis.
Claudia Preece - The Trade
TMX Datalinx, the information services division of the Toronto and Montreal Stock Exchange (TMX) today unveiled its Environmental, Social and Governance (ESG) data hub. Through this initiative, which includes involvement from leading ESG data and analytics providers, ESG considerations will be integrated into the investment decision-making processes of TMX's clients.
/jlne.ws/45dfOnG
Tradeweb Reports September 2023 Total Trading Volume of $31.8 Trillion and Record Average Daily Volume of $1.57 Trillion; September 2023 ADV up 30.8% YoY; Third Quarter 2023 ADV up 29.6% YoY
Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for September 2023 of $31.8 trillion (tn). Average daily volume (ADV) for the month was a record $1.57tn, an increase of 30.8 percent (%) year-over-year (YoY). For the third quarter of 2023, total trading volume was $90.4tn and ADV was a record $1.42tn, an increase of 29.6% YoY, with preliminary average variable fees per million dollars of volume traded of $2.51.[1]
/jlne.ws/3F4rGxz
Cboe Global Markets Reports Trading Volume for September 2023
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported September monthly trading volume statistics across its global business lines and provided guidance for selected revenue per contract/net revenue capture metrics for the third quarter of 2023. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain September trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/jlne.ws/48FrsKY
Product Modification Summary: Amendment to the Contract Title of the NY Harbor ULSD vs. Low Sulphur Gasoil (1,000bbl) Futures Contract - Effective October 30, 2023
CME Group
Amendment to the Contract Title of the NY Harbor ULSD vs. Low Sulphur Gasoil (1,000bbl) Futures Contract.
/jlne.ws/46CfFvi
New Product Summary: Initial Listing of Monday Weekly Options on U.S. Treasury Note Futures - Effective October 30, 2023
CME Group
Initial Listing of Monday Weekly Options on Short-Term U.S. Treasury Note Futures (2-Year), Medium-Term U.S. Treasury Note Futures (5-Year), U.S. Treasury Note Futures (6 ½ to 7 ¾-Year), Ultra 10-Year U.S. Treasury Note Futures, U.S. Treasury Bond Futures, and Ultra U.S. Treasury Bond Futures Contracts.
/jlne.ws/46vR8rq
EEX Press Release - EEX Group Monthly Volumes - September 2023
EEX
EEX Group reports its September 2023 volumes with the following highlights: Trading volume on the global power markets of EEX Group increased 86% Year-on-Year to 756.6 TWh, with European power derivatives reaching 469.5 TWh, a 111% growth YoY. Trading volumes have returned to a similar level seen in September 2021, prior to the Russian-Ukrainian war, when EEX Group's global power markets were at 771 TWh and European power derivatives trading reached more than 500 TWh. Volumes in September 2022 were strongly affected by the energy crisis.
/jlne.ws/3RQ5mzp
September 2023 figures at Eurex
Eurex
Total Eurex volume decreases by 18 percent y-o-y in September; Total repo volumes +58% y-o-y to EUR 385 billion; Strongest growth again in GC Pooling at plus 238 percent y-o-y; Notional outstanding in OTC Clearing up 14 percent. Eurex, Europe's leading derivatives exchange, reports a 15 percent increase in equity derivatives volume to 23.8 million contracts in September from 20.7 million contracts in the same month last year. By contrast, turnover in index derivatives decreased by 26 percent year-on-year in September from 109.4 million to 80.8 million traded contracts. Turnover in interest rate derivatives decreased by 14 percent, from 83.7 to 71.7 million contracts traded in September. Total traded contracts at Eurex saw an 18 percent decrease, from 214.2 million to 176.6 million contracts traded.
/jlne.ws/48IXJAM
The Moscow Exchange's annual competition "Best Private Investor 2023" starts
On October 5, 2023, Russia's largest exchange trading competition , "Best Private Investor" (BPI), will start, which turns 20 this year.
MOEX
The main goal of the competition is to demonstrate the opportunities available to private investors when trading on the stock and derivatives markets of the Moscow Exchange. The competitors are faced with the task of showing the best results in managing their portfolio.
/jlne.ws/48D6D2T
TMX Datalinx Announces Launch of TMX ESG Data Hub
TMX
TMX Datalinx, TMX Group's information services division, today announced the launch of the TMX ESG (Environmental, Social and Governance) Data Hub. Working with leading ESG data and analytics providers, the TMX ESG Data Hub delivers data to global clients in support of ESG integration in investment decision-making processes. This includes tracking climate action plans, quantifying impact, screening companies and controversies, following news and events and performing corporate peer analysis.
/jlne.ws/3RNjtFJ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | FIA Tech expands settlement platform remit to include buy-side; Previously, the Atlantis settlement platform facilitated brokerage payments from clearing brokers to executing brokers.
Claudia Preece - The Trade
FIA Tech has opened up its Atlantis brokerage settlement platform to buy-side participants, now allowing clients to manage execution brokerage payments directly. Before this extension, the Atlantis settlement platform facilitated brokerage payments from clearing brokers to executing brokers. The first buy-side participant on Atlantis has been confirmed to be a multi-strategy, multi-billion dollar hedge fund.
/jlne.ws/46EP5RV
FILS Europe 2023: The shift away from RFQ to RFM in fixed income; Panellists discussed the optimal mix of protocols to ensure best execution as well as the shift away for dominant protocols such as request for quote (RFQ) to request for market (RFM).
Wesley Bray - The Trade
Among the various protocols that exist within fixed income - including request for quote (RFQ), request for streams, central limit order books, portfolio trading, periodic auctions, request for market (RFM) and voice - panellists discussed the optimal mix of protocol innovations to achieve best execution.
/jlne.ws/3rvqErz
FILS Europe 2023: Buy-side must find the line between chaos and stagnation in enhancement of 'monolithic' order management systems; Panellists speaking at the Fixed Income Leaders Summit Europe 2023 likened some buy-side firms to battery farm chickens, accepting of mediocrity and unaware of the agile world outside of their monolithic systems.
Annabel Smith - The Trade
The buy-side must tread the fine line between chaos and stagnation when looking to improve upon legacy "monolithic" order management systems (OMS), an all-star automation panel has concluded. Speaking at the Fixed Income Leaders Summit Europe 2023, panellists were united in their stance that many firms are still using out of date legacy systems, likening some buy-side firms to battery farm chickens - unaware of the agile world outside of their monolithic systems.
/jlne.ws/3LN6hge
Mastering Data Management for T+1 Success
Christopher Farrell - MarketsMedia
Tomorrow never comes, goes the old saying, but for post-trade settlement that is no longer true. On May 28, 2024, US securities trading will move to next day or T+1 settlement. The move has long been expected but in February the Securities and Exchange Commission (SEC) formalized the change, meaning asset managers have just nine months left in which to adapt.
/jlne.ws/3F2K0az
Google to combine generative AI chatbot with virtual assistant
Max A. Cherney - Reuters
Google on Wednesday announced plans to add generative artificial intelligence (AI) capabilities to its virtual assistant, and a company executive told Reuters the AI would allow the assistant to do things like help people plan a trip or catch up on emails and then ask follow-up questions. The Alphabet (GOOGL.O) subsidiary said during its hardware event in New York that it plans to add generative AI features from its Bard chatbot into Google's version of a virtual assistant, that aims to provide personalized help with reasoning and generative capabilities on mobile devices.
/jlne.ws/48EWTVE
IBM could be a trend-setter by offering customer protection on its AI offerings
Therese Poletti - MarketWatch
/jlne.ws/46z5GXq
LiquidityBook Redefines Trading Technology Again with Release of LBX PMS 2.0; Accelerates Multi-Asset Capabilities via Acquisition of Messer FS
LiquidityBook - PR Newswire
/jlne.ws/46y42p1
Ofcom calls for UK antitrust probe into Microsoft and Amazon's cloud dominance; Customers 'may face significant barriers' to switching between providers, says communications watchdog's study
Tim Bradshaw - Financial Times
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| Cybersecurity | | Top stories for cybersecurity | Beyond Cybersecurity Awareness Month: Finding A Signal In The Noise
Mike Kijewski - Forbes
It's officially October, which also means it's Cybersecurity Awareness Month, casting a spotlight on the critical need to safeguard our digital landscape. And for the healthcare industry this year, a significant event marks the beginning of this initiative-the FDA's Refuse to Accept and eSTAR policies set to officially take effect on October 1, 2023. These policies bring to the forefront the vital issue of medical device cybersecurity and underscores the gravity of the challenges ahead.
/jlne.ws/3ZFS8qV
CEOs Lack Confidence in Their Organizations' Ability to Protect Against Cyberattacks Despite Seeing Cybersecurity as Vital to Growth, Accenture Report Finds
Press Release
Three-quarters (74%) of CEOs are concerned about their organizations' ability to avert or minimize damage to the business from a cyberattack-despite the fact that 96% of CEOs said that cybersecurity is critical to organizational growth and stability, according to a new report from Accenture (NYSE: ACN).
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"We are in an AI arms race, and today deepfakes are the new AI cybersecurity threat"
Elihay Vidal - Ctech
According to Michael Matias, CEO of AI cybersecurity startup Clarity, the instance in which scammers used Tom Hanks' image to create a fake ad is only the tip of the iceberg. Just like the emergence of network and application security, we now experience an exponentially rising attack vector of social engineering and phishing
/jlne.ws/3rDw2J6
BlackBerry to separate IoT and cybersecurity businesses, plans IPO
Reuters
Canadian technology company BlackBerry (BB.TO), said on Wednesday it would separate its Internet of Things (IoT) and cybersecurity business units and target a subsidiary initial public offering for the IoT business next fiscal year. BlackBerry joins a number of companies that have split their units in recent years, favoring a leaner corporate structure to help investors better evaluate their separate businesses.
/jlne.ws/3F2xCY0
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| Cryptocurrencies | | Top stories for cryptocurrencies | Ex-Alameda Engineer: It Was 'Business as Usual' Until FTX's Crypto Empire Implosion
CoinDesk
FTX founder Sam Bankman-Fried's criminal trial is underway. Former Alameda Research engineer Aditya Baradwaj shares insights working at Alameda before its collapse and what it was like to work with ex-Alameda Research CEO Caroline Ellison. "It pretty much seemed like business as usual right up until the very end," Baradwaj said. "We had no reason to believe anything was going on."
/jlne.ws/3F4gQaU
AI Startup Anthropic's Burgeoning Value Has FTX Creditors Speculating About Being Made Whole
Hannah Miller - Bloomberg
Venture funding talks for artificial intelligence startup Anthropic have ignited hope for creditors of bankrupt crypto exchange FTX while Sam Bankman-Fried's criminal trial kicks off. Anthropic is in early talks to raise $2 billion just days after making an agreement with Amazon.com Inc. in which the online conglomerate agreed to invest up to $4 billion. Tech news site The Information earlier reported the funding discussions, and said that a deal could value the company at as much as $30 billion.
/jlne.ws/3RKhstO
Theft or mistakes? Bankman-Fried jurors hear competing explanations for FTX collapse
Luc Cohen and Jody Godoy - Reuters
Sam Bankman-Fried's lawyers and federal prosecutors clashed on Wednesday in opening statements over whether the former billionaire's FTX cryptocurrency exchange collapsed due to "massive" fraud by its founder or errors in business judgment. Bankman-Fried, 31, has pleaded not guilty to charges he used FTX customer money from the exchange's 2019 launch until its November 2022 bankruptcy in order to prop up his hedge fund, Alameda Research, buy luxury real estate, and donate to U.S. political campaigns and candidates.
/jlne.ws/48IYXwa
Sam Bankman-Fried Apparently Told Caroline Ellison That "In a Lot of Ways I Don't Really Have a Soul"
Noor Al-Sibai - Futurism
Dating FTX founder Sam Bankman-Fried was apparently hellacious, as revelations from a new biography released as his fraud trial begins seem to illustrate. Penned by "The Big Short" author Michael Lewis, the newly-released SBF biography, "Going Infinite," includes intimate details about the disgraced crypto prince's life - including that he once sent a list of "pros" and "cons" to dating him to his on-off girlfriend and colleague Caroline Ellison, who headed up FTX's sister firm Alameda Research.
/jlne.ws/3RFtNj4
In his first job, Sam Bankman-Fried designed a system that called Trump's 2016 win before major news outlets - but the firm still lost $300 million on election night
Pete Syme - Insider
Before founding FTX, misplacing $8 billion, and pleading not guilty to seven charges of fraud and conspiracy, Sam Bankman-Fried worked at Jane Street Capital. And he wound up responsible for the quantitative-trading firm's single worst loss, to the tune of $300 million, according to Michael Lewis' biography of the FTX founder.
/jlne.ws/46wDGEt
Ex-Alameda CEO Ellison Emerges as Central Figure at Bankman-Fried Trial; Prosecutors say Bankman-Fried told Ellison truth about funds; Defense lawyer says Ellison failed to hedge Alameda properly
Ava Benny-Morrison, Yueqi Yang, and Bob Van Voris - Bloomberg
/jlne.ws/3tlNGSd
Sam Bankman-Fried 'Lied to the World' as He Built Crypto Empire, Prosecutors Say; Prosecutor says Bankman-Fried built FTX empire with lies; Sam Bankman-Fried hit by 'perfect storm,' defense says
Bob Van Voris, Yueqi Yang, and Ava Benny-Morrison - Bloomberg
/jlne.ws/3rCZ6Au
SBF's attorney tried to blame the FTX collapse on the turbulence of cryptocurrency in general
Goldman Sachs investment chief: Bitcoin is definitely a bubble, Ethereum even more soScroll back up to restore default view.
Lloyd Lee, Katie Balevic - Business Insider
/jlne.ws/3PBi02o
Sam Bankman-Fried's Two Multimillion-Dollar Jets May Be Forfeit, DOJ Says
Shaurya Malwa, Jack Schickler - CoinDesk
/jlne.ws/3Q3cc38
'Sell the News' Strikes Again After Debut of Ether Futures ETFs; Second-biggest cryptocurrency has dropped since ETFs launched; This is a 'sell the news' event, BI analyst Balchunas says
Teresa Xie - Bloomberg
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| Politics | | An overview of politics as it relates to the financial markets | Almost Anyone Can Become the House Speaker, Except Donald Trump; House GOP rules prohibit a speaker who's indicted for a felony; Former president says he's focused on run for the White House
Gregory Korte - Bloomberg
Some Republicans favor an outsider to serve as the next US House speaker: Donald Trump. Yet the former president and current GOP 2024 frontrunner is ineligible for the post under the party's own rules barring anyone under indictment for serious charges from any House leadership role. Those rules would need to be changed for Trump as he is facing four felony indictments and 91 separate counts.
/jlne.ws/46fvV5D
Bidens' Dog Sent Away From White House After Biting Incidents; White House staff, Secret Service bitten multiple times; Bidens' other dog, Major, moved to Delaware due to biting
Justin Sink and Jennifer Jacobs - Bloomberg
President Joe Biden has sent a second German Shepherd dog off of White House grounds following at least a dozen biting incidents involving White House personnel. "Commander is not presently on the White House campus while next steps are evaluated," Elizabeth Alexander, a spokeswoman for First Lady Jill Biden, said in a statement. She did not specify Commander's current location.
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Only Kevin McCarthy Had a Worse Day Than SBF; The FTX founder showed up in court with a spiffy new hairdo that isn't going to help his defense one bit.
Jessica Karl - Bloomberg Opinion
When I was a small child, I was adamant about growing out my hair for as long as humanly possible. Brushing my rat's nest was a Herculean task that would often end in tears. "Don't you want a haircut?!" I'd get asked. The answer was always no. And whenever I saw my grandma, she would run her fingers through my hair, making a scissor-cutting motion as if threatening to chop it off herself.
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| Regulation & Enforcement | | Stories about regulation and the law. | Reverse-Mortgage Suit Claims Feds Reneged on Loan Promises
Paige Smith and Shelly Hagan - Bloomberg
Federal housing authorities persuaded Texas Capital Bancshares Inc. to help with the fallout from a bankrupt reverse-mortgage provider, then went back on their promises of financial support, the company said in a lawsuit Wednesday.
/jlne.ws/46yQbPl
ISDA Response to CFTC on Conflicts of Interest Between DCOs and Affiliated Clearing Members
ISDAA
On September 28, ISDA responded to a request for comment from the US Commodity Futures Trading Commission (CFTC) on the affiliations between derivatives clearing organizations (DCOs), designated contact markets or swap execution facilities and intermediaries such as futures commission merchants (FCMs) and other market participants. The request for comment also looked at situations where the DCO has only one affiliated FCM, referred to as direct clearing.
/jlne.ws/3LPc1WV
Canadian Securities Regulators Seek New Members For Mining Advisory Committee
MondoVisione
The Canadian Securities Administrators (CSA) is inviting applications for new members to join the Mining Technical Advisory and Monitoring Committee (MTAMC or the Committee).
/jlne.ws/3ZGH7pg
ESAs Publish Joint Committee Work Programme For 2024
Mondovisione
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - the ESAs) publishes today its Work Programme for 2024, outlining the areas of work and planned deliverables in 2024.
/jlne.ws/46efF4T
Director Recognized for a Career Dedicated to Protecting Consumers Through Fraud Investigation, Research and Education
FINRA
The FINRA Investor Education Foundation (FINRA Foundation) today awarded Doug Shadel, Ph.D., the 2023 Ketchum Prize-its highest honor-in recognition of his outstanding service and research on protecting consumers, particularly vulnerable Americans.
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US judge denies SEC's attempt to appeal Ripple ruling
David Hollerith - Yahoo! Finance
A US judge denied an attempt by the Securities and Exchange Commission to appeal a ruling that digital tokens are not securities when sold to the general public, another blow to the agency's efforts to rein in the industry. Federal judge Analisa Torres in the Southern District of New York issued her decision Wednesday in a case involving Ripple Labs and its XRP token, saying there was no "substantial ground for difference of opinion" about her findings.
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SEC Pushes Ahead With Case Against Coinbase Crypto Exchange; Regulator says Coinbase's arguments are 'nonsensical'; Crypto exchange asked judge to toss out SEC suit against it
Sabrina Willmer and Allyson Versprille - Bloomberg
The Securities and Exchange Commission is pushing ahead with its litigation against Coinbase Global Inc., raising the stakes further in the case against the biggest US crypto exchange. The SEC on Tuesday asked a federal judge to reject Coinbase's attempts to have the agency's lawsuit tossed. The company had argued that the watchdog "abused its discretion" in claiming that the firm was offering crypto products that were unregistered securities.
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SEC Bid for Quick Appeal of Crypto Ruling Is Denied by Judge; Judge Torres's ruling was seen as victory for crypto industry; Ripple accused SEC in court filing of 'rushing to appeal'
Bob Van Voris - Bloomberg
The federal judge who ruled that Ripple Labs Inc.'s cryptocurrency doesn't constitute a security when sold to the general public denied the US Securities and Exchange Commission's request to appeal the determination before trial. US District Judge Analisa Torres on Tuesday ruled against the regulator in a case it filed against Ripple in Manhattan federal court. A trial is scheduled for April.
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This analyst shorted Wirecard. Then ASIC raided his house
Jonathan Shapiro - Financial Review
Emily Pallet opened the door of her Richmond townhouse, ready for an early walk. Instead, she found six police officers - with bulletproof vests, guns and battering rams - preparing to force their way into her home. It was 6am on August 5, 2021. Inside, her fiancé, Gabriel Bernarde, had just fallen asleep. Bernarde, 28, was keeping London hours for his job at Viceroy Research, the financial research firm founded by controversial British investor Fraser Perring.
/jlne.ws/3ZGIjJo
SEC Names Stephanie Allen as Director of Media Relations and Speechwriting
SEC
The Securities and Exchange Commission today announced the appointment of Stephanie Allen as Director of Media Relations and Speechwriting, effective Oct. 1, 2023. Ms. Allen has served as Director of Speechwriting and Senior Adviser to the Chair since March 2023, and she replaces Aisha Johnson, who recently departed the agency.
/jlne.ws/3F3aiJx
SEC Charges Cash Flow King Podcast Host with Perpetrating $11 Million Ponzi Scheme
SEC
The Securities and Exchange Commission on September 25, 2023, charged Matthew Motil, host of the podcast, "The Cash Flow King," for fraudulently raising approximately $11 million from more than 50 investors in a Ponzi scheme involving notes that were purportedly backed by residential properties.
/jlne.ws/3F9wHow
Lessons learned from the Barry Kloogh Ponzi scheme
Financial Markets Authority
In 2019, the FMA became aware of fraudulent activities carried out by Barry Kloogh. We referred the matter to the Serious Fraud Office at a very early stage and after we had completed a preliminary investigation into the flow of funds within Kloogh's Ponzi scheme. Kloogh used companies he controlled as a "front" for his Ponzi scheme. We carried out further enquiries into how Kloogh was able to exploit the trust and goodwill of his clients utilising services provided by third parties FNZ Limited and FNZ Custodians, Consilium NZ Limited, and Bank of New Zealand.
/jlne.ws/3LMxEah
BIS and central bank partners to explore protocols for embedding policy and regulatory compliance in cross-border transactions
Monetary Authority of Singapore
The Bank for International Settlements (BIS) and central bank partners today launched Project Mandala, which explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases such as foreign direct investment, borrowing and payments.
/jlne.ws/45gSbuA
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Long Bonds' Historic 46% Meltdown Rivals Burst of Dot-Com Bubble
Ye Xie - Bloomberg
Losses on longer-dated Treasuries are beginning to rival some of the most notorious market meltdowns in US history. Bonds maturing in 10 years or more have slumped 46% since peaking in March 2020, according to the data compiled by Bloomberg. That's just shy of the 49% plunge in US stocks in the aftermath of the dot-com bust at the turn of the century. The rout in 30-year bonds has been even worse, tumbling 53%, nearing the 57% slump in equities during the depths of the financial crisis.
/jlne.ws/3F0n7Vc
ABN AMRO and Motive Partners form strategic partnership
ABN
The move demonstrates a joint commitment from two sizable financial technology investors to support continued innovation and growth in the evolving fintech landscape. Motive Ventures, the early-stage venture arm of Motive Partners, will manage the ABN AMRO Ventures Fund (AAV), consisting of 15 early-stage companies. In addition, ABN AMRO will become a significant investor in Motive-managed vehicles.
/jlne.ws/3tsIjjS
Only an Equities Crash Can Rescue the Bond Market, Barclays Says; Fed will remain net seller of Treasuries, term premium to rise; Japanese investors may favor domestic bonds as yields increase
Garfield Reynolds - Bloomberg
Global bonds are doomed to keep falling unless a sustained slump in equities revives the appeal of fixed-income assets, according to Barclays Plc.
"There is no magic level of yields that, when reached, will automatically draw in enough buyers to spark a sustained bond rally," analysts led by Ajay Rajadhyaksha wrote in a note.
/jlne.ws/3ZIyGtC
The Yield Curve Moves to a Fatal Dis-Inversion; As a sign of recession, this is when the relationship between two-year and 10-year Treasuries really gets dangerous.
John Authers - Bloomberg
What's Worse Than an Inverted Yield Curve?
For 15 months now, the yield curve has been inverted. In English, that means 10-year Treasury bonds have been yielding less than two-year bonds, even though investors normally require an extra yield for the extra risk for investing over long periods. As is now widely known, an inverted curve is one of the strongest recession indicators there is. An inversion so protracted implies serious problems afoot.
/jlne.ws/3F37fkz
Are You Trading With Or Against The Market Makers?
Martha Stokes CMT- Benzinga
Most retail traders blame the Market Makers for their losses. The reality is that you are often trading against a Market Maker rather than with the trend of the market. To provide some background, I'll give you a synopsis of one of my personal experiences with Market Makers.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Pope Francis: 'Irresponsible' Western Lifestyles Push the World to 'the Breaking Point' on Climate; The 86-year-old leader of the 1.3 billion-member Catholic Church bluntly urges more aggressive action to curb emissions at the next U.N. climate meeting in eight weeks.
James Bruggers - Inside Climate News
Taking aim at the United States and an "irresponsible lifestyle" with some of the world's highest carbon emissions per capita, Pope Francis on Wednesday doubled down on his earlier call for urgent action to tackle climate change, while also criticizing a failing global response to the crisis. Eight years after the Vatican published Francis' landmark "Laudato Si': On Care for our Common Home," the first papal teaching letter sent to all of the church's bishops focused on the environment, the pontiff's new writing comes in the form of a papal exhortation called Laudate Deum, or Praise God.
/jlne.ws/46haLnD
World's electricity supply close to 'peak emissions' due to growth of wind and solar
Molly Lempriere - Carbon Brief
World's electricity supply close to 'peak emissions' due to growth of wind and solar. Carbon dioxide (CO2) emissions from the global power sector grew just 0.2% in the first six months of 2023, with rapidly rising wind and solar outpacing sluggish demand growth. Emissions from electricity generation would have fallen, but droughts forced countries to increase fossil fuel use to cover declines in hydropower. The findings come from a new report by thinktank Ember, covering 78 countries and 92% of global electricity demand in the first half of 2023. The report shows that global electricity demand growth and the expansion of low-carbon supplies remain delicately balanced, with ongoing droughts putting a question mark over Ember's earlier prediction of a decline in fossil-fueled power in 2023.
/jlne.ws/3F61in0
They Dredged the Mississippi River for Trade. Now a Water Crisis Looms; Dredging exacerbates saltwater intrusions like the one threatening New Orleans' drinking water, according to a Bloomberg News review of US Army Corps studies.
Laura Bliss and Zahra Hirji - Bloomberg
New Orleans is staring down a potential water crisis. A wedge of saltwater from the Gulf of Mexico is moving up the Mississippi River, and is expected to reach the Louisiana city's main water supply intake by Oct. 28, according to a US Army Corps of Engineers forecast. If ambitious emergency measures don't pan out as needed, the wedge could force nearly a million people to find alternative drinking water for weeks or even months. Known as a "saltwater intrusion," this type of event occurs naturally whenever river flows drop below a certain threshold, and has long been a problem for communities near the Gulf that get their water from the lower Mississippi River. But the region now faces its worst saltwater intrusion in decades, in large part due to record heat and drought, rising sea levels and weaknesses along the river banks.
/jlne.ws/3PKe7s9
Survey: Majority of CEOs committed to improving ESG performance, despite economic headwinds
Michael Holder - Carbon Brief
KPMG survey of over 1,300 leaders of some of the world's largest companies highlights growing threat to business posed by political instability and climate impacts. The majority of CEOs leading the world's largest companies remain committed to prioritising environmental, social, and governance (ESG) issues, despite growing concerns over the threat posed by current economic and geopolitical headwinds. That is the conclusion of a major global survey from consultancy giant KPMG, which quizzed CEOs at over 1,300 firms with annual revenues greater than $500m - of which a third boasted revenues of over $10bn - to gauge their views on the greatest risks and opportunities facing their businesses over the next three years.
/jlne.ws/3rEh3P3
How United and Other US Airlines Lost Momentum on Sustainable Jet Fuel; Despite soaring rhetoric, American carriers are far behind their European counterparts in implementing this climate fix.
Ben Elgin - Bloomberg
United Airlines presents itself as the unrivaled leader in cleaner jet fuel. A recent ad campaign featuring the garbage-can-dwelling Oscar the Grouch as the airline's new "chief trash officer" publicizes its commitment to turn banana peels and old socks into less-polluting jet fuel. In another ad, the company says it's "investing in more sustainable aviation fuel production than any other airline in the world." Chicago-based United Airlines Holdings Inc., like the rest of the aviation industry, is grappling with its enormous climate impact. United expects to burn more than 4 billion gallons of jet fuel this year, which will spout about 40 million tons of carbon dioxide into the atmosphere-more than double the pollution of all the cars in the company's home state of Illinois.
/jlne.ws/3tgIJKh
VCs Are Bracing for New Wave of Global ESG Rules
Mark Bergen - Bloomberg
/jlne.ws/3tn8Or9
Drying of Amazon could be early warning of 'tipping point' for the rainforest
Ayesha Tandon - Carbon Brief
/jlne.ws/3QejYYp
Climate monitor records hottest ever September by 'extraordinary' 0.5C margin; Copernicus scientists said 2023 is on course to be the warmest year on record
Attracta Mooney, Steven Bernard, Chris Campbell and Aime Williams - Financial Times
/jlne.ws/3Q4cjvu
Energy regulator warns of growing Snowy Hydro market power
Angela Macdonald-Smith - Financial Review
/jlne.ws/45iTrNB
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citigroup outlines layoff process, reassignments in overhaul
Lananh Nguyen, Tatiana Bautzer and Saeed Azhar - Reuters
Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganization in decades, according to a global memo to staff on Wednesday seen by Reuters. "Some roles will change, new roles may be created, and roles that do not fit our new structure will be eliminated," Sara Wechter, the bank's chief human resources officer, wrote in the memo. "This next layer of change is scheduled to be announced in November."
/jlne.ws/3F2vShx
Ex-Point72 Duo Shutters Hedge Fund as One Joins Balyasny; Chris LaSusa, Kevin Cottrell wound down KCL Capital in August; Cottrell moving to Balyasny next month to trade TMT stocks
Nishant Kumar - Bloomberg
Chris LaSusa and Kevin Cottrell have shuttered their stocks-focused hedge fund after nearly six years, with the latter moving to multi-strategy investment firm Balyasny Asset Management. The duo, who previously worked together at Point72 for over a decade, wound down New York-based KCL Capital in August amid a difficult fund-raising environment, according to people with knowledge of the matter.
/jlne.ws/45jYgq6
Unscheduled change in SDAX: Krones replaces SUSE
Qontigo
In connection with a takeover, the free float of SUSE S.A. has dropped below ten percent and the company will be deleted from the SDAX. According to the "Guide to the DAX Equity Indices", section 5.1.2, the company no longer meets the basic criteria required to remain in the selection indices. These require a minimum free float of ten percent.
/jlne.ws/3ZGjRb2
Barclays Cuts 50 Senior Dealmakers as Firmwide Job Cuts Begin; Company plans to dismiss 300 across corporate, investment bank; Cuts are said to amount to about 3% of that unit's headcount
Jan-Henrik Foerster and Harry Wilson - Bloomberg
Barclays Plc is dismissing roughly 50 senior dealmakers as part of the banking giant's annual culling of staffers in its investment bank The cuts are part of a plan to trim headcount by about 300 people across the corporate and investment bank, according to people familiar with the matter. That amounts to about 3% of total headcount in the unit, which also includes Barclays's trading operations.
/jlne.ws/3tl8kC1
Why the Funds Industry Needs Its Own 30% Club; Getting more women into asset management is going nowhere. Large investors, such as pensions, can spearhead change.
Andreea Papuc - Bloomberg
The asset management industry has a serious gender problem. The number of women managing funds has virtually stagnated in recent years. One way to start fixing this is for large investors to demand that more diverse teams manage their money.
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Citigroup Says as Many as 50% of All ETFs Lose Money for Their Issuers; Difficult for lower-priced ETFs to cover operating costs: Citi; Even small fee cuts can lead to millions of dollars in inflows
Katherine Greifeld - Bloomberg
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Billionaire Bridgewater founder Ray Dalio says he's focusing on running his family office, not returning to run the world's largest hedge fund
Bradley Saacks - Business Insider
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BGC Group, Inc. Announces Final Results in Exchange Offers and Consent Solicitations
BGC
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U.S. Bank Names Ariel Meyerstein as Head of ESG Program Office
U.S. Bank - Business Wire
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JPMorgan Considers Adding Saudi Riyal Bonds to Key EM Indexes; Bank places Saudi local debt under review for GBI-EM inclusion; Move could see kingdom attract significant foreign inflows
Mirette Magdy and Matthew Martin - Bloomberg
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Goldman Sachs Announces the Launch of the First Funds Through Goldman Sachs ETF Accelerator; Brandes Investment Partners today launched its first three actively managed exchange-traded funds, marking the first funds launched through Goldman Sachs ETF Accelerator.
Goldman Sachs
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Ex-Citi Banker Sues Firm for Firing During 'Dishonest' Decade
Katharine Gemmell - Bloomberg
A fired Citigroup Inc. trader sued the bank over allegations he was used as a scapegoat for the bank's decade-long regulatory failures in executing stock trades for clients in Asia. Ian Weir, an ex-sales trader for Asia-Pacific markets based in London, claimed at a London employment tribunal he was unfairly dismissed in June 2021 for gross misconduct following an investigation into whether some Citi traders properly disclosed the bank's own financial interest when facilitating trades.
/jlne.ws/3Q54Dt1
Citigroup outlines layoff process, reassignments in overhaul -memo
Lananh Nguyen, Tatiana Bautzer and Saeed Azhar - Reuters
Citigroup managers are reviewing staff rosters to determine by November who will stay in place, be reassigned or laid off during its biggest reorganization in decades, according to a global memo to staff on Wednesday seen by Reuters.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Say goodbye to the COVID-19 vaccination card. The CDC has stopped printing them
Devi Shastri - Associated Press
It's the end of an era for a once-critical pandemic document: The ubiquitous white COVID-19 vaccination cards are being phased out. Now that COVID-19 vaccines are not being distributed by the federal government, the U.S. Centers for Disease Control and Prevention has stopped printing new cards.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Iraq Asked for $1 Billion in Cash. This Time, Washington Said No; The U.S. is trying to cut off the illicit flow of dollars through Iraq to Iran, but Baghdad says it needs the money from its oil sales
David S. Cloud and Ghassan Adnan - The Wall Street Journal
Iraq is seeking a special shipment of $1 billion in cash from the Federal Reserve Bank of New York, but U.S. officials have withheld approval, saying the request runs counter to their efforts to rein in Baghdad's use of dollars and halt illicit cash flows to Iran.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Steve Cohen's Mets Flop While Orioles Win With New Breed of Moneyball; Some teams spent freely to build a winner. But in 2023, the link between big contracts and on-the-field success was the weakest in decades.
Ira Boudway, David Ingold, and Mathieu Benhamou - Bloomberg
The 2023 Major League Baseball regular season marks the 20th anniversary of the publication of Moneyball, Michael Lewis' landmark book on how the Oakland Athletics used statistical analysis to build a winning team on the cheap. The milestone comes at a bitter moment for fans in Oakland, as owner John Fisher appears intent on moving the team to Las Vegas.
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