| October 20, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Today's lead headline is "SEC Chairman's Agenda Strains Resources, Internal Watchdog Finds," which should not be of any surprise to anyone who witnessed Mr. Gensler's work at the CFTC when he was chairman there. Working for Gary was like drinking from a firehose. Why should it be any different at the SEC than at the CFTC? The man is a whirlwind of energy and ambition. He has added greatly improved mass communications skills to his quiver of skills.
Sky News is reporting that UK Prime Minister Liz Truss has announced her resignation, thus answering the question of which will last longer, her as prime minister or a head of lettuce. She became the shortest serving prime minister in UK history.
We missed this story the other day, but Euromoney TRADEDATA has been rebranded as ETD. Interestingly, my division at The Price Futures Group was ETD, which stood for "electronic trading division." ETD is also an acronym for "exchange traded derivatives," which I did not know or was not a thing when I named my division at The Price Group. Good luck to the new ETD.
In a currency that needs a rebrand, Vietnam's Dong has declined for 10 straight days, its longest losing streak in 14 years. At least it is cheaper for David Nealis' travel over there as the president of Eden Global Capital in Saigon/Ho Chi Minh City.
There are lots of indexes I don't know about, but one that surprised me was the "Dark Index" kept by options analysis firm SqueezeMetrics. The headline from Bloomberg that caught my eye was "Dark Pool Index Shows Epic Bearishness Among Retail Traders."
Last Saturday, more than 6,000 people participated in the Chicago Architecture Center's OpenHouse Chicago tour of the Chicago Board of Trade building and the Cboe's trading floor, and saw the new open outcry trading floor.
John Tuttle, vice chairman at NYSE and president at the NYSE Institute, is looking for an executive assistant. Details are HERE.
Laurie Bischel, managing director and global head of corporate communications at CME Group, was the co-chair of the Page Up Annual Conference. Page Up is a communications organization "uniting the world's best communicators to transform business for the better."
Drew Mader is starting a new position as managing director, head of execution consulting at Instinet Incorporated. Mader was previously managing director, head of execution consulting for Fox River Execution Technologies, LLC. He had previously worked for Instinet from 1996 to 2002.
The U.S. Securities and Exchange Commission's Office of Administrative Law Judges is looking for a new chief administrative law judge for the Washington, DC office. Check out the details and apply HERE.
More Americans are applying for a second passport from an ancestral country, according to a Bloomberg story. Some of it has to do with Covid-19, some with political issues in the U.S. like abortion and other reasons. The idea intrigues me for some reason, maybe just as a hedge as I see parallels to the history of 90 years ago happening today, but this time in the U.S. I am just wondering if I can prove my ancestry to the Duchy of Grand Fenwick and get a passport from them.
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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The social media company TaTaTu S.p.A. listed on Euronext Growth today, joining the Euronext Tech Leaders segment. TaTaTu is a social media platform that rewards users with TTU coins, which can be used to bid for products and experiences on TaTaTu's e-commerce site and soon at affiliated merchants. You can view the Euronext announcement here. ~SAED
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JLN Looks at Vantage, the no-code data visualization tool for U.S. and European equity markets from BMLL
JohnLothianNews.com
Dr. Elliot Banks, the chief product officer of level 3 data and analytics provider BMLL, spoke to John Lothian News recently about the firm's new BMLL Vantage product.
We asked Banks where the ideas for BMLL Vantage came from, and he told us that customers were asking for a tool to be able to visualize vast amounts of market data without having to hire data scientists who could code. The no-code Vantage product allows customers to get granular with level 3 data without a full-blown coding environment.
Watch the video »
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Liz Truss resigns as UK prime minister; Tory leader forced to quit after just 45 days in office
George Parker and Sebastian Payne - Financial Times
Liz Truss was on Thursday forced to quit as UK prime minister, drawing to a dramatic close 45 days in office that saw her preside over an economic meltdown and catastrophic damage to the ruling Conservative party. Truss was told to quit by senior party figures on Thursday morning, leaving bitterly divided Tory MPs facing the prospect of having to choose a third prime minister in a matter of months.
/jlne.ws/3ggYzhn
***** Lettuce guess who the next prime minister the U.K. can muster up is. I relish these changes. ~JJL
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LME's Russian metal dilemma threatens market turmoil; Users urge exchange to bar Russian commodities from warehouses
Harry Dempsey and Leslie Hook and James Politi - Financial Times
Traders are pushing the London Metal Exchange to stop accepting Russian metal, fearing its warehouses will become a stockpile for unwanted material that distorts global prices for commodities like aluminium and copper. The push has pitted users of the world's largest metals exchange against each other and comes at a critical time, as metal producers and buyers gather in London next week to finalise their contracts for supplies for the year ahead. For the exchange, the dilemma constitutes another problem in a challenging year in which it has enraged some of its biggest users. It is already facing lawsuits from hedge fund Elliott Management and market maker Jane Street over its decision to cancel several hours' worth of nickel contracts during a historic surge in prices in March.
/jlne.ws/3SiE0OX
****** Aluminum for sale, cheap!~JJL
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'Star Wars' Actor Hamill's Campaign Sends 500 Drones to Ukraine
Thomas Buckley - Bloomberg
Luke Skywalker is leading an army of drones to war. It reads like the synopsis of the next installment in the Star Wars franchise, but it's happening in real life. Actor Mark Hamill, who played the Jedi character in George Lucas's original Star Wars trilogy that debuted 1977, is serving as fundraising ambassador for Ukraine's "Army of Drones" project in its fight against Russia's invasion after getting a request from President Volodymyr Zelenskiy last month.
/jlne.ws/3gnqgW3
***** This headline is just so funny and bizarrely backwards from a Star Wars perspective I had to include it.~JJL
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Who is Anna May Wong, the first Asian American on U.S. currency?
Bryan Pietsch - The Washington Post
The first piece of U.S. currency to carry the likeness of an Asian American will begin shipping on Monday, according to the U.S. Mint. On the tails side of a new quarter will be the Chinese American actress Anna May Wong, chin resting on her hand, framed by the "bright lights of a marquee sign," the Mint said. Wong's coin is the fifth in a series of quarters to feature prominent American women. There has been "overwhelming demand" and most of the coins are already sold out, according to the Mint's website.
/jlne.ws/3TobQDO
****** Do the Republicans know? Who did she replace?~JJL
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Americans Are Using Their Ancestry to Gain Citizenship in Europe; A growing number of US citizens are acquiring EU passports to expand their options for work, life and travel.
Alice Kantor - Bloomberg
A growing number of Americans are applying for EU citizenship, taking advantage of their ancestry to gain a new passport and expand their options for work, life and travel. There were 3,284 Americans who applied for an Irish passport in the first six months of the year, more than double the same period of 2021, according to government statistics. Demand for Italian and German passports has also increased exponentially, according to several citizenship consultancy firms. At the New York Italian consulate, the waitlist has 3,700 people on it.
/jlne.ws/3yVi8T6
****** I am of Scottish, Irish, German, French, English and Scotch-Irish ancestry, as far as I know, without having had a DNA test. Which country should I choose?~JJL
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Bodies of water all over North America are drying up due to drought, climate change: Experts
Julia Jacobo - ABC News
Earlier this year, the National Oceanic and Atmospheric Administration predicted that the 22-year megadrought affecting the West would not only intensify but also move eastward.
/jlne.ws/3TDD4FU
**** We keep reading about people moving away from Chicago...one of the few cities that has all the water. Enjoy Florida. ~JB
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World's second-richest man Bernard Arnault sells private jet so climate activists can't track him
Sky News
The world's second-richest man has said he has sold his private jet so "no one can see where I go" after being tracked by climate activists on Twitter.
/jlne.ws/3EYjIr5
**** First world problems. We can all sympathize. ~JB
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Wednesday's Top Three
Our top story Wednesday was The Wall Street Journal's Wall Street Traders or Washington Officials? Sometimes It's Hard to Tell. The subtitle is "Seven dozen senior executive-branch employees disclosed a total of 80,000 stock and fund trades in the past six years." Second was Bloomberg's John Mack, Who Led Morgan Stanley Into a Crisis, Regrets Little: "I have f---ing killed it," he writes in a new memoir. Third was Bank of Ireland Introduces Paid Menopause Leave for Employees, also from Bloomberg.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | SEC Chairman's Agenda Strains Resources, Internal Watchdog Finds; Flurry of regulatory proposals has drawn staff away from other projects, inspector general says
Paul Kiernan - The Wall Street Journal
The Securities and Exchange Commission's fast-paced rule-making agenda under Chairman Gary Gensler has stretched staff resources, and some officials worry it could increase the risk of lawsuits, the agency's internal watchdog said in a recent report. In meetings with the SEC's inspector general, managers at the agency expressed concerns about short deadlines for staff to draft proposed rules and for public stakeholders to submit comments on them, according to the Oct. 13 report. Mr. Gensler's rule-making teams have borrowed staff from across the agency, making it difficult to complete other parts of the SEC's mission, managers reported.
/jlne.ws/3govBwj
Nouriel Roubini Foresees an 'Ugly' Mix of the 1970s and the Global Financial Crisis; Dr. Doom sees much worse to come.
Joe Weisenthal and Tracy Alloway - Bloomberg
Investors hoping the Federal Reserve will reverse some of the biggest interest rate hikes in decades call it a 'pivot.' Economist Nouriel Roubini calls it 'wimping out.' In an interview with the Odd Lots podcast, the CEO of Roubini Macro Associates and author of the new book "MegaThreats: Ten Dangerous Trends That Imperil Our Future, And How to Survive Them," says the market and economic pain caused by rate increases will be too much to bear for central banks. They'll eventually give up on their monetary policy tightening before inflation is ever defeated.
/jlne.ws/3CR1hlx
FTX US Will Decide What Counts as a Crypto Security, CEO Bankman-Fried Says
Allyson Versprille and Suvashree Ghosh - Bloomberg
The US arm of crypto trading giant FTX will begin conducting its own analysis to determine whether assets are securities before listing them, founder Sam Bankman-Fried said in a blog post published on Wednesday. While US regulators have said some tokens, like Bitcoin, aren't securities, "there are a number which are unclear," the crypto executive wrote. Until there's more clarity on the issue, FTX US will have its legal team conduct an analysis of each asset it wants to list under a decades-old framework for assessing whether something is a security, known as the Howey Test, Bankman-Fried added.
/jlne.ws/3MPMvjG
Billionaire Bankman-Fried Tries to Fix Crypto's Hacking Problem; Co-founder of FTX exchange suggests maximum $5 million bounty; More than $3 billion has been looted in crypto hacks this year
Joanna Ossinger - Bloomberg
Crypto billionaire Sam Bankman-Fried has outlined a framework for limiting the impact of the hacks and exploits plaguing the industry, including capping the maximum bounty for attackers at $5 million. His intervention comes just days after a hacker got to keep $50 million of the roughly $100 million drained from the Mango decentralized-finance application under a deal with the platform after the heist. Over $3 billion has been looted from the crypto sector this year, which is set to be a record for hacking.
/jlne.ws/3SikXEk
One of Europe's Biggest Banks Told to Fix Women's Unequal Pay; Bank shouldn't just compare base salaries: French judges; Ruling could have wider impact on local banking sector
Gaspard Sebag and Alexandre Rajbhandari - Bloomberg
BNP Paribas SA was told by French judges it shouldn't have excluded bonuses from its calculations to close the gender pay gap, in a ruling that's likely to have ramifications for the local banking industry. A Paris court criticized BNP for only using women's base salary as a comparison with the median for men in the same jobs, a similar level and age bracket. The methodology isn't in line with legal provisions aimed at eliminating unequal pay, they said.
/jlne.ws/3MNzbfF
As Covid Hit, Washington Officials Traded Stocks With Exquisite Timing; Some sold in January 2020 when the government began mobilizing against the threat. Others bought shares as a market-rescue plan was taking shape.
Rebecca Ballhaus, Joe Palazzolo, Brody Mullins, Chad Day and John West - The Wall Street Journal
Federal officials working on the government response to Covid-19 made well-timed financial trades when the pandemic began-both as the markets plunged and as they rallied-a Wall Street Journal investigation found. In January 2020, the U.S. public was largely unaware of the threat posed by the virus spreading in China, but health officials were on high alert and girding for a crisis. A deputy to top health official Anthony Fauci reported 10 sales of mutual funds and stocks totaling between $157,000 and $480,000 that month.
/jlne.ws/3EZkRyM
'Put up or shut up': can Big Oil prove the case for carbon capture? Lavish US tax breaks are transforming the case for technology that traps and stores CO₂. Critics say it is still a green boondoggle
Justin Jacobs - Financial Times
The Houston Ship Channel along the Gulf Coast in Texas is the global economy's petrol station. Tankers stream up and down the channel, which snakes from the Gulf of Mexico to within a few miles of downtown Houston, stopping by one of the 200-plus oil refineries, chemical plants and fuel depots that line its waters. Once filled, they carry supplies off to a world desperate for fuel amid a global energy crunch. Those facilities also pump out tens of millions of tonnes of CO₂ every year, making it one of America's largest concentrations of greenhouse gas emissions, and a challenge to a world confronting a climate crisis.
/jlne.ws/3gnccfg
MarketAxess delivers record third quarter, driven by fixed income volatility; The electronic trading platform recorded strong numbers for the last quarter, driven by growth in public and private debt trading.
Laurie McAughtry - The Trade
MarketAxess, an electronic trading platform for fixed income securities and provider of market data and post-trade services, has announced record results for the third quarter. Total trading average daily volume (ADV) for the platform rose by 32% to $31.4 billion, driven by an 18% increase in total credit trading and a 42% interest in US Treasury ADV. Portfolio trading also notably rose to a record $25 billion, up from just $9 billion in the same quarter the previous year.
/jlne.ws/3eQh1Nt
MarketAxess Reports Third Quarter 2022 Results
MarketAxess Holdings Inc.
MarketAxess Holdings Inc. (Nasdaq: MKTX) the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, today announced financial results for the third quarter of 2022.
/jlne.ws/3MMASty
Leaders in Trading 2022: Meet the nominees for.... Outstanding Electronic Trading Initiative; Learn more about the five firms shortlisted for this year's Editors' Choice Outstanding Electronic Trading Initiative: BMO's Clearpool, KopenTech, Liquidnet Primary Markets, Octaura and Tradeweb's AI-price.
Annabel Smith - The Trade
Next up in this Editors' Choice award nominees series are introductions to the five shortlisted firms for the Outstanding Electronic Trading Initiative - a new category added this year to give a nod to the players pushing forward progress in the electronic trading space. Up for the 2022 award are BMO's Clearpool, KopenTech, Liquidnet Primary Markets, Octaura and Tradeweb's AI-price. Take a look below to see what they've been up to.
/jlne.ws/3yWPCjN
The Full FX Conversation - with BidFX
Colin Lambert - The FullFX
Singapore Exchange has made quite a splash in OTC FX circles in recent years with the acquisition of first BidFX and more recently, MaxxTrader. It has also launched CurrencyNode, an FX ECN. Colin Lambert talks to John McGrath, chief revenue officer at BidFX, about how the businesses fit together, and plans for 2023
/jlne.ws/3eGPvSQ
Corporate Directors Resign as U.S. Targets Overlaps at Competing Firms
Dave Michaels - The Wall Street Journal
Board members at Udemy Inc., SolarWinds Corp. and three other public companies resigned in recent weeks because they simultaneously served as directors of competing companies, the Justice Department said. The moves came after DOJ officials signaled earlier this year that they would enforce a law that bars people from serving on the boards of rival companies, an arrangement that could lead to illicit collusion. The Justice Department is reviewing whether other directors and companies have violated the law, senior officials said.
/jlne.ws/3Fd7NGb
Credit Suisse scrambles to finalise revamp as deadline looms
Oliver Hirt, John O'Donnell and Noele Illien - Reuters
Credit Suisse is racing to firm up sales of part of its business that could limit the cash it needs from investors, a person with direct knowledge of the matter said, with just days to go before the bank unveils an overhaul. The embattled Swiss lender wants to draw a line under a string of scandals and legal actions in a shake-up that would likely see it pare back a volatile investment bank in London and New York to focus on banking for the rich in Switzerland.
/jlne.ws/3DduGaP
Finance Can Never be Fully Decentralized, Says UK Central Banker
Jack Schickler - CoinDesk
Finance can never become truly decentralized, a member of the Bank of England's financial-stability committee has said, citing an unfair advantage for insiders and the need to respond to unforeseen events. Carolyn Wilkins is the latest in a line of regulators to cast doubt on governance structures within decentralized finance (DeFi) - noting that poor decision-making led to the collapse of Bear Sterns and Lehman Brothers in the 2008 financial crisis.
/jlne.ws/3DcXUXj
Europe Is Buying Up Cheaper Brazilian Ethanol Amid Energy Crisis; Trade between the regions tripled compared with prior year; Brazil's biofuel is easing Europe's war-induced fuel inflation
Dayanne Martins Sousa - Bloomberg
Europe is loading up on cheaper Brazilian ethanol, tripling imports in order to cope with the energy crisis triggered by the war in Ukraine. Prices for natural gas and power are so high in Europe that some ethanol makers have considered shutting down plants. As in other countries, it's a requirement that ethanol be blended with gasoline in Europe. Luckily, Brazil is stepping in with a more affordable alternative, which could bring down the cost of driving.
/jlne.ws/3SePLWH
Alcoa Calls On US, Allies to Sanction 'Cheating' Russian Metal; CEO Harvey says aluminum sanctions make 'intuitive sense'; Alcoa says Russia not facing same cuts as Europe, US
Joe Deaux and Yvonne Yue Li - Bloomberg
The chief executive of the largest US aluminum producer asked the US and its allies to take "urgent action" sanctioning Russian metal. Alcoa Corp. CEO Roy Harvey said Wednesday afternoon the company supports sanctions, and that it makes "intuitive sense" that no more of the metal should be imported into the US.
/jlne.ws/3CQyQ78
Grayscale CEO on suing the SEC: 'This lawsuit isn't about bitcoin'
Dylan Croll - Yahoo Finance
Grayscale Investments filed its first brief last week in its legal battle with the Securities and Exchange Commission over the agency's refusal to let it convert its bitcoin fund into an exchange-traded fund. In an interview Monday for Yahoo Finance's All Markets Summit, Grayscale CEO Michael Sonnenshein says that the litigation transcends its own attempts to launch a spot bitcoin ETF.
/jlne.ws/3MLMpcx
Cryptos Are on the Bloomberg Terminal. Investors Want Digital Asset Services.
Jack Denton - Barron's
Bloomberg has launched a suite of cryptocurrency data on its Terminal product, widely used by professional traders, in the latest sign that traditional finance is warming to crypto as institutional investors demand digital asset services. The financial information firm on Thursday began offering crypto price data for 50 digital assets on the Bloomberg terminal and Bloomberg Market Data Feed, or B-PIPE, consisting of real-time price rates and aggregated quotes of best bid and best ask.
/jlne.ws/3TDSY36
Bankrupt Crypto Lender Voyager Plans to Settle CEO, CFO Negligence Claims Related to Three Arrows Loans
Nelson Wang - CoinDesk
Crypto lender Voyager Digital is planning to settle with two top executives over their handling of loans made to crypto hedge fund Three Arrows Capital (3AC) following an internal probe, according to court filings submitted on Monday. In March, CEO Stephen Ehrlich and then-Chief Financial Officer Evan Psaropoulos agreed to allow Voyager to lend Three Arrows nearly $1 billion in crypto with very little financial disclosure from the fund, according to the filings.
/jlne.ws/3Sx2K6t
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | US busts network providing technology to Russian military
Eric Tucker, Fatima Hussein - Associated Press
The Biden administration on Wednesday announced a round of criminal charges and sanctions related to a complicated scheme to procure military technologies from U.S. manufacturers and illegally supply them to Russia for its war in Ukraine. Some of the equipment was recovered on battlefields in Ukraine, the Justice Department said, and other nuclear proliferation technology was intercepted in Latvia before it could be shipped to Russia.
/jlne.ws/3CQe4EQ
Russians schemed to send U.S. military technology to Russian defense sector, Justice Department says
Tom Winter - NBC News
Two Russian nationals were arrested in a scheme to obtain sensitive U.S. military electronics and technology to provide it to the Russian defense sector, prosecutors said Wednesday, noting that some of the items were found on the battlefield in Ukraine. Yury Orekhov and Artem Uss are accused of using false documents and a front company to purchase electronics like advanced semiconductors and microprocessors used in fighter aircraft, missile systems and smart munitions.
/jlne.ws/3yVluFC
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Global Markets Launches Options Institute Academic Research Grant Program with Sponsors S&P Dow Jones Indices and MSCI
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today during its global Risk Management Conference (RMC) in Reykjavik, Iceland announced a new grant program developed by the Cboe Options Institute, naming S&P Dow Jones Indices (S&P DJI) and MSCI as the first grant sponsors.
/jlne.ws/3gsy1tW
Abaxx Submits Carbon Futures Contract Notification to Monetary Authority of Singapore, Finalizing European LNG Contract
Abaxx
Abaxx Technologies Inc., (NEO:ABXX)(OTCQX:ABXXF) ("Abaxx" or the "Company"), a financial software company, majority shareholder of Abaxx Singapore Pte. Ltd., the Abaxx Commodity Exchange (ACX), and producer of SmarterMarkets™ Media, submitted an initial Notification of Impending Listing of Futures Contracts to the Monetary Authority of Singapore.
/jlne.ws/3VGrprL
MARF registers a new Commercial Paper Programme from Pamesa for 150 million euros
BME-X
BME's Fixed Income Market, MARF, today admitted Pamesa Grupo Empresarial's new Commercial Paper (CP) programme for 150 million euros. It is the first one to be registered by the company on MARF and will enable it to finance itself by accessing qualified investors to diversify its financing sources. The CPs to be issued under the programme will have maturities of between three days and a maximum of two years and will feature a nominal amount per unit of 100,000 euros. Banca March is participating as Sole Arranger, Registered Advisor and Placement Entity under the programme. Banca March itself will act as Payment Agent for the issues.
/jlne.ws/3TkjiQf
After a strong third quarter, Deutsche Börse Group raises its forecast for 2022 as a whole
Deutsche Börse Group
Deutsche Börse Group has just published its Q3/2022 quarterly statement.
/jlne.ws/3CLEGqt
Appointment Of Company Secretary
ASX
ASX Limited (ASX) advises that Lucy Barnett has been appointed as a Company Secretary of ASX. Ms Barnett was appointed as General Manager, Company Secretariat on 11 October 2022. Daniel Moran and Johanna O'Rourke continue to act as Company Secretaries of ASX.
/jlne.ws/351gPmZ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Web3 Developers More Active Than Ever Despite Crypto Winter
CoinDesk
New data shows the skyrocketing usage of two critically important Web3 libraries: Ethers.js and Web3.js. While the smart contract deployment rate dropped 45% mid cycle in 2017 and 2020, it has increased 50% since 2021. According to Tagus Capital Multi-Strategy Fund, this shows that "blockchain technology adoption continues strongly despite the drop in crypto prices."
/jlne.ws/3gb23C3
Broadway Enhances Duration Trader to Meet Hedging Needs in Volatile European Bonds
Broadway
Broadway, a leading provider of high-performance front-office solutions, today announced major upgrades to its Duration Trader algorithm to meet customer and market needs during an ongoing period of volatile European interest rates. Broadway clients can now leverage Duration Trader to efficiently unwind risk, eliminate inefficient manual hedging processes and reduce market leakage.
/jlne.ws/3MLjFAM
Russian Newspaper Reports 40% Failure Rate for Chinese Microchips
Ian Evenden - Tom's Hardware
Russian tech firms have noticed something strange about shipments of chips they've been receiving from Chinese manufacturers. According to a story in Kommersant, a Russian daily newspaper devoted to politics and business, translated and reported by The Register, up to 40% of the Chinese chips are turning out to be defective.
/jlne.ws/3MNUPjN
Blockchain Technology Could Be 'Massive Disruptor' for TradFi, Says Franklin Templeton CEO
Fran Velasquez - CoinDesk
Blockchain technology has the potential to be a massive disruptor to the traditional financial services industry, says Jenny Johnson, CEO of investment management giant Franklin Templeton. Johnson told CoinDesk TV the firm has survived for 75 years because it has been open to adapting its business to new technologies.
/jlne.ws/3SgU4Rp
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| Cybersecurity | | Top stories for cybersecurity | Antony Blinken's Silicon Valley visit underscores US cybersecurity concerns
Kari Paul - The Guardian
The US secretary of state visited Silicon Valley this week, on a trip that experts say highlights the Biden administration's growing concerns over cybersecurity and officials' push to collaborate more closely with the US's powerful tech industry. Antony Blinken on Monday spoke at Stanford University and was scheduled to meet with tech executives to "highlight the key role for technology diplomacy in advancing US economic and national security", according to the state department.
/jlne.ws/3TAyvMO
Double Down On Cybersecurity Protocols & Double Down Against Fraud
Frank Sorrentino - Forbes
Cybersecurity hacks can happen with just one click... And with digital transactions in banking increasing, it is crucial for financial institutions, businesses and consumers to be aware of the risks involved with every transaction. IBM's most recent report on cyber-attacks found that data breaches in the US cost businesses on average $9.44 million - twice the global average. It also highlighted that phishing attacks, business email compromise and vulnerability in third party software are the biggest cyber threats.
/jlne.ws/3MKY9fm
Corporate Cybersecurity Teams Struggle to Fill Jobs
Catherine Stupp - The Wall Street Journal
An economic downturn and the Covid-19 pandemic are adding new challenges to hiring for crucial cybersecurity roles, exacerbating an already difficult job market. The cybersecurity talent gap grew by 26.2% over the past year, with around 3.4 million unfilled jobs worldwide, according to a new study from (ISC)2, a nonprofit professional organization that offers cybersecurity certifications.
/jlne.ws/3s99g8w
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bored Bitcoin Faithful Rekindle 'Halving' Hype; The next halving is expected in 2024, when miner rewards drop; Traders are looking for a catalyst with prices range bound
Olga Kharif - Bloomberg
Trading has gotten so tedious in the cryptocurrency world that advocates are resorting to touting a scheduled reduction in the amount of Bitcoins awarded to miners that is set to take place in about 18 months as a potential catalyst. Bitcoin, the largest cryptocurrency, fell about 1% to $19,187 as of 2:58 p.m. in New York. It has been locked in a narrow range of around $20,000 since prices collapsed in June. Even so, analysts from ByteTree Research say "it is time to sit up and pay attention," as the next halving is expected to happen in 2024.
/jlne.ws/3VGkf6X
ISDA Readies Contractual Standards for Crypto Derivatives Space
Mark New - DerivSource
The International Swaps and Derivatives Association (ISDA) is collaborating with the digital asset industry (through the ISDA Digital Assets Legal Group) to establish contractual standards for crypto derivatives. In a DerivSource Q&A, Mark New, senior counsel, Americas at ISDA, discusses what the forthcoming standards will look like, how they will cope with digital asset-specific events such as forks and airdrops and what to expect next from the trade association.
/jlne.ws/3VG0FHQ
Fidelity's Crypto Platform to Add Ether Trading for Institutional Clients
Michael Bellusci - CoinDesk
Institutional clients of Fidelity Digital Assets will be able to trade ether (ETH) beginning Oct. 28, according to a memo sent out by the investment firm. The move is the latest step towards making crypto available to institutional clients by Fidelity, the parent company of Fidelity Digital Assets. Earlier this month, the giant asset management firm said it started a new Ethereum Index Fund for accredited investors, after raising about $5 million since sales started on Sept. 26.
/jlne.ws/3got4Sy
OpenSea Ventures Among Backers for $7M Round for Crypto Security Startup
Brandy Betz - CoinDesk
Web3 Builders Inc, a new smart contract and non-fungible token (NFT) security startup, raised $7 million in seed funding with backers that included Road Capital and the venture capital arm of NFT marketplace OpenSea. The funding will help build out the products, add new artificial intelligence and machine learning methods, and expand the team.
/jlne.ws/3eTgham
Franklin Templeton CEO on Crypto Industry Outlook
CoinDesk
Franklin Templeton is launching its first separately managed account strategies focused on crypto. Franklin Templeton President and CEO Jenny Johnson discusses her outlook for the digital asset industry amid a bear market, along with her insights into the state of institutional demand, regulation, and innovation.
/jlne.ws/3TF5iA3
Brokerage Firm Bernstein Says Institutional Adoption of Crypto Ongoing Despite the Crypto Winter
Will Canny - CoinDesk
Asset managers that were actively investing in cryptocurrency markets in the bull market of 2020/21 continue to invest in the sector and remained committed to digital assets, with some planning to allocate more capital, brokerage firm Bernstein said in a research report Monday. Private market investors continue to look for opportunities in the space, "albeit being way more valuation sensitive," the report said. Therefore, "crypto converts" remain active in the sector, but those investors who were ambivalent about digital assets in late 2021 have delayed their plans.
/jlne.ws/3gc4LHt
Hong Kong digital asset firm sets up US$50 mln fund to expand mining business amid crypto winter
Ningwei Qin - Forkast
Hong Kong-based digital asset management firm JKL Group will set up a US$50 million fund to buy more mining machines to further expand its mining facilities, despite the current crypto winter. Some US$40 million of the fund will be raised from family offices, high net-worth individuals and institutional investors, according to the press release. It has allocated another US$10 million in a junior tranche that will bear the brunt of initial losses.
/jlne.ws/3CIFxYW
Why law enforcement struggles to throttle crypto scams
Joseph Boyle and Daniel Hoffman - Yahoo! News
Under the headline "Scammers in Paris", an online sleuth known as ZachXBT published a blog in August detailing how a pair of youngsters stole cryptoassets worth millions. Much to his surprise, the French police announced last week that they had acted on his tipoff and charged five people. It was the first time his sleuthing had led to police action, ZachXBT told AFP, despite having investigated $250 million worth of crypto scams and thefts and chronicling them for his 300,000 Twitter followers.
/jlne.ws/3MIQ9vy
N26 Offers Crypto Trading to Users in Bitpanda Partnership; N26 plans to offer users trading in almost 200 crypto coins; Company says customers requesting access even with market drop
Aggi Cantrill - Bloomberg
N26 will start offering cryptocurrency trading to its customers via a partnership with Bitpanda GmbH following similar moves by the digital bank's peers. The product will be offered in Bitpanda's home market of Austria first and then rolled out more broadly in the next six months, the Berlin-based company said in a statement on Thursday. Customers will be able to trade 100 coins at the start, and N26 said it plans to have almost 200 available in the coming month.
/jlne.ws/3yXEpzH
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| Politics | | An overview of politics as it relates to the financial markets | U.S. consumer protection watchdog's funding unconstitutional, court rules
Nate Raymond - Reuters
A federal appeals court ruled on Wednesday that the U.S. Consumer Financial Protection Bureau's funding apparatus is unconstitutional, faulting a system Democrats designed to insulate the agency from requiring congressional appropriations. The New Orleans-based 5th U.S. Circuit Court of Appeals ruled that the CFPB's independent funding through the Federal Reserve rather than budgets passed by Congress violated the separation of powers principles in the U.S. Constitution.
/jlne.ws/3VKkJcn
Truss's Government on the Brink as Tories Agitate for Her to Go; Top minister fired, Parliament vote roils already furious MPs; Prominent Tories say leadership change can no longer wait
Kitty Donaldson and Alex Wickham - Bloomberg
Liz Truss's premiership looked close to imploding after she fired one minister over a security breach and two others were heard resigning amid the fallout from a chaotic parliamentary vote before agreeing to stay in their posts. Many Conservative lawmakers now want Truss to resign immediately, a sudden reversal from a widely-held view that a leadership change should wait at least until a new economic plan is announced on Oct. 31 to calm financial markets.
/jlne.ws/3EVY9qX
Hong Kong May Let Bankers Who Get Covid Exit on Private Jets; Most HKMA summit attendees will stay at the Four Seasons; Summit details are still being discussed, subject to change
Shirley Zhao, Kiuyan Wong, and Danny Lee - Bloomberg
Hong Kong is unlikely to make any major changes to Covid restrictions for inbound travelers before a banking summit next month, but is considering concessions including allowing attendees to leave the city via private jet should they test positive for the virus. The health bureau is in discussions with the Hong Kong Monetary Authority to finalize details for the two-day summit set for early November, including what to do if a participant is infected, according to people familiar with the matter, who asked not to be identified because they're not authorized to speak publicly.
/jlne.ws/3EXqopo
Xi's Vow to Regulate Wealth Spurs Calls for Taxing the Rich; Property, inheritance taxes needed: government-linked experts; Speculation of higher taxes has fueled market concerns
Bloomberg News
Chinese President Xi Jinping's pledge to regulate wealth has stirred speculation Beijing may impose property and inheritance taxes on the wealthy in pursuit of its "common prosperity" goal. Several government-linked economists this week highlighted the possibility of major tax reform, responding to Xi's comments in his Sunday speech to the Communist Party congress saying China should ensure a "well regulated" system of wealth accumulation.
/jlne.ws/3VLrcU8
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| Regulation & Enforcement | | Stories about regulation and the law. | South Africa moves to regulate crypto assets
Reuters
South Africa's financial watchdog has classified cryptocurrency assets as financial products, a notice in the government gazette said on Wednesday, enabling them to be regulated. In the brief notice, the Financial Sector Conduct Authority (FSCA) said a crypto asset, which it referred to as "a digital representation of value", must be regulated in South Africa from the date of publication. Regulations that the authorities have said they planned to introduce include applying foreign exchange controls and licensing crypto trading companies.
/jlne.ws/3MLbyUM
CFTC urged to strengthen its oversight of current carbon offset market
Suzanne Cosgrove - VitalLaw
The CFTC should take concrete steps to implement rules governing the carbon market. Senators Cory Booker (D.-N.J.), Elizabeth Warren (D.-Mass.) and five other legislators complained in a signed letter to CFTC Chairman Behnam that regulation of today's carbon offset market is ineffective and enables corporations and countries to continue to pollute. In an apparent response to the CFTC's June 2022 release of a request for information (RFI) on climate-related financial risk, a group of U.S. senators sent CFTC Chairman Rostin Behnam a strongly worded letter that suggested immediate actions the Commission should take to counter the risks present in the current voluntary carbon offsets market.
/jlne.ws/3VSPdZM
IOSCO Board Appoints CFTC Chairman Behnam as Vice Chair
CFTC
The International Organization of Securities Commissions (IOSCO) announced the immediate appointment of Commodity Futures Trading Commission Chairman Rostin Behnam as IOSCO Board Vice Chair for the term 2022-2024. As a member of the IOSCO Board's Management Team, the Vice Chair assists with IOSCO's policy development and operations and advises the IOSCO Chair.
/jlne.ws/3eKDUls
Commissioner Johnson to Deliver a Keynote Address at the 3rd Annual National HBCU Blockchain and FinTech Conference
CFTC
Commissioner Kristin N. Johnson will deliver a keynote address at the 3rd Annual National HBCU Blockchain and FinTech Conference.
/jlne.ws/3eRw8Gt
Commissioner Johnson to Deliver Remarks at the Futures and Derivatives Law Report Symposium
CFTC
Commissioner Kristin N. Johnson will deliver remarks at the Futures and Derivatives Law Report Symposium.
/jlne.ws/3eFkK0A
Commissioner Johnson to Participate in a Fireside Chat at FMA's 31st Annual Legal & Legislative Conference
CFTC
Commissioner Kristin N. Johnson will participate in a fireside chat to discuss crypto regulation and the current status of proposed legislation.
/jlne.ws/3SaNwnr
Commissioner Johnson to Deliver Keynote Address at the Evolving Regulation of Crypto Symposium
CFTC
Commissioner Kristin N. Johnson will deliver a keynote address at a symposium sponsored by the University of Arkansas Law School and the Blockchain Center of Excellence in the Sam M. Walton College of Business.
/jlne.ws/3TfonsN
Thematic review of use of the wholesale investor exclusion
Financial Markets Authority
The Financial Markets Conduct Act 2013 prescribes how offers of financial products can be made to potential investors, subject to a number of exclusions. One of these exclusions is for offers made to wholesale investors. Such offers do not require the standard disclosure, governance and financial reporting requirements that apply to regulated offers, on the basis that wholesale investors have sufficient knowledge and experience to assess an offer.
/jlne.ws/3yWVzxk
FMA formally warns wholesale property investment firms after discovering non-compliant practices
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko has found several conduct concerns in the wholesale property investment sector, and issued seven formal warnings.
The FMA commenced a review of wholesale investments into property related offers after noting an increase in complaints made and concerns raised about how such wholesale offers were being promoted, and whether the appropriate investors were being targeted and accepted.
/jlne.ws/3MKzNma
FCA begins criminal proceedings against five individuals involved with Worthington Group plc
FCA
The FCA launched a criminal investigation into market abuse and market manipulation in April 2016, following the suspension of Worthington Group plc's (WRN) shares from the Official List and Main Market of the London Stock Exchange (LSE) on 10 October 2014.
Mr Aidan Earley, Mr Ware, Mr Spurway and Mr Biggar have each been charged with two counts of fraudulent trading. Mr Ware was the director and CEO, Richard Spurway was a director, and Mr Biggar's role was as a media advisor. Aiden Early is alleged to have been concerned in the management of WRN despite him being disqualified from acting as a company director. They are all alleged to have been involved in running the company.
/jlne.ws/3TifL4Z
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Dark Pool Index Shows Epic Bearishness Among Retail Traders
Vildana Hajric - Bloomberg
The stock market might be trying to bounce back, but one group of investors is staying on the sidelines: retail traders. That's according to an esoteric indicator designed to track small-time speculators, something known as the Dark Index that is kept by options-analysis firm SqueezeMetrics. Its current reading -- 40.9% -- is hovering around the lowest levels on record and is near a 2022 trough, meaning that the group is "selling into the rally."
/jlne.ws/3goVCvv
Euromoney TRADEDATA rebrands as ETD. New look. Same pioneering spirit.
ETD - PRNewswire
Euromoney TRADEDATA is rebranding as ETD - a business with a brand-new identity, but a 25-year history of redefining what reference data can do for the futures and options community. ETD's new Data by Design tagline neatly sums up the core proposition it has followed from the start: to deliver trusted, high-quality derivatives reference data in ways that are carefully designed around its clients' needs, technology and workflows.
/jlne.ws/3CMcm7i
Twitter vs StockTwits: A Comparison of Daily S-Score Returns
Context Analytics
In this blog we explore Social Market Analytics' (SMA) longest running trading strategy based on the S-Score from the S-Factor dataset. Before diving into the strategy's results, let go over what the S-Score calculates. Social Market Analytics evaluates all messages sourced from Twitter and StockTwits that contain key phrases tagging a security. Each message is graded from -1.0000 to 1.0000 using proprietary Natural Language Processing (NLP), which is aggregated by security to create S-Factors. From the StockTwits data feed, SMA includes messages from all users because the StockTwits users are educated investors.
/jlne.ws/3VHvPyx
Investors Need Full Transparency on the Costs of Stock Trading
Kristen Wegner - Traders Magazine
Look at your next restaurant, phone or credit card bill- and you would be incensed if there were hidden fees. Yet, they exist, quietly draining the wallets of Americans and prompting President Biden to propose action that would eliminate hidden fees by banks, hotels, and utility service providers. It is no different with trading stocks, except the hidden fees, meaning lost savings, often aren't immediately obvious - nor often are the reduced costs of trading that come with today's modern markets.
/jlne.ws/3EUeKeU
Wealthy Investors Tell UBS Why They Split Inheritances Unevenly; A new UBS survey shows the awkwardness families face transferring wealth across generations.
Charlie Wells - Bloomberg
When it comes to who will inherit more in a family's estate plan, being trustworthy and offering care may pay off - a lot. A new survey by UBS Group AG details the awkward explanations - and uncomfortable realities - wealthy families face as they formulate their estate plans. The Swiss bank polled 4,500 people with at least $1 million in investable assets around the globe and found some hard truths.
/jlne.ws/3yUxHtY
Understanding Inflation: What's The Difference Between CPI And RPI?; The most controversial statistics in Britain track rising prices.
John Stepek - Bloomberg
With inflation in the headlines, you've probably seen the acronyms CPI and RPI all over the place. But what's the difference between the two and why does it matter? The consumer prices index (CPI) and the retail prices index (RPI) are two different measures of price inflation in the UK. Each takes a representative basket of goods in the UK (the content of which is updated regularly to remain reflective of consumers' buying habits) and monitors how the prices change each month. CPI inflation is now at 10.1%, matching a 40- year high, while RPI inflation surged to 12.6%, the highest since March 1981.
/jlne.ws/3gntIjc
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Agreement Announced To Carry Out The "ESG Analysis Certification" In Hispanic America - Initiative Is Led By GOVERNART, Santiago Stock Exchange And Luxembourg Stock Exchange And Uses The SASB Standards As A Key Resource
Mondo Visione
The Agreement to carry out the ESG Analysis Certification, an initiative organized by GOVERNART -think tank & Hispanic American ESG advisory firm-, in association with the Santiago Stock Exchange, and with the support of the Luxembourg Stock Exchange (LuxSE), has been announced in October 2022. The initiative will use the SASB Standards, which are now part of the IFRS Foundation, as a key resource.
/jlne.ws/3grFadC
Why a bank CEO needs empathy to be an effective leader
Nandita Bakhshi - FORTUNE
I always say that women in business need to follow a rule of thirds for our jobs: We should have 1/3 of our job nailed, 1/3 as a stretch, and 1/3 as pure, white-knuckle terror. But why? Women are systemically undervalued, less likely to be promoted even when we ask for it, and tend to underestimate our own qualifications. I'm an Indian immigrant and one of only 5% of female CEOs in the financial services sector globally. This reality can create discomfort in certain circumstances.
/jlne.ws/3N0t089
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Vietnam's Dong Poised for Longest Losing Streak Since 2008
Karl Lester M Yap and Jamille Tran - Bloomberg
Vietnam's dong declined for a 10th straight day, its longest losing streak in 14 years, after the central bank widened the currency's daily trading band. The dong weakened as much as 0.6% to set a record-low of 24,511 on Wednesday. The currency is set for the longest stretch of losses since June 2008.
/jlne.ws/3yU968U
BOJ Announces Unscheduled Bond Buying as Key Yield Broke Ceiling; Move puts pressure on BOJ to defend curve-control policy; Global bonds have slumped as traders boost peak US rate bets
Masaki Kondo - Bloomberg
Japan's benchmark yield climbed above the central bank's policy ceiling and monetary authorities announced unscheduled bond purchases to rein it back in. The yield on the 10-year note briefly rose 0.5 basis points to 0.255% Thursday as the Bank of Japan held the first unscheduled bond buying operation this month. Global yields have continued to march higher as traders increase their expectations for peak Federal Reserve policy rates.
/jlne.ws/3MNvkPv
Credit Suisse Chats a 'Window Into the Conspiracy,' Jurors Told; Lawyer for funds suing bank cites chats in closing argument; Credit Suisse argues that it was competing, not colluding
Bob Van Voris - Bloomberg
Credit Suisse Group AG foreign-exchange traders participated in a price-fixing conspiracy to benefit themselves at their clients' expense, a lawyer for pension funds suing the bank said in closing trial arguments. "They weren't competing with one another," the lawyer, Christopher Burke, said Wednesday in Manhattan federal court. "They wanted to beat the customers."
/jlne.ws/3SlLpwR
Qontigo data shows extent of climate strategies' dominance in ESG passive ETFs space
Qontigo
Climate-related strategies dominate flows into ETFs classified as ESG, with little to no money going to funds that target principally social and governance issues, according to data from Qontigo. A net 40 billion euros (39 billion US dollars) flowed into passive ESG ETFs in 2022 through August, the data shows. Just over half (53%) of the capital went to general ESG funds. When looking at the other three categories - individual E, S and G strategies - 44% of the overall money flowed into environmental strategies, while only 2.8% went to social-focused funds. Net flows into ETFs with a governance remit were flat.
/jlne.ws/3CF3fW0
Banks Saddled With $30 Billion in Unwanted Debt in Risk Exodus
Jill R. Shah and Claire Ruckin - Bloomberg
The world's biggest banks have already had to use about $30 billion of their own cash this year to fund loans for acquisitions and buyouts that they weren't able to offload to investors. The lenders have been forced to fund at least 15 deals in the US and Europe as inflation and fears of a recession sap investor appetite for risky corporate debt. The total tally, based on calculations using data sourced by Bloomberg, could nearly double over the coming months as more deals are scheduled to close.
/jlne.ws/3DeRdE4
Blackstone's earnings fall 16% on sharp drop in asset sales
Chibuike Oguh - Reuters
Blackstone Inc, the world's largest alternative asset manager, said on Thursday its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market. Distributable earnings - the cash used to pay dividends to shareholders - fell to $1.4 billion from $1.6 billion a year earlier. That resulted in distributable earnings per share of $1.06, down from $1.28 a year ago, but slightly above the average analyst estimate of 99 cents, according to Refinitiv.
/jlne.ws/3MLAFXs
Amundi steps up efforts to compete with BlackRock's ETF empire; Ireland funds launch marks departure from French manager's previous Luxembourg focus
Ed Moisson - Financial Times
Amundi has launched a 10-strong range of exchange traded funds in Ireland in a sign of the company's ambitions to grow its business and compete with market leader iShares. The French asset manager has previously focused on building its Luxembourg product range, including moving over €30bn of its ETF assets from France to the Grand Duchy in 2018.
/jlne.ws/3CVGf5o
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China's Monkeypox Shot Will Target the Actual Virus
Dong Lyu - Bloomberg
China has started work on a monkeypox vaccine using virus taken directly from a patient, marking a departure from the western approach of repurposing an existing shot as it seeks to counter incursions from elsewhere in the world. China National Biotec Group, a vaccine-making subsidiary of the state-owned pharmaceutical company Sinopharm, said it successfully isolated the monkeypox virus and started developing vaccines and drugs that target the pathogen.
/jlne.ws/3CLUlWF
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Credit Strains Prompt Korea to Revive $1.1 Billion Bond Fund; Fund to resume buying corporate debt, may increase size; Commercial paper yields spiked after rare developer default
Kyungji Cho - Bloomberg
South Korea is redoubling efforts to shore up local credit market as yields surge to decade highs and default risks spread, extending efforts to support markets after the country already stepped in earlier this year to slow a tumbling won. Authorities will swiftly resume buying corporate debt via a 1.6 trillion won ($1.1 billion) bond stabilization fund established in 2020, and will prepare to increase its size, the Financial Services Commission said. Authorities will closely monitor market unease that's spread due to concerns about project financing asset-backed securities related to Gangwon province, according to a statement on Thursday.
/jlne.ws/3sdf8xD
Diamond Tycoon Fights to Unfreeze Fortune After Fraud Claims; Mehta is accused of swindling banks by claiming fake defaults; Indian jeweler seeking to have $932 million in assets unfrozen
Upmanyu Trivedi - Bloomberg
A diamond and jewelry tycoon who faces allegations of swindling 15 Indian lenders out of more than $1 billion is fighting back against a worldwide freeze on his assets in London court. Lawyers for Jatin Mehta alleged in a court filing last week that the Indian unit of Standard Chartered Plc and liquidation firm Grant Thornton indulged in a "sleight of hand" to get the May freezing order that is completely unjustified. Mehta is "as much the victims of what occurred as the consortium of banks," said lead lawyer Andrew Hunter, who is seeking to regain access to $932 million of his client's assets.
/jlne.ws/3VEL3V7
South Korea delays plan to tighten bank liquidity requirement
Choonsik Yoo and Jihoon Lee - Reuters
South Korea's financial regulator said on Thursday it would delay by six months a plan to require banks to hold more liquid assets, citing signs of stress in the short-term money market due to a fast rise in interest rates.
/jlne.ws/3MMcdVX
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