| October 12, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Sometimes it is not what a press release says, but what it doesn't say that speaks the loudest. Such was the case yesterday when Cboe announced Cboe Global Markets Announces New Leadership Appointments to Support Continued Global Growth. Nowhere in that announcement was the news that Arianne Adams, formerly Cboe's head of derivatives who was replaced by Catherine Clay, had left the company.
Bloomberg read through the unwritten message and confirmed with Cboe that Adams had left the company in a story titled "Cboe Shakes Up Top Leadership as Arianne Adams Leaves the Firm." Adams' departure follows that of former Cboe Ed Tilly, who resigned in September after an investigation found he "did not disclose personal relationships with colleagues, which violated Cboe's policies."
With the Cboe stock up as much as 8% at its all-time highs on Tuesday since Tilly's resignation, my theory about Cboe being bait rather than a shark keeps getting more relevant. It also makes you wonder whether factions on the board who wanted to sell the company while options trading was hot, or for other reasons, were fighting against a CEO who did not want to sell. When I look at the composition of the Cboe board, it looks like a group put together to sell the exchange. I can understand how this board, or a strong faction on it, may have come to that conclusion. I expect the open market Cboe auction to continue.
CIBC, where Robinhood Foundation co-founder Peter Borish is a board member, donated $100,000 to provide immediate humanitarian aid following the recent terrorist attacks in Israel. Stephen Forbes, executive vice-president, Purpose, Brand and Corporate Affairs, CIBC said, "The horrific events that have unfolded in the last few days have created a dire need for humanitarian assistance to support those affected by the recent attacks and the escalating conflict."
A Fortune story says it costs a worker $51 in expenses to return to the office for a day's work and it is $71 if they have a pet. A worker in a hybrid schedule has costs of $36 per day.
This weekend a "ring of fire" eclipse will occur on October 14 and the skies will darken and knock out as much as 28,300 gigawatts of solar generation. This will be a big test for Texas and California, where the states will see major power reductions as a result of the eclipse, Bloomberg reports.
Tradeweb published a new blog post, "How Hedge Fund Clients Are Pioneering Sophisticated New Strategies with Automated Trading," by Jason Giunta, managing director, head of hedge fund sales, Tradeweb.
Last night my brother-in-law Bryan Howard hosted my wife Cheryl, Jeff Bergstrom (Bryan & Cheryl's brother) and me, along with Bryan's husband Brad, at the "Night of 1000 Jack-O-Lanterns" at the Chicago Botanic Garden. This is a sold-out program, but a really cool program of 1000 good size jack-o-lanterns lit along the walkway of the Garden, with themed large jack-o-lanterns like the one pictured below. My late mother-in-law, Betty Bergstrom, used to be the head of development for the Garden and raised millions of dollars to help it grow into what it is today.
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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Jane Goodland, group head of sustainability for the London Stock Exchange Group, will host a webinar featuring a panel of experts November 8, 2023, at 8:00 ET, discussing the upcoming UN Climate Change Conference, COP28. In this webinar, experts will discuss what to expect from COP28 in the areas of climate disclosure and transition plans, the role of carbon markets, and the COP28 Net Zero Atlas. Learn more and register here. ~SAED
Our most read stories yesterday on JLN Options were:
- Cboe Shakes Up Top Leadership as Arianne Adams Leaves the Firm from Bloomberg.
- Cboe Global Markets Announces New Leadership Appointments to Support Continued Global Growth from Cboe.
- CME Group T-Bill Futures Surpass 6,000 Contracts in First Week of Trading from CME Group. ~JB
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CQG Leadership Addresses the State of the Second Half and Industry Trends at FIA EXPO
JohnLothianNews.com
John Lothian News conducted an exclusive video interview at the FIA's EXPO in Chicago with CQG President Ryan Moroney and Senior Vice President Pat Kenny. The interview delved into the current state of CQG and explored industry trends, shedding light on the company's strategic direction.
Watch the video »
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Elon Musk's X could face expulsion from Europe over Israel-Gaza disinformation, EU official says: 'These are not empty threats'
Thibault Spirlet, Lakshmi Varanasi - Business Insider
An EU official has warned that X, the social media platform owned by Elon Musk, could be banned from Europe if it fails to comply with EU rules over disinformation amid the Israel-Gaza conflict. "These are not empty threats," MEP Stéphanie Yon-Courtin said in a statement sent to Insider. In a letter signed by Thierry Breton, the European commissioner for the internal market, the EU said on Tuesday that the commission had "indications" the platform was being used to "disseminate illegal content and disinformation in the EU" over Hamas' attacks against Israel.
/jlne.ws/3LZcPZ9
***** The banks who lent him money to buy Twitter/X are going to have to write off the entire amount before long if he keeps destroying the company like this.~JJL
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Ex-Barclays chief Jes Staley banned for misleading watchdog over Epstein; UK lender says former boss must now forfeit 17.8mn pounds in deferred pay and bonuses
Stephen Morris and Laura Noonan - Financial Times
Jes Staley, the former Barclays boss, has received the first regulatory ban for actions taken as chief executive of a major UK bank after he allegedly misled the watchdog about his past relationship with Jeffrey Epstein. The UK Financial Conduct Authority said on Thursday it would ban Staley from holding senior positions in financial services, and fine him 1.8mn pounds, for "recklessly approving...two misleading statements about the nature of his relationship" with deceased sex offender Epstein, with whom he had close ties during his time at JPMorgan Chase, before he joined the UK lender.
/jlne.ws/3Qhl2uA
***** He no longer has a ticket to ride.~JJL
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Wednesday's Top Three
Our top story Wednesday was a tie between The Best Places to Drink if You Can't Get Into the World's 50 Best Bars and Immediate Methane Cuts Can Prevent Nearly a Million Premature Deaths, IEA Says, both from Bloomberg. Second was the Cboe press release Cboe Global Markets Announces New Leadership Appointments to Support Continued Global Growth. (See John's comments on the release above.) Third was a tie between another Bloomberg story, Fear and Anger Follow the Path of Joe Manchin's Mountain Valley Pipeline, and the Financial Times' Volodymyr Zelenskyy seeks to shore up Ukraine support amid Israel-Hamas war.
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| Lead Stories | SEC poised to shine light on short selling with stock loan disclosure; Securities lenders would be forced to report deals within 15 minutes under proposed US rule
Jennifer Hughes and Brooke Masters and Stefania Palma - Financial Times
Short sellers and other market participants will have to quickly disclose deals to borrow securities under rules expected to be adopted by US financial watchdogs this week as part of a broad regulatory push for greater market transparency. Investors, typically hedge funds wagering that securities will fall in value - known as short selling - need to borrow stocks and bonds to make the bets before returning them to their owners.
/jlne.ws/3tpGLap
The trial of 'crypto king' SBF is the Enron scandal for millennials
Shad White - USA Today
Over the past 20 years, according to authors Gretchen Morgenson and Joshua Rosner, the number of federal white-collar prosecutions fell by half. Think of the limited prosecutions following the 2008 financial crisis as proof. The question now is whether the high-profile trial of cryptocurrency magnate Sam Bankman-Fried is about to change that.
/jlne.ws/3QcSpyl
China bars brokers from opening offshore trading accounts; A state-backed fund also increased its shareholding in China's four biggest banks
Hudson Lockett and Cheng Leng - Financial Times
China has barred brokers from opening offshore trading accounts for domestic investors and launched its first purchasing programme targeting top banks' shares since 2008, as capital outflows and foreign selling weigh on the country's markets. The China Securities Regulatory Commission ordered Chinese brokerages and their offshore subsidiaries to "close all new account opening channels for domestic investors" seeking to invest in offshore markets, according to a notice dated September 28 seen by the Financial Times.
/jlne.ws/45xa7B4
The world is hurtling towards another financial crisis, and the IMF is in denial
Jeremy Warner - The Telegraph
With war in the Middle East looming, energy prices once more spiking, and governments seemingly drowning in debt, the impression of all-embracing perma-crisis grows by the day. Yet at the International Monetary Fund (IMF), which is this week holding its annual meeting in a tented encampment close to the souks of Morroco's Marrakech, there is an almost surreal air of calm verging on outright complacency.
/jlne.ws/46wIqK3
How commodity markets are defying the new cold war; Rivalry between China and the US over energy and minerals has not broken the global economy into blocs
Alan Beattie - Financial Times
The idea that global trade is back to an era of great powers and geopolitics is now firmly entrenched in policymakers' minds. Given the energy shock from the Ukraine war, the demand for critical minerals for the green transition and the fragility of agricultural production, there's a specific fear that the world economy is being fragmented in a zero-sum battle for scarce raw materials and food.
/jlne.ws/45srwLl
Ex-Barclays CEO Staley 'Recklessly' Misled Watchdog, Probe Finds
Jonathan Browning - Bloomberg
Former Barclays Plc boss Jes Staley has been fined £1.8 million ($2.2 million) and banned from the UK financial services industry after "recklessly" misleading regulators and the bank about his relationship with the late financier and sex offender Jeffrey Epstein.
/jlne.ws/3Qfu5w2
Convicted ex-Barclays Euribor trader gets fresh shot at appeal; Review commission says Carlo Palombo's case 'not dissimilar' to that of former trader Tom Hayes
Suzi Ring - Financial Times
A former Barclays trader found guilty of manipulating a key interest rate benchmark has been given another chance to appeal against his conviction following a review by the body that investigates potential miscarriages of justice.
/jlne.ws/3FkYaUl
European companies halt IPO plans on concerns over market conditions; Planisware pulls largest offering in Paris for two years as investors worry over the prospect of prolonged stagflation
Ivan Levingston and George Steer - Financial Times
European companies are delaying plans to float on local stock exchanges, as investors' concerns about market conditions threaten to kill off a revival of new listings. French software group Planisware halted its plans on Wednesday to float in what would have been the largest listing in Paris for two years, with its chief executive blaming "extremely cautious" investors.
/jlne.ws/3tAcE00
EU becomes 'real player' in debt markets but faces investor scepticism; Bloc's debt pile set to reach euro900bn by 2026 but it pays a higher interest rate than France as investors fret about liquidity
Ian Johnston and Mary McDougall - Financial Times
The EU's debt pile is set to reach euro900bn by the end of 2026 as the bloc borrows to fund coronavirus recovery programmes and support for Ukraine, but investors are finding its bonds less attractive than some of those of individual European countries. The bloc's own bond issuance has grown since member states reached a historic 2020 agreement on common debt issuance for its NextGenerationEU programme, designed to help economies recover from the pandemic and support Europe's green and digital transition.
/jlne.ws/3rLfrmJ
Are Markets Taking the Gaza Conflict Seriously Enough? Prices reflect a contained outcome where the crisis doesn't spread. Investors need to be prepared if it does, especially involving Iran.
John Authers - Bloomberg
An Underreaction to a Coming Overreaction
Saturday's attack on Israel by Hamas shocked the world and opened up suddenly all-too-plausible scenarios that would lead to all-out disaster. In Bloomberg Opinion, for example, Andreas Kluth drew an explicit parallel with 1914, and the way that an assassination in Sarajevo eventually led the world's greatest powers of the time to go to war with each other.
/jlne.ws/3ZPat53
Cboe Shakes Up Top Leadership as Arianne Adams Leaves the Firm; Exchange promotes Inzirillo to head of data, access solutions; Move comes less than a month after exchange picked new CEO
Katherine Doherty - Bloomberg
Less than a month after Cboe Global Markets Inc. named a new chief executive officer, Arianne Adams left the company and Catherine Clay was named to take on her responsibilities as global head of derivatives. In her new role, Clay will oversee a business that includes futures and options markets in the US and Europe, as well as a suite of globally traded proprietary products, the company said in a statement Wednesday.
/jlne.ws/3PQMgXo
Ex-Barclays Trader Gets Appeal Bid Over Rate Rigging Charge; Carlo Palombo has case referred to London Court of Appeal; Former trader was sentenced to four years over Euribor rigging
William Shaw and Katharine Gemmell - Bloomberg
An ex-Barclays Plc trader jailed in 2019 for manipulating a key interest rate benchmark has won the right to appeal his conviction.
The Criminal Cases Review Commission has referred Carlo Palombo's conviction to the Court of Appeal, Palombo's lawyer Ben Rose, said. The referral follows a similar decision in July on Tom Hayes, the former star trader who became the face of the Libor scandal.
/jlne.ws/46CZwpk
HSBC Makes Global Push to Broker Deals in Private Credit Market; International bank to link its clients up with private lenders; Banks are seeking ways to gain foothold in growing market
Silas Brown and Katharine Hidalgo - Bloomberg
HSBC Holdings Plc is assembling a team of bankers to connect its corporate clients with the rapidly expanding world of private credit. The British lender will tap into the many relationships it has with mid-sized companies around the world to link them up with private debt funds, arranging and sometimes taking part in the financing deals that ensue, said Vinay Raj, a managing director at HSBC who is helping spearhead the effort.
/jlne.ws/3LX9eLc
Chinese Bribes, Thai Prostitutes and an End to the Lies: Caroline Ellison's Explosive Second Day of Testimony Against Sam Bankman-Fried
Sam Kessler, Helene Braun, Nikhilesh De and Elizabeth Napolitano - CoinDesk
Caroline Ellison wept on the witness stand near the end of her second day testifying against her former boss and ex-boyfriend, fallen cryptocurrency mogul Sam Bankman-Fried. The diminutive and soft-spoken former CEO of Alameda Research described the unraveling last November of her hedge fund and its sister company, the FTX exchange, and the "relief" she felt as revelations about their fraud became public.
/jlne.ws/3LXwybY
Sam Bankman-Fried Was in Telegram Chat Groups With Alameda and Lenders
Vicky Ge Huang - The Wall Street Journal
FTX founder Sam Bankman-Fried was in Telegram chat groups where Alameda and its crypto lenders engaged in conversations about the hedge fund's loan repayments, Caroline Ellison testified in court Wednesday. Crypto lenders, including the bankrupt lender Genesis Global Capital, were asking borrowers to pay their money back after a pair of cryptocurrencies crashed in May 2022 and wiped out $40 billion of market value. Alameda had to repay billions of dollars to the lenders.
/jlne.ws/3ZPS6gg
Microsoft Plans to Contest IRS Claim It Owes $28.9 Billion in Back Taxes
Jackie Davalos - Bloomberg
Microsoft Corp. will appeal a decision by the US Internal Revenue Service that the software maker owes at least $28.9 billion in taxes related to how it allocated income and expenses among global subsidiaries from 2004 to 2013. The company said Wednesday in a regulatory filing that it disagreed with the "notices of proposed adjustment" to its federal tax filings and will appeal the decision.
/jlne.ws/3QeZlv9
Sam Bankman-Fried depicted as fraud mastermind by ex-girlfriend and employee Caroline Ellison
Josephine Stratman - New York Daily News
Caroline Ellison is a former employee of Sam Bankman-Fried, who's on trial in Manhattan Federal Court for fraud after his giant cryptocurrency trading company FTX went bankrupt last year. She's also his ex-girlfriend.
/jlne.ws/3FfzXPC
FIA EXPO: Walt Lukken Defends Derivatives Trading Amid Volatility. Zero-Day-Expiring Options; Lukken dismissed the idea that a tipping point might soon be reached where trading turns into gambling
Rick Steves - Finance Feeds
Walt Lukken, President and CEO of the Futures Industry Association (FIA) spoke to journalists at a press briefing at the recent FIA EXPO 2023. Lukken touched on various themes, from cutting-edge technology to regulatory challenges, providing a comprehensive overview of the present landscape and a window into what lies ahead.
/jlne.ws/3PO1nAV
Sam Bankman-Fried's risk appetite was so large that he would flip a coin if losing meant destroying the world, Caroline Ellison testified.
Jacob Shamsian - Business Insider
Imagine, if you will, a coin. If you flip it and get heads, the entire world improves by more than double. If you get tails, the world is destroyed. Sam Bankman-Fried said he would flip the coin - and urged everyone else to do so, too, Caroline Ellison testified in court Tuesday.
/jlne.ws/45suJKM
Saudi Arabia, Russia Make Public Show of Unity on Oil Market
Bloomberg News
Saudi Arabia and Russia reaffirmed their close cooperation in the oil market with a public show of unity at a major industry event in Moscow. Speaking in a joint interview with Rossiya 24 state TV, just a few days after the eruption of a conflict between Israel and Hamas lifted crude prices, the top energy officials from the OPEC+ leaders said market uncertainties require careful monitoring.
/jlne.ws/48Tevxp
Malaysia questions Goldman Sachs lawsuit over 1MDB settlement, saying it's premature
Associated Press
The Malaysian government questioned Thursday a move by Goldman Sachs to file for arbitration in a dispute connected with the multibillion-dollar looting of a sovereign wealth fund.
/jlne.ws/46sPDL1
Growing pains: The impacts of T+1 settlements on FX execution and liquidity; Catriona Lawlor, FX trader at Baillie Gifford, tells The TRADE how T+1 will affect FX market dynamics, liquidity and best execution.
Wesley Bray - The Trade
What impact will a shift to T+1 settlements have on market dynamics and liquidity?
At a headline level, a shift to T+1 doesn't immediately sound the alarm bells for FX markets, given a large portion of funding FX is already traded this way. However, when you delve into some of the timeline changes involved, there are some important considerations to be made from a market dynamics and liquidity perspective.
/jlne.ws/48PVtYr
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ruble Surges as Russia Reimposes Some Exporter Capital Controls; Major exporters will be required to sell FX on domestic market; Central bank's rate hikes failed to ease pressure on ruble
Bloomberg
Russia's currency headed for its best day in a month after the government imposed some capital controls as it seeks to reverse the third-biggest depreciation in emerging markets this year. The government announced late Wednesday that 43 groups of exporter companies, including its main oil producers, will be required to sell their earnings from foreign sales on the domestic market for rubles to ensure a supply of foreign exchange.
/jlne.ws/3rDNCNe
Russian failures in Ukraine are forcing Moscow to give up on one of the biggest Putin-era military reforms
Michael Peck - Business Insider
As Russian troops massed along Ukraine's borders in late 2021 and early 2022, some Western experts warned that Vladimir Putin's army was not the army of Josef Stalin. The bulky Red Army divisions of World War II and the Cold War, each of which numbered about 10,000 troops, had been replaced in the 2000s by smaller, more agile battalion-size formations of between 500 and 1,000 troops - an effort to create a force more like that of the US and other Western armies. Or so the theory went.
/jlne.ws/3LXnhAA
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| Israel/Palestine Conflict | | News about the recnt (October, 2023) conflict between Israel and Palestine | Hamas terrorists were sent millions in crypto before Israel attack
Gareth Corfield - The Telegraph
Hamas and its allies were sent hundreds of millions of pounds' worth of cryptocurrencies in the months before the terrorist group's attacks on Israel. More than $134m (108m pounds) was transferred to cryptocurrency accounts controlled by Hamas and the allied Palestinian Islamic Jihad (PIJ) group during the first half of 2023, according to analysts.
/jlne.ws/3FeWuvN
Israel Ups Ante, Vows to Wipe Hamas 'Off Face of the Earth'; Premier Netanyahu: 'Every Hamas terrorist is a dead man'; Leaders presage imminent ground attack against Hamas fighters
Nick Wadhams - Bloomberg
Prime Minister Benjamin Netanyahu, hours after forming an emergency government and wartime cabinet, foreshadowed a major ground attack on Gaza by promising to destroy Hamas. "Every Hamas terrorist is a dead man," Netanyahu said at a late-night briefing, flanked by Defense Minister Yoav Gallant and Benny Gantz, the leader of an opposition party.
/jlne.ws/45shXvO
Get this straight, Western media: Palestinians aren't sub-human; Dehumanisation of Palestinians is as central to Israel's war strategy as the deadly missiles it wields.
Andrew Mitrovica - Al Jazeera
Israel has waged war on Palestinians for decades. That fact may come, I suspect, as a surprise to many people whose grasp of the world is shaped by their exclusive consumption of Western media. The deep and lasting human consequences of Israel's terrifying, perpetual war on Palestinians - prosecuted with indiscriminate cruelty by an occupying army and its de facto proxies, fanatical settler militias - have been plain for anyone willing or inclined to see, for generations.
/jlne.ws/3FaIQd8
Israel-Hamas war: List of key events, day 6; As the conflict between Israel and Palestine enters its sixth day, these are the main developments.
Al Jazeera
Israel's military said it was conducting a "large-scale strike" on targets belonging to Hamas in Gaza on Thursday. It did not provide details. Israel has placed Gaza under a "total siege," stopping food and fuel from reaching the enclave of 2.3 million people, many of whom are poor and dependent on aid. Hamas media said electricity was cut after the only power station stopped working.
/jlne.ws/3tu2zBR
Hamas, Fatah, Islamic Jihad, PLO, and Palestinian Authority: A brief introduction to the political players in Palestine
Alind Chauhan - Indian Express
Last week's attack on Israel has brought not just Hamas under the spotlight, but also other significant players in Palestine such as Fatah, Palestinian Islamic Jihad (PIJ), Palestine Liberation Organisation (PLO), and Palestinian Authority (PA). Here is a quick look at each of them - their history, objectives, and role in the Israel-Palestine conflict.
/jlne.ws/3rNLSkp
From 1947 to 2023: Retracing the complex, tragic Israeli-Palestinian conflict
Natasha Li and Jean-Luc Mounier - FRANCE 24
The Israeli-Palestinian conflict was reignited once again on October 7 after a surprise offensive launched by Hamas against Israel. In retaliation, Israel ordered air strikes and a "complete siege" of the Gaza Strip, the Hamas-run Palestinian enclave. This is a new deadly episode in a conflict that has its roots deep in the mid-20th century. FRANCE 24 traces its history.
/jlne.ws/46IqxHV
Biden pledges military aid, political support for Israel amid Gaza war; US president strongly rebukes Hamas and offers unqualified backing for Israel's 'duty to respond' to attacks.
Al Jazeera
United States President Joe Biden has pledged unwavering support for Israel as its military pummels Gaza with bombardment, in the wake of an unprecedented attack from the Palestinian group Hamas over the weekend. In a White House speech on Tuesday, Biden said that Washington will provide additional military assistance to Israel, which has since declared war on Hamas.
/jlne.ws/3tvk4lv
Japan should be 'vigilant' with Palestinian aid, Israel says
John Geddie - Reuters
Israel's ambassador to Japan said on Thursday that his host country should be "vigilant" and look at what Hamas was doing with the aid it has previously extended to Palestinians. Hamas militants breached the border fence enclosing the Gaza Strip enclave at the weekend, rampaging through towns and villages and killing 1,200 people while taking scores of hostages, the Israeli military has said.
/jlne.ws/3tvbz9W
Israel-Palestine crisis has region 'at a tipping point': UN relief chief
United Nations
In a statement, UN Emergency Relief Coordinator Martin Griffiths described the scale and speed of the unfolding crisis as "bone-chilling". UN agencies have been working round the clock since Hamas and Palestinian Islamic Jihad launched an attack on Israel four days ago, prompting intensive strikes by Israel and a complete siege of the Gaza Strip.
/jlne.ws/3FcHjD9
Israel-Palestine: How to Help the Victims of This Week's Deadly Attacks; A list of organizations offering relief to those in need and working toward peace
Rosa Sanchez - Harper's BAZAAR
Palestinian militant group Hamas launched a brutal attack on Israel on Saturday, firing at least 2,200 rockets into the country and killing hundreds-the latest chapter in a war that has carried on for decades. In return, the Israel Defense Forces declared a state of war and retaliated with airstrikes in Gaza, targeting Hamas members. The IDF has also cut off all water and electricity in the territory, displacing more than 263,000 people internally in the Gaza Strip, per the United Nations.
/jlne.ws/3QbEGIg
How Hamas weaponised Palestinians' despair
The Conversation
The scale of Hamas' attack on Israel on 7 and 8 October is unprecedented and the failure of the Israeli army and secret services, astonishing. Yet for observers such as former Israeli ambassador to France, Elie Barnavi, the events that have unfolded in the region over the past days were "surprising but predictable".
/jlne.ws/3rMJzy6
What a "complete siege" of Gaza will mean for Palestinians; Gaza was already under siege. Now it will get worse.
Jonathan Guyer - Vox
Israel says it will place Gaza, the occupied territory it has long blockaded, under a "complete siege" after the weekend's attack by Hamas. On Saturday, the Palestinian military group launched intensive attacks from Gaza into Israel. Hamas overwhelmed Israeli military installations, kidnapped civilians and reportedly soldiers, and dispatched rockets on Israeli civilians in attacks that have killed an estimated 1,200 people as of Wednesday.
/jlne.ws/45wTTb8
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Australian Securities Exchange welcomes Marex as futures clearing participant; Through the addition, the Australian market will open up and add competition, filling the void left by major banks departing, says Marex.
Claudia Preece - The Trade
UK-based Marex has joined the Australian Securities Exchange (ASX) as futures clearing and trading participant with the move slated to increase competition within the currently heavily concentrated market. Through this addition, ASX - which currently only has a few participants - will see better counterparty risk management and more depth added to the marketplace, according to Marex.
/jlne.ws/46N5cxa
ICE Announces Record Trading Activity and Open Interest in Natural Gas Liquids Markets
Intercontinental Exchange
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 record trading activity across its natural gas liquids (NGLs) markets as customers manage exposure to the price of NGLs. ICE NGL futures traded at record levels during the third quarter of 2023 with 718,757 lots traded, including record average daily volume of 11,384 lots during the quarter, up 66% year-over-year (y/y). Open interest (OI) across the complex is up 50% y/y, hitting a single day record of 334,553, equivalent to over 650 million barrels on September 29, 2023, with OI out to December 2026.
/jlne.ws/45ohril
JSE collaborates with Xpansiv to launch voluntary carbon market to advance South Africa's carbon credit capabilities
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE) is proud to launch a new carbon market in collaboration Xpansiv, the premier infrastructure provider for global environmental markets under a separate legal entity called JSE Ventures. This groundbreaking sustainability initiative will allow local participants to buy or sell carbon credits and renewable energy certificates that are held in either local or global registries. Customers will be able to advance their sustainability goals as they will have full access to the functionality of the global Xpansiv platform for spot trading, auctions, or requests for quotes for both carbon offsets and renewable energy certificates.
/jlne.ws/408eZvH
JSCC Joins Hyperledger Foundation
JPX
This is to notify that Japan Securities Clearing Corporation officially joined Hyperledger Foundation, a not-for-profit-organization founded by The Linux Foundation to drive the development and adoption of blockchain/distributed ledger technology (DLT). JSCC introduced in January 2023 its first blockchain production solution based upon Hyperledger Besu, one of the open source software (OSS) platforms hosted by Hyperledger Foundation, to facilitate the efficient delivery settlement of rubber futures. Furthermore, we leveraged the use of several Hyperledger OSS tools and libraries across multiple proof-of-concept projects.
/jlne.ws/3QbBJr9
Charge Caps For The Period 2024/25
London Metal Exchange
Summary. 1. This notice publishes the Charge Caps for the period 2024/25.
Defined Terms. 2. Unless otherwise defined in this Notice, capitalised terms in this Notice have the same meaning as those given to them in the terms and conditions of the Warehouse Agreement (the "Warehouse Agreement").
/www.lme.com/en/News
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Market Maker GTS Buys Foreign-Exchange Trading Unit From HC Tech
Katherine Doherty - Bloomberg
Electronic market maker GTS is expanding its presence in foreign exchange through a deal with algorithmic trading firm HC Technologies. GTS acquired HC Tech's foreign-exchange trading assets this month, according to people with knowledge of the matter who asked not to be identified discussing a private matter.
/jlne.ws/3rMMoiy
SIX expands cloud connectivity offering with Megaport; SIX Connect, available from today, is set to cover more than 100 cloud regions as well as several hundred data centres globally.
Claudia Preece - The Trade
SIX has launched SIX Connect, an expansion of its cloud connectivity offering which leverages network-as-a-service provider, Megaport's reach. Megaport offers scalable bandwidth for both public and private cloud connections and from today, SIX's offering will provide private access to its data services via any major public cloud provider.
/jlne.ws/46rCdim
Coinbase Q3 trading volume drops 52% from last year
Zoltan Vardai - Forkast
The spot trading volume at Coinbase, the largest U.S.-based cryptocurrency exchange, fell to US$76 billion in the third quarter, a 52% year-on-year decrease, Bloomberg reported, citing crypto data firm CCData.
/jlne.ws/3rKNY4D
Bitmain reportedly suspended employee salaries from September
Zoltan Vardai - Forkast
Bitmain, one of the world's largest Bitcoin application-specific integrated circuit (ASIC) manufacturers, has suspended employee salary payments from September, according to a Tuesday report by China-based tech news outlet Leiphone.
/jlne.ws/45suK1i
CRED in talks to acquire mutual fund startup Kuvera
Manish Singh - Techcrunch
CRED is in talks to acquire Kuvera, a startup that operates an online wealth management platform, a source familiar with the matter told TechCrunch, in what is a sign of the Indian fintech giant's growing interest in the lucrative category of stock investments and mutual funds.
/jlne.ws/3LZJwWp
Meta's Clegg Says Working to Prevent 'Inappropriate' Replies From New AI Chatbots; Facebook-parent has spent thousands of hours stress-testing new AI chatbots but "can't guarantee" they won't say "something unwelcome."
Nate Lanxon and Jackie Davalos - Bloomberg
Among Meta Platforms Inc.'s suite of new artificial intelligence products is a chatbot trained to talk like a detective but look like Paris Hilton, and an armor-wearing character called the Dungeon Master who's based on Snoop Dogg.
/jlne.ws/48ThzcT
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| Cybersecurity | | Top stories for cybersecurity | The curious case of the FTX hacker moving funds during Bankman-Fried trial
Tim Starks - The Washington Post
The hacker behind last fall's $474 million FTX hack has picked a strange time to shuffle around their stolen haul: right as the trial began of FTX CEO Sam Bankman-Fried, who's facing criminal charges connected to the collapse of his crypto exchange. Crypto analysts, as well as the services the hacker has used to move the illicit funds, have taken notice of the shift.
/jlne.ws/46rs5X6
FTX reportedly transferred $500 million of crypto onto a USB stick to stop it from being stolen by hackers
Tom Carter - Business Insider
FTX employees reportedly scrambled to stop hackers from making off with $1.1 billion in crypto as the crypto exchange went into meltdown late last year. According to a report from Wired, FTX adviser Kumanan Ramanathan held as much as $500 million worth of assets on a USB drive for several hours to protect it from hackers.
/jlne.ws/3QcTXZb
Alameda Lost Nearly $200M to Phishing Attacks, Ex-Engineer Says
Shaurya Malwa - CoinDesk
You'd expect big-name traders to ensure high levels of security and steps in place to protect against phishing attacks and hacks, both of which plague the crypto ecosystem. But not Alameda Research. The beleaguered Sam Bankman-Fried run trading company lost at least $200 million to a variety of common attack vectors that run amok in the industry, as per new claims made by ex-employee Aditya Baradwaj.
/jlne.ws/3QenTEk
RSA CEO: 'AI will replace humans in cybersecurity. Our new job will be to protect it'
Rohit Ghai - Fortune
The new generation of artificial intelligence (AI) tools are being described as "intelligent assistants" and "copilots"-a way to tell us that we still have a role in the cockpit. While that may be true today, it won't hold for much longer, at least in the field of cybersecurity.
/jlne.ws/3rRBfgr
Cisco's Cybersecurity Shopping Spree (Part 1)
Cole Grolmus - Security Boulevard
One of cybersecurity's most active strategic buyers is at it again. Cisco has been buying a company every other month this year. Their $28 billion acquisition of Splunk in September is the largest acquisition in cybersecurity history. This acquisition alone is three times larger than all cybersecurity M&A activity in the first half of 2023 ($8.8 billion). It's also larger than quarterly M&A totals for the past 22 quarters (all the way back to 2018, and likely earlier).
/jlne.ws/3Qdd1ph
Google issues new cybersecurity updates and initiatives
Duncan Riley - SiliconAngle
In commemoration of the 20th anniversary of Cybersecurity Awareness Month, Google LLC today introduced various updates and initiatives to enhance cybersecurity and ensure user-friendly online experiences. Cybersecurity Awareness Month was created in 2004 as a collaborative effort between the U.S. government and industry to ensure users have the resources they need to stay safer and more secure online.
/jlne.ws/491r7ma
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Is Fundamentally Different From Other Cryptocurrencies: Fidelity Digital Assets
Will Canny - CoinDesk
Bitcoin [BTC] is a monetary good and an attractive store of value in a progressively digital world, Fidelity Digital Assets, a unit of financial services giant Fidelity investments, said last week. Traditional investors tend to use a technology investing framework when analyzing bitcoin, which leads them to the wrong conclusion that the cryptocurrency "as a first-mover technology, will easily be supplanted by a superior one or have lower returns," analysts Chris Kuiper and Jack Neureuter wrote.
/jlne.ws/3LYnyDo
U.S. State Regulators Intervene in Coinbase's Unregistered Securities Case
Jack Schickler - CoinDesk
Coinbase's legal fight over the status of crypto met a new hurdle Tuesday, as U.S. state authorities and legal experts joined a campaign by federal securities regulators to argue the company unlawfully operated an unregistered exchange. The Securities and Exchange Commission's action against one of the country's biggest crypto exchanges has been seen as existential for the future of crypto, with the sector accusing the agency of regulating by enforcement in the absence of new laws from the U.S. Congress.
/jlne.ws/3FdYvID
Defending the Indefensible? Sam Bankman-Fried's Lawyers Deserve Better
Daniel Kuhn - CoinDesk
Don't count your chickens before they hatch. Sam Bankman-Fried's trial is well underway, and many are acting like the fight to convict the millennial Charles Ponzi is already won. It is true that the evidence presented so far appears damning, and that the overwhelming majority of criminal cases end in conviction. And there's much to say about SBF's attorney's wet fart of a legal strategy, so far. But the old boy hasn't yet been found guilty by a jury of his peers, and that matters.
/jlne.ws/48PI8PZ
FTX founder Sam Bankman-Fried didn't think rules applied to him, ex-girlfriend says
Aaron Katersky - ABC News
FTX founder Sam Bankman-Fried believed in utilitarianism and thought rules against lying or stealing inhibited his ability to maximize the greatest benefit for the most people, his former girlfriend and co-worker testified Wednesday at his federal fraud trial. "He didn't think rules like 'don't lie' or 'don't steal' fit into that framework," Caroline Ellison, Bankman-Fried's on-again, off-again girlfriend, said.
/jlne.ws/46MvjnL
Alameda Research allegedly paid Chinese officials around $150M to regain $1B worth of exchange accounts
Jacquelyn Melinek - TechCrunch
During the Sam Bankman-Fried trial on Wednesday, former Alameda Research CEO Caroline Ellison testified that the crypto trading firm paid Chinese officials to get their Alameda trading accounts on OKX and Huobi in China unlocked. Judge Lewis Kaplan noted that the defendant is not charged in this case with bribery of Chinese officials, and the evidence was being offered for "limited purposes to display trust and confidence" as well as "motive" between Bankman-Fried and Ellison.
/jlne.ws/492v7D1
Bankman-Fried Knew of Alameda Risks, Ex-Girlfriend Testifies
Chris Dolmetsch, Yueqi Yang and Hannah Miller - Yahoo! Finance
/jlne.ws/3LWSBiX
Caroline Ellison 'freaked out' when the crypto market crashed as she realized Alameda owed billions to lenders
Katie Balevic, Jacob Shamsian - Business Insider
/jlne.ws/3ZTIG3t
Alameda propped up the price of 'Sam coin' FTT to help secure loans, former CEO Caroline Ellison says
Marco Quiroz-Gutierrez - Fortune
/jlne.ws/48MaoD3
SBF started a $2 billion venture fund using Alameda loans
Rebecca Bellan - TechCrunch
/jlne.ws/48SIlCe
'I Was Terrified.' Ellison Found Out About Large Customer Withdrawals in Signal Chat
Vicky Ge Huang - The Wall Street Journal
/jlne.ws/3RW9Owt
Binance CEO Changpeng Zhao, Other Exchange Leaders at Risk of Brazil Indictment
Daniel Carvalho, Cristiane Lucchesi and Mariana Durao - Bloomberg
/jlne.ws/48MtxEZ
Alameda 'Borrowed' Over $13 Billion From FTX in June 2022
Vicky Ge Huang - The Wall Street Journal
/jlne.ws/3ZPS2gw
Alameda Had Value of Negative $2.7 Billion in 2021, Says Former CEO
Vicky Ge Huang - The Wall Street Journal
/jlne.ws/48Nquwh
Caroline Ellison: SBF Told Me to Put FTT on Alameda's Balance Sheet
Vicky Ge Huang - The Wall Street Journal
/jlne.ws/3rWWb5A
Judge rebuffs SBF's requests to raise lack of crypto rules and FTX recovery to the jury
Sarah Wynn - The Block
/jlne.ws/3FeEnWQ
FTX Latest: Ellison Fights Back Tears Describing Her Worst Week; Ellison takes witness stand for second day at SBF trial; Ellison discusses mounting loans to Alameda Research
Chris Dolmetsch, Bob Van Voris, Yueqi Yang and Hannah Miller - Bloomberg
/jlne.ws/3LX9H04
Caroline Ellison Says 'Sam Was the One' Who Caused FTX Collapse; Ex-Alameda CEO takes on SBF's efforts to cast blame on her; She says he asked her create fake balance sheets to hide debt
Chris Dolmetsch, Yueqi Yang, and Bob Van Voris - Bloomberg
/jlne.ws/3Q9IwS5
Japanese yen-backed digital currency set to launch next July
Zoltan Vardai - Business Insider
/jlne.ws/46u9utq
Digital assets are here to stay, Bahamas prime minister says
Zoltan Vardai - Forkast
/jlne.ws/3tufUtV
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| Politics | | An overview of politics as it relates to the financial markets | The Trump 'haircut': Yes, Deutsche Bank really used this term in reducing what Trump said he was worth
Laura Italiano - Insider
They called it the Trump "haircut." Really, that was what Deutsche Bank - Donald Trump's most generous lender - called the routine cuts they applied to whatever the former president told them he was worth. The "haircut" reference was made Wednesday at Trump's New York civil fraud trial, now mid-way through its second week. The word jumped out during an esoteric finance discussion.
/jlne.ws/3FceZRk
Senators Urge IRS to Speed Up Plan to Snag Crypto Tax Cheats; Two-year delay defers billions in tax revenue, senators say; Rules to require crypto brokers to report client transactions
Allyson Versprille - Bloomberg
A group of senators led by Democrat Elizabeth Warren and Independent Angus King is pushing US tax officials to move up the start date for crypto brokerages and exchanges to report information on their clients' transactions to the government. Proposed regulations released by the Internal Revenue Service and Treasury Department in August would require those firms to begin reporting data on sales and exchanges of digital assets in 2026 - two years later than Congress had intended when it enacted legislation in 2021.
/jlne.ws/3Fdgr67
White House Blames Trump Tax Cuts for Helping 2023 Deficit Surge; Impact of Republican tax cuts was masked in previous years: WH; Council of Economic advisers post comes before deficit data
Viktoria Dendrinou - Bloomberg
The White House has blamed President Donald Trump's tax cuts for contributing to a surge in the US budget deficit this year, laying down political battle lines as Republicans call for sweeping spending cuts to reduce government borrowing. In a blog post days before the expected release of full 2023 fiscal year budget data, the White House Council of Economic Advisers said Wednesday that a reduction in revenues from capital gains taxes has played a notable role in the widening deficit.
/jlne.ws/45mNaAA
IRS notifies Microsoft it owes an additional $29 billion in back taxes
Jon Swartz - MarketWatch
Microsoft Corp. on Wednesday said it has received a notice from the Internal Revenue Service that it owes $28.9 billion in back taxes, plus interest and fines, for the tax years 2004 to 2013. "As of September 30, 2023, we believe our allowances for income tax contingencies are adequate," Microsoft said in an 8-K filing. The software giant said it received the notice on Sept. 26.
/jlne.ws/45nk9ox
Vanguard funds invest in China military groups, report says; US lobby group finds asset manager channels money to companies sanctioned by Washington
James Kynge, Demetri Sevastopulo and Hudson Lockett - Financial Times
Vanguard, the world's second-largest asset manager, is acting as a pipeline through which US investment dollars are being funnelled into Chinese military companies and corporations sanctioned over human rights abuses, according to a new report by a US producers' lobby group.
/jlne.ws/3FeWTyk
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| Regulation & Enforcement | | Stories about regulation and the law. | FTX collapse helped the evolution of crypto regulation, says Bahamas securities regulator
Zoltan Vardai - Forkast
The collapse of cryptocurrency exchange FTX has helped the evolution of global cryptocurrency regulations, said Christina Rolle, the executive director of the Securities Commission of The Bahamas, during a panel discussion at the D3 Bahamas event on Wednesday.
/jlne.ws/3trzy9T
Industry groups call on SEC to withdraw AI proposal
Brian Croce - Pensions & Investments
A chorus of financial industry trade groups say the Securities and Exchange Commission's artificial intelligence conflict-of-interest proposal will harm institutional investors, retirement savers, brokers and advisers, and are calling on the agency to withdraw the initiative.
/jlne.ws/3ZQRp6q
Commissioner Johnson to Give a Keynote and Participate in A Fireside Chat at the Symposium on Derivatives and Financial Regulation in Montreal, Canada
Commodity Futures Trading Commission
Commissioner Kristin N. Johnson will give a keynote and participate in a fireside chat at the Symposium on Derivatives and Financial Regulation in Montreal, Canada hosted by the CDPQ.
/jlne.ws/3RU38Ps
The SEC Risks Being Ensnared in Its WhatsApp Trap; The agency's moral authority may be eroded by how aggressively it has fined institutions for behavior everyone else thought was legal. Pushback may follow.
Aaron Brown - Bloomberg Opinion
"Very strict enforcement" is a euphemism used by the American Automobile Association to warn motorists of places where even minor traffic violations will likely be caught and punished with heavy fines. The designation "speed trap" is reserved for very strict enforcement places that appear to be using fines to fund local budgets rather than to improve traffic safety.
/jlne.ws/3FeEgdS
SEC's Crenshaw sounds the alarm on syndicated loans
Declan Harty - Politico
SEC Commissioner Caroline Crenshaw on Wednesday urged caution over the $1.4 trillion leveraged loan market, saying it's operating under lax safeguards that may be allowing systemic issues to fester. In a speech, Crenshaw drew parallels to the 2008 financial crisis and the 1998 failure of Long-Term Capital Management.
/jlne.ws/3ZPSdZe
Syndicated Loans Pose Systemic Risks, Regulator Warns; Caroline Crenshaw says more investor protections may be needed; SEC Democrat wants her agency, banking watchdogs to do review
Lydia Beyoud - Bloomberg
A Democrat on the US Securities and Exchange Commission is warning that syndicated loans sold widely to investors are stoking risks to the broader financial system. Regulators should consider whether additional investor protections are needed for the fast-growing market, Caroline Crenshaw, an SEC commissioner, said in a speech Wednesday.
/jlne.ws/45s7JM3
In-securities: What Happens When Investors in an Important Market are not Protected? Remarks to the Center for American Progress
Commissioner Caroline A. Crenshaw - SEC
Thank you, Emily, for your kind introduction. I'm grateful to you and the Center for American Progress for organizing the event, as well as for the invitation to speak to you today. The topic of the event is timely. Private markets are an increasingly large portion of the overall markets. That means solutions to any of the most important issues in the markets today will naturally require consideration of the private markets and the assets that trade in them.
/jlne.ws/45n3Wzy
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | EU Markets Regulator Warns of DeFi's 'Serious Risks'
Jack Schickler - CoinDesk
The European Securities and Markets Authority (ESMA) warned of "serious risks" of investors being harmed by decentralized finance (DeFi) in a Wednesday report despite the innovative technology being in its infancy. ESMA, an EU agency that is due to set rules under the bloc's landmark Markets in Crypto Assets Regulation (MiCA), promised to look further into the nascent market, which has posed a puzzle for policymakers who are used to pinning regulatory obligations on centralized entities like banks or securities exchanges.
/jlne.ws/3ZPNWFd
Bond Traders Are Starting to Bail on Winning Yield-Curve Bets; Schroders closed some steepener trades on US bonds this week; Pendal is starting to look favorably on simple long positions
Garfield Reynolds - Bloomberg
Bond investors are starting to back away from what's been one of the few bright spots for them this year amid signs yields may have peaked after the epic rout in September. Money managers at Schroders Plc and Pendal Group in Sydney just closed out some so-called curve steepeners - which pay off when shorter-dated debt outperforms longer bonds.
/jlne.ws/48MCeiH
Supply Deluge Makes Indonesian Bonds More Sensitive to US Rates; Indonesia announces higher-than-expected bond sales for 4Q; Bond auctions show government's tolerance for higher yields
Marcus Wong - Bloomberg
An unexpected increase in Indonesia's sovereign debt supply is exacerbating the country's worst bond rout since the height of the pandemic, while making the asset class more sensitive to Treasury moves. Indonesia's bonds saw a third straight month of outflows amid the government's plans to sell more than double the amount of debt this quarter than it did in the year-ago period.
/jlne.ws/3QdM9Xe
Bill Gross Goes From Bond King to Merger-Arbitrage Player; Arb offers higher return, less downside if researched: Gross; Sees promising bets in deals around Activision, Capri, Seagen
Yiqin Shen - Bloomberg
For investors seeking an alternative to stocks and bonds at the moment, Bill Gross has a recommendation: merger arbitrage. The co-founder and former chief investment officer of Pacific Investment Management Co. has been growing increasingly vocal in recommending the strategy, which involves betting on the outcome of corporate takeovers.
/jlne.ws/3Faoktb
Global central banks are hoarding gold like never before as they seek to reduce 'overconcentration' of dollar reserves
Anil Varma - Business Insider
Global central banks have been snapping up record amounts of gold since the start of 2022 - a trend that should continue as countries look to move away from an "overconcentration" of reserves in the dollar, according to State Street Global Advisors. Monetary authorities across nations made net purchases of 387 metric tons of the yellow metal in the first half of 2023, after buying an unprecedented 1,083 tons the whole of last year, the world's fourth-largest asset manager said in a recent note.
/jlne.ws/46unx2i
Shale Boss Warns of Oil-Market Peril If Iran Is Swept Into War
David Wethe and Alix Steel - Bloomberg
Oil prices will surge if the Israel-Hamas war escalates to include Iran, according to shale magnate Scott Sheffield. The founder and chief executive officer of Pioneer Natural Resources Co. issued the warning during an interview with Bloomberg Television on Wednesday, just hours after Exxon Mobil Corp. agreed to buy the shale giant for $59.5 billion.
/jlne.ws/46NjsWn
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Global water cycles are 'spinning out of balance', weather agency reports; World Meteorological Organization forecasts new patterns of both extreme flooding and drought across the globe
Aime Williams - Financial Times
The world will experience an "increasingly erratic" water cycle as climate change drives new patterns of both extreme flooding and drought across the globe, the World Meteorological Organization has forecast. The agency said hydrological cycles were "spinning out of balance" and that more robust monitoring systems were needed, particularly in Africa, the Middle East and Asia, as it released a report on global water patterns in 2022.
/jlne.ws/3FfKSZk
'Generation COP' Is Less Fearful Than Older People About Climate; People born after the first United Nations climate summit in 1995 are more worried about rising prices than global warming, a new survey finds.
Momoka Yokoyama and Aaron Clark - Bloomberg
Despite record global temperatures, catastrophic flooding and searing wildfires this year, nearly half of young participants in a major global survey across 39 economies believe they will personally avoid a climate disaster during their lifetime. Seiko Epson Corp.'s third annual Climate Reality Barometer report, which surveyed more than 30,000 people, found that nearly 49% of respondents aged 16 to 29 are "very optimistic" or "somewhat optimistic" they won't be impacted by events like floods, droughts or landslides, and that number dwindled to just 32% for participants 55 and older. Rising costs are a bigger concern than global warming for people 29 and younger, though a changing climate was the top issue for those 30 and older.
/jlne.ws/3LWF0YO
Comment: 'We've been mispricing nature, now we must plug the value gap'
Michael Marks - Reuters
The value of nature to our society and economy is undeniable, with 55% of global gross domestic product highly or moderately dependent on nature and its services. Yet we treat nature as a disposable commodity that has no value. As a result, our natural world is in crisis. Ecosystems are being pushed to complex tipping points, after which we may see a substantial shift in their ability to adapt, even risking the collapse of whole ecosystems. The economic impact would be severe. The World Bank estimates that the loss of select ecosystem services provided by nature could decline in annual global GDP of $2.7 trillion by 2030. Without doubt, this presents us with a systemic market risk.
/jlne.ws/3ZSBowI
TCFD: 97 of the world's 100 largest corporates back climate disclosure guidelines
James Murray - BusinessGreen
The world's largest companies are committed to reporting on climate-related risks and opportunities in line with the guidance set out by the influential Taskforce on Climate-related Financial Disclosures (TCFD), but only a handful of corporates have fully embraced climate risk reporting best practices.
/jlne.ws/3FeTgbv
Climate Change Can't Overcome Capitalism, and That's OK; "Society is making more entrepreneurs care about the climate problem. That's a good place to be," says Akshat Rathi on this week's episode of Zero.
Kira Bindrim, Akshat Rathi, and Oscar Boyd - Bloomberg (podcast)
It is now cheaper to save the world than destroy it. But is capitalism up to the challenge of preventing the climate crisis? In his new book Climate Capitalism, Zero host Akshat Rathi introduces a dozen people who are steering capitalism toward climate solutions: from the engineer who shaped China's electric car policies and the politician who helped make net-zero a UK law to the CEO who fought off a takeover attempt so he could stick with a sustainability strategy. Akshat argues that not only is capitalism capable of taking on the climate crisis, but harnessing it is the only way to solve it in the time we have available.
/jlne.ws/46sNdMr
Energy Firms, Green Groups and Others Reach Deal on Solar Farms; The agreement could help speed up the development of large solar projects that are often bogged down by fights over land use and environmental concerns.
Ivan Penn - The New York Times
/jlne.ws/45supf2
Coal's Coming Decline Has Miners Facing 400,000 Layoffs by 2035; Job cuts due to closure of mines amid energy transition; China and India likely to be hit the hardest by job losses
Sing Yee Ong - Bloomberg
/jlne.ws/3LX6iyn
Behind ExxonMobil's contrarian $60bn oil bet; Purchase of Pioneer Natural Resources boosts US group's Permian Basin inventory as fossil fuel debate heats up
Financial Times
/jlne.ws/3RWPNWL
Red, juicy, heat resistant: the hunt for a climate-proof apple; Pomologists know how to grow the perfect fruit. But as the world gets hotter, can they save it from extinction?
John Gapper - Financial Times
/jlne.ws/45vqRbQ
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Barclays CEO Warns Banking Deal Revival Still Some Way Off; Stagnant deal flows are set to continue a while longer
Liza Tetley - Bloomberg
Stagnant deal activity, easing volatility and peaking interest rates are set to compound pressure on bank earnings, according to Barclays Plc's chief executive officer. Despite tentative signs of activity returning at the start of September, C.S. Venkatakrishnan said on Bloomberg's In the City podcast that a dealmaking revival is still looking "a little further away."
/jlne.ws/3PMQHT0
Singapore Is Winning Out Over Hong Kong, ANZ Bank CEO Says; ANZ now has about 800 people in Singapore, 400 in Hong Kong; CEO Elliott says customers are boosting treasury departments
Ambereen Choudhury - Bloomberg
ANZ Group Holdings Ltd. Chief Executive Officer Shayne Elliott said his customers moved more of their business to Singapore from Hong Kong in the past few years as the smaller Asia-Pacific trading hub narrows the gap to its larger rival. An increasing number of clients at Elliott's firm have chosen to invest their regional treasury capabilities in Singapore, he said in an interview. ANZ Group now has about 800 people in Singapore, double its headcount in Hong Kong.
/jlne.ws/3LYGXnL
Top-Performing India Stock Fund Says Small-Cap IPOs Offer Value; Franklin India Smaller Companies Fund has risen 34% this year; TVS Supply Chain, Concord Biotech are among fund's IPO picks
Ashutosh Joshi - Bloomberg
A Franklin Templeton India fund is turning to initial public offerings to help keep it in the top ranks of the nation's mutual funds as rich valuations have made it hard to pick winners among small-cap stocks. The $1.2 billion Franklin India Smaller Companies Fund is up 34% this year, beating 98% of its peers. The fund's IPO picks - Concord Biotech Ltd., TVS Supply Chain Solutions Ltd. and SBFC Finance Ltd. - have rallied between 15% to 50% since their trading debuts in August, data compiled by Bloomberg show.
/jlne.ws/48QEpBJ
Australia's Regulator Sees No Systemic Stress on Home Loans; APRA chairman Lonsdale speaks at Citi investment conference; Fundamentals of the system still "very strong," Lonsdale says
Amy Bainbridge - Bloomberg
Australia's banking regulator said the pockets of stress that have appeared in the nation's housing market since interest rates started ramping up aren't becoming more widespread. "We haven't seen systemic stress at this point," Australian Prudential Regulation Authority Chair John Lonsdale said at the Citi Australia & New Zealand Investment Conference in Sydney Thursday.
/jlne.ws/3PQLmdy
Goldman Sues Malaysia as 1MDB Settlement Dispute Escalates; Bank files complaint over violation of settlement obligations; Malaysia surprised, says parties were in 'good faith' talks
Sridhar Natarajan and Kok Leong Chan - Bloomberg
Goldman Sachs Group Inc. took the unusual step of suing Malaysia in a UK court amid festering disagreement over a settlement tied to its role in the 1MDB investment-fund scandal. Executives at the Wall Street firm have grown increasingly frustrated with the country's demands to redo its existing 2020 pact in favor of more onerous penalties, and the lack of information tied to the looted assets the nation has been recovering.
/jlne.ws/3tBrxPF
Hedge Fund Billionaire Paulson Is Staging 'Coup d'Etat,' Puerto Rico Partner Says; Longtime business partner Fahad Ghaffar seeks injunction; Ghaffar's filing comes on heels of related federal lawsuit
Jim Wyss - Bloomberg
/jlne.ws/474EG2v
Barclays Drops Canadian Financial Stocks After Aiken Leaves Firm
Esteban Duarte - Bloomberg
/jlne.ws/3LZw2Kh
Barclays CEO Warns Banking Deal Revival Still Some Way Off; Stagnant deal flows are set to continue a while longer
Liza Tetley - Bloomberg
/jlne.ws/3rN3UTQ
Japan's Top Banks Pay Women About Half of What Men Earn; Japan's new disclosure rules force firms to report pay gap; Most women at top 5 banks end up with less responsibility
Yuko Takeo and Taiga Uranaka - Bloomberg
/jlne.ws/3ZWa2WG
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Economists have finally figured out a decades-long mystery: Why men are increasingly forgoing work
Laura Curtis and Bloomberg - Fortune
It's a question that's puzzled economists for decades: why have men been increasingly missing from the labor market since the 1960s? The answer - at least partly - is that more millennial men are going to college than baby boomers. And new research from the Federal Reserve Bank of San Francisco shows that as these younger men graduate, they'll increasingly enter the workforce and the decline in participation should slow.
/jlne.ws/3FejlaN
Claudia Goldin Wins Nobel in Economics for Studying Women in the Work Force; Her research uncovered the reasons for gender gaps in labor force participation and earnings. She is the third woman to win the prize.
Jeanna Smialek - The New York Times
The Nobel Memorial Prize in Economic Sciences was awarded on Monday to Claudia Goldin, a Harvard professor, for advancing the world's understanding of women's progress in the work force. She is the third woman to have won the economics Nobel, which was first awarded in 1969, and the first one to be honored with it solo rather than sharing in the prize. Dr. Goldin, 77, has long been a trailblazer in the field - she was the first woman to be offered tenure in Harvard's economics department, in 1989. Her wide-ranging work has delved into the causes of the gender wage gap, the evolution of women's participation in the job market over the past 200 years, and the implications for the future of the labor force.
/jlne.ws/46ICwVV
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Renting A Home Ages You Faster Than Smoking Or Unemployment, Study Says
Mary Whitfill Roeloffs - Forbes
People who rent their home as opposed to owning outright age faster than those experiencing unemployment or who've previously smoked, according to a new study by Australian researchers that looked at the stress of renting in British adults.
/jlne.ws/46pt9dP
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India-Pakistan Cricket Match Sees Sky-High Resale Ticket Prices; Pakistan plays in India for first time in seven years; India cricket board ticketing chaos criticized by fans
Satviki Sanjay and Alex Gabriel Simon - Bloomberg
Nikhil Wadhwani's decision to buy a ticket for the hotly anticipated India versus Pakistan match at the men's Cricket World Cup is turning out to be the former derivatives trader's best bet ever. The 32-year-old Mumbai native, who now works at a fintech company, in August bought a 2,500 rupee ($30) ticket for Saturday's match.
/jlne.ws/46LikTn
Finland Says Pipeline Leak Likely Caused by Mechanical Force
Leo Laikola and Kari Lundgren - Bloomberg
Finnish investigators said that a gas pipeline in the Gulf of Finland was most likely ruptured by a deliberate act of force rather than an explosion. The investigation is proceeding on the basis of "gross vandalism," though it's too early to exclude any possibility from the investigation, Risto Lohi, a detective superintendent at Finland's National Bureau of Investigation, said at a news conference on Wednesday.
/jlne.ws/46rqW1K
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