| January 08, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Andy Lowenthal announced on LinkedIn he has started the "next chapter of my professional life" after officially retiring from Cboe Global Markets after 40 years and 21 roles. He plans for 2024 to travel with his wife Tracey, including today, to the College Football National Championship game. In his note, he mentioned how his family had been victims of Nazi terror and he had "true passion for the institutions that have been created to make sure we never forget and to that end, I recently was named to the Illinois Holocaust Museum and Education Center Board of Directors. Additionally, I am the Co-Chair of the Chicago chapter of U.S. Holocaust Museum's Children of Survivor Committee."
He is off to explore new microbreweries and craft beers across the world, will ski more and is open to board work. He also expressed his appreciation to all his friends and colleagues at Cboe. He will be missed at the Cboe, he was a great contributor and steady presence.
You know you have made an impact when a local bank underwrites a mural on the side of a building featuring your image and your organization at work. Jahmal Cole, founder and CEO of My Block, My Hood, My City, was the recipient of this honor. JLN interviewed Cole and his mentor and former employer Will Hobert of WH Trading in a popular podcast last year. Cole was also a featured speaker at the 2023 FIA EXPO in Chicago.
The Wall Street Journal reports "Offices Around America Hit a New Vacancy Record" and "The 19.6% of office space that isn't leased is the highest since at least 1979."
The Journal also has a story many other publications are quoting. The story is about Elon Musk's drug use and is titled "Elon Musk Has Used Illegal Drugs, Worrying Leaders at Tesla and SpaceX" and the subheadline is "Some executives and board members fear the billionaire's use of drugs-including LSD, cocaine, ecstasy, mushrooms and ketamine-could harm his companies." This is a non-story, as his drug use is widely known. The story says Musk may have been under the influence of drugs when he tweeted about taking Tesla private back in 2018.
Citadel's Ken Griffin spoke at McCombs School of Business and you can see the video on YouTube as he discusses the attributes and skills GenZ needs to radically increase productivity amid technological transformation.
The Wall Street Journal has a story about how careful planning is the key to getting a tax deduction for a charitable donation, yet they published this story eight days after the deadline for getting deductions for 2023. That was not careful planning. The story is titled "How to Lower Your Tax Bill With the Charitable-Donation Deduction" with a subheadline "Getting a tax break for contributions to charity often requires careful planning."
The U.S. is sending the first rockets to the moon since Jackie Gleason was alive. To the moon, Alice! Actually, it is the first in 50 years.
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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Odessa Jenkins, a successful tech/SAAS business executive, the CEO of Bonfire Women, and founder of the Women's National Football Conference (WNFC), is leading a virtual event hosted by WILD (Women in Listed Derivatives) and Bonfire, a leadership development program for women, tomorrow, January 9 from 12pm-1pm CT. The program is called "Show Up, Stand Out, and Break Through" (at work). You can go here to register.~SR
Our most read stories from our previous edition of JLN Options were:
- Cboe Global Markets Reports Trading Volume for December and Full Year 2023 from Cboe.
- Investors trim upside options bets as 'euphoric' US stock rally stalls from Reuters.
- Trader Makes Massive Bet Treasuries Will Get Slammed After Jobs Report from Bloomberg via Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Andy Yemma - John Lothian Profiles, Part Two
JohnLothianNews.com
In part two of his John Lothian Profiles interview, Andy Yemma dives into the FBI investigations of 1989-90, which came as a shock to him. While he noted that CME traders often violated exchange rules and occasionally faced CFTC cases, the magnitude of the FBI case was unprecedented. Yemma's initial awareness of the FBI case came from Bill Crawford, a former Tribune reporter who had experience as a police reporter and then covered the exchanges.
Watch the video »
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Futures Discovery: Careers in the Futures Industry
JohnLothianNews.com
In episode 4 of Futures Discovery, we're diving into the diverse world of careers within the futures industry. From the fast-paced world of trading to the analytical realms of risk management and technology, there's a multitude of career paths in this dynamic field.
Watch the video »
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Kelly Loeffler is back with a new GOP company inspired by her loss three years ago; Republicans have lagged in the campaign tech space, but the former senator says she has the answer.
Madison Fernandez - Politico
Former Georgia Sen. Kelly Loeffler is back on the national political scene trying to give Republicans a leg up in the campaign tech space. She shared plans with POLITICO to roll out RallyRight, a technology company that offers a suite of products: DonateRight, a donation processing service intended to rival major players like WinRed; FieldRight, a gig economy app that connects canvassers to campaigns; and RelayRight, a texting tool.
/jlne.ws/3RLP6ho
***** Kelly Loeffler is bakkt with a new GOP company?~JJL
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G20 push for faster payments risks weakening Russia sanctions, experts warn; Speeding up digital systems makes them more vulnerable to criminal networks and money laundering
Akila Quinio - Financial Times
A G20-led push to speed up international payments risks enabling financial crime and hindering the enforcement of sanctions against Russia and other states, industry experts have warned. The plans to make digital payment systems more efficient by 2027 do not take into account their increasing vulnerability to criminal networks and the heightened money laundering risks posed by a surge in war-related sanctions, according to the Future of Financial Intelligence Sharing, a UK-based research programme.
/jlne.ws/3TPWNpe
****** Interesting take on the disadvantage of speeding up payments.~JJL
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'Try not to let moose lick your car,' warns Parks Canada, as more moose flock to highways
Arrthy Thayaparan - CBC News
Parks Canada is warning drivers not to stop while on highways to let moose lick their cars this winter. The peculiar message comes as moose have been trekking onto highways to lick salt off of roads and passing vehicles, says Tracy McKay with Parks Canada.
/jlne.ws/48JHant
***** John Lothian News relaying an important public service announcement. ~JB
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Friday's Top Three
Our most-read story Friday was 5 Top-Paying Cybersecurity Certifications, from MSSP Alert. Second was Trump Received Millions From Foreign Governments as President, Report Finds, from The New York Times. Third was Bloomberg's ChatGPT Is Accused of Copying. It'll Be Scarier When It Doesn't Need To.
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| Lead Stories | Shipping Shows Signs of Panic as Houthis Menace Key Trade Lane; Shippers are likely to face a crunch before Lunar New Year; Suez Canal transits fall to lowest level since it was blocked
Alex Longley and Anna Shiryaevskaya - Bloomberg
Container shipping is set to face a crunch ahead of the Lunar New Year holiday as Houthi attacks in the Red Sea restrict capacity, a major industry consultant said. The coming weeks are likely to be very difficult as trade volumes ramp up before Lunar New Year, which begins Feb. 10, according to Philip Damas, Managing Director and Head of Supply Chain Advisors at Drewry Shipping. Diversions as a result of the attacks are forcing ships to sail thousands of miles further than normal and are therefore restricting the amount of vessels able to carry goods.
/jlne.ws/41LPeC9
Irish stock exchange boss hits out at 'bizarre' tax rules after company exits; Daryl Byrne says higher stamp duty on trading puts Euronext Dublin at a disadvantage to the US and elsewhere
Jude Webber - Financial Times
The head of Euronext Dublin has hit out at "bizarre" tax rules that create an "unlevel playing field" and urged reform, after a series of high-profile departures from Ireland's stock exchange. Irish building materials giant CRH, the most valuable stock on the small Dublin market, left in September as part of the switch of its primary listing to New York from Europe. Betting group Flutter and packaging firm Smurfit Kappa have announced they will leave Dublin this year. Drinks group Diageo, which owns Guinness, cancelled its Irish listing in May.
/jlne.ws/48OdEx7
China launches new blue-chip stock index to push growth sectors; More diversified CSI A50 index gives greater emphasis to priority industries such as renewables and chips
Hudson Lockett and Cheng Leng - Financial Times
China's stock exchanges have launched an additional blue-chip equity benchmark as part of an effort to boost investment in listings deemed strategically important to Beijing. Investors and analysts said the CSI A50 index, which debuted on Tuesday, was intended to spur the creation of investment products that grant greater weightings for sectors such as renewables and semiconductor manufacturing - areas central to policymakers' vision for economic transition and national security.
/jlne.ws/3H9D38v
James Gorman Just Wrapped Up a Successful Tenure at Morgan Stanley. It Almost Didn't Turn Out That Way; Former CEO describes narrowly averted downgrade to junk territory in 2012 as his toughest moment
AnnaMaria Andriotis - The Wall Street Journal
James Gorman ordered an extra dry vodka martini at a St. Petersburg, Russia, hotel bar late one night in June 2012. The Morgan Stanley MS -0.46%decrease; red down pointing triangle chief executive officer was there to celebrate a downgrade. The CEO of one of America's biggest banks wouldn't normally be toasting such a move. But Moody's decision to lower Morgan Stanley's credit rating by just two notches, rather than the three it was weighing, had saved the bank from a disastrous fall into junk territory.
/jlne.ws/3H9tGFN
Bank regulation on capital has made financial system more fragile; Rule changes have stemmed flows of funds across regions, increasing stability risks
Jeffrey Meli - Financial Times
Regulators and investors are worried about the fragility of government bond and funding markets. This is understandable. These markets are vital for financing governments, for monetary policy transmission and for the hedging of interest rate risk for banks, investors and corporations. But they are experiencing repeated bouts of instability, such as the frenzied "dash for cash" in early 2020 and the 2019 blow-up in repos, a market for interbank lending.
/jlne.ws/3NV9YkS
South Korea widens probe on 'exotic notes' tied to Hong Kong stock index; Regulator looks at possible mis-selling of equity-linked securities by 12 institutions as retail investors fear heavy losses
Song Jung-a - Financial Times
South Korea's financial authorities have widened their investigation into banks and brokerages over the possible mis-selling of so-called exotic notes linked to Chinese stocks, following complaints from retail investors fearing heavy losses from the high-risk securities.
/jlne.ws/3SaoBDx
Green investment in Texas shows how funds are navigating anti-ESG laws
Endowment's $300mn commitment to energy transition fund shows how fiduciaries are getting around bans
Will Schmitt - Financial Times
Shortly after Texas pioneered the first US ESG blacklist in late 2022, a big investor in education in the oil-producing state pumped $300mn into a fund designed to subsidise the global energy transition away from fossil fuels. The commitment from the $51bn Texas Permanent School Fund (PSF), which allocates more than $2bn annually to public education, is the largest in the Macquarie Green Investment Group's energy transition solutions fund, MGETS, according to PitchBook data.
/jlne.ws/48HY6e1
Bitcoin ETFs Are Coming Fast. Crypto Investing Will Never Be The Same.
Harrison Miller - Investors Business Daily
Bitcoin and other cryptocurrency investments have climbed in the past few months, mostly for one big reason: anticipation of spot bitcoin ETFs. And the eagerly awaited launch is almost here. Regulatory approval of spot bitcoin ETFs is likely in the next few days. A spot bitcoin ETF would directly hold bitcoin assets. In contrast, ProShares Bitcoin Strategy ETF (BITO), the first U.S. bitcoin-linked ETF, invests in bitcoin futures contracts. Spot bitcoin ETFs are expected to create new and bigger opportunities for institutions to invest in cryptocurrencies and other digital assets.
/jlne.ws/47rJ7ns
The US shale magnate trying to sell oil and gas jobs to Generation Z; Harold Hamm is trying to dispel younger generation's negative outlook over climate change concerns
Jamie Smyth and Ian Johnston - Financial Times
US shale magnate Harold Hamm is leading attempts to lure an increasingly sceptical younger generation to the oil and gas industry as climate concerns and job insecurity dent the attractiveness of the industry for graduates and skilled tradespeople. "We are going to be using oil for the next 50 years and 'clean burning' natural gas probably for the next 100 or 150 years want to get the next generation of gamechangers involved," said the businessman, who recently donated $50mn to establish the Hamm Institute for American Energy at Oklahoma State University.
/jlne.ws/47zRqOs
Scientists Are Already Bracing for Record-Breaking Heat in 2024; If history is any guide, the second year of an El Nino is usually warmer than the first.
Zahra Hirji, Olivia Rudgard, and Brian Kahn - Bloomberg
This year will be hot. Very hot. So hot that some experts are already predicting it may beat 2023 as the hottest year in recorded history. Climate change is, of course, primarily responsible. Burning fossil fuels is increasing the amount of greenhouse gases in the atmosphere, causing the global average temperature to rise. In 2023, the average was about 1.4C higher than the pre-industrial era; early estimates suggest this year will be up 1.3C to 1.6C.
/jlne.ws/3tMsZiU
TradFi to Increasingly Support Wholesale Crypto Markets
Shanny Basar - MarketsMedia
TP ICAP, the intermediary which connects buyers and sellers in wholesale financial, energy, and commodities markets, expects the wholesale cryptoasset market to be increasingly serviced by traditional brands and providers in 2024. Duncan Trenholme and Simon Forster, global co-heads of digital assets at TP ICAP, said in an email that operating models for spot crypto exchanges will continue to change with the segregation of execution and custody becoming the default for institutional market participants. They expect a continued shift of trading activity to traditional, regulated exchanges and venues and that overall spot crypto volumes, once dominated by offshore exchanges, will begin to migrate toward more regulated providers.
/jlne.ws/3Hszk6p
Why buy-side firms are building their own primary market tools; Interoperability is not a competitive issue; clients will build it if platforms do not supply it.
MarketsMedia
There is not a consensus on who should make the bond issuance process more efficient. Everyone agrees it needs to improve. Banks have historically sent a "mess" of information about new bonds hitting the market to investment managers' trading desks, who then have to sort out that mess. Currently Bloomberg's tools are most used, via its messaging and IB chat, allowing unstructured communication between the buy- and sell-side.
/jlne.ws/3ROCDJH
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia batters Ukraine in biggest air strikes since new year barrage; President Volodymyr Zelenskyy urges allies to help replenish depleting air defence stocks
Roman Olearchyk - Financial Times
Russian forces have pounded Ukraine with nearly 60 missiles and attack drones, the largest nationwide air strikes since a massive barrage over the new year period. As Moscow intensifies its campaign of hitting energy infrastructure and other targets for the second successive winter, Ukrainian President Volodymyr Zelenskyy has urged western allies to approve military aid packages to boost Kyiv's depleted air defence capabilities.
/jlne.ws/41SsrEQ
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Hezbollah Commander Killed by Israeli Airstrike in Southern Lebanon; Strike comes as Blinken visits Middle East for talks with regional leaders
William Mauldin and Stephen Kalin - The Wall Street Journal
An Israeli airstrike killed a senior Hezbollah commander in southern Lebanon on Monday, ratcheting up cross-border tensions during a Middle East visit by Secretary of State Antony Blinken that seeks to prevent a broader war and discuss how the Gaza Strip will be governed after the fighting there ends.
/jlne.ws/41WE8dC
Al Jazeera accuses Israel of targeted killing of two of its journalists in Gaza; Hamza Wael Dahdouh and Mustafa Thuria died after two rockets were fired at car they were travelling in, witnesses say
Ashifa Kassam and agencies - The Guardian
Al Jazeera has accused Israel of the targeted killing of two of its journalists in Gaza as the head of the advocacy group Reporters without Borders decried a "never-ending slaughter" in the territory that had killed 79 journalists in the span of three months.
/jlne.ws/3TRY1Ap
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Clearing: New Product Advisory Notice
CME Group
Updated: New Product Summary: Initial Listing of Tuesday and Thursday Weekly Option Contracts on Gold, Silver, and Copper Futures (Amending Strike Price Example) - Effective January 22, 2024. Initial Listing of Tuesday and Thursday Weekly Option Contracts on Gold, Silver, and Copper Futures (Amending Strike Price Example).
/jlne.ws/47kMLiZ
EEX Press Release - EEX now provides REMIT disclosure services to Baltic-Finnish gas markets
European Energy Exchange
The European Energy Exchange (EEX) has successfully launched REMIT Inside Information Disclosure Services for Baltic-Finnish natural gas markets, previously offered by GET Baltic. The integration of these services into the EEX Transparency Platform follows EEX's acquisition of the majority shareholding in GET Baltic and is the first joint accomplishment in the framework of the planned integration of the Baltic-Finnish gas markets into EEX. To date, 23 customers have signed up to use EEX's reporting services for the Baltic-Finnish gas markets.
/jlne.ws/3tIVmhU
Nasdaq European Markets sustains its strong position in the SME listings and sustainable debt market in 2023
Nasdaq
Nasdaq European Markets welcomed 33 listings, including 7 initial public offerings (IPOs), raising a total of EUR 431 million risk capital and EUR 11.6 bn in secondary offerings; Nasdaq celebrated its 130th company to transfer from Nasdaq First North Growth Market to Main Market. Nasdaq (Nasdaq: NDAQ) today presented its yearly statistics for Nasdaq European markets. Despite the uncertainties in the wider global economy, the Nordic and Baltic regions maintained their position in capital markets in several key areas, including Sustainable Debt Market and SME listings. In total, the Nasdaq equity markets in Sweden, Denmark, Finland, Iceland and the Baltic countries welcomed 33 listings, including 7 initial public offerings (IPOs), raising a total of EUR 431 million risk capital (2022: EUR 0.76 bn) and EUR 11.6 bn in secondary offerings (2022: EUR 16.6 bn). With 19 listings, Nasdaq Stockholm also remained one of the most successful listings venues in Europe in 2023.
/jlne.ws/3NQYOxG
Exchanges rush to update filings for spot bitcoin funds from asset managers including BlackRock and Grayscale, adding momentum to potential approval
Sarah Wynn - The Block
Stock exchanges filed updated 19b-4 forms for proposed bitcoin ETFs from asset managers including BlackRock, Fidelity, Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. The moves were significant, as market watchers had been expecting updated filings to come before any kind of approval from the SEC. Stock exchanges rushed to file fresh, amended 19b-4 forms for bids from asset managers including BlackRock and Fidelity for spot bitcoin exchange-traded funds, marking the latest move as issuers try and barrel toward the finish line to get the Securities and Exchange Commission's approval.
/jlne.ws/48o1I5r
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Musk's Drug Use Concerns Tesla, SpaceX Leaders, WSJ Says
Craig Trudell - Bloomberg
Elon Musk's drug use has worried executives and board members at businesses he runs, the Wall Street Journal reported, citing unidentified people familiar with the billionaire and the companies.
/jlne.ws/3TRdBfN
Cloud giants offer only limited protection to businesses over AI copyright claims; Amazon, Microsoft and Google pledge to defend customers from IP issues, but their indemnities are narrow
Camilla Hodgson - Financial Times
The world's biggest cloud computing companies that have pushed new artificial intelligence tools to their business customers are offering only limited protections against potential copyright lawsuits over the technology. Amazon, Microsoft and Google are competing to offer new services such as virtual assistants and chatbots as part of a multibillion-dollar bet on generative AI - systems that can spew out humanlike text, images and code in seconds.
/jlne.ws/4aYUZ3A
AI Gadgets Will Take Over CES
Austin Carr - Bloomberg
Even before CES began, the theme of the massive, annual electronics festival in Las Vegas had long been decided: artificial intelligence gadgets. With so much hype and money swirling around ChatGPT and its counterparts, it was inevitable that practically every device maker would jump on the AI bandwagon.
/jlne.ws/3TYWkRA
Content creators fight back against AI; Big Tech receives new round of lawsuits from news providers and others
Rana Foroohar - Financial Times
This may be the year that content creators finally fight back against surveillance capitalism. Over the past few weeks, there have been multiple lawsuits filed by news providers large and small, as well as comedians, authors and other creative professionals who allege that their work is being unfairly used to create the artificial intelligence that threatens eventually to put them out of business.
/jlne.ws/3TT8jAq
Deloitte rolls out artificial intelligence chatbot to employees; About 75,000 staff to be given access to 'PairD' tool with advice to validate 'accuracy and completeness'
Simon Foy - Financial Times
Deloitte is rolling out a generative artificial intelligence chatbot to 75,000 employees across Europe and the Middle East to create power point presentations and write emails and code in an attempt to boost productivity. The Big Four accounting and consulting firm first launched the internal tool, called "PairD", in the UK in October, in the latest sign of professional services firms rushing to adopt AI.
/jlne.ws/3S5Qmx3
LoopFX and Molten Markets Co-Founder Simon Wilson-Taylor joins Fintech Innovation Lab and Incubator FastFin
FastFin
FastFin, the New York-based capital markets innovation lab and incubator, today announced that fintech pioneer and serial entrepreneur, Simon Wilson-Taylor, has joined its management team. Wilson-Taylor will leverage his deep institutional fintech expertise to lead groundbreaking sell-side and buy-side innovation projects at FastFin clients.
/jlne.ws/3NVa78h
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| Cybersecurity | | Top stories for cybersecurity | How SEC Action Could Shake Up Cybersecurity
Brendan O'Connor - Forbes
Remember when the cyberattack on SolarWinds broke through the coverage of Covid-19 and dominated headlines? That was around three years ago, and the story lingered for a while as a kind of cautionary tale-perhaps other vulnerable enterprises would take the hint and beef up their infrastructure security protocols.
/jlne.ws/3RTsvPZ
Get Ahead Of Compliance: The Proposed Rule For The Cybersecurity Maturity Model Certification (CMMC 2.0) Is Out!
JD Supra
As a lawyer working in a firm with a sophisticated legal team providing robust regulatory, government contract, and cybersecurity services, our Christmas present and holiday reading arrived early with the publication of the proposed rule 32 CFR § 170, also infamously known in Defense Industrial Base (DIB) community as the Cybersecurity Maturity Model Certification Program (CMMC and/or CMMC 2.0). The CMMC Program is designed to ensure cybersecurity requirements are in place as a pre-requisite for a Department of Defense (DoD) contract award or exercise of a new option period.
/jlne.ws/3NTvlTM
Philippines Turns to Hackers for Help as US Warns of China Cyber Threat
Cliff Venzon and Ditas Lopez - Bloomberg
While recent tensions in the South China Sea have highlighted the Philippines' maritime vulnerabilities, the more insidious risk of state-sponsored cyberattacks - and a lack of resources to handle them - may be the country's bigger challenge. In a November report, a Chinese group known as Stately Taurus was blamed for an attack that had compromised a Philippine government agency for five days earlier in 2023, coinciding with clashes between the two countries' ships in the South China Sea. Stately Taurus's operations "align with geopolitical topics of interest to the Chinese government," according to Palo Alto Networks, the US cybersecurity firm that produced the report.
/jlne.ws/3TOiKF9
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| Cryptocurrencies | | Top stories for cryptocurrencies | BlackRock, Ark File Amended Forms in Final Push for Bitcoin ETFs
Katie Greifeld and Allyson Versprille - Bloomberg
BlackRock Inc., Ark and several other prospective issuers of exchange-traded funds investing directly in Bitcoin in the US filed amended forms for their applications on Monday with the Securities and Exchange Commission.
/jlne.ws/47w4oMS
The Crypto Industry Holds Its Breath in Anticipation of the First Spot Bitcoin ETFs; SEC faces a Wednesday deadline to approve or reject the first funds to hold the cryptocurrency
Vicky Ge Huang - The Wall Street Journal
Bitcoin has rallied for months ahead of the expected launch of the first U.S. exchange-traded funds to hold the cryptocurrency. Skeptics say it is nearly out of room to run. The Securities and Exchange Commission could approve the funds, known as spot bitcoin ETFs, as soon as next week. Approval would mark a watershed moment for the industry, allowing investors to purchase bitcoin in their brokerage accounts as easily as stocks. (Funds that track bitcoin futures are already on the market.)
/jlne.ws/3tSnSNX
Coinbase is planning a pivotal acquisition that will allow it to launch crypto derivatives in the EU
Ryan Browne - CNBC
Coinbase plans to offer crypto-linked derivatives in the European Union, and it's planning to acquire a company with a license to do so. The U.S. cryptocurrency exchange told CNBC exclusively that it entered into an agreement to buy an unnamed holding company which owns a MiFID II license. MiFID II refers to the EU's updated rules governing financial instruments. The EU updated the legislation in 2017 to address criticism that it was too focused on stocks and didn't consider other asset classes, like fixed income, derivatives and currencies.
/jlne.ws/4aJu8Iz
Asset managers start fee war over potential spot bitcoin ETFs
Brooke Masters - Financial Times
A fee war has broken out among asset managers hoping to launch spot bitcoin exchange traded funds in the US, even though the Securities and Exchange Commission has not yet indicated whether it would allow the products to be sold.
/jlne.ws/48qHzeR
Bitcoin ETF Issuers Clear Major Hurdle on Path to SEC Approval; SEC staff said to have no more feedback on several key filings; SEC commissioners plan vote on exchange-rule filings next week
Allyson Versprille, Katherine Doherty, Katie Greifeld, and Yueqi Yang - Bloomberg
Firms looking to launch spot-Bitcoin exchange-traded funds cleared a major hurdle this week on the path to gaining sign-off from US regulators in coming days. Securities and Exchange Commission staff told several exchanges and issuers seeking to list the ETFs that they should submit a final version of a key document as soon as Friday, according to four people familiar with the matter who asked not to be named because the discussions are private. The staff had no additional feedback on the paperwork for several of the firms after the latest amendments, two of the people said.
/jlne.ws/3NUxuhY
Someone sent $1.2 million of bitcoin to the Genesis wallet mined by Satoshi Nakamoto; Someone sent $1.2 million of bitcoin seemingly from Binance to the Bitcoin network's Genesis wallet; The Genesis wallet now has a balance of almost 100 bitcoin.
Tim Copeland - The Block
/jlne.ws/4aLapIm
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| Politics | | An overview of politics as it relates to the financial markets | Politicians Can't Rig the Economy Like They Used To; The ability of elected officials to influence economic conditions appears to be waning - as is the importance of those conditions to politics.
Tyler Cowen - Bloomberg
In economics as in life, success sometimes lies in knowing when to discard previous victories. I have in mind something called "political business cycle theory." Political business cycle theory postulates that elected officials will use monetary and fiscal policies to try to swing elections in their favor. While they do not usually control the money supply, they can pressure central bank officials toward that end. The theory has had some real triumphs. President Richard Nixon applied pressure to Federal Reserve Chair Arthur Burns in 1972, for example, leading to his reelection - and, eventually, excess inflation. More generally, economists have found support for political business cycle theory in the data, and some have made a career out of studying it.
/jlne.ws/3NVISKu
Trump is promising to reduce inflation. His plans may reignite it.
Jeff Stein - The Washington Post
Donald Trump is vowing sweeping changes to the nation's economy that threaten to reignite inflation - even as the former president blames President Biden for higher prices and says he'll bring the problem under control. With a substantial lead in the 2024 GOP presidential primary days before the Iowa caucuses, Trump has proposed imposing unprecedented new tariffs on trillions of dollars worth of imports and deporting undocumented workers on a vast scale. Both campaign pledges risk exacerbating the price spikes that have subsided over the last year, according to liberal and conservative economists alike, in addition to some estimates cited by the former president's own advisers. If he's elected, Trump could implement these policies at least in part without needing Congress to act.
/jlne.ws/3ScaiP3
Germany Has Forgotten the Golden Rule of Finance; Europe's biggest economy can fund public investment without abandoning fiscal responsibility.
Chris Bryant - Bloomberg
Germany is in a financial pickle of its own making. The coalition government's attempt to repurpose EUR60 billion ($65.5 billion) in unused pandemic funds for climate spending was ruled unconstitutional in November, forcing ministers to agree on emergency budgetary cuts, including to electric-vehicle subsidies. The economy is set to more or less stagnate for a second year while the court ruling has triggered weeks of handwringing over how to reconcile the country's fetish for balanced budgets with the need to transform its physical and digital infrastructure.
/jlne.ws/3RKbBDg
Xi Vows to Deepen China's Sweeping Anti-Corruption Crackdown
Bloomberg News
China's President Xi Jinping pledged to deepen the country's anti-corruption crackdown, particularly in capital-intensive sectors, and will increase punishment for people who offer bribes. He urged tighter monitoring to prevent the spread of graft to new sectors, and for officials to handle what he called 'hidden corruption' quickly, according to a report from state broadcaster CCTV on a meeting of the Communist Party's Central Commission for Discipline Inspection on Monday. He highlighted finance, energy, infrastructure, pharmaceutical and state-owned firms as main focuses.
/jlne.ws/3RNJraE
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| Regulation & Enforcement | | Stories about regulation and the law. | Ex-Vitol Oil Trader Ran Bribery Scheme From Houston, Prosecutors Say
Patricia Hurtado - Bloomberg
The first defendant to face trial in a sweeping crackdown on bribery in the commodities-trading industry "orchestrated a money-laundering scheme right here in the US," prosecutors told a jury in their opening argument against a former Vitol Group manager. Javier Aguilar is accused of bribing Ecuadorian and Mexican government officials to win more than $500 million in business for Vitol, the world's largest independent oil-trading firm, from state-owned Petroecuador and Petroleos Mexicanos. US prosecutors allege that he made $870,000 in payments to the officials to get the business.
/jlne.ws/48mMTjf
Founder of Taiwan's ACE Exchange David Pan Arrested on Fraud Charges Totaling $32.1M
Hope C - CoinMarketCap
The founder of ACE Exchange, one of Taiwan's largest cryptocurrency exchanges, has been arrested on suspicion of orchestrating a fraudulent scheme involving worthless cryptocurrencies. David Pan, the founder of ACE, and 14 other individuals were apprehended by authorities on Wednesday. Pan and an accomplice surnamed Lin are accused of collaborating for three years to lure investors into purchasing valueless cryptocurrencies, including MOCT, through deceptive social media advertisements.
/jlne.ws/3vxMmMR
South Korea Watchdog Intensifies Crackdown on China-Linked Notes
Heejin Kim - Bloomberg
South Korea's regulator will launch a wider probe into local banks and brokers which sold exotic notes linked to Chinese stocks amid concerns that the securities may saddle investors with heavy losses. Authorities will start investigating 12 institutions on Monday to determine if there was any wrongdoing over the sale of equity-linked securities that are tied to the Hang Seng China Enterprises Index, according to a statement from the Financial Supervisory Service. KB Kookmin Bank and Korea Investment & Securities Co. are among the firms that will be probed, it added.
/jlne.ws/48JGfU3
Commissioner Goldsmith Romero Announces Agenda for January 8 Technology Advisory Committee; Meeting on Artificial Intelligence, Cybersecurity, Decentralized Finance
CFTC
Commissioner Christy Goldsmith Romero, sponsor of the Commodity Futures Trading Commission's Technology Advisory Committee (TAC), today announced a detailed agenda for the TAC's live-streamed January 8, 2024 public meeting at the CFTC's headquarters.
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Australian regulator steps up greenwashing crackdown; Three funds taken to court over erroneous claims in 2023 with more action to come
Nic Fildes - Financial Times
Australia's corporate watchdog has pledged to continue to crack down on misleading environmental claims made by funds this year after it launched legal action against three in 2023. Sarah Court, deputy chair of the Australian Securities and Investments Commission, told the Financial Times that the regulator would take action against purportedly ethical funds that were marketing investments as "net zero" or "carbon neutral" but failed to live up to those claims.
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SEBI restricts naked short selling, no day trading for institutional investor; SEBI quoted that the introduction of a full-fledged securities lending & borrowing scheme[SLBM] shall be simultaneous with the introduction of short-selling by institutional investors
Outlook India
The Securities and Exchange Board of India stated that naked short selling will not be permitted, however, investors among all categories will be allowed for short selling and also futures and option trades. Investors would be necessarily honour their job of delivering securities at time of settlement, said SEBI. No institutional investor would be allowed for intra-day trading or settle their transactions, said SEBI on short selling and borrowing scheme. Short selling refers to selling of stock that is not owned by the seller at the time of trade.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Treasury Market's Wild Day Boosts, Then Batters, a Big Options Bet
Edward Bolingbroke - Bloomberg
A wild day of trading in US Treasuries transformed a big bearish options bet from a winning wager into a practically worthless position as a flurry of jobs and service-industry data whipsawed the market. The trade, placed on Thursday afternoon, stood to benefit from a surge in US 10-year yields - which is just what happened Friday morning in the minutes after a US labor report revealed stronger-than-expected job and wage growth in December. In those moments, the position briefly soared in value to a level that would deliver as much as a five-fold gain on the initial bet.
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Deep Oil Price Cut by Saudis Highlights Soft Physical Market
Sharon Cho - Bloomberg
A substantial cut in official oil pricing to Asia by OPEC+ leader Saudi Arabia has reinforced signs of softer physical market in the key region. Saudi Aramco cut the official selling price for its flagship Arab Light crude to a $1.50-a-barrel premium to the regional benchmark for February, the lowest level since November 2021. The $2-a-barrel reduction was deeper than had been foreseen, and follows a weakening of spot differentials for Middle Eastern crudes due to lackluster Chinese appetite and increased global supplies.
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Investors Are Looking to Share Buybacks to Keep US Stock Market Afloat
Jessica Menton - Bloomberg
Stocks started 2024 with a limp. But that could change this week as earnings season kicks off and companies start announcing their plans for share repurchases, something investors hope will help the market keep last year's rally running.
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Private Equity's Horrible, No-Good '23 Set to Continue Into '24; The pain likely won't end until central banks are really done hiking rates.
Allison McNeely, Dawn Lim, and Layan Odeh - Bloomberg
For private equity, 2023 turned out to be a terrible, horrible, no good, very bad year, and the pain won't likely end until it's clear that central banks have truly decided to stop hiking rates. US private equity firms bought or sold $871 billion in assets last year, the lowest level since 2016, according to data provider PitchBook. And the projected rate of distributions to private equity investors was the second-smallest in a quarter century, investment bank Raymond James says.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UN foresees major climate risks to food systems and tourism in 2024; The United Nations (UN) has forecast a deceleration in global GDP growth for 2024, partly attributable to stunted recovery from recent extreme weather events and to imminent climate shocks.
Sarah George - edie
The body's flagship annual report on global economic prospects, published late last week, predicts 2.4% global GDP growth this calendar year, down from 2.7% in 2024. Causes are multifaceted including slow pandemic recoveries in developing economies and live conflicts in regions including the Middle East and Russia-Ukraine. Recent climate-related damages and imminent climate-linked risks are also highlighted. In his foreword to the report, UN Secretary-General Antonio Guterres warns that "divisions between countries and economies are preventing an effective response" to some of the world's biggest interconnected crises, including climate change, environmental degradation, increasing poverty and unequal access to nutritious and affordable foods.
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The $200 Billion Video Game Industry Is a Climate Opportunity; Games are good at illustrating "this idea of progression," says Deborah Mensah-Bonsu, founder of Games for Good, in a Q&A with Bloomberg Green.
Coco Liu - Bloomberg
It begins with a disturbing scene: a city almost entirely underwater. The city's developers must reclaim land from the sea in order to build new infrastructure, but too much digging will trigger earthquakes and raw materials are scarce. Survival is contingent on finding workarounds, and on installing tidal turbines and other technologies that can harness renewable energy. Squaring such big circles might not sound like a fun way to spend a Saturday. But when Terra Nil - a city-building strategy game from Cape Town-based Free Lives - hit the market last year, players from all over the globe signed up to give it a go. Within a week of the game's debut, more than 300,000 people played it.
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How the Dire Health Implications of Climate Change Are Unfolding Globally; "The climate crisis is a health crisis."
National Public Radio
From our collaborating partner "Living on Earth," public radio's environmental news magazine, an interview by producer Aynsley O'Neill with Dr. Vanessa Kerry, the CEO of Seed Global Health and the World Health Organization special envoy for climate change and health. The interview has been edited for length and clarity. Last month, COP28 in Dubai became the first climate summit to observe Health Day. One hundred twenty-four countries endorsed the Declaration on Climate and Health, sounding the alarm on the severe public health and wellness implications of the climate crisis. The World Health Organization (WHO) estimates that by the end of this decade the cost of the climate impact on health will be between $2 billion and $4 billion per year.
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From hallucinations to clarity? The potential - and pitfalls - of using AI in ESG reporting
Natalie Runyon and Zach Warren - Reuters
AI already used in ESG context for automating data collection processes and providing data analysis. But ChatGPT can create 'hallucinations', false facts it believes should be true given its LLM data. Lack of standards governing how companies are implementing AI muddying waters for ESG investors. Good starting point is for companies to create their own ethical rules of AI usage and investment. The disclosure of environmental, social and governance issues is increasingly a red button topic for investors and companies. Faced with new mandatory disclosure rules, they continue to grapple with ongoing challenges around the lack of standardisation in myriad disclosure standards and frameworks.
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World's biggest mining project to start after 27 years of setbacks and scandals; Rio Tinto hopes $20bn Guinea iron ore, rail and port plan will pave way for 'new era' of mining
Tom Wilson - Financial Times
The world's biggest mining project, a $20bn iron ore, rail and port development in a remote corner of west Africa, is expected to start this year after a 27-year wait beset by setbacks, scandals and several false dawns. UK-listed Rio Tinto first secured an exploration licence in the Simandou mountains in south-eastern Guinea, 550km from the coastal capital, in 1997. Since then the country of 13mn people has had two coups d etat, four heads of state and three presidential elections.
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Once Known for Its Pollution, Pittsburgh Becomes a Poster Child for Climate Consciousness; The National Climate Assessment shines a light on the city's "innovative" plans to curb flooding based on projections for heavier, climate-amplified precipitation.
Jon Hurdle - Inside Climate News
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Green investment in Texas shows how funds are navigating anti-ESG laws; Endowment's $300mn commitment to energy transition fund shows how fiduciaries are getting around bans
Will Schmitt - Financial Times
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Global shipping fleet ages as shipowners resist shift to greener fuels; Russian sanctions-busting since start of Ukraine war has boosted value of ageing tankers
Oliver Telling - Financial Times
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Five Things to Watch in China's Auto Market This Year; Can BYD keep up its rapid rise, and will the market's price war only intensify?
Linda Lew - Bloomberg
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Australian regulator steps up greenwashing crackdown; Three funds taken to court over erroneous claims in 2023 with more action to come
Nic Fildes - Financial Times
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France seeks to settle its hydroelectric dispute with the EU
Reuters
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A natural gas plant guarding the northeastern US from winter blackouts is at risk
Elizabeth Elkin - Bloomberg
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It's Finally Cold -- But for European Gas Traders, Winter Is Already Over; Plentiful stockpiles make the current chill just a blip in the energy market.
Javier Blas - Bloomberg
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'We're the good guys' in energy transition, says US exporter of LNG; Imports of the gas helped Europe avert full-blown energy crisis after invasion of Ukraine
Shotaro Tani - Financial Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Brokerage Firms Are Pitching Separately Managed Accounts. Here's What to Know; These personalized portfolios are increasingly being marketed to investors for their tax flexibility and upside potential. But beware of costs.
Lori Ioannou - The Wall Street Journal
Individual investors looking to personalize their portfolios are pouring billions of dollars into "separately managed accounts," bucking the trend toward passive investing in mutual funds and exchange-traded funds in favor of active, individualized money management. Separately managed accounts are sometimes called wrap accounts, private accounts or individually managed accounts, among other things. But they are discrete investment accounts held by individual investors for which the money is invested by a professional money manager. The account can begin as one of many investment-style templates available, but then are personalized by the money manager based on the financial and tax needs of the client, as well as the client's individual preferences.
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European Banks Expected to Outperform American Rivals by Highest Rate in a Decade; European banks expected to gain 22% this year as US flatlines; Credit concerns weigh on US banks while Europe seen as cheap
Gabriel Sanchez and Redd Brown - Bloomberg
Europe's undervalued banks are set for their best-ever year against American rivals after souring debts and regulatory concerns halted US lenders' record-breaking end to 2023.
The KBW Bank Index, comprising the top 24 US banks, jumped 30% in November and December - its best final two months of a year according to data compiled by Bloomberg going back to 1991.
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Largest US banks set to log sharp rise in bad loans; Earnings are expected to have shrunk in last quarter of 2023 due to unpaid debts and impact of high interest rates
Stephen Gandel - Financial Times
A pile-up of bad debt threatens to sour investors' growing optimism about the prospects for the US's largest banks when they report fourth-quarter earnings this week. Non-performing loans - debt tied to borrowers who have not made a payment in at least the past 90 days - are expected to have risen to a combined $24.4bn in the last three months of 2023 at the four largest US lenders - JPMorgan Chase, Bank of America, Wells Fargo and Citigroup, according to a Bloomberg analysts' consensus. That is up nearly $6bn since the end of 2022.
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BlackRock layoffs coming as firm matures, ESG pullback and Bitcoin ETF approval
Charlie Gasparino - Fox Business
BlackRock, the world's largest money management firm, plans to announce layoffs in the coming days of about 3 percent of its global workforce, Fox Business has learned. The job cuts of around 600 employees, which have yet to be reported, are being described internally as routine, according to a source familiar. Last year, BlackRock did a similar round of layoffs gauged on employee performance metrics, the source added.
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Brevan's Hedge Funds Post Mixed Results, With Digital Currency Strategy Surging 44%
Nishant Kumar - Bloomberg
Brevan Howard Asset Management's digital currency fund surged last year, while two of its largest hedge funds posted mixed results in a tough trading market for macro money pools. The $13 billion flagship Master Fund lost 2.1% while Alpha Strategies, which also oversees $13 billion, gained 2.4%, according to a person with knowledge of the matter. The BH Digital Multi-Strategy Fund gained 44%, the person said, asking not to be identified because the details are private.
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D1 Hedge Fund Stung by Venture Bets for Second Straight Year
Hema Parmar - Bloomberg
D1 Capital Partners' big bets on venture capital and private equity weighed on its hedge fund returns for a second consecutive year as the firm marked down the value of 49 companies in 2023. Before accounting for fees and adjusting for share classes with varying exposures to private investments, the hedge fund ended the year up just 0.8%, D1 founder Dan Sundheim wrote in an investor letter seen by Bloomberg. Markdowns of about 10% in the private book ate into the stock portfolio's 21% gain.
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Citadel Securities Hires for Europe Bonds, Sterling Rates Desks
Alexandre Rajbhandari - Bloomberg
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PIF, GIC Among Funds That Bought Signa's Equity-Like Notes; Sovereign wealth funds invested in profit participation rights; Signa units looking to fund operations via these securities
Libby Cherry and Giulia Morpurgo - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How will GenAI transform the workforce?
PWC (podcast)
As the capabilities of generative AI rapidly evolve, professionals around the world are watching attentively-and wondering how the technological leap will affect their careers. There is opportunity in this moment, and also some uncertainty. How disruptive will GenAI be to the workforce? Which sectors are likely to see the biggest changes? And what should business leaders be doing now to harness the potential benefits of GenAI tools for their workers? In our latest episode, hosts Lizzie and Ayesha sit down with Jerry Kaplan, an AI expert and author, and Scott Likens, PwC's Global AI and Innovation Technology Leader, for a conversation about the cutting edge, where GenAI is shaping the future of work.
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Hong Kong Employees Demand 6% Raise to Work in Office Full Time
Shawna Kwan - Insurance Journal
Hong Kong workers say they would need a 6% raise to give up hybrid work arrangements, a dilemma that's expected to prompt more companies to reduce space and dampen office rents, according to a survey. More than half of respondents said they would either ask for a raise or switch jobs to secure flexible work arrangements if their employers required them to work in the office five days a week, based on a survey of 350 people in the city carried out by Bloomberg Intelligence.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Why It Feels Like Everyone You Know Is Getting Covid-19; New subvariant JN.1, estimated at 62% of U.S. cases, helps fuel latest winter surge
Brianna Abbott and Jon Kamp - The Wall Street Journal
If you are stuck at home with Covid-19 after the holidays, you are not alone. Covid is surging again, four years after the pandemic began, as a new virus subvariant becomes dominant in the U.S. and as people gather indoors to escape cold weather. Rising wastewater virus levels and hospitalizations underscore the latest winter Covid surge. One driver is JN.1, the latest offshoot of the virus to take over in the U.S. and an Omicron subvariant. The Centers for Disease Control and Prevention on Friday estimated that JN.1 represents roughly 62% of cases nationwide.
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8 Fitness Myths That Drive Experts Crazy; Running is bad for your knees. The heavier the weight the better. Ice baths. And more.
Danielle Friedman - The New York Times
When done right, exercise can be a veritable miracle drug. But follow the wrong advice and you can easily set yourself up for injury. Take the sit-up: Once considered the gold standard of core exercises, we now know that it can make low-back pain worse. Fitness culture is rife with such misconceptions, thanks to constantly evolving science and fitness influencers who share tips based on "anecdote and gym lore," said Brad Schoenfeld, a professor of exercise science at Lehman College in New York. "Once those opinions are disseminated to the public and take hold, they are hard to change."
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Leaders Sought Quick Zhongzhi Resolution to Shield Markets
Bloomberg News
Chinese leaders pushed for an unusually speedy resolution for Zhongzhi Enterprise Group Co. after the shadow banking giant collapsed, underscoring the government's increased focus on containing financial risks as the economy struggles. Top officials concluded in October that bankruptcy would be the most effective approach in limiting the impact on financial markets, less than three months after Zhongzhi and its units defaulted on dozens of wealth products sold to the public, people familiar with the situation said, asking not to be identified discussing internal matters. Authorities approved the bankruptcy in late December, they added, before a court disclosed it last week.
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India's sovereign fund NIIFL appoints Sanjiv Aggarwal as CEO
Reuters
India's quasi-sovereign wealth fund, the National Investment and Infrastructure Fund Limited (NIIFL), named Sanjiv Aggarwal as its CEO and Managing Director (MD) on Friday. Aggarwal brings "significant experience" in the infrastructure and energy sectors and takes over from Rajiv Dhar, who has been serving as the interim CEO and MD since May 2023, the statement said. Former CEO and MD, Sujoy Bose, resigned from the company in May 2023. Aggarwal previously worked at UK-based investment firm Actis, where he oversaw the company's energy investments in Asia, including the sale of Actis' Indian renewable energy platform Sprng Energy to energy major Shell Plc in April 2022 for $1.55 billion
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Hong Kong's first IPO of the year makes weak trading debut as RoboSense Technology shares drop in a tepid market
South China Morning Post
Shares of RoboSense Technology, a Chinese maker of sensors for self-driving cars, fell on their Hong Kong trading debut on Friday after the company made the city's first initial public offering (IPO) of the year. The Shenzhen-based company's stock, which trades under the 2498 code, lost as much as 3.5 per cent to HK$41.50 in early trade, before ending the morning session at HK$42.10, giving it a market capitalisation of HK$18.9 billion (US$2.4 billion). Its IPO price was HK$43. In comparison, the Hang Seng Index fell 0.1 per cent to 16,622.45 at the noon break, on course for a 2.5 per cent decline in the curtailed four-day trading week.
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