| October 16, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The NFA is holding a virtual information session on Tuesday, October 17 at 4 p.m. CT/5 p.m. ET for students looking for summer internships or entry-level positions. Click HERE for details.
Likewise, HKEX is accepting applications for the HKEX Graduate and Internship Programme. Students from all academic disciplines are welcome, and applications close on October 20, 2023. Learn more about the program and apply HERE.
At the Security Traders Association's 90th Annual Market Structure Conference in Washington, D.C., Mark Dowd, the Forefront Managing Partner, proudly presented the Dictum Meum Pactum Award to industry stalwart Bryan Harkins, the founder of Rock Advisors. Jim Hyde of NYSE is the incoming STA chairman.
Terry Duffy, the Chairman and CEO of CME Group, was honored as the Outstanding Financial Executive by the Financial Management Association, a global entity dedicated to advancing knowledge in financial decision-making.
Former Rolfe & Nolan technology executive Jason Arnold has died at the age of 55 from kidney and liver failure "brought on by drinking," his brother Jim reported on Facebook. Jim was with Jason when he passed, holding his hand. Jason was 55 years old, plus two months and a day. There will be no service. When I was a broker and customer of Rolfe & Nolan, I knew Jason as a friendly, energetic, talented and responsive firm representative. He was part of the team that led customer meetings in the firm's offices where we would meet in a conference room and talk about issues with the Ran Order system and how to fix them. My condolences to his family, colleagues and friends.
On Friday, the SEC adopted two rules, one to increase transparency in the securities lending market and the other to increase transparency into short selling and amendments to CAT NMS plan for purposes of short sale data collection. The five SEC commissioners weighed in with comments on both rules, except for Commissioner Jaime Lizarraga, who only commented on the securities lending rule.
The Wall Street Journal is reporting that Schwab gave its customers access to the TD Ameritrade Thinkorswim platform for sophisticated individual investors it acquired as part of its 2020 purchase of TD Ameritrade. This is the latest step in Schwab's integration of TD Ameritrade. Schwab will get rid of the rest of TD's platform once it finishes converting customers to Schwab accounts. The WSJ story is titled "Schwab Gives Traders Access to TD Ameritrade's Thinkorswim Platform."
Crypto is not just for Lambos, it is also now for Ferraris, as Ferrari has started to accept payment in cryptocurrency for its luxury sports cars in the U.S., Reuters reported. It will extend the scheme to its European customers upon request, Reuters said.
Geneva Trading is hiring a new Futures Trader FX in Chicago, Illinois. Apply today by clicking HERE.
R.J. O'Brien is hiring a new network engineer in the greater Chicago Area. Apply today by clicking HERE.
The FIA on LinkedIn welcomed the trader training firm Topstep as a new member.
Are you looking for a delicious way to start your day? Breakfast is the subject of a story in The New York Times, outlining pancakes, eggs, smoothies and weekend ideas.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories last Friday on JLN Options were:
- Wall Street's "fear gauge" surges as Middle East escalation rattles stocks from MarketWatch.
- Options Are the Hottest Trade on Wall Street from Bloomberg.
- Copy trading: a road to riches or risk? from the Financial Times. ~JB
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Johnson budget raises concern over fate of LaSalle Street plan
Justin Laurence - Crain's Chicago Business
Mayor Brandon Johnson's plan to close a $538 million budget deficit in part by declaring a record $434 million surplus from the city's tax-increment financing districts puts in question whether he supports a holdover initiative to transform the LaSalle Street corridor by spending hundreds of millions to subsidize the revamp of five largely vacant buildings.
/jlne.ws/3M2RuOK
****** LaSalle Street can figure out its future without city money just fine.~JJL
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What Defense Stocks Say About a More Violent World; Though shares of military contractors only price in a small chance of escalation in Israel's war with Hamas, financial factors muddle the signal
Jon Sindreu - The Wall Street Journal
The bloody attack on Israel and inevitable retaliation have turned defense stocks into gauges of geopolitical risk, albeit imperfect ones. For now, they are flashing amber rather than red. Shares of big military contractors such as Lockheed Martin, General Dynamics and Britain's BAE Systems are up roughly 10% since the start of the conflict. Those in Northrop Grumman are trading 16% higher. Arlington-based RTX, which has been hit by manufacturing defects in its commercial-engine division, has still gained 5%. Shares in Germany's Rheinmetall, the maker of the guns for Leopard 2 tanks, have jumped 17%.
/jlne.ws/3RVIyhP
*****Mister Market is an important barometer.~JJL
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Katy Perry's $225 Million Payday Began in 1908; The rights to mechanically reproduced music used to belong to no one.
Stephen Mihm - Bloomberg Opinion
Katy Perry sold the rights to most of her music for a cool $225 million last month to Litmus Music. It's the latest in a series of high-profile payouts. Tempted by eye-popping offers from investment firms like Hipgnosis and Shamrock Capital, Paul Simon, Dr. Dre and other artists have sold out - literally.
/jlne.ws/3QhUMiv
***** Fascinating story of the history of copyrights, with the first copyright law in the U.S. passed in 1790. ~JJL
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Friday's Top Three
Our top story Friday was Bloomberg's Options Are the Hottest Trade on Wall Street. Second was our MarketsWiki page for Arianne Adams, which was Thursday's number one item. Third was Israel Should Not Fight Its War Alone, an opinion piece from Michael R. Bloomberg, in Bloomberg.
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| Lead Stories | The Crypto Exchange Moving Money for Criminal Gangs, Rich Russians and a Hamas-Linked Terror Group
Angus Berwick - The Wall Street Journal
The U.S. last year sanctioned a Moscow-based crypto exchange to stymie Russian efforts to evade the financial blockade imposed after the invasion of Ukraine. A year on, the exchange is booming. Despite its place on the U.S. blacklist, which restricts transactions with sanctioned entities, Garantex has become a major channel through which Russians move funds into and out of the country, according to trading data and people familiar with the firm.
/jlne.ws/3rRNsBM
Gary Gensler urges regulators to tame AI risks to financial stability; SEC head warns reliance on a few data models could unleash a financial crisis within a decade
Stefania Palma and Patrick Jenkins - Financial Times
Regulators must quickly find a way to manage risks posed to financial stability by the concentration of power in artificial intelligence platforms, the chair of the US Securities and Exchange Commission has urged. Gary Gensler told the Financial Times that without swift intervention it was "nearly unavoidable" that AI would trigger a financial crisis within a decade.
/jlne.ws/3QjkjJ8
Middle East on 'verge of the abyss,' UN warns as Gaza suffers and Israel prepares for offensive
Helen Regan, Hadas Gold, Nadeen Ebrahim, Abeer Salman, Hamdi Alkhshali, Jessie Gretener and Sara Smart - CNN
Conditions in Gaza have deteriorated dangerously, experts say, with serious shortages of clean water and food as tens of thousands of Palestinians attempt to flee crippling airstrikes and an Israeli ground offensive. Israel's military said Saturday its forces are readying for the next stages of the war, including "combined and coordinated strikes from the air, sea and land" in response to the unprecedented October 7 terrorist attacks by the Islamist militant group Hamas, which controls the enclave.
/jlne.ws/3M2GgKa
London Metal Exchange tries to move on from nickel crisis
Andy Home - Reuters
The London Metal Exchange's (LME) Monday seminar was packed out, the Tuesday black-tie dinner was as glitzy as ever and the champagne and wine flowed liberally in the many meetings and cocktail parties taking place across London's West End.
/jlne.ws/3tsZ0Ma
SBF's Friends Force Him Into a 'Hail Mary' Choice on Testimony; Failure to dent Wang and Ellison may call for risky strategy; Testifying didn't help Theranos's Holmes, Goldman's Goel
Bob Van Voris - Bloomberg
After nearly two weeks watching his closest friends detail the collapse of his FTX crypto exchange, Sam Bankman-Fried is facing the toughest choice in his fraud trial so far: whether to defend himself on the witness stand. It's a risky strategy that white-collar crime defendants usually stay away from. But after failing to dent the testimony of FTX co-founder Gary Wang - his former college roommate - and Alamada Research CEO Caroline Ellison - Bankman-Fried's former girlfriend - it may be one of the only options left, legal experts say.
/jlne.ws/3rUHO1Q
Crypto Exchanges in 'Existential Struggle' Embrace Lending; Coinbase, Bitstamp, Bitget launch new lending products; Venues are seeking to revive volumes, diversify revenue
Olga Kharif and Anna Irrera - Bloomberg
Crypto exchanges seeking to bolster sagging revenues are stepping up lending, potentially seeding the market with fresh risks less than a year after the last major crisis. Recently launched programs from the likes of Coinbase Global Inc. and Binance come in many different guises, from margin loans meant to stimulate trading to facilitating borrowing through their platforms to making direct loans to clients.
/jlne.ws/3PXSx3t
Hedge Funds Must Tell SEC Which Companies They Sell Short Under New Rules; Agency will publish aggregate information, giving investors a window into short selling activity
Paul Kiernan - The Wall Street Journal
Traders will get a broader look at which public companies are being targeted by short sellers under rules the Securities and Exchange Commission adopted Friday as part of its response to the 2021 GameStop trading frenzy. The final rules come more than two years after that drama, when thousands of investors coordinated on Reddit to buy shares of GameStop and others-and punish hedge funds that had bet against the stocks.
/jlne.ws/3QkbDCu
An Alameda employee connected to China objected to Sam Bankman-Fried's alleged bribery scheme. He told her to 'shut the f*** up'
Marco Quiroz-Gutierrez - Fortune
After months of trying and failing to recover $1 billion in Alameda Research trading funds frozen by the Chinese government, Sam Bankman-Fried allegedly gave the order to send a $150 million bribe to government officials. Not all of his employees were on board.
/jlne.ws/3RYr4kQ
Huawei Drives $34 Billion China Stock Boom in Rare Hot Trades; Chipmaker SMIC has climbed about 12% since Mate 60 Pro launch; Huawei is 'watershed' for China confidence: fund manager Cheng
Bloomberg
Huawei Technologies Co. has established itself as the corporate symbol of China's drive for technological self-reliance. Now the unlisted technology company is also sparking the nation's hottest stock trades. It started with the late-August debut of its latest smartphone, the Mate 60 Pro, which lured droves of consumers in the midst of a sluggish economic recovery.
/jlne.ws/3S11knT
Exxon CEO's $60 Billion Vindication
Collin Eaton and Emily Glazer - The Wall Street Journal
In 2021, Darren Woods suffered a humbling defeat. A little-known activist investor convinced shareholders to give it three seats on the board of the oil behemoth he helms, Exxon Mobil, attacking his big spending and strategy for the shift to green energy. Following the loss, Woods told investors the company had heard their criticisms.
/jlne.ws/3QliknP
DTCC's Val Wotton Discusses What You Need to Know About T+1 Settlement
Editors - Regulation Asia
With less than a year to go before the implementation of T+1 settlement in the US, the time to prepare for the transition is now - if you have not already started. Aside from leveraging technology, people, and processes to drive settlement efficiencies in a T+1 world, there are also regional nuances such as managing time-zone differences and foreign exchange trades to contemplate.
/jlne.ws/3rRHd0M
Meta Removes 795,000 Posts After EU Rebuke on Hamas Content; Misinformation is proliferating across Facebook, TikTok, X; 795,000 pieces of content were removed since Oct. 7 attack
Jessica Nix - Bloomberg
Meta Platforms Inc. has removed or marked more than 795,000 pieces of disturbing content for violating their policies in Arabic and Hebrew after it was rebuked by the European Union for not doing enough to tackle disinformation on its platforms. The company said it's working with fact checkers who speak Hebrew and Arabic, blocking certain hashtags and taking other measures after European Commissioner Thierry Breton warned Chief Executive Officer Mark Zuckerberg and other social media leaders that their platforms were responsible for a surge of illegal content regarding the Israel-Hamas war.
/jlne.ws/3Fkv2gk
Charlie Javice, who faces charges after JP Morgan said she defrauded them out of $175 million, says US prosecutors are using 'cherry-picked' evidence to help their case
Katie Hawkinson and Jack Newsham - Business Insider
Charlie Javice, the founder of the student financial aid startup Frank, was hit with criminal charges earlier this year after the Department of Justice said she defrauded JP Morgan out of $175 million when it acquired her company. Now, the 31-year-old claims JP Morgan has failed to produce "likely thousands" of documents that could help her defense. She also said the US government's response has been "deliberate inaction," according to a Friday court filing obtained by Insider.
/jlne.ws/48RJwlg
Fossil fuel companies among winners of $7bn in US green funding; Investments include $1.2bn for Texas hydrogen hub that counts oil supermajors ExxonMobil and Chevron as partners
Aime Williams and Amanda Chu - Financial Times
Joe Biden's administration awarded $7bn to US clean hydrogen projects on Friday, including several involving fossil fuel companies, as Washington moves to build up a sector hailed as key to its decarbonisation effort. The projects include $1.2bn to a hydrogen hub in Texas that counts oil supermajors ExxonMobil and Chevron as partners. A further $925mn will be granted to a project running through West Virginia, and partnered with Marathon Petroleum and EQT. Both hubs are expected to produce the bulk of their hydrogen from fossil fuels and then capturing the emissions.
/jlne.ws/3Q1p0WC
Revealed: how a little-known pollution rule keeps the air dirty for millions of Americans; Major investigation shows local governments are increasingly exploiting a loophole in the Clean Air Act, leaving more than 21 million Americans with air that's dirtier than they realize. What is the exceptional events rule? The loophole letting US regulators wipe air pollution from the record
Molly Peterson, Dillon Bergin and Emily Zentner - The Guardian
A legal loophole has allowed the US Environmental Protection Agency to strike pollution from clean air tallies in more than 70 counties, enabling local regulators to claim the air was cleaner than it really was for more than 21 million Americans.
/jlne.ws/3QjqCfM
TCA to LPA: The changing role of the buy- and sell-side; The TRADE speaks to Bhav Trivedi, manager for dealing UK at AustralianSuper, to discuss the interplay and key differences between trade cost analysis (TCA) and liquidity provision analysis (LPA), the key considerations when applying these in trade execution, and how the relationship between the buy- and sell-side is being affected by TCA and LPA developments.
Claudia Preece - The Trade
Has there been a move from TCA to LPA?
I wouldn't say there is necessarily a move away from TCA as such. Liquidity Provision Analysis (LPA) can mean many things to many people, be that from a pre-trade, in-flight or post-trade perspective. All of these are as important as each other depending on the purpose you're using it for. We still use core-TCA from a post-trade analytics and pre-trade counterparty selection perspective, however LPA from a counterparty selection perspective is very important at every part of the trade.
/jlne.ws/46wu2BA
Overview of the Canadian Derivatives Market
ISDA
The Canadian derivatives market was the eighth largest in the world in April 2022, as measured by foreign exchange (FX) derivatives and interest rate derivatives (IRD) transacted in the country. Canadian dollar was also the sixth most traded currency for FX derivatives and IRD trades globally.
/jlne.ws/3rRU1nR
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine's Next Target: Russian Supply Lines
Daniel Michaels - The Wall Street Journal
Alongside Ukraine's assault on Russian front lines, the country is conducting a second-and potentially more critical-campaign: destroying enemy command centers, ammunition depots and logistics lines that Moscow relies on to keep fighting. Even as Kyiv's soldiers fight to crack open Russian defenses in the country's south and east, they are using Western-supplied munitions to target Russian supplies that sit beyond the front lines.
/jlne.ws/46REaVf
Russian Train Blown Up by Ukrainian Partisans, Cutting Supplies From Crimea
Jon Jackson - Newsweek
The National Resistance Center of Ukraine reported Ukrainian partisans blew up a Russian train on Friday, causing a disruption of ammunition and fuel for Moscow's military fighting in the Zaporizhzhia region. The center, which operates as an information outlet under the Armed Forces of Ukraine, said in a Telegram post that supporters of Kyiv in the Russian-occupied city of Melitopol sabotaged a Russian train that is used to bring daily supplies from Crimea to Melitopol and Dniprorudne in Zaporizhzhia Oblast
/jlne.ws/3LZh72M
Ukraine finance minister says donor 'tiredness' growing as war drags on
Jorgelina Do Rosario and Elisa Martinuzzi - Reuters
Ukraine is finding it harder to secure financial support as the attention of officials in key donor countries shifts to upcoming elections and geopolitical tensions heighten, Finance Minister Serhiy Marchenko told Reuters on Saturday. "I see a lot of tiredness, I see a lot of weakness among our partners, they would like to forget about the war but the war is still ongoing, full-scale," Marchenko said on the sidelines of the International Monetary Fund (IMF) and World Bank meetings in Marrakech.
/jlne.ws/3Q1eP4m
Russia Will Survive a Defeat in Ukraine. It's Time to Prepare for What Comes Next.
Thomas Graham - Politico
In the midst of the raging war in Ukraine, Washington's attention is understandably focused on maintaining robust Western support for Ukraine's valiant effort to thwart Russia's aggression and expel it from its territory. The setbacks of Ukraine's ongoing counteroffensive have made it clear that victory will not come soon, if at all. A long war of attrition lies ahead.
/jlne.ws/3rJRJHD
Ukraine Identifies Men It Says Called in Deadly Missile Strike
James Marson and Nikita Nikolaienko - The Wall Street Journal
When Russian forces invaded this village in spring last year, locals say the Mamon brothers became the occupiers' enforcers before fleeing when Ukraine's army returned. On Wednesday, Ukraine's security service identified the two brothers as suspected informants who helped Russia carry out a missile strike that killed more than 50 at a funeral here last week.
/jlne.ws/3MqpJjp
Putin says Russian forces improving positions along front line in Ukraine
Reuters
/jlne.ws/3tELg0S
Leopard's purr is giving Ukraine's tank troops an element of surprise
Colin Freeman - The Telegraph
/jlne.ws/3Q1idw6
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | At Least 11 Journalists Killed in War; Nine Palestinians, one Lebanese and one Israeli have been confirmed dead this week, according to the Committee to Protect Journalists.
Emma Goldberg - The New York Times
Mass evacuations, airstrikes, ground fighting and extensive power outages have made reporting on the war in Gaza and Israel enormously dangerous. At least 11 journalists - nine Palestinian, one Lebanese and one Israeli - have been confirmed dead this week, according to the Committee to Protect Journalists. At least one Israeli journalist has been reported missing, and many others have been injured. The committee is investigating additional reports of the journalists killed, wounded and missing in or near Gaza. On Friday, a Reuters videographer was killed and at least six other journalists were injured amid shelling in Lebanon, according to the committee.
/jlne.ws/3LY7Fwr
Reuters journalist dead, AFP reporters among 6 wounded in south Lebanon
Agence France-Presse
A Reuters journalist was killed Friday and six others from AFP, Reuters and Al Jazeera were wounded while working in southern Lebanon, the three news organisations said. A group of journalists from different media outlets was near the village of Alma al-Shaab, close to the border with Israel, when they were caught up in cross-border shelling, one of the two wounded AFP correspondents said.
/jlne.ws/46uwt7v
Israel, Gaza bloodshed divides the world, isolates West
Delphine Touitou - Agence France-Presse
The global response to the bloodshed in Israel and Gaza has revealed deep divisions, with Western countries increasingly isolated on the global stage, a trend that has gathered pace since the outbreak of the Ukraine war. On the day of Hamas' unprecedented attacks on Israel, Western countries condemned the militant group's onslaught in the strongest terms insisting "nothing justifies terrorism".
/jlne.ws/3Fl11g4
Are Palestinians not as human as Israelis? World must revoke Israel's license to kill.
Tarunjit Singh Butalia - The Columbus Dispatch
Friday was my birthday. I did not celebrate it. The recent brutal attacks by Hamas militants on Israeli civilians, including women and children, have no moral or ethical excuse in a civilized world and are deeply condemnable. Israel, in return, has launched counter-attacks into Gaza on Hamas targets - also killing innocent civilians, including women and children. Israel has a right to defend itself - but not at the expense of significant civilian casualties. Violence, whether by state or non-state participants, can never serve as a pathway to peace and security.
/jlne.ws/3rLOe3o
Is Hamas Using Crypto to Attack Israel? We Don't Know; Reports this week about multi-million dollar Hamas crypto financing may have left a faulty impression.
Ben Schiller - CoinDesk Opinion
This Tuesday, Oct. 10, the Wall Street Journal put out a report claiming that Hamas and other Palestinian terrorist groups were using crypto to finance their operations. "Hamas Militants Behind Israel Attack Raised Millions in Crypto" read the headline. The piece, based on analysis from blockchain forensics groups, claimed that, between August 2021 and June this year, Hamas had raised $41 million in crypto and that law enforcement was struggling to contain the flows.
/jlne.ws/46Lp3NH
Iran warns war could expand; China says Gaza offensive is 'beyond self-defense'
CNBC
/jlne.ws/3rVLEI3
Israel vows to demolish Hamas as troops prepare to move on shattered Gaza
Nidal Al-Mughrabi and Emily Rose - Reuters
/jlne.ws/3RVytkZ
Israel at War Transmits Market Risk Across Middle East; Week of superlatives follows deadly attack on Israel by Hamas; Investors on edge as conflict threatens to become regional war
Netty Idayu Ismail - Bloomberg
/jlne.ws/3Fh4yMw
Israel-Hamas War Gives Parents a Reason to Delete Kids' Social Apps
Aisha Counts - Bloomberg
/jlne.ws/3rRSPAW
Israel bombs Gaza university, alleging use by military
Brendan O'Malley and Wagdy Sawahel - University World News
/jlne.ws/46Lxzvs
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Japan stock exchange adopts name and shame regime to boost corporate valuations; Plan to list groups that are meeting guidelines will enhance investor scrutiny of laggards
David Keohane and Leo Lewis - Financial Times
Japan's stock exchange is to introduce a radical new name and shame regime to drive better governance and higher valuations. The Japan Exchange Group, which controls the Tokyo and Osaka exchanges, told companies in March that it wanted to see progress towards lifting corporate value - a critical catalyst in helping the country's markets to reclaim the ground lost after their crash more than 30 years ago.
/jlne.ws/3tqjt4f
ICE Introduces Suite of Broad European Equity Indices; Marks initial phase of the NYSE Global Equity Market Indices roll-out; New indices available for benchmarking and customization
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced the launch of approximately 600 equity indices covering the qualifying, listed security universe across 16 selected European countries, including the U.K. These equity indices, which are administered by ICE Data Indices, LLC, are accessible in ICE's Custom Index Tool, which provides a variety of ways to prototype and back test strategies for multiple use cases, including research, benchmark construction, designing new financial products such as ETFs or enabling services such as direct indexing.
/jlne.ws/3PULlFn
ICE U.S. Residential Mortgage Rate Lock Index Futures Reach Trading Records
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home of ICE Mortgage Technology, today announced that ICE's U.S. Residential Mortgage Rate Lock Index Futures reached record trading activity during September and the third quarter of 2023. A record 67,416 contracts traded during September 2023, with a record 113,641 contracts traded during the third quarter. ICE offers futures based on the ICE U.S. Conforming 30-year Fixed Mortgage Rate Lock Index which tracks U.S. residential mortgage loan applications where borrowers and lenders have committed to lock-in the interest rate prior to closing.
/jlne.ws/3rVjg92
NSE launches 13 new commodity derivatives contracts on October 16, 2023
National Stock Exchange of India
National Stock Exchange (NSE) is pleased to announce the launch of 13 new commodity derivatives contracts on October 16, 2023. With this launch, NSE offers 28 products in the Commodity Derivatives Segment. The 13 new derivatives contracts include: 'Option on Futures' on Gold 1kg Futures, Gold Mini Futures, Silver Mini Futures, Copper Futures and Zinc Futures; Gold Guinea (8 grams) Futures, Aluminium Futures, Aluminium Mini Futures, Lead Futures, Lead Mini Futures, Nickel Futures, Zinc Futures and Zinc Mini Futures
/jlne.ws/48RWHmf
NSX's bond trading system goes live
Chamwe Kaira - Observer
The Namibian Stock Exchange (NSX) celebrated a momentous and long-awaited project with the go-live of the bond trading system on 13 October. The CEO of the NSX, Tiaan Bazuin, stated that the NSX is very pleased with the addition of our own bond trading system, to enhance the capabilities of the exchange to facilitate safe and regulated trading in the bond space in Namibia.
/jlne.ws/40dhdKh
The Derivatives Service Bureau Launches The Unique Product Identifier UPI Service Supporting Market Readiness Ahead Of 2024 Regulatory Mandates
Mondo Visione
The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, has today launched the Unique Product Identifier (UPI) Service, enabling firms to create and search for UPIs. The UPI, an International Organization of Standardization standard (ISO 4914 UPI), has been developed to enable aggregation of OTC derivatives transactions reported to trade repositories so that authorities can monitor the build-up of systemic risk at a global level. The DSB is designated by the Financial Stability Board (FSB) as the sole UPI Service Provider to support the creation and distribution of UPIs globally.
/jlne.ws/3S1QOgf
Commencement of Free Trial for J-Quants for PRO (Tentative Name)
Japan Exchange Group
JPX Market Innovation & Research, Inc. (JPXI) is pleased to announce the commencement of a free trial for "J-Quants for PRO" (tentative name), aimed at providing institutional users with user-friendly access to financial data in the Japanese market, starting today, October 16. J-Quants for PRO is a service designed to support the discovery of new business opportunities and facilitate effective decision-making for our users, delivering data through various user-friendly channels such as APIs and SFTP.
/jlne.ws/3M4klSN
Squarepoint Follows Citi Buying Russian Aluminum on the LME; Hedge fund bought about 50,000 tons of aluminum in South Korea; Glut of metal is attracting financial players to lock up units
Archie Hunter, Alfred Cang, and Mark Burton - Bloomberg
Hedge fund Squarepoint Capital LLP has in the past month bought more than $100 million of largely Russian aluminum from the London Metal Exchange, the latest example of financial firms buying up metals as weak demand creates a build-up of stocks. The fund - which is best known for its quantitative approach to trading - requested delivery of about 50,000 tons of aluminum stored in LME warehouses in South Korea, according to people familiar with the matter, who asked not to be identified because the dealings are private.
/jlne.ws/3RVAhdL
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Meta's Threads is unwittingly becoming a news hub in the face of the Israel-Hamas war
Ananya Bhattacharya - Quartz
Since its inception, Threads has decided to steer clear of handling hard news-and the Israel-Hamas war hasn't altered its stance. Yet the platform is quickly becoming a home for reporting on the conflict. When Meta launched its Twitter-killer app in July, Instagram boss Adam Mosseri said the Threads app is "not going to do anything to encourage" politics and "hard news."
/jlne.ws/3Mqm459
Musk Says Advertising Revenue on X 'Drops Massively' During War
Gabriela Mello - Bloomberg
Elon Musk said advertising revenue on X, the site formerly known as Twitter, "drops massively during war," according to a post in response to an user's tweet about her payouts going down. His comment comes as X faces growing regulatory scrutiny in the European Union over concerns about potential violent or terrorism-related content on the social media platform.
/jlne.ws/479DqLx
Worried AI will take your job? The history of Microsoft Excel should give you hope
Matt Turner - Business Insider
By now I expect you've seen the predictions that artificial intelligence will replace millions of jobs. Earlier this year, Goldman Sachs predicted AI would impact 300 million jobs worldwide, triggering "significant disruption" in the labor market. There have been high-profile examples of companies big and small replacing workers with AI.
/jlne.ws/40032rS
AI is top of mind for leaders. The pros and cons, according to execs from PwC, Google DeepMind, Slack, and IBM
Alena Botros - Fortune
When it comes to AI, leaders have a love-hate relationship; it's both promising and scary. At the Fortune Most Powerful Women Summit in Laguna Niguel, Calif., executives from PwC, Google DeepMind, Slack, and IBM addressed the risks and potential rewards of AI for leaders and companies. Slack CEO Lidiane Jones said she is optimistic about how AI will improve worker productivity by automating mundane tasks, opening up more space for creativity and helping with burnout.
/jlne.ws/3tsG8Nk
Australia central bank sees possible cost savings in tokenisation
Reuters
Australia's central bank on Monday said tokenised money could help save billions of dollars in costs in domestic financial markets, as it studies whether and how to launch a central bank digital currency.
/jlne.ws/45yGTSg
The Derivatives Service Bureau Launches the Unique Product Identifier UPI Service; Supporting market readiness ahead of 2024 regulatory mandates
Derivatives Service Bureau
The Derivatives Service Bureau (DSB), the global golden source of reference data for Over the Counter (OTC) derivatives, has today launched the Unique Product Identifier (UPI) Service, enabling firms to create and search for UPIs.
/jlne.ws/3S3Crbc
Crypto wallet MetaMask removed from Apple's app store
Brady Dale - Axios
/jlne.ws/3QkrbG0
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| Cybersecurity | | Top stories for cybersecurity | Hackers hit aid groups responding to Israel and Gaza crisis
Zeba Siddiqui - Reuters
The websites of two relief groups providing aid to Israel and Gaza were disrupted in recent days after hackers flooded them with traffic, following a series of hackivist group threats over the ongoing conflict. Jerusalem-based nonprofit United Hatzalah, which provides emergency medical services, said its website was struck by distributed denial of service (DDoS) attacks that temporarily slowed its ability to receive donations.
/jlne.ws/3ZTWv1P
Cybersecurity company founded by ex-NSA director files for bankruptcy
Dietrich Knauth - Reuters
Cybersecurity company IronNet, founded by a former director of the U.S. National Security Agency, has filed for bankruptcy protection in Delaware, seeking to sell its assets. U.S. Bankruptcy Judge Brendan Shannon on Friday signed off on some of the company's initial steps in bankruptcy during a court hearing, including approving an agreement that would restore the company's access to customer data and other key information held by Amazon Web Services.
/jlne.ws/3PZEuKD
CEOs' lack of confidence in cybersecurity resilience may hinder growth By Investing.com
Ambhini Aishwarya - Investing.com
A recent report titled "The Cyber-Resilient CEO" by Accenture (NYSE:ACN) reveals a paradox in the mindset of global CEOs regarding cybersecurity. Despite 96% of CEOs acknowledging the critical role of cybersecurity in organizational growth and stability, 74% lack confidence in their ability to prevent or minimize cyberattack damage. This paradox is primarily due to a reactive approach to cybersecurity, rather than proactive measures, as reported on Monday.
/jlne.ws/3rVlWU8
BlackBerry Announces Generative AI Powered Cybersecurity Assistant
Press Release
BlackBerry Limited (NYSE: BB; TSX: BB) today announced its new Generative AI powered assistant for Security Operations Center (SOC) teams. The enterprise-grade solution acts as a SOC Analyst providing Generative AI based cyberthreat analysis and support to enhance CISO operations. It leverages private large language models (LLMs) for greater accuracy and data privacy.
/jlne.ws/3tvyKkp
The Cyber AI Dilemma-And What It Means For The Cybersecurity Industry
Nir Ayalon - Forbes
Ever since OpenAI released ChatGPT last year and DALL-E the year before, there has not only been an explosion in the amount of AI tools available for general consumption, but AI also transitioned from being perceived as largely academic or some magic employed by Big Tech to a family dinner conversation topic. Heck, I think ChatGPT is even more popular than Taylor Swift!
/jlne.ws/3ZZ5PRT
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin's Lightning Network Scaling Solution Seeks Resurgence After Losing Way
Teresa Xie - Bloomberg
When Bitcoin development company Lightning Labs first launched the Lightning Network in 2018, it was all the rage. The protocol, built on top of the Bitcoin blockchain, was designed to make cryptocurrency transactions faster and cheaper.
/jlne.ws/3ZWhlNS
Hong Kong Crypto Exchange OSL Weighs Sale at HK$1 Billion Valuation; Operator BC Technology gauged interest from possible buyers; Hong Kong's goal of creating crypto center faces challenges
Annabelle Droulers, Manuel Baigorri, and Zheping Huang - Bloomberg
Hong Kong's BC Technology Group Ltd. is exploring the sale of its crypto platform OSL, one of only two exchanges licensed under digital-asset rules the city introduced in June, people familiar with the matter said.
/jlne.ws/45uwPd7
Money, Ego and Deception at FTX (Trailer)
Bloomberg Originals
Coming October 25th to Bloomberg Originals: A feature documentary about Sam Bankman-Fried and the stunning collapse of FTX, his cryptocurrency exchange.
/jlne.ws/3M2S0Mz
SBF Trial: Crypto Lender BlockFi Believed Alameda Was Solvent Given Balance Sheet It Was Shown, CEO Testifies
Helene Braun and Nikhilesh De - CoinDesk
BlockFi CEO Zac Prince resumed his testimony against former counterparty Sam Bankman-Fried on Friday, detailing to the court how his lending firm was forced to declare bankruptcy because of its involvement in FTX and Alameda Research. BlockFi started lending money to Alameda Research around the end of 2020 or early 2021, Prince said, in what he recalled were "very robust loan agreements."
/jlne.ws/3tyBcGV
Group Chats, Tweets and Audio Tape: The Evidence Against SBF; Sam Bankman-Fried's words in tweets and group chats are being used as evidence against him in his historic fraud trial
Yueqi Yang - Bloomberg
Sam Bankman-Fried's words in tweets and group chats are being used as evidence against him in his historic fraud trial. Screenshots of messages, social media posts and internal documents have been presented by prosecutors to demonstrate how the 31-year-old allegedly orchestrated a multibillion-dollar scheme at his FTX cryptocurrency exchange, along with his trading firm Alameda Research.
/jlne.ws/46xtw6h
Even after Sam Bankman-Fried's arrest, the crypto industry remains full of men acting like boys
Kathleen Breitman - Fortune
/jlne.ws/3ZYW9Xt
Criminal mastermind or hapless dude? A look into Sam Bankman-Fried's trial so far
David Gura - NPR
/jlne.ws/3Q0SunL
SBF Trial: What Did FTX's Terms of Service Say About Customer Funds?
Nikhilesh De - CoinDesk
/jlne.ws/3tzbMZF
Hong Kong's crypto hub dream mired in high costs, other barriers one year on, with JPEX but one stumbling block
South China Morning Post
/jlne.ws/40d7ljH
Coinbase Q3 trading volume drops 52% from last year
Zoltan Vardai - forkast
/jlne.ws/3ZVu6IG
Things Sam Bankman-Fried's Lawyers Should Be Freaking Out About
Nikhilesh De and Danny Nelson - CoinDesk
/jlne.ws/3Qj87Ij
Hamas' Crypto Ties May Lend Energy to Sen. Warren's Money Laundering Bill
Jesse Hamilton - CoinDesk
/jlne.ws/3tr6gbq
Venezuela Offers 'Unique Crypto Utility' Amid Hyperinflation: Report
Pedro Solimano - Decrypt
/jlne.ws/46NwxiD
City minister presses UK regulator to show restraint on new crypto advertising rules; Andrew Griffith calls on FCA to show 'forbearance' over tougher standards
/jlne.ws/3twKvHs
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| Politics | | An overview of politics as it relates to the financial markets | Musk's plan X: keep users in the dark, feed them dung and watch sales mushroom
John Naughton - The Guardian
At 4am a couple of weeks ago, Ryan Carson, a young activist for social justice, was sitting with his girlfriend at the B38 bus stop at Lafayette Avenue and Malcolm X Boulevard in New York. They were on their way home from a wedding party. Carson was suddenly accosted by an aggressive stranger who asked: "What the fuck are you looking at?" and then stabbed him to death.
/jlne.ws/45BYDwa
House Can't Respond to World Crises as GOP Speaker Fight Rages On; Wars rage in Israel, Ukraine, and government funding is due to expire next month; 'the House GOP conference is broken'
Molly Ball - The Wall Street Journal
As a fractious week at the Capitol came to a close with the position of speaker of the House still vacant, a sense of fatalism descended on the Republican majority after the ejection of the post's previous occupant, Rep. Kevin McCarthy, without a plan or successor in place to follow him. One congressman, Mark Alford, a freshman from Missouri, announced he was turning to prayer. Another, Kelly Armstrong of North Dakota, suggested trial by combat.
/jlne.ws/3S7R4tY
Biden Can't Squeeze Iran and Russian Oil at Same Time; Booming Iranian exports have helped ease global supply concern; US Treasury also raising pressure on firms moving Russian oil
Julian Lee and Daniel Flatley - Bloomberg
The US wants to tighten sanctions on Russia and Iran. Doing both at once would carry significant political risks for President Joe Biden as he heads into the 2024 election. In the wake of Hamas's surprise attack on Israel on Saturday US Treasury Secretary Janet Yellen said new measures against Iran were possible. The Islamic Republic supplies Hamas with funds and training but has denied involvement in the operation.
/jlne.ws/48RIvJY
US to Tighten Curbs on China's Access to Advanced Chip Tech; Licenses will be required to ship to Chinese chip design firms; Washington to strengthen controls on advanced graphics chips
Jenny Leonard, Mackenzie Hawkins, Ian King, and Debby Wu - Bloomberg
The US plans to tighten sweeping measures to restrict China's access to advanced semiconductors and chipmaking gear, seeking to prevent its geopolitical rival from obtaining cutting-edge technologies that could give it a military edge. The latest rules aim to refine and close loopholes from curbs announced last October, according to people familiar with the matter.
/jlne.ws/3RYxiRK
Houston Bankruptcy Judge David Jones Resigns Under Misconduct Investigation
Alexander Gladstone - The Wall Street Journal
Houston bankruptcy judge David R. Jones resigned from the bench while under a misconduct investigation by a federal appeals court over his failure to disclose his yearslong romantic relationship with a bankruptcy lawyer who had business before his court. Jones's resignation from the U.S. Bankruptcy Court in Houston comes after the appellate court that appointed him found probable cause that he committed misconduct by failing to disclose his romantic relationship with bankruptcy lawyer Elizabeth Freeman.
/jlne.ws/46xzDHL
Can the UK Really Fix Its Troubled Tax System?; Merryn Somerset Webb and John Stepek unpack criticisms and proposed reforms in this week's special episode of Merryn Talks Money.
Sommer Saadi - Bloomberg
/jlne.ws/3Q5tOdQ
UK-Hosted AI Summit to Weigh Election Disruption, Security Risks; Summit next month set to be crucial to developing guardrails; Discussions will include disinformation and risks to democracy
Tom Rees - Bloomberg
/jlne.ws/3LYbUII
IT services group Atos names Jean Pierre Mustier as chair; Heavily indebted French company appoints former UniCredit boss to replace Bertrand Meunier
Leila Abboud, Adrienne Klasa and Sarah White - Financial Times
/jlne.ws/3QiAyGg
Xi's Crackdown on Finance Hits Two-Year Mark With No Letup
Bloomberg News
/jlne.ws/48TR0UG
Australia Proposes New Licensing Regime for Crypto Exchanges, Aims for Draft Legislation by 2024
Amitoj Singh - CoinDesk
/jlne.ws/46QyfQl
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| Regulation & Enforcement | | Stories about regulation and the law. | China Tightens Rules on Short Selling in a Bid to Boost Stocks
Bloomberg News
China is tightening curbs on short-selling activities as authorities step up efforts to shore up a struggling stock market. The Securities Regulatory Commission said with effect from Oct. 30, hedge funds wishing to short sell a stock must hold 100% of the value of the transaction in their account while other investors need to have at least 80%. Other rules that came into force Monday restrict lending of shares by strategic investors and senior management and increase the supervision of "various arbitrage activities," it added in a statement on Saturday.
/jlne.ws/3FgX3VQ
SEC adopts new short selling rule to bolster transparency for market participants; New rule will increase the public availability of short sale related data, supplementing short sale data that is currently offered.
Wesley Bray - The Trade
The US Securities and Exchange Commission (SEC) has adopted a new rule to bolster transparency to market participants through increased public availability of short sale related data. Named Rule 13f-2, the new rule will require institutional investment managers that meet or exceed specific thresholds to report short sale related information for equity securities through Form SHO.
/jlne.ws/46uL1UF
US shift to T+1 merely a warm-up for Europe, say experts; When it comes to improving settlement efficiency, greater partnership between the regulators, FMI's and market participants is paramount - "associations can lead, but members need to do the hard work".
Claudia Preece - The Trade
Despite key differences between the two regions, namely fragmentation, the US shift to T+1 ought to be viewed as a warm-up for Europe's own potential move, said one panellist at an AFME and DTCC event last week. Delving into the current state of efficiency across Europe, speakers highlighted fragmentation, standardisation, and regulation as key considerations for answering the call for more efficient processes.
/jlne.ws/3S2VDWM
Things Sam Bankman-Fried's Lawyers Should Be Freaking Out About
Nikhilesh De and Danny Nelson - CoinDesk
For a moment Thursday, it looked like Sam Bankman-Fried's lead attorney, Mark Cohen, was lulling the U.S. Department of Justice's star witness, Caroline Ellison, into a false sense of security on the stand. The former Alameda Research CEO was clearly comfortable testifying during her cross-examination. She answered "yes or no?" questions with unnecessary levels of detail - a generally unwise practice for witnesses in a criminal trial.
/jlne.ws/3Qj87Ij
SEC to require short selling data after softening proposed rule; Lenders of securities must report loans daily, but not in real time as had been feared
Jennifer Hughe - Financial Times
Data on borrowed stocks will for the first time be made public in the US under new rules adopted by financial regulators, though the measures stopped short of Wall Street's worst fears. The five members of the US Securities and Exchange Commission on Friday voted three to two to require lenders of securities to report new loans, and modifications to existing ones, by the end of each trading day, in a move that will shine new light on one of the murkier corners of the financial markets.
/jlne.ws/3S16LDf
SEC Deadline on Grayscale's Bitcoin ETF Dispute Approaching at Midnight
Jesse Hamilton - CoinDesk
The final hours are ticking down for an appeal from the U.S. Securities and Exchange Commission (SEC) in its dispute with Grayscale Investments over establishing a spot bitcoin [BTC] exchange-traded fund (ETF). If the agency does nothing further by midnight Eastern, Grayscale's application to convert its Bitcoin Trust (GBTC) to an ETF formally returns to life.
/jlne.ws/400UnFA
SEC Won't Appeal Court Decision Paving Way for Grayscale Spot Bitcoin ETF; Federal appeals court ruling in August paved way for launch; Regulator considers case to be decided, person familiar says
Austin Weinstein and Sabrina Willmer - Bloomberg
The US Securities and Exchange Commission will not ask a federal appeals court to reconsider a ruling that paves the way for Grayscale Investments LLC to launch a spot Bitcoin exchange-traded fund, according to a person familiar with the matter. In August, the DC Circuit Court of Appeals overturned the SEC's rejection of Grayscale's bid to convert its trust into an exchange-traded fund.
/jlne.ws/48Xug6g
Bitcoin ETFs Could Come Soon as SEC Declines to Challenge Court Loss
Joe Light - Barron's
The Securities and Exchange Commission doesn't plan to challenge a major court loss against Grayscale Investments, according to a person familiar with the matter, bringing closer the possibility of the first Bitcoin exchange-traded fund. The agency faced a midnight Friday deadline to ask for a new hearing in its case against Grayscale Investments.
/jlne.ws/3tzcp5s
Grayscale's Bitcoin ETF Push: What's Next After Court Ruling Stands; Dialog between Grayscale and SEC may open up: BI's Seyffart; Slew of other companies are also trying to launch Bitcoin ETFs
Vildana Hajric - Bloomberg
With the Securities and Exchange Commission opting against appealing a ruling that paves the way for Grayscale Investments LLC to convert its Bitcoin trust into an exchange-traded fund, analysts are now trying to gauge how the process may unfold from here. The crypto asset-manager earlier this year scored a legal victory in federal court in its bid to turn its Grayscale Bitcoin Trust (ticker GBTC) into the first US ETF that would invest directly in the largest digital coin.
/jlne.ws/3FjZl6H
SEC Adopts Rule to Increase Transparency Into Short Selling and Amendment to CAT NMS Plan for Purposes of Short Sale Data Collection
SEC
The Securities and Exchange Commission today adopted new Rule 13f-2 to provide greater transparency to investors and other market participants by increasing the public availability of short sale related data. Congress directed the SEC in Section 929X of the Dodd-Frank Act of 2010 to promulgate rules to make certain short sale data publicly available.
/jlne.ws/3M23DTU
SEC Adopts Rule to Increase Transparency in the Securities Lending Market
SEC
The Securities and Exchange Commission today adopted new Rule 10c-1a, which will require certain persons to report information about securities loans to a registered national securities association (RNSA) and require RNSAs to make publicly available certain information that they receive regarding those lending transactions. The rule is intended to increase the transparency and efficiency of the securities lending market.
/jlne.ws/46QDnUB
SEC Obtains Final Judgment Against Participant in International Microcap Fraud Schemes
SEC
On October 11, 2023, the U.S. District Court for the District of Massachusetts entered a final judgment against California resident Avtar S. Dhillon. The SEC charged Dhillon and eight other defendants for their roles in fraudulent schemes that collectively generated hundreds of millions of dollars from unlawful stock sales and caused significant harm to retail investors in the United States and around the world. Among other relief, the judgment orders Dhillon to pay more than $10 million.
/jlne.ws/3ZW58sy
Crypto-assets: The case for strong regulation and enforcement
ASIC
After a series of wars and revolutions, the economic climate is unstable. Inflation means the currency has been losing value for decades, with salaries barely keeping pace. In response, distrust of the standardised currency has led many people to look at alternative forms of payment, deliberately outside reliance on state standards. But without a standardised value, these alternatives are themselves volatile.
/jlne.ws/48WUFky
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Trading Tycoon Steering Russia's Global Oil Business; Lakhani said to be key to Rosneft's trading in sanctions era; Lawyers for Lakhani deny any current role in Russian oil
Ben Bartenstein - Bloomberg
Igor Sechin, the boss of Russia's state oil company and longtime associate of Vladimir Putin, celebrated New Year's Eve on a yacht anchored off Palm Jumeirah, the man-made Dubai island dotted with oligarch-friendly beachfront villas. Sechin spent most of 2022 grappling with the impact of the invasion of Ukraine on Russia's oil exports and finding new customers in the wake of sanctions.
/jlne.ws/3tqen87
Our Current Bond Crisis Should Scare You; Looking to history for comforting answers on the biggest bond rout in more than a century won't provide many.
Brooke Sample - Bloomberg Opinion
There is only one true law of history, and that is the law of unintended consequences. In the early 1920s, University of Chicago economist Frank Knight famously drew a distinction between calculable risk and unknowable uncertainty. He overlooked a third domain: unintendedness - where what happens is not what was supposed to happen.
/jlne.ws/3tBz0ys
It's risky to bet Social Security's solvency on the stock market
Mark Hulbert - MarketWatch
I've made this argument before. But it bears repeating because of a recent bipartisan proposal in Congress to fund the Social Security trust fund with the profits the U.S. Treasury could earn by borrowing $1.5 trillion and investing it in the stock market. The proposal is garnering increasing support, not just on Capitol Hill but also from Wall Street.
/jlne.ws/3ZX4MBU
Trading Stocks Loses Its Thrill: 'I Would Get Burned'
Gunjan Banerji - The Wall Street Journal
Trading in the stock market just isn't much fun anymore. Individual investors are dialing back how much risk they are taking across markets. Some are accumulating cash or stashing it in funds tracking bonds or money markets to take advantage of yields that have soared to 16-year highs.
/jlne.ws/3ZVUpyi
Stockpickers hold out hope that the tide is turning in their favour; Active fund managers look to stocks more resilient in the face of a rising cost of money
Katie Martin - Financial Times
Alexandra Morris was feeling pretty upbeat when she addressed staff to say, emphatically: "We're back." Morris is the investment director at Norway's Skagen Funds, which manages £5.6bn of assets across a clutch of different strategies and maintains a core focus on stock picking. The easy money era of low interest rates and drab inflation made life hard for her. "It was not any fun at all," she said, as abundant liquidity pumped up worthy and unworthy risky assets alike.
/jlne.ws/46Lu8pf
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Biden Announces Huge Hydrogen Investment. How Much Will It Help The Climate? The Energy Department awarded up to $7 billion in grants for clean hydrogen "hubs," but environmentalists warn some of the money could prop up fossil fuels and fail to cut emissions.
Nicholas Kusnetz and Jon Hurdle - Inside Climate News
President Joe Biden traveled to a marine terminal here on Friday to announce billions in funding for new clean hydrogen projects that he said would help the nation meet its climate goals while generating thousands of new high-quality jobs. Surrounded by lines of shipping containers on a dock along the Delaware River, Biden positioned the program as a critical piece of his economic and climate platforms. "The investment we're making today will be for our kids and grandkids," Biden said. "Today's announcement is transformational."
/jlne.ws/45G8Esw
Banks Told to Review Clients Amid Historic ESG Crackdown in EU; EBA says banks face new credit, market, operational risks; Bankers associations sound alarm at scope of new regulations
Frances Schwartzkopff - Bloomberg
Banks in Europe will need to adjust the risk assessments they conduct of their clients to reflect new ESG requirements enforced by their watchdog. In a world first, the European Banking Authority is revising the framework that sets industrywide capital requirements for lenders - known as Pillar 1 - to incorporate environmental and social risks. Some of the obligations will be enforced immediately, while others will be rolled out over time and will in some cases lead to new legislation, according to the EBA.
/jlne.ws/46CUgTa
Q&A: After its Hottest Summer On Record, Phoenix's Mayor Outlines the City's Future; Kate Gallego answers how the city is looking to address extreme heat and drought to build a more sustainable city.
Wyatt Myskow - Inside Climate News
The Phoenix summer of 2023 was one for the record books. For 54 days straight-36 more than the previous record-the hottest city in the country had high temperatures of 110 degrees Fahrenheit or higher. That heat led to nearly 300 confirmed deaths so far, with more under investigation by the county, mostly among the unhoused population. Local electricity providers reported the highest-ever demand for power as the city's residents cranked up their air conditioning.
/jlne.ws/3rYMKmb
California Moves Closer to Imposing First Limits on Groundwater Use
Raymond Zhong - The New York Times
California has put a water-stressed farming region on notice for having "inadequate" plans to curb its overuse of groundwater, bringing officials closer to directly intervening, for the first time in state history, in the way growers manage their underground water supplies. Regulators said Thursday that they would first hold a public hearing on the region, the Tulare Lake sub-basin of the San Joaquin Valley. The decision to even consider stepping in signals a willingness to take farmers to task for not doing enough to protect their aquifers.
/jlne.ws/3ZTXE9z
Texas Quietly Moves to Formalize Acceptable Cancer Risk From Industrial Air Pollution. Public Health Officials Say it's not Strict Enough. Without public hearings, the Texas Commission on Environmental Quality is proposing to adopt its 17-year-old standard that scientists and public health officials say fails to account for cumulative air pollution.
Dylan Baddour - Inside Climate News
State of Denial: Third in a series about Texas' environmental regulators. The Texas Commission on Environmental Quality has quietly proposed maintaining a target cancer risk level for air pollution permits that scientists and public health officials consider inadequate to protect public health, especially for communities like those east of Houston that are exposed simultaneously to many sources of industrial emissions.
/jlne.ws/3QgECXI
How Singapore sets the global standard for carbon offsets
Grace Fu - Green Pulse Podcast
/jlne.ws/3FjSuKl
Tree plantations try to offset our carbon pollution. Here's the problem. Viewing trees as industrial or climate assets isn't the full picture of their value.
Hannah Seo - Popular Science
/jlne.ws/46QyTxf
It's the warmest September on record thanks to El Nino and, yes, climate change
Julia Simon - NPR
/jlne.ws/3FkCS9s
'Gobsmackingly Bananas' Record Temperatures Are Dividing Scientists; Global temperature records are being broken on a consecutive monthly basis. That's not good.
Lara Williams - Bloomberg
/jlne.ws/3tAJVZf
Norway Renames Oil and Energy Department to Reflect Green Shift
Kari Lundgren - Bloomberg
/jlne.ws/3Ffzhtv
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge Funds Get New SEC Mandate for Reporting Short Sales
Lydia Beyoud - Bloomberg
Hedge funds will have to start sharing significantly more information about their short-sale transactions with the Securities and Exchange Commission, setting up another clash between the industry and Wall Street's main regulator. The SEC finalized rules on Friday that require hedge funds and other big investors to report gross short positions in certain stocks at the end of each month, and details on related trading activity - including in derivatives - on a more regular basis.
/jlne.ws/3RWnBTZ
JPMorgan sees $20 billion opportunity for bitcoin miners; In a new research report, the banking giant predicted a major revenue opportunity for the bitcoin mining industry.
Peter Chawaga - TheStreet
A new report from JPMorgan detailed the firm's latest outlook for the bitcoin mining sector as the industry faces record competition for bitcoin rewards, an upcoming halving event and growing institutional interest. "The bitcoin mining industry is at a crucible moment as management teams (and investors) weight the prospects of a bitcoin ETF, which may catalyze a rally, against record hashrate increases and the looming block reward halving that threaten industry revenues and profitability," according to the report, an excerpt of which was shared by CleanSpark Co-Founder S. Matthew Schultz.
/jlne.ws/3M3EeZU
Wall Street bonuses may drop 16% as higher rates threaten businesses, New York Comptroller
Reuters
Wall Street bonuses could fall 16% this year as interest rates possibly staying higher for longer threatens the performance of financial companies, according to New York State Comptroller Thomas DiNapoli. The drop, however, would be less sharp than last year's 26% decline that shrank bonuses to $176,700 on average.
/jlne.ws/3FisRJX
Goldman Sachs Declares Preferred Stock Dividends
Goldman Sachs
The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has declared dividends on the following series of its non-cumulative preferred stock (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock, except for the Series O Preferred Stock, the Series P Preferred Stock, the Series T Preferred Stock, and the Series V Preferred Stock in which each depositary share represents a 1/25th interest in a share of preferred stock):
/jlne.ws/3QgsINw
MUFG earned double its $9bn Morgan Stanley rescue investment
Yuki Nakamura - Nikkei Asia
The $9 billion that Japan's Mitsubishi UFJ Financial Group injected into Morgan Stanley following the global financial crisis has paid off by contributing roughly twice the investment to MUFG's profits over the past decade. Friday marks 15 years since MUFG rode to the rescue and bought preferred shares in the U.S. investment bank after the collapse of Lehman Brothers, equivalent to about 900 billion yen based on exchange rates at the time.
/jlne.ws/46RknFy
Beware the New Treasury Buyers Sparking Fear in World's Largest Bond Market; More price-sensitive investors like hedge funds are piling in; That's seen weighing on bonds long-term as supply surges
Michael Mackenzie, Liz Capo McCormick, and Denitsa Tsekova - Bloomberg
/jlne.ws/46t7y4k
Big-Bank Profits May Be Higher, but for How Much Longer?
Telis Demos - The Wall Street Journal
/jlne.ws/3rTsfYc
'You Never Wavered in Our Friendship': Epstein Ties Scorch Top Banker
Josh Mitchell - The Wall Street Journal
/jlne.ws/48Xhgxq
Big U.S. banks warn capital hikes could weigh on green energy, equity products
Pete Schroeder and Michelle Price - Reuters
/jlne.ws/3Fh0b44
The Goldman Banker on a Crucial Mission to Help Juice Its Stock; Marc Nachmann's push to build out money management could put the bank's stock on par with rivals and reshape David Solomon's legacy as CEO - if it succeeds.
Sridhar Natarajan - Bloomberg
/jlne.ws/46wlUB6
Asia Central Banks Turn to Bond Playbook to Defend Currencies
Marcus Wong and Matthew Burgess - Bloomberg
/jlne.ws/3RVwrkQ
MUFG Plans to Sell Dollar AT1 Bonds in First for Japanese Banks
Finbarr Flynn and Takahiko Hyuga - Bloomberg
/jlne.ws/46xDFjn
Glen Point Trial Casts Morgan Stanley as Hedge Fund's Victim
Greg Farrell and Carter Johnson - Bloomberg
/jlne.ws/3Qi3xKj
Rainer Gut, Who Transformed Credit Suisse, Dies at 91; Sought to make bank 'major player in every area of financing'; In distress, Credit Suisse was bought by rival UBS in March
Marion Halftermeyer - Bloomberg
/jlne.ws/46U2oyj
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Influencers and CEOs take their brands to LinkedIn
Hannah Murphy - Financial Times
Marketer Zain Kahn says he earns more than $1mn a year in advertising revenue, thanks largely to his hundreds of thousands of social media followers. He is not pushing products to fans on TikTok and Instagram, however. Kahn is one of a new breed of "influencers" on an altogether different platform: LinkedIn. Kahn has built up a 772,000-strong following on the site in about a year.
/jlne.ws/3Q5zSD8
M.B.A. Job-Offers in Short Supply as Tech, Finance, Consulting Dial Back Recruiting; Students try to break into industries that have had a rocky year
Lindsay Ellis - The Wall Street Journal
Companies are dialing back or delaying hiring of M.B.A.s this fall, a sharp turn from the supercharged recruiting seasons of years past. Career officers and students at Yale University, Columbia University and Northwestern University say businesses are spending less time on campus than in recent years to hire second-year M.B.A. candidates, or holding off on job offers. That has students thinking about their Plan B if top-tier companies aren't making offers. EY, Amazon and Boston Consulting Group are rethinking hiring strategy, or saying they will make moves when next year's business picture becomes clearer, the companies and campus officials say.
/jlne.ws/46Sxc26
The Five-Day Office Week Is Dead
Nicholas Bloom - The New York Times
Working from home is here to stay. I can prove it with data - lots and lots of data showing that returning to the office (RTO) is DOA. A telling data point is the number tracking how many Americans swiped and tapped electronic cards to gain entry into their offices. This month, occupancy rates were at 50 percent of February 2020 levels. That is shocking - only half as many days are spent in the office compared with prepandemic times.
/jlne.ws/46xTDde
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Steep physical decline isn't inevitable. This type of exercise can change the trajectory of aging, one expert says
Zachary Gillen - The Conversation
Raise your hand if you regularly find yourself walking up a flight of stairs. What about carrying heavy bags of groceries? How about picking up your child or grandchild? Most of us would raise our hands to doing at least one of those weekly, or even daily. As people age, it can become more and more difficult to perform some physical tasks, even those that are normal activities of daily living.
/jlne.ws/3Qjf786
Study Finds Cannabis Users Had Better Covid-19 Outcomes
A.J. Herrington - Forbes
Cannabis users who contracted Covid-19 had better outcomes and reduced mortality compared to people who do not use marijuana, according to new research presented at a conference in Hawaii this week. A presentation on the study, which was conducted through a review of the medical records of more than 320,000 individuals, was delivered on Wednesday at the annual meeting of the American College of Chest Physicians (CHEST) in Honolulu.
/jlne.ws/46relvo
Want to live to a healthy 100? Longevity doctor Peter Attia has advice.
Andrea Atkins - The Washington Post
Do you want to live to 100? Thanks to modern medicine, you have a decent chance of doing so. But if you want to live well to 100, physician and best-selling author Peter Attia says you may have some work to do so that your last decade of life - your "marginal decade," as he calls it - is healthful and rewarding, not limited by disease.
/jlne.ws/48Rb9e5
Kids Suing Social Media Over Addiction Find a Win Amid Losses; California state judge allows negligence claim to proceed; Judge dismisses seven other claims filed by kids and parents
Joel Rosenblatt - Bloomberg
Minors and parents suing Meta Inc.'s Facebook and other technology giants for the kids' social media platform addictions won an important ruling advancing their collection of lawsuits in a California court. A state judge on Friday threw out most of the claims but said she'll allow the lawsuits to advance based on a claim that the companies were negligent - or knew that the design of their platforms would maximize minors' use and prove harmful.
/jlne.ws/45BZhd4
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Malaysia courts new data centers in bid to be next Southeast Asia hub
Fumika Sato - Nikkei Asia
With Singapore putting the brakes on new data centers, Malaysia is wooing investments with tax breaks and other perks to become the region's next big data hub. Located a 30-minute drive from the Singaporean border, Iskandar Puteri in Malaysia's southern Johor state has emerged as a hot spot for new data center construction.
/jlne.ws/3rV72gE
India's Das Says US Should Rethink Currency Manipulator List
Anup Roy - Bloomberg
The US practice of putting emerging markets countries on a watchlist as potential currency manipulators should be reviewed, said India's central bank governor, who defended the need to buttress their economies from market swings. "There has to be a two-sided appreciation of the challenges" emerging markets face dealing with spillover effects of advanced economy policies, Reserve Bank of India Governor Shaktikanta Das said Thursday at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco.
/jlne.ws/4047upu
IMF Sees No Conditions for Japan to Intervene in Currency Market
Toru Fujioka - Bloomberg
The International Monetary Fund said that it sees no factors that would compel Japan to intervene in the foreign exchange market to support the yen. "We don't see any conditions," Sanjaya Panth, deputy director for IMF's Asia and Pacific Department, told reporters Saturday at the annual gathering of IMF and World Bank in Marrakech, Morocco. Pantha cautioned that he wasn't speaking on behalf of the Japanese authorities, who he said "may know things I don't" about the situation.
/jlne.ws/48XFwj2
Risk-Advisory Firms Decide Hong Kong Isn't Worth It; U.S.-based Nardello and other investigation companies move employees out of the city as business dwindles and China cracks down
Selina Cheng and Rebecca Feng - The Wall Street Journal
A number of investigation firms are retreating from Hong Kong and moving staffers out of the city, the latest sign of concern among foreign companies as business dwindles and Chinese authorities crack down on corporate intelligence gathering.
/jlne.ws/3M4CPCC
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