| December 07, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Germany conducted a nationwide raid, thwarting a rightwing, extremist coup plot to overthrow the German government. It is the biggest ever raid targeting right wing extremists, Bloomberg reported.
John Lothian News is pleased to announce that CCP12 is now a Friend Level sponsor of MarketsWiki. CCP12 is the global association for central counterparty organizations (CCPs), representing 41 members who operate more than 60 individual CCPs globally across EMEA, the Americas and the Asia-Pacific region.
We are also pleased to be media sponsors of the Options Conference for 2023. The conference will be held in Nashville, Tennessee, on April 26 to 28 at the Grand Hyatt, Nashville.
Former CFTC Chairman Timothy Massad has written a solo op-ed piece for Barron's titled "We Can't Just Sit Back and Let Crypto Burn."
Republican Congressman Madison Cawthorn of North Carolina has been hit with a $15,237 fine by the U.S. House Committee on Ethics for violating rules protecting against conflicts of interest by promoting a cryptocurrency in which he had a financial interest. This is the famed Let's Go Brandon (LGB) meme coin that he was introduced to by one-time NFA board member James Koutoulas, now a social butterfly in Republican social circles in Miami. The story of Cawthorn and Koutoulas' meeting and collaboration and the Koutoulas' role in the LGB coin founding and promotion is told in this New York Magazine article from May 2022 titled "Madison Cawthorn's Crypto Guru Goes Bust In the hyperworld of Miami's crypto right, the "Let's Go Brandon" coin sounded as good as gold." Oh, by the way, Koutoulas and Cawthorn now have something else in common. Cawthorn lost his re-election attempt in November and Koutoulas faltered in his attempt to be re-elected to the NFA board several years ago. Birds of a feather.
The Big Read story of the Financial Times for today is "The women turning to sex work to make ends meet."
I am going to be the guest of Joan Esposito on her radio show on WCPT AM 820, on Friday afternoon at 4:30 PM. We are going to talk about the Federal Reserve's interest rate policy and I am sure some other interesting topics.
I am sure this will be more interesting though. The latest episode of Jon Stewart's podcast,The Problem With Jon Stewart is titled "Why FTX's Crypto Scam Is A Tale As Old As Time."
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Bloomberg Sustainable Business Summit is today, Dec. 7, in New York. The summit explores how companies and investors can meet their ESG goals while driving business value. Virtual attendance is free. You can view the agenda and register here. ~ SAED
Our friends at Trading Technologies have won the Derivatives Trading System of the Year at FOW International Awards 2022. Congratulations and great job all! ~JB
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MWE SHORT: Julie Armstrong - It's All About the Reach
JohnLothianNews.com
In this video from MarketsWiki Education's World of Opportunity event in Chicago, Julie Armstrong Menacho, global head of market technology services at CME Group, talks about her winding path from the University of Kentucky to the CME and the lessons she learned along the way.
Watch the video »
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Jamie Dimon says cryptocurrencies are like 'pet rocks' and blasts the industry as a 'complete sideshow'
Phil Rosen - Business Insider
JPMorgan CEO Jamie Dimon blasted cryptocurrency and likened the tokens to pet rocks, adding that he believes that the fallout of FTX garnered too much media attention. "I think crypto is a complete sideshow," Dimon said in a Tuesday CNBC interview. "Crypto tokens are like pet rocks." He noted that his statement doesn't mean blockchain technology or smart contracts aren't real, but that he doesn't by into specific cryptocurrencies that don't do anything.
/jlne.ws/3VTdiic
***** At least you can build a house out of pet rocks if you have enough of them.~JJL
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FTX held talks with Taylor Swift over $100mn sponsorship deal; Negotiations between singer-songwriter and Sam Bankman-Fried's crypto group collapsed this spring
Joshua Oliver and Nikou Asgari, Anna Nicolaou and Antoine Gara - Financial Times
Sam Bankman-Fried's FTX reached the late stages of negotiating a sponsorship deal worth more than $100mn with Taylor Swift, but talks with the pop star fizzled out just months before the exchange's collapse in November. The discussions included a ticketing arrangement with digital certificates known as non-fungible tokens from the record-breaking "Anti Hero" singer-songwriter, according to people familiar with the matter. FTX's talks with Swift and the nine-figure sum being negotiated underscore the ambition and reach of the crypto group's drive for celebrity partnerships before it fell into bankruptcy last month. FTX had struck deals with US football star Tom Brady and supermodel Gisele Bündchen, as well as tennis star Naomi Osaka, and basketball players Shaquille O'Neal and Steph Curry.
/jlne.ws/3iLGvgR
***** Did I mention to you that Sam Bankman-Fried likes the limelight?~JJL
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'Call him Sam Bankman Fraud': FTX investors who lost up to $2M lash out
Michael Kaplan - NY Post
Evan Luthra says he lost more than $2 million when the FTX cryptocurrency exchange imploded last month. And he feels doubly injured seeing disgraced founder and CEO Sam Bankman-Fried making the media rounds, stating that he had no idea about the "huge management failures" and "accounting f-k-ups" that led to the collapse.
/jlne.ws/3han0hy
***** Did I mention that SBF can stand for a lot of different things?~`JJL
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FTX's Bahamas Headquarters Was the First Clue; Bankman-Fried is just the latest in a long string of notorious characters who moved their business to the island nation, from the pirate Blackbeard to organized crime figures and assorted "financial wizards."
Stephen Mihm - Bloomberg
In retrospect, Sam Bankman-Fried and his cryptocurrency gang gave investors ample reason to steer clear of FTX: misleading claims that investments were covered by the Federal Deposit Insurance Corp., too-cozy-for-comfort relations with government regulators and other problematic behavior. But the biggest red flag may have been the first: the crypto exchange's relocation to the Bahamas. For centuries, the island nation has been defined by its close ties to dodgy, even criminal finance. Far from being an anomaly, FTX was simply the latest in a long line of sketchy enterprises.
/jlne.ws/3iFxXYK
****** I never liked firms that left the U.S. to evade U.S. regulations or law. It gives you a sense of their character right there. It might be one thing to register a fund in the Bahamas, having your company there sends a whole other message.~JJL
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Tuesday's Top Three
Our most read story yesterday was Bloomberg's Ex-Deutsche Bank Trader Builds $6 Billion Fortune on Trading Boom (and here I can't bear to check my investments). Second was FIA's announcement, FIA launches ETD Tracker. Third was TheTrade's story, Cboe Global Markets selects Mirae as clearing broker for US treasuries platform.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | The Cult of the Retail Trader Has Fizzled; The GameStop and AMC manias are long gone, with individual investor returns falling 40% this year and digital currency prices tumbling.
Denitsa Tsekova - Bloomberg
He could stomach the plunge in global equity markets that devalued his stock investments. He was still willing to stick it out when the money he'd moved into crypto coins with names such as SushiSwap and Avalanche halved in value. But the collapse of FTX Group, where all his remaining savings sit in a locked trading account, was too much for Joseph Pizzoferrato. "Losing $10,000 is crushing me," says Pizzoferrato, who works for a life insurance company in Nevada and began day trading in 2020 while stuck at home during lockdown. "If I do ever go back into crypto, it's going to be just extra money but not anything involving life savings."
Germany Conducts Nationwide Raid to Thwart Right-Wing Extremists Planning Coup; More than 3,000 officers deployed in nationwide operation; Suspects planned violent overthrow of constitutional order
Michael Nienaber - Bloomberg
German authorities carried out the biggest-ever raid targeting right-wing extremists, saying a nationwide operation thwarted a domestic terrorist group planning to violently overthrow the government.
/jlne.ws/3iz4Vd8
EU Adopts Rules to Spur Clearing Shift to Europe From London; Banks will have to maintain active clearing accounts in EU; Bloc also tweaking its insolvency and listing regulations
Lyubov Pronina and Maria Tadeo - Blomberg
The European Union will require banks to monitor their exposure to clearinghouses and maintain active clearing accounts in the bloc as part of new financial market rules put forward by its executive on Wednesday. The European Commission's proposals are designed to encourage more business to move to clearing houses in continental Europe from the City of London by June 2025, when a temporary waiver that allows its banks and money managers to clear trades in the UK expires.
/jlne.ws/3VOx26C
London Is No Longer Europe's Financial Center Because of Brexit, Euronext Boss Says; Listings outside of London now the 'new normal': Boujnah; Comments follow Paris market cap briefly exceeding London's
Joe Easton and Francine Lacqua - Bloomberg
The boss of Europe's largest exchange group took a swipe at the UK capital, saying Brexit means it is no longer Europe's dominant financial center. "London used to be the largest financial center of the European Union, and everybody liked it," Euronext NV Chief Executive Stephane Boujnah told Bloomberg Television, "Today, London is the largest financial center of the United Kingdom."
/jlne.ws/3hbCP7p
UK watchdog fines 3 traders for 'market manipulation' in Italian bond futures; Financial Conduct Authority says trio placed 'large misleading orders' they did not intend to execute
Sarah Provan in London and Kana Inagaki - Financial Times
UK regulators have imposed a ban and fines totalling nearly £600,000 on three bond traders for "market manipulation" six years ago when they were employed by the UK-based subsidiary of Japan's Mizuho Financial Group. The Financial Conduct Authority fined Diego Urra £395,000, and Jorge López González and Poojan Sheth £100,000 each for market abuse and banned them from "performing any functions in relation to regulated activity", the watchdog said on Wednesday.
/jlne.ws/3BiEuyS
FIA, ISDA and AFME publish position paper on European Commission Market Correction Mechanism Proposal
FIA
FIA, ISDA and AFME have published a position paper on the European Commission's "Market Correction Mechanism" proposal for natural gas prices in the European Union. The proposed mechanism would set a price cap on the TTF front month future contract price when certain conditions are met.
/jlne.ws/3P5iXzy
German police arrest 25 people suspected of plotting rightwing coup; Raids carried out on 130 premises across the country, suggesting conspiracy on a huge scale
Guy Chazan in Berlin - Financial Times
German police have arrested 25 alleged rightwing radicals suspected of planning to overthrow the state in a violent coup, in a plot that shows the spread of QAnon-style conspiracy theories in big western democracies. The arrests were carried out as part of a series of raids across the country involving searches of more than 130 premises, in what is being described as the largest police operation Germany has ever launched against suspected extremists.
/jlne.ws/3Hhl4OJ
The 'SPAC King' Is Over It; Chamath Palihapitiya, once a relentless cheerleader of special purpose acquisition companies, blames the Federal Reserve for the end of SPAC mania.
Maureen Farrell - The New York Times
Not long ago, Chamath Palihapitiya could be called the Jim Cramer of SPACs. A Facebook executive turned venture capitalist, Mr. Palihapitiya talked up the special purpose acquisition companies - shell entities that provide companies a backdoor entry to public markets - to everyday investors with the same fervor that Mr. Cramer has long pitched stocks on television.
/jlne.ws/3F8gxeQ
BlackRock chief Larry Fink pressured to resign over ESG 'hypocrisy'; Activist fund Bluebell Capital Partners previously targeted Richemont, Danone and Solvay
Brooke Masters - Financial Times
A UK activist investor with a history of taking on big companies has called on BlackRock founder Larry Fink to resign as chief executive over the "apparent hypocrisy" of the asset manager's use of environmental, social and governance investment factors. Bluebell Capital Partners went public with its concerns about the world's largest money manager on Tuesday, releasing a letter it had sent to Fink last month.
/jlne.ws/3P6KcJQ
How a 102-Year-Old Maritime Law Affects Today's Home-Heating Prices
Costas Paris - The Wall Street Journal
As oil and gas prices for households in the Northeast U.S. hit their highest levels in years, state governors asked the federal government for help. The request includes suspending the Jones Act to skirt curbs on delivering natural gas from places like Texas to Massachusetts. Here's more about the 102-year-old law.
/jlne.ws/3uu8bt1
Sam Bankman-Fried hires attorney Mark Cohen amid probes of failed FTX exchange
Timmy Shen - Forkast
Sam Bankman-Fried, founder and former chief executive officer of the bankrupt cryptocurrency exchange FTX, has hired white-collar crime specialist Mark Cohen to represent him, a Bankman-Fried spokesman told Forkast. The move comes in the face of broadening investigations by U.S. authorities into the collapse of FTX on Nov. 11 and allegations of fraud.
/jlne.ws/3ux39Ml
We Can't Just Sit Back and Let Crypto Burn
Timothy G. Massad - Barron's
The implosion of FTX should lead us to strengthen regulation of crypto. But the diversity of reactions the exchange's collapse has provoked may make it difficult to agree on a path forward, particularly one that improves investor protection without crippling innovation.
/jlne.ws/3BitxNP
DeFi Project Mercurial Plots Revamp and New Tokens Following 'Toxic' Association With FTX
Shaurya Malwa - CoinDesk
Mercurial, a decentralized finance (DeFi) platform that allows users to lend and borrow stablecoins on the Solana blockchain, is revamping its brand, community, and token distribution, as per a Wednesday post. The revamp plan, which being called the Meteora plan, was formulated in response to recent events, including a collaboration with crypto exchange FTX and its closely-related trading firm Alameda, which has left a "toxic association" between the three entities.
/jlne.ws/3F6LnEB
Ex-FTX boss Sam Bankman-Fried admits he should've done more stress testing before crypto firm's collapse
Eric Revell - Fox Business
Sam Bankman-Fried made yet another public appearance on Tuesday in an effort to explain his side of the collapse of FTX, the cryptocurrency exchange he led, and the reported transfer of billions of dollars in customers' funds from FTX to Alameda Research, the now-bankrupt hedge fund he founded.
/jlne.ws/3uxCSgW
Swiss Banks Probed Over Suspicion Junior Pay Being Capped; Indications banks sharing wage info to cap salaries: regulator; "Big" banks and private banks are among those facing probe
Hugo Miller - Bloomberg
Dozens of Swiss banks are facing a preliminary investigation by the nation's competition watchdog on suspicion lenders colluded to limit the pay of junior recruits in one of Europe's biggest financial centers.
/jlne.ws/3he0nZk
UK financial regulators warned to improve transparency; Demand from Treasury for 'world-leading' effectiveness ahead of unveiling of 'Edinburgh Reforms' for City
Laura Noonan, Daniel Thomas and George Parker - Financial Times
The City minister has warned Britain's financial services regulators to raise their game ahead of the launch of wide-ranging reforms designed to create a capital markets powerhouse in London in the wake of Brexit. In identically worded letters to the chief executives of the Financial Conduct Authority, the financial regulator, and the Prudential Regulation Authority, the Bank of England's regulatory arm, Andrew Griffith stressed that the government wanted "world-leadingâEUR‰.âEUR‰.âEUR‰.âEUR‰operational effectiveness" from its watchdogs.
/jlne.ws/3Y1aHVl
U.S. Bank Regulator's Climate Push About Mitigating Risk, Not Steering Policy, Official Says; A top U.S. bank regulator isn't trying to push net-zero pledges and emission targets on banks, its chief climate risk officer said
Richard Vanderford - The Wall Street Journal
A U.S. bank regulator's push to have institutions consider their climate risks isn't a bid to force them to fund a low-carbon future, an official said. The Office of the Comptroller of the Currency doesn't want to steer banks to embrace particular climate views, Yue (Nina) Chen, the OCC's recently appointed chief climate risk officer, said Tuesday. "OCC's focus is on risk management," she said. "It's not on industry policy." "We...do not have expectations that banks need to contribute to lower the greenhouse gas emission or have net-zero targets," Ms. Chen said. "And we definitely do not direct capital flow to or away from certain sectors and companies."
/jlne.ws/3ixGzR1
Post-Brexit derivatives clearing tussle continues as European Commission clamps down on non-EU CCPs; Regulatory package put forward today by the European Commission is intended to reduce EU participants reliance on CCPs outside of the Bloc and repatriate clearing volumes.
Annabel Smith - The Trade
The European Commission has today, 7 December, confirmed its plans to re-claim a large portion of EU clearing volumes as part of an update to the Capital Markets Union (CMU) in its Emir Review. Under the changes, all relevant market participants will be required to hold active accounts at European CCPs for clearing at least a portion of certain derivative contracts.
/jlne.ws/3uvUKJb
CFTC goes live with amended swap rules; Following a delay in the original implementation date of 25 May 2022, the CFTC rewrite has now gone into effect with the aim of correcting errors in swap data.
Wesley Bray - The Trade
The US Commodity Futures Trading Commission (CFTC) has gone live with the amendments of its swap data reporting framework, which now includes harmonised critical data elements developed by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO).
/jlne.ws/3FtQb7t
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Deadly Russian Shelling of Kherson Neighborhoods Mars Joy Over Ukraine's Return; Many residents who endured the occupation are fleeing the attacks, as the death toll mounts
Yaroslav Trofimov - The Wall Street Journal
Like many of her neighbors, Yanina Deychenko was thrilled when Ukrainian forces returned to Kherson on Nov. 11, ending a nine-month Russian occupation. But the Russians didn't go very far. Operating from positions just across the wide Dnipro River, they have started to shell Kherson's residential neighborhoods, inflicting in recent days the worst damage that the southern city has suffered since the war began. On Saturday, a Russian projectile wrecked Ms. Deychenko's home. Another severed her neighbor's legs.
/jlne.ws/3haRWxV
EU Leaders to Focus on Next Winter After Russian Gas Supply Cut; Heads of government to discuss energy at Dec. 15 summit; EU to work on joint gas purchases, winter contingency plans
Ewa Krukowska and Alberto Nardelli - Blomberg
European Union leaders are poised to urge stronger coordination among member states to prepare for the next winter as the bloc struggles to cope with a cut in natural gas supply from Russia that has triggered a jump in energy prices. At their next summit on Dec. 15, the heads of government are set to call for advancing work on joint gas purchases and pooling demand, filling of storages and early preparation of contingency plans for the 2023-2024 winter, according to a draft political statement seen by Bloomberg News.
/jlne.ws/3VCc0Z3
A Year in the War That's Killing Putin's Lies; It's hard at this point to imagine an accounting exercise, even a fanciful, ideologically colored one, that would make the invasion of Ukraine look worthwhile.
Leonid Bershidsky - Bloomberg
As 2022, doubtless the worst year for Russia this century and likely the worst since Josef Stalin's rule, clatters to a bloody close, many will claim that Vladimir Putin achieved nothing with the most momentous decision of his life - to launch a full-scale invasion of Ukraine. Yet, almost ten months after this disastrous adventure began, it is beginning to serve a useful purpose for Russia the country, if not for the regime: Slowly but surely, it is destroying the illusions on which Putin's dictatorship has been built.
/jlne.ws/3h45Vpi
Erik Larson - Bloomberg
Usually, it's only after fighting ends that prosecutions begin for breaking the rules of war. Ukraine isn't waiting. It began putting captured Russian soldiers on trial in May. But what about the political and military leaders higher up the chain of command? An international tribunal is investigating war crimes and other potential atrocities in Ukraine, and now the European Union has proposed creating a special new court to consider whether Russia has committed the so-called crime of aggression against its neighbor. However, it's far from certain that senior Russian leaders will be brought to justice under international law.
/jlne.ws/3HiaDe2
How a Russian oil tanker tried to conceal its location; The Kapitan Schemilkin's spoofing attempts show that Moscow knows how to use sanction-busting techniques
Chris Cook and David Sheppard, and Polina Ivanova - Financial Times
A Russian oil tanker sought to disguise its whereabouts by using sanction-busting techniques, adding to growing evidence that Moscow-linked operators have acquired the means to blunt western oil export restrictions imposed in retaliation for Vladimir Putin's invasion of Ukraine.
/jlne.ws/3HfUFRq
Russian Oil-Price Cap Adds to Fiscal Pressure on Moscow; Ceiling of $60 a barrel provides room for Russia to profit from current prices, but won't be enough to slow widening budget deficit
Georgi Kantchev - The Wall Street Journal
Fresh Western curbs on Russian crude sales might not affect Moscow's public coffers immediately, but they add financial pressure that threatens the country's sanctions-stricken oil industry and long-term ability to fund the war in Ukraine. Western countries on Monday imposed a price cap on international sales of Russian crude. The measures, aiming to strike at the Kremlin's war chest, include a ban on seaborne shipments of Russian crude by the European Union and the U.K. The Group of Seven nations, meanwhile, imposed a ceiling on other sales by barring Western companies from insuring, financing or shipping Russian crude at above $60 a barrel.
/jlne.ws/3iEamHT
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | We are FOW's Exchange of the Year
Eurex
The year ends very satisfyingly: We have been named "Exchange of the Year - Europe" by FOW. Since we have already received two more prestigious awards this year, we seem to be doing something right. The jury of the FOW justified their decision to choose Eurex as follows: Thanks, we feel appropriately flattered and we also acknowledge the growing importance and disruptive potential of digital assets. We will not rest on our laurels. On the contrary. Given the current situation on the financial markets and the general challenges facing our industry, there is no time for that. We promise to keep on with our way of working and anticipating our clients' needs.
/jlne.ws/3HeUSo3
SGX Group named "Global Exchange of the Year;" Global award win recognises innovation in derivatives industry; Caps year of accolades from publications covering different asset classes
SGX
Singapore Exchange (SGX Group) has been named "Global Exchange of the Year" at the FOW International Awards 2022, capping a year of accolades from major media publications covering different asset classes across the international derivatives industry. FOW, the leading magazine of London-based Global Investor Group, yesterday announced its global awards recognising innovation in the derivatives industry. In September, SGX Group clinched "Exchange of the Year" at FOW's Asia Capital Markets Awards, while SGX Chairman Kwa Chong Seng received its "Lifetime Achievement Award".
/jlne.ws/3XWixiS
TNS Launches Market Data Services for Tel Aviv Stock Exchange; Continuing the expansion of TNS' global trading network
Transaction Network Services
Transaction Network Services (TNS) is now connected to Tel Aviv Stock Exchange (TASE), as a market data vendor. Opening up access to Israel's sole exchange, with order routing and market data connectivity to the TASE matching engine in Tel Aviv, allows TNS' customers to capitalize on trading activities in this growing market.
/jlne.ws/3Y6exwg
First Washington Carbon Allowance Futures Trades on Nodal Exchange
Nodal Exchange
Nodal Exchange and IncubEx announced today the successful launch of the Washington Carbon Allowance (WCA) futures contract, along with the first trade in the contract, on December 5th. Participating firms supporting the WCA contract on the 5th included: Shell Energy North America (US), L.P. ("Shell Energy"), Mercuria Energy America ("Mercuria"), and broker, BGC Financial LP ("BGC"). Nodal Exchange posted volume of 25 lots of Washington Carbon Allowance futures, equivalent to 25,000 WCAs at a price of $35.00/MT for December 2023 delivery. The Nodal WCA futures contract is the first exchange-listed and cleared contract corresponding with the Washington carbon "Cap-and-Invest" program, the newest carbon market in North America.
/jlne.ws/3fwIEva
High input costs and rising interest rates top concerns as farmer sentiment remains unchanged
CME Group
Unlike the two most recent presidential elections, the November mid-term election outcomes did little to swing farmer sentiment. The Purdue University/CME Group Ag Economy Barometer came in at a reading of 102 in November, unchanged from October. There was however a slight movement in both of the barometer's sub-indices. The Current Conditions Index declined 3 points to a reading of 98 while the Future Expectations Index increased 2 points to a reading of 104. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted after the U.S. mid-term elections from November 14-18.
/jlne.ws/3FawlxN
Geopolitical Risk & Inflation Highlighted As Top Risks To The Financial Industry In 2023 According To New Dtcc Survey
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services, today issued its annual Systemic Risk Barometer Survey results, which identified Geopolitical Risks & Trade Tensions, Inflation and Cyber Risk as the most significant threats to the financial services ecosystem in the coming year. Specifically, 68% of survey respondents cited Geopolitical Risks & Trade Tensions as a top threat, up from 49% last year, as tensions around the world continue to impact global markets. 61% of survey respondents identified Inflation as a top threat, up from 34% last year, which represents the most significant jump across all risks.
/jlne.ws/3F9EUsL
Euronext announces December 2022 quarterly review results of the AEX® Family
Euronext
Euronext today announced the results of the quarterly review the AEX®, AMX®, AScX® and AEX® ESG, which will be implemented after markets close on Friday 16 December 2022 and will be effective from Monday 19 December 2022.
/jlne.ws/3h944zE
The New York Stock Exchange and the Tel Aviv Stock Exchange Sign Memorandum of Understanding on Dual Listings; Collaboration also includes the exploration of new products in ESG, ETFs, indexes and data
ICE
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), and the Tel Aviv Stock Exchange (TASE) today announced that they have signed a memorandum of understanding for a broad collaboration that includes the dual listing of companies. The NYSE and the TASE will explore ways to identify dual-listing candidates, promote the benefits of dual listings, and support related marketing activities. The two exchanges also will consider the development of new products in the areas of ESG, ETFs, indexes and data. The memorandum of understanding was finalized during a visit to the NYSE by Ittai Ben-Zeev, Chief Executive Officer of the Tel Aviv Stock Exchange and Salah Saabneh, Chairman of the Tel Aviv Stock Exchange.
/jlne.ws/3h0AdJO
Change of Central Contract Month for TOPIX Futures Trading
JPX
Concerning TOPIX Futures, since the trading volume of the March 2023 contract (second contract month) surpassed that of the December 2022 contract (nearest contract month) in today's auction market, the central contract month pertaining to temporary trading halt (Circuit Breaker rule) is as follows from December 8, 2022 (trading day).
/jlne.ws/3uvNNrz
Change of Component Issues for the TSE Mothers Index
JPX
The following change of component issues for the TSE Mothers Index was announced.
/jlne.ws/3VDdRwT
Regular constituents change in KOSPI 200 Intrinsic Value Index
KRX
There will be regular constituents change in KOSPI 200 Intrinsic Value Index. Effective Date : Dec 9, 2022
/jlne.ws/3VFGZ6B
Reports Of Accumulated Positions On Derivative Instruments (LOPR); Reminder Concerning LOPR Reportable Dates
TMX
The Regulatory Division would like to remind Approved Participants of their obligation to file daily reports of accumulated positions ("LOPR") held on derivative instruments listed on Bourse de Montreal Inc. ("the Bourse") in accordance with Article 6.500 of the Rules of the Bourse. As specified under part 3.3 of the LOPR Regulatory Requirements Guide, Approved Participants must ensure that the report date corresponds to the trading day for which the position report has been compiled. For example, if the position report reflects positions at the end of the trading day on April 2, the "report date" must indicate April 2.
/jlne.ws/3iLGqd3
Miami International Holdings Reports November 2022 Trading Results; SPIKES Futures, MIAX Options and MIAX Pearl Equities Set Year-to-Date Volume Records
Miax
Miami International Holdings, Inc. today reported November 2022 trading results for its U.S. exchange subsidiaries - MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX™). November 2022 Trading Volume Highlights; Total U.S. multi-listed options market share for the MIAX Exchange Group reached 13.55%, representing a 2.4% year-over-year (YoY) decrease. A total of 115.1 million multi-listed options contracts were executed on the MIAX Exchange Group, representing a 7.7% decrease YoY and an average daily volume (ADV) of 5.5 million contracts. Total year-to-date (YTD) volume reached 1.2 billion contracts, a decrease of 3.4% from the same period in 2021. https://jlne.ws/3Y6K0yD
TMX Group Consolidated Trading Statistics - November 2022; Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and
Montréal Exchange
TMX
TMX Group Limited today announced November 2022 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange.
/jlne.ws/3uwdtnT
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Trading Technologies' TT platform wins Derivatives Trading System of the Year at FOW International Awards 2022
Trading Technologies
Trading Technologies International, Inc. (TT), a global provider of high-performance professional trading software, infrastructure and data solutions, last night captured the award for Derivatives Trading System of the Year at the FOW International Awards 2022. The honors, recognizing the "best and brightest innovations in the derivatives industry," were bestowed last night in a ceremony at Global Investor Group's Trading London event.
/jlne.ws/3utO7an
CloudMargin Wins FOW International Award for Collateral Management Solution of the Year
CloudMargin
CloudMargin, creator of the world's first and only collateral and margin management solution native to the cloud, last night won the FOW International Award for Collateral Management Solution of the Year. Hosted by Global Investor Group in a ceremony held in conjunction with its Trading London event for Europe's derivatives community, the FOW International Awards recognise "the best and brightest innovations in the derivatives industry."
/jlne.ws/3VG7uJ5
FactSet collaborates with BMLL Technologies to provide cloud-based data and analytics; New collaboration aims to improve and modernise client's market data technology, alongside expanding FactSet's real-time data and tick history capabilities.
Wesley Bray - The Trade
FactSet is collaborating with BMLL Technologies to offer its granular order book history and analytics in the cloud. FactSet and BMLL's initial offering will include Market by Price Level 2 Tick History, which aims to resolve data quality challenges associated with current industry Level 2 offerings.
/jlne.ws/3Fh06NA
BlackRock expands Aladdin bonds trading capabilities with Tradeweb integration; The first phase of the partnership will give clients access to real-time prices via Tradeweb's AiPrice service for 25,000 corporate bonds on the Aladdin platform.
Annabel Smith - The Trade
BlackRock has entered a multi-year partnership with Tradeweb to integrate its credit trading solutions with its flagship order and execution management system (OEMS), Aladdin. The partnership is intended to deliver a "unique trading experience" between BlackRock and Tradeweb, focused on corporate, municipal, and emerging markets bonds.
/jlne.ws/3VTWuYZ
DeFi Lender Maple Finance Cuts Off Orthogonal Trading for 'Misrepresenting Its Financial Position'
Liam J. Kelly - Decrypt
DeFi lending platform Maple Finance has cut ties with crypto firm Orthogonal Trading after the latter allegedly misrepresented "its financial position." M11 Credit, a Maple Finance pool delegate, issued a default notice to Orthogonal Trading yesterday, claiming that the company has $31 million in outstanding liabilities in the M11 USDC pool and is unable to repay those debts. It also has another $5 million in liabilities in the M11 Wrapped Ethereum pool.
/jlne.ws/3VN0Ale
Musk Slams San Francisco for Probe of Bedrooms at Twitter HQ
Sebastian Tong and Kurt Wagner - Bloomberg
Elon Musk on Tuesday criticized San Francisco Mayor London Breed following a report the city is investigating Twitter Inc. for setting up bedrooms at its headquarters, saying the company was being unfairly attacked for "providing beds for tired employees."
/jlne.ws/3PmXmCZ
Blockchain Is Much More Than Crypto; Regulated financial institutions are well positioned to harness the revolutionary technology.
David Solomon - The Wall Street Journal
It took six days for a cryptocurrency exchange to go from a liquidity crunch to the throes of bankruptcy. The swift collapse raised doubts about cryptocurrencies and blockchain technology, the software behind crypto assets. As a longtime participant in financial markets, I still see blockchain as a promising technology if allowed to innovate under the right conditions. Under the guidance of a regulated financial institution like ours, blockchain innovations can flourish.
/jlne.ws/3urUdIl
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| Cybersecurity | | Top stories for cybersecurity | Attacker Targets Wealthy Crypto Funds Using Telegram Chats
Shaurya Malwa - CoinDesk
In the latest type of crypto-focused attacks, an attacker known as DEV-0139 has targeted wealthy cryptocurrency funds through the use of Telegram group chats, Microsoft's Security Intelligence team said in a report on Wednesday. Fees levied by crypto exchanges on transactions are a big challenge for investment funds and wealthy traders. They represent a cost and must be optimized to minimize the impact on margins and profits. Like many other companies in this industry, the largest costs come from fees charged by exchanges.
/jlne.ws/3BfWSso
ConsenSys to Update MetaMask Crypto Wallet in Response to Privacy Backlash
Sam Kessler - CoinDesk
ConsenSys, the company behind the MetaMask crypto wallet, said Tuesday it will release a series of updates to the platform in response to user backlash regarding its data-collection practices. In a statement, the company explained how and why it was sharing MetaMask user internet-protocol information with Infura, the ConsenSys-made "RPC (remote procedure call) service" for reading and writing data to the Ethereum blockchain.
/jlne.ws/3Fcglvd
Breaking Down Cybersecurity Effectiveness (Part II): Technologies
Steve Riley - Forbes
As I established in the first part of this article series, cybersecurity programs are typically evaluated on the basis of three components-people, processes and technologies. Previously, I talked about measuring process effectiveness. Now I'll get into measuring the impact of your technologies. Then I'll touch on how improvements in both of these areas of cybersecurity can help security leaders improve the effective impact of the third point of the security triangle-and the most precious resource of all-people.
/jlne.ws/3F6OPPz
Empower AI Awarded $14 Million Cybersecurity Contract to Support U.S. Army Information Systems Engineering Command
Press Release - Yahoo Finance
Empower AI (formerly NCI Information Systems), a leading provider of artificial intelligence and other technologies to U.S. government agencies, today announced that it has won a new contract to support the U.S. Army Information Systems Engineering Command's Mission Engineering Directorate. The task order, awarded under ISEC's Total Engineering and Integration Services IV contract, includes a one-year base period of performance and one option year, with a total contract value of $14 million. Work will be performed in Fort Huachuca, Ariz., and at Army bases worldwide.
/jlne.ws/3VVFX6f
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| Cryptocurrencies | | Top stories for cryptocurrencies | The Force Behind a 1% Tax That Crushed Indian Crypto Trading
Amitoj Singh - CoinDesk
Throughout the year, India's central bank has repeatedly shown its hostility for cryptocurrencies by favoring efforts at complete prohibition. One person, Indian Finance Minister Nirmala Sithararman, has kept parliamentary debate on that possibility at bay by not introducing any draft legislation. "Cryptocurrencies are by definition borderless," she wrote to Parliament, explaining that no regulation or ban could be effective without "significant international collaboration."
/jlne.ws/3F1BdoE
Cryptocurrency investor losses are being turned into IRS gains - here's how they're doing it
Andrew Keshner - MarketWatch
The Internal Revenue Service has been turning up its scrutiny on cryptocurrency investors in recent years, and as that happens, more investors have been turning to the tax code's rules on investment losses. That's according to a study released this week that shines a light on the link between IRS enforcement and "tax-loss harvesting." The latter is a tax planning strategy many crypto investors will have to consider after 2022's tumble for bitcoin, ethereum and other digital assets - not to mention the implosion of the cryptocurrency exchange FTX.
/jlne.ws/3h7oWr2
The Future of Cryptocurrency after FTX and Sam Bankman-Fried; Students discuss the fallout from the trading platform's meltdown.
Ivy Young - The Wall Streret Journal
Currencies traditionally derive their value from two sources: the materials they are tied to and the organizations supporting them. The story of the U.S. dollar includes both sources. In the late 19th century, Americans debated whether the dollar's value should be backed by silver or gold. The Federal Reserve was established in 1913 to manage the value of the then-gold-backed currency. In the 1930s it began shifting to a fiat currency, with the value backed solely by the prestige of the Fed.
/jlne.ws/3UEnLx5
Bitcoin Miner Marathon Expects to Recover Less Than Half Its Deposit From Bankrupt Compute North
Aoyon Ashraf - CoinDesk
Marathon Digital (MARA), one of the largest publicly traded bitcoin miners, expects to recover only $22 million of the $50 million it deposited with bankrupt bitcoin miner and data center provider Compute North.
/jlne.ws/3FuAduN
FTX marked down Chipper Cash's $2B valuation to $1.25B
Tage Kene-Okafor - TechCrunch
African fintech Chipper Cash saw its valuation slashed from $2 billion to $1.25 billion before FTX's bankruptcy, according to documents shared by the Financial Times on Alameda's venture capital portfolio. TechCrunch got a whiff of this information from sources familiar with the company's financial situation, and though the African cross-border payments company didn't confirm the news when asked, the filings validate our sources' details. The news is coming to light a day after Chipper Cash laid off 12.5% of its workforce (about 50 employees).
/jlne.ws/3FvTqfK
FTC Probes 'Possible Misconduct' in Cryptocurrency Advertising
Andrew Asmakov - Decrypt
The U.S. Federal Trade Commission (FTC) is investigating several unnamed crypto firms over deceptive or misleading crypto advertising, according to a Bloomberg report. "We are investigating several firms for possible misconduct concerning digital assets," the FTC spokeswoman Juliana Gruenwald Henderson said in a statement.
/jlne.ws/3utB7Bs
NFT sales volume at a record low after 20% drop in November
Anushree Dave - MarketWatch
Four out of 5 nonfungible token marketplaces saw a decline in sales volume in November compared with October, following an ongoing declining trend over the past year, according to a report by Balthazar, an NFT gaming platform. According to the Balthazar analysis, OpenSea, Magic Eden, X2Y2, LooksRare and Solanart NFT marketplaces saw a combined loss in sales of over $100 million, or down 20% compared with October's sales volumes. November set a record low for NFT sales volume this year.
/jlne.ws/3HdvmQ5
Hoops Legend Scottie Pippen Shoots a 'Web3' With Virtual Sneakers
Fran Velasquez - CoinDesk
National Basketball Association Hall of Famer Scottie Pippen, who won six NBA championships as a member of the Chicago Bulls, is now looking to offer an assist to the world of Web3. The basketball legend is setting up shop in a new partnership with Web3-based entertainment company Orange Comet, which is producing the "SP33" digital sneaker collection of 1,000 pairs of shoes based on Pippen's career. The sneakers are scheduled to be released on Dec. 20 on OpenSea, the world's largest NFT marketplace.
/jlne.ws/3Ygb7Yb
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| Politics | | An overview of politics as it relates to the financial markets | GOP Congressman Cawthorn Fined for Promoting 'Let's Go Brandon' Cryptocurrency
Sujith Somraaj - Decrypt
The United States House Committee on Ethics slapped Republican Rep. Madison Cawthorn (R-NC) with a $15,237 fine for violating rules protecting against conflicts of interest by promoting a cryptocurrency he had invested. The cryptocurrency he promoted is a less-known anti-Joe Biden meme coin called "Let's Go Brandon" (LGB). The term "Let's Go Brandon" is a coded expletive to insult President Joe Biden.
/jlne.ws/3Hhfc89
Madison Cawthorn Ordered to Donate $14,000 to Charity Over Cryptocurrency Promotion; Panel says the North Carolina lawmaker, who lost his re-election bid, violated House rules
Natalie Andrews - The Wall Street JournalGOP Rep. Madison Cawthorn was ordered by the House Ethics Committee to make a donation to charity after the panel found the North Carolina lawmaker violated House rules when he promoted a cryptocurrency that could have led to his own financial gain.
/jlne.ws/3BbHoph
Exploring Biden's Executive Order on Crypto, 6 Months In
Nikhilesh De - CoinDEsk
You thought we'd talk more about FTX huh, didn't you? We will, but not this week. CoinDesk published its annual Most Influential series on Monday, highlighting a number of regulators, lawmakers and similarly impactful individuals. I spoke to Carole House, one of the authors of the White House executive order on crypto, to take a look at the document, its origins and where we are now.
/jlne.ws/3P4EMiN
Jan. 6 Committee Plans Criminal Referrals, Chairman Says; House panel is preparing final report on the Capitol riot later this month
Scott Patterson - The Wall Street Journal
The House select committee investigating the Jan. 6, 2021, attack on the Capitol plans to recommend that the Justice Department make criminal charges tied to the assault, according to panel Chairman Bennie Thompson (D., Miss.). Mr. Thompson, speaking to reporters at the Capitol on Tuesday, said a formal decision hadn't yet been made, and that the committee hadn't decided on a range of details surrounding the referral, including whom it planned to refer and whether the referrals would include former President Donald Trump.
/jlne.ws/3h7p2Pq
Twitter and Disinformation Wars; Intelligence-agency meddling in elections is no Trump-era aberration.
Holman W. Jenkins, Jr. - The Wall Street Journal
Each day the world throws up a novel set of facts that beg to be understood on their own terms, and each day the press shoves them into a familiar formula. It ought to be with some chagrin, though, that where we once expected the press to keep the government honest, we've had to rely on civil servants like Justice Department inspector general Michael Horowitz and special counsel John Durham to do the job because, to put an indelicate point on it, the press has been part of the coverup. That coverup concerns perhaps the most important trend of our age-the entry of U.S. spy agencies and their disinformation as a factor in our domestic politics.
/jlne.ws/3FxVOCD
Crypto is under-taxed in the US. Here's what Congress can do to change that.
Nate DiCamillo - Quartz
Crypto traders don't have to move their funds offshore to evade US taxes, as long as the US government allows wash trading of the nascent asset class. A group of economists from Cornell University, the University of North Carolina, and Tel Aviv University have discovered that every time the US increases crypto tax scrutiny, trading activity rises at US-based exchanges. That's because traders are selling crypto, recording losses on their taxes, and buying it back to avoid incurring any actual losses. The economists released their findings this week in a working paper published by the National Bureau of Economic Research.
/jlne.ws/3iKbpWB
Yellen sees key role for Treasury's racial equity council despite Republican criticism
Andrea Shalal - Reuters
U.S. Treasury Secretary Janet Yellen on Monday said a new racial equity advisory committee, which has drawn the ire of Republican lawmakers, would play a big role in helping the department address acute economic disparities faced by communities of color. Yellen told the inaugural meeting of the 25 members of the Treasury Advisory Committee on Racial Equity that the Biden administration remained focused on ensuring that disadvantaged communities were no longer left behind in the U.S. economy.
/jlne.ws/3iN7okA
Why the GOP Will Lose Its War on 'Woke Wall Street,'Republicans can't accept that they dislike modern capitalism, so they're blaming "ESG" instead.
Eric Levitz - New York Magazine
For nearly a century, the conservative movement has fought for Wall Street's God-given right to allocate capital as it sees fit. The New Deal state's affronts to private industry's autonomy brought modern conservatism into being. Crusades against "big government" at home and communism abroad brought it into power. A reverence for investors' discretion, and loathing of political challenges to it, is written into the movement's holy texts, if not its proverbial DNA. But this orthodoxy's age is starting to show.
/jlne.ws/3P5e5KJ
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| Regulation & Enforcement | | Stories about regulation and the law. | Malta Seeks to Remove NFTs From Crypto Law
Jack Schickler - CoinDesk
Malta's Financial Services Authority said Monday it wants to remove service providers for non-fungible tokens (NFTs) from the scope of its 2018 virtual-assets law as it prepares for new European Union crypto legislation. The country's 2018 Virtual Financial Assets (VFAs) Act requires service providers to be authorized and to publish white papers of investor information before they issue a digital token. That goes further than the EU's Markets in Crypto Assets Regulation (MiCA), which is set to apply in Malta and across the bloc in 2024.
/jlne.ws/3Fxf2rV
Early Bitcoin Pioneer Ian Freeman Goes to Trial in New Hampshire
Cheyenne Ligon - CoinDeskFederal prosecutors say early bitcoin pioneer and Libertarian activist Ian Freeman and a group of his associates helped scammers and other criminals launder more than $10 million using bitcoin through a network of bitcoin vending machines and in-person and virtual cash-for-bitcoin trades from 2016 until their arrests in 2021.
/jlne.ws/3iLjIl2
US Court Unseals Indictment of OneCoin Cryptoqueen's 'Crisis Manager'
Alys Key - Decrypt
Another player in the notorious OneCoin scheme will face charges of wire fraud and money laundering upon extradition to the U.S., according to a newly unsealed indictment. The document details charges filed against Frank Schneider following a Grand Jury hearing in 2020. It remained sealed until a court in the Southern District of New York approved a request made by U.S. attorney Damian Williams that it be made public on Monday.
/jlne.ws/3hbok3t
Judge approves subpoenas for 3AC cofounders
Zoltan Vardai - Forkast
A federal judge in the Southern district of New York overseeing the bankruptcy proceedings of Singapore-based crypto hedge fund Three Arrows Capital (3AC) has approved the delivery of subpoenas to 3AC's cofounders, Su Zhu and Kyle Davies.
/jlne.ws/3iz4Ciu
Statement of Commissioner Summer K. Mersinger on Order Regarding TeraExchange, LLC Application for Reinstatement of Registration as a SEF
CFTC
I support the Commission's issuance of an Order of Registration (Order) regarding the TeraExchange, LLC's (TeraExchange) Application for Reinstatement of Registration as a swap execution facility (SEF). The record before us demonstrates that TeraExchange, subject to conditions set forth in the Order, has demonstrated compliance with the Commodity Exchange Act and the Commission's regulations, and therefore its reinstatement of its registration as a SEF is appropriate.
/jlne.ws/3h92WvU
CFTC Grants TeraExchange, LLC Reinstatement of its Swap Execution Facility Registration
CFTC
The Commodity Futures Trading Commission today announced it has issued an Order of Reinstatement of Registration to TeraExchange, LLC (Tera) as a swap execution facility (SEF). Tera, a Delaware corporation and wholly owned subsidiary of Tera Group, Inc., is headquartered in Wall Township, New Jersey.
/jlne.ws/3BfYH8O
Ex-Mizuho Bond Traders Face UK Ban for Market Abuse; FCA says the trio worked together to manipulate bond markets; The group are contesting the decision at a London tribunal
Gaspard Sebag, Jonathan Browning, and Donal Griffin - Bloomberg
Three ex-Mizuho International Plc bond traders accused of market abuse in the weeks before and after the Brexit vote in 2016 face an industry ban from the UK regulator. It's the first time the UK's Financial Conduct Authority has publicly targeted a group of traders in a market manipulation probe. The trio are accused of placing large "misleading" orders for certain trades that they had no intention of executing between June and July 2016.
/jlne.ws/3FcK5Ie
KPMG staff cheated on professional tests, US regulator says; Fines from oversight board total $7.7mn in actions against accountant's networks in the UK, Colombia and India
Stephen Foley - Financial Times
Hundreds of KPMG employees in the UK and Colombia cheated on professional exams, a US regulator alleged on Tuesday, and the conduct continued even after the accounting group was fined for a similar scandal in the US. The cheating was one of several infractions uncovered across KPMG's global network by inspectors from the US Public Company Accounting Oversight Board, for which KPMG has agreed to pay a total of $7.7mn.
/jlne.ws/3VDtQuZ
SEC Obtains Judgment Against Market Manipulator
SEC
On December 5, 2022, the U.S. District Court in Boston entered a final judgment against Virginia resident Eric T. Landis, a recidivist market manipulator, and an entity he controlled, ordering them to pay over $2.5 million in disgorgement and deeming that amount satisfied by the same amount ordered as forfeiture in a parallel criminal action. The District Court had previously entered judgments against Landis and his entity, Ridgeview Capital Markets LLC, imposing multiple injunctions against them.
/jlne.ws/3UTh2iZ
Economic Unreality: What SEC ICO Precedents Mean for Ripple
Preston J. Byrne - CoinDesk
The story of the initial coin offering (ICO) in American law is a play in four acts: Kik Interactive, Telegram, LBRY and Ripple Labs. With three of those four cases decided, and Ripple Labs exchanging dueling replies to motions for summary judgment on Friday, Dec. 2, we now enter the dénouement of a 10-year-long saga.
/jlne.ws/3HdvE9D
SEC Warns Advisors, Brokers on Identity Theft Compliance
Kenneth Corbin - Barron's
The Securities and Exchange Commission is urging advisors and brokers to take a close look at their efforts to protect clients' personal information, citing numerous deficiencies examiners unearthed when evaluating firms' compliance operations. The commission this week issued a risk alert regarding compliance with Regulation S-ID, which contains rules on protecting clients from identity theft.
/jlne.ws/3uxcgg2
SFC issues quarterly report
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today published its latest Quarterly Report which summarises key developments from July to September 2022.
During the quarter, the SFC welcomed the Central Government's support initiatives (Note 1) announced by Mr Fang Xinghai, Vice-Chairman of the China Securities Regulatory Commission (CSRC), to enhance Hong Kong's status as an international financial centre, offshore renminbi centre and risk management centre. The SFC also published its Agenda for Green and Sustainable Finance, setting out its next steps to support Hong Kong's role as a regional sustainable finance centre.
/jlne.ws/3P75oPS
MAS issues Prohibition Order against Mr Han Delong for fraudulent and dishonest conduct
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) has issued 15-year prohibition orders (POs) against Mr Han Delong, a former representative of United Overseas Bank Ltd (UOB) and Oversea-Chinese Banking Corporation Limited (OCBC) [1] . This follows his conviction for criminal breach of trust, cheating, forgery, and transferring and converting benefits of his criminal conduct.
/jlne.ws/3VXOQw9
FCA publishes Decision Notices against three bond traders for market manipulation
FCA
The FCA has decided to ban Mr Urra, Mr Lopez Gonzalez and Mr Sheth from performing any functions in relation to regulated activity. The FCA has also imposed fines of £395,000 on Mr Urra and £100,000 each on Mr Lopez Gonzalez and Mr Sheth.
The traders, who worked at Mizuho International Plc at the time, have referred the Decision Notices to the Upper Tribunal where they and the FCA will each present their cases.
/jlne.ws/3VEZjwM
ASIC issues action in Federal Court against Provide Capital alleging failure to produce documents without reasonable excuse
ASIC
ASIC has commenced proceedings in the Federal Court against Provide Nominees Pty Ltd, trading as Provide Capital, seeking orders under s70 of the ASIC Act.
As part of an ongoing investigation, ASIC previously served a notice to produce documents on Provide Capital. ASIC alleges Provide Capital failed to produce documents as required by the notice without reasonable excuse.
/jlne.ws/3VYZJOd
Former financial advisor Ashley Grant Howard convicted for fraud
ASIC
Ashley Grant Howard, of Hobart, Tasmania has been convicted, after pleading guilty before the Downing Centre Local Court, to two charges of using false documents to obtain a financial advantage or cause a financial disadvantage.
/jlne.ws/3Y4CPqp
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | BNP Paribas studied 100 years of market crashes - here's what it says is coming next
Steve Goldstein - MarketWatch
Whether Santa eventually comes or not is still to be determined, with Mr. Claus perhaps postponing a decision until next Tuesday's CPI release. Strategists led by Greg Boutle, head of U.S. equity and derivatives strategy, are expecting a capitulation event next year. "This would be a departure from the current bear market regime, which has been characterized by a grind lower in equities as P/E multiples have contracted," they say.
/jlne.ws/3P6JFYm
You Can't Tell Analysts Too Much; Also the Celsius bankruptcy estate and the FTX risk engine.
Matt Levine - Bloomberg
Reg FD
From first principles, you might imagine that the investor relations department at a big public company would want to give investors as much information as possible. Tell them what earnings will be like next year, break down the drivers of those earnings, explain the risks, whatever seems helpful. And then if the investors have more detailed follow-up questions, you answer them.
/jlne.ws/3iK4hd2
Vale to Separate Base Metals Business and Sell Stake by Mid-2023; Copper and nickel mines will be housed in new legal structure; Potential base metals IPO to be weighed further down the road
Mariana Durao and Joe Deaux - Bloomberg
After several years of deliberations, iron ore giant Vale SA is finally laying out a path for unlocking value from its nickel and copper business as demand for the so-called battery metals picks up. The Rio de Janeiro-based firm will separate the base metal assets from its iron ore operations and unveil a strategic partner in the first half of next year, Chief Executive Officer Eduardo Bartolomeo and Chief Financial Officer Gustavo Pimenta said in an interview. Copper and nickel mines will be placed into a new legal structure, with independent governance and a board that includes deep underground mining and electric-vehicle specialists. An initial public offering is off the table for now.
/jlne.ws/3VHeG7S
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Carbon Removal Is Coming to Fossil Fuel Country. Can It Bring Jobs and Climate Action? Scientists have debated whether a new technology is a critical climate solution or would carry unacceptable risks. A project in Wyoming's coal region could begin to provide answers.
Nicholas Kusnetz - Inside Climate News
In early fall, residents of this desolate corner of southwestern Wyoming opened their mailboxes to find a glossy flyer. On the front, a truck barreled down a four-lane desert highway with a solar farm on one side and what looked like rows of shipping containers on the other. On the back was an invitation. "CarbonCapture Inc. is launching Project Bison," it read, announcing a "direct air capture facility" set to begin operations here next year. "Join us at our town hall event to learn more." Few had heard about the proposal before receiving the flyer, let alone had any idea what a direct air capture facility was. So the following week, about 150 people packed into a large classroom at Western Wyoming Community College in Rock Springs to find out.
/jlne.ws/3HlI1Am
Australia needs 'wartime mobilisation' response to climate crisis, security leaders say; Australian Security Leaders Climate Group says measures needed to contain climate change will be disruptive, but better than 'existential threat' of the alternative
Daniel Hurst - The Guardian
Australia must adopt a "wartime mobilisation" response to the climate emergency, former security leaders have told a review of the country's defence policy. The Australian Security Leaders Climate Group is calling for "a fundamental reframing of Australia's defence and security strategy" away from geopolitical rivalry.
/jlne.ws/3utKQYD
Transcript Zero Episode 18: How Carbon Offsets Went Wrong; Read a transcript of the conversation between podcast host Akshat Rathi and carbon offsets creator Mark Trexler about the industry's pitfalls.
Akshat Rathi, Christine Driscoll, and Oscar Boyd - Bloomberg
For Episode 18 of the Zero podcast, Bloomberg Green reporter Akshat Rathi interviews Mark Trexler, who helped build the first carbon offset program in 1988, about why the $2 billion offsets industry is still struggling to support climate action that's actually effective.
/jlne.ws/3FuDXwl
7 Things to Know About the New ESG Regulation
Nevin E. Adams - National Association of Plan Advisors
A little more than a week ago, the U.S. Department of Labor unveiled its much-anticipated final ESG rule. There's a lot to unpack in that regulation (and the rest of the 236-pages that help explain its process and rationale), but here's a few things that seem particularly important to note at the outset. There are some (important) things that did NOT change.
/jlne.ws/3Bg2y5B
MSCI outlines ESG factors, risks that investors should focus on
Sergio Padilla - Pensions & Investments
An analysis by MSCI ESG Research noted 32 factors and risks that institutional investors and companies should consider for 2023 and beyond when evaluating the space. The risk considerations were split into seven different categories: changing corporate governance, responses to regulation, supply chain innovation, work life changes, turning points for ESG assets, expansions in emissions tracking and new types of investments in ESG.
/jlne.ws/3Bg5bEv
New CEO Briefing on Measuring Nature-positive Business Actions
Capitals Coalition
The value that we receive from nature underpins human wealth, health, happiness and identity. Understanding the value of their impacts and dependencies on nature can be a watershed moment for organizations, who often realize that issues they had considered to be immaterial directly underpin their success. This CEO briefing on how businesses can assess and value their impacts and dependencies on nature and measure nature-positive business actions was co-developed by Capitals Coalition, Business for Nature, TNFD, UNEP-WCMC, Science-based Targets Network, WEF, WBCSD and EU DG Environment.
/jlne.ws/3Y7O7KS
World's First Energy Transition Acceleratorâ„¢, Legence, Creates One of the Largest ESG Consultancies in North America; The new acquisition positions Legence, a Blackstone company, to provide best-in-class ESG services to the world's largest companies and institutional investors
Businesswire
Legence, a Blackstone company, announced today its acquisition of LORD Green Strategies, a leading sustainability consultancy headquartered in Texas. LORD Green will merge with RE Tech Advisors, an existing Legence company. This deal will strengthen Legence's environmental, social and governance (ESG) consulting and advisory services to help clients fulfill their fiduciary and investment objectives while decarbonizing their operations and asset portfolios. With this merger, Legence now owns and operates one of the largest ESG consulting practices in North America, providing unparalleled expertise to global customers in response to rapidly growing investor demand for ESG services. Now with over $1.5 trillion in assets under management, major multinational companies already trust Legence to help them meet their ESG goals and drive progress toward a low-carbon economy. Together, RE Tech Advisor's and Lord Green's clients include Invesco, UBS, MetLife Investment Management, Principal Real Estate, the U.S. Department of Energy, among many others.
/jlne.ws/3VWM8H9
PwC and SAP Launch New Innovation Strategy to Help Organizations Achieve Their ESG and Net-Zero Targets
SAP News
PwC and SAP SE (NYSE: SAP) today announced a new co-innovation strategy to make sustainability an integral part of standard business operations. The strategy is directed at creating trusted solutions to address key environmental, social and corporate governance (ESG) business challenges. It covers carbon measuring, reporting and steering as well as supply chain decarbonization, climate risk and competitive analysis. The new ESG strategy builds on the strength of the existing alliance between PwC and SAP, which has successfully delivered business transformation solutions to clients in more than 80 countries.
/jlne.ws/3Y50GpV
Nature Benchmark; Measuring the world's most influential companies on their efforts to protect our environment and its biodiversity
World Benchmarking Alliance
The Nature Benchmark assesses close to 400 companies across 8 industries, with the aspiration to increase to another 600 companies in the course of 2023. The benchmark provides publicly available, evidence-based insights into where the world's most influential companies stand on their contributions to a nature-positive future. The benchmark tracks and measures how companies are reducing their negative impacts on nature, and contributing to the protection and restoration of ecosystems, aligned with the goals of the Global Biodiversity Framework.
/jlne.ws/3uuB6NF
Scenario Analysis Learnings: Three Big Implications of Climate Risk to Business
Ameer Azim and Maria Troya - BSR
The physical impacts of climate change will happen over the next 15 years regardless of policies enacted today, but long-term impacts can be avoided through immediate action.
Business can safeguard against unpredictable transition policy shocks that may define new operating environments.
Private sector investment is crucial for developing and scaling climate solutions across value chains.
/jlne.ws/3Hh5F0Q
Green Protectionism Is a Bad Idea; Mooted EU and US climate tariffs aimed at Chinese steel and aluminum risk raising costs for all.
Clara Ferreira Marques - Bloomberg
Today's Take: Building Green Walls
The US and the European Union are considering tariffs on Chinese steel and aluminum. It's a troubling conflation of very different concerns - climate, perceived metal oversupply and the threat posed by China's clout - and will bring more problems than it solves.
/jlne.ws/3Y6GnbZ
Solar power expected to surpass coal in 5 years, IEA says; Renewable energy forecast to become largest source of electricity generation as soon as 2025
Camilla Hodgson - Financial Times
Solar power is undergoing a boom as the energy crisis drives a shift to renewable energy following the war in Ukraine and is expected to surpass coal power by 2027, the International Energy Agency has forecast.
/jlne.ws/3FgWPOi
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | DWS to lift dividend as asset manager battles greenwashing scandal; New chief executive Stefan Hoops says the group should no longer be using superlatives to describe ESG strategy
Olaf Storbeck - Financial times
DWS has pledged to lift its dividend by almost 50 per cent and possibly hand investors up to €1bn more as one of Germany's biggest asset management firms battles to overcome a greenwashing scandal.
/jlne.ws/3UCOM3R
BNP Paribas Hires Bankers to Bolster Americas Market Presence; Bank to grow credit, equity, macro market franchises; Hires include Hanisch, Shah, McDonald, Siddique, Bazylevsky
Jeannine Amodeo - Bloomberg
BNP Paribas SA hired senior executives to its Global Markets Americas division in recent months as it seeks to grow its equities, credit and macro markets presence in the Americas, according to the French bank. "We are proud to welcome our new colleagues who represent our commitment to strengthen our client offering and our ambition to be the leading European bank globally," said John Gallo, head of global markets for the Americas.
/jlne.ws/3P6guVs
Credit Suisse agrees deal to use First Boston brand on spun-off arm; Plan back on track to put historic name on restructured capital markets and advisory business after trademark dispute
Owen Walker and Arash Massoudi - Financial Times
Credit Suisse has cut a deal with the owner of the First Boston trademark to enable the Swiss lender to use the historic brand on its spun-out investment bank. The Swiss institution announced in October that it intended to separate its capital markets and advisory arm as part of a radical restructuring of the group that has so far failed to win over shareholders.
/jlne.ws/3W1eujo
Deutsche Bank Investment Boss Wants to 'Tone Down' ESG Hype; DWS CEO says ESG marketing has been 'exuberant' in the past; Comments come as DWS greenwashing probes remain unresolved
Steven Arons - BloombergThe chief executive of Deutsche Bank AG's investment unit, DWS Group, said it's time to dial back the "exuberant" language used in ESG sales pitches. Stefan Hoops, who took over as CEO after allegations of greenwashing expedited the departure of his predecessor earlier this year, acknowledged there's been a need to rethink how DWS markets environmental, social and governance investing opportunities.
/jlne.ws/3VG0pbs
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| Wellness Exchange | | An Exchange of Health and Wellness Information | China retreats from sweeping zero-Covid policies as economic toll mounts; Government for first time allows some positive cases to home quarantine after trade contracts sharply
Thomas Hale and Tom Mitchell - Financial Times
China has announced wide-ranging relaxations to President Xi Jinping's contentious zero-Covid restrictions, including for the first time home quarantine, as further evidence emerged of the economic damage from the pandemic controls.
/jlne.ws/3uzqqNT
Global Partners May End Broad Covid Vaccination Effort in Developing Countries; The board of Gavi, the international vaccine agency, meets Wednesday to debate shutting down the program, known as Covax, amid swiftly waning demand for the shots.
Stephanie Nolen - The New York Times
The organization that has led the global effort to bring Covid vaccines to poor and middle-income countries will decide this week whether to shut down that project, ending a historic attempt to achieve global health equity with a tacit acknowledgment that the effort fell far short of its goal.
/jlne.ws/3HlT2Se
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Bond Traders Brace for Another Retail Volatility Spike; Selloff in credit has echoes of November retail withdrawals; Asset managers, banks have limited redemptions to cut risks
Bloomberg News
China's biggest corporate credit selloff in five years has traders on tenterhooks for a repeat of November's sudden slump in government bonds that was exacerbated by the actions of retail investors. The rise in influence of Chinese individual investors in sovereign securities - a cohort notorious for flipping stocks with abandon - has added a fresh source of volatility to the normally staid world of government bonds thanks to the growth of mark-to-market funds.
/jlne.ws/3VVvXtN
US and UK pledge to maintain high levels of LNG trade; New 'energy partnership' aims to boost amount of liquefied natural gas sent to UK while reducing reliance on Russia
David Sheppard and Derek Brower - Financial Times
The UK and US have pledged to maintain high levels of liquefied natural gas trade between the two countries as part of a new "energy partnership" that aims to reduce reliance on Russia and accelerate the push to net zero.
/jlne.ws/3Fc3skz
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| Miscellaneous | | Stories that don't quite fit under the other sections | BuzzFeed Plans to Cut 12% of Workforce as Challenges Mount; Company blames worsening economic conditions and challenges in digital-media business
Alexandra Bruell - Thee Wall Street Journal
BuzzFeed Inc. plans to cut about 12% of its workforce as a result of worsening economic conditions and challenges in the digital-media business, the company said in a securities filing Tuesday. The cuts will impact just under 180 employees primarily across sales, tech, studio production and BuzzFeed.com, as well as Complex Networks, according to a person familiar with the matter. BuzzFeed News and HuffPost won't be affected.
/jlne.ws/3W0EkEa
SBF's Alameda racked up $55,000 Margaritaville debt by snapping up around 20 premium suites for workers, who took bus across tropical island to work, report says
Pete Syme - Business Insider
Sam Bankman-Fried's debt of more than $55,000 to Jimmy Buffett's Margaritaville resulted from the use of around 20 premium suites for Alameda staff, according to Bloomberg. Insider reported the news last week that the Nassau beach resort was seeking $55,319 from the controversial crypto billionaire, per FTX bankruptcy filings.
/jlne.ws/3VQsFIo
The Vanishing of Sam Bankman-Fried's 'Effective Altruism' (Podcast); SBF's plans to donate large amounts of his crypto wealth have collapsed along with his fortune.
Stacy-Marie Ishmael - Bloomberg
Sam Bankman-Fried used to say he was a man on a mission. That mission: giving away more than a billion dollars in the service of a movement known as "effective altruism". Through personal giving, and through a philanthropic unit called the FTX Foundation, Bankman-Fried appeared to support causes ranging from pandemic prevention to research into climate change.
/jlne.ws/3FciHKz
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