| June 21, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
From the looks of it, the London Metal Exchange is fighting in court and in the court of public opinion as it fights a lawsuit from Elliott Capital Management and Jane Street this week in London. Today we have two stories with an inside LME bent to them, each starting with a Matt Chamberlain angle. The stories are "The day nickel trades gave LME a rude awakening" from the Financial Times and "What Really Happened the Night the Nickel Market Broke" from Bloomberg. It appears the LME is ready for the battles it needs to wage.
Are you one of the worst 168 golfers working for an FIA member firm? Then there is a spot for you in the FIA Operations Americas Division July 31 Chicago Golf Outing at the Arrowhead Country Club. The tournament participation is capped at 168 golfers, but more participants can choose between a golf clinic or a networking dinner-only option. All the funds raised from the event will go to two Chicago-area charities - the Greater Chicago Food Depository and the Greenwood Project. Actually, I am the worst golfer who is an FIA member, so you only have to be one of the 167 worst or best golfers to participate.
NYSE Notice about trading for the 4th of July holiday: In observance of Independence Day, the New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago Equities, NYSE National Equities, NYSE American Options, NYSE Arca Options and NYSE Bonds markets will be closed on Tuesday, July 4, 2023. On Monday, July 3, 2023, markets will operate on a shortened trading schedule. Regular trading sessions will close for all markets at 1:00 p.m. Eastern Time (1:15 for eligible options). NYSE American Equities, NYSE Arca Equities, NYSE Chicago Equities and NYSE National Equities will remain open for the extended trading session until 5:00 p.m. Eastern Time.
The Wall Street Journal has a multimedia presentation and story titled "Five New Farming Technologies That Tackle Climate Change Threats." The five are self-planting seeds, 'wearable' plant sensors, high-tech hives, vertical farming and robot fruit harvesters.
The New York Post-esque headline of the day comes from the Financial Times in a story titled "Pasta producers in hot water over soaring prices."
JLN needs someone who can talk to Asma Awass, our new host of Options Discovery, about the JP Morgan covered call ETF. The Financial Times has a story that says "$10bn pours into JPMorgan covered call ETF this year" and I think that would be a great subject for Asma to explore in Options Discovery.
President Joe Biden and someone named "et al" have written a commentary for Bloomberg titled "Climate Change and Poverty Are Our Era's Existential Battles."
Here is a piece of California real estate news with some history and metals involved. The former summer cottage of former President Herbert Hoover in Monterey, CA has been listed for sale for $2.395 million, The Wall Street Journal reports. Hoover and his wife, Lou Henry Hoover, bought the rustic home from her family in 1913 for a $500 gold piece.
The Trade News has some coverage of IDX. The stories are located in the Leads section of today's newsletter.
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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Lauren Arbid talks with JLN about how ABN AMRO Clearing finds success by sticking with its core DNA
JohnLothianNews.com
John Lothian News interviewed Lauren Arbid, director and U.S. head of relationship management for ABN AMRO Clearing Chicago LLC, at the 2023 Options Industry Conference in Nashville, TN, about the fixed income market, interest rates, what's next for crypto, and her role with the Security Traders Association.
Watch the video »
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Vanishing Ice on Highest Mountains Threatens Quarter of Humanity; A new study says rapidly melting glaciers in Hindu Kush Himalayan region can trigger floods, landslides and over time drastically reduce freshwater supplies in 12 rivers.
Sreeja Biswas - Bloomberg
Rapidly melting glaciers in Asia's Hindu Kush Himalayan region - home to the world's highest mountains - are threatening the lives and livelihoods of as many as two billion people downstream, according to a new study. The glaciers thawed 65% faster in the 2011 to 2020 period compared with the preceding decade and may lose 80% of their current volume by the end of this century on current emissions trajectories, the International Centre for Integrated Mountain Development, or ICIMOD, found in its latest study. This may over time drastically reduce freshwater supplies in 12 rivers that flow across 16 nations in the region, it said.
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*****There is good news and there is bad news. This would qualify as bad news, very bad news.~JJL
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Miami media - and a mayor's aide - give Ken Griffin a truly warm South Florida welcome
Greg Hinz - Crain's Chicago Business
It was out-of-control crime. Or high taxes. Or the weather. Lots of theories as to what motivated Ken Griffin to transplant himself and the headquarters of his Citadel financial empire to Miami have been circulating this year. Now there's a new one: Miami's mayor knew how to make Griffin very happy in his new home.
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****** Everyone needs a butler with a side job as mayor who takes his pay in bitcoin.~JJL
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Canada is on fire, and big oil is the arsonist; Governments need to represent us, not fossil-fuel profiteers. We need plans to phase out fossil fuel production and emissions
Tzeporah Berman - The Guardian
Canada is on fire from coast to coast to coast. Thousands have been evacuated, millions exposed to air pollution, New York a doom orange and even the titans of Wall Street choking. Catastrophic flooding in Pakistan, back-to-back cyclones in the Pacific islands and droughts in Africa haven't been enough to create a tipping point for action. Now that climate impacts have hit the economic capital of western power, will it spur governments in the global north to get serious? A lack of scientific knowledge about climate change is not the barrier. Nor is a lack of cleaner, safer, cheaper energy alternatives. The IPCC said as much last year - the barrier is vested fossil fuel interests putting their profit above our safety.
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****** Let's just say this is a five-alarm headline.~JJL
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Murky world of global food trading is too important to ignore; Dominance by a handful of companies over the flows of grain and other commodities deserves much more scrutiny
Helen Thomas - Financial Times
"Perhaps it was the ancient nightmare of the middleman-merchant that made them all so aloof and secretive", wrote Dan Morgan in his 1979 book Merchants of Grain. "The old fear that in moments of scarcity or famine, the people would blame them for all misfortunes, march upon their granaries and confiscate their stocks."
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***** Concentration, lack of transparency and lack of competition is never a good thing.~JJL
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X-ray vision: a surprising source of recycled silver; A process that recovers the metal from old X-ray film is a sign of the jewellery industry's moves towards more sustainable practices
Annachiara Biondi - Financial Times
The Ripple necklace by jewellery label Angharad encircles the neck in delicate, undulating silver waves. It's a fluid, organic design and, like all the silver pieces created by London-based designer Meghan Griffiths, it is entirely made of silver extracted from old medical X-rays. (X-ray films contain emulsions of silver halide crystals, which are light sensitive and create the images that we see on X-ray files.)
/jlne.ws/3Xi0lQQ
****** Sounds like Clark Kent needs to buy Lois Lane a silver necklace for her next birthday.~JJL
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Tuesday's Top Three
Our most-read story on Tuesday was the Trading Technologies press release, Trading Technologies Establishes New FX Business Line, TT® FX, Appointing Industry Veteran Tomo Tokuyama to Lead Initiative. Second was FIA Tech Enhances Trade Data Network To Support Operational Resiliency, from FIA Tech. Third was the LinkedIn post from Exberry about Julie Ros's first interview for JLN at IDX, with Exberry's Guy Melamed.
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MarketsWiki Stats
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| Lead Stories | The day nickel trades gave LME a rude awakening; Judicial review hears of exchange's actions in March 2022 when it feared market had turned disorderly
Leslie Hook and Philip Stafford - Financial Times
When Matthew Chamberlain woke up at 5.30am on March 8 2022 and glanced at metals prices on his phone, he immediately knew something was wrong. As the chief executive of the London Metal Exchange scrolled through his mobile - still bleary after dealing with emails until nearly 11pm the night before - he became "alarmed" at the speed at which the price of nickel was rising. By 5.53am the nickel price had jumped 30 per cent - and was still going up. "I had never witnessed such extreme price movements," Chamberlain says in court documents. "There was no doubt in my mind that the market had become disorderly." Just after 6am nickel prices had soared past $100,000 per tonne, up from $60,000 when he awoke.
/jlne.ws/3NGiMf2
What Really Happened the Night the Nickel Market Broke; Hundreds of pages of legal filings describe how the LME sleepwalked into a crisis, unaware of a massive short squeeze centered around metals giant Tsingshan.
Jack Farchy, Mark Burton and Jonathan Browning - Bloomberg
Matthew Chamberlain had just presided over one of the wildest days in the history of metals markets when he sat down to type a late-night memo to the UK's financial regulator. But the London Metal Exchange's chief executive was optimistic. It was the evening of March 7 last year and nickel prices had surged as much as 90% to an unprecedented $55,000 a ton, causing huge strains across the market. A large Chinese bank had missed a margin call in the hundreds of millions of dollars. The Financial Conduct Authority was beginning to demand updates.
/jlne.ws/3NlHWho
Google Cloud Launches Anti-Money-Laundering Tool for Banks, Betting on the Power of AI; The company is looking to set itself apart from a crowded field of surveillance platforms by reducing the amount of human input in the process of screening for money-laundering risks
Dylan Tokar - The Wall Street Journal
Financial institutions have long relied on human judgment to calibrate systems that help spot potentially risky transactions and customers. Now, Google Cloud wants them to let its artificial intelligence technology take greater control of that process.
/jlne.ws/3NEVrKr
Charles Schwab, Citadel-Backed Startup Is Building Crypto 'Plumbing' for Big Banks
Andre Beganski - Decrypt
A cryptocurrency exchange called EDX Markets and backed by several Wall Street firms such as Charles Schwab, Citadel Securities, and Fidelity Digital Assets conducted its first trades on Tuesday, signaling some institutions aren't hightailing it for the hills on crypto despite recent regulatory pressures in the U.S.
/jlne.ws/3ND0s6q
Inside the Escalating Feud at One of Wall Street's Biggest Hedge Funds; Two Sigma discloses the friction between its co-founders in a securities filing
Juliet Chung and Gregory Zuckerman - The Wall Street Journal
A long-running rift atop one of the world's largest hedge funds has burst into the open, raising questions about the firm's future. Over the last 22 years, John Overdeck and David Siegel built Two Sigma Investments into a $60 billion quant-trading behemoth. But behind the scenes, the billionaire co-founders have clashed over the firm's direction, succession planning and more, people familiar with the matter said.
/jlne.ws/3CBr01H
MiFID U-Turn Plan Would Reverse Ban on Free Research for Clients; Changes would let brokers re-combine analysis, execution costs; Proposal comes as US finally prepares to adapt to MiFID rules
Justina Lee - Bloomberg
A piece of European Union legislation that forced financial firms to separate the cost of investment research from that of trading could be reversed under plans being championed by member states. In upcoming negotiations with the European Parliament aimed at revising MiFID II - a set of broader reforms that came into force in 2018 - the states will seek a near total U-turn on the rules behind so-called unbundling.
/jlne.ws/42NaYw9
RBC Faces Pressure on Capital as Canada Regulator Gets Tougher; Its C$13.5 billion deal for HSBC assets to lower CET1 ratio; CIBC's capital ratio of 11.9% is close to the new minimum
Geoffrey Morgan - Bloomberg
Royal Bank of Canada is under new pressure to bolster its capital levels after the country's financial regulator raised the minimum buffer for the largest banks. Canada's six biggest domestic banks must have a common equity tier 1 capital ratio of at least 11.5% by November, the Office of the Superintendent of Financial Institutions said Tuesday. Its decision to boost the requirement from 11% forces banks to build a larger rainy-day fund to absorb losses heading into a possible recession.
/jlne.ws/3qSS7m6
Global Investors Are Flooding Into Japan. That Is Making Some People Nervous; The abrupt inflow is raising questions about how long foreign fund managers will stick around
Frances Yoon and Megumi Fujikawa - The Wall Street Journal
Global investors are rushing to Japan's stock market, eager to catch a boom that many of them didn't see coming. Foreign investors have bought a net $39 billion of Japanese stocks since the start of April, according to data from Japan Exchange Group. That has helped the benchmark Nikkei 225 index rise almost 30% this year, bringing it back to levels it last traded at over 30 years ago.
/jlne.ws/448RtiB
Bitcoin Bonanza on Tap if BlackRock ETF Is Approved; Grayscale owners could see a double benefit, and Coinbase would get a shot in the arm
Telis Demos - The Wall Street Journal
The world's largest asset manager could be a lifeline for crypto and spark a windfall for some traders. Betting that BlackRock's BLK -1.68%decrease; red down pointing triangle filing for an exchange-traded bitcoin fund gets approved might be foolhardy given the black box of regulators' thinking, but a nod would have an electric effect on the besieged asset class if it were to happen. The Securities and Exchange Commission has so far rejected a number of applications for ETFs that would own bitcoin. It even recently went to court to defend itself in litigation brought by Grayscale Investments, which runs a $17.5 billion tradable bitcoin fund and has been seeking to convert it to an ETF.
/jlne.ws/3NkJGHH
$10bn pours into JPMorgan covered call ETF this year; The wall of money means the defensive fund has become the largest active ETF
Steve Johnson - Financial Times
A bull market is traditionally accompanied by a wave of euphoria, with ever more investors getting sucked in as stocks march higher. The current Wall Street variety - with the S&P 500 index up by more than 20 per cent from its October nadir - has been met with a wall of money rolling into one of the more defensive equity strategies: covered calls.
/jlne.ws/3XeUk7H
Archegos Fine Points to a Much Bigger Issue for UBS; The Credit Suisse takeover may add long-lasting operational risks for its rescuer.
Paul J. Davies - Bloomberg
UBS AG's takeover of Credit Suisse Group AG might have been a sweet deal, but the rescuer still must pay to clean up its failed rival's messes - and there are many. Among the biggest relates to Archegos, the family office-turned-hedge fund, which collapsed in early 2021 and hit Credit Suisse with losses of more than $5 billion, the worst among all the brokers that dealt with the fund. The bank was always going to be penalized by regulators for its ineptitudes in that debacle - and UBS as the new owner must pick up the tab.
/jlne.ws/43PAjah
Digital Asset Platform EDX Markets Begins Trading and Completes New Funding Round; EDX Markets provides a trusted, efficient, and liquid cryptocurrency trading experience; EDX to launch new clearinghouse business later this year to provide members with the most competitive and capital efficient market through a single settlement process; New EDX funding round welcomes additional strategic investors to accelerate platform development and market expansion
EDX Markets
EDX Markets (EDX), the first-of-its-kind digital asset marketplace designed to enable safe and compliant trading of digital assets through trusted intermediaries, today announced the successful launch of its digital asset market and the completion of an investment round with new equity partners. Already backed by a consortium of major financial institutions, EDX has opened trading as the crypto marketplace of choice for industry leaders and builds on best practices from traditional finance to provide customers with distinctive benefits including liquidity, competitive quotes and a unique, non-custodial model designed to mitigate conflicts of interest. EDX also introduced a retail-only quote to the crypto markets, allowing participants the benefit of better pricing for retail-originated orders. Products traded on EDX include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
/jlne.ws/3Pl8emA
WisdomTree Files to Start a US Spot Bitcoin ETF on the Heels of BlackRock's Application; WisdomTree Bitcoin Trust would list on the Cboe BZX Exchange; The SEC has resisted allowing spot Bitcoin ETFs, citing risks
Olga Kharif - Bloomberg
WisdomTree is trying again for permission to start a spot Bitcoin exchange-traded fund in the US, submitting an application to the Securities and Exchange Commission less than a week after BlackRock Inc. The filing Tuesday from the asset manager said the WisdomTree Bitcoin Trust would be listed on the Cboe BZX Exchange under the ticker BTCW. BlackRock's June 15 application for a spot fund has helped the token to climb about 13%.
/jlne.ws/3peeSk4
FTX bankruptcy 'on track to be very expensive' as fees top $200mn; Court-appointed examiner says lawyers and advisers have billed millions as they sort through crypto exchange's 'wreckage'
Joe Miller - Financial Times
Lawyers, advisers and other professionals working on the FTX bankruptcy have racked up $200mn in fees as they attempt to restructure the "smouldering heap of wreckage" left behind by the cryptocurrency exchange's collapse in November, an independent auditor found.
/jlne.ws/3Jo9Zf4
Former FTX US President Taps Power of Artificial Intelligence in New Company; The company will use AI to help customers with trading; The former FTX US president said it gives traders more access
Hannah Miller - Bloomberg
Former FTX US President Brett Harrison said his new company Architect Financial Technologies is ready to take advantage of the artificial intelligence boom.
/jlne.ws/3XkiJIL
Traders peg UAE and EU as optimal regulatory environments for crypto trading; Acuiti report found that majority of traders believe the main responsibility for monitoring and trade reporting in crypto trading lies with trading venues.
Claudia Preece - The Trade
Traders have pegged the United Arab Emirates and Europe as the two most optimal regulatory environments for crypto trading, an Acuiti report has found. Just under 40% of the 200 traders surveyed thought the UAE was developing the most optimal regulation for the trading of crypto assets, followed closely by 35% that voted for the EU.
/jlne.ws/42QU9QY
IDX 2023: Extreme volatility over the last year should build confidence in derivatives markets' resiliency; At FIA's International Derivatives Expo, panellists praised the derivatives markets' ability to cope with extreme volatility, while highlighting that latency should be a priority to ensure resiliency moving forward.
Wesley Bray - The Trade
Despite extremely volatile markets over the last year, including energy market supply chains being disrupted by the conflicts in Russia, panellists at FIA's International Derivatives Expo said the industry could take confidence in the fact that markets were still able to function well.
/jlne.ws/3CHycJq
Risk redistribution, bond market structure tech and shifting regulation are key trends to watch, says BlackRock's global trading co-head; Speaking at the International Derivatives Expo, Jatin Vara stressed the importance of a holistic approach to global trading as markets and the macro backdrop continue to shift.
Annabel Smith - The Trade
BlackRock's global co-head of trading, Jatin Vara, has laid out the key ongoing market trends to watch spanning across risk, regulation and technology. Speaking at the International Derivatives Expo (IDX), Vara noted the redistribution of risk taking, new market structure technology for bonds and the shifting regulatory regime globally on the global macro backdrop as key market developments.
/jlne.ws/3CEVFep
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin Talks Tough While Ukraine Makes Gains; Ukraine's counteroffensive is on the move, but so are Putin's nuclear weapons.
Tom Nichols - The Atlantic
The Ukrainians are making progress in their long-awaited counteroffensive. Meanwhile, the Russian president is talking like a gangster and rattling the nuclear saber-again.
/jlne.ws/3NGmXYj
In Shattered Mariupol, Russia Uses a Theater to Legitimize Its Occupation; Russia deploys culture to assert its dominion over the city and other parts of Ukraine
Isabel Coles and Kate Vtorygina - The Wall Street Journal
The bomb landed directly on the stage of the performing arts theater in Mariupol last year, killing an unknown number of people in a strike that Ukraine's president decried as one of Russia's worst crimes since invading. Today, the theater is a centerpiece of Russia's efforts to assert its dominion over the shattered city using culture.
/jlne.ws/3CGdJFa
Russia warns Ukraine against striking Crimea with U.S., British missiles
Reuters
Russian Defence Minister Sergei Shoigu said on Tuesday that Moscow had information that Ukraine was planning to strike Russian-controlled Crimea with longer-range U.S. and British missiles and warned Russia would retaliate if that happened.
/jlne.ws/3JpAKjr
Ukraine Hits Russian Ammunition Depot Deep in Occupied Territory; Kyiv has stepped up strikes against infrastructure in Russian-held areas after receiving long-range missiles from the U.K.
Matthew Luxmoore - The Wall Street Journal
Ukraine destroyed a major Russian ammunition depot in an occupied part of the country's south on Sunday, as it launches fresh advances along the southern and eastern parts of the front line in a bid to break through strong Russian defenses. The Ukrainian Air Force said explosions at the facility in Rykove village-deep in Russian-held territory and just north of the Crimean Peninsula seized by Russia in 2014-were the result of a successful attack.
/jlne.ws/3piRIJa
Russia Targets Kyiv and Lviv With Attack Drones; Moscow's forces also shot and killed a rescue worker in the flood-stricken city of Kherson, Ukrainian officials said, as both sides battled for territory in the south and east.
Cassandra Vinograd and Victoria Kim - The New York Times
Russia unleashed dozens of attack drones across Ukraine before dawn on Tuesday, targeting the cities of Kyiv and Lviv, far from the front lines where Ukraine's counteroffensive made small gains and Russian forces tried to seize more territory in eastern Ukraine.
/jlne.ws/3CJKQri
EU Sees Hurdles to Seizing EUR200 Billion in Russian Assets; Officials mull making 'temporary' use of central bank funds; Wall Street banks say Russia could retaliate against seizure
William Shaw, Stephanie Bodoni and Alberto Nardelli - Bloomberg
The European Union has assessed that it can't legally confiscate outright frozen Russian assets and instead is focusing on using those assets temporarily, according to a document obtained by Bloomberg.
/jlne.ws/3pcvOHH
Putin's Nuclear Scare Tactics Will Fall Flat; Ukraine and the West are smart to take Russia's nuclear doctrine at face value: No nukes will fly until and unless Russia faces an existential threat. So far, it hasn't.
Leonid Bershidsky - Bloomberg
As Ukraine's armed forces routinely shell Russia's southwestern regions and send armed drones as far as Moscow itself, the worry grows within the Russian policy elite that the very basis of their country's great power pretensions - its ability to threaten the world with nuclear weapons - has been eroded to the point where adversaries feel they can simply ignore it.
/jlne.ws/43SgAXg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq to transfer European power business to EEX bourse
Reuters
The European Energy Exchange (EEX) (T3PA.DE) and Nasdaq (NDAQ.O) said on Tuesday they have reached an agreement under which the U.S. exchange operator will transfer its European power trading and clearing business to EEX.
/jlne.ws/3qXHWgk
The Global Association of Central Counterparties - holds its Annual General Meeting 2023 in Bangkok, Thailand.
CCP12
The Global Association of Central Counterparties conducted its Annual General Meeting in Bangkok, Thailand, on 13 - 16 June, 2023. During the meeting, the members discussed updates from the Working Committees, evaluated the work plan for 2023-2024, and assessed progress towards organizational goals. The membership also endorsed a new Information Sharing By Law to enhance transparency and communication between Central Counterparties. Moreover, members approved a rebranding initiative, with the new association name CCP Global. The rebranding will take place later this year.
/jlne.ws/3pnWlSh
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Refinitiv to transition prototype USD IBOR Consumer Cash Fallbacks to production status on July 3, 2023
Refinitiv
Refinitiv today announced that effective July 3, 2023, all Refinitiv USD IBOR Consumer Cash Fallbacks currently in prototype status will transition to production and the spread adjustment will follow a one-year linear transition towards the long-term fixed value. Firms with an appropriate license can use these rates in financial contracts.
/jlne.ws/44b3zb0
TNS Upgrades European Backbone
TNS
Transaction Network Services (TNS) has enhanced its European backbone, delivering increased capacity, to support ever-increasing market data volumes from multiple exchanges to any location across Europe.
/jlne.ws/3pdkn2u
The Eyeball-Scanning Plan Designed to Save Us From AI; Are you ready to get "orbed"?
Tracy Alloway and Joe Weisenthal - Bloomberg
There are all kinds of societal concerns emerging out of the rise of artificial intelligence. Will it put us all out of work? Will fraudsters be able to use deepfakes - technology that can replicate our images and our voices - to scam us? We're in uncharted territory and nobody knows for sure how society will negotiate these risks. While many people are familiar with ChatGPT, its founder Sam Altman also co-founded Worldcoin, which aims to mitigate these risks. Enter: The Orb, an eyeball-scanning device that could provide everyone with a unique personal identifier. Think a global social security number, except you never have to share what it is with anyone. On this episode, we speak with Alex Blania, the CEO and co-founder of Tools For Humanity, the developer behind the Orb and the Worldcoin project, on his company's vision for how this tech can be used for things like proving one's humanness or collecting a Universal Basic Income in a world where AI predominates.
/jlne.ws/4361GM9
Thousands of Reddit Communities Stay Dark as App Policy Protest Continues; Users' anger continued to bubble over changes to the company's business model.
Michael Levenson - The New York Times
Thousands of volunteer-run message boards on Reddit remained dark on Tuesday, a week after moderators of the communities began what they called a 48-hour protest against Reddit's planned changes to its business model.
/jlne.ws/3qLs9AU
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX Racked Up Wins and Celebrity Pitches, but Staff Saw Cracks Forming; With the success of FTX, Sam Bankman-Fried is hailed as the next Warren Buffett. But in Episode 4 of the Spellcaster podcast, those who looked behind the scenes saw warning signs.
Max Chafkin, Annie Massa and Hannah Miller - Bloomberg
Few companies were as well positioned to benefit from the Covid-19 pandemic as FTX. Sam Bankman-Fried's new cryptocurrency exchange extremely high-risk crypto derivatives and obscure tokens just as novice investors were embracing memestocks and other get-rich-quick schemes. He started FTX as a spinoff from his crypto hedge fund Alameda in 2019, and by 2020 it was attracting lots of homebound day traders.
/jlne.ws/3NlcUGu
Singapore Proposes Standards for 'Purpose-Bound' Digital Money
Natalie Ching Mun Choy - Bloomberg
Singapore's central bank has proposed a common protocol to specify conditions for the use of digital currencies as financial institutions trial the use of purpose-bound money in the city-state.
/jlne.ws/3NieQ2G
Crypto Lobbyists Ask SEC for Info on Prometheum
CoinDesk
Blockchain Association has filed a Freedom of Information Act request with the U.S. Securities and Exchange Commission (SEC), seeking records relevant to crypto broker Prometheum. This comes after Prometheum co-CEO and founder Aaron Kaplan spoke before the House Financial Services Committee broadly in support of the SEC's positions on crypto regulation. Blockchain Association Director of Government Relations Ron Hammond discusses why the group wants to look further into Prometheum.
/jlne.ws/42SXGhQ
Crypto Exchange Backed by Citadel Securities, Fidelity Goes Live; EDX Markets separates trading, custody to reduce conflicts; Move comes amid US scrutiny of crypto firms Binance, Coinbase
Yueqi Yang and Katherine Doherty - Bloomberg
A new crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. said it's gone live, a move that could reshape the digital-asset landscape amid heightened US scrutiny of the sector.
/jlne.ws/3qYN3wp
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| Politics | | An overview of politics as it relates to the financial markets | Blinken Pledges $1.3 Billion for Ukraine Grid, Infrastructure
Iain Marlow - Bloomberg
Secretary of State Antony Blinken pledged an additional $1.3 billion in assistance to help Ukraine rebuild following the Russian invasion. Most of the funds will be directed to restoring the country's battered energy grid and critical infrastructure ranging from ports to rail lines and border crossings.
/jlne.ws/3CBySAh
Chuck Schumer Joins Crowd Clamoring for AI Regulations; The challenge: Congress doesn't have strong record in addressing perceived harms from technology
John D. McKinnon - The Wall Street Journal
Senate Majority Leader Chuck Schumer (D., N.Y.) will launch an effort Wednesday to write new rules for the emerging realm of artificial intelligence, aiming to accelerate U.S. innovation while staving off a dystopian future.
/jlne.ws/3Jpl27N
EU Proposes $55 Billion Economic Support Package for Ukraine Over Four Years; European nonlethal assistance would keep Kyiv government functioning, whatever the outcome of U.S. elections
Laurence Norman - The Wall Street Journal
The European Union is seeking to lock in financing for Ukraine of 50 billion euros, equivalent to $54.62 billion, between 2024 and 2027, to provide sustained external funding for Kyiv regardless of Washington's decisions after its next presidential election.
/jlne.ws/3PoftKB
From Wall Street to the Toughest Job in Turkey; New central bank chief Hafize Gaye Erkan faces a tricky economy after a career at Goldman Sachs and First Republic Bank
Jared Malsin and Chelsey Dulaney - The Wall Street Journal
Talk about a tough first job assignment. Hafize Gaye Erkan, the Princeton-trained, former Wall Street executive, is expected to double, triple or even quadruple interest rates at her first policy meeting as the head of Turkey's central bank on Thursday.
/jlne.ws/4484DfV
How Russia Went from Ally to Adversary; The Cold War ended. The United States declared victory. Then things took a turn.
Keith Gessen - The New Yorker
In early December of 1989, a few weeks after the Berlin Wall fell, Mikhail Gorbachev attended his first summit with President George H. W. Bush. They met off the coast of Malta, aboard the Soviet cruise ship Maxim Gorky. Gorbachev was very much looking forward to the summit, as he looked forward to all his summits; things at home were spiralling out of control, but his international standing was undimmed. He was in the process of ending the decades-long Cold War that had threatened the world with nuclear holocaust. When he appeared in foreign capitals, crowds went wild.
/jlne.ws/3Xk7S1t
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| Regulation & Enforcement | | Stories about regulation and the law. | Swedbank to Pay $3.4 Million to Settle U.S. Sanctions Violations; The settlement is one of the first resolutions the Swedish bank has reached with U.S. regulators related to its alleged anti-money-laundering shortcomings in the Baltic region
Mengqi Sun - The Wall Street Journal
Swedbank has agreed to pay more than $3.4 million to settle allegations its subsidiary in Latvia processed transactions that violated U.S. sanctions on Crimea. The settlement agreement with the U.S. Treasury Department's Office of Foreign Assets Control, which became public Tuesday, is one of the first resolutions Stockholm-based Swedbank has reached with U.S. regulators related to its anti-money-laundering shortcomings in the Baltic region, where the bank has a significant presence.
/jlne.ws/46dWCba
Advancing from Incident Response to Cyber Resilience: Remarks of Commissioner Christy Goldsmith Romero at FIA International Derivatives Expo Conference
CFTC
Thank you to FIA for inviting me to speak. Today, I will talk about the cyber threat, and how the collective "we" can advance from a mentality of incident response to one of cyber resilience. I will also share with you five pillars of cyber resilience.
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Commissioner Johnson to Host a Roundtable of Financial Markets and Banking Supervisors and Market Participants at the Residence of the US Ambassador to Spain and Andorra in Madrid, Spain
CFTC
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Statement of Commissioner Caroline D. Pham on Staff Letter Regarding ADM Investor Services, Inc.
CFTC
I support letter 23-08 from CFTC Market Participants Division (MPD) staff regarding ADM Investor Services, Inc. (ADMIS) because it addresses a conflict between CFTC regulations and Taiwan laws in a workable way that promotes access to markets and does not increase risks to the global financial system.
/jlne.ws/43GW241
CFTC Whistleblower Office Issues Alert Seeking Tips Relating to Carbon Markets Misconduct
CFTC
The Commodity Futures Trading Commission's Whistleblower Office in the Division of Enforcement issued an alert today notifying the public on how to identify and report potential Commodity Exchange Act (CEA) violations connected to fraud or manipulation in the carbon markets. Voluntary carbon markets, among other measures, can support the transition to a low-carbon economy through market-based initiatives in which high-quality carbon credits, also known as carbon offsets, are purchased and sold bilaterally or on spot exchanges. As with any market, there exists the potential for fraud and manipulation.
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Federal Reserve exploring 'reverse stress testing' after SVB collapse, Fed's Barr says
Jennifer Schonberger - Yahoo Finance
Federal Reserve Vice Chair of Supervision Michael Barr said Tuesday the Fed is exploring "reverse stress testing" that could be used as a tool to make banks more resilient. This comes as the central bank examines ways to reform bank culture in the aftermath of Silicon Valley Bank's failure in March.
/jlne.ws/3PiQXdS
SEC Charges Stanley Black & Decker and Former Executive for Failures in Executive Perks Disclosure; Company's self-reporting and additional cooperation result in partial declination of charges and no civil penalty
SEC
The Securities and Exchange Commission today announced settled charges against Stanley Black & Decker Inc., a publicly traded tools company, for failing to disclose perquisites it provided to certain executives. In addition, Jeffery D. Ansell, a former Stanley Black & Decker executive, agreed to settle charges that he caused Stanley Black & Decker to violate proxy solicitation and books and records provisions of the federal securities laws.
/jlne.ws/43HMztf
SEC Reopens Comment Period for Position Reporting of Large Security-Based Swap Positions
SEC
The Securities and Exchange Commission today reopened the comment period for its proposed rule for position reporting of large security-based swap positions that exceed certain thresholds, and the staff of the Commission's Division of Economic and Risk Analysis released a memorandum that provides supplemental data and analysis regarding the proposed reporting thresholds in the equity security-based swap market.
/jlne.ws/3Nh40tz
SEC Charges Private Equity Fund Adviser for Overcharging Fees and Failing To Disclose Fee Calculation Conflict
SEC
The Securities and Exchange Commission today charged New York-based investment adviser Insight Venture Management LLC with charging excess management fees and failing to disclose a conflict of interest to investors relating to its fee calculations. To settle the SEC's charges, Insight agreed to pay a $1.5 million penalty and $864,958 in disgorgement and prejudgment interest, which has already been paid back to the impacted funds.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Jump Trading's top executive in Europe is leaving the systematic trading firm
Alex Morrell - Insider
Jump Trading Group's top executive in Europe is leaving the systematic trading firm after more than a decade. Peter Deaner, the proprietary trading giant's COO in Europe, is expected to exit by early 2024, people familiar with the matter told Insider
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Goldman Says IPO Bust Looks Like It's Ready to Boom Once Again; IPO Issuance Monitor on pace to hit 119 from Sept low of 7; Rebound expected in second half, may take time to materialize
Elena Popina - Bloomberg
After going from boom to bust in one short year, the environment for initial public offerings in the US is on the upswing again, according to Goldman Sachs. It's just going to take some time for companies to notice.
/jlne.ws/3PjKoYz
Bull Market 'FOMO' Finally Sends Stock ETF Haul Past Bond Funds; Equity ETFs take in $102 billion after a slow start to 2023; Investors trying to 'catch up' to stock gains: Bokeh's Forrest
Katherine Greifeld - Bloomberg
What was billed as the year of fixed-income is morphing into a massive game of catch-up for investors trying to capture some of the stock market's gains. After a tepid start to 2023, nearly $102 billion has flowed into equity exchange-traded funds so far this year, according to data compiled by Bloomberg. That compares to $93 billion for fixed-income ETFs, which had been sitting on a bigger year-to-date haul than stock funds up until this month.
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World's Top Dairy Maker Plans Chicago Expansion After $3.2 Billion Kraft Deal; France's Lactalis plans to hire almost 100 in the Windy City; Move follows $3.2 billion deal to buy some Kraft cheese brands
Tarso Veloso Ribeiro and Isis Almeida - Bloomberg
The world's largest dairy maker, France's Groupe Lactalis, is expanding in Chicago after a $3.2 billion deal to acquire cheese brands from Kraft Heinz Co. The family-owned company plans to hire almost 100 people at its offices in the Windy City over the next year, according to Peter Cotter, chief executive officer of Lactalis Heritage Dairy - the business that runs the natural cheese brands bought from Kraft.
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Hedging Failure Exposes Private Equity to Interest-Rate Surge; Many buyout firms considered hedging against rising interest rates a waste of time and money. Their debt-laden companies are now paying the price.
Silas Brown, Abhinav Ramnarayan and Paula Seligson - Bloomberg
They're the gilded class of high finance, whose shrewd bets and jumbo-sized paydays are the envy of Wall Street. Yet for all their savvy dealmaking, even the titans of private equity are getting caught out by the swift rise in interest rates - which is costing the companies they own billions in extra interest and threatens to push scores of them into default.
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Are Intact Financial Investors About to Get Burned by Canada's Wildfires?
Will Ashworth - 247WallStreet.com
Thanks to the Canadian wildfires in Alberta, Quebec, Ontario and Nova Scotia, New York City became the most polluted major city in the world for a brief moment in early June. While everyone in the U.S. wanted to blame Canada for their poor air quality, here at home, we must deal with the harsh reality of these historically large wildfires.
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Slowdown in junk-rated loan market hits US corporate borrowing plans; CLOs' appetite for debt wanes due to limits on purchases, pushing up cost of capital as economy slows
Eric Platt and Harriet Clarfelt - Financial Times
Corporate America is feeling the pinch from the slowdown in Wall Street's $1.4tn market for junk-rated loans, with a growing list of companies forced either to pay more or abandon borrowing plans.
/jlne.ws/3XhYFa0
Pasta producers in hot water over soaring prices; Brands including Barilla and Panzani in tussle with EU governments as mark-ups continue despite lower wheat prices
Madeleine Speed, Silvia Sciorilli Borrelli, Laura Onita and Eri Sugiura - Financial Times
European pasta producers are facing growing pressure to lower prices as simmering tensions surrounding the rising cost of fusilli, spaghetti and other household staples threaten to boil over. Italian consumer groups have asked competition authorities to look into the possibility of price collusion and called for shoppers to shun products in a "pasta strike", while the French government has threatened food producers with financial sanctions if they do not lower prices.
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Money Funds With Record $5.5 Trillion See Case for Pile to Grow; Funds now have tools to extend maturities, pick up extra yield; Managers shifting from overnight cash into bills, agency debt
Alex Harris - Bloomberg
The US money-market industry, one of the big winners on Wall Street as the Federal Reserve hiked interest rates, is getting another lift with more tools at its disposal to attract investors and expand its unprecedented mountain of cash.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The green transition won't happen without financing for developing countries; Multilateral development banks and the IMF should offer to pool currency risks
Martin Wolf - Financial Times
Last week, I discussed the dire financial situation of the poorest countries. This week's "summit for a new global financing pact" in Paris offers an opportunity to deal with this challenge. It also offers a chance of making the investments needed for a transition to a low-emissions economy.
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Newsom's package of bills to advance environmental goals alarms environmentalists (ironic, isn't it?)
Mintz - Lexology
Last month, Governor Newsom attempted to turbocharge California's efforts to combat climate change: he proposed a package of no less than eleven bills to speed up the approval of clean energy, water, and transportation projects focused on achieving the State's climate goals. That sounds good, right? Unfortunately, the bills amount to a significant rollback of the State's environmental laws, including the California Environmental Quality Act (CEQA). Moreover, in an effort to fast-track the bills through the legislature, the Governor proposed them as "trailer bills" to the budget, which would minimize the opportunity for review and comment.
/jlne.ws/3Xg7jWE
Sweltering heat tests Texas' power grid and patience as thousands in South still without electricity
Paul J. Weber - Associated Press
Texas' power grid operator asked residents Tuesday to voluntarily cut back on electricity due to anticipated record demand on the system as a heat wave kept large swaths of the state and southern U.S. in triple-digit temperatures.
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Rio Tinto to Invest Almost $1 Billion in Utah Copper Mine; Decision includes adding 250,000 additional tons over a decade; Rio says metal demand growing due to energy transition
Joe Deaux - Bloomberg
Rio Tinto Group intends to invest about $920 million at its Kennecott copper operations in Utah as part of a plan to increase its supply in North America. Demand for the material is set to surge in the coming years due to the global energy transition.
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Plunging Solar Stocks Fly in the Face of Booming Panel Demand; Combined market cap of top four firms is down 40% from August; Falling prices and overcapacity concerns weigh on shares
Bloomberg News
In many ways the solar power industry has never been better, as the race to slow the pace of global warming drives demand for panels to a record high. Try telling that to investors in the world's biggest solar equipment makers.
/jlne.ws/3qLLa6e
France to shut down climate protest group citing public safety risks; Les Soulevements de La Terre uses direct action aimed at big business interests
Angelique Chrisafis - The Guardian
The French government is to shut down a climate protest group over a series of recent demonstrations citing risks to public safety, as the environmental activists called the decision "political and particularly worrying".
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Unlocking Climate Trillions With a Global Plan From a Sinking Island; Avinash Persaud, the financial envoy from the tiny nation of Barbados, will have 100 world leaders talking about his proposals to rewire capitalism for the climate era
Akshat Rathi - Bloomberg
A financial official from an island that's among the world's most vulnerable to global warming has a plan to quickly increase the amount spent on climate solutions in developing nations. And his plan requires little additional spending by rich countries.
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New Tools Needed in Tackling Modern Slavery ; Despite investor pressure, the UK is losing its leadership position, as Australia and the US progress on laws to eradicate modern slavery from supply chains.
Vibeka Mair - ESG Investor
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NASA Studies GHGSat Methane Data Amid Race for Climate Solutions; The US government agency will evaluate if the greenhouse gas observations from GHGSat can help achieve its Earth science goals.
Aaron Clark - Bloomberg
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UNFCCC Tightens the Screw on Net Zero; The proposed solution for net zero targets and progress aims to improve transparency and accountability, but will need to consider existing guidance.
Emmy Hawker - ESG Investor
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Support for ESG proxy resolutions is down, but don't despair
Matt Orsagh - GreenFin Weekly
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan to cash in insurance policy after botched $175mn Frank deal; Bank seeks payout after acquisition that CEO Jamie Dimon calls 'huge mistake'
Joshua Franklin and Arash Massoudi - Financial Times
JPMorgan Chase is aiming to recover millions of dollars from an insurance policy that protected the US bank against fraud after its botched $175mn acquisition of financial aid start-up Frank, according to people familiar with the matter.
/jlne.ws/43QZglE
Credit Suisse's lawsuit against SoftBank thrown into doubt after UBS takeover; Japanese conglomerate is client of Swiss bank which recently took over its rival
Owen Walker - Financial Times.
Credit Suisse's London High Court lawsuit against SoftBank has been thrown into doubt following the Swiss bank's rescue by rival UBS, which counts the Japanese conglomerate as a client, according to people with knowledge of the relationship.
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Links between Peter Mandelson and Jeffrey Epstein detailed in JPMorgan report; Emails indicate then UK business secretary stayed at New York house while disgraced financier was in prison
Jim Pickard and Joe Miller - Financial Times
The extent of Jeffrey Epstein's contact with former UK cabinet minister Lord Peter Mandelson is laid bare in a newly released report that describes repeated meetings between the disgraced financier and the politician he knew as "Petie".
/jlne.ws/3XmF34z
Ruffer clients question links with Crispin Odey; Sexual assault claims against the financier have put the firm's ties under the spotlight
Emma Dunkley - Financial Times
Clients of the investment firm Ruffer have raised questions about its relationship with Crispin Odey following allegations of serial sexual misconduct against the hedge fund manager.
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The Future Fund Launches Long/Short ETF - Investing in Key Megatrends That Are Changing the World; Led by renowned investor Gary Black, the Fund buys companies that it believes can best exploit the wave of disruptive innovation and shorts companies most likely to lose value as their businesses are disrupted.
The Future Fund
The Future Fund LLC, an SEC-registered investment advisor led by Gary Black and David Kalis, announced today the launch of the Future Fund Long/ Short ETF (NYSE: FFLS) on the New York Stock Exchange effective June 21, 2023.
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Credit Suisse's Demise Blamed in Bondholder Suit on NY Bankers; 'Sharp-elbowed' New Yorkers cited as root of 'broken culture'; Bondholders' $17 billion loss leads to Brooklyn class action
Joel Rosenblatt - Bloomberg
A group of Credit Suisse Group AG's European bondholders who were part of the $17 billion wipe-out in the bank's demise sued its former executives, pointing to a "broken culture" and a series of scandals they trace to its New York-based investment banking operation.
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JPMorgan Cuts About 20 Asia Dealmaking Jobs in New Layoff Round; The latest round of cuts affects mostly junior bankers; The reduction comes on the heels of cuts at Goldman, Citigroup
Cathy Chan - Bloomberg
JPMorgan Chase & Co. is making a fresh round of layoffs in Asia, cutting about 20 investment-banking jobs as deal flows remain muted, people familiar with the matter said.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Senate to probe Amazon over "dangerous and illegal" work conditions
Jacob Knutson - AXIOS
A powerful Senate committee is launching an investigation "into the dangerous and illegal conditions at Amazon's warehouses," according to the panel's chairman. Driving the news: Sen. Bernie Sanders (I-Vt.) said in a letter Tuesday to Amazon that the Senate committee will probe the company's "egregious health and safety violations." Sanders, who leads the Senate Committee on Health, Education, Labor and Pensions, accused Amazon - the second largest employer in the U.S. - of putting profits above worker safety.
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Visualizing Annual Working Hours in OECD Countries
Marcus Lu
Comparing the number of hours people work in different countries can provide insight into cultural work norms, economic productivity, and even labor laws. With this in mind, we've ranked OECD countries (plus a few others) based on their average annual hours worked. Note that this data includes both full-time and part-time workers.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The New War on Bad Air; A century ago, a well-ventilated building was considered good medicine. But by the time Covid-19 arrived, our buildings could barely breathe. How did that happen? And how do we let the fresh air back in?
Emily Anthes - The New York Times
In January 1912, in the depths of a New York City winter, an unusual new apartment complex opened on the Upper East Side. The East River Homes were designed to help poor families fend off tuberculosis, a fearsome, airborne disease, by turning dark, airless tenements inside out. Passageways led from the street to capacious internal courtyards, where outdoor staircases wound their way up to each apartment. Floor-to-ceiling windows opened onto balconies where ailing residents could sleep. The rooftops drew tenants outside with covered porches and reclining seats, on which tuberculosis patients convalesced.
/jlne.ws/3qMMxBE
New York Passes Bill to Shield Abortion Providers Sending Pills Into States With Bans; The measure is one of several recently enacted by states aiming to expand access to medication abortion for patients who live where it is outlawed.
Pam Belluck and Emily Bazelon - The New York Times
The New York State Legislature gave final approval on Tuesday to legislation that provides legal protection for New York doctors to prescribe and send abortion pills to patients in states that have outlawed abortion. The measure, along with similar new laws in several other states controlled by Democrats, could significantly expand medication abortion access by allowing more patients in states that restrict abortion to end pregnancies at home, without traveling to states where abortion is legal.
/jlne.ws/44tZ1gn
Tai Chi Is a Workout for the Brain and Body; The mental and physical benefits span cultures and generations. Here's how to get started.
Cindy Kuzma - The New York Times
"Parting the Wild Horse's Mane." "Wave Hands Like Clouds." "Embrace Tiger, Return to Mountain." These are not song titles or poems. Rather, they're the deceptively complex movements of tai chi. With around 250 million practitioners around the globe, tai chi is often cited as one of the world's most popular physical activities. It originated in China in the 17th century as a martial art. Unlike karate or taekwondo, tai chi focuses on quiet strength rather than combat, which makes it more accessible to older adults or those who have been injured.
/jlne.ws/3qQ5vaF
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Netherlands Pushes for Foothold in Southern African Hydrogen; State-backed firms help Namibia, South Africa create funds; Dutch prime minister forecasts hydrogen imports from region
Antony Sguazzin - Bloomberg
State-backed firms from the Netherlands have agreed to back the creation of two $1 billion dollar green hydrogen funds in Namibia and South Africa, giving the country a stake in the development of an industry that's expected to supply Europe with the green fuel.
/jlne.ws/469iGUp
Petrobras CEO says not keeping oil reserves up would be 'fatal error'; Brazilian oil major is trying to overcome opposition to plans for drilling off the mouth of the Amazon river
Michael Pooler - Financial Times
The new boss of Petrobras said it would be a "fatal error" not to replenish its oil reserves, as the Brazilian state-controlled company tries to overcome opposition to plans for drilling off the mouth of the Amazon river.
/jlne.ws/44fit09
Vacant Offices Are Piling Up in Silicon Valley; Layoffs, hybrid-work patterns are reducing corporate footprints in Northern California towns
Peter Grant - The Wall Street Journal
Silicon Valley companies are dumping office space at an accelerating pace, as tech leaders such as Google and Facebook parent Meta Platforms close locations and reassess their commitments to the workplace.
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