| October 09, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Welcome to Columbus Day or whatever you want to call this particular banking holiday. But back in 1979, on the Saturday of Columbus Day weekend, new Federal Reserve Chairman Paul Volcker held a press conference and announced a policy change that changed the course of the futures industry. During the Saturday night press conference, Volcker explained, "FOMC would shift its focus to managing the volume of bank reserves in the system instead of trying to manage the day-to-day level of the federal funds rate (Lindsey et al. 2005). It was an approach that would lead to more fluctuation in rates and, Volcker hoped, rein in inflation."
Because Monday was a banking holiday for Columbus Day, the only market open to express your opinion about changing interest rates was the Chicago Board of Trade's 30-year Treasury futures contract. Richard Sandor told JLN in our History of Financial Futures video series that this change and stroke of good luck which created the bond contract made all the other financial futures contracts possible. So today, I celebrate Paul Volcker and floating interest rates.
The Financial Times' Robin Wigglesworth has a story titled "The alpha of ugliness," with the subheading "But beauty gets the flows." A paper by Chengyu Bai and Shiwen Tian of Shanghai Jiao Tong University showed that "funds with facial unattractive managers outperform funds with attractive managers by over 2% per annum." The FT said the paper also reported "good-looking managers attract significant higher fund flow especially if the funds are available on Fintech platforms where their photos are accessible to investors."
So forget all that quantitative research. People are picking fund managers by how good looking the managers are and those funds are getting more capital. But the ugly managers are the best looking returns. I guess the lesson is, invest with your brain, not your hormones.
Gary DeWaal, Dan Davis, Sheehan Band and Alex Kim of Katten have a commentary titled "SEC's Request for Interlocutory Appeal of Favorable Rulings for Ripple Labs' Defendants Rejected Based on Well-Settled Law."
Do you want to know what you can personally do to address climate change? NPR has a story titled "Individual actions you can take to address climate change" that gives you some answers.
Veteran journalist Debbie Carlson has written a timely story for Barron's Mutual Funds Quarterly titled "The Best Money-Market Funds."
Today would have been my mother's, Marjorie J. Lothian's, 93rd birthday.
A Leg To Stand On's Rocktoberfest in Chicago was a record-breaking event, according to a source. The event had the most tickets sold, the most sponsorships and the most money raised the night of the event.
You know all those zombie movies and the Walking Dead television series about zombies? Now, I am not saying that this is happening or is going to happen, but Bloomberg has a story titled "Zombie Viruses Are Waking Up After 50,000 Years as Planet Warms." Let's call this another reason why climate change is something we want to address.
In case you want to prepare for the zombie apocalypse by watching zombie movies, Rotten Tomatoes has a list, "40 Essential Zombie Movies." One of my favorites did not make the list, which is "Scouts Guide to the Zombie Apocalypse." The Scouting references are terrible, but then it is a zombie movie, so who cares.
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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Join central bankers, ministers, corporate executives, civic leaders, youth leaders and academics online this week at the World Bank Group-International Monetary Fund Annual Meetings, October 9-15, 2023, in Marrakech, Morocco. This year's meetings are focused on what it will take to end poverty. Sessions will explore what solutions have worked in developing countries and how jobs, digital infrastructure, and climate action can be boosted for the social good. You can view the calendar and sign up for email reminders of the online sessions here. Follow the hashtag #WBmeetings in English, Arabic, French and Spanish.~SAED
Our most read stories last Friday on JLN Options were:
- NSE to launch options on NYMEX WTI Crude Oil and Natural Gas futures contracts from Investing.com.
- Trader Bets Big on VIX Spike Hours Before Blowout Jobs Report from Bloomberg.
- Miami International Holdings Reports September 2023 Trading Results; Year-to-Date Volume at Record Levels with Options Volume Jumping 25.8% and Equities Volume Surging 44.5% from MIAX. ~JB
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Three Takeaways from FIA Expo 2023
Derek Haworth - BornTec blog
FIA Expo is a high point of the year for the futures and derivatives industry. It doesn't have the glitz and glamor of FIA Boca, held in March each year, or the international appeal of IDX, presented in London in June, or the Asia Derivatives Conference, hosted in Singapore in November, but it is the largest gathering of the bunch and it delivers a real "meat and potatoes" look at the industry. FIA has staged the event as late as November in years past but they moved it up to the first week of October, for 2023 and, in the process, gave all of the attendees a taste of fine Midwestern Fall weather, a condition that is sure to devolve into wind, rain and cold all too soon. BornTec was in attendance at the trade show and events at FIA Expo and has a few observations and takeaways to share:
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***** This has a Chuck Mackie-like feel to it.~JJL
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The SBF trial is a reminder that crypto is a rotten business; Financial nihilism has produced this game of Monopoly money
Jemima Kelly - Financial Times
If you haven't heard that financial storyteller extraordinaire Michael Lewis has a new book out, on the rise and fall of crypto exchange FTX founder and alleged fraudster extraordinaire Sam Bankman-Fried, then you probably don't spend an awful lot of time on the internet. Well done you.
/jlne.ws/3ZJYxS1
****** You can always tell what side of the bed Jemima woke up on. Not the side that likes crypto.~JJL
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Law of Unintended Consequences Caused the Great Bond Rout; Nobody could have predicted the Treasury market's collapse of the last two years - apart from every critic of artificially low interest rates since John Locke.
Niall Ferguson - Bloomberg
There is only one true law of history, and that is the law of unintended consequences. In the early 1920s, the University of Chicago economist Frank Knight famously drew a distinction between calculable risk and unknowable uncertainty. He overlooked a third domain: Unintendedness - where what happens is not what was supposed to happen. Those whose job it is to manage risk today tend to focus on the things to which probabilities can be attached and shrug their shoulders about everything else. They might do better if they simply assumed that most grand designs will go awry.
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***** There is no law worse than the law of unintended consequences. I think we will see it a lot more in the coming months and years.~JJL
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China's Rich Entrust Total Strangers to Sneak Cash Out of the Country; Professional wealth advisers connect clients to remittance firms that rely on customer trust-and sometimes criminal cash
Lulu Yilun Chen - Bloomberg
Imagine trusting your life savings to a group of strangers you know only via WhatsApp. Some affluent Chinese people are willing to make that gamble to get part of their wealth out of the mainland. Take 32-year-old Phoebe, who recently moved almost a million yuan ($137,000). To do it, she first had to transfer her money into the account of a local facilitator. Then, Phoebe, who requested to be identified by only her first name because of privacy and legal concerns, had to sit tight.
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***** Here is a job opening for you. Chinese money mule.~JJL
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Friday's Top Three
Our top story, by a big margin, was CME Head Duffy Warns New Taxes Threaten Chicago's Recovery, an interview with Terry Duffy from Bloomberg. Second was The Collapse Of FTX: Insiders Tell All, a CNBC Documentary video. Third was The Remaking of The Wall Street Journal, from The New York Times, about Emma Tucker, the WSJ's new editor in chief.
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| Lead Stories | The Owner of the NYSE Wants to Expedite Your Mortgage; Intercontinental Exchange has spent more than $23 billion to overhaul the clunky plumbing of the mortgage market
Alexander Osipovich - Financial Times
It's best known as the owner of the New York Stock Exchange. Now, it has taken a commanding role in the multitrillion-dollar market for U.S. home loans. Intercontinental Exchange, or ICE for short, has plowed more than $23 billion into an ambitious, yearslong bet to overhaul the plumbing of the mortgage market. The Atlanta-based company made a series of acquisitions that it says will allow it to replace antiquated back-office processes and combine a mishmash of technology providers used by lenders and servicers. The machinery that underpins the mortgage market is ripe for disruption, with clunky and slow-moving operations that are overdue for modernization, industry insiders say.
/jlne.ws/3LXvqF1
Death toll rises to more than 1,100 after surprise Hamas attack on Israel; Benjamin Netanyahu warns of 'long and difficult war' as security cabinet signs off on wide-ranging authorisation for military action
Bethan McKernan and Peter Beaumont - The Guardian
The Israeli death toll after the surprise attack by the militant group Hamas on communities in the country's south has risen to at least 700, including 44 soldiers, as the prime minister, Benjamin Netanyahu, said Israel was embarking on a "long and difficult war". In Gaza, which was pummelled by Israeli airstrikes, officials reported at least 413 deaths. With thousands of Israelis and Palestinians wounded since Saturday morning, Israel said more than 100 Israeli citizens, including women and children, were believed to have been abducted at gunpoint by Hamas to Gaza.
/jlne.ws/3Q86nBH
FTX co-founder says Sam Bankman-Fried firm was 'taking customers' money' for years; Gary Wang, who was part of the crypto exchange founder's inner circle, testifies at fraud trial
Joe Miller and Joshua Oliver - Financial Times
Sam Bankman-Fried's trading firm Alameda Research began secretly dipping into FTX customer funds just months after the crypto exchange was founded, the company's co-founder testified. Gary Wang, a former college roommate of Bankman-Fried's who became one of his closest friends and colleagues, told the jury in Manhattan federal court on Friday that he had been instructed in 2019 to let Alameda have a negative balance on FTX. Along with a "large line of credit" from the crypto exchange, that meant Alameda was soon in effect "taking customers' money", Wang said.
/jlne.ws/3ZKb9sh
The Trial of Crypto's Golden Boy; A podcast series bringing you regular updates on all the twists and turns in the trial of Sam Bankman-Fried
The Wall Street Journal
Sam Bankman-Fried said he wanted FTX-the cryptocurrency exchange he founded-to save the world. Now, he's standing trial for fraud. Federal prosecutors have charged Bankman-Fried with orchestrating a scheme to take billions of dollars of customer money and misleading lenders. He has pleaded not guilty. Now, both sides need to convince a jury.
/jlne.ws/3ZLqfxM
Quant Hedge Fund Two Sigma Accuses Employee of Misconduct That Cost Clients Money; The researcher was put on leave after the accusations; Two Sigma said the researcher circumvented its models
Hema Parmar - Bloomberg
Quant hedge fund Two Sigma Investments said it put a researcher on leave after the employee tampered with the $60 billion firm's models, which resulted in losses for some clients. "One of our researchers engaged in intentional misconduct by circumventing our modeling practices," the firm wrote in a letter to investors Friday. Preliminary results from Two Sigma's review suggest the actions led to "gains to some client portfolios and losses to others."
/jlne.ws/3Q9BTiQ
JPMorgan, Morgan Stanley Tell Israel Staff to Work Remotely
William Shaw - Bloomberg
JPMorgan Chase & Co. and Morgan Stanley have told their staff in Israel to work from home for the foreseeable future after an unprecedented invasion of the country by Hamas militants set off a war.
/jlne.ws/3tr5NGn
US Regulators Weigh Penalizing Bankrupt Crypto Lender Voyager's Ex-CEO; CFTC commissioners voting on bringing an enforcement action; Stephen Ehrlich denies wrongdoing, plans to fight allegations
Allyson Versprille - Bloomberg
Investigators at a key US regulator have concluded that the co-founder of Voyager Digital Ltd. broke derivatives regulations before the failed crypto lender plunged into bankruptcy last year, according to people familiar with the matter. Staff in the Commodity Futures Trading Commission's enforcement division recommended internally that the agency accuse Stephen Ehrlich of breaking its rules by misleading customers about the safety of their assets following a probe into Voyager's conduct. CFTC commissioners are now voting on whether to approve an enforcement action against him within days, said the people, who asked not to be identified discussing the confidential deliberations.
/jlne.ws/3FsPsDX
Sam Bankman-Fried judge cracks jokes, loses patience with defense at FTX trial
Luc Cohen - Reuters
Sam Bankman-Fried's fraud trial has featured dense testimony about computer code, cryptocurrency and corporate finance, but U.S. District Judge Lewis Kaplan's dry sense of humor has provided the occasional moment of levity. Kaplan, a senior judge in Manhattan federal court, has also frequently scolded the 31-year-old former billionaire's defense lawyers for asking repetitive questions, once accusing them outside the jury's presence of trying to "set a record for the longest trial."
/jlne.ws/3tpi2TI
Gary Wang, an FTX Founder, Says Sam Bankman-Fried Steered Misuse of Funds; Mr. Wang is one of three key witnesses who pleaded guilty and agreed to cooperate against Mr. Bankman-Fried, the onetime crypto mogul on trial for fraud.
David Yaffe-Bellany, J. Edward Moreno and Matthew Goldstein - The New York Times
Gary Wang, a former top executive of the failed FTX cryptocurrency exchange, testified that Sam Bankman-Fried, the company's founder, was the final decision maker at the firm and directed a closely related hedge fund to misuse as it pleased billions of dollars in money from FTX customers.
/jlne.ws/3ZJIRhH
The First Blockbuster Testimony of the SBF Trial; In Gary Wang's telling, FTX was a piggy bank, Alameda a pair of greedy fingers. Did Sam Bankman-Fried make them pinch?
Nitish Pahwa - Slate
The first week of United States v. Samuel Bankman-Fried concluded Friday afternoon following a marathon of detail testimony from an especially key SBF confidant: Gary Wang, the former FTX engineering director who'd first taken the stand Thursday evening (and who'll return Tuesday to finish cross-examination before yet another highly anticipated witness, Caroline Ellison, says her piece). This was the trial's most granular session yet, with the prosecution utilizing financial spreadsheets, lines of code, lots of cryptocurrency jargon, verbose tweets, and an "excerpt" of a dang Matt Levine podcast with SBF-not even that infamous "Ponzi business" segment!
/jlne.ws/3ZU7s3q
Tweet saying FTX was 'fine' was false, court hears
Natalie Sherman - BBC
A co-founder of FTX told a court that a tweet sent by Sam Bankman-Fried assuring that the cryptocurrency exchange was "fine" was false. Former executive Gary Wang said when Mr Bankman-Fried made the post he was aware that the firm faced an $8bn hole. It declared bankruptcy days later.
/jlne.ws/48INg8A
Here's How FTX Executives Secretly Spent $8 Billion in Customer Money; Billions went to personal loans, luxury real estate and donations
Alexander Saeedy - The Wall Street Journal
The crypto exchange FTX went bust last year after executives spent billions in customer funds they had promised to safeguard. The tab was $7.7 billion, a Wall Street Journal analysis of company disclosures and legal filings shows. FTX founder Sam Bankman-Fried and senior staff spent customer funds on technology investments, luxury real estate and political contributions, among other things.
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Opinion: What's wrong with the Sam Bankman-Fried cultural moment
Bill Carter - CNN
Sam Bankman-Fried showed up for the first day of his financial fraud trial Tuesday in a suit and tie. That likely disappointed his fanboys and myth-makers who would have preferred he maintained his signature fashion statement: T-shirt and baggy cargo shorts. The unofficial playbook for the true cultural rebel, after all, dictates they are not supposed to give in to convention, no matter what the circumstances.
/jlne.ws/3Q7HohL
The Taming of Sam Bankman-Fried; The FTX founder has long eschewed formality. Now he confronts a corner of American life where decorum counts.
Lora Kelley - The Atlantic
Sam Bankman-Fried's image as a man indifferent to authority helped him ascend. Now, on trial for fraud, the onetime enfant terrible of finance is colliding with an arena of American life where decorum counts.
/jlne.ws/3FavGNm
Gaza Won't Hamper Markets - Unless Israel Strikes Iran; This is as much Tet 1968 as 9/11. Either way, the statement Hamas just made rips down the frontiers of the game Israel thought it was playing.
John Authers - Bloomberg
An Elusive End Game in Gaza
Real life isn't chess. What happened over the weekend in Israel and the Gaza Strip has involved bloodshed and death for innocent civilians in their hundreds. It's nothing like a game played on a board with pieces shaped like knights and castles and the rest. All can agree that another human tragedy is unfolding in the Middle East.
/jlne.ws/45ouD6M
The Free-Money Experiment Is Over; Carnage from the bond market-where the rout is worse than anything you'll find in the history books-is spreading, and the implications are nasty.
Ye Xie - Bloomberg
Strategists at Bank of America Corp. recently got their hands on US bond market data going all the way back to the founding of the nation. And it shows, they say, that never before has there been an extended period of losses like the past three years.
/jlne.ws/3Q8x8G7
Goldman Sachs and the lessons for co-CEOs; One Harvard Business Review study suggests the average company run by co-leaders outperforms
Patrick Jenkins - Financial Times
As pressure continues to pile on Goldman Sachs boss (and part-time DJ) David Solomon, the Wall Street rumour mill has been throwing out new theories about his potential replacement. According to one report in June that has not been corroborated elsewhere, a co-chief executive plan is being discussed "at the highest levels", with Jim Esposito, who co-heads banking and markets, and Marc Nachmann, the asset and wealth management chief, the favourites to secure the twin prize.
/jlne.ws/3ZPF16L
G-7 Plans to Ask AI Companies to Agree to Watermarks, Audits; Guidelines aim for trans-Atlantic cooperation in Europe, US; Countries are divided on how to monitor voluntary rules
Jillian Deutsch and Alberto Nardelli - Bloomberg
The Group of Seven nations are preparing to ask tech companies to agree to a set of rules to mitigate the risks of artificial intelligence systems as part of a proposal aimed at uniting the divided approaches in Europe and the US. The 11 draft guidelines, which will be voluntary, include external testing of AI products before they're deployed, public reports on security measures and controls to protect intellectual property, according to a copy that was seen by Bloomberg News and may be agreed to next week in Japan. The document is still being discussed and its contents and the timing of an announcement may still change.
/jlne.ws/3rNJiL6
UK Watchdog Pledges Swift Action if Crypto Firms Break New Promotion Rules; Tougher financial promotions rules apply to crypto from Oct. 8; Watchdog will add firms to warning list starting on Sunday
Emily Nicolle - Bloomberg
The UK's Financial Conduct Authority will move fast to name and shame crypto firms that fall foul of expanded rules limiting the way they tout their products. It's all part of the UK's efforts to tame high-risk financial promotions and the gamification of trading platforms. As of Sunday, the rules will be widened to include cryptoasset service providers - regardless of their location - and the watchdog will start updating its online warning list of violators hourly as new infractions come to light, according to Lucy Castledine, the FCA's director of consumer investments.
/jlne.ws/3RKdgKK
As Israel-Hamas War Rages, Oil Traders Focus on Iran; Traders don't expect huge price reaction; escalation is key; Shipping routes are also in focus as well as the US response
Grant Smith - Bloomberg
As oil traders prepare for the market to open after the sudden eruption of war in Israel, one question is key: will the conflict spread to the rest of the region? Crude traders don't expect a massive price surge as there's no immediate threat to supply. But all eyes are on Iran, a major oil producer and key backer of the Hamas group that launched this weekend's offensive on Israel.
/jlne.ws/3tmq3sx
Hong Kong Halts Morning Trade; Looks to Lower Storm Warning Before Midday; Stock market trading will start at 2 p.m. local time; City's observatory reduces storm warning to second-lowest
Richard Frost - Bloomberg
Hong Kong lowered its storm and rain warnings to levels that allow normal business to resume and the stock market to reopen after Typhoon Koinu moved away from the city. The Hong Kong Observatory issued its second-lowest No. 3 storm signal at 11:40 a.m., 20 minutes before the cutoff that would have shut the local bourse for the day. It earlier lowered its rainstorm warning to red from the highest level of black. Trading on the city's $4.8 trillion stock market will resume at 2 p.m., the exchange operator said.
/jlne.ws/46lN9OJ
Why Britain is on the verge of a cataclysmic financial crisis
Matthew Lynn - The Telegraph
Even almost four decades later, it remains an event scarred into the memory of the financial markets. After a violent storm had ripped across the country, knocking down trees and shuttering roads, trading systems that still relied on brokers shouting at each other across open floors had closed early for the weekend as the damage was cleared up.
/jlne.ws/3RRzhaG
The New Kings of Wall Street Aren't Banks. Private Funds Fuel Corporate America; With interest rates at multiyear highs, hedge funds and private equity are taking over lending
Matt Wirz - The Wall Street Journal
Hyland Software, a business software company based in Ohio, relied on Credit Suisse for years to arrange billions of dollars in loans. After the Swiss bank collapsed in March, Hyland switched tracks and borrowed $3.4 billion from a little-known investment firm, Golub Capital, and others that specialize in a Wall Street craze known as "private credit."
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Is Targeting Ukraine's Vital Trains. But Trains, It Turns Out, Are Hard Targets.
David Axe - Forbes
A dramatic Russian strike on a Ukrainian train laden with military vehicles range like an alarm bell among close observers of Russia's 21-month wider war on Ukraine. Far more than most other countries, Ukraine utterly depends on its national rail operator, Ukrzaliznytsia, for transportation-including the transportation of troops and equipment.
/jlne.ws/48KJviL
In The Midst Of Atrocity Crimes In Ukraine, Will Russia Be Allowed To Rejoin U.N. Human Rights Council?
Dr. Ewelina U. Ochab - Forbes
On October 5, 2023, Russia attacked the village of Hroza near Kupiansk in the Kharkiv region, killing at least 51 people, including a child, and making it one of the deadliest attacks in Putin's war on Ukraine. The strike wiped out around one-fifth of the entire village. The attack comes only a day after the UN Human Rights Monitoring Mission in Ukraine published its report into the very cost of Putin's war. According to the U.N. nearly 10,000 have been killed and tens of thousands injured since the war began in February 2022. The deadly attack and the new report come only a week before the United Nations is to vote on Russia rejoining the United Nations' top human rights body, the U.N. Human Rights Council, on October 10, 2023.
/jlne.ws/3FaXqkW
Putin banks on wavering support for Ukraine, amid a race against time
Nathan Hodge - CNN
How does the war in Ukraine end? Earlier this year, former President Donald Trump boasted that if he were re-elected, he'd "have that war settled in one day, 24 hours." Russian President Vladimir Putin is making a slightly less ambitious forecast: If things go his way, the war can be over in a week. In remarks Thursday at the annual meeting of the Valdai Discussion Club, a Kremlin-friendly confab on global issues, Putin predicted that Ukraine would collapse if the West turns off the taps of military aid and economic assistance.
/jlne.ws/3ZKsX6B
Murderous Putin is sure of his own impunity. He could not be more wrong
Peter Pomerantsev - The Guardian
It has been a good week for Vladimir Putin. On Thursday, a Russian missile hit a cafe in eastern Ukraine, killing more than 50 people, including a six-year-old boy. On Monday, the Russian-leaning Robert Fico was elected prime minister of Slovakia, pledging to cut military supplies to Ukraine. In America, Republicans and Democrats are having fisticuffs over funding for Ukraine, a previously bipartisan issue becoming ever more polarised. Meanwhile, the EU admits it can't match US levels of support.
/jlne.ws/3rHsw0c
Russia's Economy Goes All In on War; Putin aims to outlast the West, which is struggling to supply weapons and ammunition to Ukraine
Georgi Kantchev - The Wall Street Journal
Russian President Vladimir Putin is preparing the country's economy for a long war in Ukraine. Military spending and war-related expenditures have already fueled much of Russia's economic growth this year, helping the country weather the impact of Western sanctions.
/jlne.ws/46hmkuW
Ukraine's Liberated Areas Struggle as Land Mines, Worker Shortages Hamper Recovery; Economic woes in the country's east pose a long-term risk
Alistair MacDonald and Oksana Pyrozhok - The Wall Street Journal
/jlne.ws/3tvhNq5
Russia Is Losing More Of Its Best T-90 Tanks, Perhaps Because It Has More T-90s To Lose
David Axe - Forbes
/jlne.ws/3Q7Za4r
Ukraine's Leopard 1A5 Tanks Can Fire Hard Metal Darts That Poke Holes In Russian T-72s
David Axe - Forbes
/jlne.ws/3RSvTMG
Switzerland's Thriving Russian Spy Hub Draws Scrutiny
Andy Hoffman - Bloomberg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The Most Powerful Women in Finance: No. 5, Adena Friedman, Nasdaq
Joel Berg - American Banker
Under Adena Friedman, Nasdaq is poised to take the biggest step yet in the company's evolution. In June, Nasdaq announced a $10.5 billion deal to buy Adenza Inc., which develops software for risk management and regulatory compliance. Investors were nervous at first - the company's stock price fell 10% on the news, though it has since recovered some of the lost ground. For Friedman, however, the deal embodies a goal she has pursued since she became Nasdaq's CEO in 2017: cementing the company's role as a core technology provider to financial institutions, including banks. The transaction is expected to close in late 2023 or early 2024.
/jlne.ws/3RR4gU5
LME enriches ESG data source in collaboration with global metals community
LME
The London Metal Exchange (LME) is collaborating with producers and standards bodies around the world on enriching its digital ESG data platform, LMEpassport. This will provide the metals community with access to comparable, verified and wide-ranging sustainability credentials and data regarding global producers.
/jlne.ws/3rHvoKw
TMX Datalinx Launches TMX ESG Data Hub; S3 Launches Canada Best-Execution Suite
TMX
TMX Datalinx, TMX Group's information services division, announced the launch of the TMX ESG (Environmental, Social and Governance) Data Hub. Working with leading ESG data and analytics providers, the TMX ESG Data Hub delivers data to global clients in support of ESG integration in investment decision-making processes. This includes tracking climate action plans, quantifying impact, screening companies and controversies, following news and events and performing corporate peer analysis.
/jlne.ws/3PM90HZ
MARF celebrates its tenth anniversary with more than 70 billion issued in the market
BME
BME's Fixed Income market celebrates its first decade with 143 issuers and an outstanding balance, total financing provided to the real economy at this time, close to 8,000 million. BME's fixed income market, MARF, celebrates its tenth anniversary. In this first decade of life, a total of 143 companies have obtained financing directly from the market and several hundred more have done so through their participation in securitization funds. Total resources channeled in this period exceeded 70 billion euros.
/jlne.ws/3LOmL80
CME Group Reports Sixth Consecutive Record Quarter for Aluminum Futures Volume
CME Group
September average daily volume also reached a record 6,118 contracts. CME Group, the world's leading derivatives marketplace, today announced that participation in its global Aluminum futures contract continues to accelerate, recently achieving record volume for the sixth consecutive quarter and the month of September. Average daily volume (ADV) in the third quarter was a record 4,656 contracts, up 98% from last year, while ADV in September was a record 6,118 contracts, up 132% from last year. Average daily open interest (ADOI) in Q3 also grew 267% from last year.
/jlne.ws/46JtQyn
JSE Investment Challenge: A Beacon of Financial Empowerment for South African Youth
JSE
The Johannesburg Stock Exchange (JSE) announced the winners of the 2023 Investment Challenge, marking the competition's 50th anniversary. This remarkable milestone underscores the impact the initiative has had on South African youth, with over 29 000 participants this year alone from both high schools and universities across the country. The JSE Investment Challenge has become a catalyst for financial literacy and economic empowerment among South African youth. In a country where financial security is often elusive, the Challenge has equipped participants with the tools to make informed financial decisions.
/jlne.ws/3Q4Z4KZ
Miami International Holdings Reports September 2023 Trading Results; Year-to-Date Volume at Record Levels with Options Volume Jumping 25.8% and Equities Volume Surging 44.5%
MIAX
Miami International Holdings, Inc. today reported September 2023 trading results for its U.S. exchange subsidiaries - MIAX®, MIAX Pearl® and MIAX Emerald® (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX™).
/jlne.ws/3RSuRAi
MIAX Exchange Group - Options & Equities Markets - Final Reminder: Reg SCI / SIFMA BCP Test On Saturday, October 14, 2023
MondoVisione
As previously announced in the April 11, 2003, September 14, 2023 and September 26, 2023 Alerts, the MIAX Exchange Group will be participating in the 2023 SIFMA BCP Testing on Saturday, October 14, 2023. All Members that are required to test with MIAX Options, MIAX Pearl Options, MIAX Emerald Options and/or MIAX Pearl Equities Exchanges in accordance with Regulation Systems Compliance and Integrity (Regulation SCI) were notified on April 4th and April 5th, 2023. However, all Members are encouraged to test.
/jlne.ws/46jlez1
SET Grooms Learning Facilitators To Pass On Financial And Investment Knowledge To Youth Nationwide
MondoVisione
The Stock Exchange of Thailand (SET) has initiated the INVESTORY Investment Learning Design Bootcamp project with the objective to train learning facilitators from 44 schools across the country. The project offers opportunity for secondary school teachers to employ learning models and develop teaching materials to be transferred to students based on Active Learning approach. The project also aims to pave way for resourceful finance and investment curriculum tailored to fit the context of each school.
/jlne.ws/3POQ2QZ
ASX will implement all recommendations from the RBA's 2023 Financial Stability Standards assessment
ASX
Today the Reserve Bank of Australia (RBA) released its Financial Stability Standards (FSS) assessment of ASX's clearing and settlement (CS) facilities. The assessment is conducted annually and provides ratings of ASX's CS facilities. This year ASX was rated as observed or broadly observed for many of the FSS and three standards were rated as partly observed.
/jlne.ws/46R1Cme
TAIFEX News and Events
TAIFEX
TAIFEX Reports Strong Q3 Performance. Taiwan Futures Exchange (TAIFEX) reported volume growth in the third quarter. The ADV has increased 20.43% over the previous quarter and reached 1,527,719 contracts per day. Notably, the growth was attributed to volume increase of Single Stock Futures (STF), with its ADV growing 46.71% to 284,620 contracts. Other flagship products, including TAIEX Options (TXO), Mini-TAIEX Futures (MTX), and TAIEX Futures (TX), also demonstrated steady growth, registering increases of 15.21% to 809,415 contracts, 19.14% to 267,372 contracts, and 14.54% to 147,790 contracts, respectively.
/jlne.ws/3FfWqvz
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | How Mastercard invests in domestic and cross-border payments
Alex Clere - FinTech Magazine
When we dial in virtually to speak with Darrell MacMullin, Senior Vice President for Products and Platforms at Mastercard in Canada, he's just got off the phone with his telecom provider. MacMullin is constantly evaluating the experiences he receives as a user, and applying those learnings to his role. "I am definitely UX-obsessed," he admits.
/jlne.ws/46HEGoJ
Citi Announces Agreement to Sell Onshore Consumer Wealth Portfolio to HSBC
Fintech Finance News
Citi today announced that it has agreed to sell its onshore consumer wealth portfolio in China, including clients, assets under management (AUM) and deposits to HSBC Bank China. HSBC plans to extend offers to in-scope employees supporting Citi's local consumer wealth business in China. The transaction covers total deposits and investment AUMs of approximately US$3.6 billion. Terms of the transaction were not disclosed, and the deal is expected to close in the first half of 2024.
/jlne.ws/3LUDCGe
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| Cybersecurity | | Top stories for cybersecurity | Createathon Voices: What Employees Are Saying About our Premier Innovation Event
FINRA.org
FINRA's Eighth Annual Createathon and internal hackathon premieres October 16-19 at the University of Shady Grove in Rockville. This year's event is powered by the theme "Level Up!", reflecting the importance of continually expanding our expertise and knowledge. Like last year, hybrid options will be available so all staff can join a team and compete, support colleagues as a spectator, or attend a workshop. However, this year, we'll offer onsite educational workshops, on a variety of topics. that will help staff broaden your skills.
/jlne.ws/46kFQGN
North Korea Suspected in Massive Hack of DeFi Project Mixin; Tradecraft of breach matches that of others by North Korea; US offers tips to companies on avoiding North Korean hires
Katrina Manson - Bloomberg
The massive breach of a decentralized finance project bears the hallmarks of a North Korean attack, according to a senior White House official. Mixin Network, which helps blockchains handle transactions more efficiently, said it had lost less than $150 million in a late-September attack. Originally the company estimated it lost $200 million but reduced it after a final inspection.
/jlne.ws/46ISe3e
FBI sounds the alarm 'phantom hacker' campaigns sweeping the US... Here is how YOU can protect yourself; Scammers are telling users their system has been hacked to demand money; This phantom hacker attack is plaguing senior citizens across the nation
Kim Komando - Dailymail.com
The FBI is sounding the alarm on a growing menace: money-stealing scams that fleeced unsuspecting victims of an eye-watering $542 million in just the first half of 2023. These scams often begin with a seemingly legitimate notification appearing to be from your bank or even a government entity, alerting you to a computer breach. But as most savvy tech users might guess, they're complete fabrications.
/jlne.ws/45rPSom
Hacker Puts 23andMe User Data Up for Sale on the Internet
Margi Murphy - Bloomberg
An anonymous hacker is claiming to be selling "millions" of genetic profiles cobbled together from hijacked 23andMe customer accounts. The seller suggested the profiles, which include email addresses, photos, gender, date of birth and DNA ancestry, could be used to target users based on their ethnicity.
/jlne.ws/3rJF07C
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| Cryptocurrencies | | Top stories for cryptocurrencies | Inside SBF's trial: FTX numbers checked out, except for an $8 billion mystery 'friend'
Zack Abrams - The Block
Wang testified that in November 2022, FTX's customer balances were equal to the assets being held in hot wallets, with one critical exception: a hidden $8 billion liability known as "fiat@."
/jlne.ws/3ZO9t0X
Stablecoin Market Shrinks to Smallest Amount in More Than Two Years; Trading volume on centralized exchanges is lowest since 2020; Tether's dominance of the sector has grown, CCData found
Olga Kharif - Bloomberg
PayPal Holdings Inc.'s widely touted introduction of its own stablecoin has done little to stop the contraction the of digital-asset sector that underpins the trading of most cryptocurrencies. The total market capitalization of stablecoins - a type of digital currency whose value is pegged to another asset class such as fiat - dropped to $123.8 billion as of September, according to researcher CCData. That's the least since August 2021. The sector was $137.9 billion in December.
/jlne.ws/46mXrxV
DOJ seeks to block Bankman-Fried from bringing up Anthropic fundraise in court
Zoltan Vardai - Forkast
Sam Bankman-Fried, the co-founder and former chief executive officer of cryptocurrency exchange FTX, should be blocked from bringing up artificial intelligence firm Anthropic's latest fundraising efforts in his defense against the U.S. Department of Justice (DOJ), prosecutors said in a court filing on Sunday.
/jlne.ws/3PPtM9v
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| Politics | | An overview of politics as it relates to the financial markets | America needs to support its small banks; Legislators and regulators should give more than lip service to backing lenders
Bethany McLean - Financial Times
Legislators and regulators give a great deal of lip service to the importance of small banks and small business - but in reality, their actions almost always aid the big at the expense of the small, particularly when it comes to banks. Yet without small banks, small business will struggle.
/jlne.ws/3RQq3Lu
Centrist GOP effort to reinstate McCarthy picks up steam after Israel attacks; Reinstalling the Californian, the thinking goes, is the only way to quickly deliver aid to Israel.
Meredith Lee Hill and Katherine Tilley-McManus - Politico
The attacks in Israel and demand for U.S. aid are injecting new urgency into recent talks among centrist House Republicans to attempt to reinstate Kevin McCarthy as House speaker, with scores of Republican lawmakers now discussing the effort.
/jlne.ws/3LSk4Ck
Saudi Arabia Willing to Raise Oil Output to Help Secure Israel Deal; Riyadh signaled to White House it would act if crude prices are too high to win goodwill in Congress
Summer Said, Dion Nissenbaum and Benoit Faucon - The Wall Street Journal
Saudi Arabia has told the White House it would be willing to boost oil production early next year if crude prices are high-a move aimed at winning goodwill in Congress for a deal in which the kingdom would recognize Israel and in return get a defense pact with Washington, Saudi and U.S. officials said. That understanding is part of an effort to seal a three-way agreement that would also likely include U.S. nuclear assistance and represents a notable shift by Riyadh, which a year ago rebuffed a Biden administration request to help lower oil prices and fight inflation, severely straining relations.
/jlne.ws/3F6W5LM
The fate of Ukraine funding lies in the balance with speaker's race
Lexie Schapitl - NPR
The next speaker of the House will have the power to decide what policies come up for a vote in the House of Representatives, leaving funding for U.S. involvement in Ukraine in the balance. Last week, former Speaker Kevin McCarthy, R-Calif., made a last-minute decision to move ahead with a short-term government spending bill without the $24 billion for military, humanitarian and economic aid for Ukraine requested by President Biden. That move avoided an impending government shutdown but it may have doomed any future funding.
/jlne.ws/3FauysW
X Is All Too Happy to Give Hate a Home; Vile content has always found a way on social media, but now it has real juice (and more money) on the platform formerly known as Twitter.
Brooke Sample - Bloomberg
The Moral Case for No Longer Engaging With Elon Musk's X - Dave Lee
A man was murdered in my neighborhood on Monday. Ryan Carson was waiting at a bus stop with his girlfriend just before 4 a.m. when a man stabbed him repeatedly in the chest. The couple had been at a wedding. A video of the attack, obtained initially by the New York Post, was soon seized upon by one of X's newest "stars" - one of those users who has thrived under the new Elon Musk regime at the former Twitter. His feed (which I will not publicize) is a stream of incendiary incidents from around the world, posted several times a day to an audience that is approaching a million followers.
/jlne.ws/46BsWVn
RNC Chair Spots 'Great Opportunity' For GOP Candidates Following Hamas Attack; Ronna McDaniel took swipes at President Joe Biden after the unprecedented attack on Israel Saturday.
Ben Blanchet - Bloomberg
/jlne.ws/3RR3ned
Russia says it will oppose plan to phase out fossil fuels; Moscow sets up clash with EU and US as UN report sets out countries' positions ahead of COP28 climate summit
Attracta Mooney and Aime Williams - Financial Times
/jlne.ws/3RR7J4T
Japan to Propose Rules for Generative AI to G7 Leaders: Yomiuri
Nicholas Takahashi - Bloomberg
/jlne.ws/3Q88LrX
What a Dawn Raid Says About Media Freedom in India; This crackdown is the latest assault on intellectual freedom in a nation that proclaims to be the world's largest democracy.
Karishma Vaswani - Bloomberg
/jlne.ws/3LSeOi0
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| Regulation & Enforcement | | Stories about regulation and the law. | crypto-ex.vip: BaFin Investigates The Company Crypto-Ex
Mondovisione
The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Crypto-Ex and the services it is offering. BaFin has information that the company is offering financial services on its website crypto-ex.vip without the required authorisation.
/jlne.ws/3PQYYp6
SEC sues James Biden's former business associate; Michael Lewitt was accused of "fraudulent conduct and gross breaches of fiduciary duties," according to a complaint filed in federal court in Florida on Thursday.
Tom Winter - NBC News
The Securities and Exchange Commission filed a lawsuit this week alleging that a former business associate of James Biden, President Joe Biden's younger brother, misled investors. While the 12-count civil complaint, filed in the Southern District of Florida, does not accuse James Biden of personal wrongdoing, it involves a business deal that he was directly involved in, court records show.
/jlne.ws/46nbofj
FCA guidance on post-Brexit trading venue definition comes into force today; The regulator's decision on how to define a multilateral trading facility follows the close of the consultation period last November.
Claudia Preece - The Trade
The UK's Financial Conduct Authority (FCA) has confirmed that its guidance regarding the post-Brexit definition of trading venues has come into force today, 9 October. The FCA opened a consultation aimed at reworking its post-Brexit definition of a multilateral trading facility (MTF) last year, with the consultation period closing on 25 November 2022.
/jlne.ws/45nXSqr
Chair of $49 billion investment firm wages legal war with ex-girlfriend over alleged assault, defamation, and lavish gifts
Madline Mekelburg - Bloomberg via Fortune
Genstar Capital Chairman Jean-Pierre "J-P" Conte denied his former longtime girlfriend's claim that he assaulted her in the Aspen house they shared, counter-suing her for defamation. Conte on Thursday filed a response to the assault and battery lawsuit that Hillary Thomas, with whom he had a relationship for more than a decade, filed against him last month in Colorado state court. He called her claims "pure fiction."
/jlne.ws/45soRRM
CFTC Charges Trading Firm, CEO, and COO with $5 Million Forex Commodity Pool Scheme
Complaint Alleges Defendants Falsely Claimed to Use AI-Based Trading Algorithms to Recover Losses
CFTC
The Commodity Futures Trading Commission today announced it filed a civil complaint in the U.S. District Court for the Eastern District of New York against Technical Trading Team, LLC (TTT), its Chief Executive Officer Edwin Carrion, formerly of Pinecrest, Florida, and its Chief Operating Officer and head trader Jason Rodriguez, of Bellerose, New York, charging them with fraudulently soliciting over $5 million for participation in a foreign currency (forex) commodity pool scheme.
/jlne.ws/46iVnHe
ASIC Annual Forum 2023: Last chance for early bird pricing
ASIC
Act now to secure your early bird ticket to the ASIC Annual Forum and Annual Dinner, 21-22 November 2023. Returning to Melbourne for the first time since 2009, the event brings together thought leaders and industry experts to explore strategies for navigating disruption and delivering great outcomes. Early bird pricing is available until 11.59 pm (AEDT) Tuesday 10 October 2023.
/jlne.ws/3FaJbfI
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | 'T-bill and chill' strategy challenges stock investors; Rise in bond yields means there are more alternatives to betting on the fortunes of the Magnificent Seven tech giants
Jennifer Hughes - Financial Times
Jeffrey Gundlach, one of the biggest names in the bond world, is feeling sorry for "poor" stock investors. Bondholders may have been absolutely hammered over the past two years as interest rates have risen. But the founder of DoubleLine Capital warned that equity investors were still "living for the Magnificent Seven" - in effect making a risky bet in riding the wave of big tech stars.
/jlne.ws/3F74qiA
Chicago Nonprofit CEO: Need More Diversity Among the Investor Class
Bloomberg TechnologyTV
Fearless Fund was prohibited from closing its application window on September 30 by an appeals court following a lawsuit from The American Alliance for Equal Rights. Joey Mak, CEO of Chicago:Blend, a nonprofit working to advance diversity, equity and inclusion in the Chicago region's venture capital industry, joins Caroline Hyde on "Bloomberg Technology."
/jlne.ws/46dzPMd
Metal Trader Misery Undercuts Supercycle Hype Amid Losses; Several high-profile names in metals trading suffered setbacks; Weak industrial demand has contributed to sluggish markets
Archie Hunter, Jack Farchy, and Yvonne Yue Li - Bloomberg
The world's metal traders are enduring one of their toughest periods in years, even as an international race for minerals thrusts the industry into the geopolitical spotlight like never before. From top copper trader Trafigura Group to the largest metals-specialist hedge fund, a who's-who of powerful and high-profile names have lost money, cut staff or suffered other setbacks in the past year.
/jlne.ws/45twQ0N
What Oil Watchers Have to Say About Impact of Hamas' Attacks; Banks put spotlight on implications for Iranian crude supplies; Global benchmark Brent rallies more than 5% in intraday trade
Bloomberg News
Oil surged after Hamas' surprise attack on Israel over the weekend threatened to destabilize the Middle East, injecting fresh geopolitical risk into a market that's been roiled by OPEC+ supply cuts, declining inventories, and concerns that lofty prices may destroy demand.
/jlne.ws/3PG8wDe
European companies confront IPO risks as Renk cancels float
Emma-Victoria Farr and Pablo Mayo Cerqueiro - Reuters
Buoyed by positive investor feedback and growing optimism around new stocks, German gearbox supplier Renk was on track to make its Frankfurt market debut in early October. That was until this week, when the company decided to pull its listing in the final hours of Wednesday, blaming market conditions.
/jlne.ws/3LUf2Fd
Olive Oil's Dizzying Rally to Last for Another Year, EU Says
Megan Durisin - Bloomberg
Soaring olive oil prices in Europe will hold for another season, forcing consumer cutbacks of the beloved staple, the European Commission forecast Monday. Production in the season that began this month is expected to total 1.5 million tons, just 9% above last year, as key growers suffered a second drought, the agency said. Coupled with tight stockpiles, that's lifted prices in key growing regions like Jaen, Spain to records - and almost triple the five-year average.
/jlne.ws/3Q8dJFj
Janet Yellen sees no market 'dysfunction' from US bond rout; US Treasury secretary says businesses and households are coping well with higher borrowing costs
current progress 5%
Colby Smith - Financial Times
The surge in borrowing costs has not created dysfunction in US financial markets, US Treasury secretary Janet Yellen said as she struck an optimistic tone about the capacity of banks, businesses and households to weather higher interest rates.
/jlne.ws/3PRbYLv
Israel's central bank to sell $30bn of foreign reserves to support shekel; Bank of Israel's intervention comes after currency slides to seven-year low against US dollar
Mary McDougall and Hudson Lockett - Financial Times
The Bank of Israel said on Monday it planned to sell up to $30bn of dollar reserves to support the shekel after the market fallout from Hamas's attacks on the country pushed the currency to a seven-year low.
/jlne.ws/3F5EDrb
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Antarctic sea ice melts to all-time record low for winter. Here's why that's concerning.
Doyle Rice - USA TODAY
Antarctic sea ice recently reached an all-time record wintertime low, scientists from the National Snow and Ice Data Center announced. The mark was set "by a wide margin," the center said in a release, adding that the amount of ice was "far outside anything observed in the 45-year modern satellite record that began in 1979."
/jlne.ws/48HbTlX
Her antidote for 'climate grief' and a shrinking Great Salt Lake? Don't look away
Rachel Martin - NPR
We all have those places where we feel most inspired, content - most alive. For me, it's Teton County. That stretch of high plains and higher mountains that extends from the southeastern most corner of Idaho and into Wyoming. I've spent a lifetime watching the sun rise and set over the Teton mountains. But a couple of summers ago, I watched those same sunrises and sunsets with dread.
/jlne.ws/3FsShVz
U.S. Department of the Treasury, IRS Release Guidance to Expand Access to Clean Vehicle Tax Credits, Help Car Dealers Grow Businesses
U.S. Department of the Treasury
Starting in January Inflation Reduction Act Provision Will Allow Consumers to Transfer Credit to Car Dealer, Reducing Purchase Price of New and Previously Owned Clean Vehicles at Time of Sale. As part of Bidenomics and the Biden-Harris Administration's Investing in America agenda, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today released guidance that will lower costs for consumers and help car dealers grow their businesses by increasing access to Inflation Reduction Act credits at point of sale for new and previously owned clean vehicles. Researchers have found that consumers overwhelmingly prefer an immediate rebate at point of sale.
/jlne.ws/3rLStMf
Cleveland Accelerates Its Ambitions for Hitting Net Zero Energy; Individual plans for the city and its neighbors include cutting building emissions, adding EV charging and solar capacity and cutting miles traveled by fossil-fueled vehicles, among other priorities.
Kathiann M. Kowalski - Inside Climate News
Sustainability leaders for Cleveland and three neighboring cities are making progress on cutting greenhouse gas emissions, despite a decade of retrenchment on climate policy at the state level. Cleveland's five-year update of its climate action plan will now commit to be net zero by 2050, said Anand Natarajan, assistant director for the Cleveland Mayor's Office of Sustainability & Climate Justice. He spoke with other city leaders during a September 21 program for the Cleveland 2030 District, a network of urban areas working in public-private partnerships to address climate change, particularly in buildings.
/jlne.ws/3tpwnj8
Chicago Environmental Activists Demand Faster Removal of Lead Water Pipes; Research showing Black and Latino residents are twice as likely to have lead service lines has added urgency to demands that the city commit to removing them within 10 years.
Aydali Campa - Inside Climate News
The city's current goal to remove lead drinking water pipes within half a century is too long of a timeline, environmental activists argued at a rally here on Wednesday. They called on the EPA to update its federal regulation to control lead and copper in drinking water and enforce a 10-year deadline to replace all lead service lines.
/jlne.ws/46ho8UK
Copper producers warn of lack of mines to meet demand for metal; Warning comes as falling prices hit commodity vital for green transition
Harry Dempsey and Euan Healy - Financial Times
The world's largest copper producers have warned that there is a lack of mines under development to deliver enough of the metal to keep pace with the clean energy transition.
/jlne.ws/45nsZCw
Tensions Rise in the Rio Grande Basin as Mexico Lags in Water Deliveries to the U.S. In 2020, rebellious Mexican farmers occupied a dam in parched Chihuahua state to prevent the federal government from sending its reservoir water to Texas under a 1944 treaty. With the clock ticking toward another treaty deadline, the two sides are struggling for a solution.
Martha Pskowski - Inside Climate News
/jlne.ws/3PM2BwA
Climate change the 'most common' reason for portfolio exclusion; Research shows continuing effect on investment decisions, despite a pushback against 'woke' capitalism
Sylvia Pfeifer and Attracta Mooney - Financial Times
/jlne.ws/3rSeQPY
VCs Are Bracing for New Wave of Global ESG Rules
Mark Bergen - Bloomberg
/jlne.ws/3tn8Or9
Making Solar Energy as Clean as Can Be Means Fitting Square Panels Into the Circular Economy; As solar projects surge nationwide, the demand is increasing for recycling solutions that will keep photovoltaic panels out of landfills and their energy-producing elements in the sun.
Emma Peterson, Wyatt Myskow - Inside Climate news
/jlne.ws/3rIWelz
California hits major industry with lawsuit for allegedly spreading 'lies and mistruths': '[They] have privately known the truth for decades'
Leo Collis - TC
/jlne.ws/46nPHM4
Nickel miners linked to devastation of Indonesian forests; Rising demand for electric vehicles and the batteries that power them leads to more trees being felled
Mercedes Ruehl in Singapore and Harry Dempsey - Financial Times
/jlne.ws/3RTv1XY
Singapore's Power Fix Could Help a World in Strife; Electricity trading between neighbors grants the provider a lot of leverage. The island state is right to take this chance.
David Fickling - Bloomberg
/jlne.ws/45vWuCs
Indonesian Billionaire's Geothermal Firm Surges 25% in Trading Debut; Company is owned by Indonesian billionaire Prajogo Pangestu; The $200 million IPO was the fifth-largest in Jakarta in 2023
Fathiya Dahrul and Filipe Pacheco - Bloomberg
/jlne.ws/46JOTkH
Goldman Says US Sales of ESG Bonds Are on Track to Halve in 2023
Greg Ritchie - Bloomberg Law
/jlne.ws/48ID3sJ
Experts: How will the next decade of China's 'belt and road initiative' impact climate action?
Anika Patel - Carbon Brief
/jlne.ws/45rToz4
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | R.J. O'Brien Promotes Matt Heidkamp to COO, U.S., Gemma Lloyd to COO, EMEA
R.J. O'Brien & Associates
Chicago-based R.J. O'Brien & Associates (RJO), the oldest independent futures brokerage and clearing firm in the United States, today announced the promotions of Matt Heidkamp to Executive Director, Chief Operating Officer (COO), U.S. for RJO and Gemma Lloyd to Chief Operating Officer, EMEA for the firm's UK-based affiliate R.J. O'Brien Limited (RJO Limited). Both executives bring decades of relevant experience to the roles - with Heidkamp spending nearly his entire 29-year career at RJO in trading and operations and Lloyd joining earlier this year with more than 25 years of experience in client service and sales management roles in the listed derivatives space with brokerage firms, investment banks and asset managers.
/jlne.ws/3POdQVh
The big bank CEOs who are under the most pressure right now
David Hollerith - Yahoo Finance
Jane Fraser is eliminating middle managers at Citigroup (C) as she tries to revive the bank's lagging stock price. David Solomon is trying to quell internal unrest at Goldman Sachs (GS) as he refocuses the bank on its core strengths. Charles Scharf is trying to move Wells Fargo (WFC) beyond old legal troubles that won't go away.
/jlne.ws/3Q9dgmb
Odey to close wealth management business; Move comes after the group's eponymous founder was accused in June of sexual assault
Laura Noonan, Madison Marriage, Antonia Cundy and Sally Hickey - Financial Times
Odey Asset Management's wealth business is to close and return assets to clients months after founder Crispin Odey was accused of sexual misconduct. The wealth business is closing in both Guernsey and the UK, according to people familiar with the matter.
/jlne.ws/46Er39V
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The New Jobs for Humans in the AI Era; Artificial intelligence threatens some careers, but these opportunities are on the rise
Robert McMillan, Bob Henderson and Steven Rosenbush - The Wall Street Journal
When OpenAI unleashed its humanlike ChatGPT software on the world last year, one thing was clear: These AI systems are coming for our jobs. But don't write off the humans just yet. More than a century ago, the advent of the automobile was bad news for stable hands, but good for mechanics. And AI is already creating new opportunities. Here are a few of them. In-House Large Language Model Developer: Large language models such as OpenAI's GPT and Google's LaMDA are trained on massive amounts of data scraped from the internet to recognize, generate and predict language in sequences. For the finance industry, that makes them a bit like new college graduates: Not much use without more specialized instruction.
/jlne.ws/3S6tC0z
Finance CEOs Who Have Stuck It Out for 11 Years Eye Exit; Executive search firms anticipate increase in CEO departures; Average tenure of S&P 500 finance CEO rises to nearly 11 years
Immanual John Milton - Bloomberg
A changing of the guard is expected soon on Wall Street. Executive search firms are anticipating an uptick in resignations as the average tenure of America's top finance chiefs grows to the longest of any sector, and those who may have delayed leaving to provide stability through the Covid-19 pandemic look to exit.
/jlne.ws/48HrUsf
Stop Obsessing About Work All the Time; A revenge fantasy about your boss. Your to-do list. That flop of a meeting. You need to quit ruminating about your job. Here's how to do it.
Rachel Feintzeig - The Wall Street Journal
It's one thing to work long hours. It's another to surrender your free time to swirling thoughts of office predicaments and projects hanging over your head. Many of us can't let work go. It's sinking our mental health and damaging our relationships. We need to shift the approach in our heads. Joe Mellin thought maybe a week alone in the woods would do it. He journeyed by plane, bus and minivan to a remote pocket of Colorado for a program that coordinates solo wilderness excursions. Armed with a toothbrush, a journal and some dried split peas, the 41-year-old hunkered down to meditate and find out who he was. Turned out, he was someone who really liked obsessing about his job.
/jlne.ws/3LRI6gG
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| Wellness Exchange | | An Exchange of Health and Wellness Information | New COVID shots still hard to find for some Americans
Michael Erman and Ahmed Aboulenein - Reuters
Americans have started rolling up their sleeves for the latest version of the COVID-19 vaccine, but weeks into the rollout some say they are still having difficulty finding appointments for themselves and their children.
/jlne.ws/3Fb2Yvu
Katalin Kariko: the tenacious force behind the Covid vaccine; The Nobel Prize is a belated recognition of the biochemist's efforts with her colleague, Drew Weissman, which were once dismissed by their peers
Clive Cookson - Financial Times
In 1997, the Hungarian biochemist Katalin Kariko met another struggling researcher, the American immunologist Drew Weissman, as they queued to photocopy scientific papers at the University of Pennsylvania. After commiserating about the lack of funding for their work, the two scientists found a common scientific interest - the genetic molecule RNA - and decided to collaborate.
/jlne.ws/3LSjvIt
Zombie Viruses Are Waking Up After 50,000 Years as Planet Warms
Liza Tetley and Bhuma Shrivastava - Bloomberg
A fortnight camping on the mosquito-ridden, muddy banks of the Kolyma River in Russia may not sound like the most glamorous of work trips. But it's a sacrifice virologist Jean-Michel Claverie was willing to make to uncover the truth about zombie viruses - yet another risk that climate change poses to public health.
/jlne.ws/3PJR3Kd
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chevron Shuts Down Israel Gas Field on Government's Request
Laura Hurst - Bloomberg
Chevron Corp. has been instructed by Israel to shut natural gas production at the Tamar platform on safety concerns. The company is still supplying customers in Israel and in the region from the Leviathan platform, Chevron said. "Our top priority is the safety of our personnel, the communities in which we operate, the environment and our facilities," it said in an emailed statement.
/jlne.ws/3LUCbHM
Japan seeks to resurrect junk bond market; Tokyo hopes to cut corporate dependence on bank lending as private equity steps up interest in dealmaking
David Keohane and Leo Lewis - Financial Times
Japan is making its biggest push in years to jolt its moribund junk bond market into life in an effort to cut corporate dependence on bank lending ahead of an anticipated wave of domestic dealmaking.
/jlne.ws/45pOnar
Lessons in London Property From Sam Bankman-Fried; "Confidence. That's what you need."
The Secret Agent - Bloomberg
An occasional glimpse inside the world of selling super-prime London property. The barometer in my working life is indicating procrastination and uncertainty. Which is, sadly, the opposite to what every market demands: confidence and action. We have several buyers poised to make offers, but there's no sense of urgency on their part. One has been distracted by Paris fashion week, another had to hail his private jet for a summit in Hong Kong, while the last is in Scotland for a week of shooting. Priorities.
/jlne.ws/3PHZ3v8
Finland Flags Suspected Leak in Baltic Undersea Gas Pipeline; Pressure drop was detected just before 2 a.m. local time; Gas supply is turned off, operators are investigating cause
Kati Pohjanpalo - Bloomberg
A suspected leak was detected overnight in an undersea pipeline connecting the Finnish and Estonian grids, which its operators closed while investigating the incident. Just before 2 a.m. local time on Sunday, the Finnish and Estonian gas transmission system operators noticed "an unusual drop in pressure in the offshore gas pipeline between the two countries," Gasgrid Finland Oy said in a statement on its website.
/jlne.ws/3F9vrSs
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| Miscellaneous | | Stories that don't quite fit under the other sections | Prada to design NASA's next-gen spacesuits
Emma Ogao - ABC News
Italian Luxury fashion house Prada has announced it is to partner with Axiom Space to design and develop NASA's next generation lunar spacesuits for the upcoming 2025 Artemis III Moon mission. In a joint statement, the luxury fashion house announced its engineers are to work alongside Axiom's Space Systems team to design and develop the new Axiom Extravehicular Mobility Unit (AxEMU) spacesuit.
/jlne.ws/3tqEVq1
ExxonMobil's head of shale arrested for alleged sexual assault; David Scott's arrest comes as the company is in talks to buy Permian Basin leader Pioneer
Eric Platt and Jamie Smyth and Myles McCormick - Financial Times
The head of ExxonMobil's shale oil and gas business, which is central to the energy giant's biggest takeover in decades, has been arrested on allegations of sexual assault.
/jlne.ws/3ZL1QIE
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