| August 06, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Join your friends for an exciting evening at the "Racing to Move Scouts Forward" fundraising event, dedicated to supporting the Boy Scouts of America and the Pathway to Adventure Council. This unique event will take place on September 25, 2024, from 5 PM to 8 PM at the iconic Chicago Board of Trade Building. Participants will have the chance to engage in a thrilling Pinewood Derby race, where donors who contribute ahead of time will receive a blank car kit to design and build their own racing vehicle. This is a fantastic opportunity to showcase creativity and engineering skills while supporting youth development programs that empower young Scouts with essential life skills. Team members can race cars from their youth or ones they designed with their Scout. If you attend without a car, you can even rent one to race at the event.
You can see a video about the PTAC All Council Pinewood Derby Race at the Woodfield Mall in April from this WGN-Channel 9 video report.
Advantage Futures has already donated $50,000 to the event and challenged us to raise an additional $100,000. If we meet this goal, they will increase their donation to $100,000. Help us meet this challenge!
The evening promises to be filled with friendly competition, networking opportunities, and community spirit, making it a memorable experience for all involved. Don't miss out on this chance to make a difference in the lives of young Scouts while enjoying a fun-filled night. Secure your car kit and join us for an unforgettable evening of racing and camaraderie. For more information and to register, go to www.tinyurl.com/LaSalle4Scouts. Let's race to move scouts forward!
Scott Eisner's family has set a date for a celebration of life for Scott on September 12, 2024, from 1 to 4 p.m. at the Brushwood Center at Ryerson Woods in Riverwood, IL. This is the site where Scott and his widow, Traci, were married.
It will be an informal event. How informal? You are encouraged to wear a Hawaiian shirt. Scott loved to wear them. You are encouraged to bring your stories about Scott and share them at the event.
You can read Scott's obituary HERE. If you can't attend, you are encouraged to share a memory on the Tribute Wall on the obituary website.
In July 2024, Cboe Global Markets reported significant increases in trading volumes across several key areas. Index options saw a 20.2% year-over-year increase to an average daily volume (ADV) of 4,140,000 contracts, while futures rose 26.1% to 267,000 contracts. Multiply-listed options also grew by 1.0% to 11,145,000 contracts. Increases were observed in U.S. equities off-exchange trading (3.5%), Canadian equities (2.9%), European equities (11.8%), Cboe Clear Europe cleared trades (26.7%) and net settlements (28.2%), Australian equities (23.7%), Japanese equities (306.9%), and global FX (1.4%). However, there were declines in U.S. equities on-exchange trading (-5.9%), and Canadian equities saw a substantial month-over-month decrease (-20.8%), along with smaller declines in European equities (-4.6%), and Australian equities (-2.6%).
In disciplinary news from the CME Group, on December 11, 2023, the chief regulatory officer charged Lee Sung Ok with violating both Commodity Exchange (COMEX) and Chicago Board of Trade (CBOT) Rules 575.B. and 432.L.2. Between June 18, 2021, and September 28, 2021, Lee entered actionable messages in Copper, Silver, Gold, Soybean Oil, Corn, Soybean Meal, and Wheat futures markets with the intent to mislead other participants and gain favorable pricing. Lee engaged in order layering, creating imbalances to induce trades into her smaller resting orders. She also failed to fully cooperate with the investigation by not answering all questions. The Business Conduct Committee found Lee guilty and ordered her to pay a fine of $100,000, with $50,000 allocated to COMEX and $50,000 to CBOT. Additionally, Lee was permanently suspended from direct and indirect access to any CME Group trading floors, designated contract markets, derivatives clearing organizations, or swap execution facilities effective immediately.
The CME Group's E-mini S&P 500 Equal Weight futures set several records in July, including open interest of 5,719 contracts, single day volume of 2,376 contracts and block volume of 1,430 contracts, the CME shared on LinkedIn.
Mary de Wet is starting a new position as managing editor at American Banker. She was previously Americas Chief Editor at Dow Jones, overseeing reporters and editors covering financial news from Canada to Brazil for Dow Jones Newswires, she shared on LinkedIn.
It is getting to be that time of year again when college students get ready to go back to school, or go to college for the first time. The Wall Street Journal obliges with an article titled "33 Things Every Student Needs to Pack for College" with the subheadline "Top dorm-room essentials to jump-start campus life." I did not see an air popper popcorn maker anywhere on the list. How times change.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The new filing of the Green Impact Exchange with the SEC is among the news tidbits included in the August newsletter from the UN Sustainable Stock Exchanges Initiative. Other information includes updates on SSE initiatives and upcoming workshops, the latest updates from exchanges, and news from regulators and standard setters. Topping the standard setting news is information on a joint mapping resource from the Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD). You can register to receive the monthly newsletter HERE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Steve Sosnick of Interactive Brokers Discusses Trends and Risks in the Options Market at the Asheville Conference from John Lothian News.
- Flextrade VP Rob Brogan Discusses AI, Zero-Day Options, and Algo Innovations at Options Conference from John Lothian News.
- EEX Press Release - EEX Group Monthly Volumes - July 2024 from EEX Group. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Google Monopolized Search Through Illegal Deals, Judge Rules; Google's deals with Apple and others violate law, judge says; Google paid billions to make search engine default on phones
Leah Nylen - Bloomberg
Google illegally monopolized the search market through exclusive deals, a judge ruled Monday, handing the government a win in its first major antitrust case against a tech giant in more than two decades. Judge Amit Mehta in Washington said that the Alphabet Inc. unit's $26 billion in payments to make its search engine the default option on smartphones and web browsers effectively blocked any other competitor from succeeding in the market. "Google's distribution agreements foreclose a substantial portion of the general search services market and impair rivals' opportunities to compete," Mehta said in a 286-page ruling.
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****** There is a big difference between Googling something and Yahooing something.~JJL
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Pin-Demonium Hits Paris: Inside the Pin-Trading Market at the Olympics; On the other side of the Atlantic from Wall Street, a market more wholesome than cutthroat has sprung up at the Paris Olympics
Andy Wong - Associated Press via U.S. News & World Report
On the other side of the Atlantic from Wall Street, a market - more wholesome than cutthroat - has sprung up at the Paris Olympics. The commodity at the center of it all? Pins. The city has seen an influx of collectors from all over the world, each eager to begin or expand their Olympic pin collection and share their stories.
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****** At events like the Olympics, pin trading is a big activity. In Scouting, at the jamborees, it's patch trading. All my offspring have participated in patch trading at jamborees and have unique stories to tell about each patch they traded for.~JJL
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Help us round up the greatest financial research puns of all time; Shameless summer content beg
FT Alphaville
As the bleak midsummer simmers on, FT Alphaville has found itself thinking a lot about puns. We know you (readers) like puns, you know we ("journalists") like puns, but there's a third group in this happy financial throuple: research producers. The analysts, economists, commentators, cheerleaders and doom-mongers whose notes flood our inboxes each day are often partial to some skilful wordplay. So, we have a simple proposal: we want to collate and celebrate the greatest-ever financial note puns.
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****** IPO (Initial Pun Offering) - subscribe now!~JJL
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Monday's Top Three
Our top story Monday was the weirdest story: Robert F. Kennedy Jr. Admits He Left a Dead Bear in Central Park, from The New York Times. The stock market crash only came second, with Japan's Nikkei sees biggest rout since 1987 Black Monday, from Reuters. Third was the announcement for the FIA's "Trends in ETD Trading Q2 2024 ETD Webinar" taking place tomorrow, August 7, from 9:30 AM - 10:30 AM ET. The event is hosted by Will Acworth and the guest speaker is Scott Klipper of GreshamQuant.
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| Lead Stories | The Treasury market scandal hiding in plain sight; Experts warn manipulation could risk Treasurys' credibility as a benchmark asset
Vivien Lou Chen - The Wall Street Journal
There's a scandal hiding in the open, one that threatens the integrity of global financial markets if left unchecked, experts say. Though it's not capturing headlines, the manipulation of prices by traders in the $27 trillion U.S. Treasury market may be more pervasive than the U.K. Libor episode that rocked the banking world more than a decade ago. U.S. regulators and financial institutions have tried to get their arms around the problem for years. Now, some experts are warning about a lack of meaningful progress in thwarting what's described as widespread, commonplace misbehavior. The message comes at a pivotal moment. Technological advances over recent years have improved financial institutions' ability to monitor manipulative activity, and also increased the pace of trading abuses.
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Overnight Stock Trading Suspended at Robinhood
Alexander Osipovich - The Wall Street Journal
Robinhood Markets won't execute overnight stock trades from Monday to Tuesday, after the trading platform it relies went offline during the huge global selloff. In a post on X, Robinhood blamed the problem on an outage at Blue Ocean, a trading platform that powers overnight stock and ETF trades for some brokers. Blue Ocean won't be up and running again for the Monday-Tuesday overnight session, Brian Hyndman, the chief executive of the platform's parent company, Blue Ocean Technologies, said in an email. He expressed hope that it would be back up on Tuesday night.
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$6.4 Trillion Stock Wipeout Has Traders Fearing 'Great Unwind' Is Just Starting
Ruth Carson, Lu Wang, Vildana Hajric and Bailey Lipschultz - Bloomberg
The numbers flashing on trading screens on Monday were shocking even to market veterans. In Tokyo, the Nikkei was down 12%. In Seoul, the Kospi sank 9%. And when the opening bell rang in New York, the Nasdaq plunged 6% in seconds. Cryptocurrencies sank; the VIX, a gauge of stock market volatility, skyrocketed; and investors piled into Treasury bonds, the safest asset of them all. Whether Monday's wild gyrations mark the final bang of a global selloff that started to build last week or signal the beginning of a protracted slump is impossible to know. On Tuesday, some of the worst-hit markets rebounded with key gauges in Japan soaring more than 10%, though few were saying a bottom had been reached.
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Traders Rush to Hedge Against Extreme Market Events After Manic Monday; Options shows strong demand for tail-risk protection in S&P; Renewed bout of volatility hits markets Monday as stocks slide
Denitsa Tsekova - Bloomberg
As the fear factor mounted on trading desks across Wall Street on Monday, the Cambria Tail Risk ETF (ticker TAIL), an actively managed exchange-traded tail-risk fund, jumped 4.5% for its best day since March 2020. Long among the biggest laggards during the relentless bull market, the defensive strategy - often known as Black-Swan hedging - is suddenly in vogue. The dash for protection comes as the tech-heavy Nasdaq 100 Index saw its biggest intraday slump since 2022, ending the day 3% lower. Wall Street's "fear gauge" - the VIX - spiked to the highest level since the coronavirus outbreak amid concerns over the Federal Reserve's ability to avoid a recession.
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Retail brokers hit by outages during US stock sell-off; Customers reported trouble accessing accounts as US equity markets opened and promptly plunged
Will Schmitt and Madison Darbyshire - Financial Times
Brokerages such as Charles Schwab, Vanguard and Fidelity experienced outages on their trading platforms on Monday, leaving some retail investors unable to trade during one of the sharpest market routs in years. The S&P 500 and Nasdaq indices tumbled after the markets opened, led by sharp fall from big tech stocks such as Nvidia, which briefly dropped 15 per cent before clawing back some ground.
/jlne.ws/3LUgeIw
Outages Plague Trading Platforms During the Stock-Market Selloff; Customers at Charles Schwab, Vanguard and Fidelity report problems logging into accounts
Hannah Miao and Alexander Osipovich - The Wall Street Journal
Dr. William Auch couldn't access his brokerage account as the stock market tumbled on Monday morning.Shortly after the U.S. market opened, the retired cardiologist tried to log into his Charles Schwab account. He saw stocks were selling off and thought it could be a good opportunity to buy shares at a lower price. Instead, he was locked out of his account for a few hours, unable to sign in online or through the mobile app, nor reach a customer-service representative over the phone.
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Thailand may tell us a great deal about the future of money; Country's digital wallet programme will distribute $12.5bn to households, providing valuable lessons on the risks and rewards
Eswar Prasad - Financial Times
An intriguing window into the future of money and how central bank digital currencies (CBDCs) might be used has opened up in Thailand. This future holds promise but has many hazards as well. Countries barrelling towards it, and especially their citizens, should give it careful thought. Fulfilling an election promise, the Thai government has initiated a programme to distribute money to low-income households through digital wallets. About 50mn Thais who fall below certain income and savings thresholds will get about $280 each, roughly half of monthly per capita income. This will temporarily boost household consumption and GDP but at a significant fiscal cost and without doing much to tackle deep-rooted problems, including low investment which is holding back growth.
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Record VIX Spike Rocks Wall Street Traders All-In on Market Calm; Wagering against stock turbulence is a huge Wall Street trade; Positioning feeds more volatile moves, says Sidial at Ambrus
Justina Lee - Bloomberg
The Monday meltdown across assets is hammering a slew of derivatives trades betting on enduring calm in the stock market - threatening to set off a chain reaction that could intensify the global turbulence. Wall Street has for months been minting money with various strategies tied to stock tranquility, often via products that sell protective options in order to juice returns. But the scale of the boom in these so-called short volatility bets had stirred worries of what would happen when turbulence hit.
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Google illegally maintains monopoly over internet search, judge rules
Matthew Barakat and Michael Liedtke - Associated Press
A judge on Monday ruled that Google's ubiquitous search engine has been illegally exploiting its dominance to squash competition and stifle innovation in a seismic decision that could shake up the internet and hobble one of the world's best-known companies.
/jlne.ws/3WCca4i
As Regulators Close In, Nvidia Scrambles for a Response; With a 90 percent share of the A.I. chip market, the company is facing antitrust investigations into the possibility that it could lock in customers or hurt competitors.
Tripp Mickle and David McCabe - The New York Times
Nvidia rocketed to the top of the tech industry by providing the computer chips essential to building artificial intelligence. By the end of last year, it had more than a 90 percent share of those chips sold around the world. That success has quickly brought government scrutiny. Authorities with the European Union, Britain and China asked the company for information about its sales of those important chips, allocation of supplies and investments in other companies, according to Nvidia's financial filings.
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The Good Trades Have Gone Bad; Crowding, retail broker outages, crypto asset prices, AI acquihires and Trump Media investors.
Matt Levine - Bloomberg
Market went down
Market crashes usually have the same mechanism. People like a thing, so they buy it, so it goes up. More people like it, so they buy more of it, so it goes up more. It goes up steadily enough that people think "ehh I should borrow some money to buy even more of this thing," so they do. Eventually a lot of very leveraged investors own a lot of the thing. Then something goes wrong with the thing, its price goes down, the leveraged investors get margin calls, and they have to sell the thing to pay back their loans. Their losses are big enough that they have to sell other things, things that were fine, to pay back their loans on the thing that went wrong. The big leveraged investors who owned a lot of the thing that went wrong also all own the same other things, also with leverage, so there is a generalized crash in the prices of the things that big leveraged investors own.
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Japan seeks to calm market's nerves after stock price fluctuations
Satoshi Sugiyama and Makiko Yamazaki - Reuters
Japanese leaders rushed on Tuesday to assuage concerns about the sharp swings in the country's financial markets, with the prime minister urging calm and senior finance officials convening an emergency meeting to discuss the global stock market sell-off. The executives from Japan's Ministry of Finance, the Financial Services Agency and the Bank of Japan (BOJ) held the trilateral meeting on Tuesday afternoon, said Atsushi Mimura, the country's top currency diplomat, emphasising close coordination between the government and the central bank.
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Big Tech's Sneaky Route to Swallowing the AI Market; The real magic trick of AI is how tech giants will get away with consolidating control of the technology.
Parmy Olson - Bloomberg
Big Tech is following a crafty playbook to hoover up AI talent: Instead of buying the hottest AI startups, the giants hire their leadership and license their intellectual property, essentially sucking all the life out of them. So long as they leave behind the shell of a company, scrutiny from antitrust regulators can be avoided. Alphabet Inc.'s Google is the latest to follow this template by hiring the co-founders of Character.ai, Noam Shazeer and Daniel De Freitas, along with a few other employees. Most of the startup's staff will remain with the smaller company while its general counsel will become chief executive. Why a lawyer? Because Google is entering a licensing agreement to use Character.AI's technology - in addition to buying out the startup's investors, principally Andreessen Horowitz, who'd plowed in more $150 million.
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Bill Ackman's Streaming Optimism Faces the Music; The major record labels are struggling as the economics of the industry mutate.
Lionel Laurent - Bloomberg
Bill Ackman's pitch for his bet on Universal Music Group NV in 2021 could have come straight from the trailer of a music biopic: "You need food and water to live, but music comes next." There's merit in his argument: Even in our conflict-ridden and economically uncertain times, UMG artist Taylor Swift's current tour has broken the billion-dollar mark, music-streaming services have attracted more than 500 million paying subscribers, annual vinyl sales are growing at double digits and shares of Spotify Technology SA are defying wider market turmoil.
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Struggling AI Startups Look for a Bailout from Big Tech; Amazon, Google and Microsoft are using a new type of deal to get employees and technology from artificial-intelligence firms
Berber Jin, Tom Dotan and Miles Kruppa - The Wall Street Journal
Artificial intelligence startups raised billions of dollars last year, aiming to become winners in the latest tech-driven boom. Now many are struggling to survive-and asking Silicon Valley's biggest companies to bail them out. At least three once-hot AI startups have been rescued via a new type of deal that many in the tech industry say are acquisitions in everything but name. These deals have the advantage of skirting the typical regulatory process at a time when big tech's growing control over generative AI is being scrutinized by governments.
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Tech ETFs That Drew Billions Are Battered by Losses Hitting 60%; The tech funds have suffered big losses in recent weeks; Investors fret over worsening economic data, earnings releases
Vildana Hajric and Denitsa Tsekova - Bloomberg
Traders plowed billions of dollars into betting on a big rebound in tech stocks last month. Now their leveraged-up ETF positions are getting thrashed in the sweeping market meltdown. Even as the Nasdaq 100 Index tumbled in July, cash continued flowing into funds with notable exposures to companies like Nvidia Corp. and Intel Corp., indicating investors were wagering the slump would prove short lived.
/jlne.ws/3WBwyT9
Schwab, Fidelity Traders Report Outages During Stock Meltdown
Paige Smith - Bloomberg
Charles Schwab Corp. and other retail brokerage users reported outages as a global stocks selloff surged when trading in the US market opened on Monday. More than 15,000 users reported an outage at Schwab at 9:50 a.m. in New York, according to the website Downdetector, but that number had dropped to more than 3,000 outages at 10:53 a.m. in New York. A company account posted on the social media platform X said that some clients "may have difficulty logging in to Schwab platforms." Schwab fell 2.7% at 11:06 a.m. in New York on Monday. The S&P 500 Index was down 3.1%.
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OpenAI co-founder departs for rival Anthropic; John Schulman is the latest among senior figures to leave the artificial intelligence company in recent months
George Hammond - Financial Times
John Schulman, one of OpenAI's co-founders and a key architect of its ChatGPT chatbot, has left to join its main rival Anthropic, becoming the latest in a succession of senior figures to depart the leading artificial intelligence company in recent months. Schulman is leaving to work on alignment - research to ensure AI systems conform to human values - at Anthropic, a start-up founded in 2021 by a group of former OpenAI researchers that bills itself as putting "safety at the frontier" of its work. Also on Monday, OpenAI's president Greg Brockman announced on social media site X that he would take the rest of the year off.
/jlne.ws/4fs0IkJ
ICE Bonds and MarketAxess connect liquidity networks to bolster bond market efficiency; New development plans to connect the two firms' respective liquidity pools and protocols, offering deeper liquidity in fixed income markets.
Wesley Bray - The Trade
Intercontinental Exchange's ICE Bonds and MarketAxess have unveiled plans to connect their respective liquidity networks in a bid to improve efficiency and access to deeper liquidity in fixed income markets. The two firms plan to establish connectivity to their respective protocols and liquidity pools, with the move set to enable ICE Bonds' automated trading system (ATS), ICE TMC, and MarketAxess' Open Trading network to communicate with each other directly, enhancing depth and reach for users globally.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia suspected Ukrainian attack on Navy Day parade, state TV says
Reuters
Russia had suspicions that Ukraine planned to attack Russia during the Navy Day parade which was attended by President Vladimir Putin last month and Moscow contacted Washington about its concerns, Russian state television reported. Russian television said that the details were a state secret and provided no further details. Ukraine's foreign ministry did not immediately respond to a request for comment on the report.
/jlne.ws/3ytMOxG
Russia warns Ukraine: peace terms will only get worse
Guy Faulconbridge - Reuters
A top Russian official told Ukraine on Tuesday that the longer it waited to enter peace talks, the tougher the terms would be for its people. Moscow has said talks must be based on Ukraine ceding land amounting to a fifth of its territory - much of it seized by Russian forces - and renouncing any prospect of joining the Western-led NATO alliance, terms that Ukraine has dismissed out of hand.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | US, Allies in Frantic Push to Avert Possible Middle East War; Tehran says it must restore deterrence but avoid a wider war; Israel activates a command bunker under Jerusalem's hills
Dan Williams, Arsalan Shahla and Iain Marlow - Bloomberg
The US and its allies worked to head off an Iranian attack on Israel and avert a wider regional war as concerns grew that a strike may come at any moment in retaliation for the killing of a top Hamas leader in Tehran. The Biden administration moved additional forces to the region, and Secretary of State Antony Blinken conferred with top officials from Qatar and Egypt - the two countries helping lead negotiations for a cease-fire between Israel and Hamas militants - on Monday, according to State Department spokesman Matthew Miller.
/jlne.ws/3yiGs4h
UN Fires Nine Staff Who 'May Have' Taken Part in Oct. 7 Attack; Internal investigation found staff were likely part of attack; Israel accuses many more workers of being terrorists
Augusta Saraiva - Bloomberg
The United Nations said it has fired additional staff from its main relief agency in Gaza, bringing the total to nine, after an internal investigation found they may have been involved in the deadly Oct. 7 attack on Israel by Hamas. The UN concluded that the nine employees, all of whom worked for the UN Relief and Works Agency, known as UNRWA, were likely to have participated in the attacks that triggered the Israel-Hamas war, according to the probe. That was far fewer staff than Israel claims have ties to the militant group.
/jlne.ws/4dyRVvd
US troops wounded in attack on Iraq base; Suspected rocket attack comes amid diplomatic efforts to de-escalate tensions between Iran and Israel
Andrew England and Felicia Schwartz - Financial Times
Several US troops were wounded in a suspected rocket attack by Iran-backed militias on a base in Iraq, underscoring the threat to American forces amid intensified diplomatic efforts to de-escalate tensions between Iran and Israel. US defence secretary Lloyd Austin said the attack on Ain al-Assad, the main base hosting American forces in Iraq, "marked a dangerous escalation and demonstrated Iran's destabilising role in the region", according to a Pentagon readout of a call with his Israeli counterpart.
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Benjamin Netanyahu clashes with security chiefs on Hamas deal; Israeli premier openly at odds with defence establishment over agreement that could ease soaring tensions in region
Neri Zilber - Financial Times
Benjamin Netanyahu is sharply at odds with his security chiefs over a potential agreement to halt the fighting in Gaza and ease soaring tensions across the Middle East, as Israeli defence officials push to take the deal. The dispute at the top of the Israeli establishment comes as the Jewish state braces for retaliation by Iran and its proxy forces for twin assassinations last week that killed Hamas political leader Ismail Haniyeh and the military chief of Lebanon-based Hizbollah.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Two Harbors to Use ICE's Encompass Digital Mortgage Platform in Servicing Retention Strategy via Direct-to-Consumer Lending Channel
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that Two Harbors Investment Corp.(NYSE:TWO) ("Two Harbors"), an MSR + Agency RMBS real estate investment trust, has selected the Encompass digital mortgage platform to support their new direct-to-consumer recapture originations channel. Part of ICE's end-to-end digital housing finance ecosystem, Encompass is the mortgage industry's leading digital platform for lenders to originate, service, sell and purchase loans faster - all from a single system of record.
/jlne.ws/4fBJKQI
CME Group Live Cattle Options Reaches New Open Interest Record Surpassing 400,000 Contracts
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its Live Cattle options reached all-time record open interest of 410,120 contracts on August 1, 2024, surpassing the previous record of 399,626 on July 31, 2014. "With demand high and supply at lows not seen for more than 60 years, market participants are turning to CME Group Live Cattle options to effectively hedge their price risk," said John Ricci, Managing Director and Global Head of Agriculture, CME Group. "Open interest in these products reached the highest level in a decade this week, demonstrating how options serve as an important tool to help producers, processors and institutions to navigate market uncertainty."
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July 2024 figures at Eurex
Eurex
Eurex, Europe's leading derivatives exchange, reported a 30 percent increase in total trading volume, reaching 154.3 million contracts in July, compared to 118.6 million contracts in the same month last year. Interest rate derivatives continued to show significant growth, rising by 42 percent from 48 million to 68.3 million contracts. Equity derivatives grew by 43 percent, totaling 22.8 million contracts, while index derivatives saw a 16 percent increase, from 54.4 to 63 million traded contracts.
/jlne.ws/4dbzs8s
Nasdaq Reports July 2024 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for July 2024 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/jlne.ws/3ygqHuI
Tradeweb Reports July 2024 Total Trading Volume of $40.5 Trillion and Average Daily Volume of $1.82 Trillion
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of July 2024 of $40.5 trillion (tn)[1]. Average daily volume (ADV) for the month was $1.82tn, an increase of 43.5 percent (%) year-over-year (YoY).
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ASX Group Monthly Activity Report - July 2024
ASX
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NSE conducts listing ceremony of 5 companies across India in multiple cities in a single day on August 6, 2024
NSE
National Stock Exchange of India Limited (NSE), India's leading stock exchange today celebrated yet another milestone of listing 5 companies in a single day across India with a consolidated issue size of INR 2,047 crs. Simultaneous listing ceremonies for all the five companies were held across the country in the cities of Mumbai, Chennai, Jaipur & Ahmedabad.
/jlne.ws/3Mf9Rjf
OCC Stories: Priyanka Chib on Her Team's Encouragement
OCC
I work in the Corporate Risk Management team at OCC, specifically Third Party Risk Management (TPRM). The team's role is crucial because they collaborate with internal and external partners to safeguard OCC against third party risks, ensuring OCC can steadily provide its clearing, settlement, and risk management services. I started at OCC as an intern in Business Continuity, which works closely with TPRM. In the summer of 2021, I was a graduate student searching for an internship that would aid my professional development and increase my risk management knowledge.
/jlne.ws/4fq9qjc
Notice on Investigation and Penalties for Violations of Relevant Rules and Regulations in July 2024
Shanghai Futures Exchange
Shanghai Futures Exchange (hereinafter referred to as "the Exchange") has been on continuous efforts in investigating and penalizing violations of relevant rules and regulations, so as to strengthen the risk management of the futures market, regulate the futures trading activities and protect the legitimate rights and interests of futures market participants. The enforcement against such violations in July 2024 is listed as follows:
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Google's antitrust loss could put billions at risk for Apple
Daniel Howley - Yahoo Finance
Google suffered a staggering shot to its search and advertising business on Monday as District of Columbia's Judge Amit Mehta ruled in favor of the Department of Justice in its antitrust suit against the tech giant. It may cost Apple (AAPL) big-time too. Here's how: The ruling could force Google to make dramatic changes to its largest business, but it could also force the company to cancel a long-term revenue-sharing agreement with Apple that requires the iPhone maker to use Google as the default search engine across its various devices.
/jlne.ws/3Yzjmkl
Apple's Shift to AI Is Poised to Soften Blow From Google Ruling
Mark Gurman - Bloomberg
Google's defeat in an antitrust suit filed by the Justice Department has cast a shadow over partner Apple Inc., which generates roughly $20 billion a year in payments from the internet search giant. Apple shares slipped almost 5% on Monday after a judge ruled that Google's payments to device makers - made in return for its search engine getting preferential placement - were illegal. The decision handed a win to the Justice Department in its first major antitrust case against Big Tech in more than two decades.
/jlne.ws/4ddtPXa
Exclusive-Chinese firms stockpile high-end Samsung chips as they await new US curbs, say sources
Heekyong Yang, Fanny Potkin and Karen Freifeld - Reuters
Chinese tech giants including Huawei and Baidu as well as startups are stockpiling high bandwidth memory (HBM) semiconductors from Samsung Electronics in anticipation of U.S. curbs on exports of the chips to China, three sources said.
/jlne.ws/3WsalXO
Google loses massive antitrust case over search, will appeal ruling
Kyle Wiggers and Rebecca Bellan - TechCrunch
Google will appeal a U.S. District Court judge's opinion Monday that found the technology giant acted illegally to maintain a monopoly in online search. The decision from Judge Amit P. Mehta of the U.S. District Court for the District of Columbia is a major defeat for Google that could alter the way it does business and even change the structure of the internet as we know it, should the decision stand.
/jlne.ws/3SBgI9W
Goldman Among Investors in $212 Million Round to Mexico Fintech; Stori plans to invest $360 million in Mexico in next few years; Fintech eyeing new markets for expansion in Latin America
Kelsey Butler and Carolina Millan - Bloomberg
Mexico fintech startup Stori closed a new funding round worth $212 million, in a mix of equity and debt financing that includes Goldman Sachs Group Inc., to boost investments and expansion to other markets. Of the total, $105 million was in equity led by Notable Capital, BAI Capital and existing investors, and $107 million was in debt led by Goldman Sachs and Davidson Kempner Capital Management LP, co-founder and chief governance officer Marlene Garayzar said in an interview.
/jlne.ws/3ygtiVu
Production issues threaten to delay next generation of Nvidia AI chips; Complications have affected TSMC-manufactured Blackwell processors
Tim Bradshaw, Michael Acton and Kathrin Hille - Financial Times
Nvidia and its main supplier Taiwan Semiconductor Manufacturing Company are facing production challenges with the highly anticipated next generation of its most powerful artificial intelligence chips, threatening to delay shipments planned for this year.
/jlne.ws/3yhZW9f
OpenAI Co-Founders Schulman and Brockman Step Back
Rachel Metz and Shirin Ghaffary - Bloomberg
/jlne.ws/3WSXdMW
Why AI Researchers Are Worried About 'Model Collapse'
Evan Gorelick - Bloomberg
/jlne.ws/46AvjbC
Elon Musk revives feud with OpenAI's Sam Altman-'the Emperor has no clothes'
Sasha Rogelberg - Fortune
/jlne.ws/3SxWpdt
China's AI-related companies total 1.67 million in first half of 2024 amid ChatGPT frenzy
South China Morning Post
/jlne.ws/3AgY6pK
SK Hynix Wins $950 Million of US Grants, Loans for AI Chip Site; Firm to get $450 million Chips Act grant, $500 million loan; Indiana facility focused on advanced packaging, research
Mackenzie Hawkins and Yoolim Lee - Bloomberg
/jlne.ws/3WyyiNc
Mainframes Find New Life in AI Era; Banks, insurance providers and airlines still find uses, including artificial intelligence, for the large computers that have been around for decades
Belle Lin - The Wall Street Journal
/jlne.ws/3WwujRj
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| Cybersecurity | | Top stories for cybersecurity | DOJ Shows its Commitment to Cybersecurity Enforcement Through the False Claims Act
Jason Mehta and Joseph W. Swanson - Foley
At one time, False Claims Act (FCA) investigations and enforcement actions were largely focused on health care and defense contracts. While those two areas continue to dominate the FCA landscape, cybersecurity has emerged as a hot area not only for whistleblowers but also for U.S. Department of Justice (DOJ) prosecutors. Several recent developments illustrate this trend and signal that cybersecurity enforcement through the FCA will only increase.
/jlne.ws/4dbAEbN
Cybersecurity Startup Abnormal Security Locks Up $250M At $5.1B Valuation
Chris Metinko - Crunchbase News
Abnormal Security closed a $250 million Series D that now values the San Francisco-based cybersecurity startup at $5.1 billion. The new round was led by Wellington Management with participation from existing investors Greylock Partners, Menlo Ventures, Insight Partners and the Falcon Fund.
/jlne.ws/4fwFXnP
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| Cryptocurrencies | | Top stories for cryptocurrencies | 'It Hurts Confidence:' Volatility Upends Happy Crypto Narrative; Bitcoin plunges, Ether posts steepest decline since 2021; Crypto had one of its best bull runs this year until Monday
Muyao Shen - Bloomberg
For a brief moment, everything appeared to be lining up in the right direction for digital-asset proponents. The US approved ETFs for the two largest cryptocurrencies, US presidential candidate Donald Trump shifted to being a supporter and Bitcoin was no longer so closely tied to stock market swings. That was the prevailing narrative until a selloff in the riskier corners of all markets began during Asian trading hours on Monday, serving as a reminder that the volatile nature of digital assets can cut both ways in a year that saw Bitcoin climb to record highs. At one point Bitcoin was down more than 16% on Monday, while second-ranked Ether sank as much as 23% in its steepest decline since 2021.
/jlne.ws/3Wx9V2h
Crypto ETF Complex Hit by Selling Spree in First Big Stress Test; Outflows in spot-Bitcoin ETFs are the worst since May; Investors also pull cash from Ether ETFs amid global selloff
Isabelle Lee and Emily Graffeo - Bloomberg
Investors yanked nearly half a billion dollars from cryptocurrency-linked funds as a global market meltdown sparked the first major selloff for the speculative asset class since it went mainstream via ETFs earlier this year. Exchange-traded funds that invest directly in Bitcoin have had four straight days of outflows, totaling roughly $423 million, according to data compiled by Bloomberg. The outflows contributed to the worst weekly exodus since early May for the batch of nearly a dozen spot ETFs that launched in January.
/jlne.ws/4d23D1L
Crypto Futures Record $1B in Liquidations as Bitcoin Nosedives, Ether Slumps Most Since 2021
Shaurya Malwa - CoinDesk
Bitcoin and ether prices fell, with ether experiencing its steepest single-day drop since May 2021, and the crypto fear and greed index indicating "fear." Crypto-tracked futures recorded over $1 billion in liquidations in the past 24 hours as the market sell-off worsened on Sunday. The bloodbath was catalyzed by a stronger Japanese yen and rumors of market maker Jump Trading liquidating its crypto business.
/jlne.ws/3SDBki5
Trump's bitcoin stockpile plan stirs debate in cryptoverse
Medha Singh and Lisa Pauline Mattackal - USA TODAY
"Never sell your bitcoin," Donald Trump told a cheering crowd at a crypto convention in Nashville, Tennessee, in late July. The Republican presidential candidate's speech was the latest overture in his effort to court crypto-focused voters ahead of November's election and offered a bevy of campaign promises, including a plan for a state bitcoin reserve.
/jlne.ws/4ce3qHI
Bitcoin and Ether ETFs Battered Amid Global Selloff in Equities
Benjamin Taubman - Bloomberg
Investors dumped shares of Bitcoin and Ether exchange-traded funds in droves as the world's two largest cryptocurrencies plunged to their lowest price levels in months amid a global equity selloff. Bitcoin and Ether investment products saw outflows of $400 million and $146 million, respectively, in the week ended Aug. 3, according to CoinShares Ltd. data. Bitcoin ETFs had their worst one-day outflows in about three months on Friday.
/jlne.ws/4dbCtWi
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| Politics | | An overview of politics as it relates to the financial markets | Harris Taps Walz, Putting Minnesota Governor on 2024 Ticket, CNN Says
Gregory Korte - Bloomberg
Vice President Kamala Harris tapped Minnesota Governor Tim Walz as her running mate, enlisting him to build an electoral coalition of coastal progressives and Midwest moderates to block Donald Trump from the White House, CNN reported Tuesday. His selection hews to the conventional wisdom of ticket-balancing, complementing Harris - who hails from California and is seeking to become the first Black woman president in US history - across demographic, cultural and political lines.
/jlne.ws/46InTmH
Five US states push Musk to fix AI chatbot over election misinformation
Kanishka Singh and Chandni Shah - Reuters
Secretaries of state from five U.S. states urged billionaire Elon Musk on Monday to fix social media platform X's AI chatbot, saying it had spread misinformation related to the Nov. 5 election. Social media platforms, including X, have been under scrutiny for years over the spread of misinformation and conspiracy theories, including false information about elections and vaccines. There has been growing concern in Washington that AI-generated content could mislead voters in the November presidential and congressional elections.
/jlne.ws/4dbnJXh
Penny Pritzker Wants Ukraine Recovery Legacy to Last Beyond 2024
Isis Almeida - Bloomberg
In just a year, Penny Pritzker traveled to Ukraine six times, helped create war-risk insurance vital for trade through the Black Sea, and talked to more than 100 American companies about investing in the Eastern European nation. Now the former commerce secretary, who is preparing to step down from her role in helping President Joe Biden's administration support Ukraine's economic recovery, is looking for ways to keep her plans alive - no matter who wins the election in November.
/jlne.ws/4fBWuXQ
Crypto Candidate in Arizona Is Winning (So Far) Despite Sen. Warren's Headwinds; An Arizona candidate who received $1.4 million in crypto help, is maintaining a 67-vote lead several days after the primary election, with a small pile of votes left to verify and count.
Jesse Hamilton - CoinDesk
Yassamin Ansari, a crypto-friendly Democratic congressional candidate in Arizona, is hanging on to a 67-vote lead after days of ballot counting. (Gage Skidmore/Flickr) A deluge of crypto-industry money may have helped achieve a very narrow Arizona congressional primary win this week for Yassamin Ansari, a crypto-cheering Phoenix City Council member who faced a candidate backed by Sen. Elizabeth Warren (D-Mass.)
/jlne.ws/3AfCYQE
Trump's embrace of Silicon Valley has rebounded on him; Much of the Republicans' 'weirdness' stems from their new tech friends
Janan Ganesh - Financial Times
Imagine being told four summers ago that it would be the American left accusing others of weirdness. In 2020, the time of Defund the Police, of pretending that White Fragility was a rational book, progressives were boxing themselves into a corner as the oddballs of public life. Politics being downstream of culture, the hinge moment might have been the comedian Dave Chappelle making sport of them. How Republicans have allowed this state of affairs to flip since then should be the subject of an inquest. And it might start in Palo Alto. If Donald Trump loses the presidential election, his courting of the tech world, or its embrace of him, won't seem the masterstroke that it did at the time. However lavish the campaign donations from that quarter, much of the Republicans' perceived abnormality stems from the same place.
/jlne.ws/4cb7VCB
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| Regulation & Enforcement | | Stories about regulation and the law. | Fed Releases New Guidance for Large Banks' Living Will Plans
Stephanie Stoughton - Bloomberg
The Federal Reserve provided updated guidance to US and foreign banks that are developing resolution plans known as living wills. The guidance, in conjunction with the Federal Deposit Insurance Corp., is similar to what was proposed in August 2023, the Fed said in a statement Monday. It generally applies to US and foreign banks with more than $250 billion in total assets, though not the biggest and most complex lenders.
/jlne.ws/4cgmBRd
Justice Department Statements on the U.S. District Court for the District of Columbia's Decision in U.S. v Google
Justice Department
The Justice Department issued the following statements from Attorney General Merrick B. Garland and Assistant Attorney General Jonathan Kanter of the Justice Department's Antitrust Division, regarding the U.S. District Court for the District of Columbia's decision in United States v. Google: "This victory against Google is an historic win for the American people," said Attorney General Garland. "No company - no matter how large or influential - is above the law. The Justice Department will continue to vigorously enforce our antitrust laws."
/jlne.ws/3LQt4Yh
Google's Antitrust Loss Is a Hollow Victory for Regulators; The Justice Department notches a win, but it comes way too late to curb the company's dominance in search.
Dave Lee - Bloomberg Opinion
In a "blockbuster" ruling published Monday, US Judge Amit Mehta stated it clearly enough: "Google is a monopolist, and it has acted as one to maintain its monopoly." As most media outlets have reported, it is the most significant victory for the antitrust hawks since Microsoft Corp. lost its famous case in the 1990s. That one was about access to web browsers. The Google case was about access to search engines. What they both share in common is a question around the competitive benefit of being the default option presented to users. The court ruled that Google's payment of billions of dollars for the privilege was illegal.
/jlne.ws/4fCfJAf
Morgan Stanley discloses US SEC requests for information on advisory account cash balances
Reuters
Morgan Stanley said on Monday the firm is responding to requests from the enforcement division of the U.S. securities regulator regarding advisory account cash balances swept to affiliate bank deposit programs.
/jlne.ws/4d7Xktu
Two more Wirecard executives charged over accounting scandal
Reuters
German prosecutors have charged another two former Wirecard executives, according to a statement from their Munich office on Tuesday, casting their net wider in investigations into one of Germany's biggest corporate scandals. Wirecard collapsed in June 2020 over a 1.9 billion euro ($2.1 billion) hole in its balance sheet, shaking up Germany's business establishment and turning the spotlight on politicians who backed it as well as regulators who took years to investigate allegations against the firm.
/jlne.ws/4fqTFZk
SEC Asks NY Court to Deny Coinbase's 'Breathtakingly Broad' Subpoena Request
Cheyenne Ligon - CoinDesk
Lawyers for the U.S. Securities and Exchange Commission (SEC) are pushing back against what they describe as Coinbase's "breathtakingly broad" subpoena requests searching for "essentially all documents that in any way relate to crypto." The court documents, filed Monday, are the latest jab in the ongoing fight between the SEC and Coinbase over the crypto exchange's attempt to subpoena the agency and its employees, including Chair Gary Gensler, for communications and other records that could potentially be useful for Coinbase's defense in its upcoming trial against the regulatory agency.
/jlne.ws/3yquG7W
Glencore ordered to pay $152mn to resolve Swiss bribery probe; Fine and compensation payment close investigation over alleged bribery of Congolese public official by a business partner in 2011
Harry Dempsey - Financial Times
Glencore has been ordered by Swiss authorities to pay about $152mn as a fine and compensation, resolving a four-year investigation in relation to the alleged bribery of a Congolese public official by a business partner in 2011. The Office of the Attorney General of Switzerland closed its criminal investigation against the UK-listed natural resources group after ordering it to pay a fine of SFr2mn ($2.4mn) and a $150mn compensation claim in respect to the estimated financial benefit accrued by the business partner.
/jlne.ws/4d9XFfr
Whistleblower Legal Sector Welcomes DOJ Pilot Program, but Concerns Remain; Attorneys working on whistleblower issues point to ways the new program could be made more effective
Mengqi Sun - The Wall Street Journal
The U.S. Justice Department launched its first cash-for-tips program last week, but some critics see potential flaws in the three-year trial plan such as the lack of a dedicated fund to pay whistleblowers and a $50 million award ceiling. The pilot program, which began Thursday, offers financial payouts to people who give the Justice Department original information or analysis relating to financial crimes, bribery or healthcare fraud. Deputy Attorney General Lisa Monaco announced the program's inception in March.
/jlne.ws/4d8Khbe
NFA permanently prohibits Glencoe, Ill. commodity pool operator East West Global LLC and its principal Luke Adrian from NFA membership and principal status
NFA
NFA has permanently prohibited East West Global LLC (East West Global), a former NFA Member commodity pool operator located in Glencoe, Ill., from reapplying for membership and from acting or being listed as a principal of an NFA Member. NFA has also permanently prohibited Luke James Adrian (Adrian), a former principal and associated person of East West Global, from applying for NFA membership, reapplying for NFA associate membership and from acting or being listed as a principal of an NFA Member.
/jlne.ws/3LW5kBY
Oceania Natural Limited defendants banned from holding senior management positions for nine years
FMA
Wei (Walker) Zhong and Lei (Regina) Ding have been banned from being a director, promoter or manager of an entity, as defined in the Financial Markets Conduct 2013 (FMC Act), for nine years, the High Court has ruled. Mr Zhong was the Executive Chairman and CEO of Oceania Natural Limited; Ms Ding was a senior manager and marketing director of Oceania Natural Limited. The pair were found to have breached the market manipulation and disclosure provisions under the FMC Act in April 2023. They received the highest penalties imposed to date for breaching the market manipulation provisions. Mr Zhong received a penalty of $1.3m and Ms Ding was ordered to pay $760,000.
/jlne.ws/3YxUI3y
Written reply to Parliamentary Question on Single Family Offices and Philanthropy Tax Incentive Scheme
MAS
Question: To ask the Prime Minister and Minister for Finance (a) what is the number of Single Family Offices (SFOs) that have applied to benefit from the Philanthropy Tax Incentive Scheme (PTIS) since its launch; (b) what is the total amount of philanthropic donations made by SFOs through this scheme to date, both domestically and overseas; and (c) whether any feedback on PTIS has been received and, if so, what are the plans to refine PTIS to enhance philanthropic giving.
/jlne.ws/3Yyp3ze
Oral reply to Parliamentary Questions on Income-Allianz Deal
MAS
To ask the Prime Minister and Minister for Finance (a) what is the Government's assessment on how NTUC Enterprise Co-operative's proposed divestment of its majority stake in Income Insurance Ltd to Allianz Insurance Singapore Pte Ltd will impact upon the competitiveness of the insurance industry; and (b) whether this development will adversely affect Singaporean's accessibility to affordable insurance policies.
/jlne.ws/3yqUO2y
Written reply to Parliamentary Question on the $3 billion money laundering case
MAS
Question: To ask the Prime Minister and Minister for Finance with regard to the recent $3 billion money laundering case in Singapore, whether the authorities have started investigations into individuals such as bankers and property agents who facilitated the property transactions on behalf of the convicted persons and who have failed to comply with requirements for money laundering background checks and suspicious transactions reporting.
/jlne.ws/4c9vYC0
Written reply to Parliamentary Question on hiring process of ex-offenders in the financial sector
MAS
Question: To ask the Prime Minister and Minister for Finance (a) for each year over the last five years, what is the number of ex-offenders who have been hired for positions in (i) banks and (ii) other financial services firms respectively; (b) whether MAS reviews the grounds on which relevant persons have been rejected on the fit and proper criteria; and (c) what is the recourse for ex-offenders, who have not been issued prohibition orders under any Act administered by MAS, should they experience discrimination in the hiring process.
/jlne.ws/3Ah18KE
Written reply to Parliamentary Question on the impact of global IT outage on financial institutions
MAS
Question: To ask the Prime Minister and Minister for Finance (a) how many financial institutions in Singapore were affected by the recent outage on 19 July 2024 that was caused by a software update; (b) how were the account holders of the respective financial institutions affected by the outage; (c) how long did the financial institutions take to restore their operations back to normalcy; and (d) what are the lessons learnt from the said outage.
/jlne.ws/3SHDBIX
Suspected core syndicate member charged in ramp-and-dump case
SFC
A suspected core member of a sophisticated ramp-and-dump syndicate, Mr Cheng Ming, was charged with the offence of conspiracy to defraud at the Eastern Magistracy today following his arrest in a joint operation of the Securities and Futures Commission (SFC) and the Police yesterday (Note 1). Cheng, who has been subject to an arrest warrant since October 2022, is connected to a ramp and dump case in which 11 syndicate members including the suspected masterminds have been charged and will be tried in the District Court.
/jlne.ws/3Ab9mno
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Google's antitrust loss could put billions at risk for Apple
Daniel Howley - Yahoo Finance
Google suffered a staggering shot to its search and advertising business on Monday as District of Columbia's Judge Amit Mehta ruled in favor of the Department of Justice in its antitrust suit against the tech giant. It may cost Apple (AAPL) big-time too. Here's how: The ruling could force Google to make dramatic changes to its largest business, but it could also force the company to cancel a long-term revenue-sharing agreement with Apple that requires the iPhone maker to use Google as the default search engine across its various devices.
/jlne.ws/3Yzjmkl
This May Be 1987-Type Slide, Ed Yardeni Says, Seeing Policy Shifts
Christopher Anstey - Bloomberg
Longtime market and economy watcher Ed Yardeni said that the current global equities selloff bears some similarity to the 1987 crash, when the economy averted a downturn despite investor fears at the time. "This is very reminiscent, so far, of 1987," Yardeni said on Bloomberg Television's Bloomberg Surveillance. "We had a crash in the stock market - that basically all occurred in one day - and the implication was that we were in, or about to fall into, recession. And that didn't happen at all. It had really more to do with the internals of the market."
/jlne.ws/4dxoiL2
Is This 1987 All Over Again? What's Driving the Market Meltdown? Past routs offer lessons after Black Monday Morning
James Mackintosh - The Wall Street Journal
Financial markets are supposed to capture the wisdom of the crowd, but on Monday the crowd ran in all directions waving its hands in the air screaming. Japan's stock market fell the most in 37 years with a 12% plunge that wiped out all its gains for the year, while in the U.S. the VIX index of implied stock volatility briefly had its biggest rise ever. Panic hit. The selloff was triggered by Friday's jobs data prompting a sudden switch in the economic narrative from soft landing to hard landing. Add to the mix a period of deflating hype about artificial intelligence and a Bank of Japan rate rise designed to strengthen the yen. News that Warren Buffett's Berkshire Hathaway had sold half its Apple shares and boosted its cash pile added to the pain.
/jlne.ws/3WQlgvU
Squeeze on carry trades leaves currency markets on edge
Ankur Banerjee - Reuters
The U.S. dollar was nursing steep losses on Tuesday, with the yen on the back foot after a sharp rise in the previous session as traders contend with unwinding of popular carry trades and the prospect of deep rate cuts from the Federal Reserve. The yen was 1% lower on Tuesday at 145.78 per dollar in early trading, after rising for five straight sessions and touching a seven-month high of 141.675 on Monday. The yen was also lower against the Australian dollar, euro and sterling.
/jlne.ws/4chivbc
Aftershocks of carry trade at heart of market rout could still have reverberations
Carolina Mandl and Laura Matthews - Reuters
Investors said the aftershocks of a massive carry trade that has reverberated through global financial markets wasn't done yet, with more unwinding in the days ahead raising the risk of shake-outs to other assets. The Nasdaq Composite and the S&P 500 trimmed losses by the close on Monday, capping off a brutal three-day selloff while Tokyo markets rebounded from a similar rout in trading on Tuesday.
/jlne.ws/3Ac8f6R
JPMorgan Says Carry Trade Unraveling Is Only Half Complete
Matthew Burgess - Bloomberg
The recent unwinding in carry trades has more room to run as the yen remains one of the most undervalued currencies, according to JPMorgan Chase & Co. "We are not done by any stretch," Arindam Sandilya, co-head of global FX strategy, said on Bloomberg TV. "The carry trade unwind, at least within the speculative investing community, is somewhere between 50%-60% complete."
/jlne.ws/3WR5i4t
What Bankers Say You Should (and Shouldn't) Do When Markets Crash; Observers opine on buying the dip, bargains, and what's next; Stocks start to bounce back after three-day global selloff
Anders Melin, Amy Bainbridge, and Richard Henderson - Bloomberg
On days like Monday's dramatic selloff, which capped a three-week loss of $6.4 trillion in global wealth, personal finance experts usually have the same advice for wary retail investors: Take a breath. Don't overreact. Take a moment to assess your portfolio. And depending on your situation, perhaps it's time to put some new money in. Still, it's important to try to understand what's happening, and why. Because times like these, when stock markets around the globe fall sharply, are bound to come again. There's typically a drop of 10% or more every couple of years, and a slump of 25% or more every seven years, according to Zhu Hann Ng, founder and chief executive officer of Tradeview Capital, a fund manager in Kuala Lumpur.
/jlne.ws/46A688Z
Mexico Peso Packs a Year of Moves Into One Day as Carry Unwinds; Mexican currency hits lowest level since late 2022 amid rout; AMLO says Mexico reserves will help currency withstand losses
Vinicius Andrade and Maria Elena Vizcaino - Bloomberg
/jlne.ws/4dtzbNS
Japan Stocks Rebound More Than 10% After Plunge Into Bear Market
Momoka Yokoyama - Bloomberg
/jlne.ws/4cePzAR
Goldman Says Buying S&P 500 After 5% Drop Is Usually Profitable; Index has posted 6% median return in 3 months after past drops; Strategists warn that US stocks still not pricing in recession
Sagarika Jaisinghani - Bloomberg
/jlne.ws/3YxT1TK
Saudi Aramco to pay out $124bn as it says oil demand underestimated; Dividend of world's largest oil company has been growing at an annual pace of 30%
Shotaro Tani and Malcolm Moore - Financial Times
/jlne.ws/3ysNOSG
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Goldman Sees Carbon Market Heading for Historic Tipping Point; As energy inflation ebbs, EU seen facing carbon price spike; Carbon has languished as high energy prices weigh on economy
Frances Schwartzkopff - Bloomberg
The cost of emitting carbon dioxide into the atmosphere is set to decouple from gas prices in the European Union, marking an historic shift in the dynamic between the two markets, according to the EMEA head of natural resources research at Goldman Sachs Group Inc. The EU is facing "a complete break from the historical relationship where lower gas always meant lower carbon," Goldman's Michele Della Vigna said in an interview. The development reflects the changing dynamics affecting the carbon market, including shrinking emissions caps, with industry replacing power producers as the biggest buyers of permits to pollute and "a complete change in the gas market," he said.
/jlne.ws/3Yx1BSK
The IEA's divisive mission to decide the future of oil; The International Energy Agency forecasts that the world will reach peak oil in 2029. Oil companies accuse it of playing climate politics
Malcolm Moore and Jamie Smyth - Financial Times
Every morning at 6am, Fatih Birol skips breakfast, pours himself five or six cups of Turkish tea, and prepares to face another day of disagreement and criticism. The 66-year-old head of the International Energy Agency (IEA) has spent the past three years being increasingly blunt about the world's need to switch from fossil fuels to clean energy, as carbon emissions continue to grow and global temperatures hit new monthly records.
/jlne.ws/3WPx0yy
Carbon 'insets' tackle emissions by unleashing the power of capitalism; The certificates trace reduction instead of offsetting it with unconnected activity like planting trees
Brooke Masters - Financial Times
Back in 2018, Gene Gebolys's biofuel company got an unexpected inquiry. Could the group bring a batch of sustainable aviation fuel from its California refinery to Davos Switzerland so that elites attending the World Economic Forum could refuel their private jets for a lower-carbon return journey?
/jlne.ws/3AgCrhh
'Haul no!': tribes protest uranium mine trucking ore through Navajo Nation; Firm moves ore through land without telling tribal leaders as mine resurfaces painful legacy of nuclear development
Cecilia Nowell - The Guardian
A coalition of hundreds of environmental activists, Navajo and Havasupai tribal members are protesting the transportation of uranium ore through the Navajo Nation, as a newly opened mine near the Grand Canyon resurfaces a painful legacy of nuclear development. Located just seven miles south of the famous national park, the controversial Pinyon Plain mine is one of the first uranium mines to open in years as the United States works to boost its nuclear arsenal and energy supply.
/jlne.ws/3WPxpB4
A Legal Fight Over Legacy Oil Industry Pollution Heats Up in West Texas
Martha Pskowski - Inside Ciimate News
A "first of its kind" lawsuit contends that oil companies including Chevron failed to properly plug and decommission wells on private property, challenging common assumptions about plugged wells.
/jlne.ws/46ybt0L
'The mad rush for solar needs to stop': how Miliband threatens to ruin the rural idyll
Ruby Hinchliffe - The Telegraph
"Please don't use us as an experiment," beg villagers on the Cambridgeshire-Suffolk border. Soon, their fields will be home to one of Britain's largest solar and battery storage farms. Narrow country lanes and fields full of birdsong will soon have to make way for 16-wheel vehicles once the two-year project starts. The sprawling layout stretches 15 miles end-to-end, affecting 16 parishes and towns along its route.
/jlne.ws/4daFJ4h
Williams Sees Derivatives Losses of $138 Million in First Half
Elizabeth Elkin - Bloomberg
/jlne.ws/4dxh89G
Libya Slams Political Blackmail as Biggest Oil Field Cuts Output
Salma El Wardany - Bloomberg
/jlne.ws/3WCblZh
Russia's Arctic Energy Expansion: A Geopolitical and Economic Gambit
Editor - OilPrice.com
/jlne.ws/3LSTmcb
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Broker Sues TP ICAP, Citigroup Over Trader's Alleged Harassment; The lawsuit was filed in federal court in Manhattan Monday; Representatives for ICAP and Citigroup declined to comment
Ava Benny-Morrison and Sridhar Natarajan - Bloomberg
A broker at a unit of interdealer brokerage TP ICAP Group Plc sued her employer and Citigroup Inc. alleging both firms failed to protect her from a trader at the Wall Street bank who she claims harassed her for years. Christine O'Reilly, a New York-based employee at ICAP, alleged in a lawsuit on Monday that she was forced to put her company's profits ahead of her own wellbeing and endure relentless harassment and unwanted advances from the trader at Citigroup, a prized client.
/jlne.ws/3yuK0Aq
Schwab, Fidelity, other online trading brokerages appear to go dark during huge market sell-off
The Associated Press
Several online brokerage firms including Charles Schwab, Fidelity and Vanguard appeared to be down for thousands of users early Monday during one of the biggest stock markets sell-offs of 2024. User reports appeared to peak around and just before 10 a.m. ET, data from outage tracker Downdectector shows. Some frustrated customers online said that they were unable to log in or access their account balances.
/jlne.ws/3WqWHE8
******* The issues were resolved yesterday.~JJL
Robinhood's second quarter to benefit from meme stock revival, crypto trading
Manya Saini - Reuters
Wall Street expects Robinhood's (HOOD) revenue to hit record highs in the second quarter as retail investors flock to its commission-free app to trade so-called 'meme stocks' and cryptocurrencies. The return of influencer Keith Gill, known online as "Roaring Kitty", rekindled investor appetite for retail favorites like GameStop, luring mom-and-pop investors back to Robinhood.
/jlne.ws/3YwBgEs
Citigroup's Trading Division Hit With Fresh Toxic-Culture Claim; TP ICAP broker sues her firm and bank over alleged harassment; She claims they didn't protect her from Citi trader's advances
Sridhar Natarajan and Ava Benny-Morrison - Bloomberg
Christine O'Reilly was with friends in Miami, when one of her biggest clients at Citigroup Inc. kept buzzing her phone. Benjamin Waters, a trader on the bank's Delta One desk, called and messaged repeatedly. At one point, he allegedly asked her to send pictures - and when she responded with a photo of herself and a friend at dinner, he replied: "no lol not pics like that." The message, one of dozens described in a lawsuit that O'Reilly filed in federal court in Manhattan on Monday, was part of what she called a pattern of harassment she had to endure to thrive on Wall Street.
/jlne.ws/4ce4gUS
Millennials are driving US ETF adoption, SSGA survey finds; About 58% use them in their portfolios, versus 47% of Generation X and 37% of Baby Boomers
Daniel Gil - Financial Times
Adoption rates for exchange traded funds have jumped as they gain popularity among financial advisers and investors, particularly younger ones, recent research confirms. A State Street Global Advisors survey has found that US individual investors and financial advisers have incorporated ETF products into portfolios at higher rates in recent years, led by high adoption of the funds among millennials.
/jlne.ws/4dvU4rQ
Vanguard CEO Aims to Bring Low-Cost Investing to Private Assets; Salim Ramji took over as firm's first-ever outsider CEO; The new chief has no plans to try to take Vanguard public
Silla Brush and Katie Greifeld - Bloomberg
Vanguard Group Chief Executive Officer Salim Ramji said his firm is "really about" low-cost investing, and that he'd eventually like that to carry into the world of private assets. "Low-cost investing applies in index, and it applies in active - and I would like it over time to also apply in private assets," Ramji said in an interview Monday on Bloomberg TV. He'd also "never" attempt to take the asset manager public, he said.
/jlne.ws/4fyjJ4K
Hedge Fund Walleye Dismisses a Dozen Staff, Including Equity Capital Markets Head; CEO England says firm 'unapologetically' seeking best talent; Firm expects less senior-level turnover in the future
Gillian Tan - Bloomberg
Hedge fund Walleye Capital has cut about a dozen jobs, including the role of head of equity capital markets, according to a person with knowledge of the matter. The majority of the affected employees are members of the firm's investment team and include senior portfolio manager Michael Martin, who oversees ECM, and portfolio managers Lawrence Hurvich and Jerry Siliverdes, who focused on special purpose acquisition companies, said the person, who asked not to identified discussing confidential information.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Musk's X to Close San Francisco Office, Relocate Workers; Employees will relocate to offices in San Jose, Palo Alto; Move ends X's nearly 20 year relationship with San Francisco
Kurt Wagner - Bloomberg
Elon Musk's X, the social network formerly known as Twitter, will close its San Francisco office, ending the company's presence in the city where it was founded in 2006. Chief Executive Officer Linda Yaccarino sent an email to employees saying X will move out of its Market Street space in San Francisco, according to a person familiar with the company. Employees will be relocated to an existing office in San Jose and an engineering office in Palo Alto, according to the person, who asked not to be identified because the email wasn't shared publicly.
/jlne.ws/4dwosSH
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Supreme Court just limited federal power. Health care is feeling shockwaves.
Stephanie Armour - Daily Montanan
A landmark Supreme Court decision that reins in federal agencies' authority is expected to hold dramatic consequences for the nation's health care system, calling into question government rules on anything from consumer protections for patients to drug safety to nursing home care. The June 28 decision overturns a 1984 precedent that said courts should give deference to federal agencies in legal challenges over their regulatory or scientific decisions. Instead of giving priority to agencies, courts will now exercise their own independent judgment about what Congress intended when drafting a particular law.
/jlne.ws/3yEMc8m
The Wellness Industry Is Selling You Snake Oil; Experts have repeatedly debunked the health claims for "detox" regimens, some of which may be harmful.
Adrienne Matei - The Guardian via Mother Jones
In April, at the TED conference in Vancouver, BC, I watched a woman pull a variety of mushroom powders from her purse, scoop them into a thermos, and add hot water from a nearby tea station to make an earthy beverage. Intrigued, I asked about her favorite health practices, and she started describing a recent trip to Costa Rica to get plasmapheresis. "It's when they take your old plasma out, and they replace it with new, fresh plasma," she explained. "Donated plasma?" I asked, picturing a commune's worth of Bryan Johnson's teenage sons, milked daily for vital proteins. But she said it had been synthetic plasma, as a detox treatment intended to manage an autoimmune disease.
/jlne.ws/46xX1pv
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore Passes Anti-Money Laundering Bill
Yongchang Chin - Bloomberg
Singapore has passed legislation designed to tighten gaps around the policing of money flowing into the Asian financial hub. The new law will enhance the ability of government agencies to detect and enforce money laundering through data sharing and other prosecutorial means, according to a reading in parliament on Tuesday by Josephine Teo, Minister for Digital Development and Information, and Second Minister for Home Affairs.
/jlne.ws/4dAHNCt
France Set for Worst Wheat Harvest Since 1983, Argus Says
Celia Bergin and Aine Quinn - Bloomberg
France is forecast to see its worst soft wheat harvest in more than 40 years due to excessive rain in the European Union's top grower. Production may drop to 25.2 million tons of wheat in the 2024-25 season, down 27% on the five year average, according to Argus. Ceaseless rains along with a lack of sunshine and low temperatures favoring diseases have impacted yields and the quality of the crops in the majority of growing regions.
/jlne.ws/3Yynhhy
Canada Hits Surprise Trade Surplus on Energy, Gold Exports; Expanded Trans Mountain pipeline boosts oil shipments to Asia; Gold exports rise on strong global demand, especially from UK
Laura Dhillon Kane - Bloomberg
Canada unexpectedly recorded a C$638 million ($461 million) trade surplus in June as an expanded crude oil pipeline and surging global demand for gold drove exports higher. Economists in a Bloomberg survey had expected the country to record a trade deficit for the fourth month in a row, with a median estimate of C$2.04 billion. Statistics Canada noted in Tuesday's release the size of the surplus was "close to the typical bounds of monthly revisions," having revised the previous month's trade balance upward by about C$320 million.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Bloomberg reportedly fires White House reporter for breaking embargo on Evan Gershkovich deal
Ariel Zilber - NY Post
Bloomberg News reportedly fired a prominent White House reporter for breaking a media embargo over the prisoner swap that freed Wall Street Journal reporter Evan Gershkovich from a Russian prison. Jennifer Jacobs, a senior White House reporter for the news agency, was let go Monday after Bloomberg editor-in-chief John Micklethwait vowed to discipline staffers for jumping the gun on the dramatic deal, according to New York magazine's Charlotte Klein.
/jlne.ws/3LVSjbK
Was the Downfall of an Art Fraudster Like Inigo Philbrick Inevitable? All That Glitters: A Story of Friendship, Fraud, and Fine Art, written by his (former) friend Orlando Whitfield, raises questions about the fine art world that created room for his crimes.
James Tarmy - Bloomberg
By September 2019, Loretta Wurtenberger and Daniel Tumpel had realized something had gone very wrong. The German husband and wife had given the American art dealer Inigo Philbrick millions of dollars through their company Fine Art Partners, with the understanding that Philbrick would purchase artworks, sell them at a profit and share the proceeds. They'd certainly given him the money, and the art had definitely been bought and sold, but recently their profits-actually, any money at all-had failed to materialize. The couple lawyered up.
/jlne.ws/3LS8WF9
What Marketers Need to Know When Their Agencies Act as 'Principals'; Principal-based trading is 'everywhere,' industry observers say. Marketers need to define their comfort level with the practice
Megan Graham - The Wall Street Journal
Agencies that secure ad space for marketers are increasingly buying inventory and taking ownership of the media they then resell to those clients, versus buying it on behalf of that marketer as an agent. And while the practice has been around for years, many advertisers aren't aware of its prevalence and what it could mean for them.
/jlne.ws/3WUP8r3
Ex-Police Chief Will Be Charged After Raid on Kansas Newspaper, Prosecutors Say; The former chief, Gideon Cody, will be charged with interference with the judicial process, a felony, after he ordered the raid on The Marion County Record last year, prosecutors said.
Michael Levenson - The New York Times
A former Kansas police chief who ordered a raid last year on the office of a local newspaper and the home of its publisher will be charged with interfering in the judicial process, a felony, prosecutors said on Monday. In a 124-page report, two special prosecutors said that Gideon Cody, the former chief of police in Marion, Kan., would be the only person charged in connection with the raid on The Marion County Record, a weekly newspaper, on Aug. 11, 2023.
/jlne.ws/46yd1rB
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