| November 07, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Interactive Brokers reported a strong performance for its ForecastEx prediction market, launched on October 4, 2024, with over $560 million in presidential election contracts traded by November 6, 2024, and no technical issues. ForecastEx election contracts provided real-time public sentiment indicators, while the broader ForecastTrader platform also offered contracts on economic, environmental, and government issues. On election night, Interactive Brokers recorded a significant spike in overnight trading, with 349,910 total trades, including 188,168 US stock trades and 161,742 US derivatives trades from 8:00 p.m. to 4:00 a.m. Eastern.
There is an error by Thomas Peterffy in the interview I did with him about the ForecastEX where he mentions his competitor, Kalshi. He said that there is "a foreign corporation that guarantees their contracts." Kalshi Klear LLC is the CFTC-registered Designated Clearing Organization, with a principal address of 594 Broadway, New York, NY and is 100% owned by Kalshi Klear Inc, which is 100% owned by Kalshi Inc. All of them have the same address in NY. Kalshi Klear LLC is registered by the state of Delaware. You can see all the Kalshi Klear registration documents on the CFTC site, HERE.
While Kalshi is primarily privately held, it has received funding from notable investors including Sequoia Capital, Charles Schwab, Henry Kravis, and Y Combinator. Y Combinator (often abbreviated as YC) is a well-known startup accelerator based in the United States that funds early-stage companies. Founded in 2005 by Paul Graham, Jessica Livingston, Robert Morris, and Trevor Blackwell, Y Combinator provides seed funding, mentorship, and resources to startups in exchange for a small equity stake, usually around 7%.
CFTC Chairman Rostin Behnam will join an international panel on "The Role of the Regulator in a Global Securities Market" at the CNMV's 35th Anniversary celebration. The panel will take place on Friday, November 8, 2024, from 12:10 to 1:10 p.m. CET (6:10 to 7:10 a.m. EDT) at the CSIC Events Hall in Madrid, Spain.
The Financial Times has added articles to its March Special Report on AI. The New stories included are Why it is too soon to call the hype on AI's productivity promise, The doctors pioneering the use of AI to improve outcomes for patients and Employers look to AI tools to plug skills gap and retain staff.
Here are the headlines from in front of FOW's paywall from some recent stories: Marex raises guidance as revenue rises a third, Bond trading pioneer McVey to step down as MarketAxess chair, TraditionData creates global product role after string of data appointments, ANALYSIS: Bitcoin derivatives trading spikes amid election-led rally - research, European Energy Exchange power volumes up 48% last month and ANALYSIS: Eurex tracks progress one year into Euro interest rate drive.
The FIA has asked me to moderate a discussion at the upcoming FIA EXPO in Chicago. The session is titled "Retail Markets Beyond the US" and will be held on Tuesday, November 19 from 1:45 p.m. to 2:15 p.m on the Exhibit Hall Stage. Joining me will be Claudio Jacob, managing director at B3, and Sriram Krishnan, chief business development officer at the National Stock Exchange of India Limited
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Gareth Roberts from James Proudlock via LinkedIn.
- Wall Street Fear Index Plummets as Trump Win Crushes Market Volatility from Barron's.
- CME customers criticise futures exchange after it wins approval to also act as broker from the Financial Times. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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| Sponsored Content |
"FIA Forum - Tokyo 2024" held at JPX
Together with FIA and FIA Japan, OSE successfully hosted the FIA Tokyo Forum on October 10, 2024, at the Tokyo Stock Exchange. The event welcomed over 220 attendees representing more than 100 companies.
The program opened with remarks from Mr. Nakaso, Chairman of FinCity.Tokyo, and Mr. Yokoyama, President and CEO of OSE. These introductions were followed by two engaging panel discussions and an insightful address by Mr. Ito, Commissioner of the Financial Services Agency.
During the panel discussions, industry leaders from global exchanges and brokerages shared their perspectives on the Japanese market and their development plans. They also explored practical applications of OSE's recent innovations in the interest rates market, including the newly launched 3-Month TONA Futures.
Mr. Kazuhisa Kakizaki, Executive Officer of OSE/TOCOM, joined a panel to discuss JPX's product advancements. He highlighted developments such as the 3-Month TONA Futures, TOCOM Electricity Futures, and the revival of the Single Stock Options market.
For further details , please refer to the following link: https://www.fiajapan.org/post/fia-forum-tokyo-2024-co-organized-with-fia-japan.
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The Crypto Skeptic Who Went Down the Rabbit Hole
JohnLothianNews.com
On a crisp autumn morning in Brooklyn, Zeke Faux sat in his home office in front of a Zoom virtual background featuring a mocked up gold cryptocurrency coin with Sam Bankman-Fried's profile on it and inscribed with a Latin phrase Faux described as an Easter Egg that means "It is worth nothing." The Bloomberg investigative reporter had just released the paperback version of his first book, "Number Go Up," a searing exposé of the cryptocurrency world that has already made waves in financial circles. A chapter is included in the paperback edition that contains new information, since the hardback edition was released just before Bankman-Fried went on trial. But Faux's journey into the heart of crypto mania wasn't one he initially sought out.
Watch the video »
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CME purse climbing to $11M, record $4M to winner
Field Level Media via MSN.com
The season-ending CME Group Tour Championship will have an $11 million purse and a record $4 million winner's check in 2024, the LPGA Tour announced Wednesday. The runner-up for next year's event in Naples, Fla., will receive $1 million, with every competitor in the 60-player field earning at least $55,000. "Beginning next year, the CME Group Tour Championship's $11 million purse will be the highest on the LPGA Tour, and the $4 million first-place prize will be the largest single prize in women's sports," CME Group chairman and CEO Terry Duffy said in a news release. "Both of these developments will make our event even more exciting for the players and spectators, while bringing more parity to the game." The CME Group has extended its sponsorship of the Tour Championship through 2025.
/jlne.ws/40zjAsK
***** Is there a reason this successful sponsorship only goes through 2025?~JJL
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Google accidentally leaked a preview of its Jarvis AI that can take over computers; The software was available for a brief time on the Chrome Web Store.
Danny Gallagher - Engadget
Google Jarvis is real. Google's new AI prototype accidentally found its way to the public through the Chrome Web Store. This isn't just some AI helper that can tell you the weather or remind you about doctor appointments. The Information reported that the store page describes the Jarvis prototype as "a helpful companion that surfs the web for you" through web browsers to take care of common tasks such as buying groceries, booking flight and research topics. In other words, Google's new AI has the ability to take control of a computer to complete these simple tasks without manual human input. The prototype that popped up on Google's extension store wasn't in full working mode. A reporter tried to use Jarvis but access permissions prevented the app from performing any functions.
/jlne.ws/3YTEzFC
****** It it not Jarvis I am afraid of, it is Ultron.~JJL
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You Want Volatility? Here's Some Volatility; On this episode of Trillions, we introduce you to the "ghost pepper" of Bitcoin-tied exchange-traded funds.
Joel Weber and Eric Balchunas - Bloomberg
One of the year's hottest investments? Bitcoin, which has surged on exchange-traded fund adoption as well as the return of the "Trump trade." One way to go especially big on that bet is two new leveraged ETFs: MSTX and MSTU, which are 2X MicroStrategy-a company that's already a highly exposed Bitcoin proxy. Both ETFs effectively give investors a 4X exposure to Bitcoin. If that sounds volatile, it is: MSTX is the most volatile ETF in the US. Consider this space the "ghost pepper" of hot sauces.
/jlne.ws/3CiXyRb
***** If someone hands you a ghost pepper, let them try it first and second.~JJL
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Financial Guru, TV Star, Bestselling Author? Not So Fast; The marketing that some financial advisers use to attract clients can be misleading. Make sure you don't fall for their 'trustwashing.'
Jason Zweig - The Wall Street Journal
If financial advisers can't earn trust, they can buy it. In a confused and crowded marketplace with no objective criteria for measuring the honesty and competence of financial advisers, those who seem trustworthy will capture clients. Sadly, much of the marketing that advisers use to earn investors' trust is misleading, including TV appearances they didn't make, books they didn't write and standards of ethics they don't meet. I call this "trustwashing." This tarnishes the many advisers who deserve the public's trust. And the millions of people who could benefit from professional financial advice can't tell for sure who is trustworthy.
/jlne.ws/3NY3xNS
***** There is your word of the day, "Trustwashing."~JJL
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Wednesday's Top Three
Our most clicked item on Wednesday was James Proudlock's post in LinkedIn announcing that "Gareth Roberts, a great friend and colleague to so many in the futures industry, passed away suddenly last Friday." Condolences to all who knew Gareth Roberts. Second was Peak6 Sells Stake in Premier League Club Wolverhampton Wanderers, from Bloomberg. And third was ANALYSIS: Buyside adoption key for Eurex's credit, FX plans, from FOW.
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| Lead Stories | Trump Win Boosts Prediction Markets That Nailed Election Outcome; Betting websites that allow wagers on political outcomes had the former president as a heavy favorite leading into Tuesday's vote, even as traditional polls showed a razor-thin margin.
Claire Ballentine, Annie Massa, and Charlie Wells - Bloomberg
As Donald Trump's victory in the US presidential election became clear Wednesday, so too did the power of betting websites to predict political outcomes. For weeks leading up to the contest, prediction websites were cited - and often questioned - for showing the former president as a heavy favorite over Kamala Harris, even as poll after poll pegged it as a toss-up race. In the end, the betting markets won. And with the election seen, particularly in finance circles, as a referendum on the relative power of polls and these platforms, betting websites will now no doubt take on an even greater air of market-powered invincibility.
/jlne.ws/4fbbNG6
French Regulator Examines Polymarket After Crypto Bets on Trump; Inquiry follows publicity around French trader's huge bets; Online gambling and betting is tightly regulated in France
Benoit Berthelot and Emily Nicolle - Bloomberg
France's gambling regulator is examining the operations of cryptocurrency-based prediction markets platform Polymarket to see if it complies with local rules following a surge in user demand around the US presidential election. "We are aware of this site and are currently examining its operation and compliance with French gambling legislation," an Autorite Nationale des Jeux spokesperson for the regulator told Bloomberg News on Thursday. The ANJ is expected to ban access to Polymarket for French users, crypto news outlet The Big Whale reported late Wednesday.
/jlne.ws/4hGhcH4
The Scramble Is On to Fill Out Trump's Cabinet; President-elect's transition team sorts through spreadsheets as allies float names
Andrew Restuccia, Vivian Salama, Brian Schwartz and Rebecca Ballhaus - The Wall Street Journal
President-elect Donald Trump and his senior advisers are privately assembling shortlists of candidates for top jobs in the incoming administration, from White House chief of staff to Treasury secretary. The Republican's decisive victory in Tuesday's election sets off a roughly 10-week scramble to vet and sign off on top staffing picks before Inauguration Day, after which the soon-to-be GOP-controlled Senate can consider nominations. The party's majority in the chamber will ensure a smoother confirmation process for many of Trump's picks, whose fate will be decided by a simple majority vote. Trump's transition team, led by co-chair Howard Lutnick, who is overseeing personnel, has put together spreadsheets with names for the former president to consider. The transition team is working with outside firms to vet early front-runners, people briefed on the matter said.
/jlne.ws/48J2dYO
How the Trump Whale Correctly Called the Election; The mystery trader who calls himself 'Théo' is on track for a payday of nearly $50 million
Alexander Osipovich - The Wall Street Journal
The mystery trader known as the "Trump whale" is set to reap almost $50 million in profit after running the table on a series of bold bets tied to the presidential election. Not only did he see Donald Trump winning the presidency, he wagered that Trump would win the popular vote-an outcome that many political observers saw as unlikely. "Théo," as the trader called himself, also bet that Trump would win the "blue wall" swing states of Pennsylvania, Michigan and Wisconsin.
/jlne.ws/3YwaI4E
Wall Street rejoices as the bell tolls for Biden-era regulation; Bankers, private equity executives and money managers anticipate change in personnel and tone
FT reporters - Financial Times
The return of Donald Trump and a Republican-controlled Senate has US bankers, private equity titans and other financial services executives salivating over the prospect of deregulation, a wave of new financial products and the departure of aggressive Biden administration watchdogs. Companies anticipate a change in personnel at the top of key agencies and in Congress will usher in a more permissive approach to everything from bank capital requirements to takeovers and consumer protection rules in the financial services sector. Trump has not announced who will take on the top financial roles in his administration. But traditionally, the chairs of US regulatory agencies turn over with the presidency, and financial services groups have high hopes that he will nominate candidates who are more industry-friendly, much as he did after winning his first term in 2016.
/jlne.ws/4ek3jev
SEC Crypto Enforcement Slated for Major Rollback Under Trump
Lydia Beyoud and Nicola M. White - Bloomberg
The crypto industry poured millions of dollars into the presidential and congressional races, but its most salient election victory is likely to be the departure of US Securities and Exchange Commission Chair Gary Gensler. The former Goldman Sachs banker has led the strongest regulatory crackdown on the digital-asset industry, bringing dozens of cases against crypto companies and traders large and small, including financial behemoths Coinbase Global Inc. and proprietary trading firm DRW Holdings LLC.
/jlne.ws/40CZfTn
Billionaire hedge fund manager lines himself up for Treasury secretary role; Top Trump fundraiser Scott Bessent canvasses for deputies
Demetri Sevastopulo and Colby Smith - Financial Times
Scott Bessent, a top fundraiser for Donald Trump, is canvassing candidates to serve as his deputy as he positions himself to become Treasury secretary, one of the most important positions in the president-elect's cabinet. Bessent, a hedge fund manager who has served as an economic adviser to the former president, is widely viewed as a leading candidate for the post in Trump's new administration. Bessent declined to comment. But one person close to the billionaire investor said he was only seeking suggestions for a deputy Treasury secretary because Trump's transition team had asked him for the names of candidates whom he had helped to vet.
/jlne.ws/3NXS6pq
ADM Investor Services Clients to Gain Access to Abaxx Commodity Futures Exchange and Clearinghouse
ADM Investor Services
Abaxx Technologies Inc. (CBOE CA:ABXX) ("Abaxx" or the "Company"), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, "Abaxx Exchange" and "Abaxx Clearing"), and producer of the SmarterMarkets Podcast, today announced that the membership of ADM Investor Services Singapore Pte. Limited ("ADMIS Singapore") with Abaxx Exchange and Abaxx Clearing will be in effect on November 11, 2024. Beginning on November 11, 2024, following the membership announcement on September 18, 2024, ADMIS' clients will have access to Abaxx Exchange's suite of centrally-cleared, physically-deliverable liquified natural gas (LNG) and carbon futures contracts, enabling ADMIS' clients to be among the first market participants to benefit from Abaxx Exchange's price discovery and enhanced risk management tools for energy transition-related commodities.
/jlne.ws/4ej8yuX
ADM Names AT&T's Top Lawyer to Board After Accounting Errors
Gerson Freitas Jr. - Bloomberg
Archer-Daniels-Midland Co. said it appointed AT&T Inc.'s top lawyer to its board, just days after the agricultural commodities trader announced that it discovered more errors in its accounts. David R. McAtee II, senior executive vice president and general counsel at the telecommunications company, was named a new board member effective immediately, Chicago-based ADM said in a regulatory filing. He will oversee committees responsible for corporate governance and succession.
/jlne.ws/4fErNAr
TotalEnergies chief warns Donald Trump against cutting climate rules; Patrick Pouyanne says a return to 'wild west' would provoke backlash for oil and gas companies
Jamie Smyth in New York and Myles McCormick in Houston - Financial Times
TotalEnergies' chief executive has urged Donald Trump not to axe climate rules if he wins the election, warning that taking a "wild west" approach to regulating fossil fuels would provoke a backlash against the oil industry. Patrick Pouyanné told the Financial Times that if the former US president pressed ahead with pledges to tear up rules governing methane and other emissions it would torpedo the sector's reputation and fuel opposition. "I prefer to have good regulations in the US, for example, in methane I prefer the EPA [Environmental Protection Agency] to be stringent...I am not in favour of the wild west," he said.
/jlne.ws/3OiN5rL
Record iShares Bitcoin ETF Volume Adds to Crypto's Historic Run; Trump's return to power is causing upheaval in digital assets; Bitcoin hit a new peak Wednesday in a wave of 'Trump trades'
Sidhartha Shukla - Bloomberg
President-elect Donald Trump's pledge to put the US at the center of the digital-asset industry is reshaping the crypto market. His march to the White House has lifted Bitcoin to a record high, opened up the widest performance gap to gold since 2022 and sparked unprecedented trading volumes at the world's largest fund for the token. The digital asset consolidated near $74,800 as of 7:30 a.m. Thursday in London after hitting an all-time peak of $76,475 a day earlier. The charts below capture some of the landmark crypto changes triggered by Trump's US election victory.
/jlne.ws/4fCq6n6
MSCI Trims China's Presence in Gauges by Culling More Stocks; Index provider to drop 20 Chinese firms from MSCI Indexes; India to get $2.5 billion in foreign passive inflow: Nuvama
Abhishek Vishnoi - Bloomberg
MSCI Inc. further trimmed Chinese stocks after Beijing's stimulus blitz failed to halt the market's diminishing presence in regional benchmarks, even as it added more Indian equities to its measures. The gauge owner will remove 20 stocks from the MSCI China Index this month, following more than 55 deletions in each of its last three reviews. In contrast, it added five names to the MSCI India Index. The changes, effective after the close on Nov. 25, will also apply to the MSCI All Country World Index.
/jlne.ws/3YC1fJc
'Prediction markets' set to pay out $450M to election bettors
Connie Loizos - TechCrunch
Following Donald Trump's election victory, thousands of bettors anticipate a potential $450 million payout from online betting sites, says Reuters. As Trump's odds surged on so-called prediction markets near the end of the race, platforms like Kalshi and Polymarket gained attention for diverging sharply from traditional polls, which suggested a much closer race.
/jlne.ws/4fdqhWb
Can the Capital Markets Union save Europe from mediocrity? A disparate and fragmented European Union is thwarting the continent's ability to compete effectively with the largest markets in the world. But a new political impetus has reinvigorated the consolidation agenda, with a view to challenging national frameworks and bringing growth back to the region, writes Chris Lemmon.
Chris Lemmon - The Trade
The EU has a problem. It's falling behind. Growth has been largely stagnant across the continent for the last two decades, with a wide number of metrics pointing to an ever-increasing investment and growth gap with the US. The recently-published EU competitiveness report, penned by former prime minister of Italy Mario Draghi, is the latest in a long line of research projects that has shone a spotlight on the EU capital markets, reaching a similar conclusion to those gone before it: things need to change. If the EU wishes to be a competitive force on the global stage, there has to be a fundamental rethink of how the bloc operates.
/jlne.ws/3CfZhGO
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia says West should negotiate end to Ukraine war based on current reality
Guy Faulconbridge - Reuters
Russian Security Council Secretary Sergei Shoigu said on Thursday, a day after Donald Trump became U.S. president-elect, that the West should accept Russia was winning the Ukraine war and negotiate an end to it. Moscow's forces have been advancing at their fastest pace since the early weeks of the 2-1/2-year-old war. Trump said during campaigning that he could bring peace in Ukraine within 24 hours, but has given few details on how he would seek to do this.
/jlne.ws/3YUtVyc
Why Trump's Promise To End the War Worries Ukraine and Allies
Aliaksandr Kudrytski and Kateryna Chursina - Bloomberg
Donald Trump said repeatedly during his campaign to return to the US presidency that he could quickly negotiate an end to Russia's war in Ukraine. There's now concern in Ukraine and among its allies that once Trump is inaugurated in January, the US will back away from supporting the effort to undo the Russian invasion. Officials in countries on NATO's eastern flank especially worry that if Ukraine is weakened to the point of having to agree to surrender land, it will embolden Russian President Vladimir Putin and other leaders with territorial ambitions.
/jlne.ws/3CfU2a6
Trump Promised to End the War in Ukraine. Now He Must Decide How; Foreign-policy advisers close to the president-elect put forth different versions of a plan to effectively freeze the front line
Alexander Ward - The Wall Street Journal
WASHINGTON-Donald Trump's promise to end the war in Ukraine by Inauguration Day now puts him in a position of having to choose between competing proposals from advisers united by a common thread-a sharp break from President Biden's "as long as it takes" approach to arming Kyiv. Throughout his campaign for the White House, Trump bashed Biden's handling of Ukraine, warning that it made World War III more likely and that Kyiv fleeced the U.S. by obtaining weapons worth billions of dollars free of charge. He has said he could resolve the conflict quickly, bringing both sides to the negotiating table, but hasn't revealed how he would do so.
/jlne.ws/4fDi2SQ
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Palestinians dismayed by Trump's win, their leaders urge peace
Nidal Al-Mughrabi, Ali Sawafta and Hatem Khaled - Reuters
Palestinians, locked in war with Israel for more than a year, expressed fear at Donald Trump's return to the White House, while the leaders of the militant group Hamas and the Palestinian Authority urged him to act for peace. In Khan Younis in the southern Gaza Strip, Abu Osama, who has been displaced by unrelenting Israeli bombardments, called Trump's election victory a "new catastrophe in the history of the Palestinian people".
/jlne.ws/4eoIQVU
Hamas Calls for 'Immediate' End to War After Trump Election Win
Tom O'Connor - Newsweek
A senior Hamas official has called for an immediate end to Israel's war against the group in the Gaza Strip and a plan to achieve Palestinian statehood in remarks shared with Newsweek in the wake of former President Donald Trump's election victory. "The election of Trump as the 47th president of the USA is a private matter for the Americans," Hamas Political Bureau member and spokesperson Basem Naim told Newsweek, "but Palestinians look forward to an immediate cessation of the aggression against our people, especially in Gaza, and look for assistance in achieving their legitimate rights of freedom, independence, and the establishment of their independent self-sovereign state with Jerusalem as its capital."
/jlne.ws/3YW1joo
Israel's Netanyahu shows who calls the shots with Gallant sacking
Jon Donnison - BBC News
We've known for months that there is no love lost between Israeli Prime Minister Benjamin Netanyahu and his now former Defence Minister, Yoav Gallant. But this year, there have been reports of stand-up rows and shouting matches between the two men over Israel's war strategy. Gallant has vastly more military experience than Netanyahu.
/jlne.ws/4hFTFFQ
Trump's Win Is Likely to Prolong Gaza Talks Uncertainty; Any major progress on a cease-fire will probably have to wait until after January's inauguration, analysts said. Gazans said they were divided about whether Mr. Trump would do much to stop the war.
Aaron Boxerman, Bilal Shbair and Liam Stack - The New York Times
Donald J. Trump's election victory is plunging efforts to reach a cease-fire in Gaza into further uncertainty, after a year of failed attempts by the Biden administration floundered because of irreconcilable demands from Israel and Hamas. For months, leaders across the region - in Israel, Lebanon, Gaza and Qatar - have taken a wait-and-see approach to the U.S. election. It is unclear what will come next, but any firm advancement on a cease-fire, if there is one at all, would most likely be delayed until after Mr. Trump's inauguration in January, analysts said.
/jlne.ws/40DxqdU
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX Group Monthly Activity Report - October 2024
ASX
/jlne.ws/3YZ95hu
CME Group Declares Quarterly Dividend
CME Group
CME Group, the world's leading derivatives marketplace, today declared a fourth-quarter dividend of $1.15 per share. The dividend is payable December 27, 2024, to shareholders of record as of December 9, 2024.
/jlne.ws/40A4IKM
October 2024 figures at Eurex
Eurex via Deutsche Boerse
Eurex, Europe's leading derivatives exchange and - with Eurex Clearing - one of the leading central counterparties globally, reported a 5 percent growth in total trading volume for October, reaching 168.5 million contracts, compared to 161.2 million contracts in the same period last year. Interest rate derivatives were the primary drivers of this growth, climbing 33 percent from 64.9 million to 86.3 million contracts. Equity derivatives also saw notable growth, increasing by 25 percent to 28 million contracts. However, index derivatives declined by 27 percent, dropping from 73.3 to 53.4 million traded contracts. In OTC Clearing, notional outstanding volumes grew by 8 percent in October, reaching EUR 35,123 billion, compared to EUR 32,497 billion in the same month last year. Notional outstanding in overnight index swaps increased by 34 percent to EUR 3,999 billion, while interest rate swaps rose by 11 percent to EUR 15,472 billion. Eurex Repo, Eurex's leading electronic market for secured funding and financing, experienced a 29 percent drop in volume compared to October 2023. However, the average daily volume remained substantial at EUR 328.2 billion in October.
/jlne.ws/3UGgIXq
EEX Press Release - EEX Group Monthly Volumes - October 2024
EEX
/jlne.ws/3Am0TON
Nodal Exchange achieves new records in its power (up 23%), environmental (up 621%) and natural gas (up 261%) markets
Nodal Exchange
Nodal Exchange today announced new trading records in its power, environmental and natural gas markets. In power, Nodal achieved a year-to-date record with January to October 2024 traded power futures volume of 2.600 billion MWh, up 10% from 2.357 billion MWh during the same period in 2023. In October, Nodal Exchange traded volume was 299 million MWh, up 23% from October 2023. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with 1.416 billion MWh at the end of October. The open interest represents over $124 billion of notional value (both sides). October volume in environmental products totaled 154,119 lots, up 621% from 21,368 lots a year earlier, setting a new monthly record on the exchange. Total open interest ended October at 458,985 lots, up 67% from 274,849 lots a year earlier.
/jlne.ws/40Ds7eu
Trading InfoSnack: Cluster-struck
SIX
The new data driven research feature of SIX Swiss Exchange looks at the contributions of different types of trade clusters to market share, liquidity and execution performance dynamics, and their usefulness for passive order allocation strategies.
/jlne.ws/48JrySb
Taiwan Futures Exchange - Newsletter
TAIFEX
/jlne.ws/48Mq2Pq
TMX Group Consolidated Trading Statistics - October 2024
TMX
TMX Group Limited today announced October 2024 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, including Alpha-X & Alpha DRK, and Montréal Exchange.
/jlne.ws/40B2Cu4
Amendments to the Rules of the Bourse de Montreal to Define Riskless Transactions on Options
TMX
On April 22, 2024, the Rules and Policies Committee of Bourse de Montréal Inc. (the "Bourse") approved amendments to the Rules of the Bourse De Montréal to define Riskless Transactions on Options. These amendments were self-certified in accordance with the self-certification process as established in the Derivatives Act (CQLR, Chapter I-14.01).
/jlne.ws/3UDleWA
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Bitpanda Partners with Eventus for Enhanced Trade Surveillance Compliance
A-teaminsight.com
European cryptocurrency platform Bitpanda has selected the Validus platform from Eventus to enhance its trade surveillance capabilities and ensure compliance with regulatory standards. This strategic move aims to bolster Bitpanda's defences against market abuse, manipulation, and insider trading through advanced automation. Founded in 2014 and headquartered in Vienna, Bitpanda operates across multiple European locations, including Barcelona, Berlin, Krakow, and Bucharest. The company chose Eventus after a thorough evaluation of trade surveillance providers, seeking a solution that could meet the demands of the rapidly evolving regulatory environment for digital assets.
/jlne.ws/3YFPBNq
IPC and LeapXpert Partner for Federated Messaging Governance and Compliance
IPC
IPC, the leading provider of secure, compliant communications and multi-cloud connectivity solutions for financial markets, has partnered with LeapXpert, the responsible business communication pioneer, to provide enhanced messaging communications capture, governance and compliance capabilities to regulated financial businesses.
/jlne.ws/4hRzuVV
Why it is too soon to call the hype on AI's productivity promise; History shows it can take decades for new technologies to deliver their full economic potential
John Thornhill - Financial Times
Even the smartest experts have a hard time predicting the future of technology. Consider the example of Bob Metcalfe, the inventor of Ethernet who, in 1995, boldly forecast that the internet would experience a catastrophic collapse - or a "gigalapse" - the following year. But, when he got it wrong, Metcalfe literally ate his own words. To chants of "Eat, baby, eat!" at a tech industry event, Metcalfe ripped up a copy of his future-gazing InfoWorld column, fed it into a blender, and consumed the resultant pulp.
/jlne.ws/4fzHgld
Billionaire Novogratz's crypto miner strikes deal to supply AI computing power
Financial Times
Billionaire Mike Novogratz's crypto company has agreed to use its Texas bitcoin mining site for artificial intelligence computing, becoming one of the biggest digital asset companies to capitalise on booming demand for AI computing power. Galaxy Investment Partners said on Thursday that it had entered a non-binding agreement with an unnamed US hyperscaler, which would allow it to use all of Galaxy's 800 megawatt bitcoin mining site for high-performance computing instead.
/jlne.ws/3YC4fFs
Saudis Plan $100 Billion AI Powerhouse to Rival UAE Tech Hub
Marissa Newman, Julia Love, Mark Bergen, and Christine Burke - Bloomberg
Saudi Arabia is planning a new artificial intelligence project with backing of as much as $100 billion as it seeks to develop a technological hub to rival the neighboring United Arab Emirates, people familiar with the matter said. The state-backed entity will invest in data centers, startups and other infrastructure to develop artificial intelligence, the people said, asking not to be identified discussing plans that aren't yet public. The initiative, called "Project Transcendence," will also focus on recruiting new talent to the kingdom, developing the local ecosystem and encouraging tech companies to put resources in the country, they said.
/jlne.ws/48DyKzg
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity Hiring Likely to Pick-Up in 2025, But Challenges Remain
Dice
These are good times to pursue a cybersecurity career-if you know where to look and have the right skills to get a foot in the door. The latest data released by CyberSeek (a joint initiative of NICE, a program of the National Institute of Standards and Technology focused on advancing cybersecurity education and workforce development, analytics firm Lightcast, and CompTIA) shows that there are only enough tech professionals to fill 83 percent of the available security jobs, down slightly from the 85 percent reported earlier this year.
/jlne.ws/4ekGszm
TSA proposes new cybersecurity requirements for some railroads, other transportation systems
Trains
The Transportation Security Administration has proposed a rule that would require cybersecurity risk management and reporting requirements for some freight and passenger railroads, as well as rail transportation. The Notice of Proposed Rulemaking, published today in the Federal Register, also covers some bus and pipeline operations.
/jlne.ws/48Bllb7
CrowdStrike and Ignition Technology Expand Partnership to Drive Cybersecurity Transformation in Ireland
BusinessWire
CrowdStrike (NASDAQ: CRWD) today announced an expanded distribution partnership with Ignition Technology, bringing the CrowdStrike Falcon cybersecurity platform to Ignition's partner base in Ireland. Announced at Fal.Con Europe, CrowdStrike's inaugural premier user conference in the region, this latest expansion builds on CrowdStrike and Ignition's success in the UK and Nordics - growing their regional partner business more than 85% year-over-year - by driving customer demand for cybersecurity transformation, platform adoption and vendor consolidation.
/jlne.ws/3AtRSTO
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto cash helps propel Trump, other allies to 2024 election victory; Many of the Democrats and Republicans backed by a trio of new crypto super PACs won their races Tuesday, illustrating the industry's political ascendance.
Tony Romm - The Washington Post
Cryptocurrency companies, executives and investors rejoiced Wednesday over the outcome of the 2024 election, believing their aggressive spending helped to secure a wave of new allies in the fight against harsh government scrutiny and unwanted regulation. To improve their standing in Washington, some of the country's crypto elite had spent years pouring money into politics: They donated heavily to former president Donald Trump, while flooding congressional races nationwide with advertisements that promoted crypto-friendly candidates.
/jlne.ws/3YWwqAm
What Trump's Election Win Means For Crypto
Andrew R. Chow - TIME Magazine
This election cycle, the crypto industry poured over $100 million into races across the country, hoping to assert crypto's relevancy as a voter issue and usher pro-crypto candidates into office. On Wednesday morning, almost all of the industry's wishes came true. Republican candidate Donald Trump, who has lavished praise upon Bitcoin this year, won handily against his Democratic opponent Kamala Harris. And crypto PACs scored major wins in House and Senate races-most notably in Ohio, where Republican Bernie Moreno defeated crypto skeptic Sherrod Brown.
/jlne.ws/3CeYgyT
Trump Win Gives Altcoin ETFs 'Fighting Chance' Under New Regime; Funds tracking Solana, XRP and Litecoin were submitted to SEC; Bitcoin, viewed by many as a Trump trade, hit a record
Isabelle Lee - Bloomberg
Among those celebrating Donald Trump's return to the White House: Members of the alternative cryptocurrency universe whose once-improbable ETF ambitions now suddenly look more hopeful. In contrast to the Biden administration, Trump has embraced digital assets. The president-elect's enthusiasm for the industry has bolstered Wall Street's plans to get crypto exchange-traded funds approved.
/jlne.ws/4fzq92J
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| Politics | | An overview of politics as it relates to the financial markets | Anger is the defining energy of western politics; Quelling the rage is a democratic imperative across the world
Robert Shrimsley - Financial Times
"Anger is right. Anger works. Anger clarifies, cuts through, and captures the essence of the evolutionary spirit." Well OK, Gordon Gekko was a money guy, so his famed Wall Street speech was about greed. Had he instead been a politician, he would know with equal conviction that, today, anger is the driving energy of politics. It has always had a role. Oppositions need anger to drive out incumbents. But what perhaps is most striking about modern politics is that it has gradually become a permanent feature.
/jlne.ws/3YUmyXw
Trump's new world order; A stunning victory that will radically alter America's role
The editorial board - Financial Times
America has spoken - and emphatically. The history of its democracy is studded with "hinge" elections where voters decisively repudiate the philosophy and record of the outgoing administration and opt for something new. Every now and then, however, there is a result that goes far further and presages inordinate and tumultuous consequences not just for the nation but the world. The 2024 presidential election is one of these.
/jlne.ws/4fyiOAA
Crypto got the president (and Senate) it wanted
David Hollerith - Yahoo Finance
The crypto world spent more than $100 million to elect more industry-friendly politicians this year, and it paid off this week. The US elected as president Donald Trump, who made a number of promises to the industry, and the citizens of Ohio elected pro-crypto candidate Bernie Moreno to the US Senate. Moreno's victory means the Senate will be controlled by Republicans in 2025, spurring optimism that pro-crypto legislation could be possible in Washington, D.C.
/jlne.ws/40uGhOW
Republicans Near Trifecta With Democrats' House Hopes Fading; Control of chamber is up in the air as districts keep counting; Republican takeover would likely ensure tax cuts continue
Steven T. Dennis, Billy House, and Daniel Flatley - Bloomberg
Democrats' hopes for a powerful check on Donald Trump by controlling the US House are fading, with Republicans increasingly confident they will hold unified control in Washington ahead of next year's big fights over tax cuts and spending. Democrats need a net gain of just four House seats to wrest the slim majority from Republicans, but GOP gains in races in Pennsylvania, Michigan and North Carolina have offset losses in New York, putting the party ahead in its bid to retain control of the chamber.
/jlne.ws/4fFcJTb
Donald Trump is back: how a written-off felon returned to rule America; A twice-impeached convicted criminal defied assassins and the political odds - and will soon be back in the White House
James Politi in Washington - Financial Times
In late May, walking out of the New York City courtroom where he had just been convicted of falsifying business records, Donald Trump railed against the judgment and said American voters would have the last word. "This was a disgrace," he said. "The real verdict is going to be November 5, by the people. And they know what happened here," Trump said. It took little more than five months for the 78-year-old Republican to make the journey from felon to president-elect, resoundingly defeating Kamala Harris and completing his own political rise from the ashes.
/jlne.ws/4fiZOX6
What Trump's Win Means for Fed Independence
Jeanna Smialek - The New York Times
Donald J. Trump spent his first presidency attacking the Federal Reserve, pushing policymakers to cut interest rates and calling Fed officials names that ranged from "boneheads" to "enemy." That rhetoric is likely to make a return to the White House with Mr. Trump. The Republican has been promising that interest rates will come down on his watch - even though rates are set by the politically independent Fed and the president has no direct control over them. The question looming over markets and the Fed itself is whether Mr. Trump will do more than just talk this time as he tries to get his way. The Fed is in the process of cutting rates, but it is unclear whether it will do so fast enough to please Mr. Trump.
/jlne.ws/3UJ1bGh
Hours after Trump win, Biden moves to limit oil drilling in Arctic National Wildlife Refuge; An oil-and-gas auction is slated for the refuge's coastal plain, which provides critical habitat for caribou, polar bears and other wildlife.
Maxine Joselow - The Washington Post
/jlne.ws/40E8naq
UK will legislate against AI risks in next year, pledges Kyle; Science secretary says voluntary accord with developers of fast-evolving technology is 'working'
Anna Gross and Stephanie Stacey - Financial Times
/jlne.ws/3YWCatG
Former Goldman Executive Named New German Finance Minister
Michael Nienaber - Bloomberg
/jlne.ws/3YT24i3
Germany's Government Puts Itself Out of Its Misery; The country's ruling coalition collapsed on Wednesday, giving the parties an opportunity to reset and make the electorate a new offer.
Katja Hoyer - Bloomberg
/jlne.ws/40BYU3n
Ukraine's Fate Will Shape the Future of the EU, Estonia Says; Estonia's PM Michal urges partners to spend more on defense; Michal will meet other EU leader in Budapest after Trump win
Ott Tammik and Oliver Crook - Bloomberg
/jlne.ws/3YGOwVq
Why CEOs Are Taking Trump's Tariff Threats in Stride
Bloomberg
/jlne.ws/3Crn7iM
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| Regulation & Enforcement | | Stories about regulation and the law. | UK claims managers face complaint fees after minister rejects industry plea; Tulip Siddiq said sector has 'no financial disincentive' for flooding ombudsman with 'poorly evidenced' cases
Martin Arnold and Alistair Gray - Financial Times
Companies that handle consumer complaints are set to face charges when they bring cases to the official UK financial ombudsman, after the government rejected their last-ditch plea to prevent the introduction of fees. City minister Tulip Siddiq told the industry she supports plans to start charging claims management companies to bring complaints to the Financial Ombudsman Service (FOS), in a letter seen by the Financial Times.
/jlne.ws/4ej5qiP
SEC Starts Inquiry Into Santander Use of Messaging Platforms
Jorge Zuloaga - Bloomberg
Banco Santander SA said the Securities and Exchange Commission has started an inquiry into the use of unapproved messaging platforms at its US markets unit. "SanCap is cooperating with the SEC in connection with an inquiry focused on compliance with business-related communications on messaging platforms that were not approved by SanCap," the lender said in a regulatory filing. "The inquiry follows a number of regulatory settlements with other firms covering similar matters."
/jlne.ws/3YVFcym
Donald Trump Has Tools to Fire Powerful Financial Regulator in Term Two
Paige Smith and Katanga Johnson - Bloomberg
Rohit Chopra's crackdowns on illegal car repossessions, home foreclosures and bank overdraft fees made him a hero to consumer groups and a foe of lenders. But his future as head of the Consumer Financial Protection Bureau is jeopardized now that Republican Donald Trump is returning to the White House. In his second term, the president-elect will have the power to fire Chopra, if he doesn't resign first, after a US Supreme Court ruling in 2020 made the CFPB director an at-will employee and susceptible to termination for any reason.
/jlne.ws/3NZd7jk
Winning Createathon Project Uses Large Language Models for Document Tagging
FINRA
The ninth annual Createathon, FINRA's premiere innovation event, took place over the course of three days in late September. Over 530 staffers participated, including 32 competing teams spanning 11 departments as well as volunteers, DeepRacer competitors, and a dance troupe, to name a few. Participants were given nearly four months of runway to form a team, create a solution to a challenge, and deliver a functional prototype for the first round of judging on day two of the event. Competing teams were provided with four challenges to choose from: Data Drag Reduction System, Leverage Your Toolkit, Tune Your Brand, and Freestyle: The Racing Line.
/jlne.ws/4fzupPL
Compliance: Staying on Mission
Keith E. Cassidy, Acting Director, Division of Examinations - SEC
The Division of Examinations supports the SEC's tripartite mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. We oftentimes speak of the Division's mission through the lens of what we refer to as our Four Pillars, which emphasizes our work to (1) promote compliance; (2) prevent fraud; (3) monitor risk; and (4) inform policy. EXAMS has a unique mission and role at the Commission. We're responsible for conducting examinations of financial entities that are required by law to register with the Commission. These registrants include a truly diverse set of financial market participants, including investment advisers, investment companies, broker-dealers, exchanges, FINRA, the MSRB, transfer agents and clearing agencies, among others-we cover a very broad waterfront.
/jlne.ws/48MqLA8
Hobs and Hobbes: Wharton FinTech Lecture
Commissioner Hester M. Peirce - SEC
A well-functioning government creates an environment within which people feel secure enough to invest in long-term creative endeavors. The seventeenth-century philosopher Thomas Hobbes, in a frequently quoted passage, described a government-free world as one in which: there is no place for Industry; because the fruit thereof is uncertain; and consequently no Culture of the Earth; no Navigation, nor use of the commodities that may be imported by Sea; no commodious Building; no Instruments of moving, and removing such things as require much force; no Knowledge of the face of the Earth; no account of Time; no Arts; no Letters; no Society; and which is worst of all, continual fear, and danger of violent death; And the life of man, solitary, poor, nasty, brutish, and short.
/jlne.ws/4fBLhW2
ASIC seeks feedback on proposed guidance on sustainability reporting regime
ASIC
ASIC has today released a draft regulatory guide on the sustainability reporting regime for consultation with stakeholders. From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual statutory sustainability reports containing climate-related financial disclosures.
/jlne.ws/3YGUNQY
Senate Economics Legislation Committee, Supplementary Budget Estimates
ASIC
Opening Statement by ASIC Chair Joe Longo at the Senate Economics Legislation Committee, Supplementary Budget Estimates, 7 November 2024
/jlne.ws/3Cf35rZ
Navigating KiwiSaver Episode 1
FMA
KiwiSaver is an effective and accessible way to save for your retirement or even secure your first home. Whether you're just starting out or already contributing, understanding how to make the most of your KiwiSaver is key to achieving your financial goals. In our new podcast series, Jess talks with Stuart Johnson, Chief Economist at the FMA, about KiwiSaver - how it works, its benefits, and strategies to maximise your investment.
/jlne.ws/4eezP1G
FCA secures convictions against two individuals for £1.5m fraud
FCA
Two individuals have been convicted for their roles in an £1.5m investment fraud following a prosecution brought by the FCA. Between February 2017 and June 2019, Raymondip Bedi and Patrick Mavanga, defrauded at least 65 investors out of £1,541,799. The group cold-called consumers, directing them to a professional-looking website where they were offered high returns for fake investments in crypto.
/jlne.ws/48DhSbM
MAS and SFA Announce FinTech Award Winners at Singapore FinTech Festival 2024
MAS
The Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA) today announced the winners of the Global FinTech Hackcelerator and the Singapore FinTech Festival (SFF) FinTech Excellence Awards at SFF 2024. The winners, comprising financial institutions, FinTechs, solution providers and individuals, were recognised for their innovative solutions and efforts in unlocking key opportunities within the financial services industry.
/jlne.ws/3AlyCYJ
"MAS' FinTech Vision" - Edited Transcript of Fireside Chat by Mr Chia Der Jiun, Managing Director, Monetary Authority of Singapore, with Ms Manisha Tank, Broadcaster & TV Presenter, at Singapore FinTech Festival 2024, on 7 November 2024
MAS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Japanese official warns on 'excess moves' in yen after Trump win boosts dollar; Asian currencies under pressure following US election
Arjun Neil Alim in Hong Kong and Leo Lewis in Tokyo - Financial Times
Japan's top currency diplomat said the government was ready to take action against "excess moves" in the yen as Asian currencies showed further weakness against a resurgent US dollar in the wake of Donald Trump's election victory. The Japanese yen fell past ¥154 against the dollar to briefly hit a fresh intraday low on Thursday taking it to its weakest level since late July. The yen has weakened against the greenback since mid-September as investors bet on slower interest rate rises in Japan.
/jlne.ws/4hE9GfB
Vitol plans metals move to hedge against decline in crude demand; World's biggest independent oil trader expands into materials needed for energy transition
Leslie Hook - Financial Times
Vitol, the world's largest independent energy trader, plans to expand into trading copper, steel, iron ore and aluminium as it hedges against the eventual decline of global oil demand, according to chief executive Russell Hardy. "We quite like the idea of being involved in the bigger metals markets," said Hardy at the Financial Times Commodities Asia Summit in Singapore. "We'll have to find our edge, and our pathway in it. It would be a gradual buildout over the next five years." A metals trading business would help offset the eventual decline of the oil business, with oil demand expected to peak in about 10 years, Hardy added.
/jlne.ws/4hBsSuy
Swiss Re Raises US Liability Reserves, Cuts Profit Target; Shares rise as analysts see reserves step as positive; CEO says move came after comprehensive review of P&C
Noele Illien - Bloomberg
Swiss Re AG said it was raising reserves in its US Property & Casualty business by $2.4 billion in the third quarter, a move analysts said was positive despite a resulting downgrade to full-year profit expectations. "We conducted a comprehensive review of our P&C reserves, considering the latest industry data and legal trends," said Chief Executive Officer Andreas Berger. "We have addressed reserve developments in our entire US liability portfolio, including all prior underwriting years."
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | World on track to exceed warming of 1.5C this year, EU agency says; Data comes as experts fear Donald Trump will deliver on his promise to pull US out of the Paris Agreement
Kenza Bryan - Financial Times
The global temperature rise is expected to hit an average of 1.55C above pre-industrial levels this year, the latest data from the EU earth observation agency confirmed, making it "virtually certain" to be the warmest on record. The forecast temperature rise in 2024 compares with a climb of 1.48C in 2023. It represents a temporary breach of the ideal goal of no more than 1.5C, which is enshrined in the Paris climate agreement, a value that is measured over decades rather than just a single year.
/jlne.ws/3AlWKKJ
Can the renewables boom withstand Trump? The Republican candidate's election victory hit clean energy shares hard
Rachel Millard - Financial Times
Hello, and welcome back to Energy Source, coming to you today from London. Donald Trump's election victory sent renewables shares tumbling yesterday, given concerns he will pull the plug on the US's nascent offshore wind sector and roll back green tax credits. US renewable energy shares were hit hard. NextEra Energy, the country's largest renewable energy developer, slumped 5 per cent, hydrogen developer Plug Power shed a fifth of its value and solar developer Sunrun's stock was down almost 30 per cent. Our main piece delves into what his presidency might mean for renewables in the US and beyond.
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Mining eats into more of the world's forests; Critical minerals rush spurs demand and study finds loss of one in three tree species
Kenza Bryan and Jana Tauschinski - Financial Times
Mining continues to be linked to deforestation around the world as steel, coal, gold and critical mineral extraction projects all eat into the forests that act as vital carbon sinks and limit climate change. Nearly 1.4mn ha of tree cover was lost between 2001 and 2020 in areas where mining and related activities have taken place, analysis of University of Maryland data by the non-profit World Resources Institute has found. This is an area roughly the size of greater Los Angeles. Representatives of almost 200 countries have been gathering at a UN COP16 biodiversity conference in Colombia for the past two weeks to attempt to make good on a landmark agreement they struck in Canada two years ago.
/jlne.ws/3UBhxk3
It would take the impossible to stop 2024 from becoming the hottest year on record
Kasha Patel - The Washington Post
Scientists with the European Union's climate monitoring program say they are "virtually certain" that 2024 will become the warmest year on record. It will also probably be the first full calendar year when temperatures rose more than 1.5 degrees Celsius above the preindustrial average - a critical line signaling that Earth is crossing into territory where some extreme climate effects may be irreversible.
/jlne.ws/40BzZgz
Record drought in Amazon impacts 420,000 children: UNICEF
Yahoo News
More than 420,000 children in the Amazon basin are being badly affected by a drought parching much of South America that is impacting water supplies and river transport, UNICEF said Wednesday. The record-breaking drought is taking a toll on Indigenous and other communities in Brazil, Colombia and Peru reliant on boat connections, the UN agency said.
/jlne.ws/4hEdAVN
Europe's Dark, Windless Days Show Risk of Renewables Rollout; Power prices spiked to energy crisis levels this week; l Clean energy expansion needs to be matched by storage
Eamon Farhat - Bloomberg
Europe's power prices soared to levels last seen during the energy crisis this week. Only it wasn't a war or other geopolitical events that caused it, but the dark, windless weather that is all too common during winter. The continent has rapidly expanded its capacity to generate wind and solar power, but still relies on costly hydrocarbons as a back up. For instance, while Germany gets more than 49 gigawatts of wind power on the gustiest days, only around 1% of that record was being generated on Wednesday, with expensive fossil fuels plugging the gap.
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Europe's winter gas supplies at risk from market disruptions; Region replaced Russian pipeline imports with globally traded LNG, which is more susceptible to price rises
Shotaro Tani and Alan Smith - Financial Times
/jlne.ws/40Dugqy
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Sachs to name biggest partner class since 2010; Wall Street investment bank to promote 95 people to coveted title in biennial process
Joshua Franklin - Financial Times
Goldman Sachs has appointed 95 new partners in its biennial process to refill the Wall Street bank's senior ranks, according to people familiar with the matter, the bank's biggest class of partners since 2010. While Goldman stopped being a formal partnership when it went public in 1999, the investment bank still confers the partner title on a select group of employees to convey seniority and importance. It remains one of the most sought-after titles on Wall Street.
/jlne.ws/3UFiAzA
Banks face growing risk as double defaults on commercial loans mount; A bank practice known as 'extend and pretend' has delayed a write-off reckoning but may hide a growing systemic risk
Stephen Gandel - Financial Times
The number of US borrowers in danger of defaulting a second time on commercial property loans is at the highest level in a decade, raising concerns that a bank practice known as "extend and pretend" is hiding growing systemic risk. "They are kicking the can down the road," said Ivan Cilik, a principal with accounting firm Baker Tilly's financial services group. "I think lenders are trying to work out the problems with these loans, but if rates don't come down borrowers are not going to be able to make payments."
/jlne.ws/3YGNNDG
India plans to merge regional rural banks to streamline operations
GlobalData
The Indian government has proposed a consolidation plan for regional rural banks (RRBs), aiming to reduce their number from 43 to 28. This move is expected to help these banks cut costs and strengthen their capital base, as per a government document, reported Reuters. The proposal is part of a strategy to have one regional rural bank per state, which could result in operational efficiencies.
/jlne.ws/3UEKEmN
Invesco launches ETFs focusing on AI, cyber security and defence; Manager is using Kensho benchmarks that use natural language processing to build underlying thematic indices
Alf Wilkinson, Ignites Europe - Financial Times
Invesco has bolstered its range of thematic exchange traded funds with the launch of strategies focused on the trends of artificial intelligence, cyber security and defence. The Invesco Artificial Intelligence Enablers, Cybersecurity and Defence Innovation Ucits ETFs follow benchmarks constructed by Kensho, a division of S&P Global Indices with expertise in the application of AI and other technologies. To build the three global indices, Kensho uses natural language processing as an initial screen to identify companies with potential exposure to key concepts associated with each theme. Its analysts further assess each of the companies identified and assign theme exposures accordingly.
/jlne.ws/3Yw285K
BlackRock's electronic trading head Daniel Mayston departs; Mayston's new role is unconfirmed; his responsibilities will be transferred to other members of the global trading team at BlackRock.
Annabel Smith - The Trade
BlackRock's head of electronic trading and market structure for EMEA, Daniel Mayston, has left the asset management giant, The TRADE can reveal. A BlackRock spokesperson confirmed his departure. His next role is unconfirmed. The TRADE understands it is outside of trading. Mayston has been with BlackRock for almost two decades, originally joining in 2006 as a quantitative alpha and execution researcher. He took on the role of global head of trading research in 2013 before assuming his most recent and current role as electronic trading and market structure head for EMEA in 2016.
/jlne.ws/4feWmwN
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Employers look to AI tools to plug skills gap and retain staff; Technology can help boost corporate productivity and improve employees' career prospects
Bethan Staton - Financial Times
Concerns about artificial intelligence's disruptive effects on the workplace often dominate discussions about how the emerging technology will impact the labour market. Much commentary on the topic veers from bleak predictions of the destruction of jobs and outmoding of traditional skills to celebrations of the fortunes on offer to those who can unleash AI to boost performance. However, for some employers and educators, AI is already helping to smooth out the acquisition of skills, and to improve existing jobs. They say the technology can help organisations assess worker skills, plan for emerging needs and train their staff - boosting corporate productivity and staff career prospects.
/jlne.ws/3YzTW4J
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The doctors pioneering the use of AI to improve outcomes for patients; Faster diagnostics, more targeted treatment and better communication are among areas of healthcare already benefiting from artificial intelligence
Sarah Neville - Financial Times
Few industries are more ripe for creative disruption than healthcare, which consumes huge sums of public and private funding while still battling to meet demand from growing and ageing populations around the world. As a result, artificial intelligence is increasingly becoming a force to be reckoned with in the medical field. But, as in many industries, its full potential is only now starting to emerge, and uncertainty remains about exactly how AI can best be harnessed to deliver better, more efficient care - and improve the experiences of patients and healthcare staff.
/jlne.ws/4hEJgdS
Yoga may help reduce lower back pain, study says; Participants who engaged in a 12-week virtual yoga program reported feeling less pain and better sleep.
Caitlin Andrews - The Washington Post
Regular practice of yoga can reduce lower back pain, improve sleep and lessen reliance on pain medication, according to a study conducted by Cleveland Clinic researchers. The randomized clinical trial studied 140 Cleveland Clinic employees who had disclosed moderate amounts of pain for at least three months. Participants who engaged in a 12-week virtual yoga program reported feeling less pain and better sleep when compared with those who did not have access to the program.
/jlne.ws/3AlKxFV
Brush Your Teeth in the Middle of the Day-Even at the Office; Just don't floss at your desk
Alex Janin - The Wall Street Journal
We know it can be a little gross. But brushing in the middle of the day-even when you're at work-can do your teeth a favor. Most of us grew up with brush twice a day burned into our brains. Many oral health practitioners say you needn't stop at two. A midday tooth-brushing can help clear away plaque-promoting remnants of your afternoon doughnut, sweetened latte and even your mediocre $15 desk salad.
/jlne.ws/4hCvZSO
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Spate of business scandals puts Australian boards on notice; A common thread to the controversies has been whether oversight of the country's largest companies has been bent to the will of powerful executives
Nic Fildes - Financial Times (opinion)
Chris Ellison, a brash Australian billionaire, made global headlines in August when he declared that he wanted to keep his staff at his company's head office in Perth "captive all day long". The founder and managing director of Australian miner Mineral Resources singled out staff leaving the building to buy coffee as the sort of thing that costs companies money. Ellison is now cutting a more humble figure after stepping down as managing director of Mineral Resources after a review found he engaged in "profoundly disappointing" conduct in relation to payments to companies connected to him.
/jlne.ws/4fdeabx
Vietnam Sets Dong Fix Rate at Record Low Amid Dollar Strength
Matthew Burgess - Bloomberg
Vietnam set its reference rate for the dong at a record low, setting the stage for more weakness in the Southeast Asian nation's currency as the dollar's surge pummels emerging markets. The State Bank of Vietnam set the currency fixing at 24,283 dong per dollar on Thursday, the weakest since at least 2005, according to data compiled by Bloomberg. The dong was little changed at 25,402 per dollar on the day, about 0.3% away from a record low.
/jlne.ws/4fCrg1L
Turkey Inspects Local Banks' Lira Liquidity Trades Abroad; Sell/buy-back trades are similar to repo transactions; Liquidity operations may be inflating official inflows data
Kerim Karakaya, Beril Akman, and Asli Kandemir - Bloomberg
Turkish officials have been scrutinizing repo-like transactions by local lenders that allow them to access cheaper lira funding abroad and which may be inflating official data on foreign inflows, according to people familiar with the matter. The central bank asked several banks for more information about the transactions, also known as sell/buy-backs, in recent weeks, the people said, asking not to be named because the requests weren't public. Some local lenders have paused those transactions following the inquiries, the people said.
/jlne.ws/4fBmbXp
Nigerian Naira Plumbs Fresh Lows to Dollar as Liquidity Dwindles; High yields fail to lure inflows as real rate remains negative; FX market seeing low liquidity despite central bank's measures
Emele Onu - Bloomberg
Record-high fixed-income yields and central bank intervention have failed to stem the naira's slide, with the Nigerian currency hitting a fresh record low this week. The naira weakened 0.6% to 1,681 per dollar on Wednesday, according to FMDQ, which calculates the exchange rate. The currency has lost 72% of its value since reforms in June 2023 that allowed it to trade freely.
/jlne.ws/3NXO1kX
Zimbabwe's ZiG Wipes Out 330% Stocks Rally; Volume of trades and value of transactions have also plunged; Regulator says most capital-market participants moved to ZiG
Ray Ndlovu - Bloomberg
Zimbabwe's new currency has wiped out a gain of more than 330% on the stock market this year, leaving investors dealing with the fallout. The ZiG, short for Zimbabwe Gold, was launched on April 5 and succeeded the Zimbabwean dollar, which had lost 80% of its value this year. The new currency has so far gained more than 2% against the US dollar since its debut.
/jlne.ws/4hOpc8W
Can the Capital Markets Union save Europe from mediocrity? A disparate and fragmented European Union is thwarting the continent's ability to compete effectively with the largest markets in the world. But a new political impetus has reinvigorated the consolidation agenda, with a view to challenging national frameworks and bringing growth back to the region, writes Chris Lemmon.
Chris Lemmon - The Trade
The EU has a problem. It's falling behind. Growth has been largely stagnant across the continent for the last two decades, with a wide number of metrics pointing to an ever-increasing investment and growth gap with the US. The recently-published EU competitiveness report, penned by former prime minister of Italy Mario Draghi, is the latest in a long line of research projects that has shone a spotlight on the EU capital markets, reaching a similar conclusion to those gone before it: things need to change. If the EU wishes to be a competitive force on the global stage, there has to be a fundamental rethink of how the bloc operates.
/jlne.ws/3CfZhGO
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