| April 25, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
President Joe Biden announced via a three-minute video that he is running for re-election, urging voters to let him "finish the job," The New York Times reported. The announcement potentially pits him against former President Donald Trump, assuming both win their party's nomination for the presidency.
Congratulations to the CME Group on the successful conversion of Eurodollar futures, options and cleared swaps to SOFR-based derivatives.
What is the "New York Climate Exchange"? It is a new 400,000-square-foot hub that is a living laboratory for climate solutions led by a consortium led by Stony Brook University on New York's Governors Island, The New York Times reported. The campus will open in 2028 and will focus on researching climate solutions and training for green jobs.
Former CFTC Chairman J. Christopher Giancarlo will be speaking at Consensus on Wednesday, April 26 at 4:15 PM CDT for 15 minutes on the "Fight for the Digital Future of Money."
Tucker Carlson was fired by Fox News yesterday following the settlement of the Dominion Voting Systems Inc lawsuit that saw Fox agree to give Dominion $787.5 million. Fox's stock price dropped by $500 million following the news of the controversial television prime-time host, Bloomberg reported. Carlson's bosses reportedly did not like his badmouthing of employees or senior executives, especially ones with the last name of Murdoch.
In a strange, right-left coincidence, word that CNN had fired Don Lemon broke about the same time as the Tucker Carlson news. Lemon, a long-time CNN prime-time host, had run into problems with some comments about women, Bloomberg reported.
When I was a runner on the floor of the Chicago Board of Trade during the summer of 1981 for Shearson American Express, one sure way to tell if the market was going to rally was a line of runners queuing in front of a buy broker in one of the major commodity pits. Well today, there is another way to tell a commodity is going to go up: watching the number of Google searches. The Wall Street Journal reports that the search term of "How to Buy Gold" hit a Google record as crypto investors are chasing the world's oldest asset.
Bloomberg says in-person conferences are in and I am at an in-person conference in Nashville, the Options Industry Conference.
Unfortunately, I can't be at multiple places at the same time. Today, Eurex is holding its first OpenDayChicago to network and discuss its trading roadmap, product releases and updates. Eurex CTO Wolfgang Eholzer is in town to help showcase the development of Eurex's trading platform, T7 and to share Eurex's perspective on the next steps to make T7 even better.
I misspoke yesterday, the Cboe Global markets 50th celebration will not be today, but tomorrow on the actual anniversary. They will have ceremonies around the opening and closing bells.
UBS decided that share buybacks should be put on hold while it swallows the whale that is Credit Suisse. Bloomberg reports on the story. Bloomberg also reports that UBS is poised to report the largest profit for an investment bank in history, due to the low price it paid for Credit Suisse, $3 billion, and the book value of the firm, $54 billion. This will create a $51 billion profit due to negative goodwill, Bloomberg said.
The Chicago Fed Money Museum will reopen its doors to the public on May 3, 2023.
Tom Pawlicki is starting a new position as senior analyst at R.J. O'Brien.
R.J. O'Brien is hiring a new ethanol operations desk analyst in Greenwood Village, Colorado. Apply HERE. RJO is also looking for a staff accountant in Chicago. Apply HERE.
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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Ilan Levy-Mayer Shares the History of Cannon Trading and its Path to Electronic Trading
JohnLothianNews.com
Ilan Levy-Mayer was interviewed by John Lothian News for the Path to Electronic Trading Video series. Mayer joined his brother in the futures broker business in Los Angeles after Ilan's hopes for a basketball career were cut short by an injury.
Levy-Mayer's brother was a jewelry dealer who started trading silver back in the early 1980s. Mayer, or Mike as Ilan's brother was known, had success in the bull market of the metals, but less success when prices went down. He then decided to become a commodity broker.
Watch the video »
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MEMX CEO Jonathan Kellner talks about the launch of MEMX Options, the SEC's equity market proposals, and becoming a technology provider
JohnLothianNews.com
John Lothian News met up with Jonathan Kellner, the CEO of Members Exchange, aka MEMX, at the FIA International Futures Conference at Boca Raton in March. Unfortunately, we had some glitches with the video so we are presenting the interview as an article instead.
JLN asked Kellner for an update on MEMX options, which the exchange plans to launch in August 2023. The exchange got approval from the SEC in the fall, and in March, MEMX announced the completion of a round of equity funding led by Optiver.
Read the rest »
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Fox News Ousts Tucker Carlson; Fox took issue with prime-time host's private remarks that were derogatory toward network employees
Joe Flint, Isabella Simonetti and Keach Hagey - The Wall Street Journal
Fox News parted ways with prime-time host Tucker Carlson, a surprising move that comes after he made disparaging remarks about colleagues at the network that were disclosed during a legal battle with a voting-machine company. Mr. Carlson's departure puts an end to a decade-plus tenure at the conservative news network during which he rose to become the highest-rated host in prime-time cable news.
/jlne.ws/41SFYLd
***** More kindness, less baloney goes a long way. And don't badmouth the boss.~JJL
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University of Chicago Is First to Settle in Financial Aid Price-Fixing Lawsuit; Brown, Yale, Columbia, Georgetown, and twelve other schools have yet to settle.
Lexi McMenamin - Teen Vogue
Last week, the University of Chicago became the first of 17 schools accused in a class action lawsuit of overcharging students by billions to agree to settle some claims in court. The settlement applies only to U Chicago, not to any of the other universities involved in the suit. The full list of schools includes: Brown, Yale, Columbia, Georgetown, MIT, the University of Pennsylvania, Cornell, Northwestern, California Institute of Technology, Dartmouth, Emory, Duke, Notre Dame, Rice, Johns Hopkins, and Vanderbilt.
/jlne.ws/3V4lxsw
****** What happened to the University of Chicago being one of the last bastions of free markets? Is price-fixing part of free markets?~JJL
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Goldman Sachs Hosts HBCU Students and Awards $5M in Grants at Third-Annual Market Madness Final Competition
Goldman Sachs
Today, Goldman Sachs held its third-annual Market Madness competition, the culmination of Goldman Sachs' HBCU Possibilities Program, with Spelman College taking home first place and a $1 million grant. Five finalist teams - representing HBCUs Florida A&M University, Howard University, Morgan State University, Spelman College and Texas Southern University - presented case studies to top Goldman Sachs executives to compete for grants ranging from $125,000 to $1 million for their institutions.
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***** Nice program by Goldman. Could have been even nicer with some more zeros involved.~JJL
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Monday's Top Three
Our top clicked story Monday was the video Cryptocurrencies II: Last Week Tonight with John Oliver, from HBO. Second was The ten largest stock exchanges in the world, listed, written by ChatGPT in Cantech Letter. Third was Day Traders Lose $358,000 Per Day Gambling on Zero-Day Options, from Bloomberg.
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MarketsWiki Stats
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Twitter poses a risk to the financial system and helped fuel the SVB run, says first major study to investigate the topic
Will Daniel - Fortune
In 1982, after Oklahoma's Penn Square Bank failed, Republican Rep. Ed Weber of Ohio scolded regulators during a hearing, calling the collapse "an indictment of the regulatory system." But officials at the Comptroller of the Currency, which was responsible for auditing Penn Square, fired back, blaming fellow regulators and the bank's management for relying on high-risk energy loans.
/jlne.ws/3L5ahrh
Crypto's Anti-Establishment Zeal Runs Headfirst Into Bankruptcy Bureaucracy; Angry retail investors are speaking up in complex legal brawls over the remains of Voyager, Celsius and BlockFi.
Steven Church and Amelia Pollard - Bloomberg
A certain breed of retail investors piled their money into crypto for its anti-establishment qualities. Avoiding big banks or hidebound regulators sweetened the taste of uncanny returns. Crypto firms stoked that sentiment, pulling in investor money by promising a world of "unparalleled economic freedom," as Celsius Network put it, or to make "crypto for all" a reality, in the words of Voyager Digital.
/jlne.ws/3oLd8xV
Why Europe's stock markets are failing to challenge the US; In the second part of a series, the European dream of building bourses to rival those in America faces practical, political and cultural obstacles
Katie Martin and Nikou Asgari - Financial Times
In 2006 the London Stock Exchange scoffed at the overseas suitors casting eyes in its direction. At the time, bourses in Europe were locked in a dizzying dance of potential marriages. Several of the biggest had already united to form Euronext. Germany was trying to position itself as a global leader. Supersized US rivals were circling, looking to snap up European markets and create transatlantic powerhouses for listings and trading.
/jlne.ws/41DFith
'How to Buy Gold' Hits a Google Record as Crypto Investors Chase World's Oldest Asset; The old-school precious metal has new allure for a generation seeking a respite from the cryptocurrency roller coaster
Hardika Singh - The Wall Street Journal
For three years, Mitch Day rode bitcoin's wild swings, through the record highs of 2021 to the cold-water plunge of 2022. Mr. Day and a number of his cryptocurrency compatriots have since turned to the asset favored by pharaohs, pirates and Scrooge McDuck, helping drive an outbreak of gold fever.
/jlne.ws/3Hcuieg
SEC's Climate-Disclosure Rule Isn't Here, but It May as Well Be, Many Businesses Say; Legal challenges to the regulator's proposed mandate for emissions tracking are all but certain, but many companies see value in assessing their suppliers even if so-called Scope 3 rules get watered down
Richard Vanderford - The Wall Street Journal
A sweeping U.S. climate-disclosure rule isn't yet in place, and it is sure to face legal challenges when it is, but many companies have begun assessing greenhouse-gas emissions from parties in their supply chain as if it were.
/jlne.ws/3AsX2eZ
How a Star Banker Supercharged a Struggling Financial Stock; Italy's UniCredit, revived under former UBS banker Andrea Orcel, is showering investors with payouts
Patricia Kowsmann - The Wall Street Journal
The financial world may be in a serious rough patch, but one bank stock has more than doubled over the past year, propelled by an audacious goal: turning a once-troubled Italian lender into a profit machine.
/jlne.ws/3L9XZh8
The Only Way to Stop Bank Runs Is to Get Rid of Banks; Tweaking liquidity rules won't end bank failures and more radical solutions are too inflexible
Paul J. Davies - Bloomberg
The failures of Silicon Valley Bank, Credit Suisse Group AG and others have gotten financial authorities thinking again about bank runs and liquidity regulations - and whether some rules ought to be tweaked to make the system safer. Mostly, though, the debate misses the point. The only way to guarantee an end to bank runs is to get rid of banks. That isn't as flippant as it sounds: It has been one of the ideas often proposed since the 2008 financial crisis, under the name of narrow banking. It's a idea I don't buy, as I'll explain.
/jlne.ws/41Bpck5
Coinbase to Face Established Rivals in International Push; Company plans to launch a crypto-derivatives exchange in Bermuda
Vicky Ge Huang and Paul Kiernan - The Wall Street Journal
To fend off a regulatory clash at home, Coinbase Global Inc. has been trying to expand into international markets. But some analysts are skeptical that the company can catch up to its deeply entrenched rivals overseas. The largest cryptocurrency exchange in the U.S. said last week that it plans to launch a crypto derivatives exchange in Bermuda in the coming weeks after obtaining a regulatory license to operate in the country.
/jlne.ws/43Zc7CK
Coinbase Is Taking the SEC to Court. It's The Latest Salvo in Crypto's Regulatory Wars.
Joe Light - Barron's
Coinbase Global last year heard crickets when it asked the Securities and Exchange Commission to make new rules for crypto. Now it wants a court to force the SEC to respond. The crypto trading platform on Monday said it had filed a petition to a U.S. appeals court for a "writ of mandamus" to the SEC that in effect would order the agency to respond to a plea the company made last year for formal rule making on digital assets.
/jlne.ws/40BvQpg
Coinbase Takes Jab at SEC With Lawsuit Over Rule Petition; Company wants court to compel regulator to respond to petition; SEC told crypto firm that it plans to take enforcement action
Allyson Versprille, Olga Kharif and Yueqi Yang - Bloomberg
Coinbase Global Inc., the largest US crypto trading platform, isn't waiting for the SEC to make the first move in what is expected to be a prolonged legal battle between the two. The digital-asset firm asked a court Monday to compel the US Securities and Exchange Commission to respond to a rulemaking petition the company submitted last year. The company, in a lawsuit filed with a federal appellate court in Philadelphia, argued that the agency hasn't been reasonable or prompt in providing a response.
/jlne.ws/40GJZBk
Coinbase Asks Court to Force SEC to Clarify Crypto Regulations
Andre Beganski - Decrypt
Cryptocurrency exchange Coinbase took action against the Securities and Exchange Commission (SEC) late Monday, asking a federal court to compel the agency to respond to its demand for clearer crypto regulations.
/jlne.ws/41Wj59D
Jes Staley says JPMorgan using him as 'shield' for Epstein failures
Jonathan Stempel - Reuters
A former JPMorgan Chase & Co executive who befriended Jeffrey Epstein urged a U.S. judge to throw out the bank's lawsuit against him, accusing JPMorgan of deflecting blame for its own failures in working with the late sex offender.
/jlne.ws/3V77KS3
Crypto Exchange Binance Is Back in Russia, Lifts Restrictions on Russian Users: Report
Anna Baydakova - CoinDesk
Binance, the world's largest cryptocurrency exchange by trading volume, quietly lifted restrictions on Russian citizens and residents it had imposed over a year ago. In March 2022, after the European Union placed sanctions on Russia in response to its attack on Ukraine, Binance announced it would not support deposits from Visa and Mastercard cards issued in Russia, as well as any Visa and Mastercard deposits made from the Russia.
/jlne.ws/3oBLPpT
UBS Pulled in $28 Billion in Run-Up to Credit Suisse Deal; Inflows include $7 billion in days after deal was announced; Profit misses estimates as firm sets aside money for RMBS case
Myriam Balezou - Bloomberg
UBS Group AG attracted $28 billion from wealthy clients in the months running up to its takeover of Credit Suisse Group AG, in an early indication of how many assets the combined firms will be able to retain. The net new money at the firm's global wealth management business included $7 billion that came in the 10 days after the takeover of its smaller rival was announced. By comparison, Credit Suisse clients pulled about $53 billion from its wealth unit during the quarter.
/jlne.ws/3V3ggBk
Fox Fired 'Uncontrollable' Host Tucker Carlson, Who Badmouthed Bosses; Lachlan Murdoch made the decision to fire him Friday night; Other conservative networks say they'd like to hire him
Christopher Palmeri and Gerry Smith - Bloomberg
Fox News, in announcing Monday that it's parted ways with Tucker Carlson, is losing a host who brought in millions of viewers but proved too much to handle even for corporate chiefs Rupert and Lachlan Murdoch. Lawyers for Dominion Voting Systems Inc. uncovered evidence that Carlson insulted his management, colleagues and guests. A still unresolved suit by former Fox producer Abby Grossberg accuses the popular host of misogyny and contributing to a hostile workplace.
/jlne.ws/3H8t7ws
Tycoon Once Dubbed 'China's Warren Buffett' Sells Billions in Assets to Revive Firm
Venus Feng - Bloomberg
Billionaire Guo Guangchang was sipping baijiu when he decided to kick off a $2 billion sale, his biggest in recent years. His choice of liquor - from Shede Spirits Co., a brand under his Fosun International Ltd. portfolio - was particularly momentous: "she de" means "let go" in Chinese. Pummeled by China's credit crisis and a 95% profit plunge last year, Fosun has offloaded some $4.8 billion of assets since May, including the sale of its holding in the parent of Nanjing Iron & Steel Co. that was renegotiated this month.
/jlne.ws/3KXjmSY
Qontigo licenses the STOXX Europe Luxury 10 index to Samsung AM, as European luxury goods market rebounds
Qontigo
Qontigo has licensed the STOXX Europe Luxury 10 index to Samsung Asset Management, to serve as an underlying index for an inaugural ETF listing on the Korea Exchange. The index comprises ten of the largest European companies in the luxury goods sector, including some of the world's most iconic premium brands: Dior, Hermès, LVMH and Moncler.
/jlne.ws/41DYqr8
'Crypto is dead in America' thanks to regulators, says investor Chamath Palihapitiya, who once thought Bitcoin could hit $200,000
Nicholas Gordon - Fortune
Venture investor Chamath Palihapitiya, who once thought that Bitcoin had "effectively replaced gold", now thinks that "crypto is dead in America" due to U.S. regulatory pressure on the sector.
/jlne.ws/3oFwkxl
UBS Gets to Work Selling the Swiss on Its Credit Suisse Deal; Ermotti seeks to persuade a skeptical public on the merits of the rescue.
Paul J. Davies - Bloomberg
Sergio Ermotti's first mission in his second stint as UBS Group AG chief executive officer is political: He is campaigning to get the Swiss public behind the $3 billion-plus rescue of rival Credit Suisse AG. That was the aim of Ermotti's first earnings call since the deal was forged - at least as much as explaining UBS's slightly disappointing first-quarter numbers reported Tuesday and its muted outlook for the year. Credit Suisse is potentially a hugely valuable deal for UBS shareholders, but details on plans for the combination remain scant. UBS can't say much to investors or to its former rival's staff until the transaction closes, which should happen next month.
/jlne.ws/3LtiBSY
TP ICAP invests in data sharing and workflow platform ipushpull; Alongside the Series A investment, TP ICAP will take a minority stake in ipushpull as the platform looks to accelerate growth.
Wesley Bray - The Trade
TP ICAP has invested in real-time data sharing and workflow platform ipushpull as part of a Series A funding round. The investment is the first institutional funding received by ipushpull and will see TP ICAP take a minority stake in the business.
/jlne.ws/41AiGtZ
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Allies resist US plan to ban all G7 exports to Russia; EU and Japanese diplomats say that Washington's proposal is 'simply not do-able'
Henry Foy, Kana Inagaki and Demetri Sevastopulo - Financial Times
The EU and Japan have pushed back against a US proposal for G7 countries to ban all exports to Russia, as part of negotiations ahead of a summit of the world's most advanced economies. A G7 leaders' statement being drafted for their meeting in Hiroshima next month includes a pledge to replace the current sector-by-sector sanctions regime against Russia with a complete export ban with a few exemptions, according to documents seen by the Financial Times.
/jlne.ws/3NcgLHI
Ukrainian officials planned 'mass strikes' on Moscow and other cities 'with everything' they had, but they stood down after US intervention: report
Ryan Pickrell - Business Insider
Officials in Kyiv were planning strikes on Moscow, among other targets, on the first anniversary of Russian President Vladimir Putin's invasion of Ukraine, but US intervention led them to stand down, The Washington Post reported Monday, citing classified documents.
/jlne.ws/3nalte9
How Putin spent 20 years rebuilding Russia's military 'and then just simply destroyed it' in Ukraine, according to an expert who watched it happen
Christopher Woody - Business Insider
When Russian President Vladimir Putin assumed power in 1999, the Russian military had gone through a decade of post-Soviet decay. Over the next 20 years, Putin and his military leaders rebuilt that force into one capable of a range of operations around the world, with advanced warships and aircraft and well-armed troops - all backed up by the world's largest nuclear arsenal.
/jlne.ws/3ApFu3B
Russian Billionaire Pumpyansky Blasts EU Bans as Political Hostage-Taking; Steel tycoon Pumpyansky and family challenge EU sanctions; EU court hearing is first in dozens of pending Russian appeals
Stephanie Bodoni - Bloomberg
Russian billionaire Dmitry Pumpyansky attacked European Union sanctions against him and his family as making them "collateral damage" in the bloc's foreign policy efforts to thwart President Vladimir Putin. Pumpyansky, his wife and son were sanctioned following Russia's invasion of Ukraine subjecting them to stringent travel bans and asset freezes. The listings are "based on an abuse of power" and serve "no understandable, no reasonable purpose under the EU foreign policy goals," one of the family's lawyers told the EU's lower court on Tuesday.
/jlne.ws/3Hf9Edv
Russia's Crude Exports Still Show Little Sign of Production Cuts; Shipments remain close to 3.4 million barrels a day for a second week
Julian Lee - Bloomberg
Russia's crude oil exports are showing no sign of dropping, even as the government says output has been cut. Flows from Russian ports were virtually unchanged after the previous week's recovery, averaging 3.4 million barrels a day, according to tanker-tracking data compiled by Bloomberg. Strong demand from Russia's remaining buyers - mostly confined to China, India and Turkey - helped volumes hit a new high on a four-week average basis.
/jlne.ws/3L4yjm7
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Completes Key Milestones in Conversion of Eurodollar Futures, Options and Cleared Swaps to SOFR-Based Derivatives
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it successfully converted 7.5 million contracts of Eurodollar futures and options open interest and $4 trillion in cleared USD LIBOR swaps to corresponding SOFR derivatives in April. "With the successful completion of these conversion milestones, we are taking a major step forward in completing the industry's adoption of SOFR as the leading U.S. dollar interest rate benchmark," said Agha Mirza, CME Group Global Head of Rates and OTC Products.
/jlne.ws/3LqQGTK
MIAX Announces Launch of New Website Designed to Support Growth and Expansion
MIAX
Miami International Holdings, Inc. (MIH), owner of Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl), MIAX Emerald, LLC (MIAX Emerald), Minneapolis Grain Exchange, LLC (MGEX), The Bermuda Stock Exchange (BSX), and Dorman Trading LLC, today announced the launch of its new corporate website, www.miaxglobal.com.
/jlne.ws/3V2GfZV
The BME Ombudswoman Office receives more than 2,200 queries in 2022
BME-X
97% of the enquiries come from retail investors and concern stock market information and aspects such as securities commissions excluded from the enquiry process; 83% of complaints are finally processed as enquiries, either by clarification from the Office or by providing additional information. BME Ombudswoman Office, which this year presents a unique report for the four Spanish stock exchanges to provide a joint view of investor concerns, received more than 2,200 queries last year. Around 1,600 were calls and more than 600 were e-mails. A number of queries were also received by post. Retail investors accounted for 97% of the requests for information, compared to 2% from market members and financial institutions and 1% from issuers.
/jlne.ws/3oxFpYM
UCT business duo lead the charge and win first monthly prize in JSE Investment Challenge
JSE
"Cape Capital", a friend duo from the University of Cape Town (UCT) have won the monthly prize in the Speculator Portfolio University category of the JSE Investment Challenge for March. Designed to highlight the importance of investing and to increase financial literacy among South African school learners and tertiary students, the Investment Challenge provides participants with an opportunity to invest a virtual amount of R1 million on the stock market in actual JSE listed shares over a six-month period. Their performance is tracked and measured against other competitors, with top-performers eligible for outstanding prizes after the floor closes in September.
/jlne.ws/41XmRzK
NYSE, NYSE American, NYSE American Options, NYSE Arca Equities, NYSE Arca Options, NYSE Bonds, NYSE Chicago, NYSE National
NYSE
On October 14, 2023, NYSE, NYSE American, NYSE American Options, NYSE Arca, NYSE Arca Options, NYSE Bonds, NYSE Chicago, NYSE National, FINRA/NYSE TRF and Global OTC (collectively, "NYSE") will conduct business continuity and disaster recovery testing during the SIFMA coordinated industry test. Market participants that meet criteria established by the NYSE exchanges for designation as a required participant ("Required Participants") will be notified by NYSE by May 2023.
/jlne.ws/3HcmxFp
Circular of Shanghai International Energy Exchange on Trading Adjustments for the International Workers' Day 2023
Shanghai Futures Exchange
Shanghai International Energy Exchange has released its Circular on Trading Adjustments for the International Workers'Day 2023 as follows: In accordance with Trading Schedule during National Holidays for Year 2023, Shanghai International Energy Exchange (hereinafter referred to as "INE") hereby notifies the trading adjustments for The International Workers'Day 2023 as follows.
/jlne.ws/3oMGo7q
New Cooperation Agreement signed between LuxSE and MOX
Luxembourg Stock Exchange
During the official visit of the Macao Special Administrative Region (SAR) to Luxembourg this week, the Luxembourg Stock Exchange (LuxSE) and Chongwa (Macao) Financial Asset Exchange Co., Ltd (MOX) seized the opportunity to sign a new Cooperation Agreement - an important next step in the collaboration between the two institutions that started in 2020. In the presence of Mr Ho Iat Seng, Chief Executive of Macau SAR, Mr Hua Ning, Ambassador of the People's Republic of China to Luxembourg and Mr Marc Huebsch, Luxembourg Ambassador to China, LuxSE and MOX yesterday joined forces for the third time to sign a Cooperation Agreement that extends the scope of the two international exchanges' collaboration to include the admission of MOX-listed securities for listing and trading on LuxSE's exchange-regulated market, the Euro MTF.
/jlne.ws/3Atp8a6
Moscow Exchange to hold MOEX Home Talks with Polyus Department Director Viktor Drozdov
MOEX
On April 27, 2023, the Moscow Exchange will host MOEX Home Talks with Viktor Drozdov, Director of Business Communications and Investor Relations at the gold mining company Polyus. The meeting will be moderated by Natalia Loginova, Director of Issuer Relations at the Moscow Exchange.
/jlne.ws/3Aqopq8
Moscow Exchange has updated the service of indicative quotes on the bond market
MOEX
On April 24, 2023, the Moscow Exchange introduced an updated version of the indicative quotes (quotas) service on the bond market. This product helps participants in finding a counterparty according to the specified parameters.
/jlne.ws/3V8b3sk
Moscow will issue green bonds for the population on Financial Services
MOEX
The Moscow government will issue green bonds for the population, which will allow citizens to invest in the city's most important environmental projects. The placement will begin at the end of May on the financial platform of the Moscow Exchange Finuslugi. The volume of the bond issue will amount to two billion rubles, the circulation period will be two years. The bonds provide for the payment of a quarterly coupon, the interest rate on the coupon will be determined before the start of placement based on market conditions.
/jlne.ws/3HcDgYY
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | As 6G Wireless Approaches, 5G Is Still Searching for Its Purpose
Austin Carr - Bloomberg
During AT&T Inc.'s earnings call last week, an analyst asked Chief Executive Officer John Stankey how the wireless giant would usher in the next wave of computing. AT&T, the analyst noted, had played a critical role in the rollout of Apple Inc.'s original iPhone, so what talks was the company having with device makers about the wireless gadgets of tomorrow?
/jlne.ws/41HaDeL
ipushpull receives investment from TP ICAP as firm targets accelerated growth
Steve Tassell - ipushpull
ipushpull, the real-time data sharing and workflow platform, today announces that it has received investment from world-leading liquidity and data solutions provider, TP ICAP, in a Series A funding.
/jlne.ws/3n0SSIe
CUSIP Global Services Announces New Product and Service Enhancements; Introduces Expanded Data Fields, New Counterparty Risk Reports and Industry Utility Improvements
CUSIP Global Services
CUSIP Global Services (CGS) has implemented a series of product and service enhancements designed to improve the efficiency and transparency of financial markets. Provided at no additional cost to all CGS customers, these improvements include an expansion of the standard CUSIP data field to include reference to all securities designated 13(f) by the Securities and Exchange Commission (SEC), the introduction of a new series of counterparty risk reports highlighting all CUSIPs associated with high profile bank failures and federal sanctions lists, and a series of infrastructure improvements to the Association of National Numbering Agencies (ANNA) Service Bureau.
/jlne.ws/41ztQio
Jack Dorsey-Backed Bluesky Attracts More Users as Twitter Falters; Removal of Twitter's unpaid verification is alienating users; Bluesky social app shows what Twitter could be, proponents say
Vlad Savov - Bloomberg
Twitter users, weary from another tumultuous weekend, are exploring Jack Dorsey-backed app Bluesky as a possible alternative to the social media network. The invite-only Bluesky has been downloaded by iPhone users 245,000 times, of which more than half came this month, according to Data.ai. This year, the app started inviting users from its waiting list - which numbered more than a million people when Elon Musk bought Twitter in October - to test a beta version, although it's limiting users for now. It recently added an Android app as well.
/jlne.ws/3oGk3Zs
Terra Co-Founder Shin, Nine Others Indicted by South Korea; Shin faces charges including violation of capital markets law; Prosecutors have frozen about $185 million in assets
Sangmi Cha and Hooyeon Kim - Bloomberg
South Korea indicted Terraform Labs co-founder Daniel Shin along with nine others on multiple charges including violations of capital markets law. Prosecutors froze 246.8 billion won ($184.7 million) in assets from the people so far, the Seoul Southern District Prosecutors' Office said at a press briefing Tuesday.
/jlne.ws/3AuNSih
Point72 Alum Scores in Bidding War for £2 Billion Payments Firm; CVC, Brookfield battle for control of Network International; David Rosen's Rubric Capital benefits from longtime position
Ben Scent, Kwaku Gyasi and Charles Capel - Bloomberg
Former Point72 Asset Management trader David Rosen has emerged as one of the biggest winners from the bidding war for Middle East credit card processor Network International Holdings Plc.
/jlne.ws/3oIaDg3
Until Web3 offers a better user experience, the masses will stay away
Toby Rush - Forkast
It's been over 14 years since Bitcoin first graced the global stage, but despite a Cambrian explosion of industry innovation, the adoption of blockchain and digital assets at large is lagging. The reasons for this vary and undoubtedly include the volatility of the market and ongoing stigmas marring the industry. However, a large contributing factor is the awkward user experience and a distinct lack of simplified onboarding methods.
/jlne.ws/41HMZPh
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| Cybersecurity | | Top stories for cybersecurity | Cisco Sees AI Software Making Phishing Attacks Harder to Resist
Ian King - Bloomberg
Cisco Systems Inc. warned that artificial intelligence software such as OpenAI's ChatGPT will make phishing attempts much harder to detect, requiring companies to adopt new defenses. About 80% of illicit access into computer systems already comes via phishing, where hackers send email or texts to people hoping to trick them into opening a malicious link. AI tools can quickly customize those missives, luring more people into hackers' schemes, according to Jeetu Patel, the head of Cisco's security and collaboration units.
/jlne.ws/42evjeb
Cottage industry of Chinese scammers target TikTok
Ryan McMorrow, Nian Liu and Cristina Criddle - Financial Times
Mo Huabin struck the jackpot when his company's videos promoting "enzyme coffee" went viral on TikTok last year. The clips feature swirling cups of coffee, nodding physicians and faked before-and-after shots of incredible weight loss. Mo's videos racked up millions of views on TikTok, helping create a gush of orders for his $124 "3 treatment" plan that promised buyers of the drink that they would drop 30 to 60 pounds.
/jlne.ws/3AKt2M5
Google brings generative AI to cybersecurity
Kyle Wiggers - TechCrunch
There's a new trend emerging in the generative AI space - generative AI for cybersecurity - and Google is among those looking to get in on the ground floor. At the RSA Conference 2023 today, Google announced Cloud Security AI Workbench, a cybersecurity suite powered by a specialized "security" AI language model called Sec-PaLM. An offshoot of Google's PaLM model, Sec-PaLM is "fine-tuned for security use cases," Google says - incorporating security intelligence such as research on software vulnerabilities, malware, threat indicators and behavioral threat actor profiles.
/jlne.ws/4208afl
Years after discovery of SolarWinds breach, Russian hackers could be struggling
Tim Starks - The Washington Post
Freshly revealed details highlight the close collaboration among government agencies as they worked to counter a massive Russian hack, officials at an annual conference said Monday. And that effort was one of many reasons Russian hackers appear to be at an ebb, experts said at the same conference.
/jlne.ws/3Nb0Hpq
10 Cool New Cybersecurity Tools Announced At RSAC 2023
Kyle Alspach - CRN
RSA Conference 2023 officially kicked off Monday in San Francisco, and much has changed for the cybersecurity industry just since the last RSAC. The massive annual gathering at the Moscone Center most recently took place in June 2022, and while AI was certainly a major facet of the show at the time, that was still the "pre-ChatGPT" world. As RSAC 2023 gets underway this week, it will be more obvious than ever that the OpenAI chatbot has had a powerful impact on both cyber defense and attackers, setting off what many are calling an "arms race" around generative AI. This year, the flurry of RSAC-related product launches has already begun as of Monday, and generative AI technology is front-and-center in a number of them.
/jlne.ws/4449ak6
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| Cryptocurrencies | | Top stories for cryptocurrencies | Satoshi-Era Bitcoin Whale Moves $11 Million After Sleeping for 12 Years
Mathew Di Salvo - Decrypt
The whales keep waking up. Today, another sleeping HODLer moved 400 Bitcoin-worth nearly $11 million at current prices-after not having transacted for nearly 12 years. Monday's movements showed the whale moved 360 BTC ($9.8 million) to one wallet while the remaining 40 BTC to a number of other locations.
/jlne.ws/3L7Fqdv
Coinbase CEO Backs 'Stand with Crypto' NFT Campaign
Andrew Asmakov - Decrypt
Coinbase CEO Brian Armstrong has backed a campaign urging the crypto community to unite in their efforts to have the government and regulators establish clear rules for the nascent industry. The crypto exchange chief took to Twitter late Monday to share that he had minted a "Stand with Crypto" NFT at the Zora marketplace.
/jlne.ws/3L4aFGE
Gibraltar court freezes crypto assets in hunt for missing $43mn; Gibraltar forced into spotlight by failure of cryptocurrency trader
Scott Chipolina - Financial Times
Liquidators for Globix, a collapsed cryptocurrency trader, have secured a court order that freezes digital assets and forces crypto exchanges to hand over customer information as they search for $43mn of missing funds. A court injunction in Gibraltar earlier this month ordered Binance, the world's largest crypto exchange, to halt attempts to move assets from several Globix-linked crypto wallets.
/jlne.ws/40Dts0U
John Oliver on cryptocurrencies: 'This is all still a casino'
Adrian Horton - The Guardian
Five years after he first dissected cryptocurrencies on Last Week Tonight, John Oliver took another look at the sector on Sunday's episode, after a series of high-profile and expensive busts. The most dramatic implosion was that of FTX, a cryptocurrency exchange hyped by celebrities such as Steph Curry and "pre-divorce but post-love" Tom Brady and Gisele Bündchen, which collapsed at the end of 2022 to the tune of billions of dollars.
/jlne.ws/3n07XK6
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| Politics | | An overview of politics as it relates to the financial markets | Meet the Money Behind Disruptive Climate Protests; Backed by Hollywood, the Climate Emergency Fund is quietly financing a new generation of in-your-face environmental activists.
Todd Woody - Bloomberg
Thousands of people surrounded Parliament in London over the weekend to demand an end to fossil fuel development, just days after protestors upended the World Snooker Championships by throwing orange powder and a month after scientists blockaded private jets at a Netherlands airport. This week, New York City activists will conduct a sit-in at the headquarters of fossil-fuel financier Citibank, and others plan to disrupt the White House Correspondents dinner to call for an end to oil and gas drilling on public lands. It's all part of the "Spring Uprising," a campaign that concludes May 2 with the occupation of hundreds of schools and universities around the world.
/jlne.ws/4453SFl
Clarence Thomas's Billionaire Friend Did Have Business Before the Supreme Court; Justice didn't recuse from rejection of architecture firm case; Harlan Crow said he had no knowledge of or involvement in case
Zoe Tillman - Bloomberg
Justice Clarence Thomas said he was advised he didn't have to disclose private jet flights and luxury vacations paid for by billionaire Harlan Crow because, although a close friend, Crow "did not have business before the court." But in at least one case, Crow did. Bloomberg reviewed dozens of state and federal cases involving companies that the Crow family has owned or had a financial stake in since Thomas' 1991 confirmation.
/jlne.ws/43ZlUIZ
Apple App Store Policies Upheld by Court in Antitrust Challenge Brought by Epic Games; Epic loses challenge to 2021 ruling favoring IPhone maker; Panel affirms judge's finding that App Store isn't a monopoly
Malathi Nayak and Mark Gurman - Bloomberg
Apple Inc. won an appeals court ruling upholding its App Store's policies in an antitrust challenge brought by Epic Games Inc. Monday's ruling by the US Ninth Circuit Court of Appeals affirmed a lower-court judge's 2021 decision largely rejecting claims by Epic, the maker of Fortnite, that Apple's online marketplace policies violated federal law because they ban third-party app marketplaces on its operating system. The appeals panel upheld the judge's ruling in Epic's favor on California state law claims.
/jlne.ws/3n29GyG
Red States to Reap the Biggest Rewards From Biden's Climate Package; The global impact of the Inflation Reduction Act is still shaking out, but within the US it's GOP-leaning states that stand to gain the most investment.
Saijel Kishan, Brian Eckhouse and Christopher Cannon - Bloomberg
The passage last year of the Inflation Reduction Act, with some $370 billion designated to help fight global warming, is the largest-ever climate investment made by the US. What it means for efforts to decarbonize economies globally is still evolving - and it's been the subject of debate at the two-day BNEF Summit in New York that continues on Tuesday. As significant as the US commitment is, China is by far the bigger spender on clean energy, according to data from BloombergNEF, and still controls most of the relevant supply chains. European allies of the US are rattled by protectionist aspects of the law and are planning their own policies in response.
/jlne.ws/41tQ5X3
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| Regulation & Enforcement | | Stories about regulation and the law. | Five Individuals Charged In $2M Virtual Asset And Securities Manipulation Scheme
US Department of Justice
An indictment was unsealed today in Miami charging two U.S. citizens and a South African national with conspiring to manipulate the market for HYDRO, a virtual asset created by the Hydrogen Technology Corporation. Two other individuals were also charged in separate charging documents for their roles in the scheme filed in the Southern District of Florida.
/jlne.ws/3n61I7B
North Korean banker indicted, 2 others sanctioned over cryptocurrency money laundering scheme
Paul Best - Fox Business
A North Korean banker was indicted and two other cryptocurrency traders were sanctioned Monday for their alleged roles in money laundering schemes to generate revenue for Kim Jong-Un's regime, U.S. officials announced.
/jlne.ws/3HaHYX6
U.S. Sanctions 3 North Koreans for Supporting Hacking Group Known for Crypto Thefts
Nikhilesh De, Jesse Hamilton - CoinDesk
The U.S. Treasury Department's sanctions watchdog banned three North Korean individuals for supporting the Lazarus Group, a North Korean hacking team known for crypto thefts that U.S. authorities say have been used to support the nation's weapons program.
/jlne.ws/3AuAYk8
FCA demands tougher tests for pension funds after gilts chaos; UK watchdog says 'more to be done' over liquidity risks and conflicts of interest in LDI strategies
Josephine Cumbo and Chris Flood - Financial Times
Asset managers using pension investment strategies at the heart of last year's gilts market blow-up will have to run tougher stress tests and improve their risk management, in reforms aimed at beefing up the sector's resilience to market shocks.
/jlne.ws/40xe0Ug
Terra's Do Kwon Wants SEC Charges Dismissed, Court Filings Show
Sandali Handagama - CoinDesk
Lawyers for Do Kwon, founder of collapsed crypto issuer Terraform Labs, have requested a U.S. court to dismiss charges brought against him by the Securities and Exchange Commission partly because of the lack of jurisdiction, court filings from Friday show. Kwon, who has been on the run from regulators since the collapse of his multibillion-dollar crypto enterprise in May 2022, was arrested in Montenegro last month for attempting to travel with falsified documents. Following his arrest, the SEC charged the South Korean national with securities fraud.
/jlne.ws/3H7zHDC
Coinbase files legal challenge to push SEC to write rules on crypto
Hannah Lang - Reuters
Coinbase Global Inc (COIN.O) filed a petition on Monday in an effort to compel the U.S. Securities and Exchange Commission to create new rules for digital assets, the company said in a blog post, in the latest escalation of the cryptocurrency exchange's tensions with the securities regulator. Coinbase filed a petition for rulemaking with the SEC last year in which it urged the regulator to provide clarity on the circumstances under which a digital asset is a security and create a new market structure framework that is compatible with cryptocurrencies.
/jlne.ws/41Q951y
Prepared Remarks Before the 2023 42nd Annual Small Business Forum
Chair Gary Gensler - SEC
Thank you, Amy, for that kind introduction. Welcome to the SEC's 42nd Annual Government-Business Forum on Small Business Capital Formation. As is customary, I would like to note that my views are my own, and I'm not speaking on behalf of the Commission or SEC staff. I am the son and grandson of small business owners. My grandparents on one side opened and ran a grocery store and on the other side a bar, both in Baltimore. My dad, Sam Gensler, started a small business repairing vending machines. It grew into a small vending machine business that served hundreds of other small businesses in the process, such as small diners and bars.
/jlne.ws/3n3Prk4
Capital On-Ramps: Remarks at the SEC's 42nd Annual Small Business Forum - Exploring the Early-Stage Landscape: Trends and Strategies in Capital Raising
Commissioner Hester M. Peirce - SEC
Good afternoon. Thank you to the Office of the Advocate for Small Business Capital Formation for hosting the 42nd Annual Small Business Forum and to our panelists for participating. I am excited for this forum and today's discussion on early-stage companies. My views are my own and not necessarily those of the SEC or my fellow Commissioners.
/jlne.ws/3L9evhu
Regulation of Digital Assets in the UK
FCA
Have you ever noticed how something once alternative or niche suddenly becomes mainstream? Growing up in the 80s and 90s, it was never normal or popular to be a bookworm. But I devoured books and lurked in my local library. Today, every old public phone box in a once-dingy-but-now-hip urban centre is a micro library. Tickets for the Hay Festival are as elusive as those for Glastonbury.
/jlne.ws/3Ncqa1B
MAS Proposes Enhanced Safeguards for Prospecting and Marketing of Financial Products
The Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) today published two consultation papers with proposals to enhance safeguards for prospecting and marketing of financial products. The enhancements seek to raise industry standards by requiring financial institutions to put in place additional controls when engaging in prospecting and marketing activities through both physical and digital means.
/jlne.ws/3LakgeS
1MDB-Linked Pair Indicted by Swiss Over $1.8 Billion Fraud
Hugo Miller - Bloomberg
Two executives who worked for a Geneva-based oil production firm involved in the multibillion dollar 1MDB scandal have been indicted for allegedly misappropriating at least $1.8 billion.
/jlne.ws/3Ncqn4T
Pyramid Scheme That Swindled Millions From Turkish Footballers Lands Bank Manager in Jail; Branch manager at Denizbank arrested after allegations; Football celebrities reportedly among those swindled
Ercan Ersoy and Kerim Karakaya - Bloomberg
A branch manager of Denizbank AS, the Turkish unit of Emirates NBD Bank PJSC, was arrested after allegations that the official swindled tens of millions of dollars from football celebrities through a pyramid scheme in Turkey.
/jlne.ws/3Asbdkx
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Big Swings in One-Day Volatility Index Leave Traders Bewildered; The plunge is in contrast with gains in long-tenor vol gauges; Cboe has no immediate plans to start tradeable VIX1D products
Lu Wang - Bloomberg
One thing Matthew Tym has learned in two decades as a derivatives trader is to make sure he understands something before using it. That lesson is guiding his view of Wall Street's brand-new fear gauge. The Cboe 1-Day Volatility Index (ticker VIX1D) launched Monday as a way of distilling the price impact of a trading boom in options with a shelf life of less than 24 hours.
/jlne.ws/3Hc05fy
First Republic's Strains Jar Investors Anew After Weeks of Calm; Bank reports larger-than-expected drop in deposits in quarter; Executives announce steps to bolster firm but avoid questions
Jennifer Surane and Max Reyes - Bloomberg
First Republic Bank's quarterly results - including a worse-than-expected drop in deposits - reignited investor concerns about prospects for its business, breaking with more than a week of industry earnings reports that had broadly reassured the market. The company's stock plunged in late trading. Executives at the San Francisco-based lender laid out plans Monday for shoring up the firm after its first-quarter results showed customer deposits plunged 41% to $104.5 billion in the period.
/jlne.ws/3oFjAqp
Low Volatility Masks Risks to Stocks, JPMorgan Says; Strategist blames market dominated by options sellers; Kolanovic advises selling on any market strength amid earnings
Alexandra Semenova - Bloomberg
The abnormal sense of calm signaled by Wall Street's favorite volatility gauge could spell trouble for investors who see the market lull as an all-clear to buy stocks, according to JPMorgan Chase & Co.'s Marko Kolanovic. The bank's top equity strategist said Monday in a note to clients that the drop in the Cboe Volatility Index, or VIX, is technical in nature, rather than an accurate reflection of the risks facing the stock market.
/jlne.ws/40wtWGp
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | FIA Diversity and Inclusion Efforts in 2022
FIA
FIA strongly believes in the importance of diversity, equity and inclusion in the workplace and works to support and celebrate the diverse voices both within our trade association and the derivatives industry at large. In 2019, we created a board-level Diversity Committee comprised of senior representatives from FIA member firms and FIA senior staff to consider practical steps to foster a culture of inclusion in the industry.
/jlne.ws/3Lq4QVi
1 big thing: Major VCs link arms in new climate push
Ben Geman and Andrew Freedman - Axios
Big names in the venture capital world are launching a first-of-its-kind group to ensure startups begin life on a climate-friendly pathway - and stay that way as they scale, Ben writes. Driving the news: The new Venture Climate Alliance is designed to align firms' portfolios with a "net zero" emissions future, and help individual companies they finance do the same. The group's membership already includes roughly two dozen VC firms in the U.S. and Europe. Among them: Prelude Ventures, Capricorn Investment Group, DCVC, Energy Impact Partners, Fifth Wall, and S2G Ventures, to name a few.
/jlne.ws/3N6Emtc
Venture Capital Has a New Net-Zero Alliance; For the first time, VC firms are banding together to figure out how to decarbonize their portfolios.
Eric Roston - Bloomberg
When consumer goods companies, financial institutions, cities and more rolled out bold promises to curtail carbon emissions a few years ago, one sector was conspicuously silent: venture capital. Now, though, they're showing up to the net-zero party - having spent the past two years thinking about it. A group of 23 firms announced on Tuesday the Venture Capital Alliance, an initiative to encourage early-stage investors to stop greenhouse-gas pollution and help the companies they fund do the same.
/jlne.ws/3V7fDXN
European Green Deal: New EU-Norway Green Alliance to deepen cooperation on climate, environment, energy and clean industry
The European Sting
Today, the EU and Norway have established a Green Alliance to strengthen their joint climate action, environmental protection efforts, and cooperation on the clean energy and industrial transition. The agreement was signed in Brussels by the President of the European Commission, Ursula von der Leyen, and Norway's Prime Minister, Jonas Gahr Stoere.
/jlne.ws/44dehii
'Own-brand' Carbon Credits May Muddy VCM Waters
Emmy Hawker - ESG Investor
Companies that create offset projects will be under pressure to provide both supply- and demand-side transparency. The emerging trend of companies developing their own carbon credits to fulfil decarbonisation commitments risks further complicating voluntary carbon markets (VCMs), which are already beset by credibility challenges. "Companies want to make sure that they are front of the line to access carbon credits, so they are developing their own," Tristan Loffler, Head of Carbon Credit Integrity Analysis at specialist data, analysis and advisory firm Trove Research, told ESG Investor.
/jlne.ws/3L4y8Y4
Betting on Bacteria to Fix the Cement Industry's Emissions Problem
Willem Marx - Bloomberg
/jlne.ws/442TBJK
ESG fund launches slow sharply as European rules bite - Morningstar
Reuters
/jlne.ws/3LtVqbq
Wall Street Is Finally Going to Make Money Off the Permian; Shale fracking changed the world but now the investors want their share of the bounty. That is going to have a profound effect on the planet.
Javier Blas - Bloomberg
/jlne.ws/443C04c
The Rich World's Plan to Help Developing Countries Go Green Is Floundering; An $8.5 billion deal to finance South Africa's transition away from coal is mired in politics and power cuts.
Antony Sguazzin and Paul Burkhardt - Bloomberg
/jlne.ws/3HbGb45
How ESG Is Creating Weird Market Outcomes in the World of Big Oil
Tracy Alloway - Bloomberg
/jlne.ws/41Wi8hz
Climate change and conflict - reframing the debate
IIED
/jlne.ws/3oHXvHN
With warming winters, NH ski areas fight to keep snow on the slopes
Beatrice Burack - New Hampshire Public Radio | New Hampshire Bulletin
/jlne.ws/40ASvly
UK Shift to Electric Vehicles Under Threat From Delays to Charging Network; There's ample funding for charging points but not enough people to permit projects, according to Ian Johnston.
Ryan Fisher and Nilushi Karunaratne - Bloomberg
/jlne.ws/3N8HN2n
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Responding to Market Stress
International Swaps & Derivatives Association
Recent banking failures in the US and the acquisition of Credit Suisse by UBS are the latest in a series of stress events to have rocked financial markets, which includes the March 2020 dash for cash and the September 2022 UK liability driven investment (LDI) crisis. In the case of Silicon Valley Bank, the collapse appears to have been caused by risk management failures combined with a high interest rate environment.
/jlne.ws/41OkKOu
Javice Moved Millions From JPMorgan to Signature Months Before Collapse; Javice says she managed to get her money out during bank run; Assets have since been seized by federal prosecutors, she says
Jef Feeley - Bloomberg
Frank founder Charlie Javice said she moved millions of dollars out of JPMorgan Chase & Co. accounts after the bank fired her and accused her of fraud but then wound up getting caught up in the collapse of Signature Bank. Javice, whose college-finance site JPMorgan acquired for $175 million in 2021, said in a Friday court filing in Delaware federal court she moved her money to Signature in September 2022.
/jlne.ws/3mX76dk
UBS Hires Trio of Barclays Bankers in US Investment-Banking Push; Marco Valla to join as co-head of UBS's global-banking unit; UBS hopes to expand 'size and scope' of investment bank in US
Jennifer Surane - Bloomberg
UBS Group AG hired a trio of Barclays Plc bankers as the Swiss giant continues a push to expand its US investment-banking offerings. Marco Valla will join as co-head of the global-banking division globally, alongside Javier Oficialdegui, according to a memo to staff seen by Bloomberg News. He replaces Ros L'Esperance, who will create a new corporate advisory group comprised of the firm's most-senior client-facing bankers in each region.
/jlne.ws/41yIrdW
UBS CEO Ermotti Says Share Buybacks 'Paused, Not Canceled'; CEO says bank won't compromise balance sheet, liquidity; Ermotti reiterates intention to have progressive dividend
Manus Cranny and Marion Halftermeyer - Bloomberg
UBS Group AG Chief Executive Officer Sergio Ermotti said the lender's share buyback plans are temporarily suspended and not canceled as it grapples with the huge integration of Credit Suisse Group AG. Ermotti, who returned to lead the bank through the emergency takeover, said that it's still too early to say when buybacks will resume, and that it needs more visibility on the numbers and plans related to the deal. He spoke in a Bloomberg TV interview on Tuesday.
/jlne.ws/3LufCdh
Credit Suisse Bonds Spark $30 Million Loss at Japan Game Maker; Koei Tecmo writes off AT1 holdings after they became worthless; Japan investors lost 140 billion yen on the risky bonds
Takahiko Hyuga - Bloomberg
/jlne.ws/41WJS5S
Bankers Chase Startups in Japan as Funding Dries Up Elsewhere; SMBC, Mizuho are planning to boost staff for startup loans; Kishida's government seeks to revive entrepreneurship
Taiga Uranaka and Komaki Ito - Bloomberg
/jlne.ws/3oEH0Mw
These Online Detectives Have Raised $300 Million to Keep Lies From Triggering the Next Bank Run
Margi Murphy - Bloomberg
/jlne.ws/3L4uTzV
Europe's banks temper ambitions to challenge big US payments groups; European Payments Initiative is launching a scaled back scheme after acquiring two fintechs
Owen Walker and Olaf Storbeck - Financial Times
/jlne.ws/40xaitD
Fallen hedge fund star seeks to reinvent himself as thought leader after jail term; Dan Kamensky returns to distressed debt markets to shine light on industry's hardball tactics
Sujeet Indap - Financial Times
/jlne.ws/3HcVLg9
UBS hit by old toxic debt costs ahead of 'hard' Credit Suisse task
Noele Illien and Stefania Spezzati - Reuters
/jlne.ws/40DjsVH
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Commercial Real-Estate Woes Run Deeper Than in Past Downturns; Remote work and e-commerce are reducing demand for office and retail space
Konrad Putzier - The Wall Street Journal
Commercial real estate has experienced its share of busts in recent decades. This one is different. Landlords are contending simultaneously with a cyclical market downturn and with secular changes in the way people work, live and shop. The sudden surge in interest rates caused property values to fall, while the rise of remote work and e-commerce are reducing demand for office and retail space.
/jlne.ws/3AoFzV4
In the ChatGPT Age, Prompting Is the Language to Learn; Most AI will keep relying heavily on the human in the loop to provide instruction, refine outputs and push the technology to new directions.
Dave Lee - Bloomberg
Everyone should be learning to prompt. You, me, your kids, your neighbor - everyone. Prompting is the language of generative AI, enabling instruction from human to machine, and is therefore perhaps the most useful tongue you could possibly master in today's world. On ChatGPT, the text-based tool from OpenAI that brought about the recent explosion in excitement around AI, some examples of basic prompts would be: "Explain how photosynthesis works" or "write a summary of Hamlet."
/jlne.ws/3n24nPM
The Managing Class Has Failed Frontline Workers; Companies are paying a high cost for neglecting the hardships and aspirations of their hourly employees.
Adrian Wooldridge - Bloomberg
The management class has done a dismal job of managing frontline workers. These are the people who make, pack and deliver stuff, deal directly with customers, do the grunt work in hospitals and offices, and, particularly in the United States, are paid a wage rather than a salary: what the Bible calls "hewers of wood and drawers of water."
/jlne.ws/4409y3e
Asset management chiefs - changing of the guard
Harriet Agnew, Chris Flood and Madison Darbyshire - Financial Times
A new generation of asset management chief executives have called time on a "golden decade" for their industry, warning that it is becoming increasingly difficult to navigate the competing pressures of markets, regulators and politicians. "The complexity of the demands on an asset manager are clearly increasing," said Ali Dibadj, chief executive of Janus Henderson. "Clients are asking more of all of us, regulators are asking more from all of us, and our clients' clients are asking more from us."
/jlne.ws/3V2GW5s
The World's Most Innovative Companies Of 2023; Fast Company's Annual Ranking Of The World's Most Innovative Companies Covers 54 Industries And Sectors, From Advertising To Workplace.
Fast Company
Most Innovative Companies 2023, Fast Company's definitive chronicle of the novel ideas transforming business and society, was 100% produced by people. We may have asked ChatGPT-the AI chatbot created by our No. 1 company, OpenAI-about certain companies, but only because we wanted to see how it would reply. A very human impulse!
/jlne.ws/3n38P0x
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Can Africa Get Close to Vaccine Independence? Here's What It Will Take; Leaders on the continent have vowed that if there is another pandemic, they won't be shut out of the vaccine market.
Stephanie Nolen - The New York Times
Just 3 percent of all Covid-19 vaccine doses delivered in 2021 went to Africa, home to a fifth of the world's population, according to the World Health Organization. In the vast debacle of global vaccine inequity, it was Africa that was left furthest behind as the pandemic raged, and that had the least leverage to negotiate contracts.
/jlne.ws/44dgpGO
World Malaria Day: It's possible to eradicate it, but challenges remain say experts
Business Insider India
India's vision to be malaria-free by 2027 and to eliminate the disease by 2030 is absolutely possible, but some challenges remain, said experts here on World Malaria Day on Tuesday. The country has made tremendous progress in its malaria elimination journey -- observing a reduction of nearly 66 per cent in its official malaria burden between 2018 and 2022.
/jlne.ws/3n0UxgW
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Record Heat and a Looming Vote Drive Thailand to Cut Power Costs; Temperature in the country surged above 45C earlier this month; Political parties seek steps to cut tariff as elections loom
Anuchit Nguyen and Pathom Sangwongwanich - Bloomberg
Thailand's government will cut power rates ahead of next month's general election, in an effort to ease the plight of consumers and businesses grappling with sweltering temperatures. April is traditionally hot in the Southeast Asian country, but it has been stifling for weeks this year, with levels earlier this month touching 45C (113F).
/jlne.ws/3HelKnb
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| Miscellaneous | | Stories that don't quite fit under the other sections | Succession's Brian Cox to Play Villain in Bond-Themed Reality Show
Alex Green - Bloomberg
Succession star Brian Cox has signed up to play the villain in a James Bond-themed reality show. The Scottish actor, 76, will play The Controller in Amazon Prime Video's upcoming series, 007's Road To A Million. The show, filmed in locations associated with the franchise including the Scottish Highlands, Venice and Jamaica, will see contestants competing in teams of two to win the prize of up to £1 million.
/jlne.ws/43ZtCTr
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