| March 23, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The U.S. Securities and Exchange Commission and Gary Gensler decided to play nice with Coinbase and notify them they may soon face an enforcement action tied to its list of potential unregistered securities, Coinbase said in a statement Wednesday. Coinbase disclosed that the SEC alleged the U.S.-based company may be operating in violation of securities laws in the running of its exchange and staking services, CoinDesk reported.
This is a couple of days old, but according to a Bloomberg report MIAX is among the bidders for FTX's LedgerX. Other bidders include Kalshi, Inc, the story said.
Regulators across the pond in the U.K. warned US regulators about the risks building at the Silicon Valley Bank in the 18 to 24 months preceding its seizure, Bloomberg reported. Also, SVB was shut down on March 10 by the FDIC for running out of money, something banks are not supposed to do, Bloomberg reported.
Texas Sen. Ted Cruz has decided he does not like central bank digital currencies (CBDCs) because they would jeopardize Americans citizens' financial information and pave the way to a potential surveillance state, Decrypt reported. While I agree with Sen. Cruz on this aspect of CBDCs, I find it ironic he is putting more faith in a digital currency he doesn't know who created than one created by his own country's central bank. I also find the concept of surveillance of CBDCs overstated, as 99.99% of my transactions are via debit or credit card or some other electronic transaction already and easily traced by any government agency with the authority to do so. Cash transactions are reserved for beggars and the occasional basket at church.
Is coffee good or bad for your heart? Well, The Wall Street Journal has a story titled "Coffee and Your Heart: The Impact May Be Different Than You Think" that might answer the question for you. The subheadline is "New study finds no effect on atrial contractions though there may be other health impacts."
As I mentioned a couple of weeks ago during my road trip down to Florida, spring is coming earlier to several states in the U.S. due to an unusually warm winter. Now, The Wall Street Journal is reporting that the warm weather is affecting the cherry blossoms in Washington, DC, in a story titled "Cherry Blossoms in Washington, D.C., Are Peaking Earlier Than Usual." The subheadline is "National Mall's cherry blossoms could peak as soon as Thursday after an usually [sic] warm winter." Of course, I missed seeing this because I was not in Washington for the CFTC's Technology Advisory Committee meeting yesterday, having been retired from the committee.
We all know how Ken Griffin has been flipping his Chicago real estate holdings and buying massive homes in New York and Florida, among other locations. Well, the Rockefellers are getting into the flipping game after owning a historic Philadelphia-area estate since the 1700s. The Wall Street Journal has the story titled "Rockefeller Family Descendants Sell Historic Philadelphia-Area Estate for $24 Million." The subtitle of the story is "The roughly 200-acre Chester County property known as Kirkwood Farm dates to the late 1700s."
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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Exchange Analytics has launched a 2023 Swaps Suite for swaps dealers looking to complete their ethics training. The suite includes an intro to swap dealer requirements, swap dealer periodic ethics, and swap dealer marketing supervision requirements. You can click here for more information.~SR
The ESG & Climate Risk Summit Europe 2023 is taking place June 7 at 155 Bishopsgate, London. Global ESG assets are expected to reach $53 trillion by 2025, and ESG risk leaders are searching for ways to improve performance related to impact-investment decision making. This Risk.net event is for senior risk management and investment strategy decision makers from asset managers, hedge funds, life insurance firms, pension funds and investment banks. View the agenda and register here for this in-person and online event. ~SAED
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Citi's Fraser Warns Mobile Money is 'Game Changer' For Bank Runs; 'A Couple of Tweets' and a quick end to Silicon Valley Bank; Fraser says only a few banks are hurting, sees no wider crisis
Jennifer Surane - Bloomberg
Citigroup Inc. Chief Executive Officer Jane Fraser said mobile apps and consumers' ability to move millions of dollars with a few clicks of a button mark a sea change for how bankers manage and regulators respond to the risk of bank runs. Fraser said the fast demise of Silicon Valley Bank also made it difficult for banks to assess and prepare bids for its assets.
/jlne.ws/3LLIEp8
****** No more waiting in line to get your money out, as long as you have the permission limits to move the amount of money you want to move. What will be the tell for bank runs if you don't have the line at the teller windows?~JJL
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Lindsay Lohan Accused by SEC of Illegally Touting Tokens; Agency sued crypto mogul Justin Sun, several of his companies; SEC alleged celebrities touted tokens tied to Sun's firms
Allyson Versprille and Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission sued crypto mogul Justin Sun for allegedly violating securities rules, and said eight celebrities including Lindsay Lohan and the artist known as Soulja Boy illegally touted tokens. Lohan and Soulja Boy, whose real name is DeAndre Cortez Way, illegally promoted the tokens - Tronix and/or BitTorrent - without disclosing compensation, the SEC alleged.
/jlne.ws/3ng0ZAA
***** The SEC is just being mean to this girl, in what could be a parent trap. I don't expect any confessions from a teenage drama queen or a scary movie, but when they go to arrest her, they better be ready for Herbie, fully loaded. H/T to IMDB.
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Zero-Day Options Boom Is Turning Wall Street Trading On Its Head; While analysts debate, Wall Street pros forced to adjust fast; Market players divided over risks and opportunities of 0DTE
Lu Wang - Bloomberg
David Reidy's sure-fire options trade netted a steady 5% per year for half a decade - until last summer when gains began to peter out all of a sudden. Reidy, who has been trading S&P 500 derivatives for 10 years, thinks he knows the proximate cause: The new boom on Wall Street in options that have zero days to expiration, known as 0DTE.
/jlne.ws/40kw18M
****** "0DTE contracts have accounted for 42% of S&P 500's total options trading volume in March, data compiled by Bank of America Corp. show." YIKES! That is a big uptake in use of these options.~JJL
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Beware the 'sensible' crypto crowd - they're worse than the fanatics; The strait-laced, earnest types threaten to legitimise a high-risk, opaque and ill-understood industry
Jemima Kelly - Financial Times
Much as it can be enjoyable to poke fun at the crypto bros - with their silly memes, irritating acronyms, puerile jokes and frankly ridiculous ideas about the world - I have to confess: I don't believe they're the main problem. As far as I'm concerned it's the earnest, strait-laced types who insist that we should all be taking the whole thing terribly seriously who pose the biggest threat to our survival as a rational and prosperous society. Welcome to the plague of what I like to call "sensible crypto".
/jlne.ws/3K3Y1bn
****** Beware of crypto bros in suit jackets!~JJL
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MiamiCoin trading halted. After price tanked, Mayor Francis Suarez lost about $2,500
Joey Flechas, Vinod Sreeharsha - Miami Herald
The more time passes, the more MiamiCoin fails to live up to the hopes its creators and Miami Mayor Francis Suarez had for the branded cryptocurrency. The city didn't create MiamiCoin, but in his broader push to brand Miami as a crypto capital, Suarez promoted MiamiCoin as a boon to the city that could possibly generate enough revenue to eliminate city taxes.
/jlne.ws/42BeJWw
***** That is what happens to pioneers, sometimes they end up short of their destination with arrows in their backs.~JJL
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'Gerbil banking' preceded the Great Depression. We're seeing it again today
Maureen O'Hara - Fortune
The recent action by a consortium of banks to deposit money in First Republic Bank harkens back to an earlier attempt to counter bank runs: the U.S. Postal Savings system. Banking in the 19th century was notoriously unstable, with bank runs or "panics" coming all too frequently. By the turn of the 20th century, such runs were almost seasonal, prompting depositors to withdraw in advance of what might be a coming run, thereby, of course, precipitating liquidity crises at banks. This came to a head in the Panic of 1907, the granddaddy of panics, when the banking system collapsed.
/jlne.ws/3ZbG6Uq
****** This worked so well the gerbil banking system became ROUS, "Rodents of Unusual Size."
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Wednesday's Top Three
Our most read story Wednesday was Bloomberg's JPMorgan Traders Should Get Prison for Spoofing, US Says. Second was an advertisement piece for CME Group called What Rugby Can Teach Us About the Power of Data, by Bruce Blythe in The Wall Street Journal. Third was a three-way tie among the Wall Street Journal opinion piece The End of Market Discipline for Banks, Business Insider's From $2.5 million yachts to $400,000 in DoorDash bills, here are Sam Bankman-Fried and other execs' wildest purchases with FTX and Alameda funds, and Bloomberg's Nick Leeson, Former Rogue Trader, Reemerges as a Private Spy.
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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 | Wall Street Eases Hiring Freeze in Grab for Credit Suisse Talent; Deutsche Bank, Goldman scouting Swiss firm's bankers, traders; Credit Suisse takeover gives shot in arm to moribund hiring
Harry Wilson, Marion Halftermeyer, Steven Arons and William Shaw - Bloomberg
Wall Street banks and European rivals are undoing de facto hiring freezes after Credit Suisse Group AG's emergency rescue by UBS Group AG, unable to resist the lure of top talent available at a discount. Firms such as Deutsche Bank AG, Citigroup Inc. and JPMorgan Chase & Co. are readying to hire some of the Swiss firm's investment bankers and wealth managers, people with knowledge of the matter said. Conversations are beginning in New York and London, and some headhunters are even flying to Zurich for meetings, the people said.
/jlne.ws/40wcmCv
It Wasn't Just Credit Suisse. Switzerland Itself Needed Rescuing; Crisis threatened an economic model and national identity built on safeguarding the world's wealth
Margot Patrick, Patricia Kowsmann, Drew Hinshaw and Joe Parkinson - The Wall Street Journal
The chairman of Switzerland's largest bank received an urgent call last week. On the other end were three top Swiss officials who delivered an ultimatum dressed up as a proposal. UBS Group AG UBS -2.87%decrease; red down pointing triangle needed to rescue its failing rival, Credit Suisse Group AG. For any country, it would be a financial emergency. For Switzerland, the stakes verged on existential. Its economic model and national identity, cultivated over centuries, were built on safeguarding the world's wealth. It wasn't just about a bank. Switzerland itself needed rescuing.
/jlne.ws/3JZb3qw
Finance Is Going Back to the Age of Mercantilism; Regulators will take their cues from governments that prize the promotion of national champions above the protection of a liberal global system.
Bobby Ghosh - Bloomberg
Since the history of financial regulation is a history of crisis management, it is inevitable the current chaos in the financial sector will bring forth new rules designed to prevent a repeat. Already, there is a debate on whether there is a better way to govern banks. On one side are those who think depositors should be protected even more fully; on the other are those who say bailing banks out leads to moral hazard.
/jlne.ws/3FG9efG
Coinbase Gets SEC Notice Signaling Intent to Sue Over Crypto Offerings; SEC identified potential violations of securities law; Coinbase shares retreat in after-hours New York trading
Allyson Versprille, Yueqi Yang and Sonali Basak - Bloomberg
Coinbase Global Inc. said it received a notice from the SEC formally declaring the securities regulator's plans to bring an enforcement action against the largest US crypto exchange, the latest development in a long-running dispute between the watchdog and the digital-asset company. Securities and Exchange Commission Chair Gary Gensler has repeatedly said many of the tokens and products offered by crypto companies are securities and that the trading platforms need to register with his agency.
/jlne.ws/3lxzX7h
FCA Hires Top Cop to Help Tackle Financial Crime and Enforcement
Jonathan Browning - Bloomberg
The UK's financial regulator is set to split its top enforcement role, hiring a senior cop who oversaw a crackdown against oligarchs to lead on moves to tackle financial crime across the City. The Financial Conduct Authority named Steve Smart, the National Crime Agency's director of intelligence, and Therese Chambers, the watchdog's director of consumer investments, to jointly oversee enforcement. The pair are being brought in as the FCA speeds up decision-making in an attempt to cut down on lengthy investigations.
/jlne.ws/3Z9wwBi
Swiss regulator defends $17bn wipeout of AT1 bonds in Credit Suisse deal; Writedown after takeover by UBS enraged holders of risky bonds
Sam Jones and Oliver Ralph - Financial Times
Swiss financial regulator Finma has defended its decision to wipe out a huge swath of risky subordinated bonds as part of the Credit Suisse rescue deal. The move taken on Sunday, which rendered SFr16bn ($17bn) of investments worthless, has become one of the most controversial elements of the shotgun marriage between Credit Suisse and its larger rival, UBS, brokered by Swiss authorities.
/jlne.ws/40q43by
The Curse of Credit Suisse Conjures a New Banking Reality; Europe's lenders have tons of cash - but so did Credit Suisse.
Paul J. Davies - Bloomberg
Credit Suisse AG's weekend rescue by UBS AG sent European bank investors reeling at the start of this week, in fear of a rolling crisis and in shock at what just happened to an apparently sound but deeply troubled 166-year-old institution. Yet even as the initial panic subsides and bank shares recover from their swoon, the world has changed - and not only because of Credit Suisse. European banks face a different reality than they did before the US government takeover of Silicon Valley Bank only 10 days ago. The Stoxx Europe 600 banks index is down more than 10% since then.
/jlne.ws/3JDDatY
White House Slams Crypto as 'Too Risky' in Annual Economic Report
Jack Denton - Barron's
The White House went after cryptocurrencies in its annual economic report, calling digital assets too speculative, without economic benefit, and a risk to financial markets and investors. That tone shouldn't come as a surprise. U.S. lawmakers and regulators have taken an increasingly harsh look at cryptos over the past year.
/jlne.ws/3z0CpWY
It's the Most Thankless Job in Banking. Silicon Valley Bank Didn't Fill It for Months; Before the money started fleeing SVB, the company operated without a chief risk officer for much of 2022. When success means averting danger, it's hard to notice when someone's not on the job until it's too late.
Ben Cohen - The Wall Street Journal
James Lam had just been hired by a new financial division of GE Capital when he walked into his boss's office with a problem: He was ordering business cards and had no idea what to put on them. Since his position didn't really exist, it also didn't have a title, so he was given permission to invent one. He called himself a chief risk officer.
/jlne.ws/3K3jdOL
The Fed Has Overseen a Remarkable Transfer of Wealth From Bondholders to Taxpayers
David Beckworth - Barron's
Questions about U.S. financial stability are taking center stage in the wake of Silicon Valley Bank's collapse and the U.S. Federal Reserve's upcoming decision on interest rates. Just beneath the surface, for better and for worse, is something amazing that's happened to U.S. taxpayers: The burden they face on the national debt declined dramatically over the past three years. The reasons for this should be part of the Fed's calculus as it navigates the situation.
/jlne.ws/3lA8W2Z
Swiss regulator defends its decision to write off AT1 bonds
Reuters
Switzerland's financial market regulator FINMA defended its decision to impose steep losses on some of Credit Suisse bondholders on Thursday, saying the decision was legally watertight. On Sunday, Switzerland announced a multi-billion franc rescue of Credit Suisse, which will see it taken over by UBS. As part of that deal the Swiss regulator said 16 billion Swiss francs ($17.49 billion) of the lender's Additional Tier 1 debt to be written down to zero, while shareholders received some compensation.
/jlne.ws/3FMumRc
Why Credit Suisse Finally Came Apart; In this episode of In the City, we explore how the bastion of Swiss banking first lost its way. The beginning of the end may have been 2008.
Sommer Saadi - Bloomberg
Another week, another bank in crisis. This time it was Credit Suisse. After tense talks, UBS agreed to buy its former rival in an all-share deal worth about $3.25 billion. With the Swiss government-brokering the sale, Credit Suisse's 166-year run came to a sudden end.
/jlne.ws/42qYueG
UBS Needs to Act Swiftly to Repair Its Capital Issue; Switzerland's decision to wipe out a particular class of Credit Suisse bondholders creates a future funding dilemma for UBS.
Marcus Ashworth and Paul J. Davies - Bloomberg
Zurich, we have a problem. The Swiss government, the central bank and market regulator Finma have obliterated $17 billion of AT1 debt in orchestrating the rescue of Credit Suisse Group AG, while allowing shareholders to collect a small but not insignificant payoff. That's created a huge capital problem for the newly enlarged UBS Group AG that the banking behemoth needs to swiftly address.
/jlne.ws/3n3et2j
Powell Says Fed Was Baffled by SVB Collapse Despite Warnings; Officials were asking the question, 'How did this happen?'; 'My only interest is that we identify what went wrong here'
Catarina Saraiva - Bloomberg
Federal Reserve Chair Jerome Powell conceded that top officials were stumped at the sudden collapse of Silicon Valley Bank earlier this month, which spurred widespread panic of a deeper banking crisis and in turn upended global financial markets. "The question we were all asking ourselves over that first weekend was, 'How did this happen?'" Powell said Wednesday in a press conference following the US central bank's March meeting.
/jlne.ws/3z3pXWt
Rescuing First Republic May Leave Bank Stockholders Stranded; Bank's tangible book value is far underwater, analysts say; Wedbush's Chiaverini sees 'no residual value for shareholders'
Max Reyes - Bloomberg
Whatever plan emerges to preserve First Republic Bank might not leave much for shareholders of the troubled California lender. That's because the bank's tangible book value is far underwater, according to Wall Street analysts, creating a capital gap of as much as $13.5 billion - a sum that may help explain why no savior appears to have stepped forward.
/jlne.ws/42AMxTG
Could the US Really Guarantee All Bank Deposits?
Mackenzie Hawkins and Paige Smith - Bloomberg
A once-unthinkable measure is being floated in Washington's corridors of power as a possible way to ease the strains suddenly bearing down on small and regional US banks. Normally, the Federal Deposit Insurance Corp. guarantees bank deposits up to $250,000, a limit high enough to make most bank customers sleep easily at night. But recent stresses in the banking industry have put a temporary increase of the cap, or scrapping it, on the table.
/jlne.ws/3nfLLvr
FTX reaches deal to recover over $400 million from hedge fund Modulo
Dietrich Knauth - Reuters
Bankrupt crypto exchange FTX has reached a deal to recover more than $400 million in cash from hedge fund Modulo Capital, pulling back 97% of the money that FTX companies sent to the hedge fund in 2022, according to court documents filed on Wednesday.
/jlne.ws/3K344wT
Lehman Veteran Buys Risky Bank Debt as Recession Looms; Gomez-Bravo is buying AT1s that have seen record declines; Manager of $4 billion says economic downturn is no 2008 rerun
Alice Atkins - Bloomberg
Pilar Gomez-Bravo had a front row seat at Lehman Brothers as it crashed and became the emblem of a financial crisis that swept through the world. Like many survivors of 2008, the co-chief investment officer for fixed income at MFS Investment Management can't help but see parallels in the collapse of three US banks and UBS Group AG's shotgun wedding with Credit Suisse Group AG.
/jlne.ws/409jHs6
Short Seller Hindenburg Research Says Another Report Coming Soon
Abhishek Vishnoi - Bloomberg
Hindenburg Research will soon release a new report, the US short seller said in a tweet without offering any more details. The firm run by Nate Anderson gained more prominence this year after its scathing report on billionaire Gautam Adani's business empire erased more than $150 billion from the Indian conglomerate's market value in about five weeks after it was published on Jan. 24.
/jlne.ws/3LFRUes
Citigroup CEO declares 'this is not a credit crisis' after U.S. bank failures
Lananh Nguyen and Saeed Azhar - Reuters
Citigroup Inc CEO Jane Fraser on Wednesday expressed confidence in U.S. banks after a series of closures rattled investors and fueled turmoil in global financial markets. "The banking system is pretty sound," and large and regional banks are well-capitalized, Fraser told the Economic Club of Washington D.C. on Wednesday.
/jlne.ws/40uAPIE
The Reality Behind the Crypto Banking Crackdown: 'Operation Choke Point 2.0' Is Here
David Z. Morris - CoinDesk
The Biden administration and federal regulators appear to be using whatever means necessary to cut the cryptocurrency industry off from banking services. Critical observers have dubbed this alleged effort "Choke Point 2.0" after a similar push by the Obama administration to cut undesirable but legal industries off from the financial system.
/jlne.ws/40auoL2
Charles Schwab Says It Could Ride Out a Deposit Flight; Brokerage is sitting on sizable long-term debt that has lost value as the Fed has raised rates
Justin Baer - The Wall Street Journal
Charles Schwab Corp., one of a host of financial firms that have taken a drubbing since the collapse of several regional banks this month, is pushing back against fears that it could face some of the same problems as paper losses on its bondholdings mount.
/jlne.ws/3lGeHfp
Macro Hedge Funds Hit by Financial Turmoil; Big bond moves sparked by bank failures inflict pain on Maniyar, Haidar funds
Juliet Chung and Sam Goldfarb - The Wall Street Journal
Hedge funds that bet on big-picture market moves have been hit with steep losses as a spate of recent bank failures upends bets that interest rates would remain elevated. The souring of the wager led some, including Maniyar Capital Advisors and Haidar Capital Management, to lose more than 20% this month. Many of the funds, which had notched big gains as rates marched steadily upward in 2022, are now flat to down for the year following a steep recent drop in Treasury yields. So-called trend-followers, which try to take advantage of momentum in markets, also were hurt.
/jlne.ws/3LPUy1r
Move to T+1 in the US could force flows away from European trading hours; It's those outside of North America who are feeling the implications of the US move to T+1, as one of the benefits of the European trading desk could diminish with settlement cycle fragmentation between regions.
Annabel Smith - The Trade
A move to T+1 settlement in the US could move flows away from European trading hours, which benefit from being at the centre of the follow the sun model, and towards dedicated regional desks.
/jlne.ws/3M2vogb
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | A Propaganda Group is Using Fake Emails to Target Ukrainian Refugees; 'Ghostwriter' specializes in hack-and-leak operations and forged documents, researchers say.
Jeff Stone - Bloomberg
In January, nearly a year after tens of millions of Ukrainians fled their country to escape the Russian invasion, a flood of emails arrived in the inboxes of organizations working with refugees. Ukrainian men of military age, the emails warned, were scheduled to be rounded up and sent home. They would then be forced to fight against Russian troops, according to a supposed agreement between Ukraine and its allies.
/jlne.ws/3z0pwwc
Ukraine's Survival May Be Decided by America's GOP; The outcome of Putin's war against Ukraine shouldn't hinge on who wins the Republican nomination, and the White House, next year. But it could.
Andreas Kluth - Bloomberg
More than a year into Russia's genocidal aggression against Ukraine, ask yourself two simple questions. How might events have unfolded if Donald Trump had still been US president, instead of Joe Biden? And, if the war drags on, what would happen if the White House is recaptured in next year's election by either Trump or his likely Republican challenger, Florida Governor Ron DeSantis?
/jlne.ws/42A0MYV
Republicans Need to Get Their Story Straight on Ukraine; Fringe views within the party are undermining the US and emboldening its enemies. GOP presidential aspirants should repudiate them.
The Editors - Bloomberg
Since describing the war in Ukraine as a "territorial dispute" that's not a vital national interest, Florida Governor Ron DeSantis has received criticism from leading Republicans - including some of his rivals for the 2024 presidential nomination - and rightly so. DeSantis's comments echo a faction of the party eager to end US involvement in Ukraine. Republicans should be under no illusions: Such views represent an abdication of leadership that will cheer America's adversaries and undermine its allies.
/jlne.ws/40rMnwi
'Give Me an Abrams!' Ukrainian Tank Commanders Grow Impatient; For now, they are holding on with inferior Soviet-era tanks, but relish the idea of taking on the Russians with modern Western battle tanks.
Carlotta Gall - The New York Times
Large snowflakes drifted silently through the trees as two Soviet-era tanks roared to life and churned through the mud up the hill. It was daybreak on one of the last days of winter, and the tank commander and his deputy tramped through the snow checking on the men as they readied for battle. "The snow will give us cover," said the commander, Poltava, explaining that Russian reconnaissance Orlan-10 drones that frequently fly over Ukrainian positions would be hampered by the weather. "We will bear it. The main thing is for our enemy to have a hard time and go home."
/jlne.ws/40r9GGq
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Exchanges Globally Agree Framework For Green Equities; The World Federation Of Exchanges Publishes Green Equity Principles As Industry Seeks To Counter Greenwashing And Aid Capital Flows
The World Federation of Exchanges
The World Federation of Exchanges (WFE), the global body for exchanges and CCPs, today announced its industry-wide WFE Green Equity Principles, the first global framework for designating stocks and shares as green, thereby countering greenwashing and supporting the enhanced flow of funding towards more sustainable economies. The Principles, agreed upon globally by members, bring the industry together with a harmonised definition. They are designed to be a framework, consisting of ''WFE Green Criteria for Equities'' and the ''WFE Green Equity Classification.''
/jlne.ws/3yYYqoT
London Losing to Paris in Battle of Equity Markets; Paris bourse market cap exceeds London's by $250 billion; UK market attractiveness is in question after listing setbacks
Michael Msika - Bloomberg
In the competition to be the biggest stock market in Europe, Paris is starting to leave London in its wake. After becoming the region's largest center for trading equities for the first time in November last year, the French bourse has widened the gap against rival London. With a total market capitalization of $3.13 trillion, Paris now exceeds that of the UK's capital by $250 billion, according to data compiled by Bloomberg.
/jlne.ws/3JGsYkr
IEX Supports SEC Equity Market Proposals
Anna Lyudvig - Traders
Regulation must keep pace with market changes to stay relevant and achieve policy goals, according to IEX Exchange, a national securities exchange, facilitating the trading of U.S. equities.
/jlne.ws/3FN14lI
NYSE introduces closing auction imbalance analysis tool
Kevin Tyrell, Glenda Castaneda-Dawkins - NYSE
The NYSE Closing Auction remains the largest liquidity event in the equities market, with an average notional value traded of more than $18bn per day during the full year of 2022. Closing Auction informational imbalance messages (often referred to as the closing imbalance feed) provide traders with crucial information in the minutes leading up to the close. These data provide users with vital details about the Closing Auction order flow and the potential closing price of a security.
/jlne.ws/3ly0hhq
Intercontinental Exchange Sets Date for 2023 Virtual Annual Meeting of Stockholders
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, will hold its 2023 Annual Meeting of Stockholders virtually on Friday, May 19, 2023 at 8:30 a.m. Eastern Time. Stockholders of record as of the close of business on Tuesday, March 21, 2023 are entitled to participate in, vote and submit questions at the Annual Meeting. Stockholders will also be able to submit questions in advance of the meeting at proxyvote.com beginning on Friday, May 5, 2023. Additional information regarding the Annual Meeting, including how to participate, vote and submit questions, will be provided in the Company's proxy statement, which will be filed with the Securities and Exchange Commission and will be available on the Company's website at www.ir.theice.com in late March. A live audio webcast and replay of the Annual Meeting will be available on the Company's investor relations website at www.ir.theice.com.
/jlne.ws/40ad1d8
JSE's Annual Virtual Trading Game opens to aspiring investors
The Johannesburg Stock Exchange (JSE) Virtual Trading Game (VTG), now in its third year, has officially kicked off giving thousands of aspiring investors the opportunity to test and develop their trading skills. The VTG is one of the bourse's financial literacy programmes that aims to educate South Africans about investing on the JSE and the larger role that such investment plays in the country's economy. The game simulates a real trading environment, giving participants a risk-free opportunity to trade shares.
/jlne.ws/3LFRyo9
FTX's LedgerX Attracts Bids From Firms Including Miami Exchange
Katherine Doherty and Isis Almeida - BNN Bloomberg
FTX has attracted bidders including Miami International Securities Exchange for its crypto-derivatives platform, LedgerX, one of the few solvent pieces of Sam Bankman-Fried's former empire. The exchange, known as MIAX and owned by Miami International Holdings Inc., made an offer for LedgerX, which is being sold in FTX's bankruptcy proceedings, according to people with knowledge of the matter. Other bidders include Kalshi Inc., the people said, asking not to be identified because the discussions are private. The size of the bids couldn't immediately be learned.
/jlne.ws/3K0oEO6
SGX RegCo issues response to queries on offer for Boustead Projects
SGX
In response to queries on the offer for Boustead Projects, Singapore Exchange Regulation (SGX RegCo) would like to re-iterate the position set out in our 11 July 2019 Regulator's Column on "Privatisations through general offers" and our 11 March 2023 reply to Business Times.
/jlne.ws/3LL83iJ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | UK regulator warns on Broadcom's $69bn VMware deal; Competition and Markets Authority says it may launch in-depth probe if concerns are not addressed
Kate Beioley - Financial Times
The UK competition regulator said US chipmaker Broadcom's $69bn takeover of cloud software company VMware could make computer servers more expensive, warning it may launch an in-depth probe if its concerns are not addressed. The Competition and Markets Authority said on Wednesday that the acquisition, which if approved would be the biggest in Broadcom's history, could "lead to less innovation and drive up the cost of computer parts and software" used by government, banks and telecoms.
/jlne.ws/3ngFqQo
Singapore Fintech Wins Asia's Largest Fundraise Since SVB's Fall; Kredivo offers buy now, pay later payments in Indonesia; Fintech unicorn is raising funds amid tech downturn woes
Olivia Poh - Bloomberg
Fintech company Kredivo Holdings raised about $270 million in equity financing, defying a market correction that's made it difficult for many startups to obtain fresh capital. The Singapore-based firm, formerly known as FinAccel Pte and operator of fintech platform Kredivo and Krom Bank Indonesia, struck a deal for financing led by Mizuho Financial Group Inc., it said in a statement Thursday without disclosing its valuation.
/jlne.ws/3FFFjE3
Former Goldman Trader Looks to Sell Bonds on the Blockchain
Olivia Raimonde, Tracy Alloway and Anna Irrera - Bloomberg
A crypto brokerage founder says he has a new way to revolutionize the world of high finance: selling government and corporate bonds to investors online, using digital currency technology to track transactions. Max Boonen, founder of crypto brokerage B2C2 and a former interest-rate trader at Goldman Sachs Group Inc., said his latest venture will make it easier for retail and smaller institutional investors to see which bonds are for sale and at what price.
/jlne.ws/3JBl4Ja
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| Cybersecurity | | Top stories for cybersecurity | House cyber panel looks at CISA in first oversight hearing with new chairman
Tim Starks - The Washington Post
A House cyber subcommittee will put a leading federal cybersecurity agency under the magnifying glass today in its first hearing since Republicans took over the chamber. The House Homeland Security Committee's subcommittee on cybersecurity and infrastructure protection will hear testimony this morning from witnesses who work with - but outside of - the Cybersecurity and Infrastructure Security Agency.
/jlne.ws/3JwuIfO
Nexus: A New Rising Android Banking Trojan Targeting 450 Financial Apps
Ravie Lakshmanan - The Hacker News
An emerging Android banking trojan dubbed Nexus has already been adopted by several threat actors to target 450 financial applications and conduct fraud. "Nexus appears to be in its early stages of development," Italian cybersecurity firm Cleafy said in a report published this week.
/jlne.ws/42BjTBS
US National Cybersecurity Strategy: cybersecurity news this month
Akshay Joshi - World Economic Forum
The White House has announced a new cybersecurity strategy in the latest effort by the US government to bolster its cyber defences amid a steady increase in hacking and digital crimes targeting the country. The strategy, which is intended to guide future policy, urges tighter regulation of existing cybersecurity practices across industries and improved collaboration between the government and private sector.
/jlne.ws/3ZbI0o7
80% of security leaders predict increase in cybersecurity automation
Security Magazine
Research finds that security leaders are dissatisfied with the use of automation in their company's security operation centers (SOCs). The research illustrates how adopting cybersecurity automation drives positive business outcomes, including solving staffing shortages and mitigating cyberattacks.
/jlne.ws/3K2oMga
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX to Collect $404 Million in Proposed Deal With Modulo; FTX says deal returns money Bankman-Fried wrongly transferred; Settlement avoids a costly legal fight in FTX bankruptcy case
Steven Church - Bloomberg
FTX Group will recover about $404 million that its disgraced founder Sam Bankman-Fried allegedly transferred to the investment fund Modulo Capital, according to a proposed bankruptcy settlement made public Wednesday. The agreement adds to the slowly growing pot of money FTX has been trying to collect since the crypto firm filed bankruptcy last year.
/jlne.ws/40azV43
SEC Warns Coinbase It's Pursuing Enforcement Action Over Securities Violations
Nikhilesh De, Jesse Hamilton - Bloomberg
Crypto exchange Coinbase (COIN) may soon face an enforcement action tied to its listing of potential unregistered securities, the company said Wednesday. Coinbase disclosed the SEC alleged the U.S.-based company may be operating in violation of securities laws in the running of its exchange and staking services. The regulator targeted Coinbase with a so-called Wells notice that informs the business that the agency is planning a future action that could include an injunction or cease-and-desist without specifying exactly what activity it found in violation.
/jlne.ws/40oxAlQ
Binance Curb on Zero-Fee Trading May Cost Market Share, Boost TrueUSD Stablecoin: Kaiko Research Head
Krisztian Sandor - CoinDesk
Binance's market share may drop after the world's largest crypto exchange by trading volume abolished most zero-fee trading after just nine months, according to Kaiko's head of research.
/jlne.ws/3FGBVco
Telegram Announces USDT Stablecoin Payments on Tron Network
Mathew Di Salvo - Decrypt
Telegram users can now send each other Tether's stablecoin. In a Wednesday notification, the messaging app informed its customers that the wallet function now supports USDT-TRON, better known as TRC20. USDT is the third-largest cryptocurrency after Bitcoin and Ethereum, with a market cap of $78 billion. It is also a stablecoin, meaning its value is backed by a stable asset-in this case, the U.S. dollar.
/jlne.ws/3TCyV6s
Australian Crypto Exchange Weighs Potential Hong Kong Base
Sunil Jagtiani - Bloomberg
Australian cryptocurrency exchange Independent Reserve plans to look more closely at opportunities in Hong Kong as the city pursues a regulatory revamp to create a hub for digital-asset businesses. The company will be visiting Hong Kong shortly to "learn more about the upcoming regulations and really look more closely at that as a potential base for another office in Asia," Adrian Przelozny, chief executive of Independent Reserve, said in an interview Wednesday.
/jlne.ws/3njQvjm
Investors have 'zero confidence' in Coinbase, other crypto institutions: Attorney
Yahoo! Finance
Tycko & Zavareei LLP Partner and Attorney Hassan Zavareei joins Yahoo Finance Live to discuss his client's case against Coinbase - the first crypto-related case to reach the Supreme Court - regarding the platform's arbitration clause.
/jlne.ws/3FIwsBL
21Shares to close six crypto ETFs; Swiss exchange traded product provider blames low demand
Sandra Heistruvers - Financial Times
Swiss cryptocurrency exchange traded product provider 21Shares is to shut six ETPs owing to limited investor demand. The crypto asset manager will close its 21Shares S&P Risk Controlled Bitcoin Index, 21Shares S&P Risk Controlled Ethereum Index, 21Shares DeFi 10 Infrastructure, 21Shares Crypto Layer 1 and 21Shares USD Yield ETPs.
/jlne.ws/40yoNxX
Celebrities Lindsay Lohan and Jake Paul Illegally Touted Crypto Assets, SEC Says; Regulator also sues Justin Sun, whose company sold tokens TRX and BTT
Dave Michaels - The Wall Street Journal
U.S. regulators clawed back money that actress Lindsay Lohan and boxer Jake Paul earned by promoting cryptocurrencies, continuing a campaign of making examples of celebrities who tout digital assets in violation of investor-protection laws. Ms. Lohan, Mr. Paul and four other celebrities agreed to pay a combined $400,000 to settle the Securities and Exchange Commission's investigation of their role in the promotion of crypto assets TRX and BTT.
/jlne.ws/3ltmLjT
IRS Seeks to Tax NFTs Like Other Collectibles
Jack Schickler - CoinDesk
The U.S. Internal Revenue Service is considering whether to tax non-fungible tokens (NFT) on a par with other collectibles such as stamps, works of art and fine wine, in a move likely to have an impact on those including the digital assets within their retirement plan, according to a document published Tuesday.
/jlne.ws/3JBQ8bK
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| Politics | | An overview of politics as it relates to the financial markets | Exclusive-JPMorgan CEO Dimon met White House's Brainard during D.C. trip -source
Nandita Bose, Lananh Nguyen and Saeed Azhar - Reuters
JPMorgan Chief Executive Jamie Dimon met Lael Brainard, the director of the White House National Economic Council on Wednesday, while in Washington this week, according to a person familiar with the situation.
/jlne.ws/40v8WjK
Bankers Bury 'ESG' in Pitch Books to Head Off Republican Attacks; As the political rhetoric gets nastier, banks and asset managers are changing their messaging in investor reports and other marketing strategies.
Saijel Kishan, Alastair Marsh and Greg Ritchie - Bloomberg
Banks and financial firms are quietly recalibrating how they talk about ESG investing in the US, navigating around potential political fights in order to avoid losing lucrative business. Eleven major banks and money managers told Bloomberg News that they're adjusting the language they use in pitch books, marketing materials and investor reports when seeking to sell funds and take part in financial deals. In some cases this means avoiding using the ESG acronym and related terms in Republican-led states, while for blue states, they're playing up their ESG credentials, according to representatives of the financial firms who asked not to be named discussing private information.
/jlne.ws/42Mljdd
Trump media Spac dismisses CEO and confronts delisting threat; Digital World Acquisition terminates Patrick Orlando amid 'unprecedented headwinds'
Ortenca Aliaj and Mark Vandevelde - Financial Times
The blank-cheque company that plans to take Donald Trump's media business public has ousted its chief executive, deepening tumult inside a company that has been threatened with stock exchange delisting over unpaid fees. Digital World Acquisition Corporation has lost 87 per cent of the $3.6bn valuation it commanded after announcing in October 2021 a deal to merge with Trump Media & Technology Group, which operates his Truth Social platform.
/jlne.ws/3JFkkm1
Bankers Attacked My Views on Regulation. But My 'Golden' Idea Could Save Them From Themselves
Saule Omarova - The New York Times
I had the honor of being nominated by President Biden in 2021 to head the Office of the Comptroller of the Currency, the top regulator of federally chartered banks. If confirmed, I would have been the first minority woman - an immigrant - to lead the 160-year-old agency.
/jlne.ws/3nbkFp8
Policymakers are bungling their response to failing banks; You are doomed to repeat the errors of the last crisis if you don't use the tools put in place since then
Martin Sandbu - Financial Times (opinion)
Have we then learnt nothing? From the way regulators on both sides of the Atlantic have handled bank failures over the past week, it feels to me like the answer is "no". What is most striking is that the systems put in place after the last financial crisis were not used as intended - instead policymakers in the US and Switzerland hurried to come up with ad hoc solutions for Silicon Valley Bank and Credit Suisse. They may have thought that this was best to stem panic and safeguard financial stability. Many seem to agree that it is too idealistic to follow plans made for these crises in quieter times, and that "pragmatism" must rule. After all, no battle plan survives the first contact with the enemy. But that thought, I fear, is precisely the problem.
/jlne.ws/40wLqm6
Biden Report: Most of Crypto Has 'No Fundamental Value'
Leo Jakobson - CoinMarketCap
Of course, that wasn't talking about cryptocurrencies or even blockchain, but rather the distributed ledger technology that blockchains are built on. One of nine sections in a report that also looked at topics like Supply Challenges in U.S. Labor Markets and Investing in Young Children's Care and Education, the 36-page reveal of the administration's perspective on crypto basically ran from skeptical to negative to threatening.
/jlne.ws/3LEzUkG
Janet Yellen made millions giving speeches to Wall Street banks she'll soon regulate
Matt Egan - CNN Business
Janet Yellen, President-elect Joe Biden's pick for Treasury secretary, made more than $7 million in recent years by giving speeches to Wall Street banks, major corporations and industry groups. The former chair of the Federal Reserve hauled in nearly $1 million alone in multiple speeches to Citigroup (C), according to financial disclosure documents filed last week. Since stepping down from the Fed in early 2018, Yellen has also given paid speeches to other companies, including Google, Goldman Sachs, Bank of America and Salesforce.
/jlne.ws/3JD3ep8
EU Banking Authority to Hire Crypto Experts as It Prepares for MiCA Law
Jack Schickler - CoinDesk
The European Banking Authority is hiring crypto-skilled staff as it seeks to prepare for its duties under the European Union's forthcoming Markets in Crypto Assets (MiCA) regulation, according to a vacancy notice published on Wednesday. The Paris-based agency will be responsible for regulating issuers of large stablecoins - crypto assets tied to fiat currencies such as the euro - and preparing draft rules to fill in details of MiCA that lawmakers left open.
/jlne.ws/42wX7v6
Xi Jinping-Vladimir Putin talks highlight Russia's role as 'junior partner' to China
Max Seddon and Joe Leahy - Financial Times
Vladimir Putin and Xi Jinping will place their growing economic ties at the heart of talks in the Kremlin on Tuesday, highlighting Moscow's dependence on Beijing after its economy was largely severed from the west. The Russian president hailed China's economic model as "much more effective" than that of other countries, a recognition of the lifeline Beijing has extended since Moscow's full-scale invasion of Ukraine last year - with bilateral trade reaching a record $190bn in 2022.
/jlne.ws/3yXuDNF
Russia Says Gold Hoard Grew as West Imposed Sanctions; Central bank holdings rose 1 million ounces over the past year; Russian gold was blocked from Western markets by an import ban
Bloomberg
Russia's central bank said its bullion holdings jumped by 1 million ounces over the past year as it bought gold in the face of Western sanctions. The Bank of Russia said it held 74.9 million ounces of gold at the end of February, unchanged from the previous month but up from 73.9 million a year earlier. That bullion hoard was worth $135.6 billion, it said.
/jlne.ws/3n8Fj9n
Baseball Win Is a Triumph for Japan's Soft Power; The nation's lost decades don't extend to sports. That will help drive Prime Minister Fumio Kishida's narrative as he prepares to host the G7 in Hiroshima.
Gearoid Reidy - Bloomberg
The past 30 years in Japan is often painted as a period of stagnation, decline and waning international influence. Sport is one major exception as demonstrated by Shohei Ohtani's domination of the game that the US invented in the World Baseball Classic. It also serves as a morale booster for Prime Minister Fumio Kishida who is preparing to host the Group of Seven summit in May.
/jlne.ws/3JvlBMA
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| Regulation & Enforcement | | Stories about regulation and the law. | Swiss Regulator Points to Prospectus for Credit Suisse AT1 Move; Regulator Finma cites March 19 ordinance, contract terms; Says AT1s can be written down before bank equity capital used
Hugo Miller and Priscila Azevedo Rocha - Bloomberg
Switzerland defended its decision to render an entire class of Credit Suisse Group AG debt worthless during last week's state-brokered takeover by UBS Group AG, telling bondholders that they had been warned of the risk in the paperwork. Some 16 billion francs ($17.5 billion) worth of Credit Suisse Group AG's contingent convertible bonds, referred to as AT1s, were wiped out in the deal, which contained guarantees against some potential losses for UBS and liquidity lines from the Swiss National Bank.
/jlne.ws/3z0PLCp
SEC Sues Jake Paul for 'Illegally Touting' Justin Sun-Linked Cryptos
Danny Nelson - CoinDesk
Internet personality Jake Paul was sued by the U.S. Securities and Exchange Commission over his alleged illegal promotion of cryptocurrencies tied to Justin Sun. Paul "illegally touted" cryptocurrencies "TRX and/or BTT" without disclosing he was being paid to do so, according to a press release. The YouTuber-turned-boxer is among a cast of celebrities the SEC charged Wednesday with participating in a scheme to illegally promote Sun-tied cryptos.
/jlne.ws/3K3M4CA
CFTC accepts Allianz offer settling U.S. fraud allegations -statement
Rami Ayyub - Reuters
The U.S. Commodity Futures Trading Commission (CFTC) said on Tuesday it had accepted an offer from Allianz settling fraud allegations in its U.S. fund unit, and that it had revoked the German firm's U.S. commodity trading registrations. Allianz agreed last year to shut down the unit, Allianz Global Investors in the United States, as part of a guilty plea for securities fraud and a $6 billion settlement with U.S. law enforcement and regulators.
/jlne.ws/3K0zEeB
Opening Statement of Commissioner Christy Goldsmith Romero at the Technology Advisory Committee on DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience
CFTC
With our nation at the cusp of exciting and challenging technological innovations, it will take a broad representation of stakeholder perspectives to build a safe financial system that harnesses the best of emerging technology while protecting customers and financial stability. As the Commission and others make policy decisions on next generation technology, it is critical that we have a foundational understanding of the technology, and the specific implications for finance and law.
/jlne.ws/3FKsbxs
Opening Statement of Commissioner Caroline D. Pham before the Technology Advisory Committee
CFTC
Thank you to Commissioner Goldsmith Romero, Tony Biagioli, the Designated Federal Officer, and all of the members for today's meeting of the Technology Advisory Committee. Today's discussions on cybersecurity, decentralized finance, and artificial intelligence are incredibly timely and important to the mission of the CFTC. I thank Commissioner Goldsmith Romero for her leadership in tackling these issues with renowned technical experts.
/jlne.ws/3K2DTX9
Opening Statement of Commissioner Summer K. Mersinger Before the Technology Advisory Committee
CFTC
Good afternoon and thank you to everyone joining us today, both in person and virtually. I am very much looking forward to today's meeting, and I want to commend Commissioner Goldsmith-Romero not only for convening this meeting today of the Technology Advisory Committee ("TAC"), but also for putting together such an impressive group of presenters for what I expect to be a fascinating discussion.
/jlne.ws/3FLG92p
Chairman Behnam to Participate in a Fireside Chat at the North American Carbon World Conference
CFTC
Chairman Rostin Behnam will participate in a fireside chat at the North American Carbon World Conference.
/jlne.ws/3K0yShr
Chairman Behnam to Participate in a Fireside Chat at NGFA's 127th Annual Convention
CFTC
Chairman Rostin Behnam will participate in a fireside chat at the National Grain and Feed Association's 127th Annual Convention.
/jlne.ws/3Za2HRf
Opening Remarks of Commissioner Kristin N. Johnson Before the Technology Advisory Committee
CFTC
Good afternoon. It's a pleasure to be here for the inaugural meeting of the Technology Advisory Committee (TAC) under Commissioner Goldsmith-Romero's sponsorship. The work of the Commission's Advisory Committees is critical to the development of the CFTC's regulations and policies, as well as industry best practices. I want to thank Commissioner Goldsmith-Romero and Anthony Biagioli-TAC's Designated Federal Officer, for convening this meeting today. I also want to thank you, TAC's membership and today's panelists.
/jlne.ws/3K0BnR3
SEC charges Tron founder Justin Sun, celebrities Lindsay Lohan, Jake Paul with crypto violations
MacKenzie Sigalos and Rohan Goswami - CNBC
The Securities and Exchange Commission has unveiled fraud and unregistered securities charges against crypto founder and Grenadian diplomat Justin Sun, alongside separate violations against the celebrity backers of his Tronix and BitTorrent crypto assets, which included Jake Paul, Lindsay Lohan and Soulja Boy. The SEC alleged that Sun engaged in fraud by manipulating the trading activity of the two tokens, creating the appearance of active trading when it did not exist.
/jlne.ws/3z0Dnm4
SEC Charges Crypto Entrepreneur Justin Sun and his Companies for Fraud and Other Securities Law Violations
SEC
The Securities and Exchange Commission today announced charges against crypto asset entrepreneur Justin Sun and three of his wholly-owned companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc. (formerly BitTorrent), for the unregistered offer and sale of crypto asset securities Tronix (TRX) and BitTorrent (BTT). The SEC also charged Sun and his companies with fraudulently manipulating the secondary market for TRX through extensive wash trading, which involves the simultaneous or near-simultaneous purchase and sale of a security to make it appear actively traded without an actual change in beneficial ownership, and for orchestrating a scheme to pay celebrities to tout TRX and BTT without disclosing their compensation.
/jlne.ws/40vXPai
SEC Proposes to Modernize the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934
SEC
The Securities and Exchange Commission today proposed amendments designed to modernize its information collection and analysis methods by, among other things, proposing that a number of filings be submitted to the Commission electronically on EDGAR using structured data where appropriate.
/jlne.ws/3TGAgsT
FCA appoints executive directors to co-lead Enforcement and Market Oversight
FCA
The expansion of the FCA's enforcement and market oversight leadership team, following Mark Steward's departure, reflects the vital role that enforcement work plays in delivering its 3 year strategy and its commitments to reducing the growth in financial crime, ensuring consumer outcomes meet the higher standards of the New Consumer Duty, stepping in where firms restrict competition and much more. Recent market events have underlined the importance of effective market oversight to support financial stability.
/jlne.ws/3nd9f4b
Post-Brexit UK should pursue short-selling reforms to boost markets; A nonsensical EU requirement on disclosure should be scrapped
Carson Block - Financial Times
The UK has made a welcome move to remove any unnecessary burdens that result from often ill-considered EU regulation and design a short-selling regime that helps deliver strong and sustainable growth. Jeremy Hunt, the chancellor, has called for views on how short-selling regulation should be improved in the country as part of the so-called "Edinburgh reforms" package to boost the City of London. The UK should start by abrogating the nonsensical EU requirement to publicly disclose short positions by the parties that have taken them out.
/jlne.ws/42KIEMi
Ditching Mifid research rules will help London market but is no panacea; Unwinding rules on the cost of research should be part of a package of broader reforms
Daniel Thomas - Financial Times
"You can't get the crap back in the donkey," bemoans one broking chief about the futility of trying to unwind EU laws that he claims have undermined the market for investment research in the UK. But the British government is still going to try, even if it finds that - as with the unfortunate donkey - the five year old Mifid II regulations have made too much of a mess to clear up easily.
/jlne.ws/3ZaCz8E
Asia needs a more effective financial safety net; The Chiang Mai Initiative would work better if it was a fully-funded system
Rhee Chang-yong - Financial Times
March 24 marks the 13th anniversary of the Chiang Mai Initiative Multilateralisation (CMIM), a currency swap network designed to ensure financial stability among member states of the Association of Southeast Asian Nations, as well as China, Japan, and Korea.
/jlne.ws/3TzrdtX
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Notification Center: 55% Volume Growth for MF Info Xchange
The Depository Trust & Clearing Corporation
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services, today announced that its MF Info Xchange service, the first offering of its kind to standardize communications for the mutual fund industry, has reached new milestones. In 2022, the service successfully delivered over 6,000 event notifications to over 648,000 recipients in real time, the highest volumes ever, including consolidated Dividend/Capital Gain schedules, Interval/Tender Fund transaction schedules, Fund Mergers, Large Trade notifications, and other critical announcements.
/jlne.ws/40sq4GQ
2 Stocks That Could Benefit From Banking Sector Struggles
Carleton English - Barron's
Recent market volatility has been especially harsh on bank stocks. Exchanges, however, are one corner of the financial sector that typically fares well in times of uncertainty-and they likely will continue to do so. That is Piper Sandler managing director Richard Repetto's takeaway from the recent Futures Industry Association (FIA) conference, where he met with 15 global exchange and trading companies' management teams.
/jlne.ws/42BklQW
Key Courses for Swap Dealers
Exchange Analytics
Pick and choose from the courses you need to satisfy your financial compliance certificate. If you need help at anytime, please reach out to our staff. We are happy to help.
/jlne.ws/3FJQUC5
Commodity Traders Warn Mega Profits Probably Won't Be Repeated; Volatility proved a boon for traders' earnings for last year; Vitol, Gunvor among those warning that 2023 may not be as good
Devika Krishna Kumar, Archie Hunter and Grant Smith - Bloomberg
Top commodity traders have been reporting record profits for last year after cashing in on the fallout from Russia's war in Ukraine and the global energy crisis. Now they're starting to warn the blockbuster numbers probably won't be repeated. The war upended supply chains for crucial raw materials such as oil, gas and grains, driving up prices and fueling volatility that traders crave.
/jlne.ws/3lCGFJ5
Here's a Guide to Impending AT1 Bond Call Dates in Asia; More than 100 AT1 notes are callable this year, data show; About 50 come with temporary or permanent write-down options
Harry Suhartono and Ameya Karve - Bloomberg
A few days after investors in the Additional Tier 1 bond market were jolted by the wipeout of Credit Suisse Group AG's notes, those holding similar debt in Asia are staring at dozens of securities with call dates this year. At least 113 AT1s have an option to call them back in 2023, according to data compiled by Bloomberg.
/jlne.ws/3TC5cKU
Banks Might Be About to Ruin the Economy Again
Alana Semuels - Times
Just about anyone whose job it is to pay attention to financial news should have known that interest rates would go up over the course of the last year. A year ago, when the Federal Reserve raised interest rates for the first time in three years to combat inflation, it said that the banking industry should expect "ongoing increases," and by September, the Fed projected that it wouldn't stop heightening rates until they topped 4.5%-from near zero in early 2022. The Fed did what was largely predicted March 22, when it announced it would raise interest rates by 25 basis points, pushing them to the range of 4.75% to 5%.
/jlne.ws/3JBc8U1
Commercial property risks rise up bank investors' worry list; Fears mount that a further retreat from real estate lending could lead to a wider credit crunch
Jennifer Hughes, Harriet Clarfelt and Joshua Chaffin- Financial Times
Commercial property loans are joining deposit flight and bond portfolios as the biggest perceived risk for US banks as rattled investors fret about lenders' strength following the collapses of Silicon Valley Bank and Signature Bank.
/jlne.ws/3ne4WFU
Retail Investors Are Helping Small IPOs Defy This Market Turmoil; Vast majority of March listings raised less than $50 million; Institutions usually account for 90% of buying in larger deals
Drew Singer - Bloomberg
Retail investors are piling into stock offerings, fueling a jump in new listings by micro-cap companies in the face of a banking crisis that is sidelining bigger deals. This month, 80% of the US deal flow is from initial public offerings that raised less than $50 million, according to data compiled by Bloomberg that excludes SPACs. And those offerings are attracting small investors, not the big institutional buyers
/jlne.ws/3z2jk6C
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Comment: We must protect the freedom to invest responsibly in the U.S.
Mindy Lubber - Reuters
The U.S. private and public sectors are investing in a stronger, more resilient, more dynamic economy. Each month, manufacturers are announcing billions of dollars' worth of new factories that will employ thousands building clean energy technology, as a potent mix of private investment and federal and state policies has quickly established the U.S. as a global leader in these fast-growing markets. Leading companies are quickly shifting to reliable and affordable clean energy and electric vehicles to mitigate the risks of volatile energy markets, global instability, and climate change.
/jlne.ws/407S7eF
Cherry Blossoms in Washington, D.C., Are Peaking Earlier Than Usual; National Mall's cherry blossoms could peak as soon as Thursday after an usually warm winter
Joseph De Avila - The Wall Street Journal
Cherry blossoms at the National Mall in Washington, D.C., are projected to hit peak bloom ahead of schedule this year after an unusually warm winter. Those cherry blossoms could peak as early as Thursday, nearly two weeks earlier than the historical average of April 4, according to the National Park Service, which has data that go back to the 1920s. Peak blooms have been moving up in the calendar. Over the past 10 years, the peak bloom on average has been March 27, said Mike Litterst, a spokesman for the National Park Service.
/jlne.ws/40v87ra
Solar power: Europe attempts to get out of China's shadow; The EU wants to ramp up its renewable energy capacity but depends on the country for raw materials and technology
Yuan Yang, Alice Hancock and Laura Pitel - Financial Times
At the annual gathering of Europe's solar power lobby in Brussels this month, industry executives celebrated the rapid rollout of panels across the region after the retreat from Russian gas. Standing behind a DJ deck, Walburga Hemetsberger, SolarPower Europe's chief executive, said that the night should be "the best party ever", adding that the European industry had broken records on solar installations last year. But EU officials speaking at the same event had their minds on an even bigger challenge.
/jlne.ws/3JBuGU1
Investors and Businesses Call on Policymakers to Protect the Freedom to Invest Responsibly; Reaffirm commitment to factor all material financial risks in decision-making as more positive policy momentum builds in key states
Ceres
Hundreds of investors, companies, and other capital market leaders convening at Ceres Global are urging state and federal policymakers to protect the freedom to invest responsibly in light of a political backlash against sustainable investment and business practices. Under the banner, "Freedom to Invest," these leaders are reminding policymakers that they must be free to consider all material financial risks and opportunities, including those related to the climate crisis, to plan for the long-term and build a stronger, more resilient economy.
/jlne.ws/3FKiwHA
Could the technology behind Netflix's recommendation engine help fight climate change?Graph databases have long been used to provide customized content. But they could also be harnessed to help companies lower emissions.
Harry Powell - Fast Company
Countless times every day, Amazon makes a product recommendation to a customer, LinkedIn suggests a new connection, Facebook and Instagram present customized content to users, and Netflix proposes a show the subscriber might like. They all have something in common: Behind the scenes, graph database technology is being used to reveal relationships amid enormous amounts of diverse data and identify patterns in customer-purchase history, associations, and interests.
/jlne.ws/3niBGxS
How Has the ESG Investing Landscape Changed One Year on from the Russian Invasion of Ukraine?
Timothy Ash - TabbForum (commentary)
On the one-year anniversary of Russia's initial invasion of Ukraine Tim Ash, EM Senior Sovereign Strategist for the BlueBay Asset Management team of RBC Global Asset Management, re-evaluates how the ESG investing landscape has shifted. The Russia/Ukraine conflict has, I think, demonstrated the newfound power of ESG. This can be broken down into three factors: investors pre-emptive positioning, self-sanctioning, and the impact of powerful ESG considerations.
/jlne.ws/3lIzPlc
A Water System So Broken That One Pipe Leaks 5 Million Gallons a Day; As a water shortage ballooned into a crisis in Jackson, Miss., the leak grew bigger and bigger, gouging out a swimming pool-size crater in the earth.
Sarah Fowler - The New York Times
On an abandoned golf course, overgrown with shrubs and saw grass, you can hear the rushing water from 100 yards away. Near Hole 4, past the little bridge and crumbling cart paths, what looks to be a waterfall comes into view, pouring down through the brush and into the creek below. Except the torrent of water gushing up through the mud isn't from a spring-fed stream or a bubbling brook. It is spewing from a broken city water line.
/jlne.ws/3FN4oxc
There's a critical element missing in the debate over ESG investing
Joe Cahill - Crain's Chicago Business
Inflamed rhetoric over ESG investing obscures an important distinction between the elements of the controversial approach. ESG stands for "environmental, social and governance," three topics that many managers of pension plans, endowments and mutual funds have started including in their analysis of potential investments. But much of the controversy centers on the first two elements, which are more widely understood and politically charged than the third.
/jlne.ws/42zubT9
Solar power: Europe attempts to get out of China's shadow; The EU wants to ramp up its renewable energy capacity but depends on the country for raw materials and technology
Yuan Yang, Alice Hancock and Laura Pitel - Financial Times
At the annual gathering of Europe's solar power lobby in Brussels this month, industry executives celebrated the rapid rollout of panels across the region after the retreat from Russian gas. Standing behind a DJ deck, Walburga Hemetsberger, SolarPower Europe's chief executive, said that the night should be "the best party ever", adding that the European industry had broken records on solar installations last year. But EU officials speaking at the same event had their minds on an even bigger challenge.
/jlne.ws/3JBuGU1
Consumers Foot the Bill for Traders 'Manipulating' UK Power Market; Some of the UK's biggest energy companies have received £525 million from a practice that regulators say drives prices higher.
When the sun sets, Britain turns the lights on. Demand for energy peaks.
Gavin Finch, Jason Grotto and Todd Gillespie - Bloomberg
On the morning of Dec. 12, as plunging temperatures left poorer Britons struggling to heat their homes, traders for Vitol Group's VPI Power Ltd. abruptly served notice that one of the London area's largest power stations would begin turning off just after midday.
/jlne.ws/40sgVOf
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | SVB's Loans to Insiders Tripled to $219 Million Before It Failed; Loans to officers, directors the highest in two decades; The bank's weaknesses came to light as the loans surged
Silla Brush, Noah Buhayar and Allyson Versprille - Bloomberg
As Silicon Valley Bank deteriorated late last year and regulators began internally flagging flaws in its risk management, the lender opened up the credit spigot to one group: insiders. Loans to officers, directors and principal shareholders, and their related interests, more than tripled from the third quarter last year to $219 million in the final three months of 2022, according to government data.
/jlne.ws/3TyO6O9
Silicon Valley Bank Ran Out of Money; Also other US regional banks, the AT1 market, and counterproductive ESG.
Matt Levine - Bloomberg
Silicon Valley Bank was shut down by the Federal Deposit Insurance Corp. on Friday, March 10, for running out of money. It is of course bad for a bank to run out of money. But it is also a little hard to understand how a bank like SVB could have run out of money, in the US, in 2023. The structure of the modern banking system is supposed to prevent that, and SVB seemed in some ways like a bank that was particularly unlikely to run out of money. But it did.
/jlne.ws/3lAxR6A
Yellen says not considering 'blanket insurance' for all U.S. bank deposits
David Lawder and Rami Ayyub - Reuters
U.S. Treasury Secretary Janet Yellen told lawmakers on Wednesday that she has not considered or discussed "blanket insurance" to U.S. banking deposits without approval by Congress as a way to stem turmoil caused by two major bank failures this month. Her comments before a Senate Appropriations subcommittee hearing dashed industry hopes for a quick government guarantee to stem the threat of further bank runs and contributed to a 15.5% fall in the shares of struggling First Republic Bank (FRC.N) on Wednesday.
/jlne.ws/40azeaX
Bank of England says it warned US regulators over SVB risks before its collapse
Laura Noonan - Financial Times
The Bank of England warned US regulators over the risks building at Silicon Valley Bank well before its collapse, central bank governor Andrew Bailey told a British parliamentary committee. In a letter to the cross-party Treasury select committee published on Wednesday, Bailey said that the BoE had been concerned about "concentration risk" and the "overlap of clients" between SVB's lending and deposit books in the 18 to 24 months preceding its seizure by US regulators on March 10.
/jlne.ws/3nfQ4qv
Hedge Fund Manager Odey Bets on UBS Following Credit Suisse Deal; Crispin Odey says he's invested 2% of his funds in lender; Investors are racing to break down deal's implications for UBS
Philip Aldrick - Bloomberg
Crispin Odey is betting that UBS Group AG's shotgun marriage with Credit Suisse Group AG will pay off. The UK hedge fund manager said he invested 2% of his Odey Asset Management funds into UBS shares after the takeover. Odey personally ran about $1.3 billion of assets at the end of February. "I probably should have put 5% in," Odey said by phone, adding he had concluded that there was a disparity between the lender's market value and the increase in net asset value from the deal.
/jlne.ws/42K8dgu
UBS Offers Bond Buyback To Soothe Concerns on Deal's Risk; The two euro-denominated notes were issued just days ago; UBS makes the offer in light of 'exceptional' developments
Harry Suhartono, Hannah Benjamin and Abhinav Ramnarayan - Bloomberg
UBS Group AG is offering to buy back bonds that were issued days before it agreed to take over troubled rival Credit Suisse Group AG, a deal that sent a gauge of its credit risk soaring. Switzerland's biggest bank invited holders of $3 billion of its senior bonds to sell them back after acquisition in an effort to calm concerns over the risks of the deal.
/jlne.ws/3lI9eVo
Apollo, Carlyle Scour Bankrupt SVB Financial for Loan Deals; Blackstone also preparing to take a look at the loans; The loans at issue could be valued at as much as $10 billion
Dawn Lim and Allison McNeely - Bloomberg
Apollo Global Management Inc. and Carlyle Group Inc. are zeroing in on a book of loans up for grabs now that the former parent company of Silicon Valley Bank has filed for bankruptcy. The loans are tied to SVB Financial Group's investment arm, SVB Capital, and its investment banking arm, SVB Securities, according to people with knowledge of the matter.
/jlne.ws/3FFENpB
Lindsay Lohan Accused by SEC of Illegally Touting Tokens; Agency sued crypto mogul Justin Sun, several of his companies; SEC alleged celebrities touted tokens tied to Sun's firms
Allyson Versprille and Lydia Beyoud - Bloomberg
The US Securities and Exchange Commission sued crypto mogul Justin Sun for allegedly violating securities rules, and said eight celebrities including Lindsay Lohan and the artist known as Soulja Boy illegally touted tokens. Lohan and Soulja Boy, whose real name is DeAndre Cortez Way, illegally promoted the tokens - Tronix and/or BitTorrent - without disclosing compensation, the SEC alleged.
/jlne.ws/3ng0ZAA
Venture Capitalists Convince Startups to Keep Money With New SVB
Lizette Chapman and Esteban Duarte - Bloomberg
Venture capitalists have largely kept the promise they made the day after Silicon Valley Bank dramatically collapsed: They would continue doing business with the bank if it was able to continue operating. In a private call on Tuesday, the new chief executive officer of Silicon Valley Bridge Bank, Tim Mayopoulos, said that private markets have been instrumental for the institution in maintaining its deposit base, according to a readout of the call reviewed by Bloomberg.
/jlne.ws/40p3RtH
Ackman Warns of Accelerated Deposit Outflows After Fed Decision
Brandon Sapienza - Bloomberg
Pershing Square's Bill Ackman said he expects an acceleration of deposit outflows from banks after US Treasury Secretary Janet Yellen "walked back" comments about guaranteeing all deposits and the Federal Reserve raised its benchmark rate. "We have gone from implicit support for depositors to @SecYellen explicit statement today that no guarantee is being considered with rates now being raised to 5%," Ackman said in a long Twitter post. The 5% rate threshold makes bank deposits "much less attractive," he wrote.
/jlne.ws/3TBzD3O
JPMorgan Sold $10 Million in Jewels Left in Bank Safe Deposit Box, Suit Claims; Jorge and Stella Araneta say they never got deposit box bills; Aranetas claim the bills were sent to PO Box in Baton Rouge
Chris Dolmetsch - Bloomberg
JPMorgan Chase & Co. is facing a suit by a couple who claims the bank sold $10 million in jewelry and other valuables that they stored in safe deposit boxes. Jorge and Stella Araneta said that JPMorgan sent the bills for the boxes to a wrong address, causing them to fall behind in their account. They claim they paid the delinquency in full after discovering it, and JPMorgan promised to return the property stored in the boxes. But the bank instead auctioned off the contents.
/jlne.ws/3JB3zsd
JPMorgan Sees No Systemic Risk in Financial Sectors in US and Europe
Bloomberg Markets
Kerry Craig, global market strategist at JPMorgan Asset Management, discusses Federal Reserve's latest interest rate hike, the woes in the banking industry in the US and Europe, and the implications for financial markets. He speaks with Yvonne Man and David Ingles on "Bloomberg Markets: China Open."
/jlne.ws/3K15lUX
One of America's biggest investment managers lost $340 million in the surprise Credit Suisse bond write-off
Eleanor Pringle - Fortune
In the pecking order of who gets paid first when a bank collapses, shareholders don't usually sit very high up the chain. But in an unusual turn of events, those who held shares in Credit Suisse have actually got a payout-in the billions-ahead of those who held bonds in the bank. That has meant an economic hit to Pacific Investment Management Co (PIMCO)-one of America's largest investment managers. PIMCO lost $340 million when a category of bonds were wiped out on Sunday in UBS's takeover of the bank, sources told Reuters.
/jlne.ws/3zj7xRP
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Do's and Don'ts of Combining Work and Play When Traveling; With hybrid work, it's easier than ever to blur business and leisure on the road. But it helps to follow a few simple rules.
Alexandra Samuel
In some cases, tacking on some remote work might allow you to stay longer in your vacation destination. I never take a business trip without squeezing in some kind of personal respite or adventure. And I've yet to take a vacation without putting some hours into work. So I've learned to make the most of this messy, delightful overlap-by developing my own personal do's and don'ts for combining personal and professional travel. My main advice: Don't be afraid to mix work and personal travel.
/jlne.ws/3K3grZQ
Copper to Lay Off Up to 15% of Staff, Focus on Crypto Custody, Settlement
Ian Allison and Will Canny - CoinDesk
Cryptocurrency custody provider Copper said up to 15% of its staff face layoffs as the firm streamlines its business amid tough market conditions affecting the crypto industry. Copper currently employs a little over 300 in staff. The redundancy process is just starting and the company could not put an exact number on job losses, a spokesman said.
/jlne.ws/40ksgQy
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Drug shortages are rising and pose a national security risk, new report warns
Rebecca Shabad and Julie Tsirkin - NBC News
Children's medication, antibiotics and treatment for ADHD are among a number of drugs that have been in short supply in recent months - and the shortages of critical medications are only rising, according to a new report released Wednesday. From 2021 to 2022, new drug shortages increased by nearly 30%, according to the report prepared by Democrats on the Senate Homeland Security and Governmental Affairs Committee.
/jlne.ws/3Za1CZu
In 2023, travelers are into self-care-and they want you to know it; An American Express travel survey shows wellness vacations are trending. But many are still motivated by social media cred.
Shalene Gupta - Fast Company
Spring has sprung, and summer vacation might feel like it's just around the corner. It's time to dream of packed suitcases and jetting into the wild blue yonder in search of adventure. In that spirit, American Express Travel surveyed 8,000 people across the world to get a sense of travel trends for this year.
/jlne.ws/42CnnV1
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Why America is going to look more like Texas; Lessons from the surge of the Lone Star State
The Economist
Texas keeps getting bigger. In the year to June 2022 the Lone Star State added 471,000 people, nearly as many as live in Atlanta, Georgia. More than one in three of the net new jobs created in America since February 2020 was created there. A thriving energy industry has helped, but, as our briefing explains, the boom is remarkably broad-based. Sometime in the 2040s, Texas is likely to pass California in population. Like it or not, America is becoming a bit more Texan every day.
/jlne.ws/40sgR0V
Iran's finance minister highlights surge in investment from Russia; Growing ties underscored as Moscow becomes Islamic republic's biggest source of overseas direct investment
Andrew England and Najmeh Bozorgmehr - Financial Times
Russia has become the largest foreign investor in Iran over the past year, according to Iranian officials, as the two heavily sanctioned nations have stepped up co-operation since Russian forces invaded Ukraine.
/jlne.ws/3FJG530
Germany risks running out of gas next winter, regulator warns; Klaus Müller says industry and households will have to make more savings to avoid power crisis
Guy Chazan - Financial Times
Berlin's energy watchdog has warned that companies and households will need to cut gas use further if Germany is to avoid an energy crunch next winter. Klaus Müller, head of the Federal Network Agency, said Germany's power crisis "isn't over" and much depended on whether next winter would be colder than the last.
/jlne.ws/3TzrA7P
China Agrees to Resume Brazilian Beef Imports After Mad Cow Case
Tatiana Freitas - Bloomberg
China will restart beef imports from Brazil, the world's biggest exporter, a month after the trade was halted over a case of mad cow disease. The Asian nation has agreed to resume purchases of Brazilian beef from March 23. The move will likely boost the shares of meatpackers including JBS SA, Marfrig Global Foods and Minerva SA, which have been hit by the suspension.
/jlne.ws/3JHvWFr
Taiwan's Biggest Financial Group Floats Idea of Bank Run Curbs
Chien-Hua Wan and Samson Ellis - Bloomberg
The head of Taiwan's largest financial group has suggested regulators adopt withdrawal curbs to save local banks from the type of collapses in public confidence that have rocked global markets in recent weeks.
/jlne.ws/3JEdT2T
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| Miscellaneous | | Stories that don't quite fit under the other sections | Artists are giving old, dirty gas stations a second life; As we enter the EV era, there's about to be a lot of gas stations out of commission. Here's how one was reborn as an arts space.
Nate Berg - Fast Company
As gas stations lurch toward obsolescence in the age of electric vehicles, the land they use is becoming a widely distributed real estate development opportunity. One project in Seattle shows how former gas stations can take on dramatically new lives, even with all their complicated environmental baggage.
/jlne.ws/42B8m5O
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