| December 28, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Thank you to all who wrote a birthday note to Lee B. Stern, who turned 97 yesterday. JLN set up an email forwarder address, LeeBSternBirthdayGreetings@johnlothian.com for you to be able to email Lee a birthday greeting.
The end of the year recaps are in full bloom and The Wall Street Journal has a story titled "This Year's Biggest News Stories, From AI to Ukraine as Told by The Wall Street Journal" with the subheading ''A lot happened in 2023. Here's a timeline of some of the most important news stories."
Two Russians were given heavy prison terms for writing poetry against the war on Ukraine. I asked ChatGPT to write a poem about this and here is what it wrote:
In a world where words can be a blade,
Two Russians dared to write, unafraid.
Their poetry, a voice against the tide,
Yet heavy prison terms they cannot hide.
In verses bold, their hearts did speak,
For Ukraine's cause, they found the words unique.
But in a land where dissent's a crime,
They paid the price for their poetic rhyme.
Behind bars, they'll spend their days,
As poets of conscience in different ways.
Their verses still echo, a message strong,
In a world where poetry can right the wrong.
The BBC reports that Gaston Glock, the inventor of the popular handgun, has died at the age of 94. Back in the 1990s Glock almost died when he was targeted for assassination by a business associate, who hired a professional wrestler to kill Glock. According to the BBC, Glock was beaten on the head seven times with a rubber mallet by the wrestler before Glock was able to fight back and eventually knock out the assailant.
OK, Elin McCoy has a better job, or story assignment, than Tony Rehagen in 2023. Tony, as you recall, had the task of trying 879 beers to come up with the best 11 of 2023. Elin was assigned the story to come up with "The Year's 50 Best Wines Under $50." She tasted 3,243 of them to winnow it down for you.
Former Wisconsin Senator and Milwaukee Bucks owner Herbert Kohl died at the age of 88. Kohl was a former classmate of retired FIA President John Damgard
Also, comedian Tommy Smothers, of The Smothers Brothers fame, has died at the age of 86, The Wall Street Journal reported.
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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What actions does business need to take now to achieve a net-zero, nature-positive future? Nicolette Bartlett, chief impact officer, and Amir Sokolowski, global director, climate change, will discuss the outcomes of COP28 and their implications for business on January 10, 9:00 a.m. (CT) at a webinar hosted by CDP, the not-for-profit that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. Register for the webinar here. ~SAED
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Powering Through Energy Futures: A Quantitative Perspective
JohnLothianNews.com
In episode 3 of Futures Discovery, we're delving into the dynamic world of Energy Futures. Fasten your seatbelts as we explore the complexities and nuances of this ever-shifting landscape in today's episode: 'Powering Through Energy Futures: A Quantitative Perspective.'
Watch the video »
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2023 obliterates temperature records to become warmest year in recorded history
David Knowles - Yahoo News
In 2023, the effects of climate change were so pronounced that scientists confirmed it would be the warmest year in recorded history before December even began. Released on Nov. 30, a report by the Word Meteorological Organization confirmed that, thanks to months of record-breaking heat, there was virtually no chance that the final month of the year could prevent 2023 from taking its place as the warmest year since humans began keeping records.
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***** A ChatGPT poem about this story: In twenty twenty-three, a year to behold, Temperature records, in warmth, did unfold. The Earth, in its fury, broke the old decree, As the warmest year in history it came to be. Ice caps melted, and oceans did rise, Underneath the blazing, unforgiving skies. A stark reminder of our planet's plea, To protect it now, for future harmony. In records shattered, a wake-up call we find, To heal the Earth, to be more kind. Let's unite to mend what's torn asunder, For in the warmth of care, there lies our wonder.
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The Water Trade Is Booming - and Sucking Australia Dry; On the world's driest inhabited continent, water is making a few big investors very rich.
Peter Waldman, Sinduja Rangarajan, Angus Whitley and Sybilla Gross - Bloomberg
On the day the trucks took away Meghan Campbell's cows, she wept. Campbell, 23 at the time, had helped build her family's herd of 500 dairy cattle since grade school. She ordered her first cow embryos at age 14. She'd talked to her dad about becoming the third generation to run the 800-acre dairy in Australia's middle Murray River district. As the last truck pulled out, one of the cows Campbell had nurtured poked her head over the tailgate and looked back. Its name was Hope.
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****** I did not know Australia had water. I thought drought was its natural state.~JJL
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'Strong r' in danger of disappearing across North of England, study finds
Ewan Gawne - BBC News
Lancaster University (LU) researchers said rhotic speakers, who pronounce "r" sounds in words like car, her and bird, were "becoming a thing of the past" across the region, with one exception. Dr Danielle Turton said east Lancashire had remained an "island of rhoticity". However, the study lead said that even there, the "strong r" was in gradual decline among young speakers.
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****** Evidently pirate genes are dying out. RRRRR.~JJL
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Wednesday's Top Three
Our top story Wednesday was Chairman Leaves Grayscale Bitcoin Trust's Sponsor as Investors Await Call on ETF, from The Wall Street Journal. Second was The Times Sues OpenAI and Microsoft Over A.I. Use of Copyrighted Work, from The New York Times. And third was It Was a Tough Year for Almost Every Bank Not Named JPMorgan, from Bloomberg.
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| Lead Stories | Wall Street's Seismic Shift Propels Dallas Ahead of Chicago, LA; Three big Wall Street banks began new Dallas campuses in 2023; Post-pandemic relocations have been a boon for Texas city
Shelly Hagan - Bloomberg
It's been a big year for Big Finance in the Big D. Dallas saw three of Wall Street's largest banks start on new campuses this year, cementing their bets on one of the fastest-growing metros in one of the fastest-growing states. The industry's rapid Texas expansion since the onset of the pandemic means the area now has more finance workers than Chicago or Los Angeles, trailing only New York. And it isn't just the major banks. Asset managers of all sizes have been looking to cash in on the influx of wealth and people moving from the coasts to Dallas for cheaper housing and no state income tax. Fisher Investments relocated to suburban Plano from Washington state earlier this year, joining asset managers including Charles Schwab and Canyon Partners that arrived a few years before.
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Big Battles Loom in SEC's War on Crypto; Agency's push to regulate 'Wild West' market could stumble if it loses enforcement cases against Coinbase, Binance or Kraken
Dave Michaels - The Wall Street Journal
It is the Securities and Exchange Commission's forever war. The SEC in 2024 will mark the seventh year of its campaign to regulate cryptocurrencies through enforcement, with no end in sight. The regulator is waging several major court battles that could determine whether rules written for Wall Street apply to digital assets.
/jlne.ws/3TYjkR5
Morgan Stanley's straight-talking new CEO Ted Pick taking charge
Tatiana Bautzer and Lananh Nguyen - Reuters
When Ted Pick takes over as the new CEO of Morgan Stanley next week, the three-decade bank veteran's frank manner and steady hand will help him steer the firm through a dealmaking slump. Pick's cool head in difficult situations is an asset, said Tom Glocer, Morgan Stanley's independent lead director since 2017 and former Reuters CEO.
/jlne.ws/3vgr2LQ
A Fracker Tries to Produce 'Guilt-Free' Gas; Natural-gas producer BKV says it will bury enough carbon dioxide to offset emissions generated in making and burning its gas. Can it?
Phred Dvorak - The Wall Street Journal
A shale driller is out to prove that it is possible to go completely green-while still producing natural gas. Denver-based BKV says that by the 2030s it will store millions of tons of climate-warming carbon dioxide in wells deep underground to eliminate or offset all of the emissions generated from manufacturing and using its gas.
/jlne.ws/3NIGdUo
Historians Need a Reality Check on the Great Depression; A shared understanding of the biggest economic event of the last century would help us better navigate the current transition.
Aaron Brown - Bloomberg
The philosopher George Santayana famously wrote, "Those who cannot remember the past are condemned to repeat it,"but also, less famously, "History is a pack of lies about events that never happened told by people who weren't there." I was thinking of both quotes as I read a recent paper comparing the wildly different causes given for the Great Depression between college American history and economics textbooks (Jeremy Horpedahl, Phillip Magness, and Marcus Witcher, "Teaching the Causes of Great Depression to College Students: Evidence from History, Economics, and Economic History Textbooks," Journal of Economics and Finance Education).
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Global Bond 'Carnival' Sets Stage for Record Two Months; Bonds rise nearly 10% in November and December combined; Falling yields are driving the dollar down, boosting G10 FX
Ruth Carson and Masaki Kondo - Bloomberg
The world's debt market is on track to post its biggest two-month gain on record as traders ramp up expectations that central banks everywhere will slash interest rates next year. The Bloomberg Global Aggregate Total Return Index has risen nearly 10% over November and December, its best two-month run in data going back to 1990. While bonds pared gains on Thursday, jitters around recession risks are still percolating across markets. That's underscoring the case to own debt, with traders betting policymakers may have to aggressively cut interest rates next year to bolster growth.
/jlne.ws/3TFs2n2
Nasdaq 100 Set for Best Year Since Dot-Com Bubble: Markets Wrap; US initial jobless claims increased last week to 218,000; Oil falls again on signs of further build in crude stockpiles
Rita Nazareth - Bloomberg
A banner year for stocks is drawing to a close, with gains in big tech leaving the market near all-time highs amid the artificial-intelligence exuberance and dovish Federal Reserve bets. With only two sessions left before the final closing bell of 2023, the S&P 500 is less than 0.5% away from its record and the Nasdaq 100 is poised for its best year since 1999. As traders ramp up expectations on rate cuts in 2024, the global bond market is marching toward its biggest two-month gain on record.
/jlne.ws/48vM5Zc
Half of Red Sea Container-Ship Fleet Avoids Route After Attacks; Diversions around Africa take 25% longer than using Suez Canal; Delays, costly insurance may raise prices on consumer goods
Brendan Murray and Alex Longley - Bloomberg
Half of the container-ship fleet that regularly transits the Red Sea and Suez Canal is avoiding the route now because of the threat of attacks, according to new industry data. The tally compiled by Flexport Inc. shows 299 vessels with a combined capacity to carry 4.3 million containers have either changed course or plan to. That's about double the number from a week ago and equates to about 18% of global capacity.
/jlne.ws/3tyoDM5
Bridgewater CEO's Past Office Romance Led to Favoritism Claims; Outside law firm's investigation found no merit to complaint; Bridgewater calls ex-employee's complaint self-interested
Katherine Burton - Bloomberg
This spring, Nir Bar Dea finally got the role he'd been working toward for years, becoming sole chief executive officer of the world's biggest hedge fund. In his new job, he was looking to reshape the giant Bridgewater Associates. His goals: Keep clients and revamp the quirky culture of the company founded almost five decades before by Ray Dalio, who demanded "radical transparency" from his co-workers as a means to reach his idea of corporate nirvana - meaningful work and meaningful relationships.
/jlne.ws/41DYgAY
China calls for tougher crackdown on use of crypto for illegal forex trading; Prosecutors and forex regulators told to strengthen supervision, with cases involving Tether stablecoin highlighted
Hayley Wong - South China Morning Post
Chinese authorities have called for a tougher crackdown on the use of cryptocurrencies as a tool for illegal foreign exchange trading in the latest effort to fend off financial risks. Prosecutors and forex regulators were told to strengthen supervision over foreign exchange, and cases where the Tether stablecoin was used as an intermediary to trade yuan with other currencies were highlighted, the Supreme People's Procuratorate and State Administration of Foreign Exchange said in a statement on Wednesday. Tether - which is also known as USDT - is pegged to the US dollar, making the virtual currency less volatile than others.
/jlne.ws/48AoGFU
Crypto Wallet Linked to Donald Trump Sent $2.4M in Ether to Coinbase; A wallet flagged as owned by Trump sent ETH to Coinbase in the past three weeks, where it was presumably sold.
Shaurya Malwa -- CoinDesk
A wallet linked to former U.S. President Donald Trump moved over $2.4 million worth of ether (ETH) to crypto exchange Coinbase in the past few weeks where they presumably sold those holdings, on-chain firm Arkham Intelligence said in a Thursday post. "3 weeks ago, he started sending ETH to Coinbase after months of accumulating Trump NFT royalties. His peak balance was $4 million," Arkham posted on X. "Based on the deposits, so far, he's sold 1,075 ETH for $2.4 million."
/jlne.ws/48dgrA1
The Dominant Dollar Faces a Backlash in the Oil Market; An estimated 20% of global oil this year was bought and sold in other currencies as Russia and Iran sold cargoes to China and other buyers
Anna Hirtenstein - The Wall Street Journal
Some major emerging economies are dabbling in trading commodities without using the dollar, as they seek to reduce their reliance on the U.S. currency. Faced with U.S. sanctions and other restrictions, Russia and Iran in particular have stepped up oil sales in alternative currencies, and have found buyers in China, India and elsewhere that are happy to buy these exports, often at lower prices.
/jlne.ws/48vKu5E
Bain Capital says more Japanese companies looking to delist; Corporate governance reforms have shifted the dynamic between board and management
Lisa Kim - Nikkei
A small but increasing number of companies listed in Japan are considering going private to improve their management following corporate governance reforms in the country, according to U.S. private equity firm Bain Capital. Companies on the Tokyo Stock Exchange's Prime section are required to fill at least a third of their board -- and in some cases a majority -- with external directors, according to the revised corporate governance code introduced in June 2021. In doing so, corporate boards play a more active and independent role than before, when management had a bigger say.
/jlne.ws/41BfNK5
The TRADE's most read stories of the year part two: A string of leadership changes; Counting down the second batch of The TRADE's most read news stories over the past year, featuring UBS, SIX and Northern Trust.
Editors - The Trade
7. UBS shakes up execution services management team structure
People moves are always one of our biggest draws in readership, and in October, UBS' plans to make changes within its execution services business, specifically the electronic trading area, became one of most read stories of the year.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia's economy is paralyzed, and Putin's war machine survives on cannibalizing state-owned firms, Yale researchers say
Jason Ma - Business Insider
Russia's economy is paralyzed, and its war machine survives on cannibalizing state-owned firms, two Yale researchers said. In an op-ed in Foreign Policy on Friday, Jeffrey Sonnenfeld and Steven Tian pushed back on recent commentary that cast Russian President Vladimir Putin as one of 2023's big winners amid signs of economic resilience. But Western sanctions and the mass exodus of multinational companies from Russia have inflicted huge costs on the nation's economy, they said.
/jlne.ws/3NIOqYP
Moldova's president says Putin must be stopped
Alexander Tanas - Reuters
Russian President Vladimir Putin must be stopped in his war against Ukraine or all of Europe will pay a much higher price, Moldova's pro-European president, Maia Sandu, said in an interview published on Wednesday. Sandu has long denounced Russia's invasion of Ukraine and singles out the Kremlin as the biggest threat facing her country, which lies between Ukraine and EU member Romania. Russia accuses her of torpedoing good relations and fomenting Russophobia.
/jlne.ws/3RBdLoJ
Russia Has Enough Budget Funds to Pay for Its War, Finance Minister Siluanov Says
Bloomberg
Russia has sufficient budget funds to pay for its war in Ukraine, according to Finance Minister Anton Siluanov. "The Finance Ministry provided all the funds required for the main tasks" of the military, Siluanov told reporters in a briefing Wednesday. "All the needs of our armed forces for their tasks in the special military operation are provided with money."
/jlne.ws/3H0R3l0
A cargo ship picking up Ukrainian grain hits a Russian floating mine in the Black Sea, officials say
Hanna Arhirova - Associated Press
A civilian cargo ship struck a Russian mine in the Black Sea near Ukraine's Danube ports Thursday, injuring two sailors, officials and analysts said, in an incident that underscored the dangers faced by those exporting Ukrainian grain during the war. The Panama-flagged vessel struck the floating mine during stormy weather as it went to pick up grain, according to Ukraine's Southern Defense Forces, adding that churning seas often increase the risk from mines.
/jlne.ws/47fodYI
Ukraine Opens Inquiry Into Alleged Execution of POWs by Russian Troops; A video purportedly shows Russian soldiers shooting Ukrainian prisoners
Ian Lovett - The Wall Street Journal
Ukraine's prosecutor general is investigating an alleged execution of prisoners of war by Russian troops, part of what Ukrainian officials say amounts to systemic mistreatment of captive soldiers by the Russians. The investigation followed the appearance of a video online Wednesday, which allegedly shows Russian soldiers shooting Ukrainian prisoners.
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Washington puts forward G7 plan to confiscate $300bn in Russian assets; Proposal would accelerate preparations in time for a February summit to show solidarity with Ukraine
Paola Tamma and James Politi - Financial Times
/jlne.ws/4aBHM0g
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israeli raids in West Bank target Hamas funding
Reuters
Israeli forces raided foreign exchange and money transfer agencies in Ramallah and other cities in the occupied West Bank on Thursday, seizing millions of dollars suspected of being intended to fund the Islamist group Hamas, the military said.
/jlne.ws/3vpRt1y
Skepticism Grows Over Israel's Ability to Dismantle Hamas
Neil MacFarquhar - The New York Times
Standing in front of a gray backdrop decorated with Hamas logos and emblems of a gunman that commemorate the bloody Oct. 7 attack on Israel, Osama Hamdan, the organization's representative in Lebanon, professed no concern about his Palestinian faction being dislodged from the Gaza Strip. "We are not worried about the future of the Gaza Strip," he recently told a crowded news conference in his offices in Beirut's southern suburbs. "The decision-maker is the Palestinian people alone."
/jlne.ws/3S0JhxX
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | BME facilitates more than 2,500 meetings this year between international investors and Spanish companies throughout Europe
BME
BME has accompanied listed companies, especially small and medium-sized companies, at meetings in Madrid, Frankfurt, Paris and Geneva; More than 675 national and international investors have approached Spanish companies thanks to these events. BME has just closed the agenda of its corporate access activities for this year. From the Spain Investors Day held in Madrid in early January to the Geneva Midcap Event held in early December in the Swiss city of Geneva, BME has accompanied Spanish listed companies, particularly small and medium-sized companies, to seven events where they have been able to share their business plans with investors from all over the world. In total, 2,542 meetings were held during the year, attended by 675 investors and 285 companies (some of which participated in several of the events). Investors came from, among other countries, the United States, United Kingdom, France, Switzerland, Germany, Finland, Sweden, Austria, Belgium, Italy, Portugal and Hong Kong.
/jlne.ws/3S2bX9S
Joaquín Sastre Ibanez Joins Management Team Of Boerse Stuttgart Digital
Mondovisione
Joaquín Sastre Ibanez (32) will be joining the management team of Boerse Stuttgart Digital as Chief Revenue Officer as of 1 January 2024. In his role, Sastre Ibanez is set to oversee the institutional business, strategic partnerships and sales activities of Boerse Stuttgart Digital, strengthening its position as a regulated and trusted infrastructure partner for financial institutions in Europe venturing into cryptocurrencies and digital assets. Boerse Stuttgart Digital bundles business solutions for brokerage, exchange, and custody and is part of Boerse Stuttgart Group, Europe's sixth largest exchange group.
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MIAX Option Exchanges - Changes to the Penny Interval Program
MIAX
As part of the annual review of the Penny Interval Program ("Penny Program"), MIAX Options, MIAX Pearl Options and MIAX Emerald Options will make changes to the securities listed in the Penny Program. Please refer to the following Regulatory Circulars for the list of changes and more information on the Penny Program.
/jlne.ws/3H0PEuC
Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date December 15, 2023
Nasdaq
At the end of the settlement date of December 15, 2023, short interest in 3,191 Nasdaq Global MarketSM securities totaled 10,832,646,277 shares compared with 10,851,113,277 shares in 3,183 Global Market issues reported for the prior settlement date of November 30, 2023. The mid-December short interest represents 2.88 days compared with 3.51 days for the prior reporting period. Short interest in 1,732 securities on The Nasdaq Capital MarketSM totaled 2,089,500,802 shares at the end of the settlement date of December 15, 2023, compared with 2,091,196,638 shares in 1,752 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period's figure was 1.58.
/jlne.ws/3RXYK1r
NSE operationalizes Common Investors Service Centre in Hisar and Nagpur
National Stock Exchange of India
Investor services, awareness & protection are the key functions of stock exchanges. In order to cater to the needs of investors of securities markets in the states of Haryana and Maharashtra, SEBI along with stock exchanges NSE and BSE has established an "Investor Service Centre" at Hisar and Nagpur. These Investor Service Centre managed by NSE was operationalized on December 28,2023. With a view to enhance access and reach to investors, Exchange has setup new Investor Service Centres. The centre services query resolution, complaint resolution and necessary assistance in filing complaints in SEBI Scores Portal and the Smart ODR Portal.
/jlne.ws/3NImC6U
Zhengzhou Commodity Exchange: Notice On Night Trading Session During 2024 New Year Holiday
Mondovisione
According to Notice on Trading Schedule during National Holidays for Year 2024, Zhengzhou Commodity Exchange hereby clarifies the night trading session arrangement during 2024 New Year holiday as follows: No night trading session will be carried out on the night of December 29, 2023 (Friday). The night trading session will be resumed on the night of January 2, 2024 (Tuesday). The call auction session for all contracts on January 2, 2024 (Tuesday) is from 08:55 a.m. to 09:00 a.m.
/jlne.ws/4aEJI88
The Moscow Exchange will hold lectures on financial literacy at the Russia exhibition
MOEX
On January 3-13, 2024, experts from the Moscow Exchange School will give a series of lectures on finance and investment at the International Exhibition and Forum "Russia", which takes place at VDNKh. The presentations will be devoted to the basics of private investing, the history of the Russian stock market, as well as personal finance management. At a separate lecture, experts will talk about a new product for Russians - IIS-3, which will come into effect on January 1, 2024. Lecturers include employees of the Moscow Exchange, active traders, economists, and qualified investors.
/jlne.ws/41Bo5BN
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The Rise and Fall of the 'IBM Way'; What the tech pioneer can, and can't, teach us
Deborah Cohen - The Atlantic
Ibm is one of the oldest technology companies in the world, with a raft of innovations to its credit, including mainframe computing, computer-programming languages, and AI-powered tools. But ask an ordinary person under the age of 40 what exactly IBM does (or did), and the responses will be vague at best. "Something to do with computers, right?" was the best the Gen Zers I queried could come up with. If a Millennial knows anything about IBM, it's Watson, the company's prototype AI system that prevailed on Jeopardy in 2011.
/jlne.ws/3to278M
ChatGPT will lie, cheat and use insider trading when under pressure to make money, research shows
Keumars Afifi-Sabet - Live Science
Just like humans, artificial intelligence (AI) chatbots like ChatGPT will cheat and "lie" to you if you "stress" them out, even if they were built to be transparent, a new study shows. This deceptive behavior emerged spontaneously when the AI was given "insider trading" tips, and then tasked with making money for a powerful institution - even without encouragement from its human partners.
/jlne.ws/3tpCcgZ
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| Cybersecurity | | Top stories for cybersecurity | In Finance, Escalating Threats Require New Cybersecurity Strategies
David Balaban - Forbes
The Role of Top-Notch Technology for Cybersecurity in Finance
The global finance sector is in the eye of a perfect storm. This isn't only about liquidity challenges, volatile inflation rates, and ever-tightening competition. It's increasingly about cyber risks. According to BlackBerry's latest Global Threat Intelligence Report, finance has been the most heavily targeted industry throughout 2023, outpacing healthcare, government, and critical infrastructure in terms of the number of recorded attacks.
/jlne.ws/3vhWsSd
Six 2023 cybersecurity deals that were each worth more than $100 million
Steve Zurier - SC Media
Cybersecurity venture funding cooled in 2023. Even though Statistica reported that the market slowed from a peak of $6.5 billion in Q1 of 2022 to $1.6 billion in Q2 2023, Crunchbase listed six cybersecurity deals well above $100 million. It's also worth noting that there were four cybersecurity deals of exactly $100 million. Companies with good ideas around cloud security, secure access service edge (SASE), network monitoring, and identity threat protection still attracted funding.
/jlne.ws/3RYYb7G
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| Cryptocurrencies | | Top stories for cryptocurrencies | Indonesia's Crypto Bourse To Become Mandatory for All Crypto Exchanges
Davier M - CoinMarketCap
Indonesia is requiring all crypto exchanges to register with its national bourse to continue operating. The Commodity Future Exchange (CFX) aims to operate like traditional stock exchanges but focuses specifically on digital assets. It was created in response to the high local demand for crypto, with Indonesia having over 18 million registered crypto traders compared to 12 million stock traders.
/jlne.ws/3TJYmVJ
A Cathie Wood ETF Just Overhauled Its Bitcoin-Related Holdings
John Cheng - Bloomberg
One of Cathie Wood's exchange-traded funds has executed a massive shake-up in its Bitcoin-related holdings as the cryptocurrency rounds out a blockbuster year. The ARK Next Generation Internet ETF sold all of its remaining 2.25 million shares of the Grayscale Bitcoin Trust on Wednesday, according to data compiled by Bloomberg. The same day, it bought 4.32 million shares of ProShares Bitcoin Strategy ETF, according to Ark Investment Management LLC's daily data, making it the second-biggest holder of the fund.
/jlne.ws/48d9DlX
$6 million crypto mine is owned by an NYU student - mine was bought with crypto to mask source funds from China
Christopher Harper - Tom's Hardware
Cryptocurrency mining operations hidden in plain sight have become surprisingly common everywhere, from Polish court buildings to school crawl spaces. Now, we have yet another clandestine mining operation to add to the list: The New York Times reported that a crypto mining farm based in Texas valued at over $6 million is actually owned by a New York University college student named Jerry Yu.
/jlne.ws/48b2nXJ
Bitcoin has already priced in spot ETF approval: Expert
Nicholas Jacobino and Yahoo Finance
Crypto investors of all sorts are patiently waiting on spot bitcoin ETF approval from the Securities and Exchange Commission, with the price of bitcoin (BTC-USD) soaring in anticipation of the potential sign off. Dinara Co-Founder & CEO Laurence Latimer joins Yahoo Finance to discuss what would happen both immediately, and down the line, if the ETF is approved and how other cryptocurrencies can benefit from it.
/jlne.ws/3NJBWQR
Bitcoin Miner Marathon Leads Crypto Stock Surge With Pick-and-Shovel Strategy
David Pan and Bre Bradham - Bloomberg
Maybe now more so than ever, the investment strategy of loading up on pick-and-shovel makers during the middle of a gold rush is playing out in the cryptocurrency world. Shares of Bitcoin miners such as Marathon Digital Holdings and Riot Platforms are significantly outperforming the largest digital currency, posting gains this year of more than 800% and 400%, respectively. Meanwhile, the US crypto exchange Coinbase Global and Bitcoin proxy MicroStrategy have each jumped more than 350% during the same time period. Bitcoin is up around 160% in 2023.
/jlne.ws/488yJlQ
The TRADE predictions series 2024: Digital assets; Participants across TP ICAP, CoinShares, and 4OTC make their predictions for the digital assets landscape next year as institutional interest continues to simmer.
Editors - The Trade
We expect 2024 to see the wholesale cryptoasset market professionalise and become increasingly serviced by traditional brands and providers. Spot exchange operating models will continue to unbundle, with the separation of execution and custody becoming the default for institutional market participants; this unbundling will protect investors. We expect a continued shift of trading activity to more traditional, regulated exchanges and venues.
/jlne.ws/48fd0IZ
Tokenised Sterling Is Here, And It Shows Us The Future Of Money
David G.W. Birch - Forbes
/jlne.ws/3tBn8Ni
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| Politics | | An overview of politics as it relates to the financial markets | Treasury Drops a Hydrogen Bomb; Behold the brawl between green groups over a new tax credit for hydrogen power.
The Editorial Board - The Wall Street Journal
President Biden's climate policy contradictions keep piling up. Witness the family feud that blew up late last week between the renewables lobby and green groups over the Biden Administration's new proposed rules for the Inflation Reduction Act clean hydrogen tax credit.
/jlne.ws/47hYY8j
Germany Rejects Calls by Angry Farmers to Reopen Budget Package
Michael Nienaber and Kamil Kowalcze - Bloomberg
Chancellor Olaf Scholz's coalition government has brushed aside calls to change a compromise agreement on Germany's 2024 budget as a way to accommodate angry farmers. "There is a political agreement... and this is now being implemented technically, the ministries are working on the wording for the respective draft laws," deputy government spokesman Wolfgang Buechner told reporters in Berlin on Thursday when asked if there might be changes to the fiscal plan in light of harsh criticism of the farming lobby and the agriculture chief.
/jlne.ws/41CpaJk
Russia, India closer to joint military equipment production - minister
Reuters
Russia and India have made tangible progress in talks on plans to jointly produce military equipment, Russian Foreign Minister Sergei Lavrov said on Wednesday, after talks with his Indian counterpart Subrahmanyam Jaishankar in Moscow.
/jlne.ws/3NHoLzL
Xi Touts Alternative to Western Capitalism in Speech on Mao
Bloomberg News
Chinese President Xi Jinping used a speech remembering Mao Zedong to push a framework the current leader rolled out recently to counter the West's capitalist model. The "central task" of the nation and its ruling Communist Party is "to build China into a stronger country and rejuvenate the Chinese nation on all fronts by pursuing Chinese modernization," Xi said in Beijing on Tuesday, as he marked 130 years since Mao's birth.
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China urges regional alert as US military steps up forward deployment
Reuters
China's defence ministry on Thursday urged the Asia-Pacific to be on high alert as the United States steps up forward military deployment in the region, after reports of a U.S. plan to revive a Pacific airfield that launched atomic bombings of Japan.
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| Regulation & Enforcement | | Stories about regulation and the law. | Singapore Fines Credit Suisse for Bankers' Misconduct; Credit Suisse has admitted liability, paid the fine and separately compensated affected clients, MAS said
Jiahui Huang - The Wall Street Journal
Singapore imposed a penalty of 3.9 million Singapore dollars (US$3.0 million) on Credit Suisse for failing to prevent or detect misconduct by its relationship managers. Credit Suisse bankers in Singapore had provided customers with inaccurate or incomplete post-trade disclosures, which led to clients being charged spreads above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday. The MAS said its review of pricing and disclosure practices in the private-banking industry found that Credit Suisse had failed to implement adequate controls to prevent or detect the bankers' misconduct.
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Credit Suisse Penalized $3 Million After Singapore Probe
Joyce Koh - Bloomberg
Credit Suisse has been penalized S$3.9 million ($3 million) by Singapore's authorities after a probe found the lender failed to prevent or detect misconduct by its relationship managers. The bankers had provided clients with inaccurate or incomplete post-trade disclosures, resulting in customers being charged spreads which were above bilaterally agreed rates for 39 over-the-counter bond transactions, the Monetary Authority of Singapore said in a statement on Thursday.
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Vietnam Widens Probe Into Developer's $1.2 Billion of Bond Sales; Van Thinh Phat and units issued bonds between 2018-2020; Group's Chairwoman Truong My Lan already facing trial
Mai Ngoc Chau - Bloomberg
Vietnamese authorities widened a probe into scandal-hit developer Van Thinh Phat Holdings Group over possible irregularities in bond sales, in a case that's emerging as a spotlight on the nation's crackdown on corruption. The public security ministry is investigating the group and its related entities for allegedly appropriating assets linked to the issuance of bonds worth over 30 trillion dong ($1.2 billion). The notes were sold by four companies between 2018 and 2020, according to a statement on the ministry's website, following an official briefing Wednesday.
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MAS Imposes Civil Penalty of $3.9 million on Credit Suisse AG for Misconduct by its Relationship Managers
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) has imposed a civil penalty of $3.9 million on Credit Suisse AG (Credit Suisse), for its failure to prevent or detect misconduct by its relationship managers [1] (RMs) in the Singapore branch. The RMs had provided clients with inaccurate or incomplete post-trade disclosures, resulting in clients being charged spreads which were above bilaterally agreed rates for 39 over-the-counter (OTC) bond transactions.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Treasury Auctions Lure Buyers as Fed Rate Cut Wagers Build
Alexandra Harris - Bloomberg
Buyers piled into the US Treasury's auctions Tuesday, seeking to lock in higher yields as the market prices in an aggressive path of Federal Reserve interest-rate cuts in 2024. Indirect bidders, a group that includes foreign central banks, grabbed a record 77.6% of the Treasury's 52-week bill auction, while the same category took 71.6% of the department's six-month offering, the third-largest share ever. Meanwhile, a sale of two-year debt priced below its when-issued yield, a sign of greater-than-expected demand.
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Trick Your Brain Into Being Better With Money; How to nudge yourself to spend less and enjoy life more in the new year
Oyin Adedoyin and Joe Pinsker - The Wall Street Journal
The human brain isn't very good with money. Even when we set out with the best intentions we often end up making the same mistakes. There's a reason the top three financial New Year's resolutions for 2024 remain consistent with years past, according to Fidelity Investments surveys: save more, pay down debt and spend less.
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Santa Might Have One Last Gift for Investors; Stocks often rise during the Santa Claus rally period
Hardika Singh - The Wall Street Journal
It looks as though Santa hasn't left town just yet. The S&P 500 is poised to cap a roaring comeback this year with a Santa Claus rally, or the gain that stocks often get heading into the new year. That would mark the eighth straight year stocks got a Santa bump, which hasn't happened since the eight-year winning streak ending in 1976, according to Dow Jones Market Data.
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The Art of Asking Your Parents for Money; What to consider before hitting up mom and dad for help with debt or down payments
Veronica Dagher and Ashlea Ebeling - The Wall Street Journal
Hitting your parents up for cash as an adult can be awkward. But sometimes the best money move is to ask for help. Take comfort that you aren't the only one asking. About 68% of parents of adult children have made or are currently making a financial sacrifice to help their kids financially, according to a recent Bankrate survey. And 38% of home buyers under age 30 received help with the down payment from their parents, according to a survey this spring by Redfin.
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2024 Could Be the Year of the Yen; The Bank of Japan waited out the rest of the world's rate hikes. Now the yen is rebounding.
Jacky Wong - The Wall Street Journal
The Japanese yen has been one of the worst performing currencies of the past couple of years. It could do better in 2024. The yen has lost around 20% against the dollar since the end of 2021, underperforming other major currencies. Japan's central bank kept its ultralow interest rates while most of its peers have been raising rates aggressively. Higher yields outside of Japan have driven the currency lower and lower.
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The TRADE predictions series 2024: Foreign exchange, it's all about swaps and forwards
Participants across CME Group, MillTechFX, and DIGITEC unpack the role foreign exchange derivatives and volatility will play in 2024.
Editors - The Trade
Despite the relative calming of FX volatility compared to 2022, the management of currency risk was still a top priority for fund managers throughout 2023. Our own research found that 82% of North American and 77% of UK fund managers were affected by USD and GBP volatility respectively, clearly highlighting that fund managers aren't out of the woods yet when it comes to the threat of currency movements. While there will always be some that don't hedge at all, many are deciding to hedge a higher amount of exposure to protect their returns. Likewise, rather than using long-dated FX forwards of up to a year or two, many fund managers chose to lock in rates of up to six months or less to add an extra layer of flexibility and nimbleness should the market move against them.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The Water Trade Is Booming - and Sucking Australia Dry; On the world's driest inhabited continent, water is making a few big investors very rich.
Peter Waldman, Sinduja Rangarajan, Angus Whitley, and Sybilla Gross - Bloomberg
On the day the trucks took away Meghan Campbell's cows, she wept. Campbell, 23 at the time, had helped build her family's herd of 500 dairy cattle since grade school. She ordered her first cow embryos at age 14. She'd talked to her dad about becoming the third generation to run the 800-acre dairy in Australia's middle Murray River district. As the last truck pulled out, one of the cows Campbell had nurtured poked her head over the tailgate and looked back. Its name was Hope. The Campbells shut down their dairy in 2019, at the peak of Australia's last drought. The state of New South Wales, for the second year in a row, had allocated zero irrigation water to most farmers in the state's Murray region.
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Brazil environment minister demands 'ceiling' on oil production; Comments contrast with government plan to become major crude exporter by 2029
Bryan Harris - Financial Times
Brazil must consider capping oil production and exploration, the country's environment minister has said, casting her in opposition to the government's own plans of turning the nation into one of the biggest crude producers by 2029. "One issue that will have to be faced is the issue of limits, a ceiling for oil exploration. It is a debate that is not easy but that oil-producing countries will have to face," Marina Silva told the Financial Times.
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Glitter Has a Microplastics Problem. One Company Says It Has a Fix; "Bioglitter" is made out of a cellulose core instead of plastic, which its creator chose for its potential to safely degrade in freshwater habitats.
Sana Pashankar - Bloomberg
A bit of glitter is like a bottle of champagne on New Year's Eve: It's all fun and games until the next morning. Traditional glitter is a microplastic, which means most of it ends up in bodies of water after a single use. Earlier this year, the European Union banned the sale of loose-plastic glitter entirely, citing the impacts on the environment. That doesn't mean the party's over, at least not if the purveyors of Bioglitter have anything to say about it. Invented by Ronald Britton Ltd., a UK-based metal-powder supplier, Bioglitter breaks down naturally in freshwater habitats within four weeks, according to its marketing materials.
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'Forever chemicals' were everywhere in 2023. Expect more litigation in 2024
Clark Mindock - Reuters
Lawsuits accusing major chemical companies of polluting U.S. drinking water with toxic PFAS chemicals led to over $11 billion in settlements in 2023, with experts predicting that new federal regulations and a growing awareness of the breadth of PFAS contamination in the U.S. will spur more litigation and settlements in the year ahead. Dubbed "forever chemicals" because they do not easily break down in the human body or environment, per- and polyfluoroalkyl substances, or PFAS, are a group of roughly 15,000 known chemicals used in hundreds of consumer and commercial products including firefighting foams, non-stick pans, stain resistant clothing and cosmetics.
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Biden Administration Takes Historic Step to Protect Old-Growth Forest; Environmental advocates say action is still needed to protect "mature" trees, while industry views the move as hindering timber harvests that provide wildfire protection.
Marianne Lavelle - Inside Climate News
In an unprecedented step to preserve and maintain the most carbon-rich elements of U.S. forests in an era of climate change, President Joe Biden's administration last week proposed to end commercially driven logging of old-growth trees in National Forests. Secretary of Agriculture Tom Vilsack, who oversees the U.S. Forest Service, issued a Notice of Intent to amend the land management plans of all 128 National Forests to prioritize old-growth conservation and recognize the oldest trees' unique role in carbon storage.
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Williams to Buy Gas Assets for $1.95 Billion in LNG Bet
Simon Casey - Bloomberg
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A Battle Is Underway Over California's Lucrative Dairy Biogas Market; The state is considering changes to a program that has incentivized dairy biogas. Neighbors are pushing for an end to the subsidies.
Emma Foehringer Merchant - Inside Climate News
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Global ESG Debt Set for Tepid Growth as High Rates Inhibit Sales
Caleb Mutua and Greg Ritchie - Bloomberg
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China aims to build more than half the world's cleaner-fuel ships by 2025
Reuters
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Massive SunZia Wind Project Raises $11 Billion, Starts Building
Josh Saul - Bloomberg
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The Peak in Gasoline Demand Turns Out to Be a Mirage; Combustion-engine vehicles still dominate the world's highways.
Javier Blas - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Man Group Fund Shuns Japan Banks as BOJ Shift Divides Investors
Winnie Hsu - Bloomberg
A split is emerging between some fund managers and strategists about the fate of Japanese bank stocks amid signs the Bank of Japan is getting closer to ending ultra-easy money. Investors have priced in the benefits of future tightening of monetary policy, reducing the appeal of Japanese bank stocks and swinging attention to non-bank financials, real estate and railways, according to Man GLG, a unit of hedge fund Man Group Plc.
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London-Based Oil Trader Mandara Is Shutting Down
Alex Longley - Bloomberg
Mandara Capital, the London-based oil trader that once was one of the biggest market makers in crude and fuel, is shutting down its operations. Founder Muwaffaq Salti said the process is ongoing, but he declined to elaborate. The company's website shows it recently had three job openings, including one for head of operations.
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A Top Penn Entertainment Shareholder Seeks Board Seats; Hedge fund HG Vora, with an 18.5% economic interest, is in talks with casino operator
Lauren Thomas - The Wall Street Journal
A top shareholder in Penn Entertainment is seeking seats on the casino operator's board. The hedge fund HG Vora Capital Management, which has an 18.5% economic interest including swaps, is in talks with Penn about placing directors on the company's board, according to a securities filing made on Thursday, which didn't say how many. (Its latest 13F filing revealed an 11% stake in Penn.) Should the talks not lead anywhere, the fund might pursue a proxy fight, according to people familiar with the matter. The Wall Street Journal earlier reported on HG Vora's position.
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Norway Pension Fund Blacklists Aramco, Other Gulf Companies; Saudi Aramco excluded from fund for environmental reasons; Others targeted on concerns about human rights violations
Greg Ritchie - Bloomberg
Norway's largest pensions' manager divested $15 million from Gulf companies on concerns they may facilitate human rights violations, and decided to exclude Saudi Aramco because of climate risks. KLP, which oversees $70 billion, blacklisted a dozen companies listed in Saudi Arabia, Qatar, the United Arab Emirates and Kuwait from its investment universe. The divestments mostly reflect an "unacceptable" risk of contributing to human rights abuses, KLP said, with Aramco targeted separately for its negative impact on the environment.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | AI, Metaverse, Chatbots: Workplace Trends to Watch for in 2024; It's helpful to keep humans in the loop to explain everything from prompt libraries to immersive VR.
Julia Hobsbawm - Bloomberg
Every end-of-year working assumption is the same: Next year will be different. This is the eternal optimism of business and the never-ending story of innovation. But this time it's true, certainly when it comes to workplace technology. All sorts of incredible things will be possible at your desk (wherever your desk is), but it will come with a price: possibly the steepest learning curve in knowledge work since the word processor way back in the analog age of the 1970s.
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AI, pregnancy discrimination, and harassment: How the government fought workplace discrimination in 2023; The EEOC filed 143 employment discrimination lawsuits during the last fiscal year-a major step up from its litigation activity in recent years.
Pavithra Mohan - Fast Company
In 2023, the Equal Employment Opportunity Commission reaffirmed its status as the federal watchdog for workplace discrimination, after years of pulling back on litigation activity under the Trump administration's appointees. With the long-awaited confirmation of EEOC commissioner Kalpana Kotagal earlier this year, the agency-which is led by five commissioners appointed by the president-now has a Democratic majority, allowing the agency to break its deadlock and move forward with its regulatory agenda.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Serious Medical Errors Rose After Private Equity Firms Bought Hospitals; A new study shows an increase in the rate of inpatient complications, including infections and falls, though patients were no more likely to die
Reed Abelson and Margot Sanger-Katz - The New York Times
The rate of serious medical complications increased in hospitals after they were purchased by private equity investment firms, according to a major study of the effects of such acquisitions on patient care in recent years.
/jlne.ws/3NIQmR5
Apple Keeps Chasing the Ultimate Health-Tracking Watch-but It Could Take Years; The Apple Watch maker is confronting technical puzzles and patent-wielding competitors as it tries to create an all-in-one health wearable
Dalvin Brown and Aaron Tilley - The Wall Street Journal
Apple's widening effort to turn its nine-year-old watch from a luxury timepiece into the ultimate all-in-one medical device is taking it into territory that is legally treacherous as well as potentially profitable.
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A New Way to Treat Back Pain; 'Pain reprocessing therapy' hopes to offer an alternative to drugs or surgery
Sumathi Reddy - The Wall Street Journal
What if the best way to treat your chronic back pain is by retraining your brain? That's the premise of a novel approach to chronic pain. Many people feel pain even after a physical injury has healed or when doctors can't find a physical cause. The approach, called "pain reprocessing therapy," tries to train the brain not to send false pain signals. Some early results are promising. In a study published last year in JAMA Psychiatry, 66% of a group of people who did the therapy for a month were pain-free or nearly pain-free up to a year later.
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JN.1 Now Accounts for Nearly Half of U.S. Covid Cases; Here's what to know about the coronavirus variant, which was first detected in the United States in September.
Knvul Sheikh - The New York Times
As the holiday season winds down and Covid-19 cases start to pick up, a variant called JN.1 has now become the most common strain of the virus spreading across the United States. JN.1, which emerged from the variant BA.2.86 and was first detected in the United States in September, accounted for 44 percent of Covid cases nationwide by mid-December, up from about 7 percent in late November, according to data from the Centers for Disease Control and Prevention.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Inside the Record Year for India's $585 Billion Mutual Funds Industry
Ashutosh Joshi - Bloomberg
A record surge in assets under management. More than 20 million new investment accounts added. And a planned return by BlackRock Inc., the world's largest money manager. These are some of the milestones that mark what's set to be a blockbuster year for India's mutual funds industry. Powered by an insatiable thirst for financial gains, millions of young Indians armed with smartphones have taken to equity investments in the world's most-populous nation. That's helped boost fund assets by 19% in the first 11 months of 2023, data from Morningstar Inc. show, beating major peers like the US, Japan and China.
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Bougainville looks to reopen mine that sparked Pacific island civil war; Reopening the Panguna copper complex is seen as central to region's drive for independence from Papua New Guinea
Nic Fildes - Financial Times
A looming global shortage of copper is refocusing attention on whether to reopen one of the world's most contentious mines: a vast deposit in the Pacific that three decades ago was at the heart of a civil war. The Panguna mine in Bougainville, an autonomous region of Papua New Guinea, closed in 1989 after pollution sparked a local rebellion. As many as 20,000 people, close to 10 per cent of the island's population, died in the civil war that followed.
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VanEck forecasts Australia's ETF market will hit A$180bn in 2024; Manager's survey shows 60% of investors aim to boost allocations or make initial investments into ETFs
Peter Ortiz - Financial Times
Australians' love for exchange traded funds this year shows no signs of abating, with that market predicted to reach A$180bn ($118bn) in 2024, according to a new report. Nearly 60 per cent of investors in the country are aiming to lift their allocation to or make their initial investment in the products during next year's first half, asset manager VanEck reveals in its annual investor survey, which was conducted in November. Half of investors plan to make ETFs a greater share of their self-managed super fund portfolios.
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