| May 03, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Josh King of ICE/NYSE has the heartwarming story of 18-year-old Luke Grettenberger of Michigan, who rang the NYSE's opening bell as a result of the Make-A-Wish organization.
King wrote, "Luke aspires to be a stock trader, and we were happy to grant his wish. His goal is to be a specialized investor focused on companies seeking cures to sickle cell anemia, which he battles every day. He got a great start this morning thanks to Make-A-Wish. Along the way, he met with fellow Michigander & NYSE Vice Chair John Tuttle, with Scott Wapner, Jim Cramer, Carl Quintanilla, David Faber, Peter Tuchman, and Judy Khan Shaw."
Jim Toes, STA president and CEO, and former candidate for Congress in New York's 3rd district, announced the termination of his campaign after the New York State Board of Elections invalidated his signature petitions for the June 25 Republican primary. Toes expressed disappointment over the efforts of the Nassau County Republican Committee (NCRC) and their chosen candidate, Mike LiPetri, to eliminate competition through technicalities and outdated petition forms. He criticized these actions for denying NY-03 Republican taxpayers a fair choice in selecting their representative, suggesting they undermined party unity and disenfranchised voters. Toes hinted at future involvement in public service, though his exact plans remain undecided. He closed by thanking his supporters, especially his wife, Jeanine, for their support throughout the campaign.
Cboe Global Markets reported strong financial results for the first quarter of 2024, with several key highlights reflecting robust performance. The company achieved a diluted EPS of $1.96, marking a 20 percent increase, and an adjusted diluted EPS of $2.15, up by 13 percent. Net revenue reached a record $502.1 million, a 7 percent rise from the previous year. Cboe anticipates reaching the higher end of its organic total net revenue growth forecast of 5 to 7 percent for 2024 and reaffirms its growth target of 7 to 10 percent for Data and Access Solutions. Additionally, the company has adjusted its operating expense guidance for 2024 to $795 to $805 million, slightly lower than previous estimates. CEO Fredric Tomczyk highlighted the strong performance of the Derivatives and Data and Access Solutions segments and noted a 1.4 percent increase in adjusted EBITDA margin to 67.2 percent. Tomczyk also mentioned plans to refocus the digital asset business to enhance derivatives, technology, and product innovation while improving operational efficiencies.
Congratulations to everyone at IMC Trading on reaching your 35th anniversary! From humble beginnings with just two traders on the Euronext floor in Amsterdam to becoming a global leader in the trading industry, your journey is truly inspiring. Your commitment to cutting-edge, low-latency technology and exceptional execution capabilities has clearly set you apart. Here's to celebrating the past achievements and looking forward to many more years of innovation and success. Cheers to the entire IMC team for your dedication and hard work.
Condolences to the family and friends of long-time futures industry broker Joseph Mazurek, who passed away on April 28, 2024 at the age of 67. Mazurek was retired and had worked for such firms as Straits Financial, Refco, UBS, RJO, Macquarie & MF Global.
The FIA is hosting a webinar on Tuesday, May 7, 2024 to review the first quarter 2024 trends in exchange-traded derivatives (ETD) volumes. The session will focus on global listed derivatives markets, in particular examining equity index derivatives in India, the US, and Europe; interest rate futures and options in the US and Europe; and shifts in the global commodity futures and options markets. Guest speakers Davesh Dubal and Giovanni Martelli from UBS will provide insights into algorithmic electronic trading and ETD voice execution. The webinar is hosted by Will Acworth, senior vice president of publications, data & research at FIA.
The CME Group has a promotional video on YouTube video titled "A New Way to Manage Corporate Bond Risk" that highlights the inherent challenges and risks associated with the corporate bond market, such as interest rate fluctuations and credit risks, including defaults. The video introduces new tools and mechanisms that are now available for investors to better manage and mitigate these risks. This development offers a more robust framework for navigating what has traditionally been a complex and risky investment area. The CME's corporate bond futures launch on June 17.
The Johannesburg Stock Exchange (JSE) today celebrated the career of Harry Sundani, their security officer for the last 40 years, with a special market opening ceremony. JSE said Harry's long-standing dedication and loyalty left a lasting impact on the JSE community, marking his retirement as a significant moment for the organization.
The Dubai Financial Market (DFM) and SIX, the Swiss Financial Market Infrastructure Group, signed a collaboration agreement during the Capital Market Summit '24, attended by executives including Bjorn Sibbern of SIX, and Hamed Ali and Afra AlSuwaidi of DFM. This partnership aims to facilitate mutual growth and innovation in the global financial markets by simplifying share transfer processes between exchanges, easing cross-listings, enhancing share fungibility, and sharing best practices and market data.
Cboe Global Markets reported significant achievements in their 2023 annual report, highlighting record options trading volume and successful technological migrations in Australia and Japan. The company also introduced a unique listings offering aimed at helping corporates and ETFs access global capital markets, alongside continuous innovation in client-driven products, exemplified by the launch of DSPX. In 2024, Cboe aims to enhance the interconnectedness of its markets globally, assist more individuals worldwide in achieving their financial goals, expand the accessibility of market data and related tools, and increase trading activity to generate more data.
The Financial Times has an interesting visual story titled "How Ukraine broke Russia's grip in the Black Sea," with the subheadline "Attacks on Moscow's warships have helped to establish an export corridor that could boost Kyiv's war effort."
Gabriella Kusz is starting a new position as chief operating officer at TCS, she reported on LinkedIn. She previously served as the CEO of the Global Digital Asset & Cryptocurrency Association.
FIA Tech is looking for a Trade Reconciliation Engineer in New York for a hybrid full time position.
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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Today is World Press Freedom Day, a UN-declared global celebration of the freedom to seek, impart and receive information for the public good. The 2024 focus is "A Press for the Planet: Journalism in the Face of the Environmental Crisis." Watch the UNESCO conference live, broadcast from Chile HERE. View a gallery of cartoons developed by Cartooning for Peace HERE. Follow participants' statements on social media at hashtag: #WPFD #WPFD2024 ~SAED
Our most read stories from our previous edition of JLN Options were:
- OCC April 2024 Monthly Volume Data from OCC.
- Nasdaq Plans More Short-Term Options on Commodity, Treasury ETFs from Bloomberg.
- FROM OIC: Buy-Side Perspective on Options from Traders Magazine. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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IRS says audits for rich people and corporations are about to hit a whole new level. Buckle up.
Andrew Keshner - MarketWatch
The Internal Revenue Service is getting specific about how many more audits it wants to spring on rich taxpayers and businesses, as the tax collector absorbs billions of dollars in funding in order to toughen tax compliance at the top. By the time people file their 2026 taxes, the IRS wants a 50% jump in the audit rate for households with incomes of $10 million and up, the agency said in a report Thursday. It's also seeking to nearly triple the rate of corporate audits. Though the latest finalized audit numbers were already starting to show slight increases in audit rates for wealthy households, the newly announced goals would be a sharp move higher.
/jlne.ws/3wudRrz
****** Are we talking Ken Griffin rich or John Lothian rich? Rich in money or rich in other things?~JJL
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Online Marketplaces Like eBay, Etsy Are Counting on AI to Supercharge Shopping; Technology has the potential to help both buyers and sellers
Jinjoo Lee - The Wall Street Journal
Shopping on online marketplaces such as eBay and Etsy, or even secondhand clothing seller ThredUp, can feel like treasure hunting at a giant flea market, except even more daunting as there are millions of unique listings to sort through. So it is no wonder that online marketplaces are eager to add artificial-intelligence functionality to their search bars. The technology has the potential to behave like a ChatGPT version of a personal shopper, acting on sentence commands to come up with relevant results and digging up products the consumer might not even have known existed on the platform.
/jlne.ws/3wnjGqT
****** Now I am being chased by AI on my shopping sites, great!~JJL
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Thursday's Top Three
Our top story Thursday was Bloomberg's The State of Crypto Is Anything But Strong. Second was Intercontinental Exchange Reports Strong First Quarter 2024, an ICE press release. Third was the CME press release CME Group Reports Record April ADV of 26.5 Million Contracts, with Double-Digit Growth Across All Asset Classes.
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| Lead Stories | Wall Street Seizes Opportunity to Gut SEC Trading Surveillance; Consolidated Audit Trail captures almost all US trading data; Citadel Securities is suing to halt 'Orwellian' SEC database
Chris Dolmetsch - Bloomberg
After 14 years of debate, the Securities and Exchange Commission is in the final stages of bringing a powerful new surveillance tool fully online. But Wall Street is seizing on the ideal political environment for a last-ditch attempt to kill it. The Consolidated Audit Trail is a database, one of the largest ever created, that is set to revolutionize how the agency monitors trading activity and spots potential misconduct. By its May 31 industry compliance deadline, it will collect almost all US trading data, as many as 500 billion records a day, and give the SEC a live window into activity across markets.
/jlne.ws/3wqzJUI
Societe Generale defends risk controls after unauthorised trading incident; French bank reports smaller than expected drop in profit after strong performance in equities trading
Sarah White - Financial Times
Societe Generale has played down an incident involving unauthorised derivatives trading in Hong Kong last year, saying its risk controls had worked, as the French bank posted a smaller than expected profit drop thanks to a strong equities trading performance in the first quarter. Slawomir Krupa, SocGen's former investment bank head who was appointed chief executive nearly a year ago, on Friday said the unauthorised trading in Hong Kong was ultimately detected by risk control systems and had caused no losses.
/jlne.ws/44tHKFi
Mike Ashley's Frasers drops EUR50mn lawsuit against Morgan Stanley; Retailer had accused Wall Street bank of 'snobbery' over $1bn margin call
Suzi Ring, Madeleine Speed and Alistair Gray - Financial Times
Mike Ashley's Frasers Group has dropped its EUR50mn lawsuit against Morgan Stanley ahead of a judgment in the London case that saw the British retail tycoon accuse the Wall Street bank of "snobbery". Frasers withdrew the lawsuit in recent days, with no money exchanged by the parties, according to a spokesperson from Morgan Stanley. The about-turn from Frasers comes after a trial that concluded in March.
/jlne.ws/4dlTkWX
Tradeweb talks up futures market; reports Q1 growth, LSEG confusion
Dan Barnes - The Desk
Tradeweb, a subsidiary of London Stock Exchange Group (LSEG), saw continued outperformance in fixed income markets in the first quarter (Q1) of 2024. Tradeweb's results were so good that LSEG reported them as part of its own earnings call, six hours before Tradeweb, a Nasdaq-listed company, had reported them to the public. This caused some confusion around the relationship, with analysts on the LSEG call asking for comment on Tradeweb but LSEG CEO, David Schwimmer, then saying he was unable to provide it.
/jlne.ws/44ppAEm
Nasdaq Plans More Short-Term Options on Commodity, Treasury ETFs
Carly Wanna - Bloomberg
In the latest sign of booming interest in short-duration options, Nasdaq Inc. plans in coming weeks to seek regulatory approval for Monday expiries on contracts tied to a suite of commodities and Treasuries exchange traded funds. Nasdaq said at the Options Industry Conference in Asheville, North Carolina, that it will file for options contracts tied to United States Oil Fund (ticker USO), SPDR Gold Shares (ticker GLD), iShares Silver Trust (ticker SLV), iShares 20+ Year Treasury Bond ETF (ticker TLT), and United States Natural Gas Fund (ticker UNG) that expire on Monday. The change would add to traditional Friday expiries as well as Wednesday expiries that options exchanges rolled out on the funds late last year.
/jlne.ws/44nVLnC
A Billionaire Wanted to Save 1 Trillion Trees by 2030. It's Not Going Great.
Sophie Alexander Green - Bloomberg
Salesforce Tower is the tallest building in San Francisco, with sweeping views across the bay. From the top of it, software billionaire Marc Benioff has seen the natural world change around his native city. Several years ago, smoke from a wildfire made the sky so hazy one day, "I could not see out the windows," he recently recalled by phone from his other office in Hawaii. The moment "really impacted me," said Benioff, the chair, co-founder and CEO of Salesforce Inc. and a longtime advocate for the environment. It was around this time that he launched a wildly ambitious plan to fight climate change. Benioff presented it at the capitalist cornucopia of Davos in early 2020 - dressed in black because he was "at a funeral for capitalism," which was failing for its lack of social purpose, he said.
/jlne.ws/4bnhGOg
ICE Forms AI Centre of Excellence
Shanny Basar - MarketsMedia
Jeffrey Sprecher, chair and chief executive of ICE, said the group has created an internal research and development group, called the AI Centre of Excellence, which is testing novel use cases and building appropriate governance guardrails to reduce or eliminate the risks inherent to artificial intelligence. Sprecher said on the first quarter results call that ICE is increasingly being asked how the firm is incorporating AI into its business. He said developers are working on how to integrate AI models into products, to monetize ICE's proprietary datasets and to improve its own productivity.
/jlne.ws/4drO2cg
Australia's No. 2 Pension Fund to Curb Thermal Coal Investments
Amy Bainbridge
Australian Retirement Trust, the country's second largest pension fund, plans to stop directly investing in most thermal coal companies as it targets net zero across its portfolio. The A$280 billion ($184 billion) fund will add the exclusion to listed equities from July 1, according to an emailed statement. It follows similar moves from other large funds in Australia's highly competitive A$3.7 trillion pension industry.
/jlne.ws/44y3Qq8
TD Bank Probe Tied to Laundering of Illicit Fentanyl Profits; The Canadian bank is contending with three other U.S. probes into its anti-money-laundering controls
Dylan Tokar, Justin Baer and Vipal Monga - The Wall Street Journal
A Justice Department investigation into TD Bank's internal controls focuses on how Chinese crime groups and drug traffickers used the Canadian lender to launder money from U.S. fentanyl sales. The investigation was launched after agents uncovered an operation in New York and New Jersey that laundered hundreds of millions of dollars in proceeds from illicit narcotics through TD and other banks, according to court documents and people familiar with the matter. In that case and at least one other, prosecutors also allege the criminals bribed TD employees. While TD disclosed a Justice Department probe into its anti-money-laundering practices last year, the focus on money laundering related to illegal drug sales hasn't been previously reported.
/jlne.ws/4dluVkf
Block to Flip 10% of Bitcoin Profit Into Bitcoin Investments; Jack Dorsey's digital payments firm lifts 2024 profit outlook Bitcoin is best candidate for open money protocol: Dorsey
Paige Smith - Bloomberg
Block Inc. lifted its full-year profit guidance and revealed plans to invest a portion of its profits from Bitcoin back into the assets, as Jack Dorsey's company bets big on the currency's future. Block will invest 10% of gross profit from Bitcoin products each month into buying Bitcoin for investment, Dorsey said in a letter to shareholders on Thursday. Currently, less than 3% of the company's resources are focused on Bitcoin projects, he said.
/jlne.ws/3JL5cUI
Drought to Deluge: East Africa Bears Brunt of Climate Change; Hundreds of lives lost across region since rains began March; Devastation expected to continue as tropical storm approaches
David Herbling and Helen Nyambura - Bloomberg
East Africa is bracing for more floods, as torrential rain after years of drought deliver a reminder of the threat created by climate change. Tropical Storm Hidaya is expected to make landfall this weekend, worsening the deluge that has already killed hundreds of people and swept away crops and livestock.
/jlne.ws/3Wr5g3M
The mortgage reform that could unleash the next big US stimulus; Freddie Mac wants to enter the secondary home equity loan market in a win-win for the government, Wall Street and consumers
Meredith Whitney - Financial Times
What if I told you there could be an unprecedented stimulus injection into the US economy that will cost the government nothing and add not $1 to the national deficit? As early as this summer, a proposed move could begin to unleash almost $1tn into consumers' wallets. By the autumn, it could be on its way to $2tn.
/jlne.ws/4bj1xt2
A balancing act - Performance and reliability in trading matching engines
The Trade
The matching engine is the core technological pillar of any trading venue, it's the engine room where all the action happens, driving global markets that exchange trillions of dollars daily. With this in mind, Sergey Samushin, head of exchange solutions at Devexperts delves into the intricate balance between performance and reliability in matching engines and how to engineer a system that excels at both. A matching engine acts as a sophisticated state machine, altering its internal state with every input and output. It processes orders from clients and commands from exchanges, producing outcomes such as filled or rejected orders and various updates related to trades and instruments.
/jlne.ws/4dsvjh1
Fireside Friday with... BNY Mellon's Geoffrey Yu; The TRADE sits down with Geoffrey Yu, senior EMEA market strategist at BNY Mellon, to discuss his expectations for emerging market trends in 2024, focusing on the currency landscape, and what should be front of mind for global industry players.
Claudia Preece - The Trade
With the market increasingly looking at the potential of emerging markets, what's front of mind from your side?
One of our key expectations for 2024 was a turnaround in asset allocation in favour of emerging markets (EM), especially for diversification purposes as US positions became more concentrated. After record levels of outflows since the Fed shifted towards a tightening cycle, the stage appeared set for recovery flow as G10 central banks embarked on easing. Extremely attractive valuation differentials should also have played a role.
/jlne.ws/3JRb6Ud
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | In Ukraine war, China is helping tilt momentum in Russia's favor, top U.S. spy says
Dan De Luce and Owen Hayes - NBC News
China has helped shift the battlefield momentum in Russia's favor in Ukraine by providing it with components and other material needed to sustain its defense industry, the top U.S. intelligence official told senators Thursday. Beijing's assistance comes as Russian forces make incremental progress in Ukraine and Moscow attempts to ratchet up pressure on Kyiv by bombing the country's critical infrastructure, Director of National Intelligence Avril Haines said at a hearing of the Senate Armed Services Committee.
/jlne.ws/3JKVge4
Ukraine war not likely to end anytime soon, says top US spy
Jonathan Landay and Idrees Ali - Reuters
Russian President Vladimir Putin sees domestic and international developments trending in his favor and likely will press on with aggressive tactics in Ukraine, but the war is unlikely to end soon, the top U.S. intelligence official said on Thursday.
/jlne.ws/3wjs9vb
Ukraine may have talks eventually with Russia, intelligence officer says
Reuters
Ukraine will at some point have to enter into talks with Russia to bring an end to their more than two-year-old war, a senior Ukrainian intelligence official said in an interview published on Thursday. Ukrainian President Volodymyr Zelenskiy has repeatedly ruled out talks with the Kremlin, and a decree he issued after Russia formally annexed four Ukrainian regions in 2022 deems negotiations "impossible".
/jlne.ws/3JN8Ddu
Ukraine's balloon-borne bomber blitz: Designed to waste Russian shells and missiles
David Axe - The Telegraph
The latest Ukrainian deep-strike weapon isn't a drone, a cruise missile or a ballistic missile. It's a balloon. In a recent speech, Russian defence minister Sergei Shoigu claimed Russian air defences had shot down 37 Ukrainian balloons since Russia widened its war on Ukraine starting in February 2022. Many of the balloons arrived recently. The Kremlin reported five balloon shoot-downs on April 18 and two more on April 20 - one of the latter got as far as Moscow, 275 miles from the border with Ukraine. Another balloon crashed just inside Russian territory in March.
/jlne.ws/4b2i84v
More than 100 Russian soldiers killed in Atacms strike
Joe Barnes - The Telegraph
More than 100 Russian soldiers were reportedly killed when a volley of Atacms missiles hit a training base in eastern Ukraine in one of the highest single losses of Russian lives in months. Drone footage shared on social media appeared to show at least four of the short-range ballistic missiles, armed with cluster warheads, smash the gathering of Russian troops in as little as 95 seconds.
/jlne.ws/44plo7E
The clash over whether to commandeer Russia's frozen assets; Confiscating hundreds of billions of foreign reserves could transform Ukraine's war. But the US and Europe disagree on how far to go
Paola Tamma and Laura Dubois and Sam Fleming - Financial Times
At the recent gathering of G20 finance ministers in Brazil, delegates were gripped by a deep sense of unease over a pressing issue: the potential seizure or use of Russian assets frozen under the western sanctions that followed its invasion of Ukraine. Two ministers - Saudi Arabia's Mohammed al-Jadaan and Indonesia's Sri Mulyani Indrawati - were among those particularly alarmed by the idea. Were G7 countries seriously preparing to do this? And had they considered the full implications of such a drastic step?
/jlne.ws/3UGARwW
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | US calls out Israel and Hamas after Gaza aid shipment attacked, diverted
Daphne Psaledakis and Simon Lewis - Reuters
The U.S. on Thursday called on both Israel and Hamas to ensure that aid bound for civilians in Gaza is not disrupted, after a shipment from Jordan was attacked by Israeli settlers and subsequently diverted by Palestinian militants. Secretary of State Antony Blinken viewed the aid on Tuesday just before it departed from the headquarters of the Jordan Hashemite Charity Organization in Amman bound for the newly opened crossing into Gaza at Erez.
/jlne.ws/4aYse6D
A Long, Hot Summer Is Set to Worsen Conditions in Gaza; Nighttime heat is especially dangerous for displaced Palestinians with no way to cool down.
Fares Alghoul and Eric Roston - Bloomberg
As the US tries to negotiate a cease fire between Israel and Hamas before another major attack on Gaza, a quieter, long-term threat has begun to worsen conditions for Palestinians already displaced by war. The temperature in Rafah, the southernmost city in Gaza, rose to 39.1C (102F) on April 24, 14C higher than the 30-year average for the same date. The temperature fell after two days and has remained seasonally normal. The problem is, the season is changing, and summer may bring temperatures much higher than the anomalous April heat spell.
/jlne.ws/3QtRYjc
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Dubai Financial Market and SIX Forge Collaboration to Propel Global Financial Growth/Broaden Market Accessibility
SIX
The DFM and SIX collaboration underscores the commitment to mutual growth and innovation in the global financial landscape and aims at facilitating dual listing opportunities, CSD links setup, and investor accessibility between the two regions' exchanges. The Dubai Financial Market (DFM) and SIX, the Swiss Financial Market Infrastructure Group, announced today the signing of a collaboration agreement during the second edition of the Capital Market Summit. The partnership underscores a shared commitment to exploring and implementing collaborative initiatives aimed at fostering mutual growth and innovation in the global financial landscape. Furthermore, the agreement includes participation from the Dubai Central Securities Depository LLC (Dubai CSD) and Dubai Clear LLC under the umbrella of DFM.
/jlne.ws/3QtULZI
Boerse Stuttgart records April turnover of around EUR 9,6 billion; Strong increases in all asset classes compared to the same month of the previous year
Boerse Stuttgart
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 9,6 billion in April, around 62 percent more than in the same month of the previous year. Structured securities made up the largest share of the turnover. The trading volume in this asset class was around EUR 3,8 billion - an increase of 70 percent compared to the same month of the previous year. Leverage products generated turnover of around EUR 2,8 billion. Investment products contributed around EUR 930 million to the total turnover.
/jlne.ws/3xWwR2k
Cboe Global Markets Reports Results for First Quarter 2024
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the first quarter of 2024. "During the first quarter, Cboe delivered record quarterly net revenue and strong adjusted earnings1, led by the strength of our Derivatives and Data and Access Solutions categories," said Fredric Tomczyk, Cboe Global Markets Chief Executive Officer. "These results build on our strong 2023 trends, as overall net revenues grew 7% year-over-year and adjusted EPS1 increased by 13% as compared to the same period in 2023. Importantly, the adjusted EBITDA margin1 for the quarter increased by 1.4% year-over-year to 67.2% during the quarter, marking clear progress in our efforts to drive greater margin efficiencies across our businesses. Last week, we announced plans to refocus our digital asset business to leverage our core strengths in derivatives, technology and product innovation while realizing operating efficiencies for both Cboe and our clients. The second quarter is off to a strong start, and I look forward to building on that momentum going forward."
/jlne.ws/4a6hiCK
Appointment of Chairman Approved
Hong Kong Exchanges and Clearing Limited
Reference is made to the announcement of Hong Kong Exchanges and Clearing Limited ("HKEX") dated 24 April 2024 in relation to the appointment of Mr Carlson Tong as the Chairman of the Board of Directors of HKEX (the "Chairman"). HKEX is pleased to announce that the Chief Executive of the Hong Kong Special Administrative Region has, pursuant to Section 69 of the Securities and Futures Ordinance, given his written approval of the appointment of Mr Carlson Tong as the Chairman effective 3 May 2024 until the conclusion of HKEX's annual general meeting to be held in 2025. Mr Carlson Tong's biography is available on the HKEX Group website (www.hkexgroup.com).
/jlne.ws/44mXZnv
ICE Benchmark Administration Launches 'Beta' USD SOFR ICE Swap Rate Swap Spreads and EUR STR ICE Swap Rates
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that ICE Benchmark Administration Limited (IBA) has launched indicative, 'Beta' versions of its USD SOFR ICE Swap Rate® Swap Spreads and EUR STR ICE Swap Rates®. The indicative, 'Beta' USD SOFR ICE Swap Rate Swap Spreads and EUR STR ICE Swap Rates settings are determined using IBA's published ICE Swap Rate "Waterfall" calculation methodology and are available here. The publication tenors, input data specifications and standard market sizes in respect of the 'Beta' settings are available on IBA's ICE Swap Rate webpage.
/jlne.ws/4dqNC6g
Intercontinental Exchange Reports April 2024 Statistics
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported April 2024 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/jlne.ws/44p7bYe
JSE Signs Landmark Agreement with Saudi Tadawul Group
Johannesburg Stock Exchange
Johannesburg Stock Exchange (JSE) Group CEO, Leila Fourie, signed a Memorandum of Understanding (MoU) aimed at exploring dual-listing opportunities and broader market participation. In a significant move to bolster economic ties and enhance financial market collaboration, Leila Fourie, Group CEO of the Johannesburg Stock Exchange (JSE) has signed an MoU with the Saudi Tadawul Group. The agreement is designed to serve as a catalyst for growth, innovation and technological advancement in both markets, supported by a shared vision for future prosperity.
/jlne.ws/3WvPRzb
Nasdaq April 2024 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2024 on its investor relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/jlne.ws/3UiyHSA
Renaissance Initiative Update with Ganesh Hariharan
The OCC
If you couldn't join us at this year's Options Industry Conference, watch this video for an update on our forthcoming clearing Platform, Ovation, from Ganesh Hariharan, Managing Director of organizational Transformation at OCC.
/jlne.ws/3UlwIx7
TMX Group Limited Increases Dividend by 6% to $0.19 per Common Share
TMX Group
The Board of Directors of TMX Group Limited today declared a dividend of $0.19 on each common share outstanding, an increase of $0.01 or 6% from $0.18. This dividend is payable on May 31, 2024 to shareholders of record at the close of business on May 17, 2024.
/jlne.ws/3wnkU5t
TMX Group Limited Reports Results for First Quarter of 2024
TMX Group
May 2, 2024 (TORONTO) - TMX Group Limited [TSX:X] ("TMX Group") today announced results for the first quarter ended March 31, 2024. TMX Group Limited Reports Results for First Quarter of 2024.
/jlne.ws/3ye9QrG
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Duolingo's CEO on Language Learning, AI and the End of CAPTCHAs; The computer science pioneer on what he's seeing now.
Joe Weisenthal, Tracy Alloway, and Cale Brooks - Bloomberg
Breakthroughs in generative AI have created enormous opportunities for humans to learn from computers. We can use them to explain the news, understand historical concepts, fix our coding errors, and so forth. But of course, AI also has to learn from human. The technology digests enormous amounts of written text, and often relies on human feedback to calibrate its models. Luis von Ahn has been at the forefront of these back and forth interactions for years. He is currently the CEO and co-founder of Duolingo, the language learning app, but prior to that, he was one of the original developers of CAPTCHAs, the little puzzles you solve to log into websites and prove that you're a human.
/jlne.ws/3JLLR5W
Investors flood into Taiwan ETFs on AI boom, unnerving some
Faith Hung - Reuters
Money is pouring into Taiwan exchange-traded funds as investors scramble for exposure to the artificial intelligence supply chain, raising analyst and regulator caution just as a rally in the sector has turned fickle and volatile. The rush into exchange-traded funds (ETFs) has changed the ownership structure of a $2 trillion dollar market that sits at a geopolitical flashpoint.
/jlne.ws/3UJYHry
Tokenization Firm Securitize Secures $47M Funding Round Led by BlackRock
Hope C - CoinMarketCap
Securitize, a tokenization firm based in Miami, has successfully closed a strategic funding round, raising $47 million. The funding round was led by BlackRock, the world's largest asset manager and issuer of IBIT, the largest spot Bitcoin ETF in the United States.
/jlne.ws/4a4fSIE
TradFi Veterans Pitch Tokenized Asset Marketplace With Eyes on U.S. Regulatory Approval
Krisztian Sandor - CoinDesk
With global financial heavyweights hopping on the red-hot tokenization trend to bring conventional assets onto blockchain infrastructure, a new company started by traditional finance veterans is building a digital marketplace with eyes on a U.S. regulatory nod. Ironlight, started by Rob McGrath and Matt Celebuski, aims to tokenize private securities that are typically illiquid such as real estate, natural resources, fine art, public infrastructure and private equity while serving as a trading venue with the U.S. Securities and Exchange Commission's (SEC) blessing as a so-called alternative trading system, or ATS.
/jlne.ws/3WrI2dM
Cloud busting: the disruptive potential impact of AI on computing platforms; Industry sees a rebound but new technology will change competitive dynamics in the long term
Richard Waters - Financial Times
A generalised euphoria over generative artificial intelligence has gripped Wall Street. But the technology had little to do with the strong business performance reported by most of the big US tech companies in recent days. Understanding where the technology is starting to yield real business results - and where it isn't - will be key to distinguishing the AI winners from the AI losers in the coming months and years.
/jlne.ws/4dsszAf
Data Centers Now Need a Reactor's Worth of Power, Dominion Says
Josh Saul - Bloomberg
Data center developers in Northern Virginia are asking utility Dominion Energy Inc. for as much power as several nuclear reactors can generate, in the latest sign of how artificial intelligence is helping drive up electricity demand. Dominion regularly fields requests from developers whose planned data center campuses need as much as "several gigawatts" of electricity, Chief Executive Officer Bob Blue said Thursday during the company's first-quarter earnings call. A gigawatt is roughly the output of a nuclear reactor and can power 750,000 homes.
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| Cybersecurity | | Top stories for cybersecurity | German foreign minister, EU nations say Russia will face consequences for cyberattack
Associated Press
Germany's top diplomat on Friday said Russia will face consequences after accusing its military intelligence service of masterminding an "absolutely intolerable" cyberattack, and European Union member countries said they will not let "Russia's malicious behavior in cyberspace" go unanswered. Relations between Russia and Germany were already tense, with Germany providing military support to Ukraine in its ongoing war with Russia.
/jlne.ws/3UJoSid
Most companies changed their cybersecurity strategy in the past year
Help Net Security
Businesses worldwide have faced a rate of change in the threat environment evidenced by 95% of companies reporting cybersecurity strategy adjustments within just the past year, according to LogRhythm. At the heart of these strategic shifts is the central role of leadership within organizations. The perception of cybersecurity has changed from a purely technical issue to a central pillar of business strategy and corporate governance, with 78% stating that the cybersecurity leader or CEO-or both-are responsible for protecting against and responding to cyber incidents.
/jlne.ws/3Utmo66
Cybersecurity stocks in the red following Fortinet, Cloudflare results
Vahid Karaahmetovic - Investment.com
Their shares are down 6.6% and 15.1%, respectively. Fortinet reported adjusted earnings per share (EPS) of $0.43, which was $0.05 higher than analyst expectations. The company's total revenue for the quarter was $1.35 billion, marking a 7% year-over-year increase and exceeding the consensus estimate of $1.34 billion. Still, the company's shares fell.
/jlne.ws/4a5Gb1a
Microsoft Adds Security Chiefs to Product Groups In Wake of Hacking Woes; Ann Johnson named deputy security officer to oversee outreach and communication about company's security
Dina Bass and Andrew Martin - Bloomberg
Microsoft Corp. is adding security chiefs to its product groups in a bid to boost resilience to hacking after the company has been criticized for failing to contain several serious cyberattacks. The software giant said it is adding deputy chief information security officers within its product groups, while declining to identify the new officials. The executives will report to Igor Tsyganskiy, who became global chief information security officer in December, one month after Microsoft announced its biggest security overhaul in more than two decades.
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| Cryptocurrencies | | Top stories for cryptocurrencies | MicroStrategy Unveils Plan for Bitcoin-Based Decentralized Identity Using Ordinals
Jamie Crawley - CoinDesk
MicroStrategy (MSTR), the largest corporate holder of bitcoin, unveiled plans to develop a decentralized identity service using Ordinals inscriptions. The software consulting firm began pitching itself as a "bitcoin development company" earlier this year, saying it would work on development of the Bitcoin network through financial markets, advocacy and innovation. "MicroStrategy Orange," as it has been called, is a sign the company is putting this aim into practice.
/jlne.ws/3JILyZF
What is technical analysis for crypto trading?
Adam James - The Block
Understanding basic crypto trading analysis methods is a fundamental skill for any trader in the cryptocurrency market. Technical analysis, a widespread approach, involves scrutinizing statistical trends over time to predict future asset price movements based on historical trading data. This analytical method is not exclusive to cryptocurrencies but applies to stocks, futures, commodities and currencies.
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Coinbase posts soaring profit on jump in crypto prices=
Hannah Lang - Reuters
Coinbase Global swung to a first-quarter profit of over $1 billion from a year earlier loss, helped by an uptick in cryptocurrency trading following the launch of the first U.S.-listed exchange traded funds (ETFs) tracking bitcoin in January. The company on Thursday reported a net income of $1.2 billion, or $4.84 per share, in the three months ended March 31, compared with a loss of $79 million or $0.34 per share a year ago.
/jlne.ws/44uMk6a
Hong Kong's spot ETFs experience decline in bitcoin inflows on second trading day
Timmy Shen - The Block
The three spot bitcoin exchange-traded funds in Hong Kong saw inflows of 174.73 BTC ($10.3 million) on the second trading day yesterday, compared to an inflow of 3,910 BTC ($240 million) on the first trading day. The trading volume stood at over $9.7 million on both days, according to SoSoValue data. The caveat with the inflow data is that ETF shares bought via in-kind subscriptions of physical Bitcoin do not generate cash inflows denominated in dollar terms, so they are not included in daily net inflow statistics, SoSoValue clarified. Instead, the firm uses BTC inflow metric, which measures how much bitcoin actually flowed into or out of all ETFs on a specific trading day.
/jlne.ws/4bmIyO6
BlackRock reports first outflows as Bitcoin ETFs shrink 20% since March
Niamh Rowe - Fortune
The 10 U.S. spot Bitcoin exchange-traded funds continue to unravel. On Wednesday, outflows were recorded from every ETF for the first time, amassing the greatest losses since trading began in January, with $563.7 million exiting the funds, according to CoinGlass data. The latest figures continue an almost two-month decline. In the past four weeks, the funds have seen around $6 billion in losses, a drop in assets under management of around 20%.
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DTIF expands digital token identifier for crypto derivatives regulatory reporting; New digital token identifier (DTI) marks a milestone for the regulation of digital asset derivatives, with previous reporting solely focused on traditional financial instruments.
Wesley Bray - The Trade
The Digital Token Identifier Foundation (DTIF) has announced an expansion to the scope of the Digital Token Identifier (DTI) to encompass regulatory reporting of crypto asset derivative trades across the G20. The development marks a milestone for the regulation of digital assets, given that beforehand, derivatives reporting solely focused on traditional financial instruments.
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BlackRock Sees Sovereign Wealth Funds, Pensions Coming to Bitcoin ETFs
Ian Allison - CoinDesk
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Stronghold Digital's Shares Jump With Bitcoin Miner Mulling Sale; Board says valuation is out of line compared with peers; Computing power used to mine Bitcoin continues to climb
David Pan - Bloomberg
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Kraken Unit Quietly Claims Pivotal Position in Bitcoin ETF Boom
Richard Henderson - Bloomberg
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| Politics | | An overview of politics as it relates to the financial markets | In Jamie Dimon's America, the Stock Market Has Already Voted; Investors around the world value US equities more highly than ever before in what John Maynard Keynes might call the psychological referendum on the Bidenomics.
Matthew A. Winkler - Bloomberg Opinion
Jamie Dimon was recently asked: "If you had to describe the US economy, how resilient is it?" His answer was unequivocal: "Basically, it's booming." It was the first time the chairman and chief executive officer of JPMorgan Chase & Co. uttered such a superlative since he became the head of the world's largest bank almost two decades ago. "If you look at the economy" before the Covid-19 pandemic "it was very low growth for 20 years," he told the Economic Club of New York on April 23. "But if you look at the economy since then, it's been booming. Unemployment hit an all-time low; it's been under 4% now for the better part of two or three years."
/jlne.ws/44veQ7t
Turkey says Israel trade halted until permanent Gaza ceasefire
Ceyda Caglayan - Reuters
Turkey will not resume trade with Israel, worth $7 billion a year, until a permanent ceasefire and humanitarian aid are secured in Gaza, it said on Friday, the first of Israel's key partners to halt trade over the conflict. Israel's "uncompromising attitude" and the worsening situation in Gaza's southern Rafah region - where Israel has threatened to launch a new offensive - prompted Turkey to halt all exports and imports, said Trade Minister Omer Bolat.
/jlne.ws/3WpJQE7
Top US Treasury official to travel to Singapore, Malaysia to discuss sanctions
Daphne Psaledakis - Reuters
The U.S. Treasury Department's top sanctions official will travel to Singapore and Malaysia next week, a source familiar with the matter told Reuters, as Washington seeks to combat funding for Iran and its proxy groups as well as evasion of its sanctions on Russia. The source, speaking on condition of anonymity, said there has been an uptick in money moving to Iran and its proxies, including Hamas, through the Malaysian financial system.
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| Regulation & Enforcement | | Stories about regulation and the law. | Margin Transparency Will Help Market Resilience
ISDA
Margin has become a lynchpin of global regulatory efforts to mitigate counterparty credit risk and increase the resilience of financial markets. But in times of stress like the March 2020 dash for cash, margin requirements can quickly spike, creating acute liquidity challenges for some participants. Regulators are looking to address this and have made several policy proposals to improve margin practices - changes that we think, for the most part, will help further strengthen the financial system.
/jlne.ws/3WsPq8z
Statement of Commissioner Kristin N. Johnson: Articulating an Agenda for Regulating AI
CFTC
Good afternoon. It's a pleasure to be here for today's Technology Advisory Committee (TAC) meeting.
Three Significant Steps in Developing CFTC AI Guidance and Regulation
The discussion on artificial intelligence (AI) today marks a fourth significant initiative launched at the Commodity Futures Trading Commission (CFTC or Commission) to assess the role of artificial intelligence in our markets.
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Opening Statement of Commissioner Caroline D. Pham before the Technology Advisory Committee
CFTC
Good morning. Thank you, Commissioner Goldsmith Romero, for convening this meeting of the Technology Advisory Committee (TAC). Over the past year, you and the TAC have really been leading the way at the CFTC on the issue of artificial intelligence (AI), and I look forward to the continuation of those efforts. I also want to recognize the TAC Designated Federal Officer, Anthony Biagioli, the Alternate Designated Federal Officers, Ben Rankin and Drew Rodgers, the CFTC staff, and everyone who worked to make today's meeting possible. And of course, thank you to the committee members for taking time away from your day jobs to share your expertise and provide the CFTC with valuable insight into advancements in technology.
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Henry Heng sentenced for failing to disclose interests as a company director
ASIC
The founder of listed bottled water producer Eneco Refresh, Henry Eng Chye Heng, has been sentenced to a recognisance release order upon providing security of $10,000 to be of good behaviour for 12 months. In a hearing in the Perth Magistrates Court Mr Heng pleaded guilty and was convicted of nine counts of failing as a director to notify the market operator of a change in his relevant interests in breach of section 205G(10) of the Corporations Act.
/jlne.ws/4a6DRar
ASIC wins first court outcome regarding a non-cash payment facility involving crypto assets
ASIC
The Federal Court has found BPS Financial Pty Ltd (BPS) engaged in unlicensed conduct when offering the 'Qoin Wallet', a non-cash payment facility which used a crypto-asset token called 'Qoin.' In delivering judgment for proceedings brought by ASIC, Justice Downes found that BPS, since January 2020 - and save for a 10-month period - contravened the Corporations Act as it did not hold an Australian Financial Services Licence, nor was authorised by a licence holder, to issue or provide financial advice about the Qoin Wallet.
/jlne.ws/44oVBwg
TD Probe Tied to Laundering Drug Money, Journal Says
Christine Dobby - Bloomberg
A US law-enforcement probe into Toronto-Dominion Bank's internal controls is tied to the laundering of hundreds of millions of dollars in proceeds from illegal drug sales, the Wall Street Journal reported. The US Department of Justice launched an investigation after discovering evidence of a drug-money-laundering operation in New York and New Jersey, the Journal said Thursday, citing court documents and people familiar with the matter. There are allegations that the criminals bribed Toronto-Dominion employees in that case and at least one other, the newspaper said.
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Ohio Man Pleads Guilty to Operating an Illegal Gambling Business and Tax Fraud; Defendant Earned Millions of Dollars but Did Not File Tax Returns or Pay Tax
U.S. Department of Justice
An Ohio man pleaded guilty today to tax evasion, operating an illegal gambling business and two counts of money laundering associated with his ownership and operation of illegal gambling businesses in Northeast Ohio.
/jlne.ws/4dpPUCr
Sixth Nigerian National Pleads Guilty to International Fraud Scheme that Defrauded Elderly U.S. Victims
U.S. Department of Justice
A sixth Nigerian national pleaded guilty to operating a transnational inheritance fraud scheme that defrauded elderly and vulnerable consumers across the United States. According to court documents, Amos Prince Okey Ezemma, 50, was a member of a group of fraudsters that sent personalized letters to elderly victims in the United States over the course of several years. The letters falsely claimed that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left for the recipient by a family member who had died overseas years before. Ezemma and his co-conspirators told a series of lies to victims, including that, before they could receive their purported inheritance, they were required to send money for delivery fees, taxes and other payments to avoid questioning from government authorities. Ezemma and his co-conspirators collected money victims sent in response to the fraudulent letters through a complex web of U.S.-based former victims, whom the defendants convinced to receive money and forward to the defendants or persons associated with them. Victims who sent money never received any purported inheritance funds. In pleading guilty, Ezemma admitted to defrauding over $6 million from more than 400 victims, many of whom were elderly or otherwise vulnerable.
/jlne.ws/44sEE41
US regulator's Opec collusion claim sets off tremor in oil patch; CEOs weighing mergers may think twice after FTC bars industry veteran from Exxon's board
Myles McCormick and Jamie Smyth - Financial Times
US regulators have introduced a new point of tension in the federal government's fractious relationship with the country's oil industry, accusing one of the sector's most outspoken executives of attempted collusion to boost energy prices. The Federal Trade Commission on Thursday alleged Scott Sheffield, the former head of Pioneer Natural Resources, had tried to co-ordinate production levels with the Opec cartel to "pad Pioneer's bottom line...at the expense of US households and businesses".
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Index Funds Need to Be Passive, Not Political; Congress should set limits on investment giants to protect American savers.
The Editorial Board - Bloomberg
The rise of index funds has provided millions of Americans with a cheaper and more efficient way to invest. With more than $23 trillion in assets between them, BlackRock Inc., Vanguard Group Inc. and State Street Corp. have become the top shareholders in many US-listed companies. That power has attracted critics ranging from Senator Bernie Sanders to the late Charlie Munger. Increasingly, the companies' stakes in banks and energy utilities have gotten so big that they've triggered regulatory concerns. Policymakers now must tread a fine line: protect the immense value created by index funds while ensuring these companies aren't abusing their power.
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Macquarie Expects to Offload More Green Assets Amid Strong Appetite for Renewables -- Interview
Alice Uribe - MarketWatch
Macquarie Group expects to offload more green assets after a slower period as market appetite for renewables remains strong. Australia's largest investment bank and asset manager had a relatively quiet year for its green asset realizations in fiscal 2024 compared with previous years. But chief executive Shemara Wikramanayake said this was likely to change in the current fiscal in line with its strategy to make moves when it's most fruitful for a particular asset.
/jlne.ws/3UJsv7P
Investors Are Increasingly Interested in a Novel Type of Weather Insurance
Coco Liu - Bloomberg
Insurance tech startup Arbol raised a fresh round of capital to help grow its parametric insurance business for farmers, energy developers and others. Interest in startups trying to shake up the insurance industry is on the rise as weather catastrophes worsen. The latest sign: New York-based Arbol has raised $60 million in a Series B funding round. Founded in 2018, Arbol specializes in a niche but fast-growing form of indemnity known as "parametric insurance." Unlike traditional insurance products that link a claim with actual losses, payouts are triggered by a predetermined parameter.
/jlne.ws/4blBXDF
Who'll buy all the Treasuries? You'll buy all the Treasuries; Ft. Bad some news for the non-US Anglosphere
Toby Nangle - Financial Times
Barclays's annual Equity Gilt Study dropped on Tuesday. Equities and gilts barely get a mention. What Anshul Pradhan and his co-authors really really want to talk about are US Treasury bonds. Specifically, they want to talk about the forthcoming 'Treasury tsunami' and what it might mean for...well, everything.
/jlne.ws/3wi4Lye
IPOs: more than one way to cook an egg; Just don't bother looking too hard for new London listings
Financial Times
The spigots are, at least partially, open. From European beauty to US social tech to Chinese bubble tea, 370-odd initial public offerings have raised some $32.3bn in the first four months of the year. London is conspicuous by its virtual absence (a nugatory $371m).
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Berkshire after Buffett: prized energy business faces upheaval; It is no longer clear the sprawling business remains in the group's sweet spot as global warming reorders industry
Myles McCormick in Houston and Eric Platt - Financial Times
When Berkshire Hathaway announced the acquisition of MidAmerican Energy in 1999, Warren Buffett hailed the Iowa gas and electric utility as squarely in the conglomerate's "sweet spot". Unheralded at the time, the $2bn transaction catapulted Buffett into the energy business, kicking off a quarter of a century of dealmaking that has transformed Berkshire into a major player, operating across 28 states, transporting 15 per cent of America's natural gas and serving 13mn customers.
/jlne.ws/3WqMfOL
UK government's climate action plan is unlawful, High Court rules; Judgment upholds four of five grounds for legal challenge brought by campaign groups against net zero strategy
Kenza Bryan - Financial Times
The UK's latest strategy for meeting its legally binding targets on reaching net zero emissions is unlawful, the High Court ruled on Friday, in a fresh legal blow to the government in its efforts to address climate change. Mr Justice Clive Sheldon upheld four out of five grounds for legal challenge after campaign groups brought a judicial review of Britain's most recent climate plan, published in March last year.
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*****Here is this story from Reuters.
Microsoft to power data centres with big Brookfield renewables deal; Purchase of 10.5GW of electricity highlights rising energy needs of AI and cloud computing
Antoine Gara, Amanda Chu, Rachel Millard, Camilla Hodgson - Financial Times
Microsoft has agreed to back an estimated $10bn in renewable electricity projects to be developed by Brookfield Asset Management, in a deal that underscores the race to meet clean-energy commitments while satisfying the voracious power demands of cloud computing and artificial intelligence. The "global framework agreement" signed by the Seattle-based tech giant is a commitment to bring 10.5 gigawatts of generating capacity online, or enough to power the equivalent of about 1.8mn homes. That will be added to the grids from which data centres draw electricity.
/jlne.ws/3QtuOsV
US court lifts order blocking $655 mln clean-energy transmission line
Clark Mindock - Reuters
A U.S. appeals court on Thursday lifted a lower court's order blocking a land exchange needed before developers can build a major clean-energy transmission line through a Mississippi River wildlife refuge. A three-judge panel of the Chicago-based 7th U.S. Circuit Court of Appeals said a Wisconsin federal judge's preliminary injunction issued in March blocking work on a last stretch of the Cardinal-Hickory Creek high voltage line, which has already cost developers $655 million, was not justified.
/jlne.ws/4bjWcBR
Air France, Lufthansa Group airlines part of EU greenwashing probe
Ilona Wissenbach, Charlotte Van Campenhout and Essi Lehto - Reuters
Air France, its Dutch arm KLM, Norwegian, SAS and several Lufthansa Group airlines are among 20 carriers being investigated by the European Union for potential greenwashing, the companies said on Thursday. The EU said airlines needed to make clear to what extent claims about tackling aircraft CO2 emissions - whether by offsetting them with climate projects or using sustainable fuels - can be substantiated by sound scientific evidence.
/jlne.ws/4bjrZCU
FTC's Surprise Attack on US Oil Icon Rattles Shale Sector
Kevin Crowley and Mitchell Ferman - Bloomberg
The Federal Trade Commission's allegations that shale trailblazer Scott Sheffield tried to collude with OPEC to prop up crude prices is unnerving US oil executives pursuing more than $100 billion in deals. While Thursday's green light from the FTC for Exxon Mobil Corp.'s $60 billion takeover of Pioneer Natural Resources Co. provided some relief to an industry undergoing unprecedented consolidation, a key condition of the approval is triggering shockwaves.
/jlne.ws/4b4bdbk
Battle to Prioritize Public Health over Oil Company Profits Heats Up
Liza Gross - Inside Climate News
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New Treasury Tax Guidelines Open Door for Corn and Soy in Sustainable Aviation Fuels; The guidance is a boon for biorefineries, but some observers worry it is based on unproven assumptions
Claire Brown - The Wall Street Journal
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HSBC's Green Credentials Come Under Fresh Scrutiny; An activist investor group, which has $892 billion in assets under management, said it intends to ask the bank at its annual general meeting to explain how it will spend its green funds
Fabiana Negrin Ochoa - The Wall Street Journal
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Oil Companies Expand Offshore Drilling, Pointing to Energy Needs; Shell and others say they plan to drill for oil and gas in the Gulf of Mexico in part because doing so releases fewer greenhouse gases than drilling on land.
Ivan Penn - The New York Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wells Fargo Says US Scrutinizing Zelle Complaints Behind Scenes
David Scheer - Bloomberg
Wells Fargo & Co. said US authorities are scrutinizing how consumer complaints about Zelle payments are handled, following larger rival JPMorgan Chase & Co. in acknowledging behind-the-scenes interest in what has been a hot political topic in Washington. "Government authorities have been conducting formal or informal inquiries or investigations regarding the handling of customer disputes related to fund transfers made through the Zelle Network," the San Francisco-based bank wrote in a quarterly filing Thursday. It didn't elaborate.
/jlne.ws/3JL6jDS
Banks' 'Broken' Model Ramps Up Property Challenges, Lender Says; Madison Realty Capital co-founder sees opportunity in pullback; Higher interest rates froze US commercial-property market
Abigail Doolittle - Bloomberg
A "broken" model in banking is creating issues for financing in the commercial real estate industry, according to Josh Zegen, co-founder of Madison Realty Capital. As banks have pulled back from property lending, Zegen's firm sees opportunities to fill the void. Madison Realty Capital seeks to make whole loans, including for construction projects, as well as buy both performing and non-performing debt and provide financing to other lenders, he said.
/jlne.ws/4a3gw9w
Tremblant conversion marks growing hedge fund interest in ETFs; The ETF version of its long-only Tremblant Tax Efficient Fund strategy will have lower fees and taxes
Will Schmitt - Financial Times
A US hedge fund manager has taken the rare step of launching an exchange traded fund in a move that could herald a broader move by the asset class into the booming active ETF market. Tremblant Capital, which was founded by Brett Barakett in 2001 and has roughly $1bn in assets under management, plans to launch the Tremblant Global ETF (TOGA), a concentrated, long-only portfolio with about 40 holdings.
/jlne.ws/3Uiwt5G
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Even the World's Most-Envied Retirement Plan Is Falling Short; The US and UK see Australia's A$3.7 trillion private pensions as an example for the wealthy world, but most retirees there still have much less than they'll need.
Amy Bainbridge - Bloomberg
Between BlackRock's Larry Fink and UK Chancellor Jeremy Hunt, it's official: Australia's A$3.7 trillion ($2.4 trillion) retirement system is the envy of the wealthy world. In his budget speech to Parliament in March, Hunt cited Australia's private pensions, known as super funds, as delivering "better returns for pension savers with more effective investment strategies." Three weeks later, in his annual letter to investors, BlackRock's Chief Executive Officer directed American policymakers to "study and build on" Australia's model, suggesting it could be an antidote to the deeply stressed US Social Security system.
/jlne.ws/4acypTy
Fostering employee wellbeing and improving productivity at Microsoft with Microsoft Viva Insights
Keith Boyd - Microsoft
Employee expectations and priorities have shifted in the new hybrid workplace. In Microsoft's September 2022 Work Trend Index Pulse Report-a study of 20,000 people in 11 countries-48 percent of those surveyed reported that they feel burned out at work. Prior data from Microsoft's March 2022 Work Trend Index-a study of 31,000 people in 31 countries-revealed that 53 percent of the participants prioritize health and wellbeing over work more than they did 3 years ago.
/jlne.ws/4a37hX0
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Ditching the downward dog: How event marketers are redefining wellness
Paulina Piekarska-Leveillee - The Drum
It's time to roll up the yoga mats and donate those scented diffusers. As experiential programs charge into 2024, event producers can design programs that prioritize attendees' well-being and sustainability while having a lasting impact on the local community. Going beyond the basic stretch and snack, events can craft wellness experiences that nourish bodies, connect communities, and leave a positive footprint on the planet.
/jlne.ws/44vdnht
Thousands Believe Covid Vaccines Harmed Them. Is Anyone Listening? All vaccines have at least occasional side effects. But people who say they were injured by Covid vaccines believe their cases have been ignored.
Apoorva Mandavilli - The New York Times
Within minutes of getting the Johnson & Johnson Covid-19 vaccine, Michelle Zimmerman felt pain racing from her left arm up to her ear and down to her fingertips. Within days, she was unbearably sensitive to light and struggled to remember simple facts. She was 37, with a Ph.D. in neuroscience, and until then could ride her bicycle 20 miles, teach a dance class and give a lecture on artificial intelligence, all in the same day. Now, more than three years later, she lives with her parents. Eventually diagnosed with brain damage, she cannot work, drive or even stand for long periods of time.
/jlne.ws/4aa6KCl
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan used $59bn to prop up the yen but consumers may still cut back; Government interventions this week fail to ease concerns about plunging currency
Leo Lewis, Kana Inagaki and David Keohane - Financial Times
When Japanese authorities deployed tens of billions of dollars to try to prop up the weakening yen this week, it was partly with an eye on the growing grumbles from people such as Keiko Shimoharaguchi. The 60-year-old retired in March looking forward to a foreign trip. But Japan's tumbling currency is pushing her dream trip out of reach.
/jlne.ws/3UrtSGN
Point72's Drossos Says Japan Disrupting One-Way Bets Against Yen; Volatility is 'too much right now for investors to stomach'; If payrolls strong Friday, then yen may need more support
Anya Andrianova - Bloomberg
By one measure, according to Point72's Sophia Drossos, Japan's intervention to prop up the yen has achieved a key objective: Preventing the market from piling into lopsided bets against the currency. The economist and strategist at the asset-management firm said the moves have made investors wary of wagering that the currency will keep weakening - given the risk of being caught offsides if officials swoop in to start buying the currency again.
/jlne.ws/3y51Zgl
Investors flood into Taiwan ETFs on AI boom, unnerving some
Faith Hung - Reuters
Money is pouring into Taiwan exchange-traded funds as investors scramble for exposure to the artificial intelligence supply chain, raising analyst and regulator caution just as a rally in the sector has turned fickle and volatile. The rush into exchange-traded funds (ETFs) has changed the ownership structure of a $2 trillion dollar market that sits at a geopolitical flashpoint.
/jlne.ws/4b1eA2q
Gazprom swings to £5bn loss in blow to Putin
Chris Price - The Telegraph
Kremlin-owned natural gas giant Gazprom has plunged to its worst loss in at least 25 years in a blow to Vladimir Putin's war economy. The energy company, which is majority owned by the Russian government, tumbled to a loss in of a loss of 629 billion roubles (£5.5bn) in 2023 after making a profit of 1.2 trillion roubles I the previous year.
/jlne.ws/3Up8qSW
A Hotspot for Russian Oil Transfers Is Suddenly Deserted
Alex Longley and Sherry Su - Bloomberg
A stretch of water off the coast of southern Greece that had become a pivotal logistics hub in the Russian oil supply chain has suddenly been abandoned by the tankers that had been flocking there. When sanctions were placed on Russian supplies, the Laconian Gulf became a key spot for switching cargoes between vessels. It enabled some ships to shuttle to and from Russian ports, and others to do the long-distance voyages to buyers in Asia. However, it also sparked environmental concerns about the risk of an oil spill in a picturesque European bay.
/jlne.ws/49ZMcwl
Global hedge funds chase Hong Kong stocks rally, UBS says
Summer Zhen - Reuters
Global hedge funds that use an equities long-short strategy are growing increasingly bullish on China, evidenced by the heavy pick-up in their purchases of Hong Kong-listed shares, UBS Group said in a note. Hong Kong's stock markets, which closely mirror China's struggling performance, have recovered since March as Beijing rolled out economic support measures. The Hang Seng Index rose more than 7% in April, marking its best monthly gain since January 2023 and outperforming most major markets.
/jlne.ws/3w9UPXz
CNBC's Inside India newsletter: Will AI make or break India?
Ganesh Rao - CNBC
It was a tale of two European companies. But one that could foreshadow India's growth story. When fintech firm Klarna said it was using artificial intelligence to provide customer service earlier this year, shares of the French outsourcing giant Teleperformance tumbled by nearly 20%.
/jlne.ws/4aZGYlv
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