| April 18, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Welcome to tax day in the U.S. Normally, taxes are due on April 15, but the day can't fall on a weekend or a holiday. April 15 was last Saturday and Monday was District of Columbia's observance of Emancipation Day. Thus, April 18 is tax deadline day in the U.S. this year.
The bigger story of the day, though, is the sale of the American Financial Exchange ("AFX"), founded and led by Dr. Richard Sandor, to 7Ridge, the owners of Trading Technologies. AFX is home to the Ameribor Index and its various futures products trade on the Cboe Futures Exchange, a relationship that will continue under the new AFX ownership.
This is the second significant exit for Doc Sandor. He sold the Chicago Climate Exchange and related assets to the InterContinental Exchange back in 2010. Sandor founded AFX in 2015 after creating the American Interbank Offered Rate (AMERIBOR) after LIBOR fell apart amid a scandal and new short-term interest rate benchmarks were being created to fill the void. Having spawned the uber popular 30-year Treasury Bond futures at the Chicago Board of Trade during his years as the exchange's chief economist, Sandor tried his hand at the short end of the curve with the Ameribor to see if lightning would strike twice.
While the Ameribor futures have experienced a modicum of success at times, they now have less than 200 contracts of open interest on the Cboe and have been SOFR-cated in the marketplace by the CME Group's replacement for Eurodollar futures. The Ameribor Index itself is seeing more success being used in loan deals, though the hedging is likely being done in other interest rate products or tools.
This is a terrific pick up by 7Ridge, giving them a conduit for financial innovation through AFX and Cboe. Doc Sandor will stay on at AFX as Chairman Emeritus. Where have I heard that title before? 7Ridge will be investing both financial and human capital into AFX, with Jeff Maron leading the effort. Maron is a veteran of IHS Markit, GFI Group and Compagnie Financiere Tradition and joined 7Ridge in January of this year as a managing director.
Speaking of Cboe, Matt Scharpf is jumping from his longtime home of Eurex in Chicago to Cboe Digital. Scharpf, a former professional musician who still regularly plays paid gigs on the weekend, focused on fixed income products at Eurex. He joins a Cboe Digital team that is in a sweet spot with a regulated crypto derivatives offering.
Mike Wilkins announced he is starting a new position as head of "Go To Market" at velox.
Bevon Joseph is now the head of innovation @Skillful.ly. We are working to set up an interview with the founder of the Greenwood Project to learn more about his departure from the organization and his plans for the future.
Baton Systems won the "Best FX Settlement and Risk Mitigation Solution" award at the FX Markets Asia FX Awards 2023. Congratulations to Baton President Jerome Kemp and his team.
Elon Musk has created an international incident and insulted our very polite northern neighbors, the Canadians. Canadian public broadcaster CBC has joined NPR in quitting Twitter, saying the label 'government-funded media,' meaning that officials determine editorial content, is 'untrue and deceptive,' The Wall Street Journal reported.
The JLN team is headed to the Options Industry Conference next week in Nashville with our video team. Do you have an announcement or story you want to tell? Contact me at johnlothian@johnlothian.com to set up an interview.
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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The Morningstar Sustainability Atlas found that Europe and Hong Kong are leaders among countries in ESG practices. The United States has healthy carbon metrics, but controversies among some U.S. companies lowered its total score. This report examines the sustainability profiles of Morningstar's 48 country-specific equity indexes. The country indexes include developed and emerging markets and represent 97% of global market capitalization. A series of maps demonstrate the Morningstar Portfolio Sustainability Score across a range of country indexes. Register to download a free pdf of the Morningstar Sustainability Atlas here.~SAED
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RJO President Dan Staniford talks with John Lothian News about sales, handling volatility, and Johnny O'Brien's induction into the FIA Hall of Fame
JohnLothianNews.com
Dan Staniford, president of R.J. O'Brien & Associates (RJO), talked with John Lothian News at the FIA International Futures Conference in Boca Raton, FL., about sales, risk management, and the culture fit with its newly acquired firm, Lombard Forte.
Watch the video »
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CME to Add Daily Expirations on Bitcoin and Ether Futures Options Contracts
Helene Braun - CoinDesk
Derivatives marketplace Chicago Mercantile Exchange is adding to its cryptocurrency offerings with daily expirations for bitcoin (BTC) and ether (ETH) futures options contracts, the company said in a press release on Monday. Effective May 22, bitcoin and ether futures options will have expirations Mondays through Fridays. Contracts based on micro-sized bitcoin and ether futures will add Tuesdays and Thursdays as expirations dates to the current slate of Mondays, Wednesdays and Fridays. All of this is in addition to the monthly and quarterly expirations now available.
/jlne.ws/41z4iSa
****** In Tom Cashman's John Lothian Profiles video the thing he says that he would do if he could start over is learn to use tools like options. That has never been more true than today, as more and more options are available to trade, including the exploding-in-popularity zero day to expiration options.~JJL
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Few Banks Are Hedging Interest-Rate Risk; A recent paper focuses on how banks handle rising rates
Matt Grossman - The Wall Street Journal
Few U.S. banks protected themselves against rising interest rates during the Federal Reserve's monetary-tightening campaign last year, according to a research paper that says unhedged securities holdings are more widespread than investors might realize. The paper-"Limited Hedging and Gambling for Resurrection by U.S. Banks During the 2022 Monetary Tightening?"-contends that hundreds of other banks share that risk, which played a role in the collapse last month of Silicon Valley Bank. The paper didn't single out individual institutions, instead presenting an analysis of aggregate data.
/jlne.ws/41Aq6wD
****** A contagion of stupidity.~JJL
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How geckos can help us save the planet; The corporate world is using 'biomimicry' to harness the genius of nature and find sustainable solutions
Patti Waldmeir - Financial Times
For millions of years, humans have mimicked nature. But now more and more companies are looking to nature for solutions to some of the world's biggest problems: a process known as "biomimicry". Airbus is taking inspiration from the dragonfly and its piercing, 360-degree vision to help its aircraft "see" and manoeuvre better. Nasa is studying the way a stingray swims to design a planetary exploration module for the extreme weather of Venus. San Francisco airport recently built part of a terminal with concrete made from waste carbon dioxide, an airport spokesperson said, mimicking the way coral reefs are built. Ford avoids the word biomimicry but says it "used processes inspired by nature" to design what will be its first carbon neutral vehicle manufacturing and battery campus in Tennessee.
/jlne.ws/40han4v
***** Our life is in the hands of Martin the Gecko from Geico car insurance?~JJL
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Monday's Top Three
Our most read story Monday was CME vs ASX: a cage match with only one winner, from The Intelligent Investor. Second was the Financial Times' 'All-to-all' trading offers fix for illiquid Treasuries market and third was Bloomberg's ChatGPT Threat Makes Health-Care Jobs More Promising Than Finance, Tech.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | American Financial Exchange Acquired by 7RIDGE; Transaction builds on AFX structure to expand and enhance AMERIBOR® adoption
American Financial Exchange (AFX) via PRNewswire
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, today announced that 100% of the company was acquired by 7RIDGE, a specialized growth equity firm invested in transformative technologies for financial services. The acquisition by 7RIDGE, which closed last week, will enable AFX to accelerate its growth trajectory and expand its network of members borrowing and lending on its platform as well as further adoption of its unique credit-sensitive AMERIBOR® benchmark.
/jlne.ws/3AaxMdi
ChatGPT vs the markets; Can generative AI finally crack finance?
Robin Wigglesworth - Financial Times
Like a lot of outlets we've been writing a fair bit about generative AI lately, and specifically its implications for the finance industry. With so much going on, and so many hucksters jumping on the bandwagon, it's difficult to separate AI hype from reality. The good news is that the likes of ChatGPT would probably fail a CFA exam, can't hold a (monetisable) tune, and tend to act like dumb momentum jockeys when it comes to investing. The bad news is that they could get degrees in economics and the law, and would probably be able to replace a junior sellside analyst.
/jlne.ws/3KM3rXF
SEC Chair Gensler to Defend Climate, Crypto Plans Before GOP-Led Panel; House Republicans and industry groups say the SEC chair's agenda shows regulatory overreach
Paul Kiernan - The Wall Street Journal
Securities and Exchange Commission Chair Gary Gensler is set to defend his regulatory agenda Tuesday before a House panel that has grown hostile to his plans under Republican leadership of the committee. "The SEC is the cop on the beat watching out for your constituents," Mr. Gensler said in prepared remarks for the hearing before the House Financial Services Committee. He framed his plans as necessary to protect investors and markets in an era of rapid technological change and emerging risks.
/jlne.ws/41ivZis
SEC Sues Bittrex Crypto Exchange and Former CEO; Regulators allege the company listed assets that required it to register and follow investor-protection rules
Dave Michaels - The Wall Street Journal
Securities regulators sued Bittrex, a crypto exchange that once ranked as the biggest U.S.-based platform for trading digital assets. The Securities and Exchange Commission's lawsuit, filed in Seattle federal court, accuses Bittrex Inc. of operating an illegal securities exchange, broker-dealer and clearinghouse. The lawsuit hinges on the claim that Bittrex listed digital assets that qualified as securities, which would have required the company to register with the SEC and follow its rules.
/jlne.ws/3A9SKZQ
New York Finance Regulator to Bill Crypto Firms for Annual Supervision Fees; New rule applying to holders of so-called Bitlicense aligns crypto sector more closely with how agency assesses insurance and banking firms
Mengqi Sun - The Wall Street Journal
The New York State Department of Financial Services said it would start charging cryptocurrency firms registered in the state for the costs of annual supervision and examination. The new rule, adopted Monday and applying to those holding a so-called Bitlicense, aligns the crypto sector more closely with how the agency bills insurance and banking firms in New York for the assessment fees that fund the agency's operations.
/jlne.ws/3MOfmXz
Hong Kong Stock Exchange to Tighten Climate Disclosure Rules
Sheryl Tian Tong Lee - Bloomberg
The Hong Kong Stock Exchange plans to make its listed companies quantify and reveal more about their climate-related risks, starting in January. The proposed new disclosures would be stricter and more extensive than Hong Kong's current "comply or explain" framework, which asks companies to make disclosures or justify their absence. They would align the market with rules being developed by the International Sustainability Standards Board, established by the London-based IFRS Foundation as a complement to its International Accounting Standards Board.
/jlne.ws/3olGTp3
Former NFL player to acquire $7bn ETF shop; Casey Crawford will acquire boutique investment, advisory and financial services firm Vident and its affiliates
Sonya Swink - Financial Times
Super Bowl winner and entrepreneur Casey Crawford will acquire Vident Investment Advisory and its affiliates, the firm has announced earlier this month. The terms of the deal were not disclosed. The transaction is expected to close by the end of the third quarter. All of the boutique firm's investment, advisory and financial services lines will be renamed Vident Asset Management, according to the announcement.
/jlne.ws/40ja3lO
Crypto firms will develop 'offshore' without clear US rules, Coinbase chief says
Tom Wilson and Elizabeth Howcroft - Reuters
The U.S. and Britain should make their rules for the crypto industry much clearer to prevent firms from developing in "offshore havens", the chief of U.S. crypto exchange Coinbase Global Inc, Brian Armstrong, said on Tuesday. The failure last year of the Bahamas-based FTX exchange has highlighted the importance of major economies developing clear crypto regulations, Armstrong said at a conference held by the Innovate Finance industry body.
/jlne.ws/41kJTRg
UK 'Moving Fast' on Crypto Regulations, Says Coinbase CEO
Liam J. Kelly, Ryan Gladwin - Forkast
Coinbase's CEO Brian Armstrong appears as bullish as ever on crypto regulations in the UK. "The UK is moving fast on sensible crypto regulation to both drive economic growth AND consumer protection," he said in a tweet picturing himself alongside the UK's Economic Secretary and City Minster Andrew Griffith. "Excited to keep investing in the UK."
/jlne.ws/40glz1p
Philip Hammond warns of 'real risk' to London financial services from EU crypto bill | The Crypto Mile
Yahoo Finance Video
On this week's episode of Yahoo Finance's The Crypto Mile, our host Brian McGleenon speaks to former UK Chancellor of the Exchequer Philip Hammond, who warned that if the EU sets the right regulatory balance between freedom and restriction, then the bloc could eclipse London as a centre of trade for digitised financial markets. Hammond warned the EU's forthcoming crypto regulation bill could create such an attractive trading environment for the web3 sector that Brussels could eclipse London "in terms of financial services innovation".
/jlne.ws/3A7mw1p
What DeFi Must Sacrifice to Appease Regulators
Markus Maier - CoinDesk
Decentralized Finance (DeFi) has emerged as a revolutionary force in the financial industry. When traditional banks narrowly avoided a systemic bank run, and centralized exchanges (CEX) collapsed spectacularly, DeFi kept working, providing trustless financial services to people around the globe.
/jlne.ws/43AYCch
Secret Chinese police station in New York leads to arrests
Larry Neumeister, Eric Tucker - Associated Press
Two men were arrested Monday on charges that they helped establish a secret police station in New York City on behalf of the Chinese government, and about three dozen officers with China's national police force were charged with using social media to harass dissidents inside the United States, authorities said Monday. The cases are part of a series of Justice Department prosecutions in recent years aimed at disrupting Chinese government efforts to locate in America pro-democracy activists and others who are openly critical of Beijing's policies and to suppress their speech.
/jlne.ws/41Ab2Pz
Barclays faces challenge over Jeffrey Epstein crisis
James Titcomb - The Telegraph
Barclays must be challenged for standing by its former chief executive Jes Staley over his relationship with the paedophile Jeffrey Epstein, an influential shareholder group has said. Institutional Shareholder Services (ISS) - which offers advice to hundreds of large investors such as pension funds - said there are "questions that can be posed now" in the wake of lawsuits accusing Mr Staley of personally observing the sexual abuse of young women by Epstein.
/jlne.ws/40qjobS
Schwab Leaders Say Firm Can Weather Storm After Deposit Drop
Annie Massa - Bloomberg
Charles Schwab Corp. executives said the firm can withstand the turmoil roiling US banks, while pausing stock buybacks in response to the industry's worst crisis since 2008.
/jlne.ws/3A8JTaY
Accused FX Fraudster Missing from London Criminal Trial; Anthony Constantinou's trial to continue in his absence; Firm's boss denies all seven fraud charges against him
Katharine Gemmell - Bloomberg
The boss of a London foreign-exchange investment firm accused of defrauding investors out of £50 million ($62.2 million) has "voluntarily absented" himself from his London trial. Anthony Constantinou, who ran Capital World Markets Ltd., is accused of seven offenses including fraudulent trading, after prosecutors claimed he ran a Ponzi-style scheme that lured in investors with promises of eye-catching returns.
/jlne.ws/41xHByl
The TRADETech Daily launches in Paris with official guide to the event! The magazine features exclusive interviews, insights, and the official accompanying event agenda.
Editors - The Trade
The TRADE is delighted to present the digital edition of The TRADETech Daily 2023, the official magazine of TradeTech Europe crammed full of news and exclusive buy-side interviews.
/jlne.ws/3La4iTg
TradeTech 2023: How can the sourcing of liquidity be streamlined? With the UK and Europe's poor liquidity landscape being agreed upon unanimously, panellists discussed a potential consolidated tape as a means to improve liquidity.
Wesley Bray - The Trade
At TradeTech Europe 2023, panellists discussed the liquidity landscape within the UK and Europe, as well as what tools could be used to automate and consolidate access to untapped liquidity.
/jlne.ws/43EGy0S
TradeTech 2023: Shifting landscape has led to greater buy-side interaction with principal liquidity; Enhanced transaction cost analysis has created more trust around interacting with principal liquidity on the buy-side as institutions navigate the new landscape.
Annabel Smith - The Trade
Speaking on a panel at TradeTech Europe 2023, panellists agreed that recent market events had created a different and more challenging liquidity landscape for institutions to navigate, exacerbated by times of stress.
/jlne.ws/3KDMkHm
The TRADE and Global Custodian launch Outsourced Trading Survey in partnership with Ergo Consultancy; New survey on burgeoning sector will offer in-depth insight into outsourced trading and deliver service provider ratings so clients can differentiate the services on offer.
Editors - The Trade
The TRADE and Global Custodian have jointly launched a new survey on outsourced trading in partnership with Ergo Consultancy to gather industry sentiment and service provider ratings in a flourishing segment of the market.
/jlne.ws/40kbOPU
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Cargill Warns of Opaque Wheat Prices as Firms End Russia Exports
Tarso Veloso Ribeiro and Agnieszka de Sousa - Bloomberg
Russia's increased control of its wheat exports threatens to obscure prices and curb efficiency in the global grains market, according to Cargill Inc.'s head trader. Russia's grip on its wheat is tightening after three of the biggest global traders - Cargill, Viterra and Louis Dreyfus Co. - said they will stop buying grain for export, leaving Russian grain supplies largely in the hands of domestic and government-funded companies.
/jlne.ws/3MQGeGg
Pro-Russia propagandist unmasked as New Jersey tropical fish seller
David Millward - The Telegraph
To her devoted followers, "Donbas Devushka" - or Donbas Girl - is a Russian Jew from the occupied Ukrainian city of Luhansk, who has faithfully broadcast Kremlin propaganda for months. But in reality, she is Sarah Bils, a 37-year-old divorcee from New Jersey and a US Navy veteran who served as an aviation electronics technician at Whitby Island in Washington State. Donbas Devushka emerged after Russia launched its invasion of Ukraine in February last year.
/jlne.ws/3mGHdOy
FBI Investigating Ex-Navy Noncommissioned Officer Linked to Pro-Russia Social-Media Account; Sarah Bils is an administrator of the Donbass Devushka account, which disseminated leaked classified documents and sells pro-Russian merchandise
Sadie Gurman, Gordon Lubold and Bob Mackin - The Wall Street Journal
The FBI is investigating the activities of a former U.S. Navy noncommissioned officer who oversaw a social-media account involved in the spread of intelligence documents allegedly leaked by Airman First Class Jack Teixeira, U.S. officials said Monday. The Wall Street Journal reported Sunday that the woman, Sarah Bils, administered several pro-Russian outlets while in uniform.
/jlne.ws/3ohlgGl
Russia Court Rejects WSJ Journalist's Appeal of Spying Arrest; US says journalist is 'wrongly detained,' pushing for release; Case is first spy arrest of US reporter in Russia since 1980s
Bloomberg News
/jlne.ws/41fYQUp
Ukraine Says Vital Black Sea Crop Exports Remain Disrupted; No inspections of grain vessels over schedule dispute: Kyiv; Infrastructure Minister Kubrakov will hold talks with Turkey
Daryna Krasnolutska, Aine Quinn and Piotr Skolimowski - Bloomberg
/jlne.ws/41wQtUe
G-7 to Back Ukraine Indefinitely, Seeks Stability With China; US, allies pledge to support Ukraine for 'as long as it takes'; Important to 'engage candidly' with China on global issues
Arne Delfs and Iain Marlow - Bloomberg
/jlne.ws/3UMvJpf
Saudi Arabia, U.A.E. Scoop Up Russian Oil Products at Steep Discounts; Despite U.S. objections, petroleum-rich Gulf countries are capitalizing on cut-rate prices
Benoit Faucon - The Wall Street Journal
/jlne.ws/41jhVoH
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | How Stock Markets Around the World Stack Up on ESG Practices and Carbon Risk; The U.S. scores well on Carbon Metrics, but its overall ranking is dragged down by big names facing high ESG risks.
Valerio Baselli - Morningstar
Amid the market turmoil brought about by the outbreak of the coronavirus pandemic, funds focused on buying stocks that score well on environmental, social, and governance-related metrics proved to be a safer harbor for investors. More recently, Russia's invasion of Ukraine has provoked much discussion on sustainable investing, especially around values-based exclusions. These two major events gave a further boost to a trend that had already been going on for some time: More end investors want their investments to make a difference and support the view that ESG risk is material. Sustainable investing and the consideration of environmental, social, and governance factors have now become part of the investment mainstream.
/jlne.ws/3oopoEz
The Tel-Aviv Stock Exchange (TASE) Continues to Advance ESG
Tel Aviv Stock Exchange Ltd.
Launches the First Dedicated ESG English Questionnaire, In Line with International Standards, Designed to Enable TASE-Listed Companies That Have Not Yet Published an ESG Report. The Move Aims to Increase the Companies' Exposure to International ESG Rating Firms and to a Larger Pool of Local and International Investors. The completed questionnaires of the TASE-listed companies will enable TASE to collaborate with international index editors in the development of additional ESG indices. The Tel-Aviv Stock Exchange (TASE: TASE) published today its first ESG questionnaire for the TASE-listed companies as a means to increasing their ESG involvement and allowing investors better access to ESG-related information, in line with international standards.
/jlne.ws/41jyvos
American Financial Exchange Acquired by 7RIDGE Transaction builds on AFX structure to expand and enhance AMERIBOR adoption
AFX
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American banks and financial institutions, today announced that 100% of the company was acquired by 7RIDGE, a specialized growth equity firm invested in transformative technologies for financial services. The acquisition by 7RIDGE, which closed last week, will enable AFX to accelerate its growth trajectory and expand its network of members borrowing and lending on its platform as well as further adoption of its unique credit-sensitive AMERIBOR benchmark.
/jlne.ws/2VWhP6T
Asset Managers, Exchanges Clash Ahead of EU Consolidated Tape Debate; The two sides lock horns on cost and whether data should be real-time and include pretrade information.
Jamie Gordon - ETF.com
Opposing sides of the consolidated tape discussion have published open letters making their views known to policymakers just days before EU bodies debate what form the crucial trading infrastructure should take. Last Thursday, the Federation of European Securities Exchanges (FESE) - which represents exchanges including the 14 planning to submit a joint bid to operate the tape - called on trialogue members to consider the European Council position favouring real-time post-trade data, with pre-trade information disclosed at the time of execution.
/jlne.ws/3GU0L9f
SGX FX named Best FX Exchange and Clearing House at FX Markets Asia Awards
SGX Group
Innovative and diverse services, coupled with leadership around navigating changing regulations and derivative markets among winning factors that stood out for award judges. SGX FX has clinched the highly sought-after "Best FX Exchange" and "Best FX Clearing House" awards at the 6th annual FX Markets Asia Awards recognising the best-in-class across the foreign exchange (FX) industry in the Asia-Pacific region.
/jlne.ws/3A6TIGb
Column: LME volumes still subdued a year after nickel crisis
Andy Home - Reuters
A year on from the nickel crisis the London Metal Exchange (LME) is still struggling to regain trading momentum. Volumes dropped sharply after the controversial decision to suspend nickel trading and cancel trades. They have stabilised over recent months but at a lower level than before the market meltdown in March 2022.
/jlne.ws/41gKRxN
Shanghai Stock Exchange Fully Implements Requirements Of Independent Director System Reform
Mondovisione
On April 14, 2023, the General Office of the State Council issued the Opinions on Reform of the Independent Director System of Listed Companies (hereinafter referred to as the Opinions). The Opinions sets forth systematic reform tasks from eight aspects, including clarifying the responsibilities of independent directors, optimizing the modes of their performance of duty, strengthening the management of their qualifications, improving the system for their selection and appointment, strengthening the guarantee for their performance of duty, tightening supervision and management for their performance of duty, improving the restraint mechanism for their responsibilities, and optimizing the collaborative and efficient internal and external supervision system.
/jlne.ws/3UJfzgC
CME Group to Expand Bitcoin and Ether Options Expiries on May 22
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to expand its suite of cryptocurrency options across its standard- and micro-sized Bitcoin and Ether contracts beginning on May 22, pending regulatory review. With these new contracts, expiries will be available every day of the business week, Monday through Friday.
/jlne.ws/3GTp1Zb
LSEG Executive Committee Appointments
London Stock Exchange
Satvinder Singh to lead LSEG's global Data & Analytics division, effective 3 July; Ron Lefferts appointed to LSEG Executive Committee, effective immediately. London Stock Exchange Group plc (LSEG) today announces that Satvinder Singh will join as Group Head, Data & Analytics and as a member of the LSEG Executive Committee. He joins on 3 July 2023, reporting to David Schwimmer, CEO, LSEG. Satvinder will lead LSEG's global data and analytics businesses which serve more than 40,000 customers across 190 countries.
/jlne.ws/3A98vAo
Special change in KRX ESG indices
KRX
Since KCGS(Korea Institute of Corporate Governance and Sustainablity) announced changes in 2023 ESG ratings of some companies, KRX will change the constituents of KRX ESG Leaders 150, KRX Eco Leaders 100, KOSPI 200 ESG on Apr 26, 2023.
/jlne.ws/3GSR2Qw
Hong Kong now third most sustainable stock market as US ranks 16th and UK drops to 20th; Investors Observer
/jlne.ws/41iEgTk
The SFI market has completed the transition from the MosPrime Rate to RUONIA
Moscow Exchange
The Moscow Exchange has successfully completed the transition in the standardized derivative financial instruments (SPFI) market from using the MosPrime Rate indicator to RUONIA in "interest rate swap" and "currency interest rate swap" transactions. The mechanism for switching to RUONIA involved changing the terms of existing transactions in accordance with the adapted ISDA Fallbacks methodology and using the spread adjustment published by the Bank of Russia.
/jlne.ws/41zl2J1
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple Makes the iPhone a Home for Savings Accounts; Apple Card credit-card holders can open an account with a 4.15% annual percentage yield
Julia Carpenter and Will Feuer - The Wall Street Journal
Apple Inc. joined the competition for bank deposits on Monday with the launch of a high-yield savings account that pays an annual percentage yield of 4.15%. The high-yield savings accounts, available in conjunction with Apple's credit card, are one of the tech company's latest steps into the financial-services space, which also include an option to allow customers to "buy now, pay later" on certain of its hardware products.
/jlne.ws/3L9hkAs
Elon Musk says he will launch rival to Microsoft-backed ChatGPT
Hyunjoo Jin and Sheila Dang - Reuters
Billionaire Elon Musk said on Monday he will launch an artificial intelligence (AI) platform that he calls "TruthGPT" to challenge the offerings from Microsoft and Google. He criticised Microsoft-backed OpenAI, the firm behind chatbot sensation ChatGPT, of "training the AI to lie" and said OpenAI has now become a "closed source", "for-profit" organisation "closely allied with Microsoft".
/jlne.ws/3oqxX1O
These Two Global Money Transfer Ideas Deserve a Shot; One concept uses bank deposits; the other relies on digital currencies. Both could be coming to your smartphone.
Andy Mukherjee - Bloomberg
Nexus or Icebreaker? Two competing ideas are jostling for attention, each promising to reshape the inefficiency-ridden landscape of moving money from one country to another. Instead of trying to choose between them, central banks ought to give both a shot.
/jlne.ws/40gwXdF
Sui Foundation Appoints Managing Director to Increase Awareness, Growth of the Blockchain
Elizabeth Napolitano - CoinDesk
The Sui Foundation, an organization dedicated to layer 1 blockchain Sui, has appointed a managing director to shepherd the ecosystem's growth following a protracted market downturn punctuated by regulatory crackdowns.
/jlne.ws/3L954jl
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity Nightmare in Japan Is Everyone Else's Problem Too
Jamie Tarabay, Min Jeong Lee and Takahiko Hyuga - Yahoo Finance
Kojima Industries Corp. is a small company and little-known outside Japan, where it produces cup holders, USB sockets and door pockets for car interiors. But its modest role in the automotive supply chain is a critical one. And when the company was hacked in February 2022, it brought Toyota Motor Corp.'s entire production line to a screeching stop.
/jlne.ws/43E7kq1
What Business Needs to Know About the New U.S. Cybersecurity Strategy
Sarah Kreps and Amelia C. Arsenault - Harvard Business Review
On March 2, 2023, the Biden administration released its long-awaited National Cybersecurity Strategy. In light of cyberattacks targeting American infrastructure, business, and governmental agencies, the document elevates cybersecurity as a critical component of the United States' economic prosperity and national security. It also intimates a fundamental dilemma, which is that the private sector - with key stakeholders consisting of software firms, small- and medium-sized businesses, broadband providers, and utility companies - holds the key to the public good of cybersecurity:
/jlne.ws/3A8CecH
Hackers Took 16,000 Arizona Teacher Social Security Numbers in Ransomware Attack
Jack Gillum - Bloomberg
Classrooms across Tucson, Arizona, were ravaged by ransomware in January that locked up computer systems and forced teachers to revamp lesson plans. Officials in southern Arizona's largest school district tried assuring students and staff for weeks that, despite the cyberattack, sensitive data wasn't stolen. But Bloomberg News found that cybercriminals made off with gigabytes of files, containing tens of thousands of current and former employees' Social Security numbers and other confidential records. They then uploaded the information in February to the dark web for anyone to access with an easily downloadable browser. The data were still accessible as recently as April 17.
/jlne.ws/3ooGKBn
Avalor wants to unify cybersecurity tools by aggregating data
Kyle Wiggers - TechCrunch
Security has a data problem. That's according to Kfir Tishbi, who led the engineering team at Datorama, a marketing analytics company that was acquired by Salesforce in 2018. Tishbi - who spent time at CitiBank and digital entertainment startup Playtika before joining Datorama - says he often worked with security teams that had to juggle dozens of different tools, each with their own taxonomies and outputs, in order to get projects finished on time.
/jlne.ws/3USxOjF
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| Cryptocurrencies | | Top stories for cryptocurrencies | MicroStrategy's Saylor Integrates Bitcoin Lightning Address Into Corporate Email
Frederick Munawa - CoinDesk
Michael Saylor, the outspoken bitcoin proponent and co-founder of business analytics software firm MicroStrategy (MSTR), has integrated Bitcoin's Lightning Network into his corporate email address. This means anyone can use that email address - saylor@microstrategy.com - to send bitcoin (BTC) to the 58-year-old billionaire.
/jlne.ws/43ET5Bn
Bank of England says stablecoins need limits on use to prevent financial instability
Valida Pau - Forkast
The Bank of England (BoE) plans usage limits on stablecoins used for payments due to concerns the rapid introduction of such digital currencies could lead to financial instability, Deputy Governor Jon Cunliffe said in a speech on Monday.
/jlne.ws/3UOvQ3J
Why trustless oracles are vital to Web3's future
Markus Levin - Forkast
When the internet first exploded into the mainstream, one of the first lessons learned, and stressed to younger generations, was to remain weary when claiming a domain or source of information as true and authentic - we had no idea just how much obfuscation the web would eventually foster.
/jlne.ws/3A5DFbZ
Who Really Benefits From CBDCs? It's Not the Public
Nicholas Anthony - CoinDesk
It's hard to imagine why anyone would be in favor of a central bank digital currency, or CBDC. The benefits are few and far between but the risks of abuse are severe. While CBDC boosters may profit from advocacy or working to secure CBDC design contracts with governments, it is governments that are likely to see the lion's share of potential CBDC benefits.
/jlne.ws/3A46HbX
Australians Lost $148M in Crypto to Scammers in 2022
Andrew Asmakov - Decrypt
Nearly 4,000 Australians reported using Bitcoin and other cryptocurrencies as a payment method to transfer funds to scammers in 2022, marking a significant increase of 162.4% compared to 2021. These crypto transfers resulted in criminals obtaining as much as $148.4 million (AU$221.3 million), according to the latest report by the Australian Competition and Consumer Commission (ACCC).
/jlne.ws/3GQoSW4
Israel's Central Bank Outlines Scenarios for Issuing a Digital Shekel
Amitoj Singh - CoinDesk
/jlne.ws/43z4BOC
Arkham Intelligence Traces Transactions on the Blockchain
Sam Reynolds - CoinDesk
/jlne.ws/3MQjYMC
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| Politics | | An overview of politics as it relates to the financial markets | Draft U.S. Stablecoin Bill Shows Major Difference Between Stablecoins and CBDCs; CoinDesk columnist and "All About Bitcoin" host George Kaloudis explores Washington, D.C.'s, love affair with central bank digital currencies.
George Kaloudis - CoinDesk (opinion)
A draft of a stablecoin bill that had been circulating among U.S. lawmakers since last fall was published over the weekend. At its center are stablecoins and central bank digital currencies (CBDC), which have conveniently been set up as a hot button issue for the upcoming election cycle. The stablecoin part of the bill is largely concerned with Endogenously Collateralized Stablecoins and Qualified Payment Stablecoin Issuers - absurdly named if you ask me (apt for the government though).
/jlne.ws/3MMqe8i
World's First Carbon Import Tax Approved by EU Lawmakers; Vote caps nearly two years of negotiations on first-of-a-kind legislation
Matthew Dalton - The Wall Street Journal
The European Union's parliament approved legislation to tax imports based on the greenhouse gases emitted to make them, clearing the final hurdle before the plan becomes law and enshrines climate regulation in the rules of global trade for the first time. Tuesday's vote caps nearly two years of negotiations aimed at pushing economies around the world to put a price on carbon-dioxide emissions while shielding the EU's manufacturers from countries that aren't regulating greenhouse-gas emissions as strictly, or at all. The tax gives credit to countries that put a price on carbon by deducting payments for overseas carbon emissions when goods arrive at EU borders.
/jlne.ws/3GS248H
The farmers challenging the EU's green agenda; Brussels needs a greener agricultural sector to help meet its climate goals. But farmers say they're being asked to do too much
Andy Bounds and Alice Hancock and Eleni Varvitsioti - Financial Times
The barns and milking sheds of Takis Kazanas's farm are dwarfed by the majestic mountains that overlook the Thessalian Plain. Cattle have been raised on this green expanse of land in northern Greece for millennia, but now regulators in Brussels are discussing rules that will lead to farms like his being treated as industrial plants, akin to steel mills or chemical works.
/jlne.ws/3mIsSRP
Fear of China Is Pitting Taiwan's People Against Each Other
Yingtai Lung - The New York Times
A friend of mine in Taipei recently wrote a passionate Facebook post urging young people in Taiwan to prepare for war with China. The only way to respond to Chinese threats to seize the island was, he argued, with strength; anything else was a delusion. Despite being in his 60s, he vowed to take up arms if necessary.
/jlne.ws/3UJ8T1U
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| Regulation & Enforcement | | Stories about regulation and the law. | Bank Regulator Drops Case Against Ex-Rabobank U.S. Compliance Chief; Office of the Comptroller of the Currency to 'reluctantly' end a case allegedly involving a coverup
Richard Vanderford - The Wall Street Journal
A U.S. banking regulator has dropped a case against a former Rabobank NA compliance chief who allegedly tried to cover up problems in the bank's anti-money-laundering program, finding the judge in the case hadn't given her a fair hearing. The U.S. Office of the Comptroller of the Currency said it would "reluctantly" end its case against Laura Akahoshi, a onetime OCC employee who later worked as Rabobank's compliance chief. She was accused of obstructing OCC efforts to investigate Rabobank by allegedly working to hide a critical report produced by an accounting firm.
/jlne.ws/3UHNzde
Silk Road Hacker Who Stole Over $3B In Bitcoin Gets Court Verdict After 11 Years
Nica Osorio - International Business Times
Eleven years after committing the crime and more than two years after authorities seized over 51,000 stolen Bitcoin, the U.S. Department of Justice (DOJ) announced the sentencing of James Zhong, the alleged Silk Road hacker who once possessed around $3 billion worth of crypto assets.
/jlne.ws/3GWNLQ3
DOJ charges 2 with allegedly running secret Chinese police station in U.S.
Ivana Saric - Axios
The Chinese government has spied on and harassed Chinese dissidents in the U.S., even setting up a secret police station in New York City, the Department of Justice said in a press briefing Monday announcing charges and arrests in three cases. Why it matters: The news comes as tensions between the U.S. and China remain high, following a surge in 2022.
/jlne.ws/3ooRu2A
Innovation, AI & the future of financial regulation
Speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, at the Innovate Finance Global Summit - FCA
The future of regulation rests with Innovation and AI In the past few months we've seen several significant market events, from the collapse of FTX, Silicon Valley Bank and Credit Suisse, to several significant moments in Tech, with the release of ChatGPT, the clamp down on TikTok, and most recently the UK government White Paper on Artificial Intelligence. The use of data and tech continues to transform financial services. We're transforming too - we're working intensely to leverage data and innovation to protect consumers, enable growth, and transform our operations.
/jlne.ws/3olm4tN
SEC Appoints Deborah J. Jeffrey as Inspector General
SEC
The Securities and Exchange Commission today announced the appointment of Deborah J. Jeffrey as Inspector General, effective May 7, 2023. Ms. Jeffrey is currently the Inspector General of AmeriCorps.
/jlne.ws/3KJ9bBn
SEC Charges Crypto Asset Trading Platform Bittrex and its Former CEO for Operating an Unregistered Exchange, Broker, and Clearing Agency
SEC
The Securities and Exchange Commission today charged crypto asset trading platform Bittrex, Inc. and its co-founder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Bittrex, Inc.'s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex.
/jlne.ws/3olMQCp
SEC Charges Crypto Asset Trading Platform Bittrex and Its Former CEO for Operating an Unregistered Exchange, Broker, and Clearing Agency
SEC
The Securities and Exchange Commission today charged crypto asset trading platform Bittrex, Inc. and its co-founder and former CEO William Shihara for operating an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Bittrex, Inc.'s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex.
/jlne.ws/3mG3hJa
SEC Obtains More Than $5 Million in Final Judgments Against Two Defendants in IIIicit Trading Scheme
SEC
On April 12, 2023, the U.S. District Court for the Eastern District of New York entered final judgments against defendants Jonah Engler and Barbara Desiderio in an ongoing civil action in which the SEC alleges that Engler, Desiderio and two other defendants conducted a fraudulent, unauthorized trading scheme through hundreds of retail customer accounts at New York broker-dealer Global Arena Capital Corp. Engler, who allegedly controlled Global Arena and directed the scheme, was ordered to disgorge $1,440,683.51 in ill-gotten gains plus prejudgment interest of $420,561.71, and to pay a civil penalty of $2,295,977.90. Desiderio was ordered to pay $391,000 in disgorgement, $114,140 in prejudgment interest, and a civil penalty of $391,000.
/jlne.ws/3LjndeF
Changes to UK financial regulation will not weaken it, but make it more effective; The government's 'Edinburgh reforms' are designed to help the sector drive growth
Andrew Griffith - Financial Times (opinion)
The writer is economic secretary to the Treasury.
In a matter of days in March, Silicon Valley Bank went from sending warning signals to full-scale collapse - one of the fastest in the history of finance. Alarm bells began ringing in the Treasury early on the morning of Friday March 10, but they weren't the familiar chimes of Big Ben; they meant trouble.
/jlne.ws/3KMllcD
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | US financial institutions hit by deposit flight as clients seek higher returns
Reuters
Deposits at three financial institutions fell in the first quarter as the industry's biggest crisis in more than a decade prompted a flight of funds, with customers seeking better returns elsewhere.
/jlne.ws/3ooqy33
U.S. IRS clears massive backlog of unprocessed paper tax returns
David Lawder - Reuters
The U.S. Internal Revenue Service declared on Tuesday that it is completing its first "normal" tax filing season since the COVID-19 pandemic struck in 2020, with a backlog of millions of unprocessed returns from previous years fully cleared.
/jlne.ws/41iqxvM
Mining Veteran Mick Davis Raises $590 Million for Metals Fund
Thomas Biesheuvel - Bloomberg
Mining veteran Mick Davis's investment firm raised $590 million as the dealmaker steps up his hunt for the metals needed for the energy transition. Davis launched Vision Blue Resources in 2021 to tap into the growing demand for so-called critical metals, the essential raw materials needed to decarbonize the global economy.
/jlne.ws/3UMNMfl
Want to Beat the Stock Market? Avoid the Cost of 'Being Human'; Professional fund managers labor under handicaps that individual investors don't face. Make sure you manage your portfolio differently than they do.
Jason Zweig - The Wall Street Journal
Investing is one of the few areas of life in which amateurs can-and should-outperform professionals. The individual investors who have spent the past few years trying to beat the pros at their own game by chasing hot stocks have it all wrong. Instead, you should play a different game entirely. A growing body of evidence shows that fund managers labor under handicaps that individual investors don't face. Those handicaps counteract the professionals' obvious advantages over amateurs-including vast experience and expertise, powerful computers, instantaneous access to oceans of data and the ability to trade thousands of times per second.
/jlne.ws/40krhzc
The Dollar Is Not Losing Its Status Any Time Soon; It is premature to talk about the greenback's demise despite all the de-dollarization chatter. And parsing bank earnings so far.
John Authers - Bloomberg
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Coal Is Too Hot to Handle-Maybe Even for Glencore; The Swiss commodities giant has long argued that its thermal-coal assets worked better as part of a diversified miner. But its new bid for Teck Resources calls that contention into question.
Megha Mandavia - The Wall Street Journal
Glencore, one of the world's largest coal miners and traders, wants more coal-just not in its backyard. An emerging battle for fellow coal heavyweight Teck Resources assets says a lot about the curious position the black stuff finds itself occupying in the postpandemic, post-Ukraine-invasion world.
/jlne.ws/3UMpqlB
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Invesco unveils four global sector ESG ETFs; The ETFs track a new suite of SPDJI World Ex-Korea sector indices
Jamie Gordon - ETF Stream
Invesco has launched a range of ESG ETFs offering exposure to global energy, financials, healthcare and tech sectors. The four ETFs are listed on the London Stock Exchange, Deutsche Boerse, Euronext Milan and SIX Swiss Exchange with a total expense ratio (TER) of 0.18%. The ETFs are: Invesco S&P World Energy ESG UCITS ETF (WDEE); Invesco S&P World Financials ESG UCITS ETF (WDFE); Invesco S&P World Health Care ESG UCITS ETF (WHCE); Invesco S&P World Information Technology ESG UCITS ETF (WDTE)The four ETFs track benchmarks from the newly-created S&P Developed Ex-Korea LargeMidCap ESG Enhanced Sector index suite.
/jlne.ws/3MS6gZB
The new climate threat from interest rates
Gillian Tett and Kenza Bryan - Financial Times
Greetings from New York, where I have just returned after a week of intense debates at the spring meetings of the IMF and World Bank. One hot topic was whether higher interest rates will strain the global financial system in the months ahead (to which I would say: "yes!") However, another point which has received less attention is how rising rates might hurt poor countries' access to climate transition funds.
/jlne.ws/41DObmw
How To Boost Us Clean Manufacturing With A Low-Carbon Product Standard
Kevin Kennedy And Ankita Gangotra - The Hill (opinion)
The intersection of climate and trade policies is increasingly at the center of U.S. and international debate. The European Union is moving forward with the Carbon Border Adjustment Mechanism (CBAM), which would apply a carbon fee on imported goods equivalent to the allowance price in the E.U. Emissions Trading System (ETS). At the same time, some policymakers in the U.S. are looking to leverage the degree to which certain U.S. industries, which operate under significant environmental regulations, are typically less carbon-intensive than competing industries in countries like China.
/jlne.ws/3KGhj5A
Release: World Resources Institute Receives The Audacious Project Investment to Accelerate Restoration in Africa
World Resources Institute
At TED2023, the Audacious Project announced that World Resources Institute (WRI)'s Restore Local project will be awarded $100 million over four years to accelerate locally led land restoration in three African landscapes: the Lake Kivu & Rusizi River Basin area, the Cocoa Belt of Ghana and Greater Rift Valley of Kenya. This investment is aligned with anchor funding from the Bezos Earth Fund of $50 million and the ambitious goals of the African Forest Landscape Restoration Initiative (AFR100), a partnership of 33 African governments with the African Union Development Agency (AUDA-NEPAD) as its secretariat. This $150 million achieves 30% of the fundraising target of $500 million for philanthropy.
/jlne.ws/40hZM9y
Germany on track to exit coal
Rebekka Popp - E3G
Germany reactivated 8 GW of coal plants to compensate for loss of Russian gas supply. But this doesn't mean the country's coal phase out is at risk. Instead, Germany is taking steps towards a renewables-based power sector. Clean power by 2035 within reach. Germany sent a clear signal that ramping up wind and solar is central to its response to the energy crisis. The government raised the country's renewables target less than two months after Russia's attack on the Ukraine. It now aims to achieve 80% of renewables in the country's gross power consumption by 2030 (up from 65%). This includes 215 GW solar, 115 GW onshore and 30 GW offshore wind capacity. Currently, renewables have a share of 47%.
/jlne.ws/3GUX1UN
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | UBS Gets Approval to Use Buyback Shares for Credit Suisse Deal
Myriam Balezou - Bloomberg
UBS Group AG said it will use some shares that it had repurchased over the past year to finance the acquisition of Credit Suisse Group AG, after the Swiss regulator approved a change to its buyback plan.
/jlne.ws/3ooBOfK
Hong Kong's Banks Are Taking Lead on What e-HKD Will Look Like: Source
Lavender Au - CoinDesk
Hong Kong is stepping up efforts to develop its own central bank digital currency this year, but the regulator has left the nature of the ledger itself - fully centralized or decentralized - up to the banks.
/jlne.ws/3URFwL2
Schwab's earnings beat may take heat off TD, but deposit flight leaves questions
Stephanie Hughes - Financial Post
An earnings beat by the Charles Schwab Corp. may take some of the heat off stakeholder Toronto-Dominion Bank, which has found itself in the crosshairs of short sellers and lagged its Canadian peers in recent months in part due to its 12 per cent holding in the U.S. financial services company.
/jlne.ws/41E5sMq
Goldman Sachs profit falls in first quarter as dealmaking sputters
Reuters
Goldman Sachs Group Inc's first-quarter profit dropped as the worst three months for dealmaking in more than a decade eroded the Wall Street giant's fees from investment banking, while its consumer unit continued to weigh on the results.
/jlne.ws/3LaBx9c
State Street, Schwab See Deposits Drop; Banks across the board are under pressure to pay depositors more as interest rates continue to rise
Justin Baer - The Wall Street Journal
Charles Schwab Corp. and State Street Corp. both reported a decline in customer deposits, the latest sign that rising interest rates continue to weigh on banks' balance sheets. At Schwab, the brokerage giant, deposits fell 11% to $326 billion from the previous quarter and were down 30% from a year earlier. State Street, one of the largest custody banks, said Monday that deposits totaled about $224 billion at the end of the first quarter, down 5% from December and 11% from a year ago.
/jlne.ws/3KJOV2p
Deutsche Bank Targets Asia's Rich as Credit Suisse Clients Flee; German firm looks to double region's private-bank revenue; Asia wealth head Young joined from Credit Suisse in January
Chanyaporn Chanjaroen - Bloomberg
/jlne.ws/3L6m20P
Goldman Traders Miss Out on Wall Street's Fixed-Income Boom; Shares slide after fixed-income trading revenue drops 17%; Bank also offloads part of its $4 billion Marcus loan book
Sridhar Natarajan - Bloomberg
/jlne.ws/3mIDiku
Bank of America's profits rise despite recent bank turmoil; US lender benefits from rates increase and market turbulence
Stephen Gandel - Financial Times
/jlne.ws/41CUM0s
HSBC urged to break up by largest shareholder and accused of 'exaggerating' risk; Ping An presents restructuring plan in public for first time
Emma Dunkley - Financial Times
/jlne.ws/3KOuEJe
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Worthless Degrees Are Creating an Unemployable Generation in India
Bibhudatta Pradhan and Vrishti Beniwal - Bloomberg
Business is booming in India's $117 billion education industry and new colleges are popping up at breakneck speed. Yet thousands of young Indians are finding themselves graduating with limited or no skills, undercutting the economy at a pivotal moment of growth.
/jlne.ws/3KPc2si
America's Educational Superpower Is Fading; If US universities and colleges are to revive and thrive, they need to rethink four fundamental principles.
Adrian Wooldridge - Bloomberg
The United States has been a leader in higher education since the Massachusetts legislature founded Harvard College in 1636, six years after the Puritans landed and established the Massachusetts Bay Colony. The Americans built the world's first mass university system with the creation of land-grant universities via the Morrill Acts of 1862 and 1890. They mixed the world's two most successful models of higher education - the German research university and the Oxbridge residential college - into a uniquely powerful synthesis in the 1890s. The 20th century has seen the US invent the high-tech research park, the multiversity, the commuter college and, cynics might add, the university as hedge fund.
/jlne.ws/3GO8s0I
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| Wellness Exchange | | An Exchange of Health and Wellness Information | ChatGPT Threat Makes Health-Care Jobs More Promising Than Finance, Tech; Investors say today's kindergarteners will be best off becoming doctors. For high school students, they recommend a career in tech.
Jo Constantz - Bloomberg
Parents of today's kindergarteners should think about prodding them toward a career in the medical field. Those are the findings of the latest MLIV Pulse survey with 678 respondents. Nearly 40% said that children currently in elementary school will be best off with a job in health care if they want to avoid being displaced by artificial intelligence. Jobs in the medical fields often involve much more human-to-human interaction, which for now seem hard to replace with generative AI programs like ChatGPT.
/jlne.ws/41BHsJN
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Average price of new Tokyo apartment passes 100 mln yen for first time
Reuters
The average sales price for newly-built apartment units in Japan's metropolitan Tokyo area jumped to 143.6 million yen ($1.07 million) in March, topping the 100 million yen mark for the first time, data showed on Tuesday. The price, which has more than doubled from the same month last year and is the highest since the survey began in 1973, was buoyed by sales of ultra-high-end apartments in central Tokyo, the Real Estate Economic Institute said.
/jlne.ws/40grC6g
Hong Kong Securities And Futures Commission: Another Suspected Core Member Of Syndicate Charged In Ramp-And-Dump Case
Mondovisione
An additional suspect was charged today, bringing the total number of persons charged in connection with a large-scale and sophisticated syndicate suspected of operating "ramp-and-dump" market manipulation to eight (Note 1). Mr Leung Chung Yi, a former licensed representative of the SFC, appeared at the Eastern Magistracy today and he was charged with the offences of conspiracy to defraud and conspiracy to employ a scheme with intent to defraud or deceive in transactions involving securities under common law, section 300 of the Securities and Futures Ordinance and section 159A and 159C of the Crimes Ordinance.
/jlne.ws/3L9nBft
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| Miscellaneous | | Stories that don't quite fit under the other sections | Canada Public Broadcaster Joins NPR in Quitting Twitter Over Label Uproar; CBC says label 'government-funded media' in which officials determine editorial content is 'untrue and deceptive'
Paul Vieira - The Wall Street Journal
Canada's main public broadcaster said Monday that it was pausing activity on Twitter, becoming the latest media outlet to refrain from posting because of the social-media platform's policy on labeling accounts. Canadian Broadcasting Corp. said the decision comes a day after Twitter labeled its @CBC account as "government-funded media." Twitter defines such outlets as those that rely mostly on government funding to carry out operations "and may have varying degrees of government involvement over editorial content."
/jlne.ws/3MSlU7j
Subversive Novels Dominate Shortlist for International Booker Prize; Books by Maryse Conde and Eva Baltasar are among six nominees for the prestigious award for fiction translated into English.
Alex Marshall - The New York Times
An erotically charged novel about lovers in Iceland and a look at the lives of Black security guards in France are among the six titles shortlisted for this year's International Booker Prize, widely regarded as the world's most important award for fiction translated into English. The nominees were announced on Tuesday at the London Book Fair.
/jlne.ws/3L8CIpk
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