| April 19, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Yesterday's lead story about the American Financial Exchange being acquired by 7RIDGE produced stories on Crain's Chicago Business and FinanceFeeds.com. The Crain's story was titled "Bank-lending platform American Financial Exchange acquired by London-based private-equity firm" and the FinanceFeeds story was "Carsten Kengeter's 7RIDGE Acquires AFX To Address Demand For Credit-Sensitive Rates."
Tom Brady and a bunch of other whiny celebrities are asking a judge to dismiss a potential class action lawsuit against them for their promotion of FTX, Reuters is reporting. Who was the one celebrity who actually did some due diligence to figure out if she was being asked to promote unregistered securities? Why, Taylor Swift of course. Barron's has the story of how Swift was the only celebrity who actually asked a lawyer to look at the FTX deal before signing on the dotted line.
Chicago may have lost billionaire Ken Griffin, but it still does OK by the way of millionaires, coming in as the fourth wealthiest city in the U.S. in terms of millionaires. New York, the Bay Area (San Francisco+) and Los Angeles are the only cities with more millionaires, Crain's Chicago Business reports. Griffin's new home in Miami came in eighth.
Speaking of Miami, Mr. Griffin might not like the smell coming from a record setting seaweed blob headed for Florida. According to The New York Times, more than 13 million tons of Sargassum, a yellowish-brown seaweed, is drifting in the Atlantic Ocean, a record for March.
A parking garage in lower Manhattan experienced a partial collapse that killed one person and injured four more, The New York Times reported.
From LinkedIn: ICAP, part of TP ICAP group, a leading provider of market infrastructure, is pleased to announce that its 30th annual global Charity Day will be held on Wednesday, December 7. Since it began in 1993, ICAP Charity Day has raised more than £155 million and has made over 2,800 donations in support of more than 1,700 charities worldwide.
In a move that is bound to cause future actors to pause to consider their role selection, the producers of the movie The Wolf of Wall Street are offering NFTs to cash in on some of the enduring popularity of iconic scenes from the movie, Bloomberg reports. I am sure Margot Robbie is thrilled by this news, NOT.
I know you love real estate news, but how about a 12-bedroom mansion just west of London that is for sale for £75 million ($93.2 million) that was rented by J.P. Morgan and has a James Bond-themed bar, courtesy of former Bond movie producer Harry Salzman? Business tycoon Mike Jatania is looking to sell this stately home in Denham, Buckinghamshire, just a 30 minute drive from central London, Bloomberg reports.
The National Futures Association is holding its 2023 NFA Member Town Hall meeting on Wednesday, May 3, 2023 at 1:00 PM CDT. You can sign up to register HERE.
Martin Wolf has a piece in the Financial Times titled "The future of interest rates is a riddle" with the subheadline "Inflation's comeback has changed the world - but how much we don't yet know." Inflation is the riddle that is solved each day in the markets with each piece of data we receive to figure it out. However, ultimately the riddle can never be solved because each day brings more unknowns and more data. Maybe inflation is not a riddle. Maybe it is a constant unknown unknown.
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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Garry Jones' Career Is One New Market after Another NovaFori
JohnLothianNews.com
Garry Jones says his career has mirrored the evolution of the markets, from the days of open outcry, voice trading, faxed confirmations and more.
Jones was interviewed by John Lothian News at the FIA International Futures Conference in Boca Raton, FL for the History of Financial Futures video series.
Watch the video »
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Credit Suisse faulted over probe of Nazi-linked accounts
Jamey Ketan - Associated Press
U.S. lawmakers have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts, including some that were open until just a few years ago.
/jlne.ws/3oqGBxd
****** Perhaps Credit Suisse was just doomed by bad karma.~JJL
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FTX celebrity promoters say crypto investors cannot sue over accounts
Jody Godoy - Reuters
Celebrities who promoted FTX, including NFL quarterback Tom Brady and comedian Larry David, said an investor lawsuit seeking damages in the wake of the cryptocurrency exchange's collapse should be dismissed.
/jlne.ws/41iU74D
****** Of course the case should be dismissed. We will never see another celebrity endorsement again. Though if I never see another Kevin Hart gambling advertisement again, I know I will be better off.~JJL
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A Death in Dairyland Spurs a Fight Against a Silent Killer; Farmers face an elevated risk of suicide. After Brenda Statz's husband, Leon, lost his battle with depression, she is trying to spare others from his fate.
Elizabeth Williamson - The New York Times
Brenda Statz remembers the rain on the day they lost Leon, her husband of 34 years. The deluge had fallen for weeks, flooding their fields, delaying the harvest, pounding the roof of the barn where Mr. Statz finished his morning chores, then ended his life. It was Oct. 8, 2018, a Monday. Mr. Statz, father of three, grandfather of one, was 57. A note in the pocket of his work pants described how depression had robbed him of the hope and pride he had in running a third-generation dairy farm.
/jlne.ws/3A9iK7V
****** The suicide rate for farmers is three and a half times higher than the general population. The New York Times reports "Suicide rates in rural communities increased by 48 percent between 2000 and 2018, compared with 34 percent in urban areas." The average farmer in America is male and around 57 years of age.~JJL
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Tuesday's Top Three
Our top story Tuesday was the big news, American Financial Exchange Acquired by 7RIDGE, from AFX. Second was Intelligent Investor's CME vs ASX: a cage match with only one winner, which was our top story Monday. Third was ChatGPT vs the markets; Can generative AI finally crack finance? from the Financial Times.
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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 | Banks Betting on Paris Say There Really Is Life After London; Protests have shaken the city, but its new financial growth has momentum
William Shaw, Alexandre Rajbhandari, Sonia Sirletti and Nicholas Comfort - Bloomberg
For decades London was the main nexus of European finance, melding continental money with transatlantic ideas of what to do with it. But two years after Brexit became a reality, there's been a clear shift across the Channel. The spoils are being shared by European Union cities, creating a more fragmented landscape. It's one where banking of various stripes gets done in Paris, shares trade in the Netherlands, and corporate lawyers and accountants pore over the details in Frankfurt. Dublin, Milan, Madrid and Warsaw are playing important supporting roles.
/jlne.ws/3MVFKyx
Why the UK's Stock Market Lost Two-Thirds of Its Activity
Swetha Gopinath and Michael Msika - Bloomberg
Since Prime Minister Margaret Thatcher unleashed a wave of privatizations in the 1980s, the London Stock Exchange has been a symbol of Britain's free-market economy. Home to companies that dominate global industries, including AstraZeneca Plc, Shell Plc and HSBC Holdings Plc, the FTSE 100 Index is an international benchmark. However, trading volume has slumped in recent years and some British companies have picked other markets to list their shares. It appears to fit the narrative of a nation whose economy has run into trouble, hit by under-investment and the jolt to trade from Brexit. Yet there are other, more complex factors at play.
/jlne.ws/43JCoEO
Republicans Fight a Solar Boom That's Made Texas King of Clean Energy; The political backlash against ESG is behind a push to penalize renewables.
Saijel Kishan, Brian Eckhouse and Naureen S Malik - Bloomberg
The same combination of low taxes, sparse regulation and cheap real estate that drew corporate giants such as Tesla Inc. and Oracle Corp. to Texas has hooked another industry associated with progressive California: solar power. In just three years, oil-rich Texas has added the solar equivalent of 12 nuclear reactors, putting it on the cusp of surpassing the Golden State as the top producer of electricity from solar farms. It's already No. 1 in wind, making it the largest clean energy market in the US.
/jlne.ws/3UPR69b
The $1.2 Trillion Question Hanging Over Banks in Europe; End of so-called TLTRO program to test lenders' ability to stand on their own after years of easy money
Chelsey Dulaney - The Wall Street Journal
A $1.2 trillion liquidity crunch looms for Europe's lenders, testing their ability to stand on their own after more than a decade of easy money from the European Central Bank. The biggest hurdle will come in late June, when banks will have to pay back about 478 billion euros, equivalent to some $525 billion, of ultracheap loans to the central bank. Those loans were handed out at the height of the pandemic to ensure banks kept lending as lockdowns brought business to a halt.
/jlne.ws/3UNMBfo
The Carbon Offset Market Keeps Growing, Unfortunately; A giant forestry company's embrace of emissions credits might do more for profits than for the planet.
Mark Gongloff - Bloomberg
It might seem tricky to chop down trees with one hand and sell climate absolution with the other, but the dubious math of carbon offsets makes it possible, at least for now. Trees drink up carbon dioxide, the stuff that is warming the planet to dangerous levels. And aside from Uncle Sam, nobody in America owns as many trees as Seattle's Weyerhaeuser Co., the biggest US logger. Long a bête noire of environmentalists, the company is now using its 10.6 million acres of forest to declare it has so much green credit that it can sell some to other companies, the Wall Street Journal reported this week.
/jlne.ws/43Hrj7f
Jamie Dimon will have to explain how much JPMorgan knew of Jeffrey Epstein's crimes
Ananya Bhattacharya - Quartz
JPMorgan Chase CEO Jamie Dimon will be questioned under oath about the bank's alleged complicity in the sex trafficking ring run by Jeffrey Epstein. The deposition is tied to lawsuits alleging JPMorgan (and Deutsche Bank, the other bank where Epstein was a client after being dumped by the US bank), knowingly benefited from his illicit activities-or, at the very least, cashed in by turning a blind eye to his crimes.
/jlne.ws/3A93oQu
Hidden Road Achieves SOC 2 Type 1 and UK Cyber Essentials Certifications
Hidden Road
Hidden Road, the global credit network for institutions, announced today that it has recently completed SOC 2 Type 1 certification, an external audit on Hidden Road's handling of sensitive information, and Cyber Essentials certification, an accreditation for cybersecurity from the Government of the United Kingdom.
/jlne.ws/40f6BIZ
The Swap Episode 30: Balancing Energy Security and Transition
ISDA
The invasion of Ukraine and subsequent rise in energy costs have brought the issue of energy security to the fore. How are policymakers responding, and what impact will this have on the transition to a green economy? ISDA talks to BP's Niamh Staunton.
/jlne.ws/3GVazzH
Credit Suisse hampered internal probe into Nazi-linked accounts, U.S. senators say
Chris Prentice - Reuters
A committee of U.S. lawmakers on Tuesday said troubled Swiss bank Credit Suisse Group hampered a multiyear investigation into the servicing of Nazi clients and Nazi-linked accounts. Credit Suisse commissioned an investigation into allegations levied by a human rights organization that the bank held potential Nazi-linked accounts and failed to disclose them, even during Holocaust-related probes decades earlier.
/jlne.ws/3osw58s
$1 Billion Sale Marks First Major Bank's AT1 Bond Offer Since Credit Suisse Wipeout
Ayai Tomisawa - Bloomberg
The market for Additional Tier 1 bonds is back in business with a big offering by a Japanese bank just weeks after Credit Suisse Group AG's collapse hammered the notes.
/jlne.ws/3A8zs7l
When Will Banks Be Investable Again? Making themselves more attractive to private capital should be job one.
Marc Rubinstein - Bloomberg
Amid all the hand-wringing over how to make banks safer, one fact often gets lost: A bank's first line of defense is its ability to raise private capital. When a financial institution gets into trouble, investors should be on standby to recapitalize it if needed. Their quid pro quo: a satisfactory investment return.
/jlne.ws/3KS8aa4
FTX Crypto Exchange Restart Plan Draws Possible Bid From Tribe Capital; Tribe met with creditors committee on informal proposal; FTX in early stage of deciding whether to reboot its exchange
Yueqi Yang and Jeremy Hill - Bloomberg
FTX's potential plan to reboot its crypto exchange has attracted interest from Tribe Capital, a venture firm that invested in the platform before FTX collapsed and is now considering a fresh capital injection to jump-start the effort. Tribe co-founder Arjun Sethi met with FTX's committee of unsecured creditors in January to discuss the informal proposal, according to people familiar with the matter, who asked not to be identified discussing confidential talks.
/jlne.ws/3mIT1zS
Coinbase CEO Won't Rule Out Relocating Company Away From US; Armstrong makes comment at fintech conference in London; SEC has told Coinbase it plans to bring enforcement action
Emily Nicolle - Bloomberg
Crypto exchange Coinbase Global Inc. may consider moving its headquarters outside the US unless the country changes its approach to regulation, Chief Executive Officer Brian Armstrong said.
/jlne.ws/3HjrpbV
When Parsing the Banking Crisis, Don't Forget Easy Money; Sometimes the Fed has to get creative to support the economy. But it must consider the risks, too.
Bill Dudley - Bloomberg
Having presided over America's first banking crisis since 2008, Federal Reserve officials are rightly focused on reforming regulation. That said, they should keep in mind some lessons for monetary policy, too.
/jlne.ws/43Wi2Zk
EU and Norway to Form 'Green Alliance' on Carbon Capture and Hydrogen; EU aims to store 50 million tons of CO2 underground by 2030; Alliance to be signed next week at North Sea Summit on energy
John Ainger and Kari Lundgren - Bloomberg
The European Union and Norway will form a "Green Alliance" to bolster cooperation in clean industries like carbon capture and storage and hydrogen as they look to strengthen the region's potential as an energy technology hub.
/jlne.ws/3GRvvHV
TradeTech 2023: Diversity is positively correlated with performance; Panellists agreed more collaboration across the buy- and sell-side was needed to foster more diversity in the industry; found diversity was commercially beneficial as well as inclusive.
Annabel Smith - The Trade
Diversity is positively correlated with companies' performance, a panel at TradeTech Europe 2023 has found, concluding better diversity and inclusion was the right thing to do from a commercial perspective as well as a human one.
/jlne.ws/3N3OSRI
TradeTech 2023: Optimising TCA for insight-generating analytics; Best execution analysis is a given when it comes to transaction cost analysis, however, panellists noted there are steps that need to be taken to gain true insight-generating analytics; a somewhat untapped edge that TCA can provide.
Wesley Bray - The Trade
At TradeTech Europe 2023, panellists discussed how best to optimise transaction cost analysis (TCA) strategies to elevate from basic best execution analysis to true insight-generating analytics.
/jlne.ws/3okmrER
TradeTech 2023: Building an agile multi-asset business; With advancements of tech capabilities and market expertise continuing to rise, panellists discussed how this can be used to shape agile multi-asset desks of the future; noting that improvements in tech will supplement and not replace existing talent.
Wesley Bray - The Trade
At TradeTech Europe 2023, panellists discussed how firms can adapt to multi-asset demands and how the right skillsets, market expertise and tech capabilities can be implemented to build an agile multi-asset business.
/jlne.ws/3ovz0x6
ChatGPT Poised to Expose Corporate Secrets, Cyber Firm Warns; Risks are manageable if firms take security precautions; Israel-based Team8 authored report with feedback from CISOs
Marissa Newman - Bloomberg
Companies using generative artificial intelligence tools like ChatGPT could be putting confidential customer information and trade secrets at risk, according to a report from Team8, an Israel-based venture firm.
/jlne.ws/41ncIfE
Global rice shortage is set to be the biggest in 20 years
Lee Ying Shan - CNBC
From China to the U.S. to the European Union, rice production is falling and driving up prices for more than 3.5 billion people across the globe, particularly in Asia-Pacific - which consumes 90% of the world's rice.
/jlne.ws/41CNgTc
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Chinese minister's tour underscores closer ties with Russia
Vladimir Isachenkov - Associated Press
China's defense minister on Monday toured the top Russian military academy on a visit to the Russian capital that underscored the increasingly close ties between Moscow and Beijing amid the fighting in Ukraine. Russian President Vladimir Putin hosted Gen. Li Shangfu in the Kremlin on Sunday, noting that his trip follows a "very productive" three-day state visit to Moscow by Chinese leader Xi Jinping last month.
/jlne.ws/3mESAXz
Win or Lose, Ukraine's Big Offensive May Put Biden in a Bind; The US wants Kyiv to be successful in its spring push, but not too successful.
Hal Brands - Bloomberg
The US strategy in Ukraine is premised on the idea that the war there will end, or dramatically de-escalate, this year. What if it doesn't? President Joe Biden's administration has done well in managing that conflict so far. But the longer the war lasts, the harder its politics will be for Biden to manage, and the greater the pressure it will exert on US policy around the globe.
/jlne.ws/3KSi7od
Military briefing: Ukraine pleads for missiles as air defence stocks run low; Some allies fear Kyiv's planned counter-offensive will falter if Russian air power is left unchecked
Henry Foy, John Paul Rathbone, Felicia Schwartz and Roman Olearchyk - Financial Times
Ukraine will plead for urgent shipments of surface-to-air missiles at a meeting of its western allies this week, fearful that an acute shortage could allow Russia to launch widespread bombing attacks.
/jlne.ws/40niLjh
Russia accuses Ukraine of sabotaging grain deal with bribery scheme
Guy Faulconbridge - Reuters
Russia on Wednesday accused Ukraine of sabotaging the Black Sea grain deal by demanding bribes from ship owners to register new vessels and carry out inspections under the cover of a deal the United Nations hopes could ease a global food crisis.
/jlne.ws/3GVErfl
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | SIX expands closing auction offering to protect buy-side when executing large orders; New functionality will help asset managers reduce their impact by giving them the option to execute orders without being visible to the wider market, SIX reveals at TradeTech Europe.
Annabel Smith - The Trade
The SIX Swiss Exchange has launched a new functionality to protect asset managers from market impact when executing large orders at the close, The TRADE can exclusively reveal.
/jlne.ws/3oogeYE
The Unprecedented Demand for Data Drives a Record $37.3 Billion in Data Spending in 2022, up 4.7% From 2021
Hadley Weinberger - Burton-Taylor via TabbForum
The reliance on data as a valuable tool for capital markets institutions grows, showing no signs of slowing down, writes Hadley Weinberger, Senior Analyst at Burton-Taylor International Consulting, who highlights new findings from a recent research report. Global spending on financial market data continued its decade-long growth streak, with revenues increasing 4.7% to another record of $37.3 billion in 2022. Because companies are more aware of the importance of market data, the market data budgets of investment banks and asset managers are increasingly inelastic.
/jlne.ws/3mMbprK
Nasdaq Reports First Quarter 2023 Results; Diverse Product Platform Delivers Broad-Based Growth
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2023. First quarter 2023 net revenues increased 2% compared to the first quarter of 2022. Solutions businesses revenues increased 4% with 5% organic growth3, partially offset by a negative 1% FX impact.
/jlne.ws/41ma364
Nasdaq Announces 10% Increase in Quarterly Dividend to $0.22 Per Share
Nasdaq
The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.22 per share on the company's outstanding common stock, a 10% increase from the previous quarter. The dividend is payable on June 30, 2023, to shareholders of record at the close of business on June 16, 2023. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
/jlne.ws/40oKIHj
New Zealand Exchange Announces Changes to Climate/ESG-Related Governance Requirements
Cadwalader, Wickersham & Taft LLP - JD Supra
Effective April 1, 2023, the New Zealand Exchange (NZX) has updated the NZX Corporate Governance Code (Code) and the NZX ESG Guidance Note (ESG Note). There are eight principles that underlie the Code: (1) ethical standards; (2) board composition and performance; (3) board committees; (4) reporting and disclosure; (5) remuneration; (6) risk management; (7) auditors; and (8) shareholder rights and relations. The Code uses a "comply or explain" approach, encouraging issuers to adopt the Code, but requiring them to explain why not if they choose not to.
/jlne.ws/3Lak68u
SIX expands closing auction offering to protect buy-side when executing large orders; New functionality will help asset managers reduce their impact by giving them the option to execute orders without being visible to the wider market, SIX reveals at TradeTech Europe.
Annabel Smith - The Trade
The SIX Swiss Exchange has launched a new functionality to protect asset managers from market impact when executing large orders at the close, The TRADE can exclusively reveal. Named the Closing Auction Volume Discovery (AVD), the new functionality is built on SIX's dark pool SwissAtMid and has a hidden order type that supports discrete submission of liquidity into the auction that was previously withheld or place on alternative venues. The new functionality brings the hidden liquidity into the SIX Swiss Exchange order book where it's executed if it's flagged.
/jlne.ws/3oogeYE
CME to Add Crypto Option Expiries
Colin Lambert - The FullFX
CME Group has 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. The new contracts mean expiries will be available every day of the business week, by adding Tuesday and Thursday expiries to the existing contracts. CME says all of the new offerings will complement the existing monthly and quarterly expiries available across all Bitcoin and Ether options on futures contracts.
/jlne.ws/3GY4PW2
LME Annual Dinner - Tuesday 10 October 2023
Summary 1. This notice provides details of the LME Annual Dinner 2023 and guidance on how to book tables. Details 2. The LME Annual Dinner will take place on Tuesday 10 October 2023 at the Grosvenor House Hotel. The price per ticket is £215 + VAT.
/jlne.ws/3vimcfa
Washington Carbon Allowance Market Posts Record Volumes and First Options Trade on Nodal Exchange
Nodal Exchange
Nodal Exchange and IncubEx are pleased to announce a record volume day and week in the Washington Carbon Allowance (WCA) market as well as the first WCA options trade. Nodal posted a record daily volume of 565 lots (equal to 565,000 WCAs) on April 13th and 815 WCA lots for the week representing 815,000 metric tons of greenhouse-gas emissions. Last week also marked a key milestone, as IVG Energy Ltd, a leading brokerage of environmental commodities and markets, brokered the first-ever WCA option trade on Nodal. The option trade was executed on WCA December-2023 $50.00 puts.
/jlne.ws/3GYeA6C
NSE Indices launches two new multi asset indices
NSE
NSE Indices Limited, a wholly owned subsidiary of NSE, today launched two new multi asset indices namely :1) Nifty Multi Asset - Equity : Arbitrage : REITs/InvITs (50:40:10) 2) Nifty Multi Asset - Equity : Debt : Arbitrage : REITs/InvITs (50:20:20:10). The Nifty Multi Asset indices are designed to measure the performance of portfolios having exposure
to multiple asset classes including equity, debt and REITs/InvITs coupled with arbitrage strategy (longshort strategy on Nifty 50 index) in varying proportions.
/jlne.ws/3KSrww1
LSE appoints financial services veteran as group head for data and analytics
Executive joins with 28 years of experience across organisations including Deutsche Bank, Citi and HSBC.
Jonathan Watkins - The Trade
The London Stock Exchange Group (LSEG) has announced that Satvinder Singh will join as group head, data & analytics and become a member of the LSEG Executive Committee. Singh boasts 28 years of experience leading global businesses in data and analytics, capital markets, post-trade services, payments, and technology.
/jlne.ws/3V3F24F
Hong Kong Stock Exchange to tighten climate disclosure rules
The Standard
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/3mToe3n
****Coverage of this story from other publications:
Hong Kong Stock Exchange to tighten climate disclosure rules
The Business Times
/jlne.ws/43MZaLY
Hong Kong Stock Exchange Proposes Mandatory Disclosure Of Climate-related Risks in Listed Companies' ESG Reports from 1 January 2024
Chester C. C. Wong - Mayer Brown
/jlne.ws/3A7DD3j
HK to Mandate Climate-related Disclosures from 2024; New rules aligned with ISSB and TCFD will become effective on 1 January 2024, applying to ESG reports published in 2025.
Regulation Asia
/jlne.ws/3AgwMEs
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Broadridge Integrated Solution Drives Increased Simplification and Lower Costs Across the Trade Lifecycle; Firms enhance business growth, reduce risk, increase efficiency, and reduce addressable costs by up to an estimated 25%
Broadridge Financial Solutions, Inc.
Today Broadridge Financial Solutions, Inc. (NYSE: BR) announced the launch of a trading solution that enables clients to achieve increased straight-through processing and efficiency, better trading decisions and client insights, improved controls, and reduced risk. The new solution will enable clients of Broadridge Trading and Connectivity Solutions to achieve greater agility and faster time to market, improved scalability, and reduced fragmentation of interfaces and tech costs.
/jlne.ws/3L94EcR
IPC Systems and Celoxica Partner to Provide Low-Latency Deterministic Market Data Offering
IPC Systems
IPC Systems, a leading provider of electronic trading and infrastructure as a service solutions, has announced its partnership with Celoxica, a provider of ultra-low latency market data solutions. The partnership combines the expertise of two foremost fintech firms to deliver a FPGA-powered low latency normalized market data feed across all asset classes.
/jlne.ws/3GOE4TR
Google to Open App Payment Options in UK After Watchdog Probe; Android's Play Store defaults to using Google's billing system; Competition authorities have raised monopoly concerns
Vlad Savov and Mark Bergen - Bloomberg
Alphabet Inc.'s Google has offered to give Android app makers a choice of billing systems in the UK, the country's competition regulator said. "By breaking the link between app developers' access to Google Play and Google's payment system, the commitments could allow Google Play users to access new special offers and in-app deals that are not permitted under current Google Play rules," the Competition and Markets Authority said in a statement on Wednesday.
/jlne.ws/3KNyW3l
Network International strengthens Partnership with Polaris Bank to deepen financial inclusion, digital transformation
MarketScreener
Network International (Network) (https://www.Network.ae), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, has renewed its partnership with one of Nigeria's largest financial service providers, Polaris Bank Limited, to deepen financial inclusion and digital transformation. The partnership is anchored on the provision of payments processing solutions and API gateway services which supports the Bank's goal of offering self-service/digital channels that bring banking services closer to its current customers and prospects.
/jlne.ws/3GTsHtA
BornTec Divests Managed Hosting and Colocation Business in Deal With TNS
BusinessWire
Transaction Network Services (TNS) and BornTec today announced TNS' acquisition of BornTec's managed hosting and colocation business. This acquisition continues TNS' expansion of its global connectivity footprint and builds on previous acquisitions. For BornTec, the move was strategic. "This divestiture allows us to sharpen our focus on our industry-leading CrossCheck trading data analytics platform, bringing us to the forefront of at-trade and post-trade operational resilience, data intelligence and automation," said Derek Haworth, CEO of BornTec.
/jlne.ws/43C4Ice
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| Cybersecurity | | Top stories for cybersecurity | Yes, AI is a cybersecurity 'nuclear' threat. That's why companies have to dare to do this
Rodrigo Loureiro - Fox News
Microsoft just announced Security Copilot, their AI-powered assistant that will revolutionize cybersecurity defense by increasing efficiency and productivity. The tool will incorporate ChatGPT4 technology from OpenAI and a proprietary security specific model created by Microsoft from all the data they have.
/jlne.ws/43MXrq0
EU proposes $1.2 billion plan to counter growing cybersecurity threats
Foo Yun Chee - Reuters
The European Commission on Tuesday announced a 1.1-billion-euro ($1.2 billion) plan to counter growing cybersecurity threats, underscoring mounting concerns about a series of high-profile hacking incidents. The growing use of cyber warfare in the military conflict between Russia and Ukraine has also triggered alarm.
/jlne.ws/3KLy6nX
Coro raises $75M at a $575M valuation to grow its all-in-one cybersecurity platform
Ingrid Lunden - TechCrunch
Simplification has been a big theme in the enterprise world in the last couple of years. If a company can consolidate multiple point solutions into one product or contract, it can reduce complexity and ultimately costs for the end user - so long as those all-in-one offerings are effective at doing the job that 5, 10 or 30 separate pieces of software were doing before.
/jlne.ws/41itiNK
UK warns of attacks from new 'Wagner-like' Russian cyber hackers; Oliver Dowden appeals to businesses to be prepared to defend themselves against groups that show little restraint
John Paul Rathbone - Financial Times
"Wagner-like" Russian hacker groups are seeking to attack and damage critical British infrastructure, the government has warned, as it urged businesses to strengthen their cyber defences.
/jlne.ws/3Lc5RQJ
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| Cryptocurrencies | | Top stories for cryptocurrencies | Purple Dumps Its PRPLS; Also Weyerhaeuser, subscription line financing, crypto regulatory clarity and Kim Kardashian.
Matt Levine - Bloomberg
Most US public corporations are mostly controlled by their boards of directors, who sort of loosely answer to the shareholders. The shareholders get to vote to re-elect the directors every year, but the directors generally run unopposed, serve as long as they want and choose their own successors. And most big corporate decisions are made by the directors, or by the executives they appoint and supervise; the shareholders only rarely get a vote on those decisions.
/jlne.ws/3og5JXe
FTX Crypto Exchange Restart Plan Draws Possible Bid From Tribe Capital; Tribe met with creditors committee on informal proposal; FTX in early stage of deciding whether to reboot its exchange
Yueqi Yang and Jeremy Hill - Bloomberg
FTX's potential plan to reboot its crypto exchange has attracted interest from Tribe Capital, a venture firm that invested in the platform before FTX collapsed and is now considering a fresh capital injection to jump-start the effort. Tribe co-founder Arjun Sethi met with FTX's committee of unsecured creditors in January to discuss the informal proposal, according to people familiar with the matter, who asked not to be identified discussing confidential talks.
/jlne.ws/3mIT1zS
United Arab Emirates opens licensing applications for cryptocurrency companies
Danny Park - Forkast
The United Arab Emirates' (UAE) Securities and Commodities Authority said Monday it has started accepting applications from cryptocurrency businesses for operating licenses in the region.
/jlne.ws/3osxiMZ
What's in the House Financial Services Committee's Stablecoin Bill?
Nikhilesh De - CoinDesk
The House Financial Services Committee has finally unveiled its stablecoin legislation, proposing a framework for stablecoin issuers such as Circle and Tether to define how their offerings can be regulated by state and federal entities, while calling for a temporary ban on algorithmic stablecoins.
/jlne.ws/3KJiL7g
The true cost of zero-fee crypto trading is anything but zero
Ben Caselin - Forkast
Binance set hares running in July last year when it announced the launch of zero-fee trading for Bitcoin spot pairs. Coinbase's share price fell nearly 10% on the news as the crypto world pondered whether the race to the bottom had just got underway.
/jlne.ws/3mQNaIL
Lukso Genesis Validator Smart Contract to Go Live on 4/20 at '4:20'
Margaux Nijkerk - CoinDesk
Lukso, a layer 1 blockchain for creative types that was co-founded by blockchain veterans Fabian Vogelsteller and Marjorie Hernandez, is opening a smart contract that lets "Genesis," or original validators, participate in running the blockchain.
/jlne.ws/3GVRwFu
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| Politics | | An overview of politics as it relates to the financial markets | Fox settles Dominion lawsuit for $787.5 million over US election lies
Helen Coster and Jack Queen - Reuters
Fox Corp and Fox News on Tuesday settled a defamation lawsuit by Dominion Voting Systems for $787.5 million, averting a trial putting one of the world's top media companies in the crosshairs over its coverage of false vote-rigging claims in the 2020 U.S. election. The settlement, which legal experts said was the largest struck by an American media company, was announced by the two sides and the judge in the case at the 11th hour.
/jlne.ws/43IWNKa
The West has so much to gain from a Cold War with China
Jeremy Warner - The Telegraph
Hoping for the best is no longer an option; we need instead to be preparing for the worst. Back in the day, the hope was that China, with its turbo-charged economic growth, would eventually become more like us - a kind of giant version of Singapore that gladly accepts the Western designed rules-based order governing international trade and cooperation that grew out of the ashes of the Second World War.
/jlne.ws/3GXWuBv
Lack of Crypto Compliance Is SEC's Fault, Say Republican Lawmakers
Andre Beganski - Decrypt
A chorus of Republican lawmakers sang out against SEC Chair Gary Gensler on Tuesday, roasting the official's approach to regulating the digital assets industry in a letter of condemnation. The letter landed just ahead of Gensler's testimony before the House Financial Services Committee, centered on oversight of the Securities and Exchange Commission, and just after the agency boss celebrated his second full year at the Commission's helm.
/jlne.ws/3UKLMUN
Rep. McHenry Grills SEC Chair Gensler With Question on Ether
CoinDesk
U.S. Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, questions Securities and Exchange Commission (SEC) Chair Gary Gensler on whether he views ether (ETH) as a security or commodity.
/jlne.ws/40fJOgl
Gensler Seeks More Crypto Sway as Republican Lawmakers Blast His Stance
Lydia Beyoud - Bloomberg
Gary Gensler brushed off criticism from Republican lawmakers over the Securities and Exchange Commission's aggressive stance on crypto markets and questioned whether the industry even wants to comply with its rules. Appearing for the first time before the GOP-controlled House Financial Services Committee, the SEC chair defended the agency's approach.
/jlne.ws/41GMbts
Gensler Is Driving Crypto to Communist China, Says Republican Congressman
Mathew Di Salvo - Decrypt
Republican lawmakers on Tuesday slammed U.S. Securities and Exchange Chairman Gary Gensler's approach to regulating the crypto world. At a Tuesday hearing in front of the GOP-controlled House Financial Services Committee, the top regulator hinted that the fast-moving digital asset industry was hard to keep up with. But lawmakers furiously attacked Gensler for not being clearer with his rulemaking.
/jlne.ws/40qPqUN
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| Regulation & Enforcement | | Stories about regulation and the law. | U.K. could push out crypto regulation within a year: lawmaker Andrew Griffith
Forkast.News - Forkast
The U.K. could see digital asset regulation in the next 12 months as part of a push to turn the nation into a hub for digital assets, said Economic Secretary to the Treasury, Andrew Griffith, to CNBC on Monday.
/jlne.ws/3LackLQ
US Prosecutors Say Ex-NFL Investor Should Get Seven Years in Crypto Scam
Chris Dolmetsch - Bloomberg
A former minority owner of the National Football League's Minnesota Vikings should spend seven years behind bars and forfeit more than $740 million after admitting he helped cryptocurrency exchanges avoid money-laundering rules, prosecutors told a federal judge in New York. Reginald Fowler, 64, an Arizona businessman who was part of a group of investors that bought the Vikings in 2005, pleaded guilty in April 2022 to five counts, including wire and bank fraud and conspiracy to operate an unlicensed money transmitting business. He is scheduled to be sentenced Thursday by US District Judge Andrew L. Carter Jr. in Manhattan.
/jlne.ws/3KOEniG
US Alleges $160 Million in Art, Diamonds Used to Finance Terror
Patricia Hurtado - Bloomberg
A Lebanese man and eight associates were charged in New York with violating US sanctions by using about $160 million in artworks and diamonds to help finance the terrorist organization Hezbollah. Nazem Ahmad, who the US claims is a diamond smuggler and art collector, was charged in a nine-count indictment filed by federal prosecutors in Brooklyn on Tuesday. He isn't in custody, the government said.
/jlne.ws/3GXe4Wt
CFTC Appoints Jeffrey Sutton as Executive Director
CFTC
The Commodity Futures Trading Commission today announced the appointment of Jeffrey Sutton as the CFTC's Executive Director. Mr. Sutton joined the CFTC on April 10.
/jlne.ws/3UNSHfO
SEC Chair Gensler slammed by House GOP on regulatory agenda: 'This should be no shock to you.'
Jennifer Schonberger - Yahoo! Finance
Securities & Exchange Commission Chair Gary Gensler defended his agency's agenda during a contentious hearing Tuesday before the House Financial Services Committee as Republicans accused him of overreaching. "Chair Gensler, welcome to the committee," said committee chair Patrick McHenry, a Republican. "As you can see, we're under new management. So, get comfortable, we have a lot to get to today."
/jlne.ws/3KOm4Ku
SEC's Gary Gensler dodges question on whether Ethereum is a security
Valida Pau - Forkast
Securities and Exchange Commission (SEC) Chair Gary Gensler did not give a direct answer when asked whether Ether, the native cryptocurrency of the Ethereum blockchain, is a security or a commodity at a congressional oversight hearing on Tuesday. Gensler directly addressed the House Financial Services Committee (HFSC) for the first time since October 2021, which was before the collapse of FTX and crypto-friendly banks, including Signature, Silicon Valley Bank, and Silvergate.
/jlne.ws/41JGYkV
SEC Charges Investment Adviser Betterment for Misstatements Concerning Tax Loss Harvesting Service
SEC
The Securities and Exchange Commission today charged investment advisory firm Betterment LLC for material misstatements and omissions related to its automated tax loss harvesting service (TLH), failing to provide clients with notice of changes to contracts, and failing to maintain certain required books and records. To settle the charges, Betterment agreed to pay a $9 million penalty and to distribute funds to affected clients.
/jlne.ws/3mJnM7O
Strengthening Our Partnership with States and Other Jurisdictions to Protect Investors and Promote Market Integrity
Commissioner Jaime Lizarraga - SEC
Thank you, NASAA President Hartnett, for that kind introduction. It is a pleasure to be here today to address NASAA's Annual Public Policy Symposium, my first time doing so since being sworn in last July. [1] Today, the SEC is at the forefront of addressing critical investor protection issues - from climate and ESG disclosures, to private fund oversight, to cybersecurity, to market resiliency. These reforms are aimed at benefiting the investing public and our markets, a goal that all of us share.
/jlne.ws/3UVUQ9l
Testimony of Chair Gary Gensler before the United States House of Representatives Committee on Financial Services
Chair Gary Gensler - SEC
Good morning, Chairman McHenry, Ranking Member Waters, and members of the Committee. Thank you for inviting me to testify today. As is customary, I will note that my views are my own, and I am not speaking on behalf of my fellow Commissioners or the staff.
Sam Rayburn and the U.S. Securities Laws
Walking into the Rayburn building, I couldn't help but stop by the statue of Sam Rayburn, the longest serving Speaker of the House. He had a historic career of public service, including as Chair of the House Committee on Interstate and Foreign Commerce. In that role, he worked closely with President Franklin Roosevelt to establish the nation's first federal securities laws.
/jlne.ws/3mPSJr1
SEC Settles Offering Fraud Case Against Convicted Fraudster and His Companies, and Returns Funds to Certain Investors Harmed by the Fraud
SEC
On April 11, 2023, the United States District Court for the Southern District of New York entered final judgments against Donald G. Blakstad, and Energy Sources International Corporation ("ESI"), which was a purported cryptocurrency mining operation controlled by Blakstad. On December 7, 2022, the Court entered an amended final judgment against Xact Holdings Corporation ("Xact"), a company that also was controlled by Blakstad.
/jlne.ws/3KS3uRJ
SEC Charges South Florida Broker with Misrepresenting Securities Registrations to African-American Investors of the Christian Faith
SEC
The Securities and Exchange Commission today announced charges against former Broward County, Florida resident Marcus K. Moon for improperly offering investment advisory and brokerage services, predominately to African-American investors of the Christian faith.
/jlne.ws/3mGCjRV
SEC Settles Multi-Tiered Insider Trading Case Against Convicted Fraudster, His Friend and Tippee, and a Former IIIumina Accountant
SEC
On April 11, 2023, the United States District Court for the Southern District of New York entered a final judgment against Donald G. Blakstad, a self-employed individual from San Diego. On November 21, 2022, the Court entered final judgments against Robert J. Maron, a personal friend of Blakstad, and Martha Patricia Bustos, a former accountant at Illumina, Inc. and close friend of Blakstad.
/jlne.ws/3GWJU5L
ESMA favours more transparency in CDS market
Reuters
The European Union's securities watchdog favours more transparency in the credit default swaps market, its executive director told an event in Paris on Tuesday. Turbulence in Europe's banks following the Credit Suisse's rescue and runs on regional U.S. banks has focused attention on the role played by credit default swaps, where sharp moves have shown how easily investors can be spooked.
/jlne.ws/40gfuSx
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | China improves foreign market access to domestic bond market
Reuters
The operator of China's foreign exchange market said on Monday it would allow more foreign institutional and central bank-type investors to apply for membership and participate in spot and derivative trading in the interbank market. The China Foreign Exchange Trade System (CFETS) said overseas institutions that directly invest in the Chinese bond market via multiple custodians and settlement agencies could apply to become CFETS members.
/jlne.ws/3UUJp1O
FDIC sees deposit insurance fund replenishing ahead of schedule
Ebrima Santos Sanneh John Heltman - American Banker
The Federal Deposit Insurance Corp. said on Tuesday it believes despite rising interest rates, recent bank failures and economic uncertainty, that under optimal conditions it will replenish the Deposit Insurance Fund to at least 1.35% of total FDIC insured deposits as soon as next year. "It is possible the reserve ratio could reach 1.35% as early as 2024 under favorable conditions, including stable interest rates, low losses from bank failures, including the recent bank failures, and a continued moderation in insured deposit growth," said Ashley Mihalik, policy chief at the FDIC.
/jlne.ws/41qrlPp
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Severe heatwave engulfs Asia causing deaths and forcing schools to close; Extreme temperatures described as 'worst April heatwave in Asian history' as records tested in India, China, Thailand and Laos
Rebecca Ratcliffe and Hannah Ellis-Petersen - The Guardian
A severe heatwave has swept across much of Asia, causing deaths and school closures in India and record-breaking temperatures in China. Maximiliano Herrera, a climatologist and weather historian, described the unusually high temperatures as the "worst April heatwave in Asian history". In China, local media reported that record temperatures for April had been observed in many locations, including Chengdu, Zhejiang, Nanjing, Hangzhou and other areas of the Yangtze River delta region.
/jlne.ws/43Hsvrf
AllianceBernstein and Columbia Climate School's National Center for Disaster Preparedness Unveil Natural Hazards Index Tool, Natural Hazards Index Tool is accessible to the public via an online application
AllianceBernstein via Cision
AllianceBernstein Holding L.P. (NYSE: AB), a leading global investment management and research firm, and the National Center for Disaster Preparedness (NCDP) at the Columbia Climate School announced today the launch of version 2.0 of the Natural Hazards Index (NHI) map application. This NHI tool is the latest development of the continued collaboration between AB and the Columbia Climate School, featuring an interactive, publicly available application that examines physical climate hazard data in the United States. Developed by the NCDP and updated under this collaboration with AB, this map is now one of the most up-to-date, innovative tools that examine weather and climate change vulnerabilities, such as extreme heat and natural hazards, in communities and regions across the United States and Puerto Rico.
/jlne.ws/3KPjvb9
Electrify Everything; Decarbonizing the economy will require a building boom not seen since the New Deal. Here's what it takes, and what stands in the way.
Mother Jones
The United States is on the brink of its most consequential transformation since the New Deal-a colossal shift from a fossil fuel economy toward one based on cleaner and renewable sources of electric power. This difficult yet vital makeover, the sheer scope of it, and the obstacles to its success are at the heart of our May+June print magazine cover package. You will find those stories below, along with related work from our Climate Desk partners.
/jlne.ws/3Aa4HP9
Future Uncertain Despite Credit Ratings Progress on ESG
Vibeka Mair - ESG Investor
A seven-year PRI initiative with credit ratings firms on ESG suggests improvements on integration and transparency. Credit rating agencies are having conversations with investors on ESG "that could not have happened a few years ago", but many still feel that credit ratings do not adequately reflect ESG risks or are forward-looking enough, a new UN Principles for Responsible Investment (PRI) report has found.
/jlne.ws/3KQeRtj
On the Edge of the Abyss
Emmy Hawker - ESG Investor
The International Seabed Authority must decide whether deep sea mining is the key to the climate transition, or a "false solution". Spanning around 1.7 million square miles between Hawaii and Mexico, and plunging to depths of 18,000 feet, the Clarion-Clipperton Zone (CCZ) is an immense abyssal plane teaming with natural resources and wildlife. Not much is known about the ecosystems dwelling in these deeper, darker waters. Indeed, scientists estimate that around 75% of animal species in the CCZ remain undiscovered. However, what is clear is that planes like the CCZ are home to valuable nodules of critical minerals which are vital to the world's transition to a low-carbon economy.
/jlne.ws/3A7JSnL
European managers aim to hold line on ESG fees despite costs
Paulina Pielichata - Pensions & Investments
/jlne.ws/41Y18b1
The Mistake Companies Make When They Use Data to Plan Diversity Efforts
Katie Wullert, Shannon Gilmartin, and Caroline Simard - Harvard Business Review
/jlne.ws/41lJL3U
GPIF Gender Focus Could Push Japan from Laggard to Leader
Emmy Hawker - ESG Investor
/jlne.ws/43OGRGj
New ESG Equity Guidance Reflects Steep Learning Curve - PRI
Jack Grogan-Fenn - ESG Investor
/jlne.ws/3Lalkki
Asia asset managers lag behind on ESG risks, says WWF
Chinese fund houses showed the least progress and improvement, the environmental organisation says
Peter Ortiz - Financial Times
/jlne.ws/3LafHCE
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Is Exploring GreenSky Sale. Its Consumer Business Is Going Away.
Angela Palumbo - Barron's
Goldman Sachs Group said Tuesday it was exploring the sale of GreenSky, the company's lending platform. Goldman Sachs (ticker: GS) Chief Executive Officer David Solomon said on the company's first-quarter earnings call that the bank was "initiating the process to explore the sale of GreenSky," which makes home improvement loans and other loans.
/jlne.ws/41GLWP4
JPMorgan CEO Jamie Dimon to face questioning in Jeffrey Epstein cases
Jonathan Stempel - Reuters
A federal judge on Tuesday ordered JPMorgan Chase & Co CEO Jamie Dimon to set aside two days for depositions about what he knew about the bank's relationship with sex offender and former client Jeffrey Epstein. The largest U.S. bank faces lawsuits seeking damages by women who claim that Epstein sexually abused them, and by the U.S. Virgin Islands, where the late financier had a home.
/jlne.ws/3N3cw0G
U.S. Bancorp beats profit estimates as higher rates boost interest income
Reuters
U.S. Bancorp (USB) on Wednesday beat estimates for first-quarter profit as rapid rate hikes from the Federal Reserve helped the lender earn more from the interest charged on loans.
/jlne.ws/3MVJAI5
Morgan Stanley Profits Slide Amid Investment-Banking Slowdown; Net income slips 20% even as traders, bankers exceed estimates; Wealth business added $110 billion in net new assets
Sridhar Natarajan - Bloomberg
/jlne.ws/3MWKggu
***** Here is the Financial Times version of this story.~JJL
Bank of America plans 4,000 job cuts despite strong results; Chief Brian Moynihan says move should not be seen as sign that it is bracing for business slowdown
Stephen Gandel - Financial Times
/jlne.ws/41CUM0s
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 73% of IT Managers Say They Feel Uneasy About Employee-Monitoring Software; Even those in charge of deploying workplace technology have misgivings about surveillance software, a new survey found
Matthew Boyle - Bloomberg
Workers generally dislike software that monitors their every keystroke. But a new survey has found that even those managers who deploy the technology don't care for it either. While most organizations use productivity-monitoring software, 73% of IT managers are uncomfortable telling their staff to install it, according to a survey from 1E, an information-technology outsourcing firm. A big reason for their misgivings: Nearly half of them say their firm doesn't tell employees that such software is in place or, in some cases, how it's used. One-third of the 500 IT managers surveyed said surveillance technology shouldn't be used under any circumstances, so they're likely not concerned that many on their own staff tell employees about workarounds that can outfox the snooping.
/jlne.ws/3KQJXRr
Automated stress detection might not be the office panacea it appears to be; New technology intended for self-management could open the door to surveillance
Anjana Ahuja - Financial Times
Ping! Up pops a message from your boss, chasing the report you should have delivered yesterday. Other distractions come thick and fast: a colleague texts to say he is ill; another interrupts your frantic typing of the executive summary to remind you that an online seminar starts in five minutes.
/jlne.ws/41h7Etg
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| Wellness Exchange | | An Exchange of Health and Wellness Information | What to know about XBB.1.16, a new Omicron variant on the WHO's radar; A new coronavirus variant has caused a surge in COVID-19 cases in India, and doctors have flagged pink eye as a possible symptom associated with it.
Laura Ramirez-Feldman - Yahoo News
There's a new variant of the coronavirus that infectious disease experts and public health officials are keeping a close eye on. XBB.1.16, also known as Arcturus, is an Omicron subvariant that appears to be more transmissible and has fueled a recent surge of COVID-19 cases in India. While the variant is circulating at low levels in the U.S., health officials are closely monitoring it.
/jlne.ws/3LeDS2V
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong Interbank Liquidity Set to Hit Lowest Since 2008
Chester Yung - Bloomberg
Hong Kong's interbank liquidity is falling toward its lowest level since the global financial crisis, following a series of intervention by the city's de facto central bank to defend the local currency's peg to the dollar.
/jlne.ws/3GVqkqd
Ray Dalio Set to Open Branch of Family Office in Abu Dhabi; New office will be located in Abu Dhabi's financial free zone; Bridgewater Associates founder has longstanding ties with UAE
Ben Bartenstein - Bloomberg
Ray Dalio is setting up a branch of his family office in Abu Dhabi, part of the hedge fund billionaire's deeper push into the Middle East. The Bridgewater Associates founder has cultivated a close relationship with the United Arab Emirates leadership over several decades and the new setup in the country's capital builds upon the Dalio Family Office's existing hubs in the US and Singapore, according to people familiar with the matter.
/jlne.ws/3A9WhY3
Hungary Halted Creeping Switch to Euros, Central Banker Says
Marton Kasnyik - Bloomberg
Hungary has managed to stave off a potential financial crisis by halting the creeping shift of savings from forint to euros, according to a senior central bank official.
/jlne.ws/3AdbpE6
London's Housing Crisis Is About to Get Worse; Construction and sales falter for capital's new-build market; City has worst quarter for sales since 2012, Molior data shows
Olivia Konotey-Ahulu - Bloomberg
/jlne.ws/3MRFGA5
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| Miscellaneous | | Stories that don't quite fit under the other sections | Bill Gates Takes Aim At Large Cattle Farms With Latest Investment As The Billionaire Looks To Take On Global Warming Through Reducing Methane Output
Eric McConnell - Benzinga
Tracking business magnate Bill Gates's investments has become something of a spectator sport in recent years, and there is no shortage of reasons why. Gates is an astute businessman and if he believes in something enough to put his money behind it, there must be some upside. To that end, Benzinga keeps tabs on Gate's market moves and has found that one of his latest investments could go a long way toward alleviating the climate crisis.
/jlne.ws/43LhncR
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