| July 27, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The SEC yesterday adopted rules on cybersecurity risk management, strategy, governance and incident disclosure by public companies, as well as proposing new requirements to address risks to investors from conflicts of interest associated with the use of predictive analytics by broker-dealers and investment advisers. The SEC also proposed reforms related to investment advisers operating exclusively through the internet.
As you might guess, all this adopting and proposing prompted a number of speeches and statements from the SEC commissioners, 15 of them in total. And rather than list them all out in the newsletter for you, we are just including a link to the Speeches and Statements page of the SEC website where you can pick and choose which SEC commissioner's statement you want to read.
U.S. President Joe Biden is unveiling steps to protect Americans from the extreme heat. He is asking the Department of Labor to issue a hazard alert, reaffirming workers have heat-related protections under federal law, Bloomberg reported.
A judge is deciding whether Sam Bankman-Fried should be jailed after he used the news media to harass a key witness against him, the Associated Press reported. He is currently on house arrest on a $250 million bond at his parents' house with limited use of technology, but he gave a New York Times reporter some correspondence he had with his former colleague and former girlfriend Caroline Ellison, prompting a story about her.
Forget about heading to the South of France this summer, the place to be is the Nordics. Bloomberg reports "Vacationers are turning their eyes toward Norway, Denmark and Sweden, as a heat wave encompassing southern Europe embodies the start of what could be a longer-turn shift away from popular spots that are increasingly dealing with long stretches of extreme weather."
That is good news for my old friend Jon Matte, who now works in the outdoor adventure business in Norway.
I am sorry to report that Will Mitting has gone mad. On LinkedIn he has posted that he is preparing to do a triathlon. That is the mad part, assuming you know Will. He is also raising money for Go Dharmic, as part of the recently announced Acuiti and Go Dharmic Derivatives Industry Christmas Dinner in London on December 6. You can donate to Will's madness and to Go Dharmic by clicking HERE.
Simon Puleston Jones reported on LinkedIn that "To help raise standards across the VCM to a consistent level of quality, The Integrity Council for the Voluntary Carbon Market (ICVCM) has now published its Core Carbon Principles Assessment Framework and Assessment Procedure." CCP-labelled credits are expected to appear in the market before year-end.
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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A new report, "Global Climate Litigation Report: 2023 Status Review," found that the total number of climate change court cases has more than doubled since 2017 and is growing worldwide. Produced by the Sabin Center for Climate Change Law at Columbia University and the UN Environment Programme, the report found that climate litigation is becoming an integral part of securing climate action and justice. View the press release and download the report here. ~SAED
The S&P Global ESG Insider podcast, "How investor engagement initiatives on climate, nature are evolving," explores the evolution of Climate Action 100+ and Nature Action 100, two investor-led engagement initiatives. Mindy Lubber, CEO and President of Ceres, which is one five investor networks helping to deliver Climate Action 100+, discusses Phase two of Climate Action 100+. You can listen to the podcast here. ~SAED
Our most read stories yesterday on JLN Options were:
- Citi Says New Capital Rules Could Hinder Derivatives, Prime Brokerage Services
- It hasn't been this cheap since 2008 to protect against a stock market sell-off, Bank of America says
- CME Group's Derek Sammann on the Future of Markets panel at IDX and CME's growth in international markets, emerging markets, and options ~JB
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Thom Lant's Trip To Ukraine and Back With Humanitarian Aid Is Just a Beginning
JohnLothianNews.com
Independent communication consultant Thom Lant decided early on in the Ukraine war that he needed to help and that help involved buying a truck and driving it himself to Ukraine. After convincing loved ones over time, he embarked on fundraising and then on a perilous trip to deliver not only a truck, but one full of humanitarian aid.
Watch the video »
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KOR Financial Founder/CEO Jonathan Thursby on filling a need in the regulatory reporting sphere
JohnLothianNews.com
Jonathan Thursby, the founder and CEO of KOR Financial, spoke with JLN Correspondent Julie Ros at the IDX 2023 Conference in June about what led him to start his own business and how KOR is challenging the status quo.
Watch the video »
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This Female Billionaire Thinks the Secret to Women's Wealth Is Poker
Belinda Luscombe - Time
Jenny Just is a legit self-made billionaire. She won't say how many billions, but calls a 2022 estimate of one and a half of them "conservative." You haven't heard of her, because until now, she's had no reason to be out in public; with four kids and four companies, she likes to say, she has had plenty to keep her occupied. Plus, rich people often feel safer with a low profile. But during the pandemic, when her already substantial wealth blew up alongside the number of companies using a financial technology platform she and her husband created, she found a cause close enough to her heart to make her step into the limelight. Weirdly, it's poker. Specifically it's teaching 1 million women and girls how to play Texas Hold'em.
/jlne.ws/43Iuv1k
***** One thing I have learned is not be bet against Jenny Just.~JJL
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'Flash Boys' Exchange IEX Has Criticized Rebates. Now It's Adopting Them.
Alexander Osipovich - The Wall Street Journal
IEX, the upstart stock exchange made famous by Michael Lewis's book "Flash Boys," has adopted a controversial practice that it previously criticized as harmful to investors. The New York-based exchange will start paying rebates to brokerages and trading firms that publicly post new orders on its marketplace, a way to encourage them to quote prices for more stocks, according to a filing submitted Tuesday with the Securities and Exchange Commission. IEX had previously campaigned against rebates. Critics of the practice have said that they create a conflict of interest by encouraging brokers to route customers' orders to exchanges that pay the biggest rebate, rather than to the exchange that would give investors the best price.
/jlne.ws/3rMXsMk
****** Things change. You need to change with them, or you won't be around any more.~JJL
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Japan's population drops by nearly 800,000 with falls in every prefecture for the first time
Gavin Blair - The Guardian
Every one of Japan's 47 prefectures posted a population drop in 2022, while the total number of Japanese people fell by nearly 800,000. The figures released by the Japan's internal affairs ministry mark two new unwelcome records for a nation sailing into uncharted demographic territory, but on a course many other countries are set to follow.
/jlne.ws/3KiSgGh
*****This is true in the US as well. Not as extreme but the birth rate in the US has been falling for many years. The EU also. I'll leave it to our readers to speculate why. ~JB
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Exponential Exchange Closes $7.4m Seed Round To Fund Further Development Of Risk Mitigation Tools For The Automotive Ecosystem; MaC Venture Capital, Autotech Ventures, and Avanta Ventures invest in startup pioneering new solutions addressing market volatility-related financial exposure in auto
Exponential Exchange
Financial innovation platform Exponential Exchange today announced the successful close of an oversubscribed $7.4 million seed funding round led by MaC Venture Capital to continue building a suite of financial instruments designed to bring new risk-management solutions into the automotive ecosystem and other industries with underserved asset classes.
/jlne.ws/3OxuuJ9
***** Exponential Exchange revving up their engines.~JJL
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Wednesday's Top Three
Our top story Wednesday was Walt Lukken's Viewpoint - Top issues driving FIA's work in the second half of 2023, from FIA Market Voice. Second was The Little Known Metals Giant that Rules a Global Market, from Bloomberg via Yahoo Finance. Third, also from Bloomberg via Yahoo Finance, was Citi Says New Capital Rules Could Hinder Derivatives, Prime Brokerage Services.
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| Lead Stories | Big traders Virtu and Citadel Securities hit by market slowdown; Activity subsided in second quarter amid investors' concern over banking turmoil
Jennifer Hughes, Eric Platt and Ortenca Aliaj - Financial Times
A recent market slowdown has inflicted financial pain on two of the biggest trading firms on Wall Street, Virtu Financial and its rival Citadel Securities. Virtu on Wednesday reported a 23 per cent drop year-on-year in net trading income for the three months to June. The New York-listed market maker earned 37 cents a share in the quarter, down from 73 cents in the same period last year when tumbling markets boosted trading volumes.
/jlne.ws/4521IWr
Thirsty Data Centers Are Making Hot Summers Even Scarier; With drought spreading around the globe, battles over water are erupting between AI companies seeking more computing power and communities where their facilities are located.
Clara Hernanz Lizarraga, and Olivia Solon - Bloomberg
For more than a year, Spain has been struggling with drought that has sent water levels in dams below historical averages, prompting local officials to tell residents not to water their gardens and to turn off taps at night to guarantee supply during the day. The situation is particularly hard for farmers. The central region of Castilla La Mancha, which produces a quarter of all Spanish grain, is expected to lose 80% to 90% of this year's harvest, and water restrictions loom large.
/jlne.ws/478rCcV
Stock Exchange Regulators Back Global Climate-Reporting Rules; Association representing over 95% of market capitalization endorses international rules that include Scope 3 emissions reporting
Rochelle Toplensky - The Wall Street Journal
Regulators of the world's top stock exchanges gave their backing to the international climate-reporting standards framework Tuesday, adding momentum to efforts to establish the rules as the global baseline. The International Organization of Securities Commissions, known as Iosco, endorsed the International Sustainability Standards Board's recently published climate reporting standard. Iosco's board of 35 securities regulators-which includes the U.S. Commodity Futures Trading Commission and Securities and Exchange Commission-endorsed the reporting framework which includes requirements to report so-called Scope 3 emissions in the supply chain and material information on climate-related risks and opportunities.
/jlne.ws/43KtDJD
SEC proposes new rules to tackle the misuse of artificial intelligence in investment processes; New rules are focused on tackling the way predictive data and similar technologies can allow firms to place their interests ahead of those of investors.
Wesley Bray - The Trade
Yesterday, the Securities and Exchange Commission (SEC) has proposed new rules requiring broker-dealers and investment advisors to address conflicts of interests related to the use of predictive data analytics. The new rules have a specific focus on the way predictive data and similar technologies are used to interact with investors, in an effort to prevent firms from placing their interests ahead of those of investors.
/jlne.ws/3YqdpV7
Sam Bankman-Fried Hit With Interim Gag Order Ahead of Fraud Trial; Prosecutors ask judge to end $250 million bail, house arrest; They claim leak; defense says FTX founder just protecting self
Ava Benny-Morrison and Bob Van Voris - Bloomberg
FTX founder Sam Bankman-Fried was hit with an interim gag order ahead of his fraud trial, after prosecutors argued he can't be trusted not to taint the proceedings even under house arrest. US District Judge Lewis Kaplan is weighing whether to rescind Bankman-Fried's $250 million bail deal. Under that arrangement, Bankman-Fried is restricted to his parents' house with curbs on his communications. At a hearing Wednesday in federal court in Manhattan, Kaplan restricted his ability to discuss the case and ordered briefs on the matter by Tuesday.
/jlne.ws/3Klbviv
SEC's New Rules Target Algorithms and Gamification Tools That Encourage Trading; Apps like Robinhood may have to regulate predictive analytics used to encourage trading
Mack Wilowski - Investopedia
The U.S. Securities and Exchange Commission (SEC) enhanced rules applicable to trading platforms such as Robinhood (HOOD) that use predictive analytics to encourage trading, nearly two and a half years after 'gamification of trading' helped fuel the meme stock frenzy.
/jlne.ws/476ow9k
US judge tightens Sam Bankman-Fried's bail, will consider jailing him
Luc Cohen and Jonathan Stempel - Reuters
A U.S. judge on Wednesday tightened Sam Bankman-Fried's bail conditions by restricting his ability to communicate publicly, and said he will consider jailing him before the trial over the collapse of his FTX cryptocurrency exchange. At a hearing in Manhattan federal court, prosecutors asked U.S. District Judge Lewis Kaplan to detain Bankman-Fried now, saying he had "crossed a line" by sharing his former romantic partner Caroline Ellison's personal writings with a reporter, in what they said amounted to a second instance of witness tampering.
/jlne.ws/3QedwRi
Bankman-Fried Illegal Campaign Contribution Charge Dropped by US
Joe Schneider and Ava Benny-Morrison - Bloomberg
US prosecutors said they'll drop a charge against Samuel Bankman-Fried on unlawful campaign contributions after the embattled crypto CEO had argued it wasn't part of the extradition documents the Bahamas had signed off on. "In keeping with its treaty obligations to The Bahamas, the government does not intend to proceed to trial on the campaign contributions count," US Attorney Damian Williams wrote in a letter to the court Wednesday.
/jlne.ws/44ZVJ4z
The Harsh Truth: We're Using More Oil Than Ever; The planet is getting hotter by the day, but we can't slake our thirst for crude.
Javier Blas - Bloomberg
In this age of climate crisis, the world is consuming more crude than ever. Peak oil demand? Not yet. Maybe one day, perhaps even soon, around 2030. For now, however, the global economy still runs on oil. It will take a while before governments certify it, but every piece of data points in the very same direction: In the past few weeks, global oil demand has surpassed the monthly peak set in 2019 before the Covid-19 pandemic.
/jlne.ws/3q3ysjt
Global Coal Use Set to Stay at Record Levels This Year, IEA Says
Todd Gillespie - Bloomberg
The world's coal demand is expected to remain at all-time highs this year as increased industrial use offsets a fall in power generation. Coal consumption rose by 3.3% to a record 8.3 billion tons in 2022 and will stay at those levels this year as demand in Asia stays robust, according to a report by the International Energy Agency. China, India and Southeast Asian countries combined will account for three-quarters of the coal consumed globally in 2023.
/jlne.ws/3rNO0bH
No Clean Energy Source Is Marginal in the Quest for Net Zero; Recent advances in geothermal and nuclear power highlight the importance of these technologies to a future net-zero grid, even if wind and solar predominate.
Nathaniel Bullard - Bloomberg
This month, two deeply established decarbonization technologies, geothermal and nuclear power, saw new milestones reached. Texas-based Fervo Energy demonstrated its enhanced geothermal technology is feasible at scale , while nuclear fission reactor developer Oklo Inc. announced plans to go public via a special purpose acquisition company.
/jlne.ws/3Qit32y
Property Pain From Canary Wharf to Mainhattan Has Only Just Begun; From London's Canary Wharf to Paris's La Defense, high-rise financial districts have been hit hard and it's about to get worse
Jack Sidders - Bloomberg
In London's Canary Wharf, HSBC is exiting and Credit Suisse could soon follow. DekaBank has decided to leave its aging skyscraper in Frankfurt's ensemble known as Mainhattan, while Paris's La Defense is losing one tenant after another. Europe's high-rise financial districts have been hit hardest by the turmoil sweeping office markets around the world, and with vacancy rates soaring and valuations plunging, the pain is set to intensify.
/jlne.ws/450ngmo
How Nigel Farage forced out NatWest chief; Alison Rose has become the first high-profile business casualty of UK's increasingly divisive politics
Stephen Morris and Jim Pickard - Financial Times
The ousting of NatWest chief executive Dame Alison Rose was sealed after midnight on a hastily arranged board conference call following a personal intervention from the prime minister. The departure followed a month of turbulence for Rose, who had become the target of a vendetta waged by Nigel Farage over the closure of his bank account at Coutts, the prestigious wealth manager owned by NatWest.
/jlne.ws/3ObkWCr
NatWest fails to stem Farage pressure as shareholders turn against board; Regulators announce probes with top investor saying chair was 'clearly not in charge' after trying to retain CEO Alison Rose
Harriet Agnew, Stephen Morris and Jim Pickard - Financial Times
NatWest was struggling to contain the fallout from the closure of Nigel Farage's bank account on Wednesday night, as regulators announced investigations and shareholders lashed out at the board.
/jlne.ws/3pXtBAo
Winklevoss Twins Gamify Overseas Derivatives Trading Platform to Boost Demand; The first competition will require balances of Gemini Dollars; Exchanges such as BitMex have used leader boards for years
Olga Kharif - Bloomberg
The billionaire twins Tyler and Cameron Winklevoss' Gemini is turning to a long-time crypto industry tactic to bolster usage on its derivatives exchange - daily competitions for prizes and the bragging rights that come with being listed as the most successful traders. The Gemini Foundation will be hosting its first-ever "leader board" competition on the exchange in August. Participants will have to fund accounts with at least $250 of the Gemini Dollar stablecoin, and to maintain a similar balance during the month-long contest.
/jlne.ws/3Qa9YzD
Crypto Regulatory Framework Bill Endorsed by House Financial Services Committee; Senate remains big hurdle for crypto-friendly legislation;l Republican-led bill would elevate CFTC in regulating crypto
Steven T. Dennis and Allyson Versprille - Bloomberg
The Republican-led bill was approved by the House Financial Services Committee in a 35-15 vote, mostly along party lines. A handful of Democrats, including Jim Himes of Connecticut and Ritchie Torres of New York, also voted in favor of the legislation and argued the status quo wasn't working.
/jlne.ws/3Y7TVnW
Crypto Must Take Fraud Prevention Seriously: Crypto Long & Short
Beth Haddock - CoinDesk
For months, the crypto landscape has been plagued by regulatory uncertainty. Recent events, including the split Ripple decision, the indictment of Celsius' former CEO and competing congressional bills serve as reminders of the pressing need for guidance. Rather than passively waiting for ideal regulations or hoping for a regulation-free environment, as we saw with false reports of U.S. Securities and Exchange Commission Chair Gary Gensler's resignation, it is imperative that we shift our focus towards action grounded in expertise and sound judgment.
/jlne.ws/3DyQ9KE
Tennessee couple allegedly defrauded over 100 investors of $6 million in 'Blessings of God Thru Crypto' scheme: 'No one is here to scam you'
Ben Weiss - Fortune
If there were just one rule to follow to protect yourself from scammers, it would be the following: When someone explicitly says a financial opportunity isn't a scam, there's a high likelihood that it, ahem, is. On Tuesday, that maxim held true as the Commodity Futures Trading Commission, a federal agency that regulates the derivatives market, alleged in a lawsuit that Michael and Amanda Griffis, of Clarksville, Tenn., scammed over 100 investors out of at least $6 million through a crypto trading scheme they called "Blessings Thru Crypto" or "Blessings of God Thru Crypto."
/jlne.ws/3DyQop2
Elon Musk gives 'the middle finger' in Twitter's X rebrand
Hamza Shaban - Yahoo Finance
When Mark Zuckerberg introduced the world to Meta (META), he shared a corporate vision that went beyond Facebook and into the metaverse. And when the streaming service HBO Max (WBD) ditched the HBO name and became Max, the move was seen as a way to broaden the platform's appeal beyond the flagship network. While the rebrands drew criticisms - a strategic misstep or management's confusion over what appeals to the public - both kept the old, valuable brands intact. In Elon Musk's rebranding of Twitter, however, the destruction of the old, valuable identity seems to be the point.
/jlne.ws/3QacSo1
Steptoe Expands National Financial Services Practice with Four New Partners Focused on Financial Services Litigation and Regulation
Steptoe & Johnson
Steptoe & Johnson has expanded its Financial Services and Class Action Defense practices with the addition of four new partners, Julia Strickland, Stephen Newman, Christopher Fredrich, and Andrew Owens, along with their talented national team. Julia, Stephen, and Chris join Steptoe's Los Angeles office, and Andrew joins Steptoe's New York office.
/jlne.ws/3Yal7lW
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Steps Up Counteroffensive With Big Push in the South; 'Very good results,' Zelenskiy says without elaborating; Ukrainian official cautions against calling it decisive battle
Peter Martin and Daryna Krasnolutska - Bloomberg
Ukraine kicked off a long-awaited thrust in its counteroffensive with an armored assault on Russian fortifications in the south that may be part of a push to cut Moscow's land link to its strongholds in occupied Crimea.
/jlne.ws/3QfgDIX
How to Defeat Putin's Grain Blockade; The Russian leader is weaponizing food to weaken Ukraine and test Western resolve. Coordinated and decisive action is needed to ensure he fails.
The Editors - Bloomberg
As the war in Ukraine grinds on, Vladimir Putin has again resorted to weaponizing food supplies - attacking Ukraine's grain silos and withdrawing from a deal to allow food exports through the Black Sea to Turkey. As ever, Putin's aim is to hurt Ukraine, while wringing concessions from Ukraine's partners and testing their resolve. The West must ensure he fails.
/jlne.ws/3KhTGRl
US to Share Evidence of Russian War Crimes With Hague Court; Biden officials briefed members of Congress on reversal; Some details have already been shared with the court
Jennifer Jacobs and Justin Sink - Bloomberg
President Joe Biden has asked the federal government to share evidence of Russian war crimes in Ukraine with The Hague-based International Criminal Court, US officials said Wednesday, in a reversal of the administration's stance. The Biden administration said last year it was working to document war crimes and other atrocities carried out by Russian troops in Ukraine and was helping with various international efforts, but that the US didn't intend to formally join the ICC's investigation
/jlne.ws/3DuwSKs
How Ukrainian DIY Drones Are Taking Out Russian Tanks; Drones that cost around $400 can do real damage to $1 million tanks
The Wall Street Journal
Since the Ukrainian counteroffensive began, there's been a dramatic increase in Ukraine's use of cheap FPV, or first-person-view drones, to execute kamikaze-style attacks on Russian tanks and large-scale weapons.
/jlne.ws/3rQkrWY
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Derivatives exchange CME Group's profit rises on robust demand
Jaiveer Shekhawat and Laura Matthews - Reuters
CME Group Inc (CME.O) reported a rise in second-quarter profit on Wednesday, as traders turned to the world's largest derivatives exchange to hedge against market volatility triggered by recession fears. Demand for CME's risk-hedging investment products held steady as investors navigated a market riddled with worries of a looming recession and high interest rates. "Given ongoing uncertainty in both macroeconomic and geopolitical environments, market participants continued turning to CME Group risk management products and services in Q2," CME Group Chief Executive Officer Terry Duffy said.
/jlne.ws/3O6ru5f
CME Has Built Data Platform with Google Cloud
Shanny Basar - MarketsMedia
CME Group has completed building its data platform with Google Cloud and is preparing to launch services and analytics to clients, after the exchange operator and technology provider announced a partnership in 2021. Sunil Cutinho, CME Group Sunil Cutinho, chief information officer at CME, said on the results call on 26 July that the data platform has been built and is available. He said: "We have developed a set of services that we are working on releasing to our clients."
/jlne.ws/3q0a6an
MARF registers a New Commercial Paper Programme of A&G Banco
BME
The BME's fixed income market, MARF, has admitted to trading a new Commercial Paper Programme of A&G Banco, for an outstanding balance of EUR200 million. With this new securities issuance instrument, A&G Banco will be able to flexibly access the fixed income markets over the next year to issue promissory notes with a maximum maturity of up to 24 months. Beka Finance has participated as Registered Advisor to the Programme and A&G Banco itself will be the Placement Agent. Banco Santander has been appointed as Paying Agent for the issues to be made and Gómez-Acebo & Pombo Abogados has provided legal advice to the new issuer.
/jlne.ws/44Khsh4
ICE's Global Commodity and Energy Markets Reach Record Open Interest
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced record open interest (OI) across its global commodity and energy futures and options markets. On July 25, 2023, ICE hit record OI of 55.4 million contracts across commodities futures and options, up 14% year-over-year (y/y), with record OI of 50.9 million in energy futures and options, also up 14% y/y. OI across ICE's commodity options portfolio continues to perform strongly, up 25% y/y at 20.6 million, with ADV up 27%, while energy options OI is up 26% y/y at 18.5 million, with ADV up 28% y/y. ICE offers the most liquid markets to trade energy. Across ICE's global oil markets, OI is up 17% y/y at 12.3 million, with OI in Brent futures and options up 14% y/y at 5 million.
/jlne.ws/454Mwbo
NSE's consolidated Ql operating revenue up by 13% YoY to Rs 2,987 crores NSE's consolidated Ql profit up by 9% YoY at Rs 1,844 crores; Contributed Rs 7,889 crores to the exchequer in Ql of which STT comprised of Rs 6,411 crores, Stamp duty Rs 503 crores, GST Rs 475 crores; Income tax Rs 225 crores and SEBI Rs 275 crores
NSE
NSE, India's leading exchange, reported consolidated income from operations at Rs 2,987 crores for Ql FY 24, up by 13% on a year-on-year basis. Apart from trading revenue, the revenue from operations was also supported by other revenue lines which includes listing, index services, data services and colocation services.
/jlne.ws/3KdqJWM
Taiwan Futures Exchange (TAIFEX) has announced the margin changed
Taiwan Futures Exchange
/jlne.ws/3rNQs1T
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | EU probes Microsoft's bundling of Teams with Office software package; Concerns tech giant will gain distribution advantages by not allowing choice over access to video conferencing app
Javier Espinoza - Financial Times
EU regulators have opened a formal investigation into claims that Microsoft is unfairly bundling its Teams video conferencing app with its popular Office software as Brussels intensifies its scrutiny of big technology groups.
/jlne.ws/3rJs1T4
NJ Asset Management streamlines order management and compliance management with Bloomberg solutions; Bloomberg AIM will allow the asset manager to expand its investment strategy across multiple portfolios, while Bloomberg Vault will be used to aggregate a range of e-communications data.
Wesley Bray - The Trade
Bloomberg AIM and Bloomberg Vault have been adopted by India-based NJ Asset Management to help enable its enterprise-wide digital strategy across the entire investment workflow. The asset manager will use Bloomberg's order and investment management solution AIM in connection with its portfolio analytics, order management and trading compliance activities.
/jlne.ws/43Jj3m0
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| Cybersecurity | | Top stories for cybersecurity | New SEC rule requires public companies to disclose cybersecurity breaches in 4 days
AP News
The Securities and Exchange Commission adopted rules Wednesday to require public companies to disclose within four days all cybersecurity breaches that could affect their bottom lines. Delays will be permitted if immediate disclosure poses serious national security or public safety risks.
/jlne.ws/457mqV7
Kyndryl Eyes $47 Billion Managed Cybersecurity Services Market
BQ Prime
Information technology infrastructure services provider Kyndryl Solutions Pvt. has announced that it has significantly expanded the services it offers, to enable enterprises to quickly detect and effectively respond to and recover from cyberattacks. According to the company, its new end-to-end security operations capabilities and services will enable its Security and Resiliency practice to expand its presence in the global market, for managed cybersecurity services, which is expected to reach $47 billion by 2025.
/jlne.ws/3Oxr5do
Companies Must Have Corporate Cybersecurity Experts, SEC Says
Evan Schuman - DARKReading
The US Security and Exchange Commission (SEC) has held up a magnifying glass to an enterprise's cybersecurity expertise. The original proposal from the SEC in March 2022 said that it wanted companies to publicly declare one cybersecurity expert on the board of directors and one within management. Today, the SEC backed off the requirement for the board expert - although it still wants "registrants to describe the board of directors' oversight of risks from cybersecurity threats and management's role and expertise in assessing and managing material risks from cybersecurity threats."
/jlne.ws/479ZqX6
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| Cryptocurrencies | | Top stories for cryptocurrencies | Why France Is Emerging as a European Crypto Hub; The country is setting policies meant to attract Web3 companies, as it fosters its wider tech industry.
Ken Timsit - CoinDesk
The introduction of the Markets in Crypto Assets (MiCA) regulation has brought a sense of cohesive direction to the European crypto industry. Where crypto assets had previously existed in a gray area, with firms and investors grappling with varied regulatory frameworks on a country-by-country basis, MiCA now promises widespread harmony.
/jlne.ws/3q5koWy
Bitcoin Mining Computing Power May Drop as Much as 30% After Halving: Experts; Machine efficiency and low cost of power are key to surviving the bitcoin halving, industry figures tell CoinDesk.
Eliza Gkritsi - CoinDesk
Computing power on the Bitcoin network, known as hashrate, could drop by as much as 30% as unprofitable miners shut off their rigs after the next halving event, expected in April 2024, experts said in a Twitter Spaces on Wednesday hosted by CoinDesk as part of its Mining Week 2023. Lucas Pipes, Managing Director at investment bank B. Riley Financial, estimated a 15% to 30% decline in Bitcoin's hashrate. Colin Harper, head of content at mining services firm Luxor Mining, said a 20% drop was possible.
/jlne.ws/3OyjkDS
Singapore High Court Declares Crypto as Property in Case Involving Bybit
Lavender Au - CoinDesk
Singapore's High Court has recognised crypto as a property capable of being held on trust, in a case involving Seychelles-based exchange Bybit and a contractor, according to a court judgement published on Tuesday.
/jlne.ws/3KccYYf
Tokyo governor joins prime minister in promoting Japan as open for Web3 business
Will Fee - Forkast
As the two-day WebX Asia conference drew to a close at the Tokyo International Forum in Japan's capital, the city's governor Yuriko Koike beamed in by video to congratulate the organizers and make the point that Tokyo is positioning itself to become a global crypto hub and center of digital innovation.
/jlne.ws/3OsLoIV
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| Politics | | An overview of politics as it relates to the financial markets | US Says It Must Work With Latin America More on Key Minerals; Western Hemisphere nations can be sourcing partners, he says; US wants to diversify sources to lessen China dependence
Christopher Condon - Bloomberg
The US needs to bolster its cooperation with Latin American countries in obtaining reliable supplies of critical minerals, a senior State Department official told lawmakers. Asked about growing links between Brazil and other countries in the region with China in the development of mineral supplies and electric vehicle batteries, State Department Undersecretary Jose Fernandez said, "This is a perfect example of why we need to get more involved, and why we've created the Minerals Security Partnership," an effort among 14 countries and the European Union to collaborate on critical minerals production and processing.
/jlne.ws/3OdY3yc
Landmark crypto market overhaul bill advances past first committee
Colin Wilhelm - The Block
Senior members of the House of Representatives suggested that a deal to create a comprehensive framework in the U.S. around stablecoins could be close. And late on Wednesday the House Financial Services Committee advanced legislation to significantly alter the U.S. regulatory approach to crypto markets by a bipartisan vote, 35-15. The bill drew staunch opposition from several senior Democrats on the panel, but Republicans were joined by six Democrats report the bill out favorably, a procedural step towards consideration before while House of Representatives.
/jlne.ws/3Ox6dD2
Financial Services chair pushes back on bank criticism of stablecoin bill
Colin Wilhelm - The Block
House Financial Services Committee Chair Patrick McHenry pushed back against criticism from bankers of stablecoin legislation he's helped draft in a letter to the influential American Bankers Association last week. The ABA organized two letters last week in opposition to pieces of the stablecoin framework, expected to be debated by McHenry's committee on Thursday. The Block obtained a copy of the North Carolina Republican's push back to that criticism. A spokesperson for McHenry did not immediately respond to a request for comment.
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Summer of Heat and Fire Doesn't Sway Republicans on Climate; As extreme weather grips the US, GOP members of Congress are slow to link it to climate change and sticking with policies that back fossil fuels.
Ari Natter - Bloomberg
Record-setting wildfires and deadly heat waves across the globe are providing the most tangible evidence of climate change yet. In fact, 2023 is likely to be the globe's hottest year ever, according to the non-profit research group Berkeley Earth. But that's not motivating Republicans in Congress to want to do much about it.
/jlne.ws/3Y7TWs3
Outrage Is Currency and RFK Jr. Really Stirs It Up; The presidential candidate has long used cherry-picked science to back up his conspiratorial claims.
F.D. Flam - Bloomberg
Robert F. Kennedy Jr. has always had a famous name - yet until recently, his association with the anti-vaccine movement and fringe theories about the dangers of Wi-Fi has relegated him to the sidelines of America's national discourse. Why are the presidential candidate's paranoid views suddenly appealing to a wider audience?
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'Dangerous' UK politics has deterred government from tackling climate change; Former chief adviser Lord Deben says main parties 'afraid' of tough choices for electoral reasons
Camilla Hodgson and George Parker - Financial Times
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Putin promises African leaders free grain despite 'hypocritical' Western sanctions
Andrew Osborn - Reuters
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North Korea's Kim shows off banned missiles to Russian minister
Hyunsu Yim and Josh Smith - Reuters
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How the Brics nations risk becoming satellites of China; The grouping looks less like an emerging market steering committee and more like a fan club for Beijing
Alan Beattie - Financial Times
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| Regulation & Enforcement | | Stories about regulation and the law. | Feds Want Sam Bankman-Fried Jailed Until Trial Over Alleged Witness Tampering
Andre Beganski - Decrypt
Federal prosecutors requested FTX founder and former CEO Sam Bankman-Fried be detained on Wednesday, shifting their request at the last minute. Previously, federal prosecutors wanted Bankman-Fried's bail restrictions tightened, barring him from making extrajudicial statements. But FBI agents were present Wednesday in Manhattan federal court, prepared to take Bankman-Fried into custody.
/jlne.ws/3KiBRlk
CFTC Approves Final DCO Reporting and Information Requirement and Three Proposals at the Commission Open Meeting
CFTC
The Commodity Futures Trading Commission at its open meeting today approved the following final rule and proposed rules: Final Rule: Reporting and Information Requirements for Derivatives Clearing Organizations. The Commission unanimously approved a final rule amending certain reporting and information regulations applicable to derivatives clearing organizations (DCOs). These amendments, among other things, update information requirements associated with commingling customer funds and positions in futures and swaps in the same account, revise certain daily and event-specific reporting requirements in § 39.19(c), and codify in an appendix the fields that a DCO is required to provide on a daily basis under § 39.19(c)(1). In addition, the Commission is adopting amendments to certain delegation provisions in § 140.94.
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Dissenting Statement of Commissioner Christy Goldsmith Romero on Notice of Proposed Rule Making for Seeded Funds and Money Market Funds
CFTC
I cannot support the proposed rule. Seeded Funds. I am concerned that the proposed exception to initial margin requirements for seeded funds rolls back Dodd-Frank Act reforms designed for financial stability. I cannot support the Commission changing our existing requirements-requirements that match U.S. banking regulator requirements. The proposed change would relieve initial margin requirements for uncleared swaps that are not prudentially regulated in certain affiliate transactions known as "seeded funds" for three years.[1]
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SEC Proposes Reforms Relating to Investment Advisers Operating Exclusively Through the Internet
SEC
The Securities and Exchange Commission today proposed amendments to the rule permitting certain investment advisers that provide investment advisory services through the internet to register with the Commission. The proposed amendments generally would require an investment adviser relying on the internet adviser registration rule to have at all times an operational interactive website through which the adviser provides digital investment advisory services on an ongoing basis to more than one client. The proposed amendments would also eliminate the de minimis exception from the current rule by proposing to require that an internet investment adviser provide advice to all of its clients exclusively through an operational interactive website, and make certain corresponding changes to Form ADV.
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SEC Charges Investor Joseph C. Lewis and Associates with Insider Trading
SEC
The Securities and Exchange Commission today charged investor Joseph C. Lewis for illegally tipping material nonpublic information to his then-girlfriend, Carolyn W. Carter, as well as his two private pilots, Patrick J. O'Connor and Bryan L. Waugh, so that each would use this information to execute trades. The SEC also charged Carter, O'Connor, and Waugh with using that information to trade and reap combined profits of more than $545,000.
/jlne.ws/3rMZo7y
SEC Adopts Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies
SEC
The Securities and Exchange Commission today adopted rules requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance. The Commission also adopted rules requiring foreign private issuers to make comparable disclosures.
/jlne.ws/3OvPYGe
SEC Proposes New Requirements to Address Risks to Investors From Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers
SEC
The Securities and Exchange Commission today proposed new rules that would require broker-dealers and investment advisers (collectively, "firms") to take certain steps to address conflicts of interest associated with their use of predictive data analytics and similar technologies to interact with investors to prevent firms from placing their interests ahead of investors' interests.
/jlne.ws/3KhYA0V
SEC Charges Investor Joseph C. Lewis and Associates with Insider Trading
SEC
The Securities and Exchange Commission today charged investor Joseph C. Lewis for illegally tipping material nonpublic information to his then-girlfriend, Carolyn W. Carter, as well as his two private pilots, Patrick J. O'Connor and Bryan L. Waugh, so that each would use this information to execute trades. The SEC also charged Carter, O'Connor, and Waugh with using that information to trade and reap combined profits of more than $545,000.
/jlne.ws/454RHI2
Regulators finalise clearer, more transparent Complaints Scheme
FCA
The FCA, the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation.
/jlne.ws/479aqnW
UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
Monetary Authority of Singapore
The United Kingdom (UK) and Singapore held the 8th UK-Singapore Financial Dialogue in London yesterday. The Dialogue facilitated a useful exchange of views, and identified opportunities for further collaboration on joint projects, in priority areas such as sustainable finance and FinTech and innovation.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Stock Pickers Are Missing Out on Tech Boom Thanks to 80-Year-Old Rules; Funds in compliance of Federal rules trail those that are not; Some firms seek status change to be free of ownership limits
Lu Wang - Bloomberg
To stand a chance of winning in this market, stock pickers need big tech exposure. Not all of them can get it. That's because regulations dating back over 80 years set limits on how concentrated a "diversified" mutual fund can be. Under those rules, these funds must cap the number of individual securities that equal more than 5% of their assets, and such stakes can't add up to more than 25% of their overall portfolios.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | New York, LA, Chicago and Houston, the Nation's Four Largest Cities, Are Among Those Hardest Hit by Heat Islands; A new study of heat exposure disparities also puts Chicago among the cities with the largest share of people living in heat islands that are as much as 12 degrees hotter than the cities' baseline temperatures.
Aydali Campa - Inside Climate News
Chicago is not known for its blistering temperatures like, say, Phoenix, which is experiencing a relentless stretch of 100-degree days this month. But a recent report analyzing temperature disparities within cities found that Chicago was among the cities with the largest population living in urban heat islands, above San Antonio, San Diego and Phoenix. Urban heat islands are pockets of a city that absorb and retain heat more than surrounding areas due to dense concentrations of pavement, buildings and other urban features and limited natural land cover to reduce temperatures.
/jlne.ws/3Dwu2oh
Seven Automakers to Create North American EV Charging Network
Sydney Leimbach - Environment and Energy Leader
General Motors, BMW, Honda, Hyundai, Kia, Mercedes-Benz, and Stellantis have announced a joint venture to install more than 30,000 electric vehicle charge points across North America. Public and private funds will be leveraged to speed up the installation of these new chargers, which will be available in both urban and highway locations. By implementing the North American Charging Standard (NACS) and Combined Charging System (CCS) connectors, requirements outlined by the U.S. National Electric Vehicle Infrastructure program will be met or exceeded. This means charging stations accessible to all EV customers, regardless of brand. The venture aims to be the leading network provider of high-powered charging stations in North America.
/jlne.ws/3Y7UIVZ
Inside the ESG software arms race; Also in today's newsletter, EU mobilises euro 300bn Global Gateway initiative
Simon Mundy, Patrick Temple-West and Kaori Yoshida - Financial Times
Hello from London, where the mood music around green policy has moved firmly into a minor key. Ahead of next year's general election, Prime Minister Rishi Sunak's ruling Conservatives, who consistently trail Labour by 20 points in opinion polls, are frantically seeking a way to seize back the initiative.
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The Future of ESG in Financial Services
ISITC - Traders Magazine
The following thoughts from ISITC's Environmental, Social & Governance Forum were written by Forum Co-Chairs Lisa Benson of Refinitiv, Richard Fontes of State Street, Wendy Mailot of MFS, Melissa Sternberg of SWIFT, and Grace Kang of Boston Partners. ISITC is an international trade association founded in North America that focuses on promoting communication standards and best practices in the financial services industry to improve operational efficiency and reduce risk. Their ESG Forum recently offered thoughts on the current state and future trajectory of environmental, social & governance priorities within the financial services sector.
/jlne.ws/3q0b4U3
Investors Drive Down Plastic Use at Amazon
Jack Grogan-Fenn - ESG Investor
Resolution filer As You Sow urges firm to commit to plastic phaseout timeline.
Shareholders have welcomed a "significant" reduction in Amazon's plastic use, but have urged the firm to commit to specific targets and timelines to ensure that goals are met.In 2022, Amazon used 85,916 metric tonnes of single-use plastic to ship orders to customers according to the company's recently released sustainability report. This represents an 11.6% decrease from the 97,222 metric tonnes of plastic used by the firm in 2021.
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Newer CEOs more likely to favor ESG reporting to build their reputation
Michael Cohn - Accounting Today
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The responsible investing boom is over. Can anything replace ESG?
Nicole Goodkind - CNN
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Interactive Brokers Expands Overnight Trading to Over 10,000 US Stocks and ETFs; Trading is Available Nearly 24 hours a Day, 5 Days a Week
Interactive Brokers
Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, announced the expansion of its Overnight Trading Hours service, which now lists over 10,000 US stocks and ETFs. Interactive Brokers was one of the first brokers to introduce Overnight Trading on US stocks and ETFs, and the enhanced offering allows clients to trade an even broader range of US equities nearly 24 hours a day, five days a week. Clients now have the flexibility to trade more US stocks and ETFs when it's convenient, and clients in Asia and Europe can trade a wider variety of US equities during local market hours. To supplement the Overnight Trading liquidity provided by Interactive Brokers' own IBEOS Alternative Trading System (ATS), Interactive Brokers is now connected to the Blue Ocean ATS.
/jlne.ws/3q3saQT
BlackRock strikes joint venture with Mukesh Ambani's financial unit; India's richest man and world's largest money manager to combine forces
Brooke Masters and Chloe Cornish - Financial Times
BlackRock has struck a joint venture with the financial services arm of Indian tycoon Mukesh Ambani's empire to launch a digital-first asset manager aimed at serving India's growing investor population. BlackRock, the world's largest money manager, and Jio Financial Services each plan to invest up to $150mn in the 50-50 venture. The announcement comes less than a week after Jio Financial Services officially demerged from Ambani's larger Reliance Industries conglomerate, India's biggest listed company by market share.
/jlne.ws/3Qa8O7f
JPMorgan Gains Ground as BlackRock's Grip on ETF Market Loosens; BlackRock has taken in 15% of overall ETF inflows in 2023; Rivals such as JPMorgan have benefited from bid for active
Katherine Greifeld - Bloomberg
A stellar year for JPMorgan Asset Management is proving to be an unusually tepid one for the world's largest asset manager BlackRock Inc., shaking up the leaderboard in the $7.6 trillion US exchange-traded fund industry. JPMorgan has raked in nearly $24 billion across its 56 US funds so far this year, which accounts for 9% of overall ETF flows in 2023, according to data compiled by Bloomberg Intelligence. That's on pace to be a record haul for the bank's ETF lineup and its highest share ever.
/jlne.ws/3rQcFMM
Billionaire Brothers, JPMorgan Refinance NYC Luxury Condo Tower
Ben Stupples - Reuters
Billionaires David and Simon Reuben have bolstered their New York City property investments, helping to refinance debt on an ultra-luxury condo skyscraper on Manhattan's Billionaires' Row. The British brothers joined with JPMorgan Chase & Co. to provide a roughly $500 million loan for Central Park Tower, according to a person with knowledge of the matter. The 131-story property, built by Gary Barnett's Extell Development, is home to New York's most expensive residential listing, a penthouse priced at $250 million.
/jlne.ws/3OypLXV
BNP Is Latest Bank to Pay Fine in Sprawling US Messaging Probe
Alexandre Rajbhandari - Bloomberg
BNP Paribas SA is set to become the latest bank to pay a fine over the use of unapproved electronic messaging platforms. The Paris-based firm has reached "proposed resolutions" with the Securities and Exchange Commission and the Commodity Futures Trading Commission that are linked to the use of unauthorized messaging services, it said in its half-year report Thursday. The settlements are "subject to finalization" by the two authorities.
/jlne.ws/43EmKti
BNP Paribas reports overall revenue increase in Q2, despite slowdown in FICC; The bank puts revenue growth down to "the strength of a diversified model"; net income saw an increase, up 16.4% quarter on quarter.
Claudia Preece - The Trade
BNP Paribas saw a 3.3% increase in its overall revenue in the second quarter of 2023 compared to Q2 2022, despite a dip in its corporate and institutional performance and global markets results. Revenue for the corporate and institutional banking area were down 2.3% overall this quarter compared to Q2 2022, with a noted decrease in fixed income currencies and commodities (FICC) revenues attributed to "the normalisation of the activity in a less buoyant environment, particularly in fixed-income and currency products and commodity derivatives".
/jlne.ws/474pa7t
BlackRock and Jio Financial Services new asset management venture set to "democratise access to investment solutions" in India; BlackRock and Jio Financial Services (JFS) are targeting initial investments of $150 million each to introduce the new player into the India market.
Claudia Preece - The Trade
BlackRock and JFS are set to form a 50:50 joint venture - to be known as Jio BlackRock - focused on delivering tech-enabled access to affordable investment solutions for investors in India. The innovative partnership is set to benefit millions of investors, pending regulatory and statutory approvals.
/jlne.ws/3O9k7dm
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Global rice market set for government deals as India's ban curbs supplies
Naveen Thukral - Reuters
Global rice importers are likely to seek direct deals with governments in exporting countries as India's ban on shipments of a key variety is squeezing supplies and igniting concerns over food security. Buyers from Africa to Asia are likely to scramble for rice shipments as supplies tighten in coming months following India's decision last week to ban non-basmati white rice exports.
/jlne.ws/3rLnobb
China Asks Banks to Bankroll Tech in Latest Private Sector Boost
Bloomberg News
China's central bank called on the financial sector to help fund technology research and M&A deals, the latest in a string of promises to revive a private sector devastated by a two-year regulatory crackdown. A plethora of Beijing officials have in recent weeks talked about measures to prop up private firms, regarded as key to resuscitating a sputtering economy. On Thursday, the central bank asked lenders and financial markets to provide more support for innovation and tech-related acquisitions, and to boost investment in startups.
/jlne.ws/3Oxva1c
The $1 Oil Field Sale That Landed an Italian Financier in Court; CEO of Viaro accused of declaring "asset-stripping" dividend; Francesco Mazzagatti denies allegations in London lawsuit
Jonathan Browning, and Alberto Brambilla - Bloomberg
An $85 million dividend and a deal to sell a stake in aging North Sea oil wells for one dollar has landed an Italian financier in a London lawsuit against Abu Dhabi's biggest utility.Francesco Mazzagatti, the CEO of Viaro Energy Ltd., is accused of orchestrating a move to deprive partner Abu Dhabi's Taqa of millions of dollars by paying out a dividend just before selling a share in the oil wells in December 2020. Mazzagatti denies the claim saying the dividend freed up the company from any future claims.
/jlne.ws/3O3qyOY
Iraq Says No More Local Banks to Be Penalized by US Fed
Khalid Al Ansary - Bloomberg
Iraq's central bank governor said he's hopeful the US Federal Reserve won't bar more lenders from conducting dollar transactions. The Fed's move against 14 Iraqi lenders last week has led to a fall of the dinar on the unofficial market to 1,570 per dollar, 17% weaker than the official rate of roughly 1,300.
/jlne.ws/3Oe5vJG
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