| October 28, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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$54,006/$300,000 (18%)
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Hits & Takes
JLN Staff
Today we published a video interview I did with Lee Oliver. He recently retired, but spent his career as a market-maker at banks and as a journalist. I saw a bit of myself in the path that Lee took. This interview is part of The History of Financial Futures series. You can find the interview on www.johnlothiannews.com.
I love Lee Oliver's description on LinkedIn. It says simply "Getting on with the rest of life."
Yesterday I interviewed Gregory Gerdeman, the president and CEO of NASHCX, the Nashville Commodities Exchange. This is a start-up spot market platform to trade hemp. Gerdeman is a neuroscientist, educator and entrepreneur with an obsession with the human cannabis relationship. He is a former tenured college professor who gave that up to become a cannabis entrepreneur at a firm in Florida that was later bought by Cresco Labs. The software for the spot market platform was originally developed by one of the co-founders of NASHCX to manage sales of music performance licensing fees. John Rapa, the CEO of Tellefsen and Company LLC, is also a co-founder and COO of NASHCX. Stay tuned.
MIAX reported that on October 21 it established a new monthly record of over 180,000 Spikes futures traded, a new monthly record. They also set a new daily record on Friday, October 22, of more than 22,000 contracts.
Do you have news you are releasing around FIA EXPO in Chicago next week? Do you want to talk to John Lothian News at EXPO about it? Contact us to set up an interview.
It seems El Salvador has established itself as a bit of a bitcoin plunge protection team. During the recent dip in prices, El Salvador bought another 420 bitcoins for about $25 million. El Salvador has bought a total of 1,100 since September 6. -- Bloomberg
You have until October 31 to give to the JLN MarketsWiki Education GoFundMe campaign to enter the raffle for five minutes of video production from John Lothian Productions. Any donation over $100 is eligible.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The FIA today published a to-do list of sorts for those who are planning to attend the Expo next week. Instructions include a "vaccine attestation form" to be downloaded and filled out ahead of the check-in and badge pick-up process. Check your mailboxes for details, or access the form here. Extra forms will be onsite, the FIA says.~SC
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The History of Financial Futures: Lee Oliver's Career Turns Led Him From Brokering to Reporting, Part 1
JohnLothianNews.com
Lee Oliver grew up in South London and in 1981 left school for a temporary stint at brokering — a prospect that seemed more financially appealing at the time than getting a university degree in German or history.
In this video interview with John Lothian, Oliver talks about his career as a market maker and FX trader for several banks, beginning with Midland and continuing at Continental and Nomura Banks.
Watch the video »
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Matt Damon to Promote Crypto.com in Race to Attract New Users
Kim Bhasin - Bloomberg
Cryptocurrency platform is starting a major marketing push; Damon is also an investor in the Hong Kong-based company
Actor Matt Damon will be the face of Crypto.com as the cryptocurrency platform seeks to lure new users to its service and bring the industry into the mainstream.
/bloom.bg/31bG2f5
*****Yah, well FTX signed Big Papi to be a brand ambassador, so take that Crypto.com! But then Matt Damon was Bourne to promote this role.~JJL
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All Those Silly Crypto Ads Are Just the Tip of the Iceberg; Viral economic narratives around crypto are designed to offer easy answers to a complicated world.
Lionel Laurent - Bloomberg
The old adage of advertising is: "Sell the sizzle, not the steak." When it comes to cryptocurrencies, the sizzle-to-steak ratio is off the charts. A flurry of ads for new digital tokens on the London Tube are dangling "BIG" gains ahead. One promises to be the life-changing crypto for all those who "missed" out on Dogecoin, a Shiba Inu-themed memecoin that saw huge gains earlier this year as Covid-19's third wave raged. Another ad for a trading app suggests anyone intimidated by the asset class should "sit back, relax" and let algorithms handle their trades.
/bloom.bg/30YAGDF
***** I am not sure I want to get on a bus or train with a bunch of crypto "sizzle" on its side.~JJL
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Cryptocurrencies will be as useless in the metaverse as they are now; Both ideas are about making a few people rich, not about building a decentralised paradise where everyone prospers
Jemima Kelly - FT
In case you hadn't heard, the metaverse is coming. Maybe Facebook will build part of it. Maybe it's already here, in the form of video games such as Fortnite, digital collectibles known as non-fungible tokens and even cryptocurrencies. Maybe there will be more than one metaverse; maybe there won't ever really be any. It's all a bit unclear.
/on.ft.com/2ZBvWDK
*****Jemima Kelly gives the metaverse and cryptocurrencies the wet T-shirt treatment -- lots of cold water. ~JJL
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Wednesday's Top Three
The No.1 most clicked story on Wednesday was a LinkedIn post by Emma Davey touting next week's FIA Expo in Chicago. Be there! The second most read was a piece from John Lothian News, JLN Reinforces Work From Home Strategy With Decision to Close CBOT Building Office. And third was a interesting piece from Forbes, Nearly Half Of America's Richest Billionaires Have Fortunes In These Two Industries. The answer to that last one? Finance and investments, with crypto helping boost six new billionaires onto the publication's list of this year's top 400.
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MarketsWiki Stats
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| Lead Stories | Crypto Crackdown Is 'Tip of the Iceberg' as CFTC Seeks More Powers
Benjamin Bain - Bloomberg
Congress should consider expanding CFTC's authorities: Behnam; Derivatives regulator shares turf with SEC, bank regulators
The nominee to lead the U.S.'s top swaps regulator has a warning for lawmakers: Crypto misconduct the agency has already exposed is "the tip of the iceberg" and it likely needs more authority to police the white-hot market.
/bloom.bg/3nDZ7Oi
China warns unlicensed online brokerages they are breaking the law
Reuters
Online brokerages not licensed in China are conducting illegal businesses if they serve Chinese clients via the internet, a Chinese central banker said, in the first official comment on recent reports flagging regulatory risks facing firms such as U.S.-listed Futu Holding and UP Fintech Holding.
/yhoo.it/310iiKE
The CFTC chief said his agency should oversee crypto in a challenge to SEC's Gensler
Isabelle Lee - Business Insider
The Commodity Futures Trading Commission said it should be the main agency to oversee cryptocurrencies, rather than the Securities and Exchange Commission. That's according to Rostin Behnam, acting chairman of the CFTC.
/yhoo.it/3EoDnwJ
Will record $200m payout tempt a new army of Wall St whistleblowers? The CFTC award to a former Deutsche employee was almost seven times larger than the regulator's second-biggest payout
Stefania Palma and Joshua Franklin - FT
US banks should be braced for a wave of whistleblower complaints after a record $200m award offered a reminder that regulators can pay to expose corporate wrongdoing. The payout to a former Deutsche Bank employee from the Commodity Futures Trading Commission will garner more attention and tips for the whistleblower programme that was established by the Dodd-Frank Act a decade ago, experts say.
/on.ft.com/3pOVAzw
Brokerages have snared legions of day traders but are the apps too easy to use? Regulators are worried that confetti, emojis and other attention-grabbing artifices might be dangerous
Madison Darbyshire - FT
Retail brokerages, riding high on a wave of memestock-loving day traders, have a dilemma: How do they keep newly minted customers on their apps without running foul of regulators worried that people are taking on risks they do not understand?
/on.ft.com/3pOWM5Y
Global Regulators Back Tougher Rules to Prevent Criminals From Using Crypto; New guidelines could spur more crypto firms to check their customers' identities and report suspicious transactions to regulators
Alexander Osipovich - WSJ
Cryptocurrency firms could be forced to take greater steps to combat money laundering under new guidelines released on Thursday by the Financial Action Task Force, an international body that coordinates government policy on illicit finance. The task force called on governments to broaden regulatory oversight of crypto firms and force more of them to take measures such as checking the identities of their customers and reporting suspicious transactions to regulators.
/on.wsj.com/3jJGpnB
China Trading Apps Tank After PBOC Official Calls Them 'Illegal'
Bloomberg News
China's largest cross-border online brokers plummeted in U.S. pre-market trading after a central bank official questioned the legitimacy of their operations amid Beijing's continuing crackdown on private enterprise. Cross-border internet brokers are engaged in "illegal financial activities" because they have no "driving licenses" to operate in China, something that's unrelated to the convertibility of China's capital account, Sun Tianqi, a senior PBOC official wrote in an article published on the website of Finance 40 Forum.
/bloom.bg/3jHqbeI
Crypto DeFi Firms May Need More Oversight, Global Watchdog Says
Olga Kharif - Bloomberg
New guidance calls for increased disclosure, gate keeping; The goal is to crack down on money laundering, terrorism
Crypto firms that offer stablecoins, blockchain-based decentralized finance apps and services supporting peer-to-peer transactions may be required to keep tabs on their users' identities and funds as a way of preventing money laundering and terrorism financing, a global watchdog said.
/bloom.bg/3nEyEQO
The Bitcoin ETF Race Is Over—and Also Just Beginning
Joel Weber and Eric Balchunas - Bloomberg
The quest for a bitcoin ETF has lasted more than eight years. Countless filings have ended in rejection. Then, finally, it happened—the SEC allowed a bitcoin ETF to come to market, albeit one that tracks futures as opposed to holding bitcoin. The unlikely winner of this race? ProShares, whose ETF $BITO broke all kinds of records for a new launch. Valkyrie's version, $BTF, was also approved.
/bloom.bg/3EnhBJH
What to Know About Buying Carbon Offsets; The purchases help consumers address climate change by seeking to ease the emissions impact from daily activities like travel and shopping
Veronica Dagher - WSJ
Some consumers might feel eco-guilt about the takeout containers they have been throwing away or the additional packages they have been shipping from Amazon. AMZN 0.49% Offsets are emerging as a way for people to mitigate the effects of shopping, shipping and travel.
/on.wsj.com/3BoR2Ce
CFTC Should Be Crypto's 'Primary Cop,' Acting Chairman Says
Nikhilesh De - Coindesk
The Commodity Futures Trading Commission (CFTC) is ready to be the main federal regulator for crypto, its acting head said Wednesday. Rostin Behnam, the acting chairman of the CFTC, told the Senate Agriculture Committee that the commodities regulator is ready to become the primary federal regulator for digital assets, should Congress expand the agency's remit.
/yhoo.it/3nzzzSv
Why SEC's Gensler is calling for more investor protections as DeFi blossoms
David Hollerith - Yahoo Finance
Decentralized finance (DeFi) — one of cryptocurrency's most booming frontiers — is "going to end poorly" unless protections are bolstered for those who invest, Securities and Exchange Commission Chair Gary Gensler told Yahoo Finance this week.
/yhoo.it/2ZB93Am
BlackRock's Hedge Fund Star Gets Paid More Than CEO Larry Fink; Alister Hibbert's fund is estimated to have earned almost half of the investment giant's record performance fees last year.
Nishant Kumar - Bloomberg
Meet Alister Hibbert, one of BlackRock Inc.'s best kept secrets. He's the money manager whose hedge fund has enriched the firm, its clients and himself with a near 370% gain over the past decade. Hibbert's name is rarely mentioned within the walls of the world's largest asset management firm, and many employees don't even know who he is. That's even after his fund single-handedly earned almost half of BlackRock's record performance fees last year, according to Bloomberg calculations.
/bloom.bg/3EqV7aK
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Cheap antidepressant shows promise treating early COVID-19
Carla K. Johnson - AP
A cheap antidepressant reduced the need for hospitalization among high-risk adults with COVID-19 in a study hunting for existing drugs that could be repurposed to treat coronavirus.
/yhoo.it/3pK2rdz
Generic Anti-Depressant Drug May Reduce Covid Hospitalizations
Deirdre Hipwell - Bloomberg
Fluvoxamine is used to treat mental health conditions; Its anti-inflammatory properties can help with virus: study
A generic and low-cost antidepressant appears able to reduce the risk that Covid-19 will land an infected patient in the hospital, according to a Brazilian study published in the Lancet Global Health journal.
/bloom.bg/3nySsFn
Hungary to Allow Firms to Mandate Covid Vaccine as Cases Surge
Zoltan Simon - Bloomberg
Grappling with surging coronavirus cases and a stalled vaccination program, Hungary allowed companies to force staff to get a Covid-19 vaccine as a condition of employment.
/bloom.bg/3nzrVrj
Japan Set to Approve Vaccine Booster Shots for All, Kyodo Says
Kanoko Matsuyama - Bloomberg
A panel of advisers to Japan's health ministry recommended making third Covid-19 booster shots available to everyone in the country who has already received two vaccine doses, Kyodo News reported, citing a meeting held on Thursday.
/bloom.bg/3GybdRN
Antidepressant Significantly Reduces Covid-19 Hospitalization; Patients who received the low-cost and widely available fluvoxamine were far less likely to be hospitalized in a clinical trial
Sarah Toy - WSJ
A widely available antidepressant holds promise as a treatment for Covid-19, according to a new study. Covid-19 patients who received fluvoxamine were significantly less likely to require hospitalization than those who didn't, in the largest clinical trial evaluating the antidepressant's effect on Covid-19 to date.
/on.wsj.com/3jNe6V4
1 In 5 Adults Still Reject Covid Vaccines, Poll Finds — Here Are The Biggest Groups Still Holding Out
Robert Hart - Forbes
One in five Americans said they would never get a Covid-19 shot (16%) or would only do so if required (4%), according to the Kaiser poll, conducted October 14-24 among 1,519 U.S. adults.
/bit.ly/3CtsPMk
What needs to be done after COVID vaccine boosters?
David Brancaccio and Daniel Shin - MarketPlace
COVID-19 vaccine boosters are slowly but methodically becoming another part of the U.S. pandemic response. The Centers for Disease Control recently approved use for people aged 65 and older and for immunocompromised adults. It's likely boosters will be approved for wide use in the months to come.
/bit.ly/3mlhh8c
Definition of 'fully vaccinated' could change, CDC chief says. Here's what that means
Kellie Hwang - San Francisco Chronicle
If you've received a two-dose course of the Moderna or Pfizer COVID vaccines, or a one-and-done Johnson & Johnson shot, you're considered by health officials to be fully vaccinated against the coronavirus. For now.
/bit.ly/3Bout0j
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Plans Micro Options on S&P 500 to Entice Day Traders
Joanna Ossinger - Bloomberg
Cboe Global Markets Inc. plans to launch a micro-sized S&P 500 options contract next year - dubbed 'nanos' - aimed squarely at the day-trading army.
/yhoo.it/3pJ8hfo
Tokyo Stock Exchange to Extend Trading Day by 30 Minutes
Gearoid Reidy and Min Jeong Lee - Bloomberg
The Tokyo Stock Exchange plans to extend the trading day by 30 minutes, the first change to cash equity trading hours in more than a decade.
The market would close at 3:30 p.m. local time if the proposed changes are implemented. The changes are planned at the same time as a large upgrade of its trading systems in the second half of the fiscal year ending March 2025, Japan Exchange Group Inc., which operates the exchange, said in a statement.
/bloom.bg/3jFutD8
Tokyo Stock Exchange to extend trading day; The last time closing times were extended was in 1954, when they changed from 14:00 to 15:00 local time.
Wesley Bray - The Trade
Following a system failure a year ago, the Tokyo Stock Exchange (TSE) plans to extend its trading day by 30 minutes. If the proposed extension goes ahead, it will be the first such change to cash equity trading hours in more than a decade. The last time closing times for the exchange were extended was in 1954, when they changed from 14:00 to 15:00 local time.
/bit.ly/3ml9Uxt
MiFID II/MiFIR: Transaction reporting according to Article 26 (5) MiFIR for non-MiFIR firms - Change of production launch date of the Regulatory Reporting Solution (RRS)
Eurex
The previously announced launch date for the new RRS in the production environment, 22 November 2021, will be postponed until Q1 2022. Further go-live details and next steps regarding the RRS will be announced in due course.
/bit.ly/3BoMn3c
MiFID II/MiFIR: Required action for the new Short Code regime starting 3 January 2022 and details on short code and algo ID uploads via the Common Upload Engine (CUE)
Eurex
Following a decree of the Hessian Exchange Supervisory Authority, published with Eurex circular 071/21, we would like to inform about required action with regards to the preparation of the new Short Code regime starting in January 2022.
/bit.ly/3w6ltMB
Intercontinental Exchange Approves Fourth Quarter Dividend of $0.33 per Share
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced today a $0.33 per share dividend for the fourth quarter of 2021, which is up 10% from the $0.30 per share dividend paid in the fourth quarter of 2020. The cash dividend is payable on December 31, 2021 to stockholders of record as of December 17, 2021. The ex-dividend date is December 16, 2021.
/bit.ly/3mkl2uH
Intercontinental Exchange Reports Strong Third Quarter 2021
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the third quarter of 2021. For the quarter ended September 30, 2021, consolidated net income attributable to ICE was $633 million on $1.8 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted earnings per share (EPS) were $1.12. Adjusted net income attributable to ICE was $735 million in the third quarter and adjusted diluted EPS were $1.30. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and free cash flow.
/bit.ly/2Zv1qLc
Cboe Options Exchange to List Three Long-Dated SPX Options Expirations, Beginning November 1, 2021
Cboe Global Markets, Inc.
Additional LEAPS® Options on S&P 500 Index offer expirations in December 2024, December 2025, December 2026; Aim; Optiver expected to serve as market maker, contribute to liquidity provision and client order flow
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced it plans to list additional LEAPS® (Long-Term Equity AnticiPation Securities) options on the S&P 500 Index (SPX) that offer expiration dates in December 2024, December 2025 and December 2026, respectively, on Cboe Option Exchange, beginning November 1, 2021.
/bit.ly/3bgN1oI
Cboe to Distribute Real-Time Data via AWS with Cboe Global Cloud
Cboe Global Markets, Inc.
In collaboration with Amazon Web Services (AWS), Cboe will launch a new real-time, cloud-based market data streaming service; Cboe Global Cloud aims to broaden access to Cboe data, while delivering efficiencies for customers; Real-time Cboe data will be directly accessible through AWS from multiple locations globally
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced the company is using Amazon Web Services, Inc. (AWS) to power Cboe Global Cloud - a new real-time, cloud-based market data streaming service that aims to optimize the efficiency and delivery of Cboe's data services for market participants globally, beginning November 1, 2021.
/bit.ly/3bmFKnr
The Intercity Football Club to start trading on BME Growth tomorrow, 29 October
BME-X
It is the first Spanish football team to list on a stock exchange; The company, which is the third to join BME Growth from the Pre-Market Environment, is the thirteenth company to list on this market so far this year.
The Board of Directors of BME Growth has approved the listing of INTERCITY, following a thorough review of all the information presented by the company and after the favourable assessment report on its listing issued by the Market Coordination and Admission Committee.
/bit.ly/3CqeUqe
Moscow Exchange increases stake in e-FX trading platform NTPro to 95%
Moscow Exchange
On 26 October 2021, Moscow Exchange completed the acquisition of a 65.5% stake in BierbaumPro AG which is 100% owner of NT Progress, the developer and owner of OTC FX trading platform NTPro. The transaction increased Moscow Exchange's ownership in BierbaumPro AG from 29.5% to 95%.
/bit.ly/3bjFdCQ
Yury Denisov re-elected Chairman of the Executive Board of Moscow Exchange through 2025
Moscow Exchange
On 27 October 2021, the Supervisory Board of Moscow Exchange approved the election of Yury Denisov as Chairman of the Moscow Exchange Executive Board from 13 May 2022 for an additional three-year term. Mr. Denisov's current term of office as Chairman of the Executive Board of Moscow Exchange is scheduled to expire on 12 May 2022.
/bit.ly/3BpeteH
HKEXVoice On The Uniqueness Of MSCI China A 50 Connect Index
Mondovisione
HKEX's new MSCI China A 50 Connect (USD) Index Futures got off to a great start in its first two weeks of trading. In this episode of HKEXVoice, MSCI Managing Director of APAC Index Solutions Research Dr. Zhen Wei discusses the uniqueness of the MSCI China A 50 Connect Index, how it is constructed, and why the sector-balanced approach in the index design is essential to reflect the broader China economy.
/bit.ly/3mlgiow
-- CME STP Notices: October 28, 2021 -- CME
-- EBS EBS Market Integration Notice 28 Oct 2021 -- CME
-- CME Globex Notices: October 25, 2021 -- CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Eventus wins Best Trade Surveillance Solution at RegTech Insight Awards APAC 2021
Third recognition in past five months for Validus platform in Asia-Pacific region
Eventus
Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, announced that the firm has just won the award for Best Trade Surveillance Solution in the RegTech Insight Awards APAC 2021. The honor marks the firm's third recognition in the past five months highlighting the strength of its Validus platform in the Asia-Pacific region.
/bit.ly/3mkjL6W
Sweden's Cint Group to Buy U.S. Analytics Firm for $1.1 Billion
Ott Ummelas - Bloomberg
Swedish market research firm Cint Group AB agreed to buy U.S. analytics company Lucid Holdings LLC for about $1.1 billion to expand its foothold in the digital survey market. Cint, which listed in Stockholm in February, will pay $580 million in cash and $470 million in shares for Lucid, it said in a statement on Wednesday. The deal is seen closing by the end of the year.
/bloom.bg/2ZtoLxv
Visa invests in Bay Area fintech Deserve that can quickly issue digital credit cards in minutes
Mark Calvey - San Francisco Business Times
San Francisco-based Visa invested an undisclosed sum in Deserve to expand the Palo Alto fintech's credit-card-as-a-service that allows financial institutions, fintechs and others to issue digital cards within minutes. Founded in 2013, Deserve's investor base also includes Mastercard (NYSE: MA), Accel, Sallie Mae (NASDAQ: SLM), Goldman Sachs Asset Management (NYSE: GS), Mission Holdings and Ally Financial (NYSE: ALLY). "We're transforming credit cards into software that lives on mobile devices not in wallets," said Kalpesh Kapadia, Deserve's co-founder and CEO.
/bit.ly/31367wF
Opinion: Robinhood might have actually democratized finance, but it's killing Robinhood
Thornton McEnery - MarketWatch
As the company's founders have told the public over and over again for the last few years, the ultimate goal of Robinhood HOOD, -10.44% has always been to "democratize finance." That lofty goal created a company that attracted more than 30 million users at its height, forced the brokerage industry to adapt to its zero-commission business model, and allowed it to go public at a $32 billion valuation.
/on.mktw.net/3ny0RsI
Paytm to Seek $20 Billion Valuation in Upsized India IPO
Saritha Rai - Bloomberg
Indian digital payments company Paytm is seeking a valuation of about $20 billion when it opens its initial public offering next month, according to people familiar with the matter.
/yhoo.it/3Eis49t
India's first official cryptocurrency scout says the ecosystem has now come of age
Mimansa Verma - Quartz
The Indian government may be warming up to blockchain technology and even a central bank digital currency (CBDC), but private virtual currencies still stand no chance. Once global central banks launch their own digital currencies, most private ones will disappear, according to Subhash Chandra Garg, former finance secretary of India.
/bit.ly/3nvbkEY
China to Release National Blockchain Standard Next Year, Says Official: Report
Eliza Gkritsi - Coindesk
China's technology standardization body will issue a national standard for blockchain next year, said an official from the China Electronics Standardization Institute, according to news site Chuanguan.
/yhoo.it/3EpTE4B
How Brazil's Nubank became a $30bn fintech; Proposed New York listing of online lender and darling of country's booming start-up scene will bring greater scrutiny
Michael Pooler - FT
Backed by legendary investor Warren Buffett, with more than 40m customers and Brazil's biggest pop star on its board, Nubank is on the rise. After hitting a $30bn valuation in a funding round earlier this year, the Latin American start-up on Wednesday filed for an initial public offering in the US that could seal its place among the world's hottest financial technology companies.
/on.ft.com/3jKFOlm
Invesco becomes latest asset manager to join new data sharing network Glimpse Markets; Ahead of its launch early next year, the transaction data network for bond markets, is attracting growing buy-side interest.
Annabel Smith - The Trade
Investment manager Invesco has become the latest buy-side institution to join data sharing network Glimpse Markets. Invesco joins other recent buy-side recruits Columbia Threadneedle, Carmignac and Quoniam who also joined the network in the last few months.
/bit.ly/3bgJCGs
LiquidityBook Launches New Trade Match Product; The addition of LiquidityBook's FIX-based trade matching engine solidifies the technology provider's flagship LBX platform as a truly comprehensive solution
LiquidityBook
LiquidityBook, a leading provider of cloud-native buy- and sell-side trading solutions, today announced the launch of its highly anticipated LBX Trade Match product.
/yhoo.it/3mmqDRa
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| Cybersecurity | | Top stories for cybersecurity | Ransomware gang says it hacked National Rifle Association, posts docs
Associated Press
A ransomware gang believed to operate out of Russia says it hacked the National Rifle Association, the most powerful gun-rights group in the United States.
/yhoo.it/3biQjb6
Ransomware Hackers Freeze Millions in Papua New Guinea Aid Cash
Jamie Tarabay - Bloomberg
The government's payment system has been locked by hackers; Attackers demand payment from nation hard hit by Covid-19
Papua New Guinea's finance department has been hit with a ransomware attack, locking access to hundreds of millions of dollars in foreign aid money, according to people familiar with the situation.
/bloom.bg/3GvRDG3
ECB announces members of digital euro advisory group
Teuta Franjkovic - Coin Rivet
The European Central Bank (ECB) announced 30 senior members of the Market Advisory Group who will be in charge of the digital euro project creation. The Eurosystem's High-Level Task Force on Central Bank Digital Currency called for expressions of interest already on July 14, following the Governing Council's approval of the digital euro project investigation phase.
/yhoo.it/3Gy2gb6
Cybersecurity Firm Dragos Nears $2 Billion Value After Funding
Clara Molot - Bloomberg
Koch Industries and a BlackRock fund co-led the financing; Dragos focuses on the security of industrial control systems
Cybersecurity startup Dragos Inc. has raised a $200 million funding round co-led by a BlackRock Inc. fund and Koch Industries Inc., an investment that gives the cybersecurity startup a nearly $2 billion valuation.
/bloom.bg/31eL9eB
Blinken formally announces new State Department cyber bureau
Maggie Miller - The Hill
Secretary of State Antony Blinken on Wednesday formally announced the establishment of a new cyber bureau at the State Department to help tackle cyber and emerging technology diplomatic issues.
The new Bureau of Cyberspace and Digital Policy was announced by Blinken as part of a speech around the reorganization and modernization of the State Department to meet 21st century needs, with Blinken noting he consulted with Congress and outside experts prior to establishing the office.
/bit.ly/3pLC9rp
Bringing Cybersecurity To The Forefront Of The Boardroom
Danny Lopez - Forbes
Sales, marketing, human resources, IT, accounting and finance are traditionally considered the key pillars of every business. They are revered as the "moneymakers" — the things that help keep companies afloat and intact. These are the departments that leaders have no problem talking about and supporting monetarily, while cybersecurity often goes undiscussed — the important yet uncomfortable elephant in the room.
/bit.ly/3Grx0Lb
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto wallet Coinbase goes offline, leaving customers unable to trade
Felicia Hou - Fortune
Cryptocurrency wallet Coinbase suffered an outage on Wednesday, preventing many users from trading digital tokens like Bitcoin, Dogecoin, and fast-rising Shiba Inu. Customers who visited the site in the afternoon reported they were unable to reach Coinbase and its professional-level service Coinbase Pro online. An error message blamed "connection issues" and reassured users that their funds were safe.
/yhoo.it/2ZtpgYp
Direxion Files for Short Bitcoin Futures ETF
Nikhilesh De, Danny Nelson - Coindesk
Exchange-traded fund (ETF) issuer Direxion wants to short the price of a bitcoin futures contract. According to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, the Direxion Bitcoin Strategy Bear ETF will maintain short exposure to bitcoin futures contracts issued by the Chicago Mercantile Exchange. The product won't directly invest in bitcoin.
/yhoo.it/3jIznzw
Robinhood users clamor app to add Shiba Inu
Ines Ferré - Yahoo Finance
Robinhood (HOOD) customers have been clamoring for the investing app to add Shiba Inu (SHIB-USD), the newest meme coin which hit all time highs on Thursday. A change.org petition with over 300,000 signatures is asking Robinhood to list the SHIB token, as it's known. Judging by the meme coin's popularity, Robinhood knows listing it would likely bring in new accounts. But the company appears to be treading carefully around new meme assets — one of the drivers for its success in the past.
/yhoo.it/3pI0IW2
Citigroup CEO: Digital currencies deliver 'very tangible benefits'
Max Zahn with Andy Serwer - Yahoo Finance
Despite signs of adoption from financial firms like Mastercard (MA) and US Bank (USB), cryptocurrency remains in the crosshairs of top bankers and regulators. JPMorgan Chase (JPM) CEO Jamie Dimon called bitcoin "worthless" earlier this month, and Securities and Exchange Commission Chairman Gary Gensler has indicated a desire to regulate an asset class he describes as the "wild west."
/yhoo.it/3Gr21yF
A Crypto Whisperer on How Regulators Toss Retail Into the Deep End
Will Gottsegen - Coindesk
The big crypto story last week was the U.S. Securities and Exchange Commission (SEC) approving a bitcoin futures ETF. For the uninitiated, ETFs are exchange-traded funds: investment vehicles that track the performance of an underlying asset. For years, crypto companies have been trying to set up a bitcoin ETF, which would allow traders exposure to crypto via non-crypto exchanges. A bitcoin futures ETF, though, comes with some caveats, one of which is the concept of "contango." Detractors say it keeps things expensive and inaccessible to the traders it's purportedly trying to reach.
/yhoo.it/3Ep2M9t
El Salvador 'Buys the Dip' and Acquires Another 420 Bitcoins
Matthew Bristow - Bloomberg
El Salvador bought another 420 Bitcoins to take advantage of its recent price drop, President Nayib Bukele said in a post on Twitter. The country has bought a total of 1,100 of the coins since Bukele announced the first purchases on Sept. 6.
/bloom.bg/3EqeAIQ
Crypto Miners ETF Debuts in Australia Amid Global Product Wave
Andreea Papuc - Bloomberg
An exchange-traded fund tracking cryptocurrency miners and infrastructure providers debuts in Australia on Thursday, the latest in a global flurry of digital-asset products.
/bloom.bg/31bHCO3
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| Politics | | An overview of politics as it relates to the financial markets | Crypto body lobbies US on stablecoin push: 'It's really important we get this right'
Jennifer Schonberger - Yahoo Finance
As the cryptocurrency world awaits the Biden administration's proposals for how to regulate stablecoins, one of the industry's biggest lobbying groups is out with a wish list of what regulation should look like.
/yhoo.it/2ZrxYX7
Biden's banking watchdog pick once called finance 'a quintessential a—hole industry'
Nicole Lyn Pesce - MarketWatch
Biden's banking watchdog pick once called finance 'a quintessential a—hole industry'
Saule Omarova, nominated to serve as comptroller of the currency, has come under fire for her Wall Street criticism — and for having studied at Moscow State.
/yhoo.it/3EndA85
CEOs Say They're Wary of Speaking Up About Every Political Issue; Executives met virtually for two days at the Bloomberg Equality Summit.
Jeff Green, Simone Silvan, and Sarah McBride - Bloomberg
Now, more than ever, corporate leaders are expected to respond to political issues affecting their employees and customers. Executives at the Bloomberg Equality Summit this week didn't think that was always the best idea.
/bloom.bg/3nDKvPe
Denmark's Mink Cull Probe Zeroes In on PM's Deleted Texts
Morten Buttler - Bloomberg
Denmark's Prime Minister Mette Frederiksen and her senior staff members have been asked to restore deleted text messages as part of the parliamentary probe into the government's decision to cull all of the country's mink last year.
/bloom.bg/3Es6SxB
Oil Executives to Face Congress on Climate Disinformation; The heads of Exxon Mobil, Shell, Chevron and BP will testify Thursday in the first congressional inquiry into industry efforts to hinder action on climate change.
Hiroko Tabuchi and Lisa Friedman - NY Times
Executives of some of the world's biggest oil and gas companies — Exxon Mobil, Chevron, BP and Shell — are set to appear before a congressional committee Thursday to address accusations that the industry spent millions of dollars to wage a decades-long disinformation campaign to cast doubt on the science of climate change and to derail action to reduce emissions from burning fossil fuels.
/nyti.ms/2Zt6Oie
The 2009 financial crisis taught us hard lessons. Have Democrats learned them?
David Sirota and Alex Gibney - The Guardian
Afirst-term Democratic president with a majority in Congress and an uncompromising Republican opposition. A country disillusioned by a previous administration's corruption and mismanagement. A working class traumatized by an economic downturn. An establishment calling not for aggressiveness and boldness, but for half measures and compromise.
/bit.ly/3vQMmUx
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Ex-Barclays Banker Azar Sees More SPAC Scrutiny After Crackdown
Nicolas Parasie -Bloomberg
Former Barclays Plc banker Makram Azar, who listed his special-purpose acquisition company last year to scout for European tech unicorns, warned SPACs could come under yet more scrutiny by U.S. regulators after a crackdown earlier this year cooled off the market.
/yhoo.it/3En5D30
Episode 15: Crypto and Derivatives
ISDA
Crypto assets are growing at a rapid pace, with increasing interest from institutional investors, which is driving renewed focus on developing robust standards and legal foundations. Former CFTC chairman J. Christopher Giancarlo talks to ISDA CEO Scott O'Malia.
/bit.ly/30WOe2u
EU says more time needed to put in place bank capital rules; Brussels delays until 2025 the implementation of final phase of Basel III reforms
Sam Fleming - FT
Brussels has defended its decision to grant European banks more time to implement new rules on bank capital, saying supervisors need longer to prepare while lenders focus on financing the post-pandemic recovery.
/on.ft.com/3nG0I6B
Post-SPAC Music Streaming Company Reaches $38.8 Million Settlement in Ongoing Fraud Action
SEC
The Securities and Exchange Commission today announced a $38.8 million settlement of charges against Akazoo S.A., a purported music streaming business based in Greece, for allegedly defrauding investors out of tens of millions of dollars in connection with a 2019 special purpose acquisition company (SPAC) business combination. Akazoo's assets were previously frozen as the result of an emergency action filed by the SEC in September 2020.
/bit.ly/3CosZoh
CFTC Charges New Jersey Resident and His Company with Fraudulent Solicitation, Misappropriation, and Violating Consent Order
SEC
The Commodity Futures Trading Commission announced today that it has filed a civil enforcement action in the U.S. District Court for the District of New Jersey against Swapnil Rege and his company SwapStar Capital LLC (SwapStar), charging the defendants with fraudulent solicitation and misappropriation, and Rege with violating a prior CFTC consent order that, among other things, barred him from trading commodity interests for at least three years. [See CFTC Press Release No. 7979-19] The action also names Reema Rege, Swapnil Rege's spouse, as a relief defendant.
/bit.ly/2XRJfir
Joint statement by the FCA, PRA, TPR and FRC on the publication of Climate Change Adaptation Reports
UK FCA
As UK financial regulators, we are focused on making sure that the risks from climate change and the opportunities from the transition to a net-zero economy are being identified and proactively managed across the financial sector. Doing so creates opportunities for UK companies and consumers, as well as helping address climate change.
/bit.ly/3BiHKrb
ESMA Addresses Investment Recommendations Made On Social Media Platforms
MondoVisione
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, issued today a Public Statement on investment recommendations made on social media. ESMA makes clear what investment recommendations are, how to post them on social media platforms and what the consequences of possible breaches of the EU Market Abuse Regulation can be.
/bit.ly/3CqzkPR
Decision Of The German Federal Court Of Justice Regarding Changes To General Terms And Conditions: BaFin Expects Fair And Transparent Implementation
Mondovisione
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) expects credit institutions to comply with the decision of the German Federal Court of Justice (Bundesgerichtshof - BGH) on invalid fee adjustments and to take all the necessary steps without delay; in doing so, they are to deal fairly with their customers. BaFin released a supervisory statement (only available in German) on the issue today. The BGH had ruled on 27 April 2021 that if a bank's general terms and conditions deemed the customer's consent to changes to the terms and conditions to have been given, without any restrictions as to the content of such changes, and thus also to changes to fees, such terms were invalid (file reference XI ZR 26/20).
/bit.ly/3w6wopz
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Ex-Noble Gas Trader Doubles Credit Line as Market Whipsaws; Six One Commodities expands credit facility to $540 million
Naureen S Malik -Bloomberg
The commodities firm led by ex-Noble Group trader Ben Sutton more than doubled its credit facility as it braces for massive natural gas price swings this winter after expanding its trading in the fuel.
/bloom.bg/3jLK5oH
Bond Trading Evolves From 'Relationship' to 'Experience' Business
Markets Media
U.S. Treasury market was historically one of the more clubby markets, wherein institutional traders transacted via telephone with a limited network of cohorts who they liked, trusted, and at least occasionally met for drinks or dinner.
/bit.ly/3GsryYf
Traders bet ethereum will benefit from ETF boost in 2022; Buying interest in options tracking cryptocurrency 'exploded' after launch of bitcoin exchange traded fund
Eva Szalay - FT
Traders are positioning for a surge in ethereum prices, betting that Wall Street's top securities regulator will next year give the go-ahead for a US exchange traded fund tracking the world's second-biggest cryptocurrency.
/on.ft.com/3nBbrz9
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | G-20 Leaders Have a Chance to Usher in the End of Coal; An agreement to stop funding plants abroad could reduce carbon dioxide emissions by 230 million tons a year, according to Global Energy Monitor.
Jess Shankleman - Blomberg
Group of 20 countries could make a deal to end the financing of international coal projects this week in Rome, marking the biggest step governments have taken collectively to phase out the dirtiest fossil fuel.
/bloom.bg/3EEFnBp
COP26: India's coal habit proves hard to kick despite pressure to set climate targets; Soaring energy demands in the country of 1.4bn leave little room to phase out its dependence on the fossil fuel
Benjamin Parkin - FT
The bone-rattling roars of nearby explosions rip through the air, shaking the ground and sending cracks up the walls of Dhan Kunwar's brick-and-mud house. A few minutes' walk away, her village gives way to the source of this daily cacophony: the opencast Gevra mine complex in central India's Chhattisgarh state, one of the world's largest coal pits. Police with long guns and military fatigues patrol the lip of the mine to protect the facilities.
/on.ft.com/3GsU0JF
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Al Gore teams with Goldman Sachs, Microsoft, and Harvard on a climate asset fund
Katherine Dunn - Fortune
Al Gore's investment management firm will launch a new climate-focused asset fund ahead of COP26, the global climate conference that begins next week. Just Climate was launched by Generation Investment Management, a London- and San Francisco - based investment firm founded in 2004. Gore is chairman of Generation; founding partner David Blood, a former CEO of Goldman Sachs Asset Management, will serve as chair of Just Climate.
/yhoo.it/3Guwk7O
Activist fund Third Point calls for break-up of Shell; Group led by Daniel Loeb accuses oil supermajor of 'incoherent' strategies
Ortenca Aliaj, Derek Brower and Myles McCormick and Justin Jacobs - FT
Royal Dutch Shell is under pressure to break itself up after the activist hedge fund Third Point built a large stake and accused the oil supermajor of being bogged down by an incoherent strategy.
/on.ft.com/3GuQzCd
Shell Argues Against Activist Investor's Call to Split; Oil giant, like others, is grappling with competing demands from shareholders over how to play the energy transition
Sarah McFarlane - WSJ
The chief executive of Royal Dutch Shell RDS.A 2.27% PLC defended the energy giant's business model on Thursday, a day after activist investor Third Point LLC called for the breakup of the company to improve its environmental and financial performances.
/on.wsj.com/31bMzX9
T. Rowe Price to Buy Debt-Investment Firm Oak Hill Advisors in $4.2 Billion Deal; Many money managers have recently made acquisitions to help their bottom line with new products or scale
Dawn Lim and Justin Baer - WSJ
Money manager T. Rowe Price TROW -2.56% Group Inc. agreed to buy Oak Hill Advisors for as much as $4.2 billion to enter the private-debt investing business, people familiar with the matter said. Oak Hill has been an active player in distressed-debt deals for decades, and last year provided rescue financing to companies whose businesses were ravaged by the coronavirus pandemic.
/on.wsj.com/3pLQAeU
Sell-side firms are failing to meet growing buy-side demand for multi-asset support, study finds; Research from Firebrand found that only 14% of sell-side firms have a single system for processing different asset classes; far too little to meet buy-side demands.
Wesley Bray - The Trade
Multi-asset strategies have gained momentum and appear to be here to stay, but the ever-increasing pool of asset types continues to place a strain on sell-side firms to keep pace with changing market dynamics. Research from Firebrand found that only 14% of respondent firms have a single system for processing different asset classes (equities, fixed income, FX, crypto, real estate, commodities), while the remainder have silos by asset class and geography.
/bit.ly/2ZzTrNi
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Thailand Retail Giant Pilots Cryptocurrency Coin for Its Malls
Prim Chuwiruch - Bloomberg
Thailand's biggest shopping center developer, Central Retail Corp., is piloting a digital currency among its employees with plans to expand the offering to customers and the public once the so-called sandbox phase is complete.
/bloom.bg/31bHYEn
Evergrande's Next Bond Deadline Nears With Contagion Risk Rising
Rebecca Choong Wilkins - Bloomberg
Firm faces $45.2 million interest originally due Sept. 29; Dollar bonds still distressed on expectations of restructuring
China Evergrande Group's next bond payment deadline is fast approaching as investors scrutinize the developer for clues on the severity of a cash crunch that's eroding confidence in other highly indebted peers.
/bloom.bg/3EuSjcZ
Trafigura, Zimbabwe's 'Queen Bee', and the question of a South African fuel trader; FT Alphaville follows a trail of pollen to South Africa.
Joseph Cotterill - FT
Trafigura is backing a South African fuel company that had ties to a US-sanctioned Zimbabwean businessman, more than a year after the global commodity trader officially said it cut links with him, fuel industry players said
/on.ft.com/3pHUAxa
Evergrande Crisis All But Shuts Bond Market for China's Junk Borrowers; Dollar issuance is likely to struggle into next year, raising refinancing risks
Frances Yoon - WSJ
Junk-bond issuance by China's riskier companies has nearly ground to a halt, creating more challenges for the country's real-estate developers that need to roll over more than $40 billion in dollar debt by the end of next year.
/on.wsj.com/3pPpzr5
China Hurries to Burn More Coal, Putting Climate Goals at Risk; Faced with electricity shortages, the country is racing to expand mining despite risks to the environment, miner safety and the economy.
Keith Bradsher - NY Times
Desperate to meet its electricity needs, China is opening up new coal production exceeding what all of Western Europe mines in a year, at a tremendous cost to the global effort to fight climate change.
/nyti.ms/3Gxidi3
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