| March 30, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2023 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Happy confirmation anniversary to CFTC Commissioners Kristin Johnson, Christy Goldsmith Romero, Summer Mersinger, and Caroline Pham, who on March 30, 2022 were unanimously confirmed by the United States Senate. This was a historic event, "marking the first time that a majority of the serving CFTC Commissioners are women and the appointment of the second African-American woman to the Commission."
Cboe Global Markets announced on LinkedIn that "Throughout the month of April, Cboe FX will be donating a portion of its trading revenues to UNICEF to support the relief efforts of the recent earthquake that affected Turkey and Syria."
EEX CEO Peter Reitz has a very cool tradition of taking new employees out to lunch.
As part of Women's History Month, the New York Stock Exchange hosted Peak6's Jennifer Just and interviewed her in a video titled "Jenny Just at the NYSE."
The Financial Times is reporting that the hedge fund Citadel is returning to Japan and will open a Tokyo office for the first time since the financial crisis. Citadel is applying for licenses to operate in Japan, the story says.
In the FIA's recently released volume numbers by region, the Asia Pacific region as of February saw volume grow by 69.6% year on year, compared to North America growing just 4.8%. It is no surprise that Citadel wants to be where the action is. It is just surprising it took them this long to get back to Tokyo.
The FT is also reporting that London has lost its lead as the global financial center, coming into a tie with New York, according to research by the City of London.
Russia has arrested a Wall Street Journal reporter on spying charges in the first case of a U.S. correspondent put behind bars since the Cold War, the Associated Press reported.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
The United Nations has declared March 30 the International Day of Zero Waste. The day promotes sustainable consumption and production, supports the societal shift towards circularity and raises awareness about how zero-waste initiatives advance the 2030 Agenda for Sustainable Development. You can learn more here. Follow the hashtag #ZeroWasteDay on social media.~SAED
The UN-convened Net Zero Asset Owner Alliance has published its Position on the Oil and Gas Sector. A product of the United Nations Environment Programme Finance (UNEPFI) and PRI, the position expresses expectations for transitioning away from oil and gas combustion for investors, companies, and policymakers and includes clear requirements for members and others to incorporate into their internal policies. You can download a copy here.~SAED
++++
Gain Small-Cap Exposure with Options on the Russell 2000 Index
Learn why small-cap indexes like the Russell 2000 have historically outperformed large-cap counterparts, and how an options strategy can help you manage your risk while expressing an opinion on the index.
++++
Euronext Chairman and CEO Stephane Boujnah Tells Euronext Success Story to JLN
JohnLothianNews.com
Stephane Boujnah was interviewed by John Lothian News at the FIA International Futures Conference in Boca Raton, FL about Euronext and its success. JLN asked him what were the most significant reasons for Euronext's success. JLN asked him how he juggles all the cultures of Euronext with offices around the world. And JLN asked Boujnah how 2023 was shaping up for Euronext.
Watch the video »'
++++
'Degenerate Gambling' in Zero-Day Options Thrills Retail Traders; Speculative options are exploding, opening more everyday investors to a side of trading some compare to gambling.
Claire Ballentine and Charlie Wells - Bloomberg
They've become a high-speed, high-risk, high-reward tool in turbulent markets: Options with shelf lives so short they expire in less than a day. For big investors, these derivatives - "zero-day-to-expiry" options, or 0DTE for short - offer a way to hedge short-term risk in an era when the market flip-flops daily. That's in theory. In practice, success is far from certain, and even some Wall Street pros don't fully understand them.
/jlne.ws/3Zl5cAg
****** Futures and options trading have always had reputational issues related to the perception that they are gambling. It took years of academic research and lobbying to overcome this perception in the U.S. Congress and other legislative venues around the world. This is one reason I despise the use of gambling language by journalists to describe the markets. When they say traders are "betting" or make "bets" it does a disservice to the markets and us all.~JJL
++++
A $140,000-a-Month Apartment Lets You Live Like a Rich New Yorker-for 30 Days at a Time, at Least
Jessica Flint - The Wall Street Journal
The owners of New York private members club Fasano Fifth Avenue opened in spring 2021 with 12 fully furnished luxury rental residences on Manhattan's Upper East Side, aiming to meet a demand for bookings of 30 to 60 days. The new business didn't turn out as planned. Some guests checked in for a stay of a month or two but ended up staying for a year to 18 months and more. "The demand has been delightfully surprising," says Gero Fasano, founder of upscale Brazilian lodging and dining company Fasano Group.
/jlne.ws/42OT11w
***** I could stay for 18 months, but I would have to skip on the bill.~JJL
++++
The Triumph of UBS Is Also the Humbling of Swiss Banking; After the fall of Credit Suisse and its hastily arranged merger with its rival-and the return of former UBS chief Sergio Ermotti-Switzerland sees just one big winner and a lot of losers.
Hugo Miller and Jan-Henrik Foerster - Bloomberg
Marcel Ospel, the Swiss banker dubbed "Herr der UBS," or "Master of UBS," by his biographer, had a story about what happens when the mighty fall. He built UBS Group AG into a global behemoth, and became one of the leading financial figures of his time, only to see the bank come close to collapse during the 2008 financial crisis.
/rb.gy/nw12
*****OK, so Switzerland lost its banking mystique, it still has chocolate and cow bells going for it. ~JJL
++++
Wednesday's Top Three
Our top clicked item on Wednesday was CME Group's Terry Duffy Reflects On Career, CME Civic Leadership And Dreams For Exchange Group, a John Lothian News video interview conducted at FIA Boca. Second was the Core Principles from The Global Digital Asset & Cryptocurrency Association. Third was the jobs page from Peak6.
++++
MarketsWiki Stats
27,268 pages; 243,961 edits
MarketsWiki Statistics
++++
|
| | | |
| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
| | | Jeff Bergstrom
Editor
| | |
|
| |
|
|
| Lead Stories | Crypto Giant Binance Offered Perks to 'Flash Boys,' Regulator's Lawsuit Says; CFTC says exchange allowed U.S.-based trading firms to access its international derivatives market, circumventing ban on Americans
Alexander Osipovich - The Wall Street Journal
A regulator's lawsuit against crypto exchange Binance Holdings Ltd. has shed light on the secretive role of high-frequency traders in crypto and how Binance sought to curry favor with such big-ticket customers. The Commodity Futures Trading Commission's lawsuit, filed Monday, shows that Binance ran a "VIP" program for big trading firms that gave them various perks including slightly faster access to the exchange's core systems than other customers enjoyed.
/rb.gy/j67w
A $3 Trillion Threat to Global Financial Markets Looms in Japan
Ruth Carson, Masaki Kondo and Michael Mackenzie - Bloomberg
Bank of Japan Governor Haruhiko Kuroda changed the course of global markets when he unleashed a $3.4 trillion firehose of Japanese cash on the investment world. Now Kazuo Ueda is likely to dismantle his legacy, setting the stage for a flow reversal that risks sending shockwaves through the global economy. Just over a week before a momentous leadership change at the BOJ, investors are gearing up for the seemingly inevitable end to a decade of ultra-low interest rates that punished domestic savers and sent a wall of money overseas.
/jlne.ws/40pYIl5
CFTC Charges Against Binance Highlight Role of Former Compliance Chief; Regulator alleges Samuel Lim helped set policies intended to help customers circumvent cryptocurrency firm's compliance controls
Mengqi Sun - The Wall Street Journal
The suit by U.S. regulators against Binance Holdings Ltd. focuses in large part on the work of the cryptocurrency exchange's former chief compliance officer, alleging he willfully aided and abetted the firm in evading U.S. laws. Samuel Lim, Binance's compliance chief between 2018 and 2022, faces civil charges of undermining Binance's compliance program and conducting activities to evade rules designed to prevent illicit financial activity, the Commodity Futures Trading Commission said Monday.
/rb.gy/0ost
Janet Yellen Says Bank Deregulation May Have Gone Too Far
Christopher Condon - Bloomberg
Treasury Secretary Janet Yellen warned that deregulatory efforts that watered down some post-2008 reforms may have gone too far and contributed to the recent banking crisis. "These events remind us of the urgent need to complete unfinished business: to finalize post-crisis reforms, consider whether deregulation may have gone too far and repair the cracks in the regulatory perimeter that the recent shocks have revealed," Yellen said in the text of a speech she's scheduled to deliver Thursday afternoon.
/rb.gy/9d9x
The World's Most Important Oil Price Is About to Change for Good
Sharon Cho, Alex Longley and Lucia Kassai - Bloomberg
After years of wrangling, the world's most important oil price is about to be transformed for good, allowing crude supplies from west Texas to help determine the price of millions of barrels a day of petroleum transactions. The shift is because the existing benchmark, Dated Brent, is slowly running out of tradable oil for it to remain reliable. As such, its publisher S&P Global Commodity Insights - better known by traders as Platts - has been forced to make a dramatic overhaul.
/rb.gy/x865
US regulator sues Beaxy in expanded crypto crackdown, as platform shuts down
Chris Prentice and Jonathan Stempel - Reuters
The U.S. Securities and Exchange Commission (SEC) charged crypto firm Beaxy.com and several executives for registration failures on Wednesday, expanding regulators' push to rein in the industry.
/rb.gy/xrms
LME launches sweeping plan to revive nickel contract
Eric Onstad - Reuters
The London Metal Exchange (LME) on Thursday announced measures to revive its nickel contract after last year's trading chaos while also launching a consultation on moves to boost liquidity in electronic trading. The world's largest and oldest metals trading venue plans to work with China's Qianhai Mercantile Exchange, also owned by Hong Kong Exchange and Clearing 0388.HK, to launch a new, lower-grade nickel contract.
/tinyurl.com/3bkj84x2
SVB's Collapse Shows the World's Favorite Safe Asset Isn't Risk-Free; US Treasuries came back to haunt investors and bankers who ignored the basics of interest-rate risk-and there could be more surprises in store.
Liz McCormick, Ben Holland and Edward Harrison - Bloomberg
Look deeper into the latest US banking crisis, and the cause may come as a surprise to anyone still thinking in terms of the crash of 2008. It wasn't dodgy loans to impecunious homebuyers that sank Silicon Valley Bank. It was a stash of what are thought to be the safest securities on Earth: US Treasuries. Those loans to the government were, of course, entirely safe in a very important sense.
/jlne.ws/3KfYNC1
Swiss Bankers Forgot They're Meant to Be Boring; Life got a little too exciting at Credit Suisse.
Matthew Brooker - Bloomberg
May you live in interesting times. Whoever coined the apocryphal saying, usually attributed incorrectly to China, clearly wasn't a banking regulator. History shows that economies tend to be more stable and crisis-resistant when the world of finance is kept intentionally dull. The crisis that has spread from US regional lenders to Credit Suisse Group AG and even sent tremors through Deutsche Bank AG is a sign of how far the world is from that nirvana of tedium. We are living in very interesting times indeed.
/rb.gy/266x
Citizens Financial Unit Investigated for Sales of Savings Product Controlled by Troubled Financier Greg Lindberg
Mark Maremont and Leslie Scism - The Wall Street Journal
Massachusetts securities regulators said they are investigating a unit of Citizens Financial Group Inc. over its sales of a savings product offered by an insurer controlled by now-indicted financier Greg Lindberg. News of the probe follows an article published this week in The Wall Street Journal, which reported that tens of thousands of people, many of them retirees, had a total of $2.2 billion of their money frozen since 2019 amid the implosion of Mr. Lindberg's insurance empire.
/jlne.ws/3TURvGZ
Crypto Exchange Gemini Looking to Launch Overseas Derivatives Operation: The Information
Helene Braun - CoinDesk
The U.S.-based crypto exchange Gemini founded by Cameron and Tyler Winklevoss is reportedly looking to launch an international cryptocurrency derivatives exchange, The Information reported. The platform would specifically offer perpetual futures, a type of derivative that is banned in the U.S. for retail traders as it doesn't have an expiration date and can be traded with sizable leverage, and is therefore considered a highly risky product.
/jlne.ws/3JQvh4q
Keynote speech from LSEG's Julia Hogget - Celebrating Women in Trading and Investment; Last week, The TRADE hosted an event in partnership with LSEG to celebrate women in trading and investment, as well as 50 years since women entered the London trading floor. Watch Julia Hogget, chief executive officer at LSEG, deliver her keynote speech now!
Wesley Bray - The Trade
On 23 March, The TRADE was proud to host an event in partnership with the London Stock Exchange Group (LSEG) to celebrate women in trading and investment, while also highlighting the ongoing push for improved diversity within the industry.
/rb.gy/x3ap
SVB's collapse was fueled by 'people on iPhones' and won't spread across the US banking sector, Blackstone CEO says
George Glover - Business Insider
/rb.gy/07i8
Small Banks Are Losing to Big Banks. Their Customers Are About to Feel It; Banks too big to fail are gaining deposits: 'How can I compete for new business with that big enchilada out there?'
David Benoit, Rachel Louise Ensign, Peter Rudegeair and Ruth Simon
/rb.gy/lx9v
Deutsche Bank Selloff Focuses Attention on Credit-Default Swap Market; The cost of insuring the German bank's debt against default surged last week
Anna Hirtenstein and Patricia Kowsmann - The Wall Street Journal
/rb.gy/k8a5
Blackstone's Schwarzman Says US Banking Crisis Is 'Solvable'; Stems from mobile phones and rising savings after pandemic; Draws distinction with finance firms that don't take deposits
Hideyuki Sano and Takako Taniguchi - Bloomberg
/rb.gy/eidj
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | The Only Realistic Answer to Putin; Russia's unprovoked invasion is impossible to justify. Now is not the time to relent in helping Ukraine.
David J. Kramer, John Herbst, and William Taylor - The Atlantic
Russia's unprovoked invasion of Ukraine last year and, for that matter, its first invasion of its neighbor eight years before are impossible to justify. Russian President Vladimir Putin is trying to convince his public that this war is existential, but with little success. Russia's existence as a strong, sovereign state is not dependent on its control of Ukraine or even parts of the Donbas or Crimea.
/jlne.ws/3G3YurH
Ukraine grain glut hits agribusiness in neighbouring countries; Romanian and Polish farmers criticise 'derisory' EU compensation and politicians call for higher offer
Stephen McGrath and Barbara Erling - Financial Times
Ukraine's tariff-free access to the EU has caused a grain glut in neighbouring countries, tanking the regional agricultural sector and leading to complaints that Brussels is paying farmers too little compensation. After Russia invaded Ukraine last year, the EU scrapped customs duties and quotas on Ukrainian grain imports and rerouted some of the shipments Russia was blocking in Black Sea ports via Polish and Romanian roads and railway networks. But the cheap Ukrainian grain suddenly available in those markets has undercut local producers.
/jlne.ws/3Kh8K2b
Ukraine hits Russian-held city deep behind front as talk of counteroffensive grows
Olena Harmash - Reuters
Ukraine struck a railway depot and knocked out power in the Russian-occupied city of Melitopol deep behind front lines on Wednesday amid growing talk from Kyiv of a counterassault against Russian forces worn out by a failed winter offensive. Unverified images on the internet showed explosions lighting up the night sky with streaks of contrails in Melitopol, base of the Russian-controlled administration in Zaporizhzhia, one of five Ukrainian provinces Russia claims to have annexed.
/jlne.ws/40QPnm9
Four bankers who helped Putin's friend set up Swiss bank account convicted
John Revill and Oliver Hirt - Reuters
Four bankers who helped a close friend of Vladimir Putin move millions of francs through Swiss bank accounts have been convicted of failing to perform due diligence in financial transactions.
/rb.gy/x9bh
Russia's Wagner chief says battle for Bakhmut has damaged his forces
Reuters
/jlne.ws/3Kjqg5X
Ukraine hits Russian-held city deep behind front as talk of counteroffensive grows
Olena Harmash - Reuters
/jlne.ws/40QPnm9
Ukraine acknowledges Russian gains in Bakhmut; Moscow arrests U.S. reporter
Pavel Polityuk - Reuters
/jlne.ws/3FZmP1C
It's No Pain, All Grain for Vladimir Putin; The exit of Cargill and other western wheat traders from Russia will benefit Moscow's war in Ukraine.
Javier Blas - Bloomberg
/rb.gy/ekbe
Russia's Ghost Fleet of Oil Tankers Is a Floating Time Bomb; Moscow has turned to a flotilla of outdated, untrackable ships to duck sanctions, and they are a menace to the oceans.
James Stavridis - Bloomberg
/rb.gy/bqo5
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Announces Record Depths of Liquidity Across U.S. Natural Gas Markets
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced record levels of liquidity across its U.S. natural gas markets as customers manage price risk. ICE offers hundreds of physically delivered and cash settled contracts covering regional hubs across North America to allow customers to manage the difference in price of natural gas delivered at each hub. On March 28, 2023, open interest hit a record high of 17.45 million contracts across North American natural gas futures. In futures and options, open interest is up 17% year-over-year (y/y) at 27.84 million with volumes up 15% and average daily volume year to date of 1 million contracts.
/tinyurl.com/2p8mdh9r
LME Group announces action plan to strengthen its markets
LME Group
Daily price limits made permanent, with indicative revised limits of 12% for copper and aluminium; Fast-track listing approach for LME Nickel introduced, with coarse nickel powder considered as a potential deliverable shape; China-based Class II nickel spot market offering to be developed on QME; Assessment of scope for rebalancing of initial margin, concentration margin and default fund; Consultation planned for May 2023 on eligible stock reporting and measures to address low-stock environments; Market structure modernisation to continue, starting with Closing Price methodology evolution
bit.ly/42SUyUf
Action Plan To Strengthen The LME Group's Markets
LME Group
This Notice updates the market on the LME and LME Clear's (together, "LME Group") implementation of measures (the "Action Plan") in response to the events of the nickel market in March 2022, and following the Oliver Wyman Independent Review recommendations (published via Notice 23/007 and Circular 23-001). This Notice also appends a number of LME policies that have been enhanced to reflect the permanent adoption of daily price limits following their implementation in March 2022.
/www.lme.com/en/News
Cboe Australia Completes Technology Migration and Launches its First New Australian Offering
Cboe
Cboe Australia, formerly known as Chi-X Australia, has successfully migrated to Cboe technology on March 27, marking completion of an 18-month integration effort; The technology integration follows Cboe's acquisition of Chi-X Australia in July 2021 and will serve as the foundation to help Cboe expand in Australia and Asia-Pacific; Cboe BIDS Australia is the first new offering to launch post-migration.
/bit.ly/3TU0ybg
DTCC Announces Executive Leadership Team Appointments
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced several key leadership appointments that become effective on April 10, 2023. These leaders will report to Francis (Frank) La Salla, DTCC's President and Chief Executive Officer, and serve on the company's Management Committee. Susan Cosgrove, who has served as DTCC's Chief Financial Officer since 2013, has been named President, Clearing & Securities Services.
/tinyurl.com/yckset4u
Capital Participation in BOOSTRY by Japan Exchange Group and Signing of Agreement to Promote Security Token Business
Japan Exchange Group
Japan Exchange Group, Inc., Nomura Holdings, Inc. ("Nomura"), Nomura Research Institute, Ltd. and SBI Holdings, Inc. today announced that they have agreed to transfer a portion of Nomura's shares in BOOSTRY, Co., Ltd. to JPX and have entered into a business alliance agreement regarding BOOSTRY's operation and business.
bit.ly/3LY1zgC
Outline of the JPX Prime 150 Index, a New Index Focusing on Value Creation
Japan Exchange Group
In consideration of the investment needs corresponding to the new market segmentation, we have been preparing to offer a new index that takes into account the functionality of the new market segment as an investment universe. We are pleased to announce that we have compiled the outline of the "JPX Prime 150 Index," a new index for stocks listed on the Tokyo Stock Exchange (TSE) Prime Market that selects stocks with a focus on value creation, as you will see below.
bit.ly/3lVi1Ue
Medium-Term Management Plan 2024
Japan Exchange Group
Update for FY2023
/bit.ly/3TSXlZC
The Implementation Of The Gross Client Margin Model Initiative, By
The Canadian Derivatives Clearing Corporation, And Open Interest
TMX
The Canadian Derivatives Clearing Corporation (CDCC) is planning to implement the "Gross
Client Margin Model" (GCM) on April 3, 2023.
/bit.ly/3ZuRriz
SGX Securities welcomes Mirae Asset Securities as new DLC issuer
SGX
Mirae Asset Securities to list 10 new USD-denominated DLCs designed to offer investors wider investment options. SGX Securities is pleased to welcome Mirae Asset Securities (HK) Limited, part of the Mirae Asset Group, a global financial group consisting of asset management, investment banking and life insurance, as its new Daily Leverage Certificates (DLCs) issuer, offering investors greater options to hedge and capture investment opportunities.
bit.ly/3zjFfGH
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Fintech-Bank Lending Partnerships: 8 Key Issues
Alexander Callen - JDSupra
Partnerships between financial technology companies (fintechs) and banks have revolutionized the financial services landscape. The convergence of technology and banking has resulted in financial products and services being delivered faster and better than ever. Lending partnerships are the most prevalent type of fintech-bank partnership, and they can be structured many ways. Each unique program presents tremendous opportunities. For the close relationship between a fintech and a bank to succeed, the parties must strike the right balance in allocating a program's risks and rewards.
/rb.gy/ostx
Revolut not happy with how fintech deals with audit red flags: Report
Helen Partz - Cointelegraph
Crypto-friendly fintech Revolut is reportedly having some issues related to its recently released annual report for the year ending December 2021. Revolut, a British-Lithuanian neobank that allows customers to buy and sell crypto, reported its first-ever full year of profit on March 1, 2023. The firm said it generated a revenue of 636 million British pounds ($769 million) in 2021, which was a significant surge from 220 million pounds ($266 million) in 2020.
/rb.gy/66pf
Multiple red flags are not yet slowing the generative AI train; Critics fear the technology carries alarming risks and may pose an existential threat to humanity in future
John Thornhill - Financial Times
Ever since the ancient Greeks dreamt up the myth of Prometheus, humanity has been arguing about the dual nature of technology. The fire that Prometheus stole from the gods could warm humans, but also burn us. So it is with the widespread deployment of artificial intelligence systems today. The champions of AI have long argued that this general purpose technology will produce an unprecedented surge in productivity and creativity; its critics fear it carries alarming present-day risks and may even pose an existential threat to humanity in future.
/rb.gy/wt4u
Broadridge's LTX migrates to AWS to bolster data-driven corporate bond trading capabilities; Migration will help clients make better informed corporate bond trading decisions based on transparency and real-time insights.
Wesley Bray - The Trade
Broadridge Financial Solutions subsidiary LTX has successfully completed the migration of its corporate bond e-trading platform to Amazon Web Services (AWS).
/rb.gy/dmaw
Aquis goes fintech: Diversification of platform sees 24% increase in revenue achieved in 2022; Alasdair Haynes, chief executive of Aquis Exchange, discusses strong performance figures from last year, diversification, and milestones achieved in dark trading.
Laurie McAughtry and Wesley Bray - The Trade
/rb.gy/28x6
Elon Musk Wants to Pause AI? It's Too Late For That; A petition on OpenAI's ChatGPT technology ignores the risk already unleashed.
Parmy Olson - Bloomberg
/rb.gy/b3jf
After raising $3M seed, global fintech platform Payday plans to secure licensing in Canada, UK
Christine Hall and Haje Jan Kamps - TechCrunch
/rb.gy/552p
Revolut board frustrated by fintech company's response to audit warning; Payments group criticised over attempt to minimise BDO's red flags
Michael O'Dwyer, Siddharth Venkataramakrishnan and Stephen Morris - Financial Times
/rb.gy/yfve
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Inside North Korean hackers' unusual money laundering technique
Tim Starks and David DiMolfetta - The Washington Post
Security researchers examining a North Korean government-linked hacking group turned up a money-laundering scheme that, if not unique, is a bit outside the norm in the eyes of cryptocurrency experts. My colleague Michelle Ye Hee Lee and I wrote a story about Mandiant's report on the group, which the company has dubbed APT43. "APT" stands for advanced persistent threat, a term usually associated with government-level sophistication.
/jlne.ws/3TXWBm8
Microsoft Patched Bing Vulnerability That Allowed Snooping on Email and Other Data
Robert McMillan - The Wall Street Journal
Microsoft Corp. patched a dangerous security issue in Bing last month, days before it launched a new artificial intelligence-powered version of the search engine. The problem was discovered by outside researchers at the security firm Wiz Inc. It was created by a mistake in the way that Microsoft configured applications on Azure, its cloud-computing platform, and could be exploited to gain access to emails and other documents of people who used Bing, the researchers said.
/jlne.ws/3Zt5l4w
The US Is Sending Money to Countries Devastated by Cyberattacks
Lily Hay Newman - Wired
Last Spring, the Costa Rican government suffered a series of ransomware attacks that hobbled critical systems around the country. As imports and exports, health care, and other public services were disrupted, Costa Rican president Rodrigo Chaves Robles declared a state of emergency, and the recovery has been a months-long ordeal. Almost a year after the crisis began, a senior White House official told reporters today that the United States plans to provide $25 million in cybersecurity assistance to help Costa Rica strengthen its digital infrastructure.
/jlne.ws/3G3xOXI
The Strongest Protection for Your Online Accounts? This Little Key; Passwords aren't enough to fend off hackers; these dongles are the best defense
Nicole Nguyen - The Wall Street Journal
/rb.gy/slft
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Denmark's Supreme Court Rules That Bitcoin Profits Are Taxable
Christian Wienberg - Bloomberg
Denmark's Supreme Court ruled that profits made from the sale of Bitcoin are taxable in two decisions which may set a precedence for cryptocurrency investments in the Nordic country.
/rb.gy/qi66
Exclusive: Ex-CEO of Binance's US firm has enlisted lawyer for US investigations
Angus Berwick and Chris Prentice - Reuters
A former chief executive of Binance's de-facto U.S. subsidiary has enlisted a former federal prosecutor and top cop at the Commodity Futures Trading Commission to represent her in the U.S. government's investigations into the giant cryptocurrency exchange, a person with direct knowledge told Reuters. Catherine Coley, who launched Binance.US in 2019 and left suddenly two years later, is being advised by James McDonald, now a partner at New York law firm Sullivan & Cromwell, the person said.
/jlne.ws/3ZmSW2c
AI-Focused Crypto Protocol Fetch.ai Raises $40M to Deploy Decentralized Machine Learning
Jamie Crawley - CoinDesk
/jlne.ws/3LZdXgp
XRP Trading Volumes Surges to Billions of Dollars on South Korean Crypto Exchanges
Shaurya Malwa - CoinDesk
/rb.gy/0l4l
Clear Rules for Crypto Industry Already Exist, SEC's Gary Gensler Claims
Connor Sephton - CoinMarketCap
/rb.gy/7w19
OKX Says It's Turning Over $157M in Frozen FTX and Alameda Assets
Sam Reynolds - CoinDesk
/rb.gy/gcwr
Coinbase Chief Legal Officer: There's 'A Lot to Unpack' in CFTC's Filing Against Binance
Fran Velasquez - CoinDesk
/rb.gy/5kwo
How Binance really operates: The world's largest crypto exchange boasts vast profits, hefty influencer payouts, and a ticking time bomb on its balance sheet
Shawn Tully - Fortune
/rb.gy/n3ec
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | US lawmakers press Wall St regulator over coming climate rule
Douglas Gillison - Reuters
Republican lawmakers on Wednesday prodded Wall Street's top regulator to justify his agency's efforts to regulate companies' climate disclosures and criticized the U.S. Securities and Exchange Commission for what they said was hasty rulemaking.
/rb.gy/5imm
Here's why recent moves by the SEC and CFTC may be just the start of crypto's regulatory troubles
Morgan Chittum - Business Insider
In the past month, top financial regulators in the US have announced a slew of moves against major crypto companies and those working with them, action sources say may point to a wider regulatory crackdown that's brewing in the space. Following regulatory actions including the Securities and Exchange Commission's charges against crypto founder and entrepreneur Justin Sun, and the Commodities Futures Trading Commission's suit against Binance and founder Changpeng Zhao, market observers say the moves could be a preview of what's to come.
/jlne.ws/3nr9KaR
Prosecutors say Binance execs cracked jokes when warned terrorists could be moving money on their platform: 'Can barely buy an AK-47 with 600 bucks'
Matthew Loh - Business Insider
US regulators have accused Binance executives of joking in internal office chats about illegal transactions that terrorists and criminals could have made on their crypto platform. "Like come on, they are here for crime," wrote then-chief compliance officer for Binance, Samuel Lim, per a complaint filed on Monday by the Commodities Futures and Trading Commission.
/jlne.ws/3TTVLXc
Manchin threatens to sue US Treasury over EV tax credit rules
David Shepardson - Reuters
Senate Energy Committee Chair Joe Manchin said on Wednesday he may go to court after the U.S. Treasury releases guidance later this week on battery sourcing guidance for electric vehicle tax credits. "If it goes off the rails" and violates the intent of the climate legislation approved in August, "I will do whatever I can - if that means going to court and I can do it, I'd do it," said Manchin, a Democrat.
/jlne.ws/3nxt46w
King Charles Visits Germany in Fence-Mending European Trip; Monarch's visit to his ancestral land is part of an effort by London to heal the wounds of Brexit
Max Colchester and Georgi Kantchev - The Wall Street Journal
Britain's King Charles III is visiting Germany this week on his first official foreign trip since ascending to the throne, part of the British government's wider charm offensive with its European neighbors to move past years of feuding caused by Brexit and bolster Western support for Ukraine. The British government has deployed the new king in a soft-power play that aims to reinforce cultural bonds between the two nations and point to how they can work more closely together on issues such as climate change and foreign policy, British officials said.
/jlne.ws/40pU0np
Switzerland to revive talks with EU on forging closer ties; Bern seeks 'package' agreement of multiple treaties after last effort to build universal framework failed
Sam Jones and Andy Bounds - Financial Times
Switzerland has announced plans to restart diplomatic negotiations with the EU after a two-year hiatus that raised doubts over the country's future economic and political relationship with the bloc. Bern said it was authorising diplomats to prepare a formal negotiating mandate to reopen talks this summer on a deal that could stabilise trading ties in exchange for concessions on Swiss sovereignty.
/jlne.ws/42Sf3Aj
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | Commissioner Goldsmith Romero to Participate in a Fireside Chat at the Chainalysis' Links 2023 Conference
CFTC
Commissioner Christy Goldsmith Romero will participate in a fireside chat at Chainalysis' Links 2023 conference. The fireside chat is entitled, Crypto Through a Regulator's Eyes and the Path Forward.
/jlne.ws/3M6Mr0m
SEC Charges Crypto Trading Platform Beaxy and its Executives for Operating an Unregistered Exchange, Broker, and Clearing Agency
SEC
The Securities and Exchange Commission today charged the crypto asset trading platform beaxy.com (the Beaxy Platform) and its executives for failing to register as a national securities exchange, broker, and clearing agency. The SEC also charged the founder of the platform, Artak Hamazaspyan, and a company he controlled, Beaxy Digital, Ltd., with raising $8 million in an unregistered offering of the Beaxy token (BXY) and alleged that Hamazaspyan misappropriated at least $900,000 for personal use, including gambling. Finally, the SEC charged market makers operating on the Beaxy Platform as unregistered dealers.
/jlne.ws/3lQByVV
SEC Charges Private Fund Auditor and Audit Engagement Partner with Improper Professional Conduct
SEC
The Securities and Exchange Commission today announced settled charges against Spicer Jeffries LLP, an audit firm based in Denver, and audit engagement partner Sean P. Tafaro, for their improper professional conduct in connection with audits of two private funds.
/rb.gy/7uhb
Staff statement regarding the risk legend used by non-transparent exchange-traded funds operating in reliance of an exemptive order under the Investment Company Act of 1940
SEC
To date, the Commission has granted exemptive relief to a number of sponsors to operate actively managed ETFs that do not provide daily portfolio transparency (non-transparent ETFs).[1] Under the terms of its exemptive relief, each non-transparent ETF uses in its prospectus, fund website and any marketing materials a risk legend ("Risk Legend") to highlight for investors the differences between the non-transparent ETF and fully transparent actively managed ETFs as well as certain costs and risks unique to non-transparent ETFs.
/rb.gy/l8s4
Testimony at Hearing before the Subcommittee on Financial Services and General Government
Chair Gary Gensler - SEC
Good afternoon, Chair Womack, Ranking Member Hoyer, and members of the Subcommittee. Thank you for inviting me to testify today on the Securities and Exchange Commission's Fiscal Year (FY) 2024 budget request. As is customary, I'd like to note that my views are my own, and I am not speaking on behalf of my fellow Commissioners or the SEC staff.
/rb.gy/fzb9
SEC Obtains Emergency Relief Against Long Island Investment Adviser and Firm Charged with Fraud
SEC
The Securities and Exchange Commission on March 27, 2023, charged former broker Surage Kamal Roshan Perera and his firm, Janues Capital Incorporated, with defrauding at least one investor out of millions by lying about investment opportunities and strategies, concealing trading losses, and using funds received from others to give the victim the promised returns in Ponzi-like fashion. The SEC has obtained emergency relief in court, including a temporary restraining order and temporary asset freeze.
/rb.gy/a0ak
SEC Wins Emergency Order to Stop Advisor Accused of Ongoing Fraud
Kenneth Corbin - Barron's
The Securities and Exchange Commission has secured a temporary restraining order and asset freeze against a former broker accused of misappropriating millions of dollars from at least one investor with promises of a guaranteed trading strategy that ultimately resulted in heavy losses.
/jlne.ws/3JUjxy0
MAS Statement on Disruption of DBS' Digital Banking Services
Monetary Authority of Singapore
/jlne.ws/40OmtTI
FMA issues formal warning to Vanguard
Financial Markets Authority
/rb.gy/8f0w
The application of the derivatives trading obligation to certain credit default swaps
FCA
/rb.gy/8fbw
S.Korea, US seeking extradition of crypto entrepreneur Do Kwon -Montenegro
Reuters
/rb.gy/oo61
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How rising interest rates are exposing bank weaknesses; Recent collapses in US and Europe highlight new threats to lenders and upend conventional wisdom
Laura Noonan and Brooke Masters - Financial Times
The end of historically low interest rates was billed as good news for banks, which make more money as the difference widens between what they charge borrowers and what they pay for funding. But recent crises on both sides of the Atlantic show that the reality is more complex, upending the conventional wisdom.
/rb.gy/y3md
How wild was Treasury trading this month? VERY
Robin Wigglesworth - Financial Times
As the screams of agony from macro hedge funds and CTAs have indicated, this month has been, well, mental for the Treasury market. It's incredible what a small sudden banking crisis can do isn't it? First, some back-story: A weird anomaly about the US bond market is that Treasuries - arguably the single most important cornerstone of the global financial system - have long been one of the most opaque areas.
/rb.gy/2a8s
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The Biden administration sells oil and gas leases in the Gulf of Mexico
Bill Chappell and Jeff Brady - WBEZ
Fossil fuel energy companies looking to extract oil and natural gas from U.S. waters in the Gulf of Mexico got a boost on Wednesday, as they secured access to 1.6 million acres of waters offered at auction.
/jlne.ws/3G5p17Y
Why ESG in America May Face a Rough Road Ahead; The sudden $4 billion outflow from BlackRock shows how concentration risk is making a bad situation worse for sustainable investment.
Tim Quinson - Bloomberg
If BlackRock Inc.'s largest ESG-labeled exchange-traded fund is a bellwether for the sustainable investing industry, it's fair to say the US sector may be in for a bumpy ride.The assets of the iShares ESG Aware MSCI USA ETF (ticker ESGU) have dropped to $13.8 billion from a high of $25 billion as recently as a year ago. The slump occurred as shareholders pulled money from the ETF, but also as its investment performance trailed benchmark indexes, including the S&P 500, over the past two years.
bit.ly/433BhQe
Cyclone Freddy prompts pleas for urgency on loss and damage finance; The first talks on how to set up a loss and damage fund were held this week. In the meantime, disaster-torn countries like Malawi appeal for urgent support.
Matteo Civillini - Climate Change News
As dozens of countries got to work this week to turn the historic loss and damage deal into reality, those at the forefront of the climate crisis had a clear message: time is of the essence. This is true for southeastern Africa where the devastating passage of Cyclone Freddy laid bare low-income countries' high vulnerability to extreme climate events.
bit.ly/3lTyAQp
Swiss court case ties human rights to climate change
Imogen Foulkes & Adam Durbin - BBC News
More than 2,000 women are taking the Swiss government to court claiming its policy on climate change is violating their right to life and health. The case is the first time the European Court of Human Rights (ECHR) will hear a case on the impact of climate change on human rights. It follows six years of unsuccessful battles through the Swiss courts.
bit.ly/3G3VH1y
Exxon's Climate Opponents Were Infiltrated by Massive Hacking-for-Hire Operation; Charity of Rockefeller heirs among groups targeted by hackers; oil giant not accused of wrongdoing
Christopher M. Matthews - The Wall Street Journal
In the midst of perpetrating what federal prosecutors say was a massive corporate hacking campaign, Israeli private detective Aviram Azari in 2017 received welcome news. A group of hackers in India wrote him to say they had successfully infiltrated the email and social-media accounts of a group of environmental activists campaigning against Exxon Mobil Corp. XOM 1.72%.
bit.ly/3TSZ0hR
Climate Action 100+ Releases The Latest Evolution Of The Net Zero Company Benchmark.
Climate Action 100+
bit.ly/40NNqGV
Over 30,000 Funds to Get Their ESG Ratings Downgraded at MSCI; Swap-based ETFs will remain eligible for ESG ratings: MSCI; Overhaul follows widespread criticism of ESG ratings industry
Natasha White and Frances Schwartzkopff - Bloomberg
/rb.gy/aomp
Challenge to Biden ESG investing rule will stay in Texas court
Daniel Wiessner - Reuters
bit.ly/40tiT1q
1 big thing: Turning captured carbon into jet fuel
Alex Fitzpatrick, Jennifer A. Kingson and Joann Muller - Axios
bit.ly/3KmFEi4
Bernie Sanders accuses Starbucks' Howard Schultz of 'illegal union-busting'; Ex-CEO testifies in Senate after being threatened with subpoena by leftwing senator
Patrick Temple-West and Taylor Nicole Rogers - Financial Times
bit.ly/40HytpG
General Assembly votes to seek World Court's opinion, in quest for 'bolder' climate action
United Nations
bit.ly/3K013Me
Cheshire villagers will not be forced to join hydrogen energy trial; Backlash prompts companies to give residents option of keeping natural gas rather than joining pilot project
Kalyeena Makortoff - The Guardian
bit.ly/3zjZynq
Polestar Is Trying to Catch Tesla, While Also Cutting Its Carbon; The Swedish EV startup doubled its production last year, while also managing an 8% decline in emissions per vehicle.
Kyle Stock - Bloomberg
bit.ly/3G2WnnQ
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | The banker Switzerland trusts to stem Credit Suisse crisis
John O'Donnell, John Revill and Stefania Spezzati - Reuters
Straight from a class room to trading securities while just a teenager, Sergio Ermotti has had a career which tracked the Wall Street boom that started in the 1980s, and culminated with him fixing Switzerland's biggest bank after it fell victim to the last financial crash. Now he is being asked to do it all over again. Ermotti was originally propelled into the role of chief executive at UBS Group AG (UBSG.S) in 2011 by a rogue trader scandal. He helped rehabilitate the bank before leaving nine years later.
/jlne.ws/3MkNZ7l
The $59 Billion Swiss Franc Debt Sales Market Is Up for Grabs
Abhinav Ramnarayan and Silas Brown - Bloomberg
For the past two decades, Credit Suisse Group AG dominated the business of arranging Swiss franc bond sales. Its sudden collapse presents an opportunity for the likes of Deutsche Bank AG and BNP Paribas SA in a market that saw $59 billion in deals last year.
/rb.gy/mee6
Eurex Derivatives Forum: Thematic strategies are 'next step' in futures segment
Qontigo
A panel at the recent Eurex Derivatives Forum explored the boom in thematic investing, analyzing the drivers behind strong demand for ETFs and why thematic futures may become the next growth segment in exchange-traded derivatives. According to Qontigo's Axel Lomholt, thematic strategies have been underpinned by a major transformation in the investing landscape, which includes technological advancements, the growth of the ETF and online platforms, and a new cohort of young investors who are drawn to the economic and social implications of megatrends changing our modern world.
/jlne.ws/3TXkius
Why UBS brought Sergio Ermotti back as chief executive
Owen Walker and Stephen Morris - Financial Times
/jlne.ws/3zj3PaH
FDIC Pressed to Exempt Smaller Banks From Paying for Rescues at SVB, Signature
Steven T. Dennis - Bloomberg
/jlne.ws/3JXPANf
HSBC's Quinn Pressured Staff to Give Friend a Loan, Lawyers Say
Upmanyu Trivedi - Bloomberg
/rb.gy/igef
Who is Sergio Ermotti? Switzerland's most successful banker returns to steer the merged UBS-Credit Suisse behemoth in its time of need
Christiaan Hetzner - Fortune
/rb.gy/kb1d
Swiss Franc Czar Is Sought for Heart of SNB's Crisis Machine
Bastian Benrath - Bloomberg
/rb.gy/h51q
UBS's Change of CEO Favored Option of Swiss Officials, Sources Say
Jan-Henrik Förster, Steven Arons and Katherine Griffiths - Bloomberg
/rb.gy/sua5
Average Wall Street bonuses dipped 26% to $176,700 last year
AP Finance
/rb.gy/u486
The Weak Are Getting Found Out in Banking; Former UK Conservative minister and Goldman Sachs chief economist Jim O'Neill has a warning for the financial industry.
Sommer Saadi - Bloomberg
/rb.gy/ws13
Hedge Fund Element Forces Some Client Redemptions in $3 Billion Downsizing; Jeff Talpins's firm aims to pare assets to about $8.5 billion; Four years ago, the hedge fund hiked performance fees to 40%
Hema Parmar - Bloomberg
/rb.gy/ktpr
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Why Bosses Who Praised Remote Work Sour on Productivity From Home; Some companies now see flexible work setups as a liability in a slowing economy
Callum Borchers - The Wall Street Journal
Trim the travel budget, reduce head count and...crack down on remote work? Companies trying to run leaner and more efficiently in a cooling economy are deploying familiar strategies from past downturns. (See ya, catered lunches.) Some are also taking new aim at their employees' work-from-home arrangements.
/jlne.ws/3TRQqjn
Generative AI Is Already Changing White-Collar Work as We Know It
Gretchen Tarrant - The Wall Street Journal
As ChatGPT and other generative artificial intelligence programs infiltrate workplaces, white-collar jobs are transforming the fastest. That professional and office work is changing so fast is according to a panel of executives who addressed thousands of professionals and job seekers at Tuesday's WSJ Jobs Summit. The biggest workplace challenge so far this year across industries is how to adapt to the rapidly evolving role of AI in office work, they say.
/jlne.ws/40JxEgf
AI chatbots making it harder to spot phishing emails, say experts
Alex Hern and Dan Milmo - The Guardian
Chatbots are taking away a key line of defence against fraudulent phishing emails by removing glaring grammatical and spelling errors, according to experts. The warning comes as policing organisation Europol issues an international advisory about the potential criminal use of ChatGPT and other "large language models".
/jlne.ws/3zh2YXV
ChatGPT could revolutionize portfolio management but is more of a 'copilot' than a 'prophet' for investors, study says
Filip De Mott - Business Insider
OpenAI's ChatGPT can serve as an effective assistant in portfolio management, a South Korean academic paper published this month has determined. While the chatbot can't optimize portfolios the way a human can, it could be a convenient option for investors who lack knowledge or expertise in asset management, according to Seoul National University's Hyungjin Ko and Jaewook Lee. In addition, even professional portfolio managers could use ChatGPT to boost their productivity, they added.
/jlne.ws/3KtHZYB
Much of UK Lags Behind Major Hubs in Remote-Work Boom; 'Remote-work gap' continues to favor British cities and leave post-industrial parts of the UK behind, according to new data; These future-of-work trends are accentuating the divide between Britain's business hubs and the rest of the country.
Irina Anghel - Bloomberg
bit.ly/3zh9FsW
Generative AI Is Already Changing White-Collar Work as We Know It; Executives from Walmart, ZipRecruiter, Yelp and other companies share their thoughts on ChatGPT
Gretchen Tarrant - The Wall Street Journal
/rb.gy/exdv
Of Course Workers Have Given Up on the Office; Resisting insane hours and the pressure to identify strongly with your chosen career might be a sign of personal growth.
Sarah Green Carmichael - Bloomberg
/rb.gy/xsvz
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | A new flu is spilling over from cows to people in the U.S. How worried should we be?
Michaeleen Doucleff - NPR
In 2011, a farmer in Oklahoma had a bunch of sick pigs. The animals had what looked like the flu. "Just like a person with respiratory disease, the pigs had labored breathing, maybe a runny nose, cough and potentially a fever," says virologist Benjamin Hause. At the time, Hause was working at the company Newport Laboratories, which develops custom vaccines for livestock.
/jlne.ws/3zioRpP
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Explainer: Japan's carbon pricing scheme being launched in April
Yuka Obayashi and Katya Golubkova - Reuters
Japan, the world's fifth-biggest carbon dioxide (CO2) emitter, will begin a carbon pricing scheme in stages from April to encourage companies to curb emissions and achieve its goal of carbon neutrality by 2050.
/rb.gy/uv5u
EU strikes back against China's 'divide and conquer' tactics
Sam Fleming and Henry Foy - Financial Times
Brussels must develop "new defensive tools" for sectors such as quantum computing and artificial intelligence as it updates its security policies in the face of an increasingly assertive China, the European Commission president has said.
/rb.gy/2qd8
Alibaba may cede control of new businesses if they list after break-up
Ryan McMorrow and Eleanor Olcott - Financial Times
Alibaba will consider ceding control of some of its businesses if they opt to list as part of a break-up into six semi-autonomous units, top executives said as the Chinese tech group maps out its biggest restructuring in years.
/rb.gy/ojk1
Germany reports higher than expected inflation
Martin Arnold and Barney Jopson - Financial Times
German inflation fell less than expected in March despite a steep drop in energy costs, curbing hopes of a rapid easing in wider price pressures across the eurozone.
/rb.gy/5p4g
European real estate stocks hammered by banking turmoil
George Steer and Joshua Oliver - Financial Times
Shares in European real estate groups are on track for their worst month since the start of the pandemic, as investors bet that weeks of banking turmoil will tighten access to credit and send property valuations plummeting.
/rb.gy/qdtj
Central bankers warn companies on fatter profit margins
Martin Arnold, Patricia Nilsson, Colby Smith and Delphine Strauss - Financial Times
Central banks are turning their attention to companies using high inflation as an excuse to boost their profit margins, warning that businesses' price gouging risks triggering persistent cost pressures.
/rb.gy/0iqc
|
| | | |
|
| Miscellaneous | | Stories that don't quite fit under the other sections | Sam Bankman-Fried's new bail conditions prevent the FTX founder from playing his beloved 'League of Legends'
Matthew Loh - Business Insider
/jlne.ws/42PsIID
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2023 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
