| August 02, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
This morning at 9 AM London time, 3 AM Chicago time, JLN published a commentary from ICE Chief Development Officer Chris Edmonds titled, "The Failed Promise of Unregulated Crypto." The commentary has subsequently been published on the ICE website. What prompted Mr. Edmonds to step up to his bully pulpit/keyboard was the market response to Nasdaq, or "another venture" as he put it, abandoning plans for a crypto repository.
He reminds everyone of all the hard work put in to build "a fully-regulated, physically-delivered crypto futures market, with institutional-grade custody provided by ICE's then-subsidiary, Bakkt." Despite building a physically deliverable market, with a custodian to store physical bitcoin with round-the-clock, state of the art security, Bakkt "offered the most regulated environment for institutions to trade an unregulated asset class."
Ultimately, the market did not value, then or now, a physically delivered crypto market, Edmonds wrote.
Lastly, and this is the most important part, Edmonds lays out why the current regulatory structure of the derivatives markets works and why crypto can only develop as a true asset class if it "follows existing regulation under which markets in the real world operate."
It is important to remember that Chris Edmonds of ICE was a strong and clear voice in opposition to FTX and its proposals to upend the current market structure that works so well. He may not have received some of the press CME Group's Terry Duffy did for his opposition to Sam Bankman-Fried, but Edmonds was just as much a hero of the FTX wars.
The Financial Times is reporting "European IPOs fall to lowest level since 2009." The subheading of the story is "Companies raised just euro 2.4bn through stock market listings in first half of year."
The Wall Street Journal Editorial Board has weighed in on the SEC's attempt to rewrite money-market rules with a piece titled "Gary Gensler's Money-Market Gamble" with the subheading "The SEC's third try at fund reform creates new financial risks."
On the other hand, The New York Times Editorial Board decided to address the big story of the day, the indictment of former President Donald Trump by Special Counsel Jack Smith for Trump's "attempt to undermine the Constitution and overturn the results of the 2020 election, hoping to stay in office." The editorial is titled, "A President Accused of Betraying His Country."
The FIA welcomed Cumulus9, a cloud-native service provider focused on elevating transparency and predictability in exchange-traded derivatives margin methodologies, as a new member of the trade association. The firm serves market participants challenged by intricate margin models and complex risk exposures.
It was on August 1, 1981, at age 39, that Michael Bloomberg was laid off. That began his work on an idea that became Bloomberg. He shared this story on LinkedIn.
The August edition of Focus from The World Federation of Exchanges is out. It is issue 75.
Michael Blaugrund shared on LinkedIn that he is starting a new position as chief executive officer at DriveWealth. He was previously the chief operating officer of the NYSE.
After a recent $1 billion PowerBall lottery jackpot, the MegaMillions jackpot has reached $1.25 billion for this Friday's drawing, The New York Times reports. For you with incredible luck or who lack math skills, here is your chance.
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 UN Sustainable Stock Exchange Initiative (SSE) Global Dialogue - the main global platform for convening dialogue on sustainable capital markets - takes place this year from October 16-20 at the World Investment Forum in Abu Dhabi, United Arab Emirates. Held once every two years, the SSE Global Dialogue is the largest global gathering of stock exchange CEOs exclusively devoted to sustainable finance. As the SSE's flagship event, the Global Dialogue brings together CEOs from the SSE's 130 Partner Exchanges around the world. Sessions will examine stock exchanges' sustainability initiatives around gender equality, net zero finance, carbon markets, sustainable finance, finance for human rights, stock exchange action on climate change, and sustainability reporting standards and regulations. Attendance is free. Learn more and register for the UN SSE Global Dialogue here. ~SAED
Our most read stories yesterday on JLN Options were:
- Cboe's Iouri Saroukhanov talks with JLN at IDX London about the European derivatives space
- How a machine learning model closed a hidden FX arbitrage gap
- Stocks could sink into a bear-market recession, says technician. Here are five signals on when it likely starts. ~JB
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Contango CEO Clive Furness on AI, volatility, and ESG in the commodities space
JohnLothianNews.com
John Lothian News Correspondent Julie Ros caught up with Contango CEO Clive Furness right after he had moderated a panel at FIA IDX London 2023 called "The Great Debate." The debate was on the question of whether AI will spell the end of our markets as we know them. Furness said the two "fantastic" teams debated with much humor. The motion was defeated, meaning the house did not believe AI would end markets as we know them. Nevertheless, there are still important questions that need to be addressed, Furness said.
Watch the video »
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The Failed Promise of Unregulated Crypto
Chris Edmonds, Chief Development Officer, ICE - John Lothian News
Markets have short memories. Four years ago, ICE created a fully-regulated, physically-delivered crypto futures market, with institutional-grade custody provided by ICE's then-subsidiary, Bakkt. The custodian was regulated by the New York State Department of Financial Services - a license which is, rightly, not easy to obtain - and all crypto transactions were protected by our highly regulated clearing house. Why did we start here? The answer is simple. The history of markets shows that physically delivered commodities provide price signals and allowing such pricing to occur in a transparent manner with clear rules INCREASES consumer confidence.
/jlne.ws/3QqKwG7
***** Chris Edmonds is a stout defender of the performance of our current market structure and all the thoughtful time and effort that went into creating it.~JJL
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Tokenization could bring mass adoption to crypto - or trigger disaster: Opinion
Philipp Pieper - Forkast
It's been a common thread of the crypto industry over the years: A new application built on blockchain comes to life, promising to be the tipping point for broad adoption, only to be thwarted by bad actors. FTX was positioning itself as a pro-regulation exchange promising a bright future for all, until it collapsed after mismanaging investor funds and fraudulent behavior. Similarly, crypto lender Celsius was brimming with potential until it went insolvent, leaving US$1.3 billion in missing funds. Bad business practices have continuously eroded progress in crypto.
/jlne.ws/3YpWCBl
****** Maybe we need to do a little more work to erase the "or trigger disaster" end to that sentence.~JJL
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DeFi Died and We Didn't Even Notice
Daniel Kuhn - CoinDesk
Decentralized finance (DeFi) died yesterday. No protocols actually failed or tokens crashed to zero - though that was a distinct possibility. The interlinked economy of intermediary-less lenders, exchanges and trading tools is still, technically speaking, chugging along. But the spirit that propelled DeFi forward, the dream of disintermediating money from power and providing easy access to basic and complex financial products without fear or favor is dead. And it wasn't the U.S. Securities and Exchange Commission (SEC) that did it, but DeFi itself.
/jlne.ws/43OldRn
****** I want a congressional investigation into this death.~JJL
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FTX Says Legacy Customers Could Become Exchange's New Owners; The bankrupt company's first draft of its reorganization plan proposes to turn international customers into part-owners
Alexander Saeedy - The Wall Street Journal
FTX laid out its first vision of the crypto company's future after bankruptcy, saying it could hand over stakes in a rebooted exchange to customers who are owed more than $9 billion in deposits the company can't locate. The management team guiding FTX through bankruptcy will try to reboot its international exchange, FTX.com, according to a bankruptcy reorganization plan filed Monday. The company also said it may try to bridge any shortfall of funds owed to those customers by offering them "equity securities, tokens or other interests" in the restarted platform.
/jlne.ws/3Kq2W6d
****** Here, pick from this bag of jewels and I will trade them for the island of Manhattan.~JJL
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To Catch a Trader: How Banks Got Raided in Hunt for Tax Cheats; A fixed income specialist-turned-crime-buster plumbs the secrets of five European banks
Gaspard Sebag, and Karin Matussek - Bloomberg
The police were staked out. The second hand swept 12. Allez - go! Two squads descended near the Opera Garnier. Another struck by the Arc de Triomphe. A fourth converged across the Seine, on the Left Bank. And a fifth swarmed La Defense, the business district to the west. The marks: five major banks, all of them suspected of being involved in what is perhaps the greatest tax heist in the history of France. On the scene that Tuesday was Claire Le Maner, a lead investigator in the hunt - and a figure who might bring to mind Hitchcock's "To Catch a Thief."
/jlne.ws/3OkQzt3
****** I can't wait for the movie version of this to come out.~JJL
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Tuesday's Top Three
Our top story Tuesday was The real scandal of central bank digital currency, an opinion piece by Andy Haldane in the Financial Times. Second was a tie between The 'crypto couple' is set to plead guilty to $4.5 billion bitcoin heist. Here's how the saga unfolded, from Business Insider, and the Notice of disciplinary action against Alessandro Bonoffini, from the CME Group. Third was DeSantis Accuses Biden of 'War on Bitcoin,' Vows to Stop It if Elected President, from CoinDesk.
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| Lead Stories | Crypto Rules Delay Puts Billions in Tax Revenue at Risk; Democratic senators are pressing Biden administration to speed up release of regulations tied to 2021 law
Richard Rubin and Paul Kiernan - The Wall Street Journal
Implementation of a law to catch crypto tax cheats is delayed inside the Treasury Department, putting billions of dollars in federal revenue at risk and frustrating members of the president's own party. The department missed its first deadline to implement a 2021 law in time for the current tax year. Now, following further delays, it might be close to too late for tax year 2024.
/jlne.ws/3rOSO09
Wall Street Reaped Ruble Fortune on Clients Fleeing From Russia; Kazakh, Armenian banks acted as go-betweens, people say; Other banks avoided trade for compliance reasons, people say
Donal Griffin, Nariman Gizitdinov, and William Shaw - Bloomberg
Wall Street chiefs seeking to explain recent steep drops in trading revenue have reminded investors how lucrative things were a year ago: Goldman Sachs Group Inc. President John Waldron called 2022 "particularly strong." Citigroup Inc. boss Jane Fraser said "everything was firing on all cylinders."
/jlne.ws/3Kr0qwl
Private Equity, Hedge Funds Brace for Coming SEC Overhaul; Regulators could adopt new rules for firms such as Blackstone and Millennium as soon as this month
Paul Kiernan - The Wall Street Journal
Private-equity and hedge funds are bracing for what could be the biggest regulatory challenge in years to their business of managing money for deep-pocketed investors. The Securities and Exchange Commission is preparing to adopt a rule package as soon as this month aiming to bring greater transparency and competition to the multitrillion-dollar private-funds industry, people familiar with the matter said. SEC Chair Gary Gensler has said he hopes to bring down fees and expenses that cost hundreds of billions of dollars a year.
/jlne.ws/3Yih0nQ
Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway; Retaining its Chinese footprint will be crucial for Binance as it faces a global regulatory crackdown
Patricia Kowsmann and Caitlin Ostroff - The Wall Street Journal
Binance, the world's largest crypto exchange, was supposed to leave China behind when the country made cryptocurrency trading illegal in 2021. Almost two years later, users traded $90 billion of cryptocurrency-related assets in China in a single month, according to internal figures viewed by The Wall Street Journal and current and former employees. The transactions made China Binance's biggest market by far, accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders.
/jlne.ws/3OAIS3n
Binance Nearly Shuttered U.S. Exchange to Protect Global Operations: The Information
Rosie Perper - CoinDesk
Binance CEO and founder Changpeng "CZ" Zhao came close to shuttering the crypto exchange's U.S. arm earlier this year in order to protect the wider company, The Information reported on Tuesday. A person familiar with the matter told the outlet that the board of directors of Binance.US, the U.S. affiliate of the massive exchange, voted on whether to liquidate the company but could not come to a unanimous decision, with Binance.US CEO Brian Shroder blocking the decision. Zhao serves as chair for the Binance.US board of directors.
/jlne.ws/44QmdWB
OCC Clears 877.9M Contracts in July 2023
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through July 2023 was 44.6 million contracts, up 9.9 percent compared to year-to-date average daily volume through July 2022. Total volume was 877.9 million contracts, up 18.3 percent compared to July 2022.
/jlne.ws/47dfdoh
GameStop's quest for relevance-following meme-stock madness-won't include crypto wallets, which it's ending amid 'regulatory uncertainty'
Ben Weiss - Fortune
GameStop, once a giant among video game retailers, has seen its star fade for more than a decade, as consumers have turned to online marketplaces to buy their favorite games as opposed to brick-and-mortar stores. The ailing retailer hoped a bet on crypto would partially reverse its decline, unveiling a new wallet, or place where users can store tokens and NFTs, in May 2022. However, on Tuesday, the company told users that it was discontinuing the wallet come Nov. 1, citing the "regulatory uncertainty of the crypto space."
/jlne.ws/3QnHvqi
Leipzig: energy crisis, commodities regulation
FIA Inc - LinkedIn
The FIA Forum in Leipzig, Germany brought together market participants and regulators to discuss recent energy market events, regulatory responses, and areas for future growth in the energy and commodities trading and clearing arena. A big thank you to this year's keynote speaker Froukelien Wendt, Independent Member of the CCP Supervisory Committee and Director for Central Counterparties (CCPs), European Securities and Markets Authority (ESMA).
/jlne.ws/45c0Izm
Is Sam Bankman-Fried Tied to a New Apparent Crypto Scam Called BALD?
Sam Reynolds and Shaurya Malwa - CoinDesk
The rug-pulling of short-lived, heavily hyped meme coin bald (BALD) has a whole cast of characters, but is one of them Sam Bankman-Fried? On-chain data suggests interactions between the memecoin BALD's deployer contract and one of the wallets tagged by Nansen as belonging to Alameda Research - the trading company founded and controlled by Bankman-Fried.
/jlne.ws/3DF9l9D
FTX founder Sam Bankman-Fried's lawyers say attempt to jail him before trial is wrong
Larry Neumeister - Associated Press
Lawyers for FTX founder Sam Bankman-Fried said Tuesday that prosecutors are wrong to seek his detention prior to trial because their arguments are built on "innuendo, speculation, and scant facts." The written submission in Manhattan federal court was a response to the prosecution's claim last week that no bail conditions can stop the onetime cryptocurrency power broker from trying to improperly influence the potential jury pool for his October 2 trial.
/jlne.ws/3Ohsljp
Sam Bankman-Fried's Lawyers Say Basis for Revoking Bail Is 'Extremely Thin'
Nivesh Rustgi - Decrypt
In an 18-page letter to Judge Lewis A. Kaplan, Sam Bankman-Fried's defense counsel, argued against the U.S. government's recent motion to revoke his bail. The Defense called the arguments "extremely thin" and "relying heavily on assumptions, unsupported inferences, and innuendo."
/jlne.ws/45fvLu5
FTX's Bankman-Fried, seeking to avoid jail, denies witness tampering
Luc Cohen - Reuters
Sam Bankman-Fried, the indicted founder of the bankrupt FTX cryptocurrency exchange, on Tuesday said he never sought to intimidate witnesses at his scheduled October fraud trial, and there is no reason to jail him.
/jlne.ws/47reSyu
Ex-Citi Banker Bet on Joe Lewis-Backed Firm Before Trading Probe; Peter Charrington joined Nexus Luxury after leaving Citi role; He's now a senior partner at resort operator Lewis co-founded
Benjamin Stupples - Bloomberg
Citigroup Inc. gave few hints of where Peter Charrington might land when the firm announced in late 2020 that its global head of private banking was leaving. Charrington has since built a portfolio of advisory and boardroom positions, but his main role is at a firm backed by Joe Lewis, the British billionaire now at the center of a US insider-trading probe.
/jlne.ws/3KpXboT
Asset Managers Pledging Climate Action Drop Ball When Investing; Most big equity portfolios don't track Paris goal: FinanceMap; Extreme weather persuades some investors to avoid polluters
Frances Schwartzkopff - Bloomberg
Despite commitments to sustainability, BlackRock Inc., Vanguard Group Inc. and Goldman Sachs Group Inc. are among the asset managers investing more in polluting companies than in those actively working to lower their carbon footprints, FinanceMap reported. According to a review of $16.4 trillion in stocks held by 45 of the world's biggest asset managers, only Natixis SA and Schroders Plc have more investments in companies working toward meeting the goals of the Paris Agreement than in companies tied to polluting technologies.
/jlne.ws/44P90NO
Curve Debacle Triggers Transaction Frenzy, Sending Ethereum 'MEV' Rewards to Record High
Margaux Nijkerk - CoinDesk
Whenever a massive, sudden reallocation of money happens in the Ethereum blockchain ecosystem - it could be due to a hack, exploit, price scare, news headline - there's a category of crypto middlemen who stand to benefit from the increased transaction flows. And that appears to be happening now following Sunday's exploit of one of the best-known decentralized exchanges, Curve Finance, leading to a dramatic increase in profits for the validators running the Ethereum blockchain.
/jlne.ws/3qeSkQF
Summers, El-Erian Pile Criticism on Fitch Downgrade Decision; Move was 'absurd' given economic resilience: Larry Summers; Mohamed El-Erian, Paul Krugman, Jason Furman query decision
Richard Henderson - Bloomberg
Prominent economists Larry Summers and Mohamed El-Erian joined a cohort of their peers in criticizing Fitch Ratings' decision to downgrade the US given signs of resilience in the world's largest economy. Former Treasury Secretary Summers said while there are reasons for concern about the long-run trajectory of the US deficit, the country's ability to service its debts wasn't in doubt.
/jlne.ws/45cT6fK
Glen Point's Phillips Says US Trying to Criminalize FX Trading
Chris Dolmetsch - Bloomberg
Glen Point Capital co-founder Neil Phillips urged a federal judge to throw out charges that he tried to manipulate the foreign exchange market, saying the US is attempting to criminalize normal trading activity. The case attempts to criminalize activity in the FX market that has never been prosecuted before, David Gopstein, a lawyer for Phillips, said at a hearing in Manhattan Tuesday.
/jlne.ws/3Ql4Jgw
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Behind Ukraine's Deadly Drones: Putin's Invasion and Biden's Limits; Kyiv helped robot-aircraft makers boost range and punch after U.S. vetoed use of weapons to hit Russia
Stephen Kalin - The Wall Street Journal
Ukraine's ability to strike the same Moscow office building twice this week shows how far its homegrown drone industry has progressed in response to Russia's full-scale invasion. After the U.S. and other Western allies put conditions on the supply of advanced weaponry-including long-range missiles and attack drones-preventing Kyiv from using their arms to target Russian territory, the Ukrainians resolved to establish their own deep-strike capabilities.
/jlne.ws/43Q9LET
Ukraine: The Latest - "Moscow is rapidly getting used to a full fledged war"
David Knowles - The Telegraph
Today on Ukraine: The Latest, we bring you the latest news Ukraine, analyse the growing closeness of Russia and North Korea & we have the second part of a special two-part interview with the FT's Ukraine Correspondent, Christopher Miller. Associate Editor for Defence, Dominic Nicholls, unpacks the latest raft of drone strikes on Russia's capital.
/jlne.ws/3QsNn1v
Torture, sexual violence commonly used by Russian forces in Ukraine, say experts
Anthony Deutsch - Reuters
A large number of prisoners held in makeshift detention centres in Russian-occupied southern Ukraine were tortured and sexually violated, a team of international experts said on Wednesday in a summary of their latest findings. The Mobile Justice Team, established by the international humanitarian law firm Global Rights Compliance, has worked with Ukrainian war crimes prosecutors in the Kherson region since it was reclaimed in November after more than eight months under Russian control.
/jlne.ws/3rVOqwF
Russian Drone Strikes Target Ukraine Grain Export Ports, Infrastructure; Turkish president warns Putin against taking steps that would escalate war
Jared Malsin and Laurence Norman - The Wall Street Journal
Russia launched a wave of drone strikes on Ukraine's ports, intensifying attacks on the country's food-export infrastructure after Moscow withdrew from a Black Sea grain agreement last month, heightening concerns that the war could again disrupt a significant portion of the world's food supply.
/jlne.ws/45cdUUU
Russia launches drone strike on Odesa port and grain silos; Attack pushes food prices higher and adds to concerns over global supply
Christopher Miller and William Langley - Financial Times
Russia attacked targets across Ukraine with drones before sunrise on Wednesday, hitting a critical river port facility and a grain silo in the southern Odesa region and raising further concerns over global food supplies.
/jlne.ws/3Kn3n13
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | EART4: The B3 IPO That Other Exchanges Need to Hold Too
Ana Buchaim - B3
Half a century ago, there was a powerful demonstration in the United States that echoed across the world. It exposed a problem of global proportions, whose consequences could become irreversible if we continue to be negligent. On April 22, 1970, more than 20 million Americans took to the streets, giving birth to one of the most significant social movements in the country and issuing a stark warning about the devastation of the planet.
/jlne.ws/3YkGbGD
CME Group Reports Second-Highest July ADV on Record; Strongest July ADV in company history for interest rate, agricultural and options products; SOFR futures and options continue strong ADV growth
CME Group
CME Group, the world's leading derivatives marketplace, today reported its July 2023 market statistics, reaching an average daily volume (ADV) of 19.9 million contracts during the month, the second-highest July ADV in company history. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3rN0uA2
Cash market sales statistics for July 2023
Deutsche Boerse Group
A trading volume of EUR 88.93 billion was achieved on Deutsche Boerse's cash markets in July (previous year: EUR 104.53 billion / previous month: EUR 106.02 billion). Of this, EUR 86.17 billion was attributable to Xetra (previous year: EUR 102.24 billion / previous month: EUR 103.15 billion), which means that the average daily Xetra turnover was EUR 4.10 billion (previous year: 4.87 EUR bn / previous month: EUR 4.69bn). Turnover on the Frankfurt Stock Exchange was EUR 2.76 billion (previous year: EUR 2.29 billion / previous month: EUR 2.87 billion).
/jlne.ws/45dFz7B
JSE Delivers solid growth amid macro-economic headwinds; The Johannesburg Stock Exchange's interim results for the first half of 2023 show a 10% year-on-year increase in Net Profit After Tax to R493 million
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE) reported double-digit earnings growth despite macro-economic and market headwinds in the first half of 2023. Interim financial results for the period demonstrate a resilient financial performance and success in expanding operations across an increasingly diversified portfolio. The bourse achieved a 10% year-on-year increase in Net Profit After Tax (NPAT), reaching R493 million and posted 12% growth in Headline Earnings Per Share (HEPS), rising to 607.2 cents. This performance was supported by a 53% increase in net finance income, on the back of a higher interest rates in the first half.
/jlne.ws/3KMnyG3
The Future of the Korea Exchange: Q&A With CEO Sohn Byungdoo
Sohn Byungdoo - Korea Exchange
As CEO of Korea Exchange (KRX), my vision is to elevate our exchange into a globally recognised, trustworthy, and efficient market, embodying our four strategic missions - Premium Market, Dynamic Market, Reliable Market, and Efficient Market. Starting with creating a Premium Market, we intend to address the persistent undervaluation of the Korean Stock Market.
/jlne.ws/3q7T0aC
Nasdaq July 2023 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for July 2023 on its investor relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
https://jlne.ws/44PsGkE
Xinhua: Shanghai bourse starts synthetic rubber futures trading
Shanghai Futures Exchange
Synthetic rubber futures and options were listed for trading on the Shanghai Futures Exchange on Friday, which increased the total number of futures derivatives listed in China to 120. In morning trading, 75,000 lots of the new futures changed hands, with a turnover of 3.99 billion yuan (about 559.3 million U.S. dollars).
/jlne.ws/3YgXAjo
Growing Links Between Singapore and India's Capital Markets
Loh Boon Chye - Singapore Exchange
SGX Group is delighted to mark a significant milestone in our partnership with the National Stock Exchange of India as we make history with the successful transition of the SGX Nifty futures contracts to GIFT Nifty. For over two decades, SGX has been working with NSE to internationalise the Nifty benchmark. Hence, we were very excited to see the continued strong demand and interest from global investors, as we opened the market with $8 billion of open interest in GIFT Nifty.
/jlne.ws/44Ou0Ej
The Taiwan Futures Exchange Marks 25 Years: From Local to Regional and International
Tzu-Hsin Wu - Taiwan Futures Exchange
It has been a quarter of a century since the Taiwan Futures Exchange (TAIFEX) launched its first product - the TAIEX Futures contract. With Taiwan being the nexus of global supply chains, TAIFEX has grown from a local to a regional and international exchange, offering a wide range of equity, commodity and foreign-exchange futures and options trading around the clock. Over the past three years, over 300 million contracts have been traded annually on TAIFEX.
/jlne.ws/3rUWNsg
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The Memory Chip Nightmare is Nearly Over; Prices at the low end are still falling, but Samsung and SK Hynix results contained strong hints of better times ahead
Jacky Wong - The Wall Street Journal
Investors may soon begin to forget-or at least block out-the trauma of a very bad year for memory chip stocks. Korean chip makers Samsung Electronics and SK Hynix both reported horrendous results for the quarter ending in June last week. But the two companies also offered investors a glimmer of hope that the worst is over.
/jlne.ws/3DEqgJx
South Street Securities Holdings is Acquiring GX2 Systems
Colleen Judge - South Street Securities
South Street Securities Holdings, Inc. ("South Street") will acquire all of the equity interests of GX2 Systems, LLC including GX2's wholly owned broker-dealer subsidiary, GX2 Spread Markets, LLC ("GX2"). This transaction is expected to accelerate South Street's transformation as a leading technology-enabled provider of multi-asset class securities financing, processing, execution, analytics, and information services.
/jlne.ws/3DFDjKOs
How DeFi Protocols Are Building More Granular and Extensible Capabilities
Jesus Rodriguez - CoinDesk
For the last few years, decentralized finance (DeFi) has emerged as a fundamental financial backbone of the digital assets space and as a parallel ecosystem to traditional financial markets. The space keeps evolving, creating new experiences and uses for participants. The first few years of DeFi have been marked by the establishment of programmable financial primitives such as lending, automated market making (AMMs) or derivatives that could serve as building blocks of new financial services and applications.
/jlne.ws/3q5dxN2
System readiness, interoperability and regulatory compliance identified as key challenges ahead of T+1 transition; With the T+1 implementation date less than a year away, Torstone Technology and Chartis Reasearch's new report highlights the key issues needed to be addressed to ensure a smooth transition.
Wesley Bray - The Trade
A new report from Torstone Technology and Chartis Research has outlined the key challenges associated with the acceleration of settlement cycles in the US and Canada to T+1 in May 2024; with system readiness, interoperability and regulatory compliance highlighted as the main concerns.
/jlne.ws/3QmiPhC
ION connects Tier 1 sell-side automated trading solution to Cboe Europe Derivatives; Users of the all-in-one solution will gain access to Cboe Europe Derivatives (CEDX) futures and options on single country and pan-European equity indices.
Annabel Smith - The Trade
ION and Cboe Europe Derivatives (CEDX) are set to expand Tier 1 banks and brokers' access to pan-European derivatives markets through a new collaboration. As part of the agreement, ION will provide direct access to CEDX via its cleared derivatives all-in-one automated trade workflow solution, XTP Execution, which offers Tier 1 banks and brokers integrated order management, connectivity and order execution.
/jlne.ws/3QhYtWU
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| Cybersecurity | | Top stories for cybersecurity | Inside the White House blueprint for filling U.S. cyber jobs
Tim Starks - The Washington Post
The Office of the National Cyber Director fleshed out how it wants to expand and improve the U.S. cybersecurity workforce - a personnel problem that's long proven difficult to conquer - in the latest of a string of cyber strategy documents that it released Monday.
/jlne.ws/3OGnry6
Addressing The National Legacy Of IoT And OT Risk
Jim Hyman - Forbes
When the White House published its National Cybersecurity Strategy in early March 2023, it drew a lot of attention from technologists and pundits alike. That's a good thing. Our national and industrial cyber readiness needs as much attention as we can give it. To say that government, public and private entities have performed poorly against a relentless onslaught of attacks from threat actors across the globe would be an understatement. We can-and must-do a better job protecting our people, economy and infrastructure from cyberattacks.
/jlne.ws/3YpcSmg
Investing in Cybersecurity
Dorsey Wright - Nasdaq
So far in 2021, we have seen several high-profile cyberattacks take place, including the attacks against the Colonial Pipeline, Steamship Authority of Massachusetts, JBS (the world's largest meatpacker), and the Washington DC Metropolitan Police Department, just to name a few. Such ransomware attacks have increased in frequency and sophistication, highlighting the importance of cybersecurity in our society. As we've witnessed firsthand, attacks like these can significantly interrupt or even shut down critical infrastructure, creating shortages, increased cost of goods/services, financial loss due to shutdown of operations, and loss of money due to having to pay the ransom to the hackers. In fact, the World Economic Forum's 2021 Global Risks Report ranked "cybersecurity failure" as the fourth likeliest critical threat to the world within the next two years, behind infectious diseases, livelihood crises, and extreme weather events.
/jlne.ws/3OEFC7f
Three Lessons From The Cybersecurity Front Lines
Wendi Whitmore - Forbes
This year's RSA Conference theme was "stronger together"-and this could not be more important today. With the tough challenges in cybersecurity, our best defense is a united front. At the conference, I was a member of a panel moderated by Lily Hay Newman, senior writer at Wired, that discussed some incidents in the past 12 months and what organizations need to do in order to stay protected in the future. Discussing these trends inspired me to take a broader look at some of the toughest incidents I have faced and what we can learn from them. Here are three lessons from the front lines of cybersecurity:
/jlne.ws/479bwQx
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| Cryptocurrencies | | Top stories for cryptocurrencies | Coinbase Mulling Best Ways to Integrate Lightning Network for Bitcoin
Andrew Asmakov - Decrypt
Lightning Network, the popular layer-2 scaling solution for Bitcoin, is set to come to Coinbase, CEO Brian Armstrong said late on Tuesday. Armstrong's comments came in response to Jack Dorsey, the co-founder of financial services company Block Inc., who asked why the crypto exchange continues to ignore Bitcoin and Lightning.
/jlne.ws/457XsF1
Litecoin 'Halving,' Set for Wednesday, Should Harden Supply of 'Digital Silver'
Frederick Munawa - CoinDesk
Litecoin creator Charlie Lee knew Bitcoin was special after he read an article in 2011 about how it was the exclusive payment method on Silk Road, a marketplace for illicit drugs; a feat no traditional payment method could accomplish at the time. He was so impressed that when he later decided to start his own project, he cloned Bitcoin inventor Satoshi Nakamoto's code - including many of the original blockchain's key features. One of those was the implementation of periodic "halvings" into the blockchain's underlying programming, for a 50% reduction in the pace of new issuance of the cryptocurrency every four years or so.
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Bitcoin Whale Michael Saylor Might Buy a Lot More BTC
Nick Baker - CoinDesk
MicroStrategy, the software developer that's amassed a giant bitcoin (BTC) stash in recent years, may raise up to $750 million by selling more stock and plans to use the proceeds to buy more bitcoin, among other things.
/jlne.ws/3KqDXQa
BALD Meme Coin on Coinbase Layer-2 Goes to Zero as Dev Pulls Liquidity
Mathew Di Salvo - Decrypt
Just one day after a flurry of activity on its highly anticipated Ethereum layer-2 network, and it looks like scammers used the freshly minted Bald token to target Coinbase's latest product. Base, which America's biggest cryptocurrency exchange hopes will be a new ecosystem for crypto projects, launched earlier this month.
/jlne.ws/44ScUoU
Race for Ether Futures ETFs Kicks Off With 6 Firms Filing SEC Applications
Amitoj Singh - CoinDesk
As many as six entities have filed applications with the U.S. Securities and Exchange (SEC) for ether (ETH) futures-based exchange-traded funds (ETFs), following the bitcoin spot ETF hype some weeks ago.
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Binance did monthly transactions worth $90 bln in banned China market- WSJ
Reuters
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Liquid Mercury Partners with Crossover Markets to Provide Trading Platform Front EndChicago, Illinois, August 1st, 2023, Chainwire
Bloomberg
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MicroStrategy Returns to Profitability With Bitcoin Rebound; Company took impairment charge of about $1 billion a year ago; Second-quarter revenue fell 1.4% and was below forecasts
Olga Kharif - Bloomberg
/jlne.ws/3KnMV0D
Treasuries Are Still In a Class of Their Own Despite Fitch Cut; Two-year US yields fell three basis points in Asia trading; Treasuries seen as a haven, similar to previous US downgrade
Ruth Carson and Matthew Burgess - Bloomberg
/jlne.ws/3Ohk7Yz
Judge offers reality check to crypto community in wake of XRP decision
Jeff John Roberts - Fortune
/jlne.ws/477zpI2
Bitcoin Whale Michael Saylor Might Buy a Lot More BTC
Nick Baker - CoinDesk
/jlne.ws/43PvdtO
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| Politics | | An overview of politics as it relates to the financial markets | House committee quizzes BlackRock and MSCI on China investments; US lawmakers accuse firms of facilitating capital flows to 'America's foremost foreign adversary'
Demetri Sevastopulo and Chris Flood and Harriet Agnew - Financial Times
The US House of Representatives China committee has accused BlackRock and MSCI of profiting from investments that help the Chinese military and undermine American values and security.
/jlne.ws/45al3Vx
Longtime Environmentalist RFK Jr. Not So Sure Bitcoin Is Boiling the Oceans
Camomile Shumba
Bitcoin may not be as bad for the environment as people think, U.S. Democratic presidential candidate Robert F. Kennedy Jr. suggested in a Twitter post on Sunday, though he did not say that this was his official stance. "At the very least, environmental argument should not be used as smokescreen to curtail freedom to transact," wrote Kennedy Jr, who is a long-time environment advocate, reiterating a point he made last week at a Twitter space hosed by bitcoin investor Scott Melker.
/jlne.ws/3rVzvT9
US Stripped of AAA Rating by Fitch as Budget Deficits Swell; Downgrade reflects expected fiscal deterioration, Fitch says; US Treasury futures push higher in early Asia trading
Benjamin Purvis - Bloomberg
The US was stripped of its top-tier sovereign credit grade by Fitch Ratings, which criticized the country's ballooning fiscal deficits and an "erosion of governance" that's led to repeated debt limit clashes over the past two decades. The credit grader cut the US one level from AAA to AA+, echoing a move made more than a decade ago by S&P Global Ratings.
/jlne.ws/3Ofdh65
GOP Effort to Curb ESG Fails to Yield Concrete Results So Far; A divided Congress stands in the way of legislative attempts to limit the investing strategy, Cowen Inc. analyst John Miller says. Countdown to Higher Taxes Starts as Congress's Work Unfinished
Tim Quinson - Bloomberg
For all of the Republican Party's furious opposition to ESG, its efforts to accomplish something on the legislative front have fallen short. At least that's the view of Cowen Inc. analyst John Miller, who closely tracks regulatory affairs for the firm's Washington Research Group.
/jlne.ws/3QngVNZ
Documents Reveal New Details about Pennsylvania Governor's Secret Working Group on Greenhouse Gas Emissions; Materials released under the state's Right to Know Act underline the political balancing act facing Gov. Josh Shapiro as he solicits views on the state's membership in the Regional Greenhouse Gas Initiative. But many are unhappy with the secrecy surrounding his advisory "working group."
Kiley Bense - Inside Climate News
On Tuesday, April 11, a group of representatives handpicked from Pennsylvania's oil and gas industries, labor unions, and environmental organizations met secretly for the first time in the Forest Room at the historic Keystone Building in Harrisburg, the state capital. The goal of their meetings, set by Gov. Josh Shapiro and his aides, was to reach a consensus on an issue that Pennsylvanians have debated for years: the Regional Greenhouse Gas Initiative, or RGGI. Would joining the initiative, a multistate market mechanism for addressing climate change, benefit Pennsylvania, or not?
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Sarah Breeden appointed deputy Bank of England governor
Delphine Strauss and Laura Noonan - Financial Times
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| Regulation & Enforcement | | Stories about regulation and the law. | How SEC Regs Will Change Cryptocurrency Markets
Rakesh Sharma - Investopedia
Distrust of governments' traditional role as issuers of so-called "fiat money" has fueled the phenomenal growth of cryptocurrency markets in recent years. Now that growth is rapidly educating the crypto industry about another key government function-that of regulating financial markets and securities trading.
/jlne.ws/47hcKJC
New SEC Rules Aim to Curb Investor Costs When Companies Are Hacked
Kiplinger
Publicly traded companies would need to disclose cybersecurity breaches in 4 days The Securities and Exchange Commission (SEC) has adopted new rules requiring public companies to disclose within four days material cybersecurity breaches that could affect investors.
/jlne.ws/43RUVxB
CFTC Orders UK Trader to Pay $150,000 and Imposes a One-Year Trading Ban for Spoofing in WTI Futures
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against UK-based trader Adam Cobb-Webb for engaging in multiple instances of spoofing in West Texas Intermediate (WTI) light sweet crude oil futures contracts traded on New York Mercantile Exchange, Inc. (NYMEX) from approximately December 16, 2021 through at least January 14, 2022.
/jlne.ws/3QEQnYL
ASIC warns of further action against market misconduct
ASIC
ASIC is warning market participants that strong, targeted enforcement action will continue in the coming months as part of its focus on protecting consumers from harm and upholding market integrity.
The warning comes after ASIC's enforcement and regulatory update highlighted over $109.1 million in civil penalties for the half year to 30 June 2023, along with a number of significant outcomes aimed at maintaining market integrity, including the cancellation of the AFS licence used by Binance Australia Derivatives, insider trading charges and the sentencing of an individual for market manipulation.
/jlne.ws/47i25Ow
New Chair appointments to FCA's Markets Practitioner Panel, Practitioner Panel and Listing Authority Advisory Panel
FCA
The FCA has appointed Clare Woodman as Chair of the FCA Markets Practitioner Panel, Matt Hammerstein as Chair of the FCA Practitioner Panel, and Mandy Gradden as Chair of the Listing Authority Advisory Panel.
/jlne.ws/3ODD8VB
Wirecard's auditor EY was too gullible, Singapore suspect claims; Asian trustee of German payments firm admits fabricating documents
Mercedes Ruehl and Olaf Storbeck - Financial Times
/jlne.ws/3DDa9f9
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | OCC Enhances Clearing Membership Standards on 30th Anniversary of Securities Lending Program
The Options Clearing Corporation
OCC's Oberon Knapp, Executive Director of Participant Solutions and Head of Securities Lending, discusses recent enhancements to OCC's clearing membership standards, the 30th anniversary of OCC's Stock Loan Programs, and planned technology changes in an interview with Global Investor Magazine.
/jlne.ws/3qeCdCF
Global Equities Enjoy Their Best Year-to-Date Gain Since 2009
Abhishek Vishnoi - Bloomberg
Global markets have posted their largest year-to-date gains since 2009 when markets recovered from the global financial crisis. The MSCI World Index has gained 16.2% so far this year, compared with 16.9% in 2009, as investor optimism grows over slowing global inflation, the hope of more stimulus from China and the end of the Federal Reserve's rate hiking cycle.
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Who Put These Stocks in the Index?; Also Hex, FTT and Apollo's apologies.
Matt Levine - Bloomberg Opinion
One attraction of index investing is that nobody is responsible for any investing decisions. If I buy an index fund, I am just following sensible standard financial advice about indexing and diversification; if that index fund happens to hold stocks in companies that I find objectionable, I can say "well that's not my fault, I didn't buy those companies, I just bought the index fund."
/jlne.ws/3DBGB1J
Private Credit Is Hot. But Has It Gone Silly?; For now, no. Bigger, veteran operations are getting the lion's share of business. Newbies still need to prove themselves.
Shuli Ren - Bloomberg Opinion
Private credit is an asset class that has blossomed alongside the Federal Reserve's rate hikes. From sovereign funds to family offices, many people want to put their money in. Asset managers are more than happy to latch onto this enthusiasm. Private-equity firms are racing to raise funds, hoping to diversify from their long-time cash-cow buyout business, which has grown a bit tired with the end of the zero-rate era.
/jlne.ws/3q6p8vj
Treasuries Demand to Persist: What Analysts Say About US Credit Downgrade by Fitch
Matthew Burgess and Ruth Carson - Bloomberg
Investors will continue to scoop up Treasuries despite Fitch Ratings' move to cut the US' credit rating although the downgrade may spur some short-term volatility, according to analysts. Demand for US bonds is likely to remain strong as there are few markets that are large and safe enough to rank as an alternative, the analysts said. The dollar's initial weakness is also not expected to last, they added.
/jlne.ws/452gaOm
Treasuries Are Still In a Class of Their Own Despite Fitch Cut; Two-year US yields fell three basis points in Asia trading; Treasuries seen as a haven, similar to previous US downgrade
Ruth Carson and Matthew Burgess - Bloomberg
/jlne.ws/3Ohk7Yz
State Street Undercuts BlackRock, Vanguard With Cheapest S&P ETF; SPLG now charges just 2 basis points, a hair below IVV and VOO; 'Even one basis point can move the needle' on flows: Balchunas
Katherine Greifeld - Bloomberg
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Money Flows Into Commodities Again as Growth Fears Start to Ease
Yongchang Chin and Alex Longley - Bloomberg
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Biden's Climate Law Only Halves US Greenhouse Gas Emissions by 2050: Study; US climate policy needs sticks as well as carrots, BloombergNEF says.
David R Baker and Eric Roston - Bloomberg
US President Joe Biden's signature climate law, the Inflation Reduction Act, could slash US greenhouse gas emissions in half by 2050 but not come close to eliminating them, according to a new analysis from BlooombergNEF. The law's $369 billion in financial incentives will speed up the transition to renewable power and electrified transportation, driving the country's emissions down from 5.3 gigatons last year to 2.3 gigatons at mid-century.
/jlne.ws/3YpabkE
More than 80% of humanity exposed to climate change-attributed heat in July 2023: Report; Rapid attribution analysis calculates the influence of carbon pollution on daily temperatures worldwide and in 4,700 cities and 200 countries, showing at least 2 billion people experienced heat altered by climate change during every day of July
Climate Central
More than 6.5 billion people, or 81% of Earth's population, were exposed during July 2023 to at least one day of heat made at least 3x more likely by climate change, according to a new report and analysis by Climate Central. And during each day of the month, 2 billion people worldwide experienced at least that level of climate change influence on their local temperatures.
/jlne.ws/47hhOxC
What a billionaire's protest means for Sunak's government; Also in today's newsletter, new guidelines to guarantee the quality of sustainability disclosures
Gillian Tett, Simon Mundy, Silin Chen and Andrew Edgecliffe-Johnson - Financial Times
Greetings from New York where I am suffering from a peculiar sense of deja vu. During the past year, I have watched - with dismay - as a host of anti-woke, anti-green messages have tumbled out of America's far-right, as part of a colourful campaign to bash the Democrats. This week, however, Britain turned American: Grant Shapps, the UK minister in charge of energy security and the net zero pledge, turned a decision to grant more oil and gas licences into a political football.
/jlne.ws/3qe5ZaI
Asset Managers Pledging Climate Action Drop Ball When Investing; Most big equity portfolios don't track Paris goal: FinanceMap; Extreme weather persuades some investors to avoid polluters
Frances Schwartzkopff - Bloomberg
Despite commitments to sustainability, BlackRock Inc., Vanguard Group Inc. and Goldman Sachs Group Inc. are among the asset managers investing more in polluting companies than in those actively working to lower their carbon footprints, FinanceMap reported. According to a review of $16.4 trillion in stocks held by 45 of the world's biggest asset managers, only Natixis SA and Schroders Plc have more investments in companies working toward meeting the goals of the Paris Agreement than in companies tied to polluting technologies.
/jlne.ws/3DARYXL
EU confirms watering down of corporate sustainability disclosures
Huw Jones - Reuters
The European Union's executive body on Monday published final rules for corporate environmental, social and governance (ESG) disclosures, confirming earlier moves to water down the requirements. European Commission president Ursula von der Leyen had pledged to cut red tape across the EU executive's work this year as companies complain about the mounting cost of environmental rules.
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EU Companies Get ESG Rules Aimed at Addressing Climate Risks; New sustainability reporting standards mark 'a new age'; Rulebook leaves loopholes to duck disclosure, critics warn
Frances Schwartzkopff - Bloomberg
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Iran Declares Public Holiday Over 'Unprecedented' Heat Wave Risk
Arsalan Shahla - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Carlyle Profit Slides 26% as New CEO Seeks Rebound
Dawn Lim - Bloomberg
Carlyle Group Inc. reported a decline in second-quarter profit, underscoring the challenge facing new Chief Executive Officer Harvey Schwartz as he seeks to reposition the private equity firm.
/jlne.ws/3qdsxrY
HSBC Is as Good as It Gets - For European Investors Anyway; The bank reported stronger returns and billions in buybacks, but questions remain over profit sustainability.
Paul J. Davies - Bloomberg
HSBC Holdings Plc is almost as good as it gets for investors in European banks in terms of profitability and payouts. But that isn't guaranteed to satisfy disgruntled Asia-based shareholders, as questions linger over its growth and future returns.
/jlne.ws/4580Z6f
Wells Fargo expects to pay up to $1.8 billion to help refill FDIC fund
Reuters
Wells Fargo said on Tuesday it expects to pay as much as $1.8 billion to help replenish a government deposit insurance fund that was drained of $16 billion this year after three banks collapsed. Under a Federal Deposit Insurance Corporation (FDIC) proposal, Wells Fargo estimates it will face a pretax "special assessment" of up to $1.8 billion, which it will set aside to pay when the FDIC finalizes the rule, the bank said in a regulatory filing on Tuesday.
/jlne.ws/3KpQMKB
Credit Suisse to Shutter Houston Office as Part of UBS Takeover; Swiss bank's branch was active in energy dealmaking in Houston; Droves of senior staffers have left Credit Suisse for rivals
Rachel Butt, Mitchell Ferman, Crystal Tse and Kiel Porter - Bloomberg
Credit Suisse Group AG is closing its office in Houston as part of the bank's emergency takeover by UBS Group AG, according to people with knowledge of the situation. The move spurs questions on whether the Swiss bank will maintain an active role in energy dealmaking at a time when other firms are bulking up for the oil and gas banking business.
/jlne.ws/3OCCEjC
A fund shakeout may be UK PLC's next problem; Nearly 40% of UK-listed investment trusts are under water
Bryce Elder - Financial Times
Investment funds are a peculiar form of madness. Investors pay for a management team they can't entirely trust to buy assets at valuations they'll never entirely trust, in exchange for a token that by logic should be worth less than it costs because it can only ever give the holder a potential share of the net returns the assets might or might not deliver.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | 'How Do I Do That?' The New Hires of 2023 Are Unprepared for Work; Remote learning during the pandemic left students short of basic skills. Now companies are trying to teach them on the job.
Douglas Belkin, Ben Chapman, and Ben Kesling - The Wall Street Journal
Roman Devengenzo was consulting for a robotics company in Silicon Valley last fall when he asked a newly minted mechanical engineer to design a small aluminum part that could be fabricated on a lathe-a skill normally mastered in the first or second year of college. "How do I do that?" asked the young man. So Devengenzo, an engineer who has built technology for NASA and Google, and who charges consulting clients a minimum of $300 an hour, spent the next three hours teaching Lathework 101. "You learn by doing," he said. "These kids in school during the pandemic, all they've done is work on computers."
/jlne.ws/3QomprE
Point of no return: Australians fight for the right to work from home permanently
Byron Kaye - Reuters
Before COVID-19 sent one-third of the global workforce home, the Melbourne property surveyor that employs drone operator Nicholas Coomber called its 180-strong staff into the office every day at 9 a.m. to hand out assignments. Now that they work from home, the surveyors travel straight to the field as early as 7.30 a.m., enabling Coomber to pick up his children from daycare earlier than before the pandemic.
/jlne.ws/3Yq3PBp
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Malaria Cases in Florida and Texas Raise Prospect of Greater Transmission in a Warmer Future; Seven people in the U.S. have contracted the disease from local mosquitoes-the nation's first such cases in 20 years. As climate change plays out, researchers say, warmer and wetter weather could mean more mosquito-borne illnesses.
Victoria St. Martin - Inside Climate News
In July 1957, a newly created federal agency launched an aggressive and advanced program to eradicate a parasitic disease that had vexed state and local health officials across the United States for decades: malaria. Within five years, the federal government had proudly announced that malaria had been eradicated in the U.S. And the fledgling agency it had created, now known as the Centers for Disease Control and Prevention, would end up outlasting the disease it had been founded to defeat.
/jlne.ws/3Yk0Z0D
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore's Building Technology It Needs for a New Climate Era
Sheryl Tian Tong Lee and Akshat Rathi - Bloomberg
Singapore has gone from a mudflat swamp with fishing villages to an island metropolis boasting one of the world's highest incomes and population densities-in a little more than 150 years. It's going to have to go through a different kind of transformation in less than 30 years, if it's to meet its newly set goal of reaching net-zero emissions by 2050.
/jlne.ws/3DDgjfl
South Africa Seeks to Persuade Russia to Revive Grain Deal; Foreign minister meets her Japanese counterpart Hayashi; Japan excluded South Africa when it hosted G-7 in May
S'thembile Cele - Bloomberg
South Africa is working to persuade Russia to return to talks on a Ukraine grain-export deal that it pulled out of last month, nearly a year after it was reached. "We are also working hard to persuade the Russian side to address the Black Sea grain deal and interacting with all the relevant parties to see whether we could find a solution to ensure an opening of the Black Sea initiative," Foreign Minister Naledi Pandor said in Pretoria during talks with her Japanese counterpart, Yoshimasa Hayashi, on Tuesday.
/jlne.ws/3OFCPuz
Massive fire burning in California and Nevada is spawning dangerous 'fire whirls'
Nouran Salahieh - CNN
A massive fire burning across both California and Nevada is generating extreme fire behavior, spawning "fire whirls" and creating dangerous conditions for firefighters, authorities said. The fire, dubbed the York Fire, which is California's largest fire of the year, has consumed 80,000 acres as of Tuesday morning.
/jlne.ws/3Yi455k
NYC Is Going to Get Even More Expensive in August; Electricity bills, public transit fares set to go up in August; Rents are near a record high, and dining out is more expensive
Augusta Saraiva - Bloomberg
Believe it or not, but New York City is about to get even more expensive this month. New Yorkers will be paying 15 cents more more to ride the subway or the bus later in August, and residents are set to spend nearly another $15 a month on average on electricity. That's on top of rents near a record high, consistently keeping the Big Apple among the world's most expensive cities.
/jlne.ws/45cQRci
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| Miscellaneous | | Stories that don't quite fit under the other sections | Body of Goldman Sachs analyst John Castic, who vanished after concert, pulled from NYC waters - weeks after another man was found in same creek
Joe Marino, Craig McCarthy, Georgett Roberts and Steve Janoski - NY POST
The body of a Goldman Sachs analyst who vanished after a concert at the Brooklyn Mirage was pulled from the waters of Newtown Creek on Tuesday less than half a mile from where he went missing, police said. John Castic, a 27-year-old Illinois native who lived in Lower Manhattan, disappeared after leaving the Bushwick hotspot at about 3 a.m. Saturday, according to the NYPD.
/jlne.ws/3s0zyNh
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