| April 05, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2023 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Brandon Johnson has won the Chicago mayoral runoff election over Paul Vallas. I had an inkling it was going to go this way. As Paul Vallas said several years back, he is really more of a Republican and Republicans just don't get elected in the City of Chicago. William Hale Thompson, who served as mayor of Chicago from 1915 to 1923 and again from 1927 to 1931, was the last Republican to serve as mayor. Thompson was known as "Big Bill" and for his alliance with Al Capone. Some things take a long time to wear off.
One of the key takeaways from the election is that young people in Chicago did not come out and vote in large numbers, the Chicago Sun-Times reported.
A key election in Wisconsin for the Supreme Court saw Democrat Janet Protasiewicz win, which could have a profound impact on gerrymandering and abortion decisions in the state, The Wall Street Journal reports. It is also a key state in presidential elections.
The new Forbes billionaire list is out and Ken Griffin is no longer the richest person in Illinois, because he moved to Florida, where he is now that state's richest person.
If you want to make a lot of money as the CEO of a listed company, you want to be in the U.S. and not the U.K., according to a story in The Wall Street Journal. U.S. listed company CEO's make three times as much as U.K. listed company CEOs, the story says.
The FIA has started to roll out the longer interviews they did with Hall of Fame members, and today's is Gary DeWaal. These videos were edited by John Lothian Productions and Patrick Lothian. You can watch the full length Gary DeWaal video HERE.
The NFA posted to LinkedIn: "This April marks a 10-year anniversary for NFA: the registration of NFA's first swap dealer Members."
Yesterday Chris Concannon took over as CEO at MarketAxess, and to mark the occasion, he joined Bob Pisani and CNBC's ETF Edge to discuss the rise of electronic bond trading in the global fixed income market.
Did you ever use talc powder from Johnson & Johnson on your baby in their diaper? I did. Well, J&J has agreed to settle a $8.9 billion lawsuit related to talc-cancer, Bloomberg reports.
The number of non-active young people globally is an issue. There is even a cute name for them, NEET, which stands for "not in employment, education or training." According to the Financial Times, "Globally 32 per cent of young women are Neets compared with roughly 15 percent of young men."
Yesterday we wrote that "Eventus has appointed Jonathan Dixon as director of regulatory affairs, EMEA & MENA." I have been updated by Eventus that Jonathan's title is "Director of Regulatory Affairs for EMEA."
We just had the championship game for men's NCAA basketball on Monday and already the first poll for next season is out. The reigning champion UConn is ranked number one, after returning five top players, CBS reports. Ranked number two in the poll is none other than Purdue. The pollsters must believe that junior Zack Edey is going to return. Wow! ESPN has Purdue ranked #15, but that assumes Edey does not return.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Today is the last day to register for the Women In Listed Derivatives (WILD) 2023 WILD Kick-Off: The Power of Allyship. Join WILD for "cocktails and nibbles" at the CME Group Auditorium, 20 S. Wacker Drive, Chicago, on Wednesday, April 12, 4:30pm - 7:30pm Central. You can go here to register.~SR
++++
++++
Luc Fortin Talks MX International Volume Growth with JLN at FIA Boca 2023
JohnLothianNews.com
Montreal Exchange President and CEO Luc Fortin, who is also head of trading at TMX Group, spoke to JLN at the FIA International Futures Industry Conference for the JLN Industry Leaders video series.
Watch the video »
++++
Bing Newcomb, Whose E*Trade Transformed Stock Trading, Dies at 79
Sam Roberts - The New York Times
Growing up in a working-class family in small-town Oregon, Bing Newcomb would have probably been destined for work in the region's sawmills or lumberyards after high school except for one thing: He was legally blind. So instead he went to college, becoming the first in his family to graduate.
/jlne.ws/40JMjbA
****** Some people overcome all kinds of obstacles to do amazing things. Bing Newcomb was one of them.~JJL
++++
FTX Erased From Miami Arena With $117 Million Replacement Found
Anna Jean Kaiser - Bloomberg
Miami's waterfront basketball arena where the Miami Heat play is getting a new name after becoming a symbol of the spectacular collapse of cryptocurrency exchange FTX. Miami-Dade County and software company Kaseya Ltd. have reached a $117 million contract that will rename the arena Kaseya Center for the next 17 years.
/jlne.ws/3U9hD0U
****** FTX can't be erased fast enough for some people.~JJL
++++
A Two-Century-Old Grain Trader Focuses on Making Better Cookies; Bunge is working to help food companies adapt recipes as Russia's war in Ukraine restricts supplies of key ingredients.
Tarso Veloso Ribeiro and Isis Almeida - Bloomberg
When agricultural exports through the Black Sea plummeted following Russia's invasion of Ukraine, big food companies suddenly found themselves scrambling to find alternative sources of grains and oilseeds. But processed foods these days are complex mélanges of stabilizers, additives, preservatives, sweeteners, salt and flavorings in addition to basic ingredients. So a shift in one component-even changing the provenance of the sunflower oil-can require tweaking the entire recipe to maintain the precise taste and texture consumers expect.
/jlne.ws/435o1un
****** I wish there was a cookie named "The Bunge." That would be a fun name for a cookie.~JJL
++++
Tuesday's Top Three
Our top story Tuesday was UK watchdog orders publication of 'synthetic' dollar Libor rate, from the Financial Times. (Libor was also our MarketsWiki Page of the Day Tuesday.) Second was JPMorgan's Dimon says US banking turmoil not over, sees long repercussions, from Reuters. Third was a tie between the Financial Times' Jamie Dimon says regulations stoked banking turmoil and the OCC press release OCC Clears Over 1B Total Contracts in March 2023, Highest Month on Record and up 12.2% Year-Over-Year.
++++
MarketsWiki Stats
27,275 pages; 244,046 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 | EU stock trading plans risk hurting small investors, warns Euronext CEO; Stephane Boujnah says plans for live database of prices across EU may mean some investors are 'victim of arbitrage'
Nikou Asgari - Financial Times
The head of Europe's largest exchange operator has criticised the EU's proposed creation of a central stock trading database, warning that retail investors risk falling victim to more sophisticated traders. Stephane Boujnah, chief executive of Euronext, told the Financial Times that plans for a consolidated live database of stock and bond prices trading across Europe could create a wealth of trading opportunities for bigger firms with greater reach, while harming smaller investors by leaving them unable to access the best prices.
/jlne.ws/3Gl1pMB
Regulators File the First State Securities Case Targeting AI Promos; Texas, Montana and Alabama file cease-and-desist orders; YieldTrust promised investors returns of 2.6% per day using AI
Olga Kharif - Bloomberg
Texas, Montana and Alabama have jointly filed what they believe is the first securities case targeting a promotion tied to artificial intelligence. It involves crypto, too. Securities regulators for the three states filed enforcement actions to stop YieldTrust.ai from soliciting investments tied to a decentralized application that promises to use AI to trade digital assets. The app claimed to offer returns of 2.6% per day for four months by being able to execute 70 times more trades with 25 times higher profits than any human trader, according to the cease-and-desist orders.
/jlne.ws/3GGRbqf
Hong Kong's Crypto Ambitions Get a Boost From U.S. Crackdown; More than 20 crypto companies have said they plan to set up operations in the city
Elaine Yu - The Wall Street Journal
Hong Kong's attempt to attract cryptocurrency companies is getting help from an intensifying crackdown by American regulators. The city was once home to a number of prominent companies, including Crypto.com, BitMEX and now-bankrupt FTX. But increasing competition from Singapore, concerns about China's tough approach to crypto and Hong Kong's prolonged and strict response to Covid-19 meant many companies in the sector left.
/jlne.ws/434IZJH
UBS shareholders line up to criticise Credit Suisse deal at AGM; Chair Colm Kelleher warns of 'significant execution risks' in emergency takeover
Sam Jones - Financial Times
UBS's takeover of Credit Suisse entails "a huge amount of risk", the bank's chair Colm Kelleher warned on Wednesday, as shareholders lined up to express concerns over the landmark deal - agreed just a fortnight earlier without their consent. Speaking at UBS's annual general meeting in Basel, Kelleher said the acquisition of UBS's biggest rival was a "milestone" in global finance that would accelerate the bank's existing strategy - with growth focused in the US and Asia - but cautioned that "this is not in any way an easy deal to do".
/jlne.ws/3KckJwD
Former Gemini Officials Offer About 5% on Treasury-Backed Tokens; Tokens will derive returns from short-term US treasury bills; Product comes amid shaken confidence in cryptocurrencies
Suvashree Ghosh - Bloomberg
Former senior officials at digital-asset exchange Gemini are rolling out a token backed by US Treasury Bills with around 5% yield in response to a gulf in returns between traditional finance and decentralized crypto lending. OpenEden, a decentralized finance platform, is offering the token known as TBILL against stablecoins, which will in turn be invested in short-term US Treasury Bills, according to a statement by the company.
/jlne.ws/3Uee0Hm
US regulator's $91bn bond book casts shadow over mortgage market; FDIC yet to decide how to sell securities acquired from collapses of SVB and Signature Bank
Jennifer Hughes - Financial Times
Investors are holding back from the $11tn US mortgage-backed securities market because of uncertainty over how regulators plan to dispose of the roughly $91bn portfolio they acquired from the collapses of Silicon Valley Bank and Signature Bank. Falls in the value of SVB's vast MBS portfolio over the past year as interest rates rose were a significant factor in spurring the bank run last month that led to the second-largest bank failure in US history.
/jlne.ws/43jcLuy
Regulators Are Coming for Crypto, and Even Binance Isn't Immune; The CFTC sues the largest trading platform and its founder, Changpeng Zhao, while Coinbase and a popular DeFi app are under scrutiny from the SEC.
Olga Kharif - Bloomberg
Crypto's been hit by a regulatory Big Bang. On March 27, the US Commodity Futures Trading Commission sued Binance, the world's biggest digital-asset exchange, for allegedly allowing US customers to trade on its offshore platform even though it claimed not to. Just the week before, news broke that the US Securities and Exchange Commission is scrutinizing Coinbase Global Inc., the largest US crypto platform, as well as Sushi, a popular "decentralized" app for trading hundreds of tokens.
/jlne.ws/3nPyHgk
Frank Founder Faces Criminal Fraud Charges Over JPMorgan Deal; Prosecutors say college financial-aid company executive lied about her customer count to land $175 million deal
Melissa Korn - The Wall Street Journal
The Justice Department charged the founder of college financial-aid company Frank with fraud Tuesday in connection with the company's sale to JPMorgan Chase & Co. in September 2021, alleging she inflated the company's customer count to trick the bank into a $175 million deal. Charlie Javice was arrested Monday night and will appear before a magistrate judge Tuesday, according to the U.S. Attorney's Office for the Southern District of New York.
/jlne.ws/3Ge40Yv
UK Bank Rules Architect Says SVB Rescue Punches Hole in System; HSBC was allowed to bypass restrictions in buying SVB UK; John Vickers says he is concerned by allowing the exception
Tom Rees - Bloomberg
The founding father of Britain's current system of banking regulation has raised concerns about the exception granted to HSBC Holdings Plc when it rescued the UK arm of Silicon Valley Bank. The comments from John Vickers - who led the government's independent commission that proposed so-called ring-fencing in the UK - relate to rules forcing banks to separate their retail and investment banking activities put in place as one of the key lessons of the global financial crisis.
/jlne.ws/438qzI3
A Football Field-Sized Boat Will Service US Offshore Wind Farms
Josh Saul - Bloomberg
At a Louisiana shipyard Tuesday, construction slowed so executives, politicians and reporters could tour a boat that's almost as long as a football field. Some workers welded steel bulkheads, while others used an industrial press the size of a trailer to bend metal. At the center of the activity sat the Eco Edison, a concrete and expensive sign that some companies are pressing ahead in the fledgling offshore wind industry.
/jlne.ws/3GGlq0v
Tether Used Signature Bank to Find Path Into US Financial System; Bank's Signet payments platform was path for dollars to Tether; Arrangement speaks to a high risk appetite, ex-regulator says
Yueqi Yang and Eva Szalay - Bloomberg
Tether Holdings Ltd. doesn't have direct access to the US banking system, but for a while it found at least one pathway: through Signature Bank. Tether instructed crypto clients to pay for its stablecoins by sending dollars to its Bahamas-based banking partner Capital Union Bank Ltd. via Signature's Signet payments platform, according to people with knowledge of the situation. While it's unclear when the setup started, it was in place when Signature Bank was seized by regulators last month, said the people, asking not to be identified because the information isn't public.
/jlne.ws/3meAo6z
Binance Compliance Chief Calls His Job One of the 'Most Challenging'; Noah Perlman joined Binance in January from rival crypto exchange Gemini Trust
Mengqi Sun - The Wall Street Journal Noah Perlman, the newly hired global chief compliance officer at Binance Holdings Ltd., said the regulatory environment for the cryptocurrency industry has made his job one of the "most challenging opportunities in compliance."
/jlne.ws/3GizZaa
JPMorgan Says US Virgin Islands 'Piggybacking' on Epstein Victim's Claim; Bank asks US judge to disallow USVI's new obstruction claim; Territory wants to sue JPMorgan for delaying Epstein's charges
Ava Benny-Morrison - Bloomberg
JPMorgan Chase & Co. accused the US Virgin Islands of engaging in "gamesmanship" in attempting to file a new claim against the bank for allegedly delaying enforcement action against Jeffrey Epstein. In a federal court filing on Tuesday, the bank said the US territory was copying a similar claim made by Jane Doe, a victim of Epstein who's suing JPMorgan in a separate lawsuit.
/jlne.ws/413CNQi
McKinsey Winding Down Firm's Bankruptcy Practice
Alexander Gladstone - The Wall Street Journal
Consulting firm McKinsey & Co. is winding down its bankruptcy practice after numerous lawsuits and government investigations concerning the division's work advising troubled borrowers, people familiar with the matter said. Some McKinsey partners who had previously focused on bankruptcy advisory work in the firm's recovery and transformation services, or RTS, division have either been leaving the firm or pivoting to other kinds of work, the people said.
/jlne.ws/3KeFDeH
Charlie Javice, the founder accused of fraud by JPMorgan, is arrested as DOJ files criminal charges
Luisa Beltran - Fortune
The Department of Justice filed criminal charges against Charlie Javice Tuesday, alleging the former Frank CEO committed fraud when she sold her financial aid startup to JPMorgan Chase in September 2021 for $175 million. She faces more than 100 years in jail if convicted. The DOJ and the Securities and Exchange Commission both filed lawsuits against Javice Tuesday, escalating the legal predicament of the Frank founder.
/jlne.ws/3zyCUaU
Swiss regulator deflects blame for Credit Suisse debacle
John O'Donnell - Reuters
Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank, Credit Suisse, saying it had been quick to respond, calling instead for more powers to take lenders to task.
/jlne.ws/3K8GWvH
UBS seeks to assure investors shotgun Credit Suisse takeover can pay off
Noele Illien - Reuters
UBS executives sought to assure investors on Wednesday that Switzerland's largest bank can make its unexpected takeover of Swiss rival Credit Suisse work and pay off for its shareholders.
/jlne.ws/3MiFiKn
Dimon: Bank rules should change after Silicon Valley Bank
Ken Sweet - Associated Press
JPMorgan CEO Jamie Dimon said the U.S. and the banking industry should amend regulations following the collapse of Silicon Valley Bank and Signature Bank last month, saying that the financial system needs to be adjusted so that one bank's failure does not "cause undue panic and financial harm."
/jlne.ws/3mh1vhk
Swiss Weighed Credit Suisse Bankruptcy Before Choosing UBS
Hugo Miller, Jeff Black and Bastian Benrath - Bloomberg
Switzerland's banking regulator said it considered putting Credit Suisse Group AG into bankruptcy before deciding on the takeover by UBS Group AG, as the risk of contagion was too great.
/jlne.ws/43bINbU
How UBS Can Turn a Wake for Credit Suisse Into a Party; The fate of the combined Swiss domestic bank holds the key to satisfying the naysayers
Paul J. Davies - Bloomberg
Colm Kelleher sounded like he was presiding over a funeral. The chairman of UBS Group AG struck a somber tone at the bank's annual shareholder meeting on Wednesday, especially for someone who has just snagged potentially one of the biggest bargains ever in global banking.
/jlne.ws/3K47pKM
The Bank Reform That Will Harm Our Economy and Our Politics
Peter Conti-Brown - The New York Times
In the wake of the failures of Silicon Valley Bank and Signature Bank - the second- and third-largest bank failures in American history - members of Congress are debating what should be done to prevent future failures. Some have zeroed in on a new proposal to provide a governmental guarantee to bank deposits of any size.
/jlne.ws/414IC0a
|
| | | |
|
| |
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Has Given the World a Blueprint to Fight Hunger; Panic over grain shortages caused by Russia's war triggered a multifront response that countries can build on in future crises.
Amanda Little - Bloomberg
Russia's invasion of Ukraine last year triggered tumult across global grain markets. As the cost of corn and wheat surged, panic spread about instability in countries from Yemen to Bangladesh that depend on the warring region for low-cost grains. Would famine worsen? Would civil unrest ensue?
/jlne.ws/3MjpQhs
US is providing Ukraine with $2.6 billion in military aid
Lolita C. Baldor and Matthew Lee - AP
The U.S. will send Ukraine about $500 million in ammunition and equipment and spend more than $2 billion to buy an array of munitions, radar and new weapons to help Kyiv counter drones in the coming months, the Pentagon said Tuesday, as Ukrainian troops gear up for a spring offensive against Russian forces. The aid to be taken from military stockpiles so it can be in the war zone quickly includes "ammunition for U.S.-provided HIMARS, air defense interceptors, and artillery rounds that Ukraine is using to defend itself," Secretary of State Antony Blinken said in a statement.
/jlne.ws/3mgf0hj
'He's a war criminal': Elite Putin security officer defects
Erika Kinetz - AP
On Oct. 14, a Russian engineer named Gleb Karakulov boarded a flight from Kazakhstan to Turkey with his wife and daughter. He switched off his phone to shut out the crescendo of urgent, enraged messages, said goodbye to his life in Russia and tried to calm his fast-beating heart. But this was no ordinary Russian defector. Karakulov was an officer in President Vladimir Putin's secretive elite personal security service - one of the few Russians to flee and go public who have rank, as well as knowledge of intimate details of Putin's life and potentially classified information.
/jlne.ws/40Uw1g0
Xi Jinping to face European pressure over support for Russia in Ukraine war; Chinese leader unlikely to heed Macron and von der Leyen's entreaties to drop Vladimir Putin, experts warn
Edward White - Financial Times
French president Emmanuel Macron has landed in Beijing in the latest bid by a European leader to urge China's Xi Jinping to wield his influence with Vladimir Putin to push for a withdrawal of Russian troops from Ukraine. On the eve of his three-day visit to China, the French president spoke with his US counterpart Joe Biden and the pair "reiterated their steadfast support for Ukraine in the face of Russia's ongoing aggression", according to the White House.
/jlne.ws/3U7VlwN
Russia's Aircraft Need Maintenance They Can No Longer Get; Sanctions have cut off access to parts and technology for key upkeep, raising concerns over safety
Benjamin Katz and Georgi Kantchev - The Wall Street Journal
Russia has limited access to parts, software and technical skills needed to carry out critical maintenance due on hundreds of commercial jets, according to a Wall Street Journal analysis, raising safety concerns among industry executives and regulators.
/jlne.ws/3mgHxDr
Russian defector sheds light on Putin paranoia and his secret train network; Former security officer tells of president's strict quarantine and says he has 'lost touch with the world'
Andrew Roth and Pjotr Sauer - The Guardian
A senior Russian security officer who defected last year has given rare insight into the paranoid lifestyle of Vladimir Putin, confirming details of a secret train network, identical offices in different cities, a strict personal quarantine and escalating security protocols.
/jlne.ws/438soEL
|
| | | |
|
| |
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Commodity price outlook and interest rate concerns cloud farmer sentiment
CME Group
Farmer sentiment weakened again in March as the Purdue University/CME Group Ag Economy Barometer fell 8 points to a reading of 117. Both of the barometer's sub-indices declined 8 points in March, leaving the Current Conditions Index at 126 and the Future Expectations Index at 113. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted between March 13-17, which coincided with the demise of Silicon Valley Bank and Signature Bank.
/jlne.ws/3ZJK8DR
March 2023 figures at Eurex; OTC Clearing and Repo volumes continued their upward trend; Daily GC Pooling volumes more than doubling to EUR 114.9 billion y-o-y; Notional outstanding in OTC clearing up 18 percent
Deutsche Boerse
Eurex, Europe's leading derivatives exchange, reports a 6 percent increase in total trading volume to 260.9 million contracts in March from 246.2 million contracts in the same month last year. Interest rate derivatives again recorded the largest increase, rising 23 percent year-on-year in March from 81.3 million to 99.7 million. Index derivatives increased slightly by 1 percent, from 127.9 million to 129.7 million contracts traded. Equity derivatives trading declined 15 percent from March 2022 to 31.2 million contracts.
/jlne.ws/3zwGZwk
Successful migration of Borsa Italiana equity and ETF markets to the European Optiq trading platform
Euronext
Phase one of the full migration to Euronext's state-of-the art trading platform was delivered on schedule, with immediate revenue synergies; Euronext confirms its position as the leading listing and trading venue, and the largest liquidity pool in Europe with superior market quality; This migration brings significant benefits to Italian issuers, members, investors and to the European financial markets ecosystem, helping finance the real economy. Euronext, the leading pan-European market infrastructure, today announced the successful migration of the equity and ETF markets of Borsa Italiana, part of Euronext Group, to Optiq, Euronext's proprietary state-of-the-art trading platform.
/jlne.ws/3GiWkEs
Intercontinental Exchange Reports March and First Quarter 2023 Statistics
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported March 2023 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
/jlne.ws/40A5BjH
ICE Reports Highest Trading Volumes in Euribor for Ten Years
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced the highest trading volumes in Euribor derivatives, the benchmark for managing short term Euro-related interest rate risk, for ten years. In March 2023, a record 49.5 million Euribor futures and options contracts traded. This surpassed the monthly volume record last set in January 2013.
/jlne.ws/3Mivosg
List Of Deliverable Canadian Government Bond Issues For The LGB, CGB, CGF AND CGZ Futures Contracts
TMX
For your information, please find enclosed the list of deliverable Canadian Government Bond issues with respect to the LGB, CGB, CGF and CGZ futures contracts delivery months. This list is produced in accordance with the Rules of Bourse de Montréal Inc. and Canadian Derivatives Clearing Corporation (CDCC) relating to delivery standards.
/jlne.ws/3KA72ZN
Circular of Shanghai International Energy Exchange on Adjusting Trading Margin Rates and Price Limits of Futures Contracts
SGX
Shanghai International Energy Exchange has released its Circular on Adjusting Trading Margin Rates and Price Limits of Futures Contracts as follows:
/jlne.ws/3Ufp1Io
TMX Group Limited to announce Q1 2023 financial results on Monday, May 1, 2023
TMX
Analyst conference call and Annual and Special Meeting of Shareholders to be held Tuesday, May 2, 2023. TMX Group Limited will announce its financial results for the first quarter ended March 31, 2023 in the evening of Monday, May 1, 2023. An analyst conference call to review the results will be held at 8:00 a.m. EDT on Tuesday, May 2, 2023.
/jlne.ws/3MjxdWa
Moscow Exchange acquired a software developer in the field of automation of compliance services
Moscow Exchange
The Moscow Exchange (MOEX) has acquired a 50.1% stake in ProCompliance LLC, a leading developer of software for automating compliance services in the financial market. Within three years, the share of the exchange can be increased up to 100%.
/jlne.ws/3KfDiA0
Moscow Exchange Trading Volumes In March 2023
Moscow Exchange
In March 2023, total trading volume across Moscow Exchange's markets made up 26.3% to reach RUB 105.6 trln (RUB 83.6 trln in February 2023). Unless stated otherwise, all figures below refer to performance for March 2023 and all comparisons are with February 2023.
/jlne.ws/3U8QHP4
|
| | | |
|
| |
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Front-office outsourcing in crypto derivatives markets set to rise; The whitepaper Changing Approaches to Crypto Trading Technology is available to download via the link: https://www.acuiti.io/changing-approaches-to-crypto-trading-technology
Acuiti & Trading Technologies
Crypto derivatives market participants are set to increase their use of third-party trading technology as the quality and sophistication of the products on offer continues to increase, a newly published study by Acuiti has found. The whitepaper Changing Approaches to Crypto Trading Technology is based on a survey conducted in Q4 2022 of Acuiti's Crypto Derivatives Expert Network and is published today in partnership with Trading Technologies, a global capital markets technology platform provider.
/jlne.ws/3m4QFv4
Microsoft and Amazon face UK probe on cloud computing; Communications watchdog Ofcom 'particularly concerned' over practices of tech giants that dominate cloud market
Arjun Neil Alim, Ian Johnston and Sarah Provan - Financial Times
The UK's communications watchdog has called for a probe into Microsoft and Amazon's dominance of the country's cloud computing market in the latest challenge to the tech giants from global regulators.
/jlne.ws/3GkDCwp
TNS Deploys Cloud Compute Servers and Network Hardware for Coinbase Derivatives Exchange
TNS
Transaction Network Services (TNS) today announced the deployment of a TNS cloud-based financial trading infrastructure solution for the Coinbase Derivatives Exchange (CDE). The partnership supports a significant enhancement to the regulated futures exchange. The TNS deployed hardware solution for CDE consists of the recently announced TNS Dedicated Server offering that will enhance the Coinbase Derivatives Exchange infrastructure collocated in Secaucus, NJ and Aurora, IL
/jlne.ws/437Yd0r
|
| | | |
|
| |
| Cybersecurity | | Top stories for cybersecurity | Japan braced for rise in ransomware attacks after data breach; More than 10 companies say they have been affected by last year's hack at Fujitsu
Leo Lewis and Kana Inagaki - Financial Times
A hacking attack at Japan's largest IT company is spilling across the country's corporate sector, with cyber security experts warning that it could trigger a surge in attempts by organised criminal gangs to extort hefty ransoms from companies and their customers.
/jlne.ws/40J7hYg
Officials close criminal probe of cybersecurity firm formerly headed by Gantz
Jeremy Sharon - The Times of Israel
The State Attorney's Office announced Tuesday that it decided to close a criminal investigation into the dealings of a now-bankrupt company that had been chaired by National Unity leader and former defense minister Benny Gantz.
/jlne.ws/3nMgf8q
Phishing Attacks Continue to Dominate Cybersecurity Landscape
Alyse Burnside - ITPro Today
Email-based cyberattacks became more frequent, sophisticated, and intense last year, according to the Cofense Intelligence 2023 Annual State of Email Security Report. Cofense, an email security firm, recorded a 569% increase in malicious phishing emails, a 478% increase in credential phishing-related reports, and a 44% increase in malware.
/jlne.ws/3MfFjyX
Privacy & Cybersecurity Update - March 2023
Skadden, Arps, Slate, Meagher & Flom LLP - JDSupra
In this month's Privacy & Cybersecurity Update, we examine Iowa's new data privacy law (the sixth state to enact a privacy law), the Biden administration's new national cybersecurity strategy, the U.K. government's revised proposals to amend its data protection regime and a pair of insurance-related court decisions in New Jersey and Michigan.
/jlne.ws/3nDFfP6
|
| | | |
|
| |
| Cryptocurrencies | | Top stories for cryptocurrencies | QubeAlgo aims to speed development time, reduce costs of building complex trading applications
QubeAlgo
QubeAlgo, which has been live with a select group of clients, is now being rolled out to the broader market, providing highly customizable solutions that empower quants and developers to build bespoke, multi-asset, electronic trading applications, often with minimal code. QubeAlgo's asset-agnostic software (Qube) is designed to significantly speed up development of complex e-trading applications, making it much easier and more cost-effective to develop, test, and deploy sophisticated e-trading models and algorithms.
/jlne.ws/40GZha0
The EU Vs. The US: A Tale Of Two Crypto Regulatory Approaches
Meaghan Johnson - Forbes
The first quarter of 2023 has seen an extensive US cryptocurrency crackdown, raising concerns about innovation and capital flight. The closure of Signature Bank, the SEC suing Genesis and Gemini, and the CFTC lodging a complaint against Binance are seen by many as a targeted crackdown. On the other hand, the European Union has shown promise in offering a regulatory framework that safeguards consumers and encourages innovation. However, whether the EU can become a crypto-friendly hub remains debatable.
/jlne.ws/3UdH8OY
Crypto carry
BIS
The cryptoassets ecosystem has matured to a point where cash and derivative instruments are now actively traded both on native crypto exchanges as well as on traditional exchanges. We study one of the most salient features of these instruments in recent years: the large difference between spot and futures prices, the so-called futures basis or "crypto carry". The crypto carry encapsulates the return on a simple "cash and carry" strategy: going long in the spot market, while selling short in the futures contract.
/jlne.ws/437ZN2n
Deribit Parent Company Leads $4.4M Seed Funding Round Into Dutch Crypto Exchange Finst
The oversubscribed capital raise will be used to expand Finst's range of products drive its international expansion plans
Jamie Crawley - CoinDesk
/jlne.ws/3GiZacH
Brazilian Investment Bank BTG Pactual Brings Out Dollar-Backed Stablecoin
BTG Dol is the world's first dollar-backed stablecoin issued by a bank, BTG Pactual said
Jamie Crawley - CoinDesk
/jlne.ws/3UdCy2Q
Bitcoin's Spot-to-Derivatives Trading Volume Ratio Slides to Lowest in 11 Months
The decline indicates renewed risk appetite in the crypto market.
Omkar Godbole - CoinDesk
/jlne.ws/3zymAHb
Titanic NFTs are the latest token of Belfast's difficult history; As the anniversary of the great ship's foundering nears, memories find new forms
Jude Webber - Financial Times
Near the yard that built the Titanic in Belfast, a giant mural pays tribute to history's most famous ship and the 1,500 who perished on her maiden voyage in April 1912. The city also boasts a Titanic museum, recently reopened after a £4.5mn upgrade. It displays poignant relics of the tragedy, including the violin played by band leader Wallace Hartley as the ship went down and one of only six surviving deckchairs bearing the White Star Line's logo.
/jlne.ws/40G8n7d
|
| | | |
|
| |
| Politics | | An overview of politics as it relates to the financial markets | A Football Field-Sized Boat Will Service US Offshore Wind Farms
Josh Saul - Bloomberg
At a Louisiana shipyard Tuesday, construction slowed so executives, politicians and reporters could tour a boat that's almost as long as a football field. Some workers welded steel bulkheads, while others used an industrial press the size of a trailer to bend metal. At the center of the activity sat the Eco Edison, a concrete and expensive sign that some companies are pressing ahead in the fledgling offshore wind industry.
/jlne.ws/3GGlq0v
Brandon Johnson wins Chicago mayor election; Paul Vallas concedes
Gregory Pratt and Alice Yin - Chicago Tribune
Brandon Johnson has defeated Paul Vallas to become the next mayor of Chicago, the Associated Press has declared. In an extremely close race, Johnson, a Cook County commissioner and Chicago Teachers Union organizer, squeaked out a stunning victory over Vallas, a former Chicago Public Schools CEO.
/jlne.ws/3KehAMH
|
| | | |
|
| |
| Regulation & Enforcement | | Stories about regulation and the law. | Commissioner Johnson to Participate a Fireside Chat at the City Week 2023 Meeting: Global Challenges through Innovation
CFTC
Commissioner Kristin N. Johnson will participate in a fireside chat at the City Week 2023 Meeting: Global Challenges through Innovation.
/jlne.ws/3zv75Qq
Commissioner Goldsmith Romero to Participate in the Digital Security Threats panel at AFCEA's 2023 Tech Summit
CFTC
Commissioner Christy Goldsmith Romero will participate in the Armed Forces Communications and Electronics Association's 2023 Tech Summit. The panel will focus on Digital Security Threats.
/jlne.ws/3KjAYs2
Correcting the Record: MiFID II Unbundling
Securities Industry and Financial Markets Association
A recent article in response to our blog post, The SEC Should Take Immediate Action to Preserve Critical Research Under MiFID II, contains inaccurate information about banks' research practices and makes flawed arguments and recommendations that, in connection with the expiration of the MiFID II no-action relief, would negatively impact the market for investment research.
/jlne.ws/40L1Xnk
SEC Charges Founder of Frank with Fraud in Connection with $175 million Sale of Student Loan Assistance Company
SEC
The Securities and Exchange Commission today charged Charlie Javice, the founder of the now shuttered student loan assistance company previously known as Frank, with fraud in connection with the $175 million sale of the company to JPMorgan Chase Bank, N.A., (JPMC) in 2021. The SEC's complaint alleges that Javice orchestrated a scheme to deceive JPMC into believing that Frank had access to valuable data on 4.25 million students who used Frank's service when in reality the number was less than 300,000.
/jlne.ws/3zxT989
SEC's OMWI FY 2022 Annual Report Highlights the Agency's Diversity, Equity, and Inclusion Initiatives and Progress
SEC
The Securities and Exchange Commission's Office of Minority and Women Inclusion (OMWI) today released its Fiscal Year (FY) 2022 Annual Report to Congress. The report summarizes the SEC's actions and achievements towards promoting diversity, equity, inclusion, and accessibility (DEIA) in the SEC's workforce, increasing opportunities for minority-owned and women-owned businesses, and leveraging DEIA for mission effectiveness.
/jlne.ws/40Y9Zc4
SEC Charges South Carolina Resident with Operating $20 Million Ponzi Scheme
SEC
The Securities and Exchange Commission today announced charges against Michael J. French, of Pendleton, South Carolina, and two companies controlled by him, MJF Holdings, LLC ("MJF Holdings") and MJF Capital, LLC ("MJF Capital"), for defrauding investors and misappropriating millions in investor funds.
/jlne.ws/3zzvAfq
SEC's Coinbase Insider Trading Case Is Coming to a Close
Stacy Elliott - Decrypt
Ex-Coinbase product manager Ishan Wahi and his brother Nikhil could soon reach a settlement with the U.S. Securities and Exchange Commission over insider trading charges against them, according to court filings. The SEC and the Wahis filed a joint motion on Monday asking that the Commission be given more time to respond to the Wahis' November motion to have the charges dismissed.
/jlne.ws/3m202f3
US SEC nears deal with ex-Coinbase employee accused of insider trading -filing
Chris Prentice - Reuters
The U.S. Securities and Exchange Commission is nearing a settlement with a former Coinbase Global Inc product manager in a landmark case of insider trading involving cryptocurrency, according to a court filing this week. The SEC has reached "an agreement in principle" with Ishan Wahi to resolve its claims against him, the agency said in a court document filed on Monday.
/jlne.ws/416IFsh
ESMA publishes latest edition of its newsletter
The European Securities and Markets Authority
Your one-stop-shop in the world of EU financial markets focused in March on various important topics such as the Market Correction Mechanism (MCM) and our cooperation with ACER - the Agency for the Cooperation of Energy Regulators - as well as the launch of the first ESMA cartoon on investor protection.
/jlne.ws/3ZGC9qX
Transforming how we support consumers online
Financial Conduct Authority - Emma Stranack
When consumers contact us, they can often be in distress. They may need to report a suspected scam, check whether a firm is authorised (or not), or find out where to go if something's gone wrong with a financial service. As a regulator, one of our core objectives is to protect consumers. But with many struggling to pay bills, and scammers often targeting the most vulnerable, our approach had to evolve. We had to address the challenges consumers are experiencing and make sure people feel comfortable and confident coming to us.
/jlne.ws/437WS9V
Six More Charged In Securities And Futures Commission And Police Joint Operation Against Sophisticated Ramp-And-Dump Syndicate
Mondovisione
Six additional suspects - including key members and an alleged ringleader - were charged with various criminal offences following an earlier joint operation of the Securities and Futures Commission (SFC) and the Police against a large-scale and sophisticated syndicate suspected of operating "ramp-and-dump" market manipulation.
/jlne.ws/4369gY2
Merrill Lynch charged by SEC for failing to disclose foreign exchange fees to clients; According to the SEC, between May 2016 and July 2020, Merrill Lynch charged a markup or markdown on foreign currency exchanges, however, it did not disclose an additional fee it referred to as production credit.
Wesley Bray - The Trade
/jlne.ws/3ZDUODH
FCA extends use of synthetic US dollar LIBOR to September 2024; Use of synthetic US dollar LIBOR has been extended past its original end date of 30 June 2023, however, the UK regulator stresses that firms should continue to actively transition away from LIBOR.
Wesley Bray - The Trade
/jlne.ws/3U9JrCq
|
| | | |
|
| |
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | US Home Prices Seen Rebounding After an Expected $1 Trillion Plunge This Year; Housing poll respondents expect prices to drop 2% this year; Rebound anticipated to gain traction in 2025 through 2027
Alexandre Tanzi - Bloomberg
US residential real estate may lose close to $1 trillion in value this year, but that loss will be transient as home prices are expected to rebound, according to a new poll. Respondents expect prices to fall 2% nationally this year, which implies that the value of the US housing market will fall to $46.9 trillion from $47.9 trillion at the end of 2022, per results of the poll conducted by housing analytics firm Pulsenomics.
/jlne.ws/3ZGRSWT
First ever female traders share experiences of the London trading floor; Hear from them below as part of an event hosted by The TRADE in partnership with LSEG to celebrate women in trading and investment.
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.
/jlne.ws/3Kcj6iC
The Bubble in Money Market Funds
Nicole Samoroukova - The Reformed Broker
Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week's episode, Josh and Michael discuss the biggest topics in investing and finance, including: Inflation Cooling - "Excluding food and energy, the Fed's preferred inflation gauge - the personal consumption expenditures price index - rose 0.3% in February after the prior month was revised down slightly."
/jlne.ws/3m8SPcV
Traders Rush to Cover Options Exposure During Peak Fed Uncertainty
Edward Bolingbroke - Bloomberg
Bond traders, lacking conviction about what the Federal Reserve will do next, have been dumping positions in interest-rate options at a breakneck pace. That's also putting downward pressure on rate volatility following a surge in the immediate aftermath of the failure of Silicon Valley Bank. The theme has been most evident in options linked to the Secured Overnight Financing Rate, which closely tracks the US central bank's benchmark, as traders have cashed in on bullish bets that have paid off as bond yields have come down.
/jlne.ws/43bkevI
DV Group Acquires Centaur Markets, Expanding Offerings in Structured Products
DV Group via PR Newswire
DV Group, parent to leading proprietary trading firms DV Trading and DV Securities, announced today that it has completed the acquisition of the business of Centaur Markets, a boutique structured products trading firm. This acquisition will enable DV Group to expand its offerings in structured products and strengthen its position as a market leader across multiple asset classes.
/jlne.ws/3Kf3Ql6
Stock-Based Pay and Bonuses Fall Under Finance Chiefs' Cost-Cutting Knife
Mark Maurer and Jennifer Williams-Alvarez - The Wall Street Journal
Some finance executives are tweaking compensation expenses-including stock-based pay and bonus eligibility-in the latest move among U.S. companies to cut costs from increasingly lean operations as recession concerns grow. Videogame company Unity Software Inc. and business-software firm Salesforce Inc. are among businesses weighing or moving ahead with bringing down stock-based compensation, while companies such as DSW Designer Shoe Warehouse parent Designer Brands Inc. and Facebook owner Meta Platforms Inc. are planning adjustments to worker bonuses.
/jlne.ws/3mbHR6z
|
| | | |
|
| |
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The Climate Crisis Trade Wars
Vibeka Mair - ESG investor
The EU's Net Zero Industry Act is the latest government policy to raise concerns about "green protectionism" and disregard for nature. Climate change is a global problem like no other. If just one major polluting country decides not to mitigate its carbon emissions, the catastrophic effects will be worldwide, making international cooperation essential.
/jlne.ws/439MkaA
Tesla's not the only game in town anymore
Emily Peck and Matt Phillips - Axios
Electric vehicles are no longer just for early adopters, Axios' Joann Muller writes. EVs accounted for 7% of new vehicle registrations in the U.S. in January, up from 4.1% in January 2022. Why it matters: It's a sign that the EV transition is gaining momentum.
/jlne.ws/3ZHAIIS
GIIN Benchmark Maps Lay of the Land
Emmy Hawker - ESG Investor
Agriculture-focused investors will be able to assess the impact of their investments by asset class, geography and agricultural theme. The Global Impact Investing Network's (GIIN) new impact benchmark for the agriculture sector aims to provide investors with more standardised metrics through which to peer-assess the on-the-ground impact of investments and identify areas of underperformance.
/jlne.ws/3GkwT5o
A Push to Turn Farm Waste Into Fuel; Climate change provisions in the Inflation Reduction Act have spurred developers to build ambitious renewable energy projects that turn corn into ethanol and manure into methane.
Keith Schneider - The New York Times
Despite federal and state programs to convert corn into ethanol and soybeans into biodiesel to fuel cars and trucks, the United States has never before regarded farming as a primary energy producer. That changed when Congress in August passed the climate provisions of the Inflation Reduction Act, which provides $140 billion in tax incentives, loans and grants to replace fossil fuels with cleaner renewable energy that lowers emissions of carbon dioxide.
/jlne.ws/3zyGe5Z
Seize property to build wind and solar farms, says JP Morgan chief
Simon Foy - The Telegraph
The chief executive of JP Morgan has suggested that governments should seize private land to build wind and solar farms in order to meet net zero targets. Jamie Dimon, the longstanding boss of the Wall Street titan who donates to the Democratic Party, said green energy projects must be fast-tracked as the window for averting the most costly impacts of global climate change is closing.
/jlne.ws/3KylVM7
As millions of solar panels age out, recyclers hope to cash in
Jon Hurdle - Green Biz
/jlne.ws/3mc9xZ6
Are the High Seas off the Hook?
Emmy Hawker - ESG Investor
/jlne.ws/3MfyCwP
Australia Is Quitting Coal in Record Time Thanks to Tesla
James Fernyhough - Bloomberg
/jlne.ws/40JLJKW
ExxonMobil says low-carbon business could one day eclipse oil and gas; Texas oil major says government incentives are critical to profiting from energy transition
Justin Jacobs - Financial Times
/jlne.ws/3nMjNYp
Why US bank regulation needs a system upgrade; SVB collapse shows supervisory framework is not fit for a changing industry and new systemic risks
Nicholas Silitch - Risk.net (commentary)
/jlne.ws/3MqX2TU
How European cities are turning the energy crisis into an opportunity to drive Europe towards a climate-neutral and just future
Covenant of Mayors - Europe
/jlne.ws/3KdQplb
|
| | | |
|
| |
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Frank Founder Faces Criminal Fraud Charges Over JPMorgan Deal
Melissa Korn - The Wall Street Journal
The Justice Department charged the founder of college financial-aid company Frank with fraud Tuesday in connection with the company's sale to JPMorgan Chase & Co. in September 2021, alleging she inflated the company's customer count to trick the bank into a $175 million deal. Charlie Javice was arrested Monday night and will appear before a magistrate judge Tuesday, according to the U.S. Attorney's Office for the Southern District of New York.
/jlne.ws/3Ge40Yv
Student aid startup founder arrested on fraud charges
Larry Neumeister - AP
The founder of Frank, a student loan assistance startup company that J.P. Morgan Chase acquired for $175 million two years ago, has been arrested on charges that she duped the financial giant by dramatically inflating the number of customers her company had, authorities said Tuesday. Charlie Javice, 31, of Miami Beach, Florida, was arrested Monday night in New Jersey on conspiracy, wire and bank fraud charges.
/jlne.ws/3Ud8yEg
Former Start-Up Founder Charged by Prosecutors for Defrauding JPMorgan Chase
Ron Lieber - The New York Times
Charlie Javice, the 31-year-old start-up founder who JPMorgan Chase accused in a December lawsuit of lying to the bank as it prepared to acquire her company, is now facing criminal charges as well. On Tuesday, the U.S. attorney's office for the Southern District of New York charged her with wire, bank and securities fraud. It said that she "falsely and dramatically" exaggerated the number of customers that Frank, her now shuttered college financial planning company, actually had in a scheme to "fraudulently induce J.P. Morgan Chase to acquire" her start-up for $175 million.
/jlne.ws/3Gi8Xzz
For Credit Suisse Shareholders, a Wake Followed by Recriminations
Michael J. de la Merced - The New York Times
At Credit Suisse's last annual shareholder meeting on Tuesday, senior leaders apologized for failings that led to the Swiss bank's fire sale last month to its archrival, UBS, at the behest of the Swiss government. "I apologize that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you," said Axel Lehmann, Credit Suisse's chairman.
/jlne.ws/3KdzNdk
Jamie Dimon Says Effects of Banking Crisis Will Be Felt for 'Years to Come'
Lauren Hirsch - The New York Times
Jamie Dimon, the chief executive of JPMorgan Chase, who recently rallied fellow bank leaders to the rescue of smaller rivals, devoted plenty of ink to the banking crisis in his annual letter to shareholders on Tuesday. "As I write this letter, the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come," Mr. Dimon wrote in the letter, which is followed closely on Wall Street.
/jlne.ws/40Nvj4j
Toronto-Dominion Becomes Biggest Bank Short With $3.7 Billion on the Line; Merger arb, Schwab stake, Canada housing woes seen as drivers; S3 sees risk of profits evaporating as quickly as they came
Geoffrey Morgan - Bloomberg
Turns out, the biggest short in the banking industry anywhere in the world isn't in Switzerland or Silicon Valley, but rather, in the relatively tame financial center of Canada. In recent weeks, short sellers have upped their bearish bets against Toronto-Dominion Bank, and now have roughly $3.7 billion on the line vis-à-vis Canada's second-largest lender, according to an analysis by S3 Partners.
/jlne.ws/3nDd8j2
UBS Chairman's Top-Secret Prep Paid Off in Credit Suisse Moment; Colm Kelleher was ready when a crisis of confidence that started in US regional banking spread to Switzerland.
Jan-Henrik Foerster, Aaron Kirchfeld and Katherine Griffiths - Bloomberg
UBS Group AG pulled off one of the biggest bank deals ever in a matter of days. But the groundwork had been laid for years. When Colm Kelleher became chairman last April, he inherited feasibility studies by predecessor Axel Weber dating back to at least 2020 on what a takeover of Credit Suisse Group AG would look like.
/jlne.ws/3ZQnxpe
Yellen says not willing to allow contagious bank runs to develop
David Lawder - Reuters
U.S. Treasury Secretary Janet Yellen on Monday said deposit outflows from small and medium-sized banks were diminishing, but she was watching the situation closely and was "not willing to allow contagious runs to develop" in the U.S. banking system. Yellen told reporters after an event at Yale University that confidence in the banking system was strengthened by actions taken by the Treasury, Federal Reserve and Federal Deposit Insurance Corp after the failures of Silicon Valley Bank and Signature Bank.
/jlne.ws/3K6kjYG
New sustainability tool from SDI AOP allows users to analyze their investment portfolios
Qontigo
The Sustainable Development Investments Asset Owner Platform (SDI AOP) and Qontigo, its exclusive distribution partner, have announced the launch of the SDI Dashboard. The new tool allows investors to upload their investment portfolios and analyse them across a range of SDG-related parameters.
/jlne.ws/3Mg0Veq
Wall Street suffers $1.5bn loss on Citrix buyout loans; Goldman Sachs, Bank of America and Credit Suisse unload remnants of deal struck in the easy money era
Eric Platt - Financial Times
/jlne.ws/40Y8mf3
|
| | | |
|
| |
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Instant Videos Could Represent the Next Leap in A.I. Technology
Cade Metz - The New York Times
Ian Sansavera, a software architect at a New York start-up called Runway AI, typed a short description of what he wanted to see in a video. "A tranquil river in the forest," he wrote. Less than two minutes later, an experimental internet service generated a short video of a tranquil river in a forest. The river's running water glistened in the sun as it cut between trees and ferns, turned a corner and splashed gently over rocks.
/jlne.ws/3GilQcY
Google's Bard Writes Convincingly About Known Conspiracy Theories; When prompted to write about lies, the search company's AI tool usually complied with the request, researchers found
Davey Alba - Bloomberg
Google's Bard, the much-hyped artificial intelligence chatbot from the world's largest internet search engine, readily churns out content that supports well-known conspiracy theories, despite the company's efforts on user safety, according to news-rating group NewsGuard.
/jlne.ws/3zyZwby
Kirkland & Ellis cuts associates across US offices; Downsizing after performance review comes as law firms grapple with fall in M&A caused by darkening outlook
Kate Beioley - Financial Times
Kirkland & Ellis, the world's highest-grossing law firm, has cut a number of associates across offices in California and Texas after performance reviews, making it the latest firm to slim headcount amid a collapse in dealmaking.
/jlne.ws/3UdlVEB
|
| | | |
|
| |
| Wellness Exchange | | An Exchange of Health and Wellness Information | Moderate Drinking Has No Health Benefits, Analysis of Decades of Research Finds; The review found that the methodology of many previous studies was flawed and that risk of myriad health problems increased significantly after less than two drinks a day for women and after three for men.
Roni Caryn Rabin - The New York Times
For decades, scientific studies suggested moderate drinking was better for most people's health than not drinking at all, and could even help them live longer. A new analysis of more than 40 years of research has concluded that many of those studies were flawed and that the opposite is true.
/jlne.ws/43iNd0C
Drug-Resistant Bacteria Tied to Eyedrops Can Spread Person to Person; The C.D.C. traced deaths and cases of blindness to products imported from India. The agency said it was concerned that the bacteria could gain a foothold in the U.S.
Christina Jewett and Andrew Jacobs - The New York Times
A highly drug-resistant bacteria that was linked to eyedrops imported from India and that spread from person to person in a Connecticut long-term care center has prompted concerns that the strain could gain a foothold in U.S. health care settings, according to the Centers for Disease Control and Prevention. Infectious disease specialists said the strain had not been previously detected in the United States, and that it was particularly difficult to treat with existing antibiotics.
/jlne.ws/3zyxXil
|
| | | |
|
| |
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | New Zealand's Labor Pool Grows After Borders Reopen to Foreign Workers
Tracy Withers - Bloomberg
New Zealand's pool of labor is expanding at the fastest pace in more than two years as the nation's re-opened border allows in more foreign workers. The number of residents aged 15 years and over who could work rose by 48,900 in the year through March to an estimated 4,151,000, Statistics New Zealand said Wednesday in Wellington. That's up from a revised 29,600 in December and is the biggest annual gain since the end of 2020.
/jlne.ws/40IHNdy
Exxon Quits Drilling in Brazil After Failing to Find Oil; Oil giant has spent billions on the offshore campaign and hasn't ruled out other projects in the country
Collin Eaton - The Wall Street Journal
Exxon Mobil Corp. has ended a major campaign to find oil in Brazil, after coming up empty-handed on a multibillion-dollar wager that produced a series of disappointing wells, according to people familiar with the matter.
/jlne.ws/3MisjII
|
| | | |
|
| |
| Miscellaneous | | Stories that don't quite fit under the other sections | For Lower-Income Students, Big Tech Internships Can Be Hard to Get; Critics say the intern selection process often favors wealthier students, just like the admission process at some elite colleges.
Natasha Singer - The New York Times
Jalaun Ross, a computer science major at Central Connecticut State University, knew it would be difficult to land an internship at a prominent tech company this summer. He had chosen to attend an affordable local public university, not a top computing school, and he did not know anyone in the industry who could put in a good word for him with tech recruiters.
/jlne.ws/3nSxswQ
This Historically Black University Created Its Own Tech Intern Pipeline; A new program at Bowie State connects computing students directly with companies, bypassing an often harsh Silicon Valley vetting process.
Natasha Singer - The New York Times
Trying to obtain an internship at a leading tech company or start-up can be a depressing quest for many college students, requiring a sustained, semester-long effort - often with little to show for it but a slew of rejections. Now Bowie State University, a historically Black university in Bowie, Md., has created its own internship placement program. And it does not require undergraduates to jump through standard Silicon Valley hoops, such as spending countless hours studying for company coding tests or taking high-pressure technical assessments while a tech company interviewer looks on.
/jlne.ws/412mRxL
|
| | | |
|
| |
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. |
|
|
