| August 11, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
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Trading Technologies
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Hits & Takes
John Lothian & JLN Staff
Wayne Luthringshausen has passed away at the age of 77 from cancer. He is the retired longtime chairman and CEO of the Options Clearing Corporation (OCC). He was part of CBOE founder Joe Sullivan's team at the Chicago Board of Trade who helped develop the plans for the CBOE and was the original president and CEO of the Chicago Board Options Exchange Clearing Corporation.
I wrote about Wayne while remembering the life of Sullivan when he passed away in October of 2020. Here is that story.
Condolences to Wayne's family, friends and former colleagues. You are all in our prayers.
JLN is accepting remembrances about the life of Wayne Luthringshausen and will publish them on JohnLothianNews.com and share them here in JLN. Please email your reflections on his life to me at johnlothian@johnlothian.com.
Here is the remembrance from the OCC for Wayne:
OCC's Board of Directors, management and colleagues join the entire options community in honoring the life of Wayne Luthringshausen.
Wayne is widely regarded as one of the founders of the U.S. listed options market. Starting in 1970, shortly before the creation and launch of the Chicago Board Options Exchange Clearing Corporation, Wayne was asked to lead the project to launch the clearing corporation and was soon appointed the company's first President and CEO. Shortly thereafter, he was instrumental in restructuring the organization to create a clearinghouse for the entire listed options market, now known as the Options Clearing Corporation (OCC).
During his distinguished career leading OCC, Wayne was key to the overall growth of the options market. In 1992, he created the Options Industry Council as a way to help educate investors as to the benefits - and risks - of using options products. In 2002, in recognition for his contributions to the Options Industry, Wayne was the first ever recipient of the Options Industry Appreciation Award, which he later insisted be renamed the Joseph W. Sullivan Options Industry Achievement Award.
Wayne retired from OCC in 2013 after leading the company for more than 40 years to spend more time with his family and to focus on his woodworking passion. Wayne was a great mentor to so many individuals within the industry and the community, and played an important role in the lives and careers of many current and former OCC employees. He left a mark far beyond his career accomplishments and will be missed.
We send our deepest condolences to his wife Karen, his children Kevin, Kelly, and Kristin, and the entire Luthringshausen Family.
It was a bad and expensive day for a couple of crypto trading platforms. Bitmex was fined $100 million by the CFTC for operating an illegal cryptocurrency trading platform, and Poly Network, an anti-money laundering operations and decentralized finance (DeFi) platform, lost $600 million in a hack.
SGX announced its July 2021 market statistics. Highlights included total traded derivatives volume increasing 8% month on month in July to 20.4 million contracts. This was the highest volume in four months. SGX's pan-Asia benchmark equity derivatives increased 13% month over month to 15.2 million contracts, with MSCI Singapore Index Futures gaining 23% month over month. SGX FTSE China A50 Index Futures volume climbed 19%, SGX FTSE Taiwan Index Futures advanced 5%, while SGX Nifty 50 Index Futures were up 7%. Total FX trading activity on SGX rose sharply, up 30% year over year to 2.2 million contracts, including a 38% rise year on year in INR/USD futures. SGX USD/CNH Futures - the world's most widely traded international RMB futures contract - climbed 20% year over year. -- SGX
The new governor of the state of New York will be a woman for the first time in history. Lieutenant Governor Kathy Hochul will be sworn in as governor of New York after the current governor, Andrew Cuomo, resigned and will leave office in 14 days. -- Bloomberg NY Times
Trading Technologies made its matching donation to the JLN MarketsWiki Education GoFundMe campaign yesterday in response to the donation by former JP Morgan executive Dan Rudrud. Thank you to TT and Dan and all who have given and all who have yet to give. Support our efforts to preserve industry history and educate the next generation of industry professionals and market participants by giving to our GoFundMe campaign.
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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Jim Sullivan and Stable Want to Change the Way People Manage Commodity Risk
JohnLothianNews.com
Jim Sullivan has spent his entire career in the markets. He started as a runner, became a trader and then worked for the CME Group for 11 years. Now he is the U.S. commercial director for a new firm, Stable. John Lothian News interviewed him over Zoom about his career and his current role helping to manage commodity risk beyond what can be accomplished on a futures exchange.
Watch the video »
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Chicago execs agree: Vaccines should be mandatory for office workers; The latest round of the Crain's/Harris Poll also finds that 29 percent of decision-makers surveyed are prepared to wait a year or longer to return to the office if necessary.
Greg Hinz - Crain's Chicago Business
It's going to take awhile for the trickle of workers back into Chicago offices to turn into a flood—and even then a total recovery might never happen. But to even get to a partial recovery, requiring COVID-19 vaccines for office workers is going to have to be part of the mix.
/bit.ly/37uYsHl
***** Count me in the 29%.~JJL
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Crypto is changing, and BitMEX is changing with it; A message from Alexander Höptner, CEO of BitMEX
Alex Hoeptner
Today, we are happy to announce that we have reached a resolution with the CFTC and FinCEN. This marks a new chapter for BitMEX. I'm quoted in our company statement, but I think it's worth adding some further perspective on why this is a tremendous step in the right direction for BitMEX and our users. Crypto is changing, and we're changing with it.
/bit.ly/3fTw86p
***** I have never needed a $100 million fine to make me do the right things.~JJL
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The (Opening) Bell Tolls for Thee—If You're Lucky; In the red-hot IPO market, companies go to great lengths to win the honor of ringing the NYSE or Nasdaq opening bell
Corrie Driebusch - WSJ
The IPO market is hotter than ever this summer—and so is competition for exchange-bell ringing privileges. An initial public offering is the ultimate marketing event, and a glitzy bell-ringing ceremony an indispensable component. CEOs, employees and early investors line up on a podium, smile for the television cameras and press a button to ring the bell that heralds the start of trading. Cheers commence.
/on.wsj.com/3AsAAAG
***** I had to go to Amsterdam to ring the bell of NYSE Euronext Amsterdam and then only the closing bell. It was way cool though.~JJL
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Some Google employees reportedly face a pay cut of up to 25% if they work from home permanently, according to a leaked salary calculator
Martin Coulter - Business Insider
Google employees may face a pay cut if they decide to work from home indefinitely, according to a leaked internal salary calculator obtained by Reuters.
The tech giant has appeared broadly supportive of remote workers since the outbreak of COVID-19, and just last week approved almost 10,000 employee requests to work from home. The firm pushed back its planned return-to-office date in light of the rising number of Delta variant cases, from September to October 18. But according to an internal pay calculator seen by Reuters, some remote employees - particularly those with long commutes - could face pay cuts without changing their addresses.
/bit.ly/2X9GnN8
***** Pay has been related to location in the sense of the cost of living for a particular place where your office is and where you had to live to access it. But now if you can live anywhere, what should happen to that premium?~JJL
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Natural infection isn't enough to protect against COVID-19, experts say. You still need a vaccine.
Adrianna Rodriguez - USA Today
As concerned friends and family members try to convince loved ones to get vaccinated, many are met with the argument: "I already got COVID, so I can't get it again." Health experts say that just isn't true.
/bit.ly/3jNC4yD
***** Get the vaccine. Don't let this be the end of your story.~JJL
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'We're in trouble': Rural America can't escape Delta; Senior Biden health officials have for weeks worried internally about the low vaccine uptake in rural, conservative counties across the country.
Erin Banco - Politico
Steven was finally getting his Covid-19 shot because Mama told him to. And nobody crosses Mama. Standing between the fried bread and slushie stands at the Uinta County fairgrounds in southwestern Wyoming, the 42-year-old in the Trump 2020 hat said "Mama" — his wife — forced him to get vaccinated because of the Delta variant.
/politi.co/3jJ6AtM
***** You are in the middle of nowhere. Guess what, COVID-19 and the Delta variant are there.~JJL
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Covid Shots' Benefits Outweigh Side-Effect Risk, CDC Report Says
Fiona Rutherford - Bloomberg
Benefits of Covid-19 vaccines used in the U.S. outweigh the risk of serious adverse events seen in a relatively small number of Americans, U.S. health officials said. The impact of a few cases of a rare nerve disorder, blood vessel clots and heart infections following the shots was surpassed by thousands of Covid-19 cases prevented, many that would have had consequences, according to a report published Tuesday by the U.S. Centers for Disease Control and Prevention.
/bloom.bg/2VCNOfD
***** Risk reward is the decision and the reward outweighs the risks.~JJL
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Tuesday's Top Three
Our top story Tuesday was the Wall Street Journal's Coinbase Says Capital-Markets Head Brett Redfearn Has Left Company. Second was Gary Gensler's Insane Crypto Policy, an opinion piece from Coindesk. Third was Bloomberg's The Man Who Lost $20 Billion in Two Days Is Lying Low in New Jersey, which was our most-read story on Monday.
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MarketsWiki Stats
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| Lead Stories | Federal Court Orders BitMEX to Pay $100 Million for Illegally Operating a Cryptocurrency Trading Platform and Anti-Money Laundering Violations
CFTC
The Commodity Futures Trading Commission today announced that the U.S. District Court for the Southern District of New York entered a consent order against five companies charged with operating the BitMEX cryptocurrency derivatives trading platform. The companies are HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited, Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited. The order requires the BitMEX entities to pay a $100 million civil monetary penalty, and provides that up to $50 million of the penalty may be offset by payments the BitMEX entities make or are credited pursuant to a Consent to Assessment of Civil Monetary Penalty entered by the Financial Crimes Enforcement Network (FinCEN). [See FinCEN Press Release]. The order also prohibits BitMEX from further violations of the Commodity Exchange Act (CEA) and CFTC's regulations as charged.
/bit.ly/2U7mZzf
BitMEX to pay US regulators US$100 million to settle claims of illegal trading, anti-money laundering violations
Georgina Lee - South China Morning Post
BitMEX, one of the world's largest cryptocurrency exchanges which has an office in Hong Kong's priciest tower, has reached a US$100 million settlement with US regulators to resolve charges related to illegal operations and anti-money laundering violations.
/yhoo.it/3CAFPjH
Executive Stock Sales Are Under Scrutiny. Here's What Regulators Are Interested In; 10b5-1 plans allow executives to create schedules for buying and selling shares in the future, but they can be modified without disclosure
Shane Shifflett - WSJ
Securities regulators are rethinking rules on popular plans that let corporate executives sell stock without violating insider-trading provisions. The plans—known as 10b5-1 plans—allow executives to create schedules for buying and selling shares in the future. In theory, a predetermined sale, even if it comes at a fortuitous time, wouldn't be based on inside information.
/on.wsj.com/3CGPLbi
Cryptocurrency platform loses estimated $600 million in cyberheist
Alun John, Tom Westbrook and Tom Wilson - Reuters
A cryptocurrency platform has lost an estimated $600 million in digital tokens after one of the sector's biggest ever hacking attacks, according to details of the heist which emerged on Wednesday.
/yhoo.it/3fV4VQx
Hackers Steal $600 Million in Likely Largest DeFi Crypto Theft
Olga Kharif - Bloomberg
Security researchers are trying to track down the attackers; Hackers have begun moving the funds to decentralized exchanges
Hackers perpetrated what is likely the biggest theft ever in the world of decentralized finance, stealing about $600 million in cryptocurrency from a protocol known as PolyNetwork that lets users swap tokens across multiple blockchains.
/bloom.bg/3CGEDeu
Treacherous markets fuel boom in outsourcing investment teams; More pension plans, endowments and foundations are handing the reins to external money managers
Robin Wigglesworth - FT
The market for outsourced investment teams is "red hot" thanks to the darkening outlook for future returns, with allocators of capital increasingly delegating entire multibillion-dollar mandates to outside money managers. Big corporate or public pension plans, endowments and foundations usually have in-house investment divisions and only hand out specific mandates to external money managers.
/on.ft.com/3lYUC1X
Coinbase rides cryptomania to a $1.6 billion quarterly profit.
Erin Griffith - NY Times
Coinbase, the cryptocurrency exchange, said on Tuesday that its quarterly revenue soared by more than 1,000 percent and profits skyrocketed nearly 4,900 percent from a year earlier, in its second earnings report as a publicly traded company. Revenue totaled $2.2 billion in the three months ending in June, up from $186 million a year ago. Profit was $1.6 billion, compared with $32 million a year earlier.
/nyti.ms/2VMcGkT
Coinbase Drops Promise of Token's Cash Backing That Wasn't True
Joe Light - Bloomberg
Some assets of second-largest stablecoin carry default risk; Coinbase as late as this month claimed coin is backed by cash
For months, a visitor to the website of Coinbase Global Inc., the largest U.S. cryptocurrency exchange, would see that the company offered a stablecoin called USD Coin with a simple premise: For every dollar offered to investors, there was $1 "in a bank account" to back it.
/bloom.bg/3AxAAPT
Gemini Acquires Guesser to Bolster DeFi Opportunities
Gemini
Today, we are thrilled to announce the acquisition of Guesser, a real-time predictions market platform.
The Guesser team brings to Gemini experience in decentralized finance applications, smart contract software and tech, and on-chain markets. The Guesser platform will sunset and the team will transition their focus to a variety of exciting projects in the DeFi space and accelerated adoption of Gemini dollar (GUSD), our regulated stablecoin, across the burgeoning crypto world.
/bit.ly/3CDpb2N
Robinhood to buy Say Technologies in $140 mln deal
Reuters
Newly listed online brokerage Robinhood Markets Inc said on Tuesday it would buy communication platform Say Technologies for $140 million in an all-cash deal. (Reporting by Niket Nishant in Bengaluru)
/yhoo.it/3AzaPPn
Fortress-type resilience makes big banks hard to topple; Major lenders have become cartel-like institutions that suffer only fleeting impact from scandals
William Cohan - FT
Jamie Dimon, the chief executive of JPMorgan, America's biggest bank, is worried about the growing threat to his massive franchise from payment and consumer-banking competitors.
/on.ft.com/3fT9YkA
Buy-side firms under pressure to finalise preparation ahead of next UMR phase; With less than a month to go, the pressure is on for buy-side firms to finalise documentation and custodial arrangements on their initial margin.
Joe Parsons - The Trade
A large portion of buy-side firms will have only a matter of weeks to finalise collateral agreements before they are swept under the latest phase of the uncleared margin rules (UMR).
/bit.ly/3yGNdaR
Opinion: Digital currencies issued by central banks aren't going dethrone the dollar
Barry Eichengreen - MarketWatch
This weekend marks the 50th anniversary of "the weekend that changed the world" of Aug. 13-15, 1971, when President Richard Nixon suspended the dollar's BUXX, -0.16% convertibility into gold GC00, +0.62% at a fixed price and rung down the curtain on the Bretton Woods international monetary system. The subsequent half-century brought many surprises. From a monetary standpoint, one of the greatest was the dollar's continued dominance as a vehicle for cross-border transactions.
/on.mktw.net/3lVafau
Citigroup Requires Vaccines for Workers Returning to Offices
Jennifer Surane - Bloomberg
Mandate applies to staffers in NYC area, Chicago, Boston, D.C.; Move follows similar decisions by Morgan Stanley, Jefferies
Citigroup Inc. told employees returning to offices in the New York area and other big U.S. cities that they'll need to be vaccinated against Covid-19, among the more restrictive moves by a U.S. financial firm as companies contend with the deadly virus and its highly contagious delta variant.
/bloom.bg/2VKWLU6
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | South Korea Hits Record; Sputnik's Delta Efficacy: Virus Update
Bloomberg News
South Korea surpassed 2,000 daily infections for the first time amid a low vaccination rate. Across Asia, the delta variant is driving new infections, triggering protests in Thailand and the lockdown of another city in Australia.
/bloom.bg/3lQDcnR
U.K. Says Covid as a Cause of Death Reaches Three Month High
Irina Anghel - Bloomberg
The U.K. said Covid-19 accounted for 4% of all deaths in the last week of July, the highest weekly share of all deaths in three months. The Office for National Statistics counted 11,573 deaths in the week through July 30, 468 of which included the coronavirus as a cause. That's 1,262 above the five-year average.
/bloom.bg/3Awi1f1
How to reach the unvaccinated: the risks of bribery and coercion; Experts warn of the 'polarising effect' of both vaccine passports and gimmicks to persuade reluctant citizens to take the jab
Clive Cookson, Anna Gross, Nikou Asgari and Jasmine Cameron-Chileshe - FT
Carrot or stick? As the super-infectious Delta variant spreads around the world, threatening to stall the reopening and recovery in countries that thought their Covid-19 vaccine programmes were succeeding, governments are facing the delicate question of how to get hesitant citizens to take the jab.
/on.ft.com/3lXSeIz
Israel's Covid infections surge as government rolls out booster shots;
One of the world's most vaccinated nations is bracing itself for more hospitalisations
Mehul Srivastava - FT
Israel is weighing further lockdowns and the possibility of extending booster vaccine shots to those over 50 years old after the number of new coronavirus infections surged to the highest levels since February.
/on.ft.com/3lQ1kXS
A German nurse injected patients with saline instead of coronavirus vaccines, sparking fury
Loveday Morris and Jennifer Hassan - Washington Post
An outcry is brewing in Germany as thousands are set to be revaccinated after a nurse admitted to injecting patients with saline solution instead of the coronavirus vaccine. Almost 9,000 people who may have been given bogus shots in the spring will be offered new vaccinations, Friesland District Administrator Sven Ambrosy said in a news conference Tuesday.
/wapo.st/2XdMkZv
As coronavirus's delta variant surges, indecision is along for the ride (again)
Carissa Wolf, Douglas Moser, Roxana Popescu and Lenny Bernstein - Washington Post
Ben Lemons, an elementary school principal, received a coronavirus vaccine as soon as he could and tries to model safe practices for his students and staff. He masks up. In a state where relatively few have been immunized, he talks about why he got the shot.
/wapo.st/3CC1Xu7
Does respect for human life mean vaccine mandates? Among religious groups, there is wide disagreement.
Michelle Boorstein - Washington Post
Last week, the D.C. Jewish Community Center became the region's biggest Jewish organization to announce a vaccine mandate for the hundreds of people who come indoors for preschool and various adult programming each week. The mandate, which kicks in Sept. 1, seemed like the obvious Jewish thing to do as the delta variant became more threatening, said chief executive Dava Schub.
/wapo.st/3AvGq4o
What to Know About Breakthrough Infections and the Delta Variant; Scientific understanding of the coronavirus variant is changing quickly. Here's a recap of the most important findings.
infections.Credit...Matthew Odom for The New York Times
Apoorva Mandavilli - NY Times
Citing new evidence that vaccinated Americans with so-called breakthrough infections can carry as much coronavirus as unvaccinated people do, the Centers for Disease Control and Prevention last month urged residents of high-transmission areas to wear masks in public indoor spaces, regardless of their vaccination status.
/nyti.ms/3jOaFN0
I Am Legend screenwriter dismisses anti-vax claims based on film's plot
Shayan Sardarizadeh - BBC
The 2007 film, starring Will Smith, is about a failed attempt to genetically re-engineer measles to cure cancer, killing 99% of the world's population.
Those who survive the infection turn into mutant vampiric creatures.
Claims that something similar would happen to people receiving Covid jabs have been circulating on social media.
/bbc.in/3xxzXUE
***** It was a movie. Made up. Get it?~JJL
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Eurex Exchange's T7 Disaster Recovery Test on 23 October 2021
Eurex
On Saturday, 23 October 2021, Eurex T7 will participate in the industry-wide Disaster Recovery (DR) test scenario organised by the Futures Industry Association (FIA). Eurex Exchange will offer a test scenario according to its T7 disaster recovery concept. This particular DR scenario will simulate a partial outage of the primary data center facility (the co-location facility will remain up and running).
/bit.ly/3s9PtVJ
Condensed Consolidated Financial Statements For the six months ended 30 June 2021 (Unaudited)PDD
HKEX
/bit.ly/37A97kg
Presentation by HKEX Chief Executive Officer Nicolas Aguzin and Group Chief Financial Officer Vanessa Lau on 2021 Interim Results PDF
HKEX
/bit.ly/3iCfvOh
HKEX 2021 Interim ResultsPDF
HKEX
/bit.ly/3xB2icz
ICE and risQ Introduce Social Impact Scores; Data helps investors quantify social impact of investments across different communities
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, and risQ, a Boston-based startup focused on geospatial climate, economic and demographic data, today announced the launch of a new data service that was designed to allow users to understand and score the potential social impact of an investment.
/bit.ly/3s6hei1
DTCC to Expand APAC Trade Reporting Services in Support of Upcoming MAS Requirements
DTCC
MAS' final phase in trade reporting regulations for OTC derivatives contracts traded or booked in Singapore, or Phase 4, to take effect on 1 October 2021
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that its Global Trade Repository (GTR) service, via its legal entity, DTCC Data Repository (Singapore) Pte. Ltd. (DDRS), is ready to support in-scope Singapore firms with trade reporting services for the final phase of the Monetary Authority of Singapore's (MAS) derivatives trade reporting requirements, which are scheduled to take effect on 1 October 2021.
/bit.ly/3iDkFtj
Reduction of Block Trade Minimum Quantity Threshold of the Freight Route Liquid Petroleum Gas (BLPG1) (Baltic) BALMO Futures Contract
CME Group
/bit.ly/3sa9Bao
SGX reports market statistics for July 2021
SGX
Derivative volume rises on increased risk-management activity;ETF turnover climbs to highest since March 2020
Singapore Exchange (SGX) today released its market statistics for July 2021. Declines in several Asian stock markets during the month bolstered equity risk management among institutional investors, while hedging demand fueled volumes in currency and commodity derivatives.
/bit.ly/3yDYwRl
JPX Monthly Headlines - July 2021
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users. Every month, we showcase the highlights of these efforts in short and concise summaries just for you. Jul. 16: Webinar on Japanese CDS Market - Celebrating Its 10th Anniversary, Jul. 20: Launch of New Ticker at TSE Arrows Market Center, Jul. 28: Consolidated Financial Results for Q1 FY2021, Jul. 28: Announcement of Target to Achieve Carbon Neutrality by FY2024
/bit.ly/3Aw1tDU
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | UK fintech investment hits new record after £18bn buying spree
Phillip Inman - The Guardian
Britain's investment in the financial technology industry has hit a new record, with almost £18bn worth of deals in the first half of this year, placing the UK second in the world behind the US.
London's Square Mile continued to dominate Europe's fintech sector, attracting investors from across the world who bought more than 280 of the UK's most advanced digital financial companies.
/bit.ly/3xJxzdK
Charles River, Wave Labs team up for enhanced OEMS; The strategic partnership will involve a three-part integration including system connectivity, combined visualization and the creation of client feedback loops.
Josephine Gallagher - Waters Technology
State Street's Charles River Development (CRD) is integrating its fixed-income order execution management system (OEMS) with start-up Wave Labs' eLisa credit execution platform. The move is in line with a broader shift among buy-side technology providers such as heavyweights like BlackRock Aladdin and SimCorp, which are opening their technology frameworks and interoperating with a variety of third parties (in some cases, rivals) to deliver vendor optionality to the asset management community. O
/bit.ly/3s7LhWs
CTD Indices - SAFRAS & Mercado - MarketDesk partnerships creates first of its kind global Brazilian Soybean Index solution
CTD Indices
CTD Indices announced a partnership to launch, market, and distribute the SAFRAS CTDI Brazilian Soybean Index. The collaboration, a first of its kind solution for the international soybean market marks the arrival of the SAFRAS CTDI Brazil Soybean Index backed by subject matter experts SAFRAS & Mercado from the Brazilian agricultural markets.
/bit.ly/2VJOEHd
Iress transitions EMS to cloud platform;p EMS will transition to the cloud in the UK at Iress following growth in new clients and trading volumes over the last 12 months.
Hayley McDowell - The Trade
Markets software provider Iress will shift its execution management system (EMS) to its cloud platform under a trading technology strategy for the UK. Iress said the transition will allow the firm to deploy new services and scale on-demand, following growth in the use of its EMS over the last 12 months, both in terms of new client and trading volumes.
/bit.ly/3xFZn2t
More than 60% of fixed income investors do not use an EMS, Barclays survey reveals; Global fixed income market structure research from Barclays showed that less than 25% of investors plan to implement an EMS this year.
Hayley McDowell - The Trade
Over 60% of fixed income institutional investors do not currently use an execution management system (EMS), a survey from Barclays has revealed, suggesting firms still heavily rely on their bilateral banking relationships. The investment bank's global fixed income market structure research, which surveyed 130 institutions including central banks, asset managers, insurance companies and hedge funds, also found that less than half are looking to implement an EMS by the end of this year.
/bit.ly/3yQjYCo
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| Cybersecurity | | Top stories for cybersecurity | Senate includes over $1.9 billion for cybersecurity in infrastructure bill
Maggie Miller - The Hill
The infrastructure bill, which now goes to the House after it was approved by the Senate following weeks of negotiations, includes $1 billion in funds for state and local governments to strengthen their cybersecurity. Cyber criminals have launched more attacks since many services moved online during the pandemic.
/bit.ly/3xEIhlF
The Cybersecurity 202: My Pillow cyber symposium is yet another font of election fraud lies
Joseph Marks and Aaron Schaffer - The Washington Post
MyPillow CEO Mike Lindell yesterday kicked off a "cyber symposium" that promised digital proof of his outlandish claims the 2020 election was hacked. But by the end of the first day, all he'd provided was a smattering of data that amounted to nothing, according to experts in attendance.
/wapo.st/3fTdkns
NortonLifeLock to Buy Avast for as Much as $8.6 Billion
Amy Thomson and Nate Lanxon - Bloomberg
NortonLifeLock Inc. is set to buy Avast Plc in a deal valued at as much as $8.6 billion, giving the U.S. cybersecurity company access to one of the biggest customer bases in the industry.
/bloom.bg/3iCVCq9
Health leaders, it's time to prioritize cybersecurity culture and employee awareness
Sai Venkataraman - Security Magazine
The healthcare industry has been hit hard by the pandemic, and not just for the obvious reasons. The past year created the perfect storm for cybercriminals to take advantage of the world's disruption and target vulnerable health systems, costing the healthcare industry $21 billion in ransomware payments and downtime.
/bit.ly/3yFhjf0
The Security Digest: #73
Daniel Tobin - Security Boulevard
Patch Tuesday is here, DarkSide has rebranded, Federal agencies are running legacy systems, Conti ransomware manuals leaked, US is not banning ransomware payments, read more about Pegasus and the Pwnie Awards happened last week and all of the Defcon videos are already up! In owl news we pay respects to Barry the barred owl of Central Park and finally, the NSA and CISA have released a K8s hardening guide.
/bit.ly/3xCGcqq
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX and Kevin O'Leary Announce Long-Term Investment And Spokesperson Relationship; Long-term relationship centers around equity investment and an ambassador deal to be paid in crypto
FTX Trading Ltd.
FTX Trading Ltd. ("FTX.COM") and West Realm Shires Services Inc. ("FTX.US") owners and operators of FTX.COM and FTX.US respectively (collectively "FTX"), today announced a long-term relationship with entrepreneur, venture capitalist, and Shark Tank investor, Kevin O'Leary. Mr. O'Leary will be taking an equity stake in both FTX Trading Ltd. & West Realm Shires Services Inc. along with being paid in crypto to serve as an ambassador and spokesperson for FTX.
/prn.to/3Az18Ab
Hackers siphon $600m in digital tokens, crypto network says; Poly Network breach would be among biggest heists in cryptocurrency industry
Siddharth Venkataramakrishnan and Philip Stafford - FT
A decentralised financial network has claimed hackers absconded with about $600m worth of cryptocurrencies in one of the largest heists in the rapidly growing digital asset industry.
/on.ft.com/37v9zQT
India gets its first cryptocurrency unicorn
Mimansa Verma - Quartz
Mumbai-based cryptocurrency exchange CoinDCX has raised $90 million from Facebook co-founder Eduardo Saverin's B Capital Group, and Coinbase Ventures, among others.
/yhoo.it/3lQZTsk
Hackers steal $600m in major cryptocurrency heist
BBC
Hackers have stolen some $600m (£433m) in what appears to be one the largest cryptocurrency heists ever. Blockchain site Poly Network said hackers had exploited a vulnerability in its system and taken thousands of digital tokens such as Ether.
/yhoo.it/3jNh9f5
Jamaica's Central Bank Mints Country's First Batch of CBDCs
Nelson Wang - Coindesk
The Bank of Jamaica minted the island nation's first batch of central bank digital currencies (CBDC) on Monday.
/yhoo.it/3jJln7I
The US Senate's infrastructure bill passed with a privacy problem for crypto
Scott Nover - Quartz
The US Senate passed a $1 trillion infrastructure bill on Tuesday with a glaring problem for the cryptocurrency industry. The bill includes vague new tax reporting requirements that digital rights activists say threaten individual privacy and crypto advocates say could hamstring industry innovation in the US. The bill's authors focused on closing the crypto "tax gap" to pay for some of the massive spending plan, but critics say it falls short of appropriately regulating the budding industry.
/yhoo.it/3jM23Xf
Crypto Panhandlers Beg Poly Network Attacker for Share of $613M Haul
Bradley Keoun - Coindesk
After an alleged hacker drained more than $600 million from cross-chain decentralized finance (DeFi) protocol Poly Network, opportunistic cryptocurrency users flooded Ethereum's blockchain explorer with pleas for even a tiny portion of the plunder. "Anything would help /yhoo.it/3fTpDQT
DeFi Sector Sees Record Losses from Attacks and Thefts in 2021
Matthew De Saro - BeInCrypto
According to a fresh report from CipherTrace, cybercrime and thefts have hit the decentralized finance (DeFi) sector hard this year. While the DeFi world has been thriving on the surface, crime targeting the industry has also flourished. A recent report from cryptocurrency intelligence firm CipherTrace indicated that over the last seven months, crime in DeFi hit an all-time high. According to the intelligence gathered, losses stemming from hacks, fraud, and thefts in DeFi totaled around $474 million between January and July.
/yhoo.it/3fSmBMT
Cryptocurrency FOMO pushes young investors to leave jobs and day trade, but it comes with risks
Jessica Menton - USA TODAY
Hamez Trezhnjeva became so enthralled with stocks and Dogecoin during the coronavirus pandemic last year that he decided to make day trading a full-time gig this summer. The 27-year-old Albania immigrant recently quit his job as a bartender at a French restaurant in Manhattan to spend more time trading on his phone. His decision was sealed when he became frustrated that his work income was just 20% of his earnings prior to being laid off from another bartending job last year.
/yhoo.it/3jMkxHm
SEC's Gensler Seeks Warren Help in Crypto Exchange Crackdown
Ben Bain - Bloomberg
U.S. Securities and Exchange Commission Chair Gary Gensler is turning to Senator Elizabeth Warren for help as he seeks to clamp down on cryptocurrency exchanges. Gensler, who's repeatedly rung alarm bells over the platforms during his four-month tenure, told Warren in an Aug. 5 letter that regulators need more resources to protect investors. He also said lawmakers should give watchdogs clear powers to write rules for exchanges, including decentralized finance, or DeFi, trading venues.
/yhoo.it/3CFxvPC
Ethereum Scaling Solutions Are On The Rise, But Where Are The Apps?
Cagla Ertugrul - Benzinga
Layer 2 solutions are all the rage among blockchain and cryptocurrency developers as of late. The reason being that much of the potential in the new technology has been hindered by the limitations that are inherent in layer 1 networks such as Bitcoin and Ethereum. These limitations are warranted. Most blockchain networks are preoccupied with providing security and decentralization which are essential for developers who wish to build on top of these protocols.
/yhoo.it/3lSlCzW
Crypto Adoption in Middle East Will Come From Unstable Nations
Nimrod Lehavi - Coindesk
Although several Middle Eastern countries continue to restrict cryptocurrency trading and mining, digital transformation in the region has proceeded at a rapid rate. From Dubai's first-of-its-kindBitcoin Fund listing to the Bank of Israel'strial of a digital shekel, enthusiasm among authorities and citizens is spreading, even as certain governments remain openly hostile to bitcoin and other digital assets.
/yhoo.it/3lRPJYa
PayPal's Venmo allows credit cardholders to buy crypto with cashback
Reuters
Paypal Holdings Inc-owned Venmo on Tuesday rolled out a feature that would allow holders of its credit cards to automatically buy cryptocurrencies with the cashback earned on their purchases.
/yhoo.it/3CAL5ns
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| Politics | | An overview of politics as it relates to the financial markets | The US Senate's infrastructure bill passed with a privacy problem for crypto
Scott Nover - Quartz
The US Senate passed a $1 trillion infrastructure bill on Tuesday with a glaring problem for the cryptocurrency industry. The bill includes vague new tax reporting requirements that digital rights activists say threaten individual privacy and crypto advocates say could hamstring industry innovation in the US. The bill's authors focused on closing the crypto "tax gap" to pay for some of the massive spending plan, but critics say it falls short of appropriately regulating the budding industry.
/yhoo.it/3jM23Xf
Wealthy Got Windfall From Lesser-Known Tax Break: ProPublica
Laura Davison - Bloomberg
Trump cut taxes for politically connected, ProPublica reports; ProPublica story is based on leaked IRS data on wealthy
President Donald Trump's 2017 tax cut resulted in a large tax cut for privately held businesses, including several that had close ties to the White House, key senators and influential lobbyists, according to news outlet ProPublica. Dick and Liz Uihlein of packaging giant Uline Inc., along with roofing magnate Diane Hendricks -- all of whom who were donors to Senator Ron Johnson's 2016 re-election campaign -- received hundreds of millions in tax savings as a result of last-minute changes to the pass-through tax break that the Wisconsin Republican has said he helped revise, according to the ProPublica report.
/bloom.bg/3fPCKT6
Biden Nominates Damian Williams as U.S. Attorney in Manhattan; The selection is part of a slate of nominations for top law enforcement posts in the country, including for three offices that tend to investigate the Justice Department's most prominent cases.
Zolan Kanno-Youngs - NY Times
President Biden nominated Damian Williams as the U.S. attorney in Manhattan on Tuesday, naming the first African American to lead one of the most powerful prosecutor's offices in the country as part of a slate of picks for top law enforcement posts.
/nyti.ms/3CG9Hva
A Bipartisan Cryptocurrency Crackup; Negotiators wrote a sloppy provision that could slow innovation.
The Editorial Board - WSJ
The Senate passed its infrastructure bill on Tuesday but not before a cryptocurrency crackup that is all too typical of today's Washington. This is what happens when insiders write bills that they release at the last minute on issues they don't understand.
/on.wsj.com/3jP6bpL
Merkel Increases Pressure on Germans to Get Covid Shots
Arne Delfs - Bloomberg
Government will no longer pay for antigen tests as of Oct. 11; Negative results are needed to go to bars and sporting events
Germany will expand Covid-19 testing requirements for non-vaccinated people and end free tests to prod more residents to roll up their sleeves.
/bloom.bg/2VDcYLb
U.K. To Relax Covid Travel Rules for COP26 Climate Summit
Jess Shankleman - Bloomberg
Johnson keen for major climate summit to take place in person; U.K. may cover some quarantine expenses for delegates
The U.K. government will ease travel restrictions to allow tens of thousands of government officials, climate advocates and journalists from around the world to attend a major summit in Scotland that starts in October.
/bloom.bg/3CGHunN
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Japan FSA chief: Country has to wait for crypto-restrictions relief
Teuta Franjkovic - Coinrivet
Japan Financial Services Agency (FSA) said the country needs more persuasive rules in order to turn cryptocurrency investing into a more convincing way of trading for its population.
/yhoo.it/3jNzSXY
CMA backs move to slash returns for energy network investors; UK competition regulator upholds Ofgem's price control regime despite appeals from operators
Nathalie Thomas - FT
The UK competition regulator has backed a move by Ofgem, the government energy governing body, to slash returns for investors in monopoly energy networks in Britain, despite appeals from companies including National Grid, ScottishPower, SSE and Cadent.
/on.ft.com/3AszMvE
Whistleblower Is Awarded Over $3.5 Million in Juniper Bribery Case; The California-based networking and cybersecurity solutions company settled SEC allegations in 2019
Mengqi Sun - WSJ
The U.S. Securities and Exchange Commission awarded more than $3.5 million to a whistleblower whose tip helped the regulator expand an existing investigation that led to civil bribery charges against networking and cybersecurity solutions company Juniper Networks Inc.
/on.wsj.com/3ACKUq1
SEC Issues Nearly $6 Million in Whistleblower Awards
SEC
The Securities and Exchange Commission today announced awards of nearly $6 million to two whistleblowers who provided information and assistance in separate enforcement proceedings.
/bit.ly/3AwZVJN
FINRA Targeted Examination Letter on Option Account Opening, Supervision and Related Areas
August 2021
FINRA
FINRA is conducting a review of Firm Name practices and controls related to the opening of options accounts and related areas, including account supervision, communications and diligence. The requests below pertain to both self-directed accounts and accounts in which registered representatives recommended options but excludes both institutional and managed accounts and covers the period from January 1, 2020 to the date of this letter. To the extent your response to any request differs depending on whether accounts were self-directed or were instead ones in which registered representatives recommended options, please describe those differences in detail. To the extent records requested have previously been provided to FINRA for the specified time period, you may identify such production in lieu of providing duplicative materials. We request production of the information by no later than Date.
/bit.ly/3fUv7uz
Statement of Commissioner Dan M. Berkovitz on the $100 Million BitMEX Crypto Trading Fine
CFTC
Today the United States District Court for the Southern District of New York entered an order imposing a $100 million civil penalty against the operators[1] of the BitMEX trading platform. This order is the result of an enforcement investigation by the Commodity Futures Trading Commission (Commission) and demonstrates our resolve to prosecute violations of the Commodity Exchange Act (CEA) and the Commission's regulations with respect to the trading of cryptocurrency.
/bit.ly/3AxrTFd
Federal Court Orders Texas and Florida Men to Pay Nearly $1.75 Million in Digital Assets Scheme
CFTC
The Commodity Futures Trading Commission today announced that Judge Sim Lake, of the U.S. District Court for the Southern District of Texas, entered a consent order against Mayco Alexis Maldonado Garcia, and a separate consent order against Cesar Castaneda and Joel Castaneda Garcia.
/bit.ly/3AyZ8Iw
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Coinbase says attentive to regulatory concerns after profit beat
Sohini Podder - Reuters
U.S. cryptocurrency exchange Coinbase Global Inc on Tuesday beat market estimates for second-quarter profit boosted by a near 38% jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes. Coinbase, which has benefited from the growing adoption of digital assets, said the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation.
/yhoo.it/3lUNTG6
Commodity Inflation Squeezes Profits for Wind Giant Vestas
William Mathis - Bloomberg
One of world's biggest makers of wind turbines cut its outlook for the year, citing commodity inflation and disruptions to supply chains. Denmark's Vestas Wind Systems A/S now expects full year revenue to be about 3% lower than a previous forecast. The revised outlook comes as the renewable energy developers continue to face rising costs for raw materials like copper and steel, metals that are essential for the wind industry.
/yhoo.it/3jOE4qD
Investors in China should beware Beijing's unpredictability; The authorities are capable of turning their wrath on any company or sector that displeases them
Brooke Masters - FT
When Alibaba debuted on the New York Stock Exchange in 2014, the $25bn deal was the largest initial public offering ever, valuing the Chinese ecommerce company more highly than Facebook and Amazon.
/on.ft.com/3gchYNV
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How to Sell 'Carbon Neutral' Fossil Fuel That Doesn't Exist; Energy companies are starting to pitch the idea that planet-warming natural gas can be erased by paying villagers to protect forests. Experts can't make the math work.
Stephen Stapczynski, Akshat Rathi, Godfrey Marawanyika - Bloomberg
The junior traders at TotalEnergies SE were essentially winging it last September by orchestrating the French energy giant's first shipment of "carbon-neutral" natural gas. It's the greenest-possible designation for fossil fuel and an important step in making the company's core product more palatable in a warming world. Nailing down the deal involved googling and guesswork.
/bloom.bg/2VCTMND
Emerging Market ESG Risks May Be Misunderstood, Report Shows
Bloomberg News
The link between a hotter planet, loss of economic wealth and investment returns isn't always well understood in ESG strategies, particularly those targeting developing markets, according to a report by the head of strategic research at Nordea Bank Abp.
/bloom.bg/3CDA3xW
IPCC report underlines global leaders' dangerous climate roulette; The drive for certainty has been the enemy of action in this planetary emergency
Anjana Ahuja - FT
The message from the Intergovernmental Panel on Climate Change leaves no room for doubt, scepticism or denial: "Warming of the climate system is unequivocal, human influence on the climate system is clear, and limiting climate change will require substantial and sustained reductions of greenhouse gas emissions."
/on.ft.com/3lSX6i5
How Much Carbon Comes From a Liter of Coke? Companies Grapple With Climate Change Math; Investors and regulators increasingly want to know how businesses might affect the climate or be affected by it
Jean Eaglesham and Shane Shifflett - WSJ
From farm to bottler to supermarket cooler, a liter of Coca-Cola creates 346 grams of carbon dioxide emissions, the company's data show. That's less than half the tree-to-toilet 771-gram carbon footprint of a mega roll of Charmin Ultra Soft toilet paper, as measured by the Natural Resources Defense Council, an environmental group.
/on.wsj.com/3AwVlv5
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge Funds That Want to Go VC Need to Beware; Becoming a crossover is not a walk in the park. The likes of Tiger Global and Hillhouse Capital have to learn to wander through the death valley curve.
Shuli Ren - Bloomberg
After the pummeling they suffered at the hands of Robinhood retail traders, hedge funds are speeding over to private markets and the turf of venture capitalists. The eagerness can be breathtaking: Enormous checks written within minutes at the negotiating table, with not even a board seat in recompense, just to get part of the action. The swiftness of the matchmaking puts the likes of Masayoshi Son of Softbank Group Corp. to shame.
/bloom.bg/3jDwwqo
Credit Suisse Woes Sink Catastrophe Bonds Tied to Bank's Risks
Lucca De Paoli and Tasos Vossos -Bloomberg
Prices on operational risk bonds drop on writedown uncertainty; Bonds insure more than 20 scenarios of operational failure
Credit Suisse Group AG peddled a series of unusual bonds in recent years that gave the Swiss firm insurance against the equivalent of a banking earthquake. The owners of those securities are feeling some tremors.
/bloom.bg/3CBO3rV
Australia's Commonwealth Bank unveils record $4.4bn share buyback; Lender announces bumper payout but cautions resurgent Covid-19 cases could hit economic rebound
Jamie Smyth - FT
Commonwealth Bank of Australia unveiled a record A$6bn (US$4.4bn) share buyback and increased its dividend following a surge in profits linked to the country's strong economic recovery from the coronavirus pandemic.
/on.ft.com/3lSdBuR
New Gold ETF's Rise Shows Low Cost Is King for Wary Investors
Yvonne Yue Li - Bloomberg
A weeks-old exchange-traded fund backed by gold is becoming an unlikely winner in a down year for the precious metal.
/yhoo.it/2XdS4Cx
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Switzerland's 'Silicon Valley of smell' prospers in age of big data; The pandemic has changed how people want themselves, their clothes and their homes to smell
Sam Jones - FT
Is artificial intelligence already deciding how you smell? Before the pandemic, it was popular in America to smell sweet: a growing trend for fruit — even caramel — scents in consumer products such as shampoo or detergent had become notable. Quite what was driving this unpleasantness is not clear.
/on.ft.com/3lTn0Cr
China cracks down on post-work drinking and 'harmful karaoke'; Anti-corruption watchdog issues warning over behaviour deemed inappropriate
Edward White and Hudson Lockett - FT
China is moving to suppress a culture of heavy post-work drinking as Beijing struggles to respond to rising outrage over allegations of sexual assault against women. The Central Commission for Discipline Inspection, the Chinese Communist party's anti-corruption watchdog, said pressure to drink could lead to crimes and such practices should be replaced with "correct values", according to a commentary on its website.
/on.ft.com/2VPrvTM
Peru's finance minister tells investors: 'This is a government of change';n Economist Pedro Francke insists 'reducing inequality' can coexist with 'reasonable macroeconomic management'
Gideon Long - FT
Pedro Francke has been called many things in recent weeks: a moderate in a radical leftwing government, a Marxist who will wreck Peru's standout free-market economy and a turncoat for accepting the finance minister job in President Pedro Castillo's administration after initially refusing.
/on.ft.com/3ALUC9J
China's Corporate Intervention Drives Investors to Industries Beijing Supports; The hammering of internet stocks has benefited sectors such as high-tech manufacturing and renewable energy
Xie Yu and Chong Koh Ping - WSJ
The government corporate intervention in China that has hammered internet stocks is driving investors to sectors still in Beijing's good graces, such as high-tech manufacturing and renewable energy. Shares of Chinese semiconductor companies, electric-vehicle manufacturers and solar-panel makers listed in mainland China climbed over the past month while shares of technology giants and companies that provide after-school tutoring suffered massive selloffs.
/on.wsj.com/2VP8zEJ
Global Banks Unwind Lucrative India Trades After RBI Warning
Suvashree Ghosh and Anto Antony - Bloomberg
Some banks had exposures topping $1 billion in the swap trade; RBI asked to limit U.S. Treasuries holdings after cap breach
Foreign banks have been forced to unwind billions of dollars worth of profitable currency trades at the behest of India's central bank, according to people with knowledge of the matter.
/bloom.bg/3jKQ0cP
Farmers May Cull 130,000 Hogs as Quebec Strike Halts Pork Plant
Sandrine Rastello and Marcy Nicholson - Bloomberg
Strike at Olymel Quebec slaughterhouse worsens backlog; Sending hogs to U.S., West not enough as barns fill up
Farmers may have to euthanize and dispose of more than 130,000 hogs in eastern Canada as a months-long strike at a pork processor leaves a backlog of animals.
/bloom.bg/3AxxGKX
Sugar CEO Says Wild Weather Will Extend Sweetener's Price Boom
Fabiana Batista - Bloomberg
World's second-largest producer sees supplies at risk in 2022; Cane supply at company's mills may fall to lowest in 11 years
The worst weather in decades in top sugar exporter Brazil will have a lasting impact on global sweetener prices that are already near four-year highs, according to the world's second-largest producer.
/bloom.bg/3AsNu1A
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| Miscellaneous | | Stories that don't quite fit under the other sections | JetBlue Begins New York-to-London Direct Flights Starting at $202; It's part of a boom in transatlantic service that's all about low-cost, highly comfortable flights.
Nikki Ekstein - Bloomberg
Just nine days after the U.K. granted vaccinated Americans quarantine-free entry, JetBlue Airways Corp. is making its first foray into transatlantic service, starting flights on the world's most lucrative air route—from New York's John F. Kennedy International Airport to London Heathrow—on Wednesday, Aug. 11.
/bloom.bg/3gcePO7
Only a Quarter of Office Crowd Now Working From Home
Joseph Mysak Jr - Bloomberg
Lowest since U.S. government started tracking data in May 2020; The age-old compact between companies and workers endures
In July, roughly 25% of managers and professional workers teleworked at some point because of the pandemic, the lowest since the government started tracking the data in May 2020. It's a clear sign that the age-old work compact is mostly intact, and that the office model is far from defunct. The July number is down from 41% in January and 57% in May of last year, according to data from the Bureau of Labor Statistics, which tallies the number of employed who teleworked or worked at home for pay at any time in the month because of the novel coronavirus. For the overall workforce, WFH has dropped to around 13%, also the lowest since May 2020
/bloom.bg/3AsNnTI
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