| January 15, 2025 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The FIA has hired a replacement for many of the duties of Emma Davey, who retired at the end of 2025 and remains as a consultant to the FIA. Melissa Brunton joins the FIA team from the Direct Selling Association (DSA) as the new senior vice president of global events, marketing and communications, the FIA announced today in a press release. Additionally, Will Acworth has been promoted to global head of market intelligence.
Patrick Fay is now retired, he shared on LinkedIn. In his last role, he was COO of Morningstar Indexes and Sustainalytics. He joined Morningstar in 2020 from EQDerivatives.com, where he was head of research and consulting. He also previously served as global head of derivatives at FTSE Russell and director of listed derivatives at Russell Investments. He had two stints at CBOE for 8+ years and 18+ years separated by a sojourn into the world of single stock futures at Nasdaq LIFFE Markets, LLC
JPMorgan Chase seems to be doing OK. The Jamie Dimon-led bank reported its largest-ever annual profit of $58.5 billion in 2024, an 18% increase driven by a resurgence in investment banking and trading. Fourth-quarter earnings soared to $14 billion ($4.81 per share), reflecting a 49% rise in investment banking fees and 21% higher trading revenue, boosted by strong activity in credit, currencies, and derivatives, Reuters reported.
And then there is Goldman Sachs. You start to get the idea that this election quarter chaos was good for banks. Goldman Sachs reported a stellar performance in 2024, with fourth-quarter profits more than doubling to $4.1 billion, driven by record-breaking stock trading revenues of $13.4 billion for the year, Bloomberg reported. The firm's investment banking and wealth management divisions also posted strong results, with $2.05 billion in investment banking revenue and a wealth management haul of $4.72 billion. The Wall Street Journal wraps this all up nicely in a story titled "JPMorgan Chase and Goldman Sachs Post Surging Profits." Or maybe The New York Times version tells the tale: "It's a Good (Great?) Time to Be a Big Bank."
Crain's Chicago Business 2025 "Who's Who in Chicago Business" highlights prominent leaders shaping the financial services and legal sectors in Chicago. In financial services, the list includes Terrence Duffy, Chairman and CEO of CME Group; John R. Ettelson, Chairman Emeritus of William Blair; David Fisher, Chairman, President, and CEO of Enova International; and Brent W. Gledhill, President and CEO of William Blair. Darrel Hackett, CEO of BMO Financial and President and CEO of BMO Bank, is also recognized, alongside Kunal Kapoor, CEO of Morningstar, and Christopher Keogh, Head of Midwest for Goldman Sachs Group. Other notable figures include Cary Kochman, Global Co-head of M&A and Chairman of Citigroup's Chicago office; John Koudounis, President and CEO of Calamos Investments; and Anthony Maggiore, Managing Director for JPMorgan Chase's Midwest and Canada Middle Market. The list also features Joseph Mansueto, Owner and Chairman of Chicago Fire Football Club and Executive Chairman of Morningstar; Michael O'Grady, Chairman and CEO of Northern Trust; Fredric Tomczyk, CEO of Cboe Global Markets; and Donald "Don" Wilson Jr., CEO of DRW. In the law category, Renato Mariotti, Partner at Paul Hastings, stands out for his contributions to the legal profession.
Here are the headlines from in front of FOW's paywall from some recent stories: Global supervisors finalise margin guidelines after consultations, SGX sees greater fragmentation of global currency market - Syn, Eurex expects 'significant' EMIR 3.0 active account onboarding, ANALYSIS: Abaxx still focused on onboarding rather than trading volumes, ANALYSIS: Active account regulation to shake-up Euro rates markets and ICE records best-ever commodities derivatives trading day.
In today's scene from the script of the movie "The Front Runner" by Daniel Sullvan and John Nuckel, Mike Harris, a rookie trader, faces a tough day in the chaotic trading pit, clashing with veteran Richie Armstrong, who exploits his inexperience to profit off a poorly executed trade. Frustrated and out of sync with the fast-paced market, Mike ends the day with just three trades, including the one with Armstrong. Back at the booth, his colleague Danny Lombardo reassures him, emphasizing that mistakes are part of learning and advising him to steer clear of seasoned players like Armstrong.
As Mike tries to recover, he approaches Lena Caldwell, a sharp and busy trader, for a casual drink. However, their interaction takes a turn when he inadvertently oversteps, touching her trading materials, prompting a stern reprimand. The scene underscores the intense, high-pressure dynamics of the trading world, where respect and sharp instincts are key to survival.
See today's complete entry of Auditions HERE and the complete script to date HERE.
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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Our most read stories from our previous edition of JLN Options were:
- VIX Futures Backwardation Explanation from tastylive.
- Options Traders Flag Big S&P 500 Moves as Inflation Report Looms from Bloomberg.
- Traders Brace for S&P 500's Busiest CPI Day Since March 2023 from Bloomberg. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Trading Technologies Broker Scorecard Brings Back Refreshing Memory
JohnLothianNews.com
Trading Technologies yesterday announced the launch of its Broker Scorecard, "a first-of-its-kind monthly report ranking global and regional equity brokers by liquidity and execution quality."
Execution quality was a factor I used to compete when I was an electronic broker working with Commodity Trading Advisors, executing orders for them. In fact, in one case I invested money with a CTA in order to show how well I could execute the orders for their trading system.
The trading system was designed by Mark Brown, a genius trading system developer, Omega Tradestation savant, and one of the many characters I met on the internet in my early days on the net.
Read more »
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Clear Street Expands Its Role in Clearing Services With Modern Tech and Real-time Risk Management
JohnLothianNews.com
Elmhurst, IL - (JLN) - Clear Street, founded in 2018, is positioning itself as a significant player in the future of clearing services by using modern technology, efficient operations, and innovative thinking. The firm, which started with the ethos of modernizing prime brokerage, is building on its technology developed from the ground up and expanding its reach into fixed income and Treasury clearing. In 2023 it added a Futures Commission Merchant (FCM) and earned approval as a CME Group clearing member. Brent Posner, COO of Clear Street Futures, shared insights into the company's evolving approach to clearing and risk management during an interview with John Lothian News at the FIA Expo in Chicago.
Watch the video »
Keith Todd and Alun Green - Trading Technologies
Watch Video »
Jonathan Kellner - MEMX
Watch Video »
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RJO Futures Introduces Bold Rebrand, New Website, RJO University
R.J. O'Brien & Associates
Chicago-based R.J. O'Brien & Associates (RJO), the oldest independent futures brokerage and clearing firm in the United States, today announced that its RJO Futures division has launched an updated brand and new website. The new site features improved navigation, a seamless trading experience on mobile and desktop, and the addition of RJO University, offering educational content for traders at all levels. Keith Riddoch, RJO Head of Retail Futures, North America, said: "Our newly reimagined RJO Futures brand and website reflect the company's steadfast commitment to providing clients with cutting-edge tools to simplify trading and decision-making, tailored insights from futures market strategists and world-class client service. We've streamlined the website to offer a clean, intuitive user experience with value-added content and information to meet the evolving needs of active traders and the growing base of investors expanding into futures markets."
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****** Personally, if they were going to reimagine the brand, I would have added an O and made it ROJO. It reflects the historical evolution of the company, Robert O'Brien/John O'Brien and also it is fun to say ROJO!!!!~JJL
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"If the cybercrime industry were a country, it would rank as the third-largest economy in the world"
Calcalistech.com
Michal Braverman-Blumenstyk, CVP at Microsoft, Managing Director of Microsoft Israel R&D Center and CTO of Microsoft Security, added at the Tech TLV conference: "Over the past year, we've seen an increase in state-sponsored attacks, which began during the war in Ukraine. In Israel, the impact has been evident as well. Since the war's outbreak, Iranian cyberattacks have increased fivefold."
/jlne.ws/4alj84w
***** I wonder if this statement is a wakeup call for any people. I wonder what role cryptocurrencies have played in the growth of cybercrime?~JJL
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Larry Fink Said Rebuilding Los Angeles Could Take Up to a Decade
Silla Brush - Bloomberg
BlackRock Inc. Chief Executive Officer Larry Fink said it could take a decade to rebuild Los Angeles following the devastating wildfires that have raged for a week and remain largely uncontrolled. The fires mean the government will need to tackle homeowners' insurance over the next four years as companies and consumers reckon with the destruction, Fink, a Los Angeles native, said in an interview with CNBC. He added that the fires mean that firms may need to redefine event risk in different parts of the country.BlackRock Inc. Chief Executive Officer Larry Fink said it could take a decade to rebuild Los Angeles following the devastating wildfires that have raged for a week and remain largely uncontrolled. The fires mean the government will need to tackle homeowners' insurance over the next four years as companies and consumers reckon with the destruction, Fink, a Los Angeles native, said in an interview with CNBC. He added that the fires mean that firms may need to redefine event risk in different parts of the country.
/jlne.ws/3PBodvN
****** One has to wonder how this will be done, given the value of the land before the fire and the value of the land now, with the ecological disaster sitting on it.~JJL
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The Hidden History of Eurodollars, Part 2: Defending the Dollar System; A slow motion bank run.
Joe Weisenthal and Tracy Alloway - Bloomberg
In this special three-part series, Odd Lots is exploring the history of the eurodollar market. As we enter the turbulent 1960s, the eurodollar market has grown big enough to catch the eye of regulators. The Federal Reserve mounts a fact-finding mission to better explore this rapidly-expanding market. And soon, policymakers have to decide just how helpful eurodollars can be when it comes to solidifying and expanding the greenback's role in international finance at a time when the gold-backed dollar is about to be put under massive pressure. The story is told by Columbia Law School Professor Lev Menand and Federal Reserve Bank of New York Policy Advisor Josh Younger.
/jlne.ws/3Wi7Oju
***** When are they going to get to the part about the TED spread?~JJL
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Tuesday's Top Three
Our most read story on Tuesday was the Esquire article, The Problem with Legal Gambling That Everyone Seems to Be Ignoring. Second was Super Bowl Bets on Crypto.com Poised for CFTC Review of Legality, from Bloomberg via Yahoo Finance. Third was also from Bloomberg, The Hidden History of Eurodollars, Part 1: Cold War Origins.
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| Lead Stories | FIA hires new SVP of Global Events, Marketing and Communications
FIA
FIA hired a new Senior Vice President of Global Events, Marketing and Communications. Melissa Brunton joins the FIA team from the Direct Selling Association (DSA), where she served as SVP of Education and Meeting Services. "We're excited to have Melissa join our team. She brings a proven track record in strategic leadership, serving as the chief architect of the DSA's activities, including annual and regional events, webinars, publications and trade shows. She also has led the development and execution of comprehensive marketing and communications strategies, including an education certification program for the DSA. We're confident that her leadership will be instrumental in driving our continued success," said Walt Lukken.
/jlne.ws/42y2T2b
SEC Charges Elon Musk for Violating the Beneficial Ownership Reporting Requirements of the Federal Securities Laws
SEC
The Securities and Exchange Commission announced today that it has filed an action against Elon Musk alleging that he failed to timely file a beneficial ownership report with the Commission after acquiring beneficial ownership of more than five percent of the outstanding shares of Twitter, Inc. common stock, in violation of the beneficial ownership reporting requirements under the Securities Exchange Act of 1934 ("Exchange Act"). According to the SEC's complaint, Musk saved at least $150 million at the expense of Twitter shareholders by failing to timely file the beneficial ownership report.
/jlne.ws/42g5jCq
****Here is The Wall Street Journal's version of the story, titled "SEC Sues Elon Musk Over Twitter Stock Buys, Escalating Long-Simmering Feud" and The New York Times version, titled "S.E.C. Sues Elon Musk Over Twitter-Related Securities Violations." ~JJL
Does the Bond Market Have It In for Donald Trump? The recent selloff could thwart his economic plans as some worry the Republican's policies will fuel inflation and increase the deficit.
Sommer Saadi and Stephanie Flanders - Bloomberg
Bond market investors have been extremely busy so far this year, pushing up the cost of government borrowing-especially in the US but also around the world. The yield on a US 10-year Treasury bond has risen more than one percentage point since September and could be heading for 5%. Long-term rates haven't been this high in almost 20 years. On this, the inaugural episode of Trumponomics, a new podcast series from Bloomberg, we look at whether recent moves in the bond market are worrying the incoming Trump administration, what effect they will have on a narrowly-split Congress and whether concerns on Capitol Hill may put some of Donald Trump's agenda at risk.
/jlne.ws/4gP76CG
***** This is pure projection. Mr. Market does not care about individual people. It does care about economic fundamentals, and those may be changing with a new administration changing government policies.~JJL
Musk Accused by SEC of Cheating Twitter Investors Out of Millions; Agency alleges billionaire ignored disclosure deadline in 2022; Musk's lawyer says he did 'nothing wrong' and SEC has no case
Nicola M White and Chris Dolmetsch - Bloomberg
Elon Musk cheated Twitter shareholders out of more than $150 million by waiting too long to disclose his growing stake in the company as he prepared a takeover bid, the US Securities and Exchange Commission claimed in a lawsuit filed days before the Trump administration takes over. The agency's complaint, which was immediately disputed by a lawyer for Musk, accuses the billionaire of failing to promptly report that he had amassed more than 5% of the social-media platform's stock in early 2022 - a revelation that would have sent the stock's price up.
/jlne.ws/4j9vr7M
Apollo gives chief Marc Rowan five more years; Move by investment powerhouse puts to bed speculation its boss, once considered for Treasury secretary, could leave
Antoine Gara - Financial Times
Marc Rowan will remain as chief executive of Apollo Global Management for the next five years, cementing his leadership of the $700bn investment powerhouse as it pushes aggressively to become a cornerstone of global financing markets. Rowan, a contender in December to be Donald Trump's Treasury secretary before the president-elect picked Scott Bessent, is finalising a five-year contract extension as part of a broader management shake-up that will further clarify Apollo's leadership for the coming years.
/jlne.ws/3Wo1fMr
Apollo Promotes Two Potential Successors to CEO Marc Rowan; Rowan also signed onto another five-year stint with the investment firm
Miriam Gottfried - The Wall Street Journal
Apollo Global Management is promoting two top executives, taking a step toward solidifying a succession plan for Chief Executive Marc Rowan. James Zelter, 62 years old and co-president of Apollo's asset management arm, will become president of the holding company that also includes insurance company Athene, the firm said Wednesday. John Zito, the firm's 43-year-old head of credit, will take Zelter's place as co-president of the asset management arm alongside Scott Kleinman.
/jlne.ws/40iVssB
The China commodities supercycle is over. Will there be another? Chinese demand for steel and iron ore has finally peaked. The industry hopes the energy transition will spark a new boom, but it will be shaped by geopolitical competition
Leslie Hook, and Joe Leahy and Wenjie Ding - Financial Times
Waking from a nap at his desk, Xiao, a steel trader from Wuhan in central China, reflects on how, at the end of one of the greatest booms in recent economic history, he is a lucky survivor. About half of his competitors in this gritty office park, built near the site of China's first iron works, have gone bust during the country's three-year-long property crisis. The park itself is overshadowed by the enormous concrete skeleton of an unfinished real estate project.
/jlne.ws/40l7ySf
Former Wells Fargo Executives Fined for Role in Fraudulent Bank Accounts; The fines are related to sales misconduct in the mid-2010s
Katherine Hamilton - The Wall Street Journal
Three former Wells Fargo executives have been fined a total of $18.5 million for their alleged roles in opening fraudulent bank accounts, the Office of the Comptroller of the Currency said Tuesday. The fines are related to sales misconduct in the mid-2010s. In 2016, the Consumer Financial Protection Bureau fined Wells Fargo for illegally creating millions of fraudulent bank accounts for clients without their consent or knowledge. It was the result of aggressive internal sales goals, the OCC said.
/jlne.ws/4h0DAKj
Jamie Dimon's Succession Race Just Lost a Top Candidate; An executive seen as potentially becoming JPMorgan's next CEO has taken herself out of the running - and shareholders get more clarity.
Paul J. Davies - Bloomberg Opinion
Jamie Dimon, who turns 69 in March, will one day retire as chief executive officer of JPMorgan Chase & Co. The candidates to succeed him have been well advertised. Yet any slight change in the state of the race, like we saw Tuesday, unfailingly generates excitement and speculation about who, how and, most importantly, when the next leader will become known.
/jlne.ws/4afVYfN
EU Asks for Risk Assessments of Chip, AI, Quantum Investments
Kevin Whitelaw and Katharina Rosskopf - Bloomberg
The European Union asked member states to review investments by their companies in non-EU countries in sensitive sectors like semiconductors and artificial intelligence. As part of a broader effort to boost the bloc's economic security, the EU wants governments to assess potential risks and help prevent key technologies from falling "into the wrong hands," according to a news release. The initial assessments, which also cover quantum technologies, are due July 15, with a full assessment coming by March 2026.
/jlne.ws/4afcTPv
Goldman Profit Doubles as Stock Traders Score Record Haul; Firm logs $4.1 billion of net income in the fourth quarter; Bank is betting improving outlook will drive better results
Todd Gillespie - Bloomberg
Goldman Sachs Group Inc. cruised past estimates as its equity traders delivered their best year on record. The firm's fourth-quarter profits more than doubled to $4.1 billion, buoyed by strength in its investment bank, expansion of its money-management business and a surprise $472 million gain from balance-sheet bets. After Goldman ended 2024 as the best-performing stock among major US banks with a 48% advance, investors will be scouring earnings for signs it can sustain that momentum. The bank is positioning itself for a long-awaited resurgence in deals after ditching major parts of a consumer foray.
/jlne.ws/4ahymr0
BlockWyre Inc. Partners With Bakkt to Revolutionize Fintech Services
Newswire
BlockWyre Inc., a leading AI-driven fintech infrastructure company, has announced a strategic partnership with Bakkt Holdings, Inc. (NYSE:BKKT), a prominent platform for institutional-grade crypto trading solutions. This collaboration aims to enhance the digital asset ecosystem by integrating BlockWyre's innovative services with Bakkt's regulated brokerage infrastructure.
/jlne.ws/4fWn1hf
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | EU Considers Gradual Ban on Russian LNG and Aluminum; Measures would be part of the bloc's 16th package of sanctions; Move may also add more vessels from Moscow's shadow fleet
Alberto Nardelli and Ewa Krukowska - Bloomberg
The European Union is considering import restrictions on Russian aluminum and phasing out liquefied natural gas from the nation as part of a new package of sanctions targeting Moscow for its full-scale invasion of Ukraine, according to people familiar with the matter. The draft measures, which would be part of the bloc's 16th package of sanctions, include restrictions on dozens more vessels that are part of Moscow's shadow fleet of tankers transporting Russian oil and further export controls on goods used for military purposes. The move could also see more banks cut off from the SWIFT international payments system, said the people, who spoke on condition of anonymity.
/jlne.ws/4gLMUBH
Poland to Speed Up Ukraine's EU Accession Talks, Tusk Says
Natalia Ojewska and Andrea Palasciano - Bloomberg
Poland will seek to accelerate talks on Ukraine's membership in the European Union during its current six-month rotating presidency in the bloc, Prime Minister Donald Tusk said on Wednesday. Kyiv secured EU candidacy status in 2022, in the months after Russia launched its full-scale invasion. EU negotiators are poised to open two areas of negotiations - on the rule of law and external relations - as the 27-member bloc grapples with a more turbulent security landscape in the coming years.
/jlne.ws/3PxOFGK
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Estimated Gaza Toll May Have Missed 25,000 Deaths, Study Says; Analysis found that more than 64,000 Palestinians may have been killed by traumatic injury in the first nine months of the war.
Stephanie Nolen - The New York Times
Stephanie Nolen covers health. Jan. 14, 2025 Deaths from bombs and other traumatic injuries during the first nine months of the war in Gaza may have been underestimated by more than 40 percent, according to a new analysis published in The Lancet. The peer-reviewed statistical analysis, led by epidemiologists at the London School of Hygiene and Tropical Medicine, used modeling in an effort to provide an objective third-party estimate of casualties. The United Nations has relied on the figure from the Hamas-led Ministry of Health, which it says has been largely accurate, but which Israel criticizes as inflated.
/jlne.ws/3WlwUxY
Hamas Returns to Gaza Cease-Fire Talks After Going Silent; Work on agreement that would pause months of fighting in Gaza resumes
Summer Said and Carrie Keller-Lynn - The Wall Street Journal
Hamas returned to negotiations with Israel over a cease-fire in Gaza Wednesday after going quiet a day earlier without explanation, with the two sides closer than they had been in months to a deal, people familiar with the matter said. Israeli and Arab officials have said all significant issues have been agreed on for a deal that would at least pause the fighting in Gaza and free some of the hostages held there.
/jlne.ws/4g4Bqbg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Stuttgart stock exchange banking on Trump-fueled crypto boom in Germany
Jean-Philippe Lacour and AFP - Fortune
As Donald Trump's looming return to the White House promises to boost cryptocurrencies, a German stock exchange is on a mission to anchor them firmly in the staid world of traditional finance.
/jlne.ws/3E8unRq
"Strange and unusual": Tel Aviv Stock Exchange's $55M stock purchase raises eyebrows; The exchange's direct purchase of shares from its largest shareholder, financed by a loan, sparks questions about transparency and executive motives.
Almog Azar - Calcalistech.com
Why did the Tel Aviv Stock Exchange buy back its own shares for approximately NIS 200 million (approximately $55M) from its largest shareholder, while taking out a loan and without making a tender offer or launching a buyback program? Upon closer examination, it seems that this move primarily benefits the stock exchange's CEO, Ittai Ben-Zeev, other senior executives, and those who have helped him accumulate significant wealth as an employed CEO-Manikay Partners. Last weekend, the Israel Stock Exchange purchased nearly 5% of its own shares from the Australian Manikay fund for NIS 202 million. The purchase price of NIS 43.8 per share (determined based on the share price over the previous 30 days) was 2% higher than the closing price of the stock the day before. Manikay reduced its holding from 19.9% to 15.2%, but remained the largest shareholder. To carry out the transaction, the exchange announced it would take out a loan of NIS 130 million, despite having nearly half a billion shekels in liquid funds as of the end of September. According to the exchange, about half of this amount was "allocated" for investment in its computer system and therefore could not be used.
https://jlne.ws/428ABLj
Collateral Fee Changes - FAQ - Effective January 14, 2025
CME Group
Additional details are provided regarding specifications of the calculation related to soft 30% soft US dollar cash minimum, specifications of new reports and answers to frequently asked questions.
/jlne.ws/4jgqOsv
Product Modification Summary: Expansion of the Listing Schedule of Three (3) Baltic LNG Freight Futures Contracts - Effective February 10, 2025
CME Group
Expansion of the Listing Schedule of Three (3) Baltic LNG Freight Futures Contracts.
/jlne.ws/3Wd5LNB
Launch of Shanghai Natural Rubber Futures
JPX
Osaka Exchange ("OSE") will list Shanghai Natural Rubber Futures, which are cash-settled futures whose underlier is the price of Natural Rubber Futures listed on the Shanghai Futures Exchange (SHFE) on May 26, 2025 (planned). And SHFE and OSE held a signing ceremony for License Agreement regarding the Shanghai Natural Rubber Futures Delivery Settlement Prices between SHFE and OSE in Shanghai. OSE believes by introducing this product, OSE can provide hedging tools to manage price fluctuation risks with Japanese and overseas corporations holding natural rubber inventories in the People's Republic of China as well as new arbitrage trading ecosystems between Japanese and Chinese rubber futures markets.
/jlne.ws/4gZUIQA
TSE Signs MOU with Authentic Indication, K.K.; As of today, Tokyo Stock Exchange, Inc. (TSE) has signed an MOU with Authentic Indication, K.K. which works in improving the execution environment for block trades through provision of IOI* services.
JPX
By using the IOI platform provided by Authentic Indication, investors can research demand for block trades without disclosing their own demands to other market participants. When a counterparty is found, orders can be executed on the ToSTNeT market at the mid-price within the TSE auction market at that time. This approach minimizes market impact and preserves the confidentiality of the involved parties. Through supporting these initiatives, TSE aims to further improve the convenience of market users.
/jlne.ws/3PBmKph
Global Standardization of Regulatory Reporting Leveraging DRR & CDM
JPX
Leveraging the new standardized framework for regulatory reporting based upon ISDA's (*1) globally promoted "Digital Regulatory Reporting (DRR)" solution and the FINOS (*2) open source managed "Common Domain Model (CDM)", JSCC plans to begin production-parallel operations of its regulatory reporting to the Financial Services Agency (FSA, the Japanese financial regulatory authority) and the CFTC (U.S. financial regulatory authority) from June 2025. JSCC is the first CCP (Central Counterparty) and Japanese entity to announce the adoption of DRR and CDM within a production environment.
/jlne.ws/42lZ8wi
Novobanco Expands Technology Partnership with Nasdaq Calypso to Simplify its Capital Market Operations
Nasdaq
Novobanco and Nasdaq (Nasdaq: NDAQ) today announced the expansion of their long-standing technology partnership, which will see novobanco expand its use of Nasdaq's Calypso platform to support the bank's entire capital market operations. Novobanco, a leading Portuguese independent domestic bank, has used the solution to conduct back-office processing for almost 20 years and will now incorporate its risk and front office functionality to fully integrate the technology underpinning its treasury function.
/jlne.ws/3Cb3lbA
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | TikTok prepares for US shutdown from Sunday, sources say
Reuters
TikTok plans to shut its app for U.S. users from Sunday, when a federal ban on the social media app could come into effect, unless the Supreme Court moves to block it, sources familiar with the matter said. The outcome of the shutdown would be different from that mandated by the law. The law would mandate a ban only on new TikTok downloads on Apple or Google app stores, while existing users could continue using it for some time.
/jlne.ws/3PDhUrM
Microsoft Tries, Again, to Get People Using ChatGPT-Style Chatbot; Microsoft Copilot is being renamed Microsoft 365 Copilot Chat, the second rebranding of the business-focused assistant since 2023.
Matt Day - Bloomberg
Microsoft Corp. is renaming its main chatbot for businesses, ramping up efforts to persuade people to use the software maker's closest rival to OpenAI's ChatGPT. Microsoft Copilot will become Microsoft 365 Copilot Chat, the company said Wednesday, the second rebranding since the artificially intelligent assistant debuted in 2023 as Bing Chat Enterprise.
/jlne.ws/42eHVVH
Intel to Separate Venture Capital Arm Into Standalone Investment Fund; Chip maker said it will remain an investor in Intel Capital, founded in 1991 with over $5 billion in assets under management
Sabela Ojea - The Wall Street Journal
Intel said it is planning to separate its global venture capital arm, Intel Capital, to turn it into a standalone investment fund. The chip maker on Tuesday said it will remain an investor in Intel Capital, founded in 1991 with over $5 billion in assets under management. The separation is expected to enable greater autonomy and provide flexibility to attract external capital.
/jlne.ws/4afUzWz
Chicago Construction Billionaire Deepens Bet on Data Centers; New division is fueled by client growth in AI, cloud computing; Firm is general contractor of $1 billion Illinois quantum park
Miranda Davis - Bloomberg
Clayco, a Chicago-based builder led by billionaire Bob Clark, is positioning itself to grab for more of the boom in data centers. The company is starting a new unit called Clayco Compute to sharpen the focus on data centers and quantum computing projects. Clayco, a top five builder of data centers in the US, already has 57 active such projects across the country, and it says its clients are pressing for more as they rush to meet a surge in demand. "These are customer growth rates that we've never seen before, certainly in my lifetime," said Ryan McGuire, who will lead the new division. "We've got some customers telling us that, as an example, they're going to double their revenue every year for the next 10 years."
/jlne.ws/40gsgTd
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| Cybersecurity | | Top stories for cybersecurity | Crypto trader accused of $9.5M tax evasion and money laundering; Israeli prosecutors allege Oved Cohen hid millions in income, laundered funds through foreign platforms, and used illicit profits to buy property in Portugal.
Tomer Ganon - Calcalistech.com
Oved Cohen, a 32-year-old Israeli businessman, faces criminal charges for evading taxes on 35 million shekels (approximately $9.5M) of income through cryptocurrency trading and laundering the proceeds. Between 2019 and 2022, Cohen allegedly hid substantial income from the tax authorities while operating on international trading platforms. The prosecution claims he used the illicit funds to purchase property in Portugal and transferred money abroad, all while concealing his wealth from authorities and submitting false reports.
/jlne.ws/4fWR3la
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Options Venue Deribit Draws Interest From Buyers; Kraken said to have looked at the company without proceeding; Crypto M&A is heating up following Trump's election win
Ryan Weeks, Olga Kharif, and Suvashree Ghosh - Bloomberg
Deribit, the world's largest trading platform for Bitcoin and Ether options, has drawn interest from potential acquirers and is working with a financial adviser to review opportunities, according to people with knowledge of the matter. Deribit is working with Financial Technology Partners LLC, said the people, who declined to be identified discussing a confidential process. FT Partners was initially hired in early 2023 to help arrange secondary stock sales for existing Deribit investors, though its general advisory mandate now also includes assessing bids for the whole firm, the people said.
/jlne.ws/3Wi4sNq
Binance.US Chief: The SEC Called Us a Cauldron of Fraud, Without Any Evidence; The debanking of Binance.US is Operation Chokepoint in action, said the exchange's interim CEO Norman Reed.
Ian Allison - CoinDesk
Gary Gensler's Securities and Exchange Commission (SEC) branded Binance.US "a cauldron of fraud," and used its power and influence to choke off the firm's banking relationships and USD fiat ramps, despite failing to produce any evidence to back up its claims in court, the interim chief of Binance.US told CoinDesk in an interview. In June of 2023, incensed by the chicanery of crypto exchange FTX, the SEC sued Binance and Binance.US, as well as their owner Changpeng Zhao for charges that included violations of securities laws. Later, Binance agreed to a $4.3 billion settlement with U.S. authorities, and Zhao served some jail time, unrelated to the SEC's suit.
/jlne.ws/40g59s3
Hong Kong crypto insurer plans foray into Japan amid Trump buzz; Pro-Bitcoin U.S. president brightens prospects of Asian blockchain ventures like AIFT
Peggy Ye - Nikkei Asia
A Hong Kong company that offers insurance for the cryptocurrency industry has set its sights on Japan, just as Asian tech entrepreneurs hope for a global boom fueled by the expected Bitcoin-friendly policies of incoming U.S. President Donald Trump. AIFT, also known as OneDegree, is set to establish an office in Tokyo in the first quarter of 2025, followed by a research center in the western Japanese city of Fukuoka. The company is known in Hong Kong for offering insurance for pets and virtual assets, and its co-founder and CEO Alvin Kwock is keen to capitalize on opportunities in cybersecurity related to blockchain and artificial intelligence technology.
/jlne.ws/3WlRaQ5
JPMorgan Says Altcoin-ETF Inflows May Be as High as $14 Billion; Bank based estimates on 'adoption rate' of Bitcoin ETFs
Isabelle Lee - Bloomberg
JPMorgan Chase & Co. analysts estimate that a proposed batch of exchange-traded funds holding alternative cryptocurrencies may attract inflows of as much as $14 billion should they get approved by the US Securities and Exchange Commission. Analysts at the New York-based bank predict the suite of proposed Solana ETFs will take in anywhere from $3 billion to $6 billion within six to 12 months while the cohort of XRP funds will gather $4 billion to $8 billion in the same time period.
/jlne.ws/3Cb2MP0
Thailand Mulls Allowing First Bitcoin ETF in Bid to Boost Sector; The regulator may permit ETFs that invest directly in Bitcoin; A fund-of-funds offering Bitcoin exposure launched last year
Anuchit Nguyen - Bloomberg
Thailand may permit Bitcoin exchange-traded funds to list on local exchanges for the first time as the country vies to nurture a digital-assets hub. The Securities and Exchange Commission is considering allowing individuals and institutions to invest in local Bitcoin ETFs, Secretary-General Pornanong Budsaratragoon said. Thailand's One Asset Management launched a fund-of-funds offering exposure to overseas Bitcoin ETFs in June 2024, but the country hasn't yet given the green light to vehicles that invest directly in the original cryptocurrency.
/jlne.ws/4fXC7Dm
Crypto Hedge Funds Had Great 2024, But Failed to Top Bitcoin; Many crypto hedge funds notched double-digit returns in 2024; But fewer were able to beat Bitcoin's 120% advance last year
Muyao Shen and Vildana Hajric - Bloomberg
During a great year for cryptocurrencies, hedge funds focused on digital assets unsurprisingly did very well, too. It's just that many didn't do as well as the industry's most famous token: Bitcoin. Last year, a number of crypto hedge funds logged double-digit returns, with the VisionTrack Composite Index, which tracks the performance of 130 crypto-dedicated hedge funds, jumping 40%, according to data provided by Galaxy's VisionTrack.
/jlne.ws/4h0IjM3
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Pick for Energy Secretary Vows to 'Unleash' US Expansion; 'Previous administrations have viewed energy as a liability'; Chris Wright runs a Colorado fracking services company
Ari Natter - Bloomberg
Donald Trump's choice for Energy secretary said the US must remove bureaucratic barriers and "unleash" production of nuclear power as well as liquified natural gas, according to written testimony before his Senate confirmation hearing on Wednesday. "The security of our nation begins with energy," Chris Wright said in remarks prepared for the Energy and Natural Resources Committee. "Previous administrations have viewed energy as a liability instead of the immense national asset that it is."
/jlne.ws/3DXGQYn
How Scott Bessent Won Over MAGA and Wall Street; The Treasury secretary nominee cultivated allies in Trump's orbit who have come to see him as a brainy avatar of their vision.
Saleha Mohsin and Joshua Green - Bloomberg
Scott Bessent wasn't a familiar name in Republican political circles before Donald Trump nominated him to be Treasury secretary. "You know Scott Bessent?" Trump asked his guests from the stage of a reception this month at Mar-a-Lago. "Nobody heard of this guy." Yet the macro hedge fund executive beat out several rival contenders to get the nod for one of the most powerful jobs in global economics and finance after deftly pulling off a tricky political feat: He managed to convince both MAGA populists and Wall Street that he was on their side.
/jlne.ws/3PBTMpb
Trump's threat to US liberal democracy; We must hope that the American people will not lightly abandon the enlightenment traditions of their country
Martin Wolf - Financial Times
Will US democracy survive Donald Trump's second presidency? This is not a theoretical question. It is evident that Trump is following a known playbook for turning a liberal democracy into an illiberal one. The latter is a label for a dictatorship - a regime in which decisions rest on the will of one person largely unaccountable to anybody else. In The Spirit of Democracy, Larry Diamond of Stanford argued that a liberal democracy consists of free and fair elections, protection of the civil and human rights of all citizens equally, and a rule of law that binds all citizens equally. These then are the "rules of the game". But the effectiveness of those rules depends on constraints on those who temporarily control the state. The most important such constraints are the judiciary, political parties, bureaucracies and the media. The question is whether these will hold, first while Trump is president and then in the longer term.
/jlne.ws/4fWi7Rn
Trump Floats Creating 'External Revenue Service' for Tariffs; Trump has framed tariffs as way to offset cost of his agenda; Economists say Trump tariffs threaten to raise consumer prices
Hadriana Lowenkron and Gregory Korte - Bloomberg
Supply Lines is a daily newsletter that tracks global trade. Sign up here. President-elect Donald Trump said he would create an "External Revenue Service" tasked with collecting tariffs on foreign imports, the latest indication that the Republican aims to carry out his promises for sweeping trade levies when he retakes office. "I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources," Trump said in a post to his Truth Social network on Tuesday.
/jlne.ws/3PA8Q6H
Cookies, Cocktails and Mushrooms on the Menu as Justices Hear Bank Fraud Case; In trying to find the line between false statements and misleading ones in the case of a Chicago politician, members of the Supreme Court posed colorful questions.
Adam Liptak - The New York Times
In a lively Supreme Court argument on Tuesday that included references to cookies, cocktails and toxic mushrooms, the justices tried to find the line between misleading statements and outright lies in the case of a Chicago politician convicted of making false statements to bank regulators. The case concerned Patrick Daley Thompson, a former Chicago alderman who is the grandson of one former mayor, Richard J. Daley, and the nephew of another, Richard M. Daley. He conceded that he had misled the regulators but said his statements fell short of the outright falsehoods he said were required to make them criminal.
/jlne.ws/4akcNpQ
The shadowy war on subsea cables and pipelines; Global democracies need to act fast against the threat of underwater sabotage
The editorial board - Financial Times
Under the sea, a shadowy hybrid war is being fought. In November, a Chinese-owned freight vessel was suspected of severing two fibre-optic cables under the Baltic from Germany to Finland and Sweden to Lithuania. A month later, Finnish coastguards seized a tanker carrying Russian gasoline that allegedly cut a subsea power connector between Finland and Estonia, and damaged four telecoms lines. Early this month, Taiwan asked South Korea to help it investigate a Chinese-owned ship suspected of damaging an internet cable off its northern coast. Global democracies are having to wake up fast to the dangers of sabotage of vital subsea infrastructure carrying energy or data - including trillions of dollars of daily financial transactions.
/jlne.ws/3CdpPJ5
Germany moves towards armed forces shooting down spy drones; Government proposal comes amid sharp rise in suspicious activity around military facilities and industrial sites
Laura Pitel - Financial Times
/jlne.ws/4aqdkqf
Greenland mining minister warns of 'devastating' Trump effect; Naaja Nathanielsen says US president-elect's rhetoric could damage island's image as stable democracy
Polina Ivanova and Richard Milne - Financial Times
/jlne.ws/4hhVR5s
Trump Plans 'Energy Dominance' Executive Orders After Inauguration; The president-elect is gearing up to help the fossil-fuel industry with initiatives seeking to boost oil and overturn tailpipe rules
Collin Eaton - The Wall Street Journal
/jlne.ws/3DUd7zs
How to politicize the truth on Facebook, Instagram, and Wikipedia; Control the arbiters of facts and you wield truth itself as a cudgel
Blake Montgomery - The Guardian (opinion)
/jlne.ws/40Ba08B
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| Regulation & Enforcement | | Stories about regulation and the law. | Ex-Merrill Banker Turned M&A Pro Caught Up in Insider Tips Case; French AMF raided home of possible source of some trades; Paris court backs raid targeting Worldline's mergers boss
Gaspard Sebag - Bloomberg
An ex-Merrill Lynch banker turned in-house deals expert lost a ruling over whether a raid of his home in the Paris suburb of Neuilly in connection with an insider trading probe was legal. In January last year a police officer and five insider-trading investigators turned up at François-Régis Robert's front door. They were searching for signs of communication with Samy Khouadja and another of his former colleagues from the Wall Street giant's Paris office.
/jlne.ws/3CiWay3
The SEC's Unusual Capacity to Serve the Public
Chair Gary Gensler - SEC
Good afternoon, welcome to this town hall, my final as Securities and Exchange Commission Chair. "[Y]ou need administrators who are equipped to meet the best legal brains whom Wall Street always has at its disposal, who have stamina and do not weary of the fight, who are moved neither by blandishments nor fears, who in a word, unite public zeal with unusual capacity."[1] So wrote Felix Frankfurter, a friend and advisor to President Franklin Roosevelt, and later Supreme Court Justice, in May of 1934 about the setting up of this great agency, the SEC.
/jlne.ws/40kv69X
SEC Announces Chief Accountant Paul Munter to Retire From Federal Service This Month
SEC
The Securities and Exchange Commission today announced that Chief Accountant Paul Munter plans to retire from federal service effective Jan. 24, 2025. Mr. Munter joined the agency in 2019, was named Acting Chief Accountant in 2021, and was appointed Chief Accountant in January 2023.
/jlne.ws/4hjjhYt
Former Wamco Executive Said Star Investor's Suspicious Trades Go Back a Decade; Federal inquiries into Ken Leech and Wamco, a unit of Franklin Templeton, are continuing
Jack Pitcher - The Wall Street Journal
A retired Western Asset Management executive has alleged that the firm's longtime investment chief, Kenneth Leech, defrauded some clients nearly a decade earlier than what federal prosecutors asserted in their recent criminal indictment. U.S. authorities charged Leech with multiple felony counts in November, accusing him of running a fraudulent trading scheme between 2021 and 2023 that favored certain clients over others. According to the government's indictment, Leech routinely "cherry-picked," allocating certain profitable trades to favored clients while shunting money-losing positions to others.
/jlne.ws/3DVF3Tv
Three Investment Adviser Representatives Settle SEC Charges for Acting as Unregistered Brokers; Advisory firm VCP Financial separately settles charges for requiring retail clients to improperly execute liability disclaimers
SEC
The Securities and Exchange Commission today announced settled charges against investment adviser representatives Tamir Shabat, Danny Z. Spiegel, and Joseph J. Orlando, Jr. for acting as unregistered brokers in selling membership interests in LLCs that purported to invest in shares of pre-IPO companies. The SEC also announced settled charges against VCP Financial LLC stemming from its use of impermissible liability disclaimers in a letter it required retail clients to execute when investing in private funds managed by an affiliated entity.
/jlne.ws/3PDfMjM
SEC Charges Advisory Firm Navy Capital With Misrepresenting Its Anti-Money Laundering Procedures to Investors
SEC
The Securities and Exchange Commission today charged Connecticut-based investment adviser Navy Capital Green Management, LLC with making misrepresentations related to its anti-money laundering (AML) procedures and for compliance failures. Navy Capital agreed to settle the SEC's charges and pay a $150,000 civil penalty.
/jlne.ws/40fJUXm
SEC Obtains Final Judgments Against Seven Defendants in Insider Trading Case
SEC
On January 9, 2025, the U.S. District Court for the Northern District of California entered final judgments against Hari Prasad Sure, Lokesh Lagudu, Chotu Prabhu Tej Pulagam, Dileep Kumar Reddy Kamujula, Sai Mounika Nekkalapudi, Abhishek Dharmapurikar, and Chetan Prabhu Sree Karteek Pulagam, resolving the SEC's insider trading case filed against them.
/jlne.ws/40iRy2T
SEC Charges Nevada Coffee Company, its CEO, and Recidivist Broker for Fraudulent Securities Offering
SEC
The Securities and Exchange Commission today announced litigated charges against Joecool.com, LLC and its CEO, Joseph Ariel Haber, for their alleged misappropriation and misuse of investor funds and false and misleading statements to investors, and against recidivist securities law violator Robert Tye Cournoyer for his alleged false and misleading statements to investors and for acting as an unregistered broker.
/jlne.ws/4fXzqSg
SEC Charges Former Public Company Officer and His Sister-In-Law with Insider Trading
SEC
On January 13, 2025, the Securities and Exchange Commission charged Alfred V. Tobia, Jr., the former president and chief investment officer (CIO) of one public company and a member of the board of another, and his sister-in-law, Elizabeth Lee, with insider trading that resulted in more than $428,000 in illegal profits. The defendants have agreed to pay more than $1.36 million to settle the charges.
/jlne.ws/4hckcK3
CFTC's Review of Nadex Sports Contract Submissions
CFTC
The Commodity Futures Trading Commission today notified the North American Derivatives Exchange, Inc. (Nadex) d/b/a Crypto.com it will initiate a review of the two sports contracts that were self-certified and submitted to the CFTC on Dec. 19, 2024. As described in the submissions, the contracts are cash-settled, binary contracts.
/jlne.ws/3WnVlef
Working Group on Improving Internal Audits of Financial Institutions
FSA
The FSA has decided to establish a "Working Group on Improving Internal Audits of Financial Institutions" to discuss issues involved in internal audits with related organizations and external experts. In September 2024, the FSA published "Monitoring Report for Improving Internal Audits of Financial Institutions (2024)" which summarizes the monitoring results of not only large banking groups but also regional financial institutions, large securities companies, and large insurance companies, with the FSA's recognition of issues and expectations.
/jlne.ws/3CcycEP
Publication of "FSA Analytical Notes (2025.1) vol.1"; The FSA published the English version of "FSA Analytical Notes (2025.1) vol.1".
FSA
As financial institutions' business environments and profit structures change, it is important to understand economic and market trends based on data, and to accurately grasp the business conditions of individual financial institutions and also the resilience and vulnerabilities of the financial system as a whole. From this perspective, the FSA has been focusing on the utilization of granular data, such as transaction-level bank loan data and financial data on individual corporations. Some case examples of data analyses using such granular data are published as a series of reports titled "FSA Analytical Notes."
/jlne.ws/4j9QirP
Global standard-setting bodies publish three Final Reports on margin in centrally and non-centrally cleared markets
IOSCO
The BCBS, the CPMI and IOSCO today published three reports containing proposals and practices to improve transparency and streamline margin processes and increase the predictability of margin requirements across centrally and non-centrally cleared markets. The reports are part of a holistic work programme bringing together the BCBS, the CPMI, IOSCO and the FSB. They were developed following the 2022 publication of the BCBSCPMI-IOSCO report Review of margining practices, which identified areas for further work.
/jlne.ws/3PDyV50
New speech by Kelvin Wong: Keynote speech at The 2nd Hong Kong Capital Markets Forum 2025
SFC
A keynote speech titled "From conformance to performance: governance as a driver for long-term listing market growth" delivered by Dr Kelvin Wong at The 2nd Hong Kong Capital Markets Forum 2025 was posted on the SFC website today.
/jlne.ws/3ChVWqY
SEBI and NISM launch an eLearning course on Municipal Bonds
SEBI
As part of its ongoing efforts to develop the capital markets, SEBI has been organising outreach programs on Municipal Bonds across various cities of India and undertaking various initiatives for encouraging issuance of Municipal Bonds to contribute towards urban infrastructure development and nation building.
/jlne.ws/4hduauG
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Aluminum Ticks Higher With Possible EU Ban on Russian Supplies
Bloomberg News
Aluminum rose slightly, with the European Union considering curbs on imports from Russia and Chinese production growth expected to slow. Futures gained 0.2% to $2,564.00 a ton at 11:02 a.m. in London. The potential restrictions, along with measures against other commodities, could be gradual and the scope is yet to be determined, according to people familiar with the matter.
/jlne.ws/3Cb48cy
Saudi Aramco to expand investments in lithium as it diversifies from oil; World's largest oil company in race to build supply chain for metal vital for batteries to power electric cars
Leslie Hook and Ahmed Al Omran - Financial Times
Saudi Aramco, the world's largest oil company, is to expand its investments in lithium production in the race to build a supply chain for the metal vital for batteries to power electric cars. China controls about two-thirds of the market in lithium processing, but an increasing number of western and Middle Eastern companies are investing in developing their own supply chains.
/jlne.ws/3DVmvTv
Brett Arands's RIO Opinion: How to 'Trump-proof' your 401(k); An investment idea for the terrified
Brett Arends - MarketWatch
A chill wind is blowing through the yoga classes of America. In Brooklyn and Berkeley, the soy chai lattes are trembling in people's hands. OK, I'm being facetious. But Donald Trump will move into the Oval Office on Monday, and many people - including 75 million Harris voters - are probably either nervous, alarmed or terrified. Based on the things Trump has been saying since the election, many are wondering if he's serious about tariffs, trade wars, massive unfunded tax cuts and taking over Greenland. Crazy stuff.
/jlne.ws/4g31mnA
DRW Hires Ex-Millennium Portfolio Manager for Europe Gas Drive; Dale Gibbard was previously gas specialist at Cumulus, Citadel; DRW is looking for physical gas opportunities in Europe
Archie Hunter, Priscila Azevedo Rocha, and Anna Shiryaevskaya - Bloomberg
DRW Holdings LLC's European commodities trading unit is hiring Dale Gibbard, formerly of Millennium Management LLC, as the firm pushes to benefit from energy market volatility, according to people familiar with the matter. Prior to working as an energy trading senior portfolio manager at Millennium, Gibbard was a gas specialist at the Cumulus Energy Fund and then Citadel, when the firm started out on a hugely profitable bet on weather and analytics models. He is set to join DRW this month, the people said, asking not to be identified because the matter is private.
/jlne.ws/3DSB36r
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Choice for Energy Secretary Has Been an Evangelist for Fossil Fuels; Chris Wright, the founder of a fracking services company, argues that oil and gas are key to alleviating global poverty.
Lisa Friedman - The New York Times
Chris Wright, Donald J. Trump's pick to lead the Department of Energy, landed the job during his first encounter with the past and future president. The founder and chief executive of Liberty Energy, a fracking services company based in Colorado, Mr. Wright was among about 20 oil and gas executives whom Mr. Trump gathered at his Mar-a-Lago resort in Florida in April. Mr. Wright had not met Mr. Trump before but caught his attention by making what two people in the room described as a forceful case for fossil fuels.
/jlne.ws/3WfNUWE
Banks Claim They're Still in the Climate Fight. Are They?; Having fled a major climate alliance, some worry Wall Street giants may lose their stomach for financing a low-carbon transition.
Alastair Marsh - Bloomberg
The exodus of Wall Street's biggest firms from prominent climate groups has been greeted with triumphant cheers from Republicans in the US who accuse such coalitions of colluding to boycott the fossil-fuel industry. It could prove to be a hollow victory, though. That's because, almost without fail, every lender that's recently left the Net-Zero Banking Alliance (NZBA), including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Morgan Stanley, has taken great pains to claim that quitting the group wasn't the same as quitting their net-zero goals (or helping their clients achieve their targets). BlackRock Inc. for example said its departure last week from the Net Zero Asset Managers initiative "doesn't change the way we develop products and solutions for clients or how we manage their portfolios."
/jlne.ws/40ks6Km
New York City lawsuit against Exxon, BP, Shell over climate change dismissed
Reuters
A judge has dismissed New York City's lawsuit alleging that Exxon Mobil (XOM.N), BP (BP.L), and Shell (SHEL.L) were liable for misleading the public about their products, and their commitment to renewable energy and fighting climate change. In a decision on Tuesday, state Supreme Court Justice Anar Patel in Manhattan rejected the city's argument that the oil companies should have told climate-conscious residents that fossil fuels cause climate change because this information was publicly known.
/jlne.ws/42y5dpV
$12 Billion Climate Fund Just Wrapped Up Its First Bond Sale
Natasha White - Bloomberg
The Climate Investment Funds Capital Markets Mechanism just tapped the capital markets for the first time, selling $500 million of bonds after receiving bids for more than six times that amount. The issuance marks the first time a multilateral climate fund is turning to the capital markets, as cash-strapped developed nations balk at providing the funds needed to cut greenhouse gas emissions.
/jlne.ws/3WiHLsy
'A trash can for the US': anger in Mexico and Canada over toxic waste shipments; Exclusive: US companies are increasingly shipping toxic waste to other countries, where some argue it poses a risk
Erin McCormick, Guardian US, and Verónica García de Leon, Quinto Elemento Lab - The Guardian
US companies ship more than 1m tons of hazardous waste to other countries each year, raising questions over possible impacts on health and the environment, an investigation by the Guardian and Quinto Elemento Lab has found. Exports of toxic waste, most of which is shipped to Mexico and Canada, have climbed 17% since 2018, US records show. And while sending it away for recycling and disposal is legal, some experts are concerned that more and more of America's most dangerous discards are leaving the country.
/jlne.ws/40zhYPq
'I applaud the EPA': agency launches formal review of five toxic chemicals; Review could lead to bans on plastic chemicals including vinyl chloride, compound at center of 2023 Ohio train wreck
Tom Perkins - The Guardian
The Environmental Protection Agency (EPA) is launching a formal review of five highly toxic plastic chemicals, including vinyl chloride, the notorious compound at the center of the East Palestine, Ohio, train wreck fire. The move could lead to strong limits or bans on the substances. Vinyl chloride is most commonly used in PVC pipe and packaging production, but is also cancerous and highly flammable. For about 50 years, the federal government has considered limits on the substance, but industry has thwarted most regulatory efforts, hidden the substances' risks and is already mobilizing against the new review.
/jlne.ws/40hnFjN
Majority of companies leading on emissions reductions have tied executive pay to ESG aims
Matt Mace - edie
Companies that are on course to deliver their emissions goals are more likely to use environmental data to inform business decisions, with new CDP research finding that eight in 10 "on track" companies are tying executive pay to their ESG goals.
/jlne.ws/40Ar9io
Hong Kong should seize role in clean-energy commodities, think tank says
South China Morning Post
/jlne.ws/3DQpht2
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan Chase's Profit Jumps 50%; Activity on Wall Street helps buoy the bank's fourth-quarter earnings
Alexander Saeedy - The Wall Street Journal
JPMorgan Chase's fourth-quarter profit jumped 50%, boosted by strong revenues across its businesses, particularly on Wall Street. The earnings amounted to $4.81 a share, well above the $4.09 a share analysts polled by FactSet expected. Revenue rose 11% to $42.77 billion, and the bank reported record top-line figures in its payments and asset-management divisions.
/jlne.ws/4fTLWSN
JPMorgan earns biggest-ever annual profit as investment bankers ride rebound
Niket Nishant and Nupur Anand - Reuters
JPMorgan Chase on Wednesday posted record annual profit as its dealmakers and traders reaped a windfall from rebounding markets in the fourth quarter. The bank also forecast net interest income, or the difference between what it earns on loans and pays out on deposits, for 2025 above analysts' expectations, despite issuing repeated warnings that it may not sustain the level of growth.
/jlne.ws/40Aq7D2
Wells Fargo Takes $647 Million Severance Charge as Costs Cut
Yizhu Wang and Hannah Levitt - Bloomberg
Wells Fargo & Co. took a $647 million severance charge in the fourth quarter, as Chief Executive Officer Charlie Scharf continues to whittle headcount as part of broader efforts to slash costs and remake the bank. Non-interest expenses came in at $13.9 billion for the last three months of 2024, down 12% from a year earlier. Net interest income, which beat estimates in the quarter, are expected by the San Francisco-based company to rise 1% to 3% this year, a bigger increase than analysts are forecasting.
/jlne.ws/3WjjX7Y
BlackRock Executive Seen as Leading CEO Contender to Leave Firm; Mark Wiedman was most recently head of BlackRock's global client business
Jack Pitcher and Miriam Gottfried - The Wall Street Journal
Top BlackRock executive Mark Wiedman is leaving the world's largest asset manager, according to people familiar with the matter. Wiedman was most recently head of BlackRock's global client business and viewed as one of the top candidates to succeed longtime Chief Executive Larry Fink when he retires. Wiedman's decision to leave was his own, and he will remain at BlackRock through the spring, one of the people said. He doesn't have another job lined up and committed to Fink that he wouldn't start serious conversations about a new role until after his departure, according to another person familiar with the matter. Wiedman is interested in a CEO position.
/jlne.ws/3Wlttay
BlackRock CEO calls record client cash 'just the beginning'
Silla Brush - Bloomberg
BlackRock Inc. (BLK) hauled in an annual record of $641 billion in client cash, underlining the firm's global reach across stocks and bonds, index and active funds and increasingly the fast-growing - and lucrative - market for private assets. The tally included $390 billion flowing into its ETF business overall last year, $226 billion into equity funds and $164 billion into fixed-income, BlackRock said in a statement Wednesday announcing the full-year and quarterly earnings of the world's largest asset manager.
/jlne.ws/3C9dYf4
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Bosses beware: job seekers say this is their top red flag for open roles
Orianna Rosa Royle - Fortune
Annual leave policies vary across the globe. "But wherever you are, employers who are stingy with annual leave might risk driving away talent," a new report that uncovers the biggest job advertisement red flags warnings. Earlier, we heard from a CEO who said that over-eager job seekers are a big red flag. Now, candidates are biting back and sharing what's putting them off applying in the first place.
/jlne.ws/4hh3GbO
Trump's Plan to Slash Federal Jobs Puts Black Workers at Risk; Black workers make up large share of public-sector employees; Government jobs have provided pathway for economic stability
Jarrell Dillard - Bloomberg
President-elect Donald Trump's plans to shrink the federal workforce would have disparate impacts on Black employment, while potentially eroding a key conduit to economic mobility that many Black families have relied on for generations. Some researchers say a substantial cutback could push the Black unemployment rate higher, particularly in areas like Washington, DC, where Black joblessness is among the highest in the country. Such an outcome would stand at odds with Trump's campaign promises to protect Black workers' jobs and provide them with more employment opportunities.
/jlne.ws/3PWEOKV
Even Harvard M.B.A.s Are Struggling to Land Jobs; The latest crop of elite business-school graduates are taking months to find new jobs
Lindsay Ellis - The Wall Street Journal
Landing a professional job in the U.S. has become so tough that even Harvard Business School says its M.B.A.s can't solely rely on the university's name to open doors anymore. Twenty-three percent of job-seeking Harvard M.B.A.s who graduated last spring were still looking for work three months after leaving campus. That share is up from 20% the prior year, during a cooling white-collar labor market; the figure was 10% in 2022, according to the school.
/jlne.ws/4jjypGK
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Five Wellness Trends To Watch In 2025
Nicole Dunn - Forbes
Over the past three years, the wellness market has experienced significant growth fueled by groundbreaking innovations and a heightened global focus on health and well-being. At my company, a PR firm specializing in health, wellness and fitness, we've witnessed vast growth in the global health and wellness market, which is forecast to reach $9 trillion by 2028. In addition, I've noticed a trend toward embracing AI-enhanced wellness and growth in the bio-hacking category.
/jlne.ws/4gTYf2I
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong's IPO market excites global funds, bankers as jumbo deals return, CICC says
South China Morning Post
More jumbo stock offerings from some of China's biggest onshore-listed companies are making their way to Hong Kong, supported by demand from global funds, improved valuations and market reforms, according to the nation's biggest investment bank. "Some leading A-share companies with a large market capitalisation in various industries [are looking] to issue H shares, which could attract some international long-term funds and institutional investors," said Xu Jia, deputy head of the investment banking department at China International Capital Corporation (CICC).
/jlne.ws/3WlvnIe
China's Central Bank Pumps Near-Historic Level of Cash Into Financial System
Bloomberg
China's central bank pumped a near-historic amount of short-term funds into its financial system on Wednesday, dialing up liquidity support amid a cash squeeze with the new year holiday looming. The People's Bank of China injected a net 958.4 billion yuan ($131 billion) of cash via seven-day reverse repurchase agreements in daily open market operations, the second highest on record in data compiled by Bloomberg going back to 2004.
/jlne.ws/3PBnhYj
China Reins In Its Once-Freewheeling Finance Sector With Purges and Pay Cuts; Xi's campaign against capitalist excess ushers out internationally experienced financiers for a new generation of loyal functionaries
Rebecca Feng and Chun Han Wong - The Wall Street Journal
Chinese leader Xi Jinping is bringing the country's financial sector to heel, one banker at a time. For decades, China sought to learn from Western finance. Now it's purging many of the internationally experienced financiers who helped steer the country's economic rise, while ushering in a new generation of loyal functionaries willing to carry out Communist Party edicts and disavow capitalist excess.
/jlne.ws/3Pz81vd
Milei Lowers Peso Crawling Peg to 1% After Inflation Stabilizes; Consumer price gains have stabilized near a four-year low; FX seen as 'complementary anchor' to inflation expectations
Patrick Gillespie - Bloomberg
Argentina's central bank announced it will slow the pace of the peso's controlled depreciation to 1% a month starting in February after fresh inflation data paved the way for the policy change. Tuesday's move marks President Javier Milei's first shift in the currency policy, known as a crawling peg, in more than a year since taking office. Consumer price increases have been hovering near their lowest since 2020, with the president and his officials pledging in November to slow the peg to 1% a month if inflation remained constant through the end of 2024.
/jlne.ws/3Pyw3Xb
Ivory Coast Fires Security Heads in Bid to Curb Cocoa Smuggling; Some officials were involved in smuggling, army chief says; Higher bean prices in Liberia, Guinea are luring smugglers
Baudelaire Mieu - Bloomberg
Ivory Coast, the world's biggest cocoa grower, dismissed two military officials and other local government personnel amid continuing efforts to curb smuggling of the crop. Security operations initiated at the start of the cocoa harvest in October showed widespread smuggling of an "agricultural cash crop" in western Ivory Coast, General Lassina Doumbia, the army chief of staff, said in a statement late Tuesday. He didn't identify the crop.
/jlne.ws/4jjV59W
Canada Approves Bunge's $8.2 Billion Deal for Viterra; Bunge agreed to a set of terms and conditions that protect competition and secure economic benefits for the country
Paul Vieira - The Wall Street Journal
Canada said Tuesday that it approved Bunge's $8.2 billion deal for Glencore-backed Viterra, as the companies agreed to concessions to address previous antitrust concerns. In April, Canada's antitrust watchdog warned that the acquisition threatened to cause substantial harm to competition in the grain and oilseed sector. However, Canada's Transport Minister Anita Anand, who had final say on the transaction, said Bunge agreed to a set of terms and conditions that protect competition and secure economic benefits for the country.
/jlne.ws/42gyBAG
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| Auditions | | Explore a space for creative trading stories where you can find and share unique works like screenplays, television scripts, poetry, and more, all inspired by the world of finance and trading. |
RICHIE ARMSTRONG
Keep your f*cking hands to yourself *ssh*le..
MIKE HARRIS
Sorry.
Armstrong brushes Mike off and focuses intently on the screen above the pit, where the market is shifting rapidly. Mike attempts to make his market, but the prices fluctuate so quickly that he can't keep up with announcing his bids and offers. Frustration mounts as the whirlwind of activity around him intensifies, leaving him struggling to find his footing in the chaos
MIKE HARRIS (CONT'D)
A half for ten.
RICHIE ARMSTRONG
It's offered at a half. You want to buy at a half?
MIKE HARRIS
No I didn't...
See today's complete entry of Auditions HERE and the complete script to date HERE.
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