| December 03, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today is Giving Tuesday, a global day of generosity that was founded in 2012 by a group of visionaries at the 92nd Street Y in New York City. It was conceived as a response to the consumerism of Black Friday and Cyber Monday and was designed to encourage charitable giving and volunteerism. The movement quickly gained traction, spreading across borders and cultures, and has since become a powerful force for good. In 2019, Giving Tuesday became an independent organization, with Asha Curran serving as CEO. The initiative has grown significantly, raising billions of dollars annually and inspiring millions of people worldwide to participate through donations, volunteering, and advocacy.
This Giving Tuesday, I would ask you to consider supporting your favorite charity with a donation and amplifying your impact by engaging your social network. Take a moment to donate to a cause close to your heart, then reach out to two friends and ask about the charities they're supporting today. By contributing to their chosen organizations as well, you can broaden your philanthropic reach and strengthen the collective spirit of generosity that defines this global movement. Remember, Giving Tuesday is not just about financial donations; it's also about spreading awareness and inspiring others to join in making a positive difference in the world.
Jamil Nazarali is moving on from the CEO role at EDX Markets and taking the executive chair role of the EDX board, the company announced. Tony Acuna-Rohter will be taking over as CEO of EDX at the institutional crypto market firm.
Two can play at this game. The day after the U.S. moved to restrict exports for the third time in three years on China's semiconductor industry, curbing exports to 140 companies including chip company Naura Technology Group, China banned exports to the United States of key minerals-gallium, germanium, and antimony-citing national security concerns. Reuters said, "China accounted last year for 48% of globally mined antimony, which is used in ammunition, infrared missiles, nuclear weapons and night-vision goggles, as well as in batteries and photovoltaic equipment." The ban has already led to significant price increases for these minerals, highlighting the global supply chain's vulnerability. Antimony trioxide in Rotterdam has soared by 228% since the beginning of the year.
Art Cashin, the ever-present NYSE member and UBS director of floor operations at the exchange, who was a regular on CNBC, has died at the age of 83. Cashin's Wall Street career spanned more than six decades, Reuters reported.
Here are the headlines from in front of FOW's paywall from some recent stories: D2X launches first Mifid II crypto derivatives venue in Europe, TP ICAP seals AWS partnership to accelerate Fusion rollout, ANALYSIS: Electronic trading driving adoption of listed FX options - CME, ANALYSIS: Eurex sees fixed income revenue backloaded on EMIR 3.0, DTCC hires BlackRock treasury clearing expert for strategy role and US equity options on track for record year after November boost - Cboe.
There is a big controversy happening at the FIA concerning audit and ethics rules and key personnel have departed, spawning suggestions the entire affair should be a reality TV show. However, this FIA is not the Futures Industry Association, but rather the Federation Internationale de l'Automobile or International Automobile Federation.
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:
- Hedge Fund All-or-Nothing Trades Gain Traction in Options Market from Bloomberg.
- Trump's Plans Risk Inflating Bullish Stock Market Into a Bubble from Bloomberg.
- Bitcoin Euphoria Threatens to Break These ETFs from The Wall Street Journal. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Eventus CEO Travis Schwab Highlights Data Governance and AI as Key Trends in Trade Surveillance
JohnLothianNews.com
Trade surveillance firms are grappling with two major trends: data governance and artificial intelligence adoption, according to Travis Schwab, CEO of Eventus, a leading trade surveillance firm. In a video interview with John Lothian News at FIA's EXPO 2024 in Chicago last week, Schwab emphasized the critical importance of complete data sets in surveillance systems, noting that regulators have imposed severe penalties for deficiencies.
Watch »
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From beer to barley: How Trump's tariff threat could affect your wallet; Donald Trump's threat to hit Mexico with tariffs could raise prices on a surprising number of foods and drinks Americans love - from beer to berries to broccoli.
Mary Beth Sheridan and Valentina Munoz Castillo - The Washington Post
Your favorite Mexican beer may get more expensive, if President-elect Donald Trump carries out his threat to impose tariffs on Mexico. Trump said last week he would slap a 25 percent tariff on goods from Mexico and Canada if they didn't stop the flow of migrants and the deadly opioid fentanyl over their borders. Such penalties would cause real pain to those countries, which are the top two U.S. trade partners. But American consumers would be hurt, too, according to economists. Tariffs are basically a tax on foreign goods; importers probably would have to raise their prices to compensate.
/jlne.ws/3VnmFc5
***** If the election was about the prices, and prices are going up because of the new President's actions on tariffs, and if you can't find people to cut your lawns or work on construction projects, what is your response? And what is your response when the price of beer goes up because the barley imports from Canada helped raise prices? Interesting times ahead.~JJL
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Art Cashin, Wall Street veteran and CNBC regular, dies at age 83
Manya Saini and Suzanne McGee - Reuters
Art Cashin, a renowned market pundit and the UBS director of floor operations at the New York Stock Exchange, has died at the age of 83, UBS said. Cashin, once dubbed "Wall Street's version of Walter Cronkite" by The Washington Post, was a regular on CNBC, delivering stock market commentary and analysis to the business news channel's viewers for more than 25 years. His Wall Street career spanned more than six decades.
/jlne.ws/4f5aLKW
****** A true gentleman and one of the greats of Wall Street has left us.~JJL
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Monday's Top Three
Our top story Monday was The grim ghost of crypto future, an opinion piece by Jemima Kelly in the Financial Times. Second was a tie between Biden Pardons Son Hunter in Reversal With Weeks Left in Term, from Bloomberg, and Wilfred Yiu's announcement on LinkedIn that he will be retiring from HKEX at the end of 2024. Third was a tie between Kazakh Tenge Drops to Record After $1 Billion Intervention from Bloomberg and How Did MicroStrategy Sell $3 Billion of Zero-Rate Debt? Option Volatility is Key, from Barron's.
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| Lead Stories | Fintechs Launder Cocaine Cash for Brazil's Largest Criminal Gang
Andrew Rosati and Beatriz Amat - Bloomberg
With a soothing score and the big board of Latin America's biggest stock exchange blinking in the background, the online advertisement by 4TBank promises to reduce economic inequality by making financial markets more accessible. Driving home the message, the camera follows Matie Obam, the chief executive officer of Brazil's "first CryptoBank," as she touts the company's mission while strolling through Sao Paulo's financial district. "We came to eliminate abusive fees that are suffocating us," Obam, now 24, says in that 2021 video. "We were born to help you." Brazilian authorities say they uncovered something far more nefarious. Police say the company scrubbed hundreds of millions of dollars worth of dirty money for Brazil's most notorious drug gang - First Capital Command, or PCC - and funneled cash into political campaigns. The alleged scheme was dismantled in August, just two months before voters headed to polls for municipal elections, setting off fresh worries about organized crime's abilities to infiltrate the top levels of Brazilian society.
/jlne.ws/3OCu8Ao
Jane Street Reaps $14.2 Billion in First Nine Months of Trading
Jill R. Shah, Paula Seligson and Katherine Doherty - Bloomberg
Jane Street Group LLC, one of the largest market-making firms in the US, posted $14.2 billion of net trading revenue for the first three quarters of 2024, already surpassing the 12-month record it set last year. Net trading revenue for the third period more than doubled on a year-over-year basis to $5.8 billion, according to people familiar with the matter, who asked not to be identified discussing confidential information. Added to the $8.4 billion that Jane Street amassed in this year's first half, the total exceeds the $10.6 billion generated during all of 2023.
/jlne.ws/3BjUiof
Crypto Venue EDX Names Acuna-Rohter CEO as Nazarali Steps Aside
Katherine Doherty - Bloomberg
EDX Markets, the crypto-trading venue backed by Citadel Securities and Fidelity Digital Assets, named Tony Acuna-Rohter as its next chief executive officer. Acuna-Rohter, chief technology officer at EDX, is taking over from the company's first and only CEO Jamil Nazarali, who will step into an executive chair role, according to a memo seen by Bloomberg Monday. As executive chair, Nazarali will work with the company's board and management team, "offering guidance and strategic direction as we stand at the precipice of an important year for digital assets," he said in the memo, which an EDX representative confirmed.
/jlne.ws/3VhVVtu
China bans exports to US of gallium, germanium, antimony in response to chip sanctions
Elaine Kurtenbach - Associated Press
China announced Tuesday it is banning exports to the United States of gallium, germanium, antimony and other key high-tech materials with potential military applications, as a general principle, lashing back at U.S. limits on semiconductor-related exports. The Chinese Commerce Ministry announced the move after the Washington expanded its list of Chinese companies subject to export controls on computer chip-making equipment, software and high-bandwidth memory chips. Such chips are needed for advanced applications.
/jlne.ws/4iwx3sb
US chips are 'no longer safe' to buy, Chinese industry bodies say
Eduardo Baptista and Brenda Goh - Reuters
Chinese companies should be wary of buying U.S. chips as they are "no longer safe" and buy locally instead, four of the country's top industry associations said on Tuesday in a rare coordinated response to Washington's curbs. The associations, which released similarly worded statements shortly after each other, did not go into details on why U.S. chips were unsafe or unreliable. The associations cover some of China's largest industries, including telecommunications, the digital economy, autos, and semiconductors and combined count 6,400 companies as members.
/jlne.ws/4gb0zlH
TP ICAP And AWS Announce Major Strategic Collaboration; Amazon Web Services to collaborate with TP ICAP to accelerate development of Fusion, TP ICAP's market-leading electronic platform.
Mondovisione
TP ICAP Group (LON: TCAP) (TP ICAP), a world-leading provider of financial markets infrastructure and data solutions, and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), today announced a major agreement to streamline and scale TP ICAP's technology infrastructure. A key focus of this multifaceted agreement is to accelerate the development of Fusion, TP ICAP's flagship digital platform. Fusion, a cloud-based platform, is designed to enhance TP ICAP's ability to serve clients throughout the transaction lifecycle.
/jlne.ws/3ZlPYge
Why the Euro Is Closing in on Parity With the US Dollar Again
Alice Atkins - Bloomberg
Since the euro came into existence in 1999, the currency has traded at equal value to the US dollar only a handful of times. The last instance was in 2022, after Russia's full-scale invasion of Ukraine sparked an energy crisis in Europe and provoked fears of a recession, plunging the currency pair to a 1:1 ratio for the first time in two decades. Now, market watchers see a chance it will happen again.
/jlne.ws/41c30Qb
Bitcoin Miner MARA Buys Texas Wind Farm as AI Crowds Out Crypto; MARA plans to mine Bitcoin only when the wind is blowing; Crypto was considered a big power user until AI came along
Josh Saul - Bloomberg
One of the world's biggest Bitcoin miners is buying a wind farm to power its operations as big tech firms increasingly suck up available sources of electricity for their own data centers. MARA Holdings Inc. bought the North Texas wind farm in Hansford County from a joint venture between National Grid Plc and the Washington State Investment Board, according to a filing with the US Federal Energy Regulatory Commission. The sale price wasn't disclosed. MARA plans to use the facility's 114 megawatts of power to mine Bitcoin when the wind is blowing and halt operations when it's not.
/jlne.ws/4f2uwmp
OPEC+ Is Firming Up Deal for Three-Month Delay to Output Hike; Delegates say no opposition has emerged so far to the proposal; Ministers will meet online on Dec. 5 to seek formal agreement
Salma El Wardany, Grant Smith, and Fiona MacDonald - Bloomberg
OPEC+ is making progress toward an agreement to delay its oil-production revival by another three months, delegates said. The group has been holding discussions for the past week on postponing a sequence of supply increases, which is due to commence with an initial hike of 180,000 barrels a day in January. An impending glut is weighing on crude prices.
/jlne.ws/3CTZUpP
Trump's Threat Over an Imaginary Currency Risks Backfiring on the U.S. Dollar; After his 100% tariffs warning to Brics nations, some economists say Trump risks accelerating pursuit of alternatives to the greenback
Georgi Kantchev and Chelsey Dulaney - The Wall Street Journal
President Vladimir Putin generated buzz recently over Russia's efforts to dethrone the U.S. dollar when he was pictured holding what appeared to be a banknote for Brics nations. The Kremlin later said the note displaying the flags of the group of countries led by Russia and China was intended only as a symbol of their partnership. Indeed, many economists say such a common currency is, at best, nascent and, more likely, unfeasible.
/jlne.ws/3ZlZAYm
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Zelensky Signals He's Open to Negotiating a Peace Deal; In shift, the Ukrainian president indicates he would accept a cease-fire with Russia if his country obtains NATO membership
Laurence Norman and Ian Lovett - The Wall Street Journal
Ukrainian President Volodymyr Zelensky is subtly shifting his rhetoric about ending the war with Russia, suggesting that Ukraine is open to stopping the fight to regain Russian-occupied territory in exchange for membership in NATO. In a series of interviews and public statements over the past week, Zelensky has sought to show that he is prepared to negotiate an end to the conflict-something that President-elect Donald Trump repeatedly called for on the campaign trail. For most of the war, Zelensky had insisted that his country would keep fighting until it had reclaimed the roughly 20% of the country now under Moscow's control.
/jlne.ws/49rs7AE
Nato chief warns Donald Trump of 'dire threat' to US if Ukraine pushed into bad peace deal; Mark Rutte says risks to America will increase if China, Russia, Iran and North Korea are empowered
Henry Foy in Brussels - Financial Times
Nato's new secretary-general has warned Donald Trump that the US would face a "dire threat" from China, Iran and North Korea if Ukraine is pushed to sign a peace deal on terms that are favourable to Moscow. In an interview with the Financial Times, Mark Rutte said deepening ties between US adversaries endangered America as he made a pitch to the president-elect to stick with Nato and continue to support Ukraine.
/jlne.ws/3CSQcnM
Ukraine's exhausted troops in Russia told to cling on and wait for Trump
Paul Adams - BBC
The tone is dark, even angry. "The situation is getting worse every day." "We don't see the goal. Our land is not here." Almost four months after Ukrainian troops launched a lightning offensive into the Russian region of Kursk, text messages from soldiers fighting there paint a dismal picture of a battle they don't properly understand and fear they might be losing. We've been in contact, via Telegram, with several soldiers serving in Kursk, one of whom has recently left. We've agreed not to identify any of them.
/jlne.ws/4fUw5E7
Germany's Top Diplomat Says China-Made Drones Hurting Europe
Bloomberg
Germany's top diplomat said Chinese-made drones that Russia is using in Ukraine are hurting Europe, sharpening her criticism of the Asian nation before the likely unveiling of sanctions by the EU. "Drones from Chinese factories and North Korean troops, which attack peace in the middle of Europe, hurt our central security interests," German Foreign Minister Annalena Baerbock told reporters during a visit to Beijing on Monday that included an earlier meeting with Chinese Foreign Minister Wang Yi.
/jlne.ws/49ghgt7
US, Ukraine defense heads discuss Russia's use of new missiles, 2025 aid to Kyiv
Reuters
The U.S. and Ukrainian defense chiefs on Monday discussed Russia's use of new ballistic missiles, preparations for the next meeting of arms donors and plans for Washington's military aid next year, both sides said. The meeting came as the U.S. said it will send Kyiv $725 million of missiles, ammunition, anti-personnel mines and other weapons, as President Joe Biden's outgoing administration seeks to bolster Kyiv before leaving office.
/jlne.ws/3OB4J9Z
Exclusive-Russia approves $320 million management buyout of Carlsberg assets, document shows
Alexander Marrow - Reuters
Carlsberg will sell its Russian assets to two longstanding employees of Baltika Breweries, the Danish brewer said on Tuesday, after a government document seen by Reuters showed Moscow had approved the 34-billion-rouble ($320.75 million) deal. Moscow seized control of Carlsberg's stake in Baltika, Russia's leading brewer, in July 2023 and placed it under "temporary management," prompting Carlsberg Group CEO Jacob Aarup-Andersen to say its business had been stolen. Carlsberg's assets were removed from temporary management on Monday.
/jlne.ws/3BjV5Wf
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Trump warns of 'hell to pay' if Israeli hostages not released by January; US president-elect's comments come as Gaza ceasefire talks fail to make progress
Felicia Schwartz - Financial Times
US president-elect Donald Trump on Monday warned there would be "all hell to pay in the Middle East" if Hamas had not released the remaining Israeli hostages in Gaza before he takes office in January. His comments came as President Joe Biden's administration is making a final push for a ceasefire-for-hostages deal between Israel and Hamas after its success last week in brokering an end to the conflict between Israel and Hizbollah in Lebanon. If the hostages are not released by January 20 2025, when he takes office, "there will be ALL HELL TO PAY in the Middle East", Trump said in a post on his Truth Social platform.
/jlne.ws/4eWVV9f
Delinking conflicts in the Middle East is the best way to resolve them; Arrangements such as the ceasefire in Lebanon are all the more important as the region lurches from one convulsion to the next
Ghassan Salame - Financial Times (opinion)
To a sceptic, the Lebanon ceasefire "arrangements" look like a dignified trick to stop an inconclusive war between Israel and Hizbollah. This is a conflict in which a high-tech military made a substantial number of tactical gains, but not to the point of declaring victory, and a determined armed group lost its leadership and most of its arsenal, but not to the point of conceding defeat. A more emphatic reading would see these arrangements as laying the foundations for western trusteeship over Lebanon. Besides the usual commitment to implement a number of UN Security Council resolutions inherited from past confrontations that had been largely ignored, the new agreement adds a novelty: a "mechanism" to supervise that implementation by a western entity led by an American general of which France is a member.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | EDX appoints Jamil Nazarali Executive Chair, Tony Acuna-Rohter to serve as CEO
EDX
EDX Markets Holding Co., Inc. ("EDX"), a leading digital asset technology firm that combines an institution-only trading venue with a central clearinghouse, today announced that current CEO Jamil Nazarali has been appointed Executive Chair of the EDX Board and Tony Acuna-Rohter has been named CEO. Acuna-Rohter previously served as EDX's Chief Technology Officer, leading technology and information security operations since joining in 2022. Acuna-Rohter also leads EDX Clearing, the firm's central clearinghouse company. Prior to EDX, Acuna-Rohter was CTO of ErisX, part of Cboe Digital.
/jlne.ws/4fQ350n
Niels Brab, Deutsche Borse, Elected President Of FESE And Delphine d'Amarzit, Euronext, Elected Vice President - Niels Brab Will Succeed Petr Koblic - New Board Appointments
Mondovisione
Today, the General Assembly of the Federation of European Securities Exchanges (FESE) elected Niels Brab, Chief of Staff and Head of Group Corporate & Regulatory Strategy of Deutsche Borse Group, as the new President of FESE for a term of two years. Delphine d'Amarzit, Chairman and CEO of Euronext Paris and member of the Managing Board of Euronext Group, was elected FESE Vice President for a term of two years. Both received unanimous support from FESE members to lead the association.
/jlne.ws/3VkZM9e
New CME guidance to drive tighter margin call management; Clearing house rule clarified to limit the use of grace periods to cases of admin/operational errors only
Janice Kirkel - Risk.net
New guidance from US clearing house CME will help to clarify policy on margin calls for futures commission merchants (FCMs) and their clients, experts say, potentially obliging market participants to up their game in terms of risk management. "I don't see it as a fundamental tying of the FCMs' hands," says Joshua Hurley, a clearing consultant at Davies Group. "It's about creating a level playing field across the FCMs and not allowing for weakening of risk management standards."
/jlne.ws/3ZzAxlW
ALQUILER SEGURO joins BME Scaleup on December 5; The company, which is the twentieth to enter the market, starts with a valuation of EUR 5 million.
BME-X
The Board of Directors of BME Scaleup has approved the incorporation of Alquiler Seguro Asset Market SOCIMI on 5 December, once all the documentation submitted by the company has been analysed and studied and a favourable evaluation report has been issued by the Market Coordination and Incorporations Committee. The company's Board of Directors has taken as a reference for the start of the share trading a price of 13.8 euros per share, taking into account the valuation report carried out by an independent expert, which implies a total valuation of the company of 5 million euros. The trading code of the company is 'SCASM'. The company's Registered Advisor is VGM Advisory Partners.
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Performance Bond Requirements - Metal Margin - Effective December 03, 2024
CME Clearing
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on December 03, 2024.
/jlne.ws/3ODjlFT
CME Group Reports Record November ADV of 30.2 Million Contracts, Driven by Growth Across All Six Asset Classes
CME Group
CME Group, the world's leading derivatives marketplace, today reported its November 2024 market statistics reached the highest November average daily volume (ADV) of a record 30.2 million contracts, up 7% from November 2023. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3BjUh3F
Cash market trading volumes in November 2024
Deutsche Borse Cash Market
Deutsche Borse's cash markets generated a turnover of EUR118.72 billion in November (previous year: 104.46 billion / previous month: EUR108.00 billion). EUR115.02 billion were attributable to Xetra (previous year: EUR101.44 billion / previous month: EUR104.28 billion), bringing the average daily Xetra trading volume to EUR5.48 billion (previous year: EUR4,61 billion / previous month: EUR4.53 billion). Trading volumes on Börse Frankfurt were EUR3.70 billion (previous year: EUR3.02 billion / previous month: EUR3.72 billion).
/jlne.ws/4gieTIs
Exchange of the year: Eurex; Risk Awards 2025: Eurex jolts credit futures market into life
Eurex
For many years, large derivatives exchanges have tried - and failed - to get credit futures off the ground. This year, Eurex finally pulled it off. Its credit futures contract, launched three years ago, caught fire in the second half of 2024, boosted by increasing participation from buy-side investors, favourable tailwinds and thoughtful product design in alliance with market participants. Robbert Booij, chief executive officer of Eurex Frankfurt, says the exchange's new suite of credit index futures - providing leveraged exposure to broad fixed income benchmarks - has seen "real traction in the last four months, when volumes have substantially picked up due to activity from real-money clients".
/jlne.ws/41gDQzL
Northern exposure
Activity in exchange-traded derivatives increasingly centers around regional trading centers. The hub structure of pan-European exchanges offers market participants a simplified one-stop shop model to access regional exposure. In this article, Taras Markiv, Equity & Index Product Design at Eurex, helps you explore the Nordic derivatives landscape.
/jlne.ws/4eXo3ZV
Euronext expands its European derivatives offering with the introduction of Total Return Futures on the FTSE MIB Index
Euronext
Euronext, the leading European capital market infrastructure, today announces the introduction of Total Return Futures (TRF) on the FTSE MIB Index, FTSE Russell's primary benchmark for the Italian equity market. This launch builds on the success of the Total Return Futures on the CAC 40 Index, which Euronext introduced as its first TRF on a national benchmark in November 2018. By introducing TRF on the FTSE MIB Index, Euronext further expands its European derivatives offering across European markets, in line with its new strategic plan, Innovate for Growth 2027. TRF are designed to replicate the full economics of OTC total return swaps in a cost-effective manner, while simplifying the product settings to make them more suited to the exchange environment.
/jlne.ws/41fDM3e
Alert Concerning Rolling-Spot Futures for Gold and Platinum
JPX
With respect to Osaka Exchange, Inc. (OSE) listed Rolling-Spot Futures trading for gold and platinum, recently there has been continuous large discrepancy between the market price and the theoretical spot price calculated from the market price of each standard futures contract.
/jlne.ws/4igIZhq
LuxSE introduces LuxSE Partner status for law firms and professional services firms
LuxSE
Acknowledging the pivotal role that law firms and professional services firms play in primary capital markets, the Luxembourg Stock Exchange has introduced LuxSE Partner, a dedicated partnership status designed for law firms and professional services firms supporting issuers in navigating the issuance and listing process.
/jlne.ws/4gihzG0
Amendments to the List of Fees of Bourse de Montreal Inc. (Effective January 1, 2025)
Montreal Exchange
Bourse de Montreal Inc. (the "Bourse") hereby announces the following amendments to its List of Fees effective January 1, 2025. The new List of Fees in blackline and clean version is attached for your information.
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Nasdaq Study Shows Firms Turning to AI and Data Scientists to Enhance Regulatory Compliance
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today released the results of its ninth Annual Global Compliance Survey, revealing the latest trends and challenges in compliance and surveillance within the financial services industry. The global survey gathered insights from 94 compliance professionals across the sell-side, buy-side, and financial market infrastructure sectors.
/jlne.ws/4f2q6vP
Nasdaq Reports November 2024 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for November 2024 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/jlne.ws/4gzSU03
SIX Licenses New SMI Rolling Futures Total Return Decrement Indices to Bank of America
SIX
SIX has recently launched the first set of indices employing a Futures Roll strategy combined with a Decrement strategy. The product provides investors with the opportunity to benefit from the performance of a futures market, while simultaneously accounting for the costs and risks associated with rolling futures contracts. The index has been licensed to Bank of America for the issuance of a structured product.
/jlne.ws/3ZDMWpi
TMX Group Holiday Operating Schedule
TMX
Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV), TSX Alpha Exchange and Montreal Exchange (MX) will be closed on Wednesday, December 25, 2024, Thursday, December 26, 2024, and Wednesday, January 1, 2025, for Christmas Day, Boxing Day and New Year's Day, respectively.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Are Intel's Problems Too Big to Fix? Pat Gelsinger's exit might open some options, but Intel's struggles in manufacturing technology and market shifts are still significant
Dan Gallagher - The Wall Street Journal
Pat Gelsinger's quest to save Intel has come to an abrupt end. Whoever runs the storied chip maker next is still going to have to pull off a heroic feat. Intel announced Monday that Gelsinger is retiring as chief executive and stepping down from the board of directors. The move had the tone of a peaceful transition, but the reality was still clear, with Gelsinger calling the day "bittersweet" and board chair Frank Yeary noting the goal of "restoring investor confidence" in the press release. Intel's stock lost 61% of its value between Gelsinger's first day on the job in early 2021 and Friday's close, making it the worst performer on the PHLX Semiconductor Index over that time, according to data from S&P Global Market Intelligence. The S&P 500 has gained 53% over the same period.
/jlne.ws/41iBlgm
Musk Urges Court to Block 'Illegal' OpenAI For-Profit Conversion
Peter Blumberg - Bloomberg
Elon Musk asked a federal court to block OpenAI from pursuing an "illegal" conversion to a for-profit business, saying that a pause on the ChatGPT maker's accelerating dominance is urgently needed to protect his own artificial intelligence startup as well as the public. In his latest court filing, Musk continued his months-long attack on Sam Altman, nine years after they worked together to launch OpenAI as a nonprofit with a stated mission to develop generative artificial intelligence for the benefit of society.
/jlne.ws/4g7SVIo
AI cannot replace the atomic human; Attempting to measure human capital poses a productivity paradox
Neil Lawrence - Financial Times (opinion)
The philosopher's stone is a mythical material that can convert base metals to gold. In our modern economy, automation has the same effect. During the industrial revolution, steel and steam replaced human manual labour. Today, silicon and electrons are being combined to replace human mental labour. This transformation creates efficiency. But it also devalues the skills that form the backbone of human capital and create a happy, healthy society. Had the alchemists ever discovered the philosopher's stone, using it would have triggered mass inflation and devalued any reserves of gold. Similarly, our reserve of precious human capital is vulnerable to automation and devaluation in the artificial intelligence revolution. The skills we have learnt, whether manual or mental, risk becoming redundant in the face of the machine.
/jlne.ws/3D03VJp
Japan's SBI Set to Become Majority Owner of Fintech Solaris
Arno Schuetze - Bloomberg
Japan's SBI Holdings Inc. is set to become the majority owner of Solaris SE after offering the largest contribution in a current fundraising round by the German fintech, according to a person familiar with the matter. Solaris is seeking 100 million Euros ($105 million) to 150 million Euros from investors to secure funding until it expects to reach profitability in about two years, the person said, asking not to be identified discussing internal information. SBI already led a EUR96 million funding round in March.
/jlne.ws/4iemSbj
Atos Consortium Fumbles Rollout of EU Biometric Border System; Financial and technical problems are fueling concern about whether the bloc can revamp its approach to borders
Olivia Solon and Tomas Statius - Bloomberg
In August, the EU's Home Affairs Commissioner Ylva Johansson gave a rousing speech about a soon-to-launch "smart" border system that would track the movements of hundreds of millions of travelers in and out of the bloc using fingerprints and facial recognition. "Soon, we will switch on the most modern digital border management system in the world," said Johansson, announcing a Nov. 10 launch date for the so-called Entry/Exit System.
/jlne.ws/4eWXnIJ
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| Cybersecurity | | Top stories for cybersecurity | AI, huge hacks leave consumers facing perfect storm of privacy perils; Nearly unlimited, highly personal info is available for anyone willing to pay. AI provides many ways to turn that into illicit profit or undermine national security.
Joseph Menn - The Washington Post
Hackers are using artificial intelligence to mine unprecedented troves of personal information dumped online in the past year, along with unregulated commercial databases, to trick American consumers and even sophisticated professionals into giving up control of bank and corporate accounts. Armed with sensitive health information, calling records and hundreds of millions of Social Security numbers, criminals and operatives of countries hostile to the United States are crafting emails, voice calls and texts that purport to come from government officials; co-workers or relatives needing help; or familiar financial organizations trying to protect accounts instead of draining them.
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She believed she was an FBI 'asset.' The scam drained her life's savings.
Michelle Singletary - The Washington Post
The caller ID flashed "Rockville Police Department." Judith Boivin had been driving, preoccupied that fall afternoon with getting her husband to a doctor's appointment. She answered, figuring it must be important because it was the second call in two days from the local cops. A male voice greeted her, then said he'd put her through to the head of the Maryland city's police force. Another man came on the line and got straight to the point: Her Social Security number had been flagged in a crime, and she needed to clear things up or face charges. Taken aback, she readily agreed to cooperate. Because it's a federal case, the chief told her, he'd have to transfer her to the FBI agent running the investigation.
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UK facing 'widening gap' in ability to fight cyber threats, warns top agency; Number of incidents at top end of scale of severity tripled last year, including attack that took down London hospitals
John Paul Rathbone - Financial Times
The UK faces a "widening gap" in its ability to tackle cyber threats as AI and readily available technologies increase the scale and severity of attacks, the head of the country's top cyber security agency will say on Tuesday. The past 12 months saw a tripling in the number of "severe" attacks on UK organisations and companies - including high-profile incidents that affected London hospitals and the British Library - according to the National Cyber Security Centre.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Exclusive: Norway wealth fund's watchdog to probe shoemakers, crypto firms over ethics in 2025
Gwladys Fouche - Reuters
The Norwegian sovereign wealth fund's ethics watchdog will next year investigate shoemakers, crypto firms and gambling operators in which the fund has holdings for potential ethical breaches, which could lead the influential investor to sell its shares.
The world's largest sovereign wealth fund, which owns 1.5% of listed shares across 8,700 companies globally, operates under ethical guidelines which are set by Norway's parliament.
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The Supreme Court Won't Save Musk's DOGE Plans; He and Vivek Ramaswamy think the justices will support their attempt to violate the Impoundment Control Act. They're wrong.
Noah Feldman - Bloomberg Opinion
The plans for the Department of Government Efficiency laid out by Elon Musk and Vivek Ramaswamy are so riddled with legal problems that a law professor in exam season could save a lot of time by using their recent WSJ op-ed as the fact pattern: All you'd have to do would be to ask students to identify the constitutional flaws. The looming conflicts of interest are the low-hanging fruit. The promises to roll back existing federal regulations by executive fiat, then fire the civil servants who administer the rules, grossly misrepresent how the regulatory process and civil service protections work under federal statutes.
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Bitcoin Miner MARA Buys Texas Wind Farm as AI Crowds Out Crypto; MARA plans to mine Bitcoin only when the wind is blowing; Crypto was considered a big power user until AI came along
Josh Saul - Bloomberg
One of the world's biggest Bitcoin miners is buying a wind farm to power its operations as big tech firms increasingly suck up available sources of electricity for their own data centers. MARA Holdings Inc. bought the North Texas wind farm in Hansford County from a joint venture between National Grid Plc and the Washington State Investment Board, according to a filing with the US Federal Energy Regulatory Commission. The sale price wasn't disclosed. MARA plans to use the facility's 114 megawatts of power to mine Bitcoin when the wind is blowing and halt operations when it's not.
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Pantera Capital raises $20m to back Telegram-linked blockchain TON; Pantera Capital plans to lavish millions on TON, the buzzy blockchain closely linked to Telegram.
Ben Weiss - DL News
Crypto investors just can't get enough of TON, the blockchain closely associated with the messaging app Telegram. Pantera Capital, one of the largest hedge funds and venture capital firms in crypto, has raised $20 million to invest in TON's cryptocurrency Toncoin, according to documents filed Monday with the US Securities Exchange Commission. The VC outfit solicited cash from at least 29 investors across two separate funds, according to the filings. Both funds' first official sales were in July. Both had been signed on November 27.
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Looking to invest in crypto? Avoid these 4 common pitfalls.
Christine Ji - Business Insider
Wall Street money managers have been buying it, El Salvador has adopted it as legal tender, and the US might start stockpiling it under Donald Trump. Bitcoin has been on fire recently - drawing more attention from potential investors. Robert Cannon, a financial advisor at Experity Wealth with a specialization in alternative assets, has seen fresh interest in bitcoin and cryptocurrency in general in recent weeks after the election.
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dtcpay Announces Shift to Stablecoin-Only Payment Services by 2025 dtcpay will phase out of support for Bitcoin and Ethereum by the end of the year
Fintech News Singapore
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| Politics | | An overview of politics as it relates to the financial markets | As sabotage allegations swirl, NATO struggles to secure the Baltic Sea
Anne Kauranen and Sabine Siebold - Reuters
On Nov. 18, hours after two communication cables were severed in the Baltic Sea, 30 NATO vessels and 4,000 military staff took to the same body of water for one of northern Europe's largest naval exercises. The 12-day 'Freezing Winds' drill was part of a push to step up the transatlantic defence alliance's protection of infrastructure in waters that carry 15% of global shipping traffic and are seen as increasingly vulnerable to attack.
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US labor market braces for disruption as Trump vows mass deportations
Akiko Fujita - Yahoo Finance
President-elect Donald Trump is vowing to carry out the largest deportation program in American history. While the scale and scope of any expulsion program remain in question given the costs and legal challenges associated with carrying out such an operation, economists argue any forced removals would have ripple effects across major sectors - particularly agriculture, construction, and hospitality - and strain the already tight US labor market.
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France riled by Trump pick of Charles Kushner as Paris envoy; Establishment reacts to president-elect's choice with a mix of resignation and muted scorn
Adrienne Klasa - Financial Times
France's establishment reacted with a mixture of resignation and muted scorn to president-elect Donald Trump's nomination of real estate developer, pardoned felon and family connection Charles Kushner as US ambassador to France. Kushner is the father of Trump's son-in-law Jared Kushner, who occupied a variety of prominent posts in his first administration. The 70-year-old real estate executive was a big donor to Trump's 2024 campaign.
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The risk of Mexico being shut out of North America is rising; Investors should not assume that Trump's tariff threat is a bluff
Michael Stott - Financial Times
Donald Trump threatens Mexico's economy with tariffs on its exports. Mexico agrees to negotiate and a deal is reached. The result? Business as usual and both sides claim a win. That scenario played out in the first Trump administration, when the US-Canada-Mexico free trade agreement - hailed by the then-president as "the best agreement we've ever made" - replaced Nafta.
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How an American steel takeover became a political firestorm; A Japanese company's plan to buy US Steel is challenging the country's long-standing policy towards foreign investment
Amelia Pollard and James Fontanella-Khan - Financial Times
On a recent Sunday afternoon, an executive of Nippon Steel, the biggest steelmaker in Japan, settled into his seat at the Acrisure Stadium in Pittsburgh, Pennsylvania, to attend his first American football game. As the song "Renegade" by the 1970s rock band Styx blasted over the speakers - a Pittsburgh Steelers home-game tradition - Takahiro Mori leapt up, beaming with tens of thousands of other fans, and whipped around the team's iconic yellow "terrible towel" above his head.
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How the EU should deal with Trump's tariff threat; Brussels must try to ensure its response to the US does not trample on trade rules
The Editorial Board - Financial Times
Donald Trump says tariff is a "beautiful word". But he also prides himself on being a dealmaker. So the EU approach to the president-elect's tariff threats suggested by European Central Bank president Christine Lagarde in an FT interview - "not to retaliate, but to negotiate" - makes sense, at least initially. Any EU offer to buy more US goods to head off a rancorous trade war should, though, be backed up by the understanding that the bloc is ready to retaliate robustly if the returning president does opt for punitive tariffs. Trump would surely seize on anything less as a sign of weakness.
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China bans export of key minerals to U.S. as trade frictions escalate
Amy Lv and Tony Munroe - Reuters
China has banned exports to the United States of items related to the minerals gallium, germanium and antimony that have potential military applications, it said on Tuesday, a day after Washington's latest crackdown on China's chip sector. A commerce ministry directive on dual-use items with both military and civilian applications cited national security concerns. The order, which takes immediate effect, also requires stricter review of end-usage for graphite items shipped to the U.S..
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Beijing mulls US engagement options as China-sanctioned Rubio awaits top diplomat post
South China Morning Post
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China retaliates against latest US chip restrictions; Beijing bans export of materials used in semiconductors and batteries
FT reporters
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South Korean president declares martial law; Opposition calls lawmakers to parliament
Christian Davies - Financial Times
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French Lawmakers to Vote Wednesday on Toppling Government
William Horobin and Samy Adghirni - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | Internal transactions at food giant ADM spark a sprawling criminal probe
Chris Prentice and Joshua Schneyer - Reuters
Late on Nov 4, American agribusiness giant Archer-Daniels-Midland cut its profit forecast for 2024, delayed a quarterly earnings report and said it would restate other recent financial results, too. The announcement, the second time this year ADM said accounting "issues" were forcing it to restate past earnings, sent shares tumbling. The company's stock lost $1.6 billion in market value the next day. ADM's rattled shareholders are asking questions about the mounting accounting troubles - and they aren't the only ones.
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Nomura cuts CEO pay after ex-worker charged with robbery
Takashi Nakamichi, Nao Sano and Bloomberg via Fortune
Nomura Holdings Inc.'s chief executive officer and other senior managers will take pay cuts as the Japanese investment bank unveiled further remedial steps following allegations of robbery and attempted murder by a former employee.
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UK regulator opens door to Shein London listing; Financial Conduct Authority values disclosure over 'corporate behaviour', says Nikhil Rathi
Martin Arnold - Financial Times
The UK's top financial watchdog has opened the door to China's fast-fashion group Shein joining the London Stock Exchange by saying its decisions on whether companies can list in the UK are based only on their disclosures - not "every aspect of their corporate behaviour". Nikhil Rathi, chief executive of the Financial Conduct Authority, told the Financial Times that it was "not unusual" for UK-listed companies to carry legal risks around the world and "what's important is that they disclose it, the investors understand it and they can price that risk".
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Statement on the Commission's Approval of the 24X National Exchange Application for Registration as a National Securities Exchange
Commissioner Hester M. Peirce and Commissioner Caroline A. Crenshaw - SEC
The Commission's order approving the registration application of 24X National Exchange, LLC ("the Exchange") to operate as a national securities exchange represents a first step toward permitting, for the first time, overnight trading on a national securities exchange. An overnight session on a lit exchange could make trading more convenient for investors both in the U.S. and abroad. It potentially will draw more participants into our markets. The Exchange's rules provide for additional disclosures to investors regarding the risks of trading in the overnight session, and the approval order allows overnight trading to commence only after the Equity Data Plans are in concurrent operation. With this order, the Commission provides for innovation in our lit markets with disclosure-based investor protection measures that are consistent with the Commission's historical practice.
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Update for investors in the Shield Master Fund
ASIC
ASIC notes the outcome of the second creditors' meeting of Keystone Asset Management Ltd (Receivers and Managers Appointed) (Administrators Appointed) (KAM) yesterday at which creditors resolved to wind up KAM and appoint Jason Tracy and Glen Kanevsky of Deloitte as joint and several liquidators. KAM is the responsible entity for the Shield Master Fund (Shield). A number of proposals were put to creditors on Monday 2 December as an alternative to KAM being wound up. Having considered these proposals, the Administrators were of the view that they were not in the best interests of creditors, unitholders or underlying investors in Shield and recommended that KAM be wound up. ASIC is investigating whether significant investor funds may have been dissipated.
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Better retirement outcomes: a whole-of-sector responsibility
ASIC
Speech by ASIC Commissioner Alan Kirkland at the Conexus Financial Professional Planner Researcher Forum, 3 December 2024.
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Suspected scam alert: ASIC warns consumers about unlicensed stock tip promotors through private chat apps - Juhbz and Ptounx
ASIC
ASIC is warning consumers not to invest money via the ads which then add consumers to Whatsapp groups; Two unlicensed promotors - Juhbz and Ptounx - often appear in the website URL ASIC is warning consumers about a suspected investment scam involving social media ads for investing opportunities and tips, with consumers then added to WhatsApp groups. ASIC has received reports from Australian consumers who have invested and paid fees into the suspected investment scam and are now unable to access their money. ASIC is also aware of an overseas regulator who has issued a public warning about the activity.
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Australia and Singapore Collaborate to Support Sustainable Infrastructure and Decarbonisation in Southeast Asia
MAS
The Australian Government has approved a US$50 million investment into the Green Investments partnership (GIP) under Singapore's Financing Asia's Transition Partnership (FAST-P) initiative. The investment will support clean energy transition and sustainable infrastructure development across Southeast Asia. FAST-P was launched by the Monetary Authority of Singapore (MAS) at the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) in 2023.
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The solar saga behind US bribery allegations against Gautam Adani
Leslie Hook and Rachel Millard in London, and John Reed in New Delhi - Financial Times
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UBS Faces French Criminal Trial for Harassing Whistleblowers
Gaspard Sebag - Bloomberg
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Intel's CEO Departure Opens Door to Fresh Deal Discussions
Ryan Gould and Ian King - Bloomberg
The abrupt departure of Intel Corp. Chief Executive Officer Pat Gelsinger offers a fresh opportunity for the troubled company to consider potential deal options, including scenarios that he rejected during his time running the chipmaker. The board has discussed a range of possibilities in recent months, such as private equity transactions and even a split of Intel's factory and product-design businesses. But Gelsinger was opposed to breaking up the company, focusing instead on his plan to restore Intel's technological edge and become a made-to-order manufacturer for outside clients.
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Wall Street Short Sellers Throwing In the Towel, Citigroup Says
Michael Msika - Bloomberg
Short-sellers are capitulating as the S&P 500 Index keeps hitting record highs and is set for its best year since 2021, according to Citigroup Inc. strategists. Investor positioning in S&P 500 futures is "completely one-sided," the strategists led by Chris Montagu wrote in a note. It's "setting new highs for a fourth consecutive week and increasingly the hold-out shorts are capitulating," they said.
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Tyson to Shut Kansas Plant as US Beef Shortage Erodes Profits
Gerson Freitas Jr. - Bloomberg
Tyson Foods Inc. will shut a meat plant in Kansas next year, eliminating 809 jobs, as the company seeks to slash costs amid a downturn in the beef industry. The suspension of operations in Emporia is expected to be complete by Feb. 14, the company said in a letter to the Kansas Department of Commerce, citing a push to "operate more efficiently." Activities at its laboratory in the same town also will be halted.
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Stocks Versus Bonds Dilemma Hits EM Traders as Trump Returns
Selcuk Gokoluk and Carolina Wilson - Bloomberg
Investors are scrambling to decide if Donald Trump's impending return to the White House will sustain or derail the rally in emerging-market bonds witnessed under Joe Biden. According to Jeff Grills, head of US cross-asset and emerging-markets debt at Aegon Asset Management, whether equities or bonds benefit most from Trump's second presidency could partly depend on how aggressive he proves to be in slapping tariffs on key economies. If Trump carries through on his promise to impose levies on Mexican and Chinese imports then that would be "very negative" for stocks and relatively positive for bonds in Grills's eyes. But if he's using tariffs as a gambit to force negotiations over trade then that "would be more positive and likely support stocks to outperform dollar bonds," he said.
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Germany's DAX Index Crosses 20,000 Points in Historic Gain
Jan-Patrick Barnert - Bloomberg
Germany's main equity benchmark rose above 20,000 points for the first time in its history. The DAX Index gained as much as 0.5% on Tuesday as European stocks advanced for a fourth straight session, with investors looking past political tensions in France and the prospect of US tariffs under the Trump administration.
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Cargill to Cut Thousands of Jobs Globally as Profits Shrink
Isis Almeida and Alfred Cang - Bloomberg
Cargill Inc. is cutting thousands of jobs globally after the largest privately held company in the US missed profit targets. The Minneapolis-based firm, the world's largest agricultural commodities trader, will cut about 5% of its 164,000-strong workforce as part of its 2030 strategy, according to an internal memo seen by Bloomberg. The reductions won't affect its executive team, but will impact a number of next level senior leaders, according to people familiar with the matter, who asked not to be identified discussing internal matters.
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Revolut Co-Founder Storonsky Says UK Can't Compete with US on IPOs
Aisha S Gani - Bloomberg
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | UN plastics treaty talks fail after oil producers block output limits; Discussions postponed on curbs as Saudi Arabia and Russia frustrate multilateral process
Madeleine Speed and Amanda Chu - Financial Times
Negotiations over the first legally binding UN treaty on plastic pollution collapsed in the final stage of discussions, after oil-producing nations led by Saudi Arabia and Russia blocked efforts by 100 countries to place limits on new production. The fifth round of talks, which took place in Busan, South Korea this week, will be extended to an undecided future date, as nations disagreed over how to tackle the world's plastic waste crisis.
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Trump allies begin attack on EPA and rules protecting US drinking water; With Biden soon to leave the White House, Republicans start an assault on the Environmental Protection Agency
Tom Perkins - The Guardian
Donald Trump's allies have fired the opening salvoes of his coming administration's attack on the Environmental Protection Agency (EPA), the federal agency that enforces and regulates laws on air, soil, and water quality among other crucial environmental and health issues. In a letter from Republican House leadership to the EPA administrator Michael Regan, Republicans trained their sites on the agency's scientific integrity policies that are designed to insulate scientists and research from political interference.
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Saudi Arabia signs solar deals with France's TotalEnergies
Reuters
Saudi Arabia signed agreements for solar energy projects with foreign partners during the Saudi-French Investment Forum attended by French President Emmanuel Macron on Tuesday in Riyadh. An agreement was signed with French oil major TotalEnergies (TTEF.PA), opens new tab and Al Jumeih Energy and Water for the Rabigh 2 solar power plant.
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Barbados completes world first debt swap for climate resilience
Virginia Furness - Reuters
Barbados has completed what it calls the world's first 'debt-for-climate resilience' swap which will see it invest $165 million in water infrastructure, food security and environmental protection to help the Caribbean island adapt to the damaging effects of climate change. Barbados' new deal is the first debt-swap to free up money directly for climate adaptation and will generate around $125 million to go towards sewage treatment plant upgrades that should boost water supplies and reduce the amount of pollution going into the Caribbean.
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Exxon Is Said to Weigh Sale of $1 Billion Singapore Stations
Manuel Baigorri and Elffie Chew - Bloomberg
Oil major Exxon Mobil Corp. is considering a sale of its gas stations in Singapore, which could raise about $1 billion, according to people familiar with the matter. Exxon is working with financial advisers on the potential disposal, the people said, asking not to be identified because the matter is private. Other industry players and investment funds have shown preliminary interest, they added.
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Exclusive-UN calls for $2.6 trillion investment to reverse land degradation
Simon Jessop and Pesha Magid - Reuters
Restoring the world's degraded land and holding back its deserts will require at least $2.6 trillion in investment by the end of the decade, the U.N. executive overseeing global talks on the issue told Reuters, quantifying the cost for the first time. More frequent and severe droughts as a result of climate change combined with the food needs of a rising population meant societies were at greater risk of upheaval unless action was taken, Ibrahim Thiaw said ahead of talks in Riyadh this week.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Nomura chief apologises after ex-employee charged with clients' attempted murder; Former wealth management staff arrested after allegedly setting customers' house on fire
David Keohane - Financial Times
Nomura's chief executive has apologised and taken a voluntary pay cut after one of the bank's former wealth management employees was charged with attempting to murder and rob customers. "I would like to offer my deepest apologies to the victims and the many people involved for the great inconvenience and concern that have been caused," said Kentaro Okuda, who will take a three-month pay cut of 30 per cent.
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BlackRock launches active short-term money market ETF; Manager claims to be first to offer strategy in a Ucits-regulated ETF in Europe
Sandra Heistruvers, Ignites Europe - Financial Times
BlackRock has rolled out an actively managed short-term money market exchange traded fund. The iShares EUR Cash Ucits ETF offers investors "the quality and liquidity of regulated money market funds within the convenience of the ETF wrapper", according to the world's largest asset manager. The product was the first actively managed short-term money market fund regulated ETF in Europe, the company said. It provided access to "highly rated short-term money market instruments that follow the strict guidelines of European [money market fund] regulation", BlackRock added.
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BlackRock acquires HPS Investment Partners for $12bn in private markets push; Acquisition will see world's largest asset manager further expand its reach into the booming private credit market
David Ricketts - Financial News
BlackRock, the world's largest fund management group, has struck a deal to acquire private credit manager HPS Investment Partners for $12bn, the latest blockbuster acquisition negotiated by chief executive Larry Fink. HPS, which manages $148bn in assets, was founded in 2007 by a trio of former Goldman Sachs employees, including former investment banking co-head Scott Kapnick. The deal will see BlackRock and HPS form a new private financing solutions business unit with capabilities spread across senior and junior credit, asset-based finance, real estate, private placements and CLOs.
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Hedge funds profit from 'Trump trades' around US election; Element Capital and Graham Capital among macro managers that did well out of recent market swings
Amelia Pollard - Financial Times
Hedge funds including Jeffrey Talpins' Element Capital and Kenneth Tropin's Graham Capital Management have made big gains from betting on market swings around last month's US presidential election. Element and Graham are among so-called global macro hedge funds - which trade macroeconomic trends in currencies, commodities, bonds and stocks - that have been positioned in "Trump trades", or assets that did well out of Donald Trump's election victory.
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Millennium Backs Pair of Hedge Fund Traders With $3.3 Billion; Robert Tau to receive $1.5 billion for his macro trading firm; Engel-Hall gets $1.75 billion under Milllenium's Andora brand
Bei Hu and Nishant Kumar - Bloomberg
Millennium Management is allocating nearly $3.3 billion to two new teams as Izzy Englander's hedge fund juggernaut continues to hoover up talent in its push to expand internal and external investments. Hong Kong-based Robert Tau will receive $1.5 billion for his macro trading firm and manage money exclusively for Millennium, according to people familiar with the matter. Daniel Engel-Hall, a former Marshall Wace money manager, is getting $1.75 billion to trade under Millennium's Andora Partners brand, the people said, asking not to be identified discussing non-public information.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Three Things To Look For In A Work Management Platform To Help Manage Your Work, People And Content
Praerit Garg - Forbes
There has never been a time in the workplace like the one we're currently in. Workers have more tools to stay connected remotely than ever before. And yet, we're still grappling with the question: How does work get done-and how do we get it done better? In many organizations, work is driven by the need for content of some kind. Think about a retail company that has an ad campaign launching, for example. What do they need? Lots of digital assets-videos and images with accompanying ad copy, in all different sizes and formats.
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Just how much does poor management cost worldwide? $8.8 trillion a year
Sabri Ben-Achour, Alex Schroeder, and Erika Soderstrom - MarketPlace
Next year, one in 10 managers in the workplace will be a member of Gen Z, according to a new report from Glassdoor. And despite all we hear about generational differences from one group to the next, Gen Z-ers are entering the ranks of management at a very similar pace to what we saw from millennials, Gen X-ers and baby boomers when they were the same age. But this is certainly a different economy and different environment for work than 10, 20, 30 years ago. So what do Gen Z managers stepping up in the ranks need to do their jobs successfully? Ben Wigert is director of research and strategy for workplace management at Gallup. He recently spoke with Marketplace's Sabri Ben-Achour. Below is an edited transcript of their conversation.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Kyrie Irving sued after allegedly stiffing health and wellness company out of $390K
Christian Arnold - New York Post
NBA superstar Kyrie Irving is being sued for nearly $400,000 by a health and wellness company that claims he failed to pay for its services. Irving is said to have hired Elite Mind Solutions and therapist Natasha McCartney for a family retreat he was hosting for friends and family from June 28 to July 2 and had initially told them that it would be roughly 50-60 people in attendance, according to TMZ.
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How a Fast-Growing Wellness Franchise Navigated a Supply Chain Snag; Prime IV Hydration & Wellness is charting rapid growth-and founder Amy Neary isn't letting any obstacles slow it down.
Annabel Burba - Inc.
Amy Neary never expected she'd need a hurricane-preparedness plan when she founded an intravenous nutrient therapy franchise in Colorado Springs, Colorado. But when Hurricane Helene struck more than 1,800 miles away in October, she had to act fast to keep Prime IV Hydration & Wellness's 150 locations up and running.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Trafigura loses attempt to have star witness struck from bribery trial; Company is first commodity trader to face trial for corruption in Switzerland
Sam Jones - Financial Times
Trafigura lost a last-minute legal gambit on Tuesday to have evidence against it from the star witness in a Swiss corruption trial struck from the case. The trial against the natural resources trader, in which its former parent company Trafigura Beheer BV and chief operating officer Michael Wainwright are accused of bribery, opened at Switzerland's federal criminal court in Bellinzona on Monday.
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Many China Copper Traders Halt US Scrap Imports on Tariff Fears
Bloomberg
Many Chinese metal importers have stopped buying US copper scrap in anticipation of tariffs when Donald Trump assumes the presidency, according to Beijing Antaike Information Development Co. The purchases were halted from mid-November because those cargoes are likely to arrive around the time Trump takes office on Jan. 20, the state-owned researcher said in a note, citing its survey of traders.
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Investigation under way after Finland-Sweden cables damaged
George Wright - BBC News
Authorities in Finland are investigating a broken fibre-optic cable after two separate cuts caused an outage affecting thousands of households. The Swedish government said it suspected an act of "sabotage" on the cable, which links the two countries, but Finnish police said they did not yet have reason to suspect criminal activity. Nordic telecoms group GlobalConnect told the BBC at least one of the breaks had been caused by excavation work, adding that the second break was still being investigated and repaired.
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Saudi Poultry Giant Alwatania Is Said to Explore Sale of Company
Christine Burke, Dinesh Nair and Kateryna Kadabashy - Bloomberg
Alwatania, the largest poultry producer in the Middle East, is exploring a sale of the company, people familiar with the matter said, as Saudi Arabia's push for food self-sufficiency makes the industry more attractive. Alwatania has appointed BSF Capital as its adviser for a potential deal, according to the people, who asked not to be identified because the information is not public. A transaction may fetch as much as 2 billion riyals ($532 million), one of the people said.
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Petrobras must be 'as big as possible', says chief of Brazilian oil major; Chambriard outlines strategy as group boosts investments in offshore drilling, biofuels and fertilisers
Michael Pooler - Financial Times
Petrobras needs to be "as big as possible" to guarantee its long-term future, said the head of Brazil's state-controlled oil major, as the company boosts investments in activities ranging from offshore drilling to biofuels and fertilisers. Chief executive Magda Chambriard is expanding activities at the $92bn group, reversing a strategy under previous governments that sought to largely leave areas outside deepwater exploration.
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