| September 14, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today Trading Technologies unveils their new offices in Chicago while also celebrating being named to "Crain's Chicago Business Best Places to Work 2023." Crain's recognizes firms in Chicago that "according to their employees, go above and beyond in putting a focus on quality workplace culture." I can't wait to see the new offices and how the environment is focused on the employee, team collaboration and the work environment.
Former CFTC Commissioner Dawn Stump announced on LinkedIn that she is starting a new position as managing director at SEDA Experts.
The LME today announced the evolution of the closing price methodology, to bring greater determinism, transparency and standardization to the Closing Price discovery process.
The Financial Times reported that "The European Central Bank has raised interest rates to an all-time high." What one can garner from that statement is that the central bank is trying to cool the economy and that it has not been around that long.
The European Central Bank (ECB) was created on June 1, 1998. It was established as part of the Treaty of Amsterdam and became fully operational on January 1, 1999, when it took over the responsibility for conducting monetary policy in the eurozone countries and introduced the euro as the common currency. Thus, it missed the high interest rates of the 1970s and 1980s.
Elon Musk did not make any friends in Taiwan when he referred to the island democracy as China's Hawaii. Musk's comments at a technology conference in Los Angeles this week drew a rebuke from Taipei, who implied "that the American entrepreneur with extensive business ties in China has sold out to Beijing" and pointed "to the country's censorship of X," The Wall Street Journal reported.
There are plenty of complaints about the healthcare system in the U.S., but in the U.K. the Financial Times reports "Waiting lists for routine hospital care in England have hit a new record."
First it was people wanting the Outlander experience because of the popularity of the television series "Outlander." Now, Montana ranchers are offering tourists the Yellowstone experience to help overcome issues making ranch life harder, like droughts and property taxes, The Wall Street Journal reports.
Katy Press has been promoted to the position of senior director, marketing at Eventus.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The Clean Investment Monitor (CIM), a joint project of Rhodium Group and MIT's Center for Energy and Environmental Policy Research (CEEPR), found $213 billion in new investments in the manufacture and deployment of greenhouse gas emission-reducing technologies across the U.S. economy in 2023. This "clean" investment is a 37% increase from the previous year, and a 165% increase from five years ago. The report found clean technology manufacturing within electric vehicle and solar manufacturing was $39 billion; clean energy production and industrial decarbonization was $61 billion; and household and business retail investment in heat pumps and zero-emission vehicles was $113 billion. The CIM tracks public and private investments in climate technologies in the United States. This inaugural report found that clean investment nationwide is larger than the annual GDP of 18 of the 50 U.S. states. Learn more and download the report here. ~SAED
September 15, 2023 is the last day to register for in-person attendance at PRI in Person 2023 Oct. 2-5 at the International Convention Center PAMIR, Takanawa, Tokyo. PRI in Person is the annual event for the investment community related to Principles for Responsible Investment, the UN framework for understanding ESG. Learn more and register here. ~SAED
Our most read stories yesterday on JLN Options were:
- How Periodic Auctions Enhance Trading in Europe and the U.S.
- Gambling on Options Is Fun
- The US is 'playing with fire' as oil reserves plunge to a 40-year low, markets guru Larry McDonald says ~JB
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CME Group Opens Registration for its 20th Annual Global University Trading Challenge
CME Group
CME Group, the world's leading derivatives marketplace, today announced registration is now open for the 20th annual CME Group University Trading Challenge, which will be held from Sunday, October 1 to Friday, October 27. Interested students must register by 5 p.m., CT, on Thursday, September 28, and are encouraged to familiarize themselves with the challenge rules, as well as brush up on their market knowledge, through the wide range of resources available at the trading challenge portal.
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***** Tell your college age kids to form a team and sign up for the trading challenge. It is a great way to get them interested in the markets and bond with them.~JJL
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Americans Are Buying Up Scotland's Most Expensive Housing; Wealthy buyers are looking for trophy properties, especially those near famed golf courses.
Sarah Rappaport - Bloomberg
Americans have been on a shopping spree for properties in Scotland. US buyers now represent 4% of total transactions recorded by real estate firm Savills, up from 1% in 2019. Agents report a sustained surge in buying from Americans, particularly at the top of the market. Interest really picked up after the pound plunged last year to near parity with the US dollar-the weakest on record. The UK currency has recovered, but property interest remains, agents say.
/jlne.ws/3ZlyYq3
****** This is the Outlander effect.~JJL
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Fallen Chicago Fire Lt. Kevin Ward honored by loved ones, fellow firefighters. 'He put his service above himself,' mayor says.
Jake Sheridan - Chicago Tribune
The mourners who were gathered at the funeral of Chicago Fire Department Lt. Kevin Ward faced a tough challenge in summing up his vibrant life in sentences. The firefighter, who was seriously injured while battling an August residential blaze in Norwood Park and died weeks later, enjoyed a life teeming with off-beat passions, they said.
/jlne.ws/44NaYx7
***** "Ward, 59, had been an Alaskan commercial fishing boat's deckhand, a Colorado hotel's chef and a Chicago Mercantile Exchange options trader."~JJL
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$20 Million Fund Gives Investors a Taste of Soaring Market for Rare Whiskies and Fine Wines
Abby Schultz - Barron's
Wine and whisky is for drinking and enjoying with family and friends. But, as wine and whisky lovers have learned in recent years, both can also deliver a nice return on investment. Winston Art Group and its subsidiary WineAdvise-which for years have counseled wealthy individuals on their wine and spirits collections-has teamed with Artory, which offers a blockchain registry of verified information on fine art and collectibles, to create a vehicle for accredited investors to realize those potential returns.
/jlne.ws/3EErF3e
***** Now here is a fund with the right kind of liquidity.~JJL
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Wednesday's Top Three
Our top story Wednesday was The Financial Times' SEC accuses Virtu of failing to protect client trade information. Second was Bloomberg's Billionaire Ken Griffin Lays Out Vision for Philanthropy With Catalyst Brand. And third was ICE Data Services to Offer Ultra-Low Latency Data Between U.S. and Europe, an ICE press release.
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| Lead Stories | First ETF to trade in zero-day options launches in the US; Complexity of the product and the 'casino' nature of its ultra-short puts prompts concerns
Steve Johnson - Financial Times
The first exchange traded fund to trade in "zero-day-to-expiry" options, one of the hottest investment trends of the year, has launched in the US. Zero day options - contracts with a maturity of 24 hours or less that allow the purchaser to buy or sell a security or asset at a specific price at a specific time - have exploded in popularity in the past year. While the rise of zero-day options has led to concerns over their potential impact on market volatility, they have given ETFs another asset to trade. Almost inevitably, given the ETF market's reputation as a hotbed of innovation, that opportunity has now been exploited.
/jlne.ws/45Pucnn
Inside Exxon's Strategy to Downplay Climate Change; Internal documents show what the oil giant said publicly was very different from how it approached the issue privately
Christopher M. Matthews and Collin Eaton - The Wall Street Journal
Exxon Mobil issued its first public statement that burning fossil fuels contributes to climate change in 2006, following years of denial. In public forums, the company argued that the risk of serious impact on the environment justified global action. Yet behind closed doors, Exxon took a very different tack: Its executives strategized over how to diminish concerns about warming temperatures, and they sought to muddle scientific findings that might hurt its oil-and-gas business, according to internal Exxon documents reviewed by The Wall Street Journal and interviews with former executives.
/jlne.ws/48go5dd
The World Federation of Exchanges issues Guidance Note on the WFE Green Equity Principles
The World Federation of Exchanges
The World Federation of Exchanges (WFE), the global body for exchanges and CCPs, has issued its Guidance Note on the WFE Green Equity Principles. The Principles are the first global framework for designating listed shares as green. The WFE Green Equity Principles are based on 5 pillars: The amount of a company's revenues/ investments that must be derived from 'green' activities; Use of a specified taxonomy; Governance (i.e. existing listing requirements); Annual assessment by approved reviewers Disclosure around the processes and reviews related to the green classification.
/jlne.ws/3Pb0jGU
Private funds prepare to spend billions on compliance after SEC rule; New regulations on disclosure and expenses are 'keeping general counsels up at night'
Brooke Masters - Financial Times
Private equity, venture capital and hedge fund groups are preparing to spend billions of dollars on compliance and legal advice as they cope with the biggest regulatory changes to hit the industry since the aftermath of the 2008 crisis.
/jlne.ws/3PhryzI
Jane Fraser to gain more control of Citigroup in biggest shake-up in almost two decades; Chief executive sets out new management structure and warns of job losses
Stephen Gandel and Joshua Franklin - Financial Times
Citigroup unveiled its biggest reorganisation in almost two decades, handing more control to chief executive Jane Fraser, simplifying its management structure and cutting jobs. The changes come as Fraser, who took over the top role at Citi in 2021, battles to turn around the third-largest US bank by assets, which for years has lagged behind peers and been dogged by operational and regulatory issues.
/jlne.ws/3Pgb4aR
Fuel Prices Are Soaring. Who Is Feeling the Pinch? Production cuts by OPEC and its allies push crude oil to 10-month highs
Bob Henderson - The Wall Street Journal
The price of diesel at the pump has climbed at a significantly faster pace than that of gasoline. Rising diesel prices are inflating the bills Brett McMahon is getting from the companies that truck in the plywood, rebar and other supplies his concrete-contracting business needs. Asking his clients to renegotiate contracts to ease that pain, he said, has been "hit or miss."
/jlne.ws/3RmJSKi
New study of post-trade ecosystem shows pain of legacy systems; Research of 300 post-trade experts including custodians and brokers shows that legacy technology and regulation prevent financial institutions from capturing growth opportunities.
Jonathan Watkins - The Trade
A third of post-trade firms are operating with legacy platforms more than a decade old, with budgets being dominated by maintenance and upgrades over investments in replacements and transitions, new research has found. Nasdaq published the results of a survey of over 300 decision makers from exchange groups, custodians, brokers, and other service providers.
/jlne.ws/46aoFY7
Brazilian Crypto Firm Files for Combined Spot, Futures Ether ETF
Lucy Brewster - ETF.com
Brazilian investment firm Hashdex is seeking to launch an ether ETF with the Nasdaq exchange that holds both futures contracts and spot ether. Nasdaq filed an application with the Securities and Exchange Commission to list the exchange-traded fund, which is called the Hashdex Nasdaq Ethereum ETF. The ETF will aim to invest in futures contracts listed on the Chicago Mercantile Exchange.
/jlne.ws/3LoPVud
Coinbase CEO Brian Armstrong Believes "Flatcoins" Are the Future of Stablecoins
Hope C - CoinMarketCap
Coinbase CEO Brian Armstrong has expressed his belief that "flatcoins" are the next evolution of stablecoins. Flatcoins, a term coined by ex-Coinbase CTO Balaji Srinivasan in 2021, are designed to track inflation instead of being pegged to a specific currency or asset.
/jlne.ws/3LpssJg
FTX Approved to Start Selling Its $3.4 Billion Crypto Hoard; FTX Plans to turn much of its digital currency into US dollars; FTX sale begins before fight over ownership of crypto resolved
Steven Church - Bloomberg
FTX Trading Ltd. won court approval to begin selling digital currency from its hoard of $3.4 billion worth of cryptoassets to raise money for creditors who claim they are owed tens of billions of dollars. Sales are likely to begin even before a lawsuit challenging the company's ownership of much of the cryptoassets is resolved.
/jlne.ws/3Zk8ogU
Treasury Clearing Activity Predicted To Increase US$1.63 Trillion Should SEC Adopt Expanded Clearing Proposal, According To New DTCC Paper
The Depository Trust & Clearing Corporation
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today issued a new industry paper, "Looking to the Horizon: Assessing a Potential Expansion of U.S. Treasury Central Clearing," that explores the possible impacts of the U.S. Securities & Exchange Commission's (SEC) 2022 Treasury Clearing proposal.
/jlne.ws/3Zkarl6
Fed economists sound alarm on hedge funds gaming US Treasuries
Davide Barbuscia - Reuters
Researchers at the Federal Reserve have issued warnings in recent weeks about possible disruptions in U.S. Treasuries due to the return of a popular hedge fund trading strategy that exacerbated a crash in the world's biggest bond market in 2020. Hedge funds' short positions in some Treasuries futures - contracts for the purchase and sale of bonds for future delivery - have recently hit record highs as part of so-called basis trades, which take advantage of the premium of futures contracts over the price of the underlying bonds, analysts have said.
/jlne.ws/3EEPzvB
Canada's Wildfires Have Spewed More CO2 Than Mexico Did in a Year; The country's fires this year have emitted 410 million metric tons of carbon, according to Copernicus, and they're still burning.
Laura Millan - Bloomberg
Fires burning across most Canadian provinces and territories since May have released 410 million metric tons of carbon dioxide into the atmosphere, roughly the equivalent of Mexico's emissions in 2021. Canada's wildfires have contributed 27% of the total wildfire carbon emissions for 2023, according to observation agency Copernicus.
/jlne.ws/3EKmm29
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | The race to save Ukraine's abducted children
Gillian Tett - Financial Times
Last weekend, during a trip to Kyiv, I glimpsed a newly released photograph of some Ukrainian parents with their children, whose faces were blurred out. The adults mostly wore expressions of shock or exhaustion, but one young woman had donned a baseball cap and grinned broadly as she tightly clutched two kids. In some senses, this image, released by Dmytro Lubinets, Ukraine's humanitarian ombudsman, is a sign of hope.
/jlne.ws/45WSonW
Attack on Russian warships at a Black Sea naval base shows Ukraine's big offensive is more than meets the eye and making Crimea 'untenable' for Moscow's forces
Jake Epstein - Business Insider
Ukrainian forces carried out a massive missile attack on a strategic Russian naval shipyard in the occupied Crimean peninsula early Wednesday morning, damaging two vessels in what an official in Kyiv called a "professional and meaningful" statement. The strikes on the Black Sea port city of Sevastopol, which were the results of long-range cruise missiles, marked the latest Ukrainian attacks on Russian positions and assets in and around Crimea, which Kyiv has vowed to liberate from nearly a decade of Russian occupation. These operations are part of a lengthy pressure campaign designed to isolate Crimea and make it "untenable" for Russian forces to stay there, a retired US Army general said.
/jlne.ws/3Pqa3NM
Danger lurks behind 'every bush' for brigade in Ukrainian counteroffensive
Anna Voitenko - Reuters
For soldiers in Ukraine's "Spartan" brigade, danger could lurk behind every bush and in every field as they fight in Kyiv's counteroffensive against deeply entrenched Russian forces. Progress through vast Russian minefields and heavily fortified defences has been slower than many Ukrainians had hoped since the counteroffensive began in early June.
/jlne.ws/45RJkjV
West Fails to Peel Russia's Friends Away to Ukraine's Side; Many emerging economies remain reluctant to take sides in the war
Laurence Norman - The Wall Street Journal
Eighteen months after Russia's invasion of Ukraine, Western countries still haven't swung the developing world behind supporting Kyiv. Europe, Ukraine and the U.S. have successfully orchestrated several United Nations votes condemning Russia's invasion. In recent months they have started talks with dozens of other countries on what a fair peace settlement for Ukraine might look like.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq Study Shows Legacy Technology and Regulation Preventing Financial Institutions From Capturing Growth Opportunities
Nasdaq
78% of FMI investment budgets dominated by maintaining and upgrading legacy technology, with more than a third planning a major system overhaul in the next five years. Industry-wide need to upgrade legacy technology, whilst responding to wave of regulation, risks compromising resilience or missing out on growth opportunities. Nasdaq (Nasdaq: NDAQ) today published the results of a major global survey across the post-trade ecosystem, including over 300 decision makers from exchange groups, custodians, brokers, and other service providers. The report was produced in partnership with the ValueExchange. The landmark study reveals that 78% of Financial Market Infrastructure (FMI) investment budgets are dominated by maintaining and upgrading legacy technology platforms.
/jlne.ws/3LoK0F8
SGX Group and BlackRock spearhead landmark climate action ETF, catalysing sustainable investing in Asia
Singapore Exchange
Reflects SGX's stewardship in index investing, cementing our leadership in indices, passive investing and derivatives globally; ETF is anchored by Prudential, one of the largest asset owners in Asia and a member of the NZAOA. SGX Group and BlackRock are taking the lead in helping investors reach their low carbon transition objectives with the listing of iShares MSCI Asia ex-Japan Climate Action ETF. SGX, with the support of BlackRock and MSCI, is harnessing the power of its extensive partner network to spearhead the creation and implementation of a comprehensive global ecosystem of climate-related market solutions.
/jlne.ws/3Zgez5G
SGX Group announces new structure to scale multi-asset business
Singapore Exchange
Michael Syn, in his new role as President and Head of Global Markets Division, will oversee all asset classes. New structure will harness the strengths of our multi-asset offering to capture growth opportunities in Asia and beyond. Singapore Exchange (SGX Group) today announced a new structure to capitalise on the strengths of its multi-asset offering, and further scale the business across products and platforms.
/jlne.ws/4581wF3
LME announces evolution of Closing Price methodology; New methodology aims to bring greater determinism, transparency and standardisation to the Closing Price discovery process
The London Metal Exchange
The London Metal Exchange (LME) is pleased to announce that, following a market-wide consultation, it will introduce a phased roll-out of an evolved Closing Price methodology to its most liquid contracts, designed to bring more determinism, transparency and standardisation to the Closing Price discovery process. LME CEO, Matthew Chamberlain, commented: "Our pricing evolution journey began in 2021, when we adopted the current approach of discovering our lunchtime Official Prices (used mainly by the physical industry) in the LME Ring, and our afternoon Closing Prices (used more by financial participants) on our electronic LMEselect platform.
/jlne.ws/3EEQs7p
Changes in the Composition of Hellenic Corporate Bond Indices
AthexGroup
Changes in the Composition of Hellenic Corporate Bond Indices. Athens Stock Exchange announces the changes in the composition of the Hellenic Corporate Bond Indices according to the Ground Rules for the management of the indices.
/jlne.ws/3P5pLgX
New document from REVENGA SMART SOLUTIONS about its listing on BME Growth
BME
It is the eighth company to register a Document of Incorporation on this BME market in 2023. The Market Coordination and Incorporations Committee has approved REVENGA SMART SOLUTIONS's BME Growth Incorporation Document in view of its forthcoming incorporation to BME Growth. The company will carry out a share subscription offer. Once completed, it will publish an annex to the Information Document with its result. Its Board of Directors expects to take the subscription price of the offers as a reference for the beginning of the trading of the shares.
/jlne.ws/3ZjA7hT
2023 Regular Constituents Change in KTOP 30 Index
KRX
KRX will change the constituents of KTOP 30 after its regular review.
/jlne.ws/3PftQ2d
On the suspension of trading on the derivatives market of the Moscow Exchange
MOEX
On September 13, 2023, during the morning session on the derivatives market of the Moscow Exchange, an error was detected in the operation of the trading and clearing system. In this regard, it was decided to suspend trading on the derivatives market from 9:30 Moscow time. Trading on the remaining markets of the Moscow Exchange: the stock market, bond market, money market, foreign exchange market and precious metals market was carried out as usual.
/jlne.ws/45Nz2Bm
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Trading Technologies Named to Crain's Chicago Business Best Places to Work 2023
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, has just been named to the Crain's Chicago Business Best Places to Work list for 2023. Crain's recognizes the Best Places to Work in Chicago that, according to their employees, go above and beyond in putting a focus on quality workplace culture. The full feature on the companies selected will appear in the September 18 issue of the magazine. TT CEO Keith Todd said: "We are so honored to receive this recognition, particularly as we place a strong emphasis on employee empowerment. We have an extraordinarily smart, talented and experienced group of employees, and their ideas, execution and service are key to our success."
/jlne.ws/3KM2Ndd
AI and the next great tech shift; From technology containment to political power and digital regulation, three books about the artificial intelligence revolution
John Thornhill - Financial Times
When the South Korean political activist Kim Dae-jung was jailed for two years in the early 1980s, he powered his way through some 600 books in his prison cell, such was his thirst for knowledge. One book that left a lasting impression was The Third Wave by the renowned futurist Alvin Toffler, who argued that an imminent information revolution was about to transform the world as profoundly as the preceding agricultural and industrial revolutions.
/jlne.ws/3PiT4gf
What Has the Blockchain Association Actually Achieved?
Ben Schiller - CoinDesk
This month, the Blockchain Association, crypto's leading trade association in Washington D.C., marks its fifth anniversary. The lobby shop now has 114 member companies, per a press release today, including big names like Coinbase, Kraken, CoinFund, Pantera Capital, Ripple and Uniswap. It has an unwavering mission to "advance the future of crypto in the United States, promoting the potential of blockchain technology and shaping policy that ensures its success," the release said.
/jlne.ws/3ZhKNxy
Coinbase CEO Confirms Exchange Will Support Lightning, Which Dramatically Speeds Up Bitcoin Payments
Helene Braun - CoinDesk
Coinbase CEO Brian Armstrong says the crypto exchange will indeed add support for the Lightning Network, one of the biggest endorsements yet for the blockchain that makes bitcoin (BTC) a more realistic option for payments by dramatically speeding up transactions. The company had said in early August that it was looking into Lightning support. On Wednesday, Armstrong said on X (formerly Twitter) that this review was over and Coinbase has "made the decision to integrate Lightning"
/jlne.ws/3PNtn97
What's Wrong With PayPal's Stablecoin?
Guy Vider - CoinDesk
Thanks to Ripple Labs's landmark win against the U.S. Securities and Exchange Commission (SEC) in July 2023, the crypto industry's general attitude has become noticeably rosier and newly optimistic. Even if the SEC has vowed to appeal the ruling. So to no one's surprise, traditional financial (TradFi) institutions suddenly want a piece of the cryptocurrency pie again. Enter PayPal announcing the launch of PYUSD, a proprietary stablecoin backed by the U.S. dollar in early August
/jlne.ws/3Lpcsad
ICE to provide reduced latency data routes between the US and Europe; Alongside removing significant latency, the trans-Atlantic data service will also optimise costs for investors utilising the offering.
Wesley Bray - the Trade
Intercontinental Exchange (ICE) has announced plans to offer ultra-low latency data between markets in the US and Europe, including London, Frankfurt and Bergamo. The trans-Atlantic data service offers a new route that removes significant latency and optimises costs for investors utilising the development.
/jlne.ws/45QO0GW
TradeTech FX Europe 2023: Incoming traders are increasing having a say in their own development; firms need to be proactive when competing for the top talent, experts agree; Panellists gave their "views from the top" on what makes for an outstanding performer at the junior level, the opportunities diversity can unlock, and the ideal candidate for a desk within the ever-developing market.
Claudia Preece - The Trade
Speakers at a TradeTech FX Europe panel on Thursday delved into the importance of capitalising on the drive of junior candidates who have become increasingly proactive in seeking the best new opportunities in recent times, aiming for roles which not only pay up in the economic sense, but also in terms of their professional development.
/jlne.ws/3PAXe4e
TradeTech FX Europe 2023: Workflow automation is non-binary, say experts; The panel discussed automation as a process with various moving parts moving forward, highlighting the importance of considering exactly which resources are expended when it comes to optimising workflows.
Claudia Preece - The Trade
Panellists agreed that the various moving parts of the FX workflow when it comes to automation are hard to consolidate, influenced by a range of factors, including cost, size and counterparties. "When we talk about automation, it's a process, it's not a binary thing. One size rarely fits all," explained Tod Van Name, global head of foreign exchange electronic trading at Bloomberg.
/jlne.ws/3Zfaf6R
TradeTech FX Europe 2023: FX swaps algorithms not currently a priority for buy and sell-side due to workflow preferences; Panellists agreed that the swaps market was going through a much-needed evolution in automation but concluded that the market is not yet ready for widespread algo usage.
Annabel Smith - The Trade
Buy- and sell-side panellists speaking on day 1 of the TradeTech FX Europe 2023 conference have confirmed that the use of algorithms in FX swaps trading is not at the forefront of their minds. Speakers agreed the FX swaps market - which is known to be far behind other instruments in terms of electronification - is undergoing a much-needed technological evolution thanks to necessary internal and external investment in the long-neglected credit system.
/jlne.ws/3PBx7KC
BMLL secures investment from Snowflake Ventures as it enters into partnership with the firm; Partnership aims to provide global market participants with granular data and analytics, while removing pain points associated with accessing Level 3 data.
Wesley Bray - The Trade
Historical Level 3 data provider BMLL has secured investment from Snowflake Ventures and entered into a partnership with the firm to provide granular data and analytics to market participants worldwide. Snowflake Ventures joins existing Series B investors Nasdaq Ventures, FactSet and IQ capital who raised $26 million in a funding round late last year.
/jlne.ws/3RoSgsG
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| Cybersecurity | | Top stories for cybersecurity | Caesars Entertainment Paid Millions to Hackers in Attack; Hackers stole data, extorted company, people familiar said; Caesars breach came in weeks before MGM announced cyberattack
William Turton - Bloomberg
Caesars Entertainment Inc. paid tens of millions of dollars to hackers who broke into the company's systems in recent weeks and threatened to release the company's data, according to two people familiar with the matter. Caesars is expected to disclose the cyberattack in a regulatory filing imminently, the people said.
/jlne.ws/44QHwGG
NSO Spyware Hacked Independent Russian Journalist, Researchers Say; Digital-rights groups say Pegasus infected Meduza CEO's iPhone; CEO's phone attacked after Russia labeled media group a threat
Ryan Gallagher - Bloomberg
Spyware sold by the Israeli company NSO Group was used to hack an iPhone belonging to the chief executive officer of leading Russian independent media organization Meduza, according to security researchers. Galina Timchenko, a Russian journalist and co-founder of Meduza, discovered in June that her phone had been compromised after receiving an alert from Apple Inc. that said state-sponsored attackers may have been targeting her.
/jlne.ws/44UfVnQ
SecurityScorecard and Measured Analytics and Insurance strengthen proactive cybersecurity strategies
Help Net Security
SecurityScorecard announced an alliance with Measured Analytics and Insurance, the AI-powered cyber insurance provider. The initiative delivers a cyber insurance premium incentive (e.g., discounts) for Security Ratings. "Together with SecurityScorecard, Measured is reimagining how organizations manage cybersecurity as a business risk," said Jack Vines, CEO, Measured Insurance. "The dynamic threat landscape requires real-time risk assessment, best-in-class cybersecurity tools seamlessly integrated with comprehensive cyber insurance. SecurityScorecard sees what a threat actor sees, which allows us to deliver more accurate and responsive cyber insurance coverage and rates."
/jlne.ws/3RhSO3H
Cybersecurity Incident Disrupts MGM Las Vegas Operations
WSJ (Video)
An alleged cyberattack on Monday snarled the operations of MGM Resorts International, affecting gambling machines and concert venues. WSJ columnist Dawn Gilbertson visited the Las Vegas Strip to see how the company and its customers were responding. Photo composite: Adam Adada
/jlne.ws/3RhRihZ
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bankman-Fried Wants to Know If Jurors Lost Money on Crypto
Ava Benny-Morrison and Bob Van Voris - Bloomberg Law
Have you ever lost money trading crypto? Where do you stand on amassing wealth to improve the world and help others? These are some of the questions FTX co-founder Sam Bankman-Fried wants a judge overseeing his fraud trial to ask jurors before they are selected to decide his guilt or innocence next month. The 31-year-old's lawyers filed a list of proposed jury questions in Manhattan federal court, some of which test a potential juror's attitudes toward crypto, political donations and "effective altruism."
/jlne.ws/3PDrNq4
Judge Allows Bankrupt FTX to Sell Its Crypto Holdings, Including BTC and SOL
Helene Braun - CoinDesk
Crypto exchange FTX can sell and invest its crypto holdings to pay back creditors, a judge in the U.S. Bankruptcy Court for the District of Delaware ruled Wednesday. In a court hearing, Judge John Dorsey said that he approved the motion and overruled two objections that were made opposing the plan. This allows the bankrupt exchange to sell, stake and hedge its crypto holdings, which it said are worth over $3.4 billion.
/jlne.ws/3Rpm8oP
The SEC's troubled relationship with Coinbase demonstrates fear of $1 trillion crypto market; The SEC's paradoxical ties with Coinbase are symptomatic of its fears around a crypto market now valued at more than $1 trillion.
Rob Nelson -The Street
Recently, the relationship between governments and the cryptocurrency landscape has become increasingly complex. This is especially evident when examining the intricate relationship that the U.S. government shares with Coinbase, the largest cryptocurrency exchange platform in the country. A recent discussion between Roundtable anchor Rob Nelson and Nick Mancini, the director of research for crypto trading platform Trade The Chain, sought to explain some of the dynamics in these precarious relationships.
/jlne.ws/3LnCuuy
What Will Be the Next Target of the SEC's Enforcement Regime?
Ethan G. Ostroff, Michael S. Lowe, Samuel F. Rogers, Brett E. Broczkowski - CoinDesk
Crypto has made "non-compliance . . . [its] business model," at least according to U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler. With that belief pervasive among the regulators primarily tasked with regulating securities in the United States, it is no surprise that enforcement actions involving cryptocurrencies are at an all-time high.
/jlne.ws/3Rn6JFB
Digital Trading Platform MetaComp Offers Clients Stablecoin-to-TradFi Security Path, Claiming Singapore First
Amitoj Singh - CoiinDesk
MetaComp, a digital asset platform, said it is offering clients the ability to buy traditional securities such as money market funds and U.S. Treasury bills for stablecoins - which it converts to fiat - in a first for Singapore. The firm has accepted stablecoins tether (USDT) and USD Coin (USDC) from as many as 10 of its institutional and accredited investors, co-founder Bo Bai told CoinDesk in an interview Wednesday. The service kicked off last month and has already resulted in volumes of around $50 million. MetaComp is providing the service across Asia.
/jlne.ws/46dlq24
'Cryptoqueen' Ruja Ignatova remains a fugitive as her partner in $4B OneCoin fraud gets 20 years
Thomas Barrabi - NY Post
The infamous "Cryptoqueen," the mastermind of a $4 billion Ponzi scheme, remained on the loose six years after her arrest in the massive OneCoin fraud - as her wingman was sentenced to 20 years in prison. Ruja Ignatova, an Oxford-educated Bulgarian national, dropped off the grid in 2017 after the feds charged her in one of the largest cryptocurrency frauds in history.
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IRS Crypto Proposals Leave Potential Lacuna for Digital Brokers
Nicola McKinney - Bloomberg Tax
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DCG Pushes Genesis Plan, Says Gemini Users Could Be Made Whole; DCG says Genesis plan could repay Earn users 100% or more; Company seeks support from Earn users, other Genesis creditors
Jonathan Randles - Bloomberg
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Bankrupt FTX gets permission to liquidate crypto assets
Allison Morrow - CNN
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Crypto Seeks Lifeline in Asia as US Crackdown Spurs More Layoffs; Digital-asset firms highlight greater Asian regulatory clarity; Binance.US cut over 100 staff after lawsuits by US agencies
Sidhartha Shukla and Suvashree Ghosh - Bloomberg
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YieldStreet Missed a Boat; Also Stoner Cats, assumable mortgages and FTX 2.0.
Matt Levine - Bloomberg Opinion
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Crypto Seeks Lifeline in Asia as US Crackdown Spurs More Layoffs; Digital-asset firms highlight greater Asian regulatory clarity; Binance.US cut over 100 staff after lawsuits by US agencies
Sidhartha Shukla and Suvashree Ghosh - Bloomberg
/jlne.ws/45TriOk
'Stoner Cats' NFTs Creator Settles With SEC Over Unregistered Securities Sales; Actors Mila Kunis and Ashton Kutcher were featured in show; Series revolved around cats who accidentally inhale marijuana
Teresa Xie - Bloomberg
/jlne.ws/3r5lp1v
Bonfire of the NFTs; How do you kill that which has no life?
Louis Ashworth - Financial Times
/jlne.ws/44QXdxA
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| Politics | | An overview of politics as it relates to the financial markets | Retiring Romney urges Trump and Biden to 'step aside' for younger leaders; Moderate Republican senator's call comes as he says he will not run again in 2024
Lauren Fedor - Financial Times
Republican senator Mitt Romney on Wednesday called on Joe Biden and Donald Trump to "stand aside" for younger leaders and railed against the populist wing of his own party, as he said he would not seek re-election next year.
/jlne.ws/3riB6lO
Joe Biden campaign launches new push to revive poll numbers; Early ad blitz aims to change voters' dim view of US president's handling of the economy
Alex Rogers and James Politi - Financial Times
Joe Biden is coupling new attacks on Republican policies with a massive ad blitz more than a year before election day, as the US president tries to improve dangerously low polling numbers about his leadership and the state of the economy.
/jlne.ws/44WSb2y
Al Gore blasts fossil fuel industry's 'capture' of UN climate agenda; Former US vice-president calls for overhaul of COP process to abolish single-country veto
Attracta Mooney - Financial Times
Former US vice-president and climate campaigner Al Gore has hit out at the fossil fuel industry's "capture" of global UN negotiations on climate change "to a disturbing degree". It was "time to abandon the mistaken assumption" that oil and gas companies and petrostates were "good faith participants" during the UN process that culminates in a summit to be held in the United Arab Emirates this year.
/jlne.ws/44R6TZ4
Claudia Buch nominated for role of eurozone's chief banking supervisor; Bundesbank deputy head's nomination paves way for Nadia Calviño to land top job at European Investment Bank
Martin Arnold and Henry Foy - Financial TImes
Claudia Buch, the deputy head of Germany's Bundesbank, is set to become the eurozone's top financial supervisor after the European Central Bank put her forward to become the next chair of its banking watchdog.
/jlne.ws/3EEpmNC
This Silk Road May Actually Lead Somewhere; A proposed ship-and-rail corridor from India to Europe could bind together several crucial countries and reinforce US influence in the Middle East.
Mihir Sharma - Bloomberg Opinion
At a speech in Kazakhstan 10 years ago this month, Chinese President Xi Jinping first proposed what would become the Belt and Road Initiative. In the decade since, Chinese infrastructure investment soared globally before retreating. Critics have often complained that BRI financing is expensive and misdirected, and that it comes with geopolitical strings attached.
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Taiwan reports 40 Chinese military aircraft in its air defence zone
Reuters
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| Regulation & Enforcement | | Stories about regulation and the law. | Identity fraud: BaFin Investigates The Company Metamask EU
The Federal Financial Supervisory Authority
The Federal Financial Supervisory Authority (BaFin) warns consumers about Metamask EU . BaFin has information that the company is providing financial and investment services on the websites metamaskprox.com, coinsmetamask.com, meta-maskupx.com and ex-metamask.cc without the required authorisation. It should be noted that no connection exists between these websites and the website metamask.io that is operated by ConsensSys Software Inc. Aforesaid company, which is domiciled in New York, United States of America, is a target of identity fraud.
/jlne.ws/3LpvTj3
The Protocol: The CFTC Is Cracking Down on Crypto
Sam Kessler - CoinDesk
Crypto winter continues to be dogged by regulatory attacks and court drama. Most notably, the U.S. Commodity Futures Trading Commission placed a trio of decentralized crypto platforms into its crosshairs last week. An aggressive set of charges from the CFTC - which zeroed in on how the trading platforms handle certain kinds of third-party token swaps - contrasted with the regulator's more lenient image.
/jlne.ws/3LngorO
The post-Brexit Handbook: a collective opportunity
Financial Conduct Authority
The passage of the Financial Services and Markets Act 2023 brings for all of us a great opportunity. The FCA and other regulators have been given the ability to get down to the details of what a UK financial services rulebook outside of the EU is going to look like - and we want to do that with your involvement. In summary, how we regulate - the very building blocks of how we do what we do - is being refined and expanded as a result of this Act.
/jlne.ws/3LpulWh
Treasury Clearing Activity Predicted To Increase US$1.63 Trillion Should SEC Adopt Expanded Clearing Proposal, According To New DTCC Paper
The Depository Trust & Clearing Corporation
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today issued a new industry paper, "Looking to the Horizon: Assessing a Potential Expansion of U.S. Treasury Central Clearing," that explores the possible impacts of the U.S. Securities & Exchange Commission's (SEC) 2022 Treasury Clearing proposal.
/jlne.ws/3Zkarl6
CFTC's Division of Clearing and Risk Issues Extension of No-Action Letter for Taiwan Futures Exchange
Commodity Futures Trading Commission
The Commodity Futures Trading Commission's Division of Clearing and Risk today issued a no-action letter providing that DCR will not recommend the CFTC take enforcement action against Taiwan Futures Exchange (TAIFEX) for failing to register as a derivatives clearing organization (DCO) as required by Section 5b(a) of the Commodity Exchange Act (CEA).
/jlne.ws/3sW5qmY
Chairman Behnam to Speak at Flowcarbon's Carbon Smart Summit
Commodity Futures Trading Commission
Chairman Rostin Behnam will speak at Flowcarbon's Carbon Smart Summit.
/jlne.ws/3LmHmzQ
CFTC's Division of Clearing and Risk Issues Extension of No-Action Letter for Taiwan Futures Exchange
Commodity Futures Trading Commission
The Commodity Futures Trading Commission's Division of Clearing and Risk today issued a no-action letter providing that DCR will not recommend the CFTC take enforcement action against Taiwan Futures Exchange (TAIFEX) for failing to register as a derivatives clearing organization (DCO) as required by Section 5b(a) of the Commodity Exchange Act (CEA).
/jlne.ws/3PjKqhd
SEC Proposes Improvements to EDGAR Filer Access and Account Management
SEC
The Securities and Exchange Commission today proposed rule and form amendments to improve filer access to and management of accounts on the SEC's EDGAR system. The proposed amendments would require EDGAR filers to authorize identified individuals who would be responsible for managing filers' EDGAR accounts. In addition, individuals acting on behalf of filers on EDGAR would need individual account credentials to access those EDGAR accounts and make filings. If the proposed amendments are later adopted, the SEC will make technical changes to EDGAR, including to make available to EDGAR filers certain Application Programming Interfaces (APIs) for machine-to-machine submissions on EDGAR and retrieval of related filing information.
/jlne.ws/45WS3BG
Statement on EDGAR
Chair Gary Gensler - SEC
Today, the Commission voted to propose amendments regarding login, password, and other account access protocols for filers and other registrants using the Electronic Data Gathering, Analysis, and Retrieval System, commonly known as EDGAR. I am pleased to support these proposed amendments because, if adopted, they would enhance EDGAR's security and further improve filers' access to the EDGAR system. The public and the SEC long have benefitted from the EDGAR electronic disclosure system. Today, EDGAR is a rich and accessible library for investors and filers alike. Unlike streaming platforms and other subscription platforms, EDGAR is available to the public free of charge. I think it's one of the great innovations of the SEC.
/jlne.ws/3ZjxNr5
SEC Charges Creator of Stoner Cats Web Series for Unregistered Offering of NFTs
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today charged Stoner Cats 2 LLC (SC2) with conducting an unregistered offering of crypto asset securities in the form of purported non-fungible tokens (NFTs) that raised approximately $8 million from investors to finance an animated web series called Stoner Cats. According to the SEC order, on July 27, 2021, SC2 offered and sold to investors more than 10,000 NFTs for approximately $800 each, selling out in 35 minutes.
/jlne.ws/3rincQE
Collecting Enforcement Actions: Statement on Stoner Cats 2, LLC
Commissioner Hester M. Peirce and Commissioner Mark T. Uyeda - SEC
We respectfully dissent from the Commission's second non-fungible token (NFT) settlement, as we did from the first.[1]The application of the Howey [2] investment contract analysis in this matter lacks any meaningful limiting principle. It carries implications for creators of all kinds. Were we to apply the securities laws to physical collectibles in the same way we apply them to NFTs, artists' creativity would wither in the shadow of legal ambiguity. Rather than arbitrarily bringing enforcement actions against NFT projects, we ought to lay out some clear guidelines for artists and other creators who want to experiment with NFTs as a way to support their creative efforts and build their fan communities.
/jlne.ws/3PepKYd
SEC Small Business Advisory Committee to Discuss Funding for Early-Stage Companies and Alternative Funding for Small Businesses
SEC
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Tuesday, September 19. The meeting will include a discussion of ways to invest in early-stage companies, as well as alternative funding options for small businesses. Members of the public can watch the live meeting via webcast on www.sec.gov.
/jlne.ws/45S6Yg7
Building on Our Trans-Atlantic Partnership to Strengthen Market Oversight: Remarks before Eurofi
Commissioner Jaime Lizarraga - SEC
Good evening, and thank you, David, for your kind introduction and for your leadership in organizing this conference.[1] It is a pleasure to join you in this beautiful part of the world, a UNESCO World Heritage Site. This culturally and linguistically diverse region has special meaning for me. I grew up in a place called San Diego, in a Spanish-speaking home, with parents who immigrated to the United States from Mexico.
/jlne.ws/44XScTL
SEC Charges Minnesota Based Company and Founder in Alleged Fraudulent Securities Offering
SEC
On September 11, 2023, the Securities and Exchange Commission filed a complaint in federal court in Minnesota alleging that Robyn A. Bowman and her company Phoenix Asset Group, LLC perpetrated a fraudulent offering. The SEC's complaint alleges that Bowman and Phoenix raised at least $2.7 million by selling Phoenix securities to at least 20 investors by telling them that Phoenix would use their money to purchase portfolios of distressed debt that Phoenix would place with third-party agencies for collection and that Phoenix would use the money generated by the debt collection to pay investors annual returns up to 15%, plus a share in Phoenix's debt collection profits.
/jlne.ws/3RiH6Wj
Open markets and common causes: International collaboration and the modernisation of financial services regulation in the UK
Ashley Alder, Chair - FCA
The last time I spoke at Eurofi was as Chair of the International Organisation of Securities Commissions (IOSCO) Board and CEO of Hong Kong's markets regulator. I passed the IOSCO baton into the very capable hands of Jean-Paul Servais last October, who you will hear from shortly. This year I took up a very different role as Chair of the UK's Financial Conduct Authority. And notwithstanding the vast range of domestic issues falling within the FCA's remit, I know from past involvement with IOSCO and the Financial Stability Board (FSB) that the challenges facing all financial regulators - most recently the impact of artificial intelligence (AI) - require more international cooperation than ever before.
/jlne.ws/48i5mOo
Warning statement on unregulated virtual asset trading platform
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) is aware that a virtual asset trading platform (VATP) known as "JPEX" has been actively promoting its products and services to the Hong Kong public through social media influencers and key opinion leaders (KOLs) as well as over-the-counter virtual asset money changers (OTC Shops) (Note 1). The SFC wishes to make it clear that no entity in the JPEX group is licensed by the SFC or has applied to the SFC for a licence to operate a VATP in Hong Kong.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Surging Rice Prices Batter Bonds in Major Importer Philippines; Philippines is one of the world's top buyers of rice; Rising inflation increases risk of a BSP rate hike this month
Marcus Wong - Bloomberg
The highest rice prices in 15 years are threatening to worsen inflation in the Philippines and pummel the nation's local bonds that are already underperforming regional peers this quarter. Investors have withdrawn $13 million from Philippine bond exchange-traded funds in the four weeks ended Sept. 8, after an inflow of nearly $9 million in the preceding one-month period.
/jlne.ws/3rfTAne
Billionaire Divorces Spur Crackdown by China's Market Regulator; Watchdog pledges to close loophole allowing quick share sales; China is seeking to boost investor confidence as economy sags
Venus Feng and Diana Li - Bloomberg
A rising number of divorces among China's wealthy tycoons is stoking investor concerns about the market impact of big stake sales and spurring a crackdown by the nation's securities regulator. At least eight major holders of the country's listed companies split shares worth $3.9 billion so far this year after ending their marriages, according to data compiled by Bloomberg.
/jlne.ws/3LmgVua
India's Gold Imports Said to Jump in Risk to Wider Trade Deficit; Buying peaks in the festive season that culminates with Diwali; India demand may drop this year to lowest since 2020, WGC says
Shruti Srivastava and Swansy Afonso - Bloomberg
Gold imports by India, the world's second-biggest consumer, surged about 40% in August on strong festive buying, a person familiar said, threatening to blow out the trade deficit that has already been high due to rising oil prices. The value of inbound gold shipments grew to $4.9 billion in August from $3.5 billion a year earlier, according to a person familiar with the matter.
/jlne.ws/3Rt1Z10
Hipgnosis sells $465mn of music to strengthen financial position; Music rights company says deal in part with Blackstone-owned vehicle will fund share buyback and repayment of debt
Daniel Thomas - Financial Times
Hipgnosis Songs Fund, the UK-listed investment company that buys the rights to songs, will sell some of its music including to a Blackstone-owned sister fund for $465mn to try to tackle the large discount between its share price and net asset value. On Thursday, Hipgnosis said it would sell 29 catalogues of music, including songs by artists such as Nelly and Kaiser Chiefs, to fund a share buyback programme and reduce debt.
/jlne.ws/3Ln6qXF
SoftBank's Son faces fresh scrutiny over his visionary status; The Arm IPO has intensified questions over the founder's future strategy as well as his record as a dealmaker
Leo Lewis - Financial Times
A senior banker in Tokyo recalls introducing Masayoshi Son on stage at an event five years ago and how instantly the room was captured by the first slide of the presentation: on the left side a horse, on the right a Ferrari.
/jlne.ws/3LpBRk6
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | EU Opens Door to Revamping Its Landmark ESG Investing Rules
Frances Schwartzkopff - Bloomberg
The European Union is considering extensive changes to its ESG investing framework in response to criticism from asset managers and national regulators. In a public consultation launched on Thursday, the European Commission will seek to find out how the Sustainable Finance Disclosure Regulation is working in practice, including costs to the financial market. The Commission will also ask market participants whether they think SFDR is succeeding in channeling capital toward sustainable activities.
/jlne.ws/3r40SdK
Kroll's Message for Critics: ESG Makes Money; A nine-year study says companies with higher sustainability ratings "generally outperformed" those with lower marks.
Tim Quinson - Bloomberg
For the past few years, ESG investment ratings and scores have been a magnet for controversy. Elon Musk railed against ESG last year when Tesla Inc., whose stock is held by many climate-focused funds, was expelled from an S&P Global index that tracks companies on their environmental, social and governance standards. The Tesla co-founder responded by saying ESG is a "scam." (The electric carmaker was put back into the index in June after making some additional environmental disclosures.)
/jlne.ws/45OAIdP
Morningstar to cut up to 12% of staff at ESG unit Sustainalytics
Reuters
Morningstar will reduce 10% to 12% of the global headcount of its Sustainalytics unit that provides research and ratings on environmental, social and governance (ESG) topics, a representative said on Wednesday. Morningstar did not say how many people would be affected, but Sustainalytics lists having "1800+" team members on its website, meaning up to 216 jobs could be cut.
/jlne.ws/3ZlNLB5
Salesforce plans generative AI boost for ESG reporting with Net Zero Cloud; By adding its Einstein generative AI capabilities to Net Zero Cloud, Salesforce hopes to help enterprises get ahead of new sustainability reporting rules.
Peter Sayer - CIO
Generative AI will soon be everywhere - including in Salesforce's Net Zero Cloud environmental, social, and governance (ESG) reporting tool. Salesforce will add new features to Net Zero Cloud to automate some aspects of preparing ESG reports - something investors and regulators are increasingly paying attention to - and later upgrading them with new generative AI capabilities. Net Zero Cloud uses data held within the Salesforce platform to help enterprises report on their carbon footprint and manage other social and governance metrics.
/jlne.ws/3rjfUvZ
Offshore Wind's Rough Summer, Explained; The ripple effects of rising costs have led developers to ask for new terms in existing deals.
Dan Gearino - Inside Climate News
Some big offshore wind projects have recently run into the challenges of rising interest rates and delays in getting key components, and developers say some projects no longer make financial sense. It's a messy situation, and it threatens to undermine the future of offshore wind as a major and affordable source of electricity for the clean energy transition.
/jlne.ws/3r5zYlH
We Asked Americans What They Think About the Term "ESG." Their Answers Were Eye-Opening
Carol Cone - Triple Pundit
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Robinhood Markets, Inc. Reports August 2023 Operating Data
Mondo Visione
Net Cumulative Funded Accounts (NCFA) at the end of August were 23.2 million, up approximately 30 thousand from July 2023. Monthly Active Users (MAU) decreased to 10.6 million in August, down approximately 400 thousand from July 2023.
/jlne.ws/3EF59HK
Goldman Sachs Fires Transaction Banking Chief Moorthy, Other Leaders Over Lapses; Some of unit's executives communicated on unapproved channels; Firm is looking to relatively young unit to help boost revenue
Sridhar Natarajan - Bloomberg
Goldman Sachs Group Inc. fired transaction banking executives including the head of the business, Hari Moorthy, over compliance lapses, a person with direct knowledge of the matter said. The Wall Street firm terminated several leaders of the unit who communicated on unauthorized channels and didn't comply with an internal review, according to a memo to employees seen by Bloomberg.
/jlne.ws/48hRB2c
UBS to Move Bankers, Traders to Credit Suisse's New York Offices; Investment bankers, traders will be moved to Flatiron office; Wealth-, asset-management staffers will remain in midtown NYC
Jennifer Surane - Bloomberg
UBS Group AG plans to house its investment-banking and trading operations in Credit Suisse's New York offices as the Swiss banking giant continues to integrate its former rival. The investment-banking unit, which includes the firm's markets division, will now be located at 11 Madison Ave., in New York's Flatiron District, according to a memo to staff. Group functions, which include legal, compliance and human-resources staff, will also be moved.
/jlne.ws/3PCWUC7
Citi Plans Job Cuts as It Revamps Top Management Structure; Firm seeks new head of unit that oversees investment banking; Revamp will eliminate ICG unit, regional management layers
Jennifer Surane - Bloomberg
Citigroup Inc. is preparing for a wave of job cuts as Chief Executive Officer Jane Fraser launches the biggest restructuring of the Wall Street giant in two decades, part of her effort to reverse a years-long slump in the stock price. The company will now operate five main businesses and eliminate the three regional chiefs who oversee operations in about 160 countries around the world, according to a statement Wednesday.
/jlne.ws/3EECnqE
TD Calls Justice Department Money-Laundering Probe 'Manageable'; Bank got inquiries with department, other regulators over AML; Last month's disclosure separate from First Horizon: executive
Christine Dobby - Bloomberg
Toronto-Dominion Bank is working through a US Department of Justice probe related to its compliance with anti-money-laundering rules, the head of the lender's US retail division said Wednesday. "We believe that's a manageable item and, in the fullness of time, we will be able to resolve" it, Leo Salom, president and chief executive officer of Toronto-Dominion's TD Bank, said at a Barclays Plc conference in New York.
/jlne.ws/45Ng1is
Sustainable investment in Asia-Pacific still high despite dip, according to FTSE Russell global asset owner survey
FTSE Russell
FTSE Russell, the leading global index provider, has today published the results of its 2023 global asset owner survey, an annual study analysing how sustainable investment (SI) is perceived, considered, and used by asset owners across the world.
/jlne.ws/3ZeBIWl
Client demand is driving sustainable investment adoption according to FTSE Russell global asset owner survey
FTSE Russell
FTSE Russell, the leading global index provider, has today published the results of its annual survey analysing how SI is perceived, considered, and used by asset owners across the world.
/jlne.ws/3raljWn
Despite short-term dip, Canadian asset owners have positive long-term sentiment for sustainable investing, finds FTSE Russell global asset owner survey
FTSE Russell
FTSE Russell, the leading global index provider, has today published the results of its annual survey analyzing how SI is perceived, considered and used by asset owners across the world. By and large, this year's survey findings indicate global asset owners continue to take a robust long-term view of their SI strategies, although macroeconomic and geopolitical factors have also influenced respondents' short-term sentiment.
/jlne.ws/45VVQ1V
Banks brace for California law mandating emissions disclosure; Bill would require lenders to report carbon pollution associated with customers
Patrick Temple-West - Financial Times
/jlne.ws/48cbB6r
Blackstone combines internal units as it sets sights on 'next $1tn'; Merging insurance and credit arms signals growth prospects lie away from private equity and property pursuits
Eric Platt and Antoine Gara - Financial Times
/jlne.ws/48c9pfh
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Frontier Airlines CEO Says Everyone Got 'Lazy' During The Pandemic
Ryan Beene - Bloomberg
It isn't just titans of Wall Street pushing for a return to pre-pandemic work expectations. Barry Biffle, Chief Executive Officer of Frontier Group Holdings Inc., said the airline plans to "double-down" on cutting costs and boosting productivity in response to a sudden slowdown in demand for the kind of domestic leisure trips that are his airline's specialty.
/jlne.ws/48hB528
The Future Of Work Is Remote: How Organizations Can Prepare For Security Challenges
Steve Durbin - Forbes
The fourth industrial revolution is here, and new technologies have the potential to change how people work in ways previously hard to imagine. On one hand, organizations are shifting to permanent or hybrid remote work setups since it provides opportunities to trim operating costs and weather an uncertain economic future. On the other hand, businesses are accelerating investments in artificial intelligence (AI) to boost automation, operational efficiency and business productivity.
/jlne.ws/45QLn82
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Can You Get the New Covid Vaccine and the Flu Shot at the Same Time? What to know if you plan to get the shots simultaneously.
Knvul Sheikh and Dani Blum - The New York Times
Most Americans will be eligible for both the new monovalent Covid vaccine and the annual flu shot this fall. You can schedule your vaccines separately or choose to get them at the same time. According to the Centers for Disease Control and Prevention, it is safe to get both the Covid vaccine and flu shot together. Combining vaccines, in general, is not unusual: Children often receive multiple shots at once, said Dr. Peter Chin-Hong, an infectious disease specialist at the University of California, San Francisco.
/jlne.ws/3Pht8BE
How to Support New Workers' Mental Health
Bernie Wong, Talia Varley, and Seema Parmar - Harvard Business Review
For new entrants to the workforce, mental health is not only a priority - it's a necessity. Ninety-two percent of new and upcoming graduates say it's important that they feel comfortable discussing mental health at work. Sixty-one percent would leave a current role for better mental health benefits, and 54% would turn down a job offer if it didn't come with work-life balance.
/jlne.ws/3ZesU2N
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Exclusive-China asks big banks to stagger and adjust dollar purchases - sources
Reuters
China's central bank has asked some of the country's biggest lenders to refrain from immediately squaring their foreign exchange positions in the market, and to run open positions for a while in order to alleviate downside pressure on the yuan, two sources with knowledge the matter said.
/jlne.ws/465NBjm
Chinese banks shun Beijing's flagship property bailout fund; State-backed lenders have disbursed less than 1% of $27bn scheme after failing to find creditworthy developers
Sun Yu - Financial Times
A flagship Beijing lending programme to revive the country's debt-stricken property market has done barely any business almost a year after its launch, officials said, highlighting the difficulty for policymakers seeking to boost confidence in the world's second-largest economy. The People's Bank of China in November announced a Rmb200bn ($27bn) facility to provide interest-free loans to six state-owned commercial banks to finance thousands of stalled property projects across the country.
/jlne.ws/3EAmscV
Hong Kong shuts schools as it issues heavy rain warning
Reuters
Hong Kong closed schools on Thursday after authorities issued the second-highest rain signal and warned of extensive flooding, just days after the Asian financial hub was drenched by the heaviest rain since records began 140 years ago. The city's weather observatory issued the "red" signal before 6 a.m. local time, saying rain exceeding 50 millimetres in an hour is falling and likely to continue.
/jlne.ws/468ozAn
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