| November 15, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Marjorie Jane Lothian died peacefully in her sleep last night. My mother turned 92 years old in October. When I saw her last on Sunday, I told her it was all right to go and she took me up on it. She is with my dad, her husband and so many other relatives she loved, in the next world. She is at peace. Her body gave out, but her soul shall live on in her three boys, their spouses, her eight grandchildren, one granddaughter and all who encountered her in this life. She created nothing but love and friendship in this world.
The FIA celebrated 50 years of financial futures at the EXPO yesterday with a special program at the event and played a 5-minute video John Lothian Productions put together to highlight the accomplishments of the last 50 years. Leo Melamed was present and gave some nice remarks thanking many people, from his parents, who had the foresight to run from the Nazis, to the regulators who allowed trading of financial futures.
FIA also played the video I shot of Richard Sandor in his Sarasota apartment. Both videos are below. It was an honor to be a part of this celebration. Thank you to JLN Head of Video Patrick Lothian for doing such a nice job on the videos.
One of the impacts of the FTX implosion is the number of investors it impacted. The Financial Times has a story titled, "Global investigators pounce as FTX collapse leaves potentially 1mn creditors," which is a lot of creditors/investors.
I would think this would include some of the leading crypto investors. They may not be dismayed about crypto after this experience, but plenty of others of the 1 million creditors may well be. They may ask, If I can't trust someone like Sam Bankman-Fried, who can I trust? Or they may be questioning their own judgment. Either question and the answers are likely to lead to a less robust appetite for investing in crypto.
I am also concerned about the crypto industry losing an important spokesman. Sam Bankman-Fried was important not only because he led a big crypto exchange, but also because he played the Washington game and doled out plenty of cash to help politicians with their election campaigns. Who is going to have the gravitas to replace him as a spokesman and donor? It is not going to be CZ, the head of Binance. I don't see that flying.
It is going to take some time for the FTX smoke to clear, to put the FTX fire out, and for crypto regulations to finally be legislated, and then maybe we can see the industry re-emerge with a good story to tell.
The New York Times has a story on the FTX saga titled, "Sam Bankman-Fried and Our Enduring Faith in the Tech Whiz Kid."
The New York Post has a story titled, "How World Economic Forum, others are hiding their past ties with FTX." Without going into details, this is a time and it is amazing what you can accomplish with some white duct tape.
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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Although last week's events regarding FTX "set [things] back" a bit in the crypto world, members of the panel at FIA Expo Monday titled, "Crypto Winter or Crypto Spring?" were all highly optimistic about the future of crypto, maintaining that "last week was not an indictment of crypto technology" and that "the underlying blockchain technology is sound and solves real world problems." Of course clarity in regulation is needed, and "We have to do a deep dive into how the broker-dealer infrastructure can lead to a lasting space in crypto." CFTC Commissioner Kristin Johnson asked, "What would it mean to regulate DeFi?" She has written a paper on how to build segregated market protections into a non-intermediary model. She said there are many economic benefits to regulation - it reduces the amount of capital needed and the cost of transactions. The U.S. needs to bring customer segregation rules into crypto - "These rules have been around in traditional finance for a long time for a good reason," and we need to protect hosted crypto wallets. ~SR
Walt Lukken's interview at FIA Expo with Cboe Chairman and CEO Ed Tilly turned out to be a video, as Tilly was unable to be there in person. Lukken asked Tilly about how Cboe's markets were faring amid all the volatility, inflation, and high interest rates. Tilly said that what is consistent is uncertainty, but what has changed is the geography and regions. Regarding retail trading as a trend, Tilly said, "The Gamestop craze is behind us" and "the derivatives trend is with the more educated investor." Retail traders are engaging in education, he said. Another big recent trend is event markets and binary options, and Tilly said he thought there was nothing wrong with those markets for some investors: "Appropriateness of investors is at the heart of investing," he said. When it comes to crypto, as well, he said what was important was making sure contracts were suitable and appropriate. Cboe has been growing in Europe, he said. It started originally with equities and then clearing, and in September of 2021 Cboe launched the Cboe Europe Derivatives Exchange ("CEDX"), its first options exchange in Europe. When it comes to "growth opportunities," Tilly said "Every glass is full rather than empty" in the markets. The time horizon for investors is different now, he said - short-dated options in particular have a purpose.~SR
The 24th Latibex Forum is taking place November 21- 23 at the Madrid Stock Exchange Palace. The benchmark event on investing in Latin America returns to its original face-to-face format after two years. More than 45 European investors and 100 listed companies are expected to attend. Learn more and register for both live and free virtual sessions here ~ SAED
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| Sponsored Content |
Asia's most dynamic derivatives exchange is now open on most Japanese National Holidays!
This year's Fall Equinox, 23rd of September, was a historical day as it marked the start of holiday trading at Osaka Exchange (OSE) and Tokyo Commodity Exchange (TOCOM). Coming out of a global pandemic and facing a shift in consumer behavior, and facing uncertainty both geo-politically and macro-economically, the move underscores Japan Exchange Group's ambition to be the market of choice for capital flows. The market honored this move with a very active trading participation from day one, as 592,723 lots traded. Since then, we have had two more holiday trading days and on both days roughly 500 thousand lots traded on both OSE and TOCOM.
As the first official trading days were an overall success and 70% of regular trading days ADV contributors were trading. Market participants both domestic and internationally applauded the move to offer additional trading opportunities.
In an increasingly interlaced and interdependent world, many Japanese domestic investors took advantage to hedge and transfer risk on OSE and TOCOM. 288 hours of additional trading opportunities and the successful start has led some of the remaining participants, that took a more cautious approach, to revisit their position and to start considering making the holiday market available to their clients.
24/7 trading and the increase of retail participation during the pandemic has had a positive effect on rejuvenating the average Japanese retail investor. The average retail investors opening new accounts were traditionally in their 40s and 50s. During the pandemic, the average was about 10 years younger, and we experienced a massive influx of new participants. This boost by younger, more agile but also still less affluent retail participants, calls for more flexible and more granular products.
OSE has therefore designed new micro futures as well as mini options contracts that will become the bridge for these new additional players to participate.
Improved financial literacy among retail, is also reflected by an increase in retail options participation, in order to further support our domestic and international retail brokers, we have designed Nikkei 225 mini options to maximize the pool of eligible retail investors to enter these products. Both products will go-live in May 2023.
Inflation and macro-economic paradigm-shifts also call for more efficient and elaborate fixed income hedging tools. OSE has grasped the opportunity to list STIRS futures from May 2023. As CCP as well as being the market for JGB futures, this move will provide unprecedented margin efficiency and market access to the Japanese and global fixed income space.
Author: Matthias Rietig, Senior Officer of OSE
Contact: Osaka Exchange / Tokyo Commodity Exchange Derivatives Business Development
E-mail: ose-dmg@jpx.co.jp
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FIA 50 Years of Financial Futures Celebration
JohnLothianNews.com
2022 is the 50th anniversary of financial futures and the birth of the modern exchange traded derivatives markets. In this video, John Lothian News discusses the birth of the financial futures industry in 1972 and how it has evolved into a market that traded $53.9 billion contracts this year.
Watch the video »
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Doc Sandor - 50 Years of Financial Futures
JohnLothianNews.com
JLN interviewed American Financial Exchange CEO and Chairman Richard Sandor for the FIA 50 years of financial futures celebration at FIA EXPO as he was not able to attend in person to make comments.
Watch the video »
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Lockheed Martin loses billions in stock value amid fake Twitter accounts, tweets
Donte Kirby - Washington Business Journal
Lockheed Martin Corp. was among the latest corporate brands to take a massive stock hit following misinformation and fake accounts on Twitter after the latter's new verification system - which allows anyone to buy a blue check mark for $8 a month - went into effect. The Bethesda defense contractor saw its company shares drop 5.5% by close of business Friday, cutting short a steady rise in stock price for the last month.
/jlne.ws/3AgGNSz
****** Maybe that bankruptcy at Twitter might come sooner rather than later if this stuff keeps up.~JJL
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Berkshire Hathaway's Charlie Munger Criticizes Crypto 'Delusion'
Aisha S Gani - Bloomberg
Berkshire Hathaway Inc.'s Charlie Munger doubled down on his criticism of digital assets in the wake of FTX's collapse. "It's partly fraud and partly delusion," Munger, vice chairman of Berkshire Hathaway said on CNBC Tuesday. "That's a bad combination. I don't like either fraud or delusion. And the delusion may be more extreme than the fraud."
/jlne.ws/3txSoZW
***** When are people going to start listening to the old cranky adults in the room? Especially ones who have practiced effective wealth accumulation. ~JJL
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FTX debacle casts an unforgiving light on effective altruism; A theory of charitable giving inspired by utilitarianism sometimes leads to perverse moral stances
Stephen Bush - Financial Times
If you are able to treat a child's intestinal parasites, should you? If you find the question difficult to answer, you might be an effective altruist. Deworming initiatives became fashionable in international development circles following a 2004 study that showed that the treatment of intestinal parasites was not only cheap, easy and reliable, but that it led to significant improvements in children's broader health and educational outcomes - even among those who were not themselves treated for worms.
/jlne.ws/3ttM45o
****** I prefer to think of myself as an effective realist, with an imagination.~JJL
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Sam Bankman-Fried Posts Weird Cryptic Tweets After Wealth Wipeout
Alex Millson - Bloomberg
He might have lost his company, his wealth and his credibility, but former FTX.com Chief Executive Officer Sam Bankman-Fried isn't shying away from the spotlight. A series of cryptic tweets spelled out the words "What HAPPENED" over the last 24 hours on Bankman-Fried's account. The first tweet, posted Monday, simply read "What." That was followed by the word "happened" in capital letters, tweeted out one character at a time in a little over 24 hours.
/jlne.ws/3UzLb7o
*******Some think it is WHAT HAPPENED?, I think it is code for, "MOM, can I have my room back?"~JJL
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Monday's Top Three
Our top story Monday was itself a top ten list: The top 10 most-regretted college majors - and the degrees graduates wish they had pursued instead, from CNBC. Second was One of the greatest financial writers alive has been embedded with FTX's Sam Bankman-Fried for 6 months and has a book on the way, from Fortune. (The writer is Michael Lewis.) Third was Big Investors Are Giving Up on Crypto Markets Going Mainstream, from Bloomberg. While that may be true, evidence from FIA Expo yesterday suggests that, indeed, "plenty of industry die-hards remain."
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | FTX's Downfall Shows CFTC Needs More Crypto Sway, Chairman Says
Katherine Doherty and Isis Almeida - Bloomberg
The collapse of Sam Bankman-Fried's FTX crypto exchange adds urgency to a Washington push to transform the Commodity Futures Trading Commission into a top crypto watchdog, according to the head of the derivatives regulator. CFTC Chairman Rostin Behnam said the implosion of FTX, whose swift and dramatic downfall culminated in a bankruptcy filing last week, is an example of why his agency needs more power to oversee cryptocurrency operations and trading.
/jlne.ws/3EyaSj5
The cracks in the US Treasury bond market; The meltdown in UK gilts exposed the vulnerability of large bond markets. Could the biggest of them survive a wave of selling?
Kate Duguid and Tommy Stubbington - Financial Times
Buying and selling in the world's biggest bond market is supposed to be easy. However, for most of this year, says Gregory Whiteley, a bond portfolio manager at DoubleLine Capital, it has been anything but straightforward. Whiteley says a trader used to be able to get hold of $400mn of US Treasury bonds - not an outsize quantity in this $24tn market - as a routine matter. But now that typically involves breaking up the order into smaller chunks; perhaps doing $100mn of the trade electronically, he explains, and then picking up the phone to see if they can prise the rest of the debt from the hands of Wall Street's trading desks over the course of a day.
/jlne.ws/3O98LWn
Bankman-Fried Courted Legislators and Regulators. Now, They're Shunning Him; Crypto bill backed by Bankman-Fried jeopardized by turmoil; Critics say proposed legislation has weak investor protections
Allyson Versprille, Lydia Beyoud, and Annie Massa - Bloomberg
Before last week, FTX cofounder and political megadonor Sam Bankman-Fried had some lawmakers and regulators convinced that he was one of the few adults in the room in the wild crypto industry. Now, they can't run fast enough away from him. His fall from grace, with his digital-asset empire filing for bankruptcy and under investigation by US regulators, is calling into question the future of legislation he championed as a way to bring more regulatory clarity to the crypto world. It leaves a power vacuum for the industry as officials consider new laws and rules, including several that Bankman-Fried was helping to shape.
/jlne.ws/3Ah2929
Global investigators pounce as FTX collapse leaves potentially 1mn creditors; Dozens of regulators around the world are showing 'substantial interest' after crypto group's demise
Joshua Oliver - Financial Times
The collapse of Sam Bankman-Fried's crypto empire has sparked a vast global investigation, with dozens of authorities circling the company as lawyers warn there could be 1mn creditors in its bankruptcy proceeding.
/jlne.ws/3ExZgMZ
FTX bankruptcy case stalls as lawyers confront crypto chaos; New directors sought, with Sam Bankman-Fried's governance described as 'wild west'
Sujeet Indap - Financial Times
The multibillion-dollar FTX bankruptcy case has stalled at the starting line, reflecting murkiness and disarray inside the crypto platform before it sought US court protection from creditors last week. FTX had not filed so-called first-day motions to formally commence proceedings as of Monday, according to court records. Companies are usually quick to provide such documents to describe the circumstances leading up to their bankruptcy and ask the court to approve emergency financing to pay employees and vendors during the proceedings.
/jlne.ws/3Ghzdeh
FTX Founder Sam Bankman-Fried Attempts to Raise Fresh Cash Despite Bankruptcy; Alongside a few remaining employees, Mr. Bankman-Fried spent the weekend calling around in search of new commitments from investors
Caitlin Ostroff, Vicky Ge Huang and Berber Jin - The Wall Street Journal
FTX filed for bankruptcy last week, but the cryptocurrency exchange's founder still thinks that he can raise enough money to make users whole, according to people familiar with the matter. Mr. Bankman-Fried, alongside a few remaining employees, spent the past weekend calling around in search of commitments from investors to plug a shortfall of up to $8 billion in the hopes of repaying FTX's customers, the people said. The efforts to cover that shortfall have so far been unsuccessful. The Wall Street Journal couldn't determine what Mr. Bankman-Fried is offering in return for any potential cash infusion, or whether any investors have committed.
/jlne.ws/3gbn1RB
The Risky Business of Sam Bankman-Fried; The FTX founder's approach to risk fueled his rise to the top of the crypto world. Then came the catastrophic fall.
Ben Cohen - The Wall Street Journal
Nobody as rich as Sam Bankman-Fried ever spent so much time speaking to podcasters and explaining how they got rich. Weeks before the crackup of his cryptocurrency exchange and spectacular collapse of his wealth, the chief executive of FTX gave an interview that began with an illuminating question: What was the first thing his company did better than any other? "Manage risk," he said. Those two words read very differently after last week's swift unraveling of FTX, a crypto giant valued at $32 billion before it vaporized into bankruptcy.
/jlne.ws/3Ec4igM
Binance's Billionaire CEO Casts Himself as Crypto's New Savior; Changpeng 'CZ' Zhao announces plans for a 'recovery fund'; Binance has 50% share of all crypto trading: CryptoCompare
Philip Lagerkranser and Emily Nicolle - Bloomberg
Among the many things shattered in the collapse of FTX was the image of Sam Bankman-Fried as the crypto industry's benevolent king. Now the man who hastened his demise with a tweet appears to want that job for himself. Changpeng "CZ" Zhao, head of Binance Holdings Ltd., issued a flurry of tweets and comments in recent days seemingly aimed at bolstering his credentials as crypto's standard-bearer, capping them Monday by announcing a fund to aid crypto firms in crisis. That triggered a rebound in digital-asset prices even though he was short on detail. CZ also unveiled plans to help set up a global industry body for major crypto firms.
/jlne.ws/3UBhxPi
Binance CEO Changpeng Zhao says Sam Bankman-Fried 'lied to his users, his shareholders, regulators' and should get most of the blame for FTX's collapse
Brian Evans - Business Insider
Binance CEO Changpeng Zhao said Monday that Sam Bankman-Fried is largely responsible for the collapse of FTX, which filed for bankruptcy last week. During a Twitter AMA event, Zhao was asked if Binance was partly to blame for FTX's crash by investing in it and giving it legitimacy. He replied that he doesn't want to create a situation where Binance steps in anytime something goes wrong in the crypto industry, adding that "if a bad actor just wants to be a bad actor, you can't prevent it."
/jlne.ws/3O8jEYb
Binance to Submit Evidence On FTX Deal, FTT Transactions; Internal correspondence and records to be made public in UK; Binance, Galaxy and others testified before lawmakers Monday
Emily Nicolle - Bloomberg
Binance said it will submit evidence to UK lawmakers regarding discussions held about FTX.com when the two were in deal talks, as well as on its decision-making around the sale of FTX.com's native token FTT. Daniel Trinder, Binance's vice president of government affairs in Europe, said the company would provide the information to members of the UK Parliament's Treasury Committee as part of the crypto exchange's appearance as a witness in the group's cryptoasset inquiry.
/jlne.ws/3EaMrXv
CZ wants to see your crypto cards; Got liquidity problems? Worried about solvency problems? Binance's founder wants to hear about it
Alexandra Scaggs - Financial Times
Binance's Changpeng "CZ" Zhao tweeted on Monday about an "industry recovery fund", which is an interesting offer given it's just over a week since he triggered the run that sank its main competitor. It seems strange to think that the head of the biggest crypto exchange - now a near-monopoly after FTX was erased by a few tweets - wouldn't have a team already looking for strong or salvageable projects to pick up for cheap during crypto ice age.
/jlne.ws/3E72961
After FTX collapse, cryptocurrency sector fights back
Joseph Sotinel - AFP
The failure of the FTX platform has undermined investor confidence and threatened the young cryptocurrency sector, pushing its main players to mobilise to save it. The boss of the largest cryptocurrency exchange platform, Binance, did everything to reassure investors on Tuesday. "The projects that survive this difficult time will be much stronger later on," said Changpeng Zhao in response to questions from Internet users on Twitter.
/jlne.ws/3txvpOy
The FTX Fiasco is Painfully Familiar; We keep re-learning the most basic lessons of finance.
Mark Gongloff - Bloomberg
No matter the era, there are some fundamental truths about investing that stand the test of time: "Buy low, sell high." "Buy to the sound of cannons, sell to the sound of trumpets." "A JPG of a rock is not worth six hundred thousand dollars." But people always forget such wisdom when free money is everywhere and all the lines are going up. In August 2021, when that rock JPG sold, it was obvious NFTs, crypto, meme stonks and other wacky pandemic-era make-'em-ups were exploding props in a frantic relay race. The last sucker holding the baton would get blowed up real good.
/jlne.ws/3X5xTRG
ARK Invest says FTX collapse 'could delay institutional crypto adoption by years'
Alexandra Semenova - Yahoo!Finance
Cathie Wood's investment management firm is among DeFi loyalists warning of the domino effect failed cryptocurrency exchange FTX may have on the industry. ARK Invest said Tuesday the downfall of Sam Bankman-Fried's once-lauded company has dramatically impacted crypto's reputation and may be a major setback in progress towards broader acceptance while ushering in overly restrictive regulatory action.
/jlne.ws/3hK1jVp
Kevin O'Leary Says Comments From Gensler Killed His Attempts to Help Save FTX
Fran Velasquez - CoinDesk
Venture capitalist Kevin O'Leary said he was looking to throw FTX a lifeline hours before the crypto exchange filed for bankruptcy, only to be thwarted by comments from U.S. Securities and Exchange Commission Chairman Gary Gensler. The exchange, which was strapped for cash, was trying to patch the hole on its balance sheet, according to O'Leary, who is a paid spokesman for the beleaguered exchange, a corporate account holder and also a shareholder. The "Shark Tank" star told CoinDesk TV's "First Mover" on Monday that he spoke with the now former CEO of FTX, Sam Bankman-Fried, Thursday, a day before the Bahamas-based exchange filed for Chapter 11 bankruptcy protection.
/jlne.ws/3X0piQh
How Sam Bankman-Fried's Crypto Empire Collapsed; Mr. Bankman-Fried said in an interview that he had expanded too fast and failed to see warning signs. But he shared few details about his handling of FTX customers' funds.
David Yaffe-Bellany - The New York Times
In less than a week, the cryptocurrency billionaire Sam Bankman-Fried went from industry leader to industry villain, lost most of his fortune, saw his $32 billion company plunge into bankruptcy and became the target of investigations by the Securities and Exchange Commission and the Justice Department.
/jlne.ws/3UHdIYW
New York Times Runs Bizarre Softball Article on FTX's Sam Bankman-Fried
Matt Novak - Gizmodo
FTX filed for bankruptcy on Friday, leaving reasonable people to wonder how a cryptocurrency platform founded in 2019, which reached a valuation of $32 billion in 2021, could plummet to zero in such a short time. There's a new piece in the New York Times which gained exclusive access to FTX founder Sam Bankman-Fried, but if you're looking for answers, you're not going to find it there. In fact, the interview with SBF, as he's often called, is presented with such a gauzy lens that you have to start wondering what the hell is going on with crypto reporting at the Times.
/jlne.ws/3tsYY3Q
CFTC Pushes Back Against Amicus Briefs in Ooki DAO Lawsuit
Cheyenne Ligon - CoinDesk
The U.S. Commodity Futures Trading Commission (CFTC) on Monday hit back against four amicus briefs filed on behalf of Ooki DAO, a decentralized autonomous organization (DAO) which the CFTC sued in September for allegedly violating federal commodities laws by illegally offering leveraged and margin crypto trading products to U.S. investors.
/jlne.ws/3AcXgqY
Fed's top financial regulator urges 'guardrails' for crypto
Associated Press
The top U.S. banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange. Michael Barr, the Fed's vice chair for supervision, said in prepared testimony released Monday that "recent events in crypto ... have highlighted the risks to investors and consumers associated with new and novel asset classes and activities when not accompanied by strong guardrails."
/jlne.ws/3TEacx9
Three out of four bitcoin investors have lost money: study
AFP
Roughly three-quarters of people who have bought bitcoin have lost money according to a study published Monday as the cryptocurrency sector reels from the collapse of a major exchange that has sapped confidence. Economists at the Bank of International Settlements, an institution widely considered as the central banks of central banks, analysed data on investors in cryptocurrencies in 95 countries between 2015 and 2022.
/jlne.ws/3E85MZu
FTX Hacker Panicked, Still Holds $339M in Ether, Cryptos: Arkham Intelligence
Krisztian Sandor - CoinDesk
The mysterious looter of bankrupt crypto exchange FTX, who is likely an insider according to a blockchain expert, holds $339 million of digital assets that they drained from the exchange late Friday, according to crypto intelligence platform Arkham Intelligence. Arkham found that the wallets associated with the exploiter hold $215 million in ETH, the native token of the Ethereum blockchain, $48 million in Maker's stablecoin DAI, $44 million in BNB, the Binance ecosystem's native token, $4 million in Tether's USDT stablecoin on the Avalanche blockchain and $3.8 million of MATIC on Polygon's Matic bridge.
/jlne.ws/3UEza0C
Sam Bankman-Fried's cryptic Twitter posts appear to be slowly spelling out 'What happened'
Marco Quiroz-Gutierrez - Fortune
Sam Bankman-Fried may no longer be a CEO, but that doesn't mean investors aren't hanging on his every word...or...letter. The 30-year-old founder of FTX published two mysterious tweets over the weekend: The first was just the word "What," and the second the letter "H." On Monday, he added four tweets over the span of a couple of hours: "A," "P," "P," and "E," apparently beginning to spell out, "What happened."
/jlne.ws/3TwfBWU
Star quarterback and FTX investor Tom Brady just changed his Twitter profile photo from the Bitcoin laser eyes meme, signaling the end of an era for crypto
Samantha Delouya - Business Insider
Tom Brady just signaled the end of an era for crypto with a quiet change of his Twitter profile photo. The Tampa Bay Buccaneers star quarterback, who has become a high-profile backer of cryptocurrency and NFTs, switched from a photo of himself with glowing eyes on Twitter Monday morning after he likely lost a significant sum of money last week due to FTX's stunning collapse. Social media profiles with "laser eyes" grew in popularity among cryptocurrency believers last year as a way for them to symbolically show bullishness in crypto, particularly in Bitcoin.
/jlne.ws/3tt7gJ1
Sam Bankman-Fried's $40m Bahamas penthouse reportedly up for sale
Edward Helmore - The Guardian
Sam Bankman-Fried, the crypto trader entrepreneur at the center of the FTX scandal, reportedly put his luxury $40m Bahamas penthouse up for sale on Friday - the same day the cryptocurrency exchange filed for bankruptcy. Bankman-Fried's penthouse - "the Orchid", located in Albany, an exclusive private community in Nassau - was listed by real estate agent Seaside Bahamas at $39,500,000. The offering was first reported on Twitter by Autism Capital. Bankman-Fried, 30, is believed to have lost close to $16bn overnight eight days ago and is now facing investigation by US authorities. FTX was frozen by Bahamian regulators on Friday. Reports suggest at least $1bn in investor assets are missing.
/jlne.ws/3hGh7sb
'The Big Short' author Michael Lewis has been traveling with Sam Bankman-Fried and will write a new book on FTX collapse: report
Weston Blasi - MarketWatch
Author Michael Lewis has been following former FTX CEO Sam Bankman-Fried around for the past six months and will write a book about the crypto maven known as "SBF," a new report says. News that the author who wrote "The Big Short" and "Moneyball" was writing about FTX and Sam Bankman-Fried was first reported by The Ankler, after the newsletter published a copy of an email reportedly from CAA that was sent to potential buyers for TV rights to the book. Lewis's book will highlight the rivalry between Bankman-Fried and Binance CEO Changpeng Zhao, the email says, and compare the strife between the two to Star Wars characters Luke Skywalker and Darth Vader.
/jlne.ws/3tvVYUh
Jeff Bezos pledges to give away most of his fortune; Amazon founder's decision comes after he gave singer Dolly Parton $100mn to send to charities of her choice
Dave Lee and Mark Wembridge - Financial Times
Amazon founder and former chief executive Jeff Bezos has for the first time pledged to give away most of his $124bn fortune during his lifetime. Asked during an interview whether he intends to donate the majority of his wealth, the US billionaire told CNN: "Yeah, I do. The hard part is figuring out how to do it in a levered way. It's not easy." He added: "I'm finding thatâEUR‰.âEUR‰.âEUR‰.âEUR‰philanthropy is not easy. It's really hard. And there are a bunch of ways that you can do ineffective things, too.
/jlne.ws/3hJ7GIA
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Kyiv Seeks 'Grain From Ukraine' Shipments to Mark 1930s Famine; Holodomor man-made famine killed at least seven million people; Comes as Black Sea grain shipments deal is due to expire
Alberto Nardelli, Josh Wingrove, and Daryna Krasnolutska - Bloomberg
The Ukrainian government is working with supporter nations to fund new shipments of grain around the anniversary of the 1930s Holodomor famine -- a symbolic push that comes amid discussions to extend a deal that allows grain exports from its war-stricken ports. Officials in Kyiv are seeking funding and support for shipments that would be timed for the late November commemoration of the famine. The plans are at an early stage and it's unclear how many ships might be involved and how much it would cost, according to officials familiar with the matter who asked not to be identified discussing the negotiations.
/jlne.ws/3Acp2nu
Russian Grain Exports Boom While Deal Risk Hobbles Ukraine Flows; Ukraine safe-corridor for crops is up for renewal Nov. 19; Russia's exports over past six weeks jump 42% from last year
Aine Quinn and Megan Durisin - Bloomberg
Russia's grain-export pace is accelerating, just as Ukraine shipments are hit by uncertainty over whether the landmark Black Sea deal will be extended later this week. Strong demand and competitive prices are spurring Russian shipments after a slow start to the season. It exported 6.53 million tons of grain and other foodstuffs by sea since Oct. 1, compared with 4.59 million tons over the same period last year, according to ship lineups from Logistic OS.
/jlne.ws/3hJ6RiY
Russia Poised to Agree on Extending Black Sea Grain Deal; Kremlin has criticized UN-brokered pact, which expires Nov. 19
Agreement has allowed Ukraine foodstuff exports from region
Bloomberg News
Russia is expected to agree to extend a United Nations-brokered deal allowing exports of Ukrainian grain and other farm products from the Black Sea, ensuring a vital flow of foodstuffs to the world market. Russia is likely to allow the deal to renew after its Nov. 19 expiration, according to four people familiar with the situation, all of whom spoke on condition of anonymity to discuss matters which aren't yet public. They didn't specify whether Russia would seek to add new conditions in return for the extension or any other details.
/jlne.ws/3UEsmA4
IEA Sees Russia Oil Output Nosediving in 2023 on Lack of Markets; Production next year could fall below 10 million barrels a day; India, China and Turkey may not be able to ramp up purchases
Bloomberg News
Russia may struggle to find new markets for its oil once a European import ban kicks in, potentially pushing the nation's average output below 10 million barrels a day next year, according to the International Energy Agency. Russia has redirected more than a million barrels a day to India, China and Turkey since many of its traditional customers fell away following the invasion of Ukraine, the agency said Tuesday. Yet flows to those countries have steadied recently, raising speculation they may not be able to ramp up imports further.
/jlne.ws/3tw6ElL
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | The 24th Latibex Forum starts next Monday, 21 November
BME-X
The benchmark event on investing in Latin America returns to its original face-to-face format after two years; More than 45 European investors and a hundred listed companies will take part in the Forum, which will include panel discussions and one-to-one meetings. Issues such as geopolitical tensions, ESG investment, digitalization and regional investment opportunities in Latin America will be discussed on the panels. The 24th edition of the Latibex Forum will begin next Monday, 21 November. After two years of being limited by the Covid-19 pandemic, this highly regarded event on investing in Latin America returns to its face-to-face format. More than 45 European investors and 100 listed companies will attend the forum, in which more than 200 meetings are scheduled.
/jlne.ws/3geayN0
The New York Stock Exchange Lists Its First ETF on the Big Board in 15 Years; PIMCO Active Bond Exchange-Traded Fund begins trading today, making it also the first active ETF to be listed on the NYSE
ICE
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced that the PIMCO Active Bond Exchange-Traded Fund (NYSE: BOND) began trading today as an NYSE-listed ETF. It becomes the first ETF to list on the NYSE in the past 15 years and the first-ever active ETF to be listed on the Big Board. The historic event marked the completion of the PIMCO Active Bond Exchange-Traded Fund's listing transfer from NYSE Arca, the fully electronic exchange that is the industry leader in ETFs both by number of U.S. listings and assets under management.
/jlne.ws/3AivrO6
ICE Benchmark Administration Publishes Feedback Statement on the Consultation on the Potential Cessation of ICE Swap Rate® based on USD LIBOR®
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Benchmark Administration Limited ("IBA") has published a feedback statement on its intention to cease the publication of ICE Swap Rate® settings based on USD LIBOR®.
/jlne.ws/3hKe81K
Tokyo Stock Exchange Participates in ETF Industry Summit Hosted by the New York Stock Exchange
JPX
On November 14, 2022, a representative from Tokyo Stock Exchange (TSE) spoke at the "ETF Industry Summit" hosted by the New York Stock Exchange (NYSE), part of Intercontinental Exchange, Inc. TSE and NYSE announced a new agreement to support cross-border investment between Japan and the U.S. on September 22, 2022. At the New York event, as part of the marketing activities which are one of the key areas of collaboration in this agreement, the Director of TSE's ETF Market Development Department gave a presentation about ETF market trends in Japan and TSE's related activities.
/jlne.ws/3EyaLEl
Gazprombank connected to the Finuslugi platform and launched Digital Credit
MOEX
Gazprombank has joined the financial platform of the Financial Services of the Moscow Exchange, offering its visitors "Digital Credit". Especially for Finuslug customers, Gazprombank offers to issue an unsecured cash loan at a single rate of 4.9% per annum. A loan can be taken for any purpose in the amount from 300 thousand rubles to 5 million rubles. The rate of 4.9% per annum is valid when applying for a borrower's personal insurance policy under a loan agreement. If you cancel the insurance, the rate increases.
/jlne.ws/3AixYYC
Request For Comments; Amendments To The Rules Of Bourse De Montreal Inc. In Order To Introduce A New Market Order Type
TMX
On October 26, 2022, the Rules and Policies Committee of Bourse de Montréal Inc. (the "Bourse") approved amendments to the Rules of the Bourse in order to introduce a new market order type within its trading environment.
/jlne.ws/3GdqMRj
Nasdaq ESG Trendsetters: Etsy
Nasdaq
Nasdaq's ESG Trendsetters series highlights the top ESG professionals and teams around the world who go the extra mile in their evolving ESG roles. Discover how leading ESG companies are incorporating ESG factors into their corporate strategy, achieving meaningful impact and communicating with their stakeholders. Etsy, a global marketplace for unique and creative goods, fits the definition of a trendsetter. The company embeds ESG into its corporate strategy, integrates ESG metrics into its financial reporting, and has been named an award-winning ESG program, but Etsy is not standing still.
/jlne.ws/3UW9ZpP
Nodal Exchange to Launch the First-Ever Washington Carbon Allowance and National Wind Renewable Energy Certificate Futures Contracts in Collaboration with IncubEx
Nodal
Nodal Exchange and IncubEx announced today the planned launch date of December 5th, 2022 for the Washington Carbon Allowance (WCA) futures contract and the National CRS Listed Wind Renewable Energy Certificate (REC) futures contracts, pending regulatory review. The WCA contract will be the first exchange listed and cleared contract corresponding with the newest regional carbon market in North America, in Washington state. The Washington carbon "Cap-and-Invest" program, which is set to commence compliance obligations on January 1, 2023, will gradually cover about 75% of the state's largest emitters of CO2. Washington Carbon Allowances from the listed contracts will be physically delivered via the Washington Compliance Instrument Tracking System Services (CITSS) registry.
/jlne.ws/3UFUsuP
NSE Indices launches Nifty G-Sec Sep 2027 Index
NSE
NSE's index services subsidiary, NSE Indices Limited today launched a new target maturity index Nifty GSec Sep 2027 Index. The Nifty G-Sec Sep 2027 Index follows a target maturity structure with maturity date of September 30, 2027. It includes government securities maturing six month ending September 30, 2027.
/jlne.ws/3O7UA3G
SGX Group reports market statistics for October 2022; Derivatives daily average volume rises to highest since March 2020; SGX MSCI Singapore Index Futures, SGX USD/CNH Futures set multiple volume records
SGX
Singapore Exchange (SGX Group) today released its market statistics for October 2022. Derivatives volume across multiple asset classes climbed to new highs amid increased trading activity by global institutions, as optimism that central banks may moderate their interest-rate hike cycles countered concerns over China's economic outlook.
/jlne.ws/3XbPcki
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Some clients charged 10 times more than others for pricing and reference data, finds report; According to Substantive Research, pricing inconsistencies also exist within the ratings market and index market, as well as in the research and analytics market.
Wesley Bray - The Trade
New insights from Substantive Research show that in the pricing and reference market, some providers are charging certain clients over ten times (1,075%) more than others for similar products and services. The latest insights show that inconsistencies in the market data industry's pricing continue to exist, posing challenges for heads of market data globally who need to manoeuvre through a lack of transparency around pricing and the availability of viable market data alternatives.
/jlne.ws/3TxR3gh
Kepler Cheuvreux, UBS Asset Management and Pictet join Plato Partnership as founding members; Addition of these new founding members will aid our mission to bring greater efficiency and innovation to all areas of the European equity marketplace, claims partnership.
Wesley Bray - The Trade
Plato Partnership has named three new founding members, namely Kepler Cheuvreux on the sell-side through its execution activity, and UBS Asset Management and Pictet Asset Management on the buy-side. Plato Partnership stated that the new founding members' participation marks a milestone in the company's mission to bring greater efficiency and innovation to all areas of the European equity marketplace.
/jlne.ws/3O79Y06
RBC Capital Markets launches second algorithm on AI-based electronic trading platform; The new algorithm uses machine learning to continuously assess market information in real-time, building on the success of the platform's first VWAP algo, launched in 2020.
Laurie McAughtry - The Trade
RBC Capital Markets has launched a second algorithm on Aiden, its proprietary AI-based electronic trading platform, designed to help measurably improve trading results. The new algo, Aiden Arrival, builds on the success of the platform's first solution, a volume-weighted average price (VWAP) algorithm aiming to reduce price slippage and offer an expanded action set to improve clients' trading performance.
/jlne.ws/3USRh2q
Liquidnet integrates analytics to bolster equities trading application; New platform will help provide better informed execution decisions alongside improving the efficiency of supporting portfolio managers.
Wesley Bray - The Trade
Liquidnet has integrated its proprietary analytics into its equities trading application. Powered by Liquidnet Investment Analytics (IA), traders will now have access to personalised pre- and intra-trade analytics through real time alerts and visualisations.
/jlne.ws/3Ed9kcO
Wait, wasn't bitcoin supposed to solve this? Back2basics
Jill Gunter - Financial Times
A popular refrain among crypto advocates over the years has been "bitcoin solves this". But the same phrase has also become a popular meme among critics of cryptocurrencies and blockchains. Sceptics offer the phrase in reply to overzealous crypto acolytes who try to apply blockchain technology to everything from salad provenance to social media. "Bitcoin solves this," they eye-roll, gesturing to the fact that no amount of blockchain will be a panacea to the problem at hand.
/jlne.ws/3AhoHA9
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| Cybersecurity | | Top stories for cybersecurity | FTX Hack or Inside Job? Blockchain Experts Examine Clues and a 'Stupid Mistake'
Krisztian Sandor - CoinDesk
The beleaguered crypto exchange FTX suffered a $400 million hack over the weekend, and at least one blockchain expert says the clues are point to a high-level insider who committed an amateur misstep that might have inadvertently revealed their identity. The attacker appears to have "had access to all the cold wallet storages which he exploited," Dyma Budorin, co-founder and chief executive of blockchain security auditing firm Hacken, said Monday in an interview with CoinDesk TV.
/jlne.ws/3TErZUC
DOD Cybersecurity: Enhanced Attention Needed to Ensure Cyber Incidents Are Appropriately Reported and Shared
U.S. GAO
Cyber attacks threaten national security-but hackers continue to target DOD as well as private companies and others involved in the nation's military operations.
DOD has taken steps to combat these attacks and has reduced the number of cyber incidents in recent years.
/jlne.ws/3UFCd8F
Two enormous cyberattacks convince Australia to 'hack the hackers'
Tim Starks - The Washington Post
Australia's Cybersecurity Minister Clare O'Neil vowed this weekend to "hack the hackers" after two monumental, back-to-back cyberattacks against Australian telecommunications giant Optus and insurance titan Medibank affected swaths of people.
The fallout has included the public exposure of sensitive health data and the theft of information about millions of customers.
/jlne.ws/3O9eg79
CISA wants to change how organizations prioritize vulnerabilities
Matt Kapko - Cybersecurity Dive
Vulnerability management is a whac-a-mole pursuit for many organizations, but federal authorities are trying to change that.
The Cybersecurity and Infrastructure Security Agency on Thursday released its guide for Stakeholder-Specific Vulnerability Categorization and outlined three areas of focus for continued improvement.
/jlne.ws/3Gi5AJJ
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| Cryptocurrencies | | Top stories for cryptocurrencies | Michael Saylor compares SBF to 'The Wolf of Wall Street'
Brian Sozzi - Yahoo!Finance
Microstrategy founder and bitcoin evangelist Michael Saylor had some strong words about fallen FTX founder and one-time billionaire Sam Bankman-Fried (SBF). "I think this [crypto] crash accelerates regulatory intervention," Saylor said on Yahoo Finance Live (video above). "I mean, in fact, in a sense, SBF is like the Jordan Belfort of the crypto era. Instead of 'The Wolf of Wall Street,' they'll make a movie called 'The King of Crypto.'"
/jlne.ws/3ExiWkh
Sam Bankman-Fried's Magic Money Box Enriched Vast Crypto Network
Annie Massa - Bloomberg
In hindsight, Sam Bankman-Fried's April interview with Bloomberg's Odd Lots podcast was a harbinger of his epic collapse last week. He described a "box" that has value only because other people put money in it, and, when confronted with the idea that he described a Ponzi scheme, admitted there was a "depressing amount of validity" to that.
/jlne.ws/3UEPfmP
Visa Pulls Plug on FTX Partnership, Will Wind Down Debit Cards: Report
Liam J. Kelly - Decrypt
Visa is cutting off its partnership with collapsed crypto exchange FTX, the payments giant confirmed on Sunday. The end of the much-touted collaboration, which was expanded last month, spells the end for FTX-branded Visa debit cards, which the company said would be wound down. "The situation with FTX is unfortunate and we are monitoring developments closely," a Visa spokesperson told Reuters. "We have terminated our global agreements with FTX and their US debit card program is being wound down by their issuer." Visa did not immediately respond to Decrypt's request for comment.
/jlne.ws/3TS0Jm1
'The fiction of crypto was visible to all who wanted to see': One of DC's top financial reform voices tears into the 'greed' and 'FOMO' that led to the FTX collapse
Tristan Bove - FORTUNE
The collapse of one of the world's largest crypto companies has sent ripples throughout the cryptocurrency ecosystem. If the sector goes up in flames, the writing was likely on the wall, according to Dennis Kelleher, one of DC's most influential voices in banking and finance. Kelleher is the co-founder and CEO of Better Markets, an independent organization that for the past decade has sought to reform and improve the U.S. financial system. And Kelleher, who in 2012 was referred to by the New York Times as "one of the most powerful lobbyists on financial regulatory reform," is no fan of cryptocurrency.
/jlne.ws/3hJfFFB
Don't let Tom Brady lead you astray: Big names hawking FTX and other crypto investments can mean only one thing for your finances
CD Moriarty - MarketWatch
Former sports stars and celebrities pitch all sorts of financial products, including, most recently, cryptocurrencies. You'll also find talking heads on television recommending stocks and other types of investments. With all that saturation, you may feel you are missing out if you do not jump in. But are these good investments for you? On the whole, probably not.
/jlne.ws/3OaS10H
The Crypto Market Cap Merry-Go-Round Meets the Magic Money Box; Making a mountain out of a molehill.
Tracy Alloway - Bloomberg
As the FTX collapse reverberates around the crypto ecosystem, it's worth revisiting how quickly things can change, and a glance at the top 15 cryptocurrencies by total market value shows just how ephemeral 'success' in the industry can be. While Bitcoin, Ethereum and Tether have managed to hold onto the top three spots on a relatively consistent basis in recent years, many tokens that were in the top 10 have since fallen completely out of favor. That's according to the table below from Brent Donnelly at Spectra FX Solutions LLC.
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'Where is Sam Bankman-Fried?' becomes question of the moment for crypto watchers after FTX bankruptcy
Steve Mollman - FORTUNE
Where is Sam Bankman-Fried? The answer is no small matter. On Friday, he resigned as CEO of FTX, the cryptocurrency exchange that imploded in spectacular fashion this week. FTX's sudden downfall and bankruptcy has eroded the already shaky confidence in the crypto sector and sparked renewed calls for stronger regulations in the space. After his resignation, crypto watchers speculated that he fled to Argentina on a private jet. But did he? Reuters reported on Saturday morning that it had asked him via text message whether he had, to which he replied, "Nope."
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Alameda Research Was Frontrunning FTX Token Listings: Report
Stacy Elliott - Decrypt
Alameda Research used prior knowledge of tokens that were scheduled to be listed on FTX to buy them ahead of the public announcements and then sold them for a profit, according to an analysis from crypto compliance firm Argus. Between the start of 2021 and March of this year, Alameda held $60 million worth of 18 different tokens that were eventually listed on FTX. The analysis was first mentioned in a report on Monday from The Wall Street Journal. The company did not immediately respond to a request for comment from Decrypt. Alameda Research is a quantitative trading firm founded by Sam Bankman-Fried in 2017. He went on to found FTX, the now-bankrupt crypto exchange, in 2019 and then stepped away from day-to-day operations at Alameda in 2021.
/jlne.ws/3TEZJBr
Matt Damon Crypto.com's Coin Is in Free Fall; Crypto.com's CRO token is down 41.6% over the last seven days.
Ellen Chang - TheStreet
Days after the FTX debacle, all eyes are now on rival Crypto.com. Investors worried about the magnitude of the consequences caused by this shock wonder if there are not other corpses in the drawers of the crypto industry. Speculation is therefore rife. For some Crypto.com could be the next cryptocurrency company to face a severe liquidity crisis as the collapse and bankruptcy of FTX is prompting greater scrutiny in the digital assets industry.
/jlne.ws/3WWKkiR
SBF's Alameda Moved $89 Million Worth of Crypto Into a New Wallet
Stacy Elliott - Decrypt
In the past 24 hours, Alameda Research has moved $2.7 million worth of Serum, FTX, and Uniswap tokens into a wallet where the now-bankrupt trading desk has amassed $89 million worth of assets, according to on-chain data. As of this writing, none of the wallets-all labeled as belonging to Sam Bankman-Fried's crypto trading firm Alameda Research by blockchain analytics firm Nansen-have tried to move the funds since yesterday. The transactions are just the most recent unexplained transfers by wallets belonging to Alameda Research following the Chapter 11 bankruptcy filing of FTX Group, which includes FTX.com, West Realm Shires (the parent company of FTX U.S.), and Alameda Research.
/jlne.ws/3ExWojh
Binance's CZ says he never shorted FTX's crypto token-and the decision to stop selling it was 'very expensive'
Tristan Bove - FORTUNE
In 2008, a group of Wall Street traders saw the housing crash coming and decided to bet against the housing market, striking it rich in a story dramatized in the 2015 biographical film The Big Short. A Twitter post featuring the faces behind this year's failed crypto ventures-including SBF's-for a movie called The Big Short 2, an imaginary sequel to the 2015 film, made the rounds over the weekend. But Changpeng Zhao, also known as CZ, the CEO of crypto exchange Binance, which was involved in a series of events that culminated in the bankruptcy of rival exchange FTX, replied to the post, saying that he never officially took a short position against FTX's native currency.
/jlne.ws/3UBfPgQ
World's Biggest Crypto Fund Hits Record 42% Discount to Value of Bitcoin It Holds; GBTC price continues to plunge below value of underlying coins; Meanwhile, futures ETF has tightly tracked Bitcoin's descent
Katherine Greifeld - Bloomberg
Problems are multiplying for the world's biggest crypto fund as chaos engulfs the industry in the wake of exchange FTX's shock bankruptcy filing. The $11.4 billion Grayscale Bitcoin Trust (ticker GBTC) has plunged more than 74% this year, outpacing the cryptocurrency's 64% decline. That gap has widened dramatically over the past week, dragging the price of GBTC to an unprecedented 42% discount to the value of the Bitcoin it holds, according to Bloomberg data.
/jlne.ws/3UYL3OO
FTX Accounts Drainer Swaps Millions in Stolen Crypto, Becomes 35th-Largest Ether Holder
Shaurya Malwa - CoinDesk
Whoever was behind last week's $600 million exploit of crypto exchange FTX started moving millions of dollars in stolen funds during European morning hours on Tuesday. The funds were siphoned from FTX's crypto wallets late Friday. Soon after, the exchange said on its official Telegram channel that it had been compromised, instructing users not to install any new upgrades and to delete all FTX apps.
/jlne.ws/3E6J0Bb
Binance says 'proof of reserves' can restore trust in the crypto industry. What does that mean?
Leo Schwartz - Fortune
While Binance founder and CEO Changpeng Zhao was delivering a fatal blow on Tuesday to his chief competitor, FTX's Sam Bankman-Fried, he tweeted a curious announcement: Binance would begin to issue "proof of reserves."
/jlne.ws/3Ey8pVR
Swan Bitcoin CEO on Sam Bankman-Fried's Downfall
CoinDesk
Last month, Swan Bitcoin CEO Cory Klippsten said "Scam Bankman-Fried" was next to go down after the $60 billion collapse of Terra's luna and UST led by Terraform Labs co-founder Do Kwon. Klippsten joins "All About Bitcoin" to discuss what he got right about the imploding crypto exchange FTX and where it's headed next.
/jlne.ws/3gagzuo
A hacker stole $400M from FTX this weekend. Here's what we know so far
Leo Schwartz - Fortune
On Friday night, as the weary crypto world was ready to pack it in after the industry's most eventful week on record, news began to filter in around 9:45 p.m. Eastern Time that hundreds of millions of dollars were flowing out of FTX wallets. "Hack or insider actions?" tweeted foobar, a popular figure on Crypto Twitter, along with a screenshot showing the movement from the blockchain explorer Etherscan. "They seem to be moving everything."
/jlne.ws/3O74T81
Bernstein: The Collapse of Crypto Exchange FTX More Like Enron Than Lehman
Will Canny - CoinDesk
The collapse of FTX and Alameda Research impacts the centralized finance (CeFi) part of the crypto industry the most, Bernstein said in a research report Monday. Part of the crypto ecosystem is exposed to this event, but it is not the entire industry, the report added. The decentralized finance (DeFi) ecosystem and blockchain-based applications, "gain from this fragility, subject to some regulatory boundaries and negotiations," analysts Gautam Chhugani and Manas Agrawal wrote. DeFi is an umbrella term for a variety of financial applications carried out on blockchains.
/jlne.ws/3X3dlcF
FTX collapse: 'All of this is fraud,' BitBoy Crypto founder says
Yahoo Finance
BitBoy Crypto Founder Ben Armstrong joins Yahoo Finance Live to discuss the FTX bankruptcy, fraud in the crypto space, and the role of SEC Chair Gary Gensler in regulating the space.
Video Transcript
BRAD SMITH: While we all bore witness to the collapse of FTX last week, our next guest almost predicted what was going to happen days before. On October 29, he tweeted, "If you don't close your FTX account today and get your funds off that exchange ASAP, I'm sorry, but you are the definition of low IQ and deserve what's going to happen to you." And two weeks later, after everything unraveled, FTX CEO Sam Bankman-Fried told his clients he was, quote, "really sorry we ended up here."
/jlne.ws/3X83LW6
Nigeria's Nestcoin held funds from its investors on stricken FTX exchange
Start-up backed by likes of Alameda Research is now set to cut a large number of its staff
Aanu Adeoye - Financial Times
Nestcoin, a Nigerian start-up, held funds raised from investors on FTX and now plans to cut a large proportion of its staff as the failure of Sam Bankman-Fried's crypto exchange cascades around the world.
/jlne.ws/3UTKSol
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| Politics | | An overview of politics as it relates to the financial markets | G20 leaders to agree draft communiqué rejecting 'era of war'; Statement approved by country delegates calls use of nuclear weapons 'inadmissible'
Henry Foy and Mercedes Ruehl - Financial Times
World leaders will state that today's era "must not be of war" and will condemn threats to use nuclear weapons at the G20 summit in Bali, reflecting rising global anxiety around Russia's war against Ukraine. A draft communiqué agreed by diplomats, seen by the Financial Times and confirmed by two delegations, said: "Most members strongly condemned the war in Ukraine and stressed it is causing immense human suffering and exacerbating existing fragilities in the global economy." The language regarding the war and Moscow's repeated use of nuclear rhetoric is stronger than western officials forecast, and underscores rising anxiety in non-western states about Vladimir Putin's invasion and its widespread effects.
/jlne.ws/3g0mXo0
California wins leave GOP poised to seize US House control
Michael R. Blood - Associated Press
Two threatened U.S. House Republicans in California triumphed over Democratic challengers Monday, helping move the GOP within a seat of seizing control of the chamber while a string of congressional races in the state remained in play.
/jlne.ws/3UYyqDb
Griffin to 'Three-Time Loser' Trump: Step Aside for DeSantis; Says a drawn-out battle between Trump, DeSantis would hurt GOP; US 'playing with fire' when it comes to China tech limits
Flavia Krause-Jackson - Bloomberg
Citadel's billionaire founder, Ken Griffin, called Donald Trump a "three-time loser" and said he hoped the former president would "see the writing on the wall" and not run for the White House again, making way for Florida Governor Ron DeSantis. "I'd like to think that the Republican party is ready to move on from somebody who has been for this party a three-time loser," Griffin said, citing Trump's 2020 defeat, the loss of Georgia Senate seats in 2021 and this year's midterms. DeSantis, who Griffin has financially backed, is "going to run on a record of just unbelievable accomplishment."
/jlne.ws/3TDVFkI
FTX, Sam Bankman-Fried Sit in the Crosshairs of U.S. Prosecutors; The crypto exchange's collapse likely exposed the company and its founder to potential criminal liability
Dave Michaels - The Wall Street Journal
FTX's offshore status and its willingness to keep American traders off its Bahamas-based exchange in large part shielded the company from strict U.S. laws that govern trading and how investments can be sold to the public. But FTX's implosion last week and reports that it used customer funds to back an affiliate's risky venture investments have exposed the company and its founder to potential criminal liability, according to attorneys who specialize in white-collar criminal law.
/jlne.ws/3GlpHa2
Crypto Industry Participants Field Questions from UK Lawmakers After FTX Collapse
Camomile Shumba - CoinDesk
Following the FTX bankruptcy last week, executives from Binance and Ripple, among others, testified in front of the U.K. Parliament Treasury Committee. Present were committee chair Harriet Baldwin - a conservative member of parliament - along with other members of that committee. Testifying were Daniel Trinder, vice president of government affairs of Europe at Binance, Susan Friedman, head of policy at payments network Ripple, Ian Taylor, executive director of lobby group CryptoUK and Tim Grant, head of Europe at Galaxy Digital.
/jlne.ws/3g6wZ6V
The Great Russian Oil Switch Is Gathering Momentum; Flows to India, China, Turkey jump to 2.39 million barrels a day
Julian Lee - Bloomberg
Diversion of Russia's crude exports to Asia is gathering pace, with record volumes heading on tankers to the region's ports. The need to switch is becoming more acute as a ban looms on seaborne imports into Europe, which was previously Moscow's core export market. Two-thirds of crude loaded onto tankers at Russian ports is now heading to Asia. That compares with less than two-fifths in the weeks before Vladimir Putin ordered his troops into Ukraine in February. China and India form the backbone of the trade, with minor volumes heading to places like Sri Lanka and the United Arab Emirates.
/jlne.ws/3g2Led5
How China's Language Shifted After Landmark Xi-Biden Meeting
Bloomberg News
After Xi Jinping spoke for more than three hours on Monday with Joe Biden on the sidelines of the Group of 20 summit, China's readout of the meeting indicates the country's approach to US ties is shifting. The leaders set a more positive tone for relations, which reached a low point after House Speaker Nancy Pelosi made a controversial visit to Taiwan in August. Presidents Xi and Biden greeted each other with a handshake and agreed to resume bilateral talks on climate change, economic stability and health and food security. The White House said in a statement afterward that Secretary of State Antony Blinken would travel to China to follow up.
/jlne.ws/3UFFJzQ
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| Regulation & Enforcement | | Stories about regulation and the law. | First Mover Americas: FTX Faces Criminal Probe
Jamie Crawley and Omkar Godbole - CoinDesk
Bankrupt crypto exchange FTX faces a criminal investigation in the Bahamas following its dramatic collapse last week. Authorities in the Caribbean country where FTX has its headquarters are investigating whether any criminal misconduct occurred in the exchange's decline and bankruptcy. Sam Bankman-Fried's crypto exchange went from being one of the world's largest to filing for bankruptcy in barely a week, after a CoinDesk article raised questions about the financial stability of its sister company Alameda Research.
/jlne.ws/3hJpJOC
Fed's top financial regulator urges 'guardrails' for crypto
Christopher Rugaber - The Associated Press
The top U.S. banking regulator at the Federal Reserve is urging Congress to pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange. Michael Barr, the Fed's vice chair for supervision, said in prepared testimony released Monday that "recent events in crypto ... have highlighted the risks to investors and consumers associated with new and novel asset classes and activities when not accompanied by strong guardrails."
/jlne.ws/3UPUXSQ
German Regulator Sees Need for Global Crypto Rules
Nicholas Comfort - Bloomberg
Crypto assets need to be subject to global rules if they're adopted by mainstream finance and expose banks and a wider swathe of investors to risk, Germany's top regulator said. The recent crash in digital assets was well-timed given the ties between traditional finance and crypto are still limited, meaning it doesnt pose a risk to financial stability, BaFin President Mark Branson said at an event in Frankfurt on Monday.
/jlne.ws/3WXNzGR
Privacy-Enhancing Crypto Coins Could Be Banned Under Leaked EU Plans
Jack Schickler - CoinDesk
The European Union could ban banks and crypto providers from dealing in privacy-enhancing coins such as zcash, monero and dash under a leaked draft of a money laundering bill obtained by CoinDesk The plans from Czech officials, who are chairing talks among EU governments on the proposed law, would represent the latest nail in the coffin for anonymous means of payment following tough new rules agreed over the summer.
/jlne.ws/3hJSWt1
FCA Boss Says Consultants to Pension Funds Need to Be Regulated
William Shaw and Loukia Gyftopoulou - Bloomberg
The head of the UK's Financial Conduct Authority called for a new regime to wrap up failing pension funds and said investment consultants should be regulated after turmoil in the industry caused havoc in financial markets. Nikhil Rathi told a House of Lords committee on Tuesday that a sweeping rethink was needed following the market chaos caused by the mini-budget on Sept. 23. He added that global bond markets are less liquid than before and assumptions about the ability for firms to sell bonds at scale from 15 years ago may no longer hold.
/jlne.ws/3GgsVvo
Remarks by Commissioner Caroline D. Pham at the NYU Law Program on Corporate Compliance and Enforcement Fall Conference; "If You See Something, Say Something"
CFTC
"If you see something, say something." These words were a maxim during the nearly seven-and-a-half years that I worked at a bank. It was something that was drilled into the sales and trading teams on the trading floors and in other lines of business, and it was something that Compliance officers repeated in so many trainings and so many refreshers. When in doubt, if you see something, say something. Escalate to your supervisor, your Compliance officer, your Legal coverage, HR, Ethics Office, the anonymous hotline, or other channels-there was no excuse to not escalate.
/jlne.ws/3Gh8uOT
Commissioner Goldsmith Romero to Participate in a Virtual Fireside Chat at MoffettNathanson's 4th Annual Cryptocurrency & Blockchain Immersion
CFTC
Commissioner Christy Goldsmith Romero will participate in a Virtual Fireside Chat at MoffettNathanson's 4th Annual Cryptocurrency & Blockchain Immersion
/jlne.ws/3E95fGT
LedgerX Withdraws Clearing Application
CFTC
On Friday, November 11, 2022, counsel for LedgerX LLC, d/b/a FTX US Derivatives (FTX), submitted to the Commodity Futures Trading Commission's Division of Clearing and Risk a formal withdrawal of FTX's request, originally submitted on December 6, 2021, to amend FTX's Amended Order of Registration as a derivatives clearing organization to allow FTX to offer products that are not fully collateralized. The application was not approved.
/jlne.ws/3tLPQaN
Health of FTX's US Derivatives Arm Owed to Oversight, Says CFTC Chief Behnam
Nick Baker, Jesse Hamilton - CoinDesk
FTX's U.S. derivatives-trading subsidiary - the former LedgerX - remains standing while other parts of Sam Bankman-Fried's empire crumble, and that could be credited to its government oversight, said Rostin Behnam, chairman of the U.S. Commodity Futures Trading Commission (CFTC). That part of the company, known now as FTX US Derivatives, has not been pulled into the bankruptcy filings of FTX's U.S. operations. "The reason is because - I believe pretty strongly - that they are very clearly regulated by the CFTC," Behnam said Monday at a Futures Industry Association (FIA) event in Chicago. "It's a testament to CFTC regulations and CFTC staff and the benefit of having clear, transparent rules."
/jlne.ws/3tx9tTO
"Good Counsellors", Remarks Before the Investment Adviser/Investment Company National Seminar: Compliance Outreach Program
Chair Gary Gensler - SEC
In thinking about compliance, my mind goes to two texts-not the off-channel communications that firms are required to document[1]-but rather two texts from long ago: one from nearly 400 years ago, and another from nearly 4,000 years ago.
First, there's Shakespeare, who wrote in his 1623 comedy Measure for Measure: "Good counsellors lack no clients."
/jlne.ws/3UZAQRW
2022 SEC Regulation Outside the United States - Scott Friestad Memorial Keynote Address
William Birdthistle - SEC
Although my time at the SEC began after Scott's passing, Scott's diligence, excellence, and commitment to public service continue to resonate within the agency today. Indeed, I see those traits in the colleagues by whom I'm inspired every day in the Division of Investment Management. I am sure that many in the agency, and particularly his former colleagues in the Division of Enforcement, are proud to carry on Scott's legacy.
/jlne.ws/3twUER5
SEC Charges S&P Global Ratings with Conflict of Interest Violations
SEC
The Securities and Exchange Commission today charged S&P Global Ratings, a nationally recognized statistical rating organization (NRSRO) registered with the Commission, with violating conflict of interest rules designed to prevent sales and marketing considerations from influencing credit ratings.
/jlne.ws/3g7mCzL
SEC Charges Massachusetts Resident with Conducting $2 Million Fraudulent Investment Offering
SEC
The Securities and Exchange Commission today announced charges against Massachusetts resident Adrian J. Kawuba, alleging that he conducted a fraudulent offering of securities. The SEC has obtained emergency relief in court, including a temporary restraining order and asset freeze against Kawuba.
/jlne.ws/3X4YTB2
Unlicensed CFD trader banned from providing financial services for 10 years
ASIC
Mark Jennings, of Sunshine Coast, Queensland, has been banned from providing financial services and carrying on a financial services business for 10 years after he advertised guaranteed investment returns and traded Contracts for Difference (CFDs) using client funds when he was not licensed.
/jlne.ws/3V26uOV
FCA bans director from working in financial services after violent criminal conviction
FCA
The Financial Conduct Authority has banned Mr Ashkan Zahedian from working in financial services following his conviction for serious, violent offences, which took place while he was an approved individual.
/jlne.ws/3EcRiHM
FCA obtains High Court judgment against unauthorised mortgage brokers
FCA
The FCA has obtained a judgment against London Property Investments (U.K) Limited (LPI), NPI Holdings Limited, their director Daniel Stevens and his father, Tony Stevens, for arranging mortgages without FCA authorisation and exploiting vulnerable customers who were in financial difficulty.
/jlne.ws/3X4YjTS
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Corporate and Municipal CUSIP Request Volumes Increase in October; Short-Term CDs Extend Ten-Month Growth Streak
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for October 2022. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly increase in request volume for new corporate and municipal identifiers. North American corporate requests totaled 6,017 in October, which is up 16.3% on a monthly basis. On a year-over-year basis, North American corporate requests are up 2.7%. October volumes were driven by a 22.4% increase in requests for short-term certificates of deposit (CDs) and a 20.4% increase in requests for long-term CD identifiers. On a year-over-year basis, CUSIP request volume for short-term CDs is up 219.1% and request volume for long-term CDs is up 59.4%. U.S. corporate equity requests also rose 5.7% and U.S. corporate debt requests rose 8.2% this month.
/jlne.ws/3tthpFA
Metals Rebound Fueled by Possible China Reopenings; Prices for industrial metals including copper, aluminum had retreated from 2022 highs, but prospect of greater demand from China has sparked recent gains
Hardika Singh - The Wall Street Journal
Signs of an end to China's pandemic lockdowns have sparked a resurgence in prices for industrial metals. Traders are betting that the possible end of three years of China's stringent pandemic restrictions could spark greater demand from the world's leading user of commodities. U.S. copper futures recently recorded their largest one-day percentage gain since 2009. Zinc and tin trading in London had their best week since summer, while aluminum jumped over 6%.
/jlne.ws/3hLzHzj
Hot Market for Cyber Insurance Begins to Stabilize; An explosion in ransomware has led to high premiums, but the market shows signs of cooling off
Richard Vanderford - The Wall Street Journal
The market for cyber insurance has begun to stabilize after a surge in ransomware attacks in recent years propelled a steep rise in premiums, observers say. Cyber insurance can pay ransoms to hackers who lock company technology systems, or it can help offset the cost of responding to data breaches. Now, the premium increases of recent years seem to be slowing, if not halting entirely, as insurers get better at evaluating risks, new market entrants begin offering coverage, and supply and demand assert themselves.
/jlne.ws/3GdvHlf
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | New York Startup Gives Homeowners a Way to Access Geothermal; Dandelion Energy, which sells and installs geothermal heat pumps, has raised $70 million in a new funding round.
Coco Liu - Bloomberg
Elaine Weir's home doesn't sit on a volcano. Nor is it surrounded by natural geysers. But that hasn't stopped the 69-year-old retiree in Scarsdale, New York from heating her house with geothermal energy. Every day, plastic pipes buried in Weir's backyard draw heat from some 300 feet underground, where the earth's temperature stays 55F (13C) year-round. Two heat pumps installed in her basement then capture the heat by circulating thermally conductive fluid in the pipes, releasing the heat to her home. In summer, that same geothermal system also cools the house.
/jlne.ws/3O7Dpza
Climate justice gets harder as world population passes 8 billion
Gloria Dickie - Reuters
The world population surged past 8 billion people on Tuesday, the United Nations said, warning that more hardship is in store for regions already facing resource scarcity due to climate change. Whether its food or water, batteries or gasoline, there will be less to go around as the global population adds another 2.4 billion people by the 2080s, according to U.N. projections.
/jlne.ws/3g24CH7
California tries to harness megastorm floods to ease crippling droughts
Sharon Bernstein - Reuters
The land along the Arroyo Pasajero Creek, halfway between Sacramento and Los Angeles, is too dry to farm some years and dangerously flooded in others. Amid the cycles of wet and dry - both phenomena exacerbated by climate change - a coalition of local farmers and the nearby city of Huron are trying to turn former hemp and tomato fields into massive receptacles that can hold water as it percolates into the ground during wet years.
/jlne.ws/3hKPrCo
U.S. climate envoy Kerry wants development banks overhaul plan by April; Plan should not involve fresh money from donors; Should also not see credit rating of institutions slip; To work with Germany; wants plan by next World Bank meet
Valerie Volcovici and Simon Jessop - Reuters
U.S. climate envoy John Kerry said on Tuesday he wants to come up with a plan by April to reform the multilateral development banks system to unleash "hundreds of billions" of dollars to help vulnerable countries combat and adapt to climate change. Kerry said he wants to work with Germany to come up with a strategy by the next World Bank Group meetings in April 2022 to "enlarge the capacity of the bank" to put more money into circulation and help countries deal with climate change.
/jlne.ws/3hKpwe1
Big sticking points to COP27 climate deal slow crunch talks
Kate Abnett, Gloria Dickie and William James - Reuters
Government ministers and negotiators from nearly 200 countries on Tuesday began the hard slog of finding common ground for a deal at the annual U.N. climate summit, as host country Egypt assured that the slow-moving talks were still on track. Some delegates began, however, to discuss the possibility that the summit would go overtime into the weekend, with countries still snagged on key issues including crucial funding for developing countries to combat and adapt to climate change.
/jlne.ws/3O9A02X
The Shale 'Fracklog' Is Back as US Oil Drillers Hoard Wells; Shale boosts supply of pre-drilled wells first time in years; Explorers spent 27 straight months cutting into 'fracklog'
David Wethe - Bloomberg
US oil and gas companies fracked fewer wells than they drilled for the first time in more than two years, indicating a possible slowdown in production despite elevated prices and concerns about a global energy crunch. The number of drilled but uncompleted oil and gas wells, also known as DUCs, rose by 8 to 4,408 in October compared with the prior month, the US Energy Information Administration said Monday. The expansion ends a 27-month-long streak of declines in the DUC count, the longest according to EIA records dating back to the early days of shale.
/jlne.ws/3TDbMis
The Battery Supply Chain Is Finally Coming to America; Tesla co-founder J.B. Straubel is building US recycling plants that turn batteries for consumer electronics into those used to power electric vehicles.
om Randall - Bloomberg
It's official: the supply chain for electric vehicle batteries is coming to America. Redwood Materials Inc., the battery recycling company created by Tesla co-founder J.B. Straubel, said it has reached a deal to supply Panasonic with billions of dollars in critical battery components that will be produced in the US for the first time.
/jlne.ws/3TDTCNP
Leave Africa's Carbon Emissions Alone; The path to net zero doesn't need to sacrifice the continent's economic development.
Eduardo Porter - Bloomberg
John Kerry is right. Mother Nature does not care where carbon emissions come from. The statement by the US Special Presidential Envoy for Climate, however, offers a pretty dismal guide to how to combat climate change. What he meant, at the African Ministerial Conference on Environment in Dakar, Senegal in September, was that cutting out fossil fuels in Africa was just as valuable than cutting them at home.
/jlne.ws/3hDiibP
Rich nations offer Indonesia $20bn to wean it off coal; Shift to renewable power is hailed by John Kerry as 'groundbreaking'
Aime Williams and Mercedes Ruehl - Financial Times
Wealthy nations led by the US and Japan have offered Indonesia a $20bn package to help pay for the coal-dependent country's shift to renewable energy as world leaders attempt to lure developing economies away from fossil fuels. The deal, which includes $10bn in public funding and a further $10bn from private sector investors, was unveiled during the G20 meetings in Bali on Tuesday following more than a year of negotiations between leaders.
/jlne.ws/3Gf9gMn
When it comes to climate, we need to start thinking about Plan C; Geoengineering is risky and undesirable but thinking of pragmatic insurance policies is important
John Browne - Financial Times
In 1997, I was the first big oil chief executive to acknowledge the risk posed by climate change, accept that we were part of the problem and pledge to become part of the solution. My peers at the time accused me of having "left the church". Whatever church that was, it is now dwarfed in size by the congregation that showed up in force in Egypt last week for COP27.
/jlne.ws/3UWWC8V
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Former Point72 fund manager caught up in FTX collapse: 'I'm pretty disgusted with the space as a whole'
Frances Yue - MarketWatch
Ikigai Asset Management has been swept up in the FTX mess after it had "a large majority" of its total assets on the bankrupt digital asset exchange, according to Travis Kling, the firm's founder and chief investment officer. When the firm attempted to withdraw its assets, "we got very little out. We're now stuck alongside everyone else," Kling, who used to work as a portfolio manager at Steven Cohen's hedge fund Point72, tweeted Monday.
/jlne.ws/3O94FND
Ikigai Asset Management Had 'Large Majority' of Assets on FTX, Unclear Whether It Will Be Able to Continue
Oliver Knight - CoinDesk
California-based hedge fund Ikigai Asset Management had a "large majority" of its assets on defunct crypto exchange FTX, according to the firm's founder and chief investment officer Travis Kling. "Last week Ikigai was caught up in the FTX collapse. We had a large majority of the hedge fund's total assets on FTX," Kling said on Twitter on Monday. "By the time we went to withdraw Monday mrng, we got very little out. We're now stuck alongside everyone else." In his Twitter thread, Kling said that in the near term, the company would continue trading the assets it has that are not stuck in FTX, and also make a decision about what to do with its venture fund, which was not affected by FTX.
/jlne.ws/3GdyMBT
Credit Suisse Cuts Senior Bank Jobs in Asia as Overhaul Begins; Cuts include three managing directors across three units; Asia moves follow deals slump, mark-to-market finance losses
Chanyaporn Chanjaroen, Joyce Koh, and Lorretta Chen - Bloomberg
Credit Suisse Group AG has started cutting senior bank jobs in Asia including three managing directors across investment banking and financing as the Swiss giant carries out its plan to reduce global headcount by 9,000, people familiar with the matter said. Among the bankers let go were Johnson Chui, Asia-Pacific head of equity capital markets, Karen Yap from the financing group, and Ee-lin Tan, head of ratings advisory, the people said, asking not to be identified because they're not authorized to speak publicly.
/jlne.ws/3Ai5Q7M
Crypto Fund Sino Global Regrets Its 'Misplaced Trust' in FTX, Reports 'Mid-Seven' Figure Losses Tied to Exchange
Shaurya Malwa - CoinDesk
Crypto fund Sino Global Capital confirmed losses tied to bankrupt exchange FTX this morning, adding it was continuing as normal. "Our direct exposure to FTX exchange was confined to mid-seven figures held in custody. Our investment into the equity of FTX was made prior to the launch of our fund, and we did not invest any LP capital into FTX," Sino Global said in a tweet on Tuesday .
/jlne.ws/3txEIhk
Credit Suisse to Sell Large Part of SPG to Apollo
Eyk Henning, Jan-Henrik Foerster, and Marion Halftermeyer - Bloomberg
Credit Suisse AG declined the most among major European banks after analysts pointed to the lack of financial details surrounding the agreed sale of a large part of its securitized products business to Apollo Global Management Inc. The Zurich-based lender's stock declined as much as 2.4% on Tuesday, making it the day's worst performer so far among the Bloomberg Europe Bank and Financial Services index. The shares have lost more than half their value this year.
/jlne.ws/3WYwxs9
Credit Suisse to sell much of securitised products group to Apollo; Business generated substantial profits for Swiss bank but was capital-intensive
William Langley and Owen Walker - Financial Times
Credit Suisse confirmed on Tuesday that it was selling much of its securitised products group to private equity group Apollo, as the Swiss bank slashes a business that generated substantial profits but ate up large amounts of capital. Credit Suisse last month announced a radical restructuring plan - including carving up and spinning off its investment bank, cutting thousands of jobs and raising $4bn in capital - to help it move on from a litany of scandals and a SFr4bn ($4.2bn) third-quarter loss.
/jlne.ws/3X2FOze
Bankers to See Bonuses Plunge Amid Drop in Mergers, Stock Sales; Incentive pay for M&A bankers poised to drop as much as 20%; 'There will be a lot of unhappy people,' Alan Johnson says
Katherine Doherty - Bloomberg
Bonus season is looking grim on Wall Street, with year-end incentive pools expected to drop sharply across the finance industry amid a pullback in mergers and acquisitions, persistent inflation and the threat of a potential recession.
/jlne.ws/3tstScF
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | FTX Debacle Poses Challenges for Asia's Crypto Capital; Singapore has an opportunity to come up with a comprehensive licensing regime after this year's fiascos.
Andy Mukherjee - Bloomberg
As Asia's premier cryptocurrency hub, Singapore will have to answer some tough questions. At least one of them has gained urgency following the bankruptcy of Sam Bankman-Fried's digital-asset empire: "What do we do about Satoshi's original sin?" Satoshi Nakamoto, the pseudonymous founder of the Bitcoin network, left a major gap in his original 2008 white paper. He didn't suggest an obvious way for people to swap their dollars or other fiat cash for decentralized currencies like Bitcoin or Ether.
/jlne.ws/3EvbZjG
BlackRock ETF stands to benefit from revised Bank of Japan policy; Japanese central bank says it will in future focus on investing in the most affordable products
Lisa Kim - Financial Times
A BlackRock Japan exchange traded fund could be the biggest beneficiary of a change in the Bank of Japan's ETF purchasing programme, which will focus on investing in the most affordable products.
/jlne.ws/3UL8MCo
FTX Crisis Is the Hottest Topic at the Biggest Bitcoin Conference in Latin America
Mathew Di Salvo - Decrypt
The biggest crypto conference in Latin America, LaBitConf 2022, kicked off Friday. The mood was bright and shiny in Buenos Aires, Argentina, where Bitcoiners flooded into "The Paris of the South" to express their stimulant-charged adoption exhortations to anyone who will listen. But one dark topic overshadowed the event: FTX. The fall of one of the world's biggest digital asset exchanges and its CEO had everyone talking from the moment the event kicked off.
/jlne.ws/3UYho8k
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| Miscellaneous | | Stories that don't quite fit under the other sections | Global decline in sperm counts is accelerating, research finds; Phenomenon now also affecting men in South America, Asia and Africa, according to latest study
Sarah Neville - Financial Times
A global decline in sperm counts first identified in 2017 is accelerating, according to research that shows the phenomenon seen in other parts of the world is also affecting men in South America, Asia and Africa. The analysis carried out by Professor Hagai Levine of Hebrew University of Jerusalem and Professor Shanna Swan at the Icahn School of Medicine in New York, found that the average sperm count globally more than halved between 1973 and 2018.
/jlne.ws/3Exw2hb
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