| July 09, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
I had heard a rumor that Ed Tilly was sporting a beard and mustache and sure enough when he popped up on my Zoom screen yesterday for an interview, there he was with a gray beard and dark mustache, peppered with gray. I guess when you are starting over, a new look is a good place to start.
I had the honor of interviewing Tilly, the president-designate of Clear Street, and Chris Pento, Clear Street's CEO, yesterday following the breaking news in Katherine Doherty's Bloomberg story that Tilly had landed at Clear Street. When I was in London, there was a whisper that Tilly was going to land at a New York firm, but no details were available, so we had to wait for the news to break.
The interview focused on Clear Street and its plans, including why it is hiring Tilly. Clear Street's expansion plans look a lot like Cboe's, where they brought a common technology experience to far flung markets around the world for clients. This time though, instead of it being an exchange experience, it is a clearing and prime brokerage or an active trader experience. Tilly should be able to provide Clear Street with a lot of value in its global expansion plans. The story listed below is titled "Clear Street's Bold Move: Former Cboe Chairman & CEO Ed Tilly Joins Fintech to Revolutionize Clearing and Custody Systems."
Yesterday the CME Group reported that ABN AMRO Clearing USA Chief Commercial Officer Mike Dennis has been hired as global head of fixed income. Dennis, who served on the CME board of directors as a B-share director, resigned immediately to assume the CME staff position.
At the last annual meeting, there was not a quorum of B-Share members voting in the board of director elections, so the current members have continued to serve. There were no nominees to fill Dennis' slot after he resigned, so his position on the board will remain open until the 2025 annual meeting and the next B-Share board of directors election.
Dennis' resignation comes amid rising speculation that the longstanding member-led class action lawsuit against the CME Group will come to some kind of a conclusion soon. CME A-shares have been trending down since its 2024 high close of 221.35 on my birthday, March 4. The A-shares have traded as low as $190.70 on June 18. Meanwhile, B-share membership has been ticking up, as previously reported here. While I am not connecting Dennis' career move from the CME board as a B-share representative to the pending conclusion of the class action lawsuit, we don't live in a vacuum and once people are traders they continue to think like traders. One way or another, I think this is an excellent move for Mike and the CME.
ICE followed up today with comments about celebrating the anniversary of Patrick Young's book "Capital Market Revolution" and my comments in JLN yesterday about the harsh comments Young had expressed previously about former NYSE Euronext CEO Duncan Niederauer with this post on LinkedIn:
'Last week, we celebrated a significant milestone with Exchange Invest founder Patrick Young as he took the NYSE podium to commemorate the 25th anniversary of his book, "Capital Market Revolution."
Patrick has been a staunch advocate for the power of marketplaces and the advancement of a more transparent financial system in the digital age. His longstanding relationship with the ICE team has been invaluable, and we are proud to join him in celebrating this achievement.'
Everyone is getting into the Magnificent Seven-ish game. The Warsaw Stock Exchange's GlobalConnect market has listed nine new US stocks in Polish zloty, including major companies like Alphabet, Amazon, Apple, JP Morgan Chase & Co, Meta Platforms, Microsoft Corporation, Netflix, Nvidia, and Visa. These stocks, originally listed on Nasdaq and part of the S&P 500 index, were introduced on July 8, 2024, at the request of Santander Biuro Maklerskie, the Introducing Market Maker. With these additions, GlobalConnect now offers a total of 25 foreign stocks, enhancing the accessibility of global giants to Polish investors.
The Media Freedom Coalition, consisting of 51 member nations, has condemned Russia's secret trial of Wall Street Journal reporter Evan Gershkovich and demanded his release. Gershkovich has been detained for over a year on espionage charges, which the coalition deems baseless and a deliberate attack on press freedom. The coalition's statement, signed by 25 nations including the U.S., U.K., and Germany, highlights the Kremlin's systematic assault on media freedom and underscores the global loss when journalists are targeted for their work. The executive arm of the coalition had previously called for his release following his detention.
Mark Hayes has joined the FIA as vice president, global communications, joining the DC-based industry organization from the Farm Credit Council, he reported on LinkedIn. Welcome, Mark. We at JLN look forward to working with you.
Josh Sterling started a new position as a partner at Milbank. He was previously a partner at Jones Day and has served as the director of Markets Participants Division of the CFTC.
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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New research by S&P Global Sustainable1, with support from Capitals Coalition, found that the 12,000 companies in the S&P Global Broad Market Index were responsible for $3.71 trillion in unpriced environmental costs. The study, "Unpriced Environmental Costs: The Top Externalities of the Global Market," analyzes the hidden environmental and societal costs created by corporations worldwide. Among the findings: More than 26% of these companies generated unpriced environmental costs exceeding their net income. Furthermore, greenhouse gas emissions accounted for 63.6% of unpriced environmental damage costs for these companies, followed by air pollution (26.2%) and land use (4.7%). Fossil fuel-based electricity generation, especially coal, was the largest source of environmental costs globally. Companies in the crop cultivation and livestock sectors in the S&P Global BMI generated 57% of land use-related environmental damage costs due to their high dependency on ecosystem services. Learn more and download the full report HERE. ~SAED
Eurex is hosting Derivatives Forum Amsterdam on Thursday, July 11, 2024, from 10:00 am to 6:00 pm (CEST) at ABN AMRO Corporate Headquarters. This event offers exclusive networking opportunities with industry peers. Co-hosted with ABN AMRO Clearing Bank, the forum is sponsored by Optiver and IMC, with support from FIA EPTA and DUFAS. All sessions will be recorded. For more details, visit the Eurex website HERE.~SAED
Our most read stories from our previous edition of JLN Options were:
- Cboe's Past CEO Tilly Joins $2 Billion Fintech Clear Street from Bloomberg.
- SIFMA's Ellen Greene Discusses Key Concerns and Expresses Optimism at Options Industry Conference from John Lothian News.
- How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money from Business Insider via Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Clear Street's Bold Move: Former Cboe Chairman & CEO Ed Tilly Joins Fintech to Revolutionize Clearing and Custody Systems
JohnLothianNews.com
Clear Street, a fintech startup founded in 2018, is making waves in the financial services industry with its ambitious plan to revolutionize clearing and custody infrastructure and its big-name hiring of former Cboe Global Markets Chairman and CEO Ed Tilly. In an interview with John Lothian News, CEO Chris Pento and President-Designate Tilly outlined the company's vision and progress.
Read more »
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Houston Set for Dangerous Heat as Power Outages Top 2 Million; Heat index values for the area are forecast as high as 106F; National Weather Service warns of heat-related illness
Millie Munshi - Bloomberg
Houston is set for a dangerous bout of heat as more than 2 million homes and businesses remain without power in the area around the nation's fourth-largest city after Hurricane Beryl's battering. The region is under a heat advisory, with heat index values forecast as high as 106F (41C), the US National Weather Service said, warning of the possibility of illness under the extreme conditions. The scorching temperatures and humidity combined with the lack of power will make for brutal conditions, as people won't be able to turn on air conditioners for a break from the heat. As of Tuesday morning, about 2.3 million homes and businesses were still without power in eastern Texas, concentrated in the Houston area, according to PowerOutage.us. Almost 80% of those without power are customers of CenterPoint Energy Inc., the Houston area's main electric utility.
/jlne.ws/45UeJmJ
****** Climate change takes a toll on human existence.~JJL
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Wild salmon were an Irish icon. Now they're almost gone; The nation's inability to protect a species that has such cultural power looks both cavalier and foolish
Jude Webber - Financial Times
Keen angler Andy Hill was fly fishing with a friend recently on the Moy in the west of Ireland, long considered the country's premier salmon spot. "They get more fish there than any other river in Ireland," he says. "We didn't catch a single thing. This was not bad luck or any lack of technique - Hill has been fishing for 40-odd years. Instead, he was experiencing what officials have called a "catastrophic" plunge in the numbers of wild salmon returning to their native Irish rivers from the north Atlantic in one of the natural world's greatest migrations dating back to the Ice Age.
/jlne.ws/4bJsaaA
***** When the Irish run out of luck, you know we are in trouble.~JJL
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The Coal Industry Is Wiping a Historic German Village Off the Map; As a country's shift toward clean energy hits challenges, 200 villagers say goodbye to Muhlrose.
Petra Sorge - Bloomberg
The village of Muhlrose in Germany's far east has stood since the 13th century through wars, fires, unscrupulous lords, the division of the country and its reunification. Now its 200 people are packing up and leaving because of an industry they thought was also being consigned to history. Muhlrose will be wiped off the map to make way for a coal mine.
/jlne.ws/3LeXvXw
***** You have heard the phrase, "You are sitting on a gold mine." This is a case of sitting on a coal mine.~JJL
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Monday's Top Three
Our top story Monday was, not surprisingly, Cboe's Past CEO Tilly Joins $2 Billion Fintech Clear Street, from Bloomberg. Second was a tie between Prediction markets tipped for new growth as US trader interest mounts, from the Financial Times and David Downey's Important Call: ForecastEx to Revolutionize Event Contracts with CFTC Green Light, from John Lothian at JLN. Third was Editorial: Jamie Dimon kept his promise made 20 years ago to Chicago, from the Chicago Tribune.
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| Lead Stories | Funds Shift Trading Patterns to Adapt to T+1 Regime, CLS Says; Submissions to settlement service after 10 p.m. CET increased; Investors might be using automation to speed up transactions
Greg Ritchie - Bloomberg
Investors are funding stock trades ahead of time and relying more on automation for their transactions after the US moved to one-day securities settlement in May, as the currency market adapts to a new regime. CLS, the world's largest currency settlement firm, observed an uptick in submissions to its settlement service starting from 2 p.m. Central European Time, a sign overseas funds are buying dollars before executing their US stock trades. The firm noticed a more pronounced increase between 10 p.m. and 11 p.m., possibly reflecting a rush to file trades at the end of the US session to meet CLS's deadline.
/jlne.ws/3VYlz5X
U.S. Allies Issue Rare Warning on Chinese Hacking Group; An advisory by Australia, along with the U.S. and six other countries, details a group known as APT40
Mike Cherney - The Wall Street Journal
Seven U.S. allies warned that a Chinese state-sponsored hacking group poses a threat to their networks, in an unusual coordinated move by Western governments to call out a global hacking operation they say is directed by Beijing's intelligence services. Tuesday's advisory was a rare instance of Washington's major allies in the Pacific and elsewhere joining to sound the alarm on China's cyber activity. Australia led and published the advisory. It was joined by the U.S., U.K., Canada and New Zealand, which along with Australia are part of an intelligence-sharing group of countries known as the Five Eyes. Germany, Japan and South Korea also signed on.
/jlne.ws/4cxScyE
World's largest oil company bets on the enduring power of petrol; Saudi Aramco says combustion engines will be around for 'very, very long time' after Horse Powertrain investment
Malcolm Moore and Kana Inagaki - Financial Times
Saudi Aramco is betting the internal combustion engine will be around for a "very, very long time" as the world's largest oil company spots a business opportunity from the rise of the electric car. The state-owned oil group, which made $500bn in revenues last year mainly from producing and selling crude, last month took a EUR740mn, 10 per cent stake in Horse Powertrain, a company dedicated to building fuel-based engines.
/jlne.ws/4cDdZVB
What Happens When Your Bank Isn't Really a Bank and Your Money Disappears? For unsuspecting depositors of online financial start-ups, the unraveling of a little-known intermediary has separated them from their life savings.
Rob Copeland - The New York Times
For close to a century, putting your savings into a federally insured bank has been a sure thing: If the institution fails, up to $250,000 of your money will be protected. What if it isn't anymore? The promise of bank insurance - a tenet of U.S. consumer protection since the Great Depression - is now being tested by a crisis swirling around online-only lenders with hundreds of millions of dollars of deposits between them. Customer accounts have been frozen, preventing people from cashing out their life savings. Most depositors have little clue where their money has gone, and whether they will get any of it back.
/jlne.ws/4bASMKz
Edward Tilly joins Clear Street less than a year after resignation from Cboe; Tilly resigned as chief executive of Cboe last September following the conclusion of an investigation that determined he had failed to disclose personal relationships.
Claudia Preece - The Trade
Edward Tilly has been named president at Clear Street, 10 months after he resigned as chief executive of Cboe. In the role, Tilly is set to work closely with Chris Pento, CEO of Clear Street, jointly leading the firm through the next phase of growth. Speaking to the appointment, Pento asserted: "The time is right for us to welcome Ed to the executive team as we continue to super-charge our growth plans and take Clear Street to the next level."
/jlne.ws/4bHa9t7
Argentina's Biggest Foreign Exchange, Futures Markets Agree to Merge
Ignacio Olivera Doll - Bloomberg
Argentina's Mercado Abierto Electronico and Matba-Rofex agreed to merge into a single exchange, creating the country's largest futures and foreign-exchange market, according to one person with direct knowledge of the matter. The companies expect to make the announcement after the market closes Monday, the person said, asking not to be named because the information isn't public. The new exchange will include agricultural transactions, peso futures against dollars and trading on bonds, including local treasury and central bank notes, they said.
/jlne.ws/4bvrHsk
Wall Street regulator to start over on 'swing pricing' rules for open-end funds
Reuters
Wall Street's top regulator plans to redraft a proposal for "swing pricing" regulations on how so-called open-end investment funds should manage liquidity, which had faced industry objections, according to a regulatory agenda on Monday. The U.S. Securities and Exchange Commission in 2022 issued the proposal which it said would help such funds, in which investors can redeem their shares on a daily basis, better prepare for market stresses like those at the start of the coronavirus pandemic. bAccording to a regulatory agenda released Monday, rather than moving ahead with a vote to finalize the rule proposal, SEC staff now expect to recommend that the agency's five-member commission issue a new one.
/jlne.ws/3S0kxoO
Elliott Says LME Failed to Disclose Documents in Nickel Case; Elliott restarts UK fight court with London Metal Exchange; Appeal to rake over decision to cancel $12 billion of trades
Jonathan Browning - Bloomberg
Hedge fund Elliott Investment Management renewed its legal fight with the London Metal Exchange over the 2022 nickel crisis, saying that the exchange failed to disclose crucial documents that show how it could have responded to the runaway short squeeze. Elliott argued in the Court of Appeal on Tuesday that the exchange's boss ignored the role of his own monitoring teams before he took the "unprecedented and momentous" decision to cancel billions of dollars of nickel trades.
/jlne.ws/3VZXyeS
Conflict in Congo Threatens Trade in Key Metals, UN Experts Say; Main mine for world's coltan 'ineligible for trade' due to war; 'Serious risk' region's metal supply contaminated by conflict
Michael J Kavanagh - Bloomberg
Companies buying metal sourced from central Africa could be exposing themselves to United Nations sanctions for supporting war in eastern Democratic Republic of Congo, according to a report by UN experts. Congo's trade in gold, tin and tantalum, a key mineral in portable electronics, is directly supporting armed groups involved in widespread human rights abuses and fueling one of the world's deadliest conflicts, the experts said in the report published on Monday.
/jlne.ws/3LnrHjf
Hurricane Beryl strikes at heart of US energy industry; Category one storm hits Houston, leaving millions without power and killing two people
Myles McCormick - Financial Times
Hurricane Beryl shut ports and curtailed refinery operations in Texas on Monday as 80mph winds slammed into America's energy capital. The first Atlantic hurricane to make landfall in the US this year caused widespread disruption as it swept northwards along the US Gulf, which is home to roughly half of the country's oil refining capacity.
/jlne.ws/3RZK4Pk
*****This story from The Guardian
Milbank Hires Former Futures Regulator Josh Sterling as Partner
Bloomberg Law
Josh Sterling has joined Milbank as a partner in Washington, where he is a member of the firm's derivatives group and its litigation and arbitration practice, the firm said Monday. Sterling's practice will focus on regulatory and enforcement matters relating to derivatives, financial market infrastructure and cryptocurrency issues, according to the firm.
/jlne.ws/3xEsDgh
What happened to all the insider trading cases at Big 4 public accounting firms? Have the recent cases of global public accounting firms and their partners cheating on internal tests of accounting standards and ethics exams crowded out the insider trading cases?
Francine Mckenna - The Dig
What happened to all the insider trading cases at Big 4 firms? Have the recent cases of global public accounting firms and their partners cheating on internal tests of accounting standards and ethics exams - kicked off by the SEC accidentally finding out KPMG was not only stealing regulatory data to cheat on PCAOB inspections but also dissing the SEC by cheating on remediation exams related to a prior enforcement action - crowded out the insider trading cases as the most egregious example of a violation of all of the values we hold dear in the profession?
/jlne.ws/3LcPfr8
HFA Seeks Nominations to Global Board of Directors
HFA
Are you interested in a leadership role within the alternative investment industry?
Nominations are now being accepted for HFA's annual Board of Directors election. The Hedge Fund Association, Inc. ("HFA") is a 501(c)(6) non-profit trade and non-partisan lobbying organization. Our global mission is to advance transparency, development and trust in alternative investments. All HFA Directors are unpaid volunteers elected by current HFA members and serving for 3-year terms. This year's election will fill 3 Board positions.
/jlne.ws/3VVNhAz
China Investors' New Nickname Shows Frustration With Market Rout
Bloomberg
Some of China's 200 million mom-and-pop investors have given themselves a sarcastic new nickname in a show of frustration with the country's failure to prop up the stock market. Lamenting the lack of returns, they call themselves "financial consumers." Chinese regulators used the term on June 28 when it vowed to protect the rights of those who buy financial products, but pessimistic investors adopted the saying to express their disappointment as a rally in Chinese equities that began earlier this year fizzled out. Related searches have spiked since late last month on social media sites including WeChat.
/jlne.ws/3Wde5NX
South African Crops Hit By Black Frost May Trigger Food Shortage; Potato, tomato, other vegetable crops experienced damage; South Africa is in peak winter season, gripped by cold front
Ana Monteiro - Bloomberg
Black frost hit crops in South Africa's northernmost Limpopo province, with a key farmers' organization warning of looming food shortages in the region. Potato, tomato and many other vegetables experienced damage after black frost affected the province on Sunday morning, TLU SA said in a statement. Farmers also reported damage to infrastructure such as water pipes.
/jlne.ws/3LiVMAO
NatWest Markets names new CEO; Individual was previously deputy CEO; previous chief executive had held the role officially since 2020.
Claudia Preece - The Trade
NatWest Group has named Jonathan Peberdy as chief executive of NatWest Markets, following 11 months as deputy CEO. The appointment is subject to regulatory approval. Peberdy has been with the business for 25 years and has previously served as head of capital markets. Peberdy succeeds Robert Begbie, chief executive, commercial and institutional. NatWest Markets confirmed that Robert Begbie would assume the role of CEO permanently back in June 2020, having led the business on an interim basis since December 2019.
/jlne.ws/3We6E94
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian Tycoons Pocket $11 Billion Dividends on War Economy Boom
Bloomberg
Russian tycoons received billions of dollars in dividends as their companies resumed or boosted payouts amid easing economic uncertainty over the Kremlin's war in Ukraine. At least a dozen business people gained more than 1 trillion rubles ($11.3 billion) for 2023 and in the first quarter of this year, according to data on dividends compiled by Bloomberg from publicly disclosed information. Many have close links to President Vladimir Putin and include some who've been sanctioned over the war that's now in its third year.
/jlne.ws/4eOhzhj
Europe has overpromised on artillery shells to Ukraine and is making even less than it admits: investigation
Mia Jankowicz - Insider
European claims about its capacity to produce artillery shells are wildly overblown, meaning it won't be able to supply Ukraine anywhere near the quantity it has promised, according to a new investigation. The European Commission claimed that, as of January this year, Europe's annual production capacity for 155 mm shells had reached one million shells a year.
/jlne.ws/3zK1Gbl
Russia's Crude Shipments Drop by the Most Since Ukraine Invasion
Julian Lee - Bloomberg
Russia's weekly crude exports crashed by the most since before the 2022 invasion of Ukraine in the seven days to July 7, with the less volatile four-week average falling to the lowest since February. There was no clear cause for the slump in shipments. There were no gaps in loading programs to suggest maintenance work and no reports of storms affecting the berthing or loading of vessels. But shipments were down week-on-week from the Baltic, the Black Sea and the Pacific.
/jlne.ws/4eTc3d8
Russian Oil Deliveries Keep Getting Cheaper Despite Sanctions
Alex Longley - Bloomberg
Group of Seven sanctions aimed at depriving the Kremlin of petrodollars are failing in one of their key objectives: driving up the cost of delivering Russian oil. The price of delivering the nation's flagship Urals crude to customers in Asia from Russia's Black Sea port of Novorossiysk has tumbled to the lowest since October, according to data from Argus Media Ltd. Even a theoretical cost - attributable only to sanctions - has sagged, the pricing agency estimates.
/jlne.ws/4cTq7Bo
Kremlin says, without stating evidence, that Ukrainian fire hit Kyiv children's hospital
Reuters
Russia denied on Tuesday that it had attacked a Kyiv children's hospital and said, without providing evidence, that Ukrainian anti-missile fire was to blame for Monday's strike. Kremlin spokesman Dmitry Peskov repeated Moscow's insistence that it does not attack civilian targets in Ukraine.
/jlne.ws/460cNJC
Kyiv mourns as rescuers sift piles of rubble at a children's hospital hit by a Russian missile
Samya Kullab and Illia Novikov - Associated Press
Rescuers searched the rubble at a children's hospital Tuesday for more dead and wounded, Ukrainian President Volodymyr Zelenskyy said, a day after Russian missiles slammed into the facility and cities across the country in a massive daytime barrage. The death toll from the strikes rose to 42, officials said. Zelenskyy said on the social platform X that 64 people were hospitalized in the capital, as well as 28 in Kryvyi Rih and six in Dnipro - both cities in central Ukraine. It was Russia's heaviest bombardment of Kyiv in almost four months and one of the deadliest of the war, hitting seven of the city's 10 districts. The strike on the Okhmatdyt children's hospital, which interrupted open-heart surgery and forced young cancer patients to take their treatments outdoors, drew an international outcry.
/jlne.ws/4cVajyq
Nato will announce 'historic' Ukraine aid package - but hospital attack shows it's not enough
Andrew Roth and Dan Sabbagh - The Guardian
After one of the worst Russian missile strikes against Ukraine in recent months, Nato leaders will sit down in Washington this week to announce the details of a hard-fought aid package that will include crucial air defense systems meant to protect Ukrainian cities. The package put forward by Nato countries has been presented as "historic" and is an widely seen as an attempt to "futureproof" continued aid to Ukraine - but it may not fully satisfy Kyiv, which has been facing unprecedented attacks against civilian sites and infrastructure.
/jlne.ws/3XQE7rz
U.S. Officials Say Russia Is Unlikely to Take Much More Ukrainian Territory; Russian forces continue to inflict pain, but NATO leaders gathering in Washington can say that their efforts to strengthen Ukraine are working.
Julian E. Barnes and Eric Schmitt - The New York Times
Russia is unlikely to make significant territorial gains in Ukraine in the coming months as its poorly trained forces struggle to break through Ukrainian defenses that are now reinforced with Western munitions, U.S. officials say. Through the spring and early summer, Russian troops tried to take territory outside the city of Kharkiv and renew a push in eastern Ukraine, to capitalize on their seizure of Avdiivka. Russia has suffered thousands of casualties in the drive while gaining little new territory.
/jlne.ws/3XUWuvi
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Pagers and drones: How Hezbollah aims to counter Israel's high-tech surveillance
Maya Gebeily and Laila Bassam - Reuters
Coded messages. Landline phones. Pagers. Following the killing of senior commanders in targeted Israeli airstrikes, the Iran-backed Lebanese militant group, Hezbollah, has been using some low-tech strategies to try to evade its foe's sophisticated surveillance technology, informed sources told Reuters. It has also been using its own tech - drones - to study and attack Israel's intelligence gathering capabilities in what Hezbollah's leader, Sayyed Hassan Nasrallah, has described as a strategy of "blinding" Israel.
/jlne.ws/3LjTnpr
A Wall Street Law Firm Wants to Define Consequences of Israel Protests; Sullivan & Cromwell is requiring job applicants to explain their participation in protests. Critics see the policy as a way to silence speech about the war.
Emily Flitter - The New York Times
For as long as students at colleges across the United States have protested the war in Gaza, they've drawn the fury of some of the financial world's mightiest figures - investors, lawyers and bankers - who have flexed their financial power over universities, toppling school leaders in the process. It didn't stop the students. The protests intensified this year until campuses emptied out for the summer.
/jlne.ws/4dbTPSH
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe files for SEC approval to list Solana ETFs, starts clock for required decision
Suzanne McGee - Reuters
Exchange operator Cboe Global Markets filed a request with the U.S. Securities and Exchange Commission on Monday seeking to list exchange-traded funds (ETFs) tied to cryptocurrency Solana, requiring the agency to make a decision by March. Under SEC rules, the agency has 240 calendar days to decide whether to approve or deny Cboe's "19b-4" application to list the products from VanEck and digital asset manager 21Shares. They are the first proposed ETF products tied to the price of Solana, the fifth largest cryptocurrency, according to CoinGecko.
/jlne.ws/45YLuiP
Australian Securities Exchange Gives Green Light to DigitalX's Bitcoin ETF
Sam Reynolds - CoinDesk
The Australian Securities Exchange (ASX) is now home to another bitcoin {{BTC}} exchange-traded fund (ETF). DigitalX's Bitcoin ETF will trade with the ticker "BTXX" according to a statement from the company. The ETF is issued in partnership with K2 Asset Management and Canadian digital assets company 3iQ which launched some of the first crypto ETFs in Toronto in 2021.
/jlne.ws/3y1h3vw
CME Group Appoints Mike Dennis as Global Head of Fixed Income
CME Group
CME Group, the world's leading derivatives marketplace, today announced the appointment of Mike Dennis as Global Head, Fixed Income. In this position, Dennis will oversee the company's largest, most actively traded global benchmark futures and options contracts on SOFR and U.S. Treasuries, including the 30-year bond, 10-, 5- and 2-year notes that enable investors to manage risk across the entire U.S. yield curve. He will also lead BrokerTec, the world's most liquid electronic cash trading platform for U.S Treasury benchmarks, E.U., U.K. and U.S. Repo trading. Dennis will report to CME Group Chairman and Chief Executive Officer Terry Duffy and serve on the company's Management Team. He will resign from the CME Group Board of Directors effective immediately and begin this position with the company on August 5.
/jlne.ws/3Y2SnNM
OCC Stories: Taru Sharma on OCC's Culture of Support
OCC
Taru Sharma has been part of OCC's Information Technology team since she was an intern in 2019. In her OCC Story, she reflects on how the organization's culture of support helped her develop and excel professionally. Taru Sharma - Senior Associate, Network Engineering - is part of the IT team in OCC's Chicago office. I feel great reflecting on my time at OCC. I joined as a Network Services intern while I was a graduate student at Illinois Institute of Technology, and then I was offered a full-time position when I graduated.
/jlne.ws/3zwC2XE
Abaxx Exchange Turns to Eventus for Trade Surveillance Platform to Support New Marketplace
Abaxx
Eventus, a leading provider of comprehensive, at-scale trade surveillance software, and Abaxx Technologies, a financial software and market infrastructure company and majority shareholder of Abaxx Singapore Pte Ltd. ("Abaxx Singapore"), the owner of Abaxx Commodity Exchange and Clearinghouse, announces that Abaxx Exchange has selected Eventus to provide the trade surveillance platform for the new marketplace. Abaxx has deployed the Validus platform as the foundation of its market surveillance program.
/jlne.ws/3XVgVrZ
Derivatives Forum Amsterdam 2024
Eurex
We're pleased to announce the next Derivatives Forum Amsterdam. This event will take place in-person, enabling you to take full advantage of exclusive networking opportunities with your peers. Co-hosted with ABN AMRO Clearing Bank, we're grateful to announce the support of Optiver and IMC as sponsors, and FIA EPTA and DUFAS as supporting partners. Date: Thursday, 11 July 2024, 10:00 am - 6:00 pm. Location: ABN AMRO Corporate Headquarters. Sessions will be recorded.
/jlne.ws/4cuWNl2
Investors continue to drive popularity of ASX exchange traded funds as market cap approaches record $200 billion
ASX
ASX exchange traded funds (ETF) has surged with total funds under management (FUM) growing 36% to $199 billion in the 12 months ended 30 June 2024. An ETF trades on ASX like an ordinary share but it is an open-ended investment that usually tracks a basket of securities or other asset classes such as gold. Investors are often attracted to ETFs for their ability to offer diversification to an investment portfolio and this trend has continued with 59 new products admitted in the financial year, bringing the total number of ETFs available to 351.
/jlne.ws/3Wivyoo
Nasdaq Reports June 2024 Volumes and 2Q24 Statistics
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for June 2024, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended June 30, 2024 on its investor relations website.
/jlne.ws/464KARJ
New Product Summary: Initial Listing of Q1 Seasonal Strip Weather Futures and Options Contracts - Effective July 29, 2024
CME Group
Initial Listing of Q1 Seasonal Strip Weather Futures and Options Contracts
/jlne.ws/3xOyDTu
Euronext announces volumes for June 2024
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for June 2024. Monthly and historical volume tables are available at this address....
/jlne.ws/3zz69Ol
New US Stocks on GPW
GPW
Another nine US stocks are now listed in Polish zloty on the Warsaw Stock Exchange's GlobalConnect foreign stock market. These include stocks of global giants: Amazon, Meta Platforms, Microsoft Corporation, Netflix, and Visa. The new stocks are listed on Nasdaq in New York and are part of S&P 500, one of the world's largest stock market indices. New US stocks on GPW: Alphabet, Amazon, Apple, JP Morgan Chase & Co, Meta Platforms, Microsoft Corporation, Netflix, Nvidia, Visa. The stocks were introduced into trading on request submitted to GPW by the Introducing Market Maker, Santander Biuro Maklerskie. A total of 25 stocks are listed on GlobalConnect, including 10 US stocks New US stocks are available on the Warsaw Stock Exchange (GPW) as of 8 July 2024. Stocks of nine global companies: Alphabet (owner of Google), Amazon, Apple, JP Morgan Chase & Co, Meta Platforms, Microsoft Corporation, Netflix, Nvidia, Visa have been introduced to trading on GlobalConnect at the request of the Introducing Market Maker, Santander Biuro Maklerskie. The stocks are listed on Nasdaq in New York and are part of one of the world's largest stock market indices, S&P500.
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Delayed Trading Start
MCX
We regret to inform you that the exchange commenced trading today at 10.00 am instead of scheduled time at 9.00 am. The delayed start was attributed to the slow processing of end of the day jobs and generation of backend files for the members. The matter is being examined, and suitable corrective actions would be initiated basis the root cause. We appreciate the support of all stakeholders during this period. We apologize for any inconvenience caused.
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Moscow Exchange has implemented a service for managing identifiers in the personal account of a stock market participant
MOEX
Since July 8, 2024, users of the trading participant's personal account have had access to a new format of digital interaction with the Moscow Exchange - a service for managing technical access identifiers on the stock market, as well as the deposit and loan market. The identifier is required by a professional trading participant to gain access to the trading and clearing infrastructure when conducting their own operations and servicing clients on the Moscow Exchange markets.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Tradeweb Reports June 2024 Total Trading Volume of $37.5 Trillion and Average Daily Volume of $1.94 Trillion; Second Quarter 2024 ADV up 48.3% YoY
Tradeweb Markets
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of June 2024 of $37.5 trillion (tn)[1]. Average daily volume (ADV) for the month was $1.94tn, an increase of 40.9 percent (%) year-over-year (YoY). For the second quarter of 2024, total trading volume was $121.0tn and ADV was $1.92tn, an increase of 48.3% YoY, with preliminary average variable fees per million dollars of volume traded of $2.43.[2]
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QUODD adds bond data from S&P Global Market Intelligence to its market data platform; Focusing on mid- to back-office users will allow institutions flexibility within their organisations to maximise their market data spend, the firm said.
Wesley Bray - The Trade
Market data provider QUODD has enhanced its QX digital platform by including more comprehensive bond data from S&P Global Market Intelligence. The QX digital platform from QUODD features security look-up and query capabilities using predefined or custom templates, which claim to shorten mid- to back-office workflows down to minutes.
/jlne.ws/3Le388u
China's production of boring chips is getting exciting
David Meyer - Fortune
A lot of focus has recently been put on China's ability to make cutting-edge chips, and for good reason-with the dawn of the AI age, these semiconductors will play a massive role in the geopolitical race to get ahead economically and even militarily. But boring chips matter too. As Fortune's Lionel Lim writes today, China will in the coming years continue to make most of the "legacy chips"-using older, cheaper production processes-that power our electric vehicles, household appliances, and so on.
/jlne.ws/3VOJ1Ti
Growth stalls at Elon Musk's X; Social media group suffers slowdown as billionaire divides audiences and Mark Zuckerberg launches rival platform
Clara Murray and Cristina Criddle - Financial Times
X has been hit by stalling user growth, as the social media platform's owner Elon Musk divides audiences and it faces new competition from the rise of Meta's rival platform Threads. In previously unreleased figures, X said its number of global daily active users in the second quarter of this year was 251mn, a rise of 1.6 per cent from the same period the year before.
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AI Video Startup Is Valued at $500 Million in New Funding Round; Index Ventures, Jared Leto are among the backers in the $60 million financing for Captions.
Rachel Metz - Bloomberg
Captions, a startup that uses artificial intelligence to let people create and edit videos, has raised a new funding round from a star-studded list of investors, vaulting its valuation to $500 million. The startup raised $60 million in a deal led by Index Ventures, the company plans to announce Tuesday. That brings its total funding raised to $100 million. Other investors in the round include previous backers Kleiner Perkins, Andreessen Horowitz and Sequoia Capital, as well as new ones, like actor Jared Leto. (Leto also backed another AI video company, Pika, in June).
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Microsoft and Occidental sign carbon credit deal to help offset AI energy surge; Agreement comes as tech groups seek to meet climate promises while expanding power-hungry artificial intelligence
Myles McCormick and Camilla Hodgson - Financial Times
/jlne.ws/4bDHchY
FIX expands reach to tokenised assets through GDF partnership; The FIX-FINP2P Protocol Interoperability Alliance will allow firms to use their existing FIX gateways to connect to the tokenisation space and avoid expenses and complexity.
Claudia Preece - The Trade
FIX Trading Community and Global Digital Finance (GDF) have established a joint working group which is set to enhance FIX's reach to connect its community to the tokenised assets space. "This initiative aims to upgrade existing financial infrastructure to seamlessly interact with distributed ledger technology by facilitating interoperability across traditional financial systems and blockchain-based platforms," according to both organisations.
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BlackRock's BUIDL Fund Tops $500M as Tokenized Treasury Market Soars
Krisztian Sandor - CoinDesk
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| Cybersecurity | | Top stories for cybersecurity | Australia's cybersecurity agency says China-backed hackers behind online crimes; Australia's Cyber Security Centre said the hackers, named APT40, had conducted malicious cyber operations for China's Ministry of State Security.
Reuters via NBC News
Australia's government cybersecurity agency on Tuesday accused a China-backed hacker group of stealing passwords and usernames from two unnamed Australian networks in 2022, adding that the group remained a threat. A joint report led by the Australian Cyber Security Centre said the hackers, named APT40, had conducted malicious cyber operations for China's Ministry of State Security, the main agency overlooking foreign intelligence.
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Australia accuses China-backed hackers of breaching government networks; US, UK, Germany and Japan back report alleging APT40 conducted 'malicious' cyber espionage activities
Nic Fildes and Demetri Sevastopulo - Financial Times
Australia, backed by allies including the US, UK and Japan, has accused a Chinese state-backed cyber hacking group of targeting the country's government and private sector networks. The statement on Tuesday was backed by security and intelligence agencies from Five Eyes partner countries the US, UK, Canada and New Zealand as well as Germany, Japan and South Korea, and cited a "shared understanding" of a Chinese "state-sponsored cyber group and their current threat to Australian networks".
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Florida Governor Vetoes Cybersecurity Data Breach Immunity Bill: 4 Things Businesses Can Do to Prevent Data Breach Claims
JD Supra
To the surprise of some, Governor DeSantis recently vetoed a bill that would have provided businesses with a defense to claims arising from "cybersecurity incidents" that lead to data breaches - so long as they met a few critical obligations. According to a June 26 letter from the Governor accompanying his veto, he believed the bill would have resulted in Floridians' data being less secure because it would have provided for "across-the-board protections for only substantially complying with the cybersecurity standards." In light of this development, what are four things Florida companies can do to protect themselves and prevent data breach claims?
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Drops as German Government Unloads Over $900M Worth of BTC
Krisztian Sandor - CoinDesk
Bitcoin {{BTC}} fell on Monday afternoon in Europe as the German government transferred over $900 million worth of assets from its bitcoin holdings, blockchain data shows. According to blockchain data platform Arkham Intelligence, Bitcoin wallets labeled as belonging to the German government moved a total of roughly 16,309 BTC in several batches to external addresses, including to crypto exchanges Bitstamp, Kraken and Coinbase and market makers Flow Traders and Cumberland DRW.
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Australian Securities Exchange Gives Green Light to DigitalX's Bitcoin ETF; DigitalX Bitcoin ETF will trade on the ASX as BTXX
Sam Reynolds - CoinDesk
Australia's ASX is home to another bitcoin ETF. BTXX will begin trading Friday on the ASX. The Australian Securities Exchange (ASX) is now home to another bitcoin (BTC) exchange-traded fund (ETF). DigitalX's Bitcoin ETF will trade with the ticker "BTXX" according to a statement from the company. The ETF is issued in partnership with K2 Asset Management and Canadian digital assets company 3iQ which launched some of the first crypto ETFs in Toronto in 2021.
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DigitalX to List Bitcoin ETF on Australia's Main Stock Market; Fund becomes second of its type to gain approval from ASX; Firm's CEO Lisa Wade says ETF will draw new Bitcoin investors
Richard Henderson and Georgina McKay - Bloomberg
DigitalX Ltd. will launch a Bitcoin exchange-traded fund on Australia's main stock market after becoming the second asset manager to win approval for such a product from the bourse operated by ASX Ltd. The DigitalX Bitcoin ETF will list on July 12 under the ticker BTXX, according to a statement from the company on Tuesday. The fund has been established in partnership with K2 Asset Management and 3iQ, DigitalX said. The DigitalX listing comes just weeks after ASX approval for VanEck's Bitcoin ETF last month. Sydney-based fund manager BetaShares Holdings Pty has also applied to launch Bitcoin and Ether ETFs on the ASX.
/jlne.ws/3XXg4Y6
Bitcoin Miner Bitfarms Names New CEO as Riot Takeover Attempt Heats Up
Benjamin Taubman - Bloomberg
Bitcoin miner Bitfarms Ltd. appointed a new chief executive officer from within its own ranks as a pressure campaign from spurned suitor Riot Platforms Inc. becomes more pronounced. Bitfarms' board of directors named the company's Chief Mining Officer Ben Gagnon as CEO, according to a statement Monday. Gagnon is the fifth Bitfarms CEO in the past five years.
/jlne.ws/3zAJgKa
Bitcoin Dip Buyers Pour $438 Million Into US ETFs in Two Days
Sidhartha Shukla - Bloomberg
Investors are piling into Bitcoin exchange-traded funds, betting the supply overhang that's pushed the token lower in past weeks has created a buying opportunity. US Bitcoin ETFs have seen a net inflow of $438 million over the past two trading sessions, data compiled by Bloomberg show. The original cryptocurrency has tumbled about 20% since early June, squeezed by concerns that creditors of failed exchange Mt. Gox will start to offload tokens the estate is distributing.
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| Politics | | An overview of politics as it relates to the financial markets | Why Trump 2.0 might be good for investors; Repeat of positive market outcome from former president's first term is certainly possible
Edward Yardeni - Financial Times
Predicting political outcomes in the US is a much more hazardous profession than predicting the country's stock market. Now try doing both, ie, predicting the outcome of the coming presidential and congressional elections and the resulting impact of the political and policy changes on the economy and financial markets. Let's give it a shot but narrow the exercise to what the next four years might be like if Donald Trump returns to the White House for a second term. That seems increasingly likely after the first presidential debate between Trump and Joe Biden.
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NatWest Retail Stock Offering Seen In Doubt After Labour Win
Joe Easton - Bloomberg
A proposed retail offering of government-held shares in NatWest Group Plc is looking less likely following the change of power in Britain. That's according to UK stockbroker Shore Capital Group Ltd. It says the new government may be unwilling to persist with an idea floated by former Chancellor of the Exchequer Jeremy Hunt to augment the ongoing program of incremental sales.
/jlne.ws/3LcXinY
Rachel Reeves Has a Quick Fix Available for UK Equity Investment; It's time for Britain to introduce a national pension fund.
Chris Hughes - Bloomberg
The UK equity market's disrepair was on full display during the election campaign. There's something simple the new government can do about it - by reorganizing the country's pension industry. The last six weeks have seen yet more takeovers of UK corporations by buyout firms and foreign peers. Activists have surfaced at companies that are prime candidates to migrate their listings to the US. What firms could replace these departures? Not Preqin, which might once have decided to list on the London Stock Exchange. The fast-growing UK data company has chosen a future inside US asset manager BlackRock Inc. Instead, London is gearing up for Shein, the controversial fast-fashion company that would probably rather list in New York if the US political hurdles weren't so great. Adverse selection is taking place in both directions.
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Macron Leaves France and Markets in an Unholy Mess; The three-way election stalemate leaves French governance almost as big a loser as Le Pen. And she now has the biggest party in the country.
John Authers - Bloomberg
Comme Il Faut
It could have been worse. French President Emmanuel Macron's reckless decision to call a legislative election immediately after the right-wing National Rally (RN) won the most votes in last month's European Parliament contest didn't result in a new far-right government. There is no constitutional crisis and no immediate threat to the existence of the euro. It did, however, result in an unconscionable mess that will likely leave French governance even more confused. It didn't backfire as badly as David Cameron's Brexit referendum, or the one that Charles de Gaulle felt compelled to call after the May 1968 protests, but it was still a bad mistake.
/jlne.ws/3WbeJLP
France Now Has to Face Bond-Market Risk It Prefers to Ignore; Investors swing their focus back to debt sustainability; Yield premium may be in new, higher range, investors say
Alice Gledhill and William Horobin - Bloomberg
A political shock in France has forced bond investors to confront the reality that the nation's fiscal deficit is an issue for here and now, not years down the road. The country has long benefited from investors dismissing the threat posed by its poor public finances given its core position within the euro area. First, President Emmanuel Macron's decision to call snap elections led the gap between French and German bond yields to widen to the most since the sovereign debt crisis by bringing into question the country's political stability, eroding the cover afforded by his pro-business policies.
/jlne.ws/4cDdTNJ
Russia's Embrace of Chinese Yuan Stalls Over Risk From Sanctions; US warning to banks on aiding Russia has complicated payments; Chinese currency's role has surged across the Russian economy
Bloomberg News
The rapid uptake of China's yuan in President Vladimir Putin's war economy, spurred by the fallout with the West over the invasion of Ukraine, may have hit its limit. Countries that continue to do business with Russia face growing US pressure, most notably through the threat of secondary sanctions. That's proved an effective brake on further yuan usage in the country as it stifles bilateral trade and payments.
/jlne.ws/4byAYjf
Nigeria Lawmakers Want Central Bank to Fight Inflation With Gold; Senators want central banker to chair new gold committee; Africa's largest oil producer seeks to diversify economy
Nduka Orjinmo - Bloomberg
Nigerian lawmakers are proposing a dramatic increase in the central bank's power to use gold to shore up the nation's reserves in defense of the economy. A draft bill before the Senate puts forward a raft of policies that would enshrine the bank as the automatic off-taker for all the gold produced in the country, alongside a goal to make the precious metal at least 30% of Nigeria's external reserves.
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| Regulation & Enforcement | | Stories about regulation and the law. | MUFG Bank Employee Probed for Suspected Inside Information Leak
Akemi Terukina and Takako Taniguchi - Bloomberg
An MUFG Bank employee is suspected of leaking tender offer details and other non-public information about client companies to family members, Yomiuri reported, weeks after the banking group was reprimanded for breaching firewalls. Relatives may have traded stocks using the information, potentially earning several million yen, the newspaper reported, citing an unnamed person.
/jlne.ws/3LcXnrM
Asia's Richest Banker Gets Caught in Adani-Hindenburg Crossfire; US hedge fund Kingdon shorted Adani shares through Kotak unit; Sebi notice adds to unwelcome spotlight on Kotak Mahindra
Preeti Singh and Advait Palepu - Bloomberg
The lender owned by Uday Kotak, Asia's richest banker, has been asked to assist regulators as part of their probe into the short seller attack against Gautam Adani's empire, a sign of scrutiny on India firms that give foreign capital access to local markets. One of Kotak Mahindra Bank's funds was the vehicle through which a US-based hedge fund, in partnership with Hindenburg Research, shorted Adani shares before the publication of a short-seller report that alleged widespread corporate malfeasance and triggered a massive market rout.
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Archegos' Bill Hwang Makes Last Pitch to Jury Set to Decide His Fate; Defense says case over family office collapse 'makes no sense'; Prosecutors dissect evidence from eight-week fraud trial
Ava Benny-Morrison and Bob Van Voris - Bloomberg
Archegos Capital Management founder Bill Hwang's lawyer made his final pitch to a jury poised to start deliberating his fate, arguing the US government's fraud and market-manipulation case over the meltdown of the prolific investor's family office "makes no sense." During an eight-week trial, Hwang was accused of being the mastermind of a scheme that ensnared half of Wall Street and cost banks $10 billion after he artificially jacked up stock prices. But in closing arguments Monday, his defense team said he was only an aggressive trader who invested in companies he truly believed in.
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Concurring Statement of Commissioner Caroline D. Pham on Japan Substituted Compliance Order for Swap Dealer Capital and Financial Reporting
CFTC
I respectfully concur with the order granting conditional substituted compliance in connection with certain capital and financial reporting requirements applicable to nonbank swap dealers subject to regulation by the Financial Services Agency of Japan (JFSA) (Japan Final Order) because I believe the order imposes a condition relating to financial reporting that exceeds the scope of CFTC Regulation 23.105.
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Statement on the Spring 2024 Regulatory Agenda
Chair Gary Gensler - SEC
The Office of Information and Regulatory Affairs released the Spring Unified Agenda of Regulatory and Deregulatory Actions, which includes contributions related to the Securities and Exchange Commission and short- and long-term regulatory actions that administrative agencies plan to take.
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SEC Obtains Final Judgment Against Investment Adviser Who Defrauded Fellow Members of His Religion
SEC
The Securities and Exchange Commission today announced that it obtained a final judgment against Evarist C. Amah, an investment adviser, who was previously charged with operating a fraudulent investment scheme targeting fellow members of his religion, the Grail Movement.
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Federal Court Orders $1,147,440 Penalty Against Attorney For Insider Trading
SEC
On July 2, 2024, the U.S. District Court for the District of New Jersey granted the Securities and Exchange Commission summary judgment for insider trading charges against Gene Daniel Levoff, a former senior attorney at Apple Inc. whose duties included executing the company's insider trading compliance efforts. Among other relief, Levoff was ordered to pay a civil penalty of $1,147,440-treble Levoff's profits obtained and losses avoided.
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SEC Obtains Default Judgments Against Two Perpetrators of $45 Million CoinDeal Scheme
SEC
On June 3, 2024, the United States District Court for the Eastern District of Michigan entered final judgments on all claims against Garry Davidson of Henderson, Nevada and Linda Knott of Oklahoma City, Oklahoma for their involvement in an unregistered offering scheme that defrauded tens of thousands of investors.
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NFA orders California firm Rimar Capital LLC and its principal Itai Royi Liptz to withdraw from NFA membership and principal status and not reapply for 30 months
NFA
NFA has ordered Rimar Capital LLC (Rimar Capital), an NFA Member commodity trading advisor located in Burlingame, California, and Itai Royi Liptz (Liptz), an associated person (AP) and a principal of Rimar Capital and an NFA Associate, to withdraw from and not reapply for NFA membership and principal status for 30 months. If either Rimar Capital or Liptz seeks NFA membership or principal status following the 30-month period, they must pay a $90,000 fine.
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ESMA's stress test of Central Counterparties finds clearing system resilient
ESMA
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ESMA consults on Liquidity Management Tools (LMT) for funds
ESMA
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Assistant Commissioner of the International Affairs Office re-elected as Co-Chair of FATF Policy Development Group
FSA
HABUCHI Takahide, Assistant Commissioner of the International Affairs Office of the Financial Services Agency (FSA) was re-elected as Co-Chair of Policy Development Group (PDG) of the Financial Action Task Force (FATF) after his first term to June 2024. His new term as a PDG Co-Chair will be two years from July 2024 to June 2026. The PDG is one of the five standing committees at the FATF and is responsible for policy developments at the FATF, including revision of FATF Standards (recommendations and interpretive notes).
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Banks in Singapore to Strengthen Resilience Against Phishing Scams
MAS
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today announced that major retail banks in Singapore will progressively phase out the use of One-Time Passwords (OTPs) for bank account login by customers who are digital token users within the next three months. This will better protect them against phishing.
/jlne.ws/4eWvn9f
First District Court hearings for 18 defendants in three social media ramp-and-dump cases
SFC
The District Court today held the first hearings of three large-scale and highly sophisticated social media ramp-and-dump cases against 18 defendants including the suspected ringleaders after the cases had been transferred from the Magistrates' Court (Note 1). The criminal proceedings arose from the joint investigations by the Securities and Futures Commission (SFC) and the Police into the alleged ramp-and-dump syndicates for various criminal offences including offences under the Securities and Futures Ordinance.
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SFC and HKMA welcome PBoC's new measure on Northbound Swap Connect margin collateral arrangement
SFC
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) welcome the announcement of the People's Bank of China (PBoC) today (9 July) to support offshore investors to use onshore bonds issued by the Ministry of Finance and policy banks on the Mainland and held under Northbound Bond Connect as margin collateral for Northbound Swap Connect transactions.
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New speech by Julia Leung: Keynote address at Bond Connect Anniversary Summit 2024
SFC
A keynote address (Chinese version only) delivered by Ms Julia Leung at Bond Connect Anniversary Summit 2024 was posted on the SFC website.
/jlne.ws/3xPV5LY
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Nvidia Dethrones Tesla as Single-Stock ETF King With 400% Rally
Vildana Hajric - Bloomberg
There's a new stock reigning supreme in a speculative part of the ETF investment landscape. Thanks to the relentless artificial-intelligence boom, Nvidia Corp. (NVDA) now holds a commanding position in exchange-traded funds that track a single company - representing more than half of all assets across so-called single-stock ETFs, over $6 billion in total. Meanwhile Tesla Inc. (TSLA) centric funds represent just a fifth of all holdings in the sector, down from two-thirds last year, according to data from JPMorgan Chase & Co. and Bloomberg Intelligence.
/jlne.ws/3LiqoCu
France Now Has to Face Bond-Market Risk It Prefers to Ignore; Investors swing their focus back to debt sustainability; Yield premium may be in new, higher range, investors say
Alice Gledhill and William Horobin - Bloomberg
A political shock in France has forced bond investors to confront the reality that the nation's fiscal deficit is an issue for here and now, not years down the road. The country has long benefited from investors dismissing the threat posed by its poor public finances given its core position within the euro area. That calm is now at risk.
/jlne.ws/3VV7GWb
Trafigura Wrestles With Huge Share Buyback Bill as Boom Fades; Trading house cuts interest rate on money owed to shareholders Wave of senior departures is also putting pressure on company
Jack Farchy and Archie Hunter - Bloomberg
Trafigura Group is grappling with a hefty share buyback bill after several years of blockbuster profits, prompting the commodity trading giant to cut the interest it pays on money owed to its shareholders. Trafigura, which is owned by about 1,400 employees, uses buybacks as the main way of rewarding its top traders. Each year, the company commits to repurchasing a significant chunk of shares - a figure generally determined by its most recent annual profit - with payments usually spread over the following four years. When employees leave, Trafigura buys them out, also in a series of installments.
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The Private Equity Bubble Is About to Deflate; Whether valuations fall suddenly or gradually, the industry is due for a reckoning, and the consequences for the economy are dire.
Allison Schrager - Bloomberg Opinion
Markets today pose a new existential question: Can there be a bubble in something if it has no price? As a believer in efficient-ish markets, I am uncomfortable calling anything a bubble. Recognizing a bubble requires spotting an asset or asset class that is objectively overvalued before everyone else does. Making this determination is almost always impossible in real time, even if it's screamingly obvious in hindsight. And that's in public markets, where prices are easily observed and constantly updated as investors form views and incorporate information.
/jlne.ws/46eeC5P
Property Fraud Allegations Snowball as Commercial Real-Estate Values Fall; Drop in values caused by higher interest rates and a rise in defaults exposes more schemes
Konrad Putzier - The Wall Street Journal
U.S. prosecutors are cracking down on commercial mortgage fraud, a growing push that is sending shudders through the $4.7 trillion industry by raising questions about the numbers underpinning major property loans. Regulators and federal prosecutors say that property loans based on doctored building financials and valuations have been rising. This type of fraud became more widespread between the mid-2010s and 2021, federal investigators and real-estate brokers say, when commercial property prices surged to new highs and landlords had much to gain from such maneuvers.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | No One Knows Exactly How Many People Are Dying From Extreme Heat; Rising temperatures are killing a growing number of people around the world. Academics, doctors and government officials are struggling to keep track.
Zahra Hirji and Preeti Soni - Bloomberg
When officials in Miami-Dade County wanted to figure out how many people there were dying from extreme heat, they turned to Christopher Ueijo. A geographer at Florida State University, Ueijo used temperature data and death records to determine that, between 2015 and 2019, heat killed an average of 34 people a year in the county who wouldn't have died otherwise. His estimate was more than 10 times higher than the official figures: Over the same time period, Miami-Dade had classified just two deaths as heat-related.
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Asset Managers Are Snubbing UK's ESG Labels, Morningstar Says
Frances Schwartzkopff - Bloomberg
Britain's new framework for using ESG labels, initially hailed as a major step toward fighting greenwashing, is likely to see a slow start when it comes into force next month, according to Morningstar Sustainalytics. Fund managers look set to take a "wait-and-see approach," the markets researcher said on Tuesday. That's as requirements to qualify for a label are tougher than expected and demand lower than anticipated.
/jlne.ws/3zzHHMF
Inditex buys stake in U.S. sustainable agriculture startup Galy
Reuters
Zara owner Inditex (ITX.MC), has bought a stake in the U.S.-based sustainable agriculture startup Galy as part of its strategy to invest in the sustainable economy, its CEO, Oscar Garcia Maceiras, said on Tuesday. "Today, we are disclosing that we have entered the capital of Galy, a startup founded in 2019 in the U.S., which is developing an innovative process to produce cotton in laboratories from plant cells," Garcia Maceiras told shareholders during the company's annual assembly.
/jlne.ws/3VZtZdg
Nato's 2023 military spending produced about 233m metric tonnes of CO2 - report; Report says member states poured $1.34tn into their militaries last year - an increase of $126bn from 2022
Dharna Noor - The Guardian
As leaders from member countries gather to mark the 75th anniversary of Nato in Washington DC, researchers are warning that their military budgets are eroding the climate, producing an estimated 233m metric tonnes of greenhouse gas, more planet-heating pollution than some entire countries.
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Climate Negotiations Get the Shakespeare Treatment They Deserve; In the play Kyoto, an oil lobbyist is the unlikely protagonist of a drama about high-stakes climate diplomacy and the fate of the planet.
Mythili Rao - Bloomberg
I imagine one reason a person might decide to become a stage actor is to avoid some of the duller aspects of office-work: The business casual wear, the big conference tables, the dense legal documents, and of course the meetings - so many meetings. After all, escaping all of those things is surely one of the reasons why people buy theater tickets.
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Home Insurance Rates in America Are Wildly Distorted. Here's Why. Climate change is driving rates higher, but not always in areas with the greatest risk.
Christopher Flavelle - The New York Times
Enid, Okla., surrounded by farms about 90 minutes north of Oklahoma City, has an unwelcome distinction: Home insurance is more expensive, relative to home values, than almost anywhere else in the country. Enid is hardly the American community that is most vulnerable to damaging weather. Yet as a share of home prices, insurance costs more in parts of Enid than in New Orleans, much of which is below sea level. More than in Paradise, Calif., which was destroyed by the Camp fire in 2018. More than in the Florida Keys, which are frequently wracked by hurricanes. Even more than in the Outer Banks of North Carolina, where houses have begun slipping into the rising sea.
/jlne.ws/4cxTYzF
Singapore's Temasek Will Back Big Polluters to Curb Emissions; Investor aims to accelerate decarbonization in key industries; Fund is aiming to halve portfolio emissions by end of decade
Ishika Mookerjee - Bloomberg
/jlne.ws/3zCR0LN
Malaysian Palm Oil Grower Ready for Tougher ESG Rules With IPO
Anuradha Raghu and Ram Anand - Bloomberg
/jlne.ws/3LhQlBU
'No time to waste': Labour's Cabinet ministers announce aim to bolster the UK's energy transition; The Labour Government's new Chancellor, Rachel Reeves, and Foreign Secretary, David Lammy, have delivered their first speeches, promising to prioritise Britain's energy transition as a key part of the nation's industrial and foreign strategy.
Sidhi Mittal - edie
/jlne.ws/3zCS0zx
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | EU watchdog warns of data 'black holes' amid efforts to uncover shadow bank risk
Sinead Cruise, Tommy Reggiori Wilkes and Huw Jones - Reuters
Regulators seeking to map out risks from the booming non-bank financial industry face information "black holes" which might only be fixed by mandatory disclosure, the chairman of Europe's banking watchdog told Reuters, pointing to a process that could take years. Non-bank financial institutions, including hedge funds, private credit providers and insurers accounted for $218 trillion, or just under half, of the world's financial assets in 2022, according to the G20's Financial Stability Board (FSB).
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Japan's Megabanks Are Said to Seek Deep Cuts to BOJ Bond Buying; One megabank sought eventual cut to 1 tln yen: people familiar
Takahiko Hyuga, Saburo Funabiki, and Toru Fujioka - Bloomberg
Japan's largest banks called on the Bank of Japan to make deep cuts to its monthly bond purchases during hearings of market participants at the central bank, according to people who attended. One megabank said the BOJ should move early to make sharp cuts to its bond buying, while another major bank recommended an eventual reduction to monthly purchases of ¥1 trillion ($6.2 billion), the people said. A third megabank said the buying should be halved from the current monthly level to ¥3 trillion yen, the people added.
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Pershing Square Starts IPO Roadshow for US Closed-End Fund
Tom Metcalf - Bloomberg
Pershing Square has started a roadshow for the initial public offering of a US closed-end vehicle, which could be the largest fund of its kind in the US. The filing by Bill Ackman's Pershing Square USA Ltd. also revealed the full list of banks working on the IPO, fleshing out the roster beyond global coordinators Citigroup, UBS, Bank of America and Jefferies who are leading the offering.
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Bobby Jain's Complex Hedge Fund Debut Spawns Fans and Doubters; Deep-pocketed investors were unsure whether he'd pull it off; Abu Dhabi Investment Authority invested about $1 billion
Hema Parmar - Bloomberg
Inside the elegant Breakers Palm Beach resort, Bobby Jain made his multibillion-dollar pitch. His audience: the Abu Dhabi Investment Authority, steward of one of the world's great petro-fortunes and, to Jain, a perfect client for his new hedge fund. His vision - laid out in the hotel's seafood restaurant - was ambitious, even unprecedented. He would hatch a giant, fully formed hedge fund that would trade a half-dozen strategies and employ hundreds of people globally from day one. It required quickly finding gifted traders amid an expensive talent war, building complex infrastructure over months and raising enough investor money to pay for it.
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UK pension plans overpay £1.5bn in fees to fund managers; Analysis reveals some schemes pay up to 14 times more for the same product than rivals
Josephine Cumbo and Emma Dunkley - Financial Times
UK pension plans are paying £1.5bn a year more in fees to fund managers than they need to, according to new analysis that increases the pressure on trustees and consultants to get better deals for scheme members. Analysis conducted by data analytics company ClearGlass and shared with the Financial Times reveals an "extreme" range of charges by asset managers to defined benefit pension plans. Some plans are paying up to 14 times more for the same fund product than rivals.
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DWS plans to boost active ETF business; Manager says it plans to capitalise on growing European demand for the products
Amie Keeley - Financial Times
DWS is looking to expand its active exchange traded funds business in Europe to stay "ahead of the curve" as a number of asset managers enter the space seeking to capitalise on demand. Dirk Goergen, global head of client coverage, said active ETFs had not been a big focus area for the company in Europe, but there was increasing demand from clients for such products that they wanted to take advantage of.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | After the Lockdown Years, Teens Want One Thing From Their Jobs: Friends; Pandemic isolation has unleashed a generation of workers eager for social interaction: 'I don't care how much I get paid. I love it here.'
Terell Wright - The Wall Street Journal
When 18-year-old Helena Florek was ready to find a summer job, she had plenty of choices. Employers were eager for temporary help during peak vacation season, and the money was good. But after years of school over Zoom, a canceled field trip to Washington, D.C., and an axed eighth-grade formal, she had something other than just a paycheck on her mind: friends. "I wanted to work somewhere where there's a community," Florek said. She chose Goldenrod Restaurant, a Manchester, N.H., seafood drive-in that employs 48 teenagers, including Florek. She says she has made new friends while making money. Her work as a cashier puts her in constant interaction with customers, which she said has improved her problem-solving skills and patience.
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People Are Feeling Stuck in Their Jobs. Bosses Are Starting to Worry. Turnover is down. Promotions are slowing. Some companies get creative to keep employees engaged.
Chip Cutter - The Wall Street Journal
You are likely not getting a big promotion this year. So how about a job swap? Many workers say they are considering that question as they feel stuck in their roles. With the white-collar labor market cooling and declining turnover leading to fewer internal moves, a sense of malaise and frustration is growing inside big companies.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | $1 billion donation will make Johns Hopkins medical school free for most
Megan Cerullo - CBS News
Johns Hopkins medical school will be free for most students starting this fall, thanks to a $1 billion donation from Bloomberg Philanthropies. Tuition will be completely free for medical students whose families earn less than $300,000, with the gift also covering living expenses and fees for students from families earning up to $175,000. Previously, tuition was roughly $65,000 a year for four years. The gift aims to improve declining life expectancy in the U.S. by making medical and nursing school more accessible to lower-income students and diversifying the medical and public health fields.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Chinese Bond Traders Fear 'Dagger to the Heart' as Yields Vanish
Bloomberg
Chinese bond traders have few things to celebrate despite this year's unprecedented market rally. A sluggish economy has pushed the nation's sovereign bond yields to record lows, sparking anxiety across trading desks at securities firms, banks and fund managers that ever lower rates will dry up trading and cost them their jobs.
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Australia pledges more funds for Pacific banking amid China interest
Lewis Jackson and Renju Jose - Reuters
Australia on Tuesday pledged to boost investments in Pacific Island countries to support their banking systems after global financial firms limit services with them, citing risks, at a time when China is looking to increase its influence in the region. Some Western banks have ended long-term relationships with their counterparts in small nations in the Pacific, while others have looked to close operations, limiting access to U.S. dollar-denominated bank accounts.
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India Poised to Secure Long-Term Uranium Supply From Russia
Sudhi Ranjan Sen and Rajesh Kumar Singh - Bloomberg
Russia and India are likely to agree on a long-term uranium supply pact for a nuclear power plant coming online in the southern state of Tamil Nadu, said senior officials with knowledge of the matter. Indian Prime Minister Narendra Modi will visit Russia on Monday and Tuesday for the first time in five years. He's expected to hold talks with President Vladimir Putin to help re-energize relations between the two countries and likely deliver strategic deals.
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Gridlock in China: spending on network surges to support green energy transition; Beijing rolls out huge investment to upgrade transmission system as shift from coal piles pressure on creaking grid
Edward White and Wenjie Ding - Financial Times
China's electricity grid is set for an unparalleled investment of more than $800bn in the next six years to overcome strains on the energy system as the country makes a rapid shift from coal power to renewable sources. China's creaking grid represents a major constraint to progress on its green energy transition. During the first four months of this year alone, China invested Rmb122.9bn ($17bn) in its power grid projects, a 24.9 per cent year-on-year increase. That compares with the $3.5bn announced last October by US President Joe Biden's administration, which covers 58 projects across 44 states.
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Foreigners' Return Propels Indian Stocks to New All-Time Highs; Global buying topped $4 billion since the start of June; Local shares have extended rally since Modi's return to power
Ashutosh Joshi - Bloomberg
Global investors have returned to Indian stocks, helping to propel the equity gauges to record highs. Foreign buying on a net basis topped $4 billion since the start of June, more than making up for their sales in April and May, according to data compiled by Bloomberg. India saw the inflow as investors' concerns about policy continuity - following Prime Minister Narendra Modi-led party's surprisingly lackluster showing at the June 4 election - dissipated.
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Mauritius' $50 Million Intervention Fails to Halt Rupee's Slide; Drop reflects acute foreign-currency shortage, economist says; Rupee depreciates to 48.605 rupees to US dollar Tuesday
Kamlesh Bhuckory - Bloomberg
Mauritius's rupee slipped to a record low against the dollar, indicating that the central bank's $50 million sale of the greenback fell short of market demand for the US currency. The rupee declined to 48.605 rupees to the dollar, the lowest on a closing basis since Bloomberg started tracking the currency.
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Exclusive-Nornickel in talks with China Copper to move smelting plant to China, sources say
Julian Luk and Siyi Liu - Reuters
Nornickel is in talks with China Copper to form a joint venture that would allow the Russian mining giant to move its entire copper smelting base to China, four sources with knowledge of the matter told Reuters. If the move goes ahead, it would mark Russia's first uprooting of a domestic plant since the U.S. and Britain banned metal exchanges from accepting new aluminium, copper and nickel produced by Russia.
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Russia overtakes Canada as top peas exporter to China
Reuters
Russia has become the top exporter of peas to China, accounting for almost half of the country's total imports and overtaking Canada in less than two years after gaining access to the $1 billion market, Russia's Union of Grain Exporters said on Tuesday. The union's data shows Russia exported 1.13 million tons of peas to China in the 2023/24 agricultural season, gaining a 49.1% market share. Canada's share fell to 44.6%, from a dominant position of about 95% of China's pea imports in previous years.
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Kuwait Fund's Former UK Head Claims He Was Unfairly Pushed Out; Saleh Al-Ateeqi claims he was fired for flagging mismanagement; Kuwait fund says case cannot go ahead due to state immunity
Katharine Gemmell - Bloomberg
The former London head of Kuwait's $800 billion sovereign wealth fund sued the firm over his ouster, escalating an ongoing dispute that's offered a rare glimpse into the workings of the secretive fund. Saleh Al-Ateeqi claims he was unfairly dismissed in July 2022 for blowing the whistle about the fund's allegedly unlawful practices at a London employment tribunal.
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France Sees Wheat Crop Plunging to 4-Year Low on Heavy Rains; The dip in Europe's biggest producer may restrain exports; This spring was fourth wettest season on record in France
Nayla Razzouk - Bloomberg
France's soft-wheat harvest is seen slumping to levels near those last seen in 2020, as excessive rain in Europe's biggest agricultural producer hurt crop outlook. Wheat production is set to drop 15.4% this year to 29.7 million tons, according to data from the Agriculture Ministry. That remains 14.2% below the 5-year average.
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Brazil Soy Profits Fueled by Weak Currency Deals Blow to US Farmers
Clarice Couto and Tarso Veloso - Bloomberg
A selloff in Brazil's currency over the past month is shielding farmers in the world's top soybean exporter from this year's price plunge, giving them an edge over US rivals. The real has lost 11% against the dollar this year - spurred by worries about the nation's budget gap. That in turn brings about that much more revenue for soybeans than in 2023. The decline in the real has encouraged farmers to boost sales, deepening a rout in benchmark prices that's eroded revenue for American peers.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Davos Organizer Sued for Race, Pregnancy Discrimination
Simone Foxman - Bloomberg
The World Economic Forum and its founder Klaus Schwab were sued for racial and pregnancy discrimination by a Black employee based in New York. The Forum, best known for its annual Davos gathering of political and business leaders, told policy expert Topaz Smith her job was being eliminated immediately when she returned from maternity leave. It replaced her with a non-pregnant White woman earlier this year, according to the lawsuit filed Monday in federal court in Manhattan.
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Global Press Freedom Group Condemns Russia's Secret Trial of WSJ's Evan Gershkovich; Media Freedom Coalition calls the prosecution 'a deliberate attack' on a free press
Joseph De Avila - The Wall Street Journal
A global coalition of nations that advocates for a free press has condemned the Russian prosecution of Wall Street Journal reporter Evan Gershkovich and called for his release. Gershkovich's case illustrates how the Kremlin has launched a systematic assault on press freedom, the Media Freedom Coalition said Monday in a statement signed by 25 nations, including the U.S., U.K., France, Germany, Spain and Italy. The Media Freedom Coalition has 51 members from six continents.
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Lin-Manuel Miranda's Next Musical Project Will Be a Concept Album; The endeavor, co-written with playwright Eisa Davis, is an adaptation of the 1979 movie The Warriors about gangs in New York City.
James Tarmy and Gillian Tan - Bloomberg
Lin-Manuel Miranda is wrapping up the recording of a concept album for a new musical co-written by playwright Eisa Davis, according to people with knowledge of the matter. The album will be based on the 1979 movie The Warriors, whose sympathetic depictions of gang members and gritty cinematography made it a standard bearer for youth counterculture. Representatives for Miranda declined to comment.
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