| August 30, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
I am about to close on buying property in Florida, buying out my brothers from a mobile home property in Sarasota, just as another hurricane is hitting the state. As part of the closing we had to pay off a lien my late mother owed the County, but Sarasota County buildings are closed because of the hurricane. Hopefully, they will be open tomorrow. Meanwhile, Hurricane Idalia has made landfall near Keaton Beach, FL, which is in the northern part of Florida's Gulf Coast. I can't get insurance on the mobile home because it is so old and because Florida is Florida. Sometime in the future, I will replace the 1957 mobile with a new manufactured home and then perhaps I can get insurance, assuming there are any insurance companies left in Florida and I can afford it. In the meantime, I am hoping the mobile continues to survive the various hurricanes impacting the state.
The FIA's Washington Update 2023, hosted by the FIA Operations Americas Division, will be on September 6, 2023, from 3:30 p.m. to 6:00 p.m. CT at the Union League Club of Chicago. FIA President & CEO Walt Lukken, FIA VP of US Government Relations Kyle Glenn, and Washington insider Jimmy Ryan, partner of Subject Matter, will engage in an in-depth discussion on the regulatory agenda of the U.S. Commodity Futures Trading Commission and U.S. Securities and Exchange Commission, crypto legislation, government shutdowns, presidential politics and FIA's key policy priorities for 2023. You can register HERE. I will be at the Washington Update 2023. I hope to see you there.
FIA, Inc. welcomed IG US as a new member. FIA shared on LinkedIn that "IG US, a subsidiary of the global IG Group, is registered with the U.S. Commodity Futures Trading Commission as a retail foreign exchange dealer. In 2021, IG Group expanded its offering with the acquisition of tastytrade, a US-only retail broker for futures and options, registered with the U.S. Securities and Exchange Commission as a broker-dealer and an Introducing Broker with the CFTC."
Katten partners Gary DeWaal, Dan Davis, Sheehan Band and Alex Kim offered a quick summary analysis of the SEC Grayscale decision by a three-judge panel of the United States Court of Appeals. Their column is titled "SEC Denial of Grayscale Bitcoin Fund Was Arbitrary and Capricious Rules DC Circuit Court of Appeals."
SGX Group CEO Loh Boon Chye wrote a commentary for the Milken Institute ahead of their Asia Summit in September titled "For AI To Be a True Game-Changer in Global Finance, Trust Must Be the Key."
The Wall Street Journal is reporting that the wildfire raging for 12 days in Greece is larger than New York City and has killed 12 people. This is the largest observable wildfire in Europe this century, the Journal said.
If you did not have a reason to fight climate change, and I mean try to make things better, then Bloomberg has a story to pull at your heart strings to do so. The title of the story is "Our Addiction to Fossil Fuels Is Killing Baby Penguins," and the subheading is "As polar sea ice melts, the fluffy chicks are drowning before they can learn to swim." BTW, I am as guilty as anyone of using fossil fuels, so the baby penguin blood is on my hands too.
Connamara announced on LinkedIn that it will be a sponsor and host of The Innovator's Pavilion at the FIA Futures & Options Expo 2023.
Geneva Trading Is looking to hire a Learning and Development Specialist. For more details, go HERE.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Clean Energy Investing in America, a report from American Clean Power (ACP), found that announced clean energy investments hit $271 billion in twelve months, equivalent to eight years' worth of American clean energy investment, surpassing the total investment in U.S. clean power projects commissioned between 2015-2022. New manufacturing facilities hit 83, adding nearly 30,000 jobs. ACP urges further reform to permit unlocking the clean energy and transmission necessary to support a projected 1 million jobs in the sector by 2030. Learn more and download the report here. ~SAED
Our most read stories yesterday on JLN Options were:
- Wall St rallies, Treasury yields retreat as data hints at potential Fed pause
- Wall Street Reels From Painful Month as Winning Trades Sour
- Bitcoin Soars After Grayscale Wins Appeal Likely Clinching First Spot Crypto ETF ~JB
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Voice Deepfakes Are Coming for Your Bank Balance; Artificial intelligence tools have given scammers a potent weapon for trying to trick people into sending them money.
Emily Flitter and Stacy Cowley - The Wall Street Journal
This spring, Clive Kabatznik, an investor in Florida, called his local Bank of America representative to discuss a big money transfer he was planning to make. Then he called again. Except the second phone call wasn't from Mr. Kabatznik. Rather, a software program had artificially generated his voice and tried to trick the banker into moving the money elsewhere.
/jlne.ws/45OJQPh
***** Like any tool, AI can be used for good or bad. Get used to learning more about the bad.~JJL
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Goldman Sachs bought UK and US companies using Chinese state funds
Kaye Wiggins and Will Louch - Financial Times
Goldman Sachs has used a fund set up with Chinese state money to buy a series of US and UK companies, including one with a cyber security business that provides services to the British government, even as tensions rise between Beijing and the west. The Wall Street bank has struck seven deals using cash from a $2.5bn private equity "partnership fund" it set up in 2017 with the sovereign wealth fund China Investment Corporation, according to multiple people with direct knowledge of the fund and its operations.
/jlne.ws/3OZDsy0
****** This type of deal is not going to help their public relations image of doing "God's work."~JJL
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Tuesday's Top Three
Our top story Thursday was How a Man in Prison Stole Millions from Billionaires, from The New Yorker. Second was EPISODE 375: Virtu's Vinnie Viola, Legendary Master of Markets, on his Journey from West Point to Wall Street to the Stanley Cup, an Inside the ICE House podcast from ICE/NYSE. And third was Exclusive: JLN ICE House Vinnie Viola NYSE Interview By Josh King, John Lothian's preview writeup of the ICE podcast.
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| Lead Stories | Grayscale's Court Win Over SEC Lifts Hopes for Bitcoin ETF Approval; Bitcoin-related assets surge on setback to efforts at regulating crypto markets
Paul Kiernan - The Wall Street Journal
A federal appeals court ruled Tuesday that the Securities and Exchange Commission must reconsider the crypto asset manager Grayscale Investments' application to launch the first bitcoin exchange-traded fund, the latest setback for SEC Chair Gary Gensler's efforts to regulate the upstart industry.
/jlne.ws/3QZ0Yxw
SEC Issues First Enforcement Action Targeting NFTs; The agency ruled Impact Theory's NFTs were sold as unregistered securities.
Elizabeth Napolitano - CoinDesk
U.S. regulators ordered a Los Angeles-based company that issued non-fungible tokens to compensate investors who bought the NFTs, arguing that the transactions were illegal unregistered securities offerings. It was the U.S. Securities and Exchange Commission's first NFT-related enforcement action.
The SEC's findings do not suggest regulators consider all NFTs to be securities, limiting the potential consequences of the action.
/jlne.ws/45sDEg1
The Fidelity CEO's surprise record as a crypto visionary
Jeff John Roberts - Fortune
If you ask someone to describe Fidelity Investments, they will probably use words like "big, boring, and safe." That's an accurate description of the Boston-based financial giant, which manages more than $4 trillion and is overseen by CEO Abby Johnson, granddaughter of Fidelity's founder. Johnson is a steady hand who has kept the firm free of drama, which is why it's surprising to realize she has also been one of crypto's biggest champions for a decade.
/jlne.ws/3YYe28u
RIP Buzzy ETFs: Metaverse, Gen-Z Funds Top List of Casualties; ETF closures have soared this year, with many niche funds struggling to attract investors
Jack Pitcher - The Wall Street Journal
Exchange-traded funds are closing down at a rapid clip, with many niche products in the industry struggling to attract investors in a market dominated by a handful of big technology stocks. Global fund closures have climbed to 929 in 2023 from 373 at the same point last year, according to the research firm ETFGI. New listings still exceed closures but have slowed 27% to 1,622.
/jlne.ws/3OR083k
Goldman Sachs to Pay $5.5 Million Over Audio Recording Failures During Pandemic; The civil fine, imposed by the Commodity Futures Trading Commission, is the latest settlement against Goldman related to record-keeping failures
Mengqi Sun - The Wall Street Journal
Goldman Sachs agreed to pay about $5.5 million to settle allegations it failed to record and retain mobile device calls made by its traders at the onset of the Covid-19 pandemic, in violation of record-keeping rules and a previous settlement agreement.
/jlne.ws/45w6FYh
***** Here is The Trade's version of this story.~JJL
US Court Paves Way for Spot Bitcoin ETF in Grayscale Ruling; Ruling by appeals court overturns decision by SEC to block ETF; Bitcoin surged by as much as 6% on release of opinion
Sabrina Willmer, Allyson Versprille, and Yueqi Yang - Bloomberg
Grayscale Investments LLC moved closer to launching a spot-based Bitcoin exchange-traded fund in the US, a potential watershed moment in the cryptocurrency industry's quest to tap billions of dollars from everyday investors. A three-judge appeals panel in Washington on Tuesday overturned a decision by the US Securities and Exchange Commission to block the ETF, which would be tied to the spot Bitcoin price. The ruling marks a major legal win for the crypto industry and sent the price of Bitcoin surging by as much as 7%. The Grayscale Bitcoin Trust rallied as much as 21%.
/jlne.ws/467TPzB
Wall Street Prepares for $15 Billion Spree of Risky Buyout Debt; Worldpay deal among those expected to launch post-Labor Day; Wave of LBO debt may help boost overall issuance in September
Jill R Shah and Michael Tobin - Bloomberg
A $15.4 billion wave of debt is set to sweep over leveraged finance markets in September as Wall Street banks rush to lure in yield-hungry investors. Bankers are expected to kick off a series of new junk bonds and loans tied to M&A after the Labor Day holiday in the US. While the forward calendar pales in comparison to 2019 - which had a roughly $60 billion pipeline in August, according to PitchBook LCD - it's a welcome development in a market that's seen little seen little buyout financing so far this year.
/jlne.ws/3qQWMoW
Knight Checks King: Court of Appeals Rules in Favor of Grayscale
Karrie Gordon - Crypto Channel
The United States Court of Appeals announced this morning it's ruling in favor of the Grayscale petition to convert its flagship fund, GBTC, to a bitcoin ETF. In the intricate game of chess the SEC plays with bitcoin funds, it's a "check" for Grayscale's white knight strategy. The ruling hinged on the SEC's lack of clarity on why it treated bitcoin futures ETFs materially differently than spot bitcoin ETFs.
/jlne.ws/3YUlBgu
Meta Uncovers Largest-Ever Chinese Influence Network; Company removed almost 8,000 accounts, says content didn't spread far
Sarah E. Needleman - The Wall Street Journal
Meta Platforms said it has taken down the largest known online covert influence operation in the world, a cross-platform campaign that was aimed at advancing China's interests and discrediting its adversaries including the U.S. In a report released Tuesday, Meta said the effort was largely unsuccessful despite comprising thousands of accounts across more than 50 apps, including about 7,700 of its own Facebook and Instagram, plus YouTube, TikTok, Reddit, Pinterest and X, formerly Twitter.
/jlne.ws/45tAlW9
The Gambler who Beat Roulette; For decades, casinos scoffed as mathematicians and physicists devised elaborate systems to take down the house. Then an unassuming Croatian's winning strategy forever changed the game.
Kit Chellel - Bloomberg
One Spring evening, two men and a woman walked into the casino, an upmarket establishment in London's West End. Security officers in a back room logged their entry and watched a grainy CCTV feed as the trio strolled past high gilded arches and oil paintings of gentlemen posing in hats. Casino workers greeted them with hushed reverence.
/jlne.ws/3PfkZyC
Grayscale Can Be a Bitcoin ETF; Also Sculptor drama, Citadel interns, 3M bribes and student loan payments restarting.
Matt Levine - Bloomberg
There are two ways to run a Bitcoin exchange-traded fund: You could raise money from investors, park it in cash or Treasuries, and trade cash-settled Bitcoin futures listed on a US commodities exchange; You could raise money from investors, use it to buy Bitcoins, and keep the Bitcoins somewhere safe.
/jlne.ws/3EBM5tX
OpenAI Nears $1 Billion of Annual Sales as ChatGPT Takes Off; Startup has made strides toward generating sales from business; OpenAI's ChatGPT helped ignite interest in generative AI
Edward Ludlow - Bloomberg
OpenAI is on track for $1 billion of annual revenue as businesses adopt the technology behind ChatGPT, the generative AI bot that ignited a wave of artificial intelligence investment. The startup backed by Microsoft Corp. is earning about $80 million of revenue monthly, a person briefed on the matter said, asking to speak anonymously about undisclosed figures.
/jlne.ws/44qJfCt
Dimon Joins NY CEOs Asking Biden for Help on Asylum Seekers; Business group urges immediate action to provide relief; Migrant crisis may cost NYC $12 billion by 2025, mayor says
Steve Dickson and Laura Nahmias - Bloomberg
New York City business leaders urged Congress and the Biden administration to provide more money to deal with a flood of 100,000 asylum seekers straining local coffers. "The situation is overwhelming the resources not only of the border region but of city and state governments across the nation," the Partnership for New York City wrote in an open letter to President Joe Biden and congressional leaders Tuesday.
/jlne.ws/47UrONp
Chevron evacuates Gulf platforms, Kinder Morgan to shut pipeline ahead of Idalia
Reuters
U.S. oil producer Chevron (CVX.N) on Tuesday said it evacuated staff from three U.S. Gulf of Mexico oil production platforms while Kinder Morgan (KMI.N) planned to shut a petroleum pipeline, as the energy companies braced for Hurricane Idalia. Hurricane Idalia strengthened over the Gulf of Mexico en route to Florida's Gulf Coast, forcing evacuations in low-lying coastal areas expected to be swamped when the powerful storm hits on Wednesday.
/jlne.ws/3L1bUaa
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Exclusive: Ukraine winter wheat sowing seen unchanged despite export crisis
Pavel Polityuk - Reuters
Ukrainian farmers are not expected to reduce the area of winter wheat they sow for the 2024 harvest despite higher logistics costs due to the wartime export crisis, a senior farming official told Reuters on Tuesday. Ukraine is a major wheat producer and the demise of the Black Sea corridor used to safely export grain during the war spurred speculation that farmers could sow less wheat because of shrinking profit margins due to costlier export routes.
/jlne.ws/3L2rfr5
Ukrainian Drones Strike Deep Inside Russia, Hitting Military Airfield, Other Targets; As Kyiv disables four Russian planes, Moscow launches a missile barrage on the Ukrainian capital
Yaroslav Trofimov and Ann M. Simmons - The Wall Street Journal
Ukraine launched its largest drone attack on military targets across Russia since the war began, disabling several military aircraft in a strike on the Pskov air base, as Moscow unleashed the most sustained missile barrage on the Ukrainian capital in months.
/jlne.ws/3EktvGg
Ukraine's Elite Snipers Fight Russians, Bullet by Bullet; Stealthy assassins aim to sow chaos in enemy ranks by picking off commanders and key troops
Alistair MacDonald and Daniel Michaels - The Wall Street Journal
The war in Ukraine is a meat grinder of artillery, missiles and deadly minefields. Running silently aside all that is a test of battlefield marksmanship for snipers pursuing the fight one shot at a time.
/jlne.ws/3KYrZNZ
Kyiv Hit in Biggest Blitz in Months as Russia Airbase Struck; Two people dead in overnight attack on Ukrainian capital; Russian transport planes damaged in drone raid, Tass says
Daryna Krasnolutska - Bloomberg
Ukraine's capital came under the heaviest missile and drone attack since the spring, as a Russian airbase far from the battlefield was hit in one of the most widespread drone assaults since the Kremlin's invasion.
/jlne.ws/45QguAg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ASX to host first stakeholder Advisory Group meeting for CHESS replacement; ASX will tomorrow host the first meeting of the Cash Equities Clearing and Settlement Advisory Group.
ASX
The new Advisory Group is made up of experienced industry leaders drawn from different stakeholder sectors and fields of expertise. It will be deeply involved in providing advice and recommendations to ASX's Clearing and Settlement Boards on key strategic issues in the provision of cash equity clearing and settlement services.
/jlne.ws/46R1Cme
Nasdaq Announces CFO Transition
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today announced the appointment of Sarah Youngwood as Executive Vice President and Chief Financial Officer, effective December 1, 2023. Youngwood will succeed Ann Dennison, who has held the role since 2021 and will remain at the company until the end of the year to ensure an orderly transition.
/jlne.ws/3R0mvGn
Closing Remarks by Tan Boon Gin, CEO of Singapore Exchange Regulation, at the SID Special Seminar on "Climate Reporting - Directors, How Do You Respond?"
SGX
Good afternoon, everyone and thank you to our speakers for your insights, and to our moderator and panellists for an engaging and original discussion. Listed Issuers' sustainability and climate reporting journey to date
/jlne.ws/3YUMErM
The volume of repo transactions with an open date on the first day exceeded 1 billion rubles
MOEX
On August 28, 2023, repo transactions with an open date became available to professional participants on the money market of the Moscow Exchange. On the first day, the volume of transactions exceeded 1 billion rubles. Credit Bank of Moscow and Bank Saint-Petersburg were the first market participants to make deals with new instruments.
/jlne.ws/45shue7
Position Limits - Government Of Canada Bond Listed Products (Spot Month)
TMX
The applicable position limits for the Government of Canada Bond futures and options on the Government of Canada Bond futures have been updated and are reflected in the position limit file. The position limit file is available in Annex 1 and retrievable here.
/jlne.ws/3rmxCeo
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AI Startup Buzz Is Facing a Reality Check; Venture investors are realizing that generative artificial intelligence might not be enough to stem yearslong startup downturn
Berber Jin - The Wall Street Journal
Founders and venture capitalists who flocked to artificial-intelligence startups are learning that turning the chatbot buzz into successful businesses is harder than it seems. Almost a year into the boom ignited by the November launch of ChatGPT, some startups that epitomized the zeal for so-called generative AI are now navigating layoffs and reduced user interest. Investors are unsure whether the new crop of AI startups will be able to survive, especially as tech giants such as Microsoft and Alphabet's Google solidify their dominance over the technology.
/jlne.ws/3QVoVG8
Asset Tokenization A Trillion Dollar Market Opportunity: JP Morgan, Blackrock, And Goldman Sachs Think So
Roomy Khan - Fortune
The most recent crypto market surge attracted billions of dollars, funding the development of a ubiquitous, resilient global decentralized network. Startup investors poured a staggering $94 billion into emerging web3 ecosystem companies. However, the industry became engulfed in excessive hype and speculative fervor, leading to several market failures and bankruptcies, casting doubts about the industry's future prospects. Regardless, transformative technological and financial innovations such as blockchains, tokens, smart contracts, wallets, etc., have facilitated peer-to-peer transactions, trading, transparency, and instant atomic settlement, providing substantial benefits across the global economy. The gamut of financial innovation has unlocked new opportunities previously unattainable using traditional platforms.
/jlne.ws/47WS5uH
Elon Musk's X is hit with 2,200 arbitration claims from former Twitter employees
Grace Kay - Insider
Elon Musk's social media company formerly known as Twitter has been hit with more than 2,200 arbitration cases from former employees, according to a recent court filing. The company had faced 200 arbitration cases in January - and now 2,000 additional cases have piled up, according to a court filing from a lawsuit involving a former Twitter employee. CNBC earlier reported on the legal filing.
/jlne.ws/3svnMem
Union Investment's trading head Hock steps away from role to pursue digital asset aspirations; Hock has been with Union Investment for almost 10 years, most recently as its head of multi-asset trading, and will now help build out the asset manager's digital assets remit.
Annabel Smith - The Trade
Union Investment's Christoph Hock is set to step away from his role as head of multi-asset trading later this year to pursue an opportunity in digital assets and tokenisation within the asset management firm, The TRADE can reveal. Union is bolstering its digital assets division, The TRADE understands. His new role is not yet public but will be communicated in due course.
/jlne.ws/3OT0g2p
Tokenized U.S. Treasuries Arrive to XDC Network as Digital Bond Market Grows
Krisztian Sandor - CoinDesk
Tradeteq, a U.K-based private debt and real-world asset marketplace, on Tuesday rolled out a tokenized U.S. Treasury offering on the layer 1 blockchain XDC Network, the firm said. The U.S. Treasury Yield (USTY) tokens represent blockchain-based versions of shares in a U.S. Treasury bond exchange-traded fund (ETF), and are accessible for professional investors on Tradeteq's Yieldteq platform.
/jlne.ws/3YTGJ6z
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| Cybersecurity | | Top stories for cybersecurity | FBI Dismantles a Malware System That Took Millions in Ransom; Tens of millions of dollars were lost through Qakbot attacks; Emergency rooms, sheriff's departments were crippled by Qakbot
Margi Murphy - Bloomberg
The FBI said Tuesday that it has taken down a network of hacked devices responsible for extorting tens of millions of dollars from victims around the world. US officials described the network known as Qakbot as one of the most notorious "botnets" in the world, referring to computer networks that have been infected with malicious software so that they can be controlled remotely without the owner's knowledge - often to send phishing emails.
/jlne.ws/3R0k0Uv
FTX customers can't catch a break: Hackers are targeting those trying to recoup funds from bankrupt crypto exchange
Ben Weiss - Fortune
FTX customers are already out almost $9 billion after the crypto exchange, once valued at $32 billion, collapsed in November and soon entered bankruptcy proceedings. And now, some hackers are adding insult to injury by sending these customers fake emails in an attempt to snatch whatever crypto they have left.
/jlne.ws/45LJskE
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| Cryptocurrencies | | Top stories for cryptocurrencies | Sam Bankman-Fried's Complaints About Discovery Are 'Misleading,' DOJ Says
Sam Kessler and Elizabeth Napolitano - CoinDesk
Federal prosecutors have challenged FTX founder Sam Bankman-Fried's allegations that prosecutors dumped "millions" of pages worth of potential evidence on the former CEO's defense team just two months ahead of his criminal trial, a Tuesday court filing shows. The letter to Judge Lewis Kaplan comes after Bankman-Fried requested on Friday that the U.S. District Court for the Southern District of New York bar a large stack of documents from being admitted as evidence at his October trial.
/jlne.ws/3L18vbo
All of Sam Bankman-Fried's Proposed Expert Witnesses Should Be Barred From Testifying: DOJ
Nikhilesh De - CoinDesk
All of FTX founder's Sam Bankman-Fried's proposed witnesses should be disqualified from testifying because their disclosure filings are insufficient, their experience may be misleading or their planned testimony may not be relevant, prosecutors said in a late Monday filing. Bankman-Fried's team, for their part, wants to exclude a financial analysis expert proposed by the Department of Justice because his proposed testimony may not be allowed under the rules.
/jlne.ws/3EeV5VA
FTX Customers Hit by 'Withdrawal' Phishing Mails After SIM Swap Attack; Woes for users of Sam Bankman-Fried's former company show no signs of stopping.
Shaurya Malwa - CoinDesk
FTX customers continue to be plagued by issues several months after the exchange shut down, blocking millions of users from accessing billions in capital stored on the disgraced exchange. Some former users are getting hit by a new phishing attack on their FTX-registered emails a week after Kroll, the claims agent in the bankruptcy proceedings, was impacted by a SIM swapping attack.
/jlne.ws/3L3y1wR
Robinhood and Jump Trading No Longer Have Crypto Partnership: Source
Danny Nelson - CoinDesk
Robinhood Markets Inc., the retail broker whose entry into crypto several years ago was powered by Chicago-based juggernaut Jump Trading, is no longer doing business with the firm, a person familiar with the matter told CoinDesk. Robinhood's no-fee crypto business depends on market-making firms to keep its billions of dollars in volume trading smoothly. But Jump has been reportedly backing away from the U.S. market amid heightened regulatory scrutiny.
/jlne.ws/3YUowFK
Tether Leaning on Bahamas-Based Britannia as US Banks Cut Crypto Ties; Britannia Bank & Trust processes dollar transfers for Tether; Stablecoin issuer faces long-standing questions on reserves
Yueqi Yang and Olga Kharif - Bloomberg
Stablecoin issuer Tether has added Britannia Bank & Trust, a privately-held bank operating in the Bahamas, to process dollar transfers, according to people familiar with the matter. While it's unclear when the banking relationship started, Tether has instructed clients to send money to Britannia's bank account in recent months, the people said, asking not to be identified discussing private information.
/jlne.ws/45RcY8w
What Grayscale's Court Victory Means for Crypto and a US Spot-Bitcoin ETF; Tuesday's ruling isn't the final word on approval of a spot Bitcoin ETF, but it still helped to boost spirits in a beaten-down sector.
Michael P. Regan and Emily Nicolle - Bloomberg
/jlne.ws/3L3ve6R
Crypto Scores Landmark US Legal Win With Grayscale ETF Ruling; Ruling by appeals court overturns decision by SEC to block ETF; Bitcoin surges after release of court opinion on Tuesday
Sabrina Willmer, Allyson Versprille, and Yueqi Yang - Bloomberg
/jlne.ws/3sxMQRO
SEC's Grayscale Court Rout Puts Agency in Will-They, Won't-They Role Starring Gensler
Jesse Hamilton - CoinDesk
/jlne.ws/3EkrxWo
The World's Biggest Bitcoin Fund Posts Best Day in Two Years on Court Ruling; Grayscale Bitcoin Trust rose 17% on bets it will become an ETF; US court overturned an SEC decision to block the conversion
Sunil Jagtiani - Bloomberg
/jlne.ws/47Ws0vQ
Binance's Belgian Customers to Use Polish Entity in Bid to Escape Regulators' Ban
Jack Schickler - CoinDesk
/jlne.ws/3qUDkb6
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| Politics | | An overview of politics as it relates to the financial markets | How Jeffrey Epstein Tried to Tap In to Trump's Circle; Before 2016 election, the convicted sex offender invited Trump campaign backers Peter Thiel and Thomas Barrack to meetings with Russian diplomat
Khadeeja Safdar and David Benoit - The Wall Street Journal
During the 2016 presidential campaign, Jeffrey Epstein began setting up meetings with people close to Donald Trump. He introduced some of them to another of his associates, a top Russian diplomat. Although Trump was a sizable underdog to Hillary Clinton, Epstein began saying in 2016 that he thought Trump could win, and the convicted sex offender bragged about how many people in Trump's orbit that he knew, according to people he met with at the time.
/jlne.ws/45w9gSb
Why Putin may help Trump again
Rick Newman - Yahoo! Finance
Russia's war in Ukraine has entered a standoff phase, with neither side able to make a decisive military move and neither willing to start negotiating a settlement, either. So what might change the outlook? One thing is the 2024 US presidential election. Analysts think Russian President Vladimir Putin is biding for time, hoping former President Donald Trump, the leading Republican contender, gets another term in the White House.
/jlne.ws/3QYLOs6
Do Any Republicans Actually Want to Beat Trump?; Most challengers for the presidential nomination lack the courage to condemn him for being a serial law breaker.
Timothy L. O'Brien - Bloomberg Opinion
I've said it before and I'll say it again: Any time I see a Republican presidential candidate - other than Donald Trump - on television, I'm reminded that they and their party look like they're in a hostage video. They are all trapped by Trump, and none of them have convinced me that they can escape. His Republican challengers held their first national debate recently, offering an array of pols trying to make a case for themselves and the GOP's future.
/jlne.ws/45xPINk
London Is Now the World's Largest Low-Emissions Zone. Was the Fight Worth It?
Jess Shankleman and Olivia Rudgard - Bloomberg
Every driver in London, as of Tuesday, is now subject to strict pollution rules, completing one of the world's most ambitious vehicle emissions policies and taking the British capital closer to having healthy air. While the final expansion of the ULEZ, or ultra low emissions zone, is only a continuation of clean air charges that have been tightening since 2008 - under Boris Johnson when he was mayor of London and now his successor Sadiq Khan - this last phase has been the most controversial.
/jlne.ws/3sAyq3p
UK Government implements major post-Brexit Mifir changes; The updates concern systemic internalisers (SI), share trading obligations (STO), double volume caps (DVC), derivatives trading obligations (DTO) and clearing obligations.
Claudia Preece - The Trade
Key proposed amendments to UK Mifir are set to come into effect in the UK today, as outlined in the recent Financial Services and Markets Act 2023. Changes to the framework are intended to reduce trading restrictions as a whole, and thus enable the market to access more diverse liquidity.
/jlne.ws/47RiZE5
Swiss Start Consultation on Constitutional Protection for Cash
Paula Doenecke - Bloomberg
/jlne.ws/3KZ7mkE
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC's Secret Binance Court Filing Has Observers Bracing for Bad News
Helene Braun - CoinDesk
A new secret court filing related to Binance, the crypto exchange that already faces U.S. accusations of wrongdoing, has some wondering whether more bad news is about to hit the industry giant. On Monday, in the court docket for its case against Binance, the Securities and Exchange Commission submitted a sealed motion, which lets it file sensitive or confidential information without revealing the contents publicly.
/jlne.ws/3Pg1ZjG
Swiss SEBA Bank gets approval-in-principle for Hong Kong crypto services
Georgina Lee - Reuters
Swiss crypto-focused SEBA Bank on Wednesday said it has received an approval-in-principle from Hong Kong's securities regulator that takes it only one step away from offering virtual asset services in the Asian financial hub.
/jlne.ws/3Pho4OD
Japan Regulator to Evaluate Banks' Commercial Property Exposure; FSA cites rate hikes, overseas markets slump in sector; More efforts to boost competitiveness of asset managers
Taiga Uranaka and Nao Sano - Bloomberg
Japan's financial regulator plans to review major banks' exposure to overseas commercial real estate, reflecting global alertness to troubles in the sector. The area is among the credit risks to watch this year, according to the Financial Services Agency in its annual policy guidance released on Tuesday. The regulator cited interest rate rises and deterioration in related markets overseas as reasons to assess the "situation of loans" made in this sector.
/jlne.ws/45TEjqR
Grayscale scores big court win against SEC over bitcoin ETF
Scott Chipolin and Brooke Masters - Financial Times
Asset management firm Grayscale has won a landmark court ruling against US regulators as it seeks to launch a US-listed exchange traded fund tracking the price of flagship cryptocurrency token bitcoin. On Tuesday a federal appeals court in Washington DC ruled that the Securities and Exchange Commission was wrong to reject Grayscale's application to convert its flagship vehicle - Grayscale Bitcoin Trust - into an ETF.
/jlne.ws/3OZACZX
Crypto Scores Landmark US Legal Win With Grayscale ETF Ruling; Ruling by appeals court overturns decision by SEC to block ETF; Bitcoin surges after release of court opinion on Tuesday
Sabrina Willmer, Allyson Versprille, and Yueqi Yang - Bloomberg
Grayscale Investments LLC won a key legal fight in its push to launch a Bitcoin exchange-traded fund, bringing the crypto industry to the precipice of tapping billions of dollars from everyday investors. The firm's court victory over the US Securities and Exchange Commission in a three-judge appeals panel in Washington represents a watershed moment for the largest cryptocurrency.
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The SEC failed to prove that dog wags tail, court rules
Alexandra Scaggs - Financial Times
A panel of three judges ruled today that the Securities and Exchange Commission was "arbitrary and capricious" in its decision that spot markets are fundamentally different from futures markets? Hold on. For some background: a US district court vacated the SEC's decision that prevented Grayscale from converting its closed-end GBTC fund into a spot bitcoin ETF.
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SEC Settles Cease-and-Desist Order Against Citigroup Global Markets
Denny Jacob - The Wall Street Journal
The Securities and Exchange Commission settled cease-and-desist proceedings against Citigroup's broker-dealer unit regarding its underwriting business. Citigroup declined to comment. The SEC said the settlement was in connection with Citigroup Global Markets willfully violating record-keeping requirements regarding expenses related to the firm's underwriting business from 2009 through May 2019.
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Archipelago Trading Services to Pay $1.5m to Settle SEC Charges
Anna Lyudvig - Traders Magazine
The Securities and Exchange Commission (SEC) has announced charges against Archipelago Trading Services (ATSI) for failing to file hundreds of legally required reports of suspicious financial transactions, known as Suspicious Activity Reports (SARs), between August 2012 and September 2020. ATSI, a Chicago-based broker-dealer, has agreed to pay $1.5 million to settle the charges.
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Goldman to pay $5.5 million to settle CFTC charges for failing to record trading desk phone lines
Tomi Kilgore - MarketWatch
Goldman Sachs Group Inc. will pay $5.5 million to settle charges that the bank violated a "cease-and-desist" provision of a prior order and for failing to properly record phone lines of a trading and sales desk for a period of time, according to the Commodity Futures Trading Commission. "As this case demonstrates, the CFTC will continuously pursue swap dealers that fail to meet their recording obligations and there will be consequences for violating CFTC orders, including increased penalties," said Ian McGinley, director of enforcement at the CFTC.
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Federal Court Orders Texas Trading Advisor and Owner to Pay $100,000 Penalty for Registration Violations
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Western District of Texas entered a consent order for permanent injunction, monetary sanctions, and equitable relief against BareIt Media LLC and its owner Ryan Masten. The order requires the defendants to pay a $100,000 civil monetary penalty and permanently enjoins them from operating as commodity trading advisors (CTA) or associated persons (AP) of a CTA without first registering with the CFTC as required in the Commodity Exchange Act and CFTC regulations.
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CFTC Orders Goldman Sachs to Pay $5.5 Million for Recordkeeping Violations and Violating a Prior Commission Order
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Goldman Sachs & Co. The order finds Goldman violated the cease-and-desist provision of a prior order and committed recordkeeping violations in connection with its failure to properly record and retain certain audio files.
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SEC Charges Citigroup Global Markets Inc. with Recordkeeping Failures concerning Underwriting Expenses
SEC
The Securities and Exchange Commission today announced settled cease-and-desist proceedings against broker-dealer Citigroup Global Markets Inc. (CGMI) for willfully violating recordkeeping requirements concerning expenses that the firm incurred in connection with its underwriting business.
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SEC Charges Archipelago Trading Services with Failing to File Suspicious Activity Reports
SEC
The Securities and Exchange Commission today announced charges against Archipelago Trading Services Inc. (ATSI) for failing to file hundreds of legally required reports of suspicious financial transactions, known as Suspicious Activity Reports (SARs), between August 2012 and September 2020. The charges were related to transactions in over-the-counter (OTC) securities executed on ATSI's alternative trading system (ATS). ATSI, a Chicago-based broker-dealer, has agreed to pay $1.5 million to settle the charges.
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SEC Obtains Final Judgment against Bittrex, Inc. and Bittrex Global Gmbh
SEC
On August 15, 2023, the Securities and Exchange Commission obtained a final judgment against crypto asset trading platform Bittrex Inc. ("Bittrex"), its co-founder and former CEO, William Shihara (Shihara"), and Bittrex's foreign affiliate, Bittrex Global GmbH ("Bittrex Global"). The SEC previously charged Bittrex with operating as an unregistered national securities exchange, broker, and clearing agency, and charged Shihara as a control person for Bittrex's violations. The SEC also charged Bittrex Global for failing to register as a national securities exchange.
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FINRA Foundation and AFCPE Announce 2023 FINRA Foundation Military Spouse Fellows
FINRA.org
The FINRA Investor Education Foundation (FINRA Foundation) and the Association for Financial Counseling and Planning Education (AFCPE) announced today the recipients of 2023 FINRA Foundation Military Spouse Fellowship. Thirty military spouses will receive free training and the credentialing exam to earn their Accredited Financial Counselor (AFC) designation, which enhances a career in financial empowerment. AFC-trained counselors use a comprehensive, research-backed, life-cycle approach to empower clients financially.
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ASIC - RBA issue joint letter of expectations to ASX
ASIC
Today, ASIC and the RBA (the Regulators) issued a joint letter outlining regulatory expectations of ASX Clear Pty Limited (ASX Clear) and ASX Settlement Pty Limited (ASX Settlement) when engaging with the newly established ASX Cash Equities Clearing and Settlement Advisory Group (Advisory Group). The Advisory Group, with Independent Chair Alan Cameron AO, was established to advise ASX Clear and ASX Settlement on strategic clearing and settlement issues following longstanding industry concerns over the CHESS replacement program. Concerns raised included the adequacy of ASX's stakeholder engagement and governance process and ASX's management of intragroup conflicts of interest. The letter requires ASX Clear and ASX Settlement to resource, consult and engage with the Advisory Group in good faith and in the public interest.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Why Crypto and Wall Street Are Longing for Spot Bitcoin ETFs
Olga Kharif and Vildana Hajric - Bloomberg
Investors who want to bet on Bitcoin may soon have more options to choose from. Major financial firms including BlackRock, Fidelity and Invesco have submitted applications to sell US "spot" exchange-traded funds tied directly to Bitcoin holdings, and Grayscale Investments LLC won an Aug. 29 court ruling in its push to turn its Bitcoin trust into an ETF.
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Grayscale Can Be a Bitcoin ETF; Also Sculptor drama, Citadel interns, 3M bribes and student loan payments restarting.
Matt Levine - Bloomberg
There are two ways to run a Bitcoin exchange-traded fund: You could raise money from investors, park it in cash or Treasuries, and trade cash-settled Bitcoin futures listed on a US commodities exchange; You could raise money from investors, use it to buy Bitcoins, and keep the Bitcoins somewhere safe.
/jlne.ws/3EBM5tX
Surge in Hedge-Fund Treasury Shorts Hints at Rise of Basis Trade
Edward Bolingbroke - Bloomberg
A surge in short sales of US Treasury futures suggests hedge funds are expanding basis trades, a popular tactic that may be injecting leverage into a bond market whipsawed in the wake of this month's selloff.
/jlne.ws/3qIxGsA
Where Defaults Loom, This Trading Strategy Is Delivering Big Returns; Ukrainian corporate bonds are among top winners in EM markets; MHP and Metinvest notes have doubled since the war began
Selcuk Gokoluk - Bloomberg
In countries where the threat of default never goes away, there's a trading strategy that's delivering big returns. It works like this: find companies that are resilient, even if there's a war a few hours away, sky-rocketing inflation or worries that the government can't pay its debt. And while diving into markets like Argentina and Ukraine isn't for the faint of heart, specialist investors say there's money to be made hunting down the right bargains.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Gensler Lags Predecessors in SEC Rulemaking as ESG Plans Linger
Andrew Ramonas - Bloomberg Law
SEC chair has finished 22 rules since tenure began in 2021; Predecessors adopted more by this point in administration. The SEC under Chair Gary Gensler is issuing regulations at its slowest pace in decades for a new presidential administration, risking leaving climate disclosure rules and other planned ESG reporting priorities unfinished. The Securities and Exchange Commission has adopted only 22 rules since Gensler became the agency's leader in April 2021, according to a Bloomberg Law analysis. The tally was higher at the same point for the first SEC chairs of every administration since at least George W. Bush's presidency, though Gensler is closing the gap.
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What to know about the impact of the US Inflation Reduction Act, plus other top energy stories this week
Roberto Bocca - World Economic Forum
This week's round-up brings you the latest developments in the global energy sector. Top energy news: The impact of the US Inflation Reduction Act; Africa ready for energy growth; Saudi Arabia secures mining stakes for decarbonizing metals 1. The effect of the US Inflation Reduction Act: Report. Since the launch of the US' Inflation Reduction Act (IRA) a year ago, eight years' worth of clean energy investment has taken place in the country, equivalent to more than $270 billion.
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ESG King Oersted Crashes on Multi-Billion Write-Downs; shares in the Danish renewables company plunge 20% on Copenhagen's stock exchange after the firm flagged impairments worth 16 billion Danish Kroner in its US portfolio
Johanna Englund - Morningstar
Shares in Danish energy giant Oersted have plunged after it said it may take write-downs totaling up to 16 billion Danish kroner (£1.8 billion) in its US portfolio due to supply chain, tax, and interest issues. In a statement late Tuesday the company said there was an increased risk some of its suppliers would not fulfill their commitments and the agreed schedule for the Ocean Wind 1, Sunrise Wind and Revolution Wind projects in the USA. Costs will therefore increase and delay revenues.
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'Coal and gas are too expensive': How clean tech is slowly but surely squeezing out fossil fuels' dominance
Michael Holder - BusinessGreen
Two new studies have this week been added to the library of evidence showing clean power technologies are more cost competitive than the fossil fuel generation they are replacing.
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Wyoming Could Gain the Most from Federal Climate Funding, But Obstacles Are Many; Ambitious climate action could reap rewards for the No. 1 coal state, one study concludes. But the state economy remains tied to fossil fuels.
Marianne Lavelle - Inside Climate News
Wyoming Senators John Barrasso and Cynthia Lummis, leading Republican voices on energy policy, have been among the foremost critics of the nation's first comprehensive climate law. Barrasso has called the Inflation Reduction Act, or IRA, the Democrats' "reckless green spending spree," while Lummis derided its "unrealistic measures to cut carbon emissions." But earlier this summer, Barrasso and Lummis co-hosted what they billed as a first-of-its-kind "federal funding summit" to help train Wyoming communities and organizations to apply for the new funds available under bipartisan infrastructure legislation and the IRA's unprecedented $370 billion federal investment in the clean energy transition.
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First US offshore wind auction in Gulf of Mexico attracts paltry interest
Nichola Groom - Reuters
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Verra bolsters carbon offset standard with new labels and updated safeguards
Stuart Stone - BusinessGreen
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How to Develop an ESG Standard
Vibeka Mair - ESG Investor
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Vale Considers Taking Steel Decarbonization Model to US, Brazil
Mariana Durao - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | DCG Reaches Crucial In-Principle Deal With Genesis Creditors, Recoveries Could Be Up to 90%
Amitoj Singh - CoinDesk
Digital Currency Group (DCG) has reached an in-principle deal with Genesis creditors to resolve the claims brought up in Genesis' bankruptcy, according to a court filing on Tuesday. The plan could result in the recoveries of 70%-90% in USD equivalent for unsecured creditors and 65%-90% recovery on an in-kind basis depending on the denomination of the digital asset. All the estimated recoveries are subject to market pricing and definitive documentation.
/jlne.ws/3LpA9zh
US Unveils Plan to Hit More Banks With Long-Term Debt Minimums; Moves by Fed, FDIC are latest response to March's bank turmoil; Proposal offers some relief to midsize banks on debt mandates
Katanga Johnson - Bloomberg
US officials unveiled their latest response to this year's bank turmoil with proposals to boost oversight of midsize lenders and require them to prepare better for potential failures. The plans from the Federal Deposit Insurance Corp. and the Federal Reserve aren't a sign of new stresses in the sector, but are instead an attempt to ensure that lenders can be dissolved smoothly and quickly following any collapse.
/jlne.ws/3Ej3IOT
Singapore Money Laundering Case Embroils City's Banking Giants; Local banks registered charges against firms linked to accused; Case raises questions about guardrails against illicit money
Low De Wei, Chanyaporn Chanjaroen, and Alfred Cang - Bloomberg
Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city-state's largest money laundering cases. DBS Group Holdings Ltd, the country's largest bank, and Bank of Singapore Ltd., the private-banking arm of Oversea-Chinese Banking Corp., are both creditors to investment firms linked to individuals arrested and charged earlier this month in a case involving over S$1 billion ($740 million) of assets, according to business filings seen by Bloomberg News.
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FTSE China Index Series Quarterly Review - Q3 2023
FTSE Russell
FTSE Russell, a leading global index provider, has today announced the results of the FTSE China Index Series quarterly review for September 2023.
/jlne.ws/3L1QDgL
Robinhood Is a Bitcoin Whale. What It Means for the Stock.
Joe Light - Barron's
Robinhood Markets owns one of the largest Bitcoin wallets in the world, according to blockchain analytics firm Arkham Intelligence, the latest sign that the discount brokerage has become a major player in the fight for crypto traders.
/jlne.ws/3LpRIiH
UBS set to post first results since Credit Suisse merger
Nathalie OLOF-ORS - AFP
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Citadel Vets 69,000 Intern Applicants to Find Next Math Geniuses; Griffin's financial empire is going all out in the battle for "truly exceptional" new hires.
Lulu Yilun Chen - Bloomberg
In a hotel ballroom overlooking the South China Sea, 24-year-old Taylor sits with 13 other university students in hoodies and sneakers coding away on laptops during their school break. The two jacked-up security guards sitting outside the hall signal this is no ordinary summer camp: The students flew business class from as far away as California and Singapore to spend several nights at the five-star Fullerton Ocean Park Hotel in Hong Kong.
/jlne.ws/3YSEH6F
After a wave of layoffs, tech is hiring for AI jobs
Jon Swartz - MarketWatch
Tech workers fearful they'll be displaced by artificial intelligence are now lining up for AI jobs. Following a round of spring cleaning that resulted in more than 120,000 layoffs, employers are beefing up staff with specialists in AI and machine learning. Employers like Apple Inc., Netflix Inc., Salesforce Inc., Amazon.com Inc. and Walt Disney Co. are dangling high-paying jobs in search of talent.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Is It Time to Wear a Mask Again? Experts recommend when and how to use them, as Covid continues to circulate.
Dani Blum - The New York Times
As new Covid variants gain traction, reinfections become more common and cases climb in certain areas, a few schools and businesses are reinstating mask requirements. Experts say it makes sense to increase precautions, including turning back to masks. "I tend to say, if you're going to go out, make sure you have a mask in your car, a couple masks at home or at work, so you always have something available to put on," said Andrew Pekosz, a professor of molecular microbiology and immunology at the Johns Hopkins University Bloomberg School of Public Health. Here's a refresher on where, when and how to mask.
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Covid's Back. Who's Most Likely to Get It Again?; A new study of prison populations shows vaccination can ward off infection - up to a point. Masks and ventilation could make the difference.
Lisa Jarvis - Bloomberg Opinion
A new study is offering data to back one of the core assumptions about the spread of Covid: The intensity of exposure to the virus matters, and vaccines and prior infections can only help so much - but they do indeed help. The research, led by scientists at the Yale School of Public Health and published in Nature Communications, also reinforces the common-sense notion that masks and air filtration can augment the protection provided by a vaccine and lower the risk of getting the virus.
/jlne.ws/3L1rnXS
Canada detects first case of highly mutated coronavirus variant BA.2.86
Reuters
Canada has detected its first case of coronavirus infection from the highly mutated BA.2.86 variant of Omicron in a person in British Columbia who had not traveled outside the Pacific province, health officials said on Tuesday. The individual is not hospitalized, and the detection of BA.2.86 virus has not changed the risk to people in British Columbia, the province's top doctor, Bonnie Henry, and Health Minister Adrian Dix said in a joint statement.
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GSK Invests EUR250 Million to Allow Freeze-Drying of Vaccines
Lyubov Pronina - Bloomberg
GSK Plc will invest more than EUR250 million ($272 million) in a Belgian site for vaccines as the country builds on its position as a global health and biotech hub.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia Agrees to Acknowledge Climate Change Impact on Bonds; Acknowledgment is part of proposed settlement terms of lawsuit; Lawsuit sought to halt all marketing of exchange-traded debt
Matthew Burgess - Bloomberg
Australia is set to acknowledge the impact climate change poses to its economy and borrowing costs, according to the terms of a class action lawsuit. The Treasury will issue a statement on its website as part of a proposed settlement of a lawsuit filed in 2020 that alleged Australia misled investors for not disclosing climate risk when selling its debt. A hearing to approve the settlement is scheduled for Oct. 11, according to court documents.
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Hong Kong Issues Cyclone Warning as Super Typhoon Approaches; Hong Kong Observatory to upgrade alert level to No. 3 Thursday; Fujian activates emergency response as it braces for cyclone
Andreo Calonzo and Sing Yee Ong - Bloomberg
Hong Kong issued a tropical cyclone alert as Super Typhoon Saola approached the southern Chinese coast after bringing strong winds and heavy rains to Taiwan on Wednesday. The Hong Kong Observatory raised the No. 1 signal Wednesday and indicated it will upgrade its warning to the No. 3 signal later Thursday - the second level of its five-rung scale.
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Kuwait Wealth Fund's London Arm Manages $250 Billion in Assets
Fiona MacDonald - Bloomberg
The London arm of Kuwait Investment Authority, which manages the country's sovereign wealth fund, has $250 billion of assets under management, KIA Chairman Saad Al-Barrak said. The Kuwait Investment Office's AUM grew from $27 billion in 2003 to $250 billion this year, Al-Barrak, who's also minister of state for economic affairs and investments, said in London on Tuesday during an event marking the KIO's 70th anniversary.
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Texas Asked to Conserve Energy After Power Plant Outages; Electricity usage is lower as intense heat has eased; Ercot plant outages jumped as much as 72% this afternoon
Naureen S Malik - Bloomberg
Texans are being asked to conserve electricity after a high number of fossil fuel plants unexpectedly went offline even as the intense summer heat ebbs. The Electric Reliability Council of Texas, the grid operator, called for conservation from 5 p.m. to 9 p.m. Central on Tuesday because of a "high level of unexpected" outages at fossil fuel generators.
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