| July 02, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
In a commentary I published last night titled "John Lothian Reflects on Physical Challenges and Biden's Debate Performance," I reflected on my own physical limitations and the travel difficulties I experienced on my recent trip, drawing comparisons to President Joe Biden's recent debate performance and the scrutiny faced by public figures. My candid account highlights the health issues we share, including neuropathy and mobility challenges, while emphasizing the added pressure of constant public scrutiny for political leaders.
My reflection touches on the humbling nature of accepting help and the impact of physical limitations on daily activities. I draw attention to the challenges faced by public figures like Biden, who must navigate similar health issues under intense media scrutiny.
The account concludes with my father's wisdom on focusing on blessings rather than losses, while acknowledging the importance of self-assessment. I understand life is always a struggle. Everyone has their struggles. Mine are not special and there are many others that have struggles that are far worse than mine. I am blessed in so many ways. Life is a gift and the extra time I have been given by the wonderful advances in medicine have extended my gift. I would be dead from the pain of my knees or hips had they not been replaced or my back not repaired. People without access to the kind of medical care I have would have overdosed or drunk themselves to death from the chronic pain I experienced before my surgeries. That I can struggle through an airport is absolutely amazing and wonderful and I enjoyed every moment of that struggle.
Parade.com has a story that says "COVID Is Surging Right Now." In the story, it cites data from the CDC as of June 25 that shows the CDC estimates "that COVID-19 infections are growing or likely growing in 44 states and territories, declining or likely declining in 1 state or territory, and are stable or uncertain in 5 states and territories." What is more interesting for you Rt nerds is the Rt data it presents to show the increase in cases.
The end is near. Here is the headline we have all feared. The New York Times reports "A.I. Begins Ushering In an Age of Killer Robots." There is no word whether this includes "Rock 'Em Sock 'Em Robots" too.
Don't miss episode 11 of Futures Discovery with Corties Draper titled "Algorithmic Adventures: Navigating the World of Order Book Strategies in Futures Trading." He interviews University of Illinois Adjunct Professor Brian Peterson, the owner of Windy Financial and managing member at Braverock Investments. And don't miss Corties' look at the quant side of this story titled "BONUS: Algorithmic Adventures - A Quantitative look: Futures Discovery EP 11.
There are 48 open jobs listed at the OCC. Are you looking for a new opportunity?
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories from our previous edition of JLN Options were:
- Traders Are Flocking to Risky Zero-Dated Options. 'You Can Go Completely Broke.' from Barron's.
- 'Roaring Kitty' lawsuit over GameStop is withdrawn for now from Reuters.
- BlackRock Enters Booming Market for Stock ETFs With a 100% Hedge from Bloomberg via Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
John Lothian Reflects on Physical Challenges and Biden's Debate Performance
JohnLothianNews.com
Describing Joe Biden's debate performance last week, New Yorker Editor David Remnick quoted Mark Twain, writing, "It is sad to go to pieces like this, but we all have to do it."
I can identify with that quote. Some of my physical health issues are like those of President Biden, and last week the degradation of my physical abilities caused me to miss my connection between London and Chicago.
Read the rest »
++++
NYSE Options Executive Discusses Industry Growth, Technology Advancements, and Global Expansion
JohnLothianNews.com
In a recent interview at the Options Industry Conference in Asheville, NC, Meaghan Dugan, head of NYSE Options, shared insights on the evolving landscape of the options industry and the exchange's technological advancements.
Dugan highlighted the significant growth in the options market, particularly in short-dated instruments. The options industry has seen a surge in new listings, especially in the short-dated space, she said, pointing to the introduction of Wednesday options as a tradable instrument in the US options market.
Watch the video »
++++
Algorithmic Adventures: Futures Discovery EP 11
JohnLothianNews.com
Today, we're immersing ourselves in a pivotal episode focused on Algorithmic Adventures: Navigating the World of Order Book Strategies in Futures Trading. It's not merely about numbers and charts; it's about deciphering the dynamic landscape of financial trading. Join us as we delve into the intricacies of reading your statement as a professional in the futures market and unravel the secrets behind successful algorithmic strategies.
Watch the video »
++++
Trading Technologies launches day-one connectivity to Abaxx Exchange
Abaxx Exchange
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, announced today that it is now offering its clients access to Abaxx Exchange, a global commodity futures exchange and clearinghouse based in Singapore. The market launched on June 28, with the first trade executed through the TT platform by StoneX Financial. Clients are able to use TT to trade the exchange's energy and carbon derivatives contracts. Products currently offered on Abaxx include five new commodity benchmark futures contracts. These first-of-their-kind, centrally cleared, physically deliverable contracts better enable market participants to execute their energy transition strategies, providing improved price discovery and enhanced risk management tools in liquefied natural gas (LNG) and carbon markets, to be soon followed by solutions for battery metals.
/jlne.ws/45QiKZo
****** OK, so you get in on day one. What do you do on day two?~JJL
++++
Russia Has Arbitrarily Detained WSJ Reporter Evan Gershkovich, U.N. Panel Concludes; International legal scholars cite 'striking lack of any factual or legal substantiation' for espionage accusation
Dustin Volz - The Wall Street Journal
Russia has arbitrarily detained Wall Street Journal reporter Evan Gershkovich under unsubstantiated claims of espionage and should immediately release him from prison, a United Nations panel said. The findings, released Tuesday but adopted in March, add to international condemnation of Gershkovich's arrest and imprisonment in Russia, where he has been held since March of last year on an allegation of espionage that he, the Journal and the U.S. government strongly deny. The U.S. State Department determined Gershkovich was wrongfully detained weeks after his arrest and called for his release.
/jlne.ws/3W5RzGA
***** FREE EVAN NOW!!!~JJL
++++
Monday's Top Three
Our most clicked item Monday was the LinkedIn post from Robbert Booij showing Booijj and Michael Peters slapping hands as they rode their bicycles in opposite directions around the Eurex headquarters, symbolizing Peters handing over leadership of Eurex to Booij. Second was 24-Hour Stock Trading Is Booming - and Wall Street Is Rattled, from The Wall Street Journal, which was our lead story. Third was Acuiti CEO Will Mitting Reveals Innovative Peer-to-Peer Model Reshaping Derivatives Market Intelligence, a JLN video from John Lothian.
++++
++++
|
| | | | |
| Lead Stories | How a London fund with a thorny history in Russia won global influence; Gemcorp's past activities in Africa appear aligned with the Kremlin's strategic priorities. Now it has senior Conservatives on the payroll
Miles Johnson, Joseph Cotterill and Cynthia O'Murchu - Financial Times
In December 2018 Atanas Bostandjiev stepped aboard a Bombardier Global 5000 private jet at Moscow's Vnukovo airport and flew to London. The following afternoon the shaven-headed Bulgarian financier gathered the executives at his investment fund in their glass-fronted offices close to Savile Row. Ahead of the meeting, one of his employees had drafted a memo on a sensitive issue: how to buy influence in politics. Gemcorp, the emerging markets investment group Bostandjiev had founded four years earlier, was seeking to build "informal channels of communication at a senior level of government" in a range of countries, including some of the most corrupt in the world.
/jlne.ws/4f0DDp5
(Opinion) Hedge Funds Are Just Too Big to Beat the Market; The industry is now a multitrillion-dollar business, and that kind of size inevitably leads to disappointing results.
Nir Kaissar - Bloomberg
Hedge funds were once the hottest investment around, but they've long ceded the spotlight to better performers, including private assets, real estate, technology startups and even cryptocurrencies. The latest reminder of that is Bobby Jain's new multi-strategy fund, Jain Global, boasting $5.3 billion in commitments and set to start trading this week. In the heyday of hedge funds, a launch of that size - one of the biggest ever - by one of the industry's brightest lights would have been headline financial news. There's been tepid interest.
/jlne.ws/3zsD1rX
Robinhood Could Use AI to Break Into Advisory; Online broker needs to keep expanding its retirement offerings
Telis Demos - The Wall Street Journal
Robinhood Markets has come a long way, but it still hasn't made the leap into offering full-fledged investment advice. Its latest acquisition, though, might point the way toward how it could someday do that. On Monday, Robinhood said it had acquired Pluto Capital, which, according to the deal announcement, offers investment research powered by artificial intelligence and "delivers highly-customized investment strategies based on customer needs and financial goals."
/jlne.ws/3xGYvk8
BlackRock's Fink: Buying Preqin unlocks 'democratization of all alternatives'
David Hollerith - Yahoo Finance
BlackRock (BLK) CEO Larry Fink made it clear Monday that his firm's acquisition of London data provider Preqin is part of a much larger vision he has to make private markets a lot more investable. "We anticipate indexes and data will be important to future drivers of the democratization of all alternatives," Fink said on a Monday morning conference call. "And this acquisition is the unlock."
/jlne.ws/3zr7F4P
BlackRock Aims to 'Index the Private Markets' After Preqin Deal
Silla Brush - Bloomberg
BlackRock Inc. Chief Executive Officer Larry Fink said its acquisition of data provider Preqin will allow the firm, best known for its index funds, to apply the format to fast-growing assets. "We believe we could index the private markets," Fink said on a call with investors and analysts on Monday after the New York-based money manager announced the £2.55 billion ($3.2 billion) deal. "Just as index has become the language of public markets, we envision we could bring the principles of indexing even iShares to the private markets."
/jlne.ws/4cHw6cH
RJ O'Brien plots expansion into US Treasury clearing; Chairman and CEO says futures house plans to capitalise on SEC's new mandate for interdealer trades
Bernard Goyder - Risk.net
In the 1970s, Chicago-based futures brokerage RJ O'Brien & Associates would send the owner's son Bob O'Brien on trips to visit clients in places like Paris and Washington DC. The only catch was that its clients were mostly cattle ranchers. This meant that the younger O'Brien, who would become company president in 1975, was travelling not to the French and US capitals but to Paris, Illinois and to the small Indianan city of Washington - the DC standing for Daviess County.
/jlne.ws/4d39YK7
'Roaring Kitty' Sued Over Alleged GameStop 'Pump and Dump'
Avalon Pernell - Bloomberg
Popular stocks influencer Keith Gill, better known as "Roaring Kitty," was sued for allegedly orchestrating a "pump and dump" scheme involving GameStop Corp. shares.
Gill, who rose to fame promoting GameStop during the 2021 meme-stock craze, reemerged in May and again began posting about the games retailer on X, the social media platform formerly known as Twitter.
/jlne.ws/3RQ7t5q
GameStop Shareholder Quickly Drops 'Roaring Kitty' Fraud Suit
Avalon Pernell - Bloomberg
A lawsuit accusing popular stocks influencer Keith Gill, better known as "Roaring Kitty," of engaging in a "pump and dump" scheme involving GameStop Corp. shares was dropped within days of its filing. In a proposed class action filed Friday in Brooklyn, New York, federal court, GameStop shareholder Martin Radev sued Gill for securities fraud, claiming he was seeking to manipulate the stock for his own gain. In a court filing late Monday afternoon, Radev said he was voluntarily dismissing the lawsuit. It's unclear why Radev dropped the suit, and his lawyers didn't immediately respond to requests for comment. The dismissal was without prejudice, meaning he is free to file the suit again.
/jlne.ws/4bqPycz
Hedge fund giants Citadel and Millennium post strong first-half gains; Performance of Ken Griffin and Izzy Englander's funds extends profitable run for best-known multi-managers
Costas Mourselas - Financial Times
Hedge funds Citadel and Millennium have made solid gains in the first half of the year, extending a strong run for so-called multi-manager firms that are increasingly dominant in the industry. The flagship Wellington fund of Ken Griffin's Citadel was up 8.1 per cent at the end of June, while Izzy Englander's hedge fund Millennium was up 6.9 per cent, according to people who have seen the numbers.
/jlne.ws/4cLWDFC
Immunity Ruling Escalates Long Rise of Presidential Power; Beyond Donald J. Trump, the decision adds to the seemingly one-way ratchet of executive authority.
Charlie Savage - The New York Times (analysis)
The Supreme Court's decision to bestow presidents with immunity from prosecution over official actions is an extraordinary expansion of executive power that will reverberate long after Donald J. Trump is gone. Beyond its immediate implications for the election subversion case against Mr. Trump and the prospect that he may feel less constrained by law if he returns to power, the ruling also adds to the nearly relentless rise of presidential power since the mid-20th century.
/jlne.ws/45NfYEa
Hurricane Beryl Sets Record for Strongest Atlantic Storm to Form This Early; Warm ocean, weak winds caused rapid intensification, previewing a supercharged storm season
Eric Niiler - The Wall Street Journal
Hurricane Beryl is churning across the Caribbean with wind gusts of more than 200 mph, making it the strongest Atlantic hurricane ever to form this early in the season. Meteorologists warn that other powerful storms are on the way in the coming months. The reason: warm ocean waters. Beryl reached Category 5 strength-when sustained winds are at least 157 mph-after quickly growing from a tropical depression on Friday. Early Tuesday, forecasters said Beryl reached 165 mph sustained winds with gusts at 201 mph. It is the first time that a Category 5 hurricane has formed at this time of year since record-keeping began in 1851, according to the National Weather Service.
/jlne.ws/3zrOrvV
Rules Must be Considered in Combination
ISDA
In about 18 months, the first US Treasury securities will be mandated for clearing under new Securities and Exchange Commission (SEC) rules. As demonstrated by the efforts to introduce clearing in the derivatives markets a decade ago and, more recently, the implementation of margin requirements for non-cleared derivatives, a structural change of this scale will take time and careful thought. But we also can't consider this requirement in isolation - we should think hard about the impact of various rules in combination to ensure policymakers achieve the outcome they want: a resilient, efficient Treasury market.
/jlne.ws/4cglNfP
Collapsed FTX-linked lender Silvergate pays $63mn to settle probes
Tabby Kinder and Stephen Gandel and Brooke Masters - Financial Times
Defunct California bank Silvergate will pay $63mn to settle civil charges brought by federal and state regulators tied to the bank's collapse in the wake of the massive fraud that brought down crypto exchange FTX. The $63mn includes penalties assessed by the US Securities and Exchange Commission, the Federal Reserve and the California Department of Financial Protection and Innovation.
/jlne.ws/4cq6m4T
Bankers wary despite jump in US corporate fundraising; First-half activity boosted by companies bringing forward deals to avoid pre-election market volatility
Harriet Clarfelt and Nicholas Megaw - Financial Times
US corporate fundraising picked up sharply in the first half of 2024, but bankers are growing increasingly cautious over whether the revival will continue as uncertainty over the presidential election and the timing of interest rate cuts casts a shadow over the rest of the year. Fundraising activity jumped in the first half of 2024, with borrowing in US high-grade and junk-rated debt markets up almost 50 per cent to $1.3tn, according to PitchBook LCD. Fundraising through initial public offerings jumped 80 per cent to almost $20bn, according to Dealogic. But bankers say that part of that activity was driven by companies pulling forward their financings in order to avoid potential volatility later in the year, and some are not convinced that it represents a return to more normal conditions.
/jlne.ws/4cnE4bf
IMF And World Bank Group Announce Joint Bretton Woods At 80 Initiative
Mondovisione
In recognition of the 80th anniversary of the United Nations Monetary and Financial Conference (the "Bretton Woods Conference"), the International Monetary Fund and the World Bank Group today announced the launch of a consultation tasked with developing a long-term view on the future of the world economy, international cooperation, and the roles of the Bank and the Fund. The Bank and the Fund are pleased to announce the formation of a group of external advisors to help guide the exercise, comprising Sri Mulyani Indrawati, Minister of Finance of Indonesia; Patrick Achi, former Prime Minister of Cote d'Ivoire; and Mark Malloch Brown, former Deputy Secretary-General of the UN. Working closely with Ajay Banga, President of the World Bank Group, and Kristalina Georgieva, Managing Director of the IMF, the advisors will lead a discussion with global stakeholders on the shape of the world economy 20-30 years from now, on how multilateralism may evolve, and, crucially, on how the Bank and the Fund can best support stability and progress on a livable planet.
/jlne.ws/4coSBmZ
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia 'studying captured ATACMS'
Iona Cleave - The Telegraph
Russian forces have captured and are now studying an intact guidance system from a long-range US-made ATACMS missile, according to reports. Video footage released by the Russian state news agency RIA showed an unidentified weapons expert examining what he said was the American technology behind an allegedly downed ATACMS missile. The expert claimed the captured hardware will allow Russia to study how the missiles, which can strike up to 300km away, are controlled during flight.
/jlne.ws/3RSR2p3
Russia's devastating glide bombs keep falling on its own territory; Internal Russian documents show how often its glide bombs hit its own territory, likely due to faulty guidance systems, say experts.
Mary Ilyushina and Isabelle Khurshudyan - The Washington Post
The powerful glide-bombs that Russia has used to such great effect to pound Ukrainian cities into rubble have also been falling on its own territory, an internal Russian document has revealed. At least 38 of the bombs, which have been credited with helping drive Russia's recent territorial advances, crashed into the Belgorod region on the border with Ukraine between April 2023 and April 2024, according to the document obtained by The Washington Post, though most did not detonate.
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE Europe's liquid resources up 27% under new model; More comprehensive stress-testing model pushes highly marketable collateral to record high in Q1
Joshua Walker - Risk.net
ICE Clear Europe saw the size of its liquidity pool expand 27% in the first quarter following the implementation of a new liquidity stress-testing model. The increase was driven by liquid resources classified as highly marketable collateral - assets that can be readily converted into cash without material market price impact even in extreme but plausible market conditions. The central counterparty (CCP) disclosed a record high of $37.5 billion, marking an 82.6% increase from the previous quarter
/jlne.ws/3XNe30r
Nasdaq Welcomes 66 IPOs in the First Half of 2024; Featured the largest U.S. company IPO and switch; Nasdaq IPO Pulse Index signals positive outlook for remainder of 2024
Nasdaq
Nasdaq (Nasdaq: NDAQ) announced today that in the first half of 2024, it welcomed 66 initial public offerings (IPOs), raising a total of $8.7 billion. A total of 53 operating companies and 13 SPACs listed on Nasdaq during the first six months of 2024, representing a 71% win rate of Nasdaq-eligible operating company IPOs in the U.S. market, and extending Nasdaq's leadership to 42 consecutive quarters. In addition to the IPOs, 7 companies transferred their corporate listing to Nasdaq, including Science Applications International Corp (SAIC), the largest exchange transfer so far this year, representing $7.4 billion in market cap.
/jlne.ws/4cHWCCG
CME Group Reports Record June and Q2 2024 Volumes, Reaching New Highs Across Multiple Asset Classes
CME Group
Record June ADV of 25.3 million contracts, up 8% year-over-year; Record Q2 ADV of 26 million contracts, with growth in all asset classes; Record June and Q2 ADV in U.S. Treasury futures and options; All-time monthly and quarterly records for Agricultural products; Record Q2 international ADV of 7.8 million contracts. CME Group, the world's leading derivatives marketplace, today reported its June and Q2 2024 market statistics, showing average daily volume (ADV) reached a record 25.3 million contracts for the month of June and a record 26 million contracts for Q2. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3VLwMqB
Nasdaq Announces the Board of Directors of its U.S. Exchanges
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today announced the election of all nominated directors to the boards of the U.S. exchanges operated by the company, which include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq GEMX, LLC:
/jlne.ws/3W6lqyR
TAIFEX to Launch Micro TAIEX Futures
TAIFEX
Taiwan Futures Exchange (TAIFEX) will introduce Micro TAIEX Futures (TMF) to offer investors a more adaptable trading tool. The contract specifications of the TMF are similar to the existing TAIEX Futures (TX) and Mini TAIEX Futures(MTX), but with a contract multiplier of NTD 10, which is 1/20th the size of TX and 1/5th the size of MTX. This new product aims to provide greater flexibility and accessibility for market participants. Below are the contract specifications for the Micro TAIEX Futures.
/jlne.ws/4d1O0qT
ICE Mortgage Monitor: As Market Gradually Shifts to Higher Rates, Latest Data Identifies Possible Refinance Tipping Point
Intercontinental Exchange
According to ICE Mortgage Technology data and analytics, as of May, 24% of mortgage holders had current interest rates of 5% or higher, up from 10% two years ago; Four million loans originated since 2022 have rates of 6.5% or higher - 1.9M at 7%+ - providing modest opportunity for growth in the number of mortgage holders with incentive to refinance as rates ease; An average of ~240K mortgages sit in each 1/8th of a percent rate band from 7-7.625% providing only modest increases to the number of in-the-money mortgages as those loans gain refinance incentive; There's a spike of 690K loans with rates just below 7%, driven in part by borrowers buying down their rates for the comfort of an interest rate that starts with a 6, which could be a tipping point to more meaningful, albeit still modest, refi activity as those borrowers gain incentive to refinance
/jlne.ws/3zuYWPi
B1G Numbers June 2024: Key Figures from SIX Swiss Exchange
SIX
Watch the new "B1G Numbers" video and get first-hand information about the trading and listing activity in the past month on the Swiss stock exchange. B1G Numbers June 2024: Key Figures from SIX Swiss Exchange. Trading turnover on SIX Swiss Exchange totalled CHF 92.1 billion in June - significantly less than in the previous month, but 2.6% more than in June 2023. 635,102 mn were traded in H1/24 - an impressive 14.3% more than in H1/23. In terms of transactions, there were just over 3.5 million trades in June, also less than in the previous month - but with 24.2 million in the first half of the year, roughly at the same level as in 2023.
/jlne.ws/3W9h6ip
Performance Bond Requirements - Agriculture, Equity, Energy, and Metal Margins - Effective July 02, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on July 02, 2024.
/jlne.ws/3VPLPPW
Xetra Gold stocks fall to 176 tonnes; Decrease of 23 tonnes compared to the beginning of 2024; Largest gold security with physical deposit in continental Europe
Deutsche Boerse
The gold inventory of Xetra-Gold (ISIN: DE000A0S9GB0 ) decreased in the first half of 2024. It now stands at 175.5 tonnes, which corresponds to a decrease of 23.2 tonnes over the course of the year. At the beginning of 2024, the inventory was still 198.7 tonnes of gold. Over a period of five years, the inventory has fallen by 18.8 tonnes, while the gold price per gram in euros has risen by 75 percent overall.
/jlne.ws/4cgp7rj
Cash market turnover statistics for June 2024
Deutsche Boerse
A trading volume of Euro106.75 billion was achieved on Deutsche Boerse's cash markets in June (previous year: Euro106.02 billion / previous month: Euro114.19 billion). Of this, Euro103.49 billion was traded on Xetra (previous year: Euro103.15 billion / previous month: Euro111.06 billion), meaning that the average daily turnover on Xetra was Euro5.17 billion (previous year: Euro4.69 billion / previous month: Euro5.05 billion). Euro3.25 billion was traded on the Frankfurt Stock Exchange (previous year: Euro2.87 billion / previous month: Euro3.13 billion).
/jlne.ws/3W6qfYZ
Notice Of Disciplinary Action; Non-Member: Attila Fekecs
CME Group
Nymex Rule: 534. Wash Trades Prohibited. Penalty: Based on the record and the Panel's findings and conclusions, the Panel ordered Fekecs to pay a $50,000 fine and serve a five-year suspension from direct access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization, or swap execution facility owned or controlled by CME Group. The suspension shall begin on July 1, 2024 and continue for five years from the date that payment of the fine is received in full.
/jlne.ws/3zoLM69
Notice of Disciplinary Action: Non-Member: Jae Jun Kim
CME Group
Comex Rules: 575.B. Disruptive Practices Prohibited. No person shall enter or cause to be entered an actionable or non-actionable message(s) with the intent to mislead other market participants. Based on the record and the Panel's findings and conclusions, the Panel ordered Kim to pay a fine in the amount of $120,000 in connection with this case and companion cases CBOT and NYMEX 22-1561-BC ($40,000 allocated to each Exchange). The Panel also permanently suspended Kim from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group.
/jlne.ws/3RSDutA
Interim Revision of the LuxX Index on 1 July 2024
Luxembourg Stock Exchange
In accordance with the rules governing the LuxX index, the executive committee of the Luxembourg Stock Exchange has decided to rebalance the LuxX index (base 1,000 as at 04/01/1999). The LuxX index will have the following composition as from Monday, 1 July 2024:
/jlne.ws/3W6qXFD
Revision of the LuxRI Fund Index on 1 July 2024
Luxembourg Stock Exchange
In accordance with the rules governing the LuxRI Fund index, the executive committee of the Luxembourg Stock Exchange has decided to rebalance the LuxRI Fund index (base 1,000 as at 01/07/2013). The LuxRI Fund Index will have the following composition as from Monday, 1 July 2024:
/jlne.ws/3XLXEcu
Amendment in existing policy for processing of claims received against defaulter / expelled members
Multi Commodity Exchange of India
The Exchange vide circular no. MCX/ISD/055/2021 dated January 27, 2021, and circular no. MCX/ISD/600/2021 dated September 17, 2021, had informed all Members of the Exchange and their constituents, inter alia, about the policy, which states the conditions in which the claim against defaulter member shall be rejected.
/jlne.ws/3zA1MlN
02.07.2024, 15-14 the values of the lower limit of the repo price corridor, the carry rate and the range of interest rate risk assessment for the BANE security (Bashneft JSC) were changed.
MOEX
In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 02.07.2024, 15-14 (Moscow time), the values of the lower limit of the repo price corridor with the settlement code Y0/Y1Dt (up to -57.22%), the transfer rate and the range of interest rate risk assessment (up to -5.57 rubles, equivalent to a rate of 80.73%) of the BANE security (Bashneft JSC) were changed.
/jlne.ws/3W6YWO8
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Leading Financial Markets Lawyer Ciaran McGonagle Joins Tokenovate as Chief Legal and Product Officer; Digital assets and smart contracts legal expert to drive critical next phase of rolling out the product and platform for trade lifecycle events management
Tokenovate
Tokenovate, a company specialising in trade lifecycle event management, is pleased to announce the appointment of Ciaran McGonagle as Chief Legal and Product Officer. In this new role, Ciaran will lead the creation and execution of its legal-first product vision and strategy, while also serving as in-house counsel, as the company embarks on its next phase of developments.
/jlne.ws/45V9naY
Ballmer Is Richer Than Gates, a First for Microsoft Billionaires; Former Microsft CEO is now the 6th-richest person in the world; Gates diversified his holdings and gave billions to charity
Vernal Galpotthawela - Bloomberg
Steve Ballmer passed Bill Gates on Monday to become the sixth-richest person in the world, the first time the former chief executive officer of Microsoft Corp. has been wealthier than the company's co-founder. The move came as Microsoft shares rose to a fresh record, bringing their total gain this year to 21%. The company, through its partnership with OpenAI, has been one of the biggest beneficiaries of the artificial intelligence rally that has powered the US stock market higher.
/jlne.ws/4ePFCwm
Revolut chair welcomes London listing overhaul as fintech reports record profits; UK-based company helped by higher interest rates as it expands customer base
Akila Quinio - Financial Times
The chair of Revolut has praised upcoming reforms to UK listing rules but fell short of committing to a London initial public offering as the British fintech reported record profits. "All the moves [regulators] are making are good, they're allowing founder-led companies like Revolut to list here rather than just have no choice," Martin Gilbert told the Financial Times on Tuesday. "But again let's see how it all pans out, the proof will definitely be what happens in the future."
/jlne.ws/4ePG5yk
Capital.com partners with TradingView to provide charting tools for better informed trading; Partnership will offer access to financial visualisation tools, drawing tools, customisable charts and a wide range of indicators to bolster trading experiences.
Wesley Bray - The Trade
Capital.com has entered a partnership with analytical tools provider TradingView to help enable better informed trading. The partnership will offer Capital.com's clients with access to TradingView's financial visualisation tools, as well as enhanced drawing tools, customisable charts and a wide range of indicators to bolster their trading experience.
/jlne.ws/3zmpYrM
Nvidia to Be Hit by French Antitrust Complaint, Reuters Says
Nick Turner and Samuel Stolton - Bloomberg
French antitrust enforcers are preparing to charge Nvidia Corp. with allegedly anticompetitive practices, Reuters reported, as the world's most valuable chipmaker faces mounting regulatory scrutiny. The French agency would be the world's first to take such a step, Reuters said, citing unidentified people with direct knowledge of the matter. The charge sheet - or statement of objections - would follow a raid of Nvidia offices last year.
/jlne.ws/4cn7Qwt
Northern Data Weighs AI Unit IPO at Up to $16 Billion Value; Combined cloud, data center business could list on Nasdaq; Company secured financing from Tether Group to buy chips
David Pan and Eyk Henning - Bloomberg
/jlne.ws/3RPLmw5
AI is changing banking, UBS executive says
Reuters
/jlne.ws/3VRq9mH
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | APP scams are the most dangerous type of fraud, according to The Payments Association report
The Payments Association
65% of the UK's payments industry sees fraud as its most pressing financial crime threat, according to a major new Financial Crime survey from The Payments Association; Industry experts identify Authorised Push Payment (APP) fraud as the most damaging type of fraud; New rules from the Payment Systems Regulator (PSR) require payment companies to compensate victims of APP fraud, raising concerns about potential harm to businesses and stifling innovation.
Decision-makers from payments businesses across the UK have identified Authorised Push Payment (APP) fraud as the top threat to both their businesses and consumers. This is according to the first findings of an in-depth financial crime survey by The Payments Association, which champions innovation and collaboration across the industry, due for full publication later this month. APP fraud has emerged as a significant fraud, targeting the public and small businesses. APP fraud losses were £459.7million, down five per cent compared to last year. This comprised £376.4million of personal losses and £83.3million of business losses.
/jlne.ws/4buZSjE
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Collapsed crypto exchange Mt. Gox is about to unload $9 billion of coins; In a few days, bankrupt Tokyo-based bitcoin exchange Mt. Gox will begin paying back thousands of users.
MacKenzie Sigalos and Ryan Browne - CNBC
A bitcoin exchange that collapsed 10 years ago after being hacked is set to return billions of dollars' worth of the token to users - and it has investors worried. In a few days, bankrupt Tokyo-based bitcoin exchange Mt. Gox will begin paying back thousands of users almost $9 billion worth of tokens. The platform went under in 2014 following a series of heists that cost it in the range of 650,000 to 950,000 bitcoin, or upward of $58 billion, at current prices. The payout follows a protracted bankruptcy process that's involved multiple delays and legal challenges.
/jlne.ws/4buzLcX
Bitcoin Miners Fee Decline Seen Raising Risk of Forced Selling, Kaiko Says; Lower network fees, block rewards hamper miners, Kaiko says; Miners may look to sell Bitcoin holdings and consolidate
Benjamin Taubman - Bloomberg
Lower network fees and reduced rewards for mining Bitcoin raises the risk of forced selling of the digital asset by companies that compete to validate the cryptocurrency's transactions, according to a report from Kaiko Research. Fees have decreased to an average price between $3 and $5, down from around $45 in January, Kaiko data show. In April, a code update referred to as the halving reduced the block rewards received for solving complex equations to process the transactions to 3.125 Bitcoin from 6.25 Bitcoin.
/jlne.ws/4brM89E
EU crypto traders urged to convert non-compliant stablecoins to regulated ones as MiCA framework takes effect
Brian McGleenon - The Block
The EU's Markets in Crypto Assets (MiCA) regulation for stablecoins has now come into effect, with a stipulation that only regulated stablecoins will be permitted for use within the bloc. The new regulatory framework requires a series of actions for many companies and users wishing to issue or use stablecoins within the EU. According to YouHodler CEO Ilya Volka, it is now crucial for stablecoin users within the EU to convert non-compliant stablecoins to regulated ones like USDC. "This conversion ensures maximum stability and will not impact the value of digital assets," Volka told The Block.
/jlne.ws/3XMAcfq
Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules; Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in compliance with MiCA.
Ian Allison, Krisztian Sandor - CoinDesk
Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license, a prerequisite to offering dollar- and euro-pegged crypto tokens in the European Union (EU) under the Markets in Crypto Assets (MiCA) regulatory framework. The license gives the company, whose USDC trails behind rival Tether's market-leading USDT, pole position in grabbing market share among the 27-nation trading bloc's 450 million people.
/jlne.ws/3zzv6J8
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Joe Biden and the tragedy of liberal denialism; The left ignores problems on its own side, and recent history has turned on that failure
Janan Ganesh - Financial Times
There is no good solution now. We are in the realm of the least worst. If the US Democrats go with someone other than Joe Biden as their presidential nominee, think of the implicit message to voters. "We tried our utmost to sneak an untenable candidate past you but the scrutiny of a live television debate foiled us. Ah well, here's his replacement." This eleventh-hour capitulation to realities that have been obvious for several years looks both clumsy and slippery.
/jlne.ws/3XLVRUO
Anger mounts at Joe Biden's inner circle after debate debacle; Democratic insiders alarmed by advisers' reluctance to consider president's exit from White House race
Joshua Chaffin, Lauren Fedor and James Fontanella-Khan and Demetri Sevastopulo and Alex Rogers - Financial Times
Democrats' panic over Joe Biden's disastrous debate performance is turning to anger at the president's family and close circle of advisers for concealing his condition and their unwillingness to countenance his exit from the White House race. Interviews with party donors, consultants and operatives since Thursday's debate have revealed a growing belief that Biden is no longer fit to challenge Donald Trump for the presidency and should make way for a younger candidate.
/jlne.ws/3W3K7fg
Donald Trump is threat to US economy and democracy, Kenneth Frazier says; Former Merck boss urges business leaders to consider risk posed by ex-president to the rule of law
Brooke Masters - Financial Times
US business leaders must consider the "existential threat" that a second Donald Trump presidency would pose to the country's democracy and the health of its economy, former Merck chief executive Kenneth Frazier has said. "It is a mistake for Americans to lose sight of the larger issue," Frazier told the Financial Times. "Returning President Trump to the White House will threaten our democracy and severely weaken our economy."
/jlne.ws/3La4kKg
Why Kamala Harris Would Be Biden's Likeliest Replacement; If the president ends his re-election bid, his vice president would be the clear front-runner to lead the Democratic ticket-despite her own political weaknesses
Catherine Lucey and Tarini Parti - The Wall Street Journal
Vice President Kamala Harris is under a fresh spotlight as Democrats buzz about who should replace President Biden were he to drop his re-election bid. So far, Biden has shown no interest in exiting the race following a halting debate performance that raised questions about his age and abilities. But while some Democrats ponder a variety of governors or lawmakers who could step in as nominee, the likeliest alternative to the current ticket remains one led by Harris.
/jlne.ws/4eMlIlA
Judge Blocks Biden's Bid to Halt LNG Export Licenses Over Climate; Government decision was 'without reason or logic,' judge says Energy Department studying climate effects of LNG shipments
Jennifer A Dlouhy - Bloomberg
A federal judge halted Joe Biden's temporary moratorium on new licenses for exports of US liquefied natural gas, though the decision is unlikely to immediately jump start approvals. US District Judge James D. Cain Jr. in Louisiana issued a preliminary injunction Monday in a lawsuit filed by 16 states, which argued Biden violated federal law by halting licenses in January to assess impact of shipments on climate change. Patrick Morrisey, the attorney general of West Virginia, called the decision "a big win for the country's energy industry and the millions of jobs it supports."
/jlne.ws/4eNWCmA
Trump Isn't Going to Like the Supreme Court's Immunity Decision; In particular, there's a single line in the majority opinion that lets Special Counsel Jack Smith retain plenty of leeway.
Stephen L. Carter - Bloomberg Opinion
Anyone who expected the US Supreme Court to give clear guidance on the extent to which former President Donald Trump can be tried (and tried and tried) for the crimes of which he has been accused must surely be disappointed with the complexity of what the justices decided in Trump v. United States. The case was sent back to the lower courts for further proceedings. But clarity shouldn't have been expected, not least because there are, essentially, no precedents. There's much in Chief Justice John Roberts's majority opinion to hearten the former president - part of the indictment brought by Special Counsel Jack Smith will be dismissed. But the prosecution, too, gets an important piece of what it wanted.
/jlne.ws/4brIcWq
France's parties scramble to keep far right from power
Leila Abboud, Adrienne Klasa and Brian Johnston - AFR
French centrist and left-wing parties raced against time on Monday (Tuesday AEST) to keep National Rally from power, despite the far-right party's victory in the first round of parliamentary elections. The RN's opponents on the centre and the left have until Tuesday (Wednesday AEST) to decide whether to pull candidates out of hundreds of election run-offs and have begun limited electoral co-operation against Marine Le Pen's party.
/jlne.ws/4cubPaL
France's Future Narrows: Two Unsavory Scenarios for Investors; Hung parliament or outright majority for National Rally looms; Fading market optimism after results reflects cloudy outlook
William Horobin and Alice Gledhill - Bloomberg
/jlne.ws/4bAOxPq
Singapore Proposes Tougher Law to Catch Money Launderers; City-state is seeking to police the influx of foreign wealth; Lower threshold for checks on cash deposits casinos receive
Bernadette Toh and Chanyaporn Chanjaroen - Bloomberg
/jlne.ws/4cJSfHd
Modi's Russia Visit Dents West's Efforts to Cast Putin as Pariah; Russia trip is Modi's first since Putin's invasion of Ukraine; India has been a major buyer of Russian oil since war started
Henry Meyer and Sudhi Ranjan Sen - Bloomberg
/jlne.ws/4bueYG8
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | Federal Reserve Board fines Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate's monitoring of transactions in compliance with anti-money laundering law
Board of Governors of the Federal Reserve System
The Federal Reserve Board on Monday fined Silvergate Capital Corporation and Silvergate Bank $43 million for deficiencies in Silvergate's monitoring of transactions in compliance with anti-money laundering laws. The Board's action was taken in coordination with an action by the Department of Financial Protection and Innovation of the State of California, the state supervisor of Silvergate. The penalties announced by the Board and state total $63 million. The U.S. Securities and Exchange Commission separately announced a penalty against Silvergate Capital Corporation.
/jlne.ws/3XLWyh6
Singapore Jails Former Fund Manager For Bond Misconduct
Megawati Wijaya - Bloomberg
A Singapore court sentenced a former fund manager at One Asia Investment Partners to a six-month jail term for acts which were likely to defraud investors. Sun Weiyeh is the first to be convicted under the Securities and Futures Act for fraudulent or deceptive conduct related to over-the-counter bond trading, the Monetary Authority of Singapore said in a statement Tuesday.
/jlne.ws/4bn3d4o
CFTC Announces Supervisory Stress Test Results
CFTC
The Commodity Futures Trading Commission today issued Supervisory Stress Test of Derivatives Clearing Organizations: Reverse Stress Test Analysis and Results, a report detailing the results of its fourth Supervisory Stress Test (SST) of derivatives clearing organization (DCO) resources. Among other findings, the 2024 report concluded the DCOs studied hold sufficient financial resources to withstand many extreme and often implausible price shocks.
/jlne.ws/3VODhc9
ISDA Proceeds with Development of an Industry Notices Hub
ISDA
The International Swaps and Derivatives Association, Inc. (ISDA) will proceed with the development of an industry-wide notices hub, following strong support from buy- and sell-side institutions globally. The new online platform will allow instantaneous delivery and receipt of critical termination-related notices and help to ensure address details for physical delivery are up to date, reducing the risk of uncertainty and potential losses for senders and recipients of these notices.
/jlne.ws/3L6b63B
SEC, MSRB, FINRA to Hold Hybrid Compliance Outreach Program
SEC
The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced the opening of registration for both in-person and virtual attendance of their Compliance Outreach Program for municipal market professionals. The event is open to the public and will take place on Wednesday, Nov. 20, and Thursday, Nov. 21, 2024, at the Byron Rogers Federal Building in Denver, Colorado. The program will provide municipal market participants an opportunity to hear from SEC, MSRB, and FINRA staff on timely regulatory and compliance matters for municipal advisors and dealers. Panel topics will include compliance pain points for municipal advisors and broker-dealers, exam and enforcement priorities, a regulatory outlook, net capital requirements, federal fiduciary duty, post-trade monitoring, and other municipal market hot topics.
/jlne.ws/3VNiLIX
Super trustees urged to strengthen oversight of retirement strategy implementation
ASIC
ASIC and the Australian Prudential Regulation Authority (APRA) are calling on superannuation trustees to boost efforts to track and measure the impact of their strategies to improve retirement outcomes for members.
/jlne.ws/4clSwAz
ASIC suspends AFS licence of HLK Group Pty Ltd
ASIC
ASIC has suspended the Australian financial services (AFS) licence of HLK Group Pty Ltd (HLK Group) for a period of six months until 27 December 2024.
/jlne.ws/4bpxxLH
India's SEBI says charges levied by market institutions should be uniform
Reuters
India's market regulator said on Monday charges levied by market infrastructure institutions such as stock exchanges, clearing corporations and depositories should be uniform and not based on volumes. Exchanges often charge a lower fee to brokers if they generate high volumes, contributing to a surge in trading across segments like derivatives.
/jlne.ws/4cJjKkm
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Russell Rebalance Breaks Record for Trading Volume at $219.6 billion
Press Release via Traders Magazine
Global index provider FTSE Russell celebrated the conclusion of its 36th annual Russell Reconstitution at the close of today's US markets, setting another record for shares traded across both Nasdaq and NYSE as Microsoft (MSFT) officially reclaims - for the first time since 2020 - the largest company position from Apple (AAPL) in the Russell 3000 and large cap Russell 1000 Indexes. The annual Russell Reconstitution rebalances the entire Russell US Indexes family - now in their 40th year - to maintain an accurate representation of US equity markets and reflect the dynamic US economy. Typically culminating in one of the highest trading volume days of the year, today's markets closed with $219.6 billion traded across Nasdaq and NYSE - $95.3 billion and $124.3 billion in US stocks traded on the Nasdaq and NYSE, respectively.
/jlne.ws/4eLmXSc
Canna SPAC Has Phantom Stock SPACs, 24-hour trading, Roaring Kitty is a 13G filer, you can't be fired for doing crime at work and Chevron is overruled.
Matt Levine - Bloomberg Opinion
Canna Global. Every so often a company needs to sell stock, but it doesn't have any stock to sell. There is some restriction in its corporate charter saying that it can't issue any more stock,1 but it needs money, there are willing buyers, and there's a deal to be done, if only there were any shares of stock left. It is a frustrating problem. "Stock" is not a real thing; stock is just a way to account for fractional ownership of the company, and in some sense the company can always create more. It's just that the corporate charter does not currently allow it to.
/jlne.ws/4eLnQu0
Ballmer Is Richer Than Gates, a First for Microsoft Billionaires
Vernal Galpotthawela - Bloomberg
Steve Ballmer passed Bill Gates on Monday to become the sixth-richest person in the world, the first time the former chief executive officer of Microsoft Corp. has been wealthier than the company's co-founder. The move came as Microsoft shares rose to a fresh record, bringing their total gain this year to 21%. The company, through its partnership with OpenAI, has been one of the biggest beneficiaries of the artificial intelligence rally that has powered the US stock market higher.
/jlne.ws/3W5lTBh
Wall Street Maps Out What a Trump Win Would Mean for Bonds
Carter Johnson and Michael Mackenzie - Bloomberg
Financial giants from Goldman Sachs & Co. to Morgan Stanley and Barclays Plc. are taking a fresh look at how a Donald Trump victory in November could play out in the bond market. After last week's debate hurt President Joe Biden's chances of winning reelection, Wall Street strategists are urging clients to position for sticky inflation and higher long-term bond yields.
/jlne.ws/3RQJraH
CFA Level II Pass Rate Spikes to 59%, the Highest Since 1998; Rise helped by fewer candidates who had deferred their tests; Institute says more college students are signing up for exam
Katherine Doherty - Bloomberg
The pass rate for the second level of the chartered financial analyst exam jumped to the highest in more than a quarter century, boosted by a smaller number of candidates who had deferred their tests. In May, 59% of candidates passed the Level II test, up from the 44% in November and August and 52% in May last year, the CFA Institute said Tuesday. The latest results were well above the 10-year average of 45% and the lows from 2021, when pandemic-spurred test-taking disruptions hurt success rates. It's the highest pass rate since 1998, when it hit 62%. "Over time, we have seen occasional pass-rate spikes; however, the exam difficulty remains consistent," Chris Wiese, managing director for education at the institute, said in a statement. The institute also saw less candidates who had previously deferred taking the exam sit for Level II, which "positively impacted the pass rate," he said.
/jlne.ws/4cB8WVk
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Market for Carbon Credits Faces Fresh Blow as Offsets Slammed; More than 80 nonprofits team up to declare that carbon offsets are undermining genuine net zero action.
Alastair Marsh - Bloomberg
The market for carbon credits is facing a renewed wave of opposition as climate activists deliver a fresh warning to companies and governments not to use such financial instruments to offset their emissions. More than 80 nonprofits have teamed up to declare that carbon offsets are undermining genuine net zero action, and are now calling for the total blacklisting of such instruments in climate regulations and guidelines.
/jlne.ws/3RSEON4
*****Here is this story from BusinessGreen.
US examines carbon pricing on imports, climate envoy says; John Podesta signals shift in policy targeting goods from 'dirtier' countries
Attracta Mooney - Financial Times
The US is examining a potential carbon pricing system on imports among a "range of options", its most senior climate diplomat said, in what would be a key policy shift as it looks to combat Chinese industrial competition and cut emissions. John Podesta said the US would fight against "freeriding" by foreign producers of carbon-intensive industrial imports, in an interview with the Financial Times in London.
/jlne.ws/3zsQTlZ
California Communities Celebrate 'Massive' Victory as Oil Industry Drops Unpopular Referendum; The oil industry withdrew its $40 million campaign to kill a historic law to protect neighborhoods from oil drilling's toxic effects, but is threatening to challenge the measure in court.
Liza Gross - Inside Climate News
Environmental justice communities across California rejoiced last week when the oil industry, at the eleventh hour, withdrew its controversial effort to overturn a historic law aimed at curbing the deadly effects of neighborhood oil drilling. Now, nearly two years after community activists and their allies watched Gov. Gavin Newsom sign the bill they'd worked for years to get through the Legislature, they can finally breathe freely.
/jlne.ws/3zrMfEI
BlackRock Unveils Climate Policies for $150 Billion in Funds
Silla Brush - Bloomberg
BlackRock Inc. laid out new details about how it manages $150 billion in investment funds that have climate objectives, telling investors it intends to step up scrutiny of companies' strategies for accomplishing a shift to a low-carbon economy. The world's largest money manager will look at corporate plans to see how well they align with the goal of limiting global warming to 1.5C, Joud Abdel Majeid, head of investment stewardship at BlackRock, said in a message to clients.
/jlne.ws/45LQyXD
BlackRock navigates climate proposals with new voting policy; World's biggest asset manager attempts to balance the demands of European and US clients on decarbonisation
Brooke Masters - Financial Times
BlackRock funds with specific climate change mandates will vote differently on shareholder proposals than the rest of the $10.5tn money manager's holdings, in its latest effort to deal with the political split over decarbonisation. The world's largest asset manager said on Tuesday that its new policy would allow clients in climate-focused funds to take an activist position on shareholder proposals about decarbonisation.
/jlne.ws/3L6uwFg
Carbon Removal Industry Reckons With a New Problem - Too Many Startups; There are more than 800 startups promising to draw carbon dioxide from the air to help the world meet its climate goals. But there may not be enough buyers willing to pay for that service.
Akshat Rathi - Bloomberg
/jlne.ws/3XOqtW2
Rio Tinto in talks to avert strike at Mongolian copper mine
Reuters
/jlne.ws/4cmiV19
Biden unveils rules to protect millions of US workers from extreme heat; Proposal would create first federal standard for workplace exposure to extreme heat, which kills hundreds each year
Dharna Noor - The Guardian
/jlne.ws/4cH8BQU
Carbon Removal Industry Reckons With a New Problem - Too Many Startups; There are more than 800 startups promising to draw carbon dioxide from the air to help the world meet its climate goals. But there may not be enough buyers willing to pay for that service.
Akshat Rathi - Bloomberg
/jlne.ws/4cvtW0c
China's New Carbon Market Rules Aim to Reduce Oversupply; Rules give power plants less options to cover excess emissions; Market criticized for muted success in curbing emissions
Bloomberg
/jlne.ws/3xPpCth
Zurich and Aon launch insurance scheme to boost hydrogen development; New facility is aimed at smaller projects that would otherwise struggle to find cover
Ian Smith and Rachel Millard - Financial Times
/jlne.ws/4cqlTkX
North Sea oil decline: 'We can't have a repeat of what happened to 80s miners'; Unlikely alliance of unions and climate groups call for 'clear and funded' transition plan for communities reliant on dwindling industry
Matthew Taylor, Helena Horton and Jillian Ambrose - The Guardian
/jlne.ws/4coMVtb
Tourists Evacuated as Wildfires Spread on Greek Islands; Visitors and locals in a village on Kos were evacuated; Firefighters also battle blazes on Crete and Chios islands
Sotiris Nikas - Bloomberg
/jlne.ws/3XMymef
European Commission approves Swedish carbon capture aid plan
Reuters
/jlne.ws/3XKZU3O
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | What banks should know about SCOTUS' 'swipe fee' ruling
John Adams - American Banker
The Corner Post is a relatively remote gas station in Waterford City, a town of about 6,000 people in western North Dakota. But it's become the center of the universe for how businesses in financial services, payments and dozens of other industries can challenge regulations. The U.S. Supreme Court on Monday ruled 6-3 that The Corner Post can sue over a 2011 Federal Reserve rule that governs "swipe fees," or the funds that businesses pay banks for debit card payments. An appeals court in St. Louis had earlier ruled Corner Post could not sue the Fed because it missed a six-year statute of limitations. The gas station began accepting debit cards when it opened in 2018, or seven years after the 2011 rule. Monday's ruling in effect rejected the statute of limitations on Corner Post.
/jlne.ws/3XLDPly
HSBC Curbs Hiring, Reins In Banker Travel in Cost-Cutting Push; Bankers told to try to plan three meetings a day on work trips; Lenders are preparing for central banks to begin cutting rates
Ambereen Choudhury, Manuel Baigorri, and Harry Wilson - Bloomberg
HSBC Holdings Plc is slowing down hiring and asking investment bankers to rein in their travel and entertainment expenses as outgoing Chief Executive Officer Noel Quinn looks to curb costs at Europe's largest lender. The bank in some cases is not replacing staff who have left or resigned in recent months, according to people familiar with the matter. Some businesses have been told to pause hiring altogether, though the freeze isn't meant to impact client-facing roles, according to one of the people, who asked not to be named discussing personnel information.
/jlne.ws/3W5N7aQ
Ex-Moelis Banker Kaye Arrested for Assault in Viral Video Punching Incident; Jonathan Kaye charged after viral video of Brooklyn incident; Lawyer says acts were in self defense after anti-Semitic slurs
Todd Gillespie and Patricia Hurtado - Bloomberg
Former Moelis & Co. senior banker Jonathan Kaye was charged with misdemeanor assault after videos showed him punching one woman and pushing another to the ground in Brooklyn last month. Kaye, 52, was arraigned in Brooklyn Criminal Court on six separate charges on Monday evening. Those included two counts of third-degree assault, two counts of third-degree menacing and two counts of second-degree harassment. He was released and ordered to return to court in late August.
/jlne.ws/3W6NCSg
Bridgewater Launches $2 Billion Fund Run by Machine Learning
Sonali Basak - Bloomberg
Bridgewater Associates launched a fund that uses machine learning as the primary basis of its decision-making. The vehicle debuted with almost $2 billion of capital from more than a half-dozen clients and began trading Monday, according to people familiar with the matter, who asked not to be identified discussing the strategy.
/jlne.ws/4bqcCby
Citadel, Millennium Extend Run of Returns With First Half Gains
Shelley Robinson - Bloomberg
Ken Griffin's Citadel and Izzy Englander's Millennium Management extended their year-to-date gains in June, underlining their reputations for delivering a steady stream of returns. Citadel posted an 8.1% return in its main Wellington hedge fund in the first half of the year, a person with knowledge of the matter said. Its Tactical Trading Fund climbed 2.3% in June, taking its 2024 gain to 13.7%, the person added.
/jlne.ws/3VOdC3h
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Forget radical honesty - Big Tech revisits its corporate culture; As the sector ages, markers of traditional hierarchy are creeping in
Elaine Moore - Financial Times
Tech bosses love to talk about the philosophies that underpin their companies. In place of stodgy HR rules, Silicon Valley has championed radical candour, bringing your whole self to work and leaning in. But not any more. As the sector ages, markers of traditional hierarchy are creeping in. Netflix's latest culture memo has an eye-catching line that notes "not all opinions are equal". It has already told employees that Netflix may not be the place for them if they disagree with content. Three years ago, some staged a walkout in protest at a comedy special by Dave Chappelle that included jokes made at the expense of transgender women.
/jlne.ws/3RQQ5xy
Gen Zers are so disillusioned with the economy that many think it's okay to commit fraud
Kris Nagel, CEO of Sift - Fortune (paywalled)
Each quarter, my company Sift produces an index report to better understand the latest online fraud trends, including how businesses and consumers are affected, emerging fraud tactics, and how fraud impacts consumer behavior when making purchases online. For the past two quarters, we've seen a surprising generational divide emerge: Gen Z-born between 1997 and 2012-expresses more willingness than any other generation to commit digital fraud.
/jlne.ws/3zjRQgb
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | COVID Is Surging Right Now-This Is the #1 Symptom to Look Out For, According to Infectious Disease Experts
Jessica Sager - Parade
COVID-19 is still raging-which any high-risk or immunocompromised person could've told you long ago-and right now, there's a huge surge of infections across the U.S. Infectious disease experts say it's relatively unusual to see surges in the summer months, but due to the heat wave (or dome, depending on where you live), more people are congregating indoors to savor air conditioning and seek respite from soaring temperatures and humidity.
/jlne.ws/3xwOAhb
Mini-Strokes, Gut Problems: Scientists See Links to an Old Bout of Covid; Feeling ill? The cause might be years old
Sumathi Reddy - The Wall Street Journal
Scientists suspect that one culprit behind your new illness might be the infection you got a couple of years ago. The link between new health problems and your past health history appears to be particularly prevalent with Covid. A new Nature Medicine study found that health problems stemming from even mild Covid infections can emerge as many as three years afterward. The study found a greater risk three years later of problems in the gut, brain and lungs, including irritable bowel syndrome, mini-strokes and pulmonary scarring.
/jlne.ws/45W6Mxu
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India Brokers Fall as Watchdog Bars Tiered Transaction Fees
Ashutosh Joshi and Chiranjivi Chakraborty - Bloomberg
Shares of Indian brokerages tumbled after stock exchanges were ordered to charge a flat fee for transactions, reducing some firms' income. Angel One Ltd., the largest-listed brokerage by clients, sank as much as 11%, while IIFL Securities Ltd. and 5Paisa Capital Ltd. each dropped by at least 5% after the market regulator ordered stock and commodity exchanges to restructure charges. The Securities and Exchange Board of India on Monday after markets closed issued the new rule barring brokers from taking more money from clients for exchange-related charges than they payout, saying the model is unfair to smaller firms with lower turnover.
/jlne.ws/3xKUHhR
China ETF assets register 'explosive' growth; Booming sector has enjoyed annual growth rate of 40% since 2018 as actively managed funds have slumped
Julienne Raven Lingat - Financial Times
China's exchange traded fund industry has surged in recent years, buoyed by record high inflows into equities strategies and amid a slump in the take-up of active funds, according to Morningstar research. Total annual inflows into China ETFs reached Rmb604.3bn ($83.3bn) in 2023, the research firm's latest China ETF Asset Flows report shows.
/jlne.ws/3zmoy0q
Big Risks Will Hound Japan's Longest Bonds Even as Supply Falls; Japan's 10-30 year spread wider than politics-hit French peers; BOJ anchor for yields 'about to come loose,' SMTB's Sera says
Masaki Kondo - Bloomberg
Japan's super-long bond issuance looks set to drop, but it's a case where less still means more than the market may be able to handle. The government appears to be striving to calm down a market that's wracked by rising yields, and is considering decreasing sales of longer-dated debt and boosting offerings of shorter maturities. The problem is that the elevated risk of large capital losses for the longest bonds means that the supply of those securities will have a greater risk-adjusted impact on the market.
/jlne.ws/3XMoKQI
World's Most Volatile Big Stock Is Rocking Indonesia's Market; Barito Renewables added to watchlist of troubled firms in May; Trading limits on stock spurs concerns over market stability
Fathiya Dahrul and Eduard Gismatullin - Bloomberg
Its share-price chart resembles that of an emerging-market penny stock: a 1,200% surge punctuated by two crashes of more than 40% - all in the span of less than nine months. But PT Barito Renewables Energy is Indonesia's biggest company by market capitalization - an $85 billion geothermal power producer controlled by one of the country's richest tycoons. Barito's wild swings - the most extreme among companies worldwide valued at $50 billion or more based on 30-day volatility - have perplexed professional analysts, stoked fevered trading among retail investors and challenged regulators' attempts to bring more order to an increasingly volatile market.
/jlne.ws/3XIomms
Fund With 24% Returns Bets on Long-Term Stock Rally for Malaysia; Benchmark KLCI Index to climb another 5% to 9%: Principal; Prefers utility, construction and telecommunication shares
Ivy Chok - Bloomberg
Malaysia's government policies are positioning the nation's stocks as a long-term winner in the region, with a nearly 10% rally likely to extend, according to one of Asia's top-performing funds. "We are getting more confident on the policies that have been announced so far," and are identifying potential beneficiaries of new measures that will be implemented, said Chun Hong Lee, a portfolio manager at Principal Asset Management Bhd. The benchmark KLCI Index may rise another 5% to 9% in the next 12 months, he added.
/jlne.ws/4bsfFQj
City of London Defers Decision on Square Mile's Tallest Tower
Jack Sidders and Michael Hennessey - Bloomberg
The City of London Corporation deferred a vote on plans for a new 73-story office tower next to the Gherkin that's set to become the tallest building in the historic financial district. The City Corporation's planning committee voted Tuesday to hold off on a decision on plans for One Undershaft, a 309.6-meter (1,015.7-feet) skyscraper to be built on a site currently occupied by the former headquarters of UK insurer Aviva Plc. Plans for a slightly smaller office tower were previously approved in 2019, but the latest design has been tweaked to "better respond to post-pandemic needs," according to a briefing note prepared for City councilors.
/jlne.ws/3W5m8fF
M&A Activity Is Accelerating, But Britain Needs Even More Deals; And some more new listings would be helpful too.
John Stepek - Bloomberg
M&A activity is picking up, but the UK needs more
Which equity market saw the most merger and acquisition (M&A) activity (by value) in the first half of this year? That's right, it was the US, because of course it was - they do everything bigger over there. But the UK came second, and that's what we're here to talk about today.
/jlne.ws/3xDb7sF
UK start-ups turn to Silicon Valley to fill void left by risk-averse pension funds; Bolder reform of retirement funds is a contentious part of attempts to reboot Britain's capital markets
Harriet Agnew and Michael O'Dwyer - Financial Times
Matthew Scullion is crystal clear that the turning point for the UK software company he founded was when it won the backing of two US venture capital firms. In 2018, Scale Venture Partners and Sapphire Venture led a funding round in Matillion, then a seven-year-old start-up headquartered in Manchester.
/jlne.ws/4eQjO3F
Saudi Wealth Fund's Financial Commitments Surged by $50 Billion in 2023
Eliot Brown - The Wall Street Journal
Saudi Arabia's huge sovereign-wealth fund swung to a profit last year-but the bills from its megaproject spending spree grew faster. The Public Investment Fund posted a $17 billion profit for 2023 in results published Monday, up from a $3.9 billion loss in 2022. At the same time, the fund disclosed a massive surge in financial commitments-money it is on the hook to pay in the future-as it ramps up spending on the vast projects and investments it is handling as part of the kingdom's economic overhaul. In all, the fund's commitments totaled $150 billion as of the end of 2023, up from $100 billion in 2022 and $47 billion in 2021. Just over half-$76 billion-were earmarked for financial investments such as private equity and infrastructure funds. Another $69 billion were earmarked for construction projects, mines and other capital projects.
/jlne.ws/4eMlUBk
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
