| September 22, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
In a keynote address at the World Federation of Exchanges (WFE) General Annual Meeting in Bermuda, CFTC Commissioner Kristin Johnson delivered a thought-provoking speech highlighting the challenges and opportunities presented by the twin peaks of (dis)intermediation and (de)centralization in the financial markets.
Commissioner Johnson began her speech by acknowledging the tumultuous events of the past decade, which included the global financial crisis, the onset of the COVID-19 pandemic, and geopolitical conflicts such as Russia's invasion of Ukraine. Despite these disruptions, she commended the resilience of the markets, attributing their stability to post-financial crisis reforms and the effectiveness of clearing members of central counterparties (CCPs) in meeting rising margin requirements.
The commissioner followed her speech by participating in a panel discussion led by Joseph Portelli, executive chairman of the Malta Stock Exchange. Also on the panel was WFE regular and the always interesting John McPartland of Hidden Road and formerly of the Chicago Federal Reserve Bank. The other two panelists were Moad Fahmi, chief digital officer, senior advisor, supervision (financial technology), Bermuda Monetary Authority and Guy Melamed, co-founder & CEO, Exberry.
William Brodsky, Chairman of Cedar Street Asset Management, led an interesting panel that looked at emerging market exchanges and included Ghana Stock Exchange Managing Director Abena Amoah, Kazakhstan Stock Exchange JSC (KASE) Chairman of the Management Board Alina Aldambergen, and Latinex (Latin American Stock Exchange) Executive President Olga Cantillo. The diversity of geographies and positions of development of each of the exchanges magnified the point I made yesterday about the importance of this conference to exchanges around the world.
Former PHLX CEO Sandy Frucher was a last minute addition to the ESG panel, but he made the biggest impact, imploring the WFE to get more involved, with or without IOSCO's help, to promote ESG. For Sandy it is an issue of leaving a better planet for his grandchildren. Others on the panel were moderator Stock Exchange of Mauritius Chief Executive Sunil Benimadhu, Johannesburg Stock Exchange Group Chief Executive Officer Dr. Leila Fourie, Cboe Global Markets Board Member Alex Matturri and Re2 COO and Head of Structured Finance Ariane West.
The last panel of the day was titled "How to Ensure Markets Have Integrity - An Ecosystem Approach" and was chaired by Bermuda Stock Exchange President & Chief Executive Officer Gregory A. Wojciechowski, who exhausted his wardrobe of different colored Bermuda shorts on the last day with a pair of light blue shorts. Others on the panel included the lawyer Paul Leder, who did two tours with the U.S. Securities and Exchange Commission, Tom Skinner, managing director of pTools Software, and Eric Noll, CEO of Stone Ridge Capital and chair of the board of FINRA.
The conference concluded yesterday after a video revealed that next year's WFE general annual meeting will be in Kuala Lumpur, Malaysia with Bursa Malaysia as the host exchange.
I know you are all excited about the FIA EXPO, coming up on October 2 and 3 in Chicago. However, it is not too early to also start thinking about FIA Asia 2023 in Singapore. The November 28 to 30 event will be held again at the St. Regis Singapore, a centrally located venue located at the crossroads of the embassy district, Singapore Botanic Gardens and the prime shopping district of Orchard. John Lothian News this year will be represented at the conference by Robby Lothian (USA), my son who does video work for us at various FIA conferences. This will be his first standalone effort, not only shooting the interviews, but also conducting them as well. I say Robby Lothian (USA) because at FIA IDX we had two Robby Lothians working for JLN, with a Robby Lothian (UK) joining the JLN team. You can learn more about FIA Asia and register HERE.
The Financial Times has an updated Special Report today titled "Decarbonisation" with the subheading "Many governments and business leaders have made commitments to reduce carbon emissions in response to the 2015 Paris Agreement. This series covers topics surrounding green energy transition." There are three new stories to the special report and others from September 11, 2023. The story titles include "Companies find carbon costing aids strategic planning," "Improving energy efficiency top of the agenda in fight for net zero," and "Decarbonising small businesses: too much demand and not enough supply."
The FT also has another Special Report, this one covering "Innovative Lawyers: Europe." The subheading of the special report outlines the stories "How generative AI is mesmerising the legal sector. Plus: 50 innovative law firms ranked; top legal practitioners and intrapreneurs; Ukraine takes its fight to the courts; and lawyers act as advisers on finance, climate change and refugees." Many of the stories revolve around artificial intelligence and its impact, including "Lawyers face conflicting strategies for adopting AI," "Law firms tackle hallucination hurdles to make AI a reality," and "Generative AI: a legal revolution is coming - eventually."
We have a new chairman emeritus, as Rupert Murdoch has stepped down as chairman of his two companies, Fox and News Corp. Perhaps this is starting a trend among the powerful geriatric set to step down and let a younger generation take power.
JLN is getting ready to announce the launch of a new video program, Futures Discovery, hosted by Corties Draper, a CBOT Clearing Corp Foundation Honors Scholar at Roosevelt University. Futures Discovery will be part of a new video series titled "Today's Futures Markets." Another video program I am developing and will host has the working title of "Growing Markets." Growing Markets will focus on all sizes of markets, but ones around the world, both individual contracts as well as the exchanges or platforms themselves. There are so many great stories to tell about exchanges and contracts all around the world that are helping people manage risk or invest in different asset classes.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The UNCTAD World Investment Forum is being held October 16-20, 2023, in Abu Dhabi, United Arab Emirates. The biennial forum is a leading gathering to leverage investment policy for sustainable development. More than 6,000 investment stakeholders from 160 countries are expected to attend, including heads of state and government, ministers, executives of global companies and stock exchanges, and sovereign wealth fund managers, among others. Learn more and register here. ~SAED
Our most read stories yesterday on JLN Options were:
- 'Witching day' price spikes point to options market manipulation - study from Risk.net.
- Cboe Global Markets CEO's exit after board probe stokes talk of a sale from the Chicago Sun Times.
- What's Behind The 40% Rise In VIX Options Contracts? from Benzinga. ~JB
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Nasdaq under scrutiny by Swedish regulator for possible insider trading violations
Investing.com
Sweden's financial market watchdog, the Financial Supervisory Authority (FSA), launched an investigation into Nasdaq on Thursday. The probe aims to determine whether Nasdaq Stockholm breached domestic regulations by failing to report suspected instances of insider trading. The FSA's investigation will focus on potential breaches by Nasdaq Stockholm related to several significant company events that took place in 2021 and 2022. "There are strong reasons to initiate an investigation as Nasdaq is a very important player in the market," the FSA said in a statement. It added that "non-functioning surveillance at the main operator poses great risks."
/jlne.ws/3LxOJVa
***** This story is not getting better.~JJL
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Well, actually: Our 'Dumb Money' movie review; The new movie 'Dumb Money' tackles some complicated finance. Does it get it all right?
FT Podcast
Dumb Money, out this week, stars Seth Rogen, America Ferrera and several very tricky finance moves. We liked Seth and America, but we definitely have questions about the portrayal of clearing houses, order flow, and stock dilution. If you've watched Star Wars and wondered how the Millenium Falcon could carry enough fuel to travel at the speed of light, this episode is for you. Also we go long Jay Powell and long auto workers.
/jlne.ws/46iZEtU
***** I asked AI what is dumb money and it gave me the perfectly logical answer: "Dumb money" is a colloquial term used in finance and investing to describe individuals or investors who make uninformed or irrational decisions when it comes to managing their investments. Dumb money typically refers to those who lack a deep understanding of financial markets, investment strategies, or risk management. They may make impulsive or emotional investment choices, follow market trends blindly, or fall for investment scams." What it did not say is that dumb money was a bunch of impulsive investors who had the shorts of GameStop on the run. ~JJL
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Thursday's Top Three
Our top story Thursday was Editorial: The Ed Tilly scandal at the Cboe is bad news for Chicago by the Editorial Board of the Chicago Tribune. Second was Cboe Global Markets CEO's exit after board probe stokes talk of a sale, from the Chicago Sun-Times. Third was Nasdaq Stockholm Surveillance Officer Held in Custody After Raid, from Bloomberg.
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| Lead Stories | How Xi Jinping is taking control of China's stock market; By using listing and trading rules to direct capital into sectors that fit his priorities, the president wants the market to serve the state
Hudson Lockett and Cheng Leng - Financial Times
When Jilin Joinature Polymer made its debut on the Shanghai Stock Exchange on September 20, it became the 200th company to float on China's domestic markets this year. Collectively they have raised over $40bn, more than double the amount raised on Wall Street and almost half the global total. Yet the country's benchmark CSI 300 index is down 14 per cent since January, having fallen by a fifth in 2022. It has underperformed other major markets such as Japan and the US, as worries mount about China's slowing economic growth and a liquidity crisis in the real estate sector.
/jlne.ws/3EKvIeB
Ex-Tiger Global Partner Fixel's VC Firm Backs AI-Linked Trading Platform OneChronos; Firm put in $30 million, valuing OneChronos at $250 million; OneChronos created an AI-linked trading platform for investors
Katherine Doherty - Bloomberg
Lee Fixel's Addition led a funding round in AI-linked trading platform company OneChronos Markets LLC, amid a rush of interest in the booming artificial intelligence sector. The ex-Tiger Global Management partner's venture firm invested $30 million of new money, valuing OneChronos at $250 million, according to people familiar with the matter who asked not to be identified discussing private information.
/jlne.ws/3ZqvzGs
Financial Titans Gear Up to Fight 'Too-Big-to-Fail' Label Threat; Investment firms, hedge funds worry they'll face new oversight; US watchdogs to discuss changes to Sifi designation on Friday
Katanga Johnson, Silla Brush, and Austin Weinstein - Bloomberg
Financial titans are preparing to do battle with the Biden administration over a plan to make it easier for Washington to deem companies too-big-to-fail, a tag that would spell greater oversight and fresh compliance headaches. US officials led by Treasury Secretary Janet Yellen are seeking to finalize by year's end a new process for giving firms the systemically important label, according to people familiar with the matter. The Financial Stability Oversight Council under Yellen in April proposed making it easier to designate nonbank firms, drawing concerns from BlackRock Inc., Fidelity Investments, Vanguard Group Inc., and other big players in finance.
/jlne.ws/3LxnKJo
FTX founder Sam Bankman-Fried's trial starts in two weeks. Here's a preview
Jessica Mathews - Fortune
We're coming on a year since the collapse of what was once venture capitalists' favorite crypto exchange: FTX. And now, in just two weeks time, the criminal trial of infamous crypto founder Sam Bankman-Fried will commence in New York, where jurors will hear about the most spectacular startup collapse in history, and decide how much its founder, SBF, is to blame.
/jlne.ws/3t4fgmI
Complex financial deals demand novel ideas and legal support; Lawyers face greater scrutiny over acquisitions
Laura Noonan - Financial Times
Stephen Whitfield, partner at Travers Smith, has recent first-hand experience of the many hoops through which private capital lawyers must now jump to get their deals over the line. Last year, he was one of the leading lawyers who advised London-based private equity firm Epiris on its purchase of Sepura, a Chinese-owned, UK-based supplier of critical communications equipment to police and other emergency services across the world.
/jlne.ws/3ZwbQFp
SocGen CEO Krupa Has a Rough Week. Staffers Are Frustrated, Too; His new strategy has markets underwhelmed, employees concerned; After four months as CEO, Krupa faces his first real test
Alexandre Rajbhandari - Bloomberg
After hours fielding questions from puzzled analysts about his strategy for Societe Generale SA, Slawomir Krupa addressed staff of the French lender in virtual town halls on Monday afternoon. But if the new chief executive officer had hoped for a more sympathetic audience, he was probably disappointed.
/jlne.ws/3ZrdGr6
Bitcoin's 87% Drop in 2021 Was Caused by Sam Bankman-Fried's Alameda, Ex-Employee Claims
Shaurya Malwa - CoinDesk
Disgraced trading firm Alameda Research was behind the hiccup that caused bitcoin (BTC) prices to temporarily drop over 87% in 2021, as per an ex-employee who has started to reveal the inside workings of the Sam Bankman-Fried's company. On Oct. 21, 2021, Bitcoin traders on the crypto exchange Binance.US were left scrambling after the asset plunged within minutes, with no apparent reason, while other bitcoin markets operated normally.
/jlne.ws/3PLRBjU
OCC liquidity risk doubles to all-time high in Q2; Concentration of activity around June expiration responsible for record rise
Joshua Walker - Risk.net
The estimated largest payment obligation Options Clearing Corporation (OCC) could have faced had a single member and its affiliates defaulted hit an all-time high in the second quarter. Liquidity risk as measured by this metric was $12 billion as of the end of June - more than double the $5.84 billion recorded three months prior.
/jlne.ws/3tcH34g
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | The decoy weapons leading Russian forces astray in Ukraine Steelmaker constructs a Potemkin army of Soviet tanks, American howitzers and radars from wood and plastic
Christopher Miller - Financial Times
Staff at Ukraine's largest steelmaker Metinvest watched in horror last February as their security cameras showed invading Russian forces closing in on their factory. But a lack of defences for their own industrial plants prompted an idea that has since taken on its own momentum: creating a Potemkin army. Metinvest's hope is that the fake weaponry it now makes for the Ukrainian armed forces - tapping into a long military tradition of decoys - is luring Russia into wasting expensive resources destroying it.
/jlne.ws/3t3YXpY
US announces new Ukraine arms package as Congress splits over more aid; Democrats warn that Republican efforts to block more support will devastate Ukrainian war effort
Felicia Schwartz and Lauren Fedor - Financial Times
US president Joe Biden pledged to supply additional air defence systems and cluster munitions to Ukraine after meeting Volodymyr Zelenskyy on Thursday in Washington, a bid to keep backing the Ukrainian war effort despite mounting Republican opposition in Congress.
/jlne.ws/3rwZYX4
The dilemma over transferring Russian assets to Ukraine; There is a risk of undermining faith in dollar holdings and reducing western leverage in dealings with Moscow
Gillian Tett - Financial TImes
Laurence Tribe, a pre-eminent American constitutional scholar, has often grabbed headlines when issuing weighty legal judgments on matters such as Donald Trump's presidential bid and America's debt ceiling. Now he is creating waves again - but this time over Ukraine. For just as Ukraine's president Volodymyr Zelenskyy was asking for support from the UN General Assembly this week, Tribe co-authored a 187-page legal analysis that urges western allies to give Ukraine the estimated $300bn of Russian state assets they froze last year.
/jlne.ws/3PuqY1n
Putin Is Winning His Grain War, Pitting Poland Against Ukraine; There are three ways Zelenskiy and his allies can respond to Putin, but none are attractive.
Marc Champion and Javier Blas - Bloomberg
Vladimir Putin's decision to end the deal that allowed Ukraine to export millions of tons of grain by sea is working for him. It has blown a hole in his enemy's economy and driven a wedge between close allies, all without costing Russia support in the so-called Global South.
/jlne.ws/3LCwMVx
Ukraine and US Need a New Strategy for a Longer War; Putin is playing for time and hoping for Trump, so the Biden administration is going to have to take some serious risks of escalation.
Hal Brands - Bloomberg
Ukrainian President Volodymyr Zelenskiy visited the United Nations and the White House this week, seeking more support for his country in a war that won't end anytime soon. Zelenskiy's chief backer, the US, will need a shift in strategy to help Ukraine survive and prevail in a protracted war, even as the politics of the conflict get harder in Washington.
/jlne.ws/3LwdLEh
Traders pin Sonia derivative woes on UK's local difficulties; Market participants say BoE forecasts and mini-budget help explain RFR products' lack of liquidity Credit: Risk.net montage
Helen Bartholomew - Risk.net
/jlne.ws/3ZpSuSs
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | SGX Group wins Asia Pacific Derivatives Exchange of the Year again at GlobalCapital Derivatives Awards 2023
SGX Group
Win underscores SGX Group's leadership in Asian derivatives and customer-focused offering across asset classes. Singapore Exchange (SGX Group) today announced its outstanding achievement as the Asia Pacific Derivatives Exchange of the Year in the leading GlobalCapital Derivatives Awards 2023. This marks the ninth time in the last decade that SGX has claimed the coveted spot, reaffirming its position as a leader in the derivatives market in Asia.
/jlne.ws/452NWCz
GlobalCapital Names OCC Americas Derivatives Clearing House of the Year
BusinessWire
OCC, the world's largest equity derivatives clearing organization, has been honored as the Americas Derivatives Clearing House of the Year in 2022 by GlobalCapital. "We are proud of this recognition and are committed to the ongoing improvement of our operations, services and offerings to ensure we continue to meet the needs of all market participants, and to serve as the foundation for secure markets."
/jlne.ws/3RscrpN
Notice Of Disciplinary Action
CME
Effective Date 21 September 2023. Member: GFI Securities Limited. CME Rule Violations: Rule 526. Block Trades (In Part). The Exchange shall designate the products in which block trades shall be permitted and determine the minimum quantity thresholds for such transactions. The following shall govern block trades: F. Unless otherwise agreed to by the principal counterparties to the block trade, the seller, or, in the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within the time period and in the manner specified by the Exchange. The report must include the contract, contract month, price, quantity of the transaction, the respective clearing members, the time of execution, and, for options, strike price, put or call and expiration month. The Exchange shall promptly publish such information separately from the reports of transactions in the regular market.
/jlne.ws/3RqZsEM
Notice Of Disciplinary Action
CME
CME 20-1401-BC. Effective Date 21 September 2023. Member: ADM Investor Services, Inc. CME Rule Violation: Rule 432. General Offenses (in part) It shall be an offense: W. for any party to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange. FINDINGS: Pursuant to an offer of settlement in which ADM Investor Services, Inc. ("ADMIS") neither admitted nor denied the rule violation or factual findings upon which the penalty is based, on September 19, 2023, a Panel of the Chicago Mercantile Exchange Business Conduct Committee ("Panel") found that from at least January 2015 through September 2019, ADMIS failed to diligently supervise its employees and agents in the handling of accounts carried by ADMIS and introduced by introducing brokers.
/jlne.ws/46cO6IG
BME opens new fixed income listing procedure at AIAF Market
BME
Aena's fixed-income programme is the first admitted to trading in Spain under the procedure envisaged in the new Spanish Securities Market Law
BME's Regulated Fixed-Income Market, AIAF, has opened the new issues' process with the admission to trading of a new Euro Medium Term Notes Programme for Aena with a volume of 3 billion euros. Through this new issuance programme, Aena will be able to issue in a flexible manner over the next 12 months bonds with fixed or variable coupons and different maturities, to be agreed by the issuer and the Dealers of the programme in each case, and which may be denominated in different currencies.
/jlne.ws/3Zq1Rl6
Deutsche Boerse announces final results of acquisition of SimCorp
Deutsche Boerse
Deutsche Boerse today announced the final outcome for the public takeover of SimCorp. Accordingly, including share purchases made directly on the market, Deutsche Börse now holds around 94 percent of all SimCorp shares (excluding SimCorp treasury shares). The offering is expected to be settled and completed on September 29, 2023.
/jlne.ws/3Zq5kjF
Transmission Financing Seminar Illuminates Funding Pathways for Transmission Infrastructure Development
JSE
Minister in the Presidency for Electricity, Dr Kgosientsho Ramokgopa, today, 21 September 2023, co-hosted the South African Transmission Financing Seminar with the Johannesburg Stock Exchange (JSE), where experts and stakeholders from the energy and financial sectors shared key insights on the financing and development of South Africa's electricity transmission infrastructure for sustainable energy security in South Africa.
/jlne.ws/3PqYp4Z
CONNEQTOR Started Providing Direct Connection with Broadridge's Xilix Execution Management System
Japan Exchange Group
Tokyo Stock Exchange, Inc. and Broadridge Trading and Connectivity Solutions Japan K. K are pleased to announce the start of providing direct connection between CONNEQTOR, a platform for trading ETFs provided by TSE, and Xilix, an execution management system provided by Broadridge from September 21, 2023. Launch of this direct connection enables asset management companies that are users of Xilix, such as Sumitomo Mitsui DS Asset Management Co., Ltd., to use CONNEQTOR directly from Xilix and provides more advanced and efficient management.
/jlne.ws/3PN6fqW
ICE Futures U.S. 2023 Thanksgiving Holiday Trading Schedule
ICE
ICE ICE Futures U.S. will observe the trading schedule below for the 2023 Thanksgiving holiday. Changes from regular trading hours and daily settlement window times are shown in bold, all times shown in NY time.
/jlne.ws/46mx6zH
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Trading Technologies' TT platform named Derivatives Trading System of the Year at 2023 FOW Asia Capital Markets Awards
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, has just won the FOW Asia Capital Markets Award for Derivatives Trading System of the Year for its TT platform. Global Investor Group presented the award at a dinner ceremony in Singapore. The FOW Asia Capital Markets Awards recognize the best and brightest innovations in the Asian derivatives industry. Winners are selected by a panel of independent judges with extensive experience in the industry.
/jlne.ws/3ZzjOxK
Eventus wins Market Surveillance Solution of the Year at FOW Asia Capital Markets Awards Eventus
Eventus, a leading global provider of state-of-the-art, at-scale trade surveillance software across all lines of defense, today captured the honor of Market Surveillance Solution of the Year for its Validus platform at the 2023 FOW Asia Capital Markets Awards. The firm, which also won the market surveillance category the last time it was bestowed in 2021, has now earned eight awards specifically for its offering in the Asia-Pacific (APAC) region in the past three years.
/jlne.ws/3ZzdyWM
Generative AI: a legal revolution is coming - eventually; The new tech is not just a tool, it is a 'game-changer' for law firms. Plus: Pinsent Masons tops the FT 50 most innovative law firms in Europe
Reena SenGupta - Financial Times
It is hard to convince a room full of millionaires that their business model is wrong. That was how Richard Susskind, a writer on the legal industry, summed up law firms' resistance to change more than a quarter century ago. And most commercial law firm partners did indeed remain sceptical that technology will bring about the end of lawyers.
/jlne.ws/3PvYxjX
Lawyers' skills will remain in demand, at least for the short term; AI job threat fears give way to hope of boost in benefits
Joe Miller - Financial TImes
Nick West was inundated. Soon after advertising in March for a "prompt engineer" - someone skilled in presenting the right questions to a generative AI model such as ChatGPT - his inbox at law firm Mishcon de Reya received hundreds of applications.
/jlne.ws/46cDt8K
Law firms tackle hallucination hurdles to make AI a reality; Legal teams are treading carefully as they test the technology
Cristina Criddle - Financial Times
The release of ChatGPT in November sparked excitement in the legal sector about how generative AI could make a range of tasks - such as drafting contracts and reviewing case law - more efficient.
/jlne.ws/46gcvwM
Lawyers face conflicting strategies for adopting AI; Amid the hype, the real work on making best use of the tech has started
Miriam Rozen - Financial Times
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| Cybersecurity | | Top stories for cybersecurity | Cisco's Splunk Deal Shows Allure of AI in Cybersecurity
James Rundle and Kim S. Nash - The Wall Street Journal
The $28 billion acquisition of Splunk by network-equipment giant Cisco Systems could create a titan among cybersecurity providers, and analysts expect it to herald increased consolidation in the sector. But such deals can be a mixed blessing for cyber chiefs, experts say.
/jlne.ws/452JjIH
SMBs face growing cybersecurity threats, but basic measures can lower risks
Eileen Yu - ZDNET
Small and midsize businesses (SMBs) face growing cybersecurity threats and might not have expandable resources, but with a smaller attack surface to safeguard, even basic security measures can go a long way to lowering their risks.
/jlne.ws/3t9Zre8
SMEs overestimate their cybersecurity preparedness
Help Net Security
The increasing number of evolving cyber threats poses a significant risk to SMEs. Rising patterns show frequent and sophisticated attacks, highlighting the urgent need for effective security measures.
Meanwhile, 29% of small and medium-sized businesses reported currently having no cyber insurance.
/jlne.ws/453eFPz
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Firms Receive FCA 'Final Warning' Ahead Of UK Marketing Overhaul
Christian Encila - Bitcoinist
Crypto firms marketing their assets to UK consumers have received a stern warning in a missive dated September 21 from the United Kingdom's Financial Conduct Authority (FCA), responsible for overseeing the nation's financial markets. This warning comes in the wake of growing concerns over the alarming apathy exhibited by many crypto entities towards forthcoming marketing regulations, which could result in severe consequences if ignored.
/jlne.ws/3EPtqL8
Binance's Drop in Bitcoin Trading Volume Likely Tied to Zero-Fee Promotion Halt
Olga Kharif - Bloomberg
This month's steep decline in Bitcoin trading volume on Binance is likely tied in part to the end of another zero-fee promotion by the world's largest cryptocurrency exchange.
/jlne.ws/3PNIe32
FTX Sues Former Employees of Hong Kong Affiliate, Seeks $157 Million
Amitoj Singh - CoinDesk
Bankrupt crypto exchange FTX has sued former employees of Salameda, a Hong Kong-incorporated entity affiliated with FTX that it says was controlled by the firm's ex-CEO, Sam Bankman-Fried, to recover about $157.3 million, according to a court filing late Thursday.
/jlne.ws/461nPxi
Galaxy Digital Eyes European Expansion With New Regional CEO
Jamie Crawley - CoinDesk
New York-based cryptocurrency financial services firm Galaxy Digital (GLXY) now has a CEO of Europe as it looks to expands in the continent. Mike Novogratz's firm has appointed Leon Marshall, its existing global head of sales, as its first European CEO. Marshall will continue as head of sales in addition to his new role. The newly-created position forms part of Galaxy's aim "to aggressively scale our operations in the U.K. and Europe - a region that has committed to embracing the digital asset future and creating the necessary regulatory frameworks for our industry to operate within," Novogratz said in an emailed announcement on Thursday.
/jlne.ws/452CvL9
Binance Warns of Multiple Stablecoin Delistings as Lawyers Puzzle Over EU's MiCA
Jack Schickler - CoinDesk
New European Union rules due to kick in a few months from now could mean large-scale delisting of stablecoins, a Binance executive warned on Thursday, as lawyers attempt to decipher the implications of the bloc's Markets in Crypto Assets (MiCA) regulation.
/jlne.ws/3LzViXj
Global Crypto Exchange Bybit Lists PayPal's USD Stablecoin for Spot Trading
News Direct
/jlne.ws/48tlXyP
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| Politics | | An overview of politics as it relates to the financial markets | What happened to the wealth tax? Proposals have struggled politically but some economists say the idea is due a resurgence
Yuan Yang - Financial Times
Thomas Piketty's book Capital in the Twenty-First Century seized global attention a decade ago with its call for a global wealth tax. Yet politically, the idea now appears to be struggling. A US plan to tax wealthy people's investments is unlikely to pass Congress, the UK Labour party this year scrapped its commitment to the taxes and France ditched its wealth tax in 2018.
/jlne.ws/3EN6T1p
EU Commission Prepares to Recommend Ukraine Membership Talks; Commission expected to back process next month, people say; EU leaders to discuss possible interim conditions in December
Jorge Valero - Bloomberg
The European Union's executive arm is preparing to recommend starting membership talks with Ukraine in earnest, offering a boost to Kyiv as it seeks to ensure that allies continue military and financial support.
/jlne.ws/46dITk0
Former Bridgewater CEO McCormick Launches Senate Run in Pennsylvania
Jonathan Tamari - Bloomberg
David McCormick, former CEO of the hedge fund Bridgewater Associates, launched a US Senate bid in Pennsylvania Thursday, thrilling national Republicans who see him as their best chance to flip a crucial swing seat. McCormick, 58, immediately became the GOP favorite to challenge incumbent Sen. Bob Casey (D) in what's likely to be one of the country's most expensive and hotly contested Senate races.
/jlne.ws/3rmxrn6
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| Regulation & Enforcement | | Stories about regulation and the law. | FCA hits gender parity for top team; The regulator has still not had a female CEO or chair among the six leaders to have held the roles in its decade-long history
Justin Cash - Financial News
The Financial Conduct Authority's senior leadership now features as many men as women, hitting a target set by the regulator to achieve parity. The regulator told Financial News it has now hit the milestone, which it had set as a goal to reach by 2025, while its mean gender pay gap has fallen from 15.6% in 2022 to 13.1%.
/jlne.ws/3RyZIS6
US SEC to tighten regulatory enforcement beyond Coinbase, Binance.US
Forkast
It's been quite the week for regulatory enforcement in the cryptocurrency space. In the U.S., the Securities and Exchange Commission appears to be redoubling its efforts to bring market players it regards as errant into line. On our side of the world, in Hong Kong, the Securities and Futures Commission is cracking down on crypto exchange JPEX.
/jlne.ws/3roFdNm
Binance, U.S. Affiliate, Changpeng 'CZ' Zhao File to Dismiss SEC Lawsuit
Nikhilesh De - CoinDesk
Binance, Binance.US and Changpeng Zhao filed to dismiss a Securities and Exchange Commission (SEC) lawsuit Thursday, claiming the regulator hadn't "plausibly alleged" various securities-related violations, and that it was seeking to encompass digital assets under its authority despite Congress not explicitly spelling that out in legislation.
/jlne.ws/3EN0FP1
Defiant JPEX takes swipe at Hong Kong financial regulator as crypto exchange touts new plan to woo users
South China Morning Post
JPEX is dangling a dividend plan to attract new investors to put money into its cryptocurrency platform, defying concerted efforts by Hong Kong's police and regulators to stop what could turn out to be the city's biggest-ever financial fraud. The exchange, which suspended trading on Monday and was raided by police on the same day, has outlined a "DAO Stakeholders Dividend Plan", which promises new users the chance to invest in a dividend paying asset, with a potential buyout price of twice its original price after two years. Under that plan, the company said it would distribute 49 per cent of the stakeholder dividends, with a total value of US$400 million.
/jlne.ws/3PsXKA3
Former Deutsche Bank executive sentenced to 30 years for crypto fraud
Investing.com
In a significant development, Rashawn Russell, a former executive of Deutsche Bank, was sentenced to 30 years in prison for his involvement in a cryptocurrency fraud scheme. The US Department of Justice (DOJ) detailed the case in a press release, outlining Russell's guilty plea and the nature of his fraudulent activities.
/jlne.ws/3EMk6rc
CFTC Disapproves KalshiEX LLC's Congressional Control Contracts
CFTC
The Commodity Futures Trading Commission today issued an order disapproving congressional control political event contracts self-certified by KalshiEX LLC. The contracts would have been cash-settled, binary contracts based on the question: "Will be controlled by for ?"
/jlne.ws/3rxdABE
SEC Charges Mexico-based Company, its CEO, and Four Individuals in Ponzi Scheme Targeting Spanish-Speaking U.S. Investors
SEC
The Securities and Exchange Commission today announced charges against Mexico-based company Aras Investment Business Group S.A.P.I. de C.V., its CEO Armando Gutierrez Rosas, and four individuals for fraudulently raising at least $15 million from more than 450 retail investors in the U.S., most of whom were members of the Mexican American community.
/jlne.ws/3rha3HQ
Prepared Remarks Before the Investor Advisory Committee
Chair Gary Gensler - SEC
Since the 1930s, investors and issuers have benefitted from the basic bargain that Congress embedded in the securities laws. Issuers can raise money from the public as long as they provide full, fair, and truthful disclosure to the investing public. Congress required that public offerings of securities be registered with the SEC and include specified disclosures to investors. Congress also recognized that there were certain transactions or issuers that would be exempt from such disclosure requirements, in essence, forming part of the private markets. Over the decades, we've seen continued development of robust public and private markets, and our economy has benefited from both.
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Remarks at the Investor Advisory Committee Meeting
Commissioner Jaime Lizarraga - SEC
As all of us have heard before, the gap in capital raised in private versus public markets is significant.
And there are real questions about how protected retail investors are when they do participate in private markets.
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Remarks at Meeting of the SEC Investor Advisory Committee
Commissioner Hester M. Peirce - SEC
The private market has become a primary source for capital, so I am eager to hear today's panels on Regulation D and accredited investors. These topics are central to the Commission's mission to facilitate capital formation, but they are also central to the Commission's investor protection mission. Enhanced access to private capital is a positive development not only for companies, but for investors. Having a robust private market contributes to the health of our economy, and we should not look to impose public-market-style regulations on private markets. We instead should look for ways to reduce the costs companies face in going and staying public.
/jlne.ws/46qdZ85
SEC Announces Additional Charges in Scheme to Trade Ahead of Pharma Tender Offer
SEC
On September 20, 2023, the Securities and Exchange Commission filed insider trading charges against Jonathan Becker of Weehawken, New Jersey for trading on inside information unlawfully communicated to him by his then friend and roommate.
/jlne.ws/450oMVm
SEC Charges Mexico-Based Company, Its CEO, and Four Individuals in Ponzi Scheme Targeting Spanish-Speaking U.S. Investors
SEC
The Securities and Exchange Commission today announced charges against Mexico-based company Aras Investment Business Group S.A.P.I. de C.V., its CEO Armando Gutierrez Rosas, and four individuals for fraudulently raising at least $15 million from more than 450 retail investors in the U.S., most of whom were members of the Mexican American community.
/jlne.ws/3t1NKGC
SEC Obtains Emergency Relief to Halt Nebraska-Based Ponzi Scheme
SEC
The Securities and Exchange Commission today announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against Jon P. Kubler and several Nebraska-based entities that he controls--Kubler Consulting, Aksarben Evolution, AV Bhill, CFH Texas, and Green Saddle--for allegedly engaging in a multi-year Ponzi scheme that misappropriated and misused investors' funds.
/jlne.ws/3t0qGb7
MAS Publishes Inaugural List of Domestic Systemically Important Insurers in Singapore
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) today published its framework for designating domestic systemically important insurers (D-SIIs), and the inaugural list of four D-SIIs:
/jlne.ws/461x3ts
SFC amends takeovers and share buy-backs codes
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today released consultation conclusions on its proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs (Codes) (Note 1). The amended Codes will be gazetted on 29 September 2023 and then take effect immediately.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Chinese investors rush into local government bonds as Beijing eases default fears; Central government support for local financing vehicles helped lift debt sales in August to near-record levels
Cheng Leng and Andy Lin - Financial Times
China's credit investors are snapping up bonds issued in its most indebted provinces, encouraged by signs that Beijing will help local governments clean up a mountain of borrowings.
/jlne.ws/46m6Cyo
Securities lending earnings dwarf fees in some ETFs; Bonanza for the niche thematic funds arose because the stocks they owned were tumbling in value
Steve Johnson - Financial Times
Unusually large securities lending revenues at a clutch of exchange trade funds dwarfed their annual management fees by a factor of five last year. However, the bonanza may have come as cold comfort to investors, because the strong demand to borrow the ETFs' stocks was due to the fact they were tumbling in value - leaving investors badly out of pocket in spite of the windfall.
/jlne.ws/3EQaFHA
China's Yuan Defense Runs the Risk of Hurting Global Bond Demand
Bloomberg News
A tool deployed by the People's Bank of China to defend the yuan may result in some collateral damage: a weakening in demand from bond investors who like to hedge their currency exposure. With the PBOC ramping up overseas yuan funding costs to deter short sellers, the premium that dollar-based investors enjoyed for swapping their US currency has evaporated. That has turned hedged purchases of Chinese bonds into a lower-return proposition than Treasuries. As a result, global funds which employ such a strategy may well set their sights on other bond markets instead.
/jlne.ws/3ZHZV7P
JPMorgan adds India to pivotal bond index; Inclusion expected to drive billions of dollars of inflows in rupee-denominated debt
Chloe Cornish - Financial Times
JPMorgan will add India to its benchmark emerging-market bond indices, a move that investors expect will attract billions of dollars of inflows to the country's government debt market. The inclusion to JPMorgan's influential indices concludes years of negotiation between banks, investors and India's government.
/jlne.ws/3LxmC8C
Goldman Sachs has found the secret to a successful IPO listing: Here are the two traits investors need to look for
Eleanor Pringle - Fortune
With Arm and Instacart hailing blockbuster listings this month, it could be easy for investors to get caught up in the excitement. But Goldman Sachs has another approach: it has identified two key measures that can help predict how successful an IPO may be in the long term, irrespective of whether the stocks have an early bubble or bust.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | 30 Chief Financial Officers representing nearly $1 trillion market cap outline the opportunities of climate action
United Nations Global Compact
A new report from the UN Global Compact and Climate Bonds Initiative, The role of the Chief Financial Officer in driving low-carbon transition underlines the key role Chief Financial Officers (CFOs) play in managing the risks and opportunities inherent in taking action or lagging behind in the low-carbon transition. It notes that late, unambitious action, which opens a company to physical, regulatory, and financial climate risks could be perceived negatively by investors, damaging the value of the company, and bringing long-term reputational impacts. On the flip side, proactive action can bring a sustainable long-term competitive advantage to businesses.
/jlne.ws/44WTJJW
Illinois' Signature Climate Law Has Been Slow to Fulfill Promises for Clean Energy and Jobs; Under the Climate and Equitable Jobs Act, renewable energy, such as solar and wind, is supposed to account for one-quarter of all power by 2025. Today, renewable sources make up only 10.5 percent of power.
Brett Chase - Chicago Sun-Times and Dan Gearino - Inside Climate News
Two years ago, Illinois legislators passed a law that made big promises to fight climate change. It would reduce air pollution by phasing out electricity created by burning fossil fuels and lead to the creation of thousands of new jobs in clean-energy industries, especially for Black and Latino residents, who often bear the brunt of pollution because of their proximity to coal-and gas-burning power plants. So far, though, only limited progress has been made toward reaching those goals.
/jlne.ws/3ZvxAl2
Why Can't Americans Buy Cheap Chinese EVs? US drivers are annoyed by a lack of affordable electric cars, while Chinese automakers are manufacturing cheap EVs by the millions.
Kyle Stock - Bloomberg
EV variety is easy to find outside the US. Where American drivers now have about 50 electric cars to choose from, Europe's array is almost double that, and China's nearly triple. With that variety come more small and midsize options, and more cars with price tags that won't break the bank.
/jlne.ws/3POvFob
Sustainable Switch: Climate Focus
Sharon Kimathi - Reuters Digital
Hello! This week saw potentially significant rollbacks in emissions reduction commitments by Britain and the EU, diluting net zero pledges and scaling back legislation. British Prime Minister Rishi Sunak announced a delay in the ban on sales of new petrol cars, while the EU debates weaker emissions regulations for combustion engine vehicles. Sunak said the change was to ease "unacceptable costs" on British households from the energy transition, causing him to push back the ban on new petrol and diesel cars to 2035 from 2030. He also said he would ease the transition to heat pumps from gas boilers in homes, adding that he would not force any household to improve their insulation.
/jlne.ws/3EV46mN
Some Rare, Real Talk From a Utility About Competition With Rooftop Solar
Dan Gearino - Inside Climate News
In a hearing last month in Arizona, an expert witness for the state's largest utility said he agrees with the idea that utilities oppose rooftop solar because it is a threat to their profits. If ever there was an occasion for a "record scratch" sound effect to be played at a regulatory hearing, this was it. The comment was stunning because it's something renewable energy advocates have long been saying but that utilities have danced around.
/jlne.ws/3LzBrrr
Move Over, Highways. Now You Can Sponsor an Ocean Sanctuary; For a one-time fee of $148, the South Pacific island state of Niue is offering the opportunity to preserve a square kilometer of a huge marine protected area.
Todd Woody - Bloomberg
/jlne.ws/3Zr6tY6
Companies find carbon costing aids strategic planning; Applying internal pricing to business operations makes environmental, and financial, consequences tangible
Sarah Murray - Financial Times
/jlne.ws/3ZuD2UU
Improving energy efficiency top of the agenda in fight for net zero; Research shows that about 70 per cent of energy is wasted between producer and consumer, but is enough being done to turn this round?
Francesca Friday - Financial TImes
/jlne.ws/3Pvibwc
Decarbonising small businesses: too much demand and not enough supply; Adaptation will be a key driver if UK businesses are to reduce their exposure to rising energy prices and reliance on the National Grid
Francesca Friday - Financial Times
/jlne.ws/3ZHUGVH
Brazil aims to raise $2bn from debut sustainable bond sale; Green debt issuance will be a test of investor appetite for Lula's environmental agenda
Michael Pooler and Mary McDougall and Kenza Bryan - Financial Times
/jlne.ws/48phopi
Schroders New Bond Scores Tilt Scales Toward Emerging Markets; ESG scores favor high-income nations: Marcus Jennings; Schroders is developing an alternative scoring framework
Ronojoy Mazumdar and Ishika Mookerjee - Bloomberg
/jlne.ws/466tli7
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Silchester-backed asset management boutique shuts its doors; Fortunes of Sanderson Asset Management highlights challenge of executing a successful succession
Harriet Agnew - Financial Times
Sanderson Asset Management, a UK boutique backed by prominent investor Silchester Partners, is closing down after more than two decades, highlighting the challenge asset managers face when trying to move from a founder-led business to one run by a new generation of partners. Sanderson's management told staff in July that the firm would be wound up and money returned to clients, according to three people familiar with the situation. The retirement of the group's eponymous founder, Tim Sanderson, in March last year unsettled clients, the people said. It had since been unable to agree on an ownership structure that would work for all of its stakeholders, including partners, employees and backers, and incentivise the next generation of leaders, the people said.
/jlne.ws/3t40rk2
UK Money Manager Sanderson to Shutter After Decline in Assets
Nishant Kumar - Bloomberg
Sanderson Asset Management is closing down following the retirement of its founder Tim Sanderson and a decline in assets. The UK asset manager, which is backed by value investor Silchester Partners, is returning capital to investors after more than two decades of running money, according to a person with knowledge of the matter. The decision comes after partners were unable to agree on an ownership structure in the wake of Sanderson's exit last year.
/jlne.ws/3Pteur5
Marex to acquire Cowen's prime brokerage and outsourced trading business from TD; Back in June, TD Bank Group and Cowen had announced that the prime brokerage and outsourced trading businesses were parting ways just months after the deal was completed, seeking a more 'strategically and geographically aligned' partner.
Claudia Preece - The Trade News
Cowen's prime brokerage and outsourced trading business has been acquired by Marex just six months after TD completed its purchase of the business. The transaction is expected to close at the end of the year, pending regulatory approval and customary closing conditions.
/jlne.ws/48n3lka
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Big Family Fight Is Over How to Work. 'They Think I'm Insane.'; Generational debates about work may be brewing in the office, but they're often louder on the home front
Lindsay Ellis - The Wall Street Journal
Hybrid work. Hustle culture. Work-life balance. Tensions over how to work don't just permeate offices these days. They're on full display within families. "They think I'm insane," Lisa Olson, 53, said of her children when she tells them she skipped lunch during the workday. Her 25-year-old daughter, Emily Olson, tends to fit her job in advertising around her life, sometimes taking a midday break but also logging on after-hours if there's work to be done. She thinks her mom struggles to make time for herself.
/jlne.ws/453kkFj
Work: 'The American Disease'
Podcast hosted by Michelle Cottle, Ross Douthat, Carlos Lozada and Lydia Polgreen - The New York Times
Americans are sick of business as usual. This year alone, more than 275 strikes have broken out across the country, and last week, nearly 13,000 members of the United Auto Workers joined the picket line to demand a better deal with their employers. So what's going on with work in America? This week on "Matter of Opinion," the hosts break down how a changing economy and technological innovations are complicating the worker-employer relationship. Lydia offers some insight from her experience as the big boss on the other side of the bargaining table. Ross asks how little work The Times should pay him to do. And ultimately, the hosts debate the question: In today's world, what role should work play in our lives? (A full transcript of the episode will be available midday on the Times website.)
/jlne.ws/3EV4BNH
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Bird Flu Outbreak in South Africa Leads to Losses for Poultry Firms; Astral Foods, Quantum Foods expect losses for this fiscal year; Vaccines for the disease aren't available in South Africa
Rene Vollgraaff - Bloomberg
South African poultry companies are facing losses following the outbreak of a highly pathogenic avian influenza in the northern parts of the country. Egg producer Quantum Foods Holdings Ltd. on Friday said the disease has so far affected approximately 1.5 million of its layer and breeding stock, which have an estimated value of 106 million rand ($5.6 million). Astral Foods Ltd. which owns brand such as Country Fair and Goldi Chicken, said its total cost associated with the current outbreak amounts to about 220 million rand.
/jlne.ws/3PvYg0k
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's central bank publishes list of systemically important banks
Reuters
China's central bank and financial regulator released a list of 20 systemically important banks, which they said would need to meet additional capital and leverage requirements, according to a statement on Friday. The People's Bank of China and the National Financial Regulatory Administration identified six major state banks, nine joint-stock commercial banks and five city commercial banks as systemic important to the nation's financial system.
/jlne.ws/3t8zTyk
Cooling AI Boom Drives $14 Billion Outflow From Taiwan Stocks
Jeanny Yu and Chien-Hua Wan - Bloomberg
Foreign investors are rapidly retreating from Taiwan's stock market, turning net sellers for the year as an artificial intelligence frenzy cools. Overseas funds have sold near $14 billion of Taiwanese equities on a net basis since mid-June, offsetting all inflows made earlier this year, according to data compiled by Bloomberg News. Philippines and Thailand are among those in Asia also experiencing outflows.
/jlne.ws/3t8A4cY
Europe's Bond Market Sees First Friday Activity Since June
Ronan Martin - Bloomberg
The bond market in Europe is open for business on a Friday for the first time since June. Royal Bank of Canada and Deutsche Boerse AG are selling bonds in the first deals on a Friday in 13 weeks, according to data compiled by Bloomberg. Last week, a EUR165 million offering from Azerion Group NV officially priced on Friday having already closed books and set pricing on Thursday.
/jlne.ws/48t4QgP
Mexico's cartels luring hundreds of recruits every week, research finds; Report highlights size and 'enormous power' of crime groups that hold sway over areas of the country and economy
Christine Murray - Financial Times
Organised criminal groups in Mexico employ up to 185,000 people and draw in hundreds of new recruits every week, new research estimates, underscoring the difficulty of dismantling the cartels and reducing violence in the country.
/jlne.ws/3rgXs7w
Richest Family in South America Doubled Its Fortune on an Investment Analysts Hated; Chilean dynasty owns major stake in shipping firm Hapag-Lloyd; Family also owns $12 billion stake in miner Antofagasta
Daniel Cancel and Eduardo Thomson - Bloomberg
The Luksic family, South America's wealthiest with a combined fortune of about $25 billion, is reaping the benefits of a bet on global shipping and port logistics more than a decade after it first entered the industry.
/jlne.ws/3LwV0R4
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| Miscellaneous | | Stories that don't quite fit under the other sections | Hedge Fund Billionaire Paulson Cost Family Trust $10 Million With Condo Deal, Wife Says
Chris Dolmetsch, Bob Van Voris and David Voreacos - Bloomberg
Hedge fund billionaire John Paulson used a sham purchase of a luxury penthouse apartment in Puerto Rico to improperly enrich himself by $10 million at the expense of his family trust, his wife claims in a suit accusing him of hiding billions of dollars in assets during their divorce.
/jlne.ws/3Pw2oNX
The Most Interesting Wine Scene in the US Is in Oregon's Willamette Valley; The fast-growing wine region is still relatively chill, with a winemaking community that's uniquely diverse and full of fresh ideas.
Hannah Wallace - Bloomberg
The most popular spot in McMinnville (population 34,000), in the heart of Oregon wine country, is a renovated shoe grease factory that's now called Mac Market. The food hall has several restaurants, a bakery and a gourmet grocer.
/jlne.ws/3t1CvxM
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