| October 01, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
In an exclusive story, FOW is reporting "RJ O'Brien president Dan Staniford leaves Chicago group." The story says, "Staniford, who was the firm's chief sales officer before being promoted to president in June 2021, left the group in late September, according to a spokesperson." That is all that is available in front of FOW's paywall.
Other FOW headlines are: "Marex eyes environmental market after acquiring Spanish broker Dropet," "CME to launch micro Nikkei futures on October 28," "OSTTRA breaks euro compression records on recent rates moves" and "ANALYSIS: Recycled metals see higher demand but changes needed."
Today JLN published an interview I did with EPTA Secretary General Piebe Teeboom titled "European Capital Markets Face Structural Challenges, FIA EPTA Says." The EPTA recently published what Teeboom referred to as a "manifesto" titled "Tide of Change: Enhancing Liquidity Provision to the European Economy." The subheadline of the manifesto is "FIA EPTA's policy recommendations for competitive EU capital markets." In the JLN interview, I asked Teeboom about the manifesto and the recommendations and the role the EPTA firms play in the EU capital markets. Note: We noticed a missing A from EPTA in an initial question slide. This will be fixed soon.
The New York Stock Exchange (NYSE) today launched NYSE TV Live, a weekday morning show broadcasting live from the NYSE trading floor, anchored by Kristen Scholer. Airing from 9-10 am ET, the show features news on global markets, interviews with experts, and insights into the day's events at the exchange. Available on streaming platforms like YouTube and Apple TV, the program aims to provide a unique view of market activity and significant events at the NYSE. The show enhances NYSE's media offerings by offering real-time market insights.
It's interesting to see the NYSE stepping into the TV space with NYSE TV Live instead of solely relying on CNBC for market coverage or their own intermittent floor interviews. By launching their own live program directly from the trading floor, they gain control over how market news is presented and engage viewers with exclusive content. This move enhances their media presence, allowing them to offer real-time updates and interviews with industry leaders in a unique and immersive format, showing they are keen on innovating how market information is shared.
Yesterday it was proprietary traders who were Wall Street's new titans in a Financial Times story titled "New titans of Wall Street: How trading firms stole a march on big banks; Handful of secretive businesses including Jane Street and Citadel Securities have seized market share from the old guard." Now the FT has given asset managers the moniker of titans with a story titled "Asset Management: Wall Street's new titans" and a subheadline "Plus, Vanguard pushes into fixed income, egg prices soar, and Wigtown Book Festival." As a Glenbrook South Titan, I take offense at all this god-making.
Happy birthday to former U.S. President Jimmy Carter, who turns 100 years old today. Carter is the longest-lived U.S. president and also the most prolific modern presidential author, having written or co-authored 32 books, 20 of which became best-sellers. In contrast, only 16 books about him or his presidency have achieved the same success. Carter's presidency, though initially viewed as less impactful, has been revisited for its overlooked achievements, and his extensive post-presidential writing career, spanning topics from politics to woodworking, has helped reshape his legacy beyond his time in office. See a story from The New York Times about him or an editorial in The Wall Street Journal by Democrat turned Republican Phil Gramm titled "Jimmy Carter, Champion of Deregulation; The former president, who turns 100 Tuesday, gets too little credit for making America competitive again.
Pete Rose, AKA Charlie Hustle, baseball's all-time hits leader, has passed away at 83, Bloomberg reported. Despite his legendary career, Rose's legacy was marred by his 1989 lifetime ban from Major League Baseball for betting on games, preventing his Hall of Fame induction. A 17-time All-Star, Rose played for the Cincinnati Reds, Phillies, and Expos, amassing 4,256 career hits. Although he was known for his hustle and fierce competitiveness, Rose's achievements were overshadowed by his gambling scandal. Despite his tarnished reputation, his impact on baseball remains undeniable. Here is The Wall Street Journal version of the story.
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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Our most read stories from our previous edition of JLN Options were:
- India Regulator Set to Curb Booming Options Frenzy as Risks Abound from Bloomberg.
- Traders Blow Off US Election Risks as Stocks Race Into October from Bloomberg.
- Beijing pledges further boosts to ETF industry from the Financial Times. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Options Discovery Episode 34: Retail Options Trend
JohnLothianNews.com
Today, we're diving into the dynamic world of retail options trading, a trend that is reshaping the landscape of trading and investment strategies. Retail options trading has seen a significant uptick in participation since the second quarter of 2020. Retail traders accounted for 26% of notional value traded on C1 during that period, up from 16% in the first quarter of 2020. This trend has continued with retail participation climbing to 31% in the fourth quarter of 2023. The findings of the Retail Trading and Options Study reveal valuable insights into the activity and motivations of American retail traders.
Watch the video »
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European Capital Markets Face Structural Challenges, FIA EPTA Says
JohnLothianNews.com
In response to the FIA EPTA's policy recommendations for the new EU political mandate until 2029, titled "Tide of Change: Enhancing Liquidity Provision to the European Economy," Piebe Teeboom of the FIA European Principal Traders Association (EPTA) discussed the key challenges facing EU capital markets in an interview with John Lothian News. "European capital markets are an important presence globally, but they're not in the place where they should be," Teeboom said. He stressed that this is a critical issue as the European Union requires significant investment to tackle pressing challenges such as climate change, an aging population, and common defense.
Watch the video »
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Tropical Storm Kirk forms, expected to become hurricane this week: NHC
Ashley Suter - WFlA
Tropical Depression Twelve has strengthened into Tropical Storm Kirk and is expected to become a hurricane later this week, according to the National Hurricane Center. Located 800 miles west of the Cabo Verde Islands, maximum winds are at 60 mph.
/jlne.ws/4eIirTG
***** Just what I needed being in Florida, a potential hurricane named after the Scottish name for a church, a hurricane with a message.~JJL
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TD Bank Resolves Treasuries Spoofing Case Amid Wider US Probes; Bank to pay over $20 million in US criminal, civil penalties; TD also expected to plead guilty in anti-money-laundering case
Chris Dolmetsch - Bloomberg
Toronto-Dominion Bank will pay more than $20 million as part of a deal with US prosecutors and regulators to resolve investigations over a former trader's alleged placement of "spoof" orders to manipulate the US Treasuries market. The US Department of Justice on Monday said in a New Jersey federal court filing that the Canadian bank entered into a three-year deferred prosecution agreement to end criminal and civil probes into "hundreds of fraudulent spoof orders amounting to tens of billions of dollars of false supply and demand" for US Treasury securities.
/jlne.ws/3ZHbDkY
****** This is a problem at the northern border.~JJL
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Students Demand Divestment. Here's What They Are Missing; The impact is, at best, indirect and uncertain, a finance professor argues. But there are better ways to accomplish what advocates are seeking.
Meir Statman - The Wall Street Journal
"Disclose, divest, we will not stop, we will not rest," chant students at many American universities, demanding that their universities' endowments divest themselves of shares of companies they perceive as offensive. The students seem to believe, as many investors do, that selling their shares of these "offensive" companies-whether supporters of Israel, producers of weapons or distributors of tobacco products-is an effective tool for curtailing offensive operations by depriving companies of money they need to fund those operations.
/jlne.ws/3Y6U7Wf
****** You effect change by investing, not divesting.~JJL
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The Buying Power of Your Credit-Card Points Is Tanking; Americans hoarded credit-card points during the pandemic, but now find points buy less than they used to
Katherine Hamilton - The Wall Street Journal
Americans are racking up mountains of credit-card points. Inflation is eroding their value. Cardholders built up a stockpile of points worth more than $34 billion in 2023, up 70% from 2019, according to annual reports from card issuers American Express, Capital One and JPMorgan Chase. But hoarding credit-card points is sort of like stuffing cash under a mattress. While cash in the bank or stock market can earn a return that offsets inflation, credit-card points can't be invested.
/jlne.ws/3TRTWLE
***** Why doesn't Bakkt have a futures market on the value of points?~JJL
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Monday's Top Three
Our top story Monday was Division of Clearing and Risk Announces Staff Roundtable Discussion on New and Emerging Issues in Clearing from the CFTC. Second was New titans of Wall Street: How trading firms stole a march on big banks from the Financial Times. Third was a CBOT Notice of Disciplinary Action against Nomura Securities International, from CME Group.
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| Lead Stories | India Clears Steps to Curb Trading Rush in Stock Derivatives; SEBI limits weekly options contracts to one per exchange; India derivatives turnover has slumped since February
Chiranjivi Chakraborty and Menaka Doshi - Bloomberg
India's securities regulator on Tuesday notified steps to limit a surge in equity derivatives trading in the nation after growing retail participation took the speculative bets to the highest in the world. The measures include limiting of options contracts that expiry weekly to one per exchange, upfront collection of margins from traders as well as an increase in the minimum contract size to at least 1.5 million rupees, according to a circular published on the Securities and Exchange Board of India's website.
/jlne.ws/4eruOnj
US Funding-Market Volatility Fuels Spike in Key SOFR Benchmark; Secured Overnight Financing Rate jumped to 4.96% on Monday; That widened gap relative to fed funds rate to 13 basis points
Alex Harris - Bloomberg
A key rate underlying the US financial system jumped sharply at the end of September, an indication that volatility surrounding the end of the quarter has returned. The Secured Overnight Financing Rate - an important one-day lending benchmark linked to activity in the repurchase agreement market - rose to 4.96% as of Sept. 30, according to the latest Federal Reserve Bank of New York data published Tuesday.
/jlne.ws/4evKK87
Malaysian Bourse Eyes Value-Boosting Plans to Lure Stock Traders; Bursa Malaysia mulling formalized framework with targets: CEO; Exchange operator aims for 50 IPOs in 2025 from 42 this year
John Cheng - Bloomberg
The Malaysian bourse is mulling a plan to improve valuations of local companies as it seeks to lure global investors amid similar programs from regional peers. Bursa Malaysia Bhd. is considering a "formalized framework" where companies may be given targets on metrics such as price-to-earnings ratio, return on equity and free float, chief executive officer Muhamad Umar Swift said in an interview last week.
/jlne.ws/3BkleUz
An unpredictable America looks more and more like an emerging market; Stock markets are roaring but political volatility and social tensions make some investors see the US as a risk to be hedged against
Rana Foroohar - Financial Times
Last week, as the UN General Assembly met in New York, I moderated an event with a group of well-known economists and foreign affairs experts on the effects of the US election on the future of multilateralism. Everyone agreed that Donald Trump would be a disaster for global co-operation, and that Kamala Harris was a bit of an unknown quantity. The most interesting takeaway, however, was that participants were less interested in how America would engage with the world than where the world would go with or without the US. While it sometimes seems that policymakers and business leaders are breathlessly waiting, plans on hold, to see what happens in November, it's perhaps truer to say that they are making peace with a world in which the US is not an anchor for stability, but rather a risk to be hedged against.
/jlne.ws/3zH7Ucq
Schwab CEO Bettinger to Step Down as Firm Revamps Banking Unit
Paige Smith - Bloomberg
Charles Schwab Corp. Chief Executive Officer Walt Bettinger will step down at the end of this year, handing the role to President Rick Wurster after the firm said three months ago that it will revamp its bank unit. Bettinger, who turns 65 next year, has led Schwab since 2008, the company said in a statement Tuesday. The firm said in May it would replace its chief financial officer.
/jlne.ws/4egWj2V
Charles Schwab Names President Rick Wurster as Next CEO; Walt Bettinger, who oversaw the company's rise to a personal-finance juggernaut, will retire after a 16-year tenure
Hannah Miao - The Wall Street Journal
Charles Schwab has named Rick Wurster as its next CEO, promoting an executive who has been primed for years to take the top job and who will be tasked with steering the brokerage through a turnaround. Wurster, currently Schwab's president, will take over as chief executive officer and join the board on Jan. 1, the company said Tuesday. Longtime CEO Walt Bettinger will retire from the top job and continue to be executive co-chairman of the board alongside namesake founder Charles "Chuck" R. Schwab.
/jlne.ws/4gOmT5e
Short-Seller Andrew Left Previews Defense in Skirmish Over 3,000 Extra Words; Left request to file expanded defense rejected by judge; Short seller is accused of fraud in parallel SEC, DOJ cases
Erik Larson - Bloomberg
Short seller Andrew Left is gearing up to seek dismissal of a US Securities and Exchange Commission lawsuit over his trading activities, with his lawyer characterizing the civil case as a substandard "novelty." US authorities in July accused Left and his Citron Research firm of committing fraud through stock trades, social media posts and research reports - the culmination of a yearslong crackdown against traders who promote their bearish bets. The SEC case is running parallel to a US Justice Department criminal prosecution.
/jlne.ws/3TSfGHv
Apollo plans to double assets by 2029 as it lays down challenge to banks; Chief Marc Rowan sets targets for private capital group to become one of world's largest debt underwriters
Antoine Gara and Eric Platt - Financial Times
Apollo Global Management is aiming to more than double in size over the next five years and become one of the largest debt underwriters in the world, under new targets unveiled by chief executive Marc Rowan. Rowan on Tuesday laid out plans to increase Apollo's assets under management from less than $700bn to $1.5tn by 2029, as companies increasingly turn to the private capital group for credit instead of the banks they have historically relied on.
/jlne.ws/3TRUtx8
Hong Kong, mainland China's US$1.8 trillion stock boom sparks rush of millennial investors
South China Morning Post
A fear of missing out on the US$1.8 trillion stock rally in Hong Kong and mainland China has driven young investors to open accounts with online trading platforms, while others have been seen queuing up at local brokerages to get in on the action. However, it has not been smooth sailing for many new investors, most of whom are in their late 20s and early 30s. Some wannabe traders have been unable to open accounts on online trading platforms of banks and brokers, as the systems have been overwhelmed by the sudden influx of users, according to brokers.
/jlne.ws/3Y4kQ5r
New York Stock Exchange Launches the NYSE TV Live Weekday Morning Show; Anchored by renowned broadcast journalist Kristen Scholer; Features news and interviews with market experts and global leaders; Broadcasts live from the iconic NYSE trading floor
Intercontinental Exchange
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today launched NYSE TV Live, a weekday morning program broadcast live from the iconic NYSE trading floor covering news impacting global markets and the economy. The new show is anchored by Kristen Scholer, a renowned broadcast journalist who helped launch the Cheddar network and is a veteran of The Wall Street Journal and CNBC. Kristen is joined by NYSE TV anchor Trinity Chavez on the show.
/jlne.ws/4dw1bjk
Why Private Equity Is In Such a Funk; An industry that runs on debt is hoping better days - and more dealmaking - are ahead. Can lower interest rates set the stage for a comeback?
Allison McNeely and Layan Odeh - Bloomberg
Private equity firms, once the rainmakers of Wall Street, have fallen on hard times. For decades, they raised bushels of cash, bought businesses, loaded them with debt, sold them at a profit and persuaded happy investors to do it all over again. PE, as the asset class is known, grew at breakneck speed, snapping up companies worldwide - from dry-cleaning businesses and pet care companies to private hospitals and school operators.
/jlne.ws/4dwejVP
BlackRock's Fink Says Europe Needs Unified Banking Market; US firm is major shareholder in Commerzbank and UniCredit; Italian bank has built up a 21% holding in the German lender
Steven Arons and Francine Lacqua - Bloomberg
BlackRock Inc. Chief Executive Officer Larry Fink urged Europe to continue unifying its banking market, while stopping short of commenting on a potential combination of Commerzbank AG and UniCredit SpA. "Europe needs a stronger capital markets system and it needs a more unified banking system," Fink said in an interview at the Berlin Global Dialogue conference on Tuesday when asked about his views on a possible merger of the two lenders.
/jlne.ws/3N94UZs
Dockworkers Launch Strike at Ports From Maine to Texas; Retailers say they can weather a short shutdown but prices are likely to rise and shortages might grow in a prolonged walkout
Paul Berger - The Wall Street Journal
Dockworkers walked off their jobs at dozens of ports from Maine to Texas at midnight, launching a strike that threatens to rattle the American economy five weeks ahead of the presidential election. Members of the International Longshoremen's Association, which represents 45,000 dockworkers at East Coast and Gulf Coast ports, began picketing early Tuesday at cargo terminals that handle more than half of American import and export volumes as the contract with port employers expired.
/jlne.ws/3ZLdBRa
The Surprise Market Winner of 2024: The Great British Pound; U.K. currency is on the upswing thanks to high interest rates, political stability and a flow of foreign money looking for bargains
Jon Sindreu - The Wall Street Journal
"Credit rates are going up, up, up and the British pound is the envy of the world," exclaims Mr. Banks in the 1964 classic film "Mary Poppins." For the first time since the U.K. chose to leave the European Union, there may be some truth to that statement. In September, sterling gained more than 1% against a broad basket of trading currencies, according to data from the Bank of England. Year-to-date, it is up 4.7%, thanks to gains of 4.7% and 4.1% against the U.S. dollar and the euro, respectively. This makes the pound the best performer among currencies issued by Group of Ten, or G-10, developed nations. It is now only a hair's breadth away from reaching its level on the day of the Brexit referendum on June 23, 2016.
/jlne.ws/4eqTbkX
SEC charges TD Securities as former head of US Treasuries desk found to have allegedly made 'hundreds' of illegal trades; Specifically, a former TD Securities trader was found to have spoofed the US Treasury cash securities market; the SEC has ruled that the firm "lacked adequate controls and that it failed to take reasonable steps to scrutinise the trader".
Claudia Preece - The Trade
The US Securities and Exchange Commission (SEC) has charged TD Securities with manipulating the US Treasury cash securities market through an illicit spoofing scheme between April 2018 and May 2019. The watchdog also charged the bank with "failing to supervise" the head of its US Treasuries trading desk who allegedly made "hundreds" of illegal trades over that period.
/jlne.ws/3TQwejc
LMAX Group acquires FX HedgePool; The move follows LMAX's acquisition of Curex last year, increasing the business' proposition for asset managers and other buy-side participants.
Claudia Preece - The Trade
LMAX Group has acquired FX HedgePool as it seeks to expand its FX offering and build into a global cross-asset marketplace. Together the firms will offer a broader suite of solutions, including expertise in the FX swaps and forwards market, and spot FX and non-FX asset classes expertise. "We believe that with the acquisition of FX HedgePool, our combined client base will benefit from access to a wider suite of products and increased global distribution," said David Mercer, chief executive, LMAX Group.
/jlne.ws/3Y5VxA8
BMLL secures $21 million injection from Optiver-led investment round; The latest funding round also saw continued backing from existing investors Nasdaq Ventures, FactSet and IQ Capital's Growth Fund.
Wesley Bray - The Trade
Data and analytics provider BMLL has secured a $21 million strategic investment in its latest funding round to drive further growth. The latest funding round included Optiver as lead investor, with co-participation from existing investors FactSet, Nasdaq Ventures, IQ Capital's Growth Fund, as well as additional investment from CTC Venture Capital. As part of the move, Optiver has also joined BMLL's board of investors.
/jlne.ws/4erEqOQ
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin orders conscription of 133,000 servicemen in Russia's autumn draft
Reuters
Russian President Vladimir Putin ordered the conscription of 133,000 new servicemen in Russia's autumn draft that starts Oct. 1 and goes until the end of the year, according to a Kremlin decree published on Monday. The decree, published in Russian state-run newspaper Rossiyskaya Gazeta, calls to carry out the draft of citizens "aged 18 to 30 years, who are not in the reserve and are subject to conscription in accordance with the Federal Law ... in the amount of 133,000 people."
/jlne.ws/404QIIX
Russia is ready for long confrontation with US, senior diplomat says
Reuters
Russia must prepare for a long confrontation with the United States and has sent repeated warnings to Washington over the crisis in relations, Deputy Foreign Minister Sergei Ryabkov was quoted as saying on Tuesday. The 2-1/2-year-old Ukraine war has triggered the gravest confrontation between Russia and the West since the 1962 Cuban Missile Crisis - considered to be the closest the two Cold War superpowers came to intentional nuclear war.
/jlne.ws/3Y3yp5j
Partisans and sabotages are the latest threats to Putin's war machine
Serhii Kuzan - The Telegraph
The current Russian government is confidently and purposefully turning Russia into the USSR 2.0. Total censorship, elimination of Russian opposition leaders, persecution of human rights activists, free journalists and public figures, prohibition of criticism of the government, especially the war of aggression in Ukraine - all this makes democratic ways of changing the government in the Kremlin virtually impossible. They are already working on a possible successor who would satisfy all groups of influence, so even in the event of Putin's sudden death, without other additional factors and changes within Russia, we should not expect a change in this regime.
/jlne.ws/3N78149
Hundreds of Ukrainian soldiers 'trapped' after Russia surrounds fortress city in rapid advance
James Kilner - The Telegraph
Hundreds of Ukrainian soldiers could be trapped in a besieged town as Russian forces complete their encirclement and close in. In a desperate plea, one Ukrainian soldier described how evacuation routes out of Vuhledar had been cut and food, ammunition and fuel were running low. "The situation in Vuhledar is, to put it mildly, difficult," the unnamed Ukrainian soldier told Stanislav Bunyatov, a Ukrainian soldier and blogger. "The attack is now coming from three sides."
/jlne.ws/3XQqszf
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel launches ground invasion in Lebanon with 'limited' raids on Hezbollah
Kim Hjelmgaard and Cybele Mayes-Osterman - USA TODAY
Israel's troops entered Lebanon on Tuesday as part of what the Israeli military called a "limited, localized and targeted" ground operation aimed at dismantling Hezbollah command structures and weapons sites. The operation follows almost a year of near-daily Hezbollah missile attacks on northern Israel, which the Iran-backed group launched in the immediate aftermath of its ally Hamas' Oct. 7, 2023, attacks on Israel.
/jlne.ws/4eJNYVj
Hamas Leader Killed in Lebanon Was Also a U.N. Staffer; Militant who died in Israeli airstrike also worked at U.N. body for Palestinian refugees, adding to controversy over the agency
Rory Jones and David Luhnow - The Wall Street Journal
Palestinian militant group Hamas's top leader in Lebanon-killed in an Israeli airstrike Monday-also was a high-ranking employee of the main United Nations relief agency serving Palestinians, a revelation likely to heighten suspicions about Hamas's influence in the aid organization. Hamas said the man, Fateh al-Sharif, died in Tyre in southern Lebanon. The U.N. Relief and Works Agency, known as Unrwa, said Sharif worked for the agency as a school principal, and was also head of the union representing thousands of teachers. He was placed on leave without pay in March after the agency opened an investigation into his political activities.
/jlne.ws/47WjE7F
Hezbollah Misjudged Israel's Weakness and Iran's Might; A succession of Israeli strikes have reset the military calculus in the Middle East, but it remains just as dangerous
Yaroslav Trofimov - The Wall Street Journal
Weeks after Hamas attacked Israel on Oct. 7, the leader of Lebanese militant group Hezbollah made a thunderous speech to explain why his men are joining the fight against the "Zionist enemy." Israel was "shaking and trembling" in fear, "weaker than a spider's web," Hassan Nasrallah said. Unlike previous conflicts with the Jewish state, this war "was historic and decisive," and all Iranian-backed resistance movements-from Lebanon to Syria to Iraq and Yemen-were duty-bound to participate, he said.
/jlne.ws/3TRxySV
Iran preparing to launch missile against Israel, says US official; Washington warns of 'severe consequences' if attack carried out
Felicia Schwartz, James Shotter and Raya Jalabi
The US believes that Iran is "preparing to imminently launch a ballistic missile attack against Israel", a US official said on Tuesday, threatening "severe consequences" if the attack were carried out. The warning came as Israel launched a ground offensive in Lebanon on Tuesday, intensifying its campaign against Hizbollah after launching waves of devastating air strikes against the Tehran-backed Lebanese militant group.
/jlne.ws/4gPddam
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Alibaba, HKEX attract Chinese investors as inflows to Hong Kong stocks surge
South China Morning Post
Traders in mainland China rushed to snap up Hong Kong stocks before the "golden week" holiday begins, as Beijing's surprise policy bazooka ignited a buying spree. Southbound investors bought HK$12.1 billion (US$1.6 billion) worth of local shares on Monday, the biggest single-day total in more than six months, according to stock exchange data. That helped propel overall turnover in Hong Kong to HK$505.8 billion, a record high.
/jlne.ws/47NwMMg
SIX Exchanges Figures: September 2024
BME-X
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain
/jlne.ws/3BruoyM
Boerse Stuttgart Group sets the course for the digitalization of the European capital market with ECB blockchain tests
Boerse Stuttgart Group
Comprehensive test of secondary market transactions with tokenized securities and central bank money // Settlement time reduced from two days to just a few minutes // Six partner banks and Bundesbank involved.
/jlne.ws/3Nc9wxS
Cboe Global Markets Announces Date of Third-Quarter 2024 Earnings Release and Conference Call
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the third quarter of 2024 before the market opens on Friday, November 1, 2024. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET).
/jlne.ws/3Y4nkkh
CME Group to Launch Yen- and U.S. Dollar-denominated Micro Nikkei Futures on October 28
CME Group
CME Group, the world's leading derivatives marketplace, today announced it will expand its suite of Nikkei 225 futures contracts with the addition of yen- and U.S. dollar-denominated Micro Nikkei futures on October 28, pending regulatory review. Sized at 50 yen and $0.50, respectively, these new micro-sized contracts will allow traders to capture Japanese benchmark trading opportunities with greater precision and will add to CME Group's existing suite of standard and E-mini Nikkei contracts.
/jlne.ws/3XR8pZF
Unscheduled adjustments in SDAX and TecDAX
Deutsche Boerse Group
STOXX Ltd. has announced unscheduled changes to the SDAX and TecDAX indices. Following the spin-off of PENTIXAPHARM HLDG NA O.N. from Eckert & Ziegler SE, adjustments of the indices are required.
/jlne.ws/4eqcsDl
EEX's contract as EU common auction platform for emission allowances extended until end of 2026
EEX
The European Energy Exchange (EEX) will host the Europe-wide primary market emissions auctions until 31 December 2026, following the extension of the original five-year contract. The third common auction platform under this contract covers EU ETS allowances for the sectors electricity and heat generation, energy-intensive industry, aviation and maritime. An additional emission trading system (EU ETS2) for buildings, road transport and additional sectors shall start with auctions in 2027. The current contract has been extended in order to make the fourth common auction platform to coincide with the start of the auctioning of EU ETS2 allowances.
/jlne.ws/3zHhEU8
Update to LME Jurisdictions Document and Member Jurisdictions Policy of the LME and LME Clear
1. This Notice informs Members of updates to the LME Jurisdictions Document (the "Jurisdictions Document") and the Member Jurisdictions Policy of the LME and LME Clear (the "Jurisdictions Policy"). 2. Terms not otherwise defined in this Notice shall have the meaning given to them in the LME Rulebook.
/jlne.ws/4eL9MQa
AI set to revolutionise wealth management operations
LSEG
LSEG (London Stock Exchange Group), a leading global financial markets infrastructure and data provider, today releases a new report, The Future of Wealth: Why Consistency Matters, highlighting the impact of Artificial Intelligence (AI) in wealth management.
/jlne.ws/4gLQuvU
New York Stock Exchange Launches the NYSE TV Live Weekday Morning Show
NYSE
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today launched NYSE TV Live, a weekday morning program broadcast live from the iconic NYSE trading floor covering news impacting global markets and the economy. The new show is anchored by Kristen Scholer, a renowned broadcast journalist who helped launch the Cheddar network and is a veteran of The Wall Street Journal and CNBC. Kristen is joined by NYSE TV anchor Trinity Chavez on the show. NYSE TV Live, which airs from 9-10 am ET on weekdays and is available on multiple streaming platforms, provides an in-depth look at the day's news and the happenings inside the historic NYSE building at 11 Wall Street. The show will feature interviews with leading market and industry experts as well as business and political leaders and others visiting the exchange.
/jlne.ws/4dw1bjk
Issuance of 1256 Ruling
Bourse de Montreal Inc. (the "Bourse") is pleased to announce that it has received a ruling from the Internal Revenue Service (the "IRS") designating it as a "qualified board or exchange" under Section 1256 of the Internal Revenue Code (the "Code"). Under that ruling, futures contracts traded on the Bourse on or after November 1, 2024 will be treated as Section 1256 contracts under the Code.
/jlne.ws/3ZIpgAt
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Greylock-backed Resolve AI raises $35 million in seed funding to help engineers
Krystal Hu - Reuters
Resolve AI, a startup aiming to automate software operations, has raised $35 million in seed funding from investors led by Greylock, as the latest entrants to the space of developing AI-powered tools for software engineers. It is the largest check written so far this year by the Silicon Valley venture capital firm that has backed companies such as Airbnb and Meta. Stanford Professor Fei-Fei Li and Google DeepMind's Chief Scientist Jeff Dean also joined the round.
/jlne.ws/3N6g415
Microsoft Shares Lag as 'AI Fatigue,' High Multiple Curb Rebound; Stock has trailed Nasdaq 100, software ETF in past few months; Oracle has emerged as popular alternative for tech investors
Ryan Vlastelica - Bloomberg
Microsoft Corp. shares have lost their luster in the past few months, with some investors cooling on the artificial-intelligence trade and looking for better value elsewhere in the sector. Shares in the software company are up just 1.3% over the past six months, compared with an almost 10% gain for the Nasdaq 100 Index. The stock is 8% below its all-time high, while an exchange-traded fund that tracks software firms closed at a record on Monday. The underperformance has come as Microsoft reported mixed results in its latest quarter and as AI more generally loses steam as a driver of stock gains.
/jlne.ws/3ZKBvMG
A test case of the AI frenzy; Cerebras Systems needs a dose of initial public scepticism
Robin Wigglesworth - Financial Times
Nvidia sits at the centre of what we've dubbed the AI-financial complex, but there are a lot of people that want to make bank from the market frenzy. Cerebras Systems has now filed for an IPO, and it will be an interesting test of just how AI-mad investors have become.
/jlne.ws/3TLht0H
Cerebras Files for IPO as It Challenges Nvidia in AI Chips; Company's technology is designed to handle AI workloads; Filing shows that startup is heavily reliant on one customer
Amy Or - Bloomberg
Cerebras Systems Inc., a startup that looks to challenge Nvidia Corp. in artificial intelligence computing, filed for an initial public offering Monday and released financial information showing a fast-growing but still relatively small operation. In a filing with the US Securities and Exchange Commission, Cerebras disclosed that its sales increased to $136.4 million in the first six months of the year, up from $8.7 million in the year-earlier period. Cerebras had previously filed confidentially for the IPO in August.
/jlne.ws/4dsaOQk
****Here is that story from The New York Times.
U.K. launches digital securities testing Initiative allows firms to test innovations, explore potential regulatory reforms
James Langton - Investment Executive
The U.K. has opened its testing environment - the Digital Securities Sandbox (DSS) - to applications from financial firms looking to bring tech-based innovations to securities markets. Earlier this year, the U.K.'s Financial Conduct Authority (FCA) and the Bank of England (BoE) - which will jointly operate the sandbox - carried out a consultation on a proposed sandbox that will allow firms to try out the application of new technologies in traditional financial markets.
/jlne.ws/3Y5TImM
What Nvidia CEO Jensen Huang told the founder of this Google rival after investing in his startup
Yahoo Finance
Hungry upstarts don't always get the attention of major players, but in the case of You.com, founder Richard Socher got a front-row seat with Nvidia's Jensen Huang. "I was extremely impressed with Jensen," Socher told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance's Opening Bid podcast (see video above; listen below).
/jlne.ws/3zJnnZz
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| Cybersecurity | | Top stories for cybersecurity | Apple's New Password Manager Is Free. That's Just One Reason to Use It; Your saved passwords are now in one easy-to-access place
Nicole Nguyen - The Wall Street Journal
The internet is a dangerous place, and people who reuse the same tired password everywhere are sitting ducks. That's why setting up a password manager is necessary, if annoying. If you have an iPhone or Mac, no more excuses: Apple's making it a lot easier. The new Passwords app-available with the latest iPhone, iPad and Mac software-is a proper password manager. It suggests unique, unguessable passwords when you sign up for new accounts and fills them in whenever you need them. Kids constantly hounding you for the Netflix password? You can also share logins with the family. If you change the password, the group is automatically updated.
/jlne.ws/4h1afA3
Windows 11 KB5043145 update causes reboot loops, blue screens
Sergiu Gatlan - Bleeping Computer
Microsoft warns that some Windows 11 systems enter reboot loops or might freeze with blue screens after installing the September 2024 KB5043145 preview update. This month's KB5043145 optional update was released on Thursday with fixes for multiple issues, including Edge and task manager freezes. One day after this cumulative update rolled out, Redmond added a new known issue to the KB5043145 support document on Friday, confirming that Windows 11 22H2 and 23H2 users might see their computers enter restart loops and, in some cases, become unresponsive.
/jlne.ws/3ZLOC0n
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| Cryptocurrencies | | Top stories for cryptocurrencies | Japan Crypto Review May Open Door to Lower Taxes, Dedicated ETFs; Officials may weigh whether to put crypto under investment law; Industry seeks to slash the levy on digital-asset gains to 20%
Takashi Nakamichi - Bloomberg
Japan is set to begin a review of the nation's cryptocurrency rules, opening up the possibility of lower taxes on digital assets and potentially paving the way for the roll out of domestic funds investing in tokens. The Financial Services Agency in coming months will assess whether the current approach of regulating crypto under the payments act is adequate, an official at the agency said, asking not be identified in line with the institution's rules. The FSA will examine whether the act offers adequate investor protection since tokens are used mostly for investing rather than payments, the official said. That may lead to changes to the act, or the reclassification of crypto as financial instruments that fall under Japan's investment law, the official said.
/jlne.ws/3zFapvR
China's Former Minister of Finance Calls Crypto a 'Crucial Aspect' of Digital Economy; The former minister called on Beijing to study the industry in light of Republican candidate Donald Trump's comments on crypto.
Sam Reynolds - CoinDesk
China's former minister of finance, Zhu Guangyao, has called on Beijing to pay more attention to the crypto markets in a speech at a summit hosted by Tsinghua University. Zhu also said that the government must recognize the risks and harm crypto poses to capital markets. China's former minister of finance, Zhu Guangyao, said at a forum hosted by Tsinghua University that the government should study crypto more closely, given remarks made on the U.S. campaign trail. Crypto "has negative impacts, and we must fully recognize its risks and the harm it poses to capital markets," Sina News quoted him as saying. "However, we must also study the latest international changes and policy adjustments, as it is a crucial aspect of digital economy development." Sina reports that Zhu pointed directly at Republican Candidate Donald Trump's remarks as a need for further action by Beijing.
/jlne.ws/4dsfh5y
Man Pleads Guilty to Illegally Operating Crypto ATM Network in the UK; This marks the first U.K. conviction for running a crypto ATM operation.
Camomile Shumba - CoinDesk
Olumide Osunkoya pleaded guilty to illegally operating a crypto ATM network, according to a press release by the Financial Conduct Authority (FCA) on Monday. This marks the first U.K. conviction for running a crypto ATM operation. Osunkoya, 45, pleaded guilty to five offenses at a hearing held on Monday at Westminster Magistrates' Court.
/jlne.ws/3BsyXsJ
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| Politics | | An overview of politics as it relates to the financial markets | Most multimillionaire investors are voting for Harris, despite thinking Trump is better for the economy
Jane Thier - Fortune
Most investors who have at least $1 million in investable assets are planning to vote for Vice President Kamala Harris, per a new report from wealth manager UBS. The actual breakdown: 57% of the 971 U.S. investors UBS surveyed last month said they're opting for Harris; 43% are planning on Trump. And yet, those same investors say former President Donald Trump would actually be better for the economy-narrowly. UBS surveyed 971 U.S. investors about the election last month; 38% are Republicans, 34% are Democrats, and 26% are Independents.
/jlne.ws/3TQ2Vx6
Trump escalates attacks on Harris' mental fitness and suggests she should be prosecuted
Adriana Gomez Licon and Colleen Long - Associated Press
Republican presidential nominee Donald Trump escalated his personal attacks on his Democratic rival, Kamala Harris, on Sunday by repeating an insult that she was "mentally impaired" while also saying she should be "impeached and prosecuted." Trump's rally in Erie, Pennsylvania, took on similar themes as an event one day earlier that he himself described as a "dark speech." He told a cheering crowd Sunday that Harris was responsible for an "invasion" at the U.S.-Mexico border and "she should be impeached and prosecuted for her actions."
/jlne.ws/3Y4xaCM
Wealthy GOP Candidates Face Rough Homecomings; Senate hopeful David McCormick points to deep Pennsylvania roots, while Democrats call him 'Connecticut Dave'
Siobhan Hughes - The Wall Street Journal
David McCormick faces several challenges in flipping a Senate seat in Pennsylvania. High on the list: convincing Pennsylvanians he is one of them. The Republican candidate grew up in the Keystone State, but rivals are still giving him grief for his years spent elsewhere. Backers of incumbent Democratic Sen. Bob Casey Jr.-the son of former Gov. Bob Casey Sr.-have tweaked McCormick for mispronouncing the name of a popular local beer, Yuengling, and for mistakenly referring to a large drink from Wawa, the beloved convenience store chain, as a Big Gulp-a 7-Eleven offering. TV ads label him "Connecticut Dave."
/jlne.ws/47Qjrmu
In Walz vs. Vance, We Might Have a VP Debate That Actually Matters
Eleanor Clift - The Daily Beast (opinion)
It's the cool thing to say that a vice presidential debate doesn't matter in the sense that it has never changed the outcome of an election, and thus the course of history. But in an election cycle that is like none other, where the polls barely budge and the race is razor-tight, what happens on the debate stage Tuesday night could be consequential.
/jlne.ws/3XMwjp5
Jimmy Carter, Champion of Deregulation; The former president, who turns 100 Tuesday, gets too little credit for making America competitive again.
Phil Gramm - The Wall Street Journal
Jimmy Carter, who turns 100 on Oct. 1, doesn't get enough credit for the quarter-century economic boom from 1983 to 2008 and the underlying resilience of the economy since. Without Mr. Carter's deregulation of airlines, trucking, railroads, energy and communications, America might not have had the ability to diversify its economy and lead the world in high-tech development when our postwar domination of manufacturing ended in the late 1970s. The Carter deregulation helped fuel the Reagan economic renaissance and continues to make possible the powerful innovations that remake our world.
/jlne.ws/4eIpcVw
How fracking threatens Kamala Harris's hopes in Pennsylvania; Many voters in pivotal swing state do not trust vice-president's stance on the drilling technology or her economic plans
Jamie Smyth - Financial Times
James Hulings was sitting 40 feet from Donald Trump at the rally in Butler, Pennsylvania, in July when a gunman fired at the former president, injuring Trump's ear and killing a spectator. But the 79-year-old engineer will be back at Trump's side on Saturday to watch him at another campaign rally in the same venue. "We got burnt in 2020 and we don't want to be burnt again," said Hulings, who as chair of the local Republican committee is working to register voters before November's polling day.
/jlne.ws/3Y37YwD
Investors turn to volatility trades to profit from tight US election; Traders opt for complex derivative bets instead of predicting who will win, as November vote takes centre stage in markets
Nicholas Megaw - Financial Times
/jlne.ws/3N7N8G3
Putin's War Has Become Key Driver of EU Expansion, Croatia PM Says
Vonnie Quinn and Jasmina Kuzmanovic - Bloomberg
/jlne.ws/3ZLMfdF
UniCredit Needs Germany to Think More European About Commerzbank; German leaders should swallow their national pride.
Paul J. Davies - Bloomberg
/jlne.ws/47PUgR1
China's envoy in Washington warns US against 'strategic miscalculation', pledges investment opportunities
South China Morning Post
/jlne.ws/47KAFlj
Mexico's History-Making Leader Charts Her Own Course-Delicately
Maya Averbuch - Bloomberg Markets
/jlne.ws/3TQlJwi
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Charges Independent Director and Ex-CEO of Church & Dwight With Concealing Close Friendship with Company Executive; Defendant spent more than $100,000 on executive's travel expenses
SEC
The Securities and Exchange Commission today announced settled charges against James R. Craigie, a former CEO, Chairman, and board member of Church & Dwight Co. Inc., for violating proxy disclosure rules by standing for election as an independent director without informing the board of his close personal friendship with a high-ranking Church & Dwight executive thereby causing Church & Dwight's proxy statements to contain materially misleading statements. Without admitting or denying the SEC's allegations, Craigie agreed to resolve the SEC's charges. If the settlement is approved, Craigie will be subject to a five-year officer-and-director bar.
/jlne.ws/4esrDMc
SEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraud
SEC
The Securities and Exchange Commission today charged Olayinka Oyebola and his Public Company Accounting Oversight Board-registered accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), with aiding and abetting a massive securities fraud perpetrated by Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, and three related U.S. companies that Mmobuosi controlled (the Tingo entities). The SEC recently obtained a $250 million final judgment against Mmobuosi and the Tingo entities.
/jlne.ws/3XMtNPF
Advisory Firm Marathon Asset Management Charged with Policies Failures Regarding Potential Receipt of Confidential Information from Ad Hoc Creditors' Committees
SEC
The Securities and Exchange Commission today announced settled charges against registered investment adviser Marathon Asset Management LP for failing to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information relating to its participation on ad hoc creditors' committees.
/jlne.ws/3TOns4U
SEC Charges Three Individuals in the New York Metropolitan Area for Perpetrating a $120 Million Pre-IPO Fraud Scheme; Six entities owned or controlled by the individual defendants are also charged
SEC
The Securities and Exchange Commission today charged John LoPinto, Robert Wilkos, and Laren Pisciotti for their roles in a fraudulent scheme involving investments in pre-IPO private companies. The SEC also charged several companies owned and/or controlled by the defendants: the Pre IPO Marketplace Inc.; Keyport Venture Partners LLC; Keyport Venture Management LLC; and Keyport Venture Advisors LLC, which were jointly owned and/or controlled by LoPinto and Wilkos; and Principal Pre-IPO Consulting Group LLC and GlobalX VC LLC, which were owned or controlled by Pisciotti.
/jlne.ws/3BAgvhA
TD Securities to Pay More Than $28 Million in Connection With Spoofing Charges; Bank also was charged for failing to supervise the former head of its Treasurys desk
Connor Hart - The Wall Street Journal
TD Securities will pay more than $28 million to resolve three separate cases of spoofing, a type of fraudulent trading that involves flooding the market with fake orders in an effort to push a stock price up or down. It was announced Monday the Toronto bank would pay the Justice Department over $15.5 million, the Financial Industry Regulatory Authority approximately $6 million and the Securities and Exchange Commission about $7 million. The settlement comes more than five years after the former head of the TD Securities desk responsible for trading U.S. Treasurys, Jeyakumar Nadarajah, allegedly made hundreds of illegal trades over a 13-month period.
/jlne.ws/4dwmGkj
TD Securities Charged in Spoofing Scheme; Firm also failed to supervise the head of its U.S. Treasuries desk
SEC
The Securities and Exchange Commission today announced charges against registered broker-dealer TD Securities (USA) LLC for manipulating the U.S. Treasury cash securities market through an illicit trading strategy known as spoofing. The bank was also charged for failing to supervise the then-head of its U.S. Treasuries trading desk, who allegedly made hundreds of illegal trades over a 13-month period.
/jlne.ws/47LPQL1
SEC Obtains Final Judgments in Microcap Fraud Case
SEC
The Securities and Exchange Commission announced that on September 27, 2024, the U.S. District Court for the District of Connecticut entered judgment against the estate of defendant Seong Yeol Lee in a microcap fraud case filed by the SEC in 2023. The judgment orders disgorgement of $3,255,668 and prejudgment interest of $589,000. Those amounts are deemed satisfied by the transfer of Lee's frozen funds to the Commission and proceeds from the sale of property in New York that the Commission alleges Lee improperly purchased with misappropriated investor money. Without admitting or denying the allegations in the SEC's complaint, Lee's estate consented to the entry of the judgment.
/jlne.ws/4gOfini
SEC Obtains Final Judgment Against Municipal Advisor and its Co-Founder
SEC
On September 24, 2024, the U.S. District Court for the Southern District of California entered a final judgment against municipal advisor Choice Advisors, LLC and one of its principals, Matthias O'Meara. The Court ordered permanent injunctive relief as well as total monetary remedies of $187,337 against Choice and $312,572 against O'Meara. The final judgment follows the Court's April 15, 2024 grant of partial summary judgment to the SEC, ruling that Choice and O'Meara had violated their fiduciary obligations and engaged in unregistered municipal advisory activities, among other violations.
/jlne.ws/3ZRsm5j
SEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraud
SEC
The Securities and Exchange Commission today charged Olayinka Oyebola and his Public Company Accounting Oversight Board-registered accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), with aiding and abetting a massive securities fraud perpetrated by Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, and three related U.S. companies that Mmobuosi controlled (the Tingo entities). The SEC recently obtained a $250 million final judgment against Mmobuosi and the Tingo entities.
/jlne.ws/3ZM6VSV
SEC Charges Ten Defendants in Microcap Fraud Scheme
SEC
The Securities and Exchange Commission today charged Harry Zhabilov, Billy Ray, Jr., Charles Dilluvio, Stephen Apolant, Dannie Zhabilov, Jonathan Farber, and four related entities with running a microcap fraud scheme targeting retail investors. The defendants were involved in different parts of the scheme involving a publicly traded company that generated approximately $92 million in illicit stock sale proceeds.
/jlne.ws/3N3RwGa
SEC Charges Independent Director and Ex-CEO of Church & Dwight With Concealing Close Friendship with Company Executive; Defendant spent more than $100,000 on executive's travel expenses
SEC
The Securities and Exchange Commission today announced settled charges against James R. Craigie, a former CEO, Chairman, and board member of Church & Dwight Co. Inc., for violating proxy disclosure rules by standing for election as an independent director without informing the board of his close personal friendship with a high-ranking Church & Dwight executive thereby causing Church & Dwight's proxy statements to contain materially misleading statements. Without admitting or denying the SEC's allegations, Craigie agreed to resolve the SEC's charges. If the settlement is approved, Craigie will be subject to a five-year officer-and-director bar.
/jlne.ws/3TRIyQ6
ASIC announces action against 13 SMSF auditors
ASIC
During the first half of 2024, ASIC took action against the registration of 13 approved self-managed superannuation fund (SMSF) auditors. ASIC's concerns covered a range of topics, including breaches of auditing and assurance standards, independence requirements, continuing professional development obligations, or for not being a fit and proper person to remain an approved SMSF auditor.
/jlne.ws/4doyTaE
Dural accountant charged with making false statements to ASIC
ASIC
Wayne Thomas Fraser, an accountant and tax agent from Dural NSW and director of Maxum Enterprises Pty Ltd, has been charged for allegedly making or authorising the filing of false or misleading documents with ASIC. Following an ASIC Investigation conducted as part of the Serious Financial Crime Taskforce, Mr Fraser appeared in the Downing Centre Local Court on 1 October 2024 to answer charges that on 16 occasions between 5 October 2017 and 16 January 2019, he contravened s1308(2) of the Corporations Act 2001 (Cth) as the law applied at that time.
/jlne.ws/4eCo9GQ
ASIC issues DDO stop order against Northern Territory business over concerns of financial harm to First Nations consumers
ASIC
ASIC has made an interim stop order preventing Indy-C-Fashion Accessories Pty Ltd (Indy-C) from having consumers at its retail store in Katherine enter credit arrangements to pay for goods on credit through Centrepay deductions. ASIC is concerned that consumers living in Katherine and surrounding remote areas, who receive low-incomes through Centrelink benefits are entering credit arrangements with Indy-C when they may be financially vulnerable, without access to other forms of credit. ASIC is concerned these consumers are at increased risk of financial hardship.
/jlne.ws/3ZOtt5w
FCA and PRA appoint Elizabeth Passey as Chair of FSCS
Gerald Segal - FX Newsgroup
UK financial regulator The FCA, and the Prudential Regulation Authority (PRA), have announced that they have appointed Elizabeth Passey as Chair of the Financial Services Compensation Scheme's (FSCS) board. She will take up the role on 1 October 2024. Elizabeth Passey is currently a senior adviser at J Stern & Company, a member of the investment committee of the Goldsmiths Company, a member of the boards of the Rivers Trust and the Wye & Usk Foundation, a patron of Clean-up UK and ambassador for the 30% Club.
/jlne.ws/47MUwA2
The end of LIBOR
FCA
Joint press release from the Bank of England, the FCA and the Working Group on Sterling Risk-Free Reference Rates (Working Group). Yesterday, 30 September 2024, the remaining synthetic LIBOR settings were published for the last time and LIBOR came to an end. All 35 LIBOR settings have now permanently ceased.
/jlne.ws/47NcQt4
The 207th meeting of the SEBI Board was held in Mumbai today.
SEBI
/jlne.ws/3ZIlc3b
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Boeing Weighs Raising at Least $10 Billion Selling Stock
David Carnevali, Julie Johnsson, Bailey Lipschultz and Aaron Kirchfeld - Bloomberg
Boeing Co. is considering raising at least $10 billion by selling new stock, as the planemaker seeks to replenish cash reserves depleted further by an ongoing strike, according to people familiar with the discussions. The company is working with advisers to explore its options, said the people, asking not to be identified discussing confidential matters. Raising equity isn't likely to happen for at least a month, assuming the planemaker can resolve the strike, because Boeing wants a firm grasp of the financial toll from the walkout by 33,000 workers, the people said.
/jlne.ws/4gPeXAs
New York Fed's reverse repo facility sees cash surge on last day of Q3
Michael S. Derby - Reuters
The New York Federal Reserve said eligible firms on Monday parked the largest amount of cash in its reverse repo facility since late June, in a move almost certainly tied to the end of the third quarter. The regional Fed bank said $465.6 billion was placed in its reverse repo facility, the highest level of inflows since the end of the last quarter, when on June 28 reverse repo usage stood at $664.6 billion.
/jlne.ws/3TRM4d4
How China's Copper King Dug Himself Into a $1.6 Billion Hole; At its peak, Wang Wenyin's Amer ranked among the Fortune 500; The trader's fortunes have tracked the economy's rise and fall
Alfred Cang and Jack Farchy - Bloomberg
Wang Wenyin arrived in Shenzhen in the early 1990s with 400 yuan in his pocket. Within three decades, he'd built an empire on the back of China's infrastructure boom, with relentless self-promotion and a talent for wooing local authorities desperate to attract investment. Today, he's on the way back to where he began.
/jlne.ws/4dvGF2y
Investors Hot on India Shrug Off Adani Short Seller Attack; Indian shares are surging despite Hindenburg's report accusing the conglomerate of fraud.
Abhishek Vishnoi, Ashutosh Joshi, and Anup Roy - Bloomberg
When New York short seller Hindenburg Research LLC accused the Adani Group of stock manipulation and accounting fraud last year, the Indian conglomerate's shares plummeted-raising concerns about whether the country's markets deserved their reputation as the next big thing. This summer, Hindenburg fired off another salvo, alleging that Madhabi Puri Buch, chair of the Indian market regulator, had a conflict of interest and had blocked a thorough probe into Adani.
/jlne.ws/4erlWhs
China Stocks Trounce EM Peers by Most Since 1999 in Sudden Shift
John Cheng - Bloomberg
For months, giving Chinese equities the wide berth looked to be one of the smartest trades among stock investors. The tide has suddenly turned. The MSCI China Index beat an emerging-market gauge which excludes the nation's equities by almost 22 percentage points in September, the biggest margin of outperformance since June 1999, according to data compiled by Bloomberg.
/jlne.ws/3N8MNTC
China's Stock-Market Revival Fails to Register With Fed-Obsessed US Traders; Market gyrations in Asian superpower barely impact US indexes; Latest US-China gulf comes as Wall Street fixates on Fed, AI
Lu Wang and Yiqin Shen - Bloomberg
/jlne.ws/3XRbCZd
That 5% CD Is a Great Deal-Until the Bank Calls It Back; With the Fed cutting interest rates, some savers are learning there is fine print on their certificates of deposit
Imani Moise - The Wall Street Journal
/jlne.ws/3N7fbFz
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Subsea Cable Startup XLCC Aims to Raise £1 Billion for UK Plant
Will Mathis - Bloomberg
The British startup XLCC Ltd. aims to raise over £1 billion ($1.3 billion) for a factory in Scotland manufacturing subsea high-voltage cables vital for Europe's transition away from fossil fuels. XLCC has hired Morgan Stanley to assist in the fund-raising process, which the company aims to launch in the middle of next year, according to Chief Executive Officer Ian Douglas. The project is a bet on the booming market for the crucial electricity equipment.
/jlne.ws/47OI42O
Jigar Shah on the Nuclear Power Revival in the US; Three Mile Island could be just the start.
Tracy Alloway and Joe Weisenthal - Bloomberg (podcast)
Earlier this month, we got the surprising headline that the shuttered nuclear reactor at Three Mile Island will be restarted. Of course, Three Mile Island was the site of a famous disaster in 1979 - one of the incidents that contributed to the US pulling back on the construction of new nuclear plants. This particular reactor was shuttered in 2019, when the economics of it no longer made sense. So why the restart? And why is there generally more interest and excitement about nuclear than there has been in years? On this episode of the podcast, we speak with Jigar Shah, the head of the Loan Programs Office at the Department of Energy. We talk about the big drivers both in terms of policy and economic conditions that have created this renaissance. The transcript has been lightly edited for clarity.
/jlne.ws/4enPrAY
Kazakhstan Seeks to Boost China Gas Exports With Possible New Pipe
Nariman Gizitdinov - Bloomberg
Kazakhstan is in talks with China about increasing gas exports and is even considering building an additional pipeline to boost flows, underscoring the growing significance of its role in the region's fuel market. Kazakhstan will be competing with neighboring countries including Turkmenistan and Russia for Chinese demand. Moscow's invasion of Ukraine nearly three years ago led to it cutting off major buyers in Europe, with China becoming a key alternative market even amid sputtering economic momentum.
/jlne.ws/3TPU2Dy
Europe Set for Colder Winter Than Last Year as La Niña Arrives; Winter could still be mild compared with long-term averages; UK and France seen cool in October, with southern Europe warm
Eamon Farhat - Bloomberg
Europe's winter is forecast to be colder than last year - Germany's third-mildest on record - as a weakened La Niña finally arrives, but it will still be warmer than longer-term averages. France, the UK and Scandinavia will be the coldest parts of Europe during October, according to forecasters. By contrast, southeast Europe and the south of Spain are likely to remain warm, according to Maxar Technologies Inc. Athens, which was seared by heat waves and wildfires over the summer, could see temperatures reach 32C (90F) early in the month, according to Weather Services International.
/jlne.ws/3zwcD0J
Traders Strike Deals for Deforestation-Free Coffee to Europe; Sucafina, Ecom, Dreyfus have all sold EUDR-compliant beans; Traders are taking on risk as Germany, Brazil ask for delays
Dayanne Sousa and Ilena Peng - Bloomberg
The world's largest coffee traders have started to take on an additional risk: selling deforestation-free beans to Europe before final rules are even laid out. Companies including Sucafina SA, Ecom Agroindustrial Corp., Louis Dreyfus Co. and Cofco International Ltd. have all struck deals to sell coffee they say will comply with the European Union's new deforestation regulation, according to people familiar with the matter. Traders are confident supplies from top producers Brazil and Vietnam can meet the requirements, the people said.
/jlne.ws/4dscole
North Carolina in Crisis Mode as Helene Rescues Continue; At least 120 killed in storm across six Southeastern states
Gareth Vipers - The Wall Street Journal
As the death toll from Helene continued to rise, the city of Asheville in western North Carolina's Blue Ridge Mountains was picking up the pieces from the devastating storm. Water systems were down Tuesday and would likely take weeks to repair, many roads in the city had washed away and there was no word from some rural communities cutoff by the floods. Local mayor, Esther Manheimer, said rescue teams were still working to locate missing people cut off by the historic flooding.
/jlne.ws/3N9iVGQ
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Commerzbank's Orlopp Says Strategy Is 'Built on Independence'
Arno Schuetze - Bloomberg
Commerzbank AG's new Chief Executive Officer Bettina Orlopp sought to rally the troops on her first day in office, pledging to advocate for a strategy built on the bank's independence. Commerzbank is "working tirelessly" with a team of experts to respond to Italy's UniCredit, which has secured a 21% stake in the German peer and said a full takeover is an option, Orlopp said Tuesday in a video message to employees.
/jlne.ws/3ZHtXuj
Mizuho Bank to invest in U.S. asset manager Golub Capital; Megabank plans to offer alternative investments to Japan's wealthy
Yuki Sekiguchi - Nikkei
Mizuho Bank has agreed to acquire a stake of less than 5% in U.S. asset manager Golub Capital, paving the way to offer the company's alternative investment products to affluent people in Japan. Mizuho announced the agreement, which includes exclusive sales rights in Japan, on Tuesday. Its investment will be in the tens of billions of yen (10 billion yen equals $70.3 million). Golub is a leading North American management company in the field of private debt, in which funds collected from investors are loaned to midsize businesses. Lending rates are variable, and profits are comparatively insulated from inflation.
/jlne.ws/3NesvrD
Apollo Projects $10 Billion of Annual Earnings in Five Years
Allison McNeely - Bloomberg
Apollo Global Management Inc. expects to generate $10 billion of annual earnings across its asset management and retirement businesses by 2029, driven by investor demand for private credit and annuities. Fee-related earnings are forecast to grow 20% on average annually for the next five years, while earnings at its Athene insurance arm will increase 10%, Apollo said Tuesday in an investor presentation.
/jlne.ws/47T6et1
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | German Tesla managers are visiting the homes of sick workers to 'appeal to the employees' work ethic,' factory boss says
Sasha Rogelberg - Fortune
Managers at Tesla's Grunheide factory in Germany are visiting the homes of workers on sick leave-but don't expect them to be bringing chicken noodle soup and orange juice.
/jlne.ws/4dt08Ri
ICAI Forms Group To Handle Stress Management And Ensure Work Life BalanceThe group has been set up in the wake of recent incidents highlighting the tragic consequences of excessive work pressures faced by professionals.
NDTV.com
The Institute of Chartered Accountants of India (ICAI) has formed a dedicated group to address the urgent need for work-life balance and stress management within the profession. The group has been set up in the wake of recent incidents highlighting the tragic consequences of excessive work pressures faced by professionals. The ICAI group will be headed by additional director Seema Gerotra.
/jlne.ws/4eqiiVh
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| Wellness Exchange | | An Exchange of Health and Wellness Information | WHO's Slow Mpox Response Calls For a Rethink; The organization's convoluted regulatory process has gotten in the way of its mission: keeping people safe.
The Editorial Board - Bloomberg
One of the World Health Organization's most important jobs is managing viral outbreaks. The rapid spread of mpox, a disease related to smallpox, is a reminder of its shortcomings. Although well-intended, WHO's overcautious and convoluted regulatory process stalled vaccine delivery for months before an approval was granted last month. Hundreds of lives were lost in the meantime, many of them children.
/jlne.ws/3Y8AOdZ
Lawsuit accuses YouTube of harming youth mental health
Andrew Demillo and the Associated Press - Fortune
The lawsuit claims the site is addictive and has resulted in the state spending millions on expanded mental health and other services for young people. Arkansas sued YouTube and parent company Alphabet on Monday, saying the video-sharing platform is made deliberately addictive and fueling a mental health crisis among youth in the state.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Investment Abroad Surges to Record With $71 Billion Jump
Bloomberg
China's overseas investment hit a record high as its companies look to build more factories abroad, potentially helping to ease criticism of Beijing's export policies. Chinese firms increased their overseas assets by about $71 billion in the second quarter, according to revised data from the State Administration of Foreign Exchange on Monday. That's an increase of more than 80% from a year ago and the highest level since records began in 1998.
/jlne.ws/3Y6zPw2
Germany's $100 Billion Deal Surge Leaves Rest of Europe Behind; Volume of German acquisitions has nearly doubled this year; Cross-border M&A, corporate breakups drive flurry of activity
Eyk Henning - Bloomberg
A flurry of big-ticket German acquisitions over the past few weeks has taken deal volumes to nearly $100 billion, outpacing gains in the rest of Europe and giving bankers hope of a resurgence for the remainder of the year. On Tuesday, state-owned Adnoc announced it's buying chemical producer Covestro AG for EUR11.7 billion ($13 billion) in the largest-ever Middle Eastern acquisition in Germany, while buyout firm TPG Inc. clinched a EUR6.7 billion deal for metering company Techem. The transactions came just a couple of weeks after Danish transport group DSV A/S agreed to buy Deutsche Bahn AG's logistics arm for EUR14.3 billion.
/jlne.ws/3N5p1Yy
Russian Steel Billionaire Branches Out to Popular Baby Food; Tycoon gets Lipetsk-based Progress JSC for about $750 million; Lisin has avoided US, EU sanctions and is worth $28.5 billion
Bloomberg News
Billionaire Vladimir Lisin, the owner of Russia's biggest steel company, has agreed to purchase a baby-food producer that competes locally with PepsiCo Inc., diversifying his business portfolio inside the country. The businessman, who's worth about $28.5 billion according to the Bloomberg Billionaires Index, is buying Lipetsk-based Progress JSC, one of the leading makers of baby food in Russia, according to a person with knowledge of the matter, who asked not to be identified to discuss private information.
/jlne.ws/4egX6AV
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