| November 02, 2021 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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$54,006/$300,000 (18%)
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7RIDGE Deal for Trading Technologies Completes Robust Auction Amid Industry Strategic Players
John Lothian - John Lothian News
TT CEO Tim Geannopulos and President Farley Owens to Exit Firm After Closing; Geannopulos Stays as Board Member and Strategic Advisor to New CEO Keith Todd
Tim Geannopulos was given the job of CEO of Trading Technologies by TT's majority owner, Harris Brumfield, with one big mandate: find a buyer through a big, robust, competitive and active auction process that discovers the right party to buy the firm and is aligned with the interests of the shareholders, employees and customers. Geannopulos accomplished that goal when the deal for the private equity firm 7RIDGE was announced Sunday as the buyer of TT with the support of SGX and Cboe Global Markets as investors in the fund managed by 7RIDGE.
The auction of TT generated interest from many potential strategic partners, Geannopulos said. What he noticed was that the strategic partners were interested in involving a private equity group as the general partner. There were several private equity groups interested, but one had a "dream team" of players that impressed him the most.
To read the rest of this commentary, go HERE.
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Hits & Takes
John Lothian & JLN Staff
The World Federation of Exchanges' Issue 55, the November 2021 edition of FOCUS, is out. The headline story is titled "Moscow Exchange's 'Journey' teaching investment knowledge from scratch", by Maria Kharlashkina, Deputy Head of Strategy, MOEX. The editors' pick is "Financial education, an essential tool in the life of Brazilians." Other stories include "The importance of central bank access to collateral deposits" and "Saudi Exchange is focusing on raising awareness on the importance of debt markets for issuers, investors and the wider economy" and "Cboe Global Markets is working with local communities to boost access to financial education and careers."
AFX CEO Richard Sandor has an opinion piece in Crain's Chicago Business titled "Dream big on curbing climate emissions; Market-based solutions to climate change may actually be within reach." So says Chicago Climate Exchange founder Richard Sandor. -- Crain's Chicago Business
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 Hon. J. Christopher Giancarlo will give testimony to the U.S. Senate Committee on Banking, Housing and Urban Affairs today (Tuesday, November 2) at 10 a.m. ET. The testimony is titled, "The Libor Transition: Protecting Consumers and Investors." It will be available as a live video online at that time. To watch, go HERE.~SR
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OCC Clears New Annual Exchange-Listed Options Volume Record in October; October 2021 Total Volume Up 29.7 Percent Compared to October 2020, Highest October Ever
OCC
OCC's October 2021 total cleared contract volume was the fifth highest month on record and the highest October ever, up 29.7 percent compared to October 2020. Year-to-date average daily cleared contract volume through October 2021 was 38,893,113 contracts, up 34.8 percent compared to October 2020.
/jlne.ws/3pVs9fj
***** We knew this was a record month, right?~JJL
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What Happens to Your Crypto If You Die?
Sara Rathner - AP
If you're merely dipping your toe in cryptocurrency, it can be hard to imagine your crypto as something worth talking to an estate attorney about. But that $100 in fun money could grow to a significant percentage of your total investments, sometimes overnight. Sorry to be a downer, but YOLO — so make a plan for your crypto in the event you pass away.
/jlne.ws/3nQAQVx
***** I want to be buried with my crypto.~JJL
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Squid Game meme coin crashes by 99.9% after developers pull the plug
Sean Dickens - Coin Rivet
A meme coin based on dystopian TV show Squid Game looks to have 'rug-pulled', sending the price of the token straight to zero after a massive rise. The $SQUID token - which was used to buy-in to a round of an associated game - is known as a 'play-to-earn' cryptocurrency, where people buy tokens to play an array of games on the platform.
/jlne.ws/3nR7w1j
****** I don't want to be buried with my Squid Game crypto, though.~JJL
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Monday's Top Three
Monday was all TT, all the time. Our top story Monday was Biggest derivative exchanges back ex-Deutsche Börse chief's fintech buyout, the Financial Times' report on the private equity buyout of Trading Technologies by 7RIDGE. Second was the press release Trading Technologies to Be Acquired by 7RIDGE, from Trading Technologies. And rounding it out in third was the MarketsWiki page for Trading Technologies International.
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| Lead Stories | Legislation on stablecoins needed 'urgently', say top US regulators; Issuers of tokens that link crypto and traditional markets should function as banks, watchdogs urge
Siddharth Venkataramakrishnan and Hannah Murphy - FT
A group of US regulators said legislation is "urgently needed" on dollar-backed stablecoins central to the $2tn cryptocurrencies market, arguing that operators of the digital tokens should essentially be treated as banks. In a report, the President's Working Group on Financial Markets, comprising the secretary of the Treasury and the heads of all the key US financial regulators, said stablecoin issuers should become "insured depository institutions", on a par with banks that offer saving accounts for customers.
/jlne.ws/2ZUt19f
LSEG and JPX to develop net zero climate indices covering Japan's equity market
London Stock Exchange Group
Climate transition benchmarks are becoming an important tool for investors to manage climate risk; The new LSEG and JPX indices will enable investors to reallocate capital based on the climate credentials and carbon performance of the constituent companies in the index; The FTSE/JPX Net Zero Index Series will achieve alignment to net zero by 2050; The indices will incorporate multiple dimensions of climate exposure including carbon emissions, carbon reserves, green revenues, and climate governance
London Stock Exchange Group (LSEG) and Japan Exchange Group (JPX) are expanding their existing partnership by developing climate indices based on the TOPIX 500 which provides diversified exposure across the Japanese stock market. LSEG's index business, FTSE Russell, JPX and Tokyo Stock Exchange (TSE) are working closely to launch the FTSE/JPX Net Zero Index Series in the first half of 2022. The index series will adhere to the EU's Climate Transition Benchmark (CTB) standards.
/jlne.ws/3nU9kGR
UK pushes back deadline for Basel III update; Latest version of banking standards will come into force 'post March 2023'
Laura Noonan - FT
The UK has eased its timetable for implementing the latest global bank capital standards, but stopped short of the two-year delay recently announced by the EU, raising the prospect that British banks will be forced to comply sooner than their closest rivals.
/jlne.ws/3jYz3g9
CLOs Put Pedal to the Metal With Libor Transition Hazard Looming
Adam Tempkin - Bloomberg
Deals must price next month in order to close by Dec. 31; More SOFR-based loans needed to lift CLO issuance next year
The record-setting pace of collateralized loan obligation sales is poised to kick into high gear as issuers get ahead of next year's potentially messy transition to a new benchmark. The London interbank offered rate must be retired for new leveraged loans -- the building blocks of CLOs -- by Dec. 31. That's expected to cause volatility in 2022 as CLOs seek new benchmarks for the loans they repackage and bonds they sell for funding.
/jlne.ws/3nJyIyE
Singapore Has Grand Ambitions to Become a Global Crypto Hub
Chanyaporn Chanjaroen, Haslinda Amin and Joanna Ossinger - Bloomberg
MAS is putting in place strong regulation for firms to operate; City state has attracted crypto firms such as Binance, Gemini
Singapore is seeking to cement itself as a key player for cryptocurrency-related businesses as financial centers around the world grapple with approaches to handle one of the fastest growing areas of finance. "We think the best approach is not to clamp down or ban these things," said Ravi Menon, managing director of the Monetary Authority of Singapore, which regulates banks and financial firms.
/jlne.ws/3pVBm7r
Jes Staley's Barclays legacy shattered by Epstein links; Banker's bet on investment banking had finally started to bear fruit six years after he took charge
Stephen Morris - FT
A year ago, Jes Staley was in a defiant mood. The gamble he had made on Barclays' investment bank in the face of sustained criticism was finally starting to pay off as revenues surged in extraordinarily volatile markets during the pandemic.
/jlne.ws/3q025Qm
Federal Reserve clampdown on staff trading turns spotlight on other central banks; Rules on personal investments vary — some, such as the BoJ, are strict while others grant bankers more freedom
Martin Arnold - FT
The heads of two eurozone central banks own sovereign debt bought by the European Central Bank. The chief economist at another guardian of monetary stability owns stock in a major investment bank. Two officials at a third hold financial assets that may have benefited from central bank action.
/jlne.ws/3EANPBt
What the Shiba Inu-led memecoin craze says about crypto oversight: Morning Brief
Javier E. David - Yahoo Finance
Beware: The regulator cometh
There's a lot happening in the fast-moving world of cryptocurrency nowadays, and two trends highlighted over the last few days underscore why regulators are trying to get ahead of developments in the sector — even if some think they're already behind the curve.
/jlne.ws/3nP2fY2
Squid Game based crypto collapses in $3m scam
Saleha Riaz - Yahoo Finance
A crypto currency inspired by the hugely popular South Korean Netflix (NFLX) series Squid Game has turned out to be a scam, with its developers reportedly making off with around $3.4m (£2.5m). The currency, called Squid, marketed itself as a "play-to-earn cryptocurrency", where people can earn more tokens in online games which can be exchanged for other cryptocurrencies or national currencies.
/jlne.ws/3ECcPbt
Trading Technologies sells to British private-equity firm; The Chicago-based software firm was launched 27 years ago and developed technology that fueled electronic derivatives trading.
Steve Daniels - Crain's Chicago Business
Chicago-based Trading Technologies International is selling after 27 years building software backing electronic trading of derivatives. The acquirer is a private equity fund run by United Kingdom-based 7Ridge. Chicago-based Cboe Global Markets is a primary investor in the fund buying Trading Technologies.
/jlne.ws/3jXMjS5
KRM22 enters into conditional subscription agreement with 7RIDGE
Directors Talk
KRM22 plc, (LON:KRM) the technology and software investment company that focuses on risk management for capital markets, has announced today that it has entered into a conditional subscription agreement with 7RIDGE Investments 3 LP acting by its general partner 7RIDGE Investments 3 (GP) Limited to subscribe for up to 25 per cent of the enlarged ordinary share capital of the Company at 53 pence per share to raise approximately £4.7 million in aggregate.
/jlne.ws/3nN5Gym
KRM22 fundraises as second half trading below expectations
LSE
KRM22 PLC - technology and software investment company - Enters into conditional subscription agreement with 7RIDGE Investments 3 LP, which will subscribe for up to 8.9 million of KRM22's shares at a price of 53 pence each, to raise GBP4.7 million. "This is an important strategic step forward for KRM22 and will significantly improve our growth potential," says Executive Chair Keith Todd.
/jlne.ws/3pZBpz0
KRM22 discusses new agreement with Trading Technologies, change in leadership, trading update
Proactiveinvestors.co.uk
KRM22 PLC (AIM:KRM) Chairman and CEO Keith Todd tells Proactive that 7RIDGE Investments is to invest £4.7M into the company, while conditionally agreeing to subscribe for up to 8.9M KRM22 shares at 53p a pop. The subscription agreement is conditional on the negotiation and execution of a distribution agreement between KRM22 and Trading Technologies International (TT), a company that 7RIDGE has conditionally agreed to acquire.
/jlne.ws/3nQXMnp
'Flash Boys' Exchange IEX to Start Charging for Its Market Data
Katherine Doherty - Bloomberg
IEX Group Inc., owner of the exchange that promotes itself as a champion for market fairness and integrity, will start charging customers for access to its data beginning next year. The company filed a request with the U.S. Securities and Exchange Commission on Monday to approve a fee structure for its data, which is currently provided for free. The change will take effect Jan. 3, the company said on its website.
/jlne.ws/3wcWlDJ
Crypto exchange Binance halts withdrawals for two hours due to a database glitch
Harry Robertson - Business Insider
The world's biggest crypto exchange said a database issue had impacted the withdrawal service. Binance has experienced outages in the past, disrupting its millions of users. Binance, the biggest crypto exchange in the world, halted withdrawals for just under two hours on Monday due to a glitch in its database system. The company said it had temporarily disabled all crypto withdrawals in a tweet posted at around 7.35 a.m. ET on Monday.
/jlne.ws/3BuU5c9
U.S. Treasury to issue 'stablecoin' report, paving way for new rules
Pete Schroeder and Michelle Price - Reuters
A U.S. Treasury Department-led panel is set on Monday to release a hotly-awaited report on stablecoins, a fast-growing type of digital coin pegged to traditional currencies, according to an administration official with knowledge of the matter. The report by the President's Working Group on Financial Markets will explore the risks and opportunities offered by stablecoins, a roughly $131 billion market, paving the way for future regulatory and potential congressional action.
/jlne.ws/3GIpueY
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Beijing Quarantines School Children in Pursuit of Covid Zero
Bloomberg News
Leader of Covid task force says reopening would be more costly; More challenges loom as ministry says families should stock up
Parents gathered outside a primary school in Beijing late into the night on Monday, anxiously waiting for their children who were caught in a snap lockdown triggered by a teacher diagnosed hours earlier with Covid-19.
/jlne.ws/3q1pbG6
Russia's excess mortality soars since start of pandemic; FT analysis shows an additional 753,000 people have died during the pandemic compared with historical trends
Polina Ivanova and John Burn-Murdoch and Oliver Barnes - FT
Russia has recorded 753,000 excess deaths during the coronavirus pandemic, one of the highest tolls in the world, according to analysis of government data by the Financial Times that highlights the stark impact of the disease as the country imposes fresh restrictions to curb its spread.
/jlne.ws/3nU54al
CDC Advisers to Discuss Pfizer-BioNTech Covid-19 Vaccine for Young Children; Vaccine experts are set to issue a recommendation to the CDC director on giving the shot to 5- to 11-year-olds
Peter Loftus - WSJ
Experts advising the Centers for Disease Control and Prevention are scheduled to meet Tuesday to consider whether to broadly recommend the use of the Covid-19 vaccine from Pfizer Inc. and BioNTech SE in children ages 5 to 11 years.
/jlne.ws/2ZLC8t4
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group to Launch Micro Ether Futures on December 6
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced it will expand its crypto derivatives offerings with the introduction of Micro Ether futures on December 6, pending regulatory review.
Sized at one-tenth of one ether, Micro Ether futures will provide an efficient, cost-effective way for a range of market participants - from institutions to sophisticated, active, individual traders - to hedge their spot ether price risk or more nimbly execute ether trading strategies, all while retaining the features and benefits of CME Group's larger-sized Ether futures.
/jlne.ws/3nNoOMF
CME Group Reports October 2021 Monthly Market Statistics
Average daily volume of Interest Rate contracts rose 94% year-over-year
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today reported its October 2021 market statistics, showing average daily volume (ADV) increased 32 percent to 20.4 million contracts during the month. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
October 2021 ADV across asset classes includes:
Interest Rate - ADV of 10.2 million contracts
Equity Index - ADV of 5.4 million contracts
Options - ADV of 3.8 million contracts
Energy - ADV of 2.5 million contracts
Agricultural - ADV of 1.2 million contracts
Foreign Exchange - ADV of 720,000 contracts
Metals - ADV of 465,000 contracts
/jlne.ws/3k0qz81
Acticor Biotech lists on Euronext Growth Paris
Euronext
EUR15.5 million raised; Market capitalisation of EUR75 million; French Tech 120 company; 5th listing of a biotech company on Euronext Paris in 2021
Paris - 02 November 2021 - Euronext today congratulates Acticor Biotech, a biopharmaceutical company specialised in the treatment of thrombotic diseases, on its listing on Euronext Growth Paris (ticker code: ALACT).
/jlne.ws/3EGfwIX
SGX iEdge licenses its Bitcoin index to Propine
SGX
Singapore Exchange (SGX) today announced it is licensing its iEdge Bitcoin Index to Propine, the first MAS-licensed digital asset custodian and a Bitcoin ETF service provider. SGX launched the iEdge Bitcoin Index amidst strong market demand for best-in-class indices that track the price performance of Bitcoin and other digital assets. The index was developed in collaboration with UK-based digital asset market data provider CryptoCompare and has received strong interest from market stakeholders since its launch.
/jlne.ws/3jZk2KJ
SGX to collaborate with Shanghai Stock Exchange subsidiary to bring securities market data to investors in Mainland China
SGX
Singapore Exchange (SGX) has entered into an agreement with Shanghai Stock Exchange's (SSE) wholly-owned subsidiary, China Investment Information Services (CIIS), to distribute its securities market data within Mainland China, offering market participants real-time access to prices in Asia's most international marketplace.
/jlne.ws/3jVaKQd
The Spanish stock market trades 41.3 billion euros in October
BME-X
The Equity trading volume in October was 47.5% higher year-on-year and 27.7% higher than in the previous month; New Fixed Income issues were up 17.8% year-on-year; Trading in Equity Futures contracts in October increased by 13.3% compared to the same month in 2020 and in the first ten months it grew 23.8% year-on-year
The Spanish stock market traded 41.3 billion euros in Equities in October, 47.5% higher year-on-year and up 27.7% from the previous month. The number of trades was 3.6 million, down 13.3% year-on-year and down 3.2% from the preceding month. BME's market share in Spanish equities stood at 74.88%. The average spread in October was 5.18 basis points at the first price level (18.7% better than the next trading venue) and 7.62 basis points with order book depth of 25,000 euros (41.4% better), according to an independent report by LiquidMetrix, available here: https://www.bmerv.es/ing/Miembros/MIFID_II.aspx. All figures include both transparent order book (LIT) trading - including auctions - and non-transparent (dark) off-book trading.
/jlne.ws/3pZSPve
SET Virtually Delivers Savings And Financial Planning Literacy To Schools Through "INVESTORY Mobile Exhibition On Schools" Project
MondoVisione
The Stock Exchange of Thailand (SET) is committed to cultivating savings discipline and promoting financial planning literacy to youths via the "INVESTORY Mobile Exhibition on Schools" project. This time SET's INVESTORY Investment Discovery Museum will go online and it is expected to reach out over 24,000 students nationwide this month.
/jlne.ws/3pZ9LlR
Boerse Stuttgart records October turnover of around EUR 7,4 billion; =Bonds and exchange-traded products show increase in trading volume compared to October 2020
Boerse Stuttgart
Based on the order book statistics, Boerse Stuttgart generated turnover of around EUR 7,4 billion in October 2021. Securitised derivatives made up the largest share of the turnover. The trading volume in this asset class was over EUR 3,2 billion. Leverage products generated turnover of around EUR 2,4 billion. Investment products contributed over EUR 825 million to the total turnover.
(NO LINK)
-- Equity Index Initial Listing of the Micro Ether Futures Contract -- CME
-- Reduction of Block Trade Minimum Threshold Level for CBOT Treasury Invoice Intercommodity Spreads -- CME
-- November 2021 Stock, ETF, and Corporate Bond Update -- CME
-- USD LIBOR 1W & 2M Tenor Discontinuation - Effective November 3, 2021 -- CME
-- Dress Rehearsal for LIBOR to RFR OIS Conversion of OTC GBP Interest Rate Swaps - November 05, 2021 -- CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | 7RIDGE to acquire US FinTech group Trading Technologies; The acquisition, backed by Cboe and Singapore Exchange, will help drive Trading Technologies' organic growth.
Wesley Bray - The Trade
Trading Technologies has agreed to be acquired by 7RIDGE, the private equity fund owned by former Deutsche Börse chief Carsten Kengeter. As part of the acquisition, 7RIDGE will help drive the organic growth of Trading Technologies, a Chicago-based trading technology provider, and help with future strategic acquisitions moving forward.
/jlne.ws/3ED5wAp
Warren Buffett, Goldman Win From Fintech Gold Rush in India
Saritha Rai, Suvashree Ghosh and Baiju Kalesh - Bloomberg
China's transformation from a financial-technology backwater into a $46 trillion-a-year global leader in digital payments left most international investors watching in awe from the sidelines. Now India is undergoing its own fintech revolution, and the race is on to grab a piece of the action.
/jlne.ws/3ExuG3g
LiquidityBook to launch new trade match product; LBX Trade Match will offer FIX allocations, confirmations and trade affirmations, while eliminating trade breaks via a single solution.
Wesley Bray - The Trade
Trading solutions provider LiquidityBook has launched its new LBX Trade Match product, its latest move following record revenues in 2020 amid increased demand for the firm's flagship POEMS platform. LiquidityBook's FIX trading network has already been offered as part of its software as a service (SaaS) based LBX buy-side order management system (OMS) offering.
/jlne.ws/3k0WlC1
Tradovate deploys Eventus Systems' Validus platform for trade surveillance
Press release from Eventus Systems and Tradovate via PR Newswire
Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, and Tradovate, a leading online brokerage firm for active, self-directed futures traders, announced that Tradovate has deployed the Eventus Validus platform for trade surveillance.
Rick Tomsic, Founder & CEO of Tradovate Holdings, LLC, said: "We love the Validus platform. It's been a great tool for us to help our trade desk identify and drill down into any potential trade irregularities. The combination of pre-built surveillance procedures, with reports and protocols we can customize based on our needs and client base, is extremely powerful. Validus gives us the ability to dive deeply into any suspicious or unusual order flow activity at a very granular, detailed level, giving us comfort both from a trade desk and compliance standpoint."
/prn.to/3EzTsjp
ATS Innovators Speed Up Matches to Discover Algo-Liquidity
Ivy Schmerken - Flextrade
Amid industry conversations around off-exchange trading, there's been a renaissance in alternative trading systems (ATSs) as both new and existing dark pools look to solve liquidity problems for institutions. Dark pools catering to institutions have evolved with innovative methods of matching orders and faster matching engines to avoid moving the price after the trade. It's also a sign of the intense competition brewing between off-exchange venues seeking to sign up brokers and institutions.
/jlne.ws/2ZT7az9
TNS Strengthens European Reach to Deliver Enhanced Market Data Capability and Ultra-Low Latency Connectivity
Transaction Network Service
Transaction Network Services (TNS) has invested significantly in its European backbone and data solutions in 2021, offering expanded market data from all major European equities exchanges and ultra-low latency TNS Layer 1 in-datacentre architecture connected to TNS' points-of-presence (PoPs) across Europe.
/jlne.ws/3nP5w9I
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| Cybersecurity | | Top stories for cybersecurity | Cybersecurity funding is at stake in Democrats' spending battles
Joseph Marks - The Washington Post
The largest-ever investment in the nation's cybersecurity is hanging in the balance as Democrats continue to spar over two mammoth spending bills.
The bipartisan infrastructure bill and the Democrats' $1.75 trillion social spending deal together would commit about $2.5 billion to cybersecurity. Provisions would boost federal government cyber operations and raise protections against ransomware and other cyberattacks for state and local governments and critical infrastructure, such as the energy grid.
/jlne.ws/3jTYsYf
Toronto subways hit by ransomware as US lawmakers slam 'burdensome' cybersecurity rules
Jonathan Greig - ZDNet
The Toronto Transit Commission (TTC) -- which runs the city's public transportation system -- reported a ransomware attack this weekend that forced conductors to use radio, crippled the organization's email system and made schedule information on platforms and apps unavailable.
In a statement on Friday, the TTC said it confirmed it was the victim of a ransomware attack after its IT staff "detected unusual network activity and began investigating."
/jlne.ws/3ExxFbS
Bolstering Cybersecurity Risk Management With SBOMS
Chuck Brooks - Forbes
Cybersecurity is about risk mitigation, understanding the threats and fortifying gaps in networks and devices. Companies and organizations cannot fully protect digital assets unless they know what software applications you have connected to enterprise networks and devices. With the growth of supply chain attacks, and record number of breaches both to corporations and government agencies, there are efforts underway for more transparency, and accountability of such assets. One initiative is the call for a "Software Bill of Materials" (SBOM).
/jlne.ws/31iCOq1
CrowdStrike acquires SaaS-based cybersecurity service SecureCircle
Jonathan Greig - ZDNet
CrowdStrike announced on Monday that it acquired SaaS-based cybersecurity service SecureCircle in an all-cash deal expected to close during the company's fiscal fourth quarter.
Terms of the deal were not disclosed, but CrowdStrike said the acquisition will allow them to "extend Zero Trust security to data on the endpoint."
/jlne.ws/2ZQUTv4
CrowdStrike to Buy Zero Trust Data Encryption Firm SecureCircle
Kevin Townsend - SecurityWeek
Zero trust is a conceptual destination, not an application. As with all destinations, there are different routes to it, and even different descriptions of it. CrowdStrike (NASDAQ: CRWD) believes it will complete its own zero trust destination on the endpoint by acquiring and integrating SecureCircle's data encryption into its existing identity and access capabilities.
/jlne.ws/3nTN9jZ
Security Pros Know What They Need to Do, But Constrained by Lack of Resources
Kevin Townsend - SecurityWeek
A new survey report describes security teams as trapped by a lack of resources into continuing what they have been doing (which, from empirical evidence, clearly is not working) rather than migrating their efforts to what they believe they should be doing (risk analysis and threat modeling). The survey, by Dimensional Research for Netenrich, questioned 333 IT professionals and executives from medium to large companies and asked about current security practices and planned improvements. While the general sweep of the report is clear, there are nevertheless a few problems in the details.
/jlne.ws/3jYKvrZ
FTC Revises the Safeguards Rule and Proposes Mandatory Reporting of Cybersecurity Events
Alston & Bird - JDSupra
On October 27, 2021, the FTC released its much-anticipated final revisions to the Gramm-Leach-Bliley Safeguards Rule (Safeguards Rule or Final Rule), following a 3-2 vote along party lines and also released a notice of proposed rulemaking that would require reporting to the FTC of certain cybersecurity events.
/jlne.ws/3k10u93
Marshall University Launches New Cybersecurity Institute
Associated Press
Marshall President Jerome Gilbert said the institute is an academic and research cluster that will support cybersecurity-related programs across the campus. "We can do research and teaching to expand our presence in the cyber arena," Gilbert said.
/jlne.ws/3EGskiu
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| Cryptocurrencies | | Top stories for cryptocurrencies | Fortress Technologies Buys 4,500 Bitcoin Mining Machines From Bitmain
Jamie Crawley - Coindesk
Bitcoin mining company Fortress Technologies has ordered 4,500 Bitmain Antminer S19j Pro machines as it seeks to capture a greater share of mining revenue. The purchase will more than triple Fortress' hashrate from 195 petahash per second to 645 PH/s, the company announced Monday. A petahash is a measure of computational power.
/jlne.ws/2Y6rTyD
Nestcoin is a former Binance director's plan to make crypto in Africa mainstream.
Alexander Onukwue - Quartz
In the last decade, bitcoin and other cryptocurrencies (and their underlying blockchains) have teased eye-catching use cases for their technology, from non fungible tokens (NFTs) and decentralized finance (DeFi), to decentralized autonomous organizations (DAOs).
/jlne.ws/3pR9pxw
Burger King Offers Bitcoin as a Side Dish. Robinhood Could Benefit.
Karishma Vanjani - Barron's
Burger King announces a partnership with Robinhood, offering Royal Perks members a chance to win Dogecoin, Ethereum or Bitcoin.
/jlne.ws/3pXbDLY
Squid Game Is Memecoin Warning With Wipeout After 230,000% Gain
Joanna Ossinger - Bloomberg
Investors drawn to cryptocurrencies can be forgiven for having an expectation of high returns, especially lately. After all, even as the S&P 500 Index more than doubled in the past five years, Bitcoin rocketed more than 80-fold -- albeit with much of the rally occurring in the past year. "Memecoins" such as Dogecoin and Shiba Inu have also surged, often for no particular reason.
/jlne.ws/3EBbr93
Coinbase to acquire India's Agara for over $40 million
Manish Singh - TechCrunch
Coinbase is acquiring the startup Agara, which operates an AI-powered customer support platform, the two said Tuesday, as the cryptocurrency exchange looks to make it easier for users to join the service and seek assistance. The firms didn't share the financial details of the acquisition, but the size of the deal is between $40 million and $50 million, two people familiar with the matter told me. A Coinbase spokesperson declined to comment. Agara co-founder and chief executive Abhimanyu also declined to comment on the size of the deal, citing confidentiality agreement.
/jlne.ws/3jZdbB8
Banks have added 1,000 crypto jobs since 2018 and are reportedly offering 50% bump in pay to woo talent as digital assets boom
Natasha Dailey - Business Insider
Big banks have been building up their ranks of crypto experts - and offering huge salary bumps to bring on new talent. Data from Revelio, first reported by Bloomberg, showed that banks and financial firms including Goldman Sachs, Fidelity, JPMorgan Chase, and Wells Fargo have added 1,000 jobs with the word "crypto" in the description in the past three years.
/jlne.ws/3ECg56S
Crypto Fund Inflows Slow After Record Jolt From Bitcoin Futures ETF
Helene Braun - Coindesk
Digital asset products investments cooled last week, ebbing from a record fueled by the debut of the first bitcoin futures exchange-traded fund. Digital asset investment products saw a total of $288 million in inflows during the week ended Oct. 29, a report Monday by CoinShares showed. That's down from a record $1.47 billion during the prior week, but it helped to push inflows to $8.7 billion for the year to date.
/jlne.ws/31hYJ0t
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| Politics | | An overview of politics as it relates to the financial markets | Apple cofounder Steve Wozniak warns governments will never give up control of cryptocurrencies
Shalini Nagarajan - Business Insider
Steve Wozniak is one of many tech personalities who like cryptocurrencies, but believes they won't ever be free of government control. The tech entrepreneur, who cofounded Apple in 1976 with Steve Jobs, praised Twitter boss and crypto enthusiast Jack Dorsey for triggering conversations on how cryptocurrencies should be at "the heart of our business dealings."
/jlne.ws/3jUIsoX
White House Wants Congress to Regulate Cryptocurrencies. What to Know.
Daren Fonda - Barron's
The administration wants stablecoin issuers to be regulated like banks. It is signaling a much tougher approach on 'DeFi' lending and trading platforms.
/jlne.ws/3jY9N9K
Stablecoins should be regulated like banks, Biden administration says
Chris Matthews - MarketWatch
The Treasury Department called on Congress to quickly pass new legislation that would require stablecoins to be issued by insured banks that are overseen by federal banking regulators, in a report issued by the President's Working Group on Financial Markets Monday.
/jlne.ws/3jYa4JO
Leaders must be more upfront about the costs of saving the planet; The economics of the green transition risk generating a backlash if not handled correctly
Megan Greene - FT
Politicians on both sides of the Atlantic are learning that, in the words of Kermit the Frog, it's not easy being green. They have been quick to point out that the transition to a carbon neutral economy presents opportunities, with US president Joe Biden claiming that "if we act to save the planet, we can create millions of jobs and economic growth and opportunity". European Commission president Ursula von der Leyen equated Europe's Green New Deal to "our new growth strategy".
/jlne.ws/31pBvpt
Biden Administration Moves to Limit Methane, a Potent Greenhouse Gas; The new rule was announced at a U.N. summit where the United States is facing skepticism about its commitment to climate change.
Lisa Friedman - NY Times
The Biden administration said Tuesday that it would heavily regulate methane, a potent greenhouse gas that spews from oil and natural gas operations and can warm the atmosphere 80 times as fast as carbon dioxide in the short term.
/jlne.ws/31sVILb
Nearly 90 countries join pact to slash planet-warming methane emissions
Kate Abnett and Valerie Volcovici, Ilze Filks - Reuters
Nearly 90 countries have joined a U.S.- and EU-led effort to slash emissions of the potent greenhouse gas methane 30% by 2030 from 2020 levels, a pact aimed at tackling one of the main causes of climate change, a senior Biden administration official said.
The partnership will be formally launched later on Tuesday.
Methane is the main greenhouse gas after carbon dioxide. It has a higher heat-trapping potential than CO2 but breaks down in the atmosphere faster - meaning that cutting methane emissions can have a rapid impact on reining in global warming.
The Global Methane Pledge, which was first announced in September, now includes half of the top 30 methane emitters accounting for two-thirds of the global economy, according to the Biden administration official.
/jlne.ws/3nP5wGO
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Transition to RFRs Review: Third Quarter of 2021 and Year-to-September 30, 2021
ISDA
The Transition to Risk-free Rates (RFRs) Review analyzes the trading volumes of over-the-counter (OTC) and exchange-traded interest rate derivatives (IRD) that reference selected alternative RFRs, including the Secured Overnight Financing Rate (SOFR), the Sterling Overnight Index Average, the Swiss Average Rate Overnight, the Tokyo Overnight Average Rate, the Euro Short-Term Rate and the Australian Overnight Index Average.
/jlne.ws/3pW2wer
Regulators Want to Push Crypto's Shadow Bankers Into the Light
Michael P. Regan and Jesse Hamilton - Bloomberg
Stablecoin report message for issuers: Time to become a bank; Recommendation comes after nearly 500% increase in asset value
The message from the powers that be in Washington to the shadow bankers of the crypto world couldn't be clearer: It's time to become a real bank. That's one of the main takeaways from a President's Working Group on Financial Markets report on stablecoins, which are tokens designed to be stand-ins for dollars and other national currencies in crypto markets. The coins, which are meant to track the dollar or another currency or asset 1-for-1, have become an integral part of crypto markets. The value of the top stablecoins has exploded almost 500% over the past 12 months and exceeded $130 billion as of October, according to data from Coin Metrics and The Block cited in the report.
/jlne.ws/3q315L4
Why Yellen, Powell Cast a Wary Eye on Stablecoins
Olga Kharif and Zeke Faux - Bloomberg
It may seem paradoxical, but in the entirety of the wild and woolly world of cryptocurrencies, what some of the top financial regulators are most worried about is the flavor of digital money designed to be the safest. Even the name, stablecoin, exudes, well, stability. But stablecoins in general and the giant among them, Tether, in particular have drawn increasing scrutiny amid worries that they could pose risks to cryptocurrency users and even to the global financial system. U.S. financial agencies have called for quick passage of legislation that would regulate stablecoin companies in much the same way as banks are regulated.
/jlne.ws/3GLEUii
Better Advice Act broadens ASIC's regulatory responsibilities
ASIC
ASIC's responsibilities in respect of the financial advice industry will be broadened under the Better Advice Act; From 1 January 2022, the role of the FSCP will be expanded and ASIC will take on the administration of the financial adviser exam. From 1 January 2023 all financial advisers must be registered; ASIC will continue to work closely with Treasury, FASEA and the TPB to ensure a smooth transition of functions.
ASIC's engagement with the financial advice industry has been broadened with the passage of the Better Advice Act (the Act). ASIC will take on additional responsibilities as part of the efforts to strengthen consumer protections and streamline oversight of the financial advice industry.
/jlne.ws/3q7xmR4
Drivers of change in the financial services industry and how we are responding
UK FCA
Speech by Jessica Rusu, Chief Data, Information and Intelligence Officer, at the CDO Exchange for Financial Services.
/jlne.ws/2ZPITde
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | France's CAC 40 Set for First Record Close Since Internet Bubble
Albertina Torsoli - Bloomberg
French stocks climbed, poised for their first record close since the dot-com era, helped by booming demand for luxury goods, and a rebound in energy and banking stocks. The benchmark CAC 40 Index rose 0.5% to 6,924.01 at 11:58 a.m. in Paris on Tuesday, surpassing the peak set in September 2000. LVMH, Hermes International and Kering SA account for about a quarter of the CAC's 25% advance in 2021, while a surge in oil prices boosted energy stock TotalEnergies SE, making it the second-largest contributor overall after LVMH. Banking stock BNP Paribas SA and Societe Generale SA, as well as cosmetics maker L'Oreal SA and electrical-equipment company Schneider Electric SE also jumped this year.
/jlne.ws/31pOjMv
Bond Investors Challenge Wall Street Greenwashing; Investors are avoiding green bonds issued by companies like JPMorgan that they say don't meet sustainable investing standards
Matt Wirz - WSJ
Bond fund manager James Rich's job is to find sustainable investments for his customers. Lately, he is rejecting much of what Wall Street is offering him. Mr. Rich is part of a budding backlash among investors who are increasingly wary of "greenwashing" in bonds labeled as eco-friendly. One example: Mr. James cut a green bond issued by JPMorgan from the roughly $200 million sustainable investing portfolio he runs at Aegon Asset Management over doubts about the bank's overall environmental record. A mutual fund he submanages for Transamerica Asset Management Inc. AEG 0.59% jettisoned the bond in the first quarter, according to financial filings by Transamerica.
/jlne.ws/3ECfF07
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Bezos, Ikea and Rockefeller Promise Billions for Climate; A new group would let countries make targeted donations; it aims to attract 10 times the initial investment
Leslie Kaufman - Bloomberg
Global philanthropies dug into their pockets to make a big statement on the first full day of the United Nations climate conference. The Rockefeller and Ikea foundations on Monday announced plans to create a Global Energy Alliance for People and Planet that will enable rich governments — as well as rich people — to make incremental, efficient donations toward the energy transition in poorer nations.
/jlne.ws/3jTP2Mn
Deutsche Bank's Lee Says Global Rulebook on ESG Rules Crucial
Steven Arons and Francine Lacqua - Bloomberg
Head of U.K., Ireland says coordination key for bank, clients; She says industry must take greenwashing issue seriously
The head of Deutsche Bank AG's U.K. and Ireland business said that a global rulebook on how to measure and enforce sustainability efforts was crucial for the industry to make progress in the fight to reduce carbon emissions.
/jlne.ws/2ZSXtRh
US to announce plans for wide-ranging crackdown on methane pollution; Proposed rules aim to force operators of new and existing infrastructure to monitor and fix leaks
Myles McCormick and James Politi - FT
The Biden administration will on Tuesday announce plans for a sweeping crackdown on methane pollution from the US oil and gas sector as it seeks to bolster its pledges to the COP26 climate summit in Glasgow.
/jlne.ws/2ZOsRQI
Urgency over net zero sparks climate tech investment boom; More solutions, both incremental and disruptive, are needed to meet decarbonisation commitments
Myles McCormick - FT
Money is pouring into technologies to combat climate change at an unprecedented rate, as the scramble to cut emissions spurs a new wave of innovation. With governments and companies lining up net zero commitments — often without a clear pathway to achieving them — demand for new solutions to help them get there is soaring.
/jlne.ws/3k0UA7T
Dream big on curbing climate emissions
Market-based solutions to climate change may actually be within reach. So says Chicago Climate Exchange founder Richard Sandor.
Richard L. Sandor, American Financial Exchange - Crain's Chicago Business
The city of Chicago has a long history of big ideas and innovation—from financial futures to environmental markets. I had the honor of being part of the team that created the Chicago Climate Exchange, a greenhouse gas reduction and trading system, which operated from 2003 to 2010. What I see taking place in Shanghai, China, today tells me that my once-nascent dream of a global, market-based solution to climate change may actually be within reach.
/bit.ly/3mAyXg5
Setting Regulatory And Supervisory Expectations For Asset Managers Is Fundamental To Address Greenwashing Concerns, Says IOSCO
MondoVisione
The Board of the International Organization of Securities Commissions (IOSCO) has published today a set of recommendations about sustainability-related practices, policies, procedures and disclosures in the asset management industry. Ashley Alder, Chairman of IOSCO and CEO of the Hong Kong SFC said that "Asset managers, who are a critical part of the sustainable finance ecosystem, play a major role in helping investors achieve their investment objectives. Greater clarity on regulatory guidance is needed on how asset managers consider material sustainability-related risks and opportunities, integrate them into the decision-making process, and make disclosures, will allow investors to understand the impact of their investment."
/jlne.ws/3pZIuj5
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman flags Archegos-related lawsuits as potential legal risks
Reuters
Goldman Sachs Group Inc said it had been sued for alleged insider trading related to the Archegos meltdown earlier this year, flagging the lawsuits as potential legal risks in a filing on Monday. The lawsuits were filed by shareholders of three companies - Vipshop Holdings Ltd, GSX Techedu Inc and Tencent Music Entertainment Group - and accuse the bank of selling shares in these companies based on "material nonpublic information regarding the liquidation of Archegos' position", according to the filing.
/jlne.ws/31fH7lX
The Jeffrey Epstein Ties That Cost Jes Staley His Barclays Job
Tom Metcalf - Bloomberg
Jes Staley was chief executive officer at British lender Barclays Plc for six years. A third of that time was spent in the shadow of a regulatory investigation into a 15-year professional relationship with pedophile Jeffrey Epstein. That probe just cost him his job.
/jlne.ws/3GGiVcB
HSBC Wins Case of Ex-Client Who Said Bank Was Front-Running
Jonathan Browning - Bloomberg
HSBC Holdings Plc won a U.K. case against a former client who had accused the bank's traders of front-running over 15 years ago, shutting down efforts to re-open a turbulent period on the bank's foreign exchange desk. A London judge ruled that currency investment firm ECU Group Plc brought the claims too late, saying that the company used the trial to make "colorful" allegations about widespread misconduct among HSBC's FX traders without offering enough evidence.
/jlne.ws/3pXmTrE
Franklin Templeton Agrees to Buy Lexington Partners for $1.75 Billion
Silla Brush - Bloomberg
Franklin Resources Inc. will buy Lexington Partners for $1.75 billion to expand into private equity as its mutual fund business struggles. The shares surged.
/jlne.ws/3Ey0Xau
Ex-Barclays CEO Jes Staley is one of many business figures with ties to Jeffrey Epstein
Max Zahn - Yahoo Finance
Barclays (BCS) CEO Jes Staley is leaving the bank after an investigation by British authorities into his relationship with now-deceased sex offender Jeffrey Epstein, the bank announced on Monday. The unpublished findings of the report from Britain's Financial Conduct Authority and the Prudential Regulatory Authority were shared with the bank on Friday. In light of the findings, as well as Staley's intention to contest them, the bank reached an agreement with Staley for his immediate departure, Reuters reported.
/jlne.ws/3Erixgm
Goldman Hires From UBS, BNP to Grow Mideast Wealth Business
Nicolas Parasie - Bloomberg
Goldman devised 'aggressive growth plan' for its private bank; Mideast is home to growing number of ultra-rich families
Goldman Sachs Group Inc. hired senior bankers to the super rich from rivals including UBS Group AG and BNP Paribas SA as it looks to expand its offering to wealthy families in the Middle East.
/jlne.ws/3EEg0zm
BlackRock sells almost half its stake in THG; Asset manager divests 58m shares in ecommerce group at a 10% discount
Harriet Agnew and Bryce Elder - FT
BlackRock, the largest institutional investor in THG, has sold almost half of its stake in the ecommerce group after a sharp fall in the share price in recent months.
/jlne.ws/3GMddpF
Natixis chief targets acquisitions and hints at IPO; French investment bank's new boss bullish on asset management business despite scandal
Anna Gross and Sarah White - FT
The boss of France's Natixis is on the lookout for international asset managers to buy and could list its recently scandal-hit division to build firepower for a large purchase. "We are clearly the consolidators of this industry," chief executive Nicolas Namias told the Financial Times, adding that "Asia is for sure an area for expansion".
/jlne.ws/3ECrCmr
Rebrand for Wells Fargo Asset Management as acquisition completes; Following the transaction, GTCR and Reverence Capital plan to grow the rebranded firm's technology platform, wealth distribution network and global footprint.
Wesley Bray - The Trade
Allspring Global Investments has officially commenced operations as an independent asset management firm, following the close of the acquisition of Wells Fargo Asset Management by GTCR and Reverence Capital Partners. Earlier this year, US investment bank Wells Fargo agreed to sell its asset management arm to GTCR and Reverence Capital for $2.1 billion, allowing the bank to shift its attention on to its wealth and brokerage businesses.
/jlne.ws/3nRTwUJ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Zimbabwe Stocks Take a Breather After 370% Rally This Year
Ray Ndlovu - Bloomberg
Local traders say gains had become overdone, pullback needed; Rapid inflation means local investors take refuge in stocks
Zimbabwe stocks have paused for breath after soaring about 370% in 2021, a breakneck rally spurred by investors turning to the bourse as a haven against inflation.
/jlne.ws/3GJE8T5
China tells citizens to stockpile food as Covid controls are tightened; Communist party newspaper says no reason for alarm but admits families running low on supplies
Ryan McMorrow and Tom Mitchell - FT
China has warned families to store food and other essentials in case of emergencies, as officials drastically tighten restrictions to control a small Covid-19 outbreak. Beijing's already harsh "zero Covid" policies have grown even stricter as coronavirus cases climb in the country despite targeted lockdowns. Authorities reported 54 new locally transmitted cases on Monday.
/jlne.ws/3nKlx0y
China Binges on U.S. Gas to Manage Energy Shortage, Carbon Footprint; Record U.S. liquefied natural gas exports to China contrast to just a couple of years ago during the trade war
Brian Spegele - WSJ
At the height of the trade war in 2019, China all but cut off imports of U.S. liquefied natural gas. Today, China is buying more gas from the U.S. than ever. The turnabout is one consequence of the global energy shortage that has sent prices soaring. And it is a result of China's effort to cut carbon emissions by reducing how much coal it burns.
/jlne.ws/3jTTgUf
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| Miscellaneous | | Stories that don't quite fit under the other sections | Wall Street Lunch Hour Dogged by Bread Supply Crisis
Thomas Buckley and Jeremy Scott Diamond - Bloomberg
Wall Street's return-to-office push in October should've buoyed Pret A Manger Ltd.'s sandwich sales. Instead, supply-chain bottlenecks are thwarting Pret's access to bread and sending hungry bankers elsewhere in search of tuna baguettes. Bloomberg's Pret Index shows that transaction volume in the downtown Manhattan cluster that includes Wall Street retreated to 50% of pre-pandemic levels last week. The drop from 56% a week earlier was almost entirely the result of shortages of ingredients critical to sandwich assembly such as grains, lettuce and arugula, Pret Chief Executive Officer Pano Christou said in an interview.
/jlne.ws/3EGjlOi
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