| December 04, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Trading Technologies is making big news today, naming three veteran industry executives to senior leadership positions with the firm, including Justin Llewellyn-Jones, who just announced he left Broadridge last week. He was named chief operating officer. Joining him at TT are Alun Green as EVP futures & options and Christopher Heffernan as EVP fixed income. Green is a longtime executive with Ion and Sungard. Heffernan comes from Flow Traders.
Hillary Till announced on LinkedIn that she has assumed the role of Honorary Senior Visiting Fellow at Bayes Business School - City, University of London, strengthening her ties to the faculty of finance. She will also continue co-editing the "Commodity Insights Digest" (CID) for Bayes. Additionally, Ms. Till serves on the North American Advisory Board at the London School of Economics, furthering her commitment to bridging academia and industry in the finance sector.
Bloomberg has a story about gold hitting all time highs titled "Here's How to Invest in Gold as It Hits an All-Time High." Although this is about "investing" in gold and not "trading," the story does not even mention using futures. It of course mentioned ETFs, which have become huge in commodity investing.
The Wall Street Journal wrote a compelling piece about a missing Ukrainian soldier titled "Dead or Alive? The Hunt for a Ukrainian Soldier Missing on a Chaotic Battlefield" with the subheading "Ruslan Finchuk was last seen under Russian fire. His unit told his wife he was dead. 'He just disappeared.'"
Everyday I take a potassium supplement. My potassium readings are low and eating a banana a day does not seem to do the trick to raise my level. Now Bloomberg is reporting a fungus is threatening the world's banana supply in a story titled "Scientists and Farmers Race to Save the World's Banana Supply" with a subheading "A deadly fungus threatens to wipe out the Cavendish, whose best hope may be genetic modification." Let's hope my potassium pills don't come from bananas.
Wall Street Journal reporter Evan Gershkovich has been detained for 250 days and is still bringing his friends together, the Journal reports. His friends are quoted as saying (and I agree), 'Until he's home, we're never doing enough.'
There is a famous Dennis the Menace cartoon where he is asked what his favorite kind of nuts are and he replies "donuts." For those of you who are like Dennis, The New York Times has just the thing in an article titled "The Only Doughnut Recipes You'll Ever Need" with the subheading "Once you make your doughnuts with brioche dough, Yewande Komolafe writes, you may never go back."
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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Today at COP28 in Dubai, the board of the International Organization of Securities Commissions (IOSCO) published a final report titled "Supervisory Practices to Address Greenwashing." The report provides an overview of jurisdictions' initiatives undertaken to address greenwashing in line with IOSCO recommendations published in November 2021 and November 2022. The report says that challenges to implementation are being addressed, but greenwashing remains a fundamental concern that puts investors and market integrity at risk. View the report here. On Dec. 3 at COP28, IOSCO published a Consultation Report outlining a set of good practices to promote the integrity and orderly functioning of the voluntary carbon markets (VCMs). IOSCO, the leading international policy forum for securities regulators, is requesting comments from stakeholders on the 90-day public consultation. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Short-sellers are endangered. That is bad news for markets from The Economist via Yahoo Finance.
- Oil's wild ride is driven by a disruptive band of bot traders from Bloomberg via Yahoo Finance.
- Powell Keeps Rate Hikes on the Table. But He Shifted His Tone in One Subtle Way from Barron's. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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John Pietrzak: Open Outcry Traders History Project Podcast Interview
JohnLothianNews.com
In a podcast interview with John Pietrzak by John Lothian for the Open Outcry Traders History Project, Pietrzak and Lothian engaged in a discussion of Pietrzak's family's long history in trading and his initial start on a career path towards medicine. He quickly switched to finance and accounting, however, before joining his father and grandfather on the trading floor of the Chicago Board of Trade (CBOT).
Listen to the podcast »
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ESG leaders from WFE, Nasdaq, SIX Group and B3 preview sustainability and market insights ahead of Dec. 5 WFE event at COP28
JohnLothianNews.com
The World Federation of Exchanges is holding a special event jointly with WFE members in Dubai on Dec. 5, which is "Just Transition Day" at COP28. The ESG podcast for John Lothian News talked with ESG leaders from members of the World Federation of Exchanges about the upcoming discussion and how exchanges are continuing to support the implementation of the Paris Agreement on Climate Change. Panelists at the WFE COP28 event will address regulation, green equities, voluntary carbon markets (VCMs), and just transition. The Dec. 5 WFE event features a keynote by Rostin Behnam, chairman of the Commodity Futures Trading Commission.
Listen to the podcast »
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Trading Technologies taps three experienced capital markets business leaders for new senior management roles, effective Jan. 1
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, announced today that the firm has appointed three industry leaders - each with decades of relevant experience - to key new posts on its leadership team. Joining on Jan. 1, 2024 will be Justin Llewellyn-Jones as Chief Operating Officer (COO), Christopher Heffernan as EVP Fixed Income and Alun Green as EVP Futures & Options.
/jlne.ws/3GqzkTR
****** Great hires by TT. ~JJL
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How the Winklevii's Second Act Went Bad Inside the twins' crypto exchange, where they abandoned the rules to get bigger than they could handle.
Kevin T. Dugan - Intelligencer
In early June 2019, Cameron and Tyler Winklevoss invited the author Ben Mezrich to a private get-together at the Park Avenue South headquarters of their crypto exchange, Gemini, an office where the money and ambition of the digital currency world were on outlandish display: A giant chrome statue reminiscent of the MTV Moon Man trophy hung from the ceiling; employees were called "astronauts"; the C-suite was referred to as "mission control." Mezrich, of course, was a key figure in the Winklevosses' lives. As the author of The Accidental Billionaires: The Founding of Facebook, a Tale of Sex, Money, Genius, and Betrayal - the 2009 book that became The Social Network - he had helped define them, before their 30th birthdays, as spoiled Ivy League monozygotic brats who got rich thanks to their dad's lawyer. "The Winklevii aren't suing me for intellectual property theft," Jesse Eisenberg, playing the Mark Zuckerberg character, says in one of the movie's key lines. "They are suing me because, for the first time in their lives, things didn't go exactly the way they were supposed to for them."
/jlne.ws/3GnJXqm
****** A terrific story about how easy it is to start down a noble road and take a wrong turn.~JJL
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Rizz named word of the year 2023 by Oxford University Press
Noor Nanji - BBC
Are you good at chatting up or flirting with potential partners? If so, you may already have rizz, even if you didn't know it. The Oxford word of the year, internet slang for romantic appeal or charm, is mostly used by young people.
/jlne.ws/3t3LHlz
****** I have never heard this word before, but then I am old and married.~JJL
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Friday's Top Three
Our most clicked item on Friday was our MarketsWiki page for Julie Lerner, which was the MarketsWiki Page of the Day. Second was our MarketsWiki page for PanXchange, Inc., the company Lerner founded and is now shutting down. And third was Lerner's post on LinkedIn announcing that PanXchange is shutting its doors.
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| Lead Stories | Margin Calls From Clearinghouses Seen Stoking Future Crises
Greg Ritchie and Liz Capo McCormick - Bloomberg
Central clearinghouses that hold over $1 trillion in liquid assets may exacerbate periods of financial stress, creating "margin spirals" that can push down asset prices, according to researchers from the Bank for International Settlements. The researchers focused on the impact when the central counterparty clearinghouses, known as CCPs, increase initial margin requirements for its members during times of stress. This may lead to "fire sales" in cash and derivative markets as investors dump assets to raise the needed funds, increasing volatility further and triggering additional rounds of margin calls, the paper notes.
/jlne.ws/47G7a3b
Crypto is "Monopoly money"; FTX won't be the last crypto scandal, because cryptocurrencies mirror the worst aspects of the finance industry.
Alex Rankine - Moneyweek
The fall of Sam Bankman-Fried "serves as a cautionary tale for all those who believe that they are immune to the laws of financial gravity", says Maximilian Marenbach on crypto.news. Bankman-Fried has been convicted of fraud by a New York court and faces decades in prison. FTX, his cryptocurrency exchange, stole billions of dollars from customers' deposits and illegally passed the cash to Bankman-Fried's trading operation, where it was gambled away on high-risk cryptocurrency speculation. The "hubris" and "arrogance" that brought down FTX late last year are all too common across the tech industry.
/jlne.ws/3NaCe2T
Pressure Is Building in China's Financial Plumbing; Signs of indigestion in China's money markets are an ominous sign-particularly given shadow-bank troubles and enormous government debt
Nathaniel Taplin - The Wall Street Journal
Plumbing is something most of us take for granted-until there's a problem, at which point things can get messy fast. Likewise for the "plumbing" of modern financial systems: the money markets, where banks and other financial institutions make short-term loans to each other. So given the strains China's economy is already laboring under-including a slow-motion property sector implosion and the "serious" insolvency of Zhongzhi Enterprise Group, a large asset manager, in its own words-it isn't a great sign that China's money markets have recently been throwing off little blips of distress too.
/jlne.ws/3T7Toli
Surprise Call Shocks Staid Corner of Bond Market: Credit Weekly; Arch Capital called $1.7 billion of credit risk transfer bonds; The move comes as banks look to shift more risks to investors
Carmen Arroyo - Bloomberg
A normally sedate part of the debt markets used by the finance industry to transfer mortgage default risk has been roiled after insurer Arch Capital Group Ltd. called $1.7 billion of the securities at par when they had been trading at a premium. The implications of Arch's move could be felt widely. More financial institutions including banks are looking to use bonds to shift credit risk to other investors, and cut their capital requirements in the process. Investors were reminded that they need to look carefully at when their credit risk transfer bonds can be pulled away from them at face value, potentially handing them losses.
/jlne.ws/3NaMZSx
Ego, Fear and Money: How the A.I. Fuse Was Lit; The people who were most afraid of the risks of artificial intelligence decided they should be the ones to build it. Then distrust fueled a spiraling competition.
Cade Metz, Karen Weise, Nico Grant and Mike Isaac - The New York Times
Elon Musk celebrated his 44th birthday in July 2015 at a three-day party thrown by his wife at a California wine country resort dotted with cabins. It was family and friends only, with children racing around the upscale property in Napa Valley. This was years before Twitter became X and Tesla had a profitable year. Mr. Musk and his wife, Talulah Riley - an actress who played a beautiful but dangerous robot on HBO's science fiction series "Westworld" - were a year from throwing in the towel on their second marriage. Larry Page, a party guest, was still the chief executive of Google. And artificial intelligence had pierced the public consciousness only a few years before, when it was used to identify cats on YouTube - with 16 percent accuracy.
/jlne.ws/419Cyo0
COP28 Latest: More Than $1 Billion in Grants to Slash Methane
John Ainger and Abeer Abu Omar - Bloomberg
Vice President Kamala Harris touted a pledge by the US to contribute $3 billion toward a United Nations fund meant to help developing countries slash greenhouse gas emissions and adapt to climate change at the COP28 summit on Saturday. The EU will invest euro 2.3 billion ($2.5 billion) in the energy transition over two years.
/jlne.ws/3N7Mj0r
COP28 Latest: Fink Seeks Rethink of 'Architecture' of Finance; World Bank unveils methane plan as initiatives pick up; BlackRock's Fink and HSBC's Quinn among CEOs at finance day
Alastair Marsh, Natasha White, and Malaika Kanaaneh Tapper - Bloomberg
Larry Fink, the chief executive officer of BlackRock Inc., urged his peers at the COP28 climate summit to rethink the fundamentals of finance, in order to channel capital to where it's most needed in the fight against climate change. "The architecture for financing the developing world - the Global South - today is at best not what it should be," Fink said in Dubai on Monday. "The opportunities we see to use blended finance I believe is the beginning," he said. "This is a must, not just an option. We will not be able to mobilize enough private capital if we don't do blended finance."
/jlne.ws/4a3f1cE
OpenAI's Q* Is Alarming for a Different Reason; When AI systems start solving problems, the temptation to give them more responsibility is predictable. That warrants greater caution.
Parmy Olson - Bloomberg
When news stories emerged last week that OpenAI had been working on a new AI model called Q* (pronounced "q star"), some suggested this was a major step toward powerful, humanlike artificial intelligence that could one day go rogue. What's more certain: The hype around Q* has boosted excitement about the company's engineering prowess, just as it's steadying itself from a failed board coup. Peaks of AI excitement about milestones have taken the public for a ride plenty times before. The real warning we should take from Q* is the direction in which these systems are progressing. As they get better at reasoning, it will become more tempting to give such tools greater responsibilities. More than any concerns about AI annihilation, that alone should give us pause.
/jlne.ws/4a86Zz5
Trading Technologies bolsters senior leadership team with three new additions; Incoming appointments previously held positions at Broadridge, ION, Fidessa, Flow Traders, SumRidge Partners, Morgan Stanley, Fidelity Information Service and SunGard.
Wesley Bray - The Trade
Trading Technologies (TT) has made three new appointments to its senior leadership team, including chief operating officer; executive vice president of fixed income; and executive vice president of futures and options - all of which will join the firm on 1 January 2024. Justin Llewellyn-Jones has been appointed chief operating officer (COO), joining from Broadridge where he most recently served as chief product officer and head of capital markets, North America (equities, FX and derivatives).
/jlne.ws/3RpOqPK
Fossil fuel companies sign up to emissions reduction pact at COP28; Methane, renewable and nuclear pledges made at climate conference in Dubai
Kenza Bryan, Simeon Kerr, Myles McCormick and Attracta Mooney - Financial Times
Fifty of the world's top fossil fuel companies have promised to eliminate emissions from their own operations by the middle of the century as part of a package of controversial pledges unveiled at a UN climate summit in Dubai. ExxonMobil, TotalEnergies, BP and Shell were among the companies that agreed to set or tighten voluntary deadlines for emissions reductions, along with state energy companies Saudi Aramco and Abu Dhabi National Oil Company. None agreed to reduce hydrocarbon production. The companies, which represent about a third of global oil and gas production, also pledged to stop routine flaring of excess gas and to eliminate almost all leaks of methane, a potent greenhouse gas, by 2030.
/jlne.ws/46HumwC
Jane Street: We "fight at a fundamental disadvantage" by using OCAML over C++
Alex McMurray - efinancialcareers.com
One of the big advantages for developers looking for a job at Jane Street (besides the pay, of course) is its use of the programming language OCAML rather than the industry standard C++. However, while OCAML has a cult following for its ease of use, it has plenty of drawbacks in an ultra-low-latency context, as illustrated by Google staff engineer-turned Jane Street developer Andrew Hunter on Ron Minsky's Signals and Threads podcast. "Anyone can write fast C++, but it takes a real expert to write fast OCAML," Hunter says. "You can't fire me." The reason for this is that the language prominently features garbage collection. Using this results in uninitialized data being inspected at runtime, which "can be really problematic." Developers that want to match C++ speeds have to use "little weird corners of the language that are slightly less pleasant to use, but will give you more control."
/jlne.ws/3uPrMao
Forget About a COP28 'Magic Wand,' Ex-Unilever CEO Says; Paul Polman cautions those with high expectations for this week's summit in Dubai. But he says there's hope in the private sector.
Sommer Saadi - Bloomberg
Former Unilever Chief Executive Officer Paul Polman has a word of caution when it comes to high expectations for the COP28 climate summit in Dubai this week. The event, hosted by the United Arab Emirates-a global giant in the production of fossil fuels-will not produce a "magic wand to solve our climate issues," he says.
/jlne.ws/3R88iFD
Josh Younger Explains How Banks Really Manage Rate Risk; The thorny process of managing higher interest rates.
Tracy Alloway and Joe Weisenthal - Bloomberg
The rate banks pay on savings accounts hit the headlines earlier this year, when an outflow of deposits contributed to the collapse of Silicon Valley Bank and other lenders. Suddenly, the mechanics of how banks attract deposits - and what they actually do with them - became a hot topic. And even before then, there'd been a lot of discussion over why many banks hadn't passed on the surge in benchmark rates to their customers by raising rates on savings accounts. So what exactly do banks use deposits for? How do those deposits behave? And can that behavior change in different interest rate environments? In this episode we speak with Josh Younger, senior adviser at the Federal Reserve Bank of New York and formerly at JPMorgan, about his recent research looking at how banks pass on higher interest rates and what it means for their own exposure to interest rates.
/jlne.ws/3uCC1yO
Nvidia's Rivals Prepare Their AI Assault; AMD and Intel are pushing new AI chips into the market, but Nvidia's dominance will be hard to crack
Dan Gallagher - The Wall Street Journal
Nvidia was never going to have the artificial intelligence market all to itself. The past year has certainly made it seem that way, though. Nvidia's sales have more than doubled-and its market value more than tripled-as major tech companies snapped up the company's chips to capitalize on the explosive interest in generative AI sparked by the launch of the ChatGPT online chatbot a year ago. Intel and Advanced Micro Devices, two of Nvidia's largest competitors, have seen their data-center sales shrink lately as the tech giants operating those networks have redirected their spending toward Nvidia's specialized chip platforms.
/jlne.ws/3T9nS6n
What Banks Really Mean When They Put Trillions Into ESG; As the world's biggest banks head to Dubai for climate talks, industry insiders are raising questions around the methodology behind their sustainable finance targets.
Alastair Marsh and Greg Ritchie - Bloomberg
In recent years, many of the world's biggest banks have published reports chronicling the vast sums they say they're channeling into environmental and social activities. Now, senior people inside the industry are raising questions about those statements.
/jlne.ws/3uKS65P
It Could Be a Vast Source of Clean Energy, Buried Deep Underground; In eastern France, and in other places around the world, deposits of natural hydrogen promise bountiful power. But questions remain.
Liz Alderman - The New York Times
In the rocky soil of Lorraine, a former coal mining region near the French-German border, scientists guided a small probe one recent day down a borehole half a mile into the earth's crust. Frothing in the water table below was an exciting find: champagne-size bubbles that signaled a potentially mammoth cache of so-called white hydrogen, one of the cleanest-burning fuels in nature.
/jlne.ws/47W2HJa
Jury orders egg suppliers to pay $17.7 million in damages to Kraft, other suppliers for price gouging
Associated Press
A federal jury in Illinois ordered $17.7 million in damages - an amount tripled to more than $53 million under federal law - to several food manufacturing companies who had sued major egg producers over a conspiracy to limit the egg supply in the US.
/jlne.ws/4a4RVCf
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia to boost size of army by 15% to 1.32 million
Christian Edwards and Yulia Kesaieva - CNN
Russian President Vladimir Putin has ordered the country's military to increase its number of troops by 170,000, as Moscow's war in Ukraine enters its 22nd month. The increase would take the overall number of Russian military personnel to more than 2.2 million, including 1.32 million troops, according to the decree published by the Kremlin Friday.
/jlne.ws/3Rs12WD
Kyiv accuses Russian forces of shooting surrendering Ukrainian soldiers
Reuters
Kyiv officials accused Moscow of committing a war crime after a grainy video on social media appeared to show several soldiers shooting two surrendering military personnel who emerged from a dugout at gunpoint.
/jlne.ws/3R9lHNC
Ukraine Warns of Nuclear Risks as Zelenskiy Prepares to Dig In; UN agency continues to warn of risks from Russia's invasion; Zaporizhzhia plant lost power for 8th time since war started
Volodymyr Verbianyi - Bloomberg
The threat of a nuclear accident persists amid Russia's invasion, now into its 22nd month, the Ukrainian energy ministry said after a blackout at the Kremlin-occupied Zaporizhzhia facility. The nuclear worries are running parallel to stepped-up Russian offensive efforts in Ukraine's east, including the unconfirmed capture of Mariinka in eastern Donetsk - and as President Volodymyr Zelenskiy calls for extensive fortification in key battleground areas and along Ukraine's borders with Russia and Belarus.
/jlne.ws/4a7zVqX
Russian Gas Glut Shows Austria Still in Kremlin's Energy Orbit; Ukraine transit agreement ending next year will force changes; Pipeline expansion for higher LNG imports has barely begun
Jonathan Tirone - Bloomberg
Austria is overflowing with Russian natural gas, allowing the longtime customer of Gazprom PJSC to boost sales to its neighbors while delaying efforts to pivot from Kremlin-controlled energy.
/jlne.ws/3GMzS6N
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | Over 60 Journalists Have Been Killed in the Israel-Gaza War. My Friend Was One.
Lama Al-Arian - The New York Times
I was sitting in my apartment in Beirut on the evening of Oct. 13 when I read that journalists had been struck by a missile attack in southern Lebanon. My close friend, Issam Abdallah, was working in the area as a cameraman for Reuters to cover the border clashes between Israel and Hezbollah after the war in Gaza began just days earlier. I called him immediately. It was a ritual we had developed over the years: Whether we were on the front lines in Ukraine or Syria, each of us knew to expect a call from the other anytime a disaster struck.
/jlne.ws/3t0yfPm
The New Antisemitism Is the Oldest Kind; This isn't the midcentury 'Gentleman's Agreement' variety. It's the return of pure hatred of the Jews.
Lance Morrow - The Wall Street Journal (opinion)
I remember a dinner party on Martha's Vineyard in the 1970s when I and my first wife, who was Jewish, shared lobster with a half-dozen nicely tanned Protestants in sherbet-colored golfing trousers. They chattered about what pests "those people" were, who kept "pushing" to join the local beach club, even though they were "not wanted." "Gee," said a middle-aged Princeton man-pronouncing the word "jay"-"why don't they stick to their own clubs?"
/jlne.ws/3Go8xHP
The shadowy Hamas leader behind the war against Israel
Daniel Estrin - NPR
The deadly Oct. 7 attack on southern Israel, dragging Israeli hostages back to Gaza, and high-stakes negotiations for their release could not have happened without the approval of one secretive man. Yahya Sinwar, the leader of Hamas in the Gaza Strip, is widely believed to have helped mastermind the unprecedented Hamas attack that changed the course of Israeli-Palestinian history.
/jlne.ws/3uPeYAR
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | SIX reaches a global agreement with Greenomy for sustainability reporting in Swiss and Spanish markets
SIX
In Spain, BME, and Greenomy, the leading ESG reporting provider, have joined forces to help issuers and financial institutions navigate and adhere to ESG reporting effortlessly. SIX, the Swiss and Spanish stock exchange operator and global financial information provider, and Greenomy, the leading ESG reporting provider, have announced an alliance to help financial institutions and companies in both markets efficiently comply with ESG frameworks, enabling them to measure, improve sustainability performance and access green financing opportunities. As an ESG product provider, SIX develops and thus empowers its customers and partners to achieve their sustainability objectives by providing business-critical data, regulatory risk content services and analytical solutions that enable profitable, sustainable and compliant operations, ultimately fostering sustainable investment decisions.
/jlne.ws/3uJurTg
CME Group Reports Highest-Ever November ADV of 28.3 Million Contracts; Overall volume grew 21% over November 2022; Record November interest rate ADV of 16.8 million contracts; Strongest month ever for U.S. Treasury complex, with record ADV of 10.6 million contracts; Record November ADV in agricultural products and cross-asset options
CME Group
CME Group, the world's leading derivatives marketplace, today reported its November 2023 market statistics, reaching an average daily volume (ADV) of 28.3 million contracts during the month, an increase of 21% over 2022 and the company's highest-ever November ADV on record. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3GoL7lD
DTCC's Alternative Investment Product Services Surpasses 10,000 Unique Funds; Alternative Investment Product Services has processed over 500 million transactions since inception.
DTCC
DTCC, the premier post-trade market infrastructure for the global financial services industry, today announced that its Alternative Investment Product Services (AIP) has reached a new milestone by surpassing over 10,000 unique funds on the service, an increase of 20% in the past year. At the same time, the number of clients leveraging the product rose to over 2,200, an increase of 28%.
/jlne.ws/47QX8fd
Nodal Clear wins Clearing House of the Year at FOW International Awards 2023
Nodal Exchange
Nodal Clear was named Clearing House of the Year at the FOW International Awards 2023 in London during an evening ceremony following the publication's Trading London conference on November 29th. The FOW International Awards recognize innovation and achievement for firms in the derivatives industry.
/jlne.ws/3Nd5QfI
ICE Mortgage Monitor: Equity Withdrawals Rose Slightly in Q3 2023, but High Interest Rates Are Compressing Usage by 55%
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, released its December 2023 ICE Mortgage Monitor Report, based on the company's industry-leading mortgage, real estate and public records data sets. Rising home prices, though cooling in recent months, have returned total tappable equity to near its 2022 peak. This has implications for both equity lending as well as performance-related risk among active mortgages, as ICE Vice President of Enterprise Research Andy Walden explains.
/jlne.ws/47DiYmE
JPX Monthly Headlines - November 2023
JPX
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
/jlne.ws/482G8m6
Nasdaq Recognized as Leader in LGBTQ+ Workplace Inclusion by the Human Rights Campaign Foundation
Nasdaq
Earns Perfect Score in the Human Rights Campaign Foundation's Annual Assessment of LGBTQ+ Workplace Equality for Fifth Consecutive Year
NEW YORK, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced its inclusion in the Human Rights Campaign Foundation's 2023-2024 Corporate Equality Index (CEI), receiving a perfect score in the fifth consecutive edition of the survey for recognition of its inclusive workplace. The CEI is the nation's leading benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality.
/jlne.ws/3Rs0KyS
OCC Reports November 2023 Monthly Volume Data
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through November 2023 was 44.3 million contracts. Total monthly volume for November 2023 was 908 million contracts.
/jlne.ws/4agmW6C
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Robinhood CEO defends payment for order flow, says practice is 'here to stay'
Ryan Browne - CNBC
CEO Vlad Tenev says he doesn't believe that the payment for order flow (PFOF) model of market-maker routing that the company incorporates in the U.S. is under threat. That's despite calls from notable consumer trading advocates and regulators for a ban on the practice.
/jlne.ws/3uz0vsM
AXA IM collaborates with Societe Generale's FORGE on first market transaction using stablecoins; Move comes as part of the firms' commitment to adapt to technological developments to benefit their client base.
Wesley Bray - The Trade
AXA Investment Managers (AXA IM) has completed its first market transaction using stablecoins issued by Societe Generale - FORGE as part of a new joint experiment. Societe Generale - FORGE's CoinVertible (EURCV) stablecoins were used as part of the transaction, which is an effort from AXA IM and Societe Generale to adapt to technological developments to benefit their client base.
/jlne.ws/4a5Xv7x
Who's Who Behind the Dawn of the Modern Artificial Intelligence Movement; Before chatbots exploded in popularity, a group of researchers, tech executives and venture capitalists had worked for more than a decade to fuel A.I.
J. Edward Moreno - The New York Times
While artificial intelligence has taken the limelight over the past year, technology that can appear to operate like human brains has been top of mind for researchers, investors and tech executives in Silicon Valley and beyond for more than a decade.
/jlne.ws/481oHCI
AI And Crypto Can Help Each Other Improve
Sean Stein Smith - Forbes
Technology moves in cycles, and while AI might have superseded blockchain and cryptoassets in some circles and market discussions, the reality is that these field are increasingly inter-related. An example of this that has come to market recently is the paper by the Coinbase Institute, laying out the case for how blockchain and AI applications are incredibly well suited for working together. Yet another example, although one that has been controversial since launch - and more recently due to the drama surrounding Sam Altman - is WorldcoinWLD 0.0%; a token powered and governed by AI. Headlines only tell part of the story, and the connections run deeper than just a few headlines.
/jlne.ws/4191DiU
Larry Summers Says OpenAI Technology 'Extraordinarily Important'
Shiyin Chen - Bloomberg
Lawrence Summers, a new board member at artificial intelligence startup OpenAI, said that the startup's work was "extraordinarily important" and that the company needed to operate as a "corporation with a conscience." OpenAI "has to be prepared to cooperate with key government officials on regulatory issues, on national security issues, on development of technology issues," Summers said on Bloomberg Television's Wall Street Week with David Westin on Friday.
/jlne.ws/46GI8zI
OpenAI Delays Launch of Online Store for Custom Chatbots
Rachel Metz - Bloomberg
/jlne.ws/4a6dbaK
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| Cybersecurity | | Top stories for cybersecurity | Breaches by Iran-affiliated hackers spanned multiple U.S. states, federal agencies say
Frank Bajak and Marc Levy - Associated Press
A small western Pennsylvania water authority was just one of multiple organizations breached in the United States by Iran-affiliated hackers who targeted a specific industrial control device because it is Israeli-made, U.S. and Israeli authorities say.
/jlne.ws/3taUSAF
IT Professionals in ASEAN Confronting Rising Cyber Security Risks
Ben Abbott - TechRepublic
The ASEAN region is seeing more cyber attacks as digitisation advances. Recorded Future CISO Jason Steer said software digital supply chains are one of the top risks being faced.
/jlne.ws/3T2UleO
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| Cryptocurrencies | | Top stories for cryptocurrencies | Opinion: Why crypto was the perfect tool for criminals and kleptocrats
Casey Michel - CNN
The news last week of money laundering charges against crypto exchange Binance and its CEO, Changpeng Zhao, sent shockwaves through both financial markets and crypto consumers alike. And understandably so. Before Binance's settlement with US authorities, the company represented 60% of the market for crypto spot trading. And Zhao himself, as the Wall Street Journal noted, was the so-called "king" of crypto.
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SEC faces sanctions threat as Judge questions DEBT Box case accuracy; Initially, the SEC, led by attorney Michael Welsh, had convinced the court to freeze DEBT Box's assets, arguing the company was moving to Dubai, beyond U.S. regulatory reach.
Cointelegraph
United States District Judge Robert Shelby has cautioned the Securities and Exchange Commission (SEC) lawyers, hinting at possible sanctions due to purportedly deceptive statements in a legal action against Digital Licensing Inc., also recognized as DEBT Box, a crypto company.
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Grayscale Trust Becomes 'Betting Line' for Spot Bitcoin ETF
Katie Greifeld - Bloomberg
Traders betting that regulators will approve a US spot Bitcoin exchange-traded fund sooner rather than later have all but evaporated a once-gargantuan discount on the world's biggest crypto fund. The $24 billion Grayscale Bitcoin Trust (ticker GBTC) is currently trading at a roughly 8% discount to its underlying Bitcoin holdings, the narrowest dislocation in over two years, data compiled by Bloomberg show. GBTC entered 2023 with a record discount of nearly 50%.
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FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermute; The latest transfer was spread across eight tokens: StepN (GMT), Uniswap (UNI), Synapse (SYN), Klaytn (KLAY), Fantom (FTM), Shiba Inu (SHIB), Arbitrum (ARB) and Optimism (OP).
Cointelegraph
Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies. Blockchain analysis firm Spot On Chain spotted the movement, estimating that the defunct entities have transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens.
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SBF was almost extorted for 'protection' in Brooklyn jail, recalls ex-inmate; Gene Borrello, a former prisoner at MDC, told crypto blogger Tiffany Fong that Sam Bankman-Fried was targeted for his timid nature and having "the body of the 80-year-old."
Cointelegraph
Former FTX CEO Sam "SBF" Bankman-Fried was reportedly worried for his safety during his pretrial detention time at the Brooklyn Metropolitan Detention Center and even considered paying another inmate for "protection," according to a former inmate.
/jlne.ws/3GoN4OW
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| Politics | | An overview of politics as it relates to the financial markets | Trump's Second-Term Plans: Anti-'Woke' University, 'Freedom Cities'; Former president wants more active government, upending GOP orthodoxy
Andrew Restuccia and Aaron Zitner - The Wall Street Journal
As he campaigns to retake the White House, Donald Trump has increasingly tossed aside the principles of limited government and local control that have defined the Republican Party for decades. The former president is laying plans to wield his executive authority to influence school curricula, prevent doctors from providing medical interventions for young transgender people and pressure police departments to adopt more severe anticrime policies. All are areas where state or local officials have traditionally taken the lead.
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US CEOs start to contemplate Trump, round 2; Executives should think long and hard about what it would mean if the former president is re-elected
Rana Foroohar - Financial Times
What would another Trump administration look like? As horrible as many find the prospect, it's a topic that executives are beginning to have to grapple with. For reasons that range from inflation to the conflict in Gaza to Biden's age, the current administration's deft handling of a recession, a pandemic and war in Ukraine isn't being reflected in polls. Many of them put Donald Trump back in the White House in 2024.
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US Pledges $3 Billion for Climate Aid to Poor Countries at COP28; Vice President Kamala Harris will announce the commitment at the summit in Dubai, where increasing climate finance is a focus of talks.
Jennifer A Dlouhy - Bloomberg
The US will pledge $3 billion toward a United Nations fund meant to help developing countries slash greenhouse gas emissions and adapt to climate change - an effort that could help rebuild trust in rich nations' promises of aid amid pivotal climate talks in Dubai.
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UK digital pound could put financial stability and privacy at risk, MPs warn; Treasury committee urges BoE and Treasury to 'proceed with caution' over new currency
Sam Fleming - Financial Times
Backers of a UK digital pound have yet to make a convincing case that its benefits would outweigh risks to financial stability and personal privacy, an influential group of MPs warned on Saturday. The House of Commons Treasury committee said the Bank of England and HM Treasury should continue exploring a central bank digital currency, but urged both to "proceed with caution" because of "significant risks and challenges".
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UK Lawmakers Question Whether 'Britcoin' Digital Pound is Needed; Treasury Committee urges Bank of England to proceed carefully; Government and central bank are studying new form of currency
Tom Rees - Bloomberg
An influential panel in the UK Parliament said the Bank of England should consider whether a state-backed digital pound is really needed because the risks to the banking system and privacy may outweigh the benefits.
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Dozens of Troops Suspected of Advocating Overthrow of US Government, New Pentagon Extremism Report Says
Konstantin Toropin - Military.com
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UN secretary-general lambasts COP28 presidency's net zero charter
Kenza Bryan and Aime Williams - Financial Times
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UN climate talks have focused on renewable energy for too long says Exxon chief
Aime Williams and Jamie Smyth - Financial Times
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Lula says Brazil's participation in OPEC+ is to stop oil producers using fossil fuels
Reuters
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| Regulation & Enforcement | | Stories about regulation and the law. | Binance Copped a $4 Billion Plea but Is Still Fighting the SEC; Prosecutors and the Treasury Department had more leverage to get a settlement with the cryptocurrency exchange
Dave Michaels - The Wall Street Journal
When top Biden administration officials gathered last month at the Justice Department to announce a $4.3 billion legal resolution with Binance, one powerful regulator was absent. Attorney General Merrick Garland was there. So was Treasury Secretary Janet Yellen. But Securities and Exchange Commission Chair Gary Gensler wasn't, even though he has his own legal beef with Binance. The SEC sued the world's largest cryptocurrency exchange in June and has been the regulatory scourge of the crypto world.
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Chairman Behnam to Participate in a Conversation at the Milken Institute Middle East and Africa Summit
CFTC
Thursday, December 7, 2023
The Rosewood Hotel
Al Maryah Island
Abu Dhabi, United Arab Emirates
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Speech of Commissioner Kristin N. Johnson: Beyond Policing for Fraud: Post-Crisis Crypto-Corporate Governance Reforms
Blockchain Association Policy Summit
CFTC
Good afternoon. Thank you, for your gracious and warm welcome. It's a pleasure to join you today for the Blockchain Association's Policy Summit. I am especially thankful to Kristin Smith for the generous invitation to contribute to this impactful discourse among regulators, members of Congress, market participants, and consumer advocates. I am pleased to be among the distinguished speakers sharing thoughts with you today. Before I begin, standard disclaimer that my comments today represent my thoughts and not those of the Commission or my fellow Commissioners, but I am hopeful that some of my reflections will shape very important ongoing dialog on these issues.
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Remarks of Chairman Rostin Behnam at the U.S. Cattlemen's Association 16th Annual Meeting, CFTC
Good morning and thank you to the U.S. Cattlemen's Association (USCA) for inviting me to provide some remarks. As you all have experienced firsthand, livestock markets have been hit hard by extreme and unpredictable weather these last several years, with record droughts forcing many (if not all) of you to make the difficult choice between bringing in expensive feed to supplement pasture loss or thinning the herd. This has resulted in cuts to the national cattle herd size to a 61-year low.[1] The cattle cycle means that these impacts will be felt for years to come.
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CA seeks views on regulatory approach for overseas funds
FCA
In preparation for the new Overseas Funds Regime (OFR), the Financial Conduct Authority (FCA) has set out its proposals for how the regime should operate.
/jlne.ws/3RrStLk
Singapore's MAS Sets Framework to Improve Transition Financing; New rules to help financial institutions manage climate risks; Efforts aim to get capital flowing to transition activities
Joanna Ossinger - Bloomberg
Singapore is taking multiple steps to improve transition financing, including setting new rules for financial institutions to manage their climate-related risks and to support an orderly transition.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | One Supreme Court Case Could Mess Up Chunks of the Tax Code; Justices will debate the meaning of 'income' under the 16th Amendment
Richard Rubin and Jess Bravin - The Wall Street Journal
A case that could punch holes in the federal tax code heads to the Supreme Court on Tuesday. The court will hear arguments in Moore v. U.S., which challenges a piece of the 2017 tax law that imposed a one-time levy on profits that companies had accumulated outside the U.S. But its implications could reach much further, providing the justices an opportunity to define what Congress can tax under the Constitution-and what it can't.
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Here's How to Invest in Gold as It Hits an All-Time High
Swansy Afonso, Ainsley Thomson, and Sybilla Gross - Bloomberg
For many investors, gold is looking hot right now. The precious metal just touched an intraday record $2,135.39 an ounce thanks in part to its haven status: The more volatile the world gets, the better gold tends to do. Bullion has rallied almost 16% since early October, a surge that was initially sparked at the start of the Israel-Hamas conflict, but has since been driven by bets on the Federal Reserve will shift to monetary loosening early next year.
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Fidelity and Jane Street Back CoreWeave at $7 Billion Valuation; IMCO, JPMorgan Asset Management, Zoom Ventures bet on startup; Nvidia, Magnetar Capital are among its existing investors
Gillian Tan - Bloomberg
CoreWeave, a cloud computing provider that's among the hottest startups in the artificial intelligence race, said it closed a minority stake sale to investors led by Fidelity Management & Research Co. Investment Management Corp. of Ontario, Jane Street, JPMorgan Asset Management, Nat Friedman, Daniel Gross, Goanna Capital and Zoom Ventures also participated in the deal, CoreWeave said, confirming an earlier Bloomberg News report. The transaction values the company at $7 billion, said people with knowledge of the matter, asking not to be identified discussing confidential information.
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Retail Traders in Korea Are Sinking Billions Into Exotic US ETFs; Individual Korea investors own over 20% of some US-listed ETFs; 'Straight vanilla is boring,' they want leverage: BI's Sin
Youkyung Lee and Vildana Hajric - Bloomberg
Leveraged exchange-traded funds are so popular among South Korean retail investors that they own more than 20% of some of the most high-profile ones listed in the US. Among their favorites, they hold no less than 35% of an ETF that offers a 1.5 times magnified bet on Elon Musk's Tesla Inc., and 28% of another that provides a three-times wager on FAANG and other tech shares, based on data compiled by Bloomberg.
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Meme-Stock Crowd Plows Into Cross-Asset Rally Lifting Risky Bets
Natalia Kniazhevich and Bailey Lipschultz - Bloomberg
A rally across all asset classes powering the S&P 500 to its best month in over a year has finally caught the attention of retail investors. The same traders who created the so-called meme-stock mania, with big bets on speculative companies, are back. And they are piling into the market's favorite stocks - think Amazon.com Inc. and Nvidia Corp. - while also buying riskier bets like profitless tech and all things crypto, according to data from investing platform eToro and chatter on social media, the same platforms used to fuel a surge in GameStop Corp. more than two years ago.
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6 Questions New Donors Should Ask Themselves About Charitable Giving
Jane Hodges - The Wall Street Journal
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Nvidia Insiders Unload Shares After 220% AI Rally
Jeran Wittenstein - Bloomberg
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How to Use Industry ETFs to Ride Waves of Momentum
Derek Horstmeyer - The Wall Street Journal
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Dealbook/Climate concerns boil over
Andrew Ross Sorkin - The New York Times
Tensions are rising this morning over contentious comments by Sultan Ahmed al Jaber, the oil executive and Emirati politician presiding over the COP28 climate summit. His skepticism about the world's ability to halt a rise in global temperatures by reducing the use of hydrocarbons is casting fresh doubts over the U.A.E.'s commitment to addressing the climate crisis. Al Jaber struck back against critics of fossil fuels, who want to see them phased out in the coming decades in an effort to keep global temperatures from rising 1.5 degrees Celsius, a level considered disastrous by many experts. "There is no science out there, or no scenario out there, that says that the phaseout of fossil fuel is what's going to achieve 1.5 C," he said at an event before the summit.
/jlne.ws/47F09jb
Sustainable Switch
Sharon Kimathi - Reuters Digital
Hello! A feeling of deja vu is encompassing the 28th Conference of the Parties (COP28) as the summit kicks off the week with discussions around climate financing. Delegates are turning their attention towards plugging the gap needed for the energy transition, climate adaptation and disaster relief. The biggest pledge on Monday came from the United Arab Emirate's banking sector, joining peers in other regions in pledging to lend more to green projects. It followed a Friday pledge of $30 billion for climate-related projects from the oil producing Gulf state. During the weekend at the summit, the UAE and several charities offered $777 million in financing for eradicating neglected tropical diseases that are expected to worsen as temperatures climb, as the conference focused on the themes of 'health, relief, recovery, and peace'.
/jlne.ws/3T9jFzV
The real impact of the ESG backlash; As opinions shift, asset managers like BlackRock are talking more about maximising returns than about saving the world
Brooke Masters and Patrick Temple-West - Financial Times
In 2020, BlackRock chief executive Larry Fink put the world's largest money manager squarely behind the cause of purpose-driven investing. "Climate change is different" from other financial challenges, he wrote in his closely watched annual letter to corporate chief executives. Fink promised "a fundamental reshaping of finance" that would put "sustainability at the centre of our investment approach". Corporate America and investors quickly followed suit, scrambling to sign up to net zero carbon plans and launching funds that included environmental, social and governance (ESG) factors in their investment decisions.
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Billions in U.S. Funding Hasn't Convinced Developing World to Ditch Coal; South Africa and Indonesia are backtracking on commitments to burn less of the dirtiest fossil fuel
Alexandra Wexler, Sha Hua and Matthew Dalton - The Wall Street Journal
Wealthy nations are sending tens of billions of dollars to poorer ones for clean energy, the linchpin of a global strategy to cut greenhouse-gas emissions in the developing world.
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West Virginians Could Get Stuck Cleaning Up the Coal Industry's Messes; The state's program for reclaiming abandoned coal mines has long been plagued with problems, but state and federal officials have done little to prepare for this reckoning.
Ken Ward Jr. - ProPublica
West Virginia's fund to clean up abandoned coal mines is in such dire shape that it threatens to stick taxpayers with hundreds of millions - perhaps even billions - of dollars in cleanup costs. And yet, little is being done to turn things around.
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World Bank Focuses On Securitization to Scale Climate FinanceNatasha White and Alastair Marsh - Bloomberg
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Scientists at COP28 Say Carbon Removal Fast Becoming Necessary
Laura Millan - Bloomberg
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Kenya to Consider Sovereign Green Bonds to Fund Climate Projects
Jennifer Zabasajja and David Herbling - Bloomberg
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Exxon Among 50 Oil Producers in Controversial Climate Pact at COP28
Will Kennedy, Jennifer A Dlouhy, and John Ainger - Bloomberg
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Tripling Renewables Is Difficult But Completely Doable
Oscar Boyd, Akshat Rathi, and Christine Driscoll - Bloomberg
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No more business as usual: the case for carbon pricing
Kristalina Georgieva, Ursula von der Leyen and Ngozi Okonjo-Iweala - Financial Times
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Cargill Aims to Build Three Biogas Plants in European Venture
Tarso Veloso - Bloomberg
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Brazil launches $204 million drive to restore Amazon rainforest
Steven Grattan and Jake Spring - Reuters
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Changes in composition of the STOXX Europe 600 Index
Qontigo
STOXX Ltd. has announced the new composition of the STOXX Europe 600 Index. Effective as of the opening of European markets on December 18, 2023, the following stocks will be added to and deleted from the index and its respective size and sector indices:
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Somerset Capital Management hit by loss of its largest client; Boutique fund manager loses more than two-thirds of its assets after St James's Place severs ties
Harriet Agnew - Financial Times
Somerset Capital Management, the boutique fund manager co-founded by Tory MP Sir Jacob Rees-Mogg, has lost more than two-thirds of its assets after the firm's largest client severed ties, according to people familiar with the situation. The decision by wealth manager St James's Place to terminate its relationship with Somerset was a blow to the London-based firm, and called into question its future, some of these people said.
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A C.E.O. Who Resigned in Scandal Now Wants More Money; Timothy J. Sloan was criticized for failing to clean up Wells Fargo's troubled culture when he headed the bank. He says in a suit that he's owed at least an additional $34 million.
Rob Copeland - The New York Times
As chief executive of Wells Fargo, Timothy J. Sloan failed to clean up a string of scandals that shook the bank and abruptly stepped down amid widespread criticism more than four years ago. He now says Wells Fargo owes him at least $34 million in back pay.
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UBS's Ermotti to Find Potential Successor Within Three Years
Myriam Balezou and Monica Raymunt - Bloomberg
Sergio Ermotti, chief executive officer of UBS Group AG, says part of his mandate for the next three years is to identify potential successors, he told the Swiss media outlet Bilanz in a television interview.
/jlne.ws/3uLZQo3
Jefferies Opens Canada Investment-Banking Unit in Global Push; Bruce Rothney named chief executive officer of the new group; Unit will employ more than 40 bankers, traders, analysts
Katherine Doherty - Bloomberg
Jefferies Financial Group is starting an investment-banking unit in Canada as part of an international expansion of its core Wall Street operations.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Citadel Picks Less Than 0.3% of Applicants for Sydney Internship
Lulu Yilun Chen - Bloomberg
Citadel and its market-making affiliate selected less than 0.3% of applicants for its latest internship program in Sydney, underscoring the competition for a slot at Ken Griffin's financial powerhouse. The 10 interns at the hedge fund firm and Citadel Securities LLC include informatics and math Olympians, and a chess champion. Applications grew 36% from last year, when the companies expanded the global program to include Australia.
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B-School Admissions Deans Are Feeling The Pressure From Falling Applications; Several departures at top-ranked schools signal a shift in the admissions landscape.
Robb Mandelbaum - Bloomberg
It's not just prospective students who are giving up on business schools-so are the professionals who admit them. In the past two years, at least eight admissions directors have left their jobs at schools ranked by Bloomberg Businessweek, including Stanford, Harvard and Columbia. Several have taken posts at other universities, while at least two have become student admissions consultants; most were industry veterans. The timing of these departures struck several current and former admissions officers and observers as coincidental. Still, all of these sources acknowledge that the Covid-19 pandemic and its aftermath intensified pressures on admissions teams.
/jlne.ws/4a1fCeW
Modern meeting etiquette: Wear pants, beware of tech lag, chat sparingly; Nine etiquette tips to help you navigate the rules for modern meetings in the era of hybrid work.
Danielle Abril - The Washington Post
Eating in your kitchen on Zoom? Mumbling jokes in the conference room during a hybrid video call? In this new phase of hybrid work, the rules of acceptable meeting behavior can be tricky. For years, most office workers held their meetings in person, with the occasional phone conference call to include people working elsewhere. But all that changed during the pandemic, when most meetings went entirely virtual using video conferencing tools such as Zoom and Microsoft Teams. Now, our bad pandemic habits may be conveying messages we don't mean to send.
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Nobody Wants to Be a Bank Examiner Anymore; Staffing woes threaten the ability of financial watchdogs to address crises.
Katanga Johnson - Bloomberg
The top US financial regulators last summer rolled out a raft of proposed rules aimed at preventing another round of bank failures and industry turmoil. But those efforts won't hold if the agencies can't bolster the ranks of frontline examiners.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | How alcohol became a crutch for professional women; Some high-achieving female workers still drink to prove themselves, but those going sober have found benefits
Emma Jacobs - Financial Times
Alcohol lubricated the working culture when Allyson Clark started out in the technology sector 15 years ago. The ethos, she said, was to "have a drink, stay out until 2am with your co-workers". It was also a de-stressor. "Type A people push themselves all the time so alcohol becomes a way to relax."
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Covid's Hardest-Hit Students Are Being Left Behind; Kids who entered their freshman year of high school in 2020 are about to graduate, and they desperately need help.
Brooke Sample - Bloomberg
America's high schools face a growing crisis: Millions of students who entered ninth grade in the fall of 2020, at the height of the pandemic, are set to graduate this spring, with little hope of recovering from the learning loss incurred while schools were shut. Simply put, they're running out of time.
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China's respiratory illness rise due to known pathogens -official
Reuters
China's surge in respiratory illness is caused by known pathogens and there is no sign of new infectious diseases, a health official said on Saturday as the country faces its first full winter since lifting strict COVID-19 restrictions.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Rising Dubai Raises Questions About the Direction of London
The Secret Agent - Bloomberg
We're drawing closer to that end-of-year reflecting and reckoning. For our part - workwise - we're hopeful to get at least three deals over the line. A penthouse flat in Bayswater at just shy of £4 million ($5 million), a Bloomsbury pad at £6 million and a Chelsea house at £8 million. The whole of it will inevitably be slowed by Christmas parties and hangover-related personal days, but we want these deals exchanged by 23rd December. Then everyone can relax and enjoy the festive season.
/jlne.ws/3Tal6Oy
A snowstorm brings Munich airport to a standstill and causes travel chaos in central Europe
Associated Press
All flights were grounded at Munich's airport Saturday after a winter storm dumped snow across southern Germany and parts of Austria, Switzerland and the Czech Republic, affecting travel across the region.
/jlne.ws/3GsoGvG
Regulatory Ease And Dollar Access To Accelerate Bitcoin Adoption In Milei's Argentina
Javier Bastardo - Forbes
According to the National Institute Of Statistics And Census, year-to-year inflation in Argentina is 142,7%. The country's struggling economy is one of the main drivers of the election of the libertarian and Austrian-school economist Javier Milei as the new president on November 19. Inflation is also one of the key reasons Argentinian citizens use alternatives to access dollars like stablecoins. In this context, due to his appeal to eliminate the Central Bank in his country, Milei is associated with Bitcoin and cryptocurrencies.
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