| July 08, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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$50,456/$300,000 (16.8%)
Jim Sullivan
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Dear Mr. President,
Almost 100 years ago President Calvin Coolidge said, "The business of (the United States of) America is business." The first business from before our nation's founding that drove its development and rapid expansion was the cotton business. Cotton was the commodity that created international trade from the eighth century onward. To understand the cotton business and many origins of issues we still struggle with today, including race relations, I recommend you read the book "Empire of Cotton" by Sven Beckert.
According to Beckert, "In 1820, the U.S. exported 167.5 million pounds of cotton, which was 32% of all U.S. exports. By 1850, 67% of U.S. cotton was grown on land that had not been part of the U.S. a half a century earlier."
Because of the importance of cotton to our nation's beginnings and all the other commodities it residually drove the production of, the U.S. commodity and related derivatives markets are among the most important in the world. I am writing to you today to urge you to appoint a permanent chairperson of the Commodity Futures Trading Commission.
For the rest of this letter to President Biden, CLICK HERE.
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Hits & Takes
John Lothian & JLN Staff
Former NYSE CEO Duncan Niederauer is profiled in a new Fortune Magazine piece about his experience as the owner of a football club in Italy. The story is titled "He ran the NYSE, but can he handle Italian soccer? Former stock exchange CEO leads Venice into Italy's top league." He is part of a group that bought the Venezia FC. Nice to see Duncan enjoying himself with a new challenge. I just wonder if he has "five guys named Vinny" on the team. -- Fortune
Reuters reports that increases in vaccination rates are directly leading to increases in hospitality jobs. -- Reuters
Reuters is also reporting that President Biden is going to issue an executive order targeting non-compete agreements, which prevent employees from taking better jobs at competing companies. -- Reuters
Former CFTC Chairman Timothy Massad has a commentary in Bloomberg titled "A Bitcoin ETF Would Be Good for Investors and Regulators." Massad was the shorter balding CFTC chairman that followed the shorter balding Gary Gensler as chairman. -- Bloomberg
Speaking of CFTC chairmen, today I will publish the complete list of the names recommended to me to be considered as candidates for the role of permanent CFTC Chairman. Yesterday I published my letter to President Biden in which I recommended Acting CFTC Chairman Rostin Behnam be named permanent chair based on the recommendations from a group of industry legal sources I contacted.
Congratulations to Peter Clifford for starting a new position as director for CBDC and Payment at Digital Asset. -- LinkedIn
Kaitlin Meyer has joined Cboe Global Markets as director, North America derivatives coverage. She was previously with the CME Group. -- LinkedIn
Yesterday 70 Greenwood Scholars started their internships at over 30 financial+fintech firms across the US and in London.
Yesterday James Sullivan contributed to the JLN MarketsWiki Education GoFundMe campaign. James is a former CME Group executive who is now the head of commercial development - North America at Stable. Stable provides custom-tailored risk management products in commodities that do not have any exchange listed futures or options products, such as avocados and choice ribeyes. They are insurance products that are simple to understand as they provide price protection and all that is required is the premium payment (no margin or cash flow maintenance). He says, "I very strongly believe in the products and approach as it has the potential to be transformative." Thank you to James and all who have given and all who have yet to give. Support our efforts to preserve industry history by giving to our GoFundMe campaign.
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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WILD (Women in Listed Derivatives) is offering a panel discussion with financial services industry leaders on Wednesday, July 28th from 12:00 p.m. - 1:00 p.m. Central Time. It is a virtual event called the "Ask Me Anything" Leadership Panel, moderated by Elizabeth Cook, with panelists talking about their career trajectories and sharing their thoughts on marketplace shifts happening today. The event is free for WILD members. You can register and find more info here.~SR
The Cboe Options Institute will host a 70-minute webinar next Wednesday, July 14, at 12:00 p.m. ET on "U.S. Tax Considerations for Listed Options." The discussion with money managers will include points on differing taxation for exchange-listed index options and single-stock options, tax considerations for one-sided option strategies (long calls, long puts, short calls and short puts) and the outlook for legislative and regulatory initiatives that may impact the taxation of options. Registration information is here. ~SC
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Steptoe Webinar - Reviewing the Biden Administration's First Six Months (July 20)
Steptoe
Please join Steptoe's Financial Services group co-chair Matt Kulkin on Tuesday, July 20, for an interactive discussion with seasoned financial services policy experts. We'll discuss legislative developments, regulatory trends, and other events that have affected the financial services industry since January 20th, and project what may be on the horizon for the new administration.
/jlne.ws/3xouWON
***** How about the next six months?~JJL
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Letter: Crypto investors should ignore its Instagram stars
From Rupak Ghose, London SW5, UK - FT
Jemima Kelly (Opinion, June 24) is right to point out crypto has attracted its fair share of scams and financial speculation. It has serious technological challenges. There is the flip-flopping from crypto's high priest, Elon Musk. But is the reality so black or white that crypto and decentralised finance (DeFi) is the solution to all the inequalities in society or a big Ponzi scheme?
/jlne.ws/3ABXfLI
*****Ignore Elon at your own risk.~JJL
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Could AI Keep People 'Alive' After Death? Experts are exploring ways artificial intelligence might confer a kind of digital immortality, preserving the personalities of the departed in virtual form and then allowing them to evolve
Asa Fitch - WSJ
What if Abraham Lincoln could address Congress today? Or your great grandmother could help run the family business? Researchers and entrepreneurs are starting to ponder how artificial intelligence could create versions of people after their deaths—not only as static replicas for the benefit of their loved ones but as evolving digital entities that may steer companies or influence world events.
/on.wsj.com/3xDmn2I
***** People live on in memories, and now data banks.~JJL
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When should vaccinated people wear masks now? An expert weighs in
Katia Hetter - CNN
The Delta variant, a more transmissible -- and potentially more dangerous -- strain of coronavirus, now makes up more than half of all new infections in the United States, according to the US Centers for Disease Control and Prevention. This variant, combined with low rates of vaccination in many parts of the country, is leading to new surges in Covid-19 cases, which has led to Los Angeles County and St. Louis-area health officials encouraging even people who are fully vaccinated to wear masks indoors. The World Health Organization has issued similar guidance (the CDC has continued to say that vaccinated people do not need to wear masks under most circumstances).
/cnn.it/2SWXpMX
*****When you think it is the right thing to do, wear a mask.~JJL
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Heinz starts petition to make hot dogs and buns come in equal packs
Gael Fashingbauer Cooper - CNET
Food waste is more and more of a known issue, with American consumers wasting nearly 40% of the food they buy, according to the Natural Resources Defense Council. Why, then, are hot-dog makers and hot-dog-bun bakers not doing their part? Hot dogs, Heinz Ketchup Canada says in a new video, often come in packs of 10, while hot-dog buns regularly come in groups of eight. (I might argue their numbers. I don't always see 10/8 groupings, but there's no denying they never seem to match up.)
/cnet.co/3ho2gA0
****** There is a new algo for this?~JJL
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Settled in: Tornike Kikishvili; People & ideas at Deutsche Börse
Deutsche Börse
In our "Settled in" series, our colleagues, who have decided to start their careers at Deutsche Börse Group share their journeys with us. Tornike grew up in Georgia and studied law in his bachelor's in Tbilisi. In 2018, he moved to Germany and completed his master's in Public Policy in Erfurt. While Tornike studied for his master's, he was already working at Deutsche Börse Group as a working student. Today, he is settled in as an Account Manager in Intercompany Organisation at Deutsche Börse Group.
/bit.ly/3AJhTcQ
***** I like the profiles the exchanges do for employees. Very cool.~JJL
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He ran the NYSE, but can he handle Italian soccer? Former stock exchange CEO leads Venice into Italy's top league
David Hellier - Fortune
Subscribe to Fortune Daily to get essential business stories straight to your inbox each morning.
When Venezia FC sealed its return to Italy's top soccer league after two decades, the team marked the achievement in May by parading through the city's canals on a boat as fans unfurled banners from bridges. For American owner Duncan Niederauer, now comes the bigger challenge.
/bit.ly/2VkoJFI
****** Duncan is one of my favorite former industry executives. I wonder if the football team all wear fleece vests.~JJL
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Wednesday's Top Three
Our top story Wednesday was Robinhood's Debut Is Clouded by SEC Scrutiny of Payment for Order Flow, from The Wall Street Journal. Second was Ex-JPMorgan Trader Wins U.K. Employment Fight Over Spoofing, from Bloomberg. Third was Conservatives are leaving America wide open to the Delta variant, an opinion piece from The Week via Yahoo News.
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MarketsWiki Stats
26,449 pages; 234,245 edits
MarketsWiki Statistics
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| Lead Stories | President Biden Signs Bill to Fund CFTC Whistleblower Program; The measure would temporarily set up a new account at the Treasury Department to pay for the operations of the Commodity Futures Trading Commission's whistleblower program
Mengqi Sun - WSJ
President Biden has signed into law legislation that would temporarily set up a new account to pay for the operations of the Commodity Futures Trading Commission's whistleblower program, paving the way for the U.S. derivatives markets regulator to resolve a funding crisis over a large potential payout.
/jlne.ws/2VkL9GR
Crypto Scammers Rip Off Billions as Pump-and-Dump Schemes Go Digital; Billions are getting pilfered annually through a variety of cryptocurrency scams. The way things are going, this will only get worse.
Misyrlena Egkolfopoulou, Charlie Wells - Bloomberg
Listen to The Money Chant of the Wolves of Crypto. You remember The Money Chant: Matthew McConaughey thumping his chest, talking fools and money before — sniff! — a little lunchtime "tootski." Titan Maxamus has been there. Well, not there, in a "Wolf of Wall Street"-style boiler room. There on the other side — as the mark. Titan Maxamus knows the game. All the brazenly cynical players do. In Scorsese's cinematic bender of sex, drugs and stocks, it's called the pump and dump. In today's cryptocurrencies, it's known as the rug pull.
/bloom.bg/3xuij4Q
A $9 Trillion Binge Turns Central Banks Into the Market's Biggest Whales; Central banks' record spending blitz and what it means
Malcolm Scott, Paul Jackson and Jin Wu - Bloomberg
Since the start of the pandemic, central banks in the U.S., Europe and Japan have been on a $9 trillion spending spree. That binge has turned the U.S. Federal Reserve, the European Central Bank and the Bank of Japan into the ultimate market whales, swelling their combined assets to $24 trillion. Now, talk is shifting to winding down the banks' massive monetary stimulus and the challenge that presents for the economies they support.
/bloom.bg/3xsC8JN
Banks' Market Abuse Risks Are Ebbing After Pandemic Spike
Silla Brush - Bloomberg
Red flags have now declined to levels seen in early 2020; Regulators have told firms to adapt oversight for remote work
The return to the office seems to be helping curb the risk of market abuse at big banks and money managers, according to TradingHub, a market data firm. Signs of potential market abuse have returned to pre-pandemic levels after spiking in the early stages of the global outbreak, according to the firm's analysis of data from clients who have a combined $20 trillion in assets under management.
/bloom.bg/3k9wx7J
Auditor Watchdog Is Overhauled After SEC Report Cites Years of Dysfunction; SEC dismissed entire PCAOB board after report said chairman's botched reform plan led to whistleblower complaints and infighting
Jean Eaglesham and Dave Michaels - WSJ
No bickering in public. No leaks to the press. Above all, be collegial. That was the message the head of the Securities and Exchange Commission gave to the newly named board of an audit-industry watchdog in 2018, according to people familiar with the private meeting.
/on.wsj.com/3wpYt9C
Investors Trusted Teenagers to Manage Crypto Investments. Now They Want Answers; The Cajee brothers have disappeared after claiming that hackers stole from their Africrypt investment firm, leaving South African investors scrambling to recoup their money
Anna Hirtenstein and Alexandra Wexler - WSJ
When Gill Mudditt raised some cash from selling her home last year, a friend introduced the Johannesburg resident to Ameer Cajee, an 18-year-old who ran a South African cryptocurrency investment firm. Ms. Mudditt, 72, saw an opportunity to grow her cash by tapping into the bitcoin craze. Mr. Cajee's age didn't bother her. On the contrary, "I'm glad he's young, he knows more than I do," she says she thought at the time.
/on.wsj.com/36jCOFJ
London fintech funding soars in first half of the year
Anna Irrera - Reuters
Fintech companies based in London raised more funding from venture capital investors in the first six months of 2021 than in any other year, demonstrating the British capital's resilience as a hub for digital financial services post-Brexit.
/reut.rs/3hQrW7k
China's Cyber Watchdog to Police Chinese Overseas Listings; The agency that prodded ride-hailing giant Didi to delay its IPO will take a lead role in regulating Chinese companies' overseas listings
Lingling Wei - WSJ
A powerful agency that China's President Xi Jinping set up during his first term to police the internet is taking on a new role: regulating U.S.-listed Chinese companies. The Cyberspace Administration of China, which reports to a central leadership group chaired by Mr. Xi, is taking a lead role in Beijing's just-announced push to strengthen interagency oversight of companies listed overseas, especially those traded in the U.S., and to tighten rules for future foreign listings, according to people with knowledge of the matter.
/on.wsj.com/3hpuTwC
DeFi Reinvents the Bucket Shop for the Better; There are certainly risks to decentralized finance, but history reveals benefits to go along with those risks.
Aaron Brown - Bloomberg
Modern futures markets originated in the U.S. Midwest during the mid-1800s and were originally democratic institutions that accepted all comers. The legal foundations for enforcing futures contracts were shaky, and the regulatory foundations non-existent. But as futures exchanges matured over succeeding decades and became more important economically, they began to exclude the hoi polloi with larger lot sizes, margin requirements and membership fees.
/jlne.ws/3k2XauC
ISITC Europe Launches New Post Trade Forum Co-Chaired By Leading Industry Experts From Ascendant Strategy
Mondovisione
The ISITC Europe Post Trade Forum brings together the post trade community across the capital markets to drive collaboration, share best practice and action changes to improve operational efficiency. The Forum represents the full spectrum of post trade users and will be led by post trade experts James Maxfield and Alastair Rutherford, MDs of Ascendant Strategy.
/jlne.ws/3k1rUfT
Why Chicago Is a Geostrategic Destination for Data Center Investment
Eric Jacobs - DataCenterFrontier.com
Chicago has long served as a major infrastructure hub for the nation's commerce, whether goods and services were conveyed by rail, road, air, or data packet. Home to the Chicago Mercantile Exchange, one of the largest financial exchanges in the world, the Tier 1 "Second City" has also been a hotbed for high frequency trading over the past decade. More recently, a proposed tax on stocks, options, futures and swaps trading by the State of New Jersey has even led NASDAQ to relocate certain workloads to Chicago, where all 16 U.S. stock exchanges already have their disaster recovery sites.
/bit.ly/3hnSz4A
Trader drops lawsuit against GAIN Capital over crude oil prices
Maria Nikolova - FXNewsGroup.com
Less than a fortnight after it became clear that Jun Zhang, a client of online trading company GAIN Capital, would appeal from a dismissal of his case at the New Jersey District Court, the trader appears to have abandoned his plans. This becomes clear from a document filed with the United States Court of Appeals for the Third Circuit on July 6, 2021. The document, seen by FX News Group, states that Zhang moves the Court for voluntary Dismissal without costs of the case.
/bit.ly/3xsPZQm
Hedge Fund Treasury Trading and Funding Fragility: Evidence from the COVID-19 Crisis
Mathias S. Kruttli, Phillip J. Monin, Lubomir Petrasek, Sumudu W. Watugala - Board Of Governors Of The Federal Reserve System
Abstract:
Hedge fund gross U.S. Treasury (UST) exposures doubled from 2018 to February 2020 to $2.4 trillion, primarily driven by relative value arbitrage trading and supported by corresponding increases in repo borrowing. In March 2020, amid unprecedented UST market turmoil, the average UST trading hedge fund had a return of -7% and reduced its UST exposure by close to 20%, despite relatively unchanged bilateral repo volumes and haircuts. Analyzing hedge fund-creditor borrowing data, we find the large, more regulated dealers provided disproportionately more funding during the crisis than other creditors. Overall, the step back in hedge fund UST activity was primarily driven by fund-specific liquidity management rather than dealer regulatory constraints. Hedge funds exited the turmoil with 20% higher cash holdings and smaller, more liquid portfolios, despite low contemporaneous outflows. This precautionary flight to cash was more pronounced among funds exposed to greater redemption risk through shorter share restrictions. Hedge funds predominantly trading the cash-futures basis faced greater margin pressure and reduced UST exposures and repo borrowing the most. After the market turmoil subsided following Fed intervention, hedge fund returns recovered quickly, but UST exposures did not revert to pre-shock levels over the subsequent months.
/bit.ly/3hr7Odi
Wall Street Rides FAR Aims for New Heights
Anna Lyudvig - Traders Magazine
From the very first year, the support that Wall Street Rides FAR (For Autism Research) has received from the industry has been incredible, according to David LaValle, CEO at Alerian, and member of the Wall Street Rides FAR Board. The annual charity cycling and walking event benefitting the Autism Science Foundation (ASF) has grown rapidly in terms of participants, sponsors and industry reach.
/bit.ly/3xtyNu5
Crypto groups shelter in Singapore as global regulators crack down; Binance founder among those moving to city-state as it rolls out red carpet for industry
Mercedes Ruehl - FT
Global cryptocurrency groups are expanding their presence in Singapore, drawn by the city-state's friendly regulatory environment as other markets crack down on the industry.
/on.ft.com/3xpUWJW
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | Minneapolis Fed announces a vaccine requirement for employees.
Coral Murphy Marcos - NY Times
The Federal Reserve Bank of Minneapolis will require employees to be vaccinated against the coronavirus when they enter its office next month.
/jlne.ws/3jYYXRw
Delta Covid-19 Variant Is Dominant U.S. Strain, CDC Data Show; Highly contagious variant is hitting hardest in parts of Midwest and South with lower vaccination rates
Betsy McKay - WSJ
The highly transmissible Delta variant has become the dominant strain of the Covid-19 virus circulating in the U.S., according to federal data. It is spreading rapidly as communities loosen pandemic restrictions and officials struggle to reach unvaccinated people.
/on.wsj.com/3AI7Ncv
London hits 9 million Covid vaccine milestone but drastic fall in take-up causes concern
Ross Lydall - Evening Standard
London on Thursday hit the nine million jabs landmark but concerns grew that a marked fall in take-up rates will leave the capital at risk from a summer wave of infections.
/bit.ly/3hrylam
Six vaccinated countries have high Covid infection rates. Five of them rely on Chinese vaccines
Yen Nee Lee - CNBC
Among countries with both high vaccination rates and high rates of Covid-19 infection, most rely on vaccines made in China, a CNBC analysis shows. The findings come as the efficacy of Chinese vaccines faces growing scrutiny, compounded by a lack of data on their protection against the more transmissible delta variant. CNBC found that weekly Covid cases, adjusted for population, have remained elevated in at least six of the world's most inoculated countries — and five of them rely on vaccines from China.
/cnb.cx/3wkAoRG
You're vaccinated, but your friends aren't. Now what? There are several reasons young adults seem to be less inclined to get vaccines, experts say
Soo Youn - TheLily.com
Maria Varela will turn 21 on July 13. After months inside, she is looking for a reason to celebrate. "The plan was always to go to my friend's house, get a group of friends together and just be young adults," the rising college senior said. She's been home in Fort Worth, attending New Jersey's Fairleigh Dickinson University virtually because of the pandemic.
/bit.ly/3wpMGIC
U.K. to Free Vaccinated Travelers From Isolation on Return
Tim Ross and Charlotte Ryan - Bloomberg
Transport Secretary Grant Shapps announces border rule changes; New amber-list rules to take effect for Britons on July 19
British travelers who have received a full dosage of coronavirus vaccine will no longer need to isolate when they return home from moderate-risk countries, starting this month.
/bloom.bg/3wkYyvr
Japan Vaccine Effort Hits Logistic Bottlenecks Ahead of Olympics
Chika Mizuta and Lisa Du - Bloomberg
Country has enough total shots, but some locations are short; Municipalities seek clarity from central government on outlook
Several of Japan's biggest municipalities, including parts of Tokyo and Osaka, have stopped taking new reservations for Covid-19 vaccinations in the latest hiccup for the country's effort to vaccinate its people, with the Tokyo Olympics just over two weeks away.
/bloom.bg/3qTAz5j
Covid Deaths Reach 4 Million as India Eclipses U.S., U.K.
Felix Tam - Bloomberg
Vaccine disparity leaves poorer countries exposed to outbreaks; India accounted for 26% of increased death toll, Brazil 18%
The global death toll from Covid-19 has reached 4 million, as a growing disparity in vaccine access leaves poorer nations exposed to outbreaks of more infectious strains.
/bloom.bg/3xsmxtY
Sinovac's Vaccine Found Inferior to Pfizer Shot in Chile Study
Jason Gale - Bloomberg
CoronaVac was 66% effective in preventing Covid, versus 92.6%; CoronaVac is the mainstay of Chile's vaccination strategy
Sinovac Biotech Ltd.'s vaccine was less potent than Pfizer Inc.'s shot at stopping Covid-19 in Chile where the two shots were used simultaneously, the first real-world analysis comparing a China-made inoculation against an mRNA has found.
/bloom.bg/36nWnN8
How Delta variant forced Israel to rethink its Covid strategy; Case numbers are rising in country that has been world leader in vaccinations
Neri Zilber - FT
For much of this year Israel has been hailed as a resounding Covid-19 success story. It rolled out one of the world's fastest vaccination drives, reopened its economy and jettisoned all remaining lockdown restrictions last month.
/on.ft.com/3wogsx5
Covid Origins Mirror SARS's Genesis in Animals, Study Finds
Jason Gale - Bloomberg
Wildlife sold live at markets in Wuhan are most likely source; Failure to thoroughly probe origin will leave world vulnerable
Early Covid-19 cases traced to markets in Wuhan, China, mirror the initial spread of SARS 17 years earlier, scientists said in a paper that concludes that an animal contagion is the most likely explanation for the pandemic's genesis.
/bloom.bg/2VmgCbJ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext announces volumes for June 2021
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for June 2021.
/bit.ly/3jWqPG4
ASX automates corporate actions with issuer forms; Standardized data capture and messaging to offer users greater efficiencies and accuracy, including in the exchange's Chess replacement system.
Wei-Shen Wong - Waters Technology
Processing corporate actions is a complex task, partly due to the myriad event types and the fact that data is unstandardized and sourced from multiple places. Working for a bank or asset manager in a corporate actions job can be soul-destroying: these are highly skilled roles that remain underpaid and underappreciated, as this vital back office function is not one that typically attracts a lot of investment from the business.
/jlne.ws/3jSLKtC
Nodal Exchange Achieves New Records in Power and Environmental Futures
Nodal Exchange
Nodal Exchange announced new trading records in power and environmental futures as of end of June 2021. Nodal achieved record half year power volume for the first half of 2021 with 1.069 billion MWh traded. Nodal also set a new calendar month record for June with 175 TWh of traded power futures volume in the month. Power futures open interest also set a new record at the end of June with 1.092 Billion MWh.
/jlne.ws/3yyYlpR
SIX to Launch New Segment Exclusively for SMEs
SIX Exchange
Subject to regulatory approval, the Swiss stock exchange will launch its new Sparks equity segment dedicated to Small & Medium Enterprises (SMEs). These companies will benefit from enhanced visibility, a more relevant peer group and more effective price formation in their equity securities while benefitting from all the well-known advantages of being a listed company on the Swiss stock exchange.
/jlne.ws/3APrUph
SET And LED Jointly Develop Digital Platform To Make LED's Database Accessible For Entrepreneurs
Mondovisione
The Stock Exchange of Thailand (SET)'s subsidiary Digital Access Platform Co., Ltd. (DAP) has recently signed a memorandum of understanding (MoU) with the Legal Execution Department (LED) to develop an integrated portal service system to enable business operators to access LED's database to track and verify user's data before proceeding legal binding or financial transaction. The move, in line with the digital government strategy, aims to increase efficiency of service users' data, while making it more convenient, faster, and more efficient in asset execution on this central digital platform, as well as streamlining operations at a lower cost to assist entrepreneurs.
/jlne.ws/3hOL2uM
Teo Floor, CEO Of CCP12, Joins Journal Of Financial Market Infrastructures Editorial Board
Mondovisione
Teo Floor, CEO of CCP12, joins the Journal of Financial Market Infrastructures (JFMI) Editorial Board, which reviews and decides on technical and policy-oriented papers in regards to payment, clearing and settlement systems, as well as repositories.
/jlne.ws/3hR9JH3
HKEX Establishes Mainland China Advisory Group And Mainland Markets Panel - Appoints New International Advisory Council Member
HKEX
New Advisory Group and Panel to Support HKEX's China Strategy; Weijian Shan appointed as newest member of International Advisory Council
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) the establishment of a Mainland China Advisory Group (Advisory Group). The Advisory Group comprises senior industry experts with deep China market knowledge and experience, who will act as advisors to the Board of HKEX on the development of China's financial markets and economy.
/jlne.ws/3dXou9T
CCP12 Publishes first 2021 Edition Of Bi-Annual Newsletter
Mondovisione
CCP12 has just published the first 2021 edition of its bi-annual Newsletter.
/jlne.ws/2TMJoBO
Zimbabwe's New Bourse Draws Listing Interest From Foreign Miner
Ray Ndlovu - Bloomberg
Caledonia plans to list on Victoria Falls Exchange in 2021; Listing depends on improved payments in U.S. dollars for gold
Caledonia Mining Corp., Zimbabwe's second-largest gold producer by volume, has begun the process for listing on the country's new bourse, which trades exclusively in U.S. dollars.
/bloom.bg/3hpZyKw
LMAX Group hires former Euronext FX global sales head; New head of institutional sales for Americas at LMAX Group has previously worked at major institutions including Barclays and UBS and Euronext FX.
Annabel Smith - The Trade
FX and cryptocurrency trading venue operator LMAX Group has appointed the former Euronext FX global sales head to oversee its institutional sales for the Americas.
/bit.ly/3hMGDIF
Swiss stocks propel London back to top spot following Brexit decline; According to Cboe's head of European equities, Natan Tiefenbrun, the reintroduction of Swiss securities into London's stock universe has been its saving grace.
Annabel Smith - The Trade
The UK's capital has regained its status as the leading financial hub in Europe over Amsterdam in June after falling behind following the Brexit deadline on 31 December.
/bit.ly/2Vkdv42
Equity index derivatives: Introduction of Mini-Futures and -Options on the MDAX® index, termination of trading in MDAX® futures and options
Eurex
The Management Board of Eurex Deutschland has decided the following with effect from 23 August 2021:
Introduction of Mini-Futures and -Options on the MDAX® index
Introduction of a Liquidity Provider scheme for the new products
/bit.ly/2TOMKUL
LCH SwapAgent processes its first SARON/SOFR cross-currency basis swap
LCH
Citi and Societe Generale acted as counterparties to the swap; LCH SwapAgent has processed trades in alternative reference rates across CHF, EUR, GBP, JPY and USD; Underlines LCH Group's efforts supporting reference rate reform
LCH SwapAgent, a service for the non-cleared derivatives market, today announced that it has registered its first SARON/SOFR cross-currency basis swap. The CHF/USD basis swap was executed between Citi and Societe Generale, brokered by Gottex.
/bit.ly/3dYzS5p
ICE Announces That a Record 20,124 Murban Crude Oil Futures Contracts Traded on July 6
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that a record 20,124 ICE Murban Crude Oil Futures traded on ICE Futures Abu Dhabi ("IFAD") on July 6, marking its highest volume day since the contracts launched on March 29.
/bit.ly/3hRm51N
Initial Listing of the 2-Year, 5-Year, 10-Year, and 30-Year Micro Treasury Yield Futures Contracts
CME Group
/bit.ly/3jTY0Kn
CME STP Notices: July 8, 2021
CME Group
CME STP - New - Enhancement to Trade Number in CME STP - September 19 NEW
CME STP FIX - New - Enhancement to Trade Number in CME STP FIX - September 19 NEW
CME STP and STP FIX - Market Data Trade Entry ID Field - September 26
/bit.ly/3dXg1DB
CME Globex Notices: July 5, 2021
CME Group
Critical System Updates
Update - CME Globex Performance Enhancements- This Week UPDATE
Petrol Index on Benchmark Administration Premium - July 25
CVOL Index on Benchmark Administration Premium - July 25
/bit.ly/3jXJ3qK
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AgTech Leaders Barchart and Grão Directo Partner on Brazilian Grain Prices
Barchart
Barchart, a leading provider of data, tools, and software to agribusinesses around the world, has announced a partnership with Grão Directo, the Agtech leader for physical grain trading in Brazil. Through this collaboration, Grão Directo's proprietary database of Brazilian grain prices will be made available in cmdtyView, Barchart's leading trading and analytics platform for global grain markets. Barchart will also manage API distribution and licensing for the data as part of their best-in-class global grain price offering.
/jlne.ws/2Vcoxbn
Finastra And Hundsun Lirong Partner To Enhance Treasury Capabilities For Chinese Banks - FinTechs To Co-Develop Tailored Version Of Finastra's Fusion Opics Treasury Solution For Chinese Market
Mondovisione
Finastra, headquartered in London, UK, and Hangzhou Hundsun Lirong Software Co. Ltd. ("Hundsun Lirong"), a subsidiary of Hundsun Technologies Inc., have today announced a partnership to co-develop a Chinese version of Finastra's Fusion Opics treasury solution, Hundsun Mangos. Built on Hundsun Technologies' cloud-based platform, the new solution will be tailored to the specific requirements of the Chinese market whilst also meeting international standards, enabling banks to develop and deliver high quality treasury operations and capitalize on opportunities.
/jlne.ws/3AHdx5Z
Cyprus Stock Exchange Goes Live With Scila Surveillance For Real-Time Market Surveillance
Mondovisione
Cyprus Stock Exchange will shortly go live with Scila Surveillance, provided by the Stockholm-based leading independent surveillance, risk & anti-money laundering technology provider Scila AB.
/jlne.ws/2TOpVR5
Pentagon Comes Around to Multicloud Approach; Decision to ditch JEDI and open cloud contract to multiple vendors jibes with approach used by much of the private sector and many government agencies
Sara Castellanos and Angus Loten - WSJ
The Pentagon's decision Tuesday to drop a proposed cloud contract with Microsoft Corp. in favor of planning to hire multiple vendors for the job is in line with the IT strategy at many big corporations and government agencies.
/jlne.ws/3ADpfP7
Robinhood: The $30 Billion Cockroach Of Fintech
Ron Shevlin - Forbes
On successive days last week, digital brokerage Robinhood: 1) was hit with a $70 million fine by FINRA for outages and misleading customers, and 2) announced it was going public. This led many people to wonder why the company would announce its IPO the day after it was fined. The answer is simple:
/jlne.ws/3hNCPXF
Australia jumps 2 places to be ranked 6th in the world in Global Fintech Rankings 2021 report
Global Fintech Rankings
AustralianFintech
A new report by Findexable shows that 2020 was a year in which the financial technology ('fintech') sector expanded globally and financially, building upon a surge in demand for technology that increases access to digital finance. Previous reports showed that this trend was accelerating, but over the period covered by this year's report diversity among fintech companies exploded, with 50 new cities and 20 new countries added to the index, meaning that they host the headquarters of at least 10 privately-owned fintech companies.
/bit.ly/3qVXFbF
A $12 Billion Listing Says Don't Write Off London Yet; A seamless debut for a cross-border payments business cheers the U.K. in the competition among equity markets.
Chris Hughes - Bloomberg
London's done it: A jumbo technology listing has gone well. The entrepreneurial pair behind Wise Plc — owner of the cross-border payments business formerly known as Transferwise — have smoothly migrated the firm to the public market and are now sitting on stakes valued at over $3.5 billion. The unusual method, a "direct listing" that skips selling a heap of stock to investors in advance of the debut, did not lead to chaos. And the company has secured a valuation that is in the ballpark of listed peers. What's not to like?
/bloom.bg/3qUAFJW
BlackRock and JP Morgan execute first electronic SOFR swap with Tradeweb; The fully electronic institutional SOFR swap spread trade between JP Morgan and BlackRock took place on the Tradeweb swap execution facility.
Annabel Smith - The Trade
Blackrock and JP Morgan have become the first institutions to execute a fully electronic SOFR swap spread trade on Tradeweb's swaps execution facility (SEF), as the market's Libor transition speeds up.
/bit.ly/3yC6iKQ
Broadridge and China Renaissance to expand post-trade processing via Stock Connect; The expanded partnership between Broadridge and China Renaissance will facilitate the clearing and settlement of both Shenzhen- and Shanghai-listed equities.
Wesley Bray - The Trade
Investment bank China Renaissance has expanded its post-trade processing partnership with Broadridge Financial Solutions via Stock Connect to facilitate the clearing and settlement of both Shenzhen- and Shanghai-listed equities.
/bit.ly/3AFx4nx
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| Cybersecurity | | Top stories for cybersecurity | Biden White House under pressure to ramp up response to escalating ransomware attacks
Jenna McLaughlin - Yahoo News
Amid a spate of recent high-profile, costly ransomware attacks, the White House is under increased pressure to respond, leading to a high-level interagency meeting on Wednesday morning.
/yhoo.it/3jXkSsu
US Republican National Committee contractor hacked
Hannah Murphy and James Politi - FT
The US Republican National Committee is co-operating with law enforcement officials after it emerged that one of its contractors had been hacked, but said that its own data had not been accessed. Richard Walters, RNC chief of staff, said that the political committee had been informed over the weekend "that Synnex, a third-party provider, had been breached". He added: "We immediately blocked all access from Synnex accounts to our cloud environment."
/on.ft.com/3qUSBE6
Cybersecurity researchers say they warned Kaseya of flaw in April
Joseph Choi - The Hill
The Miami-based technology firm at the center of the worldwide security breach carried out by Russia-linked hackers was warned in early April of the cybersecurity vulnerability that was ultimately taken advantage of by the cyber criminal gang.
A breach of the Florida technology firm Kaseya last week resulted in hundreds of companies around the world being immobilized, with schools, businesses, public sector groups and credit unions among the firms who have been affected.
/bit.ly/3dWvfIZ
Amid Calls to Defund Police, Departments Struggle to Finance Cybersecurity
Alex J. Rouhandeh - Newsweek
As America inches toward Primary season in anticipation of the 2022 elections, narratives around rising crime rates continue to unfold as a source of political tension.
In wake of the protests following the murder of George Floyd and subsequent calls to defund the police, Republican lawmakers like Mitch McConnell have directly tied what he sees as "an explosion of violent crime" to calls to "defund the police."
/bit.ly/3dYJld8
Letting Businesses 'Hack Back' Against Hackers Is a Terrible Idea, Cyber Veterans Say
James Rundle - WSJ
Companies shouldn't be allowed to strike back against hackers, cybersecurity specialists and former government officials warned, after senators last week introduced legislation floating the idea of such counterattacks. The work of attacking hackers should be left to government authorities that are better equipped to carry it out, the cyber experts said.
/on.wsj.com/3qV2qC1
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| Cryptocurrencies | | Top stories for cryptocurrencies | Aussie cryptocurrency industry unanimously calls for fit-for-purpose regulation; Cryptocurrency isn't going anywhere, one Australian company submitted, and the local industry just wants to be covered by fit-for-purpose regulation.
Asha Barbaschow - ZDNet
When the government puts a call out for submissions on the future of finance in Australia, mentioning the words "cryptocurrency" and "blockchain" in its terms of reference, it should come as no surprise the responses include plans on how to profit from mining bitcoin and testimony that crypto is not just a Ponzi scheme.
/jlne.ws/3yzGsaj
Bitcoin miners would not return even if China were to reverse its policy: Wood Mackenzie
CNBC
Political uncertainties are forcing miners to leave China while Texas of the United States is attracting them for both cheap and available clean energy and friendly policies, says Isaac Maze-Rothstein of Wood Mackenzie
/jlne.ws/3k30XrQ
What to do when your digital assets take a dive
Kevin Voigt - MarketWatch
Cryptocurrencies were all the rage earlier this year, with the prices of several coins surging to record highs and crypto exchange Coinbase making its public offering. Crypto enthusiast and Tesla TSLA, -2.26% CEO Elon Musk tweeted rocket and moon emoji, boosting the rallying cry "to the moon!" And investors big and small jumped into the market.
/on.mktw.net/3ADqjT7
Crypto Price Warning: Goldman Sachs Issues Surprise Future Of Bitcoin And Ethereum Prediction
Billy Bambrough - Forbes
The explosion in bitcoin and cryptocurrency prices has catapulted digital assets into orbit this year, with the crypto market's performance demanding Wall Street's attention. Bitcoin's rally, adding almost 300% to the bitcoin price over the last 12 months, has been dwarfed by ethereum, the second-largest cryptocurrency after bitcoin by value. The ethereum price has added some 800% since this time last year.
/bit.ly/2STEAtQ
Report Highlights "Growing Legitimation" of Bitcoin
Colin Lambert - The FullFX
A new report published by Arcane Research says that bitcoin is becoming increasingly legitimised through the growing market and infrastructure, and continues to attract the attention of both retail and institutional investors as an emerging asset class.
/bit.ly/36lxAcr
Gemini's APAC Expansion Builds Global Momentum
Gemini
At Gemini we have a global vision, with the understanding that crypto is borderless by nature and has the potential to empower individuals around the world.
/bit.ly/3wqS1z6
China's Digital Yuan Trial Expands to 10 Million Eligible Users
Bloomberg News
China has made 10 million people eligible to participate in its expanding digital yuan trial as it continues to lead global central banks in developing a virtual currency, according to a central bank official.
/bloom.bg/3xsosP1
Four key questions central banks must answer about digital currencies; Public debate on everything from privacy to cross-border competition is critical if citizens are to benefit
Markus Brunnermeier - FT
At some point in the next five to 10 years, when each of us becomes the owner of a sovereign-backed digital currency, we will look back on the summer of 2021 as a turning point.
/on.ft.com/36k1pKv
Germany grants institutional funds the ability to invest in crypto; Big investors are expected to move 'cautiously' given risks surrounding the asset class
Chris Flood - FT
German funds aimed at institutional investors can now allocate up to a fifth of their assets to cryptocurrencies, but managers are expected to take a cautious approach as they weigh the risks of placing client money in the ultra-volatile asset class.
/on.ft.com/3wpDT9v
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| Politics | | An overview of politics as it relates to the financial markets | Biden faces green dilemma in push to build US rare earths capacity; White House wants to reduce reliance on China for critical materials but environmentalists have raised objections
Aime Williams - FT
When officials in Hondo, a small farming town just 40 miles west of San Antonio, Texas, announced in February that a new rare earth elements processing plant would come to town, they were greeted by complaints from local residents.
/on.ft.com/3wqVkGw
The young are pawns in Boris Johnson's Covid experiment; The UK government's plan to lift remaining restrictions will let the virus sweep through the nation's children
Philip Stephens - FT
One thing we should have learnt from the pandemic is that we are all in this together. Only shared endeavour can rein in the Covid-19 virus. Your face covering is my protection.
/on.ft.com/3hoh6Xa
Brussels to push for greater ETF trade transparency; European Commission is in discussion with data providers about developing consolidated tape
Robert Van Egghen - FT
Brussels is to put forward proposals to increase the transparency and decrease the cost of market data as it aims to boost the competitiveness of the EU exchange traded fund industry.
/on.ft.com/2SZLduS
UK and EU plan closer co-operation on antitrust enforcement; Discussions offer rare bright spot in fractious post-Brexit relations between London and Brussels
Javier Espinoza and Kate Beioley - FT
Brussels and the UK are planning to work more closely together on antitrust enforcement through sharing information and investigations, marking a rare bright spot in their post-Brexit relationship.
/on.ft.com/3wAcL7X
U.A.E. Pushes to Produce More Crude, Creating OPEC Deadlock; U.A.E. wants to pump more now, so it can invest in diversification before oil demand diminishes
Benoit Faucon, Summer Said and Stephen Kalin - WSJ
Behind the standoff inside OPEC over whether to boost oil production is a key cartel member with a new strategy: sell as much crude as possible before demand dries up. The United Arab Emirates's strategy, as described by officials familiar with the matter, represents one of the most significant shifts in oil policy by a major Mideast petrostate. For years, the region's oil-producing governments have said they aren't worried about finding crude buyers far into the future. The U.A.E., which holds some of the world's largest untapped crude reserves, is breaking from that orthodoxy, according to people familiar with the strategy.
/on.wsj.com/2SYgbDC
Biden Eyes Imprint on Fed Board as Decision on Powell Approaches
Saleha Mohsin, Jennifer Jacobs, and Craig Torres - Bloomberg
Diversity, inequality, regulation seen as priorities; Yellen said to be pleased with Powell's performance as chair
As the White House weighs the potential renomination of Jerome Powell as chair of the Federal Reserve, officials are discussing the use of openings on the board to reshape the central bank to closer align with administration priorities such as inequality and tighter banking regulations, according to people familiar with the matter.
/bloom.bg/3dWOUbY
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | FINRA Board of Governors Appoints Sam Deshpande as Newest Governor
FINRA
The FINRA Board of Governors has appointed Sam Deshpande as a new public Governor. Deshpande is Chief Information Officer for Humana, a U.S. health insurance company. His term on the FINRA Board begins immediately, and he will join the Board at its upcoming Board of Governors meeting on July 21-22.
/jlne.ws/3yyJVWB
SEC Charges Company and Two Executives for Misleading COVID-19 Disclosures
SEC
The Securities and Exchange Commission today announced charges against Parallax Health Sciences Inc. for making misleading statements about its efforts to fight COVID-19. The SEC also charged Parallax's Chief Executive Officer Paul Arena and its Chief Technology Officer Nathaniel Bradley for their roles in the statements. Each party has offered to settle the charges. The SEC temporarily suspended trading in Parallax's common stock on April 10, 2020, due to questions about the accuracy of the company's statements.
/jlne.ws/3hLgsCi
Companies and accountants attack UK response to financial scandals; Business hits out at proposals to overhaul audit and corporate governance
Daniel Thomas and Michael O'Dwyer - FT
Companies and accountants have attacked sweeping plans to overhaul UK auditing and corporate governance following financial scandals, claiming the changes will stifle businesses' growth and increase costs.
/on.ft.com/3wwKjUs
City watchdogs eye measures to boost diversity in financial services; Plans for gender and ethnicity targets on boards and linking managers' pay to inclusion
Kate Beioley - FT
City of London watchdogs have unveiled plans to bring diversity targets within financial regulation, including proposals to link managers' pay to inclusion and introduce new goals for boards.
/on.ft.com/3qTFAe9
Queensland director disqualified from managing corporations
ASIC
Jacob (Jake) Robert Henley, of Queensland, has been disqualified from managing companies for three years after his involvement in nine failed companies.
/bit.ly/3k3nXHc
Queensland director disqualified from managing corporations for two years
ASIC
William James McDonald of Clayfield, Queensland, has been disqualified from managing corporations for two years after his involvement in six failed companies.
/bit.ly/2TFyHRF
Queensland director charged with making a false statement to ASIC
ASIC
Salam Zaki Bettridge of Varsity Lakes, Queensland, has been charged with making a false or misleading statement to ASIC. Following an ASIC investigation it is alleged that in December 2019, Mr Bettridge, a former director of Professional Project Services Pty Ltd ACN 103 900 205 (PPS) (deregistered), made a false or misleading statement on a form lodged with ASIC to deregister PPS.
/bit.ly/3jRRyn7
FCA fines LBGI £90 million for failures in communications for home insurance renewals between 2009 and 2017
UK FCA
The FCA has fined LBGI (Lloyds Bank General Insurance Limited, St Andrew's Insurance Plc, Lloyds Bank Insurance Services Limited and Halifax General Insurance Services Limited) £90,688,400 for failing to ensure that language contained within millions of home insurance renewals communications was clear, fair and not misleading.
/bit.ly/3Az1d7U
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Whole World's in a Housing Bubble Now; Prices are getting unaffordable from New York to New Zealand.
Mark Gongloff - Bloomberg
One point three million U.S. dollars sounds like too many dollars to pay for a house that's practically falling down, until you consider it's in the suburb of a major city in a developed country that beat Covid-19, is relatively safe from nuclear fallout, and has a toothbrush fence.
/bloom.bg/3hn9Xqg
Pricey Lumber Is Making It Harder to Build Low-Income Homes; Affordable housing builders are being forced to scale back projects amid escalating construction costs.
Marcy Nicholson and Sarah Holder - Bloomberg
A quadrupling of lumber costs in the past year is not only sidelining many first-time homebuyers in the U.S. — it's also shutting out those most in need of affordable housing.
/bloom.bg/3wl0lRb
Opec 'gets a pass to lift oil prices' as hedging losses hobble US shale; American producers lose billions of dollars after locking in sales at lower prices
Derek Brower and David Sheppard - FT
Some of America's biggest oil groups are racking up tens of billions of dollars in hedging losses despite soaring crude prices, as contracts signed during last year's crash leave them selling their output at deeply discounted prices.
/on.ft.com/3hrsYrH
Robinhood IPO faces threat of retail snub on Reddit
Reuters
Online brokerage Robinhood, which helped enable the "meme stock" frenzy earlier this year and later attracted flak for its handling of the trading mania, is facing pushback on social media forums against its initial public offering.
/bit.ly/3hrG8og
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | California braces for another heat wave as climate change and drought take their toll
David Knowles - Yahoo News
The National Weather Service issued an excessive heat warning Tuesday for much of California that will last from Wednesday through next Monday, the third potentially record-breaking heat wave over the last two months in a state racked by a drought made worse by climate change.
/yhoo.it/2UA94Bx
BlackRock raises $250m for climate funds in emerging markets
City AM
BlackRock raised over $250m (£181m) for its climate finance fund to invest in a selection of countries in Asia, Latin America, and Africa, the company announced today.
/bit.ly/3hvjhbP
James and Kathryn Murdoch back $250m BlackRock climate fundraising; Vehicle hopes to raise $500m to invest in clean energy assets in emerging markets
Michael Mackenzie - FT
James and Kathryn Murdoch's non-profit foundation is part of a consortium of investors that has committed $250m to a climate finance fund being raised by BlackRock to target emerging markets.
/on.ft.com/36kJWBo
The Corporate Climate Pledges Are as High as an Elephant's Eye; With mid-summer now here, 2021 has already surpassed 2020 on a few sustainable finance metrics.
Nathaniel Bullard - Bloomberg
We're halfway through 2021, and it's already proving to be a bumper year for sustainability. Almost every major activity in sustainability is above last year's trend lines: Corporations are making more pledges to procure clean energy. Financial markets are issuing more sustainable debt. And investors are putting more money into environmental, social, and governance-themed exchange-traded funds.
/bloom.bg/3qUMqQt
UAE Seeks Investors and Long-Term Buyers for Blue Hydrogen
Anthony Di Paola - Bloomberg
Abu Dhabi's Adnoc plans to build hydrogen export plants; Gulf states are turning to hydrogen to diversify from oil
Abu Dhabi is seeking investors to help build hydrogen-export facilities, as Middle Eastern oil producers step up plans to sell what's seen as a crucial fuel in the transition to cleaner energy.
/bloom.bg/2SYcwWo
Finance Minister Warns Russia May Lose Out on Energy Transition
Evgenia Pismennaya and Aine Quinn - Bloomberg
Siluanov says carbon charges could hurt Russia's budget; Ministry stress test shows demand for Russian exports may fall
Russian Finance Minister Anton Siluanov warned the Kremlin needs to brace for falling revenues after a stress test showed the global clean energy push could lead to a significant decline in demand for fossil fuel exports.
/bloom.bg/3hrbDiE
Climate Change Linked to 5 Million Deaths a Year, New Study Shows; Almost 10% of global deaths can be attributed to abnormally hot or cold temperatures, according to new research linking extreme weather to mortality
Laura Millan Lombrana - Bloomberg
The extraordinarily hot and cold temperatures that are becoming more common as climate change accelerates are responsible for 5 million deaths globally every year.
/bloom.bg/3hQS0PK
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Fund Managers Have Much to Fear From Inflation; The asset management industry is dominated by a few behemoths that are no longer nimble enough to quickly adjust to changing conditions.
Richard Cookson - Bloomberg
Central bankers might sound relaxed, but inflationary pressures are quickly rising, and not just in the U.S. For example, more manufacturers say they are paying higher prices for materials than any time since 1979, according to the Institute for Supply Management's report for June. If that wasn't problem enough, central bankers are still too focused on preventing deflation, which means that whenever they act it will surely be too little and too late.
/bloom.bg/3qSWSIt
Goldman Buys Stake in Specialist Danish Energy Trader
Lars Paulsson - Bloomberg
Accord may close in the coming months, CEO Johanson says; Electricity markets are getting more complex, Goldman says
Goldman Sachs Group Inc. bought a minority stake in Denmark's InCommodities AS to tap into the firm's specialist knowledge of short-term power and gas trading.
/bloom.bg/3wkUTO4
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Has Become Too Risky. How to Play It Safe With Options.
Steven M. Sears - Barron's
One of the most useful insights into successful investing is to be greedy when others are fearful and fearful when others are greedy. Xi Jinping seems determined to disprove the axiom.
/bit.ly/3hpVZnC
China Breaks the Global Model of VC Investing; Tiger Global and SoftBank found unicorns in one part of the world and replicated them in another, mixing and matching across the planet. Then Didi came along.
Shuli Ren - Bloomberg
When you find a unicorn, you invest in it — no matter where on earth it is. From Silicon Valley to Bangalore, the world's biggest venture capital funds have been writing million-dollar checks to back these most promising of startups, which are valued at $1 billion or more. But distance sometimes imposes a lack of clarity. Now, China's crackdown on its ride-hailing giant Didi Global Inc. raises an uncomfortable question for the VCs: Does their globe-trotting model work?
/bloom.bg/36nYsZa
The Reflation Trade Has Believers in Frankfurt; Just when the market appears to have lost faith, the European Central Bank arrives with a display of commitment to raise inflation.
John Authers - Bloomberg
Over to You, Frankfurt
If inflation doesn't rise over the next few years, it won't be for want of trying. Last year the Federal Reserve moved to average inflation targeting — meaning it could happily allow the rate to be higher than its official target of 2% for protracted periods. And on Thursday, judging by a briefing from officials in Frankfurt, we can expect the European Central Bank effectively to follow it.
/bloom.bg/3dWnOS5
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| Miscellaneous | | Stories that don't quite fit under the other sections | The most highly valued leadership traits have drastically shifted through the pandemic
Sawdah Bhaimiya and Stephen Jones - Insider
The past 18 months have drastically shifted what employees value in their leaders; The challenges of the pandemic mean workers want empathy and authenticity from managers; Traits like technical ability and strategic vision are now seen as less important
The traits that workers most value in their leaders have drastically shifted through the pandemic, with employees now valuing empathy higher than before the crisis. More than half of employees would consider quitting their jobs if company leaders are not empathetic to their needs, research compiled by Workplace from Facebook has revealed.
/jlne.ws/3hLSHd1
BuzzFeed founder pledges 'financial rigour' in digital media roll-up; Jonah Peretti says he has learned from earlier 'mistake' and promises to grow in 'sustainable way'
Anna Nicolaou - FT
BuzzFeed founder Jonah Peretti pledged to adopt more financial discipline than he has in the past as he laid out plans to consolidate the digital media industry once he has taken his company public via a blank-cheque vehicle.
/on.ft.com/2SYdLF2
How Do I Become Happy?' Advice From a Professional Fool; Stanley Allan Sherman, one of the niche artisans of New York theater, makes leather masks for the stage. And the occasional pro wrestler.
John Leland - NY Times
Everyone has a Sept. 11 story. The pages of Stanley Allan Sherman's, a one-man show called "September," sat propped on a music stand in his apartment the other day, amid a room full of leather masks. Something about the text was vexing him. "I've got to find a way to make it funny," he said.
/nyti.ms/36lLJ9v
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