| July 01, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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$49,706/$300,000 (16.6%)
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Hits & Takes
John Lothian & JLN Staff
FINRA issued three press releases today about education. One was an announcement that it is spending $30 million on a multi-faceted program to educate newer investors - think Robinhood and similar type traders. The second press release was a request for comments on HOW to educate newer investors. They want to spend some money, which they have lots of for education, but they are not sure how or where to spend it. The last press release was about continuing education for industry professionals.
I will have a think over the long U.S. holiday weekend and submit my comments. If you have some ideas, please share them with FINRA too, as they need the help. BTW, it would be great to see something similar from the CFTC with the fine money they have sitting there dedicated for investor education. They also seem to be stuck about what to do and how to satisfy a Congress that does not like regulators to have money that they can't control. The fine money at the CFTC is not appropriated from Congress, it is collected from firms fined by the Commission.
The New York Times has a comprehensive video about the January 6 insurrection at the U.S. Capitol in Washington, D.C. The video is called "Day of Rage: An In-Depth Look at How a Mob Stormed the Capitol." It walks through the day from people on busses coming to DC to the multi-pronged attack on the Capitol building. It is worth a look.
I am soliciting suggested names for a new permanent CFTC chairman for an article I am writing about this. I have asked people from the legal or compliance professions to share their top five names with me anonymously. If you would like to give me some names to include in the article, please email me at johnlothian@johnlothian.com.
Peter Hiom officially moves from ASX to Motive Partners today.
Acuiti released the results of its study into the transition from LIBOR to Sterling Overnight Index Average (SONIA) in the GBP markets. -- Acuiti
My nephew Patrick Lothian's mother's former boss has died at the age of 88. Donald Rumsfeld was the former CEO of G.D. Searle & Company, where Barb Lothian worked early in her career and while the former government executive was working in the private sector. -- FT
Giving to our JLN MarketsWiki Education GoFundMe campaign has slowed down of late. There were no new donations to help us with our history-focused video series. You can support the Open Outcry Traders History Project, The Path to Electronic Trading and The History of Financial Futures video series 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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Cboe Global Markets has completed its acquisition of Chi-X Asia Pacific Holdings, which it first announced in March. The acquisition will give Cboe an entry into Japan and Australia and "establish a significant presence in the Asia Pacific region for the first time," according to the Cboe press release. Chi-X Australia is the main competitor with ASX Ltd. in equity trading. Chi-X Japan, a PTS, offers two lit markets, Chi-Alpha and Chi-Select, and two dark markets, Chi-Match and Kai-X. This follows Cboe's acquisition of BIDS Trading, a registered broker-dealer and operator of the BIDS Alternative Trading System, in January of this year. Cboe will integrate Chi-X Asia Pacific into its existing global business operations and technology platforms, beginning with Chi-X Asia Pacific and BIDS and then migrating Chi-X Australia and Chi-X Japan. See the press release below under "Exchanges."~SR
In news related to today's Chi-X Asia Pacific Holdings announcement, Cboe also said it plans to broaden investor access to its proprietary products - including U.S. index options products based on the S&P 500 Index and Cboe Volatility Index - to tap global investor demand. Pending regulatory approval, it plans to extend trading hours for SPX and VIX options to nearly 24 hours a day beginning November 21. More details are in the release. ~SC
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Robbing the Xbox Vault: Inside a $10 Million Gift Card Cheat; A junior Microsoft engineer figured out a nearly perfect Bitcoin generation scheme.
Austin Carr, Illustrations by Timo Lenzen - Bloomberg
The Xbox gift card came with a string of 25 letters and numbers. The digits, known as a 5x5 code, were sent in an email, but they were no different from the numbers and letters etched onto the gift cards hanging off tall racks near the checkout aisle at CVS or Target, arrayed in a Rubik's Cube of colors. These stores sell them on behalf of Apple, Applebee's, Disney, Domino's, and pretty much every other company you can think of, including Microsoft Corp., which markets its cards under the Xbox brand. The cards themselves, of course, are worthless, but each 5x5 code corresponds to a dollar amount. In this case the code, DD9J9-MXXXC-3Y6XD-3QH2C-PWDWZ, was worth $15 toward the purchase of anything that Microsoft sold online—video games, Office and Windows software, Lenovo laptops, Sonos speakers, and the like.
/jlne.ws/3hiO9e8
***** Interesting story about a Russian programmer, XBOX online store testing, bitcoin and the market for gift cards. It has it all.~JJL
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Delta variant shifts the calculus on final reopening; Vaccines are reducing the death rate but mass infections are still a problem
The editorial board - FT
The door had barely closed behind the disgraced Matt Hancock before his successor Sajid Javid began to change the tone on lifting Britain's remaining lockdown restrictions. July 19 is still the "target date" for the final reopening postponed from June 21, the new health secretary told MPs this week. This would be the "start of an exciting new journey for our country". Prime minister Boris Johnson insists that date is the "terminus". For all the success of the vaccination effort, however, the alarming spread of the Delta variant is reason for prudence.
/jlne.ws/3yd2EHb
****** If you have problems with calculus, join the club by wearing a mask.~JJL
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FINRA Launches Educational Initiative Aimed at Newer Investors; FINRA and FINRA Foundation Issue Special Notice Soliciting Comment on Ways to Reach and Educate Novice Investors
FINRA
FINRA today announced it has launched a multi-year, multi-faceted $30 million initiative to explore innovative ways to reach and educate investors, especially new, self-directed retail investors who conduct transactions through online accounts or using mobile apps.
/jlne.ws/2UYdeUf
***** At least we know where $30 million of the $70 million fine for Robinhood is going.~JJL
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Oregonians Allowed to Pump Their Own Gas . . . for Two Days
Caleb Miller - Car and Driver
The Pacific Northwest is in the midst of a merciless heat wave. Temperatures in Portland, Oregon, reached 112 degrees on Sunday, a record high since documentation began in 1940, before setting a new peak on Monday at 115 degrees. (The state's average for this time of year is in the 70s.) This unexpected and overwhelming heat has now led Oregon to announce a temporary change to the state's regulations that prohibit customers from pumping their own gas. On Sunday, the Oregon State Fire Marshal announced that Oregonians are now permitted to fill up their own cars—but only until the evening of Tuesday, June 29. Governor Kate Brown approved the temporary suspension.
/jlne.ws/3h95JlV
***** You need three things to start a fire: fuel, air and heat. Think about it when you are gassing up in 112 degree temperatures.~JJL
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Wednesday's Top Three
Our top story Wednesday was The Financial Times' Refinitiv deal loses some of its lustre for LSE as challenges mount. The challenges include a disruption to Eikon and a contract dispute with Reuters. Second was Growing Gaps in U.S. Vaccination Rates Show Regions at Risk, from Bloomberg. Third was the John Lothian News video John Walls - The Path to Electronic Trading, an interview by John Lothian.
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MarketsWiki Stats
26,438 pages; 234,073 edits
MarketsWiki Statistics
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| Lead Stories | Robinhood ordered to pay $70m penalty to US regulator; Finra says retail trading platform caused 'widespread and significant' harm to customers
Madison Darbyshire - FT
A Wall Street regulator has ordered the retail trading platform Robinhood to pay more than $70m in penalties for causing what it described as "widespread and significant" harm to its customers. The Financial Industry Regulatory Authority announced on Wednesday that it was fining Robinhood $57m, and ordering it to pay $12.6m plus interest in restitution to its customers, the largest penalty ever ordered by the regulator.
/jlne.ws/3yqxTij
How to cope with the climate apocalypse; 'A not entirely gloom-and-doom plan of action'
Simon Kuper - FT
Many people in rich countries tend to structure their lives as if on a spreadsheet. They plan their careers at 17 and their pensions at 25. A couple having a baby is projecting its genes 90 years ahead. Our generation of westerners, raised in the most peaceful era in history, has come to imagine our personal futures as foreseeable. But the climate crisis upends all predictability. Climate change equals human change, and it requires reimagining our lives. So, how should we all live with the growing risk of disaster?
/jlne.ws/3dvPQUm
Broadridge Acquires Innovative Compliance and Surveillance Solution for Broker-Dealers
Broadridge Financial Solutions, Inc.
Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, today announced that it is further enhancing its regulatory compliance capabilities for broker-dealers with the acquisition of the cloud-based Execution Compliance and Surveillance Service (ECS) assets from Jordan & Jordan. The solution provides a combination of surveillance and regulatory reporting as well as compliance consulting capabilities for US regulations.
/jlne.ws/3dAPQTg
Who gets the $12.6M in restitution from the Robinhood settlement
Ethan Wolff-Mann - Yahoo Finance
On Wednesday, Robinhood reached a settlement with FINRA over a multitude of issues, agreeing to pay a fine of $57 million and restitution to customers of $12.6 million. In the 122-page settlement document against Robinhood, FINRA explains that the company "has paid or intends to pay...a total of $8,853,506.68" to customers who lost money because of misrepresentations about options spread transactions and outages between January 2018 and December 2020.
/jlne.ws/3dyfckm
Robinhood Wants You to Buy Robinhood Stock on Robinhood; The trading app is allocating up to 35% of its IPO shares to individual investors, part of a strategy to bring IPO investing to the masses
Peter Rudegeair - WSJ
Robinhood Markets Inc. wants its users to buy stock. The online brokerage's own, that is. The popular stock-trading app plans to set aside as much as 35% of shares in its coming initial public offering for individual investors, according to people familiar with the matter, a much larger retail allocation than in a typical deal. Robinhood wants people to sign up to buy the shares on its new platform that gives users access to IPOs before they start trading.
/jlne.ws/3ArJH5J
FINRA Orders Record Financial Penalties Against Robinhood Financial LLC; Firm Ordered to Pay Approximately $70 Million for Systemic Supervisory Failures and Significant Harm Suffered by Millions of Customers
FINRA
FINRA announced today that it has fined Robinhood Financial LLC $57 million and ordered the firm to pay approximately $12.6 million in restitution, plus interest, to thousands of harmed customers. The sanctions represent the largest financial penalty ever ordered by FINRA and reflect the scope and seriousness of the violations. In determining the appropriate sanctions, FINRA considered the widespread and significant harm suffered by customers, including millions of customers who received false or misleading information from the firm, millions of customers affected by the firm's systems outages in March 2020, and thousands of customers the firm approved to trade options even when it was not appropriate for the customers to do so.
/jlne.ws/2TpAcmK
Robinhood is fined $70 million over misleading customers and system outages.
Michael J. de la Merced and Erin Griffith - NY Times
Robinhood Financial, the online stock-trading app, was fined $70 million by the securities industry's self-regulator on Wednesday for a series of failures that the agency said hurt Robinhood's customers.
/jlne.ws/3yhzDKD
Is Citi the New 'It' Place to Work on Wall Street? Flexible work and other fresh ideas under new CEO Jane Fraser are setting the bank apart from its more rigid-seeming peers.
Tara Lachapelle - Bloomberg
Wall Street may not be clued in yet to the undercurrent of cultural change afoot at Citigroup Inc., but you can bet prospective employees are. Ask any millennial in financial services, and they would probably tell you that Citi wasn't on their list of most desirable banks to work at in New York for the last decade. That reputation squares with a host of internal issues that followed its 2008 government bailout, including committing regulatory lapses, being cited for deficiencies in its risk management, watching online competitors gain steam and underperforming other big banks such as JPMorgan Chase & Co. and Bank of America Corp. People want to work at a firm that's growing, not one bogged down by internal botches, which can be felt in morale and often even in pay.
/jlne.ws/3Aiezp2
JPMorgan warns rival investment banks: MarketAxess, Tradeweb, and Bloomberg are 'real competitors'
Aaron Weinman - Insider
JPMorgan is sounding the alarm about third-party trading venues like Bloomberg, Tradeweb, and MarketAxess. The US bank suggested these firms could do to banks' fixed-income trading what websites like Skyscanner and Tripadvisor have done to undercut airlines' own booking engines.
/bit.ly/3jzO3lf
Ukraine says Russian gas supply curbs to Europe are 'blackmail'; Gazprom's refusal to ship via Ukraine prompts price rise to highest level in 13 years
David Sheppard and Nastassia Astrasheuskaya - FT
The head of Ukraine's state-backed pipeline company has described Russia's refusal to ship additional gas supplies to Europe as "blackmail", with prices for the fuel having risen to the highest on record.
/jlne.ws/3dzG5o9
Financial services sector set for carve-out from new global tax rules; UK due to secure exemption for City of London banks from regulations brokered at OECD
Chris Giles and George Parker - FT
The UK is poised to secure an exemption for financial services from new global rules on taxing multinationals, in a move that would ensure the City of London's largest banks do not pay more tax on their profits in other countries.
/jlne.ws/3Aduh4V
What protections do consumers have in crypto trading? Right now, the answer is: not many
Madison Darbyshire - FT
The UK regulator's clampdown on Binance, one of the world's largest cryptocurrency exchanges, offers a reminder to consumers around the world that they will struggle to retrieve any of their money stashed in these new assets if something goes wrong.
/jlne.ws/3Ai7Dbv
Exxon lobbyist duped by Greenpeace says climate policy was a ploy, CEO condemns statements
Valerie Volcovici, Timothy Gardner - Reuters
A lobbyist for Exxon Mobil Corp said the company supports a carbon tax publicly because the plan to curb climate change would never gain enough political support to be adopted, according to an interview aired on Wednesday.
/jlne.ws/2Tsyf99
Icap Launches Spot FX Matching Platform
Colin Lambert - The FullFX
Just under three years after it sold Nex Group, including the EBS spot FX platform, to CME Group, Icap is stepping back into the e-FX market with a new spot platform. SpotMatch has been developed, according to TP Icap, the result of a merger at the time Nex Group was created in 2015, "to meet client demand for an alternative and cost effective e-matching solution" and will provide clients with access to a pool of liquidity across the interbank marketplace.
/jlne.ws/3Ai21Oi
Sunak Tells EU He'll Set London Free, as Equivalence Hopes Die
Alex Morales, Silla Brush, and Anna Edwards - Bloomberg
Chancellor declares U.K. will use freedoms for banks 'fully'; Sunak sets out vision for financial services post-Brexit
Chancellor of the Exchequer Rishi Sunak suggested he has given up on securing the financial services equivalence deals he wanted with the European Union, declaring he will now make the most of the U.K.'s freedom to set its own rules.
/jlne.ws/3wceoIB
Steptoe Boosts Core Practices With Eight Partner Hires in June
Bloomberg Law
Tax, litigation and international arbitration partners join; Firm on track for more hires, may expand in Hong Kong
Steptoe & Johnson, with a focus on bolstering its top practices, added eight partners in June, covering areas such as tax, commercial litigation and international arbitration. Four of the new partners are women, including Liz Cassady, who joined from Sullivan & Cromwell, where she was special counsel. At Steptoe, she'll focus on complex litigation and class actions. The firm hired former IRS veteran Lawrence Hill from Winston & Strawn. He will be co-head of tax controversy at Steptoe.
/bit.ly/3AqHo2K
Moelis Co-founder on Wall Street's return to office: in-person and flexibility are key
Yahoo Finance
Yahoo Finance's Brian Sozzi and Myles Udland discuss market outlook, SPAC action in 2021, outlook for cryptocurrencies, and much more with Elizabeth Crain, Moelis & Company Co-founder & COO.
/jlne.ws/3hFSEzN
Elucidate launches open database of financial crime risk scores in the banking industry
Elucidate
Elucidate's FinCrime Risk Monitor (EFRM) is the first time that financial institutions have been publicly scored and ranked according to their financial crime risk; The initial version of the open database offers data and insights into more than 17000 financial institutions from around the world; The EFRM is powered by the Elucidate's FinCrime Index (EFI), the market's only regulated financial crime risk benchmark
Elucidate, the financial crime risk scoring platform, has launched the Elucidate FinCrime Risk Monitor (EFRM), an open database for scoring the financial crime risk vulnerability of financial institutions. During a time when financial crime scandals are increasingly common, the EFRM looks to increase transparency in the finance industry.
/bit.ly/3h6nZw6
Which Wall Street firms have raised base pay or handed out special bonuses amid a fierce battle for junior talent — and which have yet to budge
Matt Turner, Reed Alexander, Casey Sullivan, Daniel Geiger, Samantha Stokes and Anita Ramaswamy - Business Insider
Across Wall Street, financial firms are competing to keep junior talent by raising pay. Some banks are also going on big recruiting pushes— though recruiters say the hiring pool is nearly tapped out right now.
/bit.ly/3qzEu72
Global Regulators Try Again to Eliminate Money-Market Hazards
Jesse Hamilton and Alexandra Harris - Bloomberg
The Financial Stability Board released a 63-page report Wednesday advising an overhaul of regulations for money-market funds, aiming to fix flaws exposed by early-pandemic turmoil that froze vital financial markets.
/jlne.ws/3jw8FL5
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | From Alpha to Delta, Why Virus Mutations Cause Alarm
Jason Gale - Bloomberg
Viruses mutate all the time, including the SARS-CoV-2 coronavirus that's caused the Covid-19 pandemic. Although most genetic changes are innocuous, some can make the mutant more adept at infecting cells or evading antibodies, for example. Such "fitter" variants can outcompete other strains, so that they become the predominant source of infections. A succession of more-transmissible coronavirus variants has emerged over the past year, each harboring a constellation of mutations. The most worrisome so far is the so-called delta variant. It has spread to almost 100 countries since it was first reported in India in October, leading to surges in cases and hospitalizations, especially in places where less than half the adult population has been fully immunized.
/jlne.ws/3AhBXmq
South Africa Reconsidering AstraZeneca Shots for Delta Variant
Paul Vecchiatto - Bloomberg
Government sold 1 million of the vaccines to African Union; Astra shot found to be more effective against Delta variant
South Africa is considering buying more AstraZeneca Plc coronavirus vaccines to combat the spread of the Delta variant of the illness, four months after selling 1 million of the doses.
/jlne.ws/3dxdYGh
Hungary Has First Day Without Covid Deaths After 10 Months
Zoltan Simon - Bloomberg
Hungary, which has suffered the second-highest Covid-related deaths per capita since the pandemic's outbreak, reported no daily virus-related fatalities for the first time since early September, according to data published on Thursday.
/jlne.ws/3y6DZ74
Indonesia on edge of 'catastrophe' as Covid cases hit record; South-east Asia's biggest country tightens restrictions to control region's worst outbreak
Stefania Palma - FT
Indonesia is set to tighten distancing measures to counter record numbers of Covid-19 cases as experts warn that south-east Asia's largest country is on the brink of a "catastrophe".
/jlne.ws/3jC1xwD
UK's Covid booster programme expected to start in September; NHS will begin preparations after interim ruling, with go-ahead for programme to maintain protection later in summer
Sarah Neville - FT
Millions of older and more vulnerable Britons are expected to receive Covid-19 booster shots from September to strengthen their resistance over the winter and curb new variants, advisers to the UK government have recommended.
/jlne.ws/3AaXVaK
Kim Jong Un warns of 'grave incident' in North Korea's Covid fight; Dictator blames officials for neglecting party decisions and threatening nation's safety
Edward White and Song Jung-a - FT
North Korean leader Kim Jong Un has warned of a "grave incident" linked to the coronavirus pandemic, stoking fears of an outbreak in the isolated country. The dictator accused senior officials of incompetence in handling North Korea's efforts to prevent the spread of Covid-19, according to a statement by the state's Korean Central News Agency.
/jlne.ws/3hqZTve
Delta Variant's Spread Hobbles Global Efforts to Lift Covid-19 Restrictions; Vaccines that reduce hospitalizations and deaths are tempering economic concerns—but not in poorer, less-inoculated countries
Paul Hannon, Gabriele Steinhauser and Sha Hua - FT
The fast spread of the Delta variant of the coronavirus in much of the world is thwarting plans in many countries to lift lockdowns and reopen economies, a major setback to efforts to contain the global Covid-19 pandemic. The variant's spread has heightened a likely feature of an extended global pandemic: the contrast between poorer unvaccinated countries where hospitalizations and death rates are surging and highly vaccinated populations where the link between rising case rates and serious illness has been largely broken.
/jlne.ws/3hnCzP0
The Delta variant infected almost everyone at a 'superspreader' party in Australia - but not the 6 vaccinated people
Andrea Michelson - Insider
A birthday party in Australia has been called a "superspreader" event after 24 guests tested positive for the coronavirus. The highly infectious Delta variant could have infected every guest at the party had there not been six fully vaccinated healthcare workers in attendance, New South Wales Health Minister Brad Hazzard said on Monday.
/jlne.ws/2UZlx23
U.K.'s Johnson Ready to Lift Covid Rules Despite Rise in Cases
Tim Ross and Emily Ashton - Bloomberg
'Few more weeks' needed to get more second vaccine doses done; New minister Javid is 'very confident' curbs will end July 19
Boris Johnson's government is preparing to lift all remaining coronavirus restrictions for England on July 19, despite the delta variant sending infections soaring to their highest daily rate since January.
/jlne.ws/3yd6aRX
India's Covid-19 vaccine is at the center of a corruption scandal in Brazil
Niharika Sharma - Quartz
India's homegrown Covid-19 vaccine is at the epicentre of a controversy again. Brazil's health minister Marcelo Queiroga announced yesterday (June 29) the country would suspend a $324 million contract to buy 20 million doses of Bharat Biotech's Covaxin. The announcement comes amid a probe into allegations of irregularities in the procurement of the vaccine that are entangling president Jair Bolsonaro, though the health ministry has said in a statement that an initial analysis doesn't show irregularities in the contract.
/jlne.ws/3dyX22a
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Global Markets Completes Acquisition of Chi-X Asia Pacific
Cboe
Transaction is another step in Cboe's strategy to build one of the world's largest global derivatives and securities trading networks; With a presence in Asia Pacific, Cboe expects to expand its global equities and market data businesses, broaden distribution of its proprietary products, as well as bring other new trading solutions and services to the region; Chi-X Asia Pacific planned to be fully integrated into Cboe's existing global business operations and technology platforms
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced it has completed its acquisition of Chi-X Asia Pacific Holdings, Ltd. (Chi-X Asia Pacific), an alternative market operator and provider of innovative market solutions. Through ownership of Chi-X Asia Pacific, Cboe gains entrance into two of the world's largest securities markets - Japan and Australia - to establish a significant presence in the Asia Pacific region for the first time.
/prn.to/3dxs5LO
Top 10 Volume Day at MGEX
MGEX
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), reports that Tuesday, June 29th was the 8th best day in the history of the Exchange with a total of 27,816 contracts traded.
/bit.ly/36hhLUh
ICAP launches spot FX matching platform; The eMatching platform by ICAP aims to improve client liquidity and reduce costs in the spot FX market.
Annabel Smith - The Trade
ICAP, part of interdealer broker TP ICAP Group, has launched an automated spot FX matching platform aimed at reducing costs and improving liquidity in the spot market. Named SpotMatch, ICAP said the new platform was developed and launched in response to rising client demand for a more cost effective alternative eMatching solution.
/jlne.ws/3hmiuZj
Changes to the Exchange Councils of the Frankfurt Stock Exchange and Eurex
Eurex
The Exchange Council of Eurex Deutschland has elected Robbert Booij, Chief Executive Officer Europe, ABN Amro Clearing Bank N.V., as its Chairman. Georg Stocker, Chief Executive Officer of DekaBank Deutsche Girozentrale, has been elected Deputy Chairman of the Exchange Council of the Frankfurt Stock Exchange (FWB). Previously, at their regular meetings, both Exchange Councils elected new members to their bodies. Nicolo Salsano, Chairman of the Management Board of HSBC Trinkaus & Burkhardt AG, is a new member of the FWB Exchange Council. Jan Kupfer, Member of the Management Board of UniCredit Bank AG, is a new member of the Exchange Council of Eurex Deutschland.
/jlne.ws/2URLP69
Deutsche Börse offers market participants access to real-time FX data from 360T
Deutsche Börse
Deutsche Börse is further expanding its data offering on all aspects of foreign exchange. As of now, 360T FX price data is available to customers in real time via the CEF data feed. The offering includes swap market data made accessible via the award-winning Swaps Data Feed (SDF) developed by 360T and Digitec. In addition, spot market data is available, which is mapped by the Essential Data Feed (EDF) from 360T. Deutsche Börse acts as the licensor for the data.
/jlne.ws/2UWjeNg
CME STP Notices: July 1, 2021
CME Group
CME STP and STP FIX
New - Market Data Trade Entry ID Field - September 26
/jlne.ws/3dy8RFA
CME Globex Notices: June 28, 2021
CME Group
Critical System Updates
Update - POSTPONED: CME Globex Performance Enhancements UPDATE
New - Petrol Index on Benchmark Administration Premium - July 25 NEW
New - CVOL Index on Benchmark Administration Premium - July 25 NEW
/jlne.ws/3dy8VoO
Regulator's Column: What SGX RegCo expects of Nomination Committees when directors join or resign
SGX
Directors of the board of a listed issuer, especially that of independent directors, play a crucial role in the proper governance and commercial success of the company.
Directors have important fiduciary duties
The 2018 Code of Corporate Governance (CG Code) describes in its first Principle that an effective board of a company is one which is "collectively responsible and works with Management for the long-term success of the company." "Directors are fiduciaries who act objectively in the best interests of the company and hold Management accountable for performance," the Code adds.
/jlne.ws/3dyRbKe
Tokyo Stock Exchange to Conduct a Survey on Disclosures in English by Japanese Companies
JPX
Tokyo Stock Exchange, Inc. (TSE) is conducting a survey* on disclosures in English by listed companies to investors. This survey is aimed at encouraging disclosures in English based on the needs of overseas investors by identifying the information that they need and providing feedback of those responses to the listed companies. Please refer to the attached file for details.
/jlne.ws/3AfQ1gl
Trading Overview in June 2021 & First Half of 2021 (January to June)
JPX
Japan Exchange Group released Trading Overview in June 2021 & First Half of 2021 (January to June).
Cash Equity Market - In the first half of 2021, the daily average trading value for the TSE 1st Section (domestic common stocks) was JPY 3.1959 trillion; In the first half of 2021, the daily average trading value for ETFs was JPY 259.3 billion; In June 2021, the daily average trading value for the TSE 1st Section (domestic common stocks) was JPY 2.7687 trillion; In June 2021, the daily average trading value for the ETF market was JPY 214.7 billion.
Derivatives Market - In the first half of 2021, total derivatives trading volume was 167,537,350 contracts.; In the first half of 2021, total derivatives trading value was JPY 1,479 trillion.
/jlne.ws/2UYcE91
Status of Acquisition of Own Shares
JPX
(Acquisition of Own Shares based on Provisions of the Articles of Incorporation
Pursuant to Article 459, Paragraph 1 of the Companies Act)
Japan Exchange Group, Inc. hereby announces the status of matters regarding acquisition of own shares pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act, which was resolved at its Board of Directors meeting held on April 28, 2021, as follows.
/jlne.ws/2V1sFuZ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nordic payment groups merge to take on big tech; Main providers in Norway, Denmark and Finland to join forces to become one of Europe's biggest mobile wallet groups
Richard Milne - FT
The main national mobile payment providers in Norway, Denmark and Finland are merging with the aim of making it easier to compete on payments with the likes of Apple, Google, Alibaba and PayPal.
/jlne.ws/2TskgAb
Former Zillow execs raise $70 million to launch mortgage fintech Tomo
Paul Centopani - National Mortgage News
Lending startup Tomo Networks announced on Wednesday that it received $70 million in seed funding, after initially raising $40 million eight months ago. Ribbit Capital led the second round, alongside DST Global, NFX, SVB Capital and Zigg Capital, which recently served as lead investor to mortgage fintech Spruce.
/jlne.ws/3AdH5Z3
New Fintech OneFor Challenges the Remittance and Payment Markets with a Cheaper, Faster and Safer Solution
Press Release - Business Wire
OneFor, a new Pan-European FinTech company, has today entered the market with a disruptive solution enabling borderless money transfers and payments, revolutionising the multi-hundred billion euro remittance and payment markets. With less than a 1 second transaction time and up to 70% lower average transaction cost, OneFor is positioned to best serve millions of people, including migrants, whose livelihoods rely on sending and receiving money internationally. Its recognisable card features are supported by Mastercard.
/jlne.ws/3h6lIRE
Disrupt Africa: Fintech startups are diversifying to scale up — Quartz Africa
Carlos Mureithi - Quartz
Increasingly, African fintech startups are moving from focusing on niche areas such as payment, lending insurance, and investment, to offering a wide range of complementary services. This is according to a new report by Disrupt Africa, a website for news on African startups.
/jlne.ws/3w7elh7
Four Trends In Fintech And How They're Modernizing The Consumer Experience
Matthew Harris - Forbes
Forward-thinking companies like Orum are building and leveraging fintech like never before—driven by broad advances in enterprise technology and greater access to financial services and data once reserved for legacy banks.
As an investor, I've been able to help drive this progress, and I've seen firsthand the benefits that fintech solutions can offer when mobilized effectively.
/jlne.ws/3h7wxmp
Weekly Wrap: The Symphony-Cloud9 tie-up hints at a new tune for the comms provider; Anthony talks with Brad Levy about the company's acquisition of Cloud9, its plan for future acquisitions, the possibility of an IPO, his thoughts on Big Tech providers, and more.
Anthony Malakian - Waters Technology
Last week there wasn't a Weekly Wrap because I was away visiting family. This week it's up late because I wanted to focus on the Symphony-Cloud9 Technologies acquisition that was announced at the end of last week, and for that I had to first speak with Symphony CEO Brad Levy, which didn't happen until Monday afternoon. Anyway, apologies.
/jlne.ws/3jwjyfI
IBM lands hybrid cloud deal with telcos
Alexis Christoforous - Yahoo Finance
IBM has inked hybrid cloud deals with global telecommunication giants Verizon (VZ) and Spain's Telefonica (TEF), as the company that created the personal computer aims to build out 5G and edge networks.
/jlne.ws/3htE3Ht
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| Cybersecurity | | Top stories for cybersecurity | Drawbridge Names Scott DePetris President and Chief Operating Officer;FinTech Industry Pioneer Also Joins Board of Directors as Drawbridge Continues Hyper Growth
Drawbridge
Drawbridge, a premier provider of cybersecurity software and solutions to the alternative investment industry, today announced it has named Scott DePetris President and Chief Operating Officer (COO) and appointed him to the Board of Directors. In his role, DePetris will drive Drawbridge's global strategy and business operations to meet new client and market requirements and continue to scale the business through a period of hyper growth.
/bwnews.pr/3jtWBKn
We Infiltrated a Counterfeit Check Ring! Now What?
Brian Krebs - Krebs on Security
Imagine waking up each morning knowing the identities of thousands of people who are about to be mugged for thousands of dollars each. You know exactly when and where each of those muggings will take place, and you've shared this information in advance with the authorities each day for a year with no outward indication that they are doing anything about it. How frustrated would you be? Such is the curse of the fraud fighter known online by the handles "Brianna Ware" and "B. Ware" for short, a longtime member of a global group of volunteers who've infiltrated a cybercrime gang that disseminates counterfeit checks tied to a dizzying number of online scams.
/bit.ly/3wcuaTP
The Cybersecurity 202: DOJ's future is in disrupting hackers, not just indicting them
Joseph Marks - The Washington Post
The Justice Department is increasingly aiming to disrupt adversaries' hacking activity rather than just call it out in indictments. That's the message from John Demers, the recently departed assistant attorney general for Justice's national security division. Demers, the highest-ranking holdover from the Trump administration, left his post last week after three years on the job.
/wapo.st/3htzY67
Lawmakers Look to Give NTIA More Cybersecurity Responsibilities
Mariam Baksh - Nextgov
The National Telecommunications and Information Administration is the subject of a slew of new bipartisan bills that would increase the agency's role in securing U.S. networks but lacks leadership, according to testimony before a House Energy and Commerce Committee panel.
/bit.ly/2UYEWAc
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Unicorn Raises Funds to Create NFTs for Gamers
Zheping Huang and Joanna Ossinger - Bloomberg
Animoca Brands completes funding round at $1 billion valuation; Money going to product development, IP licenses, acquisitions
Animoca Brands, a Hong Kong-based blockchain game and non-fungible token (NFT) creator, has raised $50 million as part of its latest funding round. The new tranche, which takes the firm's most recent funding round to about $139 million and has been conducted at a pre-money valuation of $1 billion, included participation from investors Blue Pool Capital, Coinbase Ventures, Liberty City Ventures and Samsung Venture Investment Corp., the company said in a statement.
/jlne.ws/3yier7j
This Is the Vision for DeFi Built on Bitcoin; A discussion on what's next for the future of Bitcoin
Tracy Alloway and Joe Weisenthal - Bloomberg
Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
/jlne.ws/3jLdWi7
An NFT of the World Wide Web Source Code Sold for $5.4 Million; Computer scientist Tim Berners-Lee wrote the 9,555 lines of code in the early 1990s.
James Tarmy - Bloomberg
The original source code for the World Wide Web sold at Sotheby's on Wednesday for $5.4 million, up from a starting bid of just $1,000. The code was sold by Tim Berners-Lee, a computer scientist credited with writing the source code that forms the basis of the World Wide Web. Berners-Lee consigned the code for auction by attaching it to an NFT, a type of smart contract that uses blockchain technology.
/jlne.ws/3jz0HAD
Twitter Dives Into NFTs, Offers Newly Created Assets in Giveaway
Kurt Wagner - Bloomberg
Company is doling out 140 "authentic" NFTs to interested users; Digital assets' popularity has surged; CEO Dorsey is a booster
Twitter Inc. will give away 140 new NFTs, or non-fungible tokens, the social network's first official foray into the digital assets that have grown in popularity since the beginning of the year.
/jlne.ws/3hozkGV
Traders lend out cryptocurrencies in quest for huge returns; Consumers are taking on heightened risks to chase 'ridiculously high' rates, analysts warn
Joshua Oliver - FT
Traders are garnering juicy returns by lending out cryptocurrencies as the fast-growing field of decentralised finance throws up new but highly risky opportunities to make money. The number of consumer-oriented platforms offering yields on crypto balances has grown rapidly, with annual interest rates ranging about 7 to 12 per cent for various coins such as bitcoin and "stablecoins" including tether.
/jlne.ws/3dzD6vX
Tim Berners-Lee's web NFT sells for $5.4m; 'Non-fungible token' representing original web source code ranks among most valuable ever sold
Tim Bradshaw - FT
Cryptocurrency investors and digital collectors have deemed the original source code for the web more valuable than the first tweet but less desirable than a pixelated punk.
/jlne.ws/3Akcrgo
Cryptocurrencies Are on FinCEN's First 'National Priorities' List
Cheyenne Ligon - Coindesk
The U.S. Financial Crimes Enforcement Network (FinCEN), an agency of the Treasury Department tasked with preventing and punishing money laundering and other financial crimes, has turned its attention to crypto.
/jlne.ws/3AioVp2
Point72 Seeks Crypto Head While Soros Starts Bitcoin Trading
Katia Porzecanski - Bloomberg
Some of the biggest names in the hedge fund industry are wading deeper into crypto. Steve Cohen's Point72 Asset Management is seeking to hire a head of cryptocurrencies, while the family office of billionaire George Soros has started trading Bitcoin, according to people familiar with the matter. Spokespeople for the firms declined to comment.
/jlne.ws/3jyfxra
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| Politics | | An overview of politics as it relates to the financial markets | Biden plans push to enact clean electricity standard; White House aims to use budget reconciliation process to pass climate measures left out of infrastructure bill
Myles McCormick and Lauren Fedor - FT
President Joe Biden is making a new effort to enact elements of his climate agenda left out of a slimmed-down bipartisan infrastructure deal, including a clean electricity standard aimed at decarbonising the US power sector by 2035.
/jlne.ws/3AsV11o
Republicans Ask Federal Retirement Plan for Details on BlackRock, State Street's Votes; Letter from senators shows heightened scrutiny on how large money managers are exerting their influence over companies on behalf of investors
Dawn Lim - WSJ
Two Republican senators want more information from the nation's biggest 401(k)-type plan on how money managers BlackRock Inc. BLK 0.16% and State Street STT 0.73% Global Advisors cast shareholder votes on behalf of government savers.
/jlne.ws/3juYshN
Biden's big business crackdown bad for Wall Street behemoths: sources
Lydia Moynihan - NY Post
President Biden's big business crackdown could be bad news for Wall Street titans like Ken Griffin — assuming the controversial effort ever makes it off the ground. On Tuesday, it was reported that President Biden is quietly working on an executive order intended to take on big business and create more competition.
/jlne.ws/3jy6w1i
Hong Kong's acting chief executive says freedoms guaranteed under security law
Reuters
Hong Kong's national security law imposed on the city a year ago guarantees human rights, including freedom of the media and assembly, the city's No. 2 official John Lee said on Thursday.
/jlne.ws/3hrgBus
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | The Market Risk Advisory Committee to Meet on July 13
CFTC
The Market Risk Advisory Committee (MRAC) will hold a public meeting on Tuesday, July 13, 2021 via teleconference in accordance with the Commodity Futures Trading Commission's implementation of social distancing due to the coronavirus (COVID-19) pandemic.
/bit.ly/3y82h0z
CB to lift cap on eurozone banks' dividends and share buybacks; Central bank's decision signals confidence that sector can withstand fallout from the pandemic
Martin Arnold - FT
The European Central Bank's head of supervision said it would lift its cap on dividends and share buybacks at eurozone banks, a vote of confidence in the sector's resilience to the fallout from the coronavirus pandemic.
/jlne.ws/3AfBocR
FCA calls for stronger controls on funds after Woodford debacle; Lax oversight highlighted in review into host-authorised fund managers
Joshua Oliver - FT
Print this pageRegulators have revealed lax oversight and governance at companies responsible for protecting investors' money at many UK funds in a probe launched after the collapse of Neil Woodford's fund.
/jlne.ws/2UWaDds
Switzerland probes energy trader Gunvor over activities in Ecuador; Federal prosecutor launches criminal investigation into suspected bribery and money laundering
Sam Jones and David Sheppard - FT
Switzerland's federal prosecutor has opened a criminal probe into the activities of Gunvor, one of the world's largest energy traders, over suspected bribery and money laundering.
/jlne.ws/3jBgC1s
European Commission considers changes to CSDR penalty regime; With seven months to go until the go-live of SDR, participants have grown increasingly worried they will be unable to make changes to operations to meet the rules.
Joe Parsons - The Trade
The European Commission has said it will consider implementing changes to the penalty regime set out under the Central Securities Depositories Regulation (CSDR), in the wake of industry-wide calls for regulators to review the rules.
/jlne.ws/3yfczw6
Former Quantum director Avrohom Kimelman pleads guilty to market manipulation and insider trading
ASIC
Former Quantum Resources Ltd (Quantum) CEO and director Avrohom Mordechai Kimelman, of St Kilda East, Victoria, pleaded guilty on 30 June 2021 before the County Court of Victoria to one charge of conspiracy to manipulate the market in Quantum shares and one rolled up charge of procuring the acquisition of shares in Quantum while in possession of inside information.
/jlne.ws/2UO6YOC
ASIC consults on remaking class order regarding when debentures can be called secured notes
ASIC
ASIC has today released a consultation paper proposing to remake its class order relating to how debentures may be described. The class order is due to expire ('sunset') on 1 April 2022. ASIC proposes to remake the class order, as it is operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework. The fundamental policy principles that underpin the class order have not changed.
/jlne.ws/3dAoixj
Industry response to consultation on promoting consumer access to affordable advice
ASIC
ASIC today released an infographic summary of the response to Consultation Paper 332 Promoting access to affordable advice for consumers (CP 332). The infographic sets out the key issues raised by respondents in their submissions to CP 332. ASIC undertook the consultation in November 2020 to seek input from financial advice industry participants and stakeholders to understand the issues and impediments impacting the supply of good quality affordable personal advice, and the practical steps that can be taken by ASIC and the industry to improve consumer access to the same.
/jlne.ws/3y6UkbU
SEC Engages with Students for Their Perspectives on Emerging Issues
SEC
Yesterday, Chair Gary Gensler and Investor Advocate Rick Fleming hosted a roundtable discussion with the students and faculty of the University of Texas at Arlington's Department of Finance and Real Estate. Students presented on diversity and disclosure in investment management and Crypto-ETFs. This was the latest in a series of University Roundtables hosted by the Office of the Investor Advocate to gain the perspectives of young investors and future investors regarding emerging issues in the financial markets.
/jlne.ws/3hkuYR8
SEC Charges San Francisco Bay Area Finance Employee and Friend With Insider Trading
SEC
The Securities and Exchange Commission today announced settled insider trading charges against Bay Area finance employee Mounir N. Gad and his friend Nathan E. Guido. According to the SEC's orders against Gad and Guido, Gad worked for a Northern California-based bank in its group that assisted private equity firms in financing acquisitions of companies. On three occasions in 2015 and 2016, Gad tipped Guido, his friend of several years, using material, nonpublic information about upcoming acquisitions (two of which involved tender offers), which Gad learned about in the course of his employment. Gad used an encrypted messaging platform and code words to provide the tips to Guido. According to the orders, Guido bought stock in the target companies based on those tips and sold the stock after the acquisitions were announced, resulting in illegal gains of $51,700. Guido shared about $11,000 of these gains with Gad by giving him cash.
/jlne.ws/3AknC8Q
ESMA publishes latest edition of its Newsletter
ESMA
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has today published its latest edition of the Newsletter "Spotlight on Markets".
/jlne.ws/3AcinIt
Transforming the Securities Industry Continuing Education Program
FINRA
Transforming the Securities Industry Continuing Education Program
This session provides guidance and an update on the Securities Industry Essentials (SIE) qualification examination and revised representative-level qualification exams Additionally, panelists discuss upcoming changes to the Securities Industry Continuing Education Program.
/jlne.ws/3hnNEzA
FINRA Requests Comment on Effective Methods to Educate Newer Investors
FINRA
Over the past 18 months, U.S. securities markets have experienced dramatic volatility. At the same time, individual investors entered the markets in unprecedented numbers—often through self-directed accounts at online brokers—drawn in part by reduced barriers to entry, such as low- and no-commission trading and the ability to purchase fractional shares. Increased retail market participation can benefit individuals by potentially encouraging higher levels of savings and wealth accumulation—and it can benefit the markets in the form of greater liquidity.
/jlne.ws/3Af3rcu
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors Are Raising $100 Million to Buy Unloved Antiques; The market for fine antiques and decorative arts is still well below former highs, which—for some—means opportunity.
James Tarmy - Bloomberg
The term "brown furniture" encompasses multiple centuries' worth of fine antiques in hundreds of styles from dozens of countries. Understandably, antique dealers hate it. And yet the term has stuck, not least because it does a neat job of capturing how drab the antique market's been for the last decade. "I purchased a table the other day that I would have had to pay $50,000 for 20 years ago," says Clinton Howell, the president of the Art and Antique Dealers League of America and president of his eponymous New York store. "I bought it for $4,000."
/jlne.ws/3dzBP89
Private equity breaks 40-year record with $500bn of deals; Activity in first half of 2021 propels global merger and acquisitions to all-time high
Ortenca Aliaj and Kaye Wiggins - FT
Private equity firms have had their busiest six months since records began four decades ago, striking deals worth more than $500bn and helping to propel global mergers and acquisitions activity to an all-time high.
/jlne.ws/3jxGtr9
Investors still diving into US equities with valuations at record highs; Money is pouring into the US stock market at fastest pace since 2015
Alyson Velati - FT
Money is pouring into the US stock market at the fastest pace since 2015, even as valuations sit close to all-time highs and investors worry that higher inflation could push the US Federal Reserve to tighten monetary policy.
/jlne.ws/3hkkocS
How energy transition is driving strong commodities prices
FT Video
The executive chairman of Trafigura expects the higher prices paid for minerals and metals to last amid a prolonged commodities supercycle as traders look to collect a big mix of sources to meet future needs
/jlne.ws/3Ai8HMx
Activist Investor Elliott Pushes Shake-Up at GlaxoSmithKline; Hedge fund calls on drug giant to replace directors and review the future role of its CEO to improve performance
Denise Roland - Bloomberg
Activist investor Elliott Management Corp. has intensified pressure on GlaxoSmithKline GSK -0.33% PLC, calling on the pharmaceutical giant to replace members of its board and launch a process to decide whether Chief Executive Emma Walmsley should continue to lead the group.
/jlne.ws/3Akecu0
Private-Equity Firms Put Retirees' Annuities in Higher Risks but Also More Cash; New report sheds light on how private-equity-backed insurers differ from traditional ones
Leslie Scism - WSJ
Private-equity-backed insurance companies that owe billions of dollars to retirees in annuity payments are taking some additional risk with investments, new analysis by ratings firm A.M. Best shows. To offset that risk, however, these firms on average hold more cash than traditional insurers, and they have higher capital levels, according to the report.
/jlne.ws/3hnYndl
Record Skew Index shows nagging investor nerves on US stocks rally; Fear edges ahead of greed as fund managers snap up insurance against market shocks
Robin Wigglesworth and Michael Mackenzie - FT
Mounting investor nerves over the strength of the US stock market rally has sparked a dash to buy insurance against spikes of turbulence, lifting a popular financial fear gauge to a record high.
/jlne.ws/3jtXUsF
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Dear Bank CEO, You Are Cordially Invited to Defund This Pipeline; Anti-oil activists are turning their focus on fossil fuel funding, aiming to stop the flow of money for good.
Alastair Marsh and Danielle Bochove - Bloomberg
Even by the standards of the chief executive of America's biggest bank, March 31 looked like it was going to be a very busy day. Jamie Dimon's office calendar was chock-full of invitations for that overcast New York Wednesday, with more than 1,000 unsolicited meetings all scheduled to cover the same topic: JPMorgan Chase & Co.'s role in financing an oil pipeline running through Minnesota.
/jlne.ws/3jsxeIO
Indonesia's Proposed Carbon Tax Bill Reveals Risk to GDP Growth
Claire Jiao and Grace Sihombing - Bloomberg
Carbon tax could slow economic growth by 0.58% by 2030; Finance ministry seeks subsidies, incentives to cushion impact
Indonesia's plan to tax carbon output risks slowing growth in Southeast Asia's biggest economy and faces resistance from some of the country's biggest industries.
/jlne.ws/2Tp0xRS
Vast majority of new coal-power plants 'uneconomic'; Billions in state and corporate cash going into more than 620 planned projects risk becoming stranded assets, warns report
Alex Hamer - FT
The vast majority of new coal-power plants being planned will struggle to make back their upfront costs, including all of those under construction in China, according to a new report by an independent think-tank.
/jlne.ws/3AhwZGr
Wellcome pledges £29bn investment fund will be carbon zero by 2050; UK endowment group to work with asset managers and companies rather than sell assets
Daniel Thomas and Attracta Mooney - FT
Wellcome, the £29bn endowment foundation, has pledged that its vast portfolio of investments in shares, hedge funds, private equity and property will become carbon net zero before 2050, the largest such pledge by a UK charity.
/jlne.ws/3jyeNTa
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BGC Partners Updates its Outlook for the Second Quarter of 2021
BGC Partners, Inc.
BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial technology company, today announced that it has updated its outlook for the quarter ending June 30, 2021.
/jlne.ws/3w7Z1Ry
BNP Paribas signs 10-year agreement with FIS on derivatives clearing; All post-trade derivatives operations at BNP Paribas including reconciliation and post-trade processing will be managed by FIS under 10-year agreement.
Annabel Smith - The Trade
French investment bank BNP Paribas has partnered with FIS to transition its derivatives post-trade operations onto the firm's cleared derivatives technology platform. Through a 10-year agreement, markets technology provider FIS will manage all of the bank's post-trade operations including processing and reconciliation.
/jlne.ws/3AmdHQq
Barclays global electronic trading head Al-Khudairi departs; Naz Al-Khudairi, global head of electronic trading at Barclays, has left the bank after just over three years, The TRADE understands.
Annabel Smith - The Trade
The global head of electronic trading at Barclays has departed the UK investment bank after just over three years in the role, The TRADE understands. According to a source familiar with the matter, Naz Al-Khudairi has left Barclays after joining the institution from Credit Suisse in 2018. A spokesperson at Barclays declined to comment.
/jlne.ws/3jxefNb
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Sunak Promises to Sharpen City of London's Competitive Edge
Alex Morales - Bloomberg
Plan to emphasize focus on green finance and technology; Mansion House speech comes day after green gilt announcement
Chancellor of the Exchequer Rishi Sunak will promise to bolster the U.K. finance industry's competitive edge on Thursday, the latest move by the U.K government to champion a sector that it largely ignored during Brexit.The country's finance minister will outline an "ambitious vision" for reforming financial services as part of his annual speech at Mansion House on the state of the U.K. economy, according to a statement. The Treasury will publish a roadmap fleshing out the proposals later Thursday.
/jlne.ws/36a7yIQ
First Country to Bail In Bank Creditors Urges EU to Revamp Rules
Frances Schwartzkopff - Bloomberg
Denmark says smaller banks too should have wind-down buffers; Rules targeting big lenders left loophole for small rescues
Denmark is calling for a change to European rules detailing how national authorities should deal with collapsed banks, saying they leave the door wide open to taxpayer bail-outs of smaller institutions.
/jlne.ws/3hr8LRo
China advances in challenge to dollar hegemony; Progress in developing digital renminbi aids quest to undermine global order based on US currency
Diana Choyleva - FT
China has already made one attempt to turn the renminbi into an international currency and reduce its dependence on the dollar. It is now trying again, and this time things really could be different.
/jlne.ws/3dxPcpD
'IPOs Aren't Fun Anymore': Turkey's Stock Craze Is Fizzling Out
Tugce Ozsoy, Ugur Yilmaz and Ercan Ersoy - Bloomberg
At the height of Turkey's day-trading frenzy, Osman Sekman was opening as many brokerage accounts as possible. The 23-year-old computer engineer had convinced 18 of his friends and family to pool their money together for a better shot at initial public offerings, and cash in on stocks going limit up in their first days. He more than tripled his initial investment of 5,000 liras ($580) of his own tuition savings over nine months.
/jlne.ws/3Ai0GHg
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| Miscellaneous | | Stories that don't quite fit under the other sections | The recruitment process is turning into 'The Hunger Games'; After six interviews, candidates are exhausted — and still won't know how much the job pays
Elizabeth Uviebinene - FT
"How many is too many?" My exasperated friend is talking about job interviews. She is looking for a new job. When we spoke she had undertaken five interviews for a role and was about to have the final one. Another person I know had eight separate interview stages at a global tech company. Apparently, that's just the norm for these roles.
/jlne.ws/3yaVB1z
Google and Microsoft agree to start suing each other again
Tim De Chant - Ars Technica
After years of relative calm, Google and Microsoft are tossing out their ceasefire, a move that—perhaps ironically—could bring each company additional antitrust scrutiny.
The non-aggression pact, signed five years ago, let the two companies set aside their numerous lawsuits. It also created a process by which they could resolve conflicts behind closed doors, requiring Microsoft and Google to follow that process before asking regulators to step in. During this time, the two companies have tussled over a number of issues, including whether search engines should pay news publishers. But Microsoft reached the end of its rope when it felt that Google wasn't playing fair in ad tech.
/jlne.ws/3jyLujo
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