| October 08, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
It appears the FCA was listening to Piebe Teeboom and the FIA EPTA with their recommendations to improve the European capital markets. Now if we can just get the rest of the European regulators on board. JLN had recently interviewed Teeboom about the FIA EPTA's policy recommendations for the new EU political mandate until 2029, titled "Tide of Change: Enhancing Liquidity Provision to the European Economy." The Financial Times is reporting that the UK Financial Conduct Authority (FCA) is committed to reducing barriers for specialist trading firms to enhance liquidity in London's markets. CEO Nikhil Rathi highlighted that current capital rules, designed for large banks, often hinder smaller firms like market makers. He emphasized the need for tailored regulations that accommodate these firms, drawing attention to their successful transformation of Wall Street trading.
Rathi noted a significant shift towards non-bank traders dominating equity flows and called for a new regulatory mindset that moves beyond traditional principles, focusing on fostering competition and growth. The FCA aims to encourage investment in riskier assets and streamline capital-raising processes. Under pressure from the Labour government to support growth in the financial services sector, Rathi stated that regulation should prioritize proactive measures and positive outcomes rather than reactive responses to crises.
The European Commission (EC) has joined Eurex's repo market, boosting EU bond infrastructure and secondary market liquidity. This addition brings total participants to 165, including 10 supranational institutions and 5 central banks. The partnership, celebrated at a Frankfurt Stock Exchange event, aligns with the EC's commitment to develop a repo facility for EU bonds.
Here are the headlines from in front of FOW's paywall from some recent stories: ANALYSIS: International clients boosting electronic rates trading in Japan; Euronext monthly volumes down 15%, weighed by equity derivatives; ANALYSIS: UK firms rise to challenge of latest reporting upgrade.
Clear Street continues to add talent to the roster. Eunice Pareja announced via LinkedIn that she has accepted the position of managing director of clearing operations at Clear Street.
Cboe's Henry Schwartz shared some observations on concentration on LinkedIn. In the listed options market, the top 50 symbols accounted for 71.6% of the volume in the last month, highlighting significant concentration. Cboe Global Markets' SPX index options made up 72% of index flow, while SPY and QQQ together represented 63% of ETF volume. Additionally, NVDA, TSLA, and AAPL continued to dominate as the top three single stocks.
If you are addicted to Amazon Prime like I am, you might find The Wall Street Journal's story "The 140 Best Sales During Prime Big Deal Days" interesting.
Have you thought about changing jobs? The Wall Street Journal has a story that says that may not be such a great idea, especially for your retirement savings. The story is titled "Changing Jobs Can Put a $300,000 Dent in Retirement Savings" and the subheadline is "Job switchers often reset the savings rate lower on their 401(k) accounts without realizing it, new research from Vanguard finds."
I have now been part of a mass evacuation, having left Sarasota at 11:30 am yesterday and arriving in Atlanta at 1:30 am this morning, 14 hours later for a trip that should have taken 7 hours. The mass of humanity on I-75 was impressive and bumper to bumper for much of the state. When I went to fill up my gas tank in Lake City, FL, the first gas station had run out of gas. I went a mile down the road, away from the interstate, and found gas. I am staying in Atlanta until I see what the impact of the hurricane is on Sarasota and will make further plans from there.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- '100%' Yields Are Fueling a Retail Boom in New Quick-Buck ETFs from Bloomberg.
- New titans of Wall Street: how Jane Street rode the ETF wave to 'obscene' riches from the Financial Times.
- CVOL from CME Group. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Guesses About Bitcoin Creator's Identity Stir Up Memecoin Market; HBO documentary expected to reveal cryptocurrency's inventor; Dozens of memecoins related to cryptographer Sassaman created
Muyao Shen - Bloomberg
A new HBO documentary about the creation of Bitcoin has captivated the digital-asset community, with speculators creating dozens of memecoins in hopes of profiting off of the potential revelation of the identity of the original cryptocurrency's inventor. The tokens being created all contain some reference to a man named Len Sassaman, a cryptographer who passed away in 2011 and is considered by many to be the person who will be named as the true identity of pseudonymous Bitcoin creator Satoshi Nakamoto in HBO's upcoming Money Electric: The Bitcoin Mystery. Blockchain-based betting platform Polymarket shows that Sassaman is the leading candidate, though the implied probability that he is Satoshi has dropped on the site to 21% from as high as 68% on Oct. 3.
/jlne.ws/482IuCP
******* They are going to pin "Satoshi" on a dead guy.~JJL
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More rich people are using 'secret' trusts and LLCs to hide money from their spouses
Alicia Adamczyk - Fortune
Trusts and offshore accounts controlled by a shadowy company. These financial tricks were once the stuff of spy movies-but today they have become commonplace when it comes to financial planning by very wealthy individuals. And increasingly, say divorce attorneys, they are gaining traction as a way for rich people to hide money from their partners.
/jlne.ws/4gYV6Pm
***** I don't hide my money from my wife. She spends it too fast for me to hide. ~JJL
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Is Your Company Losing Money Due to Climate Change? Consider Moving to the Midwest, Survey Says; Some 300 senior-level executives, working in 14 industries, said climate change is hurting their businesses. Nearly half of them think the Midwest would be less financially risky.
Kristoffer Tigue - Inside Climate News
The Midwest is once again being highlighted as a potential refuge from the threats of climate change, which continues to fuel increasingly destructive natural disasters around the world.
/jlne.ws/3zSJ35F
****** The Midwest is looking better and better, even with all the problems with Illinois.~JJL
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Monday's Top Three
Our top clicked item Monday was the CFTC's CFTC World Investor Week Events Explore Relationship Confidence Scams and Anti-Fraud Resources; CFTC invites the public to two events on Oct. 8 and 9 to learn about fraud protection. (Today's discussion runs from 12:30-1:30 p.m. EDT.) Second was FIA's LinkedIn post saying that Trading volume on swap execution facilities (SEFs) set an all-time high daily average in September, with trading of OTC interest rate derivatives leading the pack. And third was New titans of Wall Street: how Jane Street rode the ETF wave to 'obscene' riches, from the Financial Times.
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| Lead Stories | Sam Bankman-Fried's Bankrupt FTX Crypto Exchange Is Cleared to Repay Customers; FTX judge approves plan to distribute at least $12.6 billion; Company in talks over $1 billion seized by prosecutors
Steven Church and Jonathan Randles - Bloomberg
Cryptocurrency firm FTX won court approval to fully repay customers whose digital assets were locked on the platform when it imploded nearly two years ago, an unusual result that could net shareholders in Sam Bankman-Fried's fraud-tainted exchange a slice of $1 billion in seized assets. US Bankruptcy Judge John Dorsey said Monday he'd approve payments to FTX customers harmed by Bankman-Fried under a sweeping proposal formulated by advisers who took charge of the exchange after it collapsed. In November 2022, crypto prices were so low and FTX was in such chaos that advisers initially concluded creditors would recover only a portion of what they were owed.
/jlne.ws/3zFOXXP
UK Weighs Rule Changes to Lure Trading Giants to London Markets; FCA explores removing barriers for non-bank trading houses; Citadel Securities, Jane Street among biggest market makers
William Shaw - Bloomberg
The UK could allow easier market access for specialist trading houses that don't hold retail deposits, the head of the Financial Conduct Authority said on Tuesday. The regulator is exploring adjustments that could encourage wholesale trading and boost liquidity, according Nikhil Rathi's published speech for the FCA's international markets conference in London.
/jlne.ws/3BzJ1Ah
The limits of bond market electronification
Robin Wigglesworth - Financial Times
You may have noticed that we are above-average interested in the evolution of the bond market around here, as trading gradually migrates from phones to screens and subtly alters its nature in the process. Barclays' analysts have also been very consistently good on the subject, especially Zornitsa Todorova, the bank's head of "thematic FICC research" - a title which basically seems to be an excuse to do cool shit like this:
/jlne.ws/4gSio9D
Robinhood's top lawyer might replace SEC chairman Gensler under Trump: report
Taylor Herzlich - NY Post
A top Robinhood executive has emerged as the leading contender to front the Securities and Exchange Commission if Donald Trump wins the presidency and ousts SEC Chair Gary Gensler, according to a report. Dan Gallagher - Robinhood's chief legal officer and a former SEC commissioner - is believed to be the Republican nominee's top pick, according to a dozen former top regulators, lobbyists and securities lawyers interviewed by Politico.
/jlne.ws/3UonrVZ
'Godfather of AI' Geoffrey Hinton Among Nobel Prize Winners; John J. Hopfield, Geoffrey E. Hinton worked on neural networks; Their work laid foundations for machine learning and AI
Kati Pohjanpalo - Bloomberg
One of the most influential academics in artificial intelligence, Geoffrey E. Hinton, has been awarded the Nobel Prize in physics for training artificial neural networks and laying the foundations for today's machine learning applications. Hinton will share the 11 million-krona ($1.1 million) award with fellow scientist John J. Hopfield, the Royal Swedish Academy of Sciences in Stockholm said in a statement Tuesday.
/jlne.ws/4dEKR03
FCA pledges to reduce barriers for specialist trading companies; Watchdog's chief urges UK to take 'a new mindset towards risk'
Martin Arnold - Financial Times
The UK financial watchdog has hailed how specialist trading companies have transformed Wall Street markets and pledged to ease access for such firms in London by tailoring regulation for them to boost liquidity. Nikhil Rathi, chief executive of the Financial Conduct Authority, said smaller trading firms, such as market makers, were "too often" restricted by capital rules that were designed for large global banks.
/jlne.ws/48eYMsF
China's Stock Market Fever Breaks as Authorities Disappoint; Expectations for a flood of stimulus had run high before a Tuesday morning press conference by Beijing's economic planner
Rebecca Feng - The Wall Street Journal
An epic Chinese stock market rally lost steam Tuesday after a press conference by the country's economic planning agency disappointed hopes for more fiscal stimulus measures and raised questions about whether Beijing has more to offer the ailing economy. The letdown dampened a wave of euphoria that had gripped investors in China in recent weeks, as hopes for large-scale Chinese government support for the world's second-largest economy propelled stock prices on one of their giddiest runs in recent memory.
/jlne.ws/4gZr5Pt
'Crazy' Chinese Stock Swings Ignite Biggest-Ever Trading Frenzy
Bloomberg
Stock traders had braced themselves for an unusually busy session when China's mainland markets reopened on Tuesday after the Golden Week holiday. But few were prepared for the action that kicked off right at the opening bell. "It's absolutely going nuts today," said Liying Wang, director at a local stock brokerage firm in the southern city of Chengdu, who started working in the industry in 1994.
/jlne.ws/4eUQ4l4
Tampa mayor warns residents they will 'die' if they don't evacuate, as Hurricane Milton approaches Florida
Jack Sommers - Business Insider
The mayor of Tampa, Florida, told residents they will "die" if they don't evacuate as Hurricane Milton approaches. The hurricane is expected to make landfall Wednesday, and Floridians have been urged to evacuate. "If you choose to stay in one of those evacuation areas, you're gonna die," Mayor Jane Castor said. The mayor of Tampa, Florida, has issued a stark warning that anyone who remains in the city as Hurricane Milton approaches will "die." Hurricane Milton intensified into a Category 5 storm - the most severe classification - in the Gulf of Mexico on Monday. It later weakened to an "extremely dangerous" Category 4 storm and is expected to make landfall in Florida on Wednesday evening. Evacuation orders were issued Monday for several Florida counties in its path.
/jlne.ws/47UdGUZ
One of the Biggest AI Boomtowns Is Rising in a Tech-Industry Backwater; Blackstone and TikTok's parent are among those investing in data centers in Malaysia's Johor, known for palm-oil plantations
Stu Woo - The Wall Street Journal
Gary Goh was the chief executive of a publicly listed property developer three years ago when prospective clients started asking whether his company had land for data centers. Goh was vaguely aware that technology companies needed computer centers to manage heaps of data, but he had never seen such a building. "I didn't know whether it was round, was it a rectangle, was it a triangle?" he said.
/jlne.ws/4gXZv5m
The future trading desk is cloud-driven; Fixed Income Leaders Summit 2024 panellists explore the cloud as a means to bolster execution, as well as how it can help democratise data access for all users.
Wesley Bray - The Trade
Cloud was a key focus area within a panel discussion on the next stage of data integration and analysis that took place last week at the Fixed Income Leaders Summit (FILS), with the advancement said to have the potential to help enhance execution performance. Data has increasingly become available for trading teams, however, as discussed among other panels at the conference, it is only beneficial if clean and appropriate. Access to data is key for the next stage of data integration and analysis to be truly actualised.
/jlne.ws/4ezXA5p
Euronext bolsters European derivatives offering with German, Irish and Portuguese single stock options; Expanded offering will give investors increased access to key assets in Europe through Euronext's single order book.
Wesley Bray - The Trade
Euronext has launched an expanded range of single stock options from Germany, Ireland and Portugal, strengthening its European derivatives offering. The firm is introducing 21 new German single stock options, completing its coverage of all DAX 40 index constituents, as well as six Irish and four Portuguese single stock options. These stock options mark the first that Euronext has listed on Irish stocks.
/jlne.ws/3XVYuSC
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | UK Sanctions Russian Troops for Chemical Weapons Use in Ukraine
Bloomberg News
The UK sanctioned Russian forces that it said were involved in using chemical weapons on the battlefield in Ukraine. The Radiological, Chemical and Biological Defense troops and their commander, Igor Kirillov, were sanctioned over the "widespread use of riot control agents and multiple reports of the use of the toxic choking agent chloropicrin," the Foreign, Commonwealth and Development Office said in a statement Tuesday. Two Russian Defense Ministry scientific centers were also added to the sanctions list.
/jlne.ws/3XRnkTA
UK puts sanctions on Russian military for using chemical weapons in Ukraine
Lucy Fisher - Financial Times
The UK has imposed sanctions on Russian troops deploying chemical weapons on the battlefield in Ukraine, the Foreign Office said on Tuesday. Igor Kirillov, leader of the Russian military's radiological, chemical and biological defence troops, the unit itself, and two science centres within Russia's ministry of defence are among the latest targets to be blacklisted by Britain.
/jlne.ws/3ZX7ycu
Kamala Harris rules out bilateral talks with Vladimir Putin on ending war in Ukraine; Democratic presidential candidate says Kyiv must be involved in any negotiations
Lauren Fedor - Financial Times
Kamala Harris has ruled out meeting one-on-one with Russian President Vladimir Putin to negotiate an end to the war in Ukraine unless leaders from Kyiv are involved. In some of her most detailed comments to date about how she would try to end Russia's war in Ukraine if elected US president, Harris said she would not meet "bilaterally" with Putin "without Ukraine". "Ukraine must have a say in the future of Ukraine," Harris added, in a televised interview with CBS News's 60 Minutes that aired on Monday night.
/jlne.ws/40eyTqX
Live news: UK puts sanctions on Russian military for using chemical weapons in Ukraine
Lucy Fisher in London - Financial Times
The UK has imposed sanctions on Russian troops deploying chemical weapons on the battlefield in Ukraine, the Foreign Office said on Tuesday. Igor Kirillov, leader of the Russian military's radiological, chemical and biological defence troops, the unit itself, and two science centres within Russia's ministry of defence are among the latest targets to be blacklisted by Britain.
/jlne.ws/3Bxa6DU
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | For Many Israelis, Oct. 7 Never Ended; The Hamas-led attacks that day shattered Israelis' faith in the state, and the year of war that followed has deepened society's divisions. Yet many find hope in the people's resilience.
Isabel Kershner - The New York TImes
Like other Israeli civilians, Geffen Yamin and Eyar Liv Halabi, project managers at Tel Aviv startups, rushed to fill gaps in the government's initially paralyzed response when thousands of gunmen from Gaza poured over the border on Oct. 7. The military struggled to mobilize. Reserve soldiers called up on emergency orders that day had no way to get to their stations, because public transportation was suspended for the Sabbath and a Jewish holiday. So Ms. Yamin, 28, and Ms. Halabi, 22, began networking via WhatsApp groups to find volunteer drivers.
/jlne.ws/3NgKJZH
Biden's Moral Failure in Israel
Peter Beinart - The New York Times (opinion)
Joe Biden's presidency has a distinct origin story. As he tells it, he was done with politics, happily retired from public life. That changed after Donald Trump's equivocal response to the 2017 white supremacist march in Charlottesville, Va. It was then that Mr. Biden realized that Mr. Trump and his allies threatened what he called the "soul of this nation": its commitment to equality. So he re-entered the fray.
/jlne.ws/4eWdXsy
Israel's strikes are shifting the power balance in the Middle East, with US support
Ellen Knickmeyer - Associated Press
Israeli military strikes are targeting Iran's armed allies across a nearly 2,000-mile stretch of the Middle East and threatening Iran itself. The efforts raise the possibility of an end to two decades of Iranian ascendancy in the region, to which the 2003 U.S. invasion of Iraq inadvertently gave rise. In Washington, Tel Aviv and Jerusalem, and Arab capitals, opponents and supporters of Israel's offensive are offering clashing ideas about what the U.S. should do next, as its ally racks up tactical successes against Hezbollah in Lebanon and the Houthis in Yemen and presses its yearlong campaign to crush Hamas in Gaza.
/jlne.ws/3NhQfLC
Hezbollah leader says more Israelis will be displaced as the militants extend their rocket fire
Bassem More and Tia Goldenberg - Associated Press
Hezbollah's acting leader said Tuesday that even more Israelis will be displaced as the militant group extends its rocket fire deeper into Israel, in a defiant televised statement marking the anniversary of fighting that escalated into war last month. Sheikh Naim Kassem, the acting leader of Hezbollah, said its military capabilities are still intact and that it has replaced all of its senior commanders after weeks of heavy Israeli airstrikes across large parts of Lebanon, including targeted strikes that killed much of its top command in a matter of days.
/jlne.ws/3zRsas8
CIA Chief Says Misunderstandings Could Worsen Israel-Iran Clash
Katrina Manson - Bloomberg
Central Intelligence Agency Director William Burns warned that misjudgments could get in the way of efforts to dampen rising tensions between Iran and Israel over the next few weeks. "We face the very real danger of a further regional escalation of conflict," Burns said Monday during a fireside chat at the Cipher Brief Threat Conference in Sea Island, Georgia.
/jlne.ws/3A1qZpT
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | BISON launches insured and "made in Germany" staking offer
BSG
Phased roll-out of Ethereum (ETH) staking at BISON starts October 8th.
/jlne.ws/4eCHQ1A
Precidian to List First ADRhedged Securities in the U.S. on Cboe, Providing Exposure to Individual International Companies with an Embedded Currency Hedge
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading securities and derivatives exchange network, announced the listing of new ADRhedgedâ„¢ securities (ADRH) on Cboe U.S. beginning today. The new ADRHs are sponsored by Precidian Investments, an industry leader in the creation of innovative financial products. To provide the currency hedge for each ADRH, Precidian has engaged CIBC, a leading North American financial institution who pioneered CDRs in Canada in 2021. There are now 65 CDRs listed on Cboe Canada with more than $50 billion CAD in trading volume since launch and $6 billion CAD in assets under management.
/jlne.ws/4gPOYJr
ICE Introduces Multi-Asset Class Climate Transition Risk Solution
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced the launch of a multi-asset class climate transition risk solution, which provides emissions estimates and portfolio analytics across various fixed income asset classes, covering Scope 1, Scope 2 and Scope 3 emissions for municipal bonds, mortgage-backed securities (MBS), and real estate. This new solution, combined with ICE's existing coverage of sovereign, corporate equity, and private companies, can enable clients to assess and benchmark their financed emissions across a comprehensive range of fixed income asset classes in one integrated offering.
/jlne.ws/4dDsPuM
EU Commission joins Eurex's repo market; The EU Commission (EC) is the latest member to join Eurex as venue for transactions in repurchase agreements (Repos).
Eurex
The EU Commission (EC) is the latest member to join the Eurex Repo segment bringing the number of participants to 165 - including 10 Supranational Institutions and Agencies as well as 5 central banks such as Deutsche Bundesbank. Both institutions announced today that the EU Commission is ready to trade and clear repo transactions at Eurex. This is a major milestone for Eurex as both a leading marketplace for derivatives and repo trading and at the same time one of the leading clearing houses globally, to become the incumbent marketplace for trading and clearing of euro-denominated repo and derivatives transactions.
/jlne.ws/4eM5RmA
Nodal Exchange achieves new records with 14% growth in power futures and 227% growth in environmental markets in September 2024
EEX Group News
Nodal Exchange today announced significant growth in both power and environmental markets in the month of September. In power, Nodal set a calendar month record for September with 255 million MWh of traded power futures volume in the month, up 14% from the prior year. Nodal also achieved a Q3 trading record with 665 million MWh of traded power futures volume, up 16% from the prior year. Nodal continues to be the market leader in North American power futures having the majority of the open interest with 1.381 billion MWh at the end of September.
/jlne.ws/3NlKtIM
Euronext announces volumes for September 2024
Euronext, the leading pan-European market infrastructure, today announced trading volumes for September 2024.
/jlne.ws/4dIYv22
JSE Announces Winners of the Annual Virtual Trading Game During World Investor Week
JSE
The winners were revealed at the 7th annual Ring the Bell for Financial Literacy market open, organised by the World Federation of Exchanges (WFE) and the International Organisation of Securities Commissions (IOSCO) in celebration of World Investor Week (WIW). WIW is a global campaign aimed at raising awareness about the importance of financial literacy and promoting investor protection. To mark the occasion, the JSE joined other stock exchanges around the world and held a special market open, ringing the bell to signify the bourse's commitment to the cause.
/jlne.ws/4eSNGvp
Performance Bond Requirements: Energy Margins - Effective October 08, 2024
CME Clearing
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on October 08, 2024.
/jlne.ws/3BBkXNk
Nasdaq Reports September 2024 Volumes and 3Q24 Statistics
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for September 2024, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended September 30, 2024, on its Investor Relations website.
/jlne.ws/4haGU6j
Nasdaq to launch PureStream in Europe early next year; "PureStream on Nasdaq Europe will provide greater choice of trade execution mechanisms to our clients and help institutional investors navigate the European trading landscape," said Nasdaq's Nikolaj Kosakewitsch; launch is expected in Q1 2025.
Claudia Preece - The Trade
Nasdaq is set to launch volume-based trajectory trading solution PureStream in Europe in Q1 2025, pending regulatory approval. The offering - already available in the US and Canada - will give clients access to EU shares on Nasdaq Europe. Speaking to the TRADE earlier this year, Sean Hoover, PureStream chief operating officer, said: "Subscribers and clients have both made it clear that the unique value of streaming in the US is something that they would welcome in Europe.
/jlne.ws/4eFvgyr
Nasdaq Launches PureStream in Europe - A new tool for trajectory trading
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced the planned launch of PureStream, a new volume-based trajectory trading solution giving clients access to EU shares on Nasdaq Europe*. PureStream is already available in the US and Canada and is expected to launch on Nasdaq Europe in Q1 2025, pending regulatory approval.
/jlne.ws/3XVUt0u
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels of OTF due to its underlying securities being subject to disposition measures imposed by the securities market.
TAIFEX
The margins will be effective after the close of the regular trading session on 2024/10/09 and will be restored to the current levels after the close of the regular trading session on 2024/10/24. (Margin levels will be increased from 2024/10/09 to 2024/10/24 and will be extended accordingly if the securities market is closed on any of the days.)
/jlne.ws/4eQCe3g
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | CanDeal Data & Analytics (DNA) to distribute Consensus Canadian OIS and Swap Rates via LSEG
CanDeal
CanDeal DNA, the premier source for Canadian OTC fixed income and derivatives pricing, is partnering with LSEG Data & Analytics to distribute CanDeal DNA Consensus OIS and Swap Rates. CanDeal DNA Consensus OIS and Swap Rates are expected to become key reference rates for the market due to quality and consistency of coverage with inputs provided by, and consensus derived from, CanDeal's partner banks and dealers.
/jlne.ws/3Ye0ve1
Atos to Continue Talks With French State Over Assets Sale; Atos said any potential sale will be subject to approval by the courts, to which the accelerated safeguard plan will be submitted on Oct. 15
Najat Kantouar - The Wall Street Journal
Atos said it made a new proposal to sell its computing and cybersecurity assets to the French state after an initial round of talks ended without an agreement. The beleaguered French IT group received a 700 million-euro ($768.4 million) offer from Paris back in June for its advanced computing, mission-critical systems and cybersecurity activities within Atos's big data and security arm, underscoring efforts from France to prevent the collapse of a company that offers services to governments, homeland security and defense clients.
/jlne.ws/4eyS8Q3
Google ordered to open Android to app store rivals after court loss; Injunction is a blow to search giant defending three antitrust cases that threaten its core business
Stephen Morris - Financial Times
Alphabet has been ordered to open its Android operating system to rivals, allowing them to create their own app marketplaces and payment systems to compete with its dominant Google Play Store, in the latest blow for the search giant that has lost recent antitrust cases. A federal judge in San Francisco ordered the changes on Monday following a successful lawsuit from Epic, the maker of popular video game Fortnite, which argued Google suppressed competition in Android apps and used its monopoly to charge excessive fees.
/jlne.ws/3zP0p3j
Instantia selects ION FX for trade execution and risk management; The FX solution from ION was chosen for its end-to-end processing functionality of FX cash and derivative products.
Wesley Bray - The Trade
Australia-based digital FX, risk management and payments company Instantia has selected ION Foreign Exchange (FX) for the trade execution, trade management, risk and settlement management of its FX business. Instantia offers a client-centric way to manage currency exchange, FX strategies, and cross-border payments. The business also offers a risk management intelligence tool, providing insights to key business decision-makers.
/jlne.ws/3BCOZ3h
AI innovators win Nobel Prize for physics; Geoffrey Hinton, co-recipient of the award with John Hopfield, warned of the potential dangers of artificial intelligence
Michael Peel - Financial Times
John Hopfield and Geoffrey Hinton have won the physics Nobel Prize for formative work on artificial intelligence that has helped drive scientific advances but raised fears about the risks of abuse. The award highlights the fundamental role the AI field of machine learning now plays in research, because of the amount of data it can process at speed. Hinton, who quit Google last year so he could speak more freely, said he was "flabbergasted" by Tuesday's honour and spoke of the power and perils of AI.
/jlne.ws/3YfaIXT
Vodafone Partners With Google to Promote AI Phones and Services; Vodafone will teach customers how to use AI on their phones; AI will improve recommendations, ad targeting on TV service
Jillian Deutsch - Bloomberg
Vodafone Group Plc has partnered with Alphabet Inc.'s Google to bring cloud services, generative artificial intelligence tools and cybersecurity to its customers in Europe and Africa. The 10-year expansion of an existing partnership will see Vodafone promote Google's cloud storage subscriptions, including Google One AI Premium, which gives access to the Gemini chatbot, Vodafone said in a statement on Tuesday. The UK-based operator will also show customers how to use the latest Pixel devices' AI features in stores.
/jlne.ws/3YfYheg
Forget chat. AI that can hear, see and click is already here; New voice and video features signal a shift beyond text-based chatbots.
Melissa Heikkila - MIT Technology Review
Chatting with an AI chatbot is so 2022. The latest hot AI toys take advantage of multimodal models, which can handle several things at the same time, such as images, audio, and text. Exhibit A: Google's NotebookLM. NotebookLM is a research tool the company launched with little fanfare a year ago. A few weeks ago, Google added an AI podcasting tool called Audio Overview to NotebookLM, which allows users to create podcasts about anything. Add a link to, for example, your LinkedIn profile, and the AI podcast hosts will boost your ego for nine minutes. The feature has become a surprise viral hit. I wrote about all the weird and amazing ways people are using it here.
/jlne.ws/47WJfNU
AI will eliminate many 'blue-collar' jobs-and 4 other AI predictions; Kai-Fu Lee, AI expert and founding president of Google China, shares his predictions for how AI will change work and society.
Rajeev Kapur - Fast Company
What will the future of AI bring? Will it revolutionize our world with groundbreaking innovations, creating efficiencies and possibilities we have yet to imagine? Or will it pose serious threats, disrupting industries, economies, and societies in ways we are unprepared to handle? On May 30, 2023, over 350 AI executives, researchers, and engineers issued an open letter, warning that the technology they are developing could become a societal risk comparable to pandemics and nuclear war. They urged President Biden and Congress to explore regulations to prevent potential negative impacts of AI on our world.
/jlne.ws/3BMUUm8
Xalts onboards Polygon on its enterprise grade RWA tokenization platform for financial institutions; Xalts offers a plug-and-play solution for enterprise institutions looking at RWA tokenization and building blockchain based technology applications on the Polygon blockchain network; Xalts and Polygon Labs have recently also joined the Qatar Financial Centre (QFC) Authority Digital Assets Lab to test and commercialize use cases in real-world asset tokenization.
Xalts
Xalts today announced a deeper collaboration to bring its enterprise-grade real world asset tokenization platform, RWA Cloud, to the Polygon blockchain network. RWA Cloud provides out-of-the-box solutions to enable financial services, governments, and other enterprise developers looking to build digital asset platforms for implementing blockchain, tokenization, and smart contract applications for different use cases.
/jlne.ws/3ZY8woO
Samsung issues public apology after falling behind on AI; Chip division head says performance has not met expectations as company's latest earnings guidance disappoints
Song Jung-a and Christian Davies in Seoul - Financial Times
/jlne.ws/4dG0p3B
Want to get into the AI industry? Head to Abu Dhabi.
Lakshmi Varanasi - Business Insider
/jlne.ws/3By7Jkl
AI Startup for Personal Injury Law Valued at Over $1 Billion; Bain, Lightspeed, Bessemer participated in $135 million round; EvenUp sells AI software to more than 1,000 law firms
Katie Roof - Bloomberg
/jlne.ws/3YfwBGA
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| Cybersecurity | | Top stories for cybersecurity | UN Agency Recommends Criminalization of Unlicensed VASPs in Southeast Asia to Counter Cyber Fraud; Some service providers are facilitating transactions for fraud outfits and high-risk gambling sites, the report said.
Callan Quinn - CoinDesk
The United Nations Office on Drugs and Crime called on Southeast Asian nations to make operating a money service business or virtual asset service provider (VASP) without a license a criminal offense. Some VASPs - including those with links to known criminals - are facilitating transactions for fraud outfits and high-risk gambling sites, the agency said in a report published Monday. One unidentified entity engaged in "at least hundreds of millions of dollars" in transactions with criminal operations, according to the report. Among them were groups connected to or directly involved in large-scale drug trafficking, human trafficking, cybercrime and child sexual abuse material, as well as entities sanctioned by the U.S. Office of Foreign Assets Control (OFAC) and wallets linked to North Korea's Lazarus Group.
/jlne.ws/480GNWr
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto.com Sues SEC, Chair Gary Gensler After Receiving Wells Notice; The case seeks to prevent the SEC from unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on the exchange.
Amitoj Singh - CoinDesk
Cryptocurrency exchange Crypto.com said it sued the U.S. Securities and Exchange Commission, along with its Chair Gary Gensler and its four commissioners after the regulator sent a Wells Notice to the company. The court filing was made by Foris DAX Inc., a company incorporated under the laws of the state of Delaware and operates under the business name of Crypto.com.
/jlne.ws/3XUkE7L
Ether ETFs See Zero Flows for Second Time as Bitcoin ETFs Post Biggest Inflows in 6 Days
Jamie Crawley - CoinDesk
Ether (ETH) exchange-traded funds (ETFs) in the U.S. saw zero flows on Monday for only the second time since their listing in July, according to data gathered by SoSoValue. Bitcoin (BTC) ETFs, meanwhile, enjoyed their highest inflows since Sept. 27, adding a net $235.2 million. Fidelity's product (FBTC) led the gains with $103.7 million while BlackRock's fund (IBIT) garnered $97.9 million. In contrast, the nine ether ETFs registered zero flows in either direction. The only other time this has occurred was Aug. 30.
/jlne.ws/480wth6
Nadex Self-Certifies BONK Cryptocurrency Touch Bracket Contracts
Mondovisione
Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended ("Act"), and Section 40.2(a) of the regulations promulgated by the Commodity Futures Trading Commission (the "Commission") under the Act (the "Regulations"), North American Derivatives Exchange, Inc. ("Nadex", the "Exchange"), Nadex self-certified the terms and conditions for its new BONK Cryptocurrency Touch Bracket Contracts. These contracts will be listed on or after trade date October 9, 2024.
/jlne.ws/3zFQCwx
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| Politics | | An overview of politics as it relates to the financial markets | Silicon Valley, the New Lobbying Monster; From crypto to A.I., the tech sector is pouring millions into super pacs that intimidate politicians into supporting its agenda.
Charles Duhigg - The New Yorker
One morning in February, Katie Porter was sitting in bed, futzing around on her computer, when she learned that she was the target of a vast techno-political conspiracy. For the past five years, Porter had served in the House of Representatives on behalf of Orange County, California. She'd become famous-at least, C-span and MSNBC famous-for her eviscerations of business tycoons, often aided by a whiteboard that she used to make camera-friendly presentations about corporate greed. Now she was in a highly competitive race to replace the California senator Dianne Feinstein, who had died a few months earlier. The primary was in three weeks.
/jlne.ws/4gTWOBH
Trump tariff proposal could cost Canadians $1,100 per year, report warns; 10% tariff on U.S. imports would have significant impact on productivity, prices and incomes in both countries
Jordan Gowling - Financial Post
An election policy proposal from Donald Trump that would apply a 10-per-cent tariff on all U.S. imports could have wide-ranging economic consequences for the Canadian and U.S economies, including a loss of real annual income of $1,100 (US$800) for people on both sides of the border, a new report argues.
/jlne.ws/3zRtb3q
What Really Happens on the Ground When the US Slaps Tariffs on China; Pittsview, Alabama, and Emporia, Virginia, both make trailers essential for commerce. They show the surprising consequences of trying to protect American jobs.
Shawn Donnan and Bill Allison - Bloomberg
Pittsview, Alabama, home to 1,000 people, has a corner store, a clutch of churches and an abandoned train depot. Emporia, Virginia, population 5,500, has a casino, strip malls and truck stops. They're the sort of forgotten communities that make up much of rural America. But if you want to understand the depth of the economic rivalry between the 21st century's two superpowers, the US and China, they're good places to start.
/jlne.ws/3zNLyWW
Foreign adversaries will try to cast doubt on election results after Nov. 5, U.S. intel officials say; In addition to the presidential contest, Russia, China and Cuba are looking to meddle in congressional races, the officials said.
Dan De Luce - NBC News
Foreign adversaries will try to shake Americans' confidence in the legitimacy of election results in November by giving voice to false claims or spreading their own disinformation about ballot counting, U.S. intelligence officials said Tuesday. "As we approach Election Day, the intelligence community is also stressing that foreign efforts to undermine America's democracy won't end on Nov. 5," a senior intelligence official told reporters in a virtual briefing. In its latest assessment of foreign threats to the election, intelligence officials said the main foreign powers seeking to shape the outcome of the vote - Russia, China and Iran - also were focusing on meddling in congressional and state races.
/jlne.ws/4eVbazT
Parties would have to justify House of Lords nominations under new rules; Aim is to make parties set out candidates' experience and suitability, after criticism of Boris Johnson appointments
Jessica Elgot - The Guardian
Political parties will be required to justify offering peerages under new rules being drafted by the government to overhaul the image of the House of Lords. The move - which could involve similar citations as those when people receive honours from the monarch - is in response to a number of controversial appointments over the years including those of two of Boris Johnson's key aides and of Evgeny Lebedev, the Independent's largest shareholder. Angela Smith, the leader of the House of Lords, is understood to be keen on the changes. A No 10 source said that the proposed changes were still at a very early stage.
/jlne.ws/3Ng68SQ
RT uses AI to broadcast Vladimir Putin speeches in English; Putin Speaks project offers counter to Western Putin translations.
Michael Leidig - Press Gazette
Russia's state-controlled TV news network has revoiced a series of Putin's key speeches using AI to show him delivering them in perfect lip-synched English. In the clips, collected under the 'Putin Speaks' project, the broadcaster has given Putin a young voice with a distinct but not heavy Russian accent. It is understood that the English versions, done with Putin's full approval, are a bid to undermine Western translations of his speeches originally delivered in Russian.
/jlne.ws/4dBeP4T
Russia and Iran Are Ramping Up Threats to UK, Spy Chief Warns; MI5 Director-General Ken McCallum gives rare speech in London; Says Islamist groups trying to capitalize on regional conflict
Alex Wickham - Bloomberg
/jlne.ws/3NfXbJ9
Russia Pays Criminals to Sow 'Mayhem' In Europe, Warns U.K. Spy Chief; Head of U.K.'s MI5 warns that Russia and Iran are hiring low-level criminals to undertake sabotage missions and attacks on dissidents in Europe
Max Colchester - The Wall Street Journal
/jlne.ws/3BKmd0p
China slaps provisional tariffs on EU brandy imports
Isabel Kua and Matthew Walsh - AFP
/jlne.ws/3NhQmH2
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| Regulation & Enforcement | | Stories about regulation and the law. | Monaco Bankers Convicted Over Laundering of Italian Client Cash; Other bankers fined for not making report; one cleared in case; Monaco aims to boost enforcement after dirty cash gray listing
Gaspard Sebag - Bloomberg
Two former Monaco bankers were convicted for having helped launder millions of euros two Italians handed over in bags full of cash during regular trips to the city state. Alexandre Balga, formerly at Banque Havilland, and Nicolas Gelso, who worked at Mediobanca SpA's CMB Monaco unit, each received a suspended jail sentence of as much as six months by judges in Monaco on Tuesday. Both were fined EUR10,000 ($10,989).
/jlne.ws/480aS8F
Korean Financial Watchdog Probing 'Overheated' Korea Zinc Battle
Heesu Lee and Shinhye Kang - Bloomberg
South Korea's financial watchdog will investigate potential unfair trading practices around the takeover battle for Korea Zinc Co., as the fight for the world's top refiner of the metal intensifies. The warning comes after private equity firm MBK Partners and Young Poong Corp., the company's biggest shareholder, raised their offer for a second time on Friday. They are now bidding 830,000 won per share, the same price at which Korea Zinc is attempting to buy back its own stock.
/jlne.ws/3ZVfFX9
SEC Encourages Investors to Choose Their Information Sources Wisely During World Investor Week; Getting information from trusted sources can help protect investors from scammers
SEC
The Securities and Exchange Commission today announced it will encourage investors to choose their information sources wisely during World Investor Week (WIW) 2024, which takes place Oct. 7-13. Whether investors are researching an investment professional or deciding which investments help them meet their financial goals, it's important for them to get their information from unbiased and trusted sources.
/jlne.ws/3YfYT3J
FMA files proceedings against ASB for alleged fair dealing breaches
FMA
The Financial Markets Authority - Te Mana Tatai Hokohoko - has filed civil proceedings against ASB Bank Limited for allegedly making false or misleading representations in relation to insurance products and banking services. The FMA's proceedings have two causes of action. The first relates to the failure to apply multi policy discounts on ASB-branded insurance products. The FMA alleges that the misapplication of the multi policy discount arose through errors in the manual process undertaken by ASB staff at the point of sale for insurance products. A sub-issue involved ASB staff misinforming customers with policies of insurance for caravans and trailers that they were eligible for the multi policy discount, despite those policies being ineligible.
/jlne.ws/4eM3xfm
FCA: 'Shift from reactive to proactive regulation needed'
Tara O'Connor - FT Adviser
The world of finance should be prepared to face volatility as a constant, according to the Financial Conduct Authority's CEO, Nikhil Rathi. He said capital markets and regulation have a vital role to play when it comes to facing constant volatility. Rathi said solutions to this volatility include regulation that is proactive rather than reactive and can help firms grow. Speaking at the FCA International Capital Markets Conference today (October 8), he said: "Our careers have been defined by some of the biggest crises the financial world has ever seen. But we've also seen how people have solved those crises. Or even prevented them. It's what I love about this job, and the financial system. How it self-corrects. How it innovates."
/jlne.ws/4dDdcDT
FCA mulls bespoke rules for non-retail traders; Watchdog boss says new rules could boost liquidity
Justin Cash - Financial News
The Financial Conduct Authority is looking at how to reduce the burden of regulation on non-retail trading firms by introducing bespoke rules. As new players continue to take equities trading business away from traditional bank operations in the US, the watchdog's chief executive Nikhil Rathi said that tailoring its rulebook for those who don't interact with retail clients could boost liquidity and competitiveness in the UK market.
/jlne.ws/4eBZVN6
Predictable volatility
FCA
Speech by Nikhil Rathi, FCA Chief Executive, delivered at FCA International Capital Markets Conference 2024.
/jlne.ws/4dycSGs
SFC concludes consultation on proposals to enhance REIT regime and SFO market conduct regime for listed CIS
SFC
The Securities and Futures Commission (SFC) today released consultation conclusions on proposals to introduce a statutory scheme of arrangement and compulsory acquisition mechanism for real estate investment trusts (REITs) (REIT Scheme Proposal) and an enhanced market conduct regime for listed collective investment schemes (CIS) under the Securities and Futures Ordinance (SFO) (Listed CIS Proposal) (Note 1). The REIT Scheme Proposal would enable REITs to conduct privatisation and corporate restructuring in a clear and orderly manner, with similar safeguards and protection for investors as embodied in the statutory framework under the Companies Ordinance.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The TRADE announces the Rising Stars of Trading and Execution 2024; To celebrate 10 years of the initiative, this year The TRADE will be holding a special celebratory evening at Plaisterers' Hall on 15 October.
Editors - The TRADE
The TRADE is delighted to announce the Rising Stars of Trading and Execution for 2024, in collaboration with Instinet - a celebration of up and coming talent on the buy-side. Now in its tenth year, the Rising Stars initiative recognises key buy-side individuals who go above and beyond the call of duty whether that be through day-to-day activities or through thought leadership on industry platforms. Previously recognised individuals have gone on to head up some of the largest and most successful desks across leading asset managers and hedge funds.
/jlne.ws/4dCmaRB
Investors With $15 Trillion Signal New Approach to Miners
Alastair Marsh - Bloomberg
Investors need to adopt a new approach to the mining sector if the industry is to meet the growing demand for minerals and metals needed for the green transition. That's the central message in a report published Tuesday by a coalition of some of the world's biggest investors, including California State Teachers' Retirement System and Allianz Investment Management. The Global Investor Commission on Mining 2030, which is supported by institutions with $15 trillion of assets, proposed several recommendations for how investors can help bring about "an environmentally and socially responsible mining industry" through steps including capital allocation and company engagement.
/jlne.ws/3zM726z
McDonald's accuses meatpackers of price-fixing in lawsuit over beef costs; Case pits the world's largest burger chain against Cargill, JBS, National Beef and Tyson Foods
Gregory Meyer - Financial Times
McDonald's has sued the four biggest beef producers in the US, alleging they conspired to drive up the price of meat paid by the world's largest burger chain. The lawsuit filed in federal court in New York follows similar litigation brought by cattle ranchers and supermarkets as well as federal probes into US cattle and beef markets. Cargill, JBS, National Beef and Tyson Foods were named as defendants.
/jlne.ws/3BD0iIM
Paris Wheat Futures Slide in Bid to Compete With Black Sea Crops
Celia Bergin - Bloomberg
Paris wheat futures fell for a fourth day as the market seeks a competitive price to lure major buyers back from cheap Black Sea crops. Pricier European crops have struggled to attract purchases in the face of cheaper supplies from top global producers Ukraine and Russia. Poor harvests in France and Germany had pushed prices up over recent weeks. The contract for December delivery fell for a fourth day, down as much as 0.9% on Tuesday, and its discount relative to March 2025 futures has widened to around EUR12 per ton. That reflects "the current overloading of French ports amid very sluggish export activity to non-EU countries," wrote Argus in a note.
/jlne.ws/4eAZPVU
Japanese Buy Record Amount of US Sovereign Bonds in August; Net purchases total almost ¥6 trillion as Treasuries gain; Japanese funds sell French debt as yield premiums widen
Masaki Kondo - Bloomberg
Japanese funds bought a record amount of US sovereign bonds in August amid a rally in Treasuries, the latest balance-of-payments data from the country's Ministry of Finance showed on Tuesday. Net buying came to ¥5.59 trillion ($37.8 billion), bringing total purchases to ¥12.8 trillion for the January-August period. That's similar to the amount bought during the same period a year earlier. The data include bonds sold by the government, agencies, and local municipalities.
/jlne.ws/4ePqPkV
Short Seller Hindenburg Says Roblox Inflates User Metrics, Compromises Child Safety; Research firm alleges the videogame company has exaggerated user data and engagement figures
Ben Foldy and Sarah E. Needleman - The Wall Street Journal
Short-selling firm Hindenburg Research said in a report released Tuesday that the videogame platform Roblox has reported inflated user metrics to investors and has favored growth over child safety. Hindenburg alleges that Roblox has been exaggerating daily user and engagement figures to investors since it went public in 2021. The firm also accuses Roblox of giving priority to growth over measures that would better protect children from pedophiles and mature content. The firm said its research is based in part on interviews it conducted with multiple former Roblox employees and firsthand experience on the platform.
/jlne.ws/3zPUiM4
Is China Breaking Out or Breaking Bad? A sudden change in Beijing's rhetoric spurred a surge in Chinese stocks. The question is, can it last?
Nir Kaissar and Shuli Ren - Bloomberg
China's recent stimulus announcements sparked a massive rally in its stocks, and a growing chorus of analysts see more gains ahead. Is this a reawakening of the country's long slumbering stock market or just another false start? Bloomberg Opinion's Nir Kaissar and Shuli Ren, based in the US and Hong Kong respectively, met online to discuss the risks and opportunities. Nir Kaissar: Shuli, like a lot of people, I've been amazed by the surge of Chinese stocks in recent days. The Hang Seng Index1 is 22% higher and the Shanghai Shenzhen CSI 300 Index is up 27% in just two weeks. Those are big leaps by any measure.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Norway's Equinor takes 10% stake in renewables group Orsted; Company becomes second-largest shareholder in world's biggest offshore wind farm developer behind Danish government
Richard Milne and Rachel Millard - Financial Times
Norway's state-controlled oil and gas company Equinor has bought a 10 per cent stake in Denmark's Orsted, becoming the second-largest shareholder in the world's biggest offshore wind farm developer behind the Danish government. Anders Opedal, Equinor's chief executive, said on Monday that the shareholding - worth about $2.5bn - had been accumulated over time and was part of the Norwegian group's growing focus on renewables.
/jlne.ws/3Yf0RkH
'You only go to the party if everyone is going': finance bosses to skip COP29; Business expectations lowered for summit to be held in Baku next month
Attracta Mooney, Aime Williams, Ian Smith, Owen Walker and Brooke Masters - Financial Times
The bosses of Bank of America, BlackRock, Standard Chartered and Deutsche Bank are among prominent financiers who are expected to skip the UN COP29 summit this year, as business expectations are lowered for the world's most important climate negotiations. The two-week summit in Baku in November was dubbed by its organisers as "the finance COP", where almost 200 countries will discuss a new global financial target to support developing countries suffering the effects of climate change.
/jlne.ws/4gZjWyW
Doubts About ESG Funds Aren't Slowing Their Spread; Money managers are tilting toward ESG, whether they want to or not.
Merryn Somerset Webb - Bloomberg
If you buy a fund with sustainable, ethical or green in its name, are you really getting something different from everyone else? Or are you all too often getting much the same thing, just with a more compelling name? Is there an epidemic of greenwashing? The UK's Financial Conduct Authority has long suspected the latter - hence the introduction of new regulations that will come into force early next year around the labeling of funds.
/jlne.ws/3NgNdat
Princeton reverses ban on fossil fuel companies funding research; Officials claim university's policy harmed scholars working to combat effects of climate change
Amanda Chu and Andrew Jack - Financial Times
Princeton University has reversed a policy that had sharply constrained the funding of academic research by fossil fuel companies, after pressure from faculty members and concerns that the rules risked hindering work on environmental challenges. Environmental campaigners criticised the move as Princeton had gone further than most of its peers in moving to divest oil, gas and coal groups from its endowment and "dissociate" its research from fossil fuel company funding.
/jlne.ws/3U0NWAe
Lead Drinking-Water Pipes Must be Replaced Nationwide, E.P.A. Says; The "historic" rule aims to eliminate a major source of lead poisoning and comes a decade after a drinking-water crisis in Flint, Mich.
Hiroko Tabuchi - The New York Times
The Biden administration unveiled on Tuesday a landmark rule that would require water utilities to replace virtually every lead pipe in the country within 10 years, tackling a major source of a neurotoxin that is particularly dangerous to infants and children.
/jlne.ws/4gTYhYK
BP abandons oil and gas pledge as it prepares to target Middle East
Chris Price - The Telegraph
BP has reportedly abandoned its target to cut oil and gas production by 2030 as its new chief executive scales back a switch to green energy to boost its share price. Murray Auchincloss, who took over from Bernard Looney in January, is expected to focus on ploughing new money into projects in the Middle East and the Gulf of Mexico to boost output.
/jlne.ws/480zDBu
Bill Gates-Backed Company Is Redesigning the Wind Turbine; In addition to Gates, the Department of Defense is funding a pilot project of a wind energy system that looks like a rollercoaster.
Monique Mulima - Bloomberg
/jlne.ws/3BBkA5o
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Chinese brokerages extend bank-securities transfer window to facilitate trading
South China Morning Post
Chinese brokerages are extending the window for bank-securities transfers, following the Shanghai Stock Exchange's decision to add an extra five minutes as part of efforts to facilitate stock trading amid a market boom driven by Beijing's historic stimulus package. Top securities firms including Citic Securities and Huatai Securities told their clients on Monday that they have coordinated with banks to allow for earlier transfers of funds from bank accounts to brokerage accounts, aiming to help investors trade stocks promptly following the market's reopening after the week-long national holiday.
/jlne.ws/47YSuNu
Ex-Goldman CFO Returns to Wall Street Atop $55 Billion Housing Giant
Sridhar Natarajan - Bloomberg
Stephen Scherr, the former chief financial officer of Goldman Sachs Group Inc., is seeking a Wall Street comeback by joining the leadership of one of the biggest investors in US housing. Scherr starts this week as co-president at Pretium, a major landlord of US single-family homes founded by his former Goldman colleague Don Mullen. The new hire will share his post atop the $55 billion investment firm with another heavyweight Mullen recruited last year: former Morgan Stanley CFO Jon Pruzan.
/jlne.ws/3NiliHi
Commerzbank Revamps Wealth Unit to Grow Business With Ultra Rich
Arno Schuetze and Steven Arons - Bloomberg
Commerzbank AG is stepping up efforts to provide wealth management services for the ultra rich, as it seeks to boost fee income and fend off an unsolicited approach by rival UniCredit SpA. The Frankfurt-based bank is setting up a division for the business of catering to family offices and ultra-high-net-worth clients under Sebastian Ahlhorn, it said in a release on Tuesday. Commerzbank will also add teams to cover those clients in Hamburg and Stuttgart, adding two locations to the existing four.
/jlne.ws/3TVStUU
JPMorgan to Base Group of Private Bankers in New Munich Office
Stephan Kahl - Bloomberg
JPMorgan Chase & Co. aims to base a double-digit number of private bankers in its planned Munich office as the US banking giant seeks to do more business in Germany's wealthy south. "We are planning for Munich with a low double-digit number of employees, the majority of them in private banking," Caroline Potsch-Hennig, who heads the private banking business in Germany, said in an interview. Currently, JPMorgan is serving rich clients in the south from its Frankfurt office.
/jlne.ws/4eyUNcF
Swiss Bank Mirabaud Shuts Brokerage Unit Due to Poor Performance; Firm to focus on wealth, asset management, corporate finance; Decision impacts 17 jobs in Switzerland, UK and Spain
Allegra Catelli and Kit Rees - Bloomberg
Mirabaud & Cie SA closed its brokerage arm last month as part of a strategic overhaul that would see the Swiss bank focusing on its core services including wealth and asset management, as well as corporate finance. Poor performance of the unit contributed to the decision, people familiar with the matter said, asking not to be identified discussing internal information. As a result, fixed income and equities brokerage as well as research coverage of public companies will no longer be active.
/jlne.ws/3XTvYRD
Warren Buffett's BofA Stock-Selling Spree Surpasses $10 Billion
Katherine Doherty - Bloomberg
Warren Buffett's conglomerate has added another zero to its haul from a months-long selling spree of Bank of America Corp. stock. In its 14th round of disposals, Berkshire Hathaway Inc. eclipsed $10 billion of total proceeds from whittling its stake in the second-largest US bank, a regulatory filing on Monday shows. Buffett, 94, began paring the massive investment in mid-July, putting pressure on the stock's price ever since.
/jlne.ws/3Y0dr6h
Banks Tap Hong Kong's Discount Window for Most Funds Since 2019
Bloomberg News
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John Paulson Settles Ex-Puerto Rico Partner Ghaffar's Fraud Suit; Fahad Ghaffar claimed he was cheated in car dealer investment; Paulson's own fraud lawsuit against Ghaffar remains active
Chris Dolmetsch and Jim Wyss - Bloomberg
/jlne.ws/4dCAJVm
$300bn in ETFs affected by S&P indices reshuffle; Rebalance was prompted by concerns over the continued growth of tech stocks such as Nvidia
Brian Ponte - Financial Times
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Isolation Comes With Being the Boss; 3 ways to handle the loneliness that accompanies being in charge.
Expert Opinion by Elizabeth Gore, President and Chairwoman, HelloAlice.com - Inc.
Being a founder or CEO is often portrayed as glamorous; you are seen as the big cheese with total say and control over all things. Shall we all break it to everyone that, much like baseball pitchers, it is the loneliest place in the world? What is perceived as total control is actually leaders hiding the emotional roller coaster of defending, protecting, and isolating all the problems that arise daily in your business. You are in fact "The Wolf" from Pulp Fiction. You are the fixer who comes in the middle of the night to solve whatever unforeseen chaos just started.
/jlne.ws/4dxmzow
Here's what hiring managers are looking for, according to a new survey; Standing out to a hiring manager requires more than just matching the qualifications on a job posting.
Catherine Fisher - Fast Company
The current job market is more competitive than ever, with pools of qualified candidates vying for fewer positions. It can feel daunting to stand out in such a crowded field but don't be discouraged. A recent LinkedIn survey of 1,000+ hiring managers across the U.S. revealed important insights to demystify the job search and help job seekers get their applications to the top of the stack. Using intel from the survey, here are some tips to help you stand out to hiring managers and get your foot in the door.
/jlne.ws/3YbccSR
Wall Street titan admits she allocates 30% of her time to her kids because 'work life balance is a lie'
Orianna Rosa Royle - Fortune
"Work-life balance is a lie," according to Thasunda Brown Duckett, president and CEO of the Fortune 500 financial services company TIAA-and she thinks she's a better mom for giving up trying to give her children 100% of her time.
/jlne.ws/3YcxsYm
What is the point of corporate art collections? Works exhibited by companies can deepen client relationships and tempt staff to the office
Emma Jacobs and Melanie Gerlis - Financial Times
Deutsche Bank wants clients and employees entering its new office in the City of London to think beyond money and work when they see the huge, curved steel sculpture created by British-Indian artist Sir Anish Kapoor. "Turning the World Upside Down III" - or "the Silver Ball" as it is known to staff - represents a warning about "the fragility of ideas", according to a guide, and is part of the more than 50,000 works in the bank's collection. Elsewhere in the glass-fronted headquarters at 21 Moorfields are freshly commissioned pieces by young British artists Simeon Barclay, Claire Hooper and Rene Matić, alongside acquisitions by John Akomfrah, Noémie Goudal and Gavin Turk.
/jlne.ws/4eW6JVu
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Her Face Was Unrecognizable After an Explosion. A Placenta Restored It.; The same qualities that make placentas so valuable during pregnancy make them profoundly useful for healing burns and wounds, too. So why do we throw so many away?
Kate Morgan - The New York Times
Marcella Townsend remembers looking around the kitchen in shock. In the silence just after the explosion, before the pain kicked in, she found herself almost in awe of the crushed stove and the caved-in cabinets. "It was like Bigfoot had walked across the counters," she said. In the aftermath of a propane explosion at her mother's house in Savannah, Ga., in 2021, Ms. Townsend spent more than six weeks in an induced coma in a burn trauma unit. She had second- and third-degree burns over most of her body, and her face had become unrecognizable.
/jlne.ws/4ezB5xo
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China is oversupplying lithium to eliminate rivals, US official says
Sergio Goncalves - Reuters
Chinese lithium producers are flooding the global market with the critical metal and causing a "predatory" price drop as they seek to eliminate competing projects, a senior U.S. official said on a visit to Portugal that has ample lithium reserves. Jose Fernandez, under secretary for economic growth, energy and the environment at the U.S. Department of State, told a briefing late on Monday that China was producing much more lithium "than the world needs today, by far".
/jlne.ws/3YdZTFg
Fintech Australia backs government's scam prevention plan; The industry group for Australia's startup sector, Fintech Australia, has given its support for the government's proposals to implement scam obligations for financial services firms.
Finextra editorial
The proposed Scams Prevention Network (SPN) is designed to introduce a "whole-of-ecosystem" approach to reducing online financial scams by increasing the obligations on banks, telcos and social media platforms to reimburse customers and to take preventative steps of their own. In 2023, the losses suffered by Australian consumers from scams totalled A$2.74bn. According to assistant treasurer Stephen Jones, the new mandatory codes will make Australia "the toughest target in the world for scammers".
/jlne.ws/3ZZ84qn
Britain to suffer biggest exodus of millionaires in the world
Tim Wallace - The Telegraph
Britain is set to suffer the biggest exodus of millionaires in the world, analysis published ahead of the Government's planned raid on non-doms has found. The share of the population who are millionaires is expected to plunge by 20pc over the course of this Parliament, from 4.55pc now to 3.62pc over the next five years, according to an Adam Smith Institute analysis of UBS forecasts.
/jlne.ws/3ByaXEt
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