| September 13, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The Full FX is holding a one day event on the sidelines of the FIA EXPO on October 3 at the Sheraton Grand Chicago Riverwalk from 9:00 AM - 5:00 PM CDT. The event is free to asset managers, corporates, hedge funds, CTAs and prop trading firms. The fee for sell side firms and consultants is USD100/AUD150. Non-sponsoring vendors/service providers will be charged USD1,800/AUD 2,700* per delegate. For information on sponsoring The Full FX at FIA Expo, please email Michelle Hemstedt (michelle@thefullfx.com) or Cindy Jiang (cindy@thefullfx.com).
Yesterday we published the video interview I did with Michelle Tran, the president of TMX Datalinx, "Exploring Term CORRA: An Interview with Michelle Tran, President of TMX Datalinx." JLN also published a podcast version of this interview, which can be found HERE.
TMX Markets, TMX Group's trading arm, announced on LinkedIn the upcoming hiring of Heidi Fischer to lead its strategic U.S. expansion plans. TMX said, "In this new role, Ms. Fischer will provide direction and oversight for TMX's U.S. trading initiatives, aligning with TMX's corporate strategy and the organization's purpose of making markets better and empowering bold ideas."
Are you going to be at FIA EXPO and do you have a story to tell about your firm? JLN will have its video team at EXPO again this year, as well as other journalists conducting audio-only podcast interviews. If you are interested in participating in the JLN Industry Leader video or podcast series for this year's EXPO, please contact me at johnlothian@johnlothian.com.
ICE Data Services today announced plans to offer ultra-low latency data between markets in the U.S. and Europe, including London, Frankfurt, and Bergamo.
R.J. O'Brien is hiring a new systems support senior associate in the London Area, United Kingdom.
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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Nasdaq's newsletter, "Green Voices The Fall Issue: Bringing you the latest updates and insights on all things ESG," is available on the Nasdaq website. The fall newsletter includes links to its carbon removals e-book: Achieving a net-negative economy; the Nasdaq 2022 Sustainability Report; and the latest episode of ESG Trendsetters, this one profiling the company Orbia. It also includes an update on the revised European sustainability reporting standards. ~SAED
Our most read stories yesterday on JLN Options were:
- Amateurs Pile Into 24-Hour Options: 'It's Just Gambling'
- US energy producers reduce hedging to capture upside from higher prices
- Hedge Fund Boss Calls Hydrogen Bets 'Complete Waste of Time' ~JB
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Gambling on Options Is Fun; Also a Sculptor lawsuit, Jamie Dimon on bank capital rules and a 2x levered Bitcoin ETF.
Matt Levine - Bloomberg
There was just a very strong case that, if you wanted to make long-term retirement investments, buying stocks was the good and sensible way to do it, endorsed by academic theory and common sense. But you had to pick the stocks: In the olden days, stock investing meant buying individual stocks, and retail stock investing meant not buying that many of them, because stocks traded in round lots of 100 expensive shares so you could only buy so many different stocks.
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****** Yes, there are gamblers who trade. And yes, there are young, lower-net worth venture capitalists who are prevented from investing in startups because of regulations that apply the same type of mentality to options trading as they do VC investing. There are all kinds of ways to look at the options trading explosion.~JJL
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Billionaire Ken Griffin Lays Out Vision for Philanthropy With Catalyst Brand; Billionaire is focused on education, science, upward mobility; 'It comes from an optimism about the future of America'
Amanda L Gordon - Bloombeerg
Ken Griffin wants the public to know where his money is going. One month shy of his 55th birthday, the billionaire is launching Griffin Catalyst, a new brand for his philanthropic activities. It includes a website to detail the nonprofits he supports and why. The initiative doesn't alter his philanthropic staff or operations.
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****** Ken Griffin is one of the best philanthropists of our time. And here he is showing transparency and leadership to boot.~JJL
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Tuesday's Top Three
Our top story Tuesday was The Wall Street Journal's Amateurs Pile Into 24-Hour Options: 'It's Just Gambling.' Second was Goldman Sachs reshuffles top management, elevates insiders as CEO Solomon retrenches, from Yahoo Finance. Third was CME Group to Launch Options on Micro Gold Futures as Retail Participation Jumps, a press release from CME Group.
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| Lead Stories | SEC accuses Virtu of failing to protect client trade information; Lawsuit says market maker's flawed system gave proprietary traders 'nearly unfettered access' to material data
Jennifer Hughes - Financial Times
Market maker Virtu has been sued by US regulators for allegedly giving misleading statements and omitting information about its protections against the potential misuse of sensitive customer information it held. The Securities and Exchange Commission's lawsuit on Tuesday said a database containing post-trade information generated from customer orders through Virtu's institutional business was accessible via two widely-known passwords to "practically anyone" at Virtu Americas - including in its proprietary trading business, which trades for its own account and profit rather than for clients.
/jlne.ws/3PBtYdL
CoinDesk Indices Expands Into Asia-Pacific Through Deal With Major Exchange Operator ICE; ICE Futures Singapore's bitcoin futures contracts will now be known as CoinDesk Bitcoin Futures contracts.
Stephen Alpher - CoinDesk
ICE Futures Singapore, a division of one of the world's largest exchange operators, is overhauling its bitcoin futures offering to use a benchmark supplied by CoinDesk Indices, according to a press release The new CoinDesk Bitcoin Futures (BMC) will settle using the CoinDesk Bitcoin Price Index (XBX) beginning with the October contracts.
/jlne.ws/466U9hQ
Deutsche Bank continued to push risky derivatives years after probe found mis-selling
Olaf Storbeck - Financial Times
Deutsche Bank continued to sell risky foreign exchange derivatives to companies in Spain that had suffered big losses from such products even after an internal inquiry found long-standing mis-selling. An internal probe that began in 2019 after a whistleblower complaint found that staff exploited flaws in the bank's controls and broke EU rules, pushing small and medium-sized Spanish companies to buy highly complex products that were promoted as safe and cheap hedges against foreign exchange risks.
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With CEO Out, BP Faces Choice of Whether to Abandon Push to Go Green; After Bernard Looney's surprise resignation, pumping more oil and gas would lure investors, but missteps could make company a deal target
Jenny Strasburg - The Wall Street Journal
The sudden end to BP CEO Bernard Looney's 32-year career at the British energy giant could free the company to do more of what investors have wanted amid soaring energy prices-pump still more oil and gas. Putting more priority on fossil fuels would entail playing down the lower-carbon strategy Looney championed more than his predecessors and rivals alike.
/jlne.ws/3rh45q8
BP CEO's Sudden Fall Puts Oil Major's Strategy Back in Play; Looney bet on hydrogen and wind power, and then backpedalled; The CEO was last of elite BP executives known as the 'turtles'
Laura Hurst - Bloomberg
The abrupt resignation of BP chief Bernard Looney marks the loss of an executive who pushed for a transition to clean energy more aggressively than any of his industry peers, with mixed results. BP said Tuesday that the 53-year-old chief executive officer was departing after failing to fully disclose to the company board some of his past relationships with colleagues. Chief Financial Officer Murray Auchincloss will take the top job on an interim basis.
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BP's Revolving CEO Door Is Beyond the Pale; Bernard Looney's resignation is the company's third early boss departure in the last two decades. That's an anomaly in Big Oil.
Javier Blas - Bloomberg
With apologies to Oscar Wilde, to lose one chief executive officer may be regarded as misfortune; to lose two could be seen as unfortunate coincidence; but to lose three just looks like carelessness. And that's precisely what has happened inside BP Plc. The British oil major has seen three of its four CEOs depart prematurely over the last two decades: John Browne, Tony Hayward and now Bernard Looney all left early. In the world of Big Oil, where business plans are laid over long periods, that's an anomaly. And BP is lagging its rivals.
/jlne.ws/45NTG4x
Europe's Banks Dangle 5% to Lure Deposits in Fight for Customers; Santander, UniCredit, DKB among those upping rates for savers; UK banks are fastest to reprice deposits, pinching profits
Aisha S Gani - Bloomberg
A bevy of European banks have finally begun to pass higher interest rates to savers, moves that will pinch profits but should help allay criticism from regulators and lawmakers alike.
/jlne.ws/3ZijROe
Hedge Funds' Big Bet Against Treasurys Isn't What You Think; Inflation, bond issuance and Fed tightening are spurring a Treasury derivative bonanza
Eric Wallerstein - The Wall Street Journal
The basis trade, an innocuous-looking practice at the center of some of Wall Street's historic blowups, is back. A popular way for hedge funds to profit from bond trading while minimizing their exposure to swings in the market, the basis trade exploits the price difference between Treasurys and Treasury futures. The resurgence is attracting fresh scrutiny from Wall Street because previous meltdowns have rattled global markets.
/jlne.ws/3EWdyXr
Binance.US CEO Leaves Embattled Crypto Exchange; Brian Shroder to be succeeded on an interim basis by the company's chief legal officer
Vicky Ge Huang and Caitlin Ostroff - The Wall Street Journal
The chief executive of Binance's U.S. arm has left the embattled crypto exchange. Brian Shroder, who took the helm of Binance.US in 2021, will be succeeded on an interim basis by the company's chief legal officer, Norman Reed, according to a company spokesperson. The company is also cutting about one-third of its workforce-or more than 100 employees.
/jlne.ws/3LlGv2w
SEC Chair Gensler Declines to Give Timeline for Final Climate Disclosure Rule; Gary Gensler suggests that the aspect of the proposed rule related to the reporting of indirect emissions known as 'Scope 3' could be changed
Richard Vanderford - The Wall Street Journal
The Securities and Exchange Commission continues to pore over reactions to its proposal to require extensive climate-related disclosures from public companies, SEC Chair Gary Gensler said, declining to give a timeline for when the rule might move forward.
/jlne.ws/45MlN47
New CLO Managers Eye $1.3 Trillion Market, Betting on Return
Eleanor Duncan and Carmen Arroyo - Bloomberg
A flurry of hedge funds, direct lenders and others are expecting a revival of the $1.3 trillion collateralized loan obligation market - and they want to be ready to reap the benefits when it happens. Buzzy new names in credit like Arini, the hedge fund set up by former Credit Suisse Group AG star trader Hamza Lemssouger, and Sona Asset Management have been marketing their first European CLO deals.
/jlne.ws/44KM9lC
US looks to offload $13 billion of mortgage bonds seized from SVB, Signature - Bloomberg News
Reuters
The U.S. government is looking to offload nearly $13 billion of mortgage bonds it amassed from Silicon Valley Bank and Signature Bank following the collapse of the lenders, Bloomberg News reported on Tuesday, citing people with knowledge of the transactions. The bonds were part of the $114 billion of assets that the Federal Deposit Insurance Corp (FDIC) picked up when it took over SVB and Signature earlier this year, according to the report, which added the bonds were backed by long-term, low-rate loans made primarily to developers building affordable apartments.
/jlne.ws/3Pzk8cn
Sam Bankman-Fried denied pre-trial release by SDNY judge: 'The premise is incorrect'
Justin Doom - Fortune
Judge Lewis Kaplan on Tuesday denied a request from attorneys for Sam Bankman-Fried to release their client before his upcoming trial to allow him to more thoroughly prepare for the proceedings. Among the arguments made by Kaplan, a judge in New York's Southern District, in a three-page memo pertaining to United States v. Sam Bankman-Fried is that the FTX founder, who was indicted in December, already has had 7.5 months-and "extensive access"-to review materials electronically.
/jlne.ws/3PhXrYN
Sam Bankman-Fried's lawyers want to screen potential jurors for bias against crypto and effective altruism
Leo Schwartz - Fortune
With the trial of FTX founder Sam Bankman-Fried three weeks away, the jury selection process has begun, with lawyers for both the defense and prosecution teams submitting proposed questions in separate filings on Monday evening.
/jlne.ws/48dGvLx
The 'Peak Oil' Sequel Comes With a New Twist; This Russo-Saudi co-production features demand instead of supply. Will it be a scary blockbuster, or flop like the original?
John Authers - Bloomberg
Peak Oil, Part II - This Time It's About Demand
It's very easy to reverse-engineer grand theories of history to fit the price action. When oil spiked in 2007 and 2008, the theory of "Peak Oil" gained much more traction. The idea was that fossil fuels were finite, and that the point of maximum supply had been reached. Henceforward, it would grow more expensive as supply decreased.
/jlne.ws/3Zd2IFH
Record Number of Billion-Dollar Disasters Shows the Limits of America's Defenses
Christopher Flavelle - The New York Times
The United States has suffered 23 billion-dollar disasters so far in 2023, a record for this point in the year that highlights the country's struggle to adapt to the effects of climate change. The list, compiled by the National Oceanic and Atmospheric Administration, includes the fire in Maui that killed at least 115 people, the deadliest United States wildfire in more than a century; Hurricane Idalia, which struck western Florida as a Category 3 storm; and a storm in Minnesota that dropped hail the size of pingpong balls, cutting off power for more than 25,000 homes and businesses.
/jlne.ws/48gCwhE
US banks say regulators broke law as fight over proposed capital rules escalates
Pete Schroeder - Reuters
U.S. bank groups on Tuesday accused the Federal Reserve and other regulators of violating federal laws with a sweeping proposal to raise capital requirements, escalating an assault on the draft rules that were also blasted by bank executives.
/jlne.ws/3LlBIOw
Wall Street Bosses Lash Out Over Proposals for Higher Capital; Dimon, Solomon don't mince words reacting to the US plan; Some executives hold out hope regulators are open to talks
Hannah Levitt and Sridhar Natarajan - Bloomberg
It's not unusual for Wall Street executives to be annoyed by new rules. They rarely make it this obvious. At a normally staid annual gathering hosted by Barclays Plc this week, the industry's top brass took turns panning a proposal that would force them to hold more capital. Jamie Dimon, the outspoken JPMorgan Chase & Co. boss, spoke in particularly strong terms, calling a key calculation in the new plans "asinine," cursing multiple times while discussing the proposals, and predicting his complaints wouldn't matter because regulators will "do what they want anyway."
/jlne.ws/3PzkrUz
'Almost All Loans Are Bad'-Why Banks Aren't Lending; Rising deposit costs and capital needs are making lenders pickier, at the cost of growth
Telis Demos - The Wall Street Journal
Banks would love to lend more, but not to just anyone. One way for American banks to offset the pressure coming from rising deposit costs would be to boost business: More loans, even if earning less individually, could still lead to overall revenue growth.
/jlne.ws/3EDl8WI
TradeTech FX Europe 2023: Amidst the transformation of trading, technology and talent, where does the balance between versatility and specialised expertise lie? Looking at the relationship between technology and the role of traders themselves, panellists suggested the dynamic was akin to flying a plane - while machines allow an aircraft to run, an experienced pilot is still vital in order to 'land' safely.
Claudia Preece - The Trade
Panellists agreed that well-rounded traders are the future, however extensive experience should not be underestimated they warned, pointing to the effects of an increasingly volatile environment. One speaker explained that the ideal situation would combine experience over the long-term and a knowledge of different market conditions with the technical skills which have become increasingly prevalent across emerging traders.
/jlne.ws/3LoaOp4
TradeTech FX Europe 2023: Current TCA models are not going far enough to explain market impact; Panellists agreed more work is needed to improve TCA quality and use during volatile market conditions in order to source quality liquidity; queried the usefulness of a consolidated tape.
Annabel Smith - The Trade
Speaking on liquidity-focused panels on day 1 of the TradeTech FX Europe conference 2023 in Paris, speakers were unanimous that greater transparency is needed in order to enhance liquidity access and aggregation during volatile market conditions.
/jlne.ws/3PFm43e
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine just carried out the same kind of strike on Russia's navy that Elon Musk blocked, believing it could start a nuclear war
Tom Porter - Business Insider
Flames engulfed Russian naval ships in a major dockyard in the occupied Ukrainian peninsula of Crimea on Tuesday after a Ukrainian missile attack. The attack was notable not just as another example of Ukraine's capacity to strike Russia deep behind its front line, but also, say critics, because it exposed the falsity of SpaceX founder Elon Musk's reasons for scuppering a similar Ukrainian strike.
/jlne.ws/3RkjdOn
Russia Overcomes Sanctions to Expand Missile Production, Officials Say; Moscow's missile production now exceeds prewar levels, officials say, leaving Ukraine especially vulnerable this coming winter.
Julian E. Barnes, Eric Schmitt and Thomas Gibbons-Neff - The New York Times
Russia has managed to overcome sanctions and export controls imposed by the West to expand its missile production beyond prewar levels, according to U.S., European and Ukrainian officials, leaving Ukraine especially vulnerable to intensified attacks in the coming months.
/jlne.ws/45SbTxU
Ukraine Strikes the Headquarters of Russia's Black Sea Fleet in Crimea; The Russian Ministry of Defense said that it shot down seven of 10 cruise missiles that Ukraine fired at the facility in the city of Sevastopol. The area hosts naval operations key to Moscow's war efforts in Ukraine.
Marc Santora and Andres R. Martínez - The New York Times
A Ukrainian attack targeting the headquarters of Russia's Black Sea Fleet in Crimea damaged two ships, and triggered a large blaze at a sprawling naval shipyard that plays a critical role in the Russian war effort, according to Russian and Ukrainian officials.
/jlne.ws/48dK2JN
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | European bourses want to offer pan-EU share price feed to investors
Huw Jones - Reuters
European stock exchanges including Euronext and Deutsche Boerse have joined forces as they seek to offer an aggregated feed of share prices for investors to spot the best deals across a fragmented trading landscape. The exchanges said on Tuesday they have created a company that will bid in a tender to operate a record of share transactions, part of European Union moves to deepen capital markets.
/jlne.ws/45QdFiL
Six Asean exchanges collaborating to develop core sustainability metrics
Sunbiz
Bursa Malaysia, Indonesia Stock Exchange, Philippine Stock Exchange, Singapore Exchange Group, Vietnam Exchange and Stock Exchange of Thailand - Asean Exchanges - are collaborating to develop a set of core sustainability metrics that are aligned to international standards and established practices. The leaders from the six exchanges, during the 36th Asean Exchanges CEOs Meeting held on Sept 8 in Bangkok, discussed initiatives to enhance environmental, social, and governance (ESG) collaboration within the region, aiming to level up the Asean stock markets and foster sustainable investments.
/jlne.ws/48fyfLi
CCP Global Public Quantitative Disclosures
CCP Global
On 2 November 2017, CCP Global officially released the CCP Global PQD Template on Public Quantitative Disclosures (PQDs), which provides a global harmonized approach. This PQD template represents CCP Global's active response to CPMI-IOSCO and our endeavour to foster industry best practices. The template improves standardization and transparency of the CCP industry by facilitating comparable data points and formats. The CCP Global PQD Template has been adopted by CCPs across the globe, by both members and non-members of CCP Global. If you have any questions, please contact us at: question.pqd@ccp-global.orgIn 2015, CPMI-IOSCO published the Public Quantitative Disclosure Standards for Central Counterparties (CCPs) and encouraged CCPs around the globe to use a common template.
/jlne.ws/45MV0ob
CME Group Inc. Announces Third-Quarter 2023 Earnings Release, Conference Call
CME Group
CME Group Inc. will announce earnings for the third quarter of 2023 before the markets open on Wednesday, October 25, 2023. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.
/jlne.ws/3ZdU1uM
Treasury Clearing Activity Predicted to Increase US$1.63 Trillion Should SEC Adopt Expanded Clearing Proposal, According to New DTCC Paper; Firm anticipates significant increase in Treasury clearing activity and issues new paper highlighting potential impact of the proposal, if adopted
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today issued a new industry paper, "Looking to the Horizon: Assessing a Potential Expansion of U.S. Treasury Central Clearing," that explores the possible impacts of the U.S. Securities & Exchange Commission's (SEC) 2022 Treasury Clearing proposal. This proposal would require a significantly larger portion of the U.S. Treasury cash and repo markets to be centrally cleared through an SEC-registered central counterparty.
/jlne.ws/3rl5JXM
HKEX's Core Climate Signs Carbon Credit Agreement With Kinming Resources To Support Low-Carbon Transition
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Wednesday) pleased to announce that Kinming Resources Holdings Limited (Kinming Resources), a natural resources company specialising in sand exploration and production, has bought over 200,000 tonnes of voluntary carbon credits on HKEX's Core Climate Platform. Kinming Resources has also signed a letter of intent with Core Climate to facilitate the company's decarbonisation journey by purchasing carbon credits on the Core Climate platform. This collaboration will help support the region's transition to a low-carbon economy, reflecting the critical role that carbon markets will continue to play in practical climate-related solutions.
/jlne.ws/3EAgkRZ
ICE Data Services to Offer Ultra-Low Latency Data Between U.S. and Europe
Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced plans to offer ultra-low latency data between markets in the U.S. and Europe, including London, Frankfurt, and Bergamo. This trans-Atlantic data service adds an important new route that shaves significant latency off and optimizes cost for investors and expands the ICE Global Network, which now provides connectivity and managed services to the most active U.S., European and Asian marketplaces.
/jlne.ws/3RkSKjM
ICE to Collaborate with Meridia to launch the ICE Commodity Traceability Service to Support Commercial Trade Affected by the EU Deforestation Regulation
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, and home to the largest soft commodity futures and options markets in the world, today announced that ICE Benchmark Administration Limited (IBA) is collaborating with Meridia Land B.V (Meridia), an agricultural technology company specializing in the verification of farm origin and supply chain data, to launch the ICE Commodity Traceability (ICE CoT) service.
/jlne.ws/3Pioh2P
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date August 31, 2023
Nasdaq Global Markets
At the end of the settlement date of August 31, 2023, short interest in 3,267 Nasdaq Global MarketSM securities totaled 10,277,162,921 shares compared with 10,165,210,409 shares in 3,276 Global Market issues reported for the prior settlement date of August 15, 2023. The end of August short interest represents 3.40 days average daily Nasdaq Global Market share volume for the reporting period, compared with 2.70 days for the prior reporting period.https://jlne.ws/3Rl5nLn
SGX Group reports market statistics for August 2023; Strong derivatives volume growth as China stimulus stokes institutional risk management;; SGX Securities is first in Asia to list Structured Certificates
SGX Group
Singapore Exchange (SGX Group) today released its market statistics for August 2023. Derivatives volume rose strongly as more international investors turned to SGX Group's trusted and liquid platform to manage risk, amid China's efforts to boost its economic recovery. Derivatives traded volume increased 16% in August on both a month-on-month (m-o-m) and year-on-year (y-o-y) basis to 23.7 million contracts, with broad-based gains across equities, foreign exchange (FX) and commodities. Derivatives daily average volume (DAV) climbed 7% m-o-m to 1 million contracts.
/jlne.ws/3PFmkiI
Taiwan Futures Exchange Newsletter
Taiwan Futures Exchange
News and Events. TAIFEX Held FIA Forum: Taipei 2023 and Its 25th-Annivesray Celebration Event August 31 has seen resounding success of FIA Forum: Taipei 2023, hosted by TAIFEX in collaboration with the Futures Industry Association (FIA). The forum has brought together over 300 attendees from various corners of the local and international financial community, creating an atmosphere of knowledge sharing, networking, and collaboration like never before. With exchange leaders and industry experts engaging in conversations of future challenges and trends shaping the regional and global markets, this forum truly exemplified the power of collective expertise.
/jlne.ws/3rl82tX
About trading on the derivatives market of the Moscow Exchange
MOEX
On September 13, 2023, on the derivatives market of the Moscow Exchange, due to an identified error in the operation of the trading and clearing system, a decision was made to suspend trading from 9:30 Moscow time. Trading on the remaining markets of the Moscow Exchange: the stock market, bond market, money market, foreign exchange market and precious metals market is carried out as usual.
/jlne.ws/3sQgwtJ
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Private Equity Recruits Data-Science Talent as Industry Tackles Machine Learning; More firms are adding chief data officers and other data-science and engineering talent as they incorporate machine learning into their operations
Laura Kreutzer - The Wall Street Journal
More private-equity firms are recruiting data-science experts as they incorporate machine learning and data analytics into their investment processes and to support their portfolio companies. The evolution of artificial intelligence has whetted the industry's appetite for data-science expertise, investors and executive recruiters say.
/jlne.ws/3EAf41d
Deutsche Bank Scraps 60% of Trading Apps With Costs in Focus; Lender seeks ways to automate fixed-income trading business; Expense cuts have targeted 'low-hanging fruits,' Campelli says
Steven Arons and Jennifer Surane - Bloomberg
Deutsche Bank AG decommissioned 60% of the underlying applications the firm uses to run its fixed-income trading business as it seeks to rein in costs. The move helped Deutsche Bank automate more of its sprawling trading business, home to one of the world's largest currency-trading desks, said Fabrizio Campelli, who oversees the corporate and investment banking unit.
/jlne.ws/45K7WuW
360T makes streaming mid liquidity via API available on Swaps User Network; In an industry first, Deutsche Bank and ING become the first two banks able to trade FX Swaps via API and match at the market midpoint.
Wesley Bray - The Trade
360T has made streaming mid liquidity via APIs available on its Swaps User Network (SUN), with Deutsche Bank and ING executing the initial trade. According to 360T, this is the first time that two banks have been able to trade FX Swaps via API and match at the market midpoint.
/jlne.ws/468N6Fh
BNP Paribas launches co-location services in Frankfurt via Cortex Listed platform; New development will provide reduced latency market access solutions as well as improved execution performance through new local infrastructure.
Wesley Bray - The Trade
BNP Paribas has launched co-location services in Frankfurt via the Cortex Listed platform, providing global clients trading listed derivatives with reduced latency market access solutions into Eurex. The new launch will allow clients to benefit from improved execution performance, be it through connecting directly through low touch electronic services or placing orders through the high touch execution teams, which also takes advantage of the new local infrastructure.
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| Cybersecurity | | Top stories for cybersecurity | Regulatory Phishing Podcast - The Impact of Cybersecurity Compliance on Corporate Transactions
Holland & Knight LLP - JDSupra
In this episode of "Regulatory Phishing," Eric Crusius is joined by David Cole, a partner in Holland & Knight's corporate and securities groups. Mr. Crusius and Mr. Cole discuss the role of cybersecurity compliance in corporate transactions, how lack of compliance can impact the ability of a transaction to close and what parties look at during the due diligence process. Mr. Crusius and Mr. Cole also reminisce about Mr. Cole's time lugging dozens of boxes through an airport in Costa Rica.
/jlne.ws/3RdWPGi
CRWD Stock: How CrowdStrike Will Put Generative AI To Work In Cybersecurity
Reinhardt Krause - Investor's Business Daily
Long before any investors ever heard of OpenAI and ChatGPT, CrowdStrike Holdings (CRWD) made a name for itself in cybersecurity as an artificial intelligence trailblazer. Just the same, CRWD stock is getting a boost as the company integrates "generative" AI into its cybersecurity platform.
/jlne.ws/3ED7nas
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX Tweaks Crypto Sale Proposal to Placate U.S. Government
Jack Schickler - CoinDesk
Crypto exchange FTX has amended its proposal to sell off billions in crypto assets, as it seeks to assuage concerns raised by the U.S. Trustee, the bankruptcy branch of the Department of Justice, in a Tuesday filing. In the proposal, FTX would still not have to issue advance public notice of transactions given their market-moving implications - as the prospect that a crypto player selling off as much as $100 million of assets per week has already chilled crypto prices.
/jlne.ws/485AznU
Binance.US cuts one-third of workforce; CEO Brian Shroder steps down
Danny Park - Forkast
The U.S. affiliate of the world's largest cryptocurrency exchange Binance has laid off one-third of its staff, or more than 100 employees. Brian Shroder, the chief executive officer, has also departed the company, a Binance.US spokesperson told Forkast on Wednesday.
/jlne.ws/3r2pymU
Coinbase Paves Way for Big Institutions to Do More With Web3, DeFi, NFTs
Helene Braun - CoinDesk
Coinbase, best-known for being one of the largest crypto exchanges for retail customers, continued its expansion into the professional space with the introduction Tuesday of a Web3 wallet designed to help institutions get into NFTs and other corners of decentralized finance, or DeFi.
/jlne.ws/46bhQFY
Hong Kong crypto exchange CoinEx suffers hack, at least US$43 million lost
Danny Park - Forkast
Hong Kong-based cryptocurrency exchange CoinEx Global suffered a security breach on Tuesday, resulting in an estimated loss of US$43 million in cryptocurrencies. The exchange is still assessing the full extent of lost crypto assets in the exploit but said on Wednesday morning that it identified a second set of suspicious wallet addresses linked to the breach, which siphoned off tokens such as Ether, XRP, Solana, Kadena and Dagger.
/jlne.ws/44L1W3X
Crypto Firm Ripple Says Over 80% of Hiring This Year Outside US; Ripple embroiled in legal spat with SEC over status of crypto; CEO Garlinghouse flags greater regulatory clarity beyond US
Annabelle Droulers - Bloomberg
Ripple Labs Inc. said more than 80% of its hiring this year will be outside the US, where the crypto payments company is embroiled in a long-running legal dispute with the Securities and Exchange Commission.
/jlne.ws/3Rh7NdZ
Crypto Exchange Bullish Plans to Apply for License in Hong Kong
Suvashree Ghosh - Bloomberg
/jlne.ws/466VvJq
Franklin Templeton files for Bitcoin ETF, joins race for crypto 'holy grail'
Ben Weiss - Fortune
/jlne.ws/3r3fZEh
Binance US CEO Departs as Crypto Platform Cuts Third of Staff; More than 100 positions are eliminated in second round of cuts; Platform shifted to a crypto-only exchange after US crackdown
Olga Kharif - Bloomberg
/jlne.ws/3PgKEWv
Coinbase to Face 'Reality Check' as Retail FOMO Is Fading, Mizuho Says
Will Canny - CoinDesk
/jlne.ws/45M2aZZ
Fear of FTX-Spurred Crypto Crash Is Overblown, Analysts Say
Krisztian Sandor - CoinDesk
/jlne.ws/3sWfpsw
Wash Trading Is Rampant on Decentralized Crypto Exchanges; Liquidity providers have manipulated prices of 20,000 tokens; Solidus examined a sample of 30,000 pools on three exchanges
Olga Kharif - Bloomberg
/jlne.ws/48aiEwv
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| Politics | | An overview of politics as it relates to the financial markets | Trump Has Been Privately Encouraging G.O.P. Lawmakers to Impeach Biden; The former president has talked regularly with members of the House Freedom Caucus and other congressional Republicans who pushed for impeachment.
Jonathan Swan, Maggie Haberman and Alyce McFadden - The New York Times
On a sweeping patio overlooking the golf course at his private club in Bedminster, N.J., former President Donald J. Trump dined Sunday night with a close political ally, Marjorie Taylor Greene. It was a chance for the former president to catch up with the hard-right Georgia congresswoman. But over halibut and Diet Cokes, Ms. Greene brought up an issue of considerable interest to Mr. Trump - the push by House Republicans to impeach his likely opponent in next year's election.
/jlne.ws/3rcWAAE
What We Know About the Impeachment Case Against Biden; Republicans claim they have unearthed evidence of wrongdoing by the president and his family that could rise to the level of high crimes and misdemeanors. In fact, there's little to back up their allegations.
Luke Broadwater - The New York Times
Speaker Kevin McCarthy on Tuesday directed top congressional Republicans to open an impeachment inquiry into President Biden, reversing his previous stance that such an investigation should be initiated only with a vote of the House. In doing so, Mr. McCarthy leveled a series of accusations against Mr. Biden that he said amounted to a "picture of a culture of corruption" and warranted the House using its most potent investigative tool to try to make the case for removing the president.
/jlne.ws/3Zwg9kl
Biden's Climate Law Is Reshaping Private Investment in the United States; Lucrative tax incentives have fueled a surge in solar panels but failed to boost wind power, data from a new project show.
Jim Tankersley - The New York Times
Private investment in clean energy projects like solar panels, hydrogen power and electric vehicles surged after President Biden signed an expansive climate bill into law last year, a development that shows how tax incentives and federal subsidies have helped reshape some consumer and corporate spending in the United States.
/jlne.ws/3PizNv7
Republican megadonors wait for their anti-Trump champion
Alex Rogers - Financial Times
Billionaire Republican donor Thomas Peterffy wants to bet on someone he thinks can win the White House in 2024. But this year, he gave $2mn to a political action committee supporting Virginia's governor Glenn Youngkin - who is not running for president. Like other Republican megadonors, Peterffy fears frontrunner Donald Trump would lose in another run-off with Joe Biden. He does not love the former president's primary rivals either.
/jlne.ws/44LwKkR
EU legislators vote to sharply increase bloc's renewable energy target; European parliament agrees to lift green energy share to 42.5% by 2030 after nuclear power concessions
Alice Hancock - Financial Times
/jlne.ws/3ZcMIn7
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| Regulation & Enforcement | | Stories about regulation and the law. | US regulator fines Yieldstreet over disclosure failures
Reuters
Investment platform YieldStreet Inc and a subsidiary have agreed to pay more than $1.9 million to settle U.S. Securities and Exchange Commission charges that they failed to give investors key information about risks, the regulator said on Tuesday.
/jlne.ws/3r8M8Kz
Defiant Gensler Returns to Crypto Grievances Ahead of Senate Testimony
Jesse Hamilton - CoinDesk
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is doubling down on his crypto objections in his first remarks following the second recent court setback in his agency's sweeping legal fight with the industry. After decisions in the Ripple case that energized crypto advocates and the even more pronounced failure of the SEC's Grayscale bitcoin ETF dispute, Gensler is holding the line on warning about the sector flaunting securities laws, according to written testimony set for delivery to the Senate Banking Committee on Tuesday.
/jlne.ws/3PoiFEC
SEC Sues Market-Maker Virtu, Alleging Leakage of Customer Information; Regulator says Virtu misled customers about walls between proprietary trading, order-execution roles
Dave Michaels - The Wall Street Journal
The Securities and Exchange Commission sued Virtu Financial, one of the country's largest electronic trading firms, alleging it misled customers about how it safeguarded their confidential trading data. The SEC's civil lawsuit, filed Tuesday in Manhattan federal court, said Virtu's proprietary traders could have misused the customer data to profitably trade ahead of customers' future orders.
/jlne.ws/44QG4Eh
SEC Says It's Using AI to Surveil Markets and Assist Investigations
Dave Michaels - The Wall Street Journal
The Securities and Exchange Commission is using artificial-intelligence models to conduct market surveillance and assist some enforcement investigations, SEC Chair Gary Gensler told Senate lawmakers on Tuesday. While the SEC has sometimes touted its data-driven approach to spotting manipulative or fraudulent trades and talked about how AI is used by hedge funds and other investors, it hasn't referred much to its own use of AI.
/jlne.ws/4662PVJ
Gensler Hearing Shows Key Senate Democrat Digging in Heels on Crypto
Jesse Hamilton - CoinDesk
While U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler was in the hot seat at a Senate hearing on Tuesday, the most important crypto sentiments may have come from Sen. Sherrod Brown (D-Ohio), who tarred much of the industry as dangerous fraudsters. "The problems we saw at FTX are everywhere in crypto - the failure to provide real disclosure, the conflicts of interest, the risky bets with customer money that was supposed to be safe," said Brown, the Senate Banking Committee's chairman, whose committee will probably have to agree to any crypto legislation to provide the industry a regulatory framework.
/jlne.ws/489Jftr
California Gets Ahead of SEC in Forcing Firms' Carbon Disclosure; The state's bill would apply to both the public and private sectors, while opponents say the legislation would be costly and burdensome.
Nadia Lopez and Lydia Beyoud - Bloomberg
California state legislators passed a bill Tuesday that would leapfrog the US Securities and Exchange Commission's efforts to require companies to disclose their greenhouse gases and climate-related financial risks. As the world's fifth-largest economy, California's environmental rules are quickly followed by other states, even when they exceed federal requirements.
/jlne.ws/46buzrW
SEC Charges National Office Partner at Marcum for Causing Widespread Quality Control Deficiencies
SEC
The Securities and Exchange Commission today charged Alfonse Gregory Giugliano, CPA, the former National Assurance Services Leader at Marcum LLP, a public accounting firm, with failing to sufficiently address and remediate numerous deficiencies in Marcum's quality control system. The SEC previously charged Marcum for these quality control deficiencies and other violations, many of which were in connection with Marcum's audit work for hundreds of special purpose acquisition companies (SPACs).
/jlne.ws/44Pogt8
SEC Charges Alternative Investment Platform YieldStreet for Misleading Investors
SEC
The Securities and Exchange Commission today announced a settled action against New York-based YieldStreet Inc. and its registered investment adviser subsidiary, YieldStreet Management LLC (together, YieldStreet), for failing to disclose critical information to investors in a $14.5 million asset-backed securities offering.
/jlne.ws/3PFipm0
Oral Testimony of Gary Gensler Before the United States Senate Committee on Banking, Housing, and Urban Affairs
Chair Gary Gensler - SEC
For 90 years, the federal securities laws and our work to oversee them have played a crucial role for the public both in good times and in times of stress. The core principles of U.S. securities markets regulation have contributed to America's economic success and geopolitical standing. At this remarkable agency, we serve investors building for a better future and issuers raising money to fund innovation, while overseeing the $100 trillion capital markets where they meet. The essence of this is captured in our three-part mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
/jlne.ws/3LnH5gd
Ugh and Awe: Remarks before the IFC-Milken Institute's Capital Markets Scholars Program
Commissioner Hester M. Peirce - SEC
Capital markets bring companies-large and small-together with investors in a mutually beneficial relationship. The companies want to serve their customers by providing them with products and services, and the investors want to build their wealth so they can pour it into improving their own lives and those of their families and communities. This relationship between providers and users of capital is not only mutually beneficial, but societally beneficial; healthy capital markets support economic growth, which helps societies flourish. Regulating the capital markets well is, therefore, a delicate and essential task.
/jlne.ws/45Qe2df
SEC Charges Virtu for False and Misleading Disclosures Relating to Information Barriers
SEC
The Securities and Exchange Commission today filed charges against broker-dealer Virtu Americas LLC and its parent company, Virtu Financial Inc. (collectively, Virtu), for making materially false and misleading statements and omissions regarding information barriers to prevent the misuse of sensitive customer information.
/jlne.ws/3ECTlpa
SEC Obtains Final Judgment Against Canadian Individual in Fraudulent Microcap Scheme
SEC
On September 8, 2023, the U.S. District Court for the Southern District of New York entered a final judgment against Canadian resident George Stubos. In June 2022, the SEC charged Stubos for engaging in a deceptive scheme involving several microcap companies. Among other relief, the judgment orders Stubos to pay more than $6 million.
/jlne.ws/3PBgA8r
SEC Charges North Carolina Man and Entities He Controlled with Fraud
SEC
The Securities and Exchange Commission yesterday charged Dharma Teja Nukarapu, a resident of Apex, North Carolina and India, and the purported healthcare software development firm that he controlled, SharkDreams, Inc., with fraudulently raising approximately $2.7 million from more than 20 investors through securities offerings from at least January 2018 to November 2019. The SEC also charged D Dollar Inc. for its role in soliciting investor funds in 2019 and 2020 that were later misappropriated by Nukarapu.
/jlne.ws/44KHBM0
SEC Files Settled Fraud Charges Against Los Angeles-Based "Smart Ring" Company and Its Principal
SEC
The Securities and Exchange Commission announced today that Esos Rings, Inc., and its principal, Michelle Silverstein aka Michelle Silverstein Bisnoff, have agreed to settle charges that they defrauded investors by selling them Esos stock through false and misleading statements about Esos's business and by operating a Ponzi-like scheme.
/jlne.ws/3Zdyh25
NFA orders Denver-based firm Transamerica Asset Management Inc. to pay a $140,000 fine and sanctions a former Transamerica employee
NFA
NFA issued Decisions against Transamerica Asset Management Inc. (Transamerica), an NFA Member commodity pool operator located in Denver, Colorado, and its former employee, Quynh Pham Keiser, resolving charges brought against them by NFA's Business Conduct Committee (Committee or BCC).
/jlne.ws/45N3uLT
Warning statement on unregulated virtual asset trading platform
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) is aware that a virtual asset trading platform (VATP) known as "JPEX" has been actively promoting its products and services to the Hong Kong public through social media influencers and key opinion leaders (KOLs) as well as over-the-counter virtual asset money changers (OTC Shops) (Note 1). The SFC wishes to make it clear that no entity in the JPEX group is licensed by the SFC or has applied to the SFC for a licence to operate a VATP in Hong Kong.
/jlne.ws/467J3sN
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | BP CEO Looney Quits Over Past Relationships With Colleagues
Laura Hurst - Bloomberg
BP Plc Chief Executive Officer Bernard Looney has resigned effective immediately over the failure to fully disclose past relationships with colleagues. The surprise development leaves the oil and gas giant leaderless at a crucial juncture, just as the company is trying to persuade investors to stick with it through a costly transition to low-carbon energy.
/jlne.ws/3LlDK0Y
Gundlach Fires Back at Gross: Hope He Feels Better About Himself
Vildana Hajric and Claire Ballentine - Bloomberg
Jeffrey Gundlach brushed off a rebuke from retired "bond king" Bill Gross, who said the DoubleLine Capital founder wasn't up to filling his shoes as the dominant force in the US fixed-income market. "It's sad for somebody that's been out of the business for 10 years and is still trying to exorcise the demons," Gundlach said in response to comments from Gross on Monday that criticized his investment success. "But I hope he's doing fine."
/jlne.ws/3RmXIwa
Oil Trader Gunvor Re-Enters Metals in Bet on Energy Transition; Former VTB and Castleton trader Ivan Petev to lead metals unit; Gunvor abandoned a previous foray into metals in 2016
Jack Farchy and Archie Hunter - Bloomberg
Oil trader Gunvor Group Ltd. is re-entering the metals business with the hire of veteran trader Ivan Petev. Petev previously had senior roles at VTB Capital's commodities business in Switzerland, at Castleton Commodities International LLC, and at JPMorgan Chase & Co. He has joined Gunvor as head of a new base metals business, according to people familiar with the matter who asked not to be identified as the matter isn't public.
/jlne.ws/3Lnk4dn
Diesel Issues Could Get Worse Due to Lack of Crude From OPEC+ Kingpins; Refiners' diesel yields are falling, hurting production; Loss to equal 1.2 million barrels a day next quarter: Woodmac
Jack Wittels - Bloomberg
The diesel market is pricing in a crisis, one that could get soon get even worse because of a lack of the type of crude that's good for making the fuel.Output curbs from countries including Saudi Arabia and Russia are limiting supply of medium and heavy crudes and pushing refiners toward using others. That's helping to cut production of diesel fuels - which include heating oil - in an already tight market as winter approaches.
/jlne.ws/3t0F9ne
It's Not Just the US Dollar. China Supports Yuan Against 23 Other Currencies; Calculations show stronger fixing bias for basket currencies; PBOC has been ramping up its efforts to stem the yuan's slide
Bloomberg News
China's struggle with a weak yuan extends far beyond how it trades against the dollar. The People's Bank of China has been supporting the yuan versus 23 trading partners' exchange rates - including the euro, yen and pound - with its daily fixings against these currencies since mid-August, according to calculations by Bloomberg. That has resulted in the stabilization of an official gauge measuring the yuan's value versus peers.
/jlne.ws/48bdpwu
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | An important milestone': Apple unveils first 'carbon neutral' products
James Murray - Businessgreen
New Apple Watch lineup hailed as a major step towards the company's goal of making every product 'carbon neutral' by 2030
Tech giant Apple yesterday debuted its first-ever 'carbon neutral' products, revealing how a raft of technical innovations mean the new line up of its popular Apple Watch will deliver a 75 per cent reduction in emissions compared to previous models.
/jlne.ws/3sWzAXi
How Extreme Weather Like Libya's Flooding is Linked to Climate Change
Eric Roston and Brian K Sullivan - Bloomberg
Scientists have predicted for decades that burning fossil fuels would push average temperatures ever higher and conjure dangerous extremes, such as those seen in the UK's current tropical heat. A new branch of science, called extreme event attribution, that's emerged in the past 15 years connects global warming to severe episodes of weather with a much greater level of specificity. Many individual heat spells, storms, floods, droughts and wildfires are now routinely tied to climate change.
/jlne.ws/3rdj04J
Banks brace for California law mandating emissions disclosure; Bill would require lenders to report carbon pollution associated with customers
Patrick Temple-West - Financial Times
Big banks are bracing for a sweeping new climate law in California that would for the first time force them to calculate and disclose carbon emissions tied to lending. Both houses of California's state legislature this week passed the Climate Corporate Data Accountability Act, sending it to governor Gavin Newsom. The bill will require public and private companies with more than $1bn in annual revenues that conduct business in the state to disclose emissions.
/jlne.ws/44YHMDK
Big Oil's Climate Fix Is Running Out of Time to Prove Itself; To hit its net zero targets, the world is relying on a controversial technology pioneered by the fossil fuel industry. It's going to cost $4.5 trillion this decade.
Stephen Stapczynski - Bloomberg
Get within a few dozen meters of one of the world's biggest carbon capture projects on Australia's remote Barrow Island, and normal conversation quickly becomes impossible. Emanating from the dense maze of pipes and towers the size of a city block is the roar of carbon dioxide escaping into the atmosphere - exactly what Chevron Corp.'s ambitious $2.1 billion system was supposed to stop.
/jlne.ws/466IEqL
SEC Chair Gensler Declines to Give Timeline for Final Climate Disclosure Rule; Gary Gensler suggests that the aspect of the proposed rule related to the reporting of indirect emissions known as 'Scope 3' could be changed
Richard Vanderford - The Wall Street Journal
The Securities and Exchange Commission continues to pore over reactions to its proposal to require extensive climate-related disclosures from public companies, SEC Chair Gary Gensler said, declining to give a timeline for when the rule might move forward. Gensler said the SEC is in particular focusing on how to handle what is known as Scope 3 reporting, the tracking of indirect emissions caused by a company's supply chain or customers.
/jlne.ws/45MlN47
We need the G20 - but what is it for? Transforming the scale and nature of finance for development and the environment is essential
Martin Wolf - Financial Times
/jlne.ws/45NM9mg
Arbiter of corporate climate plans faces shake-up; Science Based Targets initiative to split into separate fee-charging company and non-profit standards body
Attracta Mooney - Financial Times
/jlne.ws/3rh0Eje
Amazon Is Betting on Oil Giant Oxy's Carbon Removal Project; The retail giant agreed to purchase 250,000 tons of carbon removal services over 10 years.
Matt Day - Bloomberg
/jlne.ws/3PzxWDK
BlackRock and Vanguard were once ESG's biggest proponents-now they seem to be reversing course
Bob Rubin - Fortune
/jlne.ws/3RidOHq
An analysis of financial materiality in the wake of the "woke" and ESG debate
Natalie Runyon - Thomson Reuters Institute
/jlne.ws/3EDZDVw
Crowding Out Cougars; Expanded development on Washington's Olympic Peninsula, viewed as a climate refuge, is encroaching on prime wildlife habitat. As big cats find it harder to avoid people, many are winding up dead.
Liza Gross - Inside Climate News
/jlne.ws/48bujuV
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | As Dust Settles on Credit Suisse Deal, BlackRock and Norway Are Top UBS Shareholders
Margot Patrick - The Wall Street Journal
BlackRock and Norway's sovereign-wealth fund have emerged as major backers of UBS following the bank's shotgun takeover of rival Credit Suisse. Filings this month on the Swiss stock exchange show the two investment giants each now own around 5% of UBS, with BlackRock's stake slightly higher at 5.01%-according to a filing Tuesday. A Sept. 2 filing by Norges Bank showed it acquired more shares in UBS that pushed it over a reporting threshold in July.
/jlne.ws/3EAcHvh
UBS kick-starts Credit Suisse exit from Canary Wharf
Owen Walker and Joshua Oliver - Financial Times
UBS has begun the process of moving Credit Suisse out of the fallen bank's Canary Wharf skyscraper in a blow to the London financial district, which is already losing HSBC as a landmark tenant. Credit Suisse staff in London were told in a memo on Tuesday that teams would begin to move to UBS's UK head office in the City. People with knowledge of the plans said all staff were expected to leave Canary Wharf by the end of next year.
/jlne.ws/3PgK9M7
Barclays CEO Sees Early Signs of Rebound in Investment Banking
Jenny Surane - Bloomberg
Barclays Plc sees signs of a rebound in mergers and acquisitions and a thawing of equity capital markets - a welcome turnaround after a persistent slump sapped investment-banking revenue across the industry. Banks are more willing to lend at terms that are more in sync with investors' needs, Chief Executive Officer C.S. Venkatakrishnan said at a conference the London-based firm hosted Tuesday.
/jlne.ws/45U1WQn
Banking Powerhouse HSBC Working With Crypto Custody Firm Fireblocks: Sources
Ian Allison - CoinDesk
London-based HSBC, one of the largest banks in the world, is working with cryptocurrency custody technology firm Fireblocks, according to two people familiar with the matter. Fireblocks specializes in cryptocurrency safekeeping technologies such as multi-party computation (MPC) and, even before this partnership, had experience working with big banks.
/jlne.ws/3ZcIOut
Fired HSBC Investment Banker Sues Alleging Anti-Jewish Bias; Michael Krantz claims he was given less work due to religion; He says he was also fired for seeking to take parental leave
Chris Dolmetsch - Bloomberg
A former HSBC Holdings Plc US investment banking associate sued the bank, claiming he faced discrimination over his Jewish faith and his desire to take parental leave, then was fired after he complained about his treatment.
/jlne.ws/3ZkgVAz
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Should We Really Be Texting for Work? Work has already invaded our homes, evenings and weekends. Now it's coming for the fun part of your phone.
Callie Holtermann - The New York Times
Jake Dunlap texts his wife. He texts his pickleball group chat. And in the past five years, he has started texting his co-workers. Mr. Dunlap, 43, the chief executive of a consulting company in Austin, Texas, has asked colleagues not to overdo it on the work texts. Yes, they get his attention quickly, and yes, they're an effective way to reach him after hours. But he is concerned that each buzz erodes the digital boundary between work and everything else. "Text is kind of the final frontier of personal space," he said.
/jlne.ws/3LqIOkL
The companies sticking to fully remote work
Alex Christian - BBC
As many firms head back to the office, there are a few staunchly keeping their teams virtual. Are they the last of a dying breed, or trendsetters? T The days of fully remote set-ups are past their peak for most employees. According to July 2023 LinkedIn data, seen by BBC Worklife, there has been a 50% year-over-year decrease in remote roles advertised on the platform in the US, and a 21.5% drop in the UK.
/jlne.ws/48a5vmZ
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| Wellness Exchange | | An Exchange of Health and Wellness Information | FDA panel says common over-the-counter decongestant doesn't work; The ingredient, called phenylephrine, is found in a number of over-the-counter cold and allergy medications.
Berkeley Lovelace Jr. - NBC News
A key ingredient in many over-the-counter cold and allergy medications called phenylephrine doesn't work to get rid of nasal congestion, a Food and Drug Administration advisory panel concluded Tuesday. The unanimous vote, which specifically declared oral formulations of phenylephrine ineffective, is expected to disrupt the market for OTC cold and allergy remedies, where consumers largely prefer pills over nasal sprays.
/jlne.ws/3EGJs9S
CDC Endorses Covid-19 Boosters for Everyone Aged 6 Months and Older; FDA clears shots from Pfizer and Moderna expected to protect against latest Omicron subvariants
Brianna Abbott - The Wall Street Journal
The Centers for Disease Control and Prevention endorsed Covid-19 boosters for everyone six months old and above, as cases increase heading into the fall months. The CDC on Tuesday accepted the recommendation of its Advisory Committee on Immunization Practices to follow a universal booster strategy for the coming season.
/jlne.ws/48brZEh
Moderna's mRNA flu vaccine shows promising results; Trial finds latest version elicited better immune response than existing jabs
Hannah Kuchler - Financial Times
Moderna's flu vaccine elicited a better immune response than existing jabs in a late-stage trial, paving the way for the Boston-based biotech company to enter the $6bn annual market. The company - whose first approved vaccine was for Covid-19 - reported initial data on antibody levels that suggested its vaccine could compete against GSK's Fluarix. It is discussing the approval process with regulators.
/jlne.ws/3Ll0WMW
Breathing Wildfire Smoke Could Raise Dementia Risk, New Study Finds; Places that experienced more pollution from wildfires and farming had higher rates of dementia, the University of Michigan research found. Climate change is boosting those odds.
Kristoffer Tigue - Inside Climate News
Exposure to wildfire smoke and air pollution from farming operations could be making Americans more susceptible to developing dementia, a recent study found. It's among a growing body of research to draw attention to the long-term health impacts of wildfire smoke as climate change drives increasingly destructive, deadly and smoky blazes around the world.
/jlne.ws/48fAGxq
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Bankers' 40% Pay Cuts Show the China Dream Fading in Its Richest Cities; Salaries are falling in finance, technology and the "new economy." That puts Xi Jinping's campaign to restore confidence and revive growth at risk.
Bloomberg News
For decades, China's biggest cities have been home to one of the world's greatest economic success stories: a nearly unbroken rise in living standards that lifted millions into the middle class. That trend is now coming to a halt, creating an under-the-radar threat to President Xi Jinping's campaign to revive growth.
/jlne.ws/48c7Ei8
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