| January 11, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The SEC finally grudgingly approved spot Bitcoins for trading yesterday and every media outlet seemed to cover the story. The headlines included Regulators Approve New Type of Bitcoin Fund, in Boon for Crypto Industry - NYT, SEC Authorizes Bitcoin-Spot ETFs in Crypto's Breakthrough - Bloomberg, SEC approves first spot bitcoin ETFs in boost to crypto advocates - FT, SEC Approves Bitcoin ETFs for Everyday Investors - WSJ, Why a US bitcoin ETF is a game-changer for crypto - Reuters, SEC makes it easier to trade bitcoin in landmark decision - The Washington Post, Cboe Says Bitcoin ETFs to Start Trading Thursday, Though the SEC Hasn't Approved Them Yet - CoinDesk, Here's How the New Bitcoin ETFs Will Work; Similar to gold ETFs - WSJ, Why the Bitcoin ETF Was Such a Long Time Coming - Bloomberg, Coinbase calls spot bitcoin ETF approval 'watershed moment' - The Block, SEC approves 11 spot bitcoin ETFs - Yahoo Finance and SEC Authorizes Bitcoin-Spot ETFs in Crypto's Breakthrough - Bloomberg.
Another big story yesterday was FINRA's approval of Prometheum Capital LLC, a subsidiary of Prometheum Inc., as a Special Purpose Broker-Dealer ("SPBD") to custody digital asset securities. In response, Prometheum Inc., announced its plan to launch its digital asset securities custody platform in Q1 2024.
JLN published a podcast I conducted with Prometheum Founder Aaron Kaplan and Societe Generale Executive Thomas Sullivan about cryptocurrencies, blockchain and Special Purpose Broker Dealers. It is worth a listen.
JLN published the second part of the Scott Shellady Open Outcry Traders History video yesterday. Today we will publish part three and the podcast.
I will be at the Securities Traders Association of Chicago (STAC) Winter Meeting on Thursday at the Chicago Hilton next week. I hope to see you 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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Registration is open for Derivatives Forum Frankfurt, February 28-29, 2024, at Congress Center Messe Frankfurt. The event is focused on trading and clearing for derivatives across five tracks: markets and regulation; derivatives and portfolio management; liquidity and collateral management; technology and digital assets; and sustainability and carbon. Participants can join in Frankfurt or view via a virtual platform. Learn more here.~SAED
Our most read stories from our previous edition of JLN Options were:
- CME Group International Average Daily Volume Reaches Record 6.8 Million Contracts in 2023, Up 8% from 2022 from CME Group.
- BlackRock and Grayscale among 11 firms approved for spot Bitcoin ETFs in long-awaited SEC decision from Fortune.
- 'A deceptive tactic': Nancy Pelosi disclosed a 7-figure bet on NVIDIA over the Christmas holidays - despite recent efforts to 'permanently ban' lawmakers from trading stocks from MoneyWise. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Prometheum Founder and Soc. Gen Executive Discuss Blockchain, Crypto Regulation, and Special Purpose Broker Dealers
JohnLothianNews.com
Prometheum founder Aaron Kaplan and Thomas Sullivan, a managing director at Societe Generale, recently discussed blockchain, crypto regulation, and special purpose broker dealers in a podcast interview with John Lothian of John Lothian News. They explored how blockchain technology is poised to enhance market efficiency by streamlining operations. Kaplan highlighted the inefficiencies in traditional Wall Street systems and stressed the advantages of instantaneous settlement and improved record-keeping that blockchain can offer.
Listen to the podcast »
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Scott Shellady - Open Outcry Traders History Project - Part Two
JohnLothianNews.com
In part two of his Open Outcry Traders History Project Interview, Scott Shellady, known as the "Cow Guy," shared his favorite trading memory, which was related to the British pound's crisis in 1992. He recalled the intense volatility in the markets during that period and the lasting impression it left on him.
Watch the video »
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Futures Discovery: Careers in the Futures Industry
JohnLothianNews.com
In episode 4 of Futures Discovery, we're diving into the diverse world of careers within the futures industry. From the fast-paced world of trading to the analytical realms of risk management and technology, there's a multitude of career paths in this dynamic field.
Watch the video »
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Prometheum Receives First of Its Kind Approval From FINRA to Clear and Settle Digital Asset Securities; Prometheum's digital asset securities custody platform is launching in Q1 2024
Prometheum Inc.
Prometheum Inc., today announced its plan to launch its digital asset securities custody platform in Q1 2024. Following its recent membership approval with Financial Industry Regulatory Authority ("FINRA") to operate as a Special Purpose Broker-Dealer ("SPBD") to custody digital asset securities, Prometheum Capital LLC, a subsidiary of Prometheum Inc., today expanded its business to include clearing and settlement of digital asset security trades for its affiliate, Prometheum Ember ATS ("Prometheum ATS"). This marks the final regulatory approval required for Prometheum to offer, through its affiliate, trading and custody of digital asset securities in 2024
/jlne.ws/3tLs16t
***** Prometheum is a game changer.~JJL
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The rising threat to democracy of AI-powered disinformation; Experts fear 2024 could be the year a viral undetectable deepfake has a catastrophic impact on an election
Hannah Murphy - Financial Times
Two days before the Slovakian election in September, a mysterious recording went viral on social media. In it, liberal opposition candidate Michal Simecka could apparently be heard plotting with a journalist to buy votes and rig the result. "It will be done in a way that nobody can accuse you of taking bribes," Simecka purportedly says on the audio, according to a transcript of the conversation that also circulated at the time. "Be careful, there are many people around, don't use the B word," the journalist replies.
/jlne.ws/3SbO3Zt
****** 2024 is going to be a doozy!!~JJL
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Wednesday's Top Three
Our top story Wednesday was SVB Financial plans to hand VC business to creditors, from Reuters via Yahoo!Finance. Second was Could an AI 'death calculator' actually be a good thing? from the Financial Times. Third was Israel's Far Right Calls for Palestinians to Resettle Outside Gaza, from The Wall Street Journal.
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| Lead Stories | SEC Approves Bitcoin ETFs for Everyday Investors; The exchange-traded funds will allow investors to buy bitcoin as easily as stocks or mutual funds
Vicky Ge Huang - The Wall Street Journal
A ruling Wednesday clears the way for the first U.S. exchange-traded funds that hold bitcoin to be sold to the public. The decision by the Securities and Exchange Commission will allow mainstream investors to buy and sell bitcoin as easily as stocks and mutual funds. Expectations of U.S. regulatory approval for such funds drove the price of bitcoin to the highest level in about two years. The digital currency approached $47,800 late Tuesday, up from $17,000 in January 2023.
/jlne.ws/47tLhmH
Here's How the New Bitcoin ETFs Will Work; Similar to gold ETFs, the new funds will hold bitcoins in a digital vault
Alexander Osipovich - The Wall Street Journal
Regulators have given the green light to the first U.S. exchange-traded funds that directly hold bitcoin. Crypto enthusiasts hope the new funds-backed by asset managers such as BlackRock and Fidelity Investments-will draw more mainstream investors into bitcoin. In many ways, the new ETFs are similar to the gold ETFs that emerged in the early 2000s and became a popular way to invest in the precious metal. Instead of buying physical bars of gold, investors could buy shares in a gold fund through their brokerage, just like buying stocks.
/jlne.ws/47vkvdJ
Bank of England Governor Says Crypto Integration Losing Momentum
Tom Rees - Bloomberg
Bank of England Governor Andrew Bailey said the integration of cryptocurrencies into the global financial system has stalled as the coins struggle to win over regulators and the public. "My own sense is that it's not taking off as what I might call a core financial service," Bailey told the UK Parliament's Treasury Committee on Wednesday. "For instance, using Bitcoin as a payments method is pretty inefficient."
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Gary Gensler's Begrudging Bitcoin ETF Concession: 'We Did Not Approve or Endorse Bitcoin'
Jesse Hamilton - CoinDesk
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler conceded that the regulator's loss in court over rejecting Grayscale's application for a spot bitcoin exchange-traded fund (ETF) left it little recourse but to approve about a dozen such proposals Wednesday.
/jlne.ws/3O19VnY
Cathie Wood Says Gensler 'Denigrated' Crypto With His Statement
Suvashree Ghosh, Isabelle Lee and Carol Massar - Bloomberg
Ark Investment Management LLC's Cathie Wood said she was taken aback by Securities and Exchange Commission Chair Gary Gensler's statement shortly after the agency approved around a dozen exchange-traded funds that will directly hold Bitcoin. "He just denigrated the whole crypto space. I couldn't believe it," Wood said in a Bloomberg Radio interview aired on X. "This is par for the course in disruptive innovation."
/jlne.ws/4aVqqvI
Stung by a Judge, SEC Rethinks View on Crypto Surveillance
Chris Nagi - Bloomberg
First came the judge's rebuke. Then fresh Securities and Exchange Commission research surfaced purporting to allay doubts about whether trading in Bitcoin could ever be effectively monitored. Altogether it led the chief US securities regulator to reverse course Wednesday and deliver a landmark decision clearing the way for a slew of new spot exchange-traded funds tracking the digital currency.
/jlne.ws/47uCd0T
Bitcoin ETFs Secure Approval Exactly 15 Years After Hal Finney's Iconic 'Running Bitcoin' Tweet
Shaurya Malwa - CoinDesk
"Running bitcoin," were the words of legendary cypherpunk Hal Finney on Jan. 11, 2009, shortly before becoming the first person to download and receive bitcoin [BTC] two days later. On Wednesday, exactly 15 years after Finney's tweet, bitcoin got its first spot exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission (SEC). Approved providers include financial giants BlackRock (BLK) and Fidelity, while crypto native fund Grayscale's popular Bitcoin Trust (GBTC) has been uplisted as an ETF as well. Fees on these products range from zero for the first few months (at ARK, Bitwise and Invesco) to as much as 1.5% (at Grayscale).
/jlne.ws/47xtgDW
Cryptocurrencies pose risks to EMs, India's stand remains unchanged - cenbank chief
Siddhi Nayak - Reuters
Cryptocurrencies can pose significant risks to emerging markets, the Reserve Bank of India (RBI) chief said on Thursday, cautioning that the central bank's stand on the issue remains unchanged despite wider acceptance in other countries. "Our position, my position and the RBI's position on this (cryptocurrencies) remains unchanged irrespective of who does what," Shaktikanta Das said in response to a question about the U.S. securities regulator approving the first U.S.-listed exchange traded funds to track bitcoin, a move that could bolster the world's largest cryptocurrency and the broader crypto industry.
/jlne.ws/3SewB6y
Is India done with crypto? As SEC's landmark spot Bitcoin ETF approval fuels price surge, world's most populous nation douses its crypto dreams.
Manish Singh - TechCrunch
It wasn't long ago when Indian venture capitalists were scrambling to establish their crypto credentials. ENS addresses adorned Twitter profiles. Over a dozen VC firms scrambled to publish their own web3 investment theses, some even lowering their high bar for credentials to hire young analysts well-versed in crypto.
/jlne.ws/48v9Q3S
Thomson Reuters Launches $626 Million Offer for Pagero; Thomson Reuters will begin a public tender offer to acquire all of Pagero's shares on Friday
Ben Otto - The Wall Street Journal
Thomson Reuters is launching a $626 million cash bid for Pagero Group, beating a rival offer made by Vertex for the Swedish e-invoicing provider last month. Thomson Reuters said Thursday that it will begin a public tender offer to acquire all of Pagero's shares on Friday. It intends to pay 40 Swedish krona a share, valuing the Gothenburg-based company at SEK6.4 billion ($626.0 million).
/jlne.ws/41Sr494
SEC Authorizes Bitcoin-Spot ETFs in Crypto's Breakthrough
Katie Greifeld and Vildana Hajric - Bloomberg
US regulators for the first time approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond.
/jlne.ws/3NY2Lk5
Regulators Approve New Type of Bitcoin Fund, in Boon for Crypto Industry; The Securities and Exchange Commission authorized financial firms to offer a Bitcoin investment product that some hope will accelerate adoption of the technology.
David Yaffe-Bellany - The New York Times
Federal regulators on Wednesday approved a new financial product that tracks the price of Bitcoin, a landmark moment for the cryptocurrency industry that proponents hope will increase investment in the technology. The Securities and Exchange Commission authorized 11 applications by financial firms to offer what are known as exchange-traded funds tied to Bitcoin, a potentially simpler way for people to invest in digital assets on traditional platforms like the Nasdaq. Some of the largest financial companies in the world, including the asset managers BlackRock and Fidelity, were approved to offer the products, known as E.T.F.s, which could begin trading as soon as Thursday.
/jlne.ws/3Sclhrv
Why the Bitcoin ETF Was Such a Long Time Coming
Olga Kharif - Bloomberg
The US Securities and Exchange Commission's decision to approve exchange-traded funds that invest directly in Bitcoin will likely bring a new wave of investors to the oldest and biggest cryptocurrency. ETFs have become an enormously popular way for Americans to invest their money in equities, bonds, commodities, currencies and real estate. Once spot Bitcoin ETFs are available from the likes of Fidelity Investments and the world's biggest asset manager, BlackRock Inc., they're expected to attract people who kept crypto at arm's length until now.
/jlne.ws/47ABJX0
SEC Authorizes Bitcoin-Spot ETFs in Crypto's Breakthrough; SEC authorizes ETFs to launch after a decade of denials; Gensler says agency is does not 'approve or endorse' Bitcoin
Katie Greifeld and Vildana Hajric - Bloomberg
US regulators for the first time approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond.
/jlne.ws/48qD0Be
How to regulate a Financial market? The impact of the 1893-1898 regulatory reforms on the Paris Bourse
Pierre-Cyrille Hautcoeur, Amir Rezaee, Angelo Riva - Paris School of Economics
Theoretical and historical observations show that a financial center can adopt one of two approaches: a single, consolidated, and lightly regulated stock exchange that attracts all participants, or a range of exchanges with varying degrees of regulation tailored to different intermediary, investor, and issuer needs. The choice between these approaches is challenging due to limited changes at the "meta-regulatory" level. The case of Paris exchanges in the late 19th century, when Paris was the second-largest financial center globally, serves as an example. In 1893, a law disrupted the existing equilibrium between two exchanges by reducing the advantages of the more regulated one, but in 1898, another law restored the balance. An analysis of these changes' impact on competition in terms of listed securities, trading volumes, and spreads reveals that competition among exchanges is intricate, and efficiency may not always align with expectations.
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World Nears Dangerous Climate Tipping Point With Snow in Short Supply; Global warming is impacting winter storms and mountain snowpack around the world, leading to devastating consequences including prolonged drought.
Kyle Kim, Hayley Warren, Eric Roston and Sana Pashankar Green - Bloomberg
It's winter in the north, but you wouldn't know it in many places: Snow is MIA, much to the chagrin of everyone from ski resort managers to schoolkids hoping for a day off. Though a punishing storm is dumping snow along the northern band of the US, events like that are proving an exception to what's quickly becoming the new rule. Snowpack is in decline in the world's regions most dependent on it for winter recreation, and more importantly, springtime water. Greenhouse gas pollution is contributing to winter precipitation falling as rain - or even not at all. Northern California's snowpack this week sat at just 38% of its average, a worrisome figure given the dependence of the state's $56 billion agriculture industry on melted snow. The Golden State isn't alone; Italy's snowpack is 45% below average and parts of Afghanistan have seen record lows.
/jlne.ws/3RSu5kX
Quants in China to Suffer From Cuts to Automated Commodity Trading Refunds; Dalian's futures contracts include iron ore and farm goods; Securities regulator has pledged to strengthen supervision
Bloomberg News
Chinese commodities exchanges are ending the rebates paid on some automated trades, as the authorities seek to reduce volatility in markets that help set the prices that the country pays for raw materials. The Shanghai Futures Exchange, the Dalian Commodity Exchange and the Zhengzhou Commodity Exchange will no longer give refunds this year to brokers on some of the program trades executed by their customers, according to notices from the bourses viewed by Bloomberg. Previously, they offered rebates that rose as trading volumes increased, and brokers passed on a portion of that to their clients.
/jlne.ws/4aU3TPw
The SEC Got Trolled on Bitcoin ETFs; Also a Boeing door insider trading hypothetical, Bitcoin ETF fees, not saying ESG and taxi rides to the New York Fed.
Matt Levine - Bloomberg
SEC Bitcoin ETF hack. I kind of don't understand the trade here? A highly anticipated decision by the US Securities and Exchange Commission on whether to approve a spot-Bitcoin exchange-traded fund quickly morphed into a major cybersecurity incident on Tuesday. The SEC's X account was compromised and a fake post claiming that the agency had green lit plans for the products fueled a brief surge in the price of the world's biggest cryptocurrency. It also has sparked an investigation by US authorities into how a social media account at Wall Street's main regulator was compromised.
/jlne.ws/3U3etOa
Gary Gensler Should Have Counter-Trolled; The SEC failed to come out of the Bitcoin ETF approval disaster with its reputation intact.
Jessica Karl - Bloomberg
The Hack Heard Around the World. If you wanted to be featured in Matt Levine's newsletter Money Stuff, there's a few things you could do. You could, say, be the world's richest person. Or you could insider trade while drunk on the squash court - or eavesdrop on your spouse. Or you could ask Masa Son to invest $10 billion in your company, then use it as kindling to light the whole edifice on fire. But none of that is anonymous. And all of it is messy, legally speaking. The entire world will know you're a person of low intelligence or even lower morals, including Matt Levine - your favorite literary figure on earth, whom you venerate as a financial saint.
/jlne.ws/47vEx7J
Elon Musk May Be the Loneliest Person in the World | Opinion
Zoe Schiffer and Ariella Steinhorn - Newsweek
A lack of social connection has been identified as one of the leading causes of mental health disorders in this country. Studies have found that 43 percent of people over 60 feel lonely, and more young men are single and without close friends than ever before. Other studies have found that positive social relationships are intertwined with our physical health.
/jlne.ws/3He33j5
A polar vortex is just the beginning: January's weather forecast is chaotic and dangerous
Doyle Rice - USA TODAY
After a mostly calm and mild December across much of the U.S., Mother Nature is making up for it with a stormy and cold January, and there's more wild weather on the way. The deadly storm that's raking the eastern U.S. this week is the opening act for what's to come over the next week: A potential "bomb cyclone" blizzard for the Midwest, an arctic blast courtesy of the polar vortex, and possibly the first real East Coast snowstorm in years.
/jlne.ws/3tGYGtY
Goldman Traders Ride 'Rallying Cry' to Dethrone Morgan Stanley
Sridhar Natarajan - Bloomberg
A decade ago, Goldman Sachs Group Inc. not only lost its crown as Wall Street's top equities shop, it then hosted a Morgan Stanley boss who described how great it felt to wear it. Colm Kelleher, known to delight in needling rivals, talked up his firm's new lead at a Goldman conference: "I have to say, that gives us a little bit of pleasure."
/jlne.ws/3vwxsXk
Bitcoin X hack an 'embarrassment' for cyber security-conscious SEC; Regulator faces calls from lawmakers to explain how its account became 'compromised' in market-moving mishap
Stefania Palma and Brooke Masters - Financial Times
The X post on the Securities and Exchange Commission's official account claiming, falsely, that it had approved US spot bitcoin exchange traded funds on Tuesday appears to have been the result of exactly the type of hack the regulator has spent years warning companies to prevent.
/jlne.ws/4aVcvpa
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | North Korea Set to Send New Class of Missiles to Russia, Seoul Says; South Korean Defense Minister Shin says in Yonhap interview; Kim to soon conduct new tests of ballistic missiles, Shin says
Seyoon Kim and Jon Herskovitz - Bloomberg
North Korea is looking to step up its military cooperation with Russia by sending Moscow new types of tactical guided missiles, while Pyongyang may soon conduct fresh tests of its own missiles designed to deliver nuclear strikes, South Korea's defense minister said. Kim Jong Un's regime appears to be planning for a trial of atmospheric reentry of a warhead designed to be carried by an intercontinental ballistic missile to the US mainland, Shin Wonsik said in an exclusive interview with Yonhap News published Thursday. This would mean firing a long-range rocket a distance of several thousand kilometers, he said.
/jlne.ws/48QgKR0
Ukraine builds barricades, digs trenches as focus shifts to defence
Vitalii Hnidyi and Thomas Peter - Reuters
Rows of white concrete barricades and coils of razor wire stretch across an open field for more than a kilometre. Trenches with rudimentary living quarters are being dug under cover of darkness. Artillery rumbles not far away. New defensive lines visited by Reuters near the northeastern city of Kupiansk on Dec. 28 show how Ukraine has stepped up construction of fortifications in recent months as it shifts its military operations against Russia to a more defensive footing.
/jlne.ws/3HbcP5L
Turkish journalists among 13 injured in Russian missile strike on hotel in Ukraine's Kharkiv; Photos and videos of missile strike show windows blown out and glass shards everywhere
Arpan Rai - Independent
A Russian missile attack on a hotel in Ukraine's second largest city of Kharkiv has injured at least 13 people, including journalists from Turkey covering the war, local officials said. The strike involved S-300 missiles, officials confirmed.
/jlne.ws/3HcELpI
Ukraine's Zelenskiy says a ceasefire would only benefit Russia
Andrius Sytas - Reuters
Ukraine's President Volodymyr Zelenskiy said on Thursday that a ceasefire in Russia's war against Ukraine would not lead to political dialogue, and would only benefit Moscow. Speaking to reporters in the Estonian capital Tallinn during a wider tour of the Baltic region, Zelenskiy said any pause would risk allowing Russia to re-group and boost its supply of munitions "and we will not risk".
/jlne.ws/3RWJOiY
Russia Latest: Biden's Plan to Seize Assets, Push Zelenskiy
Daniel Flatley - Bloomberg
President Joe Biden's administration is backing legislation that would let it seize some of $300 billion in frozen Russian assets to help pay for reconstruction of Ukraine, a shift as the White House seeks to rally support in Congress to further fund the war against Vladimir Putin's forces. The administration welcomes "in principle" a bill that would allow it to confiscate the funds, according to a November memo from the National Security Council to the Senate Foreign Relations Committee.
/jlne.ws/4aLVkXf
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | At World Court, South Africa accuses Israel of genocidal acts in Gaza
Stephanie van den Berg, Anthony Deutsch and Toby Sterling - Reuters
South Africa accused Israel on Thursday of subjecting Palestinians to genocidal acts and demanded that the U.N's top court order an emergency suspension of Israel's devastating military campaign in Gaza. On the first of two days of hearings at the International Court of Justice (ICJ), South Africa said Israel's aerial and ground offensive aimed to bring about "the destruction of the population" of the Palestinian enclave.
/jlne.ws/48kPDxL
In grim milestone, 1% of Gaza Strip population killed since Israel-Hamas war began; Hamas' terrorist attack in Israel on Oct. 7 killed 1,200 Israelis.
Somayeh Malekian and Sami Zayara - ABC News
The death toll in Gaza has reached a grim milestone, with one of every 100 Palestinians there killed since the beginning of the Israel-Hamas war, which started following Hamas' surprise attack on Israel on Oct. 7, 2023. With 23,357 killed in Israel's military operation in Gaza, according to the Hamas-run Gaza Ministry of Health, the Gaza Strip population has now lost 1% of its 2.3 million residents. More than 10,000 of those killed were children, and about 7,000 are reported to be still under the rubble, the health ministry said.
/jlne.ws/3SdFWLL
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Marex Strengthens Board With Appointments Of Linda Myers And Madelyn Antoncic
Marex
Marex, the diversified global financial services platform, today announces that Linda Myers and Madelyn Antoncic have been appointed to the group board and join this month. Linda joins as chair of the remuneration committee, replacing Jeremy Isaacs, who remains on the board. Linda's appointment to the remuneration committee is subject to regulatory approval. Linda will also serve as a member of the audit & compliance committee. Madelyn will serve as a member of the nomination, remuneration, audit & compliance and risk committees.
/jlne.ws/3Hhg7nO
CME Group International Avg. Daily Volume Rises 8%
RTTNews
CME Group Inc. (CME), a market place for derivatives contracts, announced on Wednesday that its average daily volume, outside the United States grew by 8 percent in 2023. The International average daily volumes increased to 6.8 million contracts in the last year, driven by growth in the Equity Index and Interest Rate products, which in turn were up by 26 percent and 23 percent respectively.
/jlne.ws/41R28yJ
EEX publishes 2024 sales calendar for German national Emissions Trading System
EEX Group
EEX has published the sales calendar for the national Emissions Trading System ("nEHS") for the year 2024, in coordination with the German Emissions Trading Authority (DEHSt) at the German Environment Agency (UBA). From 2024 onwards, waste used in waste incineration plants will also be covered under the Fuel Emissions Trading Act.
/jlne.ws/4aPQMit
Euronext announces volumes for December 2023
Euronext
Euronext, the leading pan-European market infrastructure, today announced trading volumes for December 2023. Monthly and historical volume tables are available at this address. https://jlne.ws/48OgHVR
Market Order Type
Bourse de Montreal
Bourse de Montreal Inc. wishes to announce that effective Tuesday January 23, 2024, the Market Order, as described in Article 6.110 (b) (ii), will be enabled for the Three-Month CORRA Futures(CRA), Two-Year Government of Canada Bond Futures (CGZ) and Five-Year Government of Canada Bond Futures (CGF). The market order protection bands for these instruments will be as follows:
/jlne.ws/3TSJ7tB
Miami International Holdings Reports Trading Results for December and Full-Year 2023; MIAX Exchange Group Sets Record Volume and Market Share Levels in Options and Equities Markets
Miami International Holdings
Miami International Holdings, Inc. (MIH) today reported December 2023 and full-year 2023 trading results for its U.S. exchange subsidiaries - MIAX, MIAX Pearl and MIAX Emerald (together, the MIAX Exchange Group), and Minneapolis Grain Exchange (MGEX). December 2023 and Full-year 2023 Trading Volume and Market Share Highlights
/jlne.ws/3HzvLvf
Changes in Nifty Fixed Income indices
National Stock Exchange of India
The Index Maintenance Sub-Committee (Debt) of NSE Indices Limited has decided to make changes on account of scheme of amalgamation of Tata Cleantech Capital Limited (TCCL) and Tata Capital Financial Services Limited (TCFSL) into Tata Capital Limited (TCL). These changes shall become effective from January 16, 2024.
/jlne.ws/4aVJDNN
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | OpenAI In Talks With CNN, Fox and Time to License Content; Startup has said it's in discussions with dozens of publishers; Negotiations come as OpenAI faces New York Times lawsuit
Shirin Ghaffary, Graham Starr, and Brody Ford - Bloomberg
OpenAI is in talks with CNN, Fox Corp. and Time to license their work, according to people familiar with the matter, in a growing effort to secure access to news content to build out its artificial intelligence products while facing allegations it's ripping off copyrighted materials. The startup behind ChatGPT, a tool that lets users quickly crank out text, code and other content with simple prompts, is seeking to cut deals with numerous producers of news, video and other digital media that can be used to make the AI chatbot more accurate, relevant and up to date. OpenAI is also battling lawsuits alleging copyright infringement.
/jlne.ws/3TWhznf
Tokenized Treasuries' Surging Demand Prompts Yield-Bearing Offering by Enigma Securities
Krisztian Sandor - CoinDesk
Enigma Securities, the digital asset brokerage arm of U.K.-based Makor Securities, has integrated on-chain yield provider OpenTrade and started offering the product to investors in Europe, Asia and Latin America as demand for Tokenized U.S. treasuries continues to grow.
/jlne.ws/3Hfyh9v
Elon Musk's X to Launch Peer-to-Peer Payments in 2024
Usman Qureshi - Iphoneincanada.ca
This development aims to unlock increased user functionality and commerce opportunities, aligning with X's vision to revolutionize in 2024. However, specific details on the payment mechanism and the official launch date remain undisclosed. X Payments LLC, the payment arm of the platform, has so far secured money transmission licenses in only 14 states according to records on the Nationwide Multistate Licensing System website.
/jlne.ws/3tYrgqy
AI Tool Helps Fix Faulty Trades Amid Shift to Faster Settlement Times; Technology identifies failed trades, offers possible solutions; Finance firms are grappling with move to shorter settlements
Katherine Doherty - Bloomberg
As the financial industry grapples with the shift to shorter settlement times, banks and broker-dealers will soon have a new artificial-intelligence tool to fix and prevent trades that go awry during the settlement process. Broadridge Financial Solutions Inc. is rolling out OpsGPT, a chat-bot that uses generative AI and large language model technology to analyze and resolve operational issues such as failed trades, and offer insight on the cause of the issue and suggestions for how to resolve it and prevent it from happening again. The product was developed to help firms deal with added stress and costs as the market moves to a so-called T+1 requirement later this year, speeding up settlement times for securities trades to one day from two.
/jlne.ws/3tSfLRB
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| Cybersecurity | | Top stories for cybersecurity | Most common scams in 2023 were online shopping fraud, phishing, BBB says; The popularity of online shopping and remote work influenced the year's biggest scams, the organization said.
Audrey Hettleman - Chicago Sun Times
The most popular fraud of 2023 was online shopping scams, according to an annual report by the Better Business Bureau of Chicago and Northern Illinois.
/jlne.ws/3tDtags
AI's Impact on Cybersecurity: A Costly Transformation
Giuseppe Ciccomascolo - CCN
With artificial intelligence (AI), cybercriminals are becoming more creative, faster, and more difficult to counter. For this reason, the costs to be incurred for cybersecurity will increase more and more. According to some forecasts , cybersecurity costs will increase globally to $10.5 trillion by 2025, due to the growing sophistication of cybercrime. This is also thanks to the continuous evolution of AI, which helps cybercriminals to become increasingly creative.
/jlne.ws/3tOaJWh
Britain's Darktrace raises annual forecasts as AI demand booms
Reuters
Britain's Darktrace (DARK.L) on Thursday raised its forecast for annual revenue and core profit margins, as the cybersecurity company bets on strong demand for its artificial intelligence-powered products. Shares in the FTSE midcap firm (.FTMC) were up 7% at 359.1 pence at 0849 GMT, and were among top gainers across all London stocks.
/jlne.ws/3tOeStc
CoinGecko's X accounts compromised in phishing attack; The account was briefly compromised on Jan. 10, but developers have since restored control.
Zhiyuan Sum - Cointelegraph
Cryptocurrency data aggregator CoinGecko's X (formerly Twitter) account and terminal were briefly compromised on Jan. 10. As reported by CoinGecko, "We're taking immediate steps to investigate the situation and secure our accounts." The company warned that users should not "click on any links or engage with suspicious content."
/jlne.ws/41RaXbL
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin ETF Hype Is More Memestock Than Gold 2.0; The SEC's approval is a boon to speculators, but what comes next is anyone's guess.
Lionel Laurent - Bloomberg
The regulatory approval of an exchange-traded fund isn't supposed to be a mass-media event worthy of Wrestlemania. Yet here we are. The hype around US spot Bitcoin ETFs has reached meme levels akin to pandemic-era laser eyes: Crypto prices are soaring, hackers are mobilizing and Redditors are pumping. But the promise of game-changing, gold-like adoption looks like a meme too far.
/jlne.ws/3RLo89m
Robinhood plans to list spot bitcoin ETFs as quickly as it can
MK Manoylov - The Block
Vlad Tenev, CEO of the investment app Robinhood, said that the firm will begin offering spot bitcoin exchange-traded funds as quickly as it can. The statement came right after the Securities and Exchange Commission announced the approval of spot bitcoin ETFs for the first time. Now, 11 spot bitcoin ETFs will be start trading as soon as tomorrow.
/jlne.ws/48tP0C8
Morning Bid: To the moon? Bitcoin ETFs lift off
Reuters
A look at the day ahead in European and global markets from Ankur Banerjee After the fake post comes the real thing. The long-mooted and eagerly anticipated exchange traded funds (ETFs) to track bitcoin got the official go-ahead at last, sending the crypto world into a celebratory mood at what it sees as a game-changer.
/jlne.ws/3HbbzQ5
Why a US bitcoin ETF is a game-changer for crypto
Hannah Lang - Reuters
The U.S. Securities and Exchange Commission (SEC) on Wednesday approved exchange-traded funds (ETFs) that track the price of bitcoin in a game-changer for the cryptocurrency industry which has been trying for more than a decade to launch such a product. Multiple asset managers have applied for bitcoin ETFs since 2013, but the SEC rejected them on the grounds they would be vulnerable to market manipulation. In August, however, a court found the SEC was wrong to reject Grayscale Investments' bitcoin ETF application, forcing the agency to rethink its stance.
/jlne.ws/3TWfc3P
SEC makes it easier to trade bitcoin in landmark decision; The securities regulator will allow ETFs that own bitcoin to be bought and sold like mutual funds or company shares
Gerrit De Vynck - The Washington Post
The Securities and Exchange Commission voted Wednesday to allow Wall Street firms to offer easier ways to buy and sell bitcoin on financial markets, a major decision that could lead to the cryptocurrency becoming more mainstream just over a year after the crypto markets crashed.
/jlne.ws/3NY586L
Former FTX Customers Complain About Losing Out on Rise in Crypto Under Bankruptcy Plan
Steven Church - Bloomberg
Some former customers of the bankrupt crypto firm FTX Trading Ltd. are pushing a US judge to change how they will be repaid, arguing that proposed rules unfairly leave them out of a yearlong rise in the price of Bitcoin and other digital currencies. More than 80 individual customers have filed letters attacking a plan to peg the value of their digital assets to the date FTX filed bankruptcy - Nov. 11, 2022 - and pay claims in US dollars instead of returning the crypto coins.
/jlne.ws/3TVFpzF
Coinbase threatened by bitcoin ETFs after almost 400% surge in stock last year
MacKenzie Sigalos - CNBC
/jlne.ws/3Sd2LiG
Coinbase calls spot bitcoin ETF approval 'watershed moment'
RT Watson - The Block
/jlne.ws/3NYxAFE
Ripple to buy back $285 million of its shares, valuing company at $11 billion - sources
Krystal Hu - Reuters
/jlne.ws/41R1VeV
FTX's bankruptcy estate plans to sell dozens of properties in the Bahamas, including SBF's luxury 'Orchid Penthouse'
Anna Baydakova - The Block
/jlne.ws/3NYhdJ2
Bitcoin Developer's Proposal to Stop 'Spam' NFTs Gets Shut Down
Bradley Keoun - CoinDesk
/jlne.ws/48RiVnl
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| Politics | | An overview of politics as it relates to the financial markets | Congress Nears Deal on $70 Billion Tax Break for Businesses, Children
Erik Wasson, Samantha Handler and Chris Cioffi - Bloomberg
US congressional negotiators are nearing a bipartisan deal to renew expired business tax breaks and boost the child tax credit in time for many voters to receive the benefit during the current election year. Democratic Senator Ron Wyden of Oregon and Republican Representative Jason Smith of Missouri, chairmen of the Senate and House tax committees, presented an outline of their roughly $70 billion proposal, evenly split between the corporate tax cuts and child credit, to their colleagues as talks continue.
/jlne.ws/3NZUYlR
Chris Christie Drops Out of GOP Presidential Race; Former New Jersey governor focused campaign on criticizing front-runner Donald Trump; exit seen as boost for Nikki Haley
Eliza Collins, Alex Leary and John McCormick - The Wall Street Journal
Chris Christie has dropped out of the GOP presidential nomination race, a potential boost for Nikki Haley as voting begins with the Iowa caucuses on Monday. Christie announced the decision from Windham, N.H., on Wednesday afternoon, where he had been scheduled to hold a campaign event.
/jlne.ws/3vwWkOM
Neo-Nazis in the US no longer see backing Ukraine as a worthy cause; Like mainstream Republicans blocking military aid, American rightwing extremists are disavowing a war they once admired
Ben Makuch - The Guardian
Two years into the war in Ukraine, once a destination for American extremists, many within the underground far-right movement in the US are avidly disavowing it and advising followers to stay away. Extremists now see the upcoming election year as tailor-made for activism on the home front. At the outset of the war, the Department of Homeland Security (DHS) issued an intelligence bulletin that far-right American extremists were heading to the conflict and could use it to hone terrorist skills to bring back stateside.
/jlne.ws/48ub9A2
Xi, Biden and the $10 Trillion Cost of War Over Taiwan
Jennifer Welch, Jenny Leonard, Maeva Cousin, Gerard DiPippo and Tom Orlik - Bloomberg
War over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it. Bloomberg Economics estimate the price tag at around $10 trillion, equal to about 10% of global GDP - dwarfing the blow from the war in Ukraine, Covid pandemic and Global Financial Crisis.
/jlne.ws/3NXSzbo
Brexit Cost the UK Economy £140 Billion, London Mayor Says; Study suggests UK has 2 million fewer jobs due to EU divorce; Sadiq Khan says 'mature approach' needed to forge closer ties
Irina Anghel - Bloomberg
London Mayor Sadiq Khan on Thursday will blame Brexit for costing the UK economy £140 billion ($178 billion), calling on the government to "urgently" rebuild relations with the European Union to stem the decline.
/jlne.ws/41Rewi9
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Says FBI Is Investigating Compromise of Agency's X Account; Agency has said X post on spot-Bitcoin ETFs approval was fake; Law enforcement looking into the incident, the regulator says
Allyson Versprille - Bloomberg
A highly anticipated decision by the US Securities and Exchange Commission on whether to approve a spot-Bitcoin exchange-traded fund quickly morphed into a major cybersecurity incident that is being probed by the FBI. The SEC's X account was compromised and a fake post claiming that the agency had green lit plans for the products fueled a brief surge in the price of the world's biggest cryptocurrency on Tuesday. The SEC, Wall Street's main regulator, said on Wednesday that the Federal Bureau of Investigation was investigating the incident.
/jlne.ws/3HfnBb5
FBI investigates fake tweet about bitcoin investment fund that led to price spike; Hackers posted false news about a widely anticipated announcement that the SEC was expected to make about bitcoin
Blake Montgomery and agencies - The Guardian
The US Securities and Exchange Commission (SEC) said Wednesday that it is working with the FBI to investigate a fake message posted on its X social media account. On Tuesday hackers posted false news about a widely anticipated announcement that the SEC was expected to make about bitcoin, leading the cryptocurrency's price to spike and alarming observers. An SEC spokesperson confirmed to the Guardian in a statement that the unauthorized post on the @SECGov account "was not drafted or created by the SEC".
/jlne.ws/41WNO7C
Spain's High Court annuls $100 mln in fines for four big Spanish banks
Reuters
Spain's High Court has annulled 91 million euros ($100 million) of fines imposed on four Spanish banks, including Santander (SAN.MC) and BBVA (BBVA.MC), for selling interest rate derivatives to customers above market rates. The competition watchdog imposed the fines after it considered the lenders, which also included Caixabank (CABK.MC) and Sabadell (SABE.MC), had fixed above market rates the price of derivatives that were used to hedge the interest rate risk associated with syndicated loans for project finance.
/jlne.ws/3tNOsI4
Ex-Goldman Associate Will Plead Guilty in Insider-Trading Case; Anthony Viggiano allegedly passed tips worth $400,000; Viggiano won ethics contest for future finance professionals
Bob Van Voris - Bloomberg
A former Goldman Sachs Group Inc. associate who had also worked at Blackstone Inc. will plead guilty in a case where he is charged with passing inside information to friends. Anthony Viggiano and a college friend charged with trading on the tips are expected to plead guilty to one or more criminal charges in New York federal court Thursday, according to a person with knowledge of the matter.
/jlne.ws/3HbfmNj
Commissioner Pham to Speak at GBBC's 7th Annual Blockchain Central Davos
CFTC
Commissioner Caroline D. Pham will participate in a fireside chat on U.S. innovation and regulation at GBBC's 7th Annual Blockchain Central Davos.
/jlne.ws/3vweobQ
SEC approves first spot bitcoin ETFs in boost to crypto advocates; Funds could start trading as soon as Thursday after months of anticipation and pushback
Will Schmitt and Brooke Masters and Scott Chipolina - Financial Times
The US Securities and Exchange Commission has approved the first spot bitcoin exchange traded funds in a watershed moment that cryptocurrency enthusiasts are betting will draw new retail and institutional investors into the market. The top American securities regulator cleared 11 ETFs to list, with sponsors ranging from established players such as Fidelity and Invesco to digitally focused newcomers including Grayscale and Ark Invest.
/jlne.ws/47vhom2
Statement on the Approval of Spot Bitcoin Exchange-Traded Products
Chair Gary Gensler - SEC
Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares. I have often said that the Commission acts within the law and how the courts interpret the law. Beginning under Chair Jay Clayton in 2018 and through March 2023, the Commission disapproved more than 20 exchange rule filings for spot bitcoin ETPs. One of those filings, made by Grayscale, contemplated the conversion of the Grayscale Bitcoin Trust into an ETP.
/jlne.ws/3Hbi45r
Out, Damned Spot! Out, I Say![1]: Statement on Omnibus Approval Order for List and Trade Bitcoin-Based Commodity-Based Trust Shares and Trust Units
Commissioner Hester M. Peirce - SEC
Today marks the end of an unnecessary, but consequential, saga. More than ten years after the filing of the first spot bitcoin exchange-traded product ("ETP") application, the Commission finally has approved multiple applications by exchanges to allow the listing and trading of spot bitcoin ETPs. This saga likely would have spanned well beyond a decade were it not for the DC Circuit-ex-machina.[2] You need not be a seasoned securities lawyer to spot the difference in treatment of bitcoin-related ETP applications compared to the many other ETP applications that have been routinely filed and approved over the past decade.
/jlne.ws/3NZVyQz
Statement Dissenting from Approval of Proposed Rule Changes to List and Trade Spot Bitcoin Exchange-Traded Products
Commissioner Caroline A. Crenshaw - SEC
Today the Securities and Exchange Commission approved a series of proposed rule changes that will allow for the listing and trading of bitcoin-based products on national securities exchanges.[1] These Commission actions are unsound and ahistorical. And worse, they put us on a wayward path that could further sacrifice investor protection. I cannot agree that these actions serve either our statutory or foundational investor protection mandates and, as such, I dissent from today's Order.
/jlne.ws/48qFzmQ
Statement Regarding the Commission's Approval of Proposed Rule Changes to List and Trade Shares of Spot Bitcoin Exchange-Traded Products
Commissioner Mark T. Uyeda - SEC
Today marks the Commission's long-anticipated approval of applications to list and trade shares of spot bitcoin exchange-traded products ("ETPs"). While I concur with the approval of the spot bitcoin ETP applications under the standards set forth in Section 19(b)(2) of the Securities Exchange Act of 1934 ("Exchange Act"), [1] I have strong concerns with three aspects of the order (the "Approval Order"):
/jlne.ws/3He4Jcn
SEC Charges Global Software Company SAP for FCPA Violations
SEC
The Securities and Exchange Commission today announced charges against global software company SAP SE for violations of the Foreign Corrupt Practices Act (FCPA) arising out of bribery schemes in South Africa, Malawi, Kenya, Tanzania, Ghana, Indonesia, and Azerbaijan. The company agreed to monetary sanctions of nearly $100 million in disgorgement and prejudgment interest to settle the SEC's charges.
/jlne.ws/3SfDF30
SEC approves 11 spot bitcoin ETFs: How Coinbase plays a role
Seana Smith - Yahoo Finance
The US Securities and Exchange commission approved eleven spot bitcoin ETFs after the market close on Wednesday. Coinbase (COIN) will serve as the custodian for a majority of the issuers that were approved. Coinbase CFO Alesia Haas tells Yahoo Finance's Seana Smith that it was "a landmark day for crypto," but that "this is a long journey and this is just one step along the way," in the bid for crypto to gain more widespread acceptance.
/jlne.ws/3TVBZNl
FINRA Foundation Research Examines Investors of Color; Investors of Color are Entering the Market at a Faster Pace than White Investors and Tend to Be Much Younger, Report Shows
FINRA
The FINRA Investor Education Foundation (FINRA Foundation) has released a new report, Investors of Color in the United States.
The report examines the behavior and attitudes of investors of color based on data from FINRA Foundation's National Financial Capability Study coupled with a series of focus groups conducted with young Black/African American, Hispanic/Latino and Asian American/Pacific Islander investors.
/jlne.ws/48JAp52
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Microsoft challenges Apple as world's most valuable company
Noel Randewich - Reuters
A recent dip in Apple's (AAPL.O) stock over worries about iPhone sales has left the Silicon Valley tech heavyweight in danger of being overtaken by Microsoft (MSFT.O) as the world's most valuable company. Fresh worries about smartphone demand have pushed Apple's shares down 4% so far in 2024 after rallying 48% last year. Microsoft is up about 2% year to date after surging 57% in 2023.
/jlne.ws/3SbCEc7
The $15 Billion 'Snowballs' That Sour China's Rich; The nation's wealthy still want to do wealth management; just not in China. Even derivatives that bet on range-bound stock indices led to heavy losses.
Shuli Ren - Bloomberg
How low can it go? China's $9 trillion stock market seems unresponsive to any good news these days, even as private survey data show a fragile recovery in the manufacturing sector and the central bank ramps up financing for the troubled housing market. Alarmed by the bearish sentiment that is enveloping the wealth management industry, state-owned investment banks such as China International Capital Corp. in recent days rushed out reports vouching for the mainland market's long-term potential.
/jlne.ws/3SeQb1x
China Is Fast Losing Its Place as Must-Have in Global Portfolios
Abhishek Vishnoi, Amy Bainbridge and Eliyahu Kamisher - Bloomberg
Years of harrowing losses have left Chinese stocks with a diminished standing in global portfolios, a trend that's likely to accelerate as some of the world's biggest funds distance themselves from the risk-ridden market. An analysis of filings by 14 US pension funds with investments in Chinese stocks show most of them have reduced their holdings since 2020. The California Public Employees' Retirement System and New York State Common Retirement Fund, among the nation's biggest pension investors, cut their exposure for a third straight year.
/jlne.ws/3SeUI43
Investors warn of 'complacency' over junk bond risks; Yields have fallen to about 8% from 9.4% in early November but some analysts are concerned by high funding costs
Harriet Clarfelt - Financial Times
The junk bond market has become "complacent" over the risks facing corporate America after a sharp drop in debt funding costs, some investors and economists warn, with high interest rates and a possible economic downturn still posing a threat to low-grade, highly indebted borrowers.
/jlne.ws/3TWyczo
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | World Trying to Quit Fossil Fuels Gets Flood of Gas Instead; The biggest wave ever of liquefied natural gas megaprojects is about to ramp up as the sector bets on its place in the clean-energy transition.
Stephen Stapczynski, Ruth Liao, and Anna Shiryaevskaya - Bloomberg
As delegates at the annual UN climate talks in Dubai celebrated last month's historic deal to move away from fossil fuels, tens of thousands of laborers just across the Persian Gulf in Qatar were chasing a different goal: make the world's largest natural-gas export facility even bigger. At a time when some see oil demand nearing its peak and coal is likely to face a slow but steady decline, the energy sector is betting hundreds of billions of dollars that the third leading fossil fuel - natural gas - has a place in the world's energy mix through at least 2050. That lifespan hinges on one last torrent of investment into the massive terminals that liquefy and export super-chilled liquefied natural gas, or LNG, for countries not yet ready or able to make the transition to renewables.
/jlne.ws/48Lxn0k
Can 'water batteries' solve the energy storage conundrum? Portuguese plant aims to show pumping water up a mountain can be part of energy system driven by renewable power
Barney Jopson - Financial Times
The 230-tonne metal cylinder emits a roaring hum as it spins at 600 revolutions per minute, driving a pump buried underground that brings new meaning to the idea of pushing water up a hill. Far from the analogy of an impossible task, it is the core of a Portuguese power plant aiming to show that pumping water 7km up a mountain can be an essential - and commercially viable - part of an energy system led by renewable power.
/jlne.ws/3HdpSn6
Diet for a Sick Planet: Studies Find More Plastic in Our Food and Bottled Water; Researchers find we can now wash down the microplastics in our tofu, or steak, with a much larger quantity of nanoplastics in bottled water than previously known.
James Bruggers - Bloomberg
If we are what we eat, there's growing evidence to help explain how nanoplastics and microplastics are in our blood, in our intestines and in some of our organs. Two new studies published this week shed further, and alarming, light on all the tiny plastic particles that people are consuming every day. A liter of bottled water may contain nearly a quarter million pieces of the smallest particles of plastic.
/jlne.ws/48wW0hI
Majority of debtors to US hospitals now people with health insurance; Analysts say a 'sea change' occurred in the American healthcare system from when only a tenth of debt came from the insured
Jessica Glenza - The Guardian
People with health insurance may now represent the majority of debtors American hospitals struggle to collect from, according to medical billing analysts. This marks a sea change from just a few years ago, when people with health insurance represented only about one in 10 bills hospitals considered "bad debt", analysts said.
/jlne.ws/3HcI6Fg
Big US Fund Houses Are Retreating on Support For ESG Proxy Votes; More 'no' votes by US funds on key ESG resolutions contrasts with continued backing from European money managers
Lindsey Stewart - Morningstar
Increasing hostility from the political arena toward the consideration of environmental, social, and governance (ESG) issues in investing appears to be translating into sharply-declining support for ESG shareholder resolutions from the biggest US fund companies. At the same time, European asset managers have maintained a high level of support for ESG-related shareholder proposals.
/jlne.ws/3vCV4ti
Consumer group sues Starbucks over 'ethical' sourcing claims
Brendan Pierson - Reuters
/jlne.ws/41WUO4M
World Trying to Quit Fossil Fuels Gets Flood of Gas Instead; The biggest wave ever of liquefied natural gas megaprojects is about to ramp up as the sector bets on its place in the clean-energy transition.
Stephen Stapczynski, Ruth Liao, and Anna Shiryaevskaya - Bloomberg
/jlne.ws/3HgBLsE
Companies Should Avoid ESG/ Sustainability Reports Until SEC Rule Release
Jon McGowan - Forbes (contributor)
/jlne.ws/3TWlIaJ
Guidance for company boards on how to navigate the politicization of ESG
Natalie Runyon - Thomson Reuters Institute
/jlne.ws/3tV5aVV
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citigroup Taking Charges on Argentina, Russia and Its Own Restructuring; Bank's profit will be hit by $1.3 billion in reserves and $780 million in severance charges
Justin Baer - The Wall Street Journal
Citigroup recorded a litany of one-time charges and expenses in the fourth quarter related to its exposures to Argentina's debt market, Russia's political instability and the bank's own restructuring plan. Citi said Wednesday in a regulatory filing that it set aside $1.3 billion in reserves to account for risks in Argentina and Russia. The recent devaluation of the Argentine peso also wiped out about $880 million in revenue from the bank's services, markets and banking division, the bank said.
/jlne.ws/4b3joFc
Morgan Stanley promotes 155 employees to managing directors -source
Tatiana Bautzer and Nupur Anand - Reuters
Morgan Stanley promoted 155 employees to become managing directors this year, fewer than its 2023 cohort of 184, said a person familiar with the situation who declined to be identified discussing personnel matters.
/jlne.ws/3RQwdKd
UBS Finds Credit Suisse's China Venture Tough to Unload
Cathy Chan and Ambereen Choudhury - Bloomberg
Nearly two decades after UBS Group AG rushed to set up an investment banking franchise in China, it has two of them - and is finding subdued interest from potential bidders for the one it doesn't want.
/jlne.ws/48FN7lw
Citadel Securities Is Only Global Bidder for Credit Suisse China; Credit Suisse is selling venture after UBS takeover of firm; Credit Suisse also gets offer from Chinese firm: people
Cathy Chan - Bloomberg
Citadel Securities LLC has made a non-binding offer for Credit Suisse's securities venture in China, becoming the only global financial firm to submit a bid, people familiar with the matter said. The US firm, founded by billionaire Ken Griffin, late last month put in a bid in the range of 1.5 billion yuan ($209 million) to 2 billion yuan, the people said, asking not to be identified because the matter is confidential. Credit Suisse, now owned by UBS Group AG, has been seeking around 2 billion yuan for the entire China unit, including the stake held by its local partner.
/jlne.ws/3SbbYbk
Two Citadel Portfolio Managers Exit Hedge Fund, Shapiro Rejoins
Liza Tetley - Bloomberg
Two Citadel portfolio managers are leaving the multistrategy hedge fund - while another is rejoining. Matthew Carter-Tracy, who was an energy portfolio manager at Citadel's fundamental equities business Surveyor Capital, and Joseph DiGiacomo have departed, according to people with knowledge of the matter.
/jlne.ws/47M388N
BlackRock's Hedge Fund Trader Once Paid More Than Larry Fink Gains 16%
Nishant Kumar - Bloomberg
/jlne.ws/3vunbLf
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The 10 best U.S. companies to work for in 2024, according to Glassdoor
Morgan Smith - CNBC
If you're looking for a better job in 2024, consider a career in tech, finance or consulting. The companies with the happiest, most successful employees are concentrated in these three industries, according to new research from Glassdoor. On Wednesday, Glassdoor released its annual list of the Best Places to Work for 2024, ranking companies with at least 1,000 employees and 75 reviews on the jobs site. Each organization was rated on a 5-point scale for its career opportunities, compensation, culture, senior management and work-life balance, among other factors.
/jlne.ws/3SfDGUC
The good times are ending for the bankers working from home
Zeno Toulon - efinancialcareers
Everyone likes working from home - at least a bit. But they might not be able to for much longer. Our bonus and job market expectations survey asked the 2,000 respondents how their hybrid working patterns had changed over the last two years. Predictably, the office is back. The overwhelming trend is upwards. On average, bank employees were working 7% more days in the office in 2023 than 2022, with all sectors (bar operations) noting an upward trend over the period.
/jlne.ws/47C6haN
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| Wellness Exchange | | An Exchange of Health and Wellness Information | More Teens Who Use Marijuana Are Suffering From Psychosis; More potent cannabis and more frequent use are contributing to higher rates of psychosis, especially in young people
Julie Wernau - The Wall Street Journal
When Braxton Clark was in high school, he used marijuana to control his emotions. At 17, he used it every day. When he was 18, he had a psychotic episode after using cannabis and was admitted to a hospital. He spent the next three years sober. Then one day he tried cannabis again. Before long, he was back in the hospital.
/jlne.ws/3RMmdS8
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Markets gird for volatility as Taiwan heads to vote
Ankur Banerjee - Reuters
Investors are bracing for a volatile reception to Taiwan's election on Jan. 13, with added focus on the island's chip sector, after China said the poll was a choice between "peace and war". In an election-packed 2024, Taiwan will be the first major economy to vote as it holds presidential and parliamentary elections on Saturday, pitting the three main parties, the ruling Democratic Progressive Party (DPP), the Kuomintang (KMT) and the Taiwan People's Party (TPP), against each other.
/jlne.ws/3HdT6Cb
Iran seizes Gulf oil tanker in new threat to Middle East shipping
David Sheppard and Robert Wright in London, Andrew England and Najmeh Bozorgmehr in Dubai - Financial Times
Iran said it had seized an oil tanker off the coast of Oman, escalating fears that the Islamic republic could step up attacks against shipping in the Middle East's waterways. Tasnim News Agency, which is affiliated to Iran's elite Revolutionary Guards, said Iranian naval forces captured an "American oil tanker" in the Gulf of Oman, acting on court orders. The news agency was quoting the navy, but provided no further details.
/jlne.ws/4b3nA7U
European gas prices cool as traders shrug off cold snap
Shotaro Tani - Financial Times
European natural gas prices have fallen to their lowest levels since August as traders bet the continent's vast reserves will see it through the winter, even as the region is engulfed in a cold snap. The benchmark TTF hit a five-month low in Amsterdam in early January as investors grow increasingly confident the EU's gas stores will cover the bloc through to warmer weather in spring and beyond.
/jlne.ws/3RSBJMj
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