| ​ January 12, 2024 ​ | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2024 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
It is a snow day for John Lothian News and everyone is working from home today. OK, that is where everyone works every day, as we have no downtown office anymore. Schools in Elmhurst have declared a snow day, including Timothy Christian, where JLN intern Joanna Clohessy goes to school. Her intern advisor said interns don't have to go to work today, so I am not sure what she is going to do. She has written a couple of stories for JLN that will be published in a few weeks and is working on some podcasts as well.
The first US exchange-traded funds (ETFs) directly investing in Bitcoin went live following approval from the U.S. Securities and Exchange Commission (SEC), marking a significant moment for the digital asset industry. The SEC's decision revealed divisions within the agency, with some expressing skepticism about the crypto market. Grayscale Investments, among others, launched Bitcoin ETFs, with the Grayscale Bitcoin Trust experiencing $2.3 billion in trading volume on its first day. Despite the excitement, SEC Chair Gary Gensler emphasized the risks associated with Bitcoin and ETFs tied to cryptocurrencies. Additionally, South Korea expressed concerns over the speculative nature of US spot Bitcoin ETFs, leading to confusion and a drop in related stock prices. Goldman Sachs noted that institutional investors could benefit from Bitcoin ETFs for low-cost trading and hedging strategies, while Vanguard chose not to offer trading of spot Bitcoin ETFs on its platform, prompting some investors to transfer their funds elsewhere. Also, Cboe Digital has successfully launched margined Bitcoin and Ether futures, marking it as the first U.S. regulated crypto native exchange and clearinghouse to offer both spot and leveraged derivatives trading on a single platform, with support from various trading firms.
Bloomberg reported a record-breaking block trade of 72,000 contracts in the February 2024 Fed Fund futures market following the December inflation reading. Valued at $3 million per basis point, it's the largest sized Fed Fund futures block since 2016. Bloomberg said the trade is shrouded in mystery, but its expiration date suggests it may be related to covering an existing short position or hedging against another instrument, possibly SOFR-related futures, amid debates on the central bank's asset runoff. Open interest in the February 2024 contract has surged to nearly 500,000 contracts, worth $2.5 trillion as of Wednesday, with Thursday witnessing record daily volumes of around 285,000 contracts.
JPMorgan Chase reported a record annual net income of $49.6 billion, making it the most profitable year in the history of the American banking industry, despite a dip in the final quarter. The bank is also witnessing a record $30 billion in private credit changing hands in the secondary market. However, JPMorgan's quarterly profit fell as it set aside $3 billion for a deposit insurance fund. Goldman Sachs has quietly closed down its Launch With GS diversity investment program after achieving its $1 billion pledge to fund companies led by women and people of color. Citigroup, on the other hand, swung to a $1.8 billion loss due to various charges, but CEO Jane Fraser expects a turning point in 2024. Also, Citigroup plans to cut 20,000 jobs as part of Fraser's efforts to improve the bank's returns and reduce expenses, aiming to save up to $2.5 billion while incurring around $1 billion in severance and overhaul costs in 2024. Bank of America's earnings fell short of expectations, with net income dropping 56% to $3.14 billion, partly due to charges from the Federal Deposit Insurance Corp. (FDIC) and expenses related to the industry's transition away from the London Interbank Offered Rate (LIBOR). Bank of New York Mellon reported a 50% fall in fourth-quarter profit, primarily due to one-time charges, including those related to the FDIC's deposit insurance fund.
Christopher Edmonds updated his LinkedIn profile to indicate his new position as president, Fixed Income & Data Services at ICE.
JLN had an egregious error in the first sentence of yesterday's Hits and Takes section, omitting the term "ETFs" in the sentence about the spot Bitcoin ETF approval by the SEC. We are embarrassed, contrite and red-faced over this error.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Registration is open for the World Federation of Exchanges (WFE) 2024 Market Infrastructure Certificate Program. This is the second year of the program, which aims to educate the next generation of financial services leaders around the world about the functioning of organizations that underpin public markets such as exchanges, clearing and settlement organizations, central counterparties, payment systems, and central securities depositories. Participants will learn about exchanges and market microstructure; regulation and governance; ESG; technological innovation; and ethics. The university educational partner for the certificate is Bayes Business School (formerly Cass). Current alumni come from a range of backgrounds, geographies and organizations. To qualify for the MIC, applicants must have at least 4 years of full-time relevant work experience or a graduate degree (BSc, BA, BEng, or equivalent). View the syllabus and apply on the World Federation of Exchanges website.~SAED
Our most read stories from our previous edition of JLN Options were:
- Bitcoin ETF Fans Sees Options Trading Approval as Next Hurdle from Bloomberg.
- The SEC just approved bitcoin ETFs: Here's how they work and how to start trading from Business Insider.
- Cboe Options Exchange to list options on ETPs holding Bitcoin from FX News Group. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
++++
++++
Scott Shellady - Open Outcry Traders History Project - Part Three
JohnLothianNews.com
In part three of his Open Outcry Traders History Project Interview, Scott Shellady recalled the humbling experience of making a trading error when he sold Swiss futures instead of Lira futures due to a misunderstanding of the trading language. He highlighted how such experiences in the pits taught him the importance of understanding market jargon and being aware of the nuances of each trading floor.
Watch the video »
++++
Scott Shellady Open Outcry Traders History Project Full Podcast
JohnLothianNews.com
Scott Shellady, known as the "Cow Guy," discussed his journey from playing football at the University of Colorado to becoming a successful trader and market commentator with John Lothian News in an Open Outcry Trader History Project Interview. He encountered a roadblock in his initial attempt to pursue a degree in finance, so he started out studying art. He was later able to switch to finance as he experienced success in football. He was reluctant at first to follow in his father's footsteps to the Chicago Board of Trade, but eventually he decided to explore his father's world of trading at the CBOT.
Listen to the podcast »
++++
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 »
++++
FX Market Complexity Makes Price Discovery Harder, NY Fed Says; Research finds primary venues losing price discovery dominance; Sees market challenged by T+1, central bank digital currencies
Alice Atkins - Bloomberg
The global $7.5 trillion-a-day currency market is becoming increasingly complicated and price discovery has become harder, as new foreign-exchange trading platforms spring up, economists at the Federal Reserve Bank of New York said. The proportion of interdealer trading - where banks trade amongst each other to match opposing customer flows - continues to fall, while multi-dealer platforms that offer customers more choice over who to trade with are growing in the world's largest financial market, according to a paper published Jan. 11. "We view these developments as increasing competition and providing new options to market participants," wrote researchers including Federal Reserve Bank of New York director of capital markets trading Lisa Chung. "However, they may also have made price discovery more difficult in the FX market."
/jlne.ws/3RUaCAp
***** I think anyone could look at the FX market and come to this conclusion. It is a hot mess.~JJL
++++
U.S.-Led Yemen Strikes Heighten Risk of Broader Middle East Conflict; Iran-backed Houthi rebels warn they will retaliate, pledge to continue attacks on shipping
Thomas Grove and Stephen Kalin - The Wall Street Journal
Yemen's Houthi rebels responded defiantly to U.S.-led strikes against them Friday, saying that the attacks had failed to cause significant damage and that they remained undeterred from launching more attacks on U.S. and international targets in the region. The strikes-and fresh promises of retaliation-threaten to escalate monthslong violence in the Middle East into a broader conflict and turn the Red Sea into a new flashpoint between Washington and the various Iran-backed groups arrayed across the region.
/jlne.ws/48AtYBN
***** Some in Congress are rightly asking why President Biden has not asked Congress for approval for military action against the Houthi rebels.~JJL
++++
Bitcoin's $29 Billion Hotel California; Grayscale Bitcoin Trust could retain investor money despite its higher fee
Telis Demos - The Wall Street Journal
"You can check out any time you like, but you can never leave" might be an apt analogy to illustrate what is going on with what is set to be the largest, newly-minted bitcoin exchange-traded fund. With a series of openings on Thursday, those who want to invest directly in the cryptocurrency in the form of a U.S. spot ETF suddenly have many options. But before this big bang, there was really just one direct vehicle in the U.S. market: Grayscale Bitcoin Trust, which uses the ticker GBTC.
/jlne.ws/47xsHdh
****** You never want to see a headline like this about an investment product. Hotel California is one you can get into, but you can't get out, aka a roach motel. ~JJL
++++
Scam alert: Avoid losing money to criminals in current scheme; The Federal Trade Commission issues a warning.
Jeffrey Quiggle - The Street
Arriving in the U.S. along with the new year are a number of winter storms slamming various regions of the country, including the Central Plains, Great Lakes and New England. These winter weather events inevitably carry with them some danger and a number of hassles...But the Federal Trade Commission (FTC) has now issued a warning about some scams criminals engage in to profit from others' misery.
/jlne.ws/3RZepMS
****** This is the know your contractor rule. ~JJL
++++
Thursday's Top Three
Our most read story Thursday was Bloomberg's SEC Says FBI Is Investigating Compromise of Agency's X Account. Second was A $290 Billion Investment Cements Natural Gas's Relevance for Decades, also from Bloomberg. Third was SEC Commissioner Caroline A. Crenshaw's Statement Dissenting from Approval of Proposed Rule Changes to List and Trade Spot Bitcoin Exchange-Traded Products, from SEC.gov.
++++
|
| | | | |
| Lead Stories | Spot Bitcoin ETFs Take Wall Street by Storm With Historic Debut
Emily Graffeo and Katie Greifeld - Bloomberg
Wall Street may be divided over crypto's investment credentials but for Bitcoin brethren Thursday delivered validation: The first US exchange-traded funds investing directly in the largest digital currency finally went live. It was a much-anticipated debut that came a day after the US Securities and Exchange Commission gave them the green light following a more than decade-long campaign by the digital-asset industry.
/jlne.ws/3RYUqht
American Finance Has Left Europe In the Dust. The Tables Aren't Turning; Restoring the competitiveness of European banks and asset managers can't be achieved by tweaking regulations
Jon Sindreu - The Wall Street Journal
After a decade and a half of seeing the U.S. economy pull ahead thanks to its outsize technology sector, European politicians are desperate to fight back in emerging industries such as green energy. One challenge they face is that America also keeps pulling ahead in the business of financing the investments required. On Thursday, Luxembourg for Finance-a public-private partnership that seeks to promote the financial industry in the low-tax city state-published a report detailing the different ways in which European banks and asset managers might regain an edge relative to U.S. and Asian peers.
/jlne.ws/3vwDFT8
SEC's reluctant approval of bitcoin ETFs exposes persistent rift over crypto; Commissioners air concerns about whether the regulator's move came too late - and whether it should have happened at all
Stefania Palma - Financial Times
The Securities and Exchange Commission's landmark approval of the first-ever spot bitcoin exchange traded funds this week came with a stark reminder of the agency's divisions over cryptocurrencies and scepticism towards a market some still see as dangerous for investors. After refusing to greenlight the products for a decade, the SEC's hand was finally forced by a US federal appeals court ruling last year. On Thursday, 10 spot bitcoin ETFs started trading with SEC approval, from sponsors ranging from established players such as Fidelity and BlackRock to more digital businesses including Grayscale and Ark Invest. One more ETF was still in the process of going live.
/jlne.ws/3HfEVMX
Grayscale Faces New Risk-Management Challenge With Bitcoin ETF Approval; The crypto asset manager launched a spot bitcoin ETF following SEC vote
Mark Maurer - The Wall Street Journal
With the Securities and Exchange Commission's approval of U.S. exchange-traded funds holding bitcoin, cryptocurrency asset manager Grayscale Investments must focus more on managing risk and communicating with participants, Chief Financial Officer Ed McGee said. Stamford, Conn.-based Grayscale was one of several firms that launched a spot bitcoin ETF on Thursday after the SEC approval of the vehicles the previous day. The Grayscale Bitcoin Trust, which the company converted into a spot bitcoin ETF, saw $2.3 billion in trading volume in its first day on the New York Stock Exchange.
/jlne.ws/48LtR62
Cboe Digital Launches Margined Bitcoin and Ether Futures, Announces Successful First Trade
Cboe
Cboe Digital announced it successfully launched margined Bitcoin and Ether futures and completed its first margined Bitcoin futures trade. With support from Blockfills, DV Trading LLC, Jump Trading Group, Marex, Toa Capital Partners and Wedbush in executing these trades, Cboe Digital becomes the first U.S. regulated crypto native exchange and clearinghouse to offer both spot and leveraged derivatives trading on a single platform.
/jlne.ws/3vwAYBd
Blockbuster Natural-Gas Merger Is Almost Too Perfect; Chesapeake-Southwestern merger is very promising, if it can clear regulatory scrutiny
Jinjoo Lee - The Wall Street Journal
Chesapeake Energy's merger with Southwestern Energy would create the largest natural-gas-focused producer in the U.S. It also creates an investment story that is so compelling that it comes with risks of its own. While merger-mania has swept up the energy sector since last year, natural-gas-focused producers have been relatively less active in dealmaking. The commodity's price has been low and volatile, a tough combination for deals that lends itself to big bid-ask spreads, or gaps between selling and offering prices, notes Andrew Dittmar, senior vice president at Enverus Intelligence Research.
/jlne.ws/3NYF1MO
BlackRock to Buy Global Infrastructure Partners for $12.5 Billion; The acquisition of the private-equity firm would be BlackRock's largest in 15 years
Jack Pitcher - The Wall Street Journal
BlackRock has agreed to buy private-equity firm Global Infrastructure Partners for roughly $12.5 billion in cash and stock, a significant push into private-market investments for the world's largest asset manager. New York-based GIP owns and operates energy, transportation, and water and waste companies, including a stake in London's Gatwick Airport. The acquisition would be BlackRock's largest since it bought Barclays's asset management business in 2009.
/jlne.ws/3HeWgFM
Bitcoin trading volumes surge after debut of long-awaited US ETFs; Ten funds holding the cryptocurrency hit stock exchanges after winning SEC approval
Will Schmitt - Financial Times
Bitcoin trading volumes surged on Thursday after the first 10 US exchange traded funds offering direct exposure to the world's largest cryptocurrency made a long-awaited debut on stock exchanges. Trading in the nine new ETFs and Grayscale Investments' converted $28bn bitcoin trust exceeded $4bn across the New York Stock Exchange, Nasdaq and Cboe exchanges, a day after they received approvals from the Securities and Exchange Commission.
/jlne.ws/48Nfgaj
US bitcoin ETFs see $4.6B in volume in first day of trading
Hannah Lang, Suzanne McGee and Manya Saini - Reuters
U.S.-listed bitcoin exchange-traded funds (ETFs) saw $4.6 billion worth of shares trade hands as of Thursday afternoon, according to LSEG data, as investors jumped into the landmark products approved by the U.S. securities regulator on Wednesday. The products mark a watershed moment for the cryptocurrency industry that will test whether digital assets - still viewed by many professionals as risky - can gain broader acceptance as an investment.
/jlne.ws/3ScpnQq
Record Size Fed Funds Trade in Futures Points to Big Short Cover
Edward Bolingbroke - Bloomberg
A single block trade in the fed funds futures market, struck as the dust settled following Thursday's December inflation reading, was the biggest size ever seen of its kind. The trade took place at 10:46am New York time, as price action had calmed following a hot CPI print. It was for 72,000 contracts in the February 2024 tenor, which expires Feb. 29. Sources in the market familiar with the flow say this is the largest single trade, while CME Group could confirm it was the largest sized fed funds block since at least 2016.
/jlne.ws/3u0cFuK
SEC Charges Future FinTech Group CEO Huang With Manipulative Trading; Agency claims Huang sought to prevent company from being delisted from Nasdaq
Dean Seal - The Wall Street Journal
The Securities and Exchange Commission has charged Shanchun Huang with allegedly inflating Future FinTech Group's share price just before he took over as the company's chief executive. The SEC alleged in a complaint Thursday that Huang used manipulative trading techniques in early 2020 to push the fintech firm's share price up, with the goal of preventing it from being delisted from the Nasdaq exchange.
/jlne.ws/4aVTh2C
Gensler loses key bitcoin battle; Plus, updates from the holiday period
Scott Chipolina - Financial Times
On my way to work this morning I overheard a commuter: "Sometimes the new year at work starts slow, other times it hits you like a train." One person who would probably agree is US Securities and Exchange Commission chair Gary Gensler, who this week cast the deciding vote that approved 11 bitcoin spot exchange traded funds. It grants the coin Wall Street legitimacy, but leaves the self-proclaimed crypto cop on the beat with a shaky legacy on digital assets.
/jlne.ws/48P53dA
Gary Gensler's Bitcoin ETF Clown Show
Daniel Kuhn - CoinDesk
As if the egg on his face weren't enough, Gary Gensler also has sour grapes. An hour after the U.S. Securities and Exchange Commission (SEC), the agency he leads, approved just under a dozen spot bitcoin ETFs, Gensler issued a statement making absolutely clear the move is absolutely not an endorsement of bitcoin [BTC]. "Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto," is how he chose to end his personal statement. This is nothing new for the top securities cop in the U.S. Gensler has said time and again that cryptocurrencies have failed to demonstrate societal value.
/jlne.ws/3NVycLR
Crypto Skeptic Gary Gensler Becomes Reluctant Backer of Bitcoin ETFs
Allyson Versprille - Bloomberg
Securities and Exchange Commission Chair Gary Gensler is a well-known critic of the crypto industry, often warning investors that the asset class is rife with fraud. But the top Wall Street regulator, who's seen as crypto's no. 1 enemy, made a rare capitulation when he became the determining vote in a split decision Wednesday to approve almost a dozen spot Bitcoin exchange-traded funds - a product that he and his predecessor had rejected more than 20 times.
/jlne.ws/48TbRXF
The Biggest Bitcoin ETF Threat No One Is Talking About
David Schwed - CoinDesk
As I waited with the rest of the world for the first bitcoin ETF to be approved, one thing has been gnawing at me: With a handful of exceptions including Fidelity and VanEck, nearly every applicant for a spot bitcoin ETF intends to use Coinbase as its custodian.
/jlne.ws/48PikTn
Bloomberg Talks: Former CFTC Chairman Timothy Massad
Bloomberg Podcast
Timothy Massad, former chairman of the Commodity Futures Trading Commission and Harvard Kennedy School Senior Fellow weighs in on the implications of spot Bitcoin ETF approval, stablecoin regulation and the attitudes of policymakers towards digital assets. He speaks with Bloomberg's David Westin and Romaine Bostick.
/jlne.ws/3HgxpS9
Bitcoin ETFs Are Live. Cue the Fee War.; Asset managers slashed fees on their bitcoin ETFs multiple times in the days leading up to their launch
Jack Pitcher - The Wall Street Journal
The fierce competition for new bitcoin fund assets means that trading the cryptocurrency just got a lot cheaper. Ten nearly identical bitcoin exchange-traded funds began trading Thursday, and the first days and weeks will be crucial in determining the ultimate winners and losers. Coveted institutional investors will favor funds with the most assets and volumes big enough to ensure that large trades don't move prices too much.
/jlne.ws/48L2CsZ
BlackRock Names Cohen, Lord to Top Posts, Ramji to Step Down
Silla Brush - Bloomberg
BlackRock Inc. is shaking up the top ranks of management, creating a new global product strategy group led by Stephen Cohen that will latch onto the global growth of exchange-traded funds and combine active and index strategies. The world's largest asset manager also promoted Rachel Lord as head of all international business across Europe, the Middle East, India and Asia-Pacific, BlackRock Chief Executive Officer Larry Fink and President Rob Kapito said Friday in a memo to employees.
/jlne.ws/3RUhQo7
Citi to Cut 20,000 Roles in Fraser's Bid to Boost Returns; Fixed-income trading revenue reaches five-year low in quarter; Citi to take $1 billion in severance, overhaul costs in 2024
Todd Gillespie - Bloomberg
Citigroup Inc. said it will eliminate 20,000 roles in a move that will save it as much as $2.5 billion as part of Chief Executive Officer Jane Fraser's quest to boost the Wall Street giant's lagging returns. Firmwide expenses are expected to drop to a range of $51 billion to $53 billion over the medium-term, Citigroup said, without clarifying the exact timeframe. In the meantime, though, the firm expects to incur as much as $1 billion in expenses tied to severance payments and Fraser's broader overhaul of the bank.
/jlne.ws/41VVt6e
Millennials and Gen Z are giving up on one of their core values and investing more like boomers
Cork Gaines - Business Insider
Preference for environmental, social, and governance - or ESG investing plummeted in 2023 among millennials and Gen Z. Younger investors were less willing to support ESG initiatives if it meant lower investment gains. The economy appears to be a factor, but politics might also play a role. The turbulence of the economy over the last two years has many people rethinking how they invest their money and now environmental and social issues are paying the price. Millennials and Gen Zers have traditionally been more supportive of socially responsible investing, but many are now echoing the cautious approach traditionally associated with baby boomers. With inflation still high and ESG investing becoming a political target, fewer young investors are expressing strong concern about things like the environment and social issues, and they are also less willing to sacrifice investment gains in support of these initiatives.
/jlne.ws/4aRANAt
Fireside Friday with... DWS's Keshava Shastry; The TRADE sat down with Keshava Shastry, managing director and global head of capital markets at DWS to unpack the biggest market structure changes across the industry, delving into globalisation, T+1 settlement, and the effects of volatility.
Claudia Preece - The Trade
How is the role of technology changing as market structure develops?
Technology is a significant player, developing hand in hand with the market's structure as participants, regulators and technology providers investigate the next step in its evolution, working in tandem with how the industry parameters to evolve sophisticated offerings with the tools and systems to streamline processes, reduces costs and enhance output analysis.
/jlne.ws/3S3UTz4
StoneX Group selects former Incline head of trading for fixed income outsourced trading MD role; Incoming MD previously held positions at Incline Global Management, Walleye Capital, Millennium, UBS O'Connor, King Street Capital and Bank of America Securities.
Wesley Bray - The Trade
StoneX Group has appointed former head of trading at Incline Global Management, Evan Halpern, as managing director of fixed income outsourced trading, The TRADE can reveal. Throughout his career, Halpern has held trading and portfolio management roles at a wide selection of firms. Most recently, he held portfolio management roles at Walleye Capital, Millennium and UBS O'Connor.
/jlne.ws/48SNucG
European regulators launch pre-trade algorithmic trading supervisory action in the wake of Flash Crash; The regulators have paid special attention to the implementation of pre-trade controls in the EU since the 2022 flash crash having gathered evidence from a sample of investment firms prior to this launch.
Claudia Preece - The Trade
The European Securities and Markets Authority (ESMA) and the National Competent Authorities (NCAs) have announced the launch of a common supervisory action (CSA) to assess the implementation of Mifid II pre-trade controls. Specifically, the action will address the controls employed by EU investment firms using algo trading techniques, with the CSA carried out during in the course of 2024, the bodies confirmed.
/jlne.ws/3vEP1o4
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Prepares Legal Battle to Stall Seizure of Frozen Reserves
Bloomberg News
Russia is devising a legal challenge to snarl any efforts by the US or Europe to confiscate some of its $300 billion in frozen central bank assets in favor of Ukraine, according to people familiar with the matter. Officials in Moscow, who are studying the possibility of the funds being seized, have concluded such an outcome is unlikely, they said, asking not to be identified because the information isn't public. The Bank of Russia is currently nearing an agreement with international law firms to represent the country's interests in case of a court showdown.
/jlne.ws/3TWUbWQ
Russia's Medvedev warns of nuclear response if Ukraine hits missile launch sites
Reuters
A senior ally of President Vladimir Putin warned on Thursday that any Ukrainian attacks on missile launch sites inside Russia with arms supplied by the United States and its allies would risk a nuclear response from Moscow. Former Russian President Dmitry Medvedev, now deputy chairman of Russia's Security Council, said that some Ukrainian military commanders were considering hitting missile launch sites inside Russia with Western-supplied long-range missiles.
/jlne.ws/3SgvzXF
|
| | | |
|
| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | US, British militaries launch massive retaliatory strike against Iranian-backed Houthis in Yemen
Lolita C. Baldor and Tara Copp - Associated Press
The U.S. and British militaries bombed more than a dozen sites used by the Iranian-backed Houthis in Yemen on Thursday, in a massive retaliatory strike using warship- and submarine-launched Tomahawk missiles and fighter jets, U.S. officials said.
/jlne.ws/3HhouA0
U.S.-Led Yemen Strikes Heighten Risk of Broader Middle East Conflict; Iran-backed Houthi rebels warn they will retaliate, pledge to continue attacks on shipping
Thomas Grove and Stephen Kalin - The Wall Street Journal
A U.S.-led coalition launched more than a dozen strikes on Houthi rebel targets in Yemen. Yemen's Houthi rebels responded defiantly to U.S.-led strikes against them Friday, saying that the attacks had failed to cause significant damage and that they remained undeterred from launching more attacks on U.S. and international targets in the region.
/jlne.ws/47tza97
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Nasdaq talks to India about overseas listings for local companies
Dhwani Pandya - Reuters
U.S. stock exchange Nasdaq has held talks with Indian authorities on potentially allowing local Indian companies to list directly on foreign stock exchanges, a senior Nasdaq executive said. Indian companies are currently not permitted to list their shares directly on overseas markets, but global investors and top Indian startups have been calling for this to change.
/jlne.ws/3U063Hs
Cboe among investors in Abaxx's $27M funding round
Luke Jeffs - Futures & Options World
Cboe was among the investors involved in a $27.3 million raise for Abaxx Techologies' latest equity placement. TLW Trading and Traxys Lithium Investments were also part of the group. The funds will support "the launch of our exchange and clearing house and its growth and development", Abaxx CEO Nancy Seah said.
/jlne.ws/3RSaZvv
SGX Group reports market statistics for December 2023
SGX Group
Commodities and FX spur derivatives volume growth; Singapore's equities market outperforms peers across Southeast Asia. Singapore Exchange (SGX Group) today released its market statistics for December 2023. Heightened trading activity in commodities and foreign exchange (FX) derivatives lifted volume gains for the month, while steady global institutional interest in key equity index futures contracts brought open interest to a strong close for the final quarter of the year.
/jlne.ws/41XXFu1
Revised New Product Summary: Initial Listing of the Options on S&P 500 Annual Dividend Index Futures Contract (Update Strike Price Format) - Effective January 29, 2024
CME Group
Initial Listing of the Options on S&P 500 Annual Dividend Index Futures Contract (Update Strike Price Format).
/jlne.ws/3TRyOGl
Argentina's CSD Caja de Valores Adopts Nasdaq Technology to Modernize the Country's Post-Trade Infrastructure
Nasdaq
Argentina's Central Securities Depository (CSD) has successfully launched its new technology platform. Rapidly accelerated launch timetable secures the platform's ability to meet significant increase in volumes. Caja de Valores, Argentina's Central Securities Depository (CSD), today announced it has launched a new technology platform using Nasdaq's CSD technology. The platform significantly enhances Caja de Valores' ability to meet immediate operational and performance needs, future proof the business, and position it to capture new growth opportunities.
/jlne.ws/3NWTQzB
TAIFEX to Launch the Mini-TAIEX Flexible Futures Contract on January 22, 2024
Taiwan Futures Exchange
Taiwan Futures Exchange (TAIFEX) will introduce the Mini-TAIEX Flexible Futures Contract (MXFFX) on January 22, 2024.
/jlne.ws/41Uk1wm
The Moscow Exchange has identified the best private investors of 2023
MOEX
The Moscow Exchange has summed up the results of the annual competition "Best Private Investor 2023" (LCI), which was held from October 5 to December 21, 2023 and celebrated the twentieth anniversary of its founding. LCI today is rightfully considered the main annual event in Russian stock trading. The uniqueness of the competition is that information about concluded deals and results is published online in the public domain - anyone can analyze the work of the most successful competitors. Participants competed to achieve maximum return on their investment portfolio using instruments of the stock and derivatives markets of the Moscow Exchange.
/jlne.ws/3vGJ61N
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Broadridge Launches GenAI-Powered OpsGPT to Transform and Optimize Trading in a T+1 Environment; Simplifying and optimizing operations with GenAI and LLM technology to improve efficiency, mitigate risks and enhance governance across the T+1 trade lifecycle
Broadridge Financial Solutions
Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced the launch of OpsGPT, a new capability for operations users, analysts, and management teams to transform their operations across the post-trade lifecycle. Powered by Generative AI (GenAI) and Large Language Model (LLM) technology, OpsGPT uses transactions, settlements and positions data to provide clients real-time visibility for faster fails resolution, researching next best actions and prioritizing key risk items in a single, easy-to-use interface. The new application is a direct response to industry and regulatory changes. Reduced settlement cycles, the continuous quest for efficiency and increasing trading velocity are collectively creating significant stress on firms' legacy technology and operating models.
/jlne.ws/3HhicA8
OpenAI's COO Pitches Startup As Friendly Partner to Publishers; The AI startup's top dealmaker is trying to convince publishers it will be a better partner than other tech companies they've clashed with over the years.
Shirin Ghaffary - Bloomberg
OpenAI's top dealmaker is trying to convince publishers it will be a better partner than other tech companies they've clashed with over the years. When Brad Lightcap joined OpenAI full-time in 2018, the company didn't have a real product, let alone a business model. There were just 40 people on staff and OpenAI had yet to launch a for-profit arm.
/jlne.ws/3NZGkeq
UK government to publish 'tests' on whether to pass new AI laws; Ministers keep threat of future curbs but persist with light-touch regulatory regime
Cristina Criddle and Anna Gross - Financial Times
The UK government is set to publish a series of tests that need to be met to pass new laws on artificial intelligence, as it continues to resist creating a tougher regulatory regime for the fast-developing technology.
/jlne.ws/4aUR5bH
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Tax season is on its way and so is cybercrime: Cybersecurity considerations for tax firms
Nadya Britton - Reuters
During the 2022 tax season, roughly 94% of all taxes filed were done digitally - no doubt taxes, like most of our lives' transactions, now take place in the digital world. As individuals and businesses have increased their online presences, it is expected that by 2025 there will be more than 41.6 billion should devices. And with this increased presence, cyber threats have also been on the rise, with around 800,000 reported cyber incidents that resulted in financial losses of between $7 billion to $10 billion in 2022, according to usafacts.org.
/jlne.ws/47v6FrH
Here's how to get proactive about complying with the SEC's cybersecurity rules
Mike Britton - SC Magazine
We're now in 2024, and with it comes a new set of challenges that today's security leaders must face. High on the list: the Security and Exchange Commission's (SECs) new cyber rules that went into effect December 18 that require public companies to report a "material" breach within four days.
/jlne.ws/48RfuND
Cybersecurity - Cracking the Code on Upcoming Disclosures
JD Supra
As annual reporting season begins, it is important to take a fresh look at the company's governance and incident response processes and develop risk-informed and compliant disclosures. While many companies are understandably focused on the new requirement for cybersecurity risk management-related disclosures under Item 106 of Regulation S-K (Risk Management, Strategy, and Governance Disclosure), companies should revisit all of their cybersecurity-related disclosures ahead of filing their annual reports with the U.S. Securities and Exchange Commission (SEC). This article is intended to be a practical guide to begin assessing whether any additional or revised disclosure is required.
/jlne.ws/3HBfNRj
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin ETFs Too Small to Affect Broader Investment Landscape, Moody's Analysts Say
Sandali Handagama - CoinDesk
Bitcoin exchange-traded funds (ETF) will give U.S. investors better and more regulated access to the crypto asset, but they likely won't have a notable impact on the broader investment landscape, analysts at credit-rating agency Moody's Investor Services told CoinDesk during an exclusive interview Thursday. That's not to say the crypto industry's joyous reaction to the U.S. securities regulator approving the first batch of spot bitcoin ETFs Wednesday, 10 years after they were first proposed, is unfounded.
/jlne.ws/3tHZoam
South Korea's Warning on US Bitcoin ETFs Hits Stocks
Suvashree Ghosh and Shinhye Kang - Bloomberg
South Korea sought to choke off a potential flood of speculative cash heading to US spot Bitcoin exchange-traded funds, stoking confusion and roiling a slew of stocks. The Financial Services Commission, the country's securities regulator, said Thursday that brokering such ETFs may violate the existing government stance on virtual assets and its capital markets law. Wizit Co. plunged as much as 13% and other crypto-related stocks tumbled in early Friday trading.
/jlne.ws/3vy3Fxz
Bitcoin ETF approval is likely to benefit institutional investors: Goldman Sachs
Will Canny - CoinDesk
Institutional investors may benefit from the approval of spot bitcoin [BTC] exchange-traded funds (ETFs) as these products will allow them to trade a proxy with low management fees and engage more actively in arbitrage strategies and options hedging, Goldman Sachs (GS) said in a report. Spot bitcoin ETFs were finally approved in the U.S. on Wednesday, a decade after they were first proposed, in a move that dramatically widens access to the world's largest cryptocurrency. These groundbreaking products will begin trading today.
/jlne.ws/41Sda6V
Talk to your kids about their spot bitcoin ETF use; A user guide
Alexandra Scaggs - Financial Times
Spot bitcoin ETFs are known to make people happy, angry, perplexed, nonchalant, cynical, disdainful, curmudgeonly and hucksterish. Now that these products are legal in the US for adults to use, we need a frank and honest conversation about responsibility.
/jlne.ws/41VfutG
Bitcoin ETF Fans Sees Options Trading Approval as Next Hurdle
Carly Wanna - Bloomberg
As the first cryptocurrency exchange-traded funds begin trading, Wall Street is on stand by for the next stage of evolution in digital assets: options. As the world's largest options exchange, Cboe Global Markets Inc., has already filed for approval to offer options tied to exchange-traded products holding Bitcoin. The derivatives are favored by investment pros - as well as increasingly sophisticated retail investors - as a way to make wagers on future gains or hedge against losses.
/jlne.ws/3TR0Rpn
Grayscale to file for bitcoin covered call ETF - CEO
Hannah Lang - Reuters
/jlne.ws/3O2sDeJ
CoinShares Exercises Option to Buy Bitcoin ETF Provider Valkyrie to Add U.S. Arm
Jamie Crawley - CoinDesk
/jlne.ws/47NIhC1
Bitcoin's Wall Street Debut Ends in Tears for Futures Traders, Leads to $83M Liquidations
Shaurya Malwa - CoinDesk
/jlne.ws/3tS9DsC
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Harvard, MIT Tax Status Probed by Congress Over Antisemitism
Janet Lorin - Bloomberg
The failure of the leaders of Harvard University, the University of Pennsylvania, Cornell University and the Massachusetts Institute of Technology to condemn antisemitism could affect their tax-exempt status, the chairman of the House Ways and Means Committee said. "If antisemitic speech crosses the line into unprotected conduct, it must be punished severely," Representative Jason Smith, a Republican from Missouri, said in a letter to the schools Wednesday. "If disgusting antisemitic speech remains in the protected category, it should be condemned, not coddled. Your words and actions matter."
/jlne.ws/3tOoRik
Dems rip Biden for launching Houthi strikes without congressional approval; Some Republicans, meanwhile, couched their praise of the strikes in broader criticism of the administration's foreign policy actions.
Olivia Alafriz - Politico
A group of progressive Democratic lawmakers on Thursday responded furiously to President Joe Biden's move to launch retaliatory strikes against the Iranian-backed Houthis in Yemen without first seeking congressional approval. The strikes marked the first major U.S. military response to the group's ongoing attacks on commercial ships since the start of the Israel-Hamas war.
/jlne.ws/3u0fnAq
US House China panel calls Intel, Nvidia and Micron heads to testify; Letter to microchip chiefs intensifies scrutiny of their companies' Chinese interests
Demetri Sevastopulo - Financial Times
The House of Representatives' China committee has asked the chief executives of US chipmakers to testify before Congress, as the panel intensifies its scrutiny of companies with interests in China. The committee this week sent letters to Intel, Nvidia and Micron summoning their chief executives to testify, according to several people familiar with the situation.
/jlne.ws/48sYgX9
DeSantis, Haley Back Ethanol to Appeal to Iowa Farmers; Both Republican candidates spoke at renewable fuels summit; The Republican Iowa Caucus is scheduled for Monday night
Hadriana Lowenkron and Kim Chipman - Bloomberg
Florida Governor Ron DeSantis affirmed his commitment to year-round sales of E15 gasoline, saying drivers should have access to such higher-ethanol blends at the pump, in a last-minute attempt to reach Iowa farmers days before the caucus. The E15 gasoline that contains 15% corn-based ethanol is generally barred from sale in much of the country during summer months because of concerns over smog. DeSantis called that arbitrary in comments Thursday at the 2024 Iowa Renewable Fuels Summit in Altoona, Iowa. "Why do you have to stop doing that once you hit a perspective on the calendar?," he quipped. DeSantis also said that higher blends could help develop a bigger market.
/jlne.ws/48PPQc9
Lagarde Says History Suggests New Trump Term Would Be Threat
William Horobin - Bloomberg
European Central Bank President Christine Lagarde warned that a look at Donald Trump's first term as US president raises concerns about his potential return to power in 2025. "If we should learn lessons from history, from the way he led the first four years of his mandate, it is clearly a threat," Lagarde told France 2 TV in an interview Thursday. "It's sufficient to look at the trade tariffs, the commitment to NATO, the fight against climate change. In just these three areas, in the past, US interests were not aligned with European interests."
/jlne.ws/48rRGA4
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | Deutsche Bank Faces Spanish Proceedings Over Derivatives
Rodrigo Orihuela - Bloomberg
Spain's securities regulator has started "disciplinary proceedings" against Deutsche Bank AG linked to the sale of derivatives in the country. "The advisory service provided to Spanish clients in relation to highly complex and high-risk financial derivative instruments on currencies" may constitute a "very serious infringement" of Spanish law by Deutsche Bank, the regulator known as CNMV said in a statement Thursday.
/jlne.ws/3tHi8qu
Morgan Stanley to Pay $249 Million to End Block Trade Probes; Bank to enter nonprosecution agreement with Justice Department; SEC announces separate resolution with Morgan Stanley
Ava Benny-Morrison, Sridhar Natarajan, and Austin Weinstein - Bloomberg
Morgan Stanley agreed to pay $249 million to the Justice Department and Securities and Exchange Commission to end a yearslong US investigation into block trading that rattled the industry. A nonprosecution agreement with federal prosecutors in Manhattan allows the bank to avoid criminal charges. Its former senior-ranking equities executive Pawan Passi, who was placed on leave and later left the bank after the probe intensified, will enter into a deferred-prosecution agreement over his handling of confidential information, according to the government.
/jlne.ws/3Se3Zui
Morgan Stanley to pay $249mn to settle block trading charges
Oliver Ralph in London and Joshua Franklin - Financial Times
Morgan Stanley will pay $249mn to settle fraud charges with US regulators over the disclosure of confidential information about the sale of large quantities of stock, known as block trades.
/jlne.ws/4237Cqg
SEC Charges Future FinTech CEO Shanchun Huang With Fraud and Disclosure Failures
SEC
The Securities and Exchange Commission today charged Shanchun Huang with manipulative trading in the stock of Future FinTech Group Inc., using an offshore account shortly before he became Future FinTech's CEO in 2020. The SEC also charged Huang with failing to disclose his beneficial ownership of Future FinTech stock as well as transactions in such stock.
/jlne.ws/41YPEF2
SEC Charges Morgan Stanley and Former Executive Pawan Passi with Fraud in Block Trading Business; Firm agrees to pay more than $249 million to settle fraud charges and for failing to enforce
SEC
The Securities and Exchange Commission today charged investment banking giant Morgan Stanley & Co. LLC and the former head of its equity syndicate desk, Pawan Passi, with a multi-year fraud involving the disclosure of confidential information about the sale of large quantities of stock known as "block trades." The SEC also charged Morgan Stanley with failing to enforce its policies concerning the misuse of material non-public information related to block trades.
/jlne.ws/47xx8Vt
SEC Obtains Final Judgment Against Florida Resident for Insider Trading Scheme
SEC
On January 8, 2024, the U.S. District Court for the District of Massachusetts entered a final judgment against Florida resident David Schottenstein for misappropriating inside information about three corporate announcements from his cousin and using that information to reap profits from trading in advance of those announcements.
/jlne.ws/4aNNBrH
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Large Backers of Private Equity Are Asking For Their Money Back; Sovereign wealth funds and others want to unlock their previous investments before putting in more money
Laura Benitez, Silas Brown and David Ramli - Bloomberg
Some of the most influential investors are giving the world's largest private equity firms a message: if you want money for your next fund, here's our list of demands. Sovereign wealth funds and state pension providers are among investors telling money managers they'll only commit in their upcoming fund raises if their capital tied up in old funds is released, according to people with knowledge of the matter.
/jlne.ws/3RYATxu
Used Rolex Prices Show Signs of Stabilizing: Subdial Index; Rolex Index up 1% since November in a sign the worst is over; Flat overall market suggests prices reached inflection point
Andy Hoffman - Bloomberg
An index of prices for used Rolex watches eked out a small gain last month in a sign of stabilization for pre-owned timepieces after more than a year-and-a-half of steep declines. The Bloomberg Subdial Watch Index, which tracks the 50 most traded Swiss watches by transaction value, was flat in December, while an index of Rolex models gained about 0.7%.
/jlne.ws/48qBGhM
Spotify's New Streaming Policy Would Have Made 152 Million Songs Ineligible for Compensation Last Year; A new report from Luminate reveals the scale of the impact
Ashley Carman - Bloomberg
Hello and welcome back to Soundbite. We had a news-filled week, much of which is worth running through, so we'll focus on that today. As always, reach me through email, and if you haven't yet subscribed to this newsletter, please do so here. Tell a friend to sign up, too!
/jlne.ws/41UDgpI
Boom times for scrap metal as UK steel industry goes green; Cleaner furnaces to trigger jump in demand for recycled steel
Sylvia Pfeifer - Financial Times
Alexandra Dock in Liverpool is one of the UK's busiest scrap metal yards. The sprawling site on the River Mersey can process up to 500,000 cars a year and sends about 1mn tonnes of recycled steel annually to customers around the world. With a giant shredder that can chew through 400 tonnes of material an hour, the facility - owned by Britain's largest private metals recycler and one of the biggest in the world European Metal Recycling - is poised for more business in the green steel transition.
/jlne.ws/3vCdBWY
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Biodiversity Credits Gain Traction But Questions Persist; An international market for the instruments is growing, but as with carbon offsets, greenwashing fears remain.
Natasha White - Bloomberg
An international market for biodiversity credits is gaining traction, but as questions arise concerning the risk of greenwashing, proponents are seeking to distance these new instruments from their much-criticized predecessor, carbon offsets. Momentum has been building since the end of 2022 when almost 200 countries signed the Kunming-Montreal Global Biodiversity Framework, a pact dubbed the "Paris Agreement for nature" that calls on signatories to come up with "innovative" financing initiatives-such as biodiversity credits.
/jlne.ws/3vB6g9Z
The US Could Remove 1 Billion Tons of Carbon From the Air - for $130 Billion; The US has the tools to help clean up the atmosphere, but it lacks the infrastructure to do it at scale. A new report lays out the costs and a roadmap.
Michelle Ma - Bloomberg
The US alone could remove 1 billion tons of carbon from the atmosphere annually by midcentury using existing technologies. Forests, soil and manmade solutions in their early stages of development could help get the US to net zero, according to a report published on Monday by Lawrence Livermore National Laboratory that lays out a roadmap to pull CO2 from the air.
/jlne.ws/3vuj2qJ
Resurgent US electricity demand sparks power grid warnings; Boom in AI data centres, industrial reshoring and electric vehicles burdens networks
Jamie Smyth and Eva Xiao - Financial Times
US electricity demand is booming after years of stagnation, driven by emerging technologies such as artificial intelligence and electric vehicles and prompting warnings over the stability of the power grid. Retail sales of electricity will total nearly 4bn kilowatt-hours this year, a record, the government's energy analysis agency forecast this week. The North American Electric Reliability Corporation, a regulatory body, has sharply increased projections for peak power demand for the next decade, reversing steady or falling growth rates from previous years.
/jlne.ws/41XIwJp
19 U.S. Climate Foundations Employ Fossil Fuel Lobbyists
FMinus
A new report from F Minus finds 19 U.S. climate-focused foundations who pursue non-climate policy goals in areas such as education by employing fossil fuel lobbyists. Collecting data on climate legislation and state-level lobbyist registrations from 2022-23, the report highlights four climate foundations whose grant-making is "most conflicted" with the pro-fossil-fuel advocacy of their own lobbyists: Ballmer Giving, New Venture Fund, the Pew Charitable Trusts, and the Pittsburgh Foundation.
/jlne.ws/3TYGMgT
The planet's got 99 problems, but exponential growth isn't one; Mathematics can only take us so far in understanding the environmental issues we face
Tim Harford - Financial Times
/jlne.ws/3NZXfxy
EU Plans Big Scale Up of Carbon Removals to Reach Climate Neutrality; EU to unveil industrial carbon management strategy next month; Carbon removals will be part of Europe's 2040 climate target
Ewa Krukowska - Bloomberg
/jlne.ws/3O0gYwY
US senators have 'deep concerns' over JBS New York listing plans
Leah Douglas - Reuters
/jlne.ws/4aUJxWp
ESG Campaigns Seen Falling Out of Favor With Activist Investors
Lisa Pham - Bloomberg News
/jlne.ws/47ycy7m
So you're about to miss your ESG goal - here's what to do now
Sarah E. Fortt and Colleen C. Smith - Reuters (commentary)
/jlne.ws/4aRCcXL
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Vanguard Spurns Bitcoin ETF, Schwab Dives Right In, While Merrill Evaluates
Paige Smith and Katherine Doherty - Bloomberg
When it comes to Bitcoin exchange-traded funds, many investors are discovering that approved does not mean available. Vanguard Group Inc.'s brokerage arm will not offer trading in ETFs that invest directly in Bitcoin, according to a spokesperson. Bank of America Corp.'s Merrill Edge is still evaluating whether to provide that service, a person familiar with the matter said, asking not to be identified discussing a private matter. UBS Group AG is offering a number of the Bitcoin ETFs to some of its wealth management clients with brokerage accounts who approach it on an unsolicited basis, another person familiar said.
/jlne.ws/3vqr2sI
Vanguard Blocks Spot Bitcoin ETF Trading, Prompting Some Investors to Close Accounts
Yousra Anwar Ahmed - CoinMarketCap
Asset management giant Vanguard has banned trading of the newly approved spot Bitcoin exchange-traded funds (ETFs) on its platform, a controversial move that has frustrated some customers and led them to transfer funds elsewhere. Vanguard confirmed to media outlets that "spot Bitcoin ETFs will not be available for purchase on the Vanguard platform." A spokesperson said these products "do not align" with the asset classes that "Vanguard views as the building blocks of a well-balanced, long-term investment portfolio" like stocks and bonds.
/jlne.ws/3NZYrRy
Goldman Investing Chief: ETFs Don't Make Bitcoin an Investment
Ryan Dezember - The Wall Street Journal
Newly launched bitcoin exchange-traded funds enable the cryptocurrency to be bought as easily as stocks, but a top Goldman Sachs executive said digital currencies are still more like roulette than anything that should be in your retirement account. "If you want to go to Las Vegas, great," said Sharmin Mossavar-Rahmani, who leads the investment strategy group at Goldman Sachs Asset Management.
/jlne.ws/3SdqyPI
JPMorgan rises above rivals with record annual profit of $49 billion
David Hollerith - Yahoo Finance
Last year JPMorgan Chase earned more profits than it ever has before, even as its results dipped in the final quarter. The largest lender in the US reported Friday that it raked in a record $49.6 billion in annual net income, the most ever in the history of the American banking industry. And it happened during a year that was the scariest for the industry since the financial crisis of 2008.
/jlne.ws/48PWkaP
JPMorgan Sees a Record $30 Billion Private Debt Changing Hands
Laura Benitez and Silas Brown - Bloomberg
Investors seeking liquidity are set to exit their stakes in private credit funds at a record pace this year, according to JPMorgan Asset Management. More than $30 billion of private credit is expected to change hands in the nascent secondary market this year - an increase from as little as $3 billion in 2019, Andrew Carter, who oversees JPMorgan's credit secondaries strategy, said in an interview.
/jlne.ws/3vGAyIf
Exclusive: Goldman Sachs quietly shuts down diversity investment program Launch With GS after meeting $1 billion pledge to fund companies led by women and people of color
Emma Hinchliffe - Fortune
/jlne.ws/3TUpLUX
Citigroup swings to $1.8 billion loss on slew of charges
Tatiana Bautzer and Manya Saini - Reuters
/jlne.ws/48sqLEg
JPMorgan profit shrinks as it sets aside $3 billion for deposit insurance fund
Reuters
/jlne.ws/3tRjjUc
BofA's Bond Traders Post a Surprise Drop as Profit Slumps
Bloomberg
/jlne.ws/3Hg5LEN
BNY Mellon profit halves on FDIC deposit fund, other charges
Reuters
/jlne.ws/3vukrNT
BlackRock Total Assets Top $10 Trillion After Comeback Quarter
Silla Brush - Bloomberg
/jlne.ws/48SDJey
Why BlackRock Wants to Be Blackstone Again
Jack Denton - Barron's
/jlne.ws/47xpL0f
BlackRock Posts Earnings Beat, Buys Global Infrastructure Partners for $12.5 Billion
Jack Denton - Barron's
/jlne.ws/48POwG7
BlackRock to buy Global Infrastructure Partners for $12.5bn; Deal would create world's second-biggest infrastructure firm and shake up private market investing
Brooke Masters and Antoine Gara - Financial Times
/jlne.ws/41ZW2w6
|
| | | |
|
| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Companies Are Still Cutting White-Collar Jobs; Employers from Amazon to BlackRock showing a continued push to do more with less
Chip Cutter and Natasha Khan - The Wall Street Journal
After a year of right sizing, employers are looking in the mirror and concluding there is still fat to lose. Companies including Amazon, Xerox, Google and BlackRock this month have announced plans to trim their workforces. Some of the companies now cutting jobs conducted larger-scale layoffs over the past year or so. Since then, inflation has come down along with expectations for a recession, which most economists anticipated as recently as the middle of last year.
/jlne.ws/48v0i9f
Remote Workers Are Losing Out on Promotions; New data shows that people who log on from home five days a week get fewer promotions and less mentoring than people in the office
Te-Ping Chen - The Wall Street Journal
For a while, remote workers seemed to have it all: elastic waistbands, no commute, better concentration and the ability to pop in laundry loads between calls. New data, though, shows fully remote workers are falling behind in one of the most-prized and important aspects of a career: getting promoted. Over the past year, remote workers were promoted 31% less frequently than people who worked in an office, either full-time or on a hybrid basis, according to an analysis of two million white-collar workers by employment-data provider Live Data Technologies. Remote workers also get less mentorship, a gap that's especially pronounced for women, research shows.
/jlne.ws/4aRgfbo
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | Covid kills nearly 10,000 in a month as holidays fuel spread, WHO says
Jennifer Hassan - The Washington Post
Almost 10,000 coronavirus deaths were reported in December, and admissions to hospitals and intensive care units surged, World Health Organization Director General Tedros Adhanom Ghebreyesus said - with data indicating that holiday gatherings fueled increased transmission of the virus. "Although covid-19 is no longer a global health emergency, the virus is still circulating, changing and killing," Tedros said at a news conference in Geneva on Wednesday.
/jlne.ws/3U2vvfH
Cancer Is Striking More Young People, and Doctors Are Alarmed and Baffled; Researchers are trying to figure out what is making more young adults sick, and how to identify
Brianna Abbott - The Wall Street Journal
Meilin Keen was studying for the bar exam and preparing to move to New York City last June when she started throwing up blood. Keen, 27 years old, learned days later that she has gastric cancer. She postponed the bar exam. Brain fog from chemotherapy made it hard to do her legal work. Surgeons removed her stomach in December. Keen is coming to terms with all that means for her diet, her health, even her dating life. "That's a fun icebreaker: I don't have a stomach anymore," she said.
/jlne.ws/3tPGrSY
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Chooses Successor to Retiring Climate Envoy Xie Zhenhua
Dan Murtaugh and Alfred Cang - Bloomberg
China's long-time climate envoy Xie Zhenhua has officially retired and will be replaced by one of the country's top diplomats, Liu Zhenmin, state-run CCTV reported Friday.
/jlne.ws/41YIwIM
Bangladesh Plans 'Crawling' Peg Instead of Floating Currency
Arun Devnath and Karl Lester M Yap - Bloomberg
Bangladesh's central bank is considering a crawling peg system for its currency, backtracking on an earlier pledge to allow the exchange rate to float freely. The plan isn't final yet and Bangladesh Bank is still working on the system, spokesman Mezbaul Haque said by phone Friday.
/jlne.ws/3O0ob00
Europe's Record Bond Sales Draw Global Buyers Hunting Yields; Spain, Italy and Belgium's debt draw historic orderbooks; That helps drive government and overall debt sales to records
Alice Gledhill, Abhinav Ramnarayan, and Ronan Martin - Bloomberg
Europe's governments rushed to borrow money this week, drawing record demand from global investors keen to secure bonds with solid yields while they still can. Central banks and funds from the Middle East and Asia were only too happy to lend to the likes of Spain, Italy and Belgium, all of which reported historic orderbooks. Global money is grabbing the yields on offer before expected interest-rate reductions later this year, with a bond rally across the region on Friday as markets added to bets on cuts.
/jlne.ws/4aR0h0T
| Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2024 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
|
