| August 31, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Today is D-Day minus one for my hip replacement surgery in my continued quest to become Titanium Man. Maybe I have a future in a marketing campaign for the London Metal Exchange
Later today I will find out when the surgery will actually happen. This is always fun, when they wait until the last day to tell you exactly when to show up. This will be my ninth surgery at Elmhurst Hospital. I also had one other minor surgery, a debridement, at a smaller surgery center. That is a lot of times under anesthesia. At the smaller surgery center they put me under with a drug that was like a hallucinogenic. It was different and wild. This one will be just an old fashioned "take a deep breath" and then I am out.
My worst experience was after my double knee replacement surgery; somehow one of the nerve blocks on one of the knees stopped working. They took me back to pre-surgical prep and gave me a shot into the nerve that lasted until I was ready to leave the hospital.
Stuff happens. All in all I have had great doctors and terrific nurses and other medical professionals throughout all these surgeries and recoveries. I am ready for the pain I have been experiencing the last two months to be over and to be able to exercise vigorously again.
I want to thank the JLN Team for their support. They have always been there to support me and continue to support you and the JLN products while I have been sidelined. I am ever grateful for their continued help and superior effort.
I want to thank all the readers and sponsors I have heard from as well with wishes and prayers of support. I appreciate all the support and good karma.
U.S. life expectancy fell again in 2021 as Covid and the impact of drug overdoses took their toll. The average life expectancy of an American dropped .9 years to 76.1. Being 61 years old, that still gives me some upside, average wise. And given the warranties on some of the parts I have, they will outlive me potentially.
Qontigo licensed the DAX Index and the EURO STOXX 50 Index to Nomura AM, Japan's largest ETF issuer. Both indices serve as underlyings for new ETFs listed on the Tokyo Stock Exchange.
DRW is looking for a compliance program manager in Chicago.
Cboe posted on LinkedIn that the Nanos by Cboe, which are 1/100 the size of the SPX options contract, have traded 100k option contracts so far.
It is good to know that people are more concerned about the proper way to eat a hot dog than they are about how to survive a nuclear disaster, based on the most read stories of the day. The hot dog story was number one and the iodine tablets story was number two. At least we have our priorities right, God forbid we get caught in a nuclear disaster with ketchup on our hot dog.
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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MWE SHORT: Mead Welles - How a Hedge Fund Guy Saves Kids One Limb At A Time
JohnLothianNews.com
One never really knows where their career path may take them. While working for Octagon Asset Management, Mead Welles found himself traveling to other countries and saw that there were some children who did not have the lifestyle that most of us take for granted.
Watch the video »
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Pakistan reels from 'apocalyptic' floods, pleads for international aid
Gerry Shih, Shaiq Hussain and Andrew Jeong - The Washington Post
Multistory hotels crumbling into rising waters. Surging waves crashing into elevated roads and bridges. Millions of people driven from their homes. Showing videos of what they called "apocalyptic" floods currently sweeping their country, Pakistan's leaders, led by Prime Minister Shehbaz Sharif, pleaded Tuesday for aid from developed nations, which they said were responsible for bringing extreme weather to one of the world's most vulnerable regions. "I can say without any fear of contradiction, this flood situation is probably the worst in the history of Pakistan," Sharif said.
/jlne.ws/3AWBMiW
***** You have to see the terrible flooding pictures to appreciate how bad a situation Pakistan is in.
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Major evangelical organization says Christianity demands climate action
Zack Budryk - The Hill
The National Association of Evangelicals (NEA) called climate action a Christian responsibility in a 50-page report this week, a call to action for a demographic far less likely than the general population to consider climate change a threat. The NAE's report, "Loving the Least of These," addresses the scientific evidence for the reality of climate change and the role of greenhouse gas emissions in driving it, as well as examining and debunking common arguments against the objectivity of climatologists.
/jlne.ws/3TuQTap
***** Love thy neighbor as thyself???~JJL
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Was King Arthur a Real Person?; The story of Camelot and the Knights of the Round Table has captivated us for a thousand years. But is there any truth behind the tales?
Joshua Hammer - Smithsonian Magazine
A cold, wind-driven rain soaks through my parka as I walk across a narrow foot-bridge that links the Cornwall mainland in southwest England to a rocky promontory overlooking the Bristol Channel. Far below this cantilevered span, waves crash against the cliffs and swirl inside a grotto known as Merlin's Cave. Win Scutt, a burly, amiable archaeologist from nearby Plymouth, opens a gate and leads me down a path to the ruins of a medieval castle. Its fragmentary walls mark the lair where Richard, the 13th-century Earl of Cornwall and the brother of King Henry III, is said to have gathered with his followers to feast on mutton and ale and pay homage to a monarch who may never have existed: King Arthur.
/jlne.ws/3pYxvoU
****** Part of the Arthur tale is a King Lot. And from King Lot comes the name Lothian.
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'I have faith in him': retail traders rally behind meme baron Ryan Cohen; Investor gained $60mn on sale of Bed Bath & Beyond stock after dramatic price rise
Madison Darbyshire - Financial Times
The astonishing rise and fall of Bed Bath & Beyond's stock price this month has put a spotlight on the investor Ryan Cohen, who through his social media savvy and his portfolio has become a baron of the meme-stock realm. Cohen is the chair of GameStop, the video game retailer that was among the first stocks to lift off in early 2021 after its embrace by retail traders congregating in online message boards. He was the co-founder of Chewy, the pet supply retailer he sold for $3.35bn in 2017.
/jlne.ws/3ctuWIs
****** All hail Ryan Cohen, who put all his dough on red, I mean Bed, Bath and Beyond, and won.~JJL
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Tuesday's Top Three
Our most clicked story Tuesday was Don't Even Think About Putting Ketchup On A Hot Dog, from HuffPost. Second was Why people are advised to take iodine tablets in the event of a nuclear disaster, from MSNBC. Third was The Options Market Is Accentuating the Swings in Stocks, from The Wall Street Journal.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | The Crypto Innovation Traditional Finance Needs; Perpetual futures are one of the most important inventions to come out of crypto. They should inspire new thinking in dollar markets too.
Izabella Kaminska - Bloomberg
Despite all the innovation in the app economy for matching supply and demand for physical services (think: Uber surge pricing), there is no equivalent for balancing distortions in funding markets in real time. The world of "intraday" funding — i.e., cash borrowed during the day as opposed to overnight — remains highly dependent on excess liquidity from central banks, even as Federal Reserve officials move to accelerate the rate at which this is to be withdrawn over September and October. Once this de facto free liquidity is retracted, funding shortages could easily appear again, potentially toppling over into overnight and longer-term markets. If they do, market participants will have to come up with their own solution — or go cap in hand to the Fed and risk stigmatization.
/jlne.ws/3CLtCey
JPMorgan raided by German prosecutors as part of tax evasion probe; Sprawling investigation into the 'cum-ex' scandal has been stepped up in recent months
Stephen Morris and Joe Miller - Financial Times
JPMorgan Chase has become the latest bank to be raided by prosecutors in Germany as part of a probe into the multibillion "cum-ex" tax evasion scandal. The raid on the bank's Frankfurt office by Cologne prosecutors is the latest step in a sprawling investigation into the dividend tax scandal, which dates back more than a decade. Prosecutors and police in Germany have this year also raided the offices of foreign lenders Barclays, Bank of America and Morgan Stanley.
/jlne.ws/3B00z5w
Insider Trading in NFTs? That's Not a Crime, Defense Lawyers Claim; A group of lawyers argues that prosecutors' first NFT insider-trading case opens the door to an overly broad use of the wire-fraud statute to penalize unauthorized use of workplace information
Richard Vanderford - The Wall Street Journal
Insider trading in a company's stock is illegal, but what about insider trading in digital art? Federal prosecutors, in a novel case over trading in nonfungible tokens, or NFTs, will test whether fraud theories used to police capital markets also apply to the more unorthodox market that boomed during the Covid pandemic. Nathaniel Chastain, a former employee of the NFT market OpenSea, in June became the first person charged in a scheme that prosecutors described as insider trading in NFTs, a kind of digital proof of purchase for goods like art.
/jlne.ws/3TsMHrU
Credit Suisse Board Enters Meeting Split on Investment Bank; Members have disagreed over extent of investment bank cuts; Board seeking clearer path on strategy at Singapore meetings
Ambereen Choudhury, Marion Halftermeyer, and Eyk Henning - Bloomberg
Credit Suisse Group AG's board is heading into key meetings in Singapore this week with members split over the magnitude of cuts to be made at the firm's troubled investment bank. One camp, including former Citigroup Inc. dealmaker Michael Klein and ex-JPMorgan Chase & Co. executive Blythe Masters, have pushed recently against an aggressive downsizing, according to people familiar with the matter. Others are in favor of more extensive cuts across the unit, the people said.
/jlne.ws/3KwnrNo
JPMorgan Frankfurt Offices Raided as Part of Tax Probe; Cologne prosecutors continue to target U.S. investment banks; More than 50 officers involved in action that started Tuesday
Karin Matussek - Bloomberg
JPMorgan Chase & Co.'s Frankfurt offices are being raided by Cologne prosecutors as part of their vast probe into the controversial Cum-Ex scandal that robbed tax payers of billions of euros. The US bank confirmed in a statement that it was visited by officials and said that it continues "to cooperate with the German authorities on their ongoing investigation."
/jlne.ws/3AZAd3G
Ex-Goldman Banker's Crypto Startup Backed By Key Market Makers; Flow Traders and Hudson River Trading among investors; Round led by Multicoin, with Coinbase Ventures participation
Emily Nicolle - Bloomberg
Market makers Flow Traders and Hudson River Trading have backed Sei Labs, a crypto startup founded by Goldman Sachs and Robinhood Markets Inc. veterans that is developing a blockchain aimed at speeding up decentralized finance transactions. The investments are part of a $5 million seed round led by Multicoin Capital, with participation from Coinbase Ventures and GSR, New York-based Sei Labs's founders said on Wednesday. Backers, which also include Delphi Digital and Tangent, will receive a mix of equity and future tokens from the platform.
/jlne.ws/3pYdOxm
Wall Street West Is Booming in Aspen With New Crop of Elite Residents; With remote work untethering executives, the tony mountain town has become even more inundated with wealth.
Heather Perlberg - Bloomberg
Aspen's Willoughby Way reads like a game of billionaire Monopoly, dotted with mansions owned by the likes of hedge fund king Dan Och, leveraged-finance titan Bennett Goodman and the parents of Amazon founder Jeff Bezos. They've long sought refuge in the wealthy Colorado mountain town. But they're increasingly getting some company. Aspen, a ski destination known for its exclusivity and cultural cachet, has been luring a new crop of part- and full-time residents. The old-time crowd is calling them parvenus — newcomers to the highest-ranking class of wealth.
/jlne.ws/3ctMyE1
Mikhail Gorbachev, Reformer of Soviet Union and Its Last Leader, Dies at 91; The architect of 'perestroika' and 'glasnost'—restructuring and openness—unleashed a wave of unstoppable forces that led to the bloc's demise
Ann M. Simmons - The Wall Street Journal
As the eighth and final leader of the Soviet Union, Mikhail Gorbachev sought to reform the Communist state and infuse greater transparency. But his efforts unleashed a wave of unstoppable forces that led to the nation's demise, reshaping the geopolitical landscape and leaving the U.S. as the world's sole superpower. Russia's state news agencies cited Moscow's central clinical hospital as saying he had died aged 91. A representative for Mr. Gorbachev confirmed his death. The son of peasants, the world would come to know him as the architect of "perestroika" and "glasnost"—restructuring and openness—domestic policies he hoped would breathe new life into the country's sluggish 1980s economy, remake the political system and loosen some civil restrictions at a time of warming relations with the West.
/jlne.ws/3wI5OEs
Gorbachev's tragedy - a flawed reformer on an impossible mission
Mark Trevelyan - Reuters
For all the adulation he inspired in the West, Mikhail Gorbachev was a tragic figure who failed in the historic mission he had defined for his own country. The award of the 1990 Nobel Peace Prize marked the pinnacle of world acclaim for the role that Gorbachev, then Soviet president, had played in ending the Cold War without bloodshed. But at home he was a drained and defeated man when forced to step down the following year, reduced to leader of a non-existent country as the Union of Soviet Socialist Republics collapsed into 15 separate states.
/jlne.ws/3AuZMIu
Mikhail Gorbachev, former Soviet president who took down the Iron Curtain, dies
Susannah Cullinane and Laura Smith-Spark - CNN
Mikhail Gorbachev -- the last leader of the former Soviet Union from 1985 until 1991 -- has died at the age of 91. Gorbachev died after a long illness, Russian state news agencies reported. "Mikhail Sergeevich Gorbachev died this evening after a severe and prolonged illness," the Central Clinical Hospital said, according to RIA Novosti Tuesday. The man credited with introducing key political and economic reforms to the USSR and helping to end the Cold War had been in failing health for some time. Russian President Vladimir Putin expressed his condolences, Putin's spokesman, Dmitry Peskov, told RIA Novosti.
/jlne.ws/3Ty5bHl
Half of Americans still haven't heard of NFTs
Scott Nover - Quartz
If you're reading this, you probably know what an NFT is. But according to a new survey from the Pew Research Center, only about half of US adults have even heard of NFTs. A measly 2% have dared to buy one. NFTs are digital assets that rely on blockchain and crypto technology to turn digitally-native media—such as images, art, or items in video games—into something that can be sold, often to the highest bidder. While the NFT market is down a lot in recent months, it still processes about $50 million in trade volume each week.
/jlne.ws/3pUNFQf
Goldman Sachs to scrap most remaining Covid restrictions for US offices; Wall Street group cites 'significantly less risk of severe illness' to bring bankers back in-person
Joshua Franklin - Financial Times
Goldman Sachs will scrap most of its remaining Covid-19 restrictions for employees at its US offices as the Wall Street group looks to get more of its bankers back into the office. "With many tools including vaccination, improved treatments and testing now available, there is significantly less risk of severe illness," Goldman told staff in a memo on Tuesday, which was seen by the Financial Times. Goldman, which has about 47,000 employees worldwide, was one of the earliest advocates for resuming in-office work, bringing back employees to its New York headquarters in June 2021.
/jlne.ws/3pZQRdo
Banks Avoid Worst of Europe Energy Crisis as Governments Step In
Steven Arons and Nicholas Comfort - Bloomberg
When German utility Uniper SE on Monday requested another 4 billion euros in bailout loans, it didn't mention some key beneficiaries of the move: its banks. More than two dozen lenders including BNP Paribas SA, Deutsche Bank AG and Goldman Sachs Group Inc. have jointly committed 1.8 billion euros ($1.8 billion) to the company, which would be in more serious trouble if it weren't for government intervention. Uniper has an investment grade credit rating only because the rating providers expect Berlin will continue to support it.
/jlne.ws/3wINQ4F
Bankman-Fried Says His Crypto Bailouts Had 'Mixed Results'; The CEO of crypto exchange FTX speaks about his deal-making spree on the "David Rubenstein Show: Peer-to-Peer Conversations."
Hannah Miller - Bloomberg
Sam Bankman-Fried, chief executive of digital asset exchange FTX, said his efforts to bail out companies during the crypto market downturn have had "mixed" results. The 30-year-old billionaire engineered deals worth about $1 billion to backstop struggling companies after the prices of cryptocurrencies like Bitcoin declined sharply in the spring and summer. Not all of these bailouts had a happy ending, Bankman-Fried said in an interview on Bloomberg's "David Rubenstein Show: Peer-to-Peer Conversations."
/jlne.ws/3R63Plx
Europe Braces for Rationing Risks in Russian Gas Showdown; Concerns are high that a pipeline outage could get extended; Gas supply halt would put Europe at the mercy of the weather
Vanessa Dezem and Elena Mazneva - Bloomberg
Europe faces the risk of blackouts, rationing and a severe recession if Russia further slashes gas deliveries, and the next reality check is at hand. A three-day halt of the Nord Stream pipeline -- a key source of natural gas for the European Union -- started on Wednesday, and concerns are widespread that Moscow will find another excuse to clamp down on supplies, putting the region at the mercy of the weather.
/jlne.ws/3KNLkAh
Biblical ETF provider renounces ESG labels in war with 'liberal activists'; Inspire Investing chief says environmental, social and governance strategies have been 'weaponised'
Emma Boyde - Financial Times
A Christian faith-based exchange traded fund provider has removed all environmental, social and governance labels from its suite of products after claiming that "intolerant liberal activists" have "weaponised" the concept of sustainable investing. Inspire Investing, which changed the names of four of its exchange traded funds to label them as ESG funds as recently as March, said in an article on its website that it had decided to renounce ESG because "hard-left activists were seeking to strong-arm companies into acquiescence with their extremist policies" on ESG issues.
/jlne.ws/3Qibz2V
A divide has emerged in EU and UK crypto regulation; Legislation is on the way but consumers will continue to be ripped off until authorities utilise existing powers
Matthew Elderfield - Financial Times
The shape of EU and UK crypto regulation is now clearer than it was before. We have a deal in Europe on the markets in cryptoassets (Mica) regulation, the financial services and markets bill is being read by the UK parliament and new UK Financial Conduct Authority rules are coming for high-risk investments. What does this mean for the scope of regulation, investor protection, supervision and enforcement?
/jlne.ws/3wK51CW
Russia's Bonds Regain Market Appeal As Trading Defrosts; Signs of strength in Russia's wartime economy are drawing renewed investor interest in its government debt
Alexander Saeedy - The Wall Street Journal
Russian sovereign bonds have staged a comeback this summer as investment banks have warmed up to trading the Kremlin's debt again and investors outside the grip of Western sanctions on Moscow are buying bonds. The run-up in prices reflects how Russia has maintained investor confidence in some pockets of the world and appears to be managing its economy amid the war with Ukraine. Some government bonds that were marked as low as 8 cents on the dollar in June rallied as high as 50 cents on the dollar this month and now trade at around 45 cents, according to credit analytics provider Advantage Data Inc.
/jlne.ws/3AAseJ4
ED&F Man Capital Markets assists in clearing CME Euro-denominated futures blocks trades; The firm assisted its customers and CME in completing the trades on market open on 28 August.
Annabel Smith - The Trade
ED&F Man Capital Markets has cleared the first Euro-denominated Bitcoin and Ethereum futures block trades on CME. The BTC/EUR and ETH/EUR futures offered by CME Group are cash settled and traded electronically on Globex and OTC for blocks and exchanges for futures for physical (EFPs) through CME Clearport.
/jlne.ws/3AAODpB
Saudi Tadawul Group Appoints Lee Hodgkinson as Chief Strategy Officer; Lee Hodgkinson has vast experience.
Viraj Shah - Finance Magnates
The Saudi Tadawul Group has hired Lee Hodgkinson as Chief Strategy Officer. Hodgkinson is an industry veteran with a career spanning more than three decades operating across the U.K., EU, America, China, Russia and India.
/jlne.ws/3Kyx7qt
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | France accuses Russia over gas supply as Nord Stream shutdown looms
Dominique Vidalon - Reuters
France accused Moscow on Tuesday of using energy supplies as "a weapon of war" after Russia's Gazprom (GAZP.MM) cut deliveries to a major French customer and said it would shut its main gas pipeline to Germany for three days this week. European governments are trying to coordinate a response to soaring energy costs for businesses and households and to fill storage facilities ahead of peak demand in the winter. Western nations fear that Moscow is deliberately driving up gas prices to try to weaken their opposition to its invasion of Ukraine, a tactic Ukrainian President Volodymyr Zelenskiy on Monday dubbed "economic terrorism". Moscow denies the charge. Nord Stream 1, the main conduit for Russian gas into Europe, has become a flash point in the dispute. Europe faces a further squeeze on supplies this week as Gazprom shuts off the pipeline for maintenance from Wednesday till the early hours of Saturday.
/jlne.ws/3pZP8oq
Zelenskiy tells Russians to run for their lives from Ukraine offensive in south
Andrea Shalal and Pavel Polityuk - Reuters
Ukrainian President Volodymyr Zelenskiy urged Russian soldiers to flee for their lives after his forces launched an offensive to retake southern Ukraine, but Moscow said it had repulsed the attack and inflicted heavy losses on Kyiv's troops. Ukraine said on Monday its ground forces had gone on the offensive for the first time after a long period of aerial strikes on Russian supply lines, especially ammunition dumps and bridges across the strategically-important River Dnipro. "If they want to survive, it's time for the Russian military to run away. Go home," Zelenskiy said in a late night address. "Ukraine is taking back its own (land)," he said, adding that he would not disclose Kyiv's battle plans. In response, Kremlin spokesman Dmitry Peskov said on Tuesday that Russia was methodically pressing on with its plans in Ukraine, adding: "All of our goals will be reached."
/jlne.ws/3cBwEat
Russia and the U.S. are entering 'dangerous and uncharted' nuclear territory; Fighting around a Ukraine nuclear power plant is poisoning arms control discussions and feeding fears of a diplomatic break.
Nahal Toosi - Politico
When President Joe Biden and Russian leader Vladimir Putin met face to face last year, they proudly touted how, "even in periods of tension," Washington and Moscow could cooperate on nuclear issues. A year and a war later, even such existential-level cooperation appears shaky. Most urgently, ongoing fighting around a Ukrainian nuclear power plant captured by Russian forces has injected fresh uncertainty into a U.S.-Russian nuclear relationship that was already reeling from Putin's invasion of Ukraine and the subsequent U.S. and European sanctions on Moscow.
/jlne.ws/3R7rpP4
Ukraine Tries to Make Southern Offensive a Turning Point in War; Kyiv looks to prove its forces can retake territory and push out entrenched Russian troops
James Marson, Matthew Luxmoore and Ian Lovett - The Wall Street Journal
After a crescendo of long-range strikes on Russian military facilities and bridges in the dark of night early Monday, Ukrainian forces launched a southern offensive with attacks along the front lines. Ukrainian armor crashed over the Inhulets River and established a bridgehead, the main gains that Kyiv has made in two days of fighting. Whether Ukraine can capitalize on its initial thrust and retake territory in its south that Russia seized at the start of its invasion will go a long way to shape the next phase of the war.
/jlne.ws/3RkIPau
Ukraine Launches Counterattack to Russia in South, But Leaves World Guessing on Scale; Increase in activity follows months of preparatory strikes; Russian and Ukrainian claims on gains and losses unverified
Marc Champion - Bloomberg
Ukraine has launched an offensive toward the captured southern city of Kherson, but whether it marks the start of a long awaited attempt to retake large slices of territory lost at the start of Russia's invasion remains unclear. Officials in Kyiv have for months been promising such a campaign, while using U.S. long range Himars rocket systems to degrade Russian supply lines and communications in preparation. In a video address late Monday, President Volodymyr Zelenskiy recommitted to driving Russian forces from all Ukrainian territory, including Crimea and areas of the eastern Donbas region lost in 2014. Yet he also avoided commenting on the details of the operations.
/jlne.ws/3CImr6Q
Exxon Takes Legal Action After Putin Blocks Final Russian Exit
Kevin Crowley - Bloomberg
Exxon Mobil Corp. took the first step toward filing a lawsuit against Russia after Vladimir Putin blocked the oil major from exiting its only remaining operation in the country.
/jlne.ws/3RgEYvi
Putin Will Turn Gorbachev's Death to His Advantage; The last Soviet leader wanted democracy, openness and a thriving economy. Putin has undone all three.
Clara Ferreira Marques - Bloomberg
Mikhail Gorbachev was a man who hoped for the best, and got the worst. The legacy of the last Soviet leader, who died yesterday aged 91, was largely undone by two decades of Vladimir Putin. Now a grinding war in Ukraine is its grim and bloody requiem.
/jlne.ws/3Q3pnOk
Ukraine's Overstretched Psychiatric Hospitals Face Wave of Traumatized Soldiers; Doctors and Western experts say the mental-health effects of war threaten to push the country's fragile care system into a lasting crisis
Alistair MacDonald - The Wall Street Journal
Ukraine's network of often crumbling Soviet-era psychiatric hospitals is grappling with a fresh wave of traumatized soldiers, putting further strains on an already overwhelmed care system. When Russia invaded Ukraine in late February, some institutions in the east of the country evacuated their patients westward to places like the Lviv Regional Psychiatric Hospital. That put extra pressure on this and other residential institutions for people with mental, intellectual and developmental disabilities that Western experts say were already underfunded and overstretched before the invasion.
/jlne.ws/3AHMmsW
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Brazilian Crypto Exchange Digitra.com Launches Trading Platform Using Nasdaq's Cloud-Based Technology
Elizabeth Napolitano - CoinDesk
Brazil-based crypto exchange Digitra.com has launched a cryptocurrency exchange for institutional and retail investors powered by Nasdaq's cloud-based crypto trading service, according to a Tuesday press release. "Nasdaq brings extensive experience and expertise in capital markets technology to Digitra.com and our industry," Digitra.com founder and CEO Rodrigo Batista said in the release. "Our technology collaboration gives us a robust foundation to grow and build new features for our clients."
/jlne.ws/3ebMYPB
SIX introduces an innovative Triparty Collateral Management solution; SIX migrates its Triparty Collateral Management (TCM) into the renewed and innovative Triparty Agent with the Collateral CockpitTM that already manages repo services since June 2020.
BME-X
TCM complements the TPA with a leading-edge collateral management solution, providing a comprehensive service to the SIX clients. When using the TCM service, two parties to a transaction delegate their day-to-day operational responsibilities around collateralization to SIX. The SIX TPA performs tasks such as the selection and automatic execution of collateral transfers and ongoing validation that exposures are being appropriately collateralized through multiple daily mark-to-market checks on the collateral throughout the lifecycle of the transaction. This new service creates further tangible opportunities for clients and helps them to reduce operational risks & costs.
/bit.ly/3wGYYPu
Meet us at Asia EQD 2022
Eurex
EQDerivatives and Eurex invite you to Asia EQD 2022
Day I: September 6, 11:30 AM - 19:00 PM SGT
Day II: September 7, 9:00 AM - 16:00 PM SGT
Venue: Pan Pacific Singapore, 7 Raffles Boulevard, Marina Square, Singapore 039595
Asia EQD is the leading forum for asset allocators, portfolio managers and market makers to detail the latest trends, developments and opportunities across multi-asset, volatility and systematic investing strategies in the Asia Pacific and global markets.
/bit.ly/3R62xad
New calculation bases for Moscow Exchange indices
MOEX
The Moscow Exchange, on the recommendation of the Index Committee, has formed the basis for calculating stock indices, which will be effective from September 16, 2022, and has also set the values ??of free-float coefficients for securities of a number of issuers.
/bit.ly/3pWsNb0
Final Reminder: NYSE Historical and Referential Market Data: SFTP Hardware Upgrade
NYSE
As previously announced, NYSE plans to decommission the current MFT hardware and replace it with new SFTP hardware. Both platforms are currently running in production parallel until the current hardware is decommissioned effective close of business August 31, 2022. Action Required Customers must migrate to the SSH Key protocol by following the instructions here by August 31, 2022 otherwise they will lose access to the legacy MFT platform. https://bit.ly/3AyuIru
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Nasdaq technology tapped by crypto exchange; The technology collaboration will allow Digitra.com to grow and build new features as it looks to expand to an additional 50 asset classes and coins by the end of the year.
Wesley Bray - The Trade
Nasdaq has entered into a technology agreement with Brazil-based cryptocurrency exchange Digitra.com to provide institutional investors worldwide with the ability to trade on Digitra.com. The crypto exchange currently offers trading in Bitcoin, Ethereum and USDC, with plans to extend to an additional 50 asset classes and coins by the end of this year.
/jlne.ws/3AAsY0O
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| Cybersecurity | | Top stories for cybersecurity | UK mobile and broadband carriers face fines of $117K/day, or 10% of sales, if they fail to follow new cybersecurity rules
Ingrid Lunden - TechCrunch
More than three years in the making, the U.K. government today announced a new, sweeping set of rules it will be imposing on broadband and mobile carriers to tighten up their network security against cyberattacks — aimed at being "among the strongest in the world" when they are rolled out, said the Department for Digital, Culture, Media and Sport.
/jlne.ws/3PZreUp
Essential Elements Of Cybersecurity
Abdul Subhani - Forbes
With the increased usage of online services, cloud solutions and overall business digitization, cyberattacks have become lucrative, and hackers are seeking more and more effective means of penetrating cybersecurity safeguards. Let's discuss some of the key cybersecurity elements businesses should implement and maintain to safeguard their assets from cyberattacks:
/jlne.ws/3AHFtI6
Cybersecurity's public-private salary gap
Scott Rosenberg - Axios
The gap between cybersecurity professionals' salaries in private industry and the public sector shows little sign of closing any time soon, per data from Lightcast.io, a labor market research firm.
/jlne.ws/3pYxnFL
Defamation case accusing cybersecurity firm Tiversa of extortion revived
Brendan Pierson - Reuters
A federal appeals court on Tuesday revived a lawsuit by defunct medical testing company LabMD Inc accusing cybersecurity firm Tiversa Holding Corp of defaming it by illicitly accessing LabMD's patient data and then claiming the "leak" showed lax security practices, fueling a federal investigation that ultimately resulted in its collapse.
/jlne.ws/3Q3kox6
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Lender Nexo Allocates Additional $50M for Token Buyback Initiative
Oliver Knight - CoinDesk
Cryptocurrency lending platform Nexo has allocated an additional $50 million to its token buyback initiative, according to a press release. The Switzerland-based lender will purchase $50 million worth of its native token over the next six months. This follows a previous buyback that saw it accumulate $100 million between November and May. The Nexo token is currently trading at $0.982 with a market cap of $549 million, and has risen 4.35% over the past 24 hours.
/jlne.ws/3AWUnvh
Indonesia's biggest tech firm buys local crypto exchange
Pradipta Mukherjee - Forkast
Indonesia's biggest tech firm GoTo Gojek Tokopedia (GOTO) has forayed into the cryptocurrency market with the purchase of local crypto exchange Kripto Maksima Koin for US$8.38 million.
/jlne.ws/3PXcaXz
Criminal Crypto Use Is Growing, but That's Just Half the Story
George Kaloudis - CoinDesk
A persistent knock on cryptocurrency is: "It's only used by drug dealers and black market participants." The old saw's popularity might stem from general misconception (as we see plenty of licit uses for cryptocurrency these days), but its popularity is likely rooted in the first time most of us heard about crypto: For use on the Silk Road, an online black market and dark web web market. Of course, someone writing about how crypto still is or isn't used for illicit purposes widely doesn't do much without hard data. Thankfully (at least for this specific purpose), the blockchains that power cryptocurrencies are largely transparent, and companies like Chainalysis, CipherTrace and Crystal Blockchain provide blockchain forensics services.
/jlne.ws/3cyyVDr
Asia crypto advocates look beyond English to promote digital assets
Jenny Ortiz - Forkast
Cryptocurrency advocates and exchanges in Asia say they are teaching the ins and outs of digital assets and blockchain in regional languages to help promote crypto investments and protect people against scams. Philippine crypto exchange Coins.ph, which also operates in Thailand, said it is offering crypto education classes in Filipino and Thai languages through its Coins Academy to open up opportunities in digital asset investment to non-English speakers.
/jlne.ws/3cx6Yfj
What Are the Consequences of MiCA's Potential Stablecoin Ban
CoinDesk
"There's a serious concern ... that stablecoins will have a major role in our economy in the future," Blockchain for Europe Secretary General Robert Kopitsch says, explaining the European Union's legislation that could potentially ban dollar-pegged stablecoins. Plus, he shares possible solutions.
/jlne.ws/3Q8iHhT
Blockchain Gaming Platform Xterio Raises $40M Led by Partner FunPlus
Brandy Betz - CoinDesk
Blockchain gaming platform Xterio raised $40 million in a funding round led by game developer and Xterio partner FunPlus, FTX Ventures and blockchain gaming platform XPLA. The funding will go toward game development and building out the platform. Xterio combines a play-to-earn gaming platform and a GameFi-as-a-service product for developers in the partner network, according to the white paper. FunPlus, a global developer of popular mobile strategy games, provides Xterio with its technology stack. Xterio is FunPlus' exclusive partner to mint, deploy and manage all non-fungible tokens (NFT) for current and future game titles.
/jlne.ws/3edcVyc
A Peek Inside the Vaults of Tether; A look inside the stablecoin giant's asset reserves after its issuer released the latest attestation
Victoria Vergolina - Bloomberg
Did you know that Tether, a stablecoin that trades under the ticker USDT, is the third-largest digital token by market value? It's also one of the most actively traded tokens in the entire ecosystem. And unlike some of its volatile counterparts, Tether comes with two promises. One: each Tether has a stable value, and that value is $1. And two: that each of those tokens is backed by a "real" dollar, or similarly liquid and reliable financial asset, like a bond issued by the US government. Those promises have not always been kept, and that's something that keeps Tether in the crosshairs of regulatory scrutiny and investor speculation.
/jlne.ws/3AZZQ4i
NFT Markets Aren't Immune to 'Spooked' Buyers: Quadency CEO
CoinDesk
NFT platform Opensea saw daily trading volume plummet by 98% since its peak. Quadency founder and CEO Rosh Singh says "people are spooked" by the cascading bankruptcies and liquidity crisis in the broader crypto markets.
/jlne.ws/3Ky4gCC
An NFT Marketplace Is Letting Buyers Avoid Royalty Payments. Creators Aren't Pleased
Eli Tan - CoinDesk
Royalty payments have become a cornerstone of the growing non-fungible token (NFT) industry, allowing artists to make money when people resell their work, venues to capture revenue on secondary marketplaces for NFT tickets, and musicians to subvert streaming services in favor of more lucrative, blockchain-driven products.
/jlne.ws/3Trmqds
Brazil's Largest Private Bank, Itaú, Selected by Central Bank to Develop a DeFi Liquidity Pool
Rodrigo Tolotti - CoinDesk
This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter. Itaú Unibanco has been chosen by Brazil's central bank to work on a decentralized finance (DeFi) liquidity pool.
/jlne.ws/3pYAuOg
Brazil's Largest Private Bank, Itaú, Selected by Central Bank to Develop a DeFi Liquidity Pool
Rodrigo Tolotti - CoinDesk
This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter. Itaú Unibanco has been chosen by Brazil's central bank to work on a decentralized finance (DeFi) liquidity pool.
/jlne.ws/3pYAuOg
Sorry Zuckerberg, the Metaverse Won't Replace Zoom; The virtual conference room needs to die. VR is better used for fun and building relationships.
Parmy Olson - Bloomberg
"Welcome, welcome!" My guide, Philip, waves at me from his seat in a virtual conference room, where he's wearing a green shirt and sitting at a desk. I'm at Facebook's Reality Labs headquarters in Burlingame, California, wearing Meta Platform Inc.'s Quest 2 headset. Philip is in another room there as his cartoonish-looking avatar hops to another seat using a button on his virtual dashboard. "You may have noticed when I changed seats that you heard me a little louder and a little closer in your left ear," he says, noticeably more loudly and to-the-left-of-me than before. I jump to a different seat too. "Right," I say.
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Mark Zuckerberg's Metaverse Pitch Is Falling Flat; The Facebook founder's alpha-male appearance on Joe Rogan's podcast—UFC! tired hands! "wrestling around with friends"!—will do little to turn that around.
Max Chafkin - Bloomberg
Forget about the devastating reviews from the video game press, the cringe-worthy digital "selfie," and the notable lack of legs— Mark Zuckerberg wants you to focus on the promise of the metaverse. The founder of Facebook, now Meta Platforms Inc., appeared on Joe Rogan's podcast on Aug. 25, undaunted by the recent mockery aimed at Horizon Worlds, his company's Second Life knockoff, and determined to pitch the benefits of spending the hours with the equivalent of a smartphone strapped to your face.
/jlne.ws/3qgYaxv
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| Politics | | An overview of politics as it relates to the financial markets | Conservatives Are Mastering the Art of the Proxy Ballot to Fight ESG; Two activists have been remarkably successful in getting anti-ESG measures before shareholders.
Lydia Beyoud - Bloomberg
For decades, getting a proposal on a company's proxy ballot, the mainstay of shareholder democracy, had been used by corporate gadflies to try to pressure boards into taking controversial positions. More recently, fund management giants have pushed companies into adopting environmental and social changes through the proxy ballot—the document that publicly traded companies mail to shareholders to cast votes ahead of annual meetings. This year, 272 such measures made it onto company proxies, up from 158 in 2021.
/jlne.ws/3pVFSBy
Taiwan shoots at Chinese drone after president warns of 'strong countermeasures'
Ben Blanchard and Roger Tung - Reuters
Taiwan fired warning shots at a Chinese drone which buzzed an offshore islet on Tuesday shortly after President Tsai Ing-wen said she had ordered Taiwan's military to take "strong countermeasures" against what she termed Chinese provocations. It was the first time such warning shots have been fired during a period of heightened tensions between China and Taiwan. Beijing views the island as its own territory, while Taiwan strongly disputes China's sovereignty claims. The drone headed back to China after the shots were fired, a military spokesperson said. Taiwan has complained of Chinese drones repeatedly flying close to small groups of islands it controls near China's coast as part of military drills by Beijing, most recently by the Kinmen islands.
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House panel calls for cryptocurrency fraud oversight
Associated Press
A House oversight subcommittee asked regulators and industry leaders on Tuesday to explain what they are doing to stop cryptocurrency fraud and other scams perpetrated on consumers.
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Texas lists 10 funds ineligible for business with state over ESG policies; Texas issues list of funds ineligible for business with the state over ESG policies
Ballotpedia staff
On August 24, the government of Texas joined West Virginia in issuing a list of companies and funds that are ineligible to do business with the state because of their ESG policies and/or statements. The list - an outgrowth of a law passed last year - hits many of the biggest names in ESG investing, including BlackRock: "Texas comptroller Glenn Hegar on Wednesday accused ten financial companies, including investing titan BlackRock, and 350 investment funds of taking steps to "boycott energy companies." The move could force certain Texas government funds, such as retirement funds for state workers, to sell any shares in these companies. It also places these companies alongside lists of other classes of companies covered under Texas divestment statutes, such as companies with "links to foreign terrorist organizations" and ties with Iran and Sudan.
/bit.ly/3RjVniZ
Some GOP States Push Back Against ESG Investing Trend
Amrith Ramkumar - The Wall Street Journal
Republicans are stepping up their efforts to prevent investors from considering environmental and other factors in their decisions. They are running up against the trillions of dollars in investments committed to funds addressing such concerns. In the past week, Florida Gov. Ron DeSantis and other officials banned state pension fund managers from incorporating environmental, social and governance—or ESG—factors into investments. Texas Comptroller Glenn Hegar barred BlackRock Inc., BNP Paribas SA, Credit Suisse Group AG and others from doing business there because they "boycott energy companies." West Virginia in July took a similar step, kicking out BlackRock, JPMorgan Chase & Co. and others while saying ESG hurts its economy. https://on.wsj.com/3pYALQZ
Social-Media Firms Would Have to Consider Children's Health Under Bill Passed by California Legislature; New regulations opposed by tech industry come after an earlier bill that would have held them liable for harm to minors
Christine Mai-Duc and Meghan Bobrowsky - The Wall Street Journal
California's Legislature passed a bill Tuesday that would for the first time in the U.S. require the makers of social-media apps such as Facebook, Instagram and TikTok to consider the physical and mental health of minors when designing their products. The bill passed in a unanimous, bipartisan vote in the Assembly after doing the same in the state Senate on Monday. Both chambers are dominated by Democrats. Gov. Gavin Newsom hasn't indicated whether he would sign or veto the bill. A spokesman for the Democrat declined to comment.
/jlne.ws/3cFCFmu
Some GOP States Push Back Against ESG Investing Trend
Amrith Ramkumar - The Wall Street Journal
Republicans are stepping up their efforts to prevent investors from considering environmental and other factors in their decisions. They are running up against the trillions of dollars in investments committed to funds addressing such concerns. In the past week, Florida Gov. Ron DeSantis and other officials banned state pension fund managers from incorporating environmental, social and governance—or ESG—factors into investments. Texas Comptroller Glenn Hegar barred BlackRock Inc., BNP Paribas SA, Credit Suisse Group AG and others from doing business there because they "boycott energy companies." West Virginia in July took a similar step, kicking out BlackRock, JPMorgan Chase & Co. and others while saying ESG hurts its economy.
/jlne.ws/3ecQk5f
Trump's Truth Social App Blocked From Google Play Store
Julia Love - Bloomberg
Google's Play store is declining to distribute Donald Trump's Truth Social app, saying the network still needs to resolve the fact that it hosts violent threats and other content that goes against Google's standards. Alphabet Inc.-owned Google said it notified Truth Social of its violations and how to fix them on Aug. 19. "Having effective systems for moderating user-generated content is a condition of our terms of service for any app," a Google spokesperson said in a statement.
/jlne.ws/3wIc8fr
Mikhail Gorbachev dead at 91: Final leader of the Soviet Union who helped end the Cold War and bring down the Iron Curtain but then saw his own superpower crumble dies in hospital
Jack Wright - The Guardian
Mikhail Gorbachev - the last leader of the USSR whose failure to prevent the collapse of the Soviet Union after the Cold War is despised by Russian nationalists including Vladimir Putin - has died at the age of 91, Russian news agencies cited hospital officials as saying. The Central Clinical Hospital in Moscow said that the former Soviet leader died 'after a serious and long illness' but gave no other details, according to the Interfax, TASS and RIA Novosti news agencies. Gorbachev had been suffering from long term kidney problems and was on dialysis - and had been confined to a clinic during the Covid pandemic.
/jlne.ws/3pWVVix
Mikhail Gorbachev, Soviet Leader Who Ended Cold War, Dies at 91; His policies triggered an avalanche that buried Communism; When the Berlin Wall collapsed, so did his political career
Bloomberg
Mikhail Gorbachev, the leader of the Soviet Union whose attempts to shake up his country's political and economic system led to the collapse of the Communist superpower and the end of the Cold War, has died. He was 91. The Interfax and state-run Tass news services cited the Moscow hospital where Gorbachev died. The Central Clinical Hospital said his death followed "a severe and prolonged illness," according to Tass.
/jlne.ws/3AD7W1q
Last Soviet leader Gorbachev, who ended Cold War and won Nobel prize, dies aged 91
David Ljunggren - Reuters
Mikhail Gorbachev, who ended the Cold War without bloodshed but failed to prevent the collapse of the Soviet Union, died on Tuesday at the age of 91, hospital officials in Moscow said. Gorbachev, the last Soviet president, forged arms reduction deals with the United States and partnerships with Western powers to remove the Iron Curtain that had divided Europe since World War Two and bring about the reunification of Germany. But his internal reforms helped weaken the Soviet Union to the point where it fell apart, a moment that President Vladimir Putin has called the "greatest geopolitical catastrophe" of the twentieth century. "Mikhail Gorbachev passed away tonight after a serious and protracted disease," said Russia's Central Clinical Hospital. Putin expressed "his deepest condolences", Kremlin spokesman Dmitry Peskov told Interfax. "Tomorrow he will send a telegram of condolences to his family and friends," he said.
/jlne.ws/3KvI9gp
Mikhail Gorbachev Almost Made Russia Democratic; He tried to save the Soviet Union. Instead he wound up hastening its destruction.
William Taubman - The Wall Street Journal
Mikhail Gorbachev, who died Tuesday at 91, changed both his country and the world, but neither as much as he wished. His ultimate failure seems almost inevitable in retrospect, but he deserves to be celebrated, in the worlds of the late Russian scholar Dmitry Furman, as "the only politician in Russian history who, having full power in his hands, voluntarily opted to limit it and even risk losing it, in the name of principled moral values."
/jlne.ws/3wIC22w
New Russia gas halt tightens energy screws on Europe
Christoph Steitz and Nina Chestney - Reuters
Russia halted gas supplies via Europe's key supply route on Wednesday, intensifying an economic battle between Moscow and Brussels and raising the prospects of recession and energy rationing in some of the region's richest countries. European governments fear Moscow could extend the outage in retaliation for Western sanctions imposed after it invaded Ukraine and have accused Russia of using energy supplies as a "weapon of war". Moscow denies doing this and has cited technical reasons for supply cuts. Russia's state energy giant Gazprom (GAZP.MM) said Nord Stream 1, the biggest pipeline carrying gas to its top customer Germany, will be out for maintenance between 0100 GMT on Aug. 31 and 0100 GMT on Sept. 3.
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| Regulation & Enforcement | | Stories about regulation and the law. | Thai SEC Fines Bitkub Executive $235K for Insider Trading
Sandali Handagama - CoinDesk
Thailand's securities regulator has issued punishment in the insider-trading case of an executive at the country's largest cryptocurrency exchange Bitkub, according to an official notice published Tuesday. Bitkub Chief Technology Officer Samret Wajanasathian was ordered to pay a fine of 8.5 million Thai baht (around $235,000) and was barred from holding an executive position for 12 months by the country's Securities and Exchange Commission (SEC). Although Wajanasathian's LinkedIn page still shows him as CTO at Bitkub, he's absent from the company's website.
/jlne.ws/3PWp7kk
Japan's Regulator Proposes Tax Breaks for Investors, Crypto
Takashi Nakamichi and Komaki Ito - Bloomberg
Japan's financial regulator proposed easing corporate tax rules for crypto assets as well as lighter levies for individual stock investors in support of Prime Minister Fumio Kishida's efforts to reinvigorate the economy. Companies should be exempted from paying taxes for paper gains on crypto coins that they hold after issuing them, the regulator proposed in its annual tax-code change request announced Wednesday. The Financial Services Agency also called for boosting a program that gives tax breaks to individual investors.
/jlne.ws/3AzfIte
Commissioner Pham to Deliver a Keynote at the Eurofi Financial Forum 2022 - Prague
CFTC
Commissioner Caroline D. Pham will deliver a keynote on the digitalization of finance, and participate on a panel titled Cryptoassets: are regulators on the curve? with the Bank of International Settlements, European Banking Authority, Japan Financial Services Agency, Lithuania Ministry of Finance, and industry representatives, at the Eurofi Financial Forum 2022 - Prague.
/jlne.ws/3wHJPxx
SEC Sues Insurance Executive, Alleging 'Massive' Fraud; Lawsuit is the first government accusation of fraud against Greg Lindberg
Mark Maremont and Leslie Scism - The Wall Street Journal
The Securities and Exchange Commission sued insurance magnate Greg Lindberg, alleging that he and a lieutenant defrauded insurers out of more than $75 million through a series of undisclosed related-party transactions and advisory fees paid to a Malta entity. "We allege a massive fraudulent scheme, involving unique financial structures and various complex investments," said Osman Nawaz, chief of the SEC Division of Enforcement's Complex Financial Instruments Unit, in a news release Tuesday accompanying the complaint.
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SEC Charges Advisory Firm and Executives with Devising an Elaborate Scheme to Defraud Clients out of More Than $75 Million
SEC
The Securities and Exchange Commission today charged two North Carolina-based executives, Gregory E. Lindberg and Christopher Herwig, and their Malta-based registered investment adviser, Standard Advisory Services Limited, for defrauding clients out of more than $75 million through undisclosed transactions that benefited themselves and their companies.
/jlne.ws/3eaxQC4
SEC Charges Hedge Fund Portfolio Manager with Fraud
SEC
The Securities and Exchange Commission today charged the portfolio manager of an Oklahoma City hedge fund with defrauding the fund and its investors by making undisclosed trades that caused the fund to suffer a complete loss of investor capital totaling more than $10 million.
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SEC Files Subpoena Enforcement Action Against Issuer for Failure to Produce Documents
SEC
The Securities and Exchange Commission announced that it has filed an action against Ignite International Brands, Ltd., a publicly traded company based in Ontario, Canada, seeking an order directing it to comply with an investigative subpoena for documents.
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SEC Charges Florida Man for His Role in $196 Million Ponzi Scheme
SEC
The Securities and Exchange Commission today announces charges against Pavel Ruiz, a former board member and top sales agent for MJ Capital Funding, LLC, for his role in an alleged $196 million fraud perpetrated by the company.
The SEC previously charged MJ Capital and an affiliated company, MJ Taxes and More, Inc., and their principal officer, Johanna M. Garcia, on August 9, 2021 for allegedly engaging in a fraudulent securities offering and Ponzi scheme. MJ Capital and MJ Taxes are currently under a court-appointed receivership.
/jlne.ws/3CKSxPw
SEC Charges Advisory Firm and Executives with Devising an Elaborate Scheme to Defraud Clients Out of More Than $75 Million
SEC
The Securities and Exchange Commission today charged two North Carolina-based executives, Gregory E. Lindberg and Christopher Herwig, and their Malta-based registered investment adviser, Standard Advisory Services Limited, for defrauding clients out of more than $75 million through undisclosed transactions that benefited themselves and their companies.
/jlne.ws/3PXz4hv
Takeovers Panel rules a special waiver from the general offer obligation may be granted to Broad Gongga for an involuntary disposal that leads to a change in concert group leader
Securities & Futures Commission of Hong Kong
The Takeovers and Mergers Panel has ruled that a special waiver from the general offer obligation under the Takeovers Code (Note 1) may be granted to Broad Gongga Investment Pte. Ltd. as a result of foreclosure sales by third-party creditors of Jinke Property Group Company Limited of its interest in Jinke Smart Services Group Co. Ltd. which would lead to Broad Gongga holding more Jinke Smart Services shares than Jinke Property (ie, a seller-forced disposal).
/jlne.ws/3pTpIbN
MAS Renews its Statement of Commitment to the FX Global Code
Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS) today renewed its Statement of Commitment to the updated Foreign Exchange (FX) Global Code (Code). MAS reaffirms its adherence to the principles of the Code as a market participant, and the alignment of its internal practices and processes with these principles.
/jlne.ws/3pVBp1K
Public Consultation on Partial Amendment for Regulatory Notice Specifying the Documents Based on Article 2 (1) of the Cabinet Office Order on Financial Instruments Business, etc.
Financial Services Agency (Japan)
The Financial Services Agency ("FSA") has now launched a public consultation on Partial Amendment for Regulatory Notice Specifying the Documents Based on Article 2 (1) of the Cabinet Office Order on Financial Instruments Business, etc.
/jlne.ws/3wJYOa6
ASIC cancels AFS licence of Australian Property Custodian Holdings Ltd
ASIC - Australian Securities and Investments Commission
ASIC has cancelled the Australian financial services (AFS) licence of Australian Property Custodian Holdings Ltd (APCHL) because APCHL is in liquidation.
APCHL is the responsible entity of two registered managed investment schemes, the Prime Retirement and Aged Care Property Trust (ARSN 097 514 746) and the Prime Property Development Trust No. 5 (ARSN 128 976 661) (Schemes).
The cancellation follows enquiries made by ASIC about APCHL's progress with winding up the Schemes.
/jlne.ws/3eagHsa
ASIC warns brokers considering high-risk offers to retail investors
ASIC - Australian Securities and Investments Commission
ASIC is warning brokers to be careful about or reconsider offering high-risk products and services to retail investors, such as securities lending, crypto-assets and offers of 'zero' or 'low-cost' brokerage - where the true cost is masked.
Since the onset of the COVID-19 pandemic, ASIC has seen an increase in the number of brokers offering securities trading. However, recent changes in market conditions have dampened retail investor activity. To broaden their revenue base, some brokers are seeking to offer retail investors high-risk products or services that may be unfair, inappropriate or result in poor outcomes.
/jlne.ws/3eaCvUP
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Citadel Securities Opens Tokyo Office for Treasury Investors; Will offer US fixed-income products to Japanese institutions; Move will help Ken Griffin's firm expand its Asia footprint
Lulu Yilun Chen - Bloomberg
Citadel Securities opened an office in Tokyo to sell US fixed-income offerings in Japan, turning to the biggest overseas investors in Treasuries to help spur its global expansion. In addition to US government bonds, the company will offer dollar interest-rate swaps to Japanese institutions, it said in a statement on Wednesday. It plans to start operations once its membership in the Japan Securities Dealers Association has been granted.
/jlne.ws/3R5MWHR
Bridgewater Sets Up Singapore Office Amid Global Expansion; Hedge fund will hire local staff, people from US headquarters; Ray Dalio previously set up his family office in Singapore
Lulu Yilun Chen - Bloomberg
Bridgewater Associates opened an office in Singapore, strengthening billionaire Ray Dalio's footprint in Asia. The new office will be overseen by Chip Packard, head of client service for Eurasia, and Margaret Wang, who will manage the buildout and on-ground operations, the investment manager said in a statement. The team will also include local hires and staff from its US headquarters, including people from its research and client service departments.
/jlne.ws/3QZ8PZc
Corporate profits are at a 70-year high. Will the Inflation Reduction Act change that?
Ben Werschkul - Yahoo! Finance
COVID-19. Job Losses; Market ups and downs. No matter. Corporate profits have been booming and there's no end in sight. Case in point: New data released last week revealed another spike, with aggregate corporate profit margins improving to 15.5% in the second quarter from 14% in the first quarter. They are now at their highest level since 1950. Gross corporate profits after tax, likewise, jumped by $175.2 billion in the second quarter and topped $3 trillion for the first time in history last quarter. Will the party continue? Maybe. But maybe not if certain Democrats have their way.
/jlne.ws/3Q3LW5N
MetLife (MET) Eyes ESG Investment Manager AIM Acquisition
Zacks via Nasdaq
MetLife, Inc.'s MET institutional asset management business, MetLife Investment Management or MIM, recently agreed to acquire Affirmative Investment Management ("AIM") to increase its environmental, social and corporate governance (ESG) offerings. The $1 billion London-based acquiree is a fixed income manager and focuses on impact investing. MIM had $590.9 billion in total assets under management at the second quarter-end, while Affirmative Investment Management had a little over $1 billion. The latest acquisition will likely advance MET's capabilities to deliver long-term risk-adjusted returns to clients while enhancing ESG investment and reporting portfolio. The financial terms of the deal are yet to be disclosed.
/bit.ly/3CGEDxK
Polish Stocks Turn World's Worst in 2022 on European Energy Woes; Warsaw's WIG20 index drops 11% in August, 32% this year; Stocks hit by weak macro, uncertainty over state interventions
Konrad Krasuski - Bloomberg
After a selloff in August, Polish stocks are the world's worst equity performers this year, highlighting their vulnerability to Europe's energy crisis as well as fears of more government intervention. Warsaw's WIG20 index is heading for an 11% decline in August, the biggest drop among 92 major global equity gauges tracked by Bloomberg. Polish stocks have sunk 32% this year, on track for their worst showing since the 2008 crisis, and are trading at the lowest valuations relative to peers in history.
/jlne.ws/3Rpa43A
Hong Kong Short Selling Turnover Has Hit Record High; Short-selling as percentage of turnover surges amid low volume; Tencent, Meituan among Hong Kong's most-shorted shares
John Cheng - Bloomberg
Short-selling activity on Hong Kong stocks has hit an all-time high, creating the potential for a large jump in share prices if investors rush to cover their positions. The turnover in short positions as a proportion of the Hong Kong stock market's total swelled to a record of 23% on Tuesday, according to calculations by Bloomberg based on exchange data. Tech names were among most active, with Tencent Holdings Ltd.'s short turnover nearly doubling to 31%, while Meituan's rose to 28%.
/jlne.ws/3cEYGBX
Has the tried and tested 60/40 strategy soured? Why the investment sweet spot may no longer be appropriate today
Maya Bhandari - Financial Times
So far this year, an investor in a portfolio of 60 per cent global equities and 40 per cent government bonds would have lost a bruising 14 per cent. This is a far cry from the 9 to 10 per cent they would have grown accustomed to making on average over the past four decades.
/jlne.ws/3Rkoxhi
SeatGeek Raises $238 Million Privately After Canceling SPAC Deal; New funding round values ticketing platform at about $1.2 billion, includes Wellington Management and Qualtrics's Ryan Smith
Amrith Ramkumar - The Wall Street Journal
SeatGeek has raised $238 million privately from investors including Wellington Management after recently terminating a merger with a special-purpose acquisition company that would have taken the ticketing platform public, company officials said. The funding round adds to a string of private investments in fast-growing, unprofitable startups at valuations that are lower than previously expected when the companies were exploring public listings. Many companies are seeking other ways to raise money after delaying their public listings during this year's stock market volatility, which has hammered technology shares.
/jlne.ws/3AsUvkI
Robinhood Markets 'zombie' stock is at risk of falling to zero, New Constructs says
Tomi Kilgore - MarketWatch
Robinhood Markets Inc. HOOD, was the latest target of New Constructs LLC, the independent research firm that has taken aim at meme stocks AMC Entertainment Holdings Inc. and GameStop Corp. by calling them "zombie" companies facing severe cash burn. In a note titled "Zombie Stock: Robinhood -- Democratizing Foolish Investing," New Constructs Chief Executive David Trainer said Robinhood's commission-free trading platform made the "reckless" meme stock trade possible. Trainer said that while many meme stock traders were "in awe of Robinhood's fun and exciting user interface," the meme stock trade was only fun and exciting for a select few, and positive returns on the trades have tended to be short-lived.
/jlne.ws/3AxClhL
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | AI, GPS Technology Could Help Save Lives in Wildfires and Floods; Destructive natural disasters add urgency to researchers' efforts to find better ways to get warnings out fast, even in remote areas
Jim Carlton - The Wall Street Journal
New technology is on the way to assist in a growing public-safety problem: How to get people out of the way of wildfires, floods and other natural disasters. The need to get emergency warnings out fast is rising as many researchers predict fires and storms will become more frequent and intense, fueled by climate change and other factors. Six of the 10 most costly Atlantic hurricanes in U.S. history have hit in the last decade, while seven of the top 10 most destructive wildfires in California have broken out over the same period.
/jlne.ws/3Rs9y5b
Bible demands action on climate change, Evangelicals say in new report
Jack Jenkins - The Washington Post
The National Association of Evangelicals has unveiled a sweeping report on global climate change, laying out what its authors call the "biblical basis" for environmental activism to help spur fellow evangelicals to address the planetary crisis. "Creation, although groaning under the fall, is still intended to bless us. However, for too many in this world, the beach isn't about sunscreen and bodysurfing but is a daily reminder of rising tides and failed fishing," reads the report's introduction, penned by NAE President Walter Kim. "Instead of a gulp of fresh air from a lush forest, too many children take a deep breath only to gasp with the toxic air that has irritated their lungs."
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Fact check: Six states had record maximum temperature in the last 20 years, but most set annual marks
Kate S. Petersen - USA TODAY
President Joe Biden identified climate change as a major policy priority in the recently passed Inflation Reduction Act, but some social media users claim state-level temperature records show such focus is unwarranted. "Only two states have had a record temperature in the last 20 years," reads an Aug. 7 Facebook post. "By far most records were set in the 30s, when there were very few cars and planes, but yeah all of a sudden, 'quit using fossil fuels and pay more taxes or we're all gonna die.'" The post includes map of the U.S where each state is labeled with a year the maximum temperature record was supposedly set. Data is attributed to the National Oceanic and Atmospheric Administration.
/jlne.ws/3q3Lv0p
Op-ed: ESG is not a new thing; ESG is a catchphrase for an old idea: That corporate values are necessary to create long-term shareholder value. Squeezing financial gain and growth out of companies on a quarterly basis often comes at the expense of, not in tandem with, long term value creation.
Javier Saade - CNBC
This article is not about ESG, it's about business. These three letters strung together, standing for "environmental, social and governance," are being pigeonholed as some new trend, but I don't think that's the case. What's new is the impetus to build connective tissue that links corporate values and missions with operational excellence and effective management of enterprise and capital.
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Fund Manager Beats 100% of Peers Using Toughest ESG Strategy; Triodos energy transition fund up almost 50% so far this year; Strategy invests in wind, solar and energy-storage projects
Greg Ritchie - Bloomberg
A portfolio manager at Triodos Investment Management outperformed all peers in the first seven months of 2022 using Europe's strictest sustainable fund category. The Triodos Energy Transition Europe Fund (ticker TRTREQE NA), which invests in wind, solar and energy-storage projects, is up almost 50% so far this year. No other fund registered as Article 9 -- the greenest classification within the EU's environmental, social and governance investing rulebook -- has done better, according to data compiled by Morningstar Inc. through the end of July.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | FTSE China Index Series Quarterly Review - Q3 2022
FTSE Russell
FTSE Russell, a leading global index provider, has today announced the results of the FTSE China Index Series quarterly review for September 2022. EVE Energy (A) (SC SZ), PetroChina (A) (SC SH) and Shaanxi Coal Industry (A) (SC SH) will be added to the FTSE China A50 Index. Simultaneously, Anhui Conch Cement (A) (SC SH), China Pacific Insurance (Group) (A) (SC SH) and Zhangzhou Pientzehuang Pharmaceutical (A) (SC SH) will be deleted from the index.
/jlne.ws/3RoBoPz
Qontigo licenses DAX and EURO STOXX 50 to Nomura Asset Management | Press Releases
Press Releases - Qontigo
Qontigo has licensed the DAX® Index and the EURO STOXX 50® Index to Japan's largest ETF issuer, Nomura Asset Management. Both indices come in their currency-hedged version and serve as underlying benchmarks for new ETFs, listed on the Tokyo Stock Exchange on September 2. It is the first DAX ETF listing in the Japanese market.
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Credit Suisse Faces $4.1 Billion Capital Gap, Deutsche Bank Says
Nicholas Comfort - Bloomberg
Credit Suisse Group AG faces a capital gap of at least 4 billion Swiss francs ($4.1 billion) to improve its financial strength, fund its restructuring and support growth, according to Deutsche Bank AG.
/jlne.ws/3AAQYkj
UBS Cuts Half a Dozen Bankers in Hong Kong as Deals Slump
Cathy Chan, Denise Wee and Filipe Pacheco - Bloomberg
UBS Group AG is letting go of half a dozen mainland China-focused employees in Hong Kong as turmoil in the world's second-largest economy hammers dealmaking, prompting global banks to rein in their presence in the once lucrative market.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | U.S. plans to move COVID vaccines, treatments to private markets in 2023
Ahmed Aboulenein - Reuters
The U.S. government expects its supply of COVID-19 vaccines and antiviral treatments to run out over the next year and is preparing for them to be sold via the commercial market, the Department of Health and Human Services said on Tuesday. President Joe Biden's administration expects to run out of federal funding for buying and distributing COVID-19 vaccines by January, although it has already bought over 170 million doses for a booster campaign later this year, according to a blog post written by Assistant Secretary for Preparedness and Response Dawn O'Connell.
/jlne.ws/3CM9lFS
Goldman Sachs lifts all COVID protocols, orders staff to return to office full-time
Lydia Moynihan - New York Post
Wall Street giant Goldman Sachs will lift all COVID protocols that have kept some workers away as it pushes all employees to return to the office five days a week after Labor Day, The Post has learned. In a memo sent Tuesday obtained by The Post, Goldman Sachs told workers it will no longer require vaccines, COVID testing or masks — a signal it won't accept excuses for employees who claimed COVID as a reason for working from home. "There is significantly less risk of severe illness," the memo stated. "In line with [the CDC's] updated protocols, if you have not been coming in to the office, please speak with your manager to ensure that you understand and adhere to your division's current return to office expectations." The official memo comes just days before the bank expects all employees to return to its offices five days a week, sources add.
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Texas Reports First Death of a Person Diagnosed With Monkeypox; State health officials are investigating what role the virus played in the death of the adult, who was a resident of Harris County, Texas, and was 'severely immunocompromised'
Joseph Pisani - The Wall Street Journal
A person in Texas who was diagnosed with monkeypox and had a weak immune system has died, Texas state health officials said Tuesday, in what could be the first-known fatality from the virus in the U.S. The Texas Department of State Health Services said this was the first death of a person diagnosed with monkeypox in Texas. Officials are investigating what role monkeypox played in the death. They said the patient, who was an adult and a resident of Harris County, Texas, was "severely immunocompromised" but didn't offer additional details. In a statement, Texas health commissioner Dr. John Hellerstedt said that "monkeypox is a serious disease, particularly for those with weakened immune systems." He urged those who have been exposed or have symptoms to seek treatment.
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As Americans ditch Covid measures, pandemic worsens for the vulnerable; Older adults, immunocompromised and the very young are paying the price for the mask-less freedom of many
Eric Berger - The Guardian
In the last few months, Dr Jeannina Smith has seen organ transplant recipients who have been very careful throughout the pandemic venture out for one activity, contract Covid-19 and lose their transplant. "I have been at the bedside of a transplant recipient" who "was very ill and in the hospital, and she got Covid the second time in a healthcare setting", said Smith, medical director of the infectious disease program at University of Wisconsin Hospitals and Clinics. "She was sobbing because she said, 'It's so hard for me to see that people care so little about my life that wearing a mask is too much for them.'"
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Paxlovid Cuts Covid Deaths Among Older People, Israeli Study Finds; Among patients under 65, however, the drug made little difference in hospitalization or death rates.
Roni Rabin - The New York Times
Paxlovid, the Covid-19 treatment made by Pfizer, reduced hospitalizations and deaths in older patients during the Omicron surge in Israel earlier this year, but made no difference for patients under 65 at high risk for severe disease, new research has found. The study is one of the first published examinations of the real-life effectiveness of Paxlovid against the Omicron variant, now the dominant version of the coronavirus. Pfizer's trials of Paxlovid were conducted during a surge of the Delta variant last year, and included only unvaccinated individuals. There have been lingering questions about how effective the medication is against the Omicron variant, and among patients who are vaccinated or have some immunity from a prior bout of Covid. The drug has been available to Americans since December.
/jlne.ws/3Q2wwys
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore offers new elite visa as global talent hunt heats up; Expats earning $21,000 a month can stay 5 years, have multiple employers
Tsubasaa Suruga - Nikkei
Singapore will introduce a new five-year visa for high-earning foreign nationals, allowing them to work at multiple companies, the city-state's government announced on Monday as it seeks to better compete for global talent. The new program highlights a delicate balance Singapore is striking, as it strives to show it is open to the world while also answering pressure to safeguard local jobs. With applications starting in January 2023, the new Overseas Networks & Expertise (ONE) Pass will allow workers with fixed monthly salaries of 30,000 Singapore dollars (around $21,000) to stay for five years and concurrently start, run or work for multiple companies in the country. This is more flexible than the existing Employment Pass (EP), which is typically granted for two to three years and tied to a specific job.
/jlne.ws/3KC3Rzo
Pakistan Looks to Russian Wheat to Make Up for Flood-Hit Crops; Prime Minister Shehbaz Sharif says he believes Islamabad can make the purchase without violating Western sanctions on Moscow over Ukraine war
Saeed Shah - The Wall Street Journal
Pakistan said Tuesday that it was in talks with Russia over importing wheat, as it struggles to make up for crops and food stocks washed away by massive floods, which have killed more than 1,100 people. Prime Minister Shehbaz Sharif appealed for the world to provide more help for Pakistan, saying there was a "yawning gap" between aid promised so far and the scale of the disaster. More than 30 million people have been affected, or about 15% of the population, and the country estimates it needs $1 billion in aid for immediate relief efforts alone. Pakistan urgently needs food, medicines, drinking water, tents and mosquito nets, he said.
/jlne.ws/3CJdeex
China's Mega Banks Hit by Margin Squeeze Amid Bad Loan Pressure; Major lenders ICBC, CCB and BOC reported tepid earnings growth; Concerns over sector's health intensify amid slowing economy
Bloomberg
China's biggest banks, including Industrial & Commercial Bank of China Ltd., reported slowing earnings growth and eroding margins after being enlisted by Beijing to help stave off a deeper slump in the world's second-biggest economy. ICBC, the world's biggest bank by assets, reported net income grew 4.9%, the slowest in two years, in the first half of the year, while earnings at Bank of China Ltd. and China Construction Bank Corp climbed 6.3% and 5.4% year-on-year, respectively. ICBC's net interest margin slid to 2.03% from 2.12% and CCB's narrowed to 2.09%, while BOC's was unchanged at 1.76% from a year earlier.
/jlne.ws/3Tsg11I
Outspoken China Analyst to Join Hedge Fund as Chief Economist; Hong Hao says he'll join China-based hedge fund in Hong Kong; Analyst had resigned from Bocom after bearish reports
Bloomberg
Hong Hao, the former China strategist at Bocom International Holdings Co. who resigned earlier this year following bearish reports on the country, will be joining a Shanghai-based hedge fund as its chief economist in Hong Kong. Hong said he is opening GROW Investment Group's first office in Hong Kong and will help provide strategies for wealthy investors with their offshore asset allocations. Hong, who will also serve as research chief, starts his new role on Monday. GROW is a global asset management company with a focus on high net worth individuals. It was founded in June last year by a group of veteran managers, with Navigator Global Investments Ltd. and Lighthouse Investment Partners LLC among its strategic investors.
/jlne.ws/3wHLLGj
Analysis: France braces for uncertain winter as nuclear power shortage looms
Forrest Crellin, Silvia Aloisi and Nina Chestney - Reuters
France, once Europe's top power exporter, may not produce enough nuclear energy this winter to help European neighbours seeking alternatives to Russian gas, and may even have to ration electricity to meet its own needs. France has for years helped to underpin Europe's electricity supply, providing about 15% of the region's total power generation. But this year, for the first time since French records began in 2012, France has become a net power importer as its own production of nuclear energy hit a 30-year low, based on data from consultancy EnAppSys.
/jlne.ws/3AXzxfk
Turkey Says Fugitive Crypto CEO Arrested in Albania Over Fraud
Kerim Karakaya - Bloomberg
Turkey said Albanian police have arrested Fatih Ozer, the founder and CEO of cryptocurrency trading platform Thodex, who has been sought by Turkish authorities over fraud accusations. The process to extradite Ozer to Turkey has started, according to a statement from the Interior Ministry. Turkish prosecutors are pursuing jail sentences totaling thousands of years for the founders and executives of Thodex. They are accused of establishing a criminal organization, fraud through informatics systems and laundering proceeds from criminal activity, according to the prosecutors.
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