| December 11, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
CME Group announced plans to unify its two non-deliverable forward (NDF) liquidity pools on the EBS Market platform into a single trading venue by October 2024, subject to regulatory approval. This move aims to create a unified global NDF trading environment, enhancing market efficiency and strengthening EBS's role as a central hub for NDF liquidity and price discovery. The consolidation is expected to improve access and liquidity for traders worldwide, marking a significant step in the evolution of NDF trading.
If you are interested in options, you might want to explore Cboe LiveVol's tutorial video series, designed to help you understand and make the most of their platform. These tutorials cover various aspects of the platform, including an overview, user guides, customization options, components, layouts, data filtering, and more.
One particular focus is on the Trade Optimizer feature, which can be a valuable tool for options traders. Cboe LiveVol is known for its role in U.S. options analytics, offering insights into trading activity and potential opportunities in the options market.
Whether you're new to Cboe LiveVol or an experienced user, these tutorials provide practical insights and tips to enhance your understanding and usage of the platform. To access these informative videos, go HERE.
Citadel Founder and Chief Executive Officer Ken Griffin will be a presenter at MFA Network 2024 which runs January 29, 2024, to February 1, 2024, at the Loews Miami Beach Hotel, Miami Beach, FL.
WilmerHale is looking to hire a "Futures & Derivatives Counsel or Senior Associate" in the Washington, DC offices. If you like working with the CFTC, this job could be for you.
Carl Luft, DePaul University emeritus professor of finance, posted to LinkedIn that he is now the Retired Academic Director of the DePaul University Arditti Center for Risk Management at the DePaul Driehaus College of Business.
Michael Fassnacht, chief marketing officer for the City of Chicago and president and CEO of World Business, announced his resignation on LinkedIn as president and CEO of World Business Chicago. He will support the transition to a new leadership team until February of 2024 and intends to remain on its board afterward.
Henry Schwartz, vice president, global head of client engagement, data and access solutions at Cboe Global, posted to LinkedIn on Friday that "Total 2023 option volume topped 10.41 billion contracts today- beating the 2022 all-time record with 14 trading days left to go."
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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There's much left to negotiate on the last days of COP28, the global climate talks underway in Dubai, UAE. Every day the UN Framework Convention on Climate Change (UNFCCC) publishes the Earth Negotiations Bulletin, a daily report detailing outcomes and events from the convention. Read today's update and subscribe to it here.~SAED
Our most read stories from our previous edition of JLN Options were:
- GameStop Options Traders Pile Into Hedge Against a 760% Gain from Yahoo Finance.
- JPMorgan Expects Stocks Volatility to Climb in 2024 from Bloomberg.
- Marex files for US listing in blow to London stock market from the Financial Times. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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SGX CEO Loh Boon Chye Discusses Strategic Initiatives and Market Trends at FIA Asia Conference; Interviewed by JLN's Robert Lothian
JohnLothianNews.com
Loh Boon Chye, CEO of SGX, was interviewed by Robert Lothian of John Lothian News at the FIA Asia conference in Singapore and addressed several key topics driving growth at SGX. Boon Chye emphasized SGX's strategy to invest in new mineral contracts, particularly in partnership with Indian businesses, as part of its commodities suite.
Watch the video »
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Canada Tackles Methane Emissions From Cow Burps With Credit Plan
Robert Tuttle - Bloomberg
Canada announced a plan to encourage farmers to reduce emissions from cattle through a credit trading system, the latest climate-change initiative introduced by Prime Minister Justin Trudeau's government. The Reducing Enteric Methane Emissions from Beef Cattle proposal would grant farmers who reduce methane emissions generated by cow burps to earn credits that can be sold to other businesses to meet their own emission targets.
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***** Dad joke of the day: Why did the cow join the credit trading system in Canada? Because it wanted to earn "moo"-ney from its burps and become a true climate-conscious "steak"-holder!~JJL
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What I have learnt in 37 years of financial journalism; Amid all the recurring crises, a few universal constants will always apply
Jonathan Guthrie - Financial Times
When I started my career as a financial journalist in the new year of 1987, a few City gents still wore bowler hats. As I prepare to retire at the end of the year, neck ties are the endangered male sartorial flourish. Financial services back then consisted of intermediaries connecting the bosses of companies with investors to form capital via public markets. That territory has shrunk as indexation, automation and private capital have expanded. But a few universal constants will always apply. I was blithely ignorant of these as a cub reporter. They have come into sharp focus since.
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***** Had I stayed in journalism my whole career, I would have had him beat, as I started as a reporter 39 years ago with Knight Ridder/Commodity News Service.~JJL
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Friday's Top Three
Our top story from Friday was a video with May Habib, Kirk McKeown and Don Wilson discussing how technology drives innovation from the Milken Institute, The New Tech Economy: Transforming Challenges into Opportunities. Second was from the Financial Times, Marex files for US listing in blow to London stock market. Our third most read story was from The Wall Street Journal, Broker Marex Spurns London With Planned U.S. IPO.
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| Lead Stories | The Power Vacuum at the Top of the Crypto Industry; A year ago, Sam Bankman-Fried and Changpeng Zhao ran two of the largest crypto companies. As they grapple with legal woes, others are jockeying to lead the industry's next chapter.
David Yaffe-Bellany - The New York Times
The price of Bitcoin is surging again. Major financial firms are showing renewed interest in digital currencies. And crypto fanatics are celebrating the end of a long period of depressed prices and business collapses. But the sudden explosion of optimism has come at a turbulent moment for the cryptocurrency industry.
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A Spot Bitcoin ETF Is Easy. What Comes Next Could Get Dangerous; The crypto rally has broadened beyond bitcoin, but a flood of institutional money into markets such as ether could come with unexpected risks
Jon Sindreu - The Wall Street Journal
Giving fund managers easier access to bitcoin is already a contentious topic for regulators. It is nothing next to the Pandora's box that could be opened with its crypto peer ether. The price of bitcoin has surged roughly 14% this past month to around $42,000. Investors believe U.S. regulators will soon green light exchange-traded funds, or ETFs, that hold spot bitcoins, bringing billions of dollars into the market.
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E.U. Agrees on Landmark Artificial Intelligence Rules; The agreement over the A.I. Act solidifies one of the world's first comprehensive attempts to limit the use of artificial intelligence.
Adam Satariano - The New York Times
European Union policymakers agreed on Friday to a sweeping new law to regulate artificial intelligence, one of the world's first comprehensive attempts to limit the use of a rapidly evolving technology that has wide-ranging societal and economic implications. The law, called the A.I. Act, sets a new global benchmark for countries seeking to harness the potential benefits of the technology, while trying to protect against its possible risks, like automating jobs, spreading misinformation online and endangering national security. The law still needs to go through a few final steps for approval, but the political agreement means its key outlines have been set.
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Bitcoin Halving Is Poised to Unleash Darwinism on Miners; Strong miners might be about to eat the weak ones as the reward for mining BTC gets cut in half, experts say.
Aoyon Ashraf - CoinDesk
Darwinism could soon pummel some bitcoin (BTC) miners as the halving, a once-every-four-year event that cuts the reward for creating new BTC gets cut by 50%, unleashes a "survival of the fittest" battle in April To prepare for the disruptive event, larger companies are securing newer and more-efficient mining machines. But they might also consider gobbling up smaller miners as they figure out how to both survive and benefit from the halving.
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Experts focus on APAC market accessibility, connectivity; FIA Asia panelists discuss market trading trends, regulation and outlook for China and more
Katie Raymond - MarketVoice from FIA
Derivatives exchanges in China and India have experienced explosive growth in recent years, sparking a surge of interest from traders and investment firms in other parts of the world. But accessing those markets can be challenging, according to global brokers and trading system vendors operating in the region. In Singapore on 30 November, Jonathan Finney, managing director of APAC business development at Citadel Securities, led an FIA Asia conference panel discussion highlighting what lies ahead for the APAC region.
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Wall Street Gets Ready to Cash In on $1 Trillion Climate Market; Bankers are keen to get a foothold as financing takes off; Delegates at COP are expected to set guardrails for market
Alastair Marsh - Bloomberg
As the carbon offset market gets a new lease on life from the COP28 climate summit in Dubai, bankers from Wall Street and the City of London are positioning themselves to get a chunk of the dealmaking they say is coming.
/jlne.ws/48a9u21
Why the Giant Oil Trader Gunvor Is Moving Into Power Generation
Joe Wallace - The Wall Street Journal
As diplomats haggle over the future of fossil fuels at the COP28 conference in Dubai, look to Spain for a sign of the changes underway in the world's energy mix. Commodities trader Gunvor Group, run from Switzerland, said it has agreed to buy a 75% stake in a power plant near Bilbao, in northern Spain, from Britain's BP for an undisclosed sum. It is the first time the privately owned trading house, which made its name and fortune trading Russian oil, has invested in power generation.
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India's NSE set to take Hong Kong's spot among world's largest markets; Recent share price surge is helping exchange contest seventh place in global rankings
John Reed and Andy Lin - Financial Times
The value of the National Stock Exchange of India is poised to take Hong Kong's spot among the world's largest trading venues, in a rise analysts say attests to investors' optimism about the economic prospects of the world's most populous country.
/jlne.ws/3Ti9KI6
Why Treasury Auctions Have Wall Street on Edge; Here's what investors are watching in the U.S. government's coming debt sales
Eric Wallerstein - The Wall Street Journal
The U.S. Treasury prefers its debt sales to be humdrum affairs. Lately, they are sparking fireworks in markets. Scrutiny of Treasury auctions-whereby the government funds operations by selling the world's safest bonds to big banks and dealers-has grown alongside their size. For years, many in Washington and on Wall Street assumed that investors would buy any number of bonds the government issued, no matter the fiscal outlook. Testing that assumption: the sale of $20.8 trillion of new Treasurys in the first 11 months of the year-set to surpass 2020's record of just under $21 trillion.
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SEC Probes Investment Advisers' Use of AI; The agency's sweep comes amid repeated expressions of AI skepticism from Chair Gary Gensler
Richard Vanderford - The Wall Street Journal
The Securities and Exchange Commission is asking investment advisers how they use and oversee artificial intelligence, as agency head Gary Gensler continues to express skepticism about the technology. The SEC's examinations division has sent requests for information on AI-related topics to several investment advisers, part of a process known as a sweep. The agency wants details on topics including AI-related marketing documents, algorithmic models used to manage client portfolios, third-party providers and compliance training, according to one such letter obtained by Vigilant Compliance, a regulatory compliance consulting firm.
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The Adrenaline-Fueled Trades Sweeping the Market; Activity for stock options is headed for a record in 2023, with an average 44 million contracts changing hands daily
Gunjan Banerji - The Wall Street Journal
Oodles of risk. Bold bets on artificial intelligence. Round-the-clock activity. The options market is booming like never before. About 44 million options contracts have changed hands on an average day in 2023, on track for an annual record based on Options Clearing Corp. data going back to 1973 and more than double the figure from five years ago.
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BURN Sells Africa's First Cook-Stove Carbon Credit Futures; Company sells futures, call options over Kenya's CYNK Platform; BURN to distribute its electric induction cookers in Ghana
Antony Sguazzin - Bloomberg
Africa's first carbon credit futures based on emissions reductions related to the use of efficient cook-stoves have been sold by Kenya's BURN. The company sold 10,000 forward contracts at $25 each and 50,000 call options, which can be exercised at the same price during the next seven years, over CYNK, a Nairobi-based platform, the two companies said in a statement on Monday.
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Nasdaq Settles Alleged Iran Sanctions Violation for $4 Million; The settlement stems from Nasdaq's onetime ownership of the Armenian Stock Exchange
Richard Vanderford - The Wall Street Journal
Stock exchange operator Nasdaq has agreed to pay $4 million in a settlement with the U.S. Treasury Department over alleged Iran sanctions violations. A former Armenian subsidiary of Nasdaq allegedly processed trades and settled payments involving a sanctioned Iran-owned bank, the Treasury Department's Office of Foreign Assets Control said Friday. The transactions occurred on platforms the subsidiary provided to facilitate overnight loans and foreign exchange trading among Armenia's banks.
/jlne.ws/48bBFxD
COP28 draft agreement drops phaseout of fossil fuels; Document says countries 'could' cut consumption among range of actions
Attracta Mooney and Aime Williams - Financial Times
A draft agreement from the UN's COP28 climate summit has dropped references to the phase out of fossil fuels after opposition from oil and gas-producing countries led by Saudi Arabia.
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Sustainable Switch
Sharon Kimathi - Reuters Digital
Hello! Delegates at the United Nations climate summit are nearing completion of an agreement as COP28 comes to a close this week. The U.N. climate agency published a new draft of its COP28 agreement which included a range of options for the future of fossil fuel use, the most contentious issue at the summit. The new options included in the text, which is still under negotiation, were for the final deal to call upon countries to "take further action in this critical decade towards: a phase out of fossil fuels in line with best available science and provisions of the Paris Agreement". It calls countries to take action towards "a phase-out of unabated fossil fuels recognizing the need for a peak in their consumption in this decade and underlining the importance for the energy sector to be predominantly free of fossil fuels well ahead of 2050". A coalition of more than 80 countries including the United States, the European Union and small island nations are pushing for an agreement that includes language to "phase out" fossil fuels, a feat not achieved in 30 years of the U.N. summits. But they are coming up against some strong opposition.
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COP28 enters crunch time with countries at odds over fossil fuels
Kate Abnett, Valerie Volcovici and David Stanway - Reuters
With the COP28 climate talks entering crunch time on Monday, U.N. climate chief Simon Stiell urged countries to come together to reach a final deal for the summit - where they were facing off over whether to call for an end to fossil fuels. Stiell said there had been progress in resolving some disagreements over the last day, but warned that "each step back from the highest ambition will cost countless millions of lives". Countries at the U.N. climate summit in Dubai were waiting on Monday for the COP28 Presidency, held by the United Arab Emirates, to release a new draft text of what would be the hoped-for final agreement.
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Oil Is Everywhere at COP28, Vexing Those Seeking Its Demise; UAE has given oil unprecedented access to climate talks; Critics allege oil industry wants to slow action on climate
Malaika Kanaaneh Tapper - Bloomberg
At the world's most important climate summit, the Organization of the Petroleum Exporting Countries - whose members supply almost 30% of the world's oil - has a pavilion for the first time. There, staff were giving out a children's book about oil. A grey-haired cartoon Professor named Riggs takes young readers through topics as arcane as the lightness and sourness of crude, before explaining why oil is important: "Without oil, we would not be able to continue to enjoy the same standard of living." The book proved so popular that the pavilion ran out of copies just four days into the two weeks of COP28.
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COP28 Is Turning Into a Trade Show. And That's Not a Bad Thing; Climate activism meets capitalism as 100,000 attend the summit in Dubai. The planet will be better for it.
David Fickling - Bloomberg
There's a common lament echoing through the halls of Expo City Dubai, the 1,000-acre conference venue where the COP28 climate conference is being held: This event feels more like a slick trade show than an environmental summit.
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Chris Arnold joins Jones Day's London Office as partner in Financial Markets Practice
Jones Day
Chris Arnold will join the Firm as a partner in the Financial Markets Practice. He will be based in London. Mr. Arnold, a recognized market leader, has more than two decades of experience advising the world's leading investment banks, as well as other financial institutions, trustees, financial service providers, and industry groups. His practice covers derivatives, repos, securities lending, structured securities, and other risk transfer agreements linked to foreign exchange, corporate and sovereign credit, equities, commodities, funds, insurance risks, strategic indices, and ESG goals.
/jlne.ws/41dTo5r
Tether Freezes 41 Crypto Wallets Tied to Sanctions; Several of the frozen wallets had been using Tornado Cash over the past six months.
Oliver Knight - Coindesk
Stabelcoin issuer Tether froze 41 wallets controlled by people on the Office of Foreign Assets Control's (OFAC) Specially Designated Nationals (SDN) List on Saturday. Tether described the actions as "precautionary measures" in a blog post.
/jlne.ws/41dSPZn
Bernie Madoff is long gone. The lawyers are going strong
David Thomas - Reuters
Long before cryptocurrency and Sam Bankman-Fried, the biggest name in corporate fraud was Bernie Madoff. Fifteen years after the FBI arrested Madoff on Dec. 11, 2008 for running a massive Ponzi scheme - and two years after his death in a federal prison - lawyers are still sifting through the fallout of his nearly $65 billion fraud.
/jlne.ws/3TjrmDG
London stock market floats plunge to six-year low
Alexa Phillips - The Telegraph
Applications to list on the London Stock Exchange (LSE) have plunged this year despite efforts to revive the City. The number of requests to float on the main market of the LSE has slumped to its lowest level in at least six years, according to data from the Financial Conduct Authority (FCA).
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | It's Not Just Ukraine and Gaza: War Is on the Rise Everywhere; An authoritative new study finds there are 183 regional and local conflicts underway in 2023, the highest number in three decades.
Max Hastings - Bloomberg
"It'll all be over by Christmas" has become one of the most derided prophesies in history. It was made by wiseacres in London, Paris, Berlin, St. Petersburg and elsewhere in Europe as the First World War exploded in August 1914. These misguided optimists founded their projection on recent experience: Europe had suffered no long, big conflicts since the fall of Napoleon a century earlier.
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | Can the Governments That Grew Hamas Destroy It? Netanyahu and Qatar are foxes running the chicken coop.
Marc Champion - Bloomberg
It is a great irony of the war in Gaza that the two governments most responsible for navigating the response to Hamas - Israel's, for military action, and Qatar's, for diplomacy -also facilitated its growth. That isn't just a piece of trivia, but an impediment to any lasting solution because it's hard to see either making the policy reversals required.
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Israel Must Take a Bold Step Toward Peace; The key is for Israel to acknowledge the 2002 Arab Peace Initiative as a basis for negotiations, which it has not previously done.
Noah Feldman and Mohammed Alyahya - Bloomberg
Hamas's Oct. 7 attack on Israel was intended to do more than murder Israelis. It's now evident that the horrific acts of extreme brutality, recorded on GoPro cameras, were calculated to elicit an Israeli response in Gaza so extreme and overwhelming that it would derail the possibility of a comprehensive regional peace agreement between Israel and Saudi Arabia that would provide for a two-state solution to the Israel-Palestine struggle. Hamas knew it could not defeat Israel. Its objective was to induce Israel to defeat itself by precluding a lasting peace.
/jlne.ws/3RjVxI4
Zelenskiy to Meet Biden, US Lawmakers in Bid to Free Ukraine Aid; Ukraine leader to discuss urgent defense needs at White House; Biden request for military aid stuck in Congress budget fight
Daryna Krasnolutska and Daniel Flatley - Bloomberg
Ukraine's Volodymyr Zelenskiy is headed to Washington for talks with President Joe Biden and US congressional leaders, signaling a push to energize support among his country's allies almost two years into Russia's invasion.
/jlne.ws/4ai01aQ
Israel orders more evacuations in Khan Younis after US blocks Gaza ceasefire call
Bassam Masoud and Nidal Al-Mughrabi - Bloomberg
Israel ordered residents out of the centre of Gaza's main southern city Khan Younis on Saturday and pounded the length of the enclave, after the United States wielded its U.N. Security Council veto to shield its ally from a demand for a ceasefire. Since a truce collapsed last week, Israel has expanded its ground assault into the southern half of the Gaza Strip by pushing into Khan Younis. Simultaneously, both sides have reported a surge in fighting in the north.
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Hamas says it repelled Israeli rescue attempt in Gaza, hostage killed
Reuters
The armed wing of Hamas said on Friday it had repelled an attempted hostage rescue by Israeli special forces in the Gaza Strip, inflicting several military casualties, and that a captive also died in the incident. Israel declined comment, accusing the Palestinian Islamist faction of attempting psychological warfare against it. In a statement on Telegram, Hamas's Al-Qassam Brigades said its fighters discovered a special forces unit mounting a rescue attempt and attacked it, killing and wounding several soldiers. It did specify the location of the incident.
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The Hamas Leader Who Studied Israel's Psyche-and Is Betting His Life on What He Learned
Rory Jones, Summer Said, Dov Lieber and Saleh Al-Batati - The Wall Street Journal
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group to establish unified global NDF trading venue; New development, which is subject to regulatory approval, will expand access and enhance liquidity for participants.
Wesley Bray - The Trade
CME Group is set to combine its two non-deliverable forward (NDF) liquidity pools on the EBS Market platform onto a single trading venue in October next year, subject to regulatory approval. The move will bring market participants across regulatory jurisdictions into a unified global trading environment, enhancing market efficiency and improving EBS' role as a source of centralised liquidity and price discovery in NDFs.
/jlne.ws/3GBRmCv
Intercontinental Exchange, Inc. Announces Expiration of Exchange Offer for Black Knight InfoServ, LLC's Outstanding 3.625% Senior Notes due 2028
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) ("ICE") announced today the expiration of the previously announced private exchange offer (the "Exchange Offer") and related consent solicitation (the "Consent Solicitation") made by ICE with respect to the 3.625% Senior Notes due 2028 (CUSIP: 092174AA9 / U0921BAA6) (the "BK Notes") issued by Black Knight InfoServ, LLC, a wholly owned subsidiary of ICE. The Exchange Offer and Consent Solicitation expired at 5:00 p.m., New York City time, on December 8, 2023 (the "Expiration Date"). As of the Expiration Date, the condition that ICE receive the consents of the holders of at least a majority in aggregate principal amount of the BK Notes to adopt certain proposed amendments to the BK Notes and the related indenture under which they were issued was not satisfied. As a result, the BK Notes and the related indenture will remain outstanding with no changes to their terms.
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CME Group to Create Unified Global NDF Trading Venue, Expanding Access and Enhancing Liquidity For Participants
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will combine its two non-deliverable forward (NDF) liquidity pools on the EBS Market platform onto a single trading venue in October 2024, subject to regulatory approval. The combination will bring market participants across regulatory jurisdictions into a unified global trading environment, supporting improved market efficiency and enhancing EBS's role as the leading source of centralized liquidity and price discovery in NDFs.
/jlne.ws/4ad4Gee
DTCC Comments On Acquisition Of Securrency
DTCC
DTCC issued the following media alert: DTCC Closes Acquisition of Blockchain-Based Financial Technology Firm Securrency Inc. to Drive Development of the Digital Post-Trade Infrastructure. Business rebranded DTCC Digital Assets. Today, DTCC announced it has closed on the transaction to acquire Securrency Inc. ("Securrency"), a leading developer of institutional-grade, digital asset infrastructure. DTCC announced the signing of the definitive agreement to acquire Securrency in October. With the acquisition complete, DTCC retires the Securrency brand, and has renamed the business DTCC Digital Assets. It will operate as a business within DTCC, reporting into Lynn Bishop, Managing Director and Chief Information Officer.
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HKEX Signs Cooperation Agreement With Qingdao Municipal People's Government
Hong Kong Exchanges and Clearing Limited
Hong Kong Exchanges and Clearing Limited (HKEX) and the Qingdao Municipal People's Government today (Monday) signed a Memorandum of Understanding (MOU) to strengthen cooperation, and in particular support Qingdao-based companies that are interested in seeking a listing in Hong Kong. Under the MOU, HKEX and the Qingdao Municipal Government will jointly host seminars on relevant topics for Qingdao-based organisations and enterprises, as well as exchanging ideas on the latest developments in the capital markets of Hong Kong and Qingdao.
/jlne.ws/4aiQTmz
Nasdaq announces semi-annual changes to the OMX Copenhagen 25 Index
Nasdaq
Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Copenhagen 25 Index, (Nasdaq Copenhagen: OMXC25), which will become effective at market open on Monday, December 18, 2023.
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SGX Group reports market statistics for November 2023; Commodity Derivatives achieves new record volume, SGX FX sets new daily average volume record; REITs mark most active daily turnover since March 2023
SGX Group
Singapore Exchange (SGX Group) today released its market statistics for November 2023. Record commodity derivatives volume and higher FX futures volume drove the Group's overall derivatives volume, while expectations of a rate cut by US Federal Reserve drove investors' reallocation into REITs. Total derivatives traded volume rose 8% month-on-month (m-o-m) to 22.4 million contracts. SGX FX, Asia's most liquid FX futures exchange that also boasts a robust over-the-counter (OTC) FX marketplace, saw FX futures traded volume in November up 25% m-o-m to over 4 million contracts.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Philippine fintech startups and old players jockey for digital banking; RCBC boasts 5m downloads of AI-backed financial app
Yuichi Shiga - Nikkei
Traditional lenders and fintech startups in the Philippines are competing for a foothold in the emerging digital banking industry propelled by the spread of smartphones. Leading bank Rizal Commercial Banking Corp. (RCBC) prides itself on being "the most digital bank" in the Philippines that offers a wide range of digital financial services, President and CEO Eugene
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Etrading Software makes CTP bid as Bloomberg, MarketAxess and Tradeweb JV scrapped; The three venues made reference to "various developments" across the market over recent months which led to the breakdown of the partnership.
Claudia Preece - The Trade
Etrading Software has confirmed plans to bid to become the consolidated tape provider (CTP) for both the UK and EU as the UK's Financial Conduct Authority and European Securities Markets Authority (ESMA) continue with data consolidation plans. Speaking in an announcement, Sassan Danesh, chief executive of Etrading Software, said: "Our one concern is that the transparency regimes should allow a commercially viable tape to emerge. The buy-side in particular, must see value in the data."
/jlne.ws/46Q66Zb
OpenAI's Altman Ouster Was Result of Drawn-Out Tensions; While the company said little publicly, Altman and his board of directors jockeyed over how to frame the power struggle.
Rachel Metz - Bloomberg
When OpenAI's board made the shocking decision to fire Chief Executive Officer Sam Altman on the Friday before Thanksgiving, it offered little detail beyond a statement that the leader of the artificial intelligence startup was not "consistently candid" with its directors.
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Europe Puts Stake in the Ground With First Pact to Regulate AI; Region couldn't 'let the perfect be the enemy of the good'; Negotiators broke coffee machine working late-night deal
Jillian Deutsch and Lynn Doan - Bloomberg
Earlier this week, European negotiators sat in a conference room in Brussels and debated for nearly 24 straight hours - dozing off at times and working a self-service coffee machine so hard that it broke. They came with a singular mission: reaching an agreement to regulate artificial intelligence. And they didn't quite get there. But the EU's internal market chief, Thierry Breton, didn't want a long break over the weekend that would give lobbyists more time to weigh in, according to people familiar with the matter.
/jlne.ws/3v06iaV
AI FOMO Is Alive and Well in Paris and Berlin; Regulation is necessary but not sufficient to stop Europe from being a tech footnote.
Lionel Laurent - Bloomberg
For Europeans worried about decline in a time of war and economic slowdown, last week's OECD international education rankings didn't help. French 15-year-olds have seen a historic drop in math skills, and Germany's recorded their lowest scores ever.
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| Cybersecurity | | Top stories for cybersecurity | BlackBerry names cybersecurity chief John Giamatteo CEO, to separate IoT and cybersecurity businesses
Ciara Linnane - MarketWatch
BlackBerry Ltd. BB, +5.10% said Monday it has named John J. Giamatteo as its new chief executive, effectively immediately. Giamatteo, who has served as president of the company's cybersecurity business since October 2021, will replace Richard Lynch, who was interim CEO since Nov. 4. The company also announced plans to separate its Internet of Things and cybersecurity divisions into standalone businesses, but said it will no longer pursue a subsidiary initial public offering of the IoT business.
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How C-Level Executives Can Increase Cyber Resilience
Ilia Sotnikov - Forbes
Social engineering attacks have increased since 2022, and the median amount stolen from these incidents has reached $50,000, up from $30,000 back in 2018. While IT and security teams are doing their best to minimize the risk of a successful attack, they might overlook one significant group: the C-suite.
/jlne.ws/3Ri722L
US National Vulnerability Database Labels Bitcoin Inscriptions as Cybersecurity Risk
Hope C - CoinMarketCap
The National Vulnerability Database (NVD) has identified Bitcoin's inscriptions as a cybersecurity risk, bringing attention to a security flaw that paved the way for the development of the Ordinals Protocol in 2022. The database flagged the issue on December 9, citing the exploitation of a data carrier limit bypass in certain versions of Bitcoin Core and Bitcoin Knots by the Inscriptions group in 2022 and 2023.
/jlne.ws/3Tm8kN2
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Is Earning Its Place in a Balanced Portfolio; This redemption rally shows that even skeptical investors should accept that it's safer to have a small allocation to the cryptocurrency than to ignore it.
Aaron Brown - Bloomberg
It should be no surprise that Bitcoin sold for over $44,000 this week, more than double its March 13 price. Going back to 2014, it has taken the cryptocurrency an average of nine months and 21 days to double; the milestone came 28 days early this time. What is mildly surprising is that Bitcoin doubled without ever falling below its March 13 low. On average, it has dropped 27% between doublings (that is, if it starts from $1,000, it drops to $730 before trading above $2,000) and it has dropped as much as 83% (trading for $170 before going to $2,000).
/jlne.ws/3ThcDJi
Crypto's Biggest Jerk Probably Getting Extradited to New York
Kevin T. Dugan - New York Mag
Do Kwon was one of crypto's biggest magical thinkers. His epoch-defining idea was Terraform Labs, a company that at one point commanded $60 billion in two related cryptocurrencies that would have made sense only during the anything-goes post-pandemic crypto bubble. One of the currencies, terraUSD, would always be worth a dollar - a stablecoin, the kind of digital currency that is part of the plumbing of the crypto market. The other, luna, fluctuated with that market. Unlike other currencies - like, say, the U.S. dollar - there was nothing backing either except the value of the other. He was also probably crypto's biggest jerk - truly an incredible distinction - infamous for disparaging people for being "poor" and prone to delusions of replacing the entire world financial system with his cryptocurrencies.
/jlne.ws/46SIfYP
U.S., South Korea, Japan Discuss North Korean Crypto Thefts in Trilateral Meeting; North Korea has stolen billions of dollars' worth of crypto in support of its nuclear and ballistic missile programs
Nikhilesh De - CoinDesk
National security officials with the U.S., South Korean and Japanese governments discussed North Korea's crypto thefts and other efforts to work on its nuclear and ballistic missile programs, the White House announced Friday night. U.S. National Security Advisor Jake Sullivan, Republic of Korea National Security Advisor Cho Tae-Yong and Japan National Security Advisor Takeo Akiba met in Seoul, South Korea to discuss various issues, including the Democratic People's Republic of Korea (DPRK, the official name for North Korea) and its ongoing weapons of mass destruction program, a White House readout said.
/jlne.ws/3GBkPMT
Fidelity and SEC meet to discuss spot Bitcoin ETF application; The United States SEC and Fidelity met to discuss Fidelity's Wise Origin Bitcoin Trust application, reviewing diagrams and the operational functionality of the product.
Ciaran Lyons - CoinTelegraph
The United States Securities and Exchange Commission (SEC) recently met with Fidelity Investments to seek additional clarity on its spot Bitcoin exchange-traded fund (ETF) application. According to a filing published on Dec. 7, two Cboe BZX Exchange representatives, six SEC personnel and nine Fidelity personnel met to discuss the workings of the Wise Origin Bitcoin Trust.
/jlne.ws/3teCWFy
Judge grants SEC another week to explain alleged 'misrepresentations' in Utah crypto case
Anna Baydakova - The Block
The Securities and Exchange Commission has another week to tell a federal judge in Utah why it made a series of possibly "false or misleading" statements in its case against a crypto startup called DEBT Box. Judge Robert J. Shelby, Chief United States district judge for the District of Utah, granted the regulator's request for the additional time to respond to the court's order. It now has until Dec. 21. Shelby last week ordered the SEC to explain statements it made while trying to implement and maintain a temporary restraining order against DEBT Box. The SEC has claimed the company was trying to move assets overseas in order to escape the regulator's jurisdiction, but the judge said last week that some of the evidence cited may have been "materially false and misleading."
/jlne.ws/3RB3U3g
VanEck Files Amendment to Spot Bitcoin ETF Application, Changing Ticker to $HODL
Hope C - CoinMarketCap
/jlne.ws/3TinW3S
Crypto Exchange HTX Hit by $258 Million Outflow After Hack
Sidhartha Shukla - Bloomberg
/jlne.ws/3NrhL9Z
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| Politics | | An overview of politics as it relates to the financial markets | The Ivy League, Wall St donors and the furore over antisemitism on campus; Wealthy alumni have campaigned about rising hostility towards Jews. The controversy has already forced one university president from office
Joshua Chaffin - Financial Times
It was a riveting image: the presidents of three of the world's most elite universities - Harvard, the University of Pennsylvania and the Massachusetts Institute of Technology - seated together at a witness table. All were women; one black and one Jewish. They were the star witnesses at a congressional hearing on campus antisemitism. Within days, one of them would be forced from office and the others would be clinging to their jobs.
/jlne.ws/4abooXH
Why the U.S. Needs a Moonshot Mentality for AI-Led by the Public Sector; Artificial intelligence is too important to be left entirely in the hands of the big tech companies
Fei-Fei Li and John Etchemendy. - The Wall Street Journal
Among other things, 2023 will be remembered as the year artificial intelligence went mainstream. But while Americans from every corner of the country began dabbling with tools like ChatGPT and Midjourney, we believe 2023 is also the year Congress failed to act on what we see as the big picture: AI's impact will be far bigger than the products that companies are releasing at a breakneck pace. AI is a broad, general-purpose technology with profound implications for society that cannot be overstated.
/jlne.ws/46R5ylR
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| Regulation & Enforcement | | Stories about regulation and the law. | FTC doubles down on oil industry scrutiny as it reviews Chevron-Hess merger
Matthew Daily and the Associated Press via Fortune
The Federal Trade Commission is investigating Chevron's acquisition of Hess oil company, the second inquiry the independent agency has opened this week of a major oil industry merger. Chevron and Hess said in separate filings that the FTC is seeking additional information and documentary materials related to Chevron's proposed $53 billion purchase of Hess, announced in October.
/jlne.ws/3TqNrjs
Chairman Behnam Announces Agenda for the December 14 Agricultural Advisory Committee Meeting
CFTC
Chairman Rostin Behnam, sponsor of the Agricultural Advisory Committee (AAC), today provided further insight on planned discussion topics for the upcoming AAC meeting. The public meeting will be held on December 14 from 9:00 a.m. to 12:00 p.m. (EST) at the CFTC's Washington, D.C. headquarters. Members of the public will also have the option to attend virtually.
/jlne.ws/47SxkQ7
Commissioner Johnson Announced Agenda for December 11 Meeting of the Market Risk Advisory Committee
CFTC Commissioner Kristin N. Johnson, sponsor of the Market Risk Advisory Committee (MRAC), today released the agenda for its public meeting on Monday, December 11 from 9:30 a.m. to 12:30 p.m. (EST) at the CFTC's Washington, D.C. headquarters. Members of the public may also attend the meeting virtually. Please see the detailed agenda, including speakers, here.
/jlne.ws/47M8Qbk
AgCon2024 Set for April 11-12
CFTC
The Commodity Futures Trading Commission and the Center for Risk Management Education and Research (CRMER) at Kansas State University will team up again to host AgCon2024 on April 11-12, 2024 in Overland Park, Kansas. It will be the third Agricultural Commodity Futures Conference jointly hosted by the CFTC and CRMER and the first such conference since 2019. Registration for AgCon2024 is now open with conference details coming soon. Register here.
/jlne.ws/3uUODla
SEC Charges Connecticut Resident with Fraudulent "Free-Riding" Scheme
SEC
The Securities and Exchange Commission today filed charges against Andrew M. Komarow of Avon, Connecticut. The SEC's complaint charges Komarow with conducting a fraudulent "free-riding" scheme in which he attempted to profit by purchasing and selling securities without paying for them.
/jlne.ws/47M8WzI
New Advisory Committee To Foster Connection Between Technological Innovation And Securities Regulation
Alberta Securities Commission
The Alberta Securities Commission (ASC) today announced the establishment of a new advisory committee that aims to ensure securities regulation considers existing and emerging technologies. The Technology and Innovation Advisory Committee will bring together experts and ASC staff to facilitate a better understanding of new technology and its application to the Alberta capital market.
/jlne.ws/3GEpQ7m
Analysis-Wall Street hopes for relief on Treasury dealer rule after pushback
Carolina Mandl - Reuters
Asset managers, insurers and pension funds are pushing to soften a proposed rule aimed at enhancing U.S. Treasury market stability which could require them to register as broker dealers, subjecting them to tougher rules, industry sources and documents show.
/jlne.ws/48cOxUo
SEC Says Its Binance Case Should Advance Despite DOJ Settlement; Binance has asked for court to dismiss SEC's lawsuit
Chris Strohm - Bloomberg
The Securities and Exchange Commission says Binance Holdings Ltd.'s recent $4.3 billion settlement with the Justice Department and other US authorities bolsters its own case against the world's biggest crypto exchange. Despite not being part of the agreement, the SEC argued on Friday that the federal court in Washington hearing its case should weigh admissions by Binance and the firm's former chief executive, Changpeng Zhao, in the Nov. 21 settlement. The firm and Zhao have asked the court to dismiss the SEC's lawsuit.
/jlne.ws/41iMWtV
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Wild Coffee Market Pushes Trader Mercon Into Bankruptcy
Jeremy Hill and Ilena Peng - Bloomberg
Mercon Coffee Corp., a major global trader, filed for Chapter 11 bankruptcy in New York as supply disruptions, steep price moves and higher borrowing costs throughout the pandemic eroded the firm's ability to pay its debt on time in full. The Netherlands-based green coffee supplier listed liabilities of $357 million in its court documents. The bankruptcy filing lets Mercon keep operating while it pursues an "orderly sale of its assets." The company has listed possessions worth a total $359 million.
/jlne.ws/47O9JQL
World's Richest Families 2023; From the house of Hermès to Gulf royals, the wealth of global dynasties soared 43% in the last year.
Devon Pendleton - Bloomberg
Move over, Waltons. Another family has emerged as the richest dynasty in the world. For the first time, the House of Nahyan has joined Bloomberg's annual ranking of family fortunes, and done so at the very top. With a $305 billion fortune, the Al Nahyans of Abu Dhabi topped the Waltons of Walmart Inc. by a cool $45 billion. Another new entrant: the Al Thanis, the royal family of Qatar, at No. 5.
/jlne.ws/3RCaeXp
A New Era of Income Investing Is Turning Boomers Into Bond Buyers; Stock bull markets helped make boomers rich. High bond yields are helping them retire.
Anne Tergesen - The Wall Street Journal
When it comes to the baby boomers' run of investing luck, timing has been on their side. Decades of stellar stock-market returns produced by a series of bull markets that began in 1982 coincided with boomers' prime working years and made their nest eggs grow. Their good fortune continues in retirement. The recent surge in interest rates that sent bond yields near a 15-year high is the "single best economic and financial development in 20 years" for retirees, said Joe Davis, global chief economist at Vanguard. That shift is turning the stock-loving Woodstock generation into bond buyers. With current yields on 10-year U.S. Treasury notes at 4.23%, boomers, ages 59 to 77, have reason to move money into the more conservative investments. The Gen Xers behind them-now around ages 43 to 58-are eyeing those moves, too.
/jlne.ws/46RPkJg
Reports of a Wealth Tax Are Greatly Exaggerated; The provision before the court falls within a century-old tradition of Congress attributing business income to its owners.
The Wall Street Journal
Your editorial "The Supreme Court and a Wealth Tax" (Dec. 6) correctly concludes that a wealth tax is unconstitutional. But as someone who helped write the Tax Cuts and Jobs Act as a member of House Speaker Paul Ryan's staff, I can tell you that equating the 2017 repatriation provision with such a tax confuses wealth with income.
/jlne.ws/3uXlypm
A fortune was unearthed at this California gold mine. Now it may reopen
Kurtis Alexander - San Francisco Chronicle
California's long affair with gold, the 160-year-old Idaho-Maryland Mine stands out as one of the great mother lodes. Its 73 miles of tunnels, an hour north of where the discovery of gold kicked off the historic rush of forty-niners, bustled with rickety mine cars and workers in hard hats, on and off from the 1860s to 1956.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | COP28 Update: Progress Towards Agreement on Avoidance Under Article 6.4, but Backsliding in 6.2
Steve Zwick - Ecosystem Marketplace
Negotiations around the guidance for implementing Article 6 of the Paris Agreement are entering the final days, with the publication of new draft negotiating texts for Articles 6.4 and 6.8 as well as a continuing late-night session on the current text for 6.2. The current 6.4 text is just seven pages long, with six pages comprising a negotiating text and one page prescribing an option if no agreement is reached. Although negotiators made progress on Saturday, they still remain far apart on key issues. "If there is an agreement at the end of this COP, the text will look a lot different than what we have now," said Andrea Bonzanni, International Policy Director for the International Emissions Trading Association (IETA).
/jlne.ws/41folWU
Climate Fight Takes Aim at Food in First Ever Net-Zero Plan; UN's FAO publishes anticipated food systems' road map to 1.5C; Guidance seeks to balance zero-hunger with net-zero goals
Agnieszka de Sousa - Bloomberg
Reducing overconsumption of animal-based products in the rich world, curbing food waste and overuse of fertilizers and capturing carbon in soil. These are some of the United Nations' new recommendations to bring the global agrifood industry in line with the Paris climate agreement.
/jlne.ws/3TjqWx6
UN leaders push to end fossil fuels as COP28 nears conclusion
FRANCE 24
UN leaders on Monday urged an end to obstruction hours before a deadline for a deal at a climate summit in Dubai, as oil producers resisted historic calls for the world to wind down fossil fuels. Returning to the summit, UN Secretary-General Antonio Guterres said it was "time to go into overdrive, to negotiate in good faith, and rise to the challenge." He said negotiators at the COP28 summit in particular must focus on the reduction of greenhouse gas emissions and climate justice.
/jlne.ws/3RzVZU2
US Climate Activists at COP28 Slam Their Home Country for Hypocrisy; They say Biden's policies, including record-level oil and gas development, will lead to continued degradation of Indigenous lands and water and keep other countries hooked on fossil fuels.
Bob Berwyn - Inside Climate News
Claims by some U.S. lawmakers at COP28 that President Biden's policies provide global leadership on climate rang hollow with leading American climate activists at the annual conference who faulted the administration for supporting unbridled oil and gas development and for pushing carbon capture as an illusory solution for reducing emissions.
/jlne.ws/3RExJAh
Occidental Petroleum to buy Permian producer CrownRock for $12 billion, raise dividend
Spencer Kimball - CNBC
Occidental Petroleum has agreed to buy CrownRock for $12 billion. CrownRock is a major privately held energy producer that operates in the Permian Basin. Occidental also said it's raising its quarterly dividend to 22 cents a share from 18 cents a share. The deal is latest in a spate of consolidation in the U.S .energy sector, particularly in the Permian, the largest oil-producing region in the U.S. The transaction is expected to close in the first quarter of 2024.
/jlne.ws/3RFOdbq
The Challenge Facing Companies When Dealing With LGBTQ Issues; Most consumers want brands to support inclusion. But when they do, they face a potentially negative backlash. Just ask Bud Light.
Sarah Kate Ellis - The Wall Street Journal
/jlne.ws/48aTnS1
Commonwealth boss warns of mass migration unless climate cash delivered
Simon Jessop and Mohammed Benmansour - Reuters
/jlne.ws/47M9HZA
Sultan al-Jaber, the hard-charging oil head trying to broker COP28 consensus
Simeon Kerr, Attracta Mooney and Aime Williams - Financial Times
/jlne.ws/46SMJi7
COP28 fossil fuel pledges will not limit global warming to 1.5C, says IEA; Summit president Sultan al-Jaber's plans to reduce climate goals' gap 'not good enough', warns energy agency's chief
Aime Williams - Financial Times
/jlne.ws/3tb2QKi
Inside the battle to decarbonise the world's dirtiest refinery
David Pilling and Joseph Cotterill - Financial Times
/jlne.ws/3GD5bAB
Deforestation hits record low in Brazilian Amazon in November
AFP
/jlne.ws/46U8VZo
US Diesel to Flood Into Europe Even as Flows From the East Slide
Prejula Prem - Bloomberg
/jlne.ws/3tdMpNg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Jamie Dimon's $4 Trillion Machine He made JPMorgan Chase the biggest bank in the world. What is it, exactly?
Gary Sernovitz - New York Magazine
This article was featured in One Great Story, New York's reading recommendation newsletter. Sign up here to get it nightly. One day this past June, I walked to the 51st and Park branch of First Republic, the bank where my wife and I had our accounts. Used to have? The tenses were confusing. Just a few weeks earlier, First Republic, with $229 billion in assets, had collapsed. The third federal rescue in weeks. The market had been frightened, and so had I. Not so much about our savings - our level of deposits was insured - but rather that panic would spread and crash the deposit-insurance system itself.
/jlne.ws/46U79Ye
UBS Taps JPMorgan's Rueger as Co-Head of Equity Capital Markets
Gillian Tan - Bloomberg
Dive into the risks driving markets, spending and saving with The Everything Risk by Ed Harrison. Sent weekly.
UBS Group AG has hired JPMorgan Chase & Co. veteran Tommy Rueger as global co-head of equity capital markets, according to people with knowledge of the matter. Rueger, who is based in New York, will join Gareth McCartney in the role, said the people, who requested anonymity discussing confidential information. Jeff Mortara, currently McCartney's global co-head of ECM, is set to pursue other opportunities either within UBS or externally, the people said.
/jlne.ws/3RkVKuu
Billionaire Steve Cohen Pushes Point72 Deeper Into Macro Trading
Nishant Kumar - Bloomberg
Steve Cohen's Point72 Asset Management is bulking up its macro trading teams as his stocks-focused multi-manager investment firm diversifies its $31 billion hedge fund business.
/jlne.ws/41lJjDp
Bank of America Promotes 334 to Managing Director, 8% Fewer Than Last Year
Katherine Doherty - Bloomberg
Bank of America Corp. promoted 334 of its employees to managing director, 8% fewer than last year's total, according to people with knowledge of the matter.
/jlne.ws/3tbEsbh
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | I went from call-center rep to managing director before I turned 30. Don't be scared to ask for the job you want.
Lauren Crosby Medlicott - Business Insider
At only 17, just as I was finishing my last year in school in Durban, South Africa, I found out I was pregnant. I had planned to go to college and study law so I could change the world, determined not to be another woman of color in South Africa who got pregnant young. The news about my pregnancy was initially devastating. I felt I had let myself and everyone around me down. I finished high school in 2003 and gave birth to my daughter in February 2004.
/jlne.ws/3NnAfs9
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Chronic fatigue syndrome affects 3.3 million Americans, the CDC estimates. Here's what to know about symptoms and treatment.
Sara Moniuszko - CBS News
About 3.3 million U.S. adults have chronic fatigue syndrome, according to new data from the Centers for Disease Control and Prevention. The number is the first nationally representative estimate of how many Americans have the condition - and it's more than previous studies have suggested, likely boosted by some patients with long COVID, the Associated Press reports,
/jlne.ws/3NnIMv7
WHO 'very worried' about spread of mpox in DRC
Jennifer Rigby - Reuters
The World Health Organization is "very worried" about the spread of a severe form of mpox that has killed nearly 600 people, mainly children, in the Democratic Republic of Congo this year, a senior official said. The country has reported over 13,000 cases in 2023, more than twice as many as during the last peak in 2020, with the disease occurring in almost every province. The WHO is working with the authorities on the response and a risk assessment.
/jlne.ws/3Re5Hdn
COVID-19 hospitalizations are increasing in US, rates are highest among oldest and youngest Americans; As of Nov. 25, there were 19,444 weekly COVID hospitalizations, CDC data shows.
Mary Kekatos and Youri Benadjaoud - ABC News
The increase in hospitalizations comes after relatively low numbers throughout the summer.
For nearly a month, COVID-19 hospitalizations have been increasing following weeks of decline and relatively low levels throughout the summer, according to data from the Centers for Disease Control and Prevention (CDC). As of Nov. 25, there were 19,444 weekly hospitalizations due to the virus compared to 15,006 four weeks earlier, data shows.
/jlne.ws/47NzTD6
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Spain's Failing Avocado Harvest Is a Warning for the Rest of the World's Supply; Depleted reservoirs and rising temperatures force farmers to rip up their trees in one of the world's top exporters.
Clara Hernanz Lizarraga and Ainhoa Goyeneche - Bloomberg
When Manuel Lavao planted some of Europe's very first avocado orchards in 1978 in La Axarquía, a sun-soaked stretch of southern Spain, he helped usher in decades of growth for the continent's exotic fruit sector. Almost a half-century later, he's pulling up his trees by the thousands.
/jlne.ws/3GEbmV4
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