| January 04, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Later today JLN will publish part one of a John Lothian Profiles interview with veteran public relations professional and journalist Andy Yemma, who served as head of corporate communications at the Chicago Mercantile Exchange in the 1980s and early 1990s. Yemma was there for the 1987 stock market crash, the FBI investigation and the political wrangling for the top spot at the exchange and gives us an insider's view.
The video is part of our work of MarketsWiki Education's history video series, where we are trying to preserve industry history. Several years ago we started a GoFundMe campaign, which is still ongoing, to support this work. In fact, our first gift of the new year came from industry veteran and author Robert Khoury.
Rob is the author of the popular book about internships titled "How to Intern Successfully: Insights & Actions to Optimize Your Experience." In December he published his second in the intern series titled "Intern Management: Principles for Designing an Exceptional Internship."
If you are a parent of an intern or potential intern, the first book is for you and your offspring. If you are a company or individual looking to hire an intern, the new book is for you.
Thank you to Rob for his contribution to the MarketsWiki Education GoFundMe campaign. I encourage more contributions to support these efforts. We have a lot more work that will be released in 2024, and more yet to be captured.
SEC Commissioner Mark T. Uyeda was sworn in for his second term on December 28, 2023. He initially started his first term on June 30, 2022, following his nomination by President Biden and Senate confirmation for a term ending in 2023. In June 2023, President Biden nominated Commissioner Uyeda for a term extending until 2028, and the Senate confirmed him on December 20, 2023.
Morgan Stanley Executive Chair James Gorman was interviewed by Bloomberg and he reflected on his time as CEO of Morgan Stanley, saying, "I embrace mistakes."
CME Group is looking for a Director of Equity Products in London.
Bill Ackman is not satisfied after the resignation of the Harvard University president. Now he wants the entire board of the Harvard Corporation that supported former President Claudine Gay to resign because of their support, Bloomberg reports.
Your Microsoft keyboards are about to change for the first time since it added the Windows/Start key in 1994. Microsoft Corp. is introducing a dedicated button on the Windows keyboard to activate its AI Copilot service, and the initial devices featuring this new key will be released this month, Bloomberg reported.
I went to the doctor yesterday for a physical ahead of an MRI where I have to be sedated and I asked my doctor his opinion of artificial intelligence or AI. He said AI would be the end of civilization as we know it. He said he expected radiologists will be replaced with AI that can read x-rays and other tests. He also said he would be long gone by the time this took effect. He does not hold back his honest opinions, that is for sure.
My doctor's view is opposite that of Greg Ip of The Wall Street Journal, who has written a piece titled "The Future Is Bright if You Know Where to Look" with the subheading "A burst of advances in artificial intelligence, medicine and elsewhere promise a better life down the road."
My personal opinion is that AI is opening up a new information revolution parallel to that of the advent of the personal computer and the introduction of the internet. I am optimistic about the potential of the future, but the world will change and we must adapt to that change.
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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Our most read stories from our previous edition of JLN Options were:
- OCC Reports December 2023 and Total 2023 Volume Data from the OCC.
- Does High IV Mean Quick Profits? from tastylive.
- Two Cboe Indices Rose More Than 42% in 2023 from Cboe. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Rich Repetto Joins Board of Interactive Brokers
Interactive Brokers
Interactive Brokers, an automated global electronic broker, announced the appointment of Rich Repetto as an independent director of the firm effective January 1, 2024. "We are pleased to announce the appointment of Rich to the Board of Directors following his distinguished career where he pioneered the research of electronic brokers and exchanges," said Thomas Peterffy, Founder and Chairman of Interactive Brokers. "Mr. Repetto's extensive knowledge and understanding of the electronic investing and trading industry brings an important perspective to the Board, and we look forward to benefiting from his insights."
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****** Brilliant move by Interactive Brokers. JLN has an interview with Rich Repetto about his career that we will be releasing soon.~JJL
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What happened to Wall Street's post-Floyd bet on Black banking? After raising millions, Greenwood has failed to meet some of its initial goals but has acquired a portfolio of companies outside of the world of finance
Emmanuel Felton - The Washington Post
In 2020, Paul Judge and Ryan Glover, both seasoned Black entrepreneurs, started work on a plan to help solve one of America's most intractable social problems: the yawning wealth gap between White households and Black and Latino families. After facing decades of discrimination by banks, Black and Latino customers need a safe, welcoming place to put their money, they argued, as they developed a plan for launching Greenwood, a banking platform rather than a traditional bank.
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****** This is not the Greenwood Project, but another Wall Street effort that uses the Greenwood name. JLN is working on setting up an interview with the new executive director of the Greenwood Project to give an update on the great work that organization is doing and the real progress on Wall Street.~JJL
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This best-selling personal finance author says he's racked up more than $1 billion in debt
Hannah Erin Lang - Morningstar
The author of "Rich Dad, Poor Dad" said he owes more than a billion dollars - but it's "not my problem," he claims. A bestselling personal finance author and entrepreneur admits that he has more than $1 billion in debt - and he doesn't think that's a bad thing. "If I go bust, the bank goes bust," said "Rich Dad, Poor Dad" author Robert Kiyosaki in a Nov. 30 Instagram reel. "Not my problem."
/jlne.ws/3H4De59
***** "If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem." ~ J. Paul Getty
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Prosecutors Pursue Affinity-Fraud Cases in Which Scammers Target Their Own; U.S. attorney in Brooklyn makes a push to protect close-knit ethnic and religious communities
Corinne Ramey and James Fanelli - The Wall Street Journal
Stockbroker Mina Tadrus recruited investors in his hedge fund from communities that trusted him the most: his relatives and fellow Egyptian Coptic Christians in Brooklyn, N.Y., and around the U.S. In his pitch, he promised annual returns of as much as 30% and claimed to use artificial intelligence to make high-frequency trades. In reality, the fund was a $5 million Ponzi scheme that Tadrus used to cover meals at restaurants, make car payments and shop at luxury retailers, prosecutors said when they charged him in September.
/jlne.ws/3S3U6iK
****** Look at the returns of Citadel and then tell me how you are going to perform better than Ken Griffin and his crew?~JJL
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Wednesday's Top Three
Our top story Wednesday was SBF's Victory From Behind Bars, from The Lever. Second was Bill Ackman demands Harvard's board resign in 4,000-word screed blasting university for 'racist' DEI policies, from the New York Post. Third was Harvard President Claudine Gay Resigns, Shortest Tenure In University History, from The Harvard Crimson.
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| Lead Stories | The World's Next Big Carbon Capture Challenge? Figuring Out How to Use It; Skepticism about how to commercialize - and use - carbon capture is growing. So is the debate over how to deploy it equitably and safely.
Michelle Ma - Bloomberg
Carbon capture is having a moment. Companies such as Chevron Corp. are building technology to capture carbon dioxide from smokestacks while others such as Microsoft Corp. are investing in startups working to yank the greenhouse gas out of the air directly. Governments and climate activists are pressing companies to eliminate their emissions, but there's doubt whether solar, wind and batteries can do so alone. The US, in particular, has focused on boosting carbon capture thanks to the Energy Department investing billions of dollars in the technology and attractive tax credits in the Inflation Reduction Act for project developers. A growing array of science also shows the world will need to capture carbon at a fairly vast scale in the coming decades to limit global warming to 1.5C.
/jlne.ws/3TMNd6I
Attacks in the Red Sea Are Reconfiguring Global Trade Again; Another supply chain disruption is brewing.
Tracy Alloway and Joe Weisenthal - Bloomberg
A string of recent attacks by Yemen-based Houthi rebels on commercial vessels transiting the Red Sea to the Suez Canal have forced global shippers to once again shift how they transport goods. It's just the latest in a multi-year string of disruptions to global supply chains. It also comes just as pandemic-era supply chain stress seemed to be in the rearview mirror. So what is the geopolitical and economic impact of this latest disruption? In this episode, we speak with Craig Fuller, founder and CEO of FreightWaves, about the impact of the attacks. We also talk about the broader logistics landscape, including the rise and fall of digital freight brokerages, and the 2023 "bloodbath" for trucking firms.
/jlne.ws/3vujAwE
Wall Street's Ambitions in China Run Into a Rising Firewall
Cathy Chan, Ambereen Choudhury and Sarah Zheng - Bloomberg
One of Wall Street's biggest banks stopped briefing the head of its subsidiary in mainland China on sensitive company strategy, so the government can't eavesdrop or demand details later. At nearby outposts for other US and European banks, executives are spending tens of millions of dollars to locally house financial data and set up on-site internal controls. Some units are even looking at reshaping balance sheets to stand separate from parent companies.
/jlne.ws/41MCifd
Citi Alumni Plan Bitcoin Securities That Don't Need SEC Approval
Muyao Shen - Bloomberg
As speculation about the upcoming approval or denial of spot-Bitcoin ETFs reaches a fever pitch, a group of former Citigroup Inc. executives is starting to offer securities backed by the oldest cryptocurrency that they say don't need the blessing of US regulators. The new offering, called Bitcoin depositary receipts, will be similar to American depositary receipts that represent foreign stocks. The startup, called Receipts Depositary Corporation, or RDC, said it plans to issue the first Bitcoin depositary receipts to qualified global institutional investors in transactions exempt from registration under the Securities Act of 1933.
/jlne.ws/3TLRNlu
SEC, stock exchange officials meet ahead of potential spot bitcoin ETF approval
Eleanor Terrett - Fox Business
A series of meetings between the Securities and Exchange Commission and a handful of stock exchanges are fueling confidence that the approval of a long-awaited spot bitcoin exchange-traded fund could be imminent. FOX Business has learned that SEC staff attorneys from the Division of Trading and Markets are meeting Wednesday with officials from the major exchanges - the New York Stock Exchange, Nasdaq and Chicago Board Options Exchange - where the ETFs would trade. The meetings are seen as a positive sign that the SEC is nearing approval of some or all of the dozen applications by major money managers and crypto firms for the product, according to people at the firms who asked not to be quoted by name. Specifically, the SEC is asking the exchanges to revise and finalize their so-called 19b-4 filings, submitted by the exchanges on behalf of issuers, which must receive SEC clearance before the ETF can be sold to the public.
/jlne.ws/3S6Ifk3
Crypto will mature into a global asset class in 2024 - Bakkt's Daniel O'Prey
Jordan Finneseth - Kitco News
As things start to heat up in the crypto market, one of the driving forces for the bullishness of late is the institutional adoption of Bitcoin, which many analysts say is now just weeks away from getting its first U.S.-listed spot exchange-traded fund. While optimism is high and institutions are looking for a way to engage with the market, finding the right formula for success remains a challenge, even for established financial firms with years of experience and a well-funded treasury. One firm that has reformulated its approach to the crypto market is Bakkt, a publicly traded company serving businesses and institutions in the crypto industry by offering institutional custody services along with retail trading. Bakkt was launched by the Intercontinental Exchange (ICE) in 2018 and has gone through several evolutions to find its niche and provide value within the crypto ecosystem.
/jlne.ws/48i679V
Bitcoin Flash Crashes to $40,750, Causes Over Half a Billion in Long Liquidations
Hope C - CoinMarketCap
On Wednesday morning Eastern Time, Bitcoin (BTC) experienced a sudden crash in a matter of minutes, as the price of Bitcoin dropped from around $45,132 to as low as $40,750, erasing gains seen in the past week. According to data from CoinMarketCap, Bitcoin's price has fallen by almost 9.5% in an abrupt flash crash. The crash resulted in the liquidation of over $595 million in crypto long positions in the past 24 hours, including $137 million in Bitcoin longs in the past hour alone, as per data from CoinGlass.
/jlne.ws/4aMEGqy
The missing piece of the securitisation jigsaw; The next stage of the private credit frenzy?
Robin Wigglesworth - Financial Times
Earlier today, Alphaville published an updated linksfest to almost 60 investment outlook reports for 2024. But one by Janus Henderson is worth highlighting because it indirectly touches an interesting issue we've been thinking about. The report is authored by John Kershchner, Janus Henderson's head of US securitised products. You know, the complicated alphabet soup that caused the global financial crisis bla bla bla. But that's precisely the kind of lazy bigotry against his beloved asset class that Kerschner wants to bust!
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Poland Calls for Tighter Sanctions on Russia After Air Strikes
Piotr Skolimowski - Bloomberg
Poland's Foreign Minister Radoslaw Sikorski has called on Western allies to tighten sanctions on Russia and to supply Kyiv with long-range missiles in response to the latest series of air strikes. At least four people were killed and another 92 wounded following an attack on Tuesday that mainly targeted the Ukraine's two largest cities, Kyiv and Kharkiv. An exchange of aerial strikes has intensified in recent days as the Kremlin's invasion approaches its third year and the ground conflict is mired in a stalemate.
/jlne.ws/3vlGeax
The west would harm itself with rash seizures of frozen Russian assets; A watertight legal basis for confiscations is lacking because the US and its allies are not openly at war with Moscow
Nicholas Mulder - Financial Times
The western campaign of economic pressure against Russia is broaching a new domain: sovereign asset seizure. By March 2022, the US and EU had frozen roughly $300bn in Russian central bank reserves to retaliate against Vladimir Putin's invasion of Ukraine. Now G7 countries are debating whether to confiscate this property.
/jlne.ws/3TKhPWf
'I want to live': Russians defect to Ukraine by calling army hotline; Hundreds of soldiers have handed themselves over to Kyiv after ringing dedicated number
Christopher Miller - Financial Times
Russian lieutenant Daniil Alfyorov accomplished what the rest of Vladimir Putin's army failed to do when it launched a full-scale invasion of Ukraine: he reached central Kyiv. Speaking into a cluster of microphones while sitting between two Ukrainian military intelligence officers in October, the 27-year-old denounced his country's unprovoked war and said he had surrendered voluntarily.
/jlne.ws/48jT4ox
U.S. and BAE to Bring Back Popular Howitzer After Success in Ukraine; British company to resume production of M777 parts as war drives defense-industry changes
Alistair MacDonald - The Wall Street Journal
The U.S. Army is resurrecting production for the M777 howitzer after its heavy use by Ukraine brought new demand for a big gun whose most recent order was five years ago. The M777's production comeback highlights how the war in Ukraine is helping to reshape the global armaments industry, with battlefield use of artillery and missile-defense systems, in particular, leading to a surge in demand.
/jlne.ws/48lCww6
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | US, Other Countries Warn Houthis Against Further Attacks in Red Sea
Courtney McBride - Bloomberg
More than a dozen countries warned the Houthis, a Yemen-based rebel group backed by Iran, against continuing their attacks on shipping in the Red Sea, which have disrupted global commerce and triggered a limited military response from the US. "The Houthis will bear the responsibility of the consequences should they continue to threaten lives, the global economy and free flow of commerce in the region's critical waterways," governments, including the US, the UK, Australia, Bahrain, Belgium, Canada, Denmark, Germany, Italy, Japan, Netherlands and New Zealand, said in a joint statement Wednesday.
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The 'CEO' of Hamas Who Found the Money to Attack Israel; Zaher Jabarin looks after a portfolio of companies that deliver income annually to the militant group
Rory Jones, Benoit Faucon, Ian Talley and Abeer Ayoub - The Wall Street Journal
When Zaher Jabarin ran a Hamas cell in the 1980s, he borrowed cash from his mother to buy weapons. Now, he oversees a financial empire that the U.S. estimates is worth hundreds of millions of dollars and funds Hamas's operations against Israel. The 55-year-old militant manages Hamas's financial relationship with its main benefactor Iran and handles how Tehran gets cash to the Gaza Strip, U.S. and Israeli officials say. He looks after a portfolio of companies that deliver income annually for Hamas and runs a network of private donors and businessmen who invest for the Islamist group.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | New Year's Message from Group CEO Yamaji
JPX Group
I would like to express my deep sorrow for those who lost their lives in the Noto Peninsula Earthquake that occurred so early in the New Year, as well as those who were tragically killed in the accident on the way to transport relief supplies to the affected areas. I send my deepest condolences and heartfelt sympathies to all those who have lost loved ones or been affected by these two disasters. I hope with all my heart that those who have been affected can regain some peace of mind and that the damaged areas will be restored as soon as possible.
/jlne.ws/3ty4PbR
Intercontinental Exchange Reports December, Fourth Quarter and Full Year 2023 Statistics; Total Futures & Options ADV +39% y/y in December; +10% y/y in 2023; Record annual volume across Brent, WTI and TTF gas
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported December, Fourth Quarter, and Full Year 2023 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
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JPX Monthly Headlines - December 2023
JPX Group
JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users. Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
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Notice of Disciplinary Action
CME Group
Non-Member: Sungbeon Kang; Exchange Rules: Rule 539. Prearranged, Pre-Negotiated and Noncompetitive Trades Prohibited (in part). Penalty: Based on the record and the Panel's findings and conclusions, the Panel ordered Kang to pay a fine in the amount of $35,000, to disgorge profits in the amount of $2,000, jointly and severally with the other trader, and to be permanently barred from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group.
/jlne.ws/3H7aMzG
Notice of Disciplinary Action
CME Group
Non-Member: Minhee Kwon; Exchange Rules: Rule 539. Prearranged, Pre-Negotiated and Noncompetitive Trades Prohibited (in part). Penalty: Based on the record and the Panel's findings and conclusions, the Panel ordered Kwon to pay a fine in the amount of $35,000, to disgorge profits in the amount of $2,000, jointly and severally with the other trader, and to serve a one-year suspension from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group. The suspension shall begin on effective date January 3, 2024 and continue for one year from the date that payment of the fine is paid in full.
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Xetra-Gold ends 2023 with a stock of almost 200 tons
Deutsche Boerse Group
Decrease of 31.5 tonnes compared to last year; Europe's largest gold security with physical backing. The gold holdings of the exchange-traded bearer bond Xetra-Gold (ISIN: DE000A0S9GB0) fell to 198.7 tons at the end of 2023. This is a decrease of 31.5 tonnes over the year. At the beginning of 2023 the inventory was 230.2 tons of gold. Over the five-year period, there is an increase of 9.1 tonnes.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | 360T goes live with UK-based MTF in the wake of Brexit; The platform - 360T UK MTF - offers trading in all foreign exchange financial instruments except spot FX.
Claudia Preece - The Trade
Deutsche Boerse's 360T went live with its UK-based multilateral trading facility (MTF) this week, having developed the offering following the UK's departure from the European Union (EU). Speaking to The TRADE, Simon Jones, chief growth officer at 360T, explained: "At 360T, we have always strived to ensure that we offer market participants a trading environment that meets the highest standards of regulatory adherence and industry best practice.
/jlne.ws/48IQqbp
The TRADE launches the Algorithmic Trading Survey for 2024; Buy-side respondents have until 23 February to rate the offerings of algo providers.
Editors - The Trade
Institutional investors, asset managers and hedge funds are invited to rate the service, features and capabilities of their algo providers in The TRADE's 2024 Algorithmic Trading Survey. The TRADE's 2024 Algorithmic Trading Survey is now live for buy-side participation until 23 February, with 'long-only' and 'hedge fund' results due to be published in the Q1 and Q2 editions of The TRADE Magazine, respectively. We encourage providers of algorithmic trading to support client participation.
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US same day settlement 'not a good idea' despite technological advancement; T+1 was among the key trends identified by Coalition Greenwich in its latest report examining what the most impactful market structure themes will be over the next 12 months.
Claudia Preece - The Trade
As the imminent US shift to T+1 settlement looms, inevitably the market has begun to look even further ahead to potential same day settlement (T+0), however, this is currently not a viable reality, according to Coalition Greenwich.
/jlne.ws/3ROZq8k
Will generative AI crack the code for bank tech teams? Banks could roll out tools to help translate old-or write new-code within months.
Menghan Xiao - Waters Technology
One of the major difficulties introducing generative artificial intelligence (AI) into the heavily regulated financial sector is ensuring those who use it have suitable expertise to understand its risks.
/jlne.ws/3S5ur9e
AI Hallucinations Are a Boon to Creatives; Chatbots making stuff up has been cause for alarm, but there are advantages, too.
Austin Carr - Bloomberg
Designer Colin Dunn enjoys it when artificial-intelligence-powered image creation services such as Midjourney and OpenAI's Dall-E seem to screw up and produce something random, like when they respond to a request for an image of a group of people walking together with a depiction of a single figure headed off into the distance. It reminds Dunn of experimenting with a co-worker on a bunch of weird ideas before stumbling on the right one.
/jlne.ws/3RIIUql
The Future Is Bright if You Know Where to Look; A burst of advances in artificial intelligence, medicine and elsewhere promise a better life down the road
Greg Ip - The Wall Street Journal
It is time for an optimistic take on the economy. I'm not talking about whether inflation keeps coming down, or recession is avoided. Rather, I'm talking about progress on some of humanity's most intractable challenges: artificial intelligence, illnesses such as Alzheimer's, obesity and climate change. Americans are pessimistic these days, and I don't expect to change their minds. Exactly five years ago I wrote that the world was getting relentlessly better. In the years since, pandemic, war and inflation have left a lot of the world sicker, poorer and angrier.
/jlne.ws/47if3e8
The Architect of Microsoft's Vaunted Cloud Bundle Turns His Gaze to AI; Takeshi Numoto has been one of Microsoft's most influential behind-the-scenes executives in the past 20 years, helping turn its cloud business into a huge success. Now he faces the challenge of persuading customers to pay for AI tools.
Aaron Holmes - The Information
When Microsoft announced the retirement of its longtime chief marketing officer, Chris Capossela, last October, its choice of his successor may have seemed counterintuitive to outsiders. Unlike Capossela, who had a flair for the spotlight, Takeshi Numoto has kept a low profile inside the software giant as a marketing executive over the past two decades. Numoto rarely spoke publicly at Microsoft conferences or product rollouts, and his face is unfamiliar to some of the company's largest customers.
/jlne.ws/48CeRr8
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| Cybersecurity | | Top stories for cybersecurity | How to prepare for increased oversight of cybersecurity
Kris Lovejoy - Federal Times
In an era when digital transformation has fundamentally altered the business landscape, the need for robust cybersecurity measures and close coordination with government partners has never been more critical for industry. To that end, new cybersecurity rules by the U.S. Securities and Exchange Commission call for company oards to take a significantly more active role in managing cybersecurity risks.
/jlne.ws/4aL1pmM
Elevating Cyber Defense: A Blueprint For Forward-Thinking Companies
Ingrid Vasiliu Feltes - Forbes
The global cybersecurity landscape has been reconfigured by the convergence of emerging and frontier technologies that have increased the sophistication of cyberattacks. Several surveys and reports, including from Deloitte, PWC, Accenture and EY, outline business executives' concerns and priorities and the need to augment current cybersecurity systems.
/jlne.ws/48miO3B
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| Cryptocurrencies | | Top stories for cryptocurrencies | Goldman in talks with BlackRock, Grayscale to be part of spot bitcoin ETFs - CoinDesk
Reuters
Goldman Sachs is in talks to be an authorized participant for the spot bitcoin exchange-traded funds that BlackRock and Grayscale are looking to launch, CoinDesk reported on Wednesday, citing people familiar with the situation.
/jlne.ws/3S4T85z
JPMorgan, Goldman in Talks With Grayscale About Bitcoin ETF Role
Allyson Versprille - Bloomberg
Crypto asset manager Grayscale Investments is in talks with firms, including JPMorgan and Goldman Sachs, to potentially play a key role in its proposed Bitcoin exchange-traded fund, according to a person familiar with the matter. Both are being considered to be authorized participants - firms that have the power to create and redeem shares of the fund, said the person, who asked to remain anonymous to discuss the private talks.
/jlne.ws/41IkWjz
Bitcoin Spot Market Is Still a Little 'Weird,' ProShares Strategist Says
Yueqi Yang and Katie Greifeld - Bloomberg
The Bitcoin spot market still has deficiencies, including price discrepancy across exchanges and platform risks, according to Simeon Hyman, a global investment strategist at ProShares. On Bloomberg TV on Wednesday, Hyman said there are multiple prices for Bitcoin, while futures in the cryptocurrency rely on a combination of prices for settlement everyday. Hyman also cast doubt on how cash creation and redemptions will function in practice.
/jlne.ws/48Ggt37
Crypto optimism in the age of the doomer
Rebecca Rettig - TechCrunch
Last winter, I found myself at a dinner party in the city. It was a mixed crowd, by which I mean people who understood my work, those who didn't, or those who were skeptical of it. I'm a crypto lawyer and policy advocate, so I'm used to questions like: Are you a lawyer for Bitcoin? And do you even use a bank? As we all know, the crypto industry had been rocked at the end of 2022, which meant I fielded more questions than usual. At one point, a friend pulled me aside and asked, "Is this the end of crypto? Are you okay?"
/jlne.ws/41Lu1rS
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| Politics | | An overview of politics as it relates to the financial markets | America Has a New Axis of Evil to Prevent; To avoid a wider war, American diplomacy must keep China, Russia, Iran and North Korea as separate as possible. That'll be hard.
Andreas Kluth - Bloomberg
Since Feb. 24, 2022, and especially since Oct. 7, 2023, a specter has haunted the world and worried US President Joe Biden in particular: Will Russia's war against Ukraine, or Israel's against Hamas, draw in other belligerents, perhaps even culminating in World War III? Biden has therefore done everything in his power to support Ukraine and Israel while also keeping the US and its Western allies out of direct confrontations with Russia, Hamas' backers in Iran, and their Chinese and North Korean quasi-allies. But conflicts change unpredictably. Every vagary increases the risk that an artillery round fired over here sends missiles flying over there and detonates a bigger blow-up.
/jlne.ws/3S6ol8z
Black Americans would feel the sting of Republican budget cut proposals
Richard Cowan - Reuters
When Charla Plaines saw the toll lead paint took on her granddaughter, she was able to get the hazardous substance scrubbed from her home thanks to a federally funded program that Republicans in the U.S. House of Representatives want to cut. Black Americans, including Plaines, a 66-year-old grandmother in Harrisburg, Pennsylvania, would be disproportionately hit by this and many other cuts lawmakers are pushing as Congress faces a government shutdown deadline this month.
/jlne.ws/3TKfvP1
Biden's $400 Billion Green Bank at Risk as GOP Hunts for Next Solyndra; Republicans on Capitol Hill are scrutinizing an Energy Department loan program for evidence of mismanagement.
Ari Natter - Bloomberg
Congressional Republicans are putting President Joe Biden's $400 billion green bank in their crosshairs, seeking a repeat of the political victory they scored in 2011 with the scandal over collapsed solar company Solyndra. The probe of the Energy Department's green lending arm threatens to slow the rollout of new clean energy technology that can replace fossil fuels, a key piece of Biden's climate agenda. If Republicans succeed in finding a Solyndra-like failure, it could be a political blow for the president in an election year.
/jlne.ws/48rxlLu
Menendez Case Focuses on How Qatar Trades Its Riches for Clout; The tiny Gulf state has cultivated relationships with powerful people and institutions to raise its global profile, and to protect its interests.
Vivian Nereim and Tariq Panja - The New York Times
When Senator Robert Menendez arrived in Qatar in 2022 to attend the country's lavish production of the men's soccer World Cup, he gave an unusual interview to the authoritarian government's news agency praising the progress that Qatar had made on labor rights.
/jlne.ws/48jXCeh
Sunak Suggests He Plans UK Election in Second Half of the Year
Emily Ashton - Bloomberg
Prime Minister Rishi Sunak suggested he plans to call a UK general election in the second half of the year as he sought to silence calls for a vote in May. "My working assumption is we'll have a general election in the second half of this year, and in the meantime I've got lots that I want to get on with," the premier told broadcasters on Thursday. Still, he declined to rule out going to the polls in the spring.
/jlne.ws/48HqBZg
How to design a UK wealth fund is baffling both Labour and the Tories; Attracting enough capital to boost Britain's growth rate depends on overcoming the public-private language barrier
Sarah Gordon - Financial Times
There are many uncertainties about the UK's political future. But whoever forms the next government is likely to launch a "growth fund" to invest in the economy. Chancellor Jeremy Hunt has already tasked the British Business Bank to think through its design; Labour is proposing a "national wealth fund". Both parties hope to attract big pools of institutional capital, particularly pension fund assets.
/jlne.ws/47lH6JK
Peak Paris? Macron's 2024 Soft-Power Challenge; France needs more than this year's Olympics to build on post-Brexit success.
Lionel Laurent - Bloomberg
/jlne.ws/41JQUMa
The Houthis Are Now Iran's Most Potent Proxy; The Yemeni rebels represent a greater danger to the world economy than Hezbollah or Hamas.
Bobby Ghosh - Bloomberg
/jlne.ws/3RNslcF
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| Regulation & Enforcement | | Stories about regulation and the law. | Coinbase is playing a 'dangerous game' against the SEC with its stablecoin USDC
Leo Schwartz - Fortune
Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation. In a year shaped by court cases, 2023 had one last surprise up its sleeve. On Dec. 28, with dreams of a Bitcoin ETF lulling the crypto industry to 2024, Judge Rakoff of the Southern District of New York issued a summary judgment against Do Kwon and his failed Terraform Labs.
/jlne.ws/3tLGYVV
Hedge Funds Push Back on HK Draft Rules for 'Market Soundings'
Bei Hu - Bloomberg
One of the world's largest hedge-fund associations said Hong Kong's proposed rules for "market soundings" risk imposing an undue compliance burden on companies and people licensed in the city. The draft guidelines cast greater oversight on non-public information sharing practices between brokers and potential investors ahead of deals. While the regulator has good intentions, the rules "would put Hong Kong out of step with all other major jurisdictions" and place licensees in the city at a significant disadvantage, especially in cross-border deals, according to Kher Sheng Lee, Asia-Pacific co-head of Alternative Investment Management Association, whose hedge and private credit fund members collectively oversee more than $3 trillion.
/jlne.ws/47mZ3az
UK accounting watchdog urged to raise threshold for enforcement action; Head of accountancy body says changes needed to make profession more attractive
Simon Foy - Financial Times
The UK's accounting watchdog should raise the threshold for bringing enforcement action against auditors, according to the boss of one of the industry bodies. Michael Izza, chief executive of the Institute of Chartered Accountants in England and Wales, said the Financial Reporting Council should soften its approach to make the profession more attractive.
/jlne.ws/47pvKEz
Mark Uyeda Sworn in for Second Term as SEC Commissioner
SEC
Securities and Exchange Commission Commissioner Mark T. Uyeda was sworn in for his second term as a Commissioner at the Securities and Exchange Commission on Dec. 28, 2023. Commissioner Uyeda began his first term as an SEC Commissioner on June 30, 2022, after being nominated by President Joseph Biden and confirmed by the U.S. Senate for a term expiring in 2023. In June 2023, President Biden nominated Commissioner Uyeda for a term expiring in 2028, and the U.S. Senate confirmed Commissioner Uyeda on Dec. 20, 2023.
/jlne.ws/3twyoup
SEC Charges Florida Real Estate Developer Rishi Kapoor with Perpetuating $93 Million Fraud Scheme and Obtains Emergency Relief
SEC
The Securities and Exchange Commission today announced that it obtained an asset freeze and other emergency relief concerning an alleged $93 million real estate investment fraud perpetrated by Miami-based developer Rishi Kapoor. The SEC also charged Location Ventures LLC, Urbin LLC, and 20 other related entities in connection with the fraud scheme.
/jlne.ws/3NORGlv
SEC Charges Florida Real Estate Developer Rishi Kapoor with Perpetuating $93 Million Fraud Scheme and Obtains Emergency Relief
SEC
The Securities and Exchange Commission today announced that it obtained an asset freeze and other emergency relief concerning an alleged $93 million real estate investment fraud perpetrated by Miami-based developer Rishi Kapoor. The SEC also charged Location Ventures LLC, Urbin LLC, and 20 other related entities in connection with the fraud scheme.
/jlne.ws/3vulcXe
SEC Obtains Judgment Against Individual for Participating in Fraudulent Microcap Scheme
SEC
The Securities and Exchange Commission announced a judgment against an individual charged with participating in a fraudulent scheme involving unlawful microcap stock sales at the expense of unsuspecting retail investors. Among other things, the final judgment against Canadian resident Vincenzo Carnovale ordered him to pay $667,653.
/jlne.ws/47nps8f
SEC Obtains Final Judgment Against California Man for Insider Trading
SEC
On December 28, 2023, the Securities and Exchange Commission obtained a final judgment against defendant Gannon Giguiere, whom the SEC previously charged with insider trading in advance of an announcement by Long Blockchain Company (formerly known as Long Island Iced Tea Co.) that it was going to "pivot" from its existing beverage business to blockchain technology, which caused the company's stock price to soar.
/jlne.ws/41INWHX
Shri Govindayapalli Ram Mohan Rao takes charge as Executive Director, SEBI
SEBI
Shri Govindayapalli Ram Mohan Rao took charge as Executive Director, Securities
and Exchange Board of India (SEBI) in Mumbai on January 03, 2024. Shri Rao has
been appointed for a period of three years. He will handle Investigation Department
and Internal Inspection Department.
/jlne.ws/48HSe4w
U.S. Prosecutors Can Charge Foreign Officials With Bribery Under New Provision; Part of the annual defense bill allows the Justice Department to bring criminal charges against foreign officials who demand or accept a bribe from a U.S. citizen or company, or within a U.S. jurisdiction
Mengqi Sun - The Wall Street Journal
U.S. authorities can now prosecute foreign officials who demand or accept bribes from Americans trying to secure business, new legal firepower granted in the recently signed annual defense legislation. For the first time, a provision of the National Defense Authorization Act has made it a crime for a foreign official to ask for or take a bribe from an American person, a U.S. company or within a U.S. jurisdiction.
/jlne.ws/3TJJFlH
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Goldilocks Has Markets Coming and Going; The not too hot, not too cold economy generally only delivers great returns when no one is expecting it.
John Authers - Bloomberg
You hear the word Goldilocks a lot at present. The catchall term for "not too hot, not too cold, but just right" implies great conditions for markets. And by the time midnight rang on New Year's Eve, the world very much deployed on the basis that Goldilocks would indeed find her way through the woods.
/jlne.ws/3TL9DFi
Is private credit a systemic risk? Betteridge's Law strikes again
Robin Wigglesworth - Financial Times
Back in November, UBS chair Colm Kelleher predicted that the next financial crisis would happen in shadow banking - delightfully infuriating Apollo's Marc Rowan, speaking at the same conference later that day. You can see both sessions here. It was something Apollo's chief executive clearly couldn't let go, going off on one at a Goldman Sachs conference in early December after being questioned innocuously about regulation:
/jlne.ws/3H8A7Jw
'Like Waiting for Godot': investors hope for China turnaround in new year; Wall Street forecasters are keeping the faith that government measures will revive Chinese market
Arjun Neil Alim, George Steer, and Hudson Lockett - Financial Times
Some of Wall Street's biggest banks are betting on a substantial rebound for China's stock market in 2024 after last year's brutal rout, even as many fund managers remain wary of diving back in without stronger policy signals from Beijing. Strategists at JPMorgan have forecast that the MSCI China index will finish this year up roughly 18 per cent from where it closed out December. Goldman Sachs has set its 12-month target for the index at the same level.
/jlne.ws/48ieySL
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Consumer Reports finds 'widespread' presence of plastics in food
Jonathan Stempel - Reuters
Consumer Reports has found that plastics retain a "widespread" presence in food despite the health risks, and called on regulators to reassess the safety of plastics that come into contact with food during production. The non-profit consumer group said on Thursday that 84 out of 85 supermarket foods and fast foods it recently tested contained "plasticizers" known as phthalates, a chemical used to make plastic more durable.
/jlne.ws/41NtDsW
Logistics firms plot a sea-change in sustainability through AI and automation
Sarah LaBrecque - Reuters
Summary. Efficiencies vital for transport sector, which is responsible for over 27% of EU's carbon footprint; DHL says it can save up to 50% shipment space using AI to optimise volume of containers; Transmetrics' AI tools for data and route optimisation can help cut one litre of fuel per 100km; Driverless trucks could operate at 78% of time from current 29% reducing vehicles on road; DeepSea using AI to focus on increasing efficiency and decreasing fuel consumption of ships. "If you squint hard enough, an entirely new logistics paradigm is coming into view," predicted McKinsey in a 2019 report. From warehouse managers wearing augmented reality goggles to autonomous vehicles zipping up and down factory aisles, not to mention inventory being managed in real time, AI-powered automation will be widespread by 2030, says the report.
/jlne.ws/3NP3c0a
Six predictions for ESG in 2024: The year ESG emerged from fad to essential business; As ESG breaks through into the mainstream despite the challenges it faces, here are some predictions for 2024 on what we're likely to see in this area.
Natalie Runyon - Thomson Reuters Institute
This year, 2024, will be the one in which companies will begin to take environmental, social & governance (ESG) activities seriously, proving once and for all that ESG is here to stay. While it is true that this trend started as the result of the need to comply with regulations and risk management, by this year, companies will fundamentally overhaul their business structures. ESG issues will transition from being optional extras to integral elements of corporate strategy, essential for generating sustained value.
/jlne.ws/47nGNxK
The year ahead in ESG: Assurance, transition finance and natural capital; 3 hot topics for 2024: regulations for ESG assurance; international agreements for transition finance; and new ways to measure investment in nature and biodiversity.
Nico McCrossan - GreenBiz
Is it officially too late to wish you a Happy New Year? As we return to work, here are three sustainable finance trends that are top of mind for me, along with three themes that sustainable finance and ESG community members say they would like prioritized in 2024.My hot topics for 2024 build on progress made in 2023: regulations for ESG assurance; international agreements for transition finance; and the development of standards and instruments to monitor investment in nature and biodiversity. Here's where I see things headed.
/jlne.ws/3TO9e5c
Hong Kong CEOs plan to tap wealth management, ESG opportunities in Greater Bay Area in 2024, survey finds; Recruitment and AI will remain important topics in Hong Kong's business community, the survey by the Post found; Businesses look to turbocharge plans to capitalise on the city's drive to be one of the world's top wealth centres and talent hubs
Enoch Yiu, Mia Castagnone, Jiaxing Li, Martin Choi and Cheryl Arcibal - South China Morning Post
Hong Kong's business community is set to turbocharge plans to capitalise on the city's initiatives to be one of the world's top wealth centres and talent hubs, according to senior executives surveyed by the Post. An informal survey of company bosses' plans shows that digital assets and environmental, social, and governance (ESG) efforts will also feature prominently among the goals chief executive officers want to pursue in the coming year. The Greater Bay Area and the wider mainland China market are near the top of their lists too.
/jlne.ws/3H6SU7T
FinTech Magazine's 2024 lookahead: ESG
Tom Chapman - FinTech
/jlne.ws/3tQ36yq
Germany's 2023 CO2 emissions fall to lowest in 70 years but drop not yet sustainable - study
Riham Alkousaa - Reuters
/jlne.ws/48H8l2w
BP and Equinor scrap New York offshore wind contract as costs rise; Plan to reset deal follows inflation, higher interest rates and supply chain problems
Myles McCormick - Financial Times
/jlne.ws/48x1rg6
Italy Weighs $1 Billion Package to Boost Electric-Vehicle Sales; Draft document is being discussed by industry ministry; Aim is to change one of Europe's oldest vehicle fleets
Flavia Rotondi - Bloomberg
/jlne.ws/3S75ISb
World's Biggest Banks Made $3 Billion on Green Debt in 2023
Tim Quinson - Bloomberg
/jlne.ws/3NQ8Jn0
Endangered; For 50 years, the Endangered Species Act has been one of our most valuable environmental tools. Can it survive today's attacks?
Mother Jones Staff
/jlne.ws/3tJgJQ7
Thames Water Valuation Cut Two-Thirds by Second-Biggest Investor; Struggling water utility worth £2 billion after 62% write-off; Analysts say Ofwat is also to blame for Thames' woes
Philip Aldrick and Kat Hidalgo - Bloomberg
/jlne.ws/3S6mPTV
Judge Orders Jail Time For Prominent Everglades Scientist; Tom Van Lent is accused of stealing "trade secrets" from his former employer, the well-connected Everglades Foundation
Amy Green - Inside Climate News
/jlne.ws/3RKkqgu
India's REC hires bankers for up to $500 million yen-denominated green bond fundraise - official
Bhakti Tambe and Sarita Chaganti Singh - Reuters
/jlne.ws/48jt2li
Carbon emissions from research are the price we must pay to understand the world; Without scientific endeavour, we won't have the tools we need to measure the planet's pulse
Minna Palmroth - Financial Times
/jlne.ws/3RJWwSb
BP and Equinor scrap New York offshore wind contract as costs rise; Plan to reset deal follows inflation, higher interest rates and supply chain problems
Myles McCormick - Financial Times
/jlne.ws/48x1rg6
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citadel Closes Out 2023 With 15.3% Gains; Millennium Up 10%
Nishant Kumar and Liza Tetley - Bloomberg
Ken Griffin's Citadel posted a 15.3% return in its main Wellington hedge fund last year, a person with knowledge of the matter said, beating some of its peers as money managers grappled with a challenging 2023. Izzy Englander's $61 billion firm Millennium Management gained about 10%, another person said, improving from low single-digit returns in the early part of the year. Eisler Capital, a London-based multi-strategy hedge fund, gained 9.8%. The people asked not to be identified because the details are private. Representatives for Citadel, Millennium and Eisler declined to comment.
/jlne.ws/48kgN80
Nomura Will Lift Pay by 16% for Younger Brokerage Staffers
Takashi Nakamichi and Nao Sano - Bloomberg
Nomura Holdings Inc. will reward young employees at its flagship Japanese brokerage subsidiary with an average 16% pay rise next fiscal year, far higher than local inflation, in a sign of intensifying competition to retain newer recruits.
/jlne.ws/3NSE5K2
Citi targets China investment bank unit launch, 30 new hires by end 2024-source
Selena Li - Reuters
Citigroup Inc is aiming to launch its wholly owned China investment banking unit as early as the end of this year and hire about 30 people for the business, a person with direct knowledge of the matter said. The Wall Street bank could triple staffing in the unit, which will focus on the domestic capital market, to nearly 100 in the coming years by making local hires and transfers from Hong Kong and other markets, the person said.
/jlne.ws/3S528rz
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How to Get a Job in the Age of AI, According to a Top LinkedIn Executive; Five minutes with Daniel Shapero, LinkedIn's COO, on his advice for Gen Z workers entering a labor market undergoing radical change.
Jo Constantz - Bloomberg
Daniel Shapero has been at LinkedIn since 2008, when the Great Recession rocked the labor market. He's since risen through the ranks to become the company's chief operating officer, guiding the platform through significant strategic shifts. Now owned by Microsoft Corp., the professional networking site is taking on its next big transformation: artificial intelligence.
/jlne.ws/3RKlDo2
Managers want to keep working from home more than employees do, survey finds
Sawdah Bhaimiya - Business Insider
Employees are not the only ones complaining about returning to the office, instead, it seems like managers are equally as keen on remote and hybrid working policies. Checkr, a company that offers employee background screening services, surveyed 3,000 US workers from November 15 to 18 and published the results in December. An equal number of business leaders and employees were surveyed.
/jlne.ws/41JCVWI
FTSE Bosses to Overtake Average Worker's Annual Pay by Lunchtime
Elina Ganatra - Bloomberg
FTSE bosses returning to the office this week will have earned more by lunchtime today than the average British worker is paid for a whole year, according to a campaign group calling for pay restraint in the UK's top boardrooms. The High Pay Centre said Wednesday that median pay for UK workers is £34,963 ($44,144), an amount surpassed by the average blue-chip chief executive officer between Tuesday morning and 1 p.m. on Thursday. That's one hour less than the CEOs had to work last year to reach the same milestone.
/jlne.ws/48llvSW
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Florida Health Official Calls for Halt to Covid Vaccines; Federal health officials and other experts have repeatedly sought to counter erroneous comments about the vaccines by Dr. Joseph Ladapo, Florida's surgeon general.
Apoorva Mandavilli - The New York Times
Florida's surgeon general on Wednesday called for a halt to the use of Covid vaccines, citing widely debunked concerns that contaminants in the vaccine can permanently integrate into human DNA. "These vaccines are not appropriate for use in human beings," Dr. Joseph Ladapo, the state's surgeon general and highest-ranking health official, said in a statement released by the Florida Department of Health.
/jlne.ws/48nHDvW
It Takes at Least 200 Hours to Make a Close Friendship, and More to Maintain It; Working to keep up friendships can be logistically tough but good for us physically, mentally and emotionally
Clare Ansberry - The Wall Street Journal
Many of us worry that we don't put in enough time to maintain close friendships. But how much is enough? As we trek further into adulthood, many of our friends fall away. It's understandable: Family and jobs become more demanding and free time more limited. We may want to meet a close friend for coffee or dinner, but our calendars are full with work, must-do appointments, meetings or kids' activities.
/jlne.ws/3vi03zs
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Russian Oil Losing Competitive Edge in India as Prices Rise
Rakesh Sharma - Bloomberg
India's crude oil imports from Russia in November were the costliest in a year, government data show, reflecting lowering discounts on the fuel. Refiners in the world's third-largest oil consumer paid an average of $85.90 a barrel for shipments from its largest supplier, up 1.8% compared with $84.46 in October.
/jlne.ws/41LtG8A
China Regains LNG Buyer's Crown as Rivals Brace for More Growth
Stephen Stapczynski - Bloomberg
China has regained the title of world's biggest buyer of liquefied natural gas, as a further rebound in deliveries threatens to tighten supply of the heating and power plant fuel. LNG shipments to China rose 12% last year to nearly 71 million tons, according to ship-tracking data compiled by Bloomberg. High prices and virus restrictions had significantly cut demand in 2022, which helped free up LNG shipments to gas hungry nations elsewhere.
/jlne.ws/3TP8yfQ
China's Commodities Demand Remains Resilient Despite Factory Slump
Bloomberg
Recent economic surveys are underplaying the resilience of China's commodities consumption, according to Capital Economics Ltd., which pointed to robust imports and its own assessments of economic activity. The latest factory gauges suggest the outlook for the nation's manufacturers remains fragile, with the official purchasing managers' index released at the weekend shrinking in December to the lowest level in six months. ANZ Group Holdings Ltd. said the survey showed businesses cutting selling prices as orders drop, heightening deflationary risks and the need for more government stimulus, according to a note from the bank.
/jlne.ws/3H4mrPw
Philippine Central Bank Governor Signals Less FX Intervention; BSP is no longer behind the curve in inflation fight, he says; Authority had been 'intervening a bit too much' in FX market
Andreo Calonzo - Bloomberg
The Philippine central bank is moving toward a "less managed" exchange-rate framework, Governor Eli Remolona said, as cooling inflation eases pressure on policymakers to curb the peso's weakness. "We think intervention should only happen in times of stress," Remolona told a forum on Thursday in Manila, acknowledging that the Bangko Sentral ng Pilipinas has been "intervening a bit too much" in the FX market.
/jlne.ws/48HQOaa
Libya's Top Oil Field Halts Production Following Protests
Hatem Mohareb and Salma El Wardany - Bloomberg
Libya's largest oil field halted production after protesters entered the facility, according to a person with direct knowledge of the operations. The country's National Oil Corp. had warned earlier that a full stoppage and a force majeure were likely if the north African country was unable to meet the demands of protesters at the Sharara field, according to a letter from the company signed by an NOC board member and obtained by Bloomberg.
/jlne.ws/47mWq8M
Air Liquide Pushes Mexico for Answers After Government Seizes Hydrogen Plant
Scott Squires and Amy Stillman - Bloomberg
/jlne.ws/3H7nvlG
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