| December 13, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
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Hits & Takes
John Lothian & JLN Staff
Registration for the FIA's International Futures Conference in Boca Raton, FL is open for the conference scheduled for March 10 to 13 at the beautiful and updated Boca Resort. You don't want to miss out on this year's conference full of industry leaders and the firms that shape the industry. It is good to register early so you don't miss out.
This year's conference runs Monday to Wednesday, with an opening pre-conference reception on Sunday night. JLN will be at the conference again with our video team to conduct interviews, so reach out if you are interested, have news you want to share or opine on industry issues. Or, if you want to contribute to one of our video history projects, you can sit for an interview at Boca and tell your story there.
If you had any doubts about the sale of Trading Technologies being a transformative event for the company, doubt no more, Keith Todd and TT continue to build the company and develop it into a full-bodied technology provider for its trading community clients. Today TT announced two new dedicated business lines, TT Compliance and TT Quantitative Trading Solutions (QTS).
TT said "The two dedicated lines of business build on TT's past offerings in trade surveillance and algorithmic/quantitative trading solutions that were strengthened by TT's acquisitions of Abel Noser Solutions - the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants - in August 2023 and RCM-X - a technology provider of algorithmic execution strategies and quantitative trading products - in March 2022."
The Wall Street Journal wants the U.S. economy to hum and so they have yet another list for those of you who don't know what to buy that special man in your life. The story is titled "31 Unique Gifts for Men Who Have Everything." I don't have everything, but more than enough. The subheadline for the story is "Our curated list for the hard-to-buy-for guy has more than a dozen clever items-and not a single tie." The last part of that line about no ties is the best part.
The Lamborghini Leonardo DiCaprio Drove in 'Wolf of Wall Street' sold at auction for $1.655 million last week, Barron's reported. During its Luxury Week event on December 8th, RM Sotheby's held a performance and luxury car auction at its New York headquarters, where the star of the show was the 25th Anniversary Edition 1989 Lamborghini Countach driven by DiCaprio in the movie. This iconic vehicle shattered the previous sales record for the same model by an impressive $880,000, as reported by the auction house.
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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In a unpredictable turn of events, COP28 negotiations went into overtime yesterday and world governments agreed to a new climate deal in Dubai today at the COP28 summit. The agreement includes a long-awaited and unprecedented call to transition away from fossil fuels, but uses vague language that could allow some countries to take minimal action. The agreement, known as the Global Stocktake, was made after an overtime marathon between countries divided over the future role of oil, gas and coal. The final draft does not include language around a "phase out or phase down" of fossil fuels. Countries are called on to accelerate a global shift away from fossil fuels this decade in a just, orderly and equitable manner, and to quit adding carbon dioxide to the atmosphere entirely by midcentury. It also calls on nations to triple the amount of renewable energy, like wind and solar power, used by 2030. JLN has included a roundup of stories on this historic agreement in our leads section today. ~SAED
Our most read stories from our previous edition of JLN Options were:
- Why are US stocks sluggish? Some blame a looming $5 trillion options expiration from Reuters.
- Desperate Retail Investors Drive India's Options Craze from Bloomberg.
- Citadel Securities Revenue Jumps to $1.8 Billion on Volatility from Bloomberg via Yahoo Finance. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Apple Makes Security Changes to Protect Users From iPhone Thefts; Stolen Device Protection can prevent criminals from using your passcode to change your Apple account
Joanna Stern and Nicole Nguyen - The Wall Street Journal
Apple is rolling out a new security setting for iPhones following Wall Street Journal reporting about a vulnerability that allowed thieves to break into victims' devices and upend their lives. The Journal reported on a nationwide spate of thefts where criminals used iPhone owners' passcodes to change their Apple accounts, access saved passwords, steal money and lock them out of their iCloud-stored photos and videos. Thieves in New York, Chicago, New Orleans, Minneapolis and other cities watch iPhone owners tap in their passcodes before stealing the targets' devices.
/jlne.ws/4awoHgb
***** So much of my commerce runs through my phone from banking to my Amazon purchases. Anything Apple can to do improve security is alright by me.~JJL
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Shohei Ohtani's Dodgers Contract Features Jerome Powell as MVP; Higher interest rates make big payments in future look less expensive now
Telis Demos - The Wall Street Journal
At first glance, it seems like financial magic: The Los Angeles Dodgers have somehow figured out a way to pay the two-way superstar Shohei Ohtani $700 million, while also kind of only paying him $460 million, at least as far as Major League Baseball's luxury tax rules are concerned.
/jlne.ws/46ToC2R
***** The Wall Street Journal picked up the time value of money story for the Shohei Ohtani contract. Someone else took Finance 101.~JJL
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Startup That Monitors Space Threats Raises $100 Million to Expand Satellites; Contractor's spacecraft to track national threats in orbit; Threats can range from enemy satellites to space debris
Edward Ludlow and Paayal Zaveri - Bloomberg
True Anomaly Inc., a US startup designing military and intelligence space reconnaissance systems, raised $100 million from investors to ramp up output of a satellite that can track national threats in orbit. Riot Ventures led the series B round with participation from Eclipse Ventures, ACME Capital and Menlo Ventures. True Anomaly, based in the Denver area, will use the funds to hire and scale operations. The startup's valuation was not disclosed, but it is yet to reach unicorn status, or more than $1 billion.
/jlne.ws/486nudk
****** One of the VC firms that contributed was Stark Industries?~JJL
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Tuesday's Top Three
To be honest, I am not impressed by the choices in our top story yesterday. I think The Wall Street Journal sold out (or was lazy) in the choices for 45 Stocking Stuffers for Men and Women That Are Fun and Useful. The one I would recommend is the Thermapen. Expensive but great (I have one, just my $0.02). Second was Bloomberg's JPMorgan Is in a Fight Over Its Client's Lost $50 Million Fortune. In short, JP Morgan lost their client a fortune and the client is suing. Pay attention to your broker's performance. Third was from John Lothian News, JPX's Strategic Initiatives in Response to Regulatory Changes and Market Dynamics Unveiled in JLN FIA Asia Interview.
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| Lead Stories | Trading Technologies Announces New Dedicated Business Lines to Fuel Growth Across Asset Classes in 2024; TT Compliance and TT Quantitative Trading Solutions build on existing strengths, recent acquisitions through new strategic focus
Trading Technologies International, Inc.
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced the launch of two new lines of business, TT Compliance and TT Quantitative Trading Solutions (QTS), to further support the company's growth into new asset classes. The two dedicated lines of business build on TT's past offerings in trade surveillance and algorithmic/quantitative trading solutions that were strengthened by TT's acquisitions of Abel Noser Solutions - the industry-leading provider of transaction cost analysis (TCA) for investment managers, brokers, asset owners and consultants - in August 2023 and RCM-X - a technology provider of algorithmic execution strategies and quantitative trading products - in March 2022.
/jlne.ws/3RoKjCj
Legal Hurdles Stack Up for Gensler's SEC; Group of hedge funds sues the SEC in hopes of overturning a pair of rules related to short selling and securities lending
Paul Kiernan - The Wall Street Journal
Gary Gensler is facing a growing number of legal challenges as the Securities and Exchange Commission chair moves forward with wide-reaching efforts to squeeze Wall Street for the benefit of investors and companies. A group of hedge funds sued the SEC on Tuesday in hopes of overturning a pair of recent rules requiring more disclosures around short selling and securities lending. The case was filed in the same conservative appeals court that looks set to kill another SEC rule aimed at getting investors more information about public companies' share repurchases.
/jlne.ws/47UmCc4
China Convenes Hong Kong Bankers in Bid to Revive Financial Hub; Moves come after top China leaders vowed to back HK's IFC role; Concern over city mount amid stock market slump and layoffs
Bloomberg News
China's financial policymakers are in Hong Kong this week meeting bankers to seek ways to bolster the city's status as a hub for investments, deals and talent. The Ministry of Finance is convening a meeting Wednesday with bankers as authorities step up efforts to bolster confidence, people familiar with the matter said, asking not to be identified discussing private information. HSBC Holdings Plc, Standard Chartered Plc, Bank of China (HK) are among those invited, the people said.
/jlne.ws/48foWtP
SBF's Lawyer Says His Client Was the 'Worst' Ever Under Cross Examination; Stanford Law Professor David Mills, who led defense for FTX's Sam Bankman-Fried as favor to his parents, now fears 'unwinnable' case has ended their friendship.
Ava Benny-Morrison - Bloomberg
Sam Bankman-Fried went off-script when he took the stand. That's the view of David Mills, the behind-the-scenes architect of the FTX co-founder's defense at trial. The once high-flying crypto mogul repeatedly veered away from his lawyers' strategy, including on how to handle prosecutors' tough questions on cross-examination. "He may be at the very top of the list as the worst person I've ever seen do a cross examination," says Mills, a Stanford Law School colleague and a close friend of Bankman-Fried's parents.
/jlne.ws/47RU96H
Countries reach 'historic' COP28 deal to transition from fossil fuels; UN revised agreement strengthened but alliance of small island states complains about 'litany of loopholes'
Attracta Mooney, Aime Williams and Simeon Kerr - Financial Times
Countries have reached a deal at the COP28 climate summit to transition away from fossil fuels in an attempt to reach global net zero emissions by 2050. Celebrated as "historic" by COP28 president Sultan al-Jaber and praised by the US and EU, the deal was nonetheless criticised by 39 small island nations that complained it was rammed through without their support. Countries will now be asked to set "ambitious, economy-wide" emissions reduction targets covering all greenhouse gases and in line with limiting global warming to 1.5C degrees over the next two years, taking into account the agreement on fossil fuels. However, the text recognises that the targets should be set "in light of different national circumstances", a reference to the principle that poorer countries may find reducing emissions more difficult than wealthier countries.
/jlne.ws/47chbEl
*****This story from Bloomberg, also Reuters, also Al Jazeera, also Washington Post, also The Guardian, and also The Wall Street Journal
COP28: Article 6 failure avoids a worse outcome
Carbon Market Watch
Torn between countries demanding that Article 6 carbon markets be available with virtually no restrictions and countries insisting on upholding transparency, human rights, and climate ambition, negotiators at COP28 failed to break the deadlock. With all the unresolved problematic issues, the fact that they reached no deal was better than agreeing to a bad one that would torpedo the Paris Agreement. Two weeks of intensive talks at COP28 in Dubai that followed months of detailed preparatory negotiations failed to clinch a deal on Article 6 carbon markets. The lack of a breakthrough leaves the nascent UN carbon markets in a continued state of uncertainty and shakiness, but avoids the adoption of inadequate rules that would have chained down climate ambition, enabled questionable trading and facilitated greenwashing. https://jlne.ws/4au2ZJE
What's Missing From the COP28 Climate Deal; The agreement calls for phasing out fossil fuels. But it also lets oil producers keep drilling and gives few specifics on how to fund a shift to greener energy.
Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
The global challenge of phasing out fossil fuels. The COP28 climate summit wrapped up a few hours ago with a compromise agreement that calls on nations to move away from fossil fuels. But the deal still gives energy-exporting giants like Saudi Arabia plenty of leeway to continue drilling and presents countries and investors with the huge challenge of how to fund a green-energy shift over the next few years.
/jlne.ws/3NqY8Ph
Green pledges mean nothing if you can't get the permits; Local rules are a major drag on American efforts to decarbonise
Brooke Masters - Financial Times
One of the few bright spots to come out of the COP28 climate summit over the past couple of weeks was a promise by 118 countries to triple the world's renewable energy capacity by 2030. But in the US, a pledge by the Biden administration will not be enough to get companies fully on board with the energy transition without further help on untangling bureaucratic red tape. Permitting delays and complex state and local regulations are already ensnaring wind farms, solar fields and alternative fuel projects in large numbers, driving up the costs and making some nonviable, despite Washington's enthusiasm and significant subsidies from the Inflation Reduction Act and other federal agencies.
/jlne.ws/3uZgYXB
DWS, Flow Traders and Galaxy Are Forming a Firm to Issue an Euro Stablecoin; Firms will launch a Frankfurt-based company called AllUnity; Company aims to apply for e-money license from Germany's BaFin
Anna Irrera - Bloomberg
Deutsche Bank's DWS Group, Dutch market maker Flow Traders Ltd. and crypto fund manager Galaxy Digital Holdings Ltd. are planning to form a company to issue an euro-denominated stablecoin, with the goal of driving more mainstream adoption of tokenized assets.
/jlne.ws/41m4ZPV
US Treasury market braces for overhaul as vote on clearing looms
Laura Matthews and Carolina Mandl - Reuters
-U.S. Treasury market participants hope the securities regulator will heed pleas for a careful phase-in of a rule it is due to finalize on Wednesday that would force more central clearing of transactions in a seismic overhaul of the $26 trillion market.
/jlne.ws/3Rn6SXP
Nasdaq Will Repurpose Tech From Curtailed Crypto Foray
Jenny Surane and Francine Lacqua - Bloomberg
Nasdaq Inc. is planning to repurpose the technology it developed for a curtailed foray into cryptocurrency. The stock exchange operator, which in July aborted its launch of a custodian business for digital assets in the US, has been building out its technology services related to tokenized assets.
/jlne.ws/3uUUCq6
Lure of cash poses challenges for asset managers; Fund firms under pressure as investors move into low-cost, high-yielding money market funds
Harriet Agnew and Katie Martin, and Brooke Masters - Financial Times
M&G Investments' annual bond forum in London earlier this year featured an unusual presence on the stage: a large colourful statue of an elephant. Fixed to it was a piece of paper reading "6.2 per cent". It was there as the literal "elephant in the room" - a visual representation of the challenge that fund managers now face: to win a place in a portfolio, they have to beat the rate that a client can earn on ultra-safe short term savings accounts.
/jlne.ws/46WZHLG
Solar and Wind to Top Coal Power in US for First Time in 2024
Will Wade - Bloomberg
Electricity generated from US solar and wind systems will surpass power produced by burning coal for the first time next year, driven by surging panel installations. Coal will produce about 599 billion kilowatt-hours in 2024, according to government data released Tuesday. That will be down from 669 billion kilowatt-hours this year as utilities continue to shutter coal-burning power plants.
/jlne.ws/3t6SxqF
China Turns the Tables on Wall Street; Beijing is ripping up the playbook for handling international debt defaults
Matt Wirz and Alexander Saeedy - The Wall Street Journal
China is upending how the international financial system handles debt crises in the developing world. Wall Street isn't happy. Large bond fund managers cried foul last month when China blocked their deal to salvage investments in defaulted Zambian debt. The smackdown came just weeks after Chinese officials brokered a private debt restructuring with Sri Lanka, outmaneuvering Western governments that were trying to do the same.
/jlne.ws/3NpvZYU
Hedge fund groups sue SEC in effort to block short-selling rules; Industry says US regulator has not considered impact of its new measures on securities markets
Stefania Palma, Brooke Masters and Jennifer Hughes - Financial Times
A coalition of hedge fund groups has sued to invalidate a pair of US rules on short selling that they claim are in conflict and risk revealing investors' positions. Three industry groups on Tuesday told the US federal appeals court for the fifth circuit that the Securities and Exchange Commission had taken an "arbitrary and capricious" approach when adopting two measures aimed at broadening short-selling disclosure.
/jlne.ws/3Rnhgz7
City stalls UK drive to shorten settlement times for trades; Task force appointed by UK Treasury struggles to agree on date to narrow window for finalising securities deals
Ellesheva Kissin - Financial Times
A government drive to boost the attractiveness of UK financial markets by reducing settlement times for trades has stalled because of divisions in the City of London over whether to align the new rules with the US or the EU. A task force appointed by the Treasury is struggling to agree on a date to cut the time for finalising securities deals from the current two-day period to next-day settlement, according to four people with direct knowledge of the talks.
/jlne.ws/3tcLWeh
UK settlement taskforce to deliver T+1 report in January as timeline debate rumbles on; Report on shortening the settlement cycle in the UK was initially set to be delivered in this month, however discussions about alignment with Europe are proving to be a sticking point in moving forward, according to sources.
Jonathan Watkins - The Trade
The UK's Accelerated Settlement Taskforce is aiming to publish its report and recommendations on shortening the cycle to T+1 in January 2024, The TRADE's sister title Global Custodian has learnt. The taskforce filled with industry experts from across the securities services space was set up at the end of last year and had intentions to publish initial by December 2023 with a full report and recommendations will be made by December 2024. This was revised however, with the taskforce believing it could move straight to delivering a report by the end of this year.
/jlne.ws/3Rk5RzS
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Has Lost Almost 90% of Its Prewar Army, U.S. Intelligence Says; The declassified estimate says 315,000 personnel have been killed or injured in Ukraine
Warren P. Strobel and Matthew Luxmoore - The Wall Street Journal
The war in Ukraine has devastated Russia's preinvasion military machine, with nearly 90% of its prewar army lost to death or injury, and thousands of battle tanks destroyed, according to a newly declassified U.S. intelligence assessment shared with Congress. The intelligence assessment, according to a congressional source, says that 315,000 Russian personnel have been killed or injured since the February 2022 invasion, or about 87% of Moscow's prewar force of 360,000.
/jlne.ws/3Tutmsy
The War That Neither Ukraine nor the West Can Afford to Lose; The war between Russia and Ukraine can continue indefinitely unless the West realizes that what's at stake isn't just the fate of Ukraine but the future of the West itself
Serhii Plokhy - The Wall Street Journal
As the New Year arrived in Ukraine with the Russian missile attack on Kyiv on the early morning of Jan. 1, 2023, there were two main questions on the minds of policy makers around the world. The first pertained to the fate of the continuing Russian winter offensive, while the second concerned the results of the planned Ukrainian spring counteroffensive.
/jlne.ws/3teRODG
Zelensky Plea for Ukraine Aid Draws Sympathy but Doesn't Break Washington Impasse; Ukrainian president's push for more weapons, funds is tied up in U.S. border policy fight
Annie Linskey, Siobhan Hughes and Michelle Hackman - The Wall Street Journal
Ukrainian President Volodymyr Zelensky drew a sympathetic reception from Congress in a last-ditch trip to Washington, but he failed to break an impasse over military aid to his country, as the funding package he pressed for became enmeshed in U.S. domestic politics. Many lawmakers of both parties support the tens of billions of dollars in new aid sought by Ukraine, which is closing out the second year of its war against Vladimir Putin's Russia. But House and Senate Republicans are demanding a crackdown on migrant crossings at the southern U.S. border as a condition for their votes, a step Democrats have rejected.
/jlne.ws/4aco0IF
Bill Ackman's Ruthless Quest to Oust College Presidents; Former shareholder activist takes to open letters, tweets in campaign against heads of Harvard, Penn and MIT
Cara Lombardo - The Wall Street Journal
As rumors swirled last week that the University of Pennsylvania's president was being pressured to resign, billionaire investor Bill Ackman tweeted "One down." Once it became official, the Harvard graduate turned his attention to the other two university presidents who struggled to condemn calling for the genocide of Jews when testifying before Congress last week. He wrote a letter to his alma mater's governing board Sunday, reiterating his calls to remove Claudine Gay as president and fired off a tweet warning the Massachusetts Institute of Technology's boards that if they didn't take action, he could send them a missive next. Harvard decided against removing Gay, it said Tuesday.
/jlne.ws/3RjRbkq
U.K. Sets Up New Office to Help Enforce Sanctions Against Russia; The Office of Trade Sanctions Implementation will enforce export controls, particularly those against Russia, and can issue civil monetary penalties on companies that evade sanctions
David Smagalla - The Wall Street Journal
The U.K. government is establishing a new unit that will focus on stopping companies from evading export controls, particularly those against Russia. The Office of Trade Sanctions Implementation will be responsible for the civil enforcement of trade sanctions and will have the power to issue civil monetary penalties on companies. The U.K. Department of Business and Trade intends to launch the OTSI next year.
/jlne.ws/41iZz88
Ukraine's Biggest Wireless Service Knocked Offline in Attack; Kyivstar says internet and cellular services are disrupted; several banks report technical problems
Drew FitzGerald, Dustin Volz and Catherine Stupp - The Wall Street Journal
/jlne.ws/3RBqyIV
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | We Are No Strangers to Human Suffering, but We've Seen Nothing Like the Siege of Gaza
Michelle Nunn, Tjada D'Oyen McKenna, Jan Egeland, Abby Maxman, Jeremy Konyndyk and Janti Soeripto - The New York Times
We are no strangers to human suffering - to conflict, to natural disasters, to some of the world's largest and gravest catastrophes. We were there when fighting erupted in Khartoum, Sudan. As bombs rained down on Ukraine. When earthquakes leveled southern Turkey and northern Syria. As the Horn of Africa faced its worst drought in years. The list goes on.
/jlne.ws/48idnlR
Israel Begins Pumping Seawater Into Hamas's Gaza Tunnels; Early effort to flood tunnels is one of several techniques aimed at destroying network that underpins Hamas's operations
Nancy A. Youssef, Carrie Keller-Lynn, Michael R. Gordon and Dov Lieber - The Wall Street Journal
Israel's military has begun pumping seawater into Hamas's vast complex of tunnels in Gaza, according to U.S. officials briefed on the Israeli military's operations, part of an intensive effort to destroy the underground infrastructure that has underpinned the group's operations. The move to flood the tunnels with water from the Mediterranean, which is in an early stage, is one of several techniques Israel is using to try to clear and destroy the tunnels.
/jlne.ws/46VL2R9
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | DTCC Appoints Gloria Lio Head of Enterprise Services
DTCC
DTCC, the premier post-trade market infrastructure for the global financial services industry, today announced the appointment of Gloria Lio as Managing Director, Head of Enterprise Services. Lio, who joined the company on December 11, 2023, will also serve as a member of the DTCC Management Committee. As Head of Enterprise Services, Lio will be responsible for leading strategy development for DTCC's Global Business Operations, Client Services, Integration and Business Architecture. Additionally, she will help drive forward DTCC's digitization efforts. She will report to Frank La Salla, DTCC's President, Chief Executive Officer and Director.
/jlne.ws/3GH00Qo
Use of Letters in Securities Codes to Start
Japan Exchange Group
To address the decrease in available specific name codes for stocks assigned to general companies (4- digit numbers from [1300] to [9999]), the Securities Identification Code Committee (SICC) has announced that it will begin to use letters in the codes. We would like to once again notify you that, as originally planned, letters will be used in the codes for new listings approved on and after January 1, 2024.
/jlne.ws/3uXwCmb
Update: Annual Changes to the Nasdaq-100 Index
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced an update to the annual reconstitution of the Nasdaq-100 Index (Nasdaq: NDX). Per the announcement by Pfizer Inc. (NYSE: PFE), the pending acquisition of Seagen, Inc. (Nasdaq: SGEN) is expected to close on December 14, 2023. As a result, Take-Two Interactive Software, Inc. (Nasdaq: TTWO), will be added to the Nasdaq-100 Index and Seagen, Inc. will be removed as part of the annual reconstitution, which will become effective prior to market open on Monday, December 18, 2023.
/jlne.ws/3uXnNJc
SGX Group appoints new Head of Equities effective mid-2024
Singapore Exchange
Singapore Exchange (SGX Group) announces that Chief Financial Officer (CFO) Ng Yao Loong will transition to the position of Head of Equities by mid-2024 to provide dedicated leadership in the development of our securities market. He will be in this role with Janice Kan as co-head. In the meantime, the search for a new CFO is underway and Mr Ng will continue to serve as CFO until then.
/jlne.ws/3TmUZ6
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Trading Technologies launches two business lines to support company's expansion into new asset classes; The new units are part of the firm's wider reorganisation into six distinct lines of business, aimed at supporting clients' multi-asset needs.
Claudia Preece - The Trade
Trading Technologies International (TT) has unveiled two new dedicated business lines, TT Compliance and TT Quantitative Trading Solutions (QTS), to fuel growth for 2024 across asset classes. The offerings build on existing strengths in trade surveillance, algo and quant trading solutions, leveraging the recent acquisitions of Abel Noser Solutions in August and RCM-X in March 2022.
/jlne.ws/3GI45DQ
BMLL expands data coverage in North America to include Canada; New expansion will allow Canadian exchange operators to analyse venue performance and liquidity dynamics against local and global peers.
Wesley Bray - The Trade
Historical Level 3 data and analytics provider BMLL has expanded its data coverage to include the Canadian market. Data is now available from all major Canadian trading venues and exchanges, including the Toronto Stock Exchange, the Canadian Securities Exchange, CBOE Canada, Nasdaq Canada and Omega ATS.
/jlne.ws/3tf0LwM
BMLL Expands North American Data Coverage to Canada; Adds Level 3 data from all major Canadian trading venues and exchanges including the Toronto Stock Exchange, the Canadian Securities Exchange; Nasdaq Canada; CBOE Canada (NEO Exchange); Omega ATS and the Canadian Consolidated Book; Provides market participants with a global view of market or venue behaviour, based on the most granular data available; Canadian exchange operators now able to analyse venue performance and liquidity dynamics against local and global peers
BMLL
BMLL, the leading, independent provider of harmonised, historical Level 3 data and analytics across global equity, ETFs and futures markets, today announced the expansion of their data coverage to include the Canadian market. High-quality data is now available from all major Canadian trading venues and exchanges including the Toronto Stock Exchange (XTSE, XTSX, XATS) the Canadian Securities Exchange (XCNQ); CBOE Canada (Neo Exchange) NEOE, NEOD, NEON, NEOC); Nasdaq Canada (CHIC); and Omega ATS (OMGA).
/jlne.ws/41s6b4o
New York Times Hires First Newsroom Leader Focused on Artificial Intelligence; Quartz co-founder Zach Seward tasked with establishing principles for how the Times will and won't use generative AI
Alexandra Bruell - The Wall Street Journal
The New York Times has hired an editorial director of artificial-intelligence initiatives, signaling a significant commitment to the new technology as major news organizations explore its potential capabilities and risks. The Times has tapped Quartz co-founder Zach Seward to work with newsroom leadership in establishing principles for "how we do and do not use generative A.I.," Executive Editor Joe Kahn and Deputy Managing Editor Sam Dolnick said in a note to staff Tuesday morning.
/jlne.ws/4actZxb
Snapchat+ Users Rise to Seven Million in Sign of Demand for Its New AI Features; Snap has used Snapchat+ to test new features on customers; Premium offering is Snap's biggest bet for revenue besides ads
Alex Barinka - Bloomberg
Snap Inc. said it now has 7 million subscribers for its Snapchat+ offering, which gives users early or exclusive access to features on its social media app, including artificial intelligence tools. That's up from 5 million users in September for the service, which launched July 2022. Snap is aiming for 10 million users in the "medium term," the company has said.
/jlne.ws/3teLX1c
Axel Springer strikes landmark deal with OpenAI over access to news titles; German publisher will allow content to be used to train artificial intelligence in 'first of its kind' agreement
Daniel Thomas and Madhumita Murgia - Financial Times
Axel Springer will allow OpenAI to train artificial intelligence models using content from the German publishing giant's outlets such as Bild, Politico and Business Insider, in a landmark deal for the global media industry. Under the agreement struck with ChatGPT-owner, the German group will earn tens of millions of euros a year to allow its news content to develop generative AI technology that can create text, images and code that are indistinguishable from human creations.
/jlne.ws/46QECCM
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| Cybersecurity | | Top stories for cybersecurity | AI dominates cybersecurity megatrends for 2024: Report
Shweta Sharma - CSO
AI has topped the list of emerging trends that are likely to impact the enterprise security segment in 2024, according to a study by the security industry association (SIA). The research that surveyed hundreds of security industry business leaders, including several volunteers and speakers from the 2023 Securing New Ground (SNG) conference, indicated a multifaceted penetration of AI in the security segment.
/jlne.ws/3GD3bIO
Which cybersecurity controls are organizations struggling with?
Help Net Security
How are organizations performing across cybersecurity controls in the Minimum Viable Secure Product (MVSP) framework? A recent analysis by Bitsight and Google reveals some good and some bad results - and room for improvement.
/jlne.ws/3uZTMZd
The Year in Cybersecurity - 2023 Popular Reads on JD Supra
JD Supra
For your interest, here's a look at some of the most widely read news, analysis, and commentary on cybersecurity matters published on JD Supra throughout all of 2023:
/jlne.ws/48iiNNJ
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| Cryptocurrencies | | Top stories for cryptocurrencies | Google Updates Policy To Allow Crypto ETF Ads As Possible Spot BTC ETF Approval Nears
Nica Osorio - IB Times
Search engine giant Google recently introduced policy updates that contain crucial changes to its advertising guidelines on cryptocurrency and related financial products. These adjustments are scheduled to take effect on Jan. 29, 2024. The changes, as per Google, are based on the latest criteria in its certification process, among which Cryptocurrency Coin Trusts are allowed to create and serve ads on Google granted that they are able to meet the requirements and secure a Google certification.
/jlne.ws/3RHGUzX
BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks; A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly.
Ian Allison - CoinDesk
A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants - a vital part of the ETF ecosystem - will be able to create new fund shares with cash, rather than only with cryptocurrency.
/jlne.ws/3RFGbz4
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| Politics | | An overview of politics as it relates to the financial markets | Geopolitical bad actors are the stock market's top fear heading into 2024
George Glover - Business Insider
Geopolitical issues have vaulted past high inflation and a potential recession to become the market's number-one concern, according to a Natixis poll. The French asset manager published its annual survey of 500 top institutional investors from around the world Monday, having asked each of them what they thought the top economic threats for 2024 were.
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Key MAGA Megadonor Shifts His Spending for 2024; Cargo magnate Dick Uihlein was the No. 1 donor for Republicans in 2022. He now appears to be trying to conceal his giving.
Roger Sollenberger - The Daily Beast
One of the biggest megadonors fueling the MAGA agenda appears to have changed up his strategy, according to a Daily Beast analysis of new financial disclosures, scaling back his personal largesse while an associated dark money group's spending soared. The disclosures also reveal for the first time a direct convergence of arguably the three most influential conservative megadonors in the country-cardboard billionaire Dick Uihlein, investor Jeff Yass, and Leonard Leo, the deep-pocketed backroom architect of the judiciary.
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Yes, Trump can win the 2024 election. Here are four reasons why
James Oliphant - Reuters
He has been impeached twice, tried to thwart the peaceful transfer of power after losing the 2020 presidential election, faces scores of charges in multiple criminal cases, and his critics warn he is plotting to rule as an autocrat. Yet, Donald Trump could still return to the White House. Trump leads his rivals for the Republican presidential nomination by nearly 50 percentage points in national opinion polls, a remarkable comeback for a one-term president who three years ago appeared vanquished and humiliated.
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Bill Ackman's Campaign Against Harvard Followed Years of Resentment; The billionaire investor has mounted a high-profile battle against Harvard president Claudine Gay over antisemitism and threats to Jewish students on campus, but long-held personal grudges play a part, too.
Maureen Farrell and Rob Copeland - Bloomberg
In the two-month battle over the fate of Harvard's president, the billionaire investor William A. Ackman has cast himself as a protector of Jewish students and the standard-bearer for people who believe colleges have fostered a hostile atmosphere for critics of liberal orthodoxy.
/jlne.ws/47SLGAg
France seeks weaker EU due diligence rules for banks; Paris pushes against lenders being held liable for clients' environmental or human rights shortcomings
Alice Hancock and Sarah White - Financial Times
France is pushing for banks not to be held liable for the environmental or labour shortcomings of their clients in crunch talks on new EU due diligence rules, effectively calling for the proposed regulations to be watered down. Negotiators from the bloc's governments, European parliament and the European Commission entered a final round of talks on Wednesday, with Paris leading calls for banks to be exempt from the new due diligence rules, at least temporarily, or to have the rules altered.
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| Regulation & Enforcement | | Stories about regulation and the law. | DOJ Official Defends Corporate Settlements That Stop Short of Guilty Pleas; A senior official said the deals are 'serious,' while also responding to questions about the department's decision not to charge Purdue Pharma's Sackler family
Richard Vanderford - The Wall Street Journal
A senior U.S. Justice Department official defended the use of settlements that let companies avoid pleading guilty after senators questioned whether prosecutors have been too soft on corporate crime, including by not charging the Sackler family members who own Purdue Pharma. Settlement agreements known as deferred prosecution agreements and nonprosecution agreements, which stop short of requiring corporate guilty pleas, don't let businesses off the hook, Acting Assistant Attorney General Nicole Argentieri, who heads the department's criminal division, said Tuesday at a U.S. Senate Judiciary Committee hearing.
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U.S. seizes crypto linked to Southeast Asian investment scam
Tom Wilson and Poppy Mcpherson - Reuters
The United States has seized digital currency worth about half a million dollars from an account registered to a Chinese man who featured in a Reuters investigation into crypto-investment fraud run from Southeast Asia. U.S. authorities said the scam that prompted the seizure involved a crypto-investment fraud known as pig butchering. In such schemes, fraudsters manipulate unsuspecting people they meet online, persuading them to invest in bogus crypto schemes.
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The PRA publishes the first of two policy statements for the implementation of the Basel 3.1 standards
Bank of England
Today the Prudential Regulation Authority (PRA) has published the first of two near-final policy statements covering the implementation of the Basel 3.1 standards for market risk, credit valuation adjustment risk, counterparty credit risk, and operational risk. The near-final policy statement is relevant to all PRA-regulated banks, building societies, investment firms and financial holding companies ('firms').
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Two Men Charged for Operating $25M Cryptocurrency Ponzi Scheme
Office of Public Affairs - Department of Justice
A superseding indictment was unsealed yesterday charging an Australian national and a California man with operating a cryptocurrency Ponzi scheme that defrauded victims of more than $25 million. According to court documents, David Gilbert Saffron, 51, of Australia, and Vincent Anthony Mazzotta Jr., 52, of Los Angeles, allegedly conspired to operate a fraudulent scheme to induce victims to invest in various trading programs that falsely promised to employ an artificial intelligence automated trading bot to trade victims' investments in cryptocurrency markets and earn high-yield profits. Saffron and Mazzotta promoted the investment programs under various names including Circle Society, Bitcoin Wealth Management, Omicron Trust, Mind Capital, and Cloud9Capital. Rather than investing victims' funds in cryptocurrency, Saffron and Mazzotta allegedly misappropriated victims' funds to pay for personal expenses including private chartered jet flights, luxury hotel accommodations, private mansion rentals, a personal chef, and private security guards.
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Basel Committee consults on targeted adjustments to its standard on interest rate risk in the banking book
Bank of International Settlements
Basel Committee publishes consultation on targeted adjustment to its standard on interest rate risk in the banking book; Adjustments update calibration of the standard's interest rate shock parameters and methodology used to calculate the shocks; Comments on the proposed adjustments requested by 28 March 2024.
The Basel Committee on Banking Supervision today published a consultative document to propose targeted adjustments to its 2016 standard on interest rate risk in the banking book (IRRBB). The adjustments aim to give effect to a commitment to periodically update the calibration of the interest rate shock factors used in the standard. The changes are unrelated to the Committee's ongoing analytical work on interest rate risk following the March 2023 banking turmoil.
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Court Grants SEC Request for Receiver Over GPB Capital Holdings
SEC
On December 7, 2023, the U.S. District Court for the Eastern District of New York granted the SEC's request to convert the ongoing monitorship over GPB Capital Holdings, LLC ("GPB Capital") and multiple affiliated entities into a receivership.
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Statement Before the Subcommittee on Capital Markets of the U.S. House of Representatives' Financial Services Committee
Chairman Wagner, Ranking Member Sherman and Members of the Subcommittee - FINRA
Thank you for the opportunity to appear today to discuss the important work that the Financial Industry Regulatory Authority, or FINRA, is doing to fulfill our mission under the federal securities laws to protect investors and safeguard market integrity while facilitating vibrant capital markets. The last several years have witnessed a period of continued evolution for the securities markets and those who participate in them. Innovations in technology and financial products and services have created many benefits and opportunities for investors, but in some cases have also introduced new risks or challenges that merit thoughtful regulatory responses.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Former Microsoft CEO Steve Ballmer is on pace to earn $1 billion in dividends annually from his massive stake in the software company
Matthew Fox - Business Insider
Microsoft is on track to pay former CEO Steve Ballmer about $1 billion in annual dividend payments. Ballmer, who is currently the sixth richest person in the world, is the largest individual shareholder in Microsoft. As of his last ownership disclosure in 2014, Ballmer owned 333.2 million shares of Microsoft, representing about 4% of the company.
/jlne.ws/3GGjZhZ
OCC Reports Mortgage Performance for Third Quarter of 2023
Office of the Comptroller
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023. The OCC Mortgage Metrics Report, Third Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, the same as the previous quarter. Performance improved compared to third quarter 2022 when 97.2 percent of mortgages were current and performing.
/jlne.ws/48ezk55
Citadel Sees Departure of Four Portfolio Managers
Liza Tetley and Nishant Kumar - Bloomberg
Four Citadel portfolio managers, including Surveyor Capital's Mike Scheer, have left Ken Griffin's hedge fund firm ahead of the new year, according to people familiar with the matter. Nico Dil, Tim Woodward and Sean Murphy, all based in London, also departed, the people said. Scheer managed an industrials-focused strategy at Surveyor, one of Citadel's stock-picking units, according to his LinkedIn profile.
/jlne.ws/3RGuoRe
The Oil Market's Latest Setback: Contango Everywhere; Dubai timespreads indicate oversupply for first time in a year; Flip to contango follows similar moves for Brent and WTI
Alex Longley and Sharon Cho - Bloomberg
For the first time in more than a year the oil market is flashing bearishness in every key global pricing hub. On Wednesday, several Dubai crude timespreads flipped into contango, a structure where nearby prices trade at a discount to later ones, after similar moves in the Brent and West Texas Intermediate benchmarks. As well as pointing to an oversupplied market, contango also tends to provide trend-following funds with a signal to sell more futures.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | The eight biggest stories of COP28, from Loss & Damage funding to fossil fuel lobbyists
edie
Following the conclusion of COP28 in Dubai on Wednesday morning (13 December), edie reflects on eight of the biggest stories from the two-week climate summit - from the Loss and Damage Fund announced as the doors opened, to the final agreement.
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US nuclear start-ups battle funding challenge in race to curb emissions; Reactors pioneered by Oklo, X-energy and NuScale suffer financing setbacks as well as regulatory headwinds
Jamie Smyth - Financial Times
US plans to build up its nuclear industry face big funding and regulatory challenges which could delay a new generation of smaller, more efficient reactors touted by advocates as critical to fighting climate change. Industry experts told the Financial Times a declaration signed last week by Washington and 21 other nations at the COP 28 climate summit to triple the amount of installed nuclear energy by 2050 was a step forward, given the sector's ability to provide emissions-free power. But a sharp fall in market support for start-ups developing so-called small modular reactors and other advanced nuclear facilities threaten US ambitions, they said.
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The Arctic's Vital Signs Are Going Haywire From Climate Change; Melting ice and greening tundra signal rapid warming at the top of the world, says the 2023 Arctic Report Card.
Danielle Bochove - Bloomberg
The Arctic experienced its warmest summer on record in 2023, with an average temperature of 6.4C (43.5F) - half a degree higher than the previous record set in 2016, according to the Arctic Report Card released Tuesday. Coming at the end of the hottest year ever recorded, the 18th edition of the annual report shows a continuation - and in some cases an acceleration - of trends that are reshaping the polar region as the planet heats up from human-caused climate change. Those trends include less sea ice, more rain and warmer sea surface temperatures.
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We Went to the First EV Charging Station Funded by the Federal Infrastructure Law; The Ohio charging station signals the start of a wave of new projects paid for by the 2021 law.
Dan Gearino - Inside Climate News
On the western outskirts of Columbus, Ohio, two doors down from a Waffle House, is a truck stop that, as of last Friday, has the first electric vehicle charging station in the country to be financed in part by the 2021 federal infrastructure law. The Pilot Travel Center at I-70 and U.S. 42 has four charging ports. They are part of a partnership between General Motors and Pilot that the companies say will lead to chargers being installed at 500 Pilot and Flying J locations. At about 10:30 a.m. on a Tuesday, nobody was using the chargers.
/jlne.ws/3uYFx73
EU lawmakers, countries agree on a bill on gig workers' rights
Reuters
European Union lawmakers provisionally agreed on Wednesday on a bill aimed at giving workers at online companies such as Uber (UBER.N) and Deliveroo (ROO.L) employee benefits, which if adopted would be a global first. The new rules will prevent workers from being wrongfully classified as self-employed, and therefore not eligible for benefits, by introducing "presumption of employment".
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We won't see peak oil demand in our lifetime, JPMorgan's top energy strategist says
Aruni Soni - Business Insider
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It is morally wrong to blindly adhere to net zero - we must abandon it before it's too late; At Cop28, Prince Abdulaziz bin Salman was right to call out delusional Western leaders with their pie-in-the-sky nonsense
Allison Pearson - The Telegraph
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The Fate of the West's Water Rests on the Shoulders of This 27-Year-Old; Can J.B. Hamby find a way to convince California's cities and farmers to cut a deal over the Colorado River?
Annie Snider - Politico
/jlne.ws/47WUqVW
World's Biggest ESG Fund Class Adds Oil and Cuts Green Exposure; Fossil fuel holdings rose after stricter ESG rules enforced; Development coincides with Big Oil dominating COP28 talks
Frances Schwartzkopff - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Morgan Stanley Seeks to Sell Unwanted Loans to European Firms; Bank looks to sell a dozen corporate loans at discount; Loans from MS and other banks offered as lenders shed risk
Laura Benitez - Bloomberg
Morgan Stanley is selling a dozen of corporate loans mostly linked to European companies as it seeks to cut risk across its leveraged finance lending. Morgan Stanley is sounding out interest from potential buyers for portions of revolving credit facilities and term loans provided to companies including Intrum AB and Kedrion SpA, according to people familiar with the matter and a note seen by Bloomberg.
/jlne.ws/41nHRAI
Man Group CEO Robyn Grew Says Asset Managers Ready for M&A Wave; High costs, need for scale mean time for consolidation: Grew; London firm bought a controlling stake in Varagon this year
Nishant Kumar - Bloomberg
The asset management industry is ripe for consolidation as the end of near-zero interest rates forces firms to weigh options and soften valuations, according to Robyn Grew, the boss of the world's largest listed hedge fund firm. "As we look at the barriers to entry in this space, if we look about the cost of running our businesses, if we think about the scale that we need to operate at, and the multiples that we're starting to see coming down, I think this could be an interesting time for consolidation," Man Group Plc Chief Executive Officer Grew told Bloomberg Television's Francine Lacqua in an interview.
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Vanguard Is Closer Than Ever to Ending BlackRock's ETF Reign; Vanguard's popularity with fee-conscious advisers and retail investors is poised to make it No. 1 in the sector within a couple of years.
Katie Greifeld - Bloomberg
There was a time when early leaders in hot areas of financial services could count on maintaining their profit dominance with ease. But now the $7.8 trillion market in US exchange-traded funds (ETFs) is hurtling toward a new order, as BlackRock Inc.'s lead over runner-up Vanguard Group Inc. shrinks to a razor-thin margin.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Businesses aren't prepared for AI's massive labor disruption, but experts say focusing on a few key changes is vital
Sage Lazzaro - Fortune
One of the biggest questions created by artificial intelligence is what it will mean for work: Will AI cause mass unemployment or improve the jobs that are available? Will computer programming skills become obsolete? And which fields of study should college students focus on?
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| Wellness Exchange | | An Exchange of Health and Wellness Information | A Simple Policy to Greatly Improve Workplace Well-Being; Make corporate managerial bonuses contingent on their employee's well-being.
Abigail Fagan - Psychology Today
In a recent survey, Union Pacific, a company with over 10,000 employees was voted as one of America's worst companies to work for. Glassdoor reviews show that employees work long hours and overtime with low benefits. The staff lacks work-life balance and layoffs are common, all contributing to low employee well-being. Only 20% of employees would recommend working there to a friend and its CEO's approval rating was a dismal 16%.
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Wellness Tourism Market to Reach USD 1,922.2 Billion by 2032; Rising Health Awareness, Says Market.us
Market.Us
The shopping segment has emerged as the fastest-growing segment, boasting an impressive CAGR of 8.7% in 2022, with a focus on health and wellness-related products. North America reigns as the most lucrative market for wellness tourism, commanding a substantial market share of 42.4% in 2022. According to market.us, the global wellness tourism market reached USD 822.3 billion globally in 2022 and is projected to witness substantial growth, reaching approximately USD 1,922.2 billion by 2032. During the period from 2024 to 2033, this market is anticipated to experience its highest compound annual growth rate (CAGR) at 9.1%.
/jlne.ws/3TnNgpb
How a pediatrician helped patients overcome their fear of shots; After immersing herself in an innovative VR experience, one five-year-old exclaimed, "That was fun! I felt the needle, but it was funny to think it was just a fish nibbling."
Fast Company
Most hospital visits begin with a pinprick. Drawing blood is typically necessary to reach a diagnosis-the main reason why 1.4 billion needle procedures are performed in the U.S. annually. But for the nearly two-thirds of adults who report a fear of needles, that's 1.4 billion too many. Their discomfort has major healthcare ramifications, with half of those affected avoiding blood draws and donations, while a third delay vaccinations. Trypanophobia (fear of needles)-and its associated pain-is even more acute in children, requiring sedation and restraints when a phone isn't enough to distract them. In addition to patients' lifelong trauma, the staff time and resources wasted in aborted pediatric procedures adds to an already-strained healthcare system. Rather than tackle their fears head-on, what if there was a way to literally render needles out of sight, and thus out of mind?
/jlne.ws/3v1ayHy
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | EU and Chile sign modern and ambitious trade and political agreements
European Commission
The EU and Chile have today signed an Advanced Framework Agreement and an Interim Trade Agreement to strengthen political cooperation and foster trade and investment. The signature took place at a meeting between Executive Vice-President and Commissioner for Trade Valdis Dombrovskis, High Representative/Vice-President Josep Borrell, the Chilean Minister of Foreign Affairs Alberto van Klaveren Stork, the Spanish Minister for the Economy and Digital Transformation Nadia Calviño and the Spanish Minister of Foreign Affairs, European Union and Cooperation José Manuel Albares on behalf of the Spanish Presidency of the Council.
/jlne.ws/46W6qpd
China's GAC Group to set up investment fund of $4.18 bln
Reuters
China's GAC Group signed agreement on Wednesday with partners to set up an investment fund which aims to strengthen its business development in the new energy vehicle industry.
/jlne.ws/3teITlQ
South Korea seeks arrest warrant for ex-Samsung Elec official over alleged technology leak
Reuters
South Korea's prosecution office is seeking an arrest warrant for a former Samsung Electronics official over the alleged theft of company technology for a Chinese chipmaker, a local broadcaster reported on Wednesday.
/jlne.ws/3thxjGt
In sea change for Poland, new government is sworn in
Alan Charlish and Pawel Florkiewicz - Reuters
Polish president swears in new government. Ceremony completes shift away from nationalist rule. New PM Tusk aims to repair ties with European Union. New Prime Minister Donald Tusk's government was sworn in by Poland's president on Wednesday, the final step in a transfer of power that marks a huge change after eight years of nationalist rule. Following years of disputes between Warsaw and Brussels under the previous government, led by the Law and Justice (PiS) party, Tusk's appointment has raised hopes of smoother relations with the rest of the European Union.
/jlne.ws/3TnKMXP
Egypt's Sisi cruises towards victory in subdued election
Aidan Lewis and Amina Ismail - Reuters
Egyptians cast their ballots on Tuesday on the third and final day of a presidential election expected to give President Abdel Fattah al-Sisi a sweeping victory and a new six-year term in the absence of real competition. Many Egyptians have shown little interest in the election, saying they believe that voting will make little difference, although authorities and commentators on tightly controlled local media continued urging them to cast ballots out of national duty until polls closed at 9 p.m. (1900 GMT).
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Argentina's surging prices add urgency to new president's plan
Miguel Lo Bianco - Reuters
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