| June 20, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
FIA Tech today announced it has enhanced "its Trade Data Network (TDN) to support the operational resiliency needs of clearing firms on the platform." FIA Tech said, "Firms utilising the Trade Data Network can now securely replicate and store all trading activity at any exchange connected to TDN, in support of a quicker recovery in the event of a systemic outage such as a cyberattack or technology failure."
And they added, "This past week, FIA Tech successfully completed a stress test, demonstrating the ability to securely capture and replay five trading days of activity in under four hours for all existing clearing firms using the platform."
That is some good work by FIA Tech addressing risks confronting the industry.
This is the first day of FIA IDX in London and Julie Ros's first interview was with Exberry's Guy Melamed. They talked about "Exberry's latest achievements in enabling exchanges to overcome regulatory challenges, streamline operations, and unlock new market opportunities."
I am sure that the London Metal Exchange appreciates the timing of the nickel lawsuit by Elliott Investment Management and Jane Street and International Derivatives Week falling in the same week. There are two stories in the Financial Times today about the court's three-day court case, the first titled "LME Fueled Nickel Chaos by Lifting Circuit Breakers, Says Elliott" and the second "Elliott accuses LME of rushed decision over cancelled nickel trades."
Yesterday I mentioned that on Sunday we published a podcast interview I did with Tim McCourt and FTSE Russell's Catherine Yoshimoto about the upcoming Russell reconstitution on Friday. The videos I created for the podcast were posted to LinkedIn initially, not YouTube, though they have now been posted to both YouTube and Vimeo. The links were correct for LinkedIn. You can see Catherine here (LinkedIn, Vimeo and YouTube) and Tim here (LinkedIn, Vimeo and YouTube.
The Financial Times' Martin Wolf has come out with his list of the "Best summer books of 2023: Economics." These are the best mid-year reads selected by the chief economics commentator at the Financial Times.
A four-bedroom townhouse in Washington, DC tied to Sam Bankman-Fried is poised to sell for $3 million, Barron's reported. The townhouse owned by the non-profit group Guarding Against Pandemics, which was founded by Bankman-Fried's brother Gabriel, was bought for $3.289 million in April 2022.
The Wall Street Journal reported that Do Kwon has been sentenced to four months in jail for passport fraud in Montenegro. He also faces charges in the U.S. and South Korea for his role in the TerraUSD cryptocurrency collapse. This is kind of like putting Al Capone in jail for tax fraud. Really, passport fraud? I am not saying Mr. Kwon is guilty of the U.S. and South Korean charges, just saying the lighter nature of the passport fraud charges is laughable.
The IFM is holding an "Energy Derivatives Trading Bootcamp" next week, June 26-30, in virtual instructor-led 2-hour sessions per day. For information and to sign up for the course, go HERE.
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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Friday, June 23, is the David Setters Trophy 2023, Fundraising for Motor Neurone Disease Association Cricket Day, at The Rectory Field, Blackheath Cricket Club, Kent. Setters, a long time champion of the futures and options markets, has been instrumental in establishing many industry events and is a founding trustee of Futures for Kids (FFK). Participants include teams from London Metal Exchange, Euronext, ICE, KRM22, StoneX Group Inc. and Trading Technologies. The event takes place from 10:30 a.m. until early evening and there's no entry fee. Donations are welcome. Learn more here. ~SAED
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Crypto Exchange Backed by Citadel Securities, Fidelity, Schwab Starts Operations; EDX Markets won't directly handle customers' digital assets or directly serve individual investors
Alexander Osipovich - The Wall Street Journal
A new cryptocurrency exchange backed by Citadel Securities, Fidelity Investments and Charles Schwab is seeking business from brokers and investors interested in digital assets but wary of troubles at FTX and Binance. The venture, EDX Markets, quietly began executing trades in recent weeks. EDX is expected to announce that it has gone live later Tuesday, nine months after its backers unveiled their plans for the crypto marketplace.
/jlne.ws/3Jm0Bsm
***** "EDX says it will offer trading in just four cryptocurrencies - bitcoin, ether, litecoin and bitcoin cash - none of which have been identified as securities by the SEC." ~WSJ
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Data is a Key Component for Enterprise Resilience
BornTec Team
It's no secret: cyberattacks are a perpetual pandemic. Incidents rose by 38% in 2022 according to Check Point Research, with a new attack occurring every 40 seconds or less. And, as the trading industry learned from the ransomware attack on ION Trading in January 2023, a company doesn't have to be a direct target of an attack to feel the negative effects.
/jlne.ws/3CxWZjj
***** This writing is very Chuck Mackie-like.~JJL
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How the Worst Drought in a Century Is Changing the Panama Canal; Authorities seek to preserve business with lowest rainfall since waterway opened in 1914
Costas Paris - Financial Times
The Panama Canal is going through its driest spell in more than a century, and an extended lack of rainfall could saddle global supply chains with delays and higher fees to move cargo. The government agency that manages the artificial waterway implemented travel restrictions in May to avoid ships running aground, and since then some large vessels have had to reduce container loads by roughly one-quarter.
/jlne.ws/3Nf180h
***** Panama is one of the wettest countries in the world, but rainfall is down 47% and that means less cargo can flow through the canal. This relic of 1914 is a major conduit for trade around the world and is now experiencing the lowest rainfall since the canal opened.
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Monday's Top Three
Our top story Monday was CME Group's Father's Day video featuring Tim McCourt, Chrissy Somers's family, Arthur Yu, Ryan Mahoney, Pavel Solyak's sons and Steve Stasys, on LinkedIn. Second was A day in the life of a student Trading Analyst, from Optiver. Third was He Went After Crypto Companies. Then Someone Came After Him. (About Kyle Roche, a "rising star in the field of cryptocurrency law - until his career imploded.")
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MarketsWiki Stats
23,021 pages; 211,875 edits
MarketsWiki Statistics
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| Lead Stories | Trading Technologies establishes new FX business line, TT® FX, appointing industry veteran Tomo Tokuyama to lead initiative; First phase of launch to provide connectivity to major ECNs for spot FX trading on TT platform
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced that the firm has established a new foreign exchange (FX) business unit, TT FX, and appointed industry veteran Tomo Tokuyama to lead it. Tokuyama has an extensive FX trading track record on the buy side and sell side, most recently as Head of Trading at a multi-billion dollar quantitative fund manager. TT made the announcement at the start of the FIA International Derivatives Expo (IDX) in London.
/jlne.ws/3PfTplo
LME Fueled Nickel Chaos by Lifting Circuit Breakers, Says Elliott; Elliott, Jane Street are challenging LME trade cancellations; LME says'price bands' wouldn't have prevented crisis
Jonathan Browning - Bloomberg
The London Metal Exchange contributed to last year's nickel crisis by removing trading curbs just as prices spiked up in a massive short squeeze, according to the two firms suing the LME over its decision to cancel billions of dollars of trades a few hours later. The unexplained removal of "price bands" early on March 8 meant that nickel was able to rise much faster than it normally could have, Elliott Investment Management and Jane Street argued in filings Tuesday. It was among a barrage of accusations launched at the LME over its actions last March, on the first day of hearings in a case that's likely to decide the future of the world's key metals market.
/jlne.ws/46aBToC
China's'trinket town' at heart of push for renminbi trade; Russians lead drive to settle in Chinese currency as sanctions cut access to dollar financing
Sun Yu in Yiwu and Hudson Lockett - Financial Times
In the eastern Chinese city of Yiwu, home to the world's largest wholesale market for small manufactured goods, socks exporter John Zhu is heartened by the rising number of Russian traders willing to settle their bills in renminbi. "Russia's break-up with the west leaves the country no choice but to rely on the renminbi to keep its economy afloat," said Zhu, noting that clients in Moscow sent renminbi payments via WeChat, the Chinese social media app. "We are a beneficiary of the trend."
/jlne.ws/43P8zSX
Nasdaq Transfers European Power Business To EEX
Markets Media
The European Energy Exchange and Nasdaq, announced they have reached an agreement under which EEX will acquire Nasdaq's European power trading and clearing business, subject to receipt of customary regulatory approvals. The transaction will involve the transfer of existing open positions in Nasdaq's Nordic, French, and German power futures as well as European carbon emission allowance futures (EUAs) to EEX's clearing house European Commodity Clearing (ECC). No financial details of the deal are disclosed.
/jlne.ws/3CFY0Wx
FIA TECH Enhances Trade Data Network To Support Operational Resiliency
FIA Tech
FIA Tech, a leading futures industry technology provider, has enhanced its Trade Data Network (TDN) to support the operational resiliency needs of clearing firms on the platform. Firms utilising the Trade Data Network can now securely replicate and store all trading activity at any exchange connected to TDN, in support of a quicker recovery in the event of a systemic outage such as a cyberattack or technology failure. This past week, FIA Tech successfully completed a stress test, demonstrating the ability to securely capture and replay five trading days of activity in under four hours for all existing clearing firms using the platform.
/jlne.ws/3Ph8oLT
Elliott accuses LME of rushed decision over cancelled nickel trades; US hedge fund seeks $456mn compensation in case that could have ramifications for London's role as commodity trading hub
Leslie Hook - Financial Times
Elliott Associates has accused the London Metal Exchange of rushing a decision to cancel thousands of nickel trades last year at the start of a court case that will decide if the US hedge fund can seek $456mn in compensation. The three-day trial at London's Royal Court of Justice seeks to determine whether the LME acted legally when it cancelled billions of dollars of nickel trades on March 8 last year.
/jlne.ws/46czMk8
UBS to Face Penalties Over Credit Suisse's Archegos Fiasco; Swiss, UK, US regulators have completed their investigations; UBS provisioned $4 billion for potential legal liabilities
Myriam Balezou and Patrick Winters - Bloomberg
UBS Group AG faces hundreds of millions of dollars in regulatory fines over Credit Suisse Group AG's dealings with Archegos Capital, as the Swiss bank inherits its former rival's entire litigation portfolio, according to a person familiar with the matter.
/jlne.ws/3NCzhZg
West faces climate'hit' if global clean energy push fails, warns fund chief; Mafalda Duarte also vows to clean up Green Climate Fund in wake of 2020 sexual harassment scandal
Aime Williams - Financial Times
The new head of the world's biggest climate finance institution has warned that without clean energy investment in developing nations the US and Europe will be "hit", regardless of their own policy efforts at home.
/jlne.ws/3qUIXWj
Mining Pools Are the New Mixers For Cybercriminals: Chainalysis; Hackers have a new way to recycle their ill-gotten crypto gains.
Anna Baydakova - CoinDesk
Ransomware hackers have a new money-laundering trick: mining new coins to replace "tainted" ones, blockchain analytics firm Chainalysis said in a blog post on Thursday. The firm located 372 exchange deposit wallets that received both mining profits and ransomware proceeds, Chainalysis wrote. These addresses altogether have received $158.3 million from ransomware-related wallets since 2018.
/jlne.ws/3p5VpSG
Internal JPMorgan Report Provides New Details on Bank's Ties to Jeffrey Epstein; Report concluded in 2019 that Epstein regularly gave personal and business advice to Jes Staley, set up meetings with government officials
Khadeeja Safdar and David Benoit - The Wall Street Journal
JPMorgan Chase reviewed its ties to Jeffrey Epstein in 2019 and found that he had regularly given business advice to onetime JPMorgan executive Jes Staley and invited him to meetings with senior officials in foreign governments. Epstein also helped Staley with more personal matters, the review found, such as the application process for Staley's daughter into a Ph.D. program at Columbia University.
/jlne.ws/3ND6Cn0
Abu Dhabi's ADQ wealth fund held talks to acquire Lazard; Move underlines oil-rich emirate's ambitions to acquire a western financial services company
Arash Massoudi and Simeon Kerr - Financial Times
Abu Dhabi's sovereign wealth fund ADQ held detailed talks to take Wall Street investment bank Lazard private, in a move that underlined the oil-rich emirate's ambitions to acquire a western financial services company. The talks were held this year between Lazard, led by outgoing chief executive Ken Jacobs, and ADQ, led by Sheikh Tahnoon bin Zayed al-Nahyan, the fund's chair and Abu Dhabi's powerful national security adviser, said people with direct knowledge of the matter.
/jlne.ws/3PmezOz
States accelerate efforts to block Chinese purchases of agricultural land
Sydney Kashiwagi - CNN
A growing number of states are considering or have passed measures this legislative term to ban "foreign adversaries" and foreign entities- specifically China- from buying farmland. Proponents of the laws, mostly Republicans but some Democrats as well, have frequently cited concerns about food security and the need to protect military bases and other sensitive installations. But the moves have stoked anxieties among some experts on US-Chinese relations, including those who see echoes of past discriminatory laws in the United States like the Chinese Exclusion Act.
/jlne.ws/42SzEn0
Japan's Crypto Exchanges Are Pushing for Looser Margin Trading Rules to Help the Sector Grow; Crypto outfits want margin trading cap of as much as 10 times; Regulator says solid reasons needed to change two-times limit
Takashi Nakamichi and Nao Sano - Bloomberg
Japan's crypto exchanges are pushing for a relaxation of curbs on margin trading, unbowed by last year's global digital-asset market crash. Many people in the industry want permitted leverage for retail investors of four to 10 times whereas currently customers can at most double exposure via borrowing, according to the Japan Virtual & Crypto Assets Exchange Association.
/jlne.ws/3Nbp8S2
Europe Will Sabotage Itself by Over-Regulating AI, Venture Capitalist Warns
Celia Bergin and Tom Mackenzie - Bloomberg
The European Union is moving closer to enacting new rules around artificial intelligence - a step that some in the industry say will put necessary safeguards on a powerful technology, and that others believe will hurt the region's economy.
/jlne.ws/3JmvCMQ
Deutsche Bank Applies for Digital Asset License Amid Growth Push
Steven Arons - Bloomberg
Deutsche Bank AG has applied for regulatory permission to operate a custody service for digital assets such as crypto currencies. "We're building out our digital assets and custody business," David Lynne, who runs the lender's commercial banking unit, said at a conference Tuesday. "We just put our application into the Bafin for the digital asset license," he said, referring to Germany's securities watchdog. The move is part of a wider strategy to increase fee income at Deutsche Bank's corporate bank, Lynne said. It also mirrors efforts at Deutsche Bank's investment arm DWS Group to expand income from offerings linked to digital assets.
/jlne.ws/3CBfcw7
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Targets Kyiv and Lviv in Overnight Strikes
The New York Times
Russia sent dozens of attack drones across Ukraine before dawn on Tuesday, directing most at the capital in the latest assault far from the front lines. Air-raid alerts sounded in Kyiv, the capital, and much of the country shortly before 3 a.m. as the authorities warned civilians to take shelter. The alerts lasted for more than three hours in Kyiv as drones came in waves from various directions, according to Serhiy Popko, the head of the city's military administration. There were also reports that one drone had struck a target in Lviv, in western Ukraine.
/jlne.ws/3JmCM3v
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group to Launch Lithium Carbonate Futures as Electric Vehicle Demand Surges
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will launch a Lithium Carbonate futures contract on July 17, 2023, pending all relevant regulatory reviews. Lithium Carbonate CIF CJK (Fastmarkets) will be financially-settled based on the battery-grade Lithium Carbonate assessment published by Fastmarkets. Lithium Carbonate futures are complementary to CME Group's Lithium Hydroxide CIF CJK (Fastmarkets) futures and will help establish a forward curve for Lithium Carbonate, offering market participants more transparency and choice for their different battery chemistry preferences.
/jlne.ws/3JiRnNB
ASX Makes Changes To Executive Leadership Team
ASX
Today ASX announced changes to its executive leadership team and recognised the contribution of some long serving leaders.
Following a dedicated career spanning 23 years at ASX, Group Executive Securities and Payments, Tim Hogben confirmed his intention to take leave before departing ASX to pursue new opportunities.
/jlne.ws/351gPmZ
SIX and Piraeus Bank join forces to establish a partnership in the securities services area
BME-X
Piraeus Bank moves international assets under custody to SIX - enhancing its Global Custody Network. SIX remains most committed to the continued strengthening of its presence in the growing Greek market. SIX focuses on delivering robust solutions and continuous innovation in an agile environment to elevate the competitive value and support the growth of its Greek clients.
/jlne.ws/3JmEoKT
EEX and Nasdaq Commodities Announce Intention to Transfer Nasdaq's European Power Business to EEX; EEX to facilitate transition to zonal futures in Nordic power market to grow area price liquidity
EEX
The European Energy Exchange (EEX) and Nasdaq, Inc. (Nasdaq: NDAQ) today announced they have reached an agreement under which EEX will acquire Nasdaq's European power trading and clearing business, subject to receipt of customary regulatory approvals. The transaction will involve the transfer of existing open positions in Nasdaq's Nordic, French, and German power futures as well as European carbon emission allowance futures (EUAs) to EEX's clearing house European Commodity Clearing (ECC). No financial details of the deal are disclosed.
/jlne.ws/46gw3lQ
EEX and Nasdaq Commodities Announce Intention to Transfer Nasdaq's European Power Business to EEX; EEX to facilitate transition to zonal futures in Nordic power market to grow area price liquidity
Nasdaq
The European Energy Exchange (EEX) and Nasdaq, Inc. (Nasdaq: NDAQ) today announced they have reached an agreement under which EEX will acquire Nasdaq's European power trading and clearing business, subject to receipt of customary regulatory approvals. The transaction will involve the transfer of existing open positions in Nasdaq's Nordic, French, and German power futures as well as European carbon emission allowance futures (EUAs) to EEX's clearing house European Commodity Clearing (ECC). No financial details of the deal are disclosed.
/jlne.ws/3NDIjoU
JSE expands its cloud based colocation services offering
JSE
Through a new, international tech collaboration, the Johannesburg Stock Exchange (JSE) will soon launch Colo 2.0- an advanced managed infrastructure as a service (IaaS) solution that will provide JSE clients with cloud-based colocation services.
/jlne.ws/468jWqP
Nasdaq, Inc. Announces Proposed Senior Notes Offerings
Nasdaq
Nasdaq, Inc. (the "Company") (Nasdaq: NDAQ) today announced that it plans to offer, subject to market and other conditions, U.S. dollar-denominated senior notes (the "Dollar Offering") and euro-denominated senior notes (the "Euro Offering" and, together with the Dollar Offering, the "Offerings"). The Company expects to use the net proceeds from the Offerings, together with cash on hand and proceeds of other debt, to fund the cash consideration payable by the Company in connection with its pending acquisition of Adenza Holdings, Inc. ("Adenza"), to repay certain outstanding indebtedness of Adenza and its subsidiaries and to pay related expenses, and for general corporate purposes.
/jlne.ws/3Czqbq9
SGX Securities welcomes the listing of CSOP iEdge Southeast Asia+ TECH Index ETF
SGX
SGX Securities today welcomed the listing of CSOP iEdge Southeast Asia+ TECH Index ETF. Managed by CSOP Asset Management Pte. Ltd., the ETF offers investors access to the fast-growing digital and technology sectors in Southeast Asia and India. Developed by SGX Index Edge as part of its suite of thematic index solutions, the iEdge Southeast Asia+ TECH Index aims to track the performance of the largest 30 technology companies based in India, Indonesia, Malaysia, Singapore, Thailand and Vietnam. Constituents in this index include companies in technology-related sectors such as Information Technology, Software and Consulting, Car Manufacturing, Electronic Components and Manufacturing, and Retail and Media Services.
/jlne.ws/42NX90G
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | FIA Tech supports operational resiliency through enhancement of Trade Data Network; New improvements will allow users to securely replicate and store all trading activity at any exchange connected to the network, ensuring speedier recovery in the event of a systemic outage.
Wesley Bray - The Trade
Futures industry technology provider FIA Tech has enhanced its Trade Data Network (TDN) to support the operational resiliency demands of clearing firms utilising the platform. Users of TDN will now be able to securely replicate and store all trading activity at any exchange connected to the network, which will help ensure speedier recovery in the event of a systemic outage such as a cyberattack or technology failure.
/jlne.ws/3NbypJQ
Trading Technologies establishes new FX business unit; With an initial implementation phase scheduled for late 2023, the move becomes TT's latest expansion into a new asset class following its acquisition of fixed income trading solutions provider AxeTrading.
Wesley Bray - The Trade
Trading Technologies International (TT) has established a new foreign exchange business unit named TT FX. TT FX becomes the latest expansion into a new asset class by TT, following its March acquisition of fixed income trading solutions provider AxeTrading.
/jlne.ws/443b0ks
KRM22 secures 5mln pound loan with largest shareholder
Williams Farrington - Proactiveinvestors.com
KRM22 PLC (AIM:KRM, OTC:KRMCF) has announced a new 5mln pound convertible loan facility agreement arranged by its largest shareholder, Trading Technologies International, which secured the agreement after a competitive process. The technology and software investment company will initially draw down 4mln pounds under the facility, replacing its existing debt facility provided by affiliates of Kestrel Partners LLP.
/jlne.ws/3JjqR6w
Asset managers pressure tech companies over possible AI misuse; Financial firms worried about liability for human rights issues associated with the burgeoning technology
Kenza Bryan - Financial Times
Big institutional investors are increasing pressure on technology companies to take responsibility for the potential misuse of artificial intelligence as they become concerned about the liability for human rights issues linked to the software.
/jlne.ws/3CAS0yj
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| Cybersecurity | | Top stories for cybersecurity | Malwarebytes issues fix for Chrome broken by Windows 11 KB5027231
Sergiu Gatlan - Bleepingcomputer.com
Malwarebytes released a fix for a known issue breaking Google Chrome on its customers' systems after installing the Windows 11 22H2 KB5027231 cumulative update released last week. On Wednesday, the company confirmed user reports that the Google Chrome user interface would no longer show up after deploying this month's Patch Tuesday cumulative updates.
/jlne.ws/43Llfdr
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| Cryptocurrencies | | Top stories for cryptocurrencies | Data is a Key Component for Enterprise Resilience
BornTec Team
It's no secret: cyberattacks are a perpetual pandemic. Incidents rose by 38% in 2022 according to Check Point Research, with a new attack occurring every 40 seconds or less. And, as the trading industry learned from the ransomware attack on ION Trading in January 2023, a company doesn't have to be a direct target of an attack to feel the negative effects.
/jlne.ws/3CxWZjj
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| Politics | | An overview of politics as it relates to the financial markets | Jeffrey Epstein claimed to have set up meetings with senior UK ministers; JPMorgan report describes how sex offender offered to act as intermediary between Jes Staley and British government
Joe Miller, and Jim Pickard and George Parker - Financial Times
Jeffrey Epstein claimed to have brokered meetings between then-senior banker Jes Staley and high-ranking members of the UK government, according to an internal investigation by JPMorgan Chase. A 22-page report by the bank, compiled following the arrest of its former client in 2019 and seen by the Financial Times, details how Epstein offered to connect Staley with UK chancellor at the time Alistair Darling and Peter Mandelson, former business secretary and de facto deputy prime minister.
/jlne.ws/445PcVx
India's Modi Sees Unprecedented Trust With U.S., Touts New Delhi's Leadership Role; In Wall Street Journal interview, prime minister calls for overhaul of global institutions
Rajesh Roy, Brendan Moran and Gordon Fairclough - The Wall Street Journal
Indian Prime Minister Narendra Modi said ties between New Delhi and Washington are stronger and deeper than ever as India moves to secure what he sees as its rightful place on the world stage at a moment of geopolitical turmoil. "There is an unprecedented trust" between the leaders of the U.S. and India, Modi said in an interview ahead of his first official state visit to Washington after nine years in office. He hailed growing defense cooperation between the two countries as "an important pillar of our partnership," which he said extends to trade, technology and energy.
/jlne.ws/3p5ndXn
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| Regulation & Enforcement | | Stories about regulation and the law. | UK Watchdog Curbs Activities At Scandal-hit Hedge Fund
Agence France Presse
Britain's financial regulator on Monday restricted activities by Odey Asset Management to facilitate an orderly breakup of the hedge fund following its rapid collapse in the wake of sexual-assault accusations. In a document, the Financial Conduct Authority detailed restrictions on the movement of cash and assets out of OAM following the company's announcement Thursday that it would downsize operations.
/jlne.ws/3XmdEzW
Bank Of England: CHAPS Transitions To Latest Global Financial Messaging Standard
Mondovisione
The Bank, working closely with the payments industry, has today successfully migrated CHAPS, the UK's high-value payments system, to ISO 20022- the latest global financial messaging standard. This marks a significant milestone in the multi-year programme to renew the Bank's Real Time Gross Settlement (RTGS) service: a programme whose objectives are to increase resilience, competition and innovation within the payments landscape.
/jlne.ws/448lMpL
Singapore hands down first Wirecard criminal convictions; Two former executives given jail sentences related to collapse of once high-flying German payments group
Mercedes Ruehl and Dan McCrum - Financial Times
Singapore has handed down prison sentences to two former senior Wirecard finance executives, the first criminal convictions related to the collapse of the once high-flying German payments group. James Wardhana was sentenced to 21 months and Chai Ai Lim to 10 months by Singapore's state court on Tuesday with immediate effect for conspiring to misappropriate funds. Both pleaded guilty after being charged in 2022 alongside two other people in connection with the case.
/jlne.ws/43UZEzG
UBS faces hit of hundreds of millions of dollars over Credit Suisse's Archegos failings; Findings over failings at Swiss bank related to dealings with family office set to be published soon by global regulators
Robert Smith, Owen Walker and Laura Noonan and Colby Smith - Financial Times
UBS faces hundreds of millions of dollars in penalties over Credit Suisse's mishandling of Archegos Capital after Swiss, US and UK regulators completed their investigations into the affair, according to people with knowledge of the probes.
/jlne.ws/3JKs8nJ
ASIC encourages financial industry organisations to help lead through change; Speech by ASIC Chair Joe Longo at the ISDA/AFMA Forum, 20 June 2023.
ASIC
Introduction: Taking the lead
Before I begin, I would like to acknowledge the traditional owners and custodians of the land on which we meet today, and to pay my respects to their elders past, present and emerging. I extend that respect to Aboriginal and Torres Strait Islander people present today.
/jlne.ws/3JKDsQL
Publication of "Progress Report 2023 for Enhancing Asset Management Business in Japan"
Japan FSA
Today, Financial Services Agency published the translated version of the summary of "Progress Report 2023 for Enhancing Asset Management Business in Japan", which was previously published in Japanese on April 21th this year.
/jlne.ws/3qRCETr
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Marsh sued for $143mn over Greensill insurance; US group White Oak argues broker failed to pass on crucial information about collapsed firm's cover
Ian Smith, Will Louch and Robert Smith - Financial Times
US private finance group White Oak is suing Marsh for $143mn in relation to its work for Greensill Capital, arguing the insurance broker failed to pass on crucial information regarding problems with the collapsed supply-chain finance firm's insurance cover.
/jlne.ws/3pavHMG
Hemingway Had It Right, a Bull Market's No Game; Fighting the bulls at the moment looks dangerous. Fear of missing out may propel this stampede forward until a recession stops it.
John Authers - Bloomberg
The Stock Market Also Rises
Bullfighting is dangerous. According to Ernest Hemingway, it's one of only three real sports, along with mountaineering and motor racing. All others are mere games. Dig into the reasons why "bull" and "bear" markets came to be so named, and one of the most convincing explanations is that you have to run with the bulls if you want to avoid being trampled underfoot, while the best way to escape a bear is to head downhill. So, fighting a bull market takes serious courage, and may do you mortal damage.
/jlne.ws/44atJei
Active management is no'sham'; Stuart Kirk was wrong, stockpickers protect investors' interests and add value
Simon Edelsten - Financial Times
A couple of weeks ago Stuart Kirk proclaimed in his FT Money column: "Active management is a sham". As I have managed active equity funds for the past 23 years, I thought I should reply. I am not helped by the fact the funds I co-manage are currently seeing the worst performance against the index we have ever had - nearly 4.5 per cent behind the index year-to-date. And I know my comments may be greeted by a chorus of "he would say that, wouldn't he?" But, as I am retiring from running these funds later this year, I can at least claim a declining conflict of interest.
/jlne.ws/3CBjNyn
Wall Street Buys More T-Bills, Parks Less at Fed; The central bank's reverse repo falls below $2 trillion for first time in more than a year
Eric Wallerstein - The Wall Street Journal
Money-market funds are placing less cash in a Federal Reserve borrowing program, a sign that efforts to replenish government coffers after the debt-ceiling fight haven't disrupted markets. Analysts said funds are instead likely stepping up to buy new Treasury bills that the government is issuing as it looks to borrow up to $1 trillion through the end of the year. If so, that could ease fears that a flood of short-term bonds into the market could boost volatility and government funding costs.
/jlne.ws/3CAQlc7
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Himalayan glaciers on track to lose up to 75% of ice by 2100 - report
Gloria Dickie - Reuters
Glaciers in Asia's Hindu Kush Himalaya could lose up to 75% of their volume by century's end due to global warming, causing both dangerous flooding and water shortages for the 240 million people who live in the mountainous region, according to a new report.
/jlne.ws/46gaVvK
India Will Send Federal Help to Heat Wave Areas as Deaths Mount; Officials resist connecting high temperatures to fatalities; India is especially vulnerable to effects of climate change
Rajesh Kumar Singh, Sreeja Biswas and Bibhudatta Pradhan - Bloomberg
India's federal government will send teams to assist and advise heat-affected states, Health Minister Mansukh Mandaviya said on Tuesday, as local authorities and hospitals in the country's north and east grapple with sweltering temperatures.
/jlne.ws/3XiWjHO
****More reporting on the heat wave in India by Associated Press and The Guardian.
Inside Indiana's'Advanced' Plastics Recycling Plant: Dangerous Vapors, Oil Spills and Life-Threatening Fires; The Brightmark "plastics renewal" plant can't get past the startup phase, as former employees raise environmental, health and safety concerns.
James Bruggers - Inside Climate News
Two years ago on a Friday evening in May, Kory Kistler was getting ready to leave work at a recycling plant marketed by its owners as being on the front line in a global war against plastic waste. Then all hell broke loose. Flammable, 700-degree vapors began spewing from a valve on a pump at the plant.
/jlne.ws/46gkpaz
âEUR˜Culture Wars' Are Risking Paralysis of Europe's Green Deal; EU climate chief says rightward shift is boosting opposition; EU environment ministers reach deal on restoring nature
John Ainger - Bloomberg
The European Union's landmark green deal is at risk of being dragged into "culture wars," said the bloc's climate chief Frans Timmermans as he warned that plans to reach net-zero by the middle of the century risk being paralyzed by political division.
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UN climate talks hit by bullying and harassment allegations; Complaints from female delegates over'toxic' behaviour prompts protest letter from two dozen countries
Attracta Mooney and Camilla Hodgson - Financial Times
Female delegates at UN climate talks allege they were bullied, abused and sexually harassed by male negotiators, casting a deeper shadow over this year's COP28 summit. Delegates at the UN talks in Bonn this month told the Financial Times of several instances where female delegates faced intimidation or harassment from male counterparts, prompting a letter of protest from two dozen countries worried about abusive behaviour.
/jlne.ws/42N9ja4
Anti-ESG funds fail to gain traction in the US; Morningstar data shows sales peaked in the third quarter of 2022
Joe Morris - Financial Times
Funds designed as alternatives to environmental, social and governance funds are losing sales momentum rapidly, raising questions about the category's long-term viability. A report from Morningstar focusing on the US market shows the funds' sales peaked in the third quarter of 2022, at $377mn but have since plunged, hitting $183mn in this year's first quarter. This comes despite overall assets rising more than seven-fold in the year to March, to $2.1bn.
/jlne.ws/3pcARYG
UN adopts world's first treaty to protect high seas biodiversity
Reuters
The U.N. has adopted the world's first treaty to protect the high seas and preserve marine biodiversity in international waters, marking a milestone after nearly 20 years of effort, U.N. Secretary-General Antonio Guterres announced Monday. The adoption followed an agreement reached in March by more than 100 countries on the of text of the High Seas Treaty, also known as the Biodiversity Beyond National Jurisdiction treaty, after more than 15 years of discussions and five rounds of U.N.-led negotiations.
/jlne.ws/42JirMM
Global ESG regulation increases by 155% over the past decade
PR Newswire via Yahoo Finance
/jlne.ws/3CDmzmN
Bayer Sees euro 100 Billion Opportunity in Shift to Cleaner Farming
Gerson Freitas Jr - Bloomberg
/jlne.ws/43Q9ouK
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Odey's Shorts on UK Stocks All But Vanished From Watchdog List; Fund had bets on Intermediate Capital, Tritax until this month; Odey Asset Management is seeking new homes for funds and staff
Leonard Kehnscherper - Bloomberg
A reduced short bet on Metro Bank Holdings Plc is all that remains of the bearish wagers by Odey Asset Management, which once attracted headlines for its founder Crispin Odey's bold positions on declining UK stocks. Odey Asset Management's short positions in Intermediate Capital Group Plc and Tritax Big Box REIT Plc have disappeared from the UK Financial Conduct Authority's public register in the wake of a crisis at the London-based investment firm, which is in the process of hiving off its funds and employees.
/jlne.ws/3JllX97
Odey's Only Female Money Manager Posts Gain But It's Not Enough to Keep Clients; Brook Global Emerging Market fund's assets have declined; Multiple funds at Odey have been gated to rein in withdrawals
Nishant Kumar - Bloomberg
Sophia Whitbread, the only female portfolio manager at what used to be Crispin Odey's investment empire, has been the best performer among her peers in the firm since a crisis engulfed the company earlier this month. But that hasn't been enough to retain clients.
/jlne.ws/4487NQR
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Return to Office Enters the Desperation Phase; The next stage of getting workers back at their desks includes incentives like $10 to the charity of their choice - and consequences like poor performance evaluations if they don't make the trek in.
Emma Goldberg - The New York Times
Manny Medina, the chief executive of a Seattle-based artificial intelligence sales company, doesn't mind repeating himself. It comes with the territory, after all. That tolerance proved convenient this year as he faced the same question innumerable times. Wait, so why was it you wanted us back in the office? The engineers reminded him of their commutes. The working parents reminded him of school pickup times. Mr. Medina replied with arguments he has delineated so often that they have come to feel like personal mantras: Being near each other makes the work better.
/jlne.ws/3PnbHBd
Young People Have No Idea What We Used to Do After Work. Let Me Regale You. "I never knew what time it was, so I was constantly buying watches and losing them."
Dan Kois - Slate
Recently, a number of my younger coworkers expressed shock that I was able to complete a master's degree while I held a full-time job. It was easy: I worked at a literary agency during the day, I got off work at 5 p.m., and I studied at night. The key was that this was just after the turn of the millennium. "But what would you do when you had work emails?" these coworkers asked. "I didn't get work emails," I said. "I barely had the internet in my apartment."
/jlne.ws/3XkDpAr
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| Wellness Exchange | | An Exchange of Health and Wellness Information | How we can protect our kids' mental health this summer
Katia Hetter - CNN
Our children are struggling with their mental health. And as visits to physicians for anxiety and other issues go up, it's hard to figure out how to support them. But with schools letting out for the summer, families have the opportunity for a reset. If done right, it can put kids on track for a healthy school year in the fall. To take advantage of this break from school, I reached out to Dr. Neha Chaudhary, a child and adolescent psychiatrist at Massachusetts General Hospital in Boston and chief medical officer at Modern Health. She offered several ways that adults can help their children this summer. (We adults might benefit from her suggestions, too.)
/jlne.ws/3JrxLH1
This Nerve Influences Nearly Every Internal Organ. Can It Improve Our Mental State, Too?
On social media, exercises that aim to "tone" one of our body's longest nerves have been touted as a cure-all for anxiety and other psychological ailments. Here's what the research says.
Christina Caron - The New York Times
In recent years, the vagus nerve has become an object of fascination, especially on social media. The vagal nerve fibers, which run from the brain to the abdomen, have been anointed by some influencers as the key to reducing anxiety, regulating the nervous system and helping the body to relax. TikTok videos with the hashtag "#vagusnerve" have been viewed more than 64 million times and there are nearly 70,000 posts with the hashtag on Instagram. https://jlne.ws/3CDw9Gk
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Wild Weather in China Poses New Threat to Country's Grain Crops; Temperatures may climb as high as 39C in northern China; Weather is becoming more erratic globally, hurting crops
Hallie Gu - Bloomberg
China is bracing for more extreme weather in coming days, bringing further risks to grain production across the nation. While high temperatures in northern areas could affect corn planting and harm wheat crops, heavy rains are likely to hurt rice in key southern growing regions, according to a report from the National Meteorological Center.
/jlne.ws/46bxvWs
Indonesia to Ban Copper Exports Once Freeport, Amman Plants Open
Chandra Asmara - Bloomberg
Indonesia will stop exporting copper concentrates as soon as Freeport Indonesia and Amman Mineral Internasional finish building smelters next year. "If these two big companies complete their smelters, that means we will no longer export raw copper because it will be processed domestically to become copper cathodes," said President Joko Widodo in a speech on Tuesday. He expects both facilities to start producing in May 2024.
/jlne.ws/3paarXx
Russian Oil Flows Edge Lower But Evidence of Cuts Remains Scant; Seaborne crude exports are still well above levels seen in February, the baseline month for cuts
Julian Lee - Bloomberg
Russian crude oil flows to international markets have drifted lower, while remaining well above levels seen in February, the baseline month for the country's pledged output cuts. Four-week average seaborne shipments, which smooth out some of the volatility in weekly numbers, edged down in the period to June 18 to 3.63 million barrels a day from 3.66 million in the period to June 11.
/jlne.ws/3CVJV7D
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| Miscellaneous | | Stories that don't quite fit under the other sections | Hidden Beneath The Surface; Digging deep into a humble lake in Canada, scientists found a spot on Earth like no other - and a record that could redefine our history of the planet
Sarah Kaplan, Simon Ducroquet, Bonnie Jo Mount, Frank Hulley-Jones and Emily Wright - The Washington Post
Locals used to say that Crawford Lake was bottomless. Its waters ran deeper than people could reach. Anything that dropped into the basin, it seemed, would fall till the end of time. Yet when scientists finally looked into the lake's murky depths, they found not a void, but a mirror. This summer, researchers will determine whether Crawford Lake should be named the official starting point for this geologic chapter, with pollution-laden sediments from the 1950s marking the transition from the dependable environment of the past to the uncertain new reality humans have created.
/jlne.ws/3pbLx9Q
Bulldozers tear into Cairo's historic Islamic cemeteries
Hatem Maher - Reuters
Tombs and mausoleums built over centuries in multitude of styles. Families say given little notice to transfer loved ones. President Sisi says committee formed to study alternatives. A project to expand roads and bridges to ease congestion in Cairo has put thousands of tombs in a vast and ancient Islamic cemetery under threat, causing outcry among conservationists and family members. Known as the City of the Dead, the cemeteries along the eastern edge of Historic Cairo have been a resting place for Egypt's deceased since the arrival of Islam in the seventh century A.D.
/jlne.ws/3PitABd
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