| October 27, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The SEC commissioners had a lot to say yesterday and say it they did. Among the five commissioners, they issued 15 statements on various decisions before the commission, including outsourcing investment advisors, erroneously awarding compensation and modernizing mutual fund and ETF disclosures. The list of statements includes:
- Statement on Proposed Amendments Regarding Service Providers Oversight by Chair Gary Gensler
- Outsourcing Fiduciary Duty to the Commission: Statement on Proposed Outsourcing by Investment Advisers by Commissioner Hester M. Peirce
- In Service of the Investor: Statement on Outsourcing by Investment Advisers by Commissioner Caroline A. Crenshaw
- Statement on Proposed Rule Regarding Outsourcing by Investment Advisers by Commissioner Mark T. Uyeda
- Accountability in an Evolving Asset Management Industry by Commissioner Jaime Lizarraga
- Statement on Final Rule Amendments Regarding Shareholder Reports by Chair Gary Gensler
- One Good Step, More to Go: Statement on Final Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements by Commissioner Hester M. Peirce
- Simplicity is a Goal Unto Itself: Statement on Tailored Shareholder Reports for Mutual Funds and Exchange Traded Funds; Fee Information in Investment Company Advertising by Commissioner Caroline A. Crenshaw
- Statement on Final Rule Regarding Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements by Commissioner Mark T. Uyeda
- Modernizing Mutual Fund and ETF Disclosures for Investors by Commissioner Jaime Lizarraga
- Statement on Final Rules Regarding Clawbacks of Erroneously Awarded Compensation by Chair Gary Gensler
- Erroneous Clawbacking: Statement at Open Meeting to Consider Listing Standards for Recovery of Erroneously Awarded Compensation by Commissioner Hester M. Peirce
- Statement on Listing Standards for Recovery of Erroneously Awarded Compensation by Commissioner Caroline A. Crenshaw
- Statement on the Final Rule Related to Listing Standards for Recovery of Erroneously Awarded Compensation by Commissioner Mark T. Uyeda
- Statement on Listing Standards for Recovery of Erroneously Awarded Compensation by Commissioner Jaime Lizarraga
CQG is out with big news today, announcing a deal with NUTS Finance to launch Option Research to develop institutional cryptocurrency infrastructure and trading solutions. The joint strategic investment funds a new Web3-based innovation lab.
ABN AMRO Clearing has hired Robert Pooler as its chief financial officer. Pooler was previously the CFO of Ronin until its closing in 2020.
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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Deutsche Borse Cash Market is hosting German Equity Forum 2022: Entrepreneurs meet investors, November 28 - 30, 2022, at the Steigenberger Airport Hotel Frankfurt. Organized by Deutsche Borse since 1996, the business development event brings together companies and a professional audience of investors and analysts. Last year, 240 issuers presented their latest financial figures and held one-on-one meetings at the German Equity Forum. Take a look at the program here.~SAED
The 6th edition of Global Collateral Management Summit is November 3 - 4, 2022, at the Melia Barcelona Sky in Barcelona, Spain. Sponsored by Eurex, organized by Conferenzia World, the summit will explore the new normal in collateral management. In person and virtual participation is available. Learn more here.~SAED
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This half day event will gather exchange CEOs from the Association of Southeast Asian Nations (ASEAN), notable emerging Asia investment professionals, and US institutional investors to discuss the investment dynamics of this fast-growing region. Places are limited and will be allocated on a first come first serve basis.
For more information, and to register please visit: http://ow.ly/iH2N50Lgp4I
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MWE SHORT: Anthony Pereira - A Technical Ride Through Two Market Crashes
JohnLothianNews.com
All Anthony Pereira, founder and CEO of Percentile, had wanted to do was build software and write code. That took him to the frontlines of two industry crises: he worked for a tech company during the dot-com bubble and a bank during the financial crisis. During the tech bubble, he saw paper millionaires get wiped out when his firm's stock went from $300 to $6. With that came the realization that people really can just get carried away. That fact was again hammered home during the Lehman Brothers bankruptcy, when Pereira witnessed banks and other counterparties struggling to figure out their exposure to Lehman.
Watch the video »
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Camping and Glamping Boom Makes Ex-Money Manager a Billionaire; Oscar Tang has seen his wealth surge as Americans embraced the outdoors during Covid, and then again as rising travel costs bite.
Blake Schmidt and Amanda L Gordon - Bloomberg
Oscar Tang became a billionaire one campfire at a time. From Maine to Arizona, Florida to California, Tang's fortune surged during the Covid-19 pandemic as Americans reconnected with the great outdoors in an era of social distancing, boosting revenue at his Kampgrounds of America. The Billings, Montana-based company, which the China native bought in 1980 when he was still a Wall Street financier, said revenue has continued to grow by double digits this year after surging by 46% in 2021.
/jlne.ws/3DzgVUe
***** Glamping is where it is at. Camping, but with the comforts of home. Think of it as an RV without the wheels. It has a bright future.~JJL
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The City's Radical Dream is Dead; Sunak may mean stability for the finance industry, but does it come at the cost of long-sought reform?
Sommer Saadi - Bloomberg
Prime Minister Rishi Sunak is being heralded by some in the City as "a safe pair of hands" due in part to his resume: An MBA from Stanford University, a stint at Goldman Sachs and some time at The Children's Investment Fund. It also helps that he accurately predicted Liz Truss's fiscal plan would be heartily rejected by investors. But while many finance professionals say they're appreciative of Sunak's moderate tone, editor Katherine Griffiths reports that some are worried their dream of a reformed, City of London 2.0 is dead.
/jlne.ws/3W7ROil
***** We are well beyond London 2.0. We might be at London 2.8.786.05.4321.~JJL
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Facebook Is Running Partisan Ads From 'Pink Slime' Newsrooms, Watchdog Says; The news sites, backed by partisan donors, are spending millions of dollars on the ads in battleground states, NewsGuard found.
Davey Alba - Bloomberg
Facebook and Instagram are running millions of dollars in ads from so-called pink-slime newsrooms - partisan organizations masquerading as local media outlets - in battleground states heading into the midterm elections, according to a report Thursday from NewsGuard. The media watchdog, which rates the credibility of news outlets, said that both left- and right-leaning organizations are relying on the tactic, spending a total of about $3.94 million on Facebook and Instagram ads so far in 2022. The ads, which are able to reach highly specific audiences using proprietary tools, have been featured on Facebook and Instagram feeds more than 115 million times, NewsGuard found.
/jlne.ws/3fdugIq
******* When some speak of "fake news," here is a good example. Partisan organizations trying to use the legitimacy of the regular news media to get their message out.~JJL
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CFTC's Goldsmith Romero warns Wall Street of crypto market dangers
Sam Sutton - Politico Pro
CFTC Commissioner Christy Goldsmith Romero on Wednesday warned traditional financial institutions to tread carefully before investing in crypto. The volatile asset class could soon become a major systemic risk, she said. "Cryptocurrencies have not served as a hedge or to diversify traditional investment exposures," Goldsmith Romero said in prepared remarks to a crypto conference hosted by the International Swaps and Derivatives Association in New York. Instead those investments could "unexpectedly amplify risk, heightening financial stability concerns."
/jlne.ws/3W9Couc
****** We have a very active group of CFTC commissioners, and Goldsmith Romero is one of the most active in listening to the industry and market participants and sharing her views. It is refreshing. ~JJL
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Wednesday's Top Three
Our top story Wednesday was US commodities chief thinks most cryptocurrencies are securities, from Quartz. Second was Is the Era of the Traditional FCM Model Coming to an End? by Joe Raia for JLN, which was our top story Tuesday. Third was Betting on Elections Could Return to U.S. in Time for Midterms, if Regulators Approve, from the Wall Street Journal, about Kalshi, which was also our MarketsWiki Page of the Day Tuesday.
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MarketsWiki Stats
27,045 pages; 241,360 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | U.S. Exchange Stocks Lag Behind German Rival; Deutsche Bourse shares have generated almost 15% total return this year
Ben Dummett - The Wall Street Journal
Surging interest rates are benefiting German exchange operator Deutsche Bourse AG DBOEF 0.40%increase; green up pointing triangle by boosting demand for derivatives tied to borrowing costs and making some of its post-trade services more lucrative. Deutsche Bourse's stock has beaten regional and U.S. competitors this year, generating a total return, including dividends, of almost 15%. The rise puts it among continental Europe's best-performing large stocks. It compares with declines of more than 13% for Nasdaq Inc. and more than 30% for New York Stock Exchange owner Intercontinental Exchange Inc.
/jlne.ws/3zl98Xn
Once-in-a-Generation Wealth Boom Ends for America's Middle Class
Shawn Donnan, Alexandre Tanzi, Claire Ballentine and Airielle Lowe - Bloomberg
The American middle class is facing the biggest hit to its wealth in a generation going into the midterm election, although it is also entering the vote richer than it has ever been thanks to a decade of cheap money and the wealth boom it fed. That's the conclusion of a Bloomberg News examination that paired new wealth data with an exclusive Harris Poll of attitudes of the 100 million adults who sit at the core of the US economy and its politics ahead of the election.
/jlne.ws/3W5ptcA
Accounting Errors to Cost Executives Their Bonuses Under SEC Rule; Commissioners voted to approve requirements that companies claw back incentive pay
Paul Kiernan - The Wall Street Journal
Regulators will make public companies take back executives' incentive pay if they find significant errors in financial statements, aiming to improve corporate accountability at a time of rising shareholder discontent over pay practices. The Securities and Exchange Commission voted 3-2 Wednesday to complete the so-called clawback rule, with all Democrats approving and Republicans dissenting. Required by the 2010 Dodd-Frank Act to discourage fraud and accounting mischief, the rule's implementation has been delayed for years.
/jlne.ws/3gQh3pz
Credit Suisse Resets With a Retreat From Wall Street; Swiss bank says it will have around 9,000 fewer staff in three years, with a first wave of cuts involving 2,700 people
Margot Patrick - The Wall Street Journal
Credit Suisse Group AG on Thursday said it would cut thousands of jobs and raise around $4 billion in fresh capital as it funds a retreat from Wall Street and attempts to recover from a near-existential crisis. The result will be a leaner bank with around 9,000 fewer staff in three years, with a first wave of cuts involving 2,700 people being let go now. Credit Suisse stock fell 12%.
/jlne.ws/3DaK1rz
Credit Suisse Sinks on Plan to Raise $4 Billion and Slash Headcount by 9,000
Marion Halftermeyer and Myriam Balezou - Bloomberg
Credit Suisse Group AG opted to tap investors for a painful multibillion-dollar capital raise to shore up confidence and fund a years-long reshaping that will carve out its investment bank and slash its headcount by 9,000.
/jlne.ws/3FmdilS
Credit Suisse launches radical overhaul to stabilise bank
Robin Millard - AFP
Credit Suisse announced a series of radical measures Thursday aimed at turning around the beleaguered bank following huge third quarter losses, including revamping its investment banking unit, 9,000 job cuts and raising fresh capital. Switzerland's second-biggest bank launched a strategic review aimed at putting an end to a series of scandals that have shaken the institution, saying the results were intended to create "a simpler, more focused and more stable bank".
/jlne.ws/3DzHOHC
Credit Suisse Unveils Massive Overhaul After Staggering $4 Billion Loss
Brian Swint - Barron's
Credit Suisse CS -1.03% , the second-biggest Swiss lender after UBS, said it would cut jobs and spin off its investment banking business as it reported a 4 billion franc ($4 billion) loss for the third quarter. The company also intends to raise $4 billion by selling shares as part of what Chairman Axel Lehmann dubbed a "blueprint for success."
/jlne.ws/3DDiVuy
Credit Suisse seeks billions from investors in make-or-break overhaul
Noele Illien and Oliver Hirt and John O'Donnell - Reuters
Credit Suisse plans to raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients, as the bank attempts to put years of scandals behind it. The Swiss lender outlined on Thursday what its chairman Axel Lehmann dubbed a "blueprint for success", after it racked up an unexpected 4 billion Swiss franc loss in the third quarter of the year.
/jlne.ws/3W4zHtM
CME Defends FCM Application
Shanny Basar - MarketsMedia
CME Group confirmed that it has filed a regulatory application for a futures commission merchant but the derivatives exchange but the derivatives exchange said it had no intention of competing with its existing FCM community. The Wall Street Journal had reported that CME had registered with the US Commodity Futures Trading Commission in August for an FCM, who act as intermediaries between customers and exchange members who execute or clear trades.
/jlne.ws/3THJFQh
Big bankers are betting wrong in heading to Hong Kong
Mark L. Clifford - NY Post
Top bankers from Goldman Sachs, JPMorgan Chase, Citibank and other financial powerhouses will head to Hong Kong Nov. 1 to 3 to meet with a leader the US government has sanctioned for his human-rights violations. Hong Kong Chief Executive John Lee isn't allowed to open an account with any of these American banks - yet their leaders are happy to hobnob with Lee and polish the city's tarnished image. If financiers go ahead with plans to attend the Global Financial Leaders' Investment Summit, the craven display will prove what the Chinese Communist Party has long suspected: Wall Street is the weak underbelly of American politics.
/jlne.ws/3fb9R6J
NYC's Secret Weapon to Keep Finance Elite Is Park Avenue Revamp; Two new office buildings are New York's high-finance answer to a growing Wall Street South and remote work.
Amanda L Gordon - Bloomberg
When legendary architect Norman Foster agreed to design a glistening full-block building on New York's Park Avenue in 2012, the city was still bouncing back from the financial crisis-a seemingly existential threat at the time. Some six years later, as Wall Street returned to delivering record profits, JPMorgan Chase & Co. unveiled plans for a new headquarters on Manhattan's boulevard of capital. There again was Foster + Partners, tasked with creating a 2.5 million-square-foot tower.
/jlne.ws/3DBocTg
London Offices Can't Catch a Break in This Economy; All the bad trends afflicting the UK converge in the capital's office sector. But investors are being overly pessimistic.
Chris Hughes - Bloomberg
Most of the bad trends afflicting the UK intersect at London's office blocks. Brexit threatened the capital as a major financial center. Then came the pandemic-induced shift to home-working, rapidly rising interest rates, political instability and now the threat of recession. The sunken share prices of listed firms are factoring in all this and worse. Yet this gloom looks excessive.
/jlne.ws/3zkH4n8
European Banks Are Turning Back the US Tide; Barclays, Deutsche Bank and UBS have been taking back bits of lost ground all year.
Paul J. Davies - Bloomberg
Whisper it quietly, but reports of the demise of European investment banks as global players may have been premature. After third-quarter results from Barclays Plc, Deutsche Bank AG and UBS Group AG, it is clear that European banks have been making up ground on US rivals all year. Getting back into the global finance game isn't going to cure all their ills, however: Sluggish economies at home and less healthy consumers will still likely hold profits back.
/jlne.ws/3DaMYs9
As the World Backpedals on Ditching Fossil Fuels, One Oil Major Plows Ahead; Colombia's oil investments could plunge up to 30%, group says; Country's oil output was already falling before anti-oil push
Peter Millard and Patricia Laya - Bloomberg
Norway is hunting for oil deeper in the arctic. The US is pleading with drillers to pump more. Germany has reactivated coal plants to overcome a natural gas shortage. Many of the world's biggest countries are walking back, or slow-walking, parts of their plans to shift away from fossil fuels. Not Colombia. Its first leftist president, Gustavo Petro, has stopped offering new licenses for oil exploration in Latin America's third-biggest producer.
/jlne.ws/3SHSqbw
The US Is Exporting Record Oil and Fuel Even as East Coast Faces Shortages; East Coast grappling with shortages of gasoline and diesel; Market incentivizes exports over shipments to East Coast
Devika Krishna Kumar and Chunzi Xu - Bloomberg
The US exported a record amount of crude and fuel last week, even as the East Coast grapples with shortages of both diesel and gasoline. Total petroleum shipments reached 11.4 million barrels a day, according to the Energy Information Administration, with exports of gasoline and diesel jumping to two-week highs. At the same time, domestic fuel inventories are at historic seasonal lows with pockets along the East Coast running out of -- or rationing -- supplies.
/jlne.ws/3TLSpor
Financial services must align capital allocation with social impact goals
Kay Swinburne - The Banker
Recognising the challenges that society faces, and realising the opportunity that banks and other financial institutions have to influence meaningful change in their capital allocation, could be one of the most defining themes for our industry this generation.
/jlne.ws/3gAidVN
Sourcing fixed income liquidity: Strategies for a treacherous market
Editors - The Trade
The TRADE spoke with a selection of fixed income participants to discuss the challenges of sourcing liquidity in today's environment. Hear from David Berney, founder at Ergo Consultancy; David Tattan, managing director at technology provider TORA; and Daemon Bear, senior consultant, director EMEA at Baker Global Advisory, among others, offering their unique insights on how to deal with one of the thornier problems facing multi-asset- focused fund managers today. As market volatility continues to surge, buy-side firms face a daunting set of challenges when executing their fixed income trades. Achieving best execution is tricky at the best of times, but it has become especially hard in a market where liquidity has become extremely scarce. In a recent webinar with Ergo Consultancy, seasoned fixed income professionals said they had never seen conditions as difficult as they are today, with market fragmentation still increasing and the prospect of information leakage as problematic as ever.
/jlne.ws/3TXlVYF
Bill Hwang, Archegos demand end to SEC lawsuit over $36 billion firm's collapse
Jonathan Stempel - Reuters
Bill Hwang, whose Archegos Capital Management LP collapsed suddenly in March 2021, on Tuesday urged a federal judge to dismiss a U.S. Securities and Exchange Commission civil lawsuit accusing him and his once-$36 billion private investment firm of fraud. In court filings, Hwang and Archegos said the SEC failed to show how the New York-based firm traded deceptively or how its swaps trades, which they called "lawful," affected prices. They said that undermined the regulator's claim that Archegos boosted ninefold from $4 billion in just six months through a "brazen" market manipulation scheme.
/jlne.ws/3SACvMk
Wall Street Says It's Too Early to Bet on King Dollar's Demise; 'Difficult to see' what would spur dollar weakness: JPM AM; Fundamental backdrop remains positive for greenback: BBH
Ruth Carson and Masaki Kondo - Bloomberg
It's too soon to write off the dollar's dominance as the US rate-hike cycle may not be near its peak. That's the firm conviction of money managers at JPMorgan Asset Management and Fivestar Asset Management even after a gauge of the greenback touched a one-month low on Thursday. Signs that aggressive Federal Reserve tightening is starting to take a toll are fueling bets for a slower pace of rate increases.
/jlne.ws/3DBzGWT
Hong Kong Plans to Legalize Retail Crypto Trading to Become Hub; City has set out a goal of becoming a top digital asset center; Mandatory licensing regime is due to be imposed from March
John Cheng, Zheping Huang, and Kiuyan Wong - Bloomberg
Hong Kong is pivoting toward a friendlier regulatory regime for cryptocurrencies with a plan to legalize retail trading, contrasting with the city's skeptical stance of recent years and the ban in place in mainland China. A planned mandatory licensing program for crypto platforms set to be enforced in March next year will allow retail trading, according to people familiar with the matter, who asked not to be named because the information isn't public.
/jlne.ws/3f8LzdA
Deutsche Bourse makes strategic investment into private derivatives trading platform; The exchange group has invested $3 million into Caplight Technologies to expand its derivatives trading and hedging capabilities on private company shares.
Laurie McAughtry - The Trade
Deutsche Bourse Group has invested $3 million into Caplight Technologies, a platform designed to enable institutional investors to hedge, generate income or take long and short positions on private company stock using structured products and synthetics.
/jlne.ws/3FlNKVT
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | 'Kill everyone': Russian violence in Ukraine was strategic
Erika Kinetz - The Associated Press
Even by the standards of the important military officers who came and went in this tiny village, the man walking behind the Kamaz truck stood out. Soldiers providing security peered from behind fences, their guns bristling in every direction. Two Ka-52 Alligator attack helicopters circled overhead, providing additional cover for Col. Gen. Alexander Chaiko as he escorted an aid convoy in March from the schoolhouse on Tsentralna street that Russian officers commandeered as a headquarters.
/jlne.ws/3SHk4pl
Putin escalates battle, sends diseased Russian prisoners to front lines
CNN
As tensions between Ukraine and Russia continue to escalate, Putin points to the US while Russia sends prisoners with diseases to the front line of war, according to Ukraine's military intelligence. CNN's Fred Pleitgen has the details.
/jlne.ws/3gPYXne
Ukrainian troops holding out against crazy Russian tactics -Zelenskiy
Reuters
Ukrainian troops are holding out against repeated attacks near two key towns in the eastern Donbas region, President Volodymyr Zelenskiy said on Wednesday, describing the Russian tactics as crazy. Zelenskiy, speaking in an evening video address, also said there would be good news from the front, but gave no details.
/jlne.ws/3SA03AU
Putin says risk of world conflict is 'high'; Moscow official calls for 'de-Satanization' in Ukraine
Natasha Turak and Amanda Macias - CNBC
The "heaviest of battles" lies ahead in Kherson as Ukrainian troops advance on occupying Russian forces, according to a Ukrainian presidential advisor. While Russia's grip on the strategic territory is shakier than in previous months, it does not appear ready to abandon it. Rather, it appears to be digging in for prolonged fighting after ordering civilians to evacuate and inviting remaining men to local join militias. Russia has sent a letter to the United Nations pushing its unsubstantiated claim that Ukraine is preparing to use a nuclear-laced "dirty bomb" on its own territory. In a 310-page document, it outlined Ukraine's plan to use bioweapons, allegations vocally rejected and largely debunked by Ukrainian and Western officials and weapons experts.
/jlne.ws/3U4PXJz
Ford Sells Stake in Russia Business, Joining Carmaker Exodus; Shares to be transferred to local JV for nominal value; Carmaker joins Toyota, Nissan and Mercedes in full exit
Keith Naughton - Bloomberg
Ford Motor Co. sold its 49% stake in the Sollers Ford joint venture, finalizing its exit from Russia after suspending operations in the country earlier this year after Moscow's invasion of Ukraine. Shares of the automaker will be transferred to the venture for a nominal value of €1 ($1), a Ford spokesman said Wednesday. The company will retain the option to buy back the shares within a five-year period "should the global situation change," it said in a statement.
/jlne.ws/3W1rlDn
Abandoned Russian base holds secrets of retreat in Ukraine
Mari Saito, Maria Tsvetkova and Anton Zverev - Reuters
The Russian soldiers had fled weeks before. But they left their traces everywhere. Concrete steps led into the basement of their hastily abandoned headquarters in this small riverside town in eastern Ukraine. A bunker smelling of damp lay behind a steel door marked "Command Group." Papers, some charred, were stuffed into a furnace. Others were scattered across the floor. In a floral notebook, an unnamed staff officer left a sketch of a cartoon soldier and mused about going home. The book's 91 handwritten pages contained other information, too.
/jlne.ws/3zjfnv2
Russia's oil power 'will never return,' the IEA says. 'The rupture has come with a speed that few imagined possible'
Vivienne Walt - Fortune
Even as Russian missiles pound Ukraine, shattering about a third of Ukraine's electricity grid and leaving its cities and towns in ruins, President Vladimir Putin has already lost the war in one crucial respect: Russia's huge clout in global energy supplies-which it built up over decades-is shrinking drastically, probably forever.
/jlne.ws/3SHpVL9
Putin-Linked Celebrity Journalist Sobchak Flees Russia; Daughter of Putin mentor in Lithuania amid criminal case; Journalist, former presidential candidate questioned war
Bloomberg News
The celebrity-journalist daughter of President Vladimir Putin's political mentor fled Russia for Europe as police detained a close associate and raided her home as part of a criminal case for alleged extortion. Ksenia Sobchak, 40, a socialite and TV presenter who has publicly questioned the invasion of Ukraine, is in Lithuania, authorities in the Baltic nation said Thursday. In her Telegram channel, she called the investigation an attack on her online media outlet. She didn't respond to a request for comment from Bloomberg.
/jlne.ws/3FjvkVR
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE to Launch European LNG Futures for North-West and South-West Europe and Three Supporting French, German and Italian Natural Gas Futures
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced plans to launch two liquid natural gas (LNG) futures contracts for North-West Europe and South-West Europe. The contracts are designed to help market participants trade and hedge the difference in price between LNG for delivery in North-West and South-West Europe, versus natural gas provided by pipeline to Europe, as well as LNG across the rest of the world.
/jlne.ws/3NaX6pc
A market structure journey with Jonas Ullmann
Eurex video
Sit back and join Eurex COO Jonas Ullmann on his informative and entertaining journey. He will guide you through the market structure roadmap's past and future approach on how to reach the balance for an attractive marketplace and the development of liquidity. Learn about the challenges faced along the way and how they were solved. The overall theme is on how to improve market structure together with market participants including a special focus on Passive Liquidity Protection (PLP). How did it all start, what happened in between and where are we now?
/jlne.ws/3TZFcbb
SGX Group to develop listed derivatives based on the MSCI Climate Action Indexes
SGX Group
Singapore Exchange (SGX Group) has entered into an agreement with MSCI, a leading provider of critical decision support tools and services for the global investment community, to licence the recently launched MSCI Climate Action Indexes[1] for listed futures contracts. The MSCI Climate Action Indexes include companies that are taking concrete steps to reduce their carbon emissions. Companies are evaluated based upon a range of climate indicators that assess their current carbon intensity and potential to lead in the climate transition, relative to their peers.
/jlne.ws/3zgIjDF
SGX RegCo proposes cap on ID tenure, disclosure of directors' and CEOs' exact remuneration
SGX
Singapore Exchange Regulation (SGX RegCo) has opened for public consultation its proposal for a hard nine-year limit on the tenure of independent board directors (IDs) and the removal of the two-tier voting mechanism for long-serving IDs. If directors want to serve beyond the tenure limit, they must be re-designated as non-independent even if their appointment was approved via a two-tier vote previously, according to the consultation paper. Feedback is also sought on mandating the disclosure of the actual amount and breakdown of the remuneration of board directors and the chief executive officer (CEO) of listed issuers on a named basis in the annual report. This will bring disclosure requirements on director and CEO remuneration in line with global standards.
/jlne.ws/3sy7Q7K
JSE proposes amendments to listing requirements following market consultation
JSE
In May this year and as part of its ongoing efforts to ensure that the bourse is fair, efficient, transparent, and competitive, the Johannesburg Stock Exchange (JSE) released a consultation paper, requesting stakeholders to comment on a raft of proposals. In August, the JSE released a response paper outlining the feedback received from market participants, which showed favourable support from an overwhelming majority of commentators. The JSE further mentioned that it would be taking a phased approach to implementing the amendments.
/jlne.ws/3znVsLw
Japan Exchange Group, Inc. and Consolidated Subsidiaries
Consolidated financial results for the six months ended September 30, 2022 (Based on IFRS), unaudited
JPX
Consolidated financial results for six months ended September 30, 2022(from April 1, 2022 to September 30, 2022).
/jlne.ws/3sDwQKV
Overview of Earnings for Q2 FY2022 Japan Exchange Group, Inc.
JPX
Overview of Earnings for Q2 FY2022 ãEUR"IFRSãEUR•(April 1, 2022 - September 30, 2022) This document is not subject to the review procedures required under the Financial Instruments and Exchange Act. Please note that its contents have not been reviewed on a consolidated basis in accordance with the Act as of the time of disclosure.
/jlne.ws/3U62qg9
EBS Market on CME Globex Notice
CME Group
Topics in this issue include:Critical Information. Announcements and Additional Resources
/jlne.ws/3DCqfXh
Request For Comments; Amendments To The Rules Of Bourse De Montreal Inc. To Modify The Final Settlement Price Of The One-Month Corra Futures (Coa)
TMX
On September 13, 2022, the Rules and Policies Committee of Bourse de Montréal Inc. (the "Bourse") approved amendments to the Rules of the Bourse in order to adjust the final settlement price calculation of the One-Month CORRA Futures ("COA") from an arithmetic average of the realized CORRA values to a geometric average.
/jlne.ws/3TI09rA
Change to the Live Quote Window Time for the SPIKES Settlement Auction
MIAX
Beginning on November 16, 2022, MIAX Options will change the Live Quote Window ("LQW") opening time to 8:30:00 AM ET for SPY options used in calculating the SPIKES Settlement Price. Please refer to MIAX Options RC 2022-66 for more details.
/jlne.ws/3wWeXsv
Listing of public issue of Secured, Redeemable, Non-Convertible Debentures of National Highways Infra Trust
NSE
The following Secured, Redeemable, Non-Convertible Debentures of National Highways Infra Trust shall be listed and admitted to dealings on the Exchange w.e.f. October 28, 2022. Trading shall be in the Normal market segment (Rolling Settlement) for all investors.
/jlne.ws/3TZOoML
TMX Group Limited Reports Results for Third Quarter of 2022
TMX
Revenue of $269.3 million, up 16% from $231.3 million in Q3/21, including $30.5 million from acquisition of
voting control of BOX on January 3, 20221; Diluted earnings per share of $1.45, up 7% from $1.36 in Q3/21; Adjusted diluted earnings per share2 of $1.68, up 7% from $1.57 in Q3/21. TMX Group Limited [TSX:X] ("TMX Group") today announced results for the third quarter
ended September 30, 2022.
/jlne.ws/3TGWtq3
TMX Group Limited Declares Dividend of $0.83 per Common Share
TMX
The Board of Directors of TMX Group Limited today declared a dividend of $0.83 on each common share outstanding. This dividend is payable on November 24, 2022 to shareholders of record at the close of business on November 10, 2022. TMX Group hereby advises that this dividend is designated as an "eligible dividend" for Canadian income tax purposes.
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Notice Of Disciplinary Action
CME Group
Member: Daniel Lomer. CME Rule Violation: Rule 575.D. Disruptive Practices Prohibited. No person shall enter or cause to be entered an actionable or non-actionable message with intent to disrupt, or with reckless disregard for the adverse impact on, the orderly conduct of trading or the fair execution of transactions.
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Notice of Disciplinary Action
CME Group
Non-Member: Joshua Hinterlong. CME Rule Violation: Rule 575.D. Disruptive Practices Prohibited. No person shall enter or cause to be entered an actionable or non-actionable message with intent to disrupt, or with reckless disregard for the adverse impact on, the orderly conduct of trading or the fair execution of transactions.
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Notice of Disciplinary Action
CME Group
Non-Member: Stephen Bethell. Cme Rule Violations: Rule 532 Disclosing Orders Prohibited. No person shall disclose another person's order to buy or sell except to a designated Exchange official or the CFTC, and no person shall solicit or induce another person to disclose order information. An order for pit execution is not considered public until it has been bid or offered by open outcry.
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Notice of Disciplinary Action
CME Group
Non-Member: Shay Capital Llc. Cme Rule Violations: Rule 432 ("General Offenses")(in part). It shall be an offense: W. for any party to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange. Rule 534 Wash Trades Prohibited.
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Notice of Disciplinary Action
CME Group
Non-Member: Andrew Meehan. CME Rule Violations: Rule 534 Wash Trades Prohibited. No person shall place or accept buy and sell orders in the same product and expiration month, and, for a put or call option, the same strike price, where the person knows or reasonably should know that the purpose of the orders is to avoid taking a bona fide market position exposed to market risk (transactions commonly known or referred to as wash sales). Buy and sell orders for different accounts with common beneficial ownership that are entered with the intent to negate market risk or price competition shall also be deemed to violate the prohibition on wash trades. Additionally, no person shall knowingly execute or accommodate the execution of such orders by direct or indirect means.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | CQG, NUTS Finance Launch Optio Research to Develop Institutional Cryptocurrency Infrastructure and Trading Solutions; Joint Strategic Investment Funds New Web3-based Innovation Lab
CQG
CQG, a leading global provider of high-performance technology solutions for market makers, traders, brokers, commercial hedgers and exchanges, and NUTS Finance, a blockchain development lab, announced today that they have just launched "Optio Research," a state-of-the-art Web3-based innovation lab focused on developing decentralized cryptocurrency infrastructure and trading solutions for institutional investors. The initiative is the product of a joint strategic investment by CQG and NUTS Finance, designed to bridge the worlds of traditional finance (TradFi) and the fast-growing decentralized finance (DeFi) space, and leveraging the expertise and technology both firms and their executives bring to bear.
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Is SBF Right About DeFi Regulation?
Daniel Kuhn - CoinDesk
Last week, while speaking to Politico, Sam Bankman-Fried, the moptop billionaire founder of FTX and Alameda Research, said he has significantly revised his outlays for political campaign spending. He said his previously stated plan to spend upwards of $1 billion was a "dumb quote." Year to date, SBF has spent about $40 million to back Democrats and Republicans running election political campaigns coast to coast. That spending so far seems to have paid off, with CNBC reporting the majority of Bankman-Fried's political recipients have pulled ahead in primary voting. But the former Wall Street quant thinks there's a limit on what money can buy in general elections.
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DeFi Must Be Defended
Jennifer Schulp and Jack Solowey - Barron's
As the crypto policy world debates the future of stablecoins and the legal culpability of decentralized autonomous organization (DAO) governance voters, don't sleep on the Digital Commodities Consumer Protection Act (DCCPA). The bipartisan bill co-sponsored by leaders of the Senate Agriculture Committee endeavors to answer a couple of key questions confounding crypto lawyers: when should crypto tokens be treated like commodities as opposed to securities, and how should the exchanges on which these tokens trade be regulated.
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Kollider Raises $2.4M to Build 'Lightning-Native' Financial Products
Frederick Munawa - CoinDesk
Bitcoin derivatives exchange Kollider has closed a $2.35 million seed funding round that was led by Lemniscap, with participation from Castle Island Ventures, Polychain Capital, Alameda Ventures, Pfeffer Capital, Okex and other investors. The firm intends to use the funds to expand its exchange business and add more Lightning-native financial tools to its existing product lineup. Lightning is a network built on top of the Bitcoin blockchain that helps make bitcoin transactions faster and cheaper.
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Deloitte and AccessFintech collaborate to aid with CAT regulation compliance; Ahead of the Consolidated Audit Trail regulation's December 2022 deadline, the two firms have collaborated to integrate AccessFintech's error resolution tool into clients' infrastructure.
Wesley Bray - The Trade
Deloitte and AccessFintech have collaborated to support financial institutions facing issues with the upcoming Consolidated Audit Trail (CAT) regulation. The two firms will work alongside each other to integrate AccessFintech's new CAT solution into clients' infrastructure.
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How has RegTech changed the role of the risk manager?
Fintech.global
The role of risk manager is not a new position. For as long as challenges around regulation, compliance and other security risks have existed, so has been the role of trying to manage them.
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Blockchain.com Said to Be in Funding Talks at Shrunken Valuation; Crypto exchange was valued at $14 billion as of early 2022; Current round may result in $3 billion to $4 billion valuation
Olga Kharif, Hannah Miller, and Katie Roof - Bloomberg
Blockchain.com, stung by the crypto bear market that has rocked the industry, is in talks over a potential "down round" fundraising that may value the digital financial-services firm at a fraction of the $14 billion mark it achieved earlier this year, according to people with knowledge of the matter. The fundraising would follow strategic financing the company obtained in the third quarter at an unspecified valuation from investors led by UK-based investment firm Kingsway Capital.
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Crypto company Blockchain.com to issue Visa debit card
David Hollerith - Yahoo! Finance
Visa (V) is opening its payment network to another major crypto firm a day after reporting earnings that topped estimates. This newest card from London and Miami-based Blockchain.com, which will be issued through fintech platform Marqeta (MQ), comes with no fees and allows users to earn 1% back in crypto. The move follows a long-term trend of crypto companies working to make it easier for customers to use their digital asset investments to pay for real world goods and services
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| Cybersecurity | | Top stories for cybersecurity | What a Web3 Hackathon Teaches Us About Diversity in Crypto
Daniel Kuhn - CoinDesk
Last week, while taking the stage after finding out her project had won first place at a crypto hackathon, Olivia Drouhaut looked out and counted the number of Black women in the audience. "There were two," she said, "and one was holding my phone to take a video." Drouhaut is a co-founder of EVOLVE, a platform built on Polygon that's using crypto economics to teach people about investing. The project, just a "minimum viable product" as of yet, Drouhaut said, was conceived and built over the past six months as part of the Web3athon.
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Call Cybersecurity What It Is: Innovation Insurance
David Joosten - Forbes
I take pride in knowing what happens in my organization. But in the continuous work of learning to be more business agile, I've spent a lot more time lately thinking about and preparing for what happens next, not what happens now.
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FACT SHEET: Biden-Harris Administration Expands Public-Private Cybersecurity Partnership to Chemical Sector
Whitehouse.gov
A keystone of the Biden-Harris Administration's cybersecurity commitment is strengthening the resilience of the United States' critical infrastructure to safeguard the services Americans rely on every day. Today, the Administration continued to deliver on this commitment by expanding the Industrial Control Systems (ICS) Cybersecurity Initiative to a fourth sector - the chemical sector.
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Women To Watch In Cybersecurity
Alaina Percival - Forbes
Cybersecurity is one of the fastest-growing fields in technology, with global spending increasing by 12% - 15% year-over-year. There is also a talent gap in this sector, with an estimated global workforce shortfall of 3.5 million people stunting the growth of this industry.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Robinhood and Coinbase Will Battle Over Crypto. Traders, Not Investors, Are Set to Win.
Jack Denton - Barron's
Robinhood Markets this week expanded the number of cryptocurrencies available to trade on its platform, underscoring how the broker is poised to go head-to-head with Coinbase Global COIN -1.65% for the attention of the retail crypto audience. In the competition that is set to ensue, traders-not investors-will likely be the winners.
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Singapore Proposes Ban on Borrowing to Fund Cryptocurrency Purchases; Planned steps include ban on leveraged retail crypto purchases; Stablecoins would need reserve in local dollar or G10 currency
Suvashree Ghosh - Bloomberg
Singapore proposed to ban retail investors from borrowing to fund cryptocurrency purchases, part of a slew of suggestions to further tighten the city-state's regulatory regime for digital assets. Other potential steps in a Monetary Authority of Singapore consultation paper include stopping companies from using tokens deposited by retail investors for lending or staking to generate yields. Staking is the process of earning rewards by deploying coins for crypto applications.
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Phishing Scammer Has Drained $1M in Crypto and NFTs in Past 24 Hours, Says On-Chain Sleuth
Xinyi Luo - CoinDesk
A phishing scammer known as Monkey Drainer has stolen the equivalent of about 700 ether (ETH) worth roughly $1 million in crypto and non-fungible tokens in the past 24 hours, according to a prominent on-chain sleuth known as ZachXBT.
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Kazakhstan to Test National Digital Currency on BNB Chain, Binance CEO Zhao Says
Sandali Handagama - CoinDesk
The National Bank of Kazakhstan will integrate its central bank digital currency on Binance's blockchain network BNB Chain, the company's CEO Changpeng 'CZ' Zhao said on Thursday. The central bank began testing a digital iteration of its national currency, the Kazakhstani tenge, last year, and said it would make a decision on launching a CBDC by the end of 2022.
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Crypto Exchange FTX Is Working on Creating a Stablecoin: Report
Oliver Knight - CoinDesk
Cryptocurrency exchange FTX is working on creating a stablecoin, CEO Sam Bankman-Fried told The Big Whale in an interview. Bankman-Fried said in the interview "it is very likely" FTX will create a stablecoin, a crypto token whose value is tied to that of another asset. The exchange knows how to create one and is thinking about the best partner to work with, he said. He also hinted that an announcement will come soon.
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Crypto Exchange SushiSwap Approves Restructuring, Will Create 3 Firms for DAO
Parikshit Mishra - CoinDesk
The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority. The Sushi DAO community passed the plan, which was proposed earlier this month, on Wednesday with 100% of the votes in favor of the proposition.
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Gaming and NFTs will drive Web3 growth: Crypto.com COO
Danny Park - Forkast
The future of the burgeoning Web3 sector, which is growing faster than the internet in its early period, will be gaming and non-fungible tokens (NFTs), said Eric Anziani, the chief operating officer (COO) of global digital asset exchange Crypto.com, in a speech at the Blockchain Week in Busan (BWB2022) event on Thursday.
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Zuckerberg's Path to Metaverse Will Keep Losing Money
Sarah Frier - Bloomberg
Meta Platforms Inc. in its third-quarter earnings statement on Wednesday highlighted the path to the metaverse is expensive: "We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year. Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run."
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| Politics | | An overview of politics as it relates to the financial markets | Western officials finalizing plans for Russia oil-price cap
Andrea Shalal and David Lawder - Reuters
U.S. and Western officials are finalizing plans to impose a cap on Russian oil prices amid a warning from the World Bank that any plan will need active participation of emerging market economies to be effective. Officials said no price range has been decided yet, however one person familiar with the process said the cap will be determined in line with the historical average of $63-64 a barrel - a level that could form a natural upper limit.
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Biden Team Reworks Plan for Russia Oil-Price Cap as Markets Sour; Price cap level trending higher than initial US plans; Many countries have refrained from committing to cap
Saleha Mohsin, Alberto Nardelli, and Ewa Krukowska - Bloomberg
US officials have been forced to scale back a plan to impose a cap on Russian oil prices, following skepticism by investors and growing risk in financial markets brought on by crude volatility and central bank efforts to tame inflation. Instead of strangling the Kremlin's oil revenues by imposing a strict lid on prices that would have been observed by a broad "buyer's cartel" of nations, the US and European Union are likely to settle for a more loosely policed cap at a higher price than once envisioned, with just Group of Seven nations and Australia committed to abide by it, according to people familiar with the matter.
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Barrack Testifies He Was Worried About GOP's 'Racist Tone' in 2016; Colony Capital founder denies shaping party platform for UAE; Trump friend testifying in own defense at foreign-agent trial
David Voreacos, Zijia Song, and Patricia Hurtado - Bloomberg
Tom Barrack testified that he was concerned about the Republican Party's "racist tone" ahead of the 2016 convention where his longtime friend Donald Trump was officially named its presidential nominee. The Colony Capital LLC founder resumed testimony Wednesday at his trial on charges that he sought to influence the Trump campaign and administration as an unregistered agent of the United Arab Emirates.
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The U.K.'s Crypto Crackdown Is Moving Faster
Jack Denton - Barron's
Regulation of cryptocurrencies and digital assets in the U.K. is moving quickly ahead, a silver lining from the recent political turmoil and economic crisis. British lawmakers on Tuesday voted in favor of bringing crypto assets under the scope of regulation pertaining to other financial instruments and services. Members of the House of Commons accepted an amendment to the draft Financial Services and Markets Bill-introduced over the summer to overhaul U.K. financial rules post-Brexit-that will extend regulations to crypto assets and services. The bill is still subject to further debate and votes in both the House of Commons and Lords.
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Indians Have Good Reason to Celebrate Rishi Sunak; It matters that someone whose roots lie in the subcontinent has risen to the top of the UK, while the British Empire lies unmourned.
Mihir Sharma - Bloomberg
This Diwali was triply blessed for people of Indian origin across the world: India beat Pakistan at cricket, and a British Indian became prime minister of the United Kingdom. Rishi Sunak's politics or policies aren't the point. The WhatsApp groups that pass as India's public square today aren't dissecting his views on austerity or Brexit. Not when someone who shares our heritage now leads the country that once colonized us.
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Germany Is Dismantling A Wind Farm To Make Way For A Coal Mine
Michael Kern - OilPrice.com
A wind farm is being dismantled in western Germany to make way for an expansion of an open-pit lignite coal mine in a "paradoxical" situation highlighting the current prioritization of energy security over clean energy in Europe's biggest economy. The dismantling of at least one wind turbine at the wind farm close to the German coal mine Garzweiler, operated by energy giant RWE, has already started. RWE says that lignite, or brown coal, has been mined from the Garzweiler coalfields for over 100 years.
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Russia Warns Europe: Natural Gas Price Cap Means Full Supply Cut-Off
OilPrice.com
As Europe heads into winter, the threat of sharply rising gas prices and sustained supply failures increases. The European Union (EU) is in the midst of working through a multi-pronged solution to ameliorate the negative effects of the present situation, which in the short term was a direct result of international sanctions on Russian energy following the invasion of Ukraine on 24 February this year. In the longer term, the long-running over-reliance on cheap Russian gas on the part of many EU states, including its de facto leader, Germany, is the key reason for the current disastrous energy crunch across the region.
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| Regulation & Enforcement | | Stories about regulation and the law. | Vietnam's Prime Minister Says Country Needs to Regulate Crypto
Lavender Au - CoinDesk
Vietnam Prime Minister Pham Minh Chinh called for new rules to regulate the crypto sector in a discussion group Monday. Chinh said that he was "impatient that virtual assets are not recognized, yet people continue to trade" them. He was discussing amendments to the country's anti-money-laundering law, local newspaper VnExpress reported. Lawmakers have been putting pressure on the prime minister, as well as on the governor of the State Bank of Vietnam, the country's central bank, and the minister of justice to clarify their stance toward virtual assets and blockchain technology.
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Crypto Echoes Risks of 2008 Financial Crisis, Says US CFTC Commissioner
Jesse Hamilton - CoinDesk
Though the crypto industry is a sliver of the overall U.S. financial system, the "growing interest by traditional finance" firms should put regulators on notice of dangerous risks to come, said Christy Goldsmith Romero, a commissioner with the U.S. Commodity Futures Trading Commission. "Financial stability risk will increase and could rise to the level of systemic risk if, in the future, there are greater interconnections between the crypto industry and traditional finance players performing critical market functions," the commissioner said Wednesday at an International Swaps and Derivatives Association conference in New York.
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Chairman Behnam to Participate in a Conversation at the AIMA Global Policy & Regulatory Forum 2022
CFTC
Chairman Behnam will participate in a conversation at the AIMA Global Policy & Regulatory Forum 2022.
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CFTC Exempts Additional European Union Multilateral Trading Facilities and Organised Trading Facilities from SEF Registration Requirements
CFTC
The Commodity Futures Trading Commission today announced that it has unanimously approved an amended order that exempts two multilateral trading facilities (MTFs) and two organised trading facilities authorized within the European Union (EU) from CFTC swap execution facility (SEF) registration requirements. The exempted MTFs are Financial & Risk Transaction Services Ireland Limited (Ireland) and TRAD-X MTF (France). The exempted OTFs are Market Securities OTF (France) and Tradition España OTF (Spain).
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CFTC Exempts Additional Singapore Recognized Market Operators from SEF Registration Requirements
CFTC
The Commodity Futures Trading Commission today announced it has unanimously approved an amended order that exempts three Recognized Market Operators (RMOs) authorized within Singapore from CFTC swap execution facility (SEF) registration requirements. The exempted RMOs are Bloomberg Tradebook Singapore Pte Ltd, SGX FX Markets Pte. Ltd., and Synoption Pte. Ltd
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Raymond James to Pay $1.1 Million for Failure to Supervise Father-Son Team
Andrew Welsch - Barron's
Industry self-regulator Finra ordered two units of Raymond James Financial to pay a combined $1.1 million for allegedly failing to supervise two advisors who were overcharging customers. The advisors, who are not named in Finra's regulatory order, were a father-and-son team and worked for Raymond James' independent broker-dealer in Mercer Island, Wash., according to Finra. Over a six year period, the father and son overcharged seven institutional clients approximately $2.4 million in commissions, according to the self-regulator. The duo concealed their misconduct by creating their own trade confirmations, which they then emailed to customers, Finra said.
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SEC takes no position on two motions in support of Ripple in XRP lawsuit
Timmy Shen - Forkast
The U.S. Securities and Exchange Commission (SEC) is not taking a position on two motions, submitted by non-profit organization Investor Choice Advocates Network and crypto wallet provider SpendTheBits, which seek to weigh in on the lawsuit between the SEC and Ripple Labs Inc.
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SEC Proposes New Oversight Requirements for Certain Services Outsourced by Investment Advisers
SEC
The Securities and Exchange Commission today proposed a new rule and rule amendments under the Investment Advisers Act of 1940 to prohibit registered investment advisers from outsourcing certain services and functions without conducting due diligence and monitoring of the service providers.
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SEC Adopts Compensation Recovery Listing Standards and Disclosure Rules
SEC
The Securities and Exchange Commission today adopted rules to require securities exchanges to adopt listing standards that require issuers to develop and implement a policy providing for the recovery of erroneously awarded incentive-based compensation received by current or former executive officers. The final rules require a listed issuer to file the policy as an exhibit to its annual report and to include disclosures related to its recovery policy and recovery analysis where a recovery is triggered. The Commission proposed compensation recovery rules in 2015 and reopened the comment period on the proposal in October 2021 and again in June 2022.
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SEC Adopts Amendments to Modernize Fund Shareholder Reports and Promote Transparent Fee- and Expense-Related Information in Fund Advertisements
SEC
The Securities and Exchange Commission voted today to adopt rule and form amendments to require mutual funds and exchange-traded funds to transmit concise and visually engaging shareholder reports and to promote transparent and balanced presentations of fees and expenses in investment company advertisements.
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SEC approves rule to claw back executive pay after 'material error' in financial statements
Jennifer Schonberger - Yahoo! Finance
The SEC approved a rule to claw back executive compensation of companies that have to materially correct financial statements, raising the bar for Corporate America's highly paid CEOs. "Corporate executives often are paid based on the performance of the companies they lead, with factors that may include revenue and business profits," SEC Chair Gensler said in a statement.
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ASIC acts against greenwashing by energy company
ASIC
ASIC has taken its first action for 'greenwashing' against listed energy company Tlou Energy Limited (Tlou).
Tlou has paid a total of $53,280 to comply with four infringement notices issued by ASIC over concerns about alleged false or misleading sustainability-related statements made to the Australian Securities Exchange (ASX) in October 2021.
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Former account executive of Fulbright Securities Limited jailed for securities fraud
Securities & Futures Commission of Hong Kong
The Eastern Magistrates' Court today sentenced Mr Danny Fung Kwong Shing to two-and-a-half months' imprisonment following his conviction of the offences of engaging in fraud or deception in transactions involving securities under section 300 of the Securities and Futures Ordinance (SFO) in a prosecution brought by the Securities and Futures Commission (Notes 1 & 2).
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Court convicted Wong King Hoi for obstruction of SFC's search operation
Securities & Futures Commission of Hong Kong
The Eastern Magistrates' Court today convicted Mr Wong King Hoi after he pleaded guilty to a charge of obstructing employees of the Securities and Futures Commission (SFC) in the execution of a search warrant (Note 1).
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | As Investors Scramble to Buy I Bonds, TreasuryDirect Site Has Outages; Investors rushing to purchase I Bonds with a six-month return of 9.62% are taxing the government website
Veronica Dagher - The Wall Street Journal
People scrambling to buy government I Bonds, which pay a 9.62% interest rate if purchased by Oct. 28, are experiencing outages at the TreasuryDirect website. The Treasury Department said there has been a "significant" increase in traffic at the website, which is the only place investors can directly purchase securities such as I Bonds and Treasury bills. The inflation-adjusted Series I savings bonds became a popular choice for investors this year as inflation reached a four-decade high and markets plunged. Starting Nov. 1 the interest rate on I Bonds is expected to drop to about 6.47%. However, those who still wish to score the higher rate will need to take action by Oct. 28.
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Young Americans Seen Failing to Match Baby Boomers' Wealth Gains; A new study shows why millennials may need to scrimp and save to equal their parents' financial success.
Ben Steverman - Bloomberg
An epic four-decade boom in housing and stock prices made Baby Boomers the richest generation in US history. A new study shows just how difficult it will be for younger Americans to copy that success. The wealth boom since 1980 widened the gaps between rich and poor and young and old to record levels, the research finds. While the gains were concentrated at the top, bypassing the poorer half of the age group, the average older Boomer reached retirement age 65% richer than the generations born before World War II.
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Moelis's Ambitious SPAC Plans Go Bust With Industry in Collapse; Banker-backed blank check will return cash to investors early; Palihapitiya, Ackman have also thrown in the towel in 2022
Bailey Lipschultz - Bloomberg
Wall Street titan Ken Moelis's plans to start a SPAC empire are now over, as the bubble is bursting for the struggling investment vehicles that once attracted everyone from finance heavyweights to celebrities. The banker's Atlas Crest Investment Corp. II said Tuesday it will seek investor approval to shut down early, returning money to shareholders and throwing in the towel on the special-purpose acquisition company. Early Wednesday, a Moelis-backed team pulled the plug on another SPAC, marking its third withdrawn venture before going public in the past year, forgoing efforts to raise $1.2 billion among them.
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Pimco Reloads Stock Shorts, Says Tech Is 'Canary in Coal Mine'; Browne warns that optimism built on Fed is unsustainable; A bottom may not form until earnings expectations reset lower
Lu Wang and Alix Steel - Bloomberg
Pacific Investment Management Co. raised bearish stock wagers as the market bounced back, according to portfolio manager Erin Browne, who warns that the latest earnings woes from tech giants are a sign of what's coming next for Wall Street. "Over the last week or so, we've been resetting shorts at higher levels, taking that as an opportunity to get more underweight stocks," Browne told Bloomberg TV. "I don't think yet that we have received the all-clear signal," she added. "What I think tech is highlighting now is they're the canary in the coal mine for the broad market."
/jlne.ws/3TEpmmE
Europe Risks Diesel Supply Shock as Russia Oil Sanctions Near
Jack Wittels and Prejula Prem - Bloomberg
The European Union's 200-million-barrel-a-year diesel trade with Russia, a vital supply-line to a fuel-hungry continent, is poised to halt in coming months. From early February, EU sanctions will ban the delivery of almost all seaborne refined petroleum products -- including diesel-type fuel -- from Russia, the region's single biggest external supplier. With time running out during a period of extreme market tightness, traders will have to make dramatic cut-backs if they're going to hit the deadline.
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Why a 'Broken' Mortgage Market Is Keeping Borrowing Rates Extra High; It's more than just higher benchmark interest rates.
Tracy Alloway and Joe Weisenthal - Bloomberg
To understand the highest mortgage rates in two decades, look to the intricacies of the market for bonds backed by home loans. So says Guillermo Roditi Dominguez, managing director at New River Investments LLC. On the latest episode of the Odd Lots podcast, he describes how the surging cost of home loans can be traced to changes in the market for mortgage-backed securities, or MBS. The average rate on a 30-year fixed mortgage jumped above 7%, according to data released on Wednesday. That's the highest since 2001.
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Traders urge ECB to ease collateral shortage in repo market; International Capital Market Association warns of 'rising dysfunction' in money markets
Nikou Asgari and Martin Arnold - Financial Times
The eurozone's repo and money markets are becoming more dysfunctional and threaten the European Central Bank's ability to push its monetary policies, an influential trade group has warned. The International Capital Market Association, which represents the bond market's biggest traders, said it had become concerned about the functioning of Europe's €10tn repo markets because of a scarcity of liquid assets, and excess liquidity in the region's banking system.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How Climate Change Affects Cities' Daily Temperatures, Mapped
A new online tool shows the influence of global warming on today's highs and lows in more than 1,000 global cities.
Erin X. Wong - Bloomberg
The world is now 1.1C hotter on average than it was in 1850, before widespread industrialization. But this number can obscure the lived experience of climate change - how we question whether this year was hotter than the last, or how some regions of the world are warming faster than others. A new online mapping tool called the Climate Shift Index (CSI), developed by the US-based research and communications group Climate Central, illustrates how daily average temperatures in more than 1,000 cities around the world are made more or less likely by global warming.
/jlne.ws/3NbsFiJ
World still way off track on goal to keep global warming below dangerous threshold, UN says
Ella Nilsen and Radina Gigova, CNN
Nations are still way off track to limit global warming below a dangerous threshold as catastrophic extreme weather events are already threatening the health and food security of people around the world, a pair of reports have found. The United Nations reported Wednesday that global warming will rise to between 2.1 and 2.9 degrees Celsius based on the world's current climate pledges - way beyond the 1.5 degrees nations are trying to stay below.
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What Wharton's Majority Female MBA Program Means for Other Top-Tier B-Schools; Gender parity in graduate programs remains elusive, but Wharton's progress marks an important step towards that goal
Jeff Green - Bloomberg
When the University of Pennsylvania's Wharton announced that its 2023 MBA class was the first in the program's 140-year history to be majority female, it was a pretty big deal. It was a first for a top-10 rated school, one that happens to be among the largest in the US. Combined enrollment at the other six business schools in Businessweek's latest Best B-Schools ranking where women meet or exceed gender parity is less than one-third that of Wharton's.
/jlne.ws/3FqrYAx
First Comes the Sub-Zero Gas Prices, Then the Flaring in Texas; Natural gas spot prices went negative in Texas on Tuesday; Environmentalists fear operators will flare to get rid of gas
Sergio Chapa - Bloomberg
The glut of natural gas in the Texas shale patch that has grown so large prices have fallen below zero is raising fears among environmentalists that drillers are burning off more of the fuel at wells. Last year alone, energy producers flared 68 billion cubic feet of gas across Texas's share of the energy-rich Permian Basin, according to Colin Leyden at the Environmental Defense Fund. It's a practice that has emerged as a major source of climate-warming emissions in recent years.
/jlne.ws/3fbs2Jq
ESG Fund Rules in Europe Come Under Fire From Regulators; FCA and ESMA both criticize European ESG regulations; Fund managers are struggling to navigate next level ESG rules
Greg Ritchie, Lisa Pham, and Frances Schwartzkopff - Bloomberg
The world's most far-reaching set of ESG investment rules is facing a wave of criticism as regulators in Britain and the European Union publicly voice their misgivings. The UK's Financial Conduct Authority has deliberately steered clear of some of the main features of Europe's Sustainable Finance Disclosures Regulation, after it became clear they resulted in an ESG "contest" among fund managers rather than an exercise in transparency, Sacha Sadan, the FCA's director of environmental, social and governance, said in an interview.
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Ex-Merrill Lynch Banker Hunts Green Energy Bets for World's Rich; James Munce has become the CEO of renewable energy fund HYCAP, which has bought stakes in three hydrogen companies.
Benjamin Stupples - Bloomberg
James Munce, who spent a decade helping build an investment platform for Bank of America Corp.'s Merrill Lynch, is looking to achieve a similar feat for the world's super-rich. Munce took over last month as chief executive officer of HYCAP, an investment fund focusing on the hydrogen industry. The firm was co-founded by a member of the billionaire Bamford family behind construction-equipment maker JCB and is backed by other wealthy investors.
/jlne.ws/3NbudcE
Why Climate Tech Is Getting Broader and Narrower at the Same Time; The proliferation of funds and projects at every scale is a feature, not a bug, of a market that will put trillions of dollars into decarbonizing the economy.
Nathaniel Bullard - Bloomberg
Last week, TechCrunch held its annual Disrupt conference, which culminates in a "startup battlefield." Past winners of the competition run the gamut from digital men's fertility clinics to software for cannabis businesses to customer-support AI. This year, the winner was a lithium extraction startup. Three of the other five finalists were also climate- or environment-oriented, focusing respectively on plastic decomposition, green hydrogen and outdoor work robots. The preponderance of climate-focused companies is striking, as is the breadth of their approaches.
/jlne.ws/3DCkgBI
U.N.-backed investors set fresh targets in sustainable food shift
Simon Jessop
U.N.-backed group of global financial institutions including Dutch lender Rabobank on Thursday set out a series of company specific environmental and social targets aimed at helping drive a shift to a more sustainable food system. Set by a group of 11 firms in the Good Food Finance Network, including Nuveen Natural Capital and Mexican development lender FIRA, the new goals cover objectives such as stopping deforestation and expanding the use of agroforestry.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse banking on restructure revamp
Nathalie OLOF-ORS - Agence France-Presse
New Credit Suisse chief executive Ulrich Koerner, faced with trying to turn around the beleaguered bank following multiple scandals, is set to unveil his strategic road map on Thursday. The pressure is on for Switzerland's second-biggest bank after investors saw their money go up in smoke due to the collapse in share prices. And the fragile economic outlook, recent market turbulence and rising interest rates could further complicate Koerner's task as he reveals his restructuring plan.
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Apollo, Pimco in Talks to Buy Credit Suisse SPG Assets; Swiss bank is giving long-awaited update on strategy Thursday; Investors have been eager to see whether sales will cover tab
Gillian Tan, Jan-Henrik Foerster, and Matthew Monks - Bloomberg
Credit Suisse Group AG, lining up the pieces of a sweeping overhaul, is in advanced talks with a group of investing giants including Apollo Global Management Inc. to sell at least part of its securitized products business, according to people with knowledge of the matter. The coalition of potential buyers also includes fund manager Pacific Investment Management Co., the people said, asking not to be identified because the matter isn't public. Selling the profitable though capital-intensive business would be a key step for the Swiss lender looking to downsize its investment bank and help pay for other restructuring moves being unveiled on Thursday.
/jlne.ws/3D4kujK
JPMorgan Ramps Up Hiring for Payment Services in Asia Pacific; US bank starts merchant services in seven Asia markets; India market seen as "very important" in shift away from cash
Denise Wee - Bloomberg
JPMorgan Chase & Co. is building out teams that handle card transactions and other payments for businesses by recruiting staff across key Asian markets amid the boom in digital commerce. The New York-based lender has begun providing services within its merchant-acquiring unit in Australia, India, Japan, Singapore, South Korea and New Zealand this year, with Hong Kong planned by the end of 2022, according to Max Neukirchen, the firm's global head of payments & commerce solutions.
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Credit Suisse's possible First Boston revival may face hurdles
Megan Davies - Reuters
Credit Suisse may want to revive the First Boston brand for its investment bank - but doing so could be complicated and possibly costly. The embattled Swiss lender is set to announce a reorganization on Thursday which could include selling various parts of its business as it tries to raise cash. The bank could also spin off or separate part of its advisory and investment banking business.
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Credit Suisse mulls IPO for CS First Boston - source
Reuters
Credit Suisse is exploring the possibility of an initial public offering for its CS First Boston spinoff, a source familiar with the matter told Reuters on Thursday. The Swiss bank is starting out as the majority shareholder for the newly created investment bank entity, but sees an IPO as a future option, the source said. An unnamed investment company has already committed to inject $500 million into CS First Boston, focused on advisory and capital markets, Chief Executive Ulrich Koerner said.
/jlne.ws/3U5PeI9
Credit Suisse bringing back 'First Boston' name as it plans up to 9,000 job cuts
Steve Goldstein - MarketWatch
Credit Suisse is bringing back the "First Boston" name after 17 years as the Swiss bank unveiled a sweeping restructuring that includes a big investment from Saudi Arabia, the sale of a unit, and as many as 9,000 job cuts. The revamp was unveiled Thursday alongside a third-quarter loss of 4 billion francs ($4.1 billion), the fourth consecutive loss for the struggling bank that has reeled from the blowup of the Archegos family office and the collapse of the financing firm Greensill Capital.
/jlne.ws/3Fnpsea
Credit Suisse Makes $180 Million Provision for Major Legal Costs; Swiss lender trust fighting Singapore case against billionaire; Bank's 2022 legal settlements, damages already top $1 billion
Hugo Miller and Jeremy Hodges
Credit Suisse Group AG has made a 178 million Swiss francs ($180 million) provision for major litigation costs in the third quarter to help account for a long list of lawsuits and investigations that it's trying to draw a line under following years of scandals and losses that eroded investor confidence. The Zurich-based bank said in a statement Thursday that it'll continue to take a "proactive approach to reducing our litigation docket, including through the settlements of legacy cases such as the French cross-border matter and the New Jersey Attorney General RMBS case, for which we were fully provisioned."
/jlne.ws/3NaFKZE
Morgan Stanley Favors Staying Put in Canary Wharf Office After Two-Year Review; Wall Street bank likely to stay in Canary Wharf another decade; StanChart also in talks to extend current City of London lease
Jack Sidders - Bloomberg
After scouring London for a potential new headquarters, Morgan Stanley will likely stay put in its existing digs. The bank is leaning toward not exercising options to break the leases on its two current offices in Canary Wharf having spent the past two years examining a potential move, people familiar with the decision said. That would commit the bank to the east London financial district until about 2032 when one of its current leases is due to expire, the people said, asking not to be identified as the process is private.
/jlne.ws/3TFGf0s
Goldman Sachs's Marc Nachmann emerges as big winner in reshuffle; Executive to lead new combined wealth and asset management unit seen as crucial to higher valuation
Joshua Franklin, Harriet Agnew and Brooke Masters - Financial Times
When Goldman Sachs chief executive David Solomon last week unveiled his second major revamp of the bank since taking over four years ago, the biggest winner to emerge from the resulting corporate reshuffle was Marc Nachmann. Having developed a reputation inside Goldman as one of Solomon's most trusted fixers, Nachmann was rewarded with a job as head of a newly merged $2.4tn asset and wealth management division.
/jlne.ws/3sBvMae
Credit Suisse launches $4bn Saudi-backed fundraising; Swiss lender will bring back First Boston brand, carve up investment bank in strategic revamp
Owen Walker - Financial Times
Credit Suisse is set to raise billions in capital, carve up its investment bank and cut thousands of jobs, in an effort to restructure its business and move on from a litany of scandals and a SFr4bn third quarter loss. The Swiss bank is seeking to raise SFr4bn ($4.05bn) of capital, including SFr1.5bn from the Saudi National Bank, which will become the second-largest shareholder in the group, owning 9.9 per cent.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Most Hospitalized Monkeypox Patients in the U.S. Were H.I.V.-Positive; "Monkeypox and H.I.V. have collided," a C.D.C. researcher said.
Apoorva Mandavilli - The New York Times
Nearly all Americans hospitalized for monkeypox infection had weakened immune systems, most often because of H.I.V. infection, the Centers for Disease Control and Prevention reported on Wednesday. Of 57 hospitalized patients described in the report, 82 percent had H.I.V. More than two-thirds of the patients were Black and nearly one-quarter were homeless, reflecting racial and economic inequities seen in the outbreak overall.
/jlne.ws/3gPoayt
Staying Up Too Late? You May Be a âEUR˜Revenge Bedtime ProcrastinatorâEUR™; Unlike insomnia, bedtime procrastination happens when you choose to stay awake even though you know you may suffer the next day
Alex Janin - The Wall Street Journal
Many of us are staying up later and later, taking precious time for ourselves at the end of busy days. But it's doing more harm than good. Katie Reagin, a 42-year-old mom in Lilburn, Ga., says from the time she wakes up at around 7:15 a.m., she is swamped with household chores and shuttling her three kids between school, appointments and activities. When she finally gets everything done after 10 p.m., she knows she should get to bed, but she craves time for herself. So she watches TV, scrolls through social media and reads a book - often until nearly 2 a.m. "At the end of the day, I'm like, 'Tomorrow be damned, I'm going to take these few hours for myself," she says.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Wants to 'Speed Up' Its Seizure of Taiwan, Blinken Says; Secretary of state comments on China in Bloomberg interview; Says Beijing is now 'exerting more pressure' on Taipei
Iain Marlow - Bloomberg
US Secretary of State Antony Blinken accused China of undermining the decades-long status quo that has kept both nations from going to war over Taiwan, saying Beijing was trying to "speed up" its seizure of the island. "What's changed is this -- a decision by the government in Beijing that that status quo was no longer acceptable, that they wanted to speed up the process by which they would pursue reunification," Blinken said Wednesday during an interview at Bloomberg's offices in Washington.
/jlne.ws/3f7LyGX
China's Shortage of Pig Feed Set to Ease on Looming Soy Imports
Jinglu Gu - Bloomberg
China is reeling from a nearby shortage of soybean meal, an important ingredient in hog feed, which is shown by a hefty backwardation in the futures market on the Dalian Commodity Exchange. Futures for November delivery settled at 4,839 yuan ($670) a ton Wednesday, almost 800 yuan higher than prices for January. Chinese processors slowed buying of foreign soybeans during the summer when crush margins turned negative, curbing arrivals. Shallow water in the Mississippi River because of drought has also limited prospects for US exports and worsened the crunch.
/jlne.ws/3TEpaUs
Hong Kong Pension Fund's Biggest Slump Since 2008 Fuels Anger; Stock rout brings thousands of dollars of loss per MPF member; Hong Kong workers are mandated to contribute to fund scheme
John Cheng and Lulu Yilun Chen - Bloomberg
A historic selloff in Hong Kong stocks has dealt a blow to the nest eggs of the city's millions of workers, saddling them with losses of about $8,000 each that may take years to recover. The Mandatory Provident Fund -- Hong Kong's official pension system -- shed about HK$286 billion ($36.4 billion) this year as of Monday, or HK$62,400 per member, according to researcher MPF Ratings Ltd. That puts the MPF's year-to-date loss at around 24%, on track for its worst annual performance since 2008.
/jlne.ws/3TWc5WZ
Venezuela's oil partners head for the exit, forgoing unpaid debt
Mariela Nava, Marianna Parraga and Deisy Buitrago - Reuters
Venezuela is allowing partners in state oil company PDVSA's joint ventures to leave - by selling their shares to others or returning them - so long as they forgo payment for past debts and unpaid dividends, four people close to the matter said.
/jlne.ws/3f8EY2O
Gasoline Shortage on US East Coast Is Latest Fuel Supply Crisis
Chunzi Xu - Bloomberg
The fuel crisis on America's East Coast is deepening as terminals running low on diesel are now down on gasoline, too. "Numerous" terminals are out of gasoline and ethanol over the past 72 hours due to various supply delays, according to distributor TAC Energy. Rallying futures show the reason "is more short squeeze caused by a variety of disruptions in supply, rather than an expectation of strong gasoline demand," TAC wrote in a note.
/jlne.ws/3syk8gn
Zillow Lays Off 300 Employees as US Housing Market Slows Further
Lizzie Kane and Patrick Clark - Bloomberg
Zillow Group Inc. laid off 300 employees as the company contends with a slowing housing market. A spokesperson for the company said Zillow eliminated roles in several lines of business including Premier Agent, the company's core advertising service. The cuts account for 5% of its workforce of 5,791 full-time employees as of the end of June.
/jlne.ws/3N8ziT8
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| Miscellaneous | | Stories that don't quite fit under the other sections | Musk Tells Twitter Employees He Doesn't Plan to Cut 75% Of Jobs
Ed Hammond and Edward Ludlow - Bloomberg
Elon Musk told Twitter Inc. employees on Wednesday that he doesn't plan to cut 75% of the staff when he takes over the company, according to people familiar with the matter. Musk, whose $44 billion deal for Twitter is on track to close Friday, denied the previously reported number in an address to employees at the company's San Francisco office, said the people, who declined to be named because the information isn't public.
/jlne.ws/3zkU3oW
TikTok to launch standalone gaming channel; Dedicated tab on platform's homepage is company's first venture beyond videos
Cristina Criddle and Patrick McGee - Financial Times
TikTok is making a big push into gaming, adding a dedicated tab within the short-form video platform, its first venture into a different entertainment format. The Chinese-owned company is the latest video platform to expand beyond video into games, one of the most lucrative entertainment industries, following Netflix's launch of mobile games last year and filling a void left by rivals Snapchat and Facebook, which are winding down their gaming platforms.
/jlne.ws/3gNVHJl
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