| September 05, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
FIA announced today that its longtime chief commercial officer, Emma Davey, will step down at the end of the year. Since taking on her position in 2016 following the merger of FIA and the London-based Futures and Options Association (FOA), Emma has overseen the expansion of FIA's conferences and events business while leading the organization's marketing, branding, communications and membership strategy. Emma was critical to FIA's global growth, as well as its increased charitable efforts, including her stewardship of the Futures for Kids charity.
FIA said, "We are grateful to Emma for many years of hard work and friendship."
FIA has begun a search for a new senior vice president - global events, marketing and communications. This position sits on the global management team and directly oversees FIA's conferences, marketing and communications departments. Leading a team of approximately 15 employees, primarily based in Washington, D.C., this position will ensure a unified approach to advancing the organization's mission and priorities through external channels of member engagement. To learn more about the position, click HERE.
Here is the statement that FIA President and CEO Walt Lukken shared on LinkedIn this morning about Emma's retirement:
It is with mixed emotions that FIA announces that Emma Davey, FIA's Chief Commercial Officer, will retire at the end of the year. Emma has been a trusted member of my management team since 2016 and an influential member of our markets for decades. She has countless friends in our industry and has given so much of herself to helping our community and those in need. I am so grateful to call her a colleague and friend and wish her all the best in this next stage of her life.
For those who don't know Emma's impressive background, she has worked in the derivatives industry for over 35 years. She began as a reporter for FOW, eventually becoming editor-in-chief and managing director. Emma also worked at the London Metal Exchange as a business manager in charge of membership and business development. She joined the FOA in March 2009 as Director of Membership and Corporate Affairs.
When FOA merged with FIA in 2016, Emma played a critical role as we integrated our US and UK teams. Her understanding of the industry and innate leadership skills ensured a smooth transition to our global structure.
We will miss Emma's thoughtful contributions and are thankful to have her onboard for a few more months during this transition.
On behalf of myself and JLN, we want to thank Emma for her many years of service to the FIA, FOA and industry. She has made a difference in the industry and in many lives.
The AFM Workshop "Tech Day 2024: Technology of the Future - Navigating Solutions for Exchanges" is scheduled for October 9 at the W Marriott Hotel in Amsterdam. Organized by the Association of Futures Markets (AFM) and Exberry, this event is poised to be a significant gathering for professionals in the exchanges and clearing houses sectors, focusing on the future of technology in these areas. The day will begin with welcoming remarks from Pat Kenny, chairman of the AFM, and Guy Melamed, co-founder & CEO of Exberry. Hanzo van Beusekom, a member of the board of the Dutch Authority for Financial Markets (AFM), will deliver the keynote presentation, setting the stage for the day's discussions.
The first session, "Cloud-based Exchange and Clearing Solutions on the Rise," will explore the challenges and opportunities of migrating exchanges to the cloud, emphasizing scalability, flexibility, and cost efficiency. Notable panelists include Alex Mirarchi from Amazon Web Services and Stuart Turner from Avenir Technology Limited. The second session will present case studies from Abaxx and AWS, focusing on the practicalities of cloud adoption in regulated markets, agile delivery methods, and the experiences of going live with cloud-based systems.
The third session will address "Tech Threats and Opportunities for Exchanges and Clearing Houses," discussing major technological threats and opportunities, including the use of AI and cybersecurity measures to enhance existing technologies in a rapidly changing environment. In the fourth session, "Trends in Data Analytics and Data Management," panelists will discuss the latest initiatives in data analytics, the role of AI in data mining, and opportunities for data management across exchange platforms. The final session, "From Green Bonds to Carbon and ESG 2.0," will explore the role of capital markets in achieving zero carbon goals, the development of green bond markets, and the challenges and opportunities in ESG investments.
In August 2024, CME Group achieved its second-highest average daily volume (ADV) ever, with 31.7 million contracts, reflecting a 31% increase compared to August 2023. This surge was driven by record-setting performances across multiple asset classes. Interest rate contracts led the way with a record ADV of 18.3 million contracts, including an all-time high in U.S. Treasury futures and options at 11.5 million contracts. Specific Treasury records included 2-year (1.6 million contracts), 5-year (2.8 million contracts), and 30-year (708,000 contracts) futures.
SOFR futures and options also saw significant growth, with volume rising 48% to 6.3 million contracts. Equity index contracts reached a record August ADV of 7.5 million contracts, while agricultural contracts hit a record August ADV of 1.6 million, and foreign exchange contracts set a record with 1 million contracts. Notably, metals contracts saw a 43% increase, with metals options up 119% and Micro Gold futures advancing 170%.
Internationally, CME Group reported a record ADV of 8.9 million contracts, including 6.5 million in EMEA (Europe, the Middle East, and Africa) and strong growth in Asia (up 37%) and Latin America (up 18%). Micro products also performed exceptionally well, with Micro E-mini Equity Index futures and options representing 41% of overall Equity Index ADV, and Micro Ether futures reaching a record ADV of 53,000 contracts. Additionally, Micro Bitcoin futures saw a 585% increase, reaching 48,000 contracts.The company's BrokerTec U.S. Treasury notional volume peaked at $249 billion on August 5, and FX Link reached a record single-day volume of $13.5 billion.
Intercontinental Exchange (ICE) reported a 29% year-over-year (y/y) increase in total average daily volume (ADV) and a 16% rise in open interest (OI) for August 2024. Key highlights include a 23% y/y increase in energy ADV, with oil ADV up 21% and WTI futures reaching record open interest of 810,000 lots. Gasoil saw a 5% ADV increase and a 50% OI surge, hitting a record 1.2 million lots. Natural gas ADV grew 23%, with a record 22.4 million lots in futures OI. Environmentals ADV jumped 51%, and financials ADV rose 47%, driven by interest rates ADV, which was up 55%. NYSE cash equities and equity options ADV increased 11% and 27%, respectively.
In August 2024, the Options Clearing Corporation (OCC) reported a total contract volume of 1.067 billion, marking a 4.3% increase compared to August 2023. Equity options saw a 7.4% rise to 556.4 million contracts, while index options grew by 10% to 98 million contracts. In contrast, ETF options experienced a slight decline of 1.2%, totaling 406 million contracts. Futures contracts showed the most significant growth, surging 26.4% to nearly 7 million contracts. Year-to-date average daily volume for 2024 also increased by 6.8% to 47.6 million contracts, reflecting overall growth in trading activity.
Chris Pento, the CEO and co-founder of Clear Street, shared a personal update on LinkedIn and with the Clear Street team in which he said at year end he will be joining Clear Street co-founder Uriel Cohen at his family office, and Ed Tilly will become the CEO of Clear Street.
The FIA European Principal Traders Association has published its new manifesto for the 2024-29 European Union political mandate titled "Tide of Change: Enhancing Liquidity Provision to the European Economy." The subheadline is FIA EPTA's policy recommendations for competitive EU capital markets." You can read the report HERE.
Jessica Titlebaum Darmoni announced on LinkedIn that she has started a new role as director of marketing at BlockFills, a crypto trading solutions and financial technology firm. BlockFills specializes in providing customized, end-to-end solutions for participants in the global cryptocurrency market.
Patrick Young, publisher of the Exchange Invest newsletter and author of "Capital Markets Revolution," discusses why AI, like Y2K, won't be catastrophic. In the latest episode of #BoxesAndLines, he talks with Ronan Ryan and John Ramsay about the benefits and challenges of lateral thinking in financial markets. Listen to the episode 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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Our most read stories from our previous edition of JLN Options were:
- Unwinding of VIX Trade Caused 'Massive Freakout,' Nomura Says from Bloomberg.
- Mystery Option Buyer Nets Fast $12 Million Gain on Stock Slide from Bloomberg via Yahoo Finance.
- OCC August 2024 Monthly Volume Data from the OCC. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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LaSalle Street Move Scouts Forward Fundraiser
www.tinyurl.com/LaSalle4Scouts
On September 25, the Pathway to Adventure Council of the Boy Scouts of America is hosting the LaSalle Street Move Scouts Forward event at the Chicago Board of Trade Building. This annual tradition, dating back to 1971, brings together professionals from LaSalle Street to support Scouting in our community. The highlight of the evening will be a pinewood derby race. You'll have the opportunity to build your own car or lease one at the event. It's a fantastic way to tap into your competitive spirit while enjoying cocktails and delicious food with colleagues and friends. Your participation will directly benefit Scouting programs that help develop leadership skills and character in our youth. There are various sponsorship levels available to suit your preferences. The event will be held at Ceres, with plans to move outdoors if weather permits. It's a perfect opportunity to network, have fun, and make a difference.
Click Here to Register »
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FIA outlines how successful derivatives markets will attract investor interest and support the enhancement of the CMU
FIA
FIA, the leading global trade organisation for the futures, options and centrally cleared derivatives markets, has published a paper outlining its views on how to support the progress of the European Union's Capital Markets Union (CMU). FIA's paper - Capital Markets Union at a Critical Juncture - sets out the role that derivatives play in effective capital markets. Specifically, FIA believes that centrally cleared derivatives are a key ingredient to building a strong CMU.
/jlne.ws/3MvsG1F
***** The opposite of cleared derivatives is not uncleared derivatives, but rather chaotic derivatives.~JJL
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Billionaire Sports Family Revels in Wall Street Money, World Cup and Taylor Swift; Dan and Clark Hunt control a $6.5 billion empire with a portfolio of teams across the National Football League, Major League Soccer and the National Basketball Association.
Randall Williams, Jason Kelly, and Julie Fine - Bloomberg
In a suite of Dallas offices featuring wood-paneled corridors decorated with antique maps and century-old photos from the Hunt family oil company, a pair of billionaire brothers are plotting global sports dominance. Dan and Clark Hunt, still riding the high of a second straight Super Bowl victory as the owners of the Kansas City Chiefs, are spending millions in pursuit of an unprecedented third consecutive championship. They're also a driving force behind the National Football League's efforts to become a global powerhouse, vying to leave a mark on professional sports that's as deep and lasting as that of their father, Lamar Hunt, who was instrumental in making football into the financial juggernaut it is today.
/jlne.ws/3zj1gsC
***** I think those Hunts are trying to corner the market on those silver trophies.~JJL
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Wednesday's Top Three
Our top story Wednesday was Crypto Owners More Likely to Have Psychopathic Traits, Study Says, from Bloomberg. Second was LME Aims to Boost Monthly Prices in Shift From 147-Year History, also from Bloomberg. Third was the transfer order moving the class action lawsuit, Sheldon Langer et al vs. CME Group and CBOT, from Judge Celia Gamrath, Chancery Court to Judge Kathy Flanagan, Acting Judge of the Law Division.
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| Lead Stories | US seizes websites allegedly used by Russia to spread election disinformation; Washington cracks down on what it says are Moscow's latest attempts to meddle in the presidential race
Stefania Palma - Financial Times
The US Department of Justice is seizing dozens of websites allegedly used by the Russian government to spread disinformation in an effort to meddle with the presidential election. The seizures were among several actions announced on Wednesday as the US government seeks to stop the distribution of misinformation ahead of the polls in November. It also shows how the US is once again focused on Russia, which was accused of interfering with the 2016 election.
/jlne.ws/3B2QR4P
Why Europe needs its own Nasdaq; The EU has to tackle the drain of valuable tech companies to US capital markets
John Thornhill - Financial Times
Europe boasts an impressive list of tech companies it has "lost" to US capital markets. From the UK, the chip designer Arm - which has shipped more than 250bn chips in its lifetime - chose to relist on the US Nasdaq last year. From Germany, the biotechnology company BioNTech, famous for its Covid vaccine, listed on Nasdaq in 2019. From Sweden, the popular music streaming service Spotify went public in 2018 on the New York Stock Exchange. Since 2018, some 50 European tech companies have listed on US markets. As a result, according to a July report from McKinsey, Europe "lost" a total of $439bn of market value from 2015 to 2023, calculated as the capitalisation of the companies at the time of their initial public offerings and the subsequent increase in market worth. No wonder the clamour is rising for Europe to create its own Nasdaq as the next IPO season comes around.
/jlne.ws/3ALZcK8
US, Britain and Brussels to sign agreement on AI standards; Growing push to regulate fast-growing technology leads to pact focused on human rights and democracy
Madhumita Murgia and Javier Espinoza - Financial Times
The three major western jurisdictions building technologies for artificial intelligence are set to sign the first international treaty on the use of AI that is legally binding, as companies worry that a patchwork of national regulations could hinder innovation. The US, EU and UK are all expected to sign the Council of Europe's convention on AI on Thursday, which emphasises human rights and democratic values in its approach to the regulation of public and private-sector systems.
/jlne.ws/4ggEnHg
US Election a Top Global Risk But Tricky to Forecast, BofA Says; Variables include president and congress makeup, geopolitics; Global head of economics research Irigoyen speaks in interview
Katia Dmitrieva - Bloomberg
The US election is emerging as one of the top risks to the global economic outlook, though it's tougher than usual to predict just how it will play out, according to Bank of America's head of global economics research. Both candidates - former President Donald Trump and Vice President Kamala Harris - have yet to specify their policy platforms and are operating in an economy that's quite different from just four years ago, Claudio Irigoyen said in an interview in Hong Kong Thursday.
/jlne.ws/3ATG795
Justice Department Disrupts Covert Russian Government-Sponsored Foreign Malign Influence Operation Targeting Audiences in the United States and Elsewhere; Influence Operation Relied on Influencers, AI-Generated Content, Paid Social Media Advertisements, and Social Media Accounts to Drive Internet Traffic to Cybersquatted and Other Domains
Department of Justice
The Justice Department today announced the ongoing seizure of 32 internet domains used in Russian government-directed foreign malign influence campaigns colloquially referred to as "Doppelganger," in violation of U.S. money laundering and criminal trademark laws. As alleged in an unsealed affidavit, the Russian companies Social Design Agency (SDA), Structura National Technology (Structura), and ANO Dialog, operating under the direction and control of the Russian Presidential Administration, and in particular First Deputy Chief of Staff of the Presidential Executive Office Sergei Vladilenovich Kiriyenko, used these domains, among others, to covertly spread Russian government propaganda with the aim of reducing international support for Ukraine, bolstering pro-Russian policies and interests, and influencing voters in U.S. and foreign elections, including the U.S. 2024 Presidential Election.
/jlne.ws/3XzkpPt
Electronic Bond Trading Is Picking Up in Europe, BofA Says; Firm sees increase in portfolio trading, derivatives e-trading; Says data transparency is key for region to catch up with US
Alice Atkins and Alice Gledhill - Bloomberg
Electronic fixed-income trading volumes are gaining traction in Europe as industry competition to innovate heats up, according to Bank of America Corp. Portfolio trading and derivatives - two areas where the bank is investing - have seen rapid growth, said Sonali Theisen, its global head of e-trading for fixed income, currency and commodities, in an interview. That's reflected in the volumes Bank of America is handling, she said.
/jlne.ws/3MA9sbi
Centralized Treasury, Repo Clearing at Risk of Fracturing Market; Curvature says mulitiple clearinghouses will create issues; CME Group, ICE, LCH.Clearnet are vying for market share
Alex Harris - Bloomberg
The US Securities and Exchange Commission's push to make the Treasury and repurchase agreement markets more transparent and resilient to stress in the financial system could actually make trading even more convoluted, according to Curvature Securities. While a proposed mandate for a central clearing of Treasuries and repos has since become more of a "rule to 'promote' central clearing," rather than a requirement, it is likely to increase the costs of trading and create liquidity issues, Curvature said.
/jlne.ws/4dNelcT
CFTC Issues Order Against Uniswap Labs for Offering Illegal Digital Asset Derivatives Trading
CFTC
The Commodity Futures Trading Commission, as part of its continuing enforcement focus in the digital asset decentralized finance (DeFi) space, today issued an order filing and settling charges against Universal Navigation Inc. d/b/a Uniswap Labs, a Delaware company based in New York. The order finds Uniswap Labs illegally offered leveraged or margined retail commodity transactions in digital assets via a decentralized digital asset trading protocol. The order requires Uniswap Labs to pay a $175,000 civil monetary penalty and to cease and desist from violating the Commodity Exchange Act (CEA), as charged.
/jlne.ws/3ZuSbbd
Rob Arnott Is Launching an ETF Made Up of Stock-Index Rejects; 'All they have to do is exceed bleak expectations,' he says; Research Affiliates may be launching more ETFs in near future
Vildana Hajric and Katie Greifel - Bloomberg
Out with the new, in with the old. At least that's the idea behind Rob Arnott's first exchange-traded fund - the Research Affiliates Deletions ETF - which, upon debut, will look to buy companies that were recently deleted from major indexes. The fund, which Arnott says is slated to launch next week, will trade under the ticker NIXT and hold companies for about five years - or until they reenter a benchmark again. "What could be better than buying the rejects?," Arnott, who is the founder of Research Affiliates, said on Bloomberg TV's ETF IQ. "We've been playing this in our own portfolios for a while now and we decided, 'Why don't we make this available?'"
/jlne.ws/4dPXSEH
Deutsche Bank Settles Postbank Lawsuit With Key Plaintiff
Arno Schuetze and Karin Matussek - Bloomberg
Deutsche Bank AG has settled a decades-old lawsuit relating to its purchase of Postbank with a key plaintiff, it said in a statement on Thursday. The settlement is for an additional EUR36.50 per share on the price Deutsche Bank paid at the time, the lender said in the statement. The settlement comes after a previous one last month that allowed Deutsche Bank to release a large chunk of the provisions it had made for the cases. It said at the time it would "review" its payouts plans as a result.
/jlne.ws/4cSpKa8
Why the US can't launch a green Marshall Plan; America's lagging technology and protectionist trade policy hamper its global leadership
Alan Beattie - Financial Times (opinion)
Are you a government planning a grand international initiative that aims to bundle economic progress with strategic interest in an alluring wrapping of moral righteousness? Here's a thought: why not call it a Marshall Plan? The US postwar initiative, named after George Marshall, President Harry Truman's secretary of state, spent around 5 per cent of US GDP to shore up western Europe's economies against the threat of Soviet domination. Today's twin challenges for the US - climate change and Chinese geopolitical influence - seem roughly equivalent in nature, and the calls to repeat the exercise have duly begun, matched by similar from Beijing.
/jlne.ws/3XgJRJi
Nvidia did not receive a US Justice Department subpoena, spokesperson says
Max A. Cherney - Reuters
Nvidia did not receive a U.S. Justice Department subpoena, a spokesperson said in a statement on Wednesday. "We have inquired with the U.S. Department of Justice and have not been subpoenaed. Nonetheless, we are happy to answer any questions regulators may have about our business."
/jlne.ws/4edklLY
Robinhood in $3.9 million settlement with California over crypto withdrawals
Jonathan Stempel - Reuters
A cryptocurrency platform run by Robinhood Markets will pay $3.9 million to settle claims it failed to let customers withdraw cryptocurrency from their accounts from 2018 to 2022, California Attorney General Rob Bonta said on Wednesday. The civil settlement with Robinhood Crypto is the first public action by Bonta's office against a cryptocurrency company.
/jlne.ws/3z7MuVA
Municipal-Bond Market Boom in Mega-Deals Shows No Sign of Stopping; This year has seen the most muni deals of $1 billion or more; Los Angeles school district, Illinois plan large bond sales
Amanda Albright - Bloomberg
It's already a record-setting year for muni-bond sales, and the relentless pace of mega-deals - those over $1 billion - is displaying little signs of slowing. State and local governments rushing to raise cash ahead of the presidential election in November have driven sales to $325 billion so far this year, an all-time high for the period, according to data compiled by Bloomberg going back to 2013. Some $65 billion of those offerings are mega-deals, the most in at least a decade.
/jlne.ws/3XcjXq8
Nasdaq Private Market Ready for Growth
Shanny Basar - MarketsMedia
Bank of America has become an investor in Nasdaq Private Market and BlackRock has agreed to acquire Preqin, a private markets data provider, highlighting the expected growth of alternative assets. In June this year, BlackRock said in a statement it has agreed to acquire Preqin, for £2.55bn, or approximately $3.2bn in cash. BlackRock said private markets are the fastest growing segment of asset management, with alternative assets expected to reach nearly $40 trillion by the end of the decade.
/jlne.ws/3ZenEhw
Chinese Lithium Producers Embrace Hedging to Manage Volatility; Trading volumes in Guangzhou nine times higher than last year; Ganfeng, Yahua among companies that are trading futures
Annie Lee - Bloomberg
Chinese lithium processors are ratcheting up hedging to offset wild swings in the battery metal, a sign that local futures launched around a year ago are gaining traction. Several companies have unveiled their hedging exposure via lithium carbonate futures during the recent earnings season, including Ganfeng Lithium Group Co. and Sichuan Yahua Industrial Group Co. The contracts on the Guangzhou Futures Exchange were the first of their kind in China, and trading is already more active than for lithium futures in established commodities hubs like London, Chicago and Singapore.
/jlne.ws/3yWckfr
Are transaction costs holding back UK equity markets? Changes to disclosure rules on share buybacks would make a big difference to returns
Michael Seigne - Financial Times (opinion)
There has been much discussion about pensions funds being big sellers of listed UK equities but who do you think has been among the big buyers? It's the listed companies themselves. The capital flowing back to investors from our mature listed companies runs at around £120bn annually, according to research from AJ Bell. This capital is returned to investors primarily through dividends and share buybacks. In the UK, AJ Bell estimates buybacks account for roughly a third of the total in 2024.
/jlne.ws/3MyW46Z
Templum Joins AIMA to Support the Alternative Investments Industry
Templum
Templum, the infrastructure solution for private markets, is pleased to announce that it has joined the Alternative Investment Management Association (AIMA) in support of AIMA's goals to promote the best interests of the industry and enhance a wider understanding of the alternative assets sector. AIMA is the global representative of the alternative investment industry, with 2,100 corporate members in more than 60 countries. AIMA's fund manager members collectively manage more than US$3 trillion in hedge fund and private credit assets. AIMA is also a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) - the first and only specialized educational standard for alternative investment specialists.
/jlne.ws/4cPhLut
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia warns 'don't cross red lines' as US-Ukraine missile deal close
The Telegraph
Moscow has warned the US not to cross a "red line" by giving Kyiv missiles that would be among its longest-range yet. Washington and Kyiv are close to an agreement which would see Ukraine given Joint Air-to-Surface Standoff Missiles (Jassm), capable of reaching targets deep inside Russia, US officials said.
/jlne.ws/3Xtvl26
Ukraine's wild fire-breathing drones have started popping up all around the front lines, videos show
Jake Epstein - Business Insider
Ukrainian forces appear to be increasingly using drones to rain a fire-like substance down on Russian troop positions in the tree lines, newly released combat footage shows. Multiple Ukrainian units have shared videos this week of their drones dispersing an incendiary material identified as molten thermite, which is essentially tiny pieces of metal burning at temperatures that can reach up to 4,000 degrees Fahrenheit.
/jlne.ws/4cS92Yu
German army activates air-defence system, citing Russia threat
AFP
Germany's military put a first Iris-T air-defence system into service on its own soil Wednesday having delivered several of them to war-torn Ukraine to intercept Russian rockets, drones and missiles. Chancellor Olaf Scholz said the surface-to-air system was part of a build-up of German and European defences launched after Russian President Vladimir Putin launched the Ukraine invasion in 2022.
/jlne.ws/3AOfeDx
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Justice Department Announces Terrorism Charges Against Senior Leaders of Hamas
Department of Justice
Defendants Are Senior Leaders of Hamas Responsible for Planning, Supporting, and Perpetrating Hamas's October 7 Terrorist Attacks in Israel Resulting in the Brutal Murders of More Than a Thousand Innocent Civilians, Including Over 40 American Citizens
/jlne.ws/3Xv5o21
Hamas Tunnels Show Future Wars Will Be Fought Underground; Subterranean complexes have been used in combat for millenniums, but terrorist groups and rogue states are creating more sophisticated versions.
James Stavridis - Bloomberg (opinion)
A year into Israel's fight against Hamas, it has become clear that the military "center of gravity" - the most important element of the conflict - is not the missiles or manpower of the terrorist group. Rather, it is the 400-plus miles of tunnels carved out under the Gaza Strip. From those tunnels, Hamas and its sponsor, Iran, were able to train, equip, organize and launch the horrific attacks of Oct. 7.
/jlne.ws/4effpWV
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext Dublin launches the recruitment for Euronext IPOready, to help Irish SMEs go public; Back; IPOs and equity capital markets critical to future of Irish economy
Euronext
The Minister for Enterprise, Trade and Employment, Peter Burke and Euronext Dublin, formerly the Irish Stock Exchange, have today launched the recruitment for Euronext IPOready 2025 in Ireland, at an event on the historic Market Floor at Euronext Dublin. This is the latest edition of Euronext's leadership programme designed to equip executives with the skills to scale and secure growth financing, up to and including through an Initial Public Offering (IPO). Commencing in January 2025, this six-month pre-IPO educational programme offers a blend of interactive workshops, international networking events with peers, investor pitches, and tailored mentoring sessions for CEOs and CFOs of scaling Irish companies. It is crafted to equip company leaders with the essential skills and insights needed to assess and pursue strategic financing options, including how to achieve a successful IPO to support long-term business expansion.
/jlne.ws/4cPJQ4B
Intercontinental Exchange Reports August 2024 Statistics
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today reported August 2024 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. August highlights include: Total average daily volume (ADV) up 29% y/y; open interest (OI) up 16% y/y Energy ADV up 23% y/y; OI up 22% y/y Total Oil ADV up 21% y/y; OI up 14% y/y Brent ADV up 24% y/y; OI up 13% y/y WTI ADV up 34% y/y; OI up 12% y/y, including record futures OI of 810k lots on August 12 Gasoil ADV up 5% y/y; OI up 50% y/y, including record OI of 1.2M lots on August 30 Other Crude & Refined products ADV up 26% y/y; OI up 10% y/y
/jlne.ws/4eazU74
ASX Group Monthly Activity Report - August 2024
ASX
/jlne.ws/3z3gke1
CME Group Inc. Announces Third-Quarter 2024 Earnings Release, Conference Call
CME Group
CME Group Inc. will announce earnings for the third quarter of 2024 before the markets open on Wednesday, October 23, 2024. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.
/jlne.ws/3X8twGq
Two additions to MDAX, three to SDAX
Deutsche Boerse Group
STOXX Ltd. has announced the new composition of the DAX blue-chip indices. DAX, MDAX, SDAX and TecDAX represent the largest companies (by free float market capitalization) listed on the Regulated Market of Frankfurt Stock Exchange, which meet the basic criteria for index inclusion as defined in the DAX rulebook. The indices are reviewed on a quarterly basis. The scheduled September review includes the Regular Exit, Regular Entry, Fast Exit and Fast Entry rules.
/jlne.ws/3ATI8lF
SGX Orb Awards winners unveiled; Pillar of SGX Group's efforts to foster financial education and empower investors; Special category winner tells story of how participants across investing community are playing their part to make
SGX
SGX Orb Awards winners reported on Southeast Asia's dominance in a fast-growing creator economy of live streaming and vertical videos, probed whether so-called "sin stocks" still have a place in an increasingly responsible investing world, and told the story of how the financial community is contributing to the impact-investing ecosystem.
/jlne.ws/4edmZRA
Nasdaq Reports August 2024 Volumes
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for August 2024 on its Investor Relations website. A data sheet showing this information can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/jlne.ws/47hOuan
OCC August 2024 Monthly Volume Data
OCC
/jlne.ws/4cYH3WN
Product modification Summary: Amendments to the Listing Schedule, Delisting of Previously-Listed Contract Months and Subsequent Permanent Delisting of the CBL Core Global Emissions Offset (C-GEO) Futures Contract - Effective September 03, 2024
CME Group
Amendments to the Listing Schedule, Delisting of Previously-Listed Contract Months and Subsequent Permanent Delisting of the CBL Core Global Emissions Offset (C-GEO) Futures Contract
/jlne.ws/4dRevQk
EBS Market on CME Globex Notice: September 5, 2024
CME Group
/jlne.ws/4cWxAPM
CME STP Notices: September 5, 2024
CME Group
/jlne.ws/4ee4psv
EEX Group Monthly Volumes - August 2024; 09/05/2024 Monthly Volume Report
EEX Group
EEX Group reports its August monthly volumes with the following highlights:
/jlne.ws/3Xzrj7l
Regular Changes of Constituents In Large/Mid/Small Cap Indices of KOSPI and KOSDAQ Market
KRX
There will be regular changes of constituents in Large/Mid/Small Cap Indices of KOSPI and KOSDAQ, effective from September 13, 2024.
/jlne.ws/3ASKYHu
Straits Times Index (STI) Quarterly Review September 2024
LSEG
FTSE Russell announces that there will be no changes to the constituents of the Straits Times Index (STI), following the September 2024 quarterly review.
/jlne.ws/4e9EEd5
Straits Times Index (STI) quarterly review - September 2024
SGX
FTSE Russell announces that there will be no changes to the constituents of the Straits Times Index (STI), following the September 2024 quarterly review.
/jlne.ws/4cPLdAh
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Three former Wirecard executives found personally liable for EUR140mn; Munich court rules Markus Braun and others violated duties over loans to suspicious businesses
Olaf Storbeck - Financial Times
Former Wirecard boss Markus Braun and two other executives have been ordered to pay EUR140mn plus interest in damages to the defunct payment group's administrator over violations of professional duties. In a long-running civil suit brought by Wirecard administrator Michael Jaffé, Braun, former chief financial officer Alexander von Knoop and former chief product officer Susanne Steidl have been found personally liable for losses from unsecured loans to allegedly fraudulent business partners in Asia.
/jlne.ws/4dTCQVY
Marketers threaten to cut spending on Elon Musk's X in record numbers; Social media site hit by advertising industry concern over brands appearing next to contentious material
Daniel Thomas - Financial Times
A record number of advertisers plan to pull back from X next year because of concerns over being associated with extreme content, in a new blow to Elon Musk's hopes of turning round the finances of the social media group. According to a global survey of industry executives by analytics group Kantar, a net 26 per cent of marketers planned to cut advertising spending on X in 2025, the biggest recorded pullback from any major global advertising platform.
/jlne.ws/47gvmd1
Virtu rolls out new Switcher algo; New offering has been designed as a "co-pilot" for traders, allowing them to switch algorithms throughout the life of an order based on its characteristics and market conditions.
Annabel Smith - The Trade
Virtu Financial has moved to expand flexibility for its clients when looking to trade algorithmically by allowing them to switch algorithms mid-way through an order. Named Switcher, the new "algorithm of algorithms" as so-called by Virtu is designed to allow clients greater optionality for an order throughout its lifecycle depending on changing conditions.
/jlne.ws/4dQsgim
AI is moving fast and 'if you wait for perfection, you're going to be too late,' says World Wide Technology's CEO
Fortune
On this episode of Fortune's Leadership Next podcast, host Diane Brady talks to Jim Kavanaugh, co-founder and CEO of World Wide Technology. A member of the 1984 U.S. men's Olympic soccer team, Kavanaugh credits his years on the soccer pitch and his parents with many of the leadership values he practices at WWT. "Some teams were more disciplined in regards to how they played, some were more free and flowing and had a different vibe to them. And you had to learn how to compete against those different teams," says Kavanaugh.
/jlne.ws/4dPngup
UK competition watchdog clears Microsoft's hiring of AI startup's core staff
Associated Press Finance
British regulators on Wednesday cleared Microsoft's hiring of key staff from startup Inflection AI, saying the deal wouldn't stifle competition in the country's artificial intelligence market. The Competition and Markets Authority had opened a preliminary investigation in July into Microsoft's recruitment of Inflection's core team, including co-founder and CEO Mustafa Suleyman, chief scientist Karen Simonyan and several top engineers and researchers.
/jlne.ws/3XhK3If
Why AI could weigh down oil prices in the next decade, according to Goldman Sachs
Kelly Cloonan - Business Insider
The artificial intelligence boom could make oil prices fall even as the technology boosts power demand, Goldman Sachs analysts said. The analysts point to AI's improved logistics capabilities and boost to oil recovery, which could increase oil supply and drive down prices in the next decade or so. That forecast stands in contrast to predictions that energy prices will rise as demand for AI requires more power for data centers.
/jlne.ws/47cZgyE
AI's solution to the 'cocktail party problem' used in court 13 hours ago
Emma Woollacott - BBC News
/jlne.ws/3z7Eynh
OpenAI Co-Founder Raises $1 Billion to Build Safe, Powerful AI
Jackie Davalos - Bloomberg
/jlne.ws/4cSKzlJ
OpenAI co-founder Ilya Sutskever's 'safe' AI start-up raises $1bn; Funding round from investors including Andreessen Horowitz and Sequoia values 3-month-old company at around $5bn
George Hammond and Cristina Criddle - Financial Times
/jlne.ws/3XuBLxX
AI data boom mints Australia's latest billionaire after $16bn Blackstone deal; Cricket fan Robin Khuda came to country from Bangladesh and built AirTrunk into pan-Asian business
Nic Fildes - Financial Times
/jlne.ws/3ZiEI6d
Droit Achieves ISO/IEC 27001 and ISO/IEC 27017 Certifications; Reinforcing commitment to cloud security
Droit
/jlne.ws/3Te3Gj6
PayPal pushes into in-person payments with cashback rewards, Apple integration
Hannah Lang - Reuters
/jlne.ws/3TlBwTl
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| Cybersecurity | | Top stories for cybersecurity | NIST Cybersecurity Framework (CSF) and CTEM - Better Together
The Hacker News
It's been a decade since the National Institute of Standards and Technology (NIST) introduced its Cybersecurity Framework (CSF) 1.0. Created following a 2013 Executive Order, NIST was tasked with designing a voluntary cybersecurity framework that would help organizations manage cyber risk, providing guidance based on established standards and best practices. While this version was originally tailored for Critical infrastructure, 2018's version 1.1 was designed for any organization looking to address cybersecurity risk management.
/jlne.ws/3z3kJ0x
Cybersecurity is National Security
National Security Agency/Central Security Service (Podcast)
Cybersecurity is no longer a separate domain - it's integrated into everything we do to keep the United States safe from foreign adversaries. As Russia, China, Iran, North Korea, and others conduct cyberattacks on national security systems and the Defense Industrial Base, the National Security Agency is on the job, detecting attacks, defending networks, and distributing declassified intelligence to help private industry partners. NSA's Director of Cybersecurity, Dave Luber, joins No Such Podcast to shine the light on how NSA cybersecurity contributes to national security.
/jlne.ws/3MyDDiT
The SEC's 2023 final rules on cybersecurity disclosures; New rules to inform investors about cybersecurity attacks on public companies.
Puja Mahendru - Sophos News
As part of its mission to protect investors and maintain efficient markets, the US Securities and Exchange Commission (SEC) released a new set of final rules[1] on July 26, 2023, which changed how publicly traded companies in the U.S. must disclose information about cybersecurity risks, governance, and incidents. Specifically, the new rules require "disclosure of material cybersecurity incidents on Form 8-K and periodic disclosure of a registrant's cybersecurity risk management, strategy, and governance in annual reports."[2] The final rules are intended to provide investors with the timely, consistent, comparable, and decision-useful information that they need to make informed investment and voting decisions.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Tech and crypto groups rush to profit from stablecoin boom; But some industry experts warn that tokens are a 'novelty asset' used mostly for trading
Nikou Asgari - Financial Times
Technology and crypto companies, and even a US state, have joined a rush to cash in on the recovery in the digital assets market by launching new stablecoins, but some industry experts warn there is little use for these tokens and many may not survive. Latin American ecommerce group Mercado Libre, lender Banking Circle, crypto business Paxos International and Hong Kong-based IDA, and the state of Wyoming have unveiled plans for their own stablecoins in recent months.
/jlne.ws/4dHsGaJ
Alan Howard's Son Starts a Crypto Venture Fund With Colleague; Halo Capital raised $25 million to invest in crypto projects; Founders both worked at private equity firm 10T Holdings
Muyao Shen - Bloomberg
Alan Howard, the British hedge-fund billionaire, isn't the only crypto advocate in the family. His son, Daniel Howard, and a colleague have raised $25 million for a new venture-capital fund that will focus on the digital-asset sector. Halo Capital, based in New York, was officially announced this week by the 27-year-old Howard and Bhavin Vaid. Both were most recently at crypto-focused private equity firm 10T Holdings.
/jlne.ws/3MxWDxX
Trump Family Crypto Project Vows to 'Ensure Dollar's Dominance'
Olga Kharif and Emily Nicolle - Bloomberg
A cryptocurrency project that's being promoted by Donald Trump and his sons is starting to take shape, with a focus on encouraging the dominance of the US dollar in decentralized finance. While official details remain scarce, the project known as World Liberty Financial implied in social-media posts that it is being developed on top of a copy of Aave, a decentralized platform. Its goal is to drive mass adoption of decentralized finance, or DeFi, which is a corner of the crypto market where people can trade, borrow and lend digital assets using automated software in place of intermediaries.
/jlne.ws/4dN1Xti
New challenge seeks to tackle online crypto investment fraud with innovation; Partnership between ASC, EPF and EPS welcomes proposals to combat rising scams
Edmonton Police Service
The Alberta Securities Commission (ASC) has partnered with the Edmonton Police Foundation (EPF) and the Edmonton Police Service (EPS) to launch the ScamShield: Investor Protection Challenge to seek new and innovative solutions to address the growing threat of online crypto investment fraud.
/jlne.ws/3Mzq0A3
Riot Says Stronghold Acquisition by Bitfarms Is 'Concerning'
David Pan - Bloomberg
Bitcoin miner Riot Platforms Inc. warned rival Bitfarms Ltd. not to take further actions following Bitfarms' takeover offer for a smaller competitor. The warning from Riot, the largest shareholder in Bitfarms, is in part a response to Bitfarms' plans to acquire Stronghold Digital Mining Inc., which were announced last month. Riot has been trying to take over Bitfarms for several months, and the smaller rival has made several efforts to fend off the unsolicited offer, including a "poison pill" shareholder rights plan.
/jlne.ws/3TjK1yd
Ether CME Futures Volume Shrinks as ETH ETFs Disappoint, Crypto Market Ducks Risk
Omkar Godbole - CoinDesk
Exchange-traded funds (ETFs) tied to the ether {{ETH}} price debuted in the U.S. late July, opening doors for investors seeking exposure to the cryptocurrency while bypassing the hassle of storing it. Since then, activity in ether derivatives listed on the Chicago Mercantile Exchange (CME) has cooled, according to CCData, a digital assets data provider based in London. Trading volume in ether futures declined 28.7% to $14.8 billion in August, the lowest since December 2023. Volume in ether options fell 37% to $567 million.
/jlne.ws/3ASG25q
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| Politics | | An overview of politics as it relates to the financial markets | Howard Lutnick Emerges as Trump's No. 1 Salesman on Wall Street; The pugnacious CEO of Cantor Fitzgerald has placed himself-and his business-at the center of Trump World.
Todd Gillespie - Bloomberg
Howard Lutnick settled into a cream-colored leather seat as Trump Force One, the former president's private jet, climbed over Nashville and banked northward. It was late July, and the Wall Street billionaire was on a mission for his friend Donald Trump. The two were in Tennessee that Saturday to promote high-risk investments they hoped would pay off for both of them-cryptocurrencies. Then the Boeing 757 took them to Minnesota for Trump's favorite activity: addressing cheering crowds at rallies.
/jlne.ws/3AParBN
Biden to Block Nippon Steel's Proposed Takeover of US Steel; US Steel vows to 'pursue all possible options under the law'; Shares of US Steel fell as much as 24% after reports of plan
Josh Wingrove - Bloomberg
US President Joe Biden is preparing to block Nippon Steel Corp.'s $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter. But US Steel, responding on Wednesday evening, vowed to "pursue all possible options under the law to ensure" that the sale is completed.
/jlne.ws/4d29vYc
Japan Minister Says It's Inappropriate for Government to Block US Steel Deal; Biden may block Nippon Steel takeover of US Steel this week; Government intervention in buyouts shouldn't happen, Kono says
Yuko Takeo - Bloomberg
Japan's Digital Transformation Minister Kono Taro pushed back against a possible US move to block Nippon Steel Corp.'s $14.1 billion takeover of United States Steel Corp., describing government intervention in the case as inappropriate. "I think they're looking for labor union votes ahead of the US presidential race," said Kono, himself a leading candidate in an election later this month to decide Japan's leader. "But I hope the US won't distort the markets for reasons like this."
/jlne.ws/3AU0uTC
Russia says it will take action against US media in response to Russian media charges
Reuters
Russia said on Thursday it would take retaliatory measures against U.S. media in response to U.S. charges against Russian media executives and state broadcaster RT, which Washington has accused of trying to influence the 2024 presidential election. The United States on Wednesday filed money-laundering charges against two employees of RT for what officials said was a scheme to hire an American company to produce online content to influence the 2024 election.
/jlne.ws/47huO6s
Two RT Employees Indicted for Covertly Funding and Directing U.S. Company that Published Thousands of Videos in Furtherance of Russian Interests
Department of Justice
Employees of Russian State-Controlled Media Outlet Deployed Nearly $10 Million to Publish RT-Curated Content, Which Garnered Millions of Views, Through a Tennessee-Based Online Content Creation Company
Note: View the indictment here. An indictment charging Russian nationals Kostiantyn Kalashnikov, 31, also known as Kostya, and Elena Afanasyeva, 27, also known as Lena, with conspiracy to violate the Foreign Agents Registration Act (FARA) and conspiracy to commit money laundering was unsealed today in the Southern District of New York. Kalashnikov and Afanasyeva are at large.
/jlne.ws/4e9wCkr
Russian firms bought spare parts for 25-year-old ASML machines, says newspaper Trouw
Reuters
/jlne.ws/3XcyjXw
Putin backs Harris for US president, with wry smile
AFP
/jlne.ws/3Tj9oQV
Hong Kong finance minister Paul Chan pledges more connection plans with mainland
South China Morning Post
/jlne.ws/3zfEqSH
Malaysia PM Praises Putin, Pledges to Deepen Russia Ties; Nations are discussing tie-ups from aerospace to agriculture
Philip Heijmans and Anisah Shukry - Bloomberg
/jlne.ws/3TiJIDM
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| Regulation & Enforcement | | Stories about regulation and the law. | Taiwan regulator moves to correct 'imbalance' caused by ETF boom; The FSC is concerned about a potential brain drain from the stockpicking industry caused by demand for passive ETFs
Sinyi Au - Financial Times
Amid the relentless growth of Taiwan's onshore exchange traded funds market, regulators are trying to promote more active fund capabilities for fear that the industry will start losing stockpicking fund manager talent. Total assets in Taiwan-listed ETFs now account for 64 per cent of the onshore funds market, up from just 37 per cent in July 2019 after adding NT$4.23tn ($131.4bn) over the past five years.
/jlne.ws/3X8tGO2
S&P Global division pays $20 million penalty to SEC; S&P Global Ratings' settlement with the US Securities and Exchange Commission (SEC) specifically resolves violations of recordkeeping rules.
Claudia Preece - The Trade
S&P Global Ratings (SPGR), a subsidiary of S&P Global, has reached a settlement with the SEC and agreed to pay a $20 million penalty. Specifically, the settlement resolves violations of recordkeeping rules. Speaking in an announcement, the firm said: "SPGR is pleased to have concluded this matter. [SPGR] takes compliance with regulatory obligations very seriously and is committed to the integrity of its ratings process and high-quality independent credit ratings."
/jlne.ws/4eut9x9
Google faces a possible $100 billion litigation avalanche, says Bernstein
Marco Quiroz-Gutierrez
A federal judge ruled last month that Google is a monopolist, and on top of the penalties yet to come, the company may have to add a new multi-billion-dollar problem to its list of headaches.
/jlne.ws/3ASssz4
CFTC Staff Issues No-Action Letter Related to Reporting and Recordkeeping Requirements for Fully Collateralized Binary Options
CFTC
The Commodity Futures Trading Commission today announced the Division of Market Oversight and the Division of Clearing and Risk have taken a no-action position regarding swap data reporting and recordkeeping regulations in response to a request from LedgerX LLC d/b/a MIAX Derivatives Exchange LLC (MIAXdx), a designated contract market and derivatives clearing organization.
/jlne.ws/47b0U41
Dissenting Statement of Commissioner Caroline D. Pham on DeFi Enforcement Action Involving Uniswap Protocol
CFTC
I respectfully dissent on In re Universal Navigation Inc., a decentralized finance (DeFi) enforcement action involving the Uniswap Protocol[1] on the Ethereum blockchain, because there is no evidence in the administrative record that describes the specific terms and/or characteristics of the "Leveraged Tokens" as characterized in the settlement order. Without such information, it is not possible to perform an appropriate product legal analysis of the Leveraged Tokens to determine whether they are a CFTC-jurisdictional product, and, therefore, whether the CFTC has the authority to bring this enforcement action in the first place and whether a violation of the Commodity Exchange Act (CEA) or CFTC regulations has actually occurred.
/jlne.ws/3z6PXnl
Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement with Uniswap Labs
CFTC
Today, the Commodity Futures Trading Commission ("CFTC" or "Commission") once again swings its proverbial enforcement "hammer" against another DeFi protocol.[1] Given that the Commodity Exchange Act ("CEA") and CFTC rules were written for traditional, centralized market infrastructure providers and intermediaries, it was my hope that one day soon the Commission would consider rulemaking, or at the very least guidance, making clear how DeFi protocols could comply with them.[2] Unfortunately, today is not that day.
/jlne.ws/4dPdTea
FINRA Campaign Urges New Investors to Take Key Steps Before Trading; 'Get Your Head in the Trade' by Setting Goals, Knowing Your Risk Tolerance, and Understanding How Investments Can Make or Lose Money
FINRA
FINRA has launched an online advertising campaign, Get Your Head in the Trade, encouraging new investors to understand investment risks and rewards as well as their own financial goals and risk tolerance before making an investment decision.
/jlne.ws/3XA07GM
SEC Charges Broker-Dealer Nationwide Planning and Two Affiliated Investment Advisers with Violating Whistleblower Protection Rule; NJ-based firms impeded clients from voluntarily reporting information to the SEC
SEC
The Securities and Exchange Commission today announced settled charges against three affiliated registrants, Commission-registered broker-dealer Nationwide Planning Associates, Inc. and investment adviser NPA Asset Management, LLC, and state-registered investment adviser Blue Point Strategic Wealth Management, LLC, for impeding brokerage customers and advisory clients from reporting securities law violations to the SEC. The firms agreed to pay combined civil penalties of $240,000 to settle the SEC's charges.
/jlne.ws/47fLBHe
Office Hours with Gary Gensler: AI Washing
Chair Gary Gensler - SEC
What might a 1957 Tony Award winning musical, The Music Man, have to do with artificial intelligence and the Securities and Exchange Commission? Well, if you guessed it was that the musical came out the same year that I was born, that's not it. It's something else. The Music Man is a story about a Professor Harold Hill, a traveling salesman who cons the town of River City, Iowa into purchasing musical instruments for their children. Unfortunately, we've seen time and again a similar story in the financial markets.
/jlne.ws/47idbDW
Former Melbourne financial planner Bradley Grimm sentenced to jail for dishonest conduct
ASIC
Former Melbourne financial planner Bradley Grimm has been convicted by the County Court of Victoria of three counts of engaging in dishonest conduct while running a financial services business. Mr Grimm was sentenced to 18 months' imprisonment, with nine months to serve, and to be of good behaviour for a period of 18 months upon release pursuant to a recognisance in the amount of $5,000.
/jlne.ws/3Xc15r3
ASIC updates misconduct reporting guidance for external administrators and controllers
ASIC
ASIC has today released its updated regulatory guidance for external administrators and controllers when reporting and lodging statutory reports about alleged misconduct. The updates to Regulatory Guide 16 External administrators and controllers: Reporting of possible offences and misconduct (RG 16) follow an extensive consultation process that included targeted industry roundtables to seek input into our proposed changes.
/jlne.ws/3z9UUMd
Speech by FMA Head of Insurance Jane Brown to the New Zealand Insurance Law Association 2024 Conference
FMA
Thank you for inviting me here. The title of my segment today is regulatory investigations. It's a serious topic and I will have to choose my words carefully. My aim in this speech is to apply more of a supervisory lens to give an overview of the last few years, and how the FMA and the insurance sector can best learn from recent enforcement cases and work together under the CoFI regulatory regime.
/jlne.ws/4geFfMd
FCA's improved performance set to help UK finance sector thrive; The FCA has published its Annual Report, which shows significant improvements in its authorisations service.
FCA
Recognising the vital role that the regulator plays in enabling new financial services firms' ability to meet regulatory standards to get off the ground, the FCA has improved its authorisation process. Now 98% of cases, including applications by wholesale market firms, are assessed within statutory deadlines, up from 89% in Q1 of 2022/23.
/jlne.ws/4cWvrDI
Remaining synthetic US dollar LIBOR settings - less than 1 month to go; Final announcement about the forthcoming end of LIBOR.
FCA
It is now less than 1 month to go until the 1-, 3- and 6-month synthetic US dollar LIBOR settings cease permanently after their final publication on Monday 30 September 2024.
/jlne.ws/3ZcHWYz
A targeted and outcomes-based approach to tackling financial crime
FCA
Speech by Sarah Pritchard, executive director, markets and executive director, international at the Financial Crime Summit, London.
/jlne.ws/4e6ovVy
FSA Weekly Review No.601
FSA
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | What investors are getting wrong about the VIX right now
Jared Blikre - Yahoo Finance
Thursday marks the one-month anniversary of the Aug. 5 "yen shock" - a mini-market panic that quickly spread throughout global markets after beginning in Japan the Monday following the July jobs report. The Nikkei stock index (^N225) hemorrhaged 12% that Monday - its biggest one-day drop since 1987 - while the S&P 500 (^GSPC) plummeted 3%. The VIX Volatility Index (^VIX) spiked to 65, the third-highest level on record.
/jlne.ws/4gfm45g
Investors Are In a Love-Hate Relationship With the Stock Market; It is hard to allocate assets when everything has done great yet nothing seems worth buying
Jon Sindreu - The Wall Street Journal
Investors can't seem to decide whether they love or hate this market. That isn't necessarily a bad thing. The S&P 500 has so far been pummeled this week, with Tuesday's 2.1% fall being followed by flat Wednesday trading. The malaise has spread beyond the U.S.: Japan's Nikkei 225, the Stoxx Europe 600 and the MSCI Emerging Markets Index all tumbled after the U.S. decline.
/jlne.ws/3X8qIsS
Conservative cable TV brand Newsmax plans to go public; Florida-based cable TV discloses confidential filing for initial public offering as early as this year
Steve Gelsi - MarketWatch
Newsmax Inc. said Thursday it plans to launch an initial public offering later this year or early in 2025 following to raise about $75 million, after a private placement for accredited investors. The Boca Raton, Fla.-based company, which ranks as the fourth highest-rated cable news channel, said it confidentially filed an offering statement with the Securities and Exchange Commission. The company is led by founder and Chief Executive Christopher Ruddy.
/jlne.ws/3XgLl6k
Nvidia and Other Investors Back Applied Digital With $160 Million in Funding; Capital is expected to help data-center and AI cloud company grow
Asa Fitch - The Wall Street Journal
Artificial-intelligence chip giant Nvidia is joining other investors in a $160 million financing round for Applied Digital, a company that operates data centers and is building a business leasing out computing power for AI. Investors in the deal include Nvidia and real-estate firm Related Companies, Applied Digital Chief Executive Wes Cummins said. The deal will bring in capital for Applied Digital via a purchase of new shares from the Nasdaq-listed company, which had a market value of more than $500 million as of Wednesday's close.
/jlne.ws/3yUJrAg
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Europe Pledges EUR37 Million Toward Namibia's Green Transition; Hydrogen value-chain investments set to reach EUR1 billion; Nation plans to become a hub for green-hydrogen technology
Kaula Nhongo - Bloomberg
The European Union and other partners on the continent pledged EUR36.9 million ($40.9 million) in funding for Namibia's transition to cleaner fuels including green-hydrogen projects the African nation plans to develop. A EUR25 million commitment by the EU to support Namibia's green industrialization leads the initiatives. That's designed to help leverage public- and private-sector investments estimated to reach about EUR1 billion "across the hydrogen value chain, from production, to transportation and storage," the country and European bloc said in a joint statement.
/jlne.ws/3AVeHQ7
Bank of America Bets on Carbon Capture With Big Tax-Credit Deal; First-of-its-kind investment gives ethanol producer in North Dakota $205 million for stashing emissions underground
Amrith Ramkumar and Ed Ballard - The Wall Street Journal
A climate technology that has struggled to get off the ground is getting a boost from a landmark tax-credit deal with Bank of America BAC -0.49%decrease; red down pointing triangle that is one of the largest-ever investments in carbon capture. The bank is providing $205 million in exchange for tax credits from an ethanol producer that captures the carbon produced at a plant in North Dakota. It is the first deal of its kind since the 2022 climate law increased the tax credits available for capturing carbon and storing it underground.
/jlne.ws/4ecckXr
Chevron Wants the Oil to Keep Flowing in Venezuela After Disputed Election; Behind the scenes, the oil company's message to the White House is that it needs to stay in Venezuela, even if Maduro remains
Collin Eaton, Patricia Garip and Jenny Strasburg - The Wall Street Journal
Days after Venezuela's Nicolás Maduro declared electoral victory and began cracking down on dissenters, Chevron CVX -1.79%decrease; red down pointing triangle offered U.S. officials its stance: It is critical Chevron be allowed to continue pumping oil there. Two years ago, the Biden administration scaled down Trump-era sanctions to let Chevron resume operations in Venezuela as part of an effort to persuade Maduro's authoritarian government to hold free and fair elections. As chaos erupted on the streets of Caracas following this year's election, the State Department said all evidence showed Maduro's opponent, Edmundo González, had won by a landslide.
/jlne.ws/4eaBF4a
Phillips 66 CEO Projects Global Refining Shortage Next Year
David Wethe - Bloomberg
Phillips 66, the No. 2 US oil refiner, is planning for a "constructive" refining market next year with a shortage of fuel-making capacity available to meet global demand. Refining margins are high enough to encourage US refineries to continue running while other less-competitive plants elsewhere in the world shut down, Phillips 66 Chief Executive Officer Mark Lashier said Wednesday in an interview on Bloomberg TV. As much as 700,000 barrels a day of global refining capacity is expected to be taken out of the market next year, he said.
/jlne.ws/3XcBKgS
XTCC Partners with FINMAAL DMCC to Offer Carbon Offset Opportunities for Financial Services Customers
XTCC
XTCC, a firm specialising in tradable financial instruments tied to high integrity carbon credits, today announces a strategic partnership with Finmaal, a premier e-marketplace service provider focused on fintech and insurtech solutions, headquartered in Dubai, UAE. This partnership empowers Finmaal customers to elect to offset Greenhouse Gas (GHG) emissions directly associated with the Finmaal products they purchase through its platform, marking a significant step forward in the integration of sustainability within financial services.
/jlne.ws/47gnEzB
Vladimir Putin's flagship Arctic gas project struggles to lure customers; US sanctions appear to be deterring buyers, satellite images and ship-tracking data suggest
Shotaro Tani and Chris Cook and Anastasia Stognei
Russia has been forced to start storing gas from Vladimir Putin's flagship Arctic project, in a sign that western sanctions are deterring buyers. According to ship-tracking data and satellite images, three vessels have shipped liquefied natural gas from the Arctic LNG 2, which is under US sanctions, since it started loading operations last month.
/jlne.ws/47h962B
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Kepler Cheuvreux builds proprietary execution platform with Adaptive; The broker wants to move away from third-party technologies as DORA's risk management requirements could make vendor relationships more cumbersome.
Emma Hilary Gould - Waters Technology
Paris-based broker Kepler Cheuvreux has built a proprietary trade execution platform with Adaptive, a London-based financial tech consultancy and provider of custom trading platforms. Kepler wanted to move away from outsourced vendor technology, especially as the EU's Digital Operational Resilience Act (DORA) will place stricter regulations on third-party software starting in January. Owning its execution platform means the firm can scale and customize its business offerings, such as the addition
/jlne.ws/4ganxcV
BNY seeks growth in investment services with managed account deal; Oldest US bank aims to use Archer's technology to expand in booming $5tn market
Brooke Masters - Financial Times
BNY is buying Archer, a leading provider of managed account technology, as the global bank seeks to capitalise on the rush into personalised investing strategies. The newly rebranded bank plans to use Archer's technology for its own investing arm as well as sell it to asset manager clients who want to expand beyond pooled funds to individually tailored portfolios of securities, known as separately managed accounts (SMA), or as unified managed accounts for clients that hold both securities and funds.
/jlne.ws/3Xh7FMY
Star manager Rob Arnott launches ETF to buy up index 'rejects'; Smart beta pioneer and his firm Research Affiliates bet on long-term reversion to the mean
Will Schmitt - Financial Times
Companies kicked out of a major index, whether for poor performance or lacklustre growth, rarely tout their exclusion. But for smart beta pioneer Rob Arnott, a deletion is far from a disaster - it is an opportunity. Arnott and his Research Affiliates firm are making their first foray into the world of exchange traded funds with an ETF that will invest in companies dropped from big indices such as the S&P 500 and the Russell 1000.
/jlne.ws/3ATFDzN
Hedge Funds Help Companies Hedge Deal-contingent hedges, T+1 pains, taxi insurance, cell phones, leveraged ETFs and Nanjing-style salted ducks.
Matt Levine - Bloomberg Opinion
Deal-contingent hedges
This is cool: A growing number of hedge funds are helping banks recycle the risks stemming from deal contingent trades, a risky type of derivative that banks sell to corporates and private equity firms looking to hedge financial market moves ahead of the completion of major mergers and acquisitions. At least four hedge funds are active in helping banks offset deal contingent risks, according to industry experts, compared with just one a few years ago. That is helping create a secondary market for the risks stemming from these complex trades and enabling banks to underwrite more - and larger - deal contingent transactions than ever before.
/jlne.ws/3XlLPZ0
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Andreessen Horowitz shutters its 'Wall Street South' office after 2 years because nobody was showing up
Alena Botros - Fortune
Miami is a winner in the office space slump. The metropolitan area has outperformed and is set to continue to do so, according to Capital Economics. But its triumph wasn't enough to save Andreessen Horowitz's "Wall Street South" office, it seems.
/jlne.ws/3ZeTYB2
How to Measure the Skills of Hedge Fund Traders; Moneyball for portfolio managers.
Tracy Alloway and Joe Weisenthal - Bloomberg
One of the problems in investing or trading is that - to use a common disclaimer - past results are no guarantee of future success. Someone can have a great track record in their stock picks, but maybe they just got lucky. Or maybe they were particularly well-dialed into one market regime that inevitably shifts. Or maybe they're actually just better than other traders. For multi-strategy hedge funds or "pod shops," there's an ongoing battle to hire or train the next great portfolio manager. But how can managers tell who is actually good and who isn't? On this episode of the podcast, we speak with Joe Peta, who was previously the head of performance analytics at Point72 Asset Management and has had a long career in the trading world. He's also an avid fan of sports gambling, and the author of the recent book, Moneyball for the Money Set, which attempts to take some of the talent analytical principles that originated in Major League Baseball and apply them to evaluating portfolio managers. He talks us through the traditional approach funds use to find or create superstars, and how these approaches can be improved upon using more rigorous, quantitative methods.
/jlne.ws/3Xh5edz
How Hedge Funds Discover the Next Superstar Trader; How to distinguish between skill and luck.
Tracy Alloway and Joe Weisenthal - Bloomberg
One of the problems in investing or trading is that - to use a common disclaimer - past results are no guarantee of future success. Someone can have a great track record in their stock picks, but maybe they just got lucky. Or maybe they were particularly well-dialed into one market regime that inevitably shifts. Or maybe they're actually just better than other traders. For multi-strategy hedge funds or "pod shops," there's an ongoing battle to hire or train the next great portfolio manager. But how can managers tell who is actually good and who isn't? On this episode of the podcast, we speak with Joe Peta, who was previously the head of performance analytics at Point72 Asset Management and has had a long career in the trading world. He's also an avid fan of sports gambling, and the author of the recent book, Moneyball for the Money Set, which attempts to take some of the talent analytical principles that originated in Major League Baseball and apply them to evaluating portfolio managers. He talks us through the traditional approach funds use to find or create superstars, and how these approaches can be improved upon using more rigorous, quantitative methods.
/jlne.ws/3Tdui3W
Nikko Asset Management to rename as Amova Asset Management; The move "reflects the progress so far, and path forward, in the firm's global growth strategy to strengthen growth in Japan and expand in global markets," said Nikko AM.
Claudia Preece - The Trade
Nikko Asset Management is set to rename itself as Amova Asset Management on 1 September 2025. Speaking about the change, the firm said: "This name change reflects the progress so far, and path forward, in the firm's Global Growth strategy to strengthen growth in Japan and expand in global markets."
/jlne.ws/4ee2sN4
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Sitting All Day Can Cause Dead Butt Syndrome; The name might make you snicker, but addressing "gluteal amnesia" can help you avoid chronic pain.
Jen Murphy - The New York Times
After a long workday at your desk or hours in a car, it's normal to feel a little stiff. It may just be that your hip flexors and lower back are tight. But you could also be experiencing a potentially debilitating condition called gluteal amnesia, or dead butt syndrome. "The name sounds silly, but the side effects are serious," said Jane Konidis, a specialist in physical medicine and rehabilitation at the Mayo Clinic in Rochester, Minn. "The gluteus maximus is one of the strongest muscles in the body and biggest shock absorbers," she said. "If it's not working properly, it can cause a domino chain of issues, from hamstring tears and sciatica to shin splints and arthritis in the knees."
/jlne.ws/3TdqqzR
China Detains AstraZeneca Staff in Data, Drug-Import Probes
Bloomberg
Police in China have detained five current and former employees of British drugmaker AstraZeneca Plc for questioning about potential illegal activities, according to people familiar with the matter. The individuals being held are all Chinese citizens who marketed cancer drugs in AstraZeneca's oncology division, the people said, asking not to be identified discussing private information. The investigation is being led by police in the southern metropolis of Shenzhen, and the detentions took place earlier in the summer, the people said.
/jlne.ws/3B0YqZL
The Crushing Financial Burden of Aging at Home; Families face soaring costs and mounting pressures in taking care of their loved ones. 'I never feel truly free.'
Clare Ansberry and Anne Tergesen - The Wall Street Journal
Americans want to grow old in their own homes. But pursuing that dream has gotten harder, and is putting huge financial and emotional strains on families. In Nebraska, Christine Salhany spends about $240,000 a year for 24-hour in-home care for her husband who has Alzheimer's. In Illinois, Carolyn Brugioni's dad exhausted his savings and took out a home-equity line-of-credit to pay for home healthcare.
/jlne.ws/3XumrS2
Biotech Firm Medera Set to Go Public in $623 Million SPAC Deal
Michael Hytha - Bloomberg
Medera Inc., a clinical-stage biopharmaceutical company developing treatments for cardiovascular diseases, has reached an agreement to go public on the Nasdaq through a merger with Keen Vision Acquisition Corp. The deal values Medera at $622.6 million, according to the companies. Cash proceeds from the transactions will total about $149.5 million from the special purpose acquisition company's trust account, before any redemptions by its stockholders.
/jlne.ws/4g6Ttip
The Doctor-Turned-CEO Aiming to Beat Obesity - and Ozempic; Adam Steensberg leads Zealand Pharma, a Danish drugmaker that's seen its stock rise by more than 800% since he took over in 2022
Sara Sjolin - Bloomberg
Welcome to the latest edition of our interview series that focuses on how today's leaders are thinking ahead. Adam Steensberg, 49, a doctor by training, worked at drugmaker Novo Nordisk A/S before joining Zealand Pharma A/S and becoming CEO in 2022. Since he took the helm, the Danish drugmaker's market value has increased nine-fold as Steensberg focuses on developing a promising obesity treatment to compete with blockbuster drugs like Novo's Ozempic and Eli Lilly & Co.'s Zepbound. He sat down with Bloomberg to discuss the obesity crisis, how businesses should respond to it, and why he's reading about man's search for meaning. The transcript has been edited for brevity.
/jlne.ws/3Tcl9s3
AI breakthrough raises hopes for better cancer diagnosis; Scientists develop model to analyse tumours, treatments and survival rates
Michael Peel - Financial Times
A new artificial intelligence foundation model can accurately detect multiple cancer types, assess treatments and predict survival rates, in the latest advance in medical diagnosis driven by the technology. The model - known as "Chief" - is a breakthrough because of the breadth of tumours it can analyse and its capacity to predict outcomes for patients, its Harvard Medical School inventors say.
/jlne.ws/4cSt2Kw
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Diesel Market Faces Strains in Asia as Chinese Demand Contracts
Sarah Chen and Rakesh Sharma - Bloomberg
Chinese and Indian diesel markets - which account for the bulk of Asian demand - are showing signs of a slowdown, potentially leading to more weakness in crude oil prices. In China, the biggest oil importer, demand for the fuel is contracting, while in India, consumption growth has collapsed. Against that backdrop, the profits for refiners across the region from turning Dubai crude into diesel have fallen by more than 40% since the start of the year, Bloomberg Fair Value data show. Diesel's fortunes matter because the workhorse industrial fuel is a pillar of the traditional global energy market, powering trucks, mining, construction and agriculture. It accounts for the single largest share of products made from crude worldwide, according to data from the International Energy Agency. Weaker conditions for diesel impact oil, with global benchmark Brent hitting the lowest since late 2023 this week amid concern about a global glut.
/jlne.ws/3Xv9BCX
China Government Bonds Owned by PBOC Are Being Sold, Traders Say; Move came after 10-year yields slid to record low this week; China has been pushing back against bond rally to limit risks
Bloomberg News
Some Chinese government bonds that the nation's central bank bought last week are now being sold in the secondary market, traders said, a possible sign that authorities are once again intervening to curb the debt rally. The 10-year special sovereign notes, which the People's Bank of China purchased from primary dealers last week, were offered by financial institutions in batches including 50 million yuan ($7 million) and 100 million yuan, according to traders. At least one deal went though Thursday afternoon at the yield of 2.125%, said the traders, who asked not to be named as the information is private.
/jlne.ws/4ggC5rE
Data Provider Dodge Construction, Lenders Fail to Ink Debt Deal
Reshmi Basu - Bloomberg
Dodge Construction Network and its lenders have ended confidential discussions on how to tackle the company's debt without a deal, according to people familiar with the situation. Some creditors entered into non-disclosure agreements with Dodge aimed at restructuring debt and providing fresh liquidity, said some of the people, who asked not to be identified discussing a private matter. But the two sides couldn't reach a deal and the private talks have ended, they added.
/jlne.ws/3TdsEiH
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| Miscellaneous | | Stories that don't quite fit under the other sections | A $70 Million Teardown Smashes Fort Lauderdale's Home Price Record; The buyer plans to demolish the newly renovated home and build a smaller house in its place
Sarah Paynter - The Wall Street Journal
A newly renovated home is slated for demolition after selling for a record $70 million in Fort Lauderdale, Fla., according to buyer's agent Tim Elmes of Compass. The seller is hedge funder Donald Sussman, who paid about $40 million to assemble the 2.7-acre waterfront property starting in 2015. He spent roughly $6 million renovating the six-bedroom, Mediterranean-style main house, which was built around 2008, according to Elmes.
/jlne.ws/3zanZHt
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