| June 01, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Yesterday was Alex Teng's last official day at John Lothian News. Episodes of Options Discovery featuring Alex that have yet to be published are forthcoming in the next couple of weeks, including one today with Nasdaq's Sean Feeney that was done at the Options Industry Conference in Nashville in May. Alex graduated from the University of Illinois at Chicago with a degree in finance and headed off for a job with Tesla this summer. However, before he left, he recruited a replacement from UIC from the boxing team he was a member of there.
Asma Awass, who just completed her sophomore year at UIC and is also a finance major, will be assuming the role as host of the Options Discovery video program that is part of JLN's The Spread video series. Asma, which is pronounced "s-ma," is also working on a minor in business analytics. She went through a very elaborate process to interview for the position that included a practice video on a particular subject, then an interview with me as a subject matter expert.
We hired Alex with a much less complicated process. I said, "Hey, I see you are doing finance-related videos. Would you like to do videos about options trading and get paid for it?" Alex said yes and the rest was history. Alex had also been a student of JLN contributor Sally Duros, a UIC adjunct professor, so we had some knowledge of him and his capabilities.
We are very pleased to welcome Asma to the JLN team and thank Alex greatly for all his contributions. He was entirely professional during his tenure and did exceptional work for JLN. We wish him the very best during his career and thank him for opening a path for UIC students to follow in his footsteps and the example he set.
The London Stock Exchange Group plc (LSEG) today announced that Fiona Bassett will join the group as CEO of FTSE Russell. She will start with the group later this summer and be based in New York, reporting to David Schwimmer, CEO LSEG.
Adilson Maria, senior developer and partner at Vermiculus Financial Technology has published an article in the World Federation of Exchanges Focus titled "The Power of Real-Time Data." The whole issue of the WFE's Focus can be found HERE.
The U.S. House of Representatives passed the long awaited debt ceiling deal negotiated between House Speaker Kevin McCarthy and President Joe Biden's Whitehouse staff. Now the bill moves to the U.S. Senate for passage, Yahoo News reported.
The Financial Times is reporting that reporters from Reuters, Bloomberg News and The Wall Street Journal have been denied invitations to Opec's Vienna headquarters, though the FT and trade publications have been invited. Opec ministers are meeting Sunday with Russia, which may have something to do with the media ban.
The Financial Times has an interesting story titled Andrew Scott: 'We have to invest much more in our future selves' with the subheading "We've never expected people to be living into their 10th decade, so we've never planned for it. Now that must change." The story says it's not about how long you live, but how you live, how well you age. Seeing as I have the body of an eighty-year-old Joe Namath, and a spirit half that age, it is an interesting subject.
JP Morgan Chase CEO Jamie Dimon, the man with the "The Buck Stops Here" sign on his desk, said that the "ultimate decider" on Jeffrey Epstein was Steve Cutler, former general counsel of the bank and a former director of enforcement at the US Securities and Exchange Commission. OK, I made up the part about the buck stops here, but the ultimate decisions, short of the board, rest with the CEO. The Financial Times has the story.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
The most read stories in JLN Options yesterday were: Zero fear from the Financial Times. How to Play Nvidia Without Buying the Stock by Steven M. Sears in Barron's, and Cboe Data Reveals Intraday Option Trades are on the Rise from the Digital Journal. It was tied with Stock Traders Turn to Options for Desperate Chase to Catch the Tech Rally from Bloomberg. Options stories can be hit or miss from day to day. Yesterday was a good day for such stories. ~JB
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Bob Pickel at the ISDA AGM in Chicago - Podcast
JohnLothianNews.com
John Lothian News caught up to former ISDA CEO Bob Pickel at ISDA's recent 37th Annual General Meeting in Chicago. Pickel is now consulting and sitting on boards during his post ISDA career, something that the Dodd-Frank Act was seemingly made for him for. JLN spoke to him about his career before ISDA and how he found his way to the organization and what he had done since he retired. Here is our interview with Bob Pickel.
Listen to the podcast »
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Options Discovery Episode 18
JohnLothianNews.com
Alex Teng talks about short dated options and interviews Sean Feeney, the head of US Options at Nasdaq.
Watch the video »
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Driehaus Award goes to Tribune, ProPublica for 'The Price Kids Pay' investigation
Chicago Tribune
An investigation by the Tribune and ProPublica that exposed the little-known practice of school-based ticketing won a Richard H. Driehaus Foundation Award for Investigative Reporting last week. The prizes, which honor local watchdog journalism, were announced by the Better Government Association at a May 24 event. In their project, "The Price Kids Pay," Tribune reporter Jennifer Smith Richards and ProPublica reporter Jodi S. Cohen described how thousands of Illinois students a year had received tickets at school for conduct that violates local laws.
/jlne.ws/3qjAiMM
***** Chicago financial titan and Lake Geneva mansion owner Richard Driehaus may be gone, but his legacy lives on with the Driehaus Award.~JJL
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How the Fed Will Make Bank Transfers Truly Instant
Craig Torres - Bloomberg
While many countries now offer bank payments in the blink of an eye, moving funds between accounts in the US can still take days. Electronic platforms such as PayPal Holdings Inc.'s Venmo and Block Inc.'s Cash App offer various workarounds to speed up the process, but they are essentially intermediaries that interface with the slow banking system. Now the Federal Reserve has created a high-speed transportation lane that allows for bank transfers within seconds. Here's what you need to know about the new service, FedNow, which launches in July.
/jlne.ws/3oDH7bD
****** I am sure there is a conspiracy in here somewhere that will be spun. FedNow!~JJL
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How Much Coffee Are Americans Drinking? Soon Nobody Will Know
Dayanne Sousa, Isis Almeida and Carrington York - Bloomberg
The most important data point used to gauge the health of the US coffee industry has suddenly gone dark, giving an added advantage to the biggest trading houses and roasters. Data tracking the amount of coffee parked in warehouses at American ports - which helps analysts, traders and cafe owners alike judge supply and demand - was suddenly pulled from the market earlier this month. It had previously been published monthly by the Green Coffee Association for decades. The surprise move is fueling frustration up and down the supply chain. The stockpile information has traditionally been one of the best ways to understand whether the coffee imported into the US is being ground and roasted for consumption - or if it's just piling up, signaling a drop in demand. As a result, figuring out how much coffee the world's largest consuming nation is drinking just got a lot harder.
/jlne.ws/45IWNLe
****** I judge it by how long the line is at Starbucks and Dunkin' Donuts.~JJL
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US defence chief warns incidents with China's military could 'spiral out of control'; Lloyd Austin calls for greater dialogue after Beijing refuses meeting at Shangri-La security forum
Kana Inagaki and Demetri Sevastopulo - Financial Times
US defence secretary Lloyd Austin has called on Beijing to resume bilateral security talks, warning that incidents could "spiral out of control" if China's military continues to take provocative action in international waters and airspace.
/jlne.ws/3N7L0yS
****** China's military pulling some Tom Cruise-like moves from Top Gun might just set off a war.~JJL
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Wednesday's Top Three
Our top story Wednesday was Technologist And Exchange Builder Richard Baker's Deep Dive Into Blockchain With Tokenovate, a video interview from John Lothian News. Second was Hedge Funds Are Deploying ChatGPT to Handle All the Grunt Work, from Bloomberg. Third was A day in the life of Jets legend Broadway Joe Namath, octogenarian, from ESPN.
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MarketsWiki Stats
27,335 pages; 245,015 edits
MarketsWiki Statistics
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| Lead Stories | Wall Street Banks Are Using AI to Rewire the World of Finance; Lenders are experimenting with artificial intelligence. Not even Warren Buffett is sure what happens next.
William Shaw and Aisha S Gani - Bloomberg
Deutsche Bank AG is using artificial intelligence to scan wealthy client portfolios. ING Group NV is screening for potential defaulters. Morgan Stanley says its bankers are "experimenting" in a "safe and contained environment." Meanwhile, JPMorgan Chase & Co. is hoovering up talent, advertising for more AI roles than any of its rivals. The AI revolution is unfolding on Wall Street as wider interest grows in the evolving technology and its likely impact on business. At the most enthusiastic banks, about 40% of all open job roles are for AI-related hires such as data engineers and quants, as well as ethics and governance roles, according to new data from consultancy Evident.
/jlne.ws/3C7xyVC
LME Has Lost Benchmark Status in a Key Part of the Nickel Market; Eramet says ferronickel price now based on Shanghai index; Shift comes after massive short squeeze hit LME last year
Francois De Beaupuy and Jack Farchy - Bloomberg
The London Metal Exchange has lost its benchmark status in a key part of the nickel market since last year's massive short squeeze, according to one of the biggest producers. Christel Bories, chief executive officer of France's Eramet SA, said that an index produced by Shanghai Metals Market "has become the benchmark" for pricing ferronickel, a form used for making stainless steel. Eramet says it is the world's second-largest ferronickel producer.
/jlne.ws/3WNveN0
The Hottest Thing in Social Media? An Invitation to a Platform Not Run by Elon Musk; People, some looking to leave Twitter, are pleading to get codes to join Bluesky, an exclusive platform
Meghan Bobrowsky and Alexa Corse - The Wall Street Journal
At a recent event hosted by a tech company, dozens of San Francisco young professionals and others crowded into a basement event space decorated with string lights and munched on pizza and sipped LaCroix. Like attendees at so many Bay Area gatherings, they were chasing the latest hot new thing. This wasn't the real place they wanted to be.
/jlne.ws/3qfKHJf
Violent Clashes Trigger Fears of New War in Europe; Western officials heap pressure on Kosovar leader to defuse a standoff with Serbs that threatens to reignite a simmering Balkan conflict
Bojan Pancevski - The Wall Street Journal
U.S. and European diplomats are rushing to contain spiraling violence at the heart of Europe and prevent a fresh conflict on a continent shaken by Russia's invasion of Ukraine. The clashes took place in Kosovo, one of a string of small Balkan nations created after the violent breakup of Yugoslavia in the 1990s. The eruption of violence left dozens of people wounded this week, including Italian and Hungarian servicemen.
/jlne.ws/43o2HjC
Libor's Last Users Face Challenges as the Deadline for Its Demise Nears; Thirty days before the borrowing benchmark ceases in its current form, some U.S. companies are still contemplating transition work and options for extending its use
Mark Maurer - The Wall Street Journal
Companies that haven't switched away from the scandal-plagued London interbank offered rate ahead of the June 30 deadline for the benchmark's demise aren't likely to disrupt credit markets, but they could face a host of operational risks and potentially higher borrowing costs.
/jlne.ws/3ozcunL
LME Plans Changes That Would Make Contracts More Algo-Friendly; Exchange proposes expanding use of volume-weighted prices; Move comes amid regulatory scrutiny of 146-year-old LME
Jack Farchy and Mark Burton - Bloomberg
The London Metal Exchange is planning to make its process of setting end-of-day prices more predictable, a move that could favor algorithmic traders over more traditional brokers. The exchange on Wednesday announced long-awaited changes to its closing price methodology, saying it would expand the use of volume-weighted averages to set prices for its five main contracts. The move is still subject to feedback from its members.
/jlne.ws/43yikEA
Investors turn to AI-guided dealmaking to gain edge over rivals; Accountancy firm KPMG, hedge fund Coatue and VC firm Headline among those incorporating the technology
Cristina Criddle and George Hammond - Financial Times
Venture capital funds, private equity groups and accountancy firms are using the latest artificial intelligence to pick acquisition targets and start-ups for investment, betting the technology can give them an edge over rivals. Big Four accountant KPMG, hedge fund Coatue and venture capital firm Headline are among those using the latest AI tools to advise clients and help guide their dealmaking.
/jlne.ws/3IPoiJg
'Ultimate decider' on Jeffrey Epstein was JPMorgan's ex-top lawyer, says Jamie Dimon; Bank's chief executive testifies that former general counsel had 'ability to override' other executives
Joe Miller and Joshua Franklin - Financial Times
Jamie Dimon has identified JPMorgan Chase's former general counsel as the "ultimate decider" who had the authority to axe Jeffrey Epstein as a client, according to sworn testimony by the bank's chief executive. Even if other executives such as Mary Erdoes, one of the bank's most senior managers, had been vouching for the sex offender, the bank's top lawyer was the person who "had the ability to override" their decisions, Dimon said.
/jlne.ws/3MNutip
China Woos Dimon, Musk Amid Pressure on Xi to Boost Economy
Bloomberg News
China is rolling out the red carpet for global business leaders including Jamie Dimon and Elon Musk, seeking to allay fears the world's second-largest economy is becoming more hostile toward foreign capital.
/jlne.ws/3N2IwSl
US seeks to curb investment in Chinese chips, AI and quantum computing
Karen Freifeld - Reuters
New rules under consideration would restrict the flow of U.S. investments and know-how into Chinese companies working on advanced semiconductors, artificial intelligence and quantum computing, a U.S. Treasury official said on Wednesday.
/jlne.ws/3N4vaVE
Hong Kong's first step in regulating crypto comes with high costs, but exchanges are undeterred
South China Morning Post
Hong Kong's long-awaited cryptocurrency rules kicking off a new regulatory regime for virtual assets went into effect on Thursday, which experts say is placing a greater burden on exchanges in the city but is so far not deterring business. The city's retail trading rules and licensing guidelines, finalised last week, represent one of the most exacting regulatory frameworks for centralised crypto exchanges in the world, as Hong Kong opens its arms to the volatile digital asset sector following a series of meltdowns last year.
/jlne.ws/3WJjfjf
UBS's Heir Apparent Faces New Tests and Ex-Colleagues at Credit Suisse; A megadeal's aftermath poses fresh challenges for the Swiss bank and Iqbal Khan, the presumed CEO-in-waiting.
Myriam Balezou - Bloomberg
When Iqbal Khan joined UBS from rival Credit Suisse in 2019, the crosstown move sparked a tabloid scandal over a cloak-and-dagger surveillance operation on the star banker. But in this year's forced marriage of Switzerland's two biggest lenders, he's been conspicuously low-key.
/jlne.ws/3oyJkoR
USDC Issuer Circle Has Ditched All U.S. Treasuries From $24B Reserve Fund Amid Debt Ceiling Showdown
Krisztian Sandor - CoinDesk
Stablecoin issuer Circle Internet Financial has ditched all U.S. Treasury bonds from its USD Coin (USDC) backing reserves as part of precautionary measures to protect from a potential fallout from the looming U.S. debt ceiling showdown. The Circle Reserve Fund, managed by global investment giant BlackRock, held all of its $24 billion of assets under management in overnight repurchase (repo) agreements as of May 30, according to the fund's website.
/jlne.ws/3oJoyTe
JPMorgan's Dimon Denied Having Any Contact With Jeffrey Epstein
Matthew Goldstein - The New York Times
When it comes to JPMorgan Chase's nearly 15-year business relationship with Jeffrey Epstein, Jamie Dimon, the bank's longtime chief executive, claims to have little firsthand knowledge about the disgraced financier. During a deposition taken on Friday, Mr. Dimon repeatedly denied meeting Mr. Epstein, or communicating with him, and also said he had no recollection of being briefed by his top lieutenants at the nation's largest bank on one of its most notorious customers.
/jlne.ws/45Iym0s
Chicago business activity index tumbles to six-month low in May; Index drops 8.2 points to 40.4
Greg Robb - MarketWatch
The Chicago Business Barometer, also known as the Chicago PMI, fell 8.2 index points to 40.4 in May, according to MNI Indicators. Economists polled by the Wall Street Journal forecast a 47.3 reading. This is the ninth straight reading below the 50 threshold that indicates contraction territory. The index is produced by the ISM-Chicago with MNI. It is released to subscribers three minutes before its release to the public at 9:45 am Eastern.
/jlne.ws/3qjQRZ3
AI Developers Evoke Satoshi Nakamoto With 'Talk2Satoshi' Chatbot
Andrew Throuvalas - Decrypt
If you missed your chance to talk with Bitcoin creator Satoshi Nakamoto back in 2010, there's now a chatbot for that. On Wednesday, developers Pierre Corbin and Hugo Ferrer announced an artificial intelligence bot that answers questions about Bitcoin as if they came straight from the protocol's anonymous creator.
/jlne.ws/43zublY
ETFs charge into collateralised loan obligations; Since the first two US-domiciled CLO ETFs launched in 2020, seven more have come to market
Alyson Velati - Financial Times
The drive for diversification is pushing more innovation in the market. Since the first two US exchange traded funds offering exposure to collateralised loan obligations launched in 2020, seven more have come to market, Morningstar data shows.
/jlne.ws/3WMuIik
TradFi Giant TP ICAP Brings Crypto Spot Trading to Institutional Investors
Brandy Betz - CoinDesk
TP ICAP, the world's largest interdealer-broker, announced last week that its Fusion Digital Assets marketplace for spot crypto trading had gone live with its first trade. The traditional finance giant is bringing crypto to more institutional investors during a prolonged bear market and after a number of headline-grabbing scandals rocked the industry.
/jlne.ws/3C7xgOw
TD Cowen shuts digital asset unit two years after inception; Cowen Digital officially launched in March last year but had been in the works since early 2021 as institutional investors began increasingly eyeing digital assets.
Claudia Preece - The Trade
TD Cowen has closed its digital asset unit Cowen Digital just three months after the acquisition of Cowen by TD, according to an internal email seen by The TRADE.
/jlne.ws/43tS8Ly
Watchdogs must 'up their game' to prevent future bank failures, says BIS; Financial regulators need more funds to ensure lenders 'fulfil their responsibilities', argues Agustín Carstens
Laura Noonan - Financial Times
Financial watchdogs must "significantly" increase their budgets in the wake of recent banking crises, said the head of the umbrella body for central banks, arguing that more intensive day-to-day oversight was critical to preventing future failures. Global policymakers are weighing rule changes to better insulate banks from risks such as changing interest rates and a swifter flight of deposits, two factors that fuelled the biggest spate of collapses since the global financial crisis of 2007-08. Among the most high-profile failures, Silicon Valley Bank was shut down by the Federal Deposit Insurance Corporation in early March, while Credit Suisse was forcibly sold to Swiss rival UBS a week later.
/jlne.ws/3Je2LdJ
Asset manager consolidation wave continues as two deals announced in 24 hours; There seems to be no end in sight for the asset management M&A surge as Lansdowne Partners takes over Crux AM, while Franklin Templeton is set to acquire Putnam Investments.
Claudia Preece - The Trade
The near-constant stream of mergers and acquisitions across both the sell- and buy-side appears to show no signs of abating as two asset management deals have been announced in the past 24 hours.
/jlne.ws/3ozdKat
BMLL Adds Cboe Europe Indices To Trading And Liquidity Fragmentation Analytics
FinanceFeeds
"Cboe Europe Indices provide a cost-effective solution for market participants looking for high quality index data and all utilise common base methodology, pricing and corporate action data - making them ideal for comparison, trend and trading analysis."
/jlne.ws/43AQp6X
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russian mercenary boss slams army 'clowns' as he marks birthday at training camp
Reuters
Russia's most powerful mercenary, Yevgeny Prigozhin, said his Wagner group would fight on in Ukraine if his men got a separate section of the front without having to depend on "clowns" who ran swathes of the Russian armed forces. Celebrating his 62nd birthday on Thursday at a training camp, Prigozhin also confirmed that his men would finally leave the eastern Ukrainian city of Bakhmut on June 5 after handing it to the Russian army. The Wagner mercenaries captured the devastated city in late May after months of grinding warfare.
/jlne.ws/3OLR3dN
Macron Says Putin Revived 'Brain-Dead' NATO With Invasion
Ania Nussbaum - Bloomberg
Emmanuel Macron said Russia's invasion of Ukraine has reawakened the North Atlantic Treaty Organization almost four years after the French president branded the military alliance brain dead. "In December 2019, I had harsh words for NATO, underlining at the time the divisions that existed at its heart between Turkey and several other powers by speaking of brain death," Macron said in a speech at the GLOBSEC summit in Bratislava on Wednesday. "I could say today that Vladimir Putin has revived it with the worst of electroshocks."
/jlne.ws/43zvrWe
Zelenskyy pressures Nato over Ukraine's bid to join military alliance; Debate intensifies among western governments on providing security guarantees to Kyiv
Henry Foy, Richard Milne and Leila Abboud - Financial Times
Ukraine's president Volodymyr Zelenskyy has stepped up demands for Nato to make progress on his country's bid to join the military alliance, increasing pressure on western governments as a debate over providing security guarantees to Kyiv intensifies.
/jlne.ws/3MIadyp
Russia's Rupee Trap Is Adding to $147 Billion Hoard Abroad
Bloomberg News
A lopsided trade relationship with India is forcing Russia to accumulate up to $1 billion each month in rupee assets that remain stranded outside the country, swelling the stockpile of capital it's amassed abroad since the invasion of Ukraine.
/jlne.ws/3WLyJDw
EU Moves Closer to New Russia Sanctions After Proposals Weakened; Aim of measures is to close loopholes and boost enforcement; Package has been in limbo due to member states' concerns
Alberto Nardelli - Bloomberg
European Union member states are slowly moving toward an agreement on an 11th sanctions package over Russia's invasion of Ukraine, as a number of proposals originally put forward by the bloc's executive arm are set to be watered down.
/jlne.ws/42xCn5n
Putin Arrest Warrant Prompts South Africa to Weigh Moving BRICS Summit
S'thembile Cele - Bloomberg
/jlne.ws/43kjnby
Ukraine's Attacks on Russia Are a Calculated Gamble; Bringing the war to Russian soil may have a short-term military upside. But high civilian casualties could cause a "Chechnya effect" that works to Putin's long-term advantage.
Leonid Bershidsky - Bloomberg
/jlne.ws/43FVbjP
US Announces $300 Million in Ammunition and Supplies for Ukraine
Nick Wadhams - Bloomberg
/jlne.ws/3C6966N
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Fiona Bassett joins LSEG as CEO, FTSE Russell
London Stock Exchange Group
London Stock Exchange Group plc (LSEG) today announces that Fiona Bassett will join the Group as CEO of FTSE Russell. Fiona will start with the Group later this summer and be based in New York, reporting to David Schwimmer, CEO LSEG.
/jlne.ws/3MKFSPZ
The Stock Exchange of Thailand leverages Nasdaq technology for new trading system; Alongside the trading system, SET is launching market data distribution and market surveillance systems which will help support increasing transaction volumes and a range of investment products.
Wesley Bray - The Trade
The Stock Exchange of Thailand (SET) has launched a new trading system, alongside market data distribution and market surveillance systems, based on Nasdaq technology. The newly developed solution will support increasing transaction volumes and a range of investment products, while further enhancing the integrity of the market.
/jlne.ws/3qrZwII
Cboe Europe Indices latest to be integrated into BMLL product suite; The move compliments Cboe's historical data for Europe, US, and Japan which is already offered via BMLL.
Claudia Preece - The Trade
Historical Level 3 data provider BMLL has added Cboe Europe Indices to its product suite - and is now available via its research and data visualisation tools, BMLL Data Lab, BMLL Data Feed and BMLL Vantage. Speaking in an announcement, BMLL highlighted the importance of the addition of new data sets in enhancing data coverage for market participants globally.
/jlne.ws/43iQxIH
Total Value Of Stock Transactions On NGX Hit N35bn Amid Bullish Sentiments
Mondovisione
Amid demand and price appreciation, the total value of stocks traded on the floor of the Nigerian Exchange Limited (NGX) has now risen to N34.797 billion in two consecutive trading sessions. This is coming after the securities market hit the biggest single day gain in two years, rising by 5.23 per cent on Tuesday as investors reacted positively to President Bola Tinubu's no more fuel subsidy and immediate unification of exchange rates' comments on Monday.
/jlne.ws/3MIm9jK
BME submits entries from Vytrus, Sngular, Arteche and Opdenergy for the European Small and Mid-Cap Awards
BME-X
The awards, organised by the European Commission, EuropeanIssuers and FESE, aim to increase the visibility of small and medium-sized listed companies
Four Spanish companies, three from BME Growth (Vytrus, Sngular and Arteche) and one from the main market (Opdenergy) will compete for the European Small and Mid-Cap Awards. The nominations, presented by BME, were announced today during the second day of the Medcap Forum, the benchmark meeting between investors and small and medium-sized Spanish listed companies. The event was attended by more than 120 investors, 25% international, and 110 companies.
/jlne.ws/43iJuQ5
Cboe Global Markets to Present at Piper Sandler's Global Exchange & FinTech Conference on Thursday, June 8
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced that that Ed Tilly, Chairman and Chief Executive Officer, will present at Piper Sandler's Global Exchange & FinTech Conference on Thursday, June 8 at 10:30 a.m. ET. The webcast and replay of the presentation will be accessible at www.cboe.com in the Investor Relations section, under Events and Presentations. The archived webcast is expected to be available within an hour of the presentation.
/jlne.ws/3oAJyMa
Japan Exchange Group released Trading Overview in May 2023.
Japan Exchange Group
Cash Equity Market; In May 2023, the daily average trading value for the Prime Market (domestic common stocks) was JPY 4.0491 trillion. The daily average trading value for the ETF market was JPY 237.7 billion.
/jlne.ws/43sM85A
Status of Acquisition of Own Shares
Japan Exchange Group
(Acquisition of Own Shares based on Provisions of the Articles of Incorporation Pursuant to Article 459, Paragraph 1 of the Companies Act) Japan Exchange Group, Inc. (JPX) previously announced its decision in the Board of Directors meeting held on January 30, 2023 on matters regarding acquisition of own shares pursuant to the provisions of its Articles of Incorporation and Article 459, Paragraph 1 of the Companies Act.
/jlne.ws/43wsvtg
MIAX Options And MIAX Pearl Options Exchanges June 1, 2023 Fee Changes
MIAX
Effective June 1, 2023, pending filing with the SEC, MIAX Options and MIAX PEARL Options will amend transactional fees
/jlne.ws/3N6y9Nq
SET Launches New Trading System Leveraging Nasdaq Technology to Meet End-to-End Investment Needs
Nasdaq
The Stock Exchange of Thailand (SET) has successfully launched its new trading system, together with market data distribution and market surveillance systems, based on Nasdaq (Nasdaq: NDAQ) technology. All systems are running seamlessly and operating at full efficiency in line with international standards and best practice. This newly developed state-of-the-art solution will support increasing transaction volumes and a variety of innovative investment products, whilst further enhancing the trust and integrity of the market.
/jlne.ws/43i7aEb
Straits Times Index (STI) quarterly review - June 2023
SGX Group
One change to the constituents of the STI. FTSE Russell announces that there will be one change to the constituents of the Straits Times Index (STI), following the June 2023 quarterly review. Seatrium has been added to the STI and Keppel DC REIT has been removed from the index.
/jlne.ws/43EWKhV
XXVI Annual Contest of Annual Reports of the Moscow Exchange starts
MOEX
On June 1, 2023, the XXVI Annual Report Competition organized by the Moscow Exchange started. The competition is the main platform for the presentation of annual reports and one of the most important IR events of the year in Russia. The competition of annual reports contributes to increasing the openness of companies operating in Russia and the formation of a high corporate culture.
/jlne.ws/42eN0cV
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | UK Payments Firm Transactive Stripped of Lithuanian License; Regulator determines Transactive infringed AML requirements; Transactive still holds a UK license, according to FCA website
Donal Griffin - Bloomberg
The Bank of Lithuania has revoked the local license of Transactive Systems Ltd., a UK electronic-money firm that processed more than EUR1 billion ($1.1 billion) of payments every month, detailing a litany of compliance failings.
/jlne.ws/3N7DRPe
The Swiss Fall Out of Love With Cash; Only one in three transactions done using physical money; Citizens will get to vote on enshrining cash in constitution
Bastian Benrath - Bloomberg
Switzerland's formerly cash-obsessed citizens are falling out of love with physical money. Some 36% of consumer transactions were settled using physical money last year, according to a Swiss National Bank survey published Thursday. That compares with 43% in 2020 - when the pandemic was raging, discouraging the use of cash - and 70% in 2017. Another 33% were settled with debit cards, 13% using credit cards and 11% via mobile payment apps.
/jlne.ws/43zzm5o
Alibaba to Build ChatGPT-Like AI Into Meeting, Messaging Apps; Company is adding its latest AI to popular DingTalk messenger; Tongyi Tingwu documents and summarizes audio and video calls
Jane Zhang - Bloomberg
Alibaba Group Holding Ltd. is integrating its most advanced artificial intelligence system into its Slack-like DingTalk messaging app and a meeting assistant named Tingwu. The large language model (LLM) developed by Alibaba Cloud, dubbed Tongyi Qianwen, is now powering interactions with a new version of the assistant, Tongyi Tingwu. It helps by analyzing audio and video files and generating text summaries, and is now open to the public to try. That bot will also be integrated into DingTalk, the cloud unit said in a statement Thursday.
/jlne.ws/42jNJd0
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| Cybersecurity | | Top stories for cybersecurity | Russia says U.S. accessed thousands of Apple phones in spy plot
Guy Faulconbridge - Reuters
Russia's Federal Security Service (FSB) said on Thursday it had uncovered a U.S. National Security Agency (NSA) plot using previously unknown malware to access specially made so-called backdoor vulnerabilities in Apple phones The FSB, the main successor to the Soviet-era KGB, said that several thousand Apple phones had been infected, including those of domestic Russian subscribers.
/jlne.ws/3MCeGm8
Cybersecurity Budgets Aren't Untouchable
Kim S. Nash - WSJ
Cybersecurity leaders at delivery giant FedEx and cruise company Carnival are dealing with a tight economy by consolidating tech vendors and rethinking financial strategies. After seeing his budget double in the past five years, FedEx Global Chief Information Officer Gene Sun faces a new reality in which decreased package shipping globally has led to a drop in revenue and layoffs at the company. Cost-cutting measures continue companywide.
/jlne.ws/43ygcg8
New bill aims to boost cybersecurity cooperation between U.S., Abraham Accords nations
Barak Ravid - Axios
A bipartisan group of senators is introducing a bill to enhance cybersecurity cooperation between the Department of Homeland Security and Abraham Accords countries - Israel, the United Arab Emirates, Bahrain and Morocco, according to a statement shared with Axios.
/jlne.ws/42h60Ym
Why consumers are demanding businesses prioritise their cybersecurity
Business Insider
A simple fact of the modern world is that we live in a society that is driven by digital technology. Businesses are run online, people shop online, a lot of our social lives take place online! There's no doubt that this has been an incredibly positive change in the lives of many people, both professionally and personally. But, it would be naive to suggest that there haven't been some drawbacks. In particular, there has been a rise in the number and frequency of cybersecurity attacks on both businesses and consumers over the last several years.
/jlne.ws/43er3Mo
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bankman-Fried hints at blame-the-lawyers defense in criminal case
Alison Frankel - Reuters
Indicted FTX founder Sam Bankman-Fried seems to be gearing up to blame the lawyers who helped him establish the crypto exchange. That's the subtext of a motion filed on Tuesday by his lawyers at Cohen & Gresser, who are defending Bankman-Fried against federal charges of fraud, conspiracy and bribery. They're asking for access to documents from Fenwick & West, the Silicon Valley law firm that represented FTX and sister hedge fund Alameda Research from the companies' inception through their collapse in November 2022.
/jlne.ws/3qq7AK3
Binance to Delist Monero, Zcash in 4 European Countries
Mattis Meichler - Decrypt
Crypto exchange Binance will cease offering trading services for privacy coins like Monero, Dash, and Zcash to its customers in France, Italy, Spain, and Poland. In total, a dozen different coins will no longer be available on the platform in these countries starting from June 26. The full list of tokens that will stop trading: Decred (DCR), Dash (DASH), Monero (XMR), Zcash (ZEC), Horizon (ZEN), PIVX, Navcoin (NAV), Secret (SCRT), Firo (FIRO), BEAM, MobileCoin (MOB), and Verge (XVG).
/jlne.ws/43i4Eha
Binance begins layoffs as top crypto exchange reevaluates 'whether we have the right talent'
Leo Schwartz - Fortune
Binance, the world's largest crypto exchange, announced that it's reevaluating its workforce amid reports of layoffs and a prolonged bear market. On Wednesday, independent reporter Colin Wu tweeted that Binance could be laying off as much as 20% of its 8,000-employee workforce. In response, a Binance spokesperson told Fortune in a statement that "this is not a case of rightsizing" but a focus on "whether we have the right talent."
/jlne.ws/45AbJvn
Binance lost $1.8bn in deposits in May as banks curbed exposure to digital assets market
Tim Craig - DL News
Binance is bleeding user deposits as the top global crypto exchange grapples with the loss of its banking and payments provider partners and mounting regulatory pressure. DefiLlama data shows that over the past month, customers withdrew a net $1.8 billion worth of cryptocurrency assets from Binance, which is the equivalent of 3.3% of its total deposits. More than $13.2 billion has left the exchange since last November.
/jlne.ws/43vBhYo
Prudential treatment of cryptoasset exposures - Executive Summary
Bank for International Settlements
The rapid evolution of cryptoassets and their growing interaction with mainstream finance could raise financial stability concerns and accentuate the microprudential risks of banks. Although the cryptoasset market remains small relative to the size of the global financial system and banks' exposures to cryptoassets are currently limited, the market's absolute size is still meaningful.
/jlne.ws/43nwngM
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| Politics | | An overview of politics as it relates to the financial markets | 'Trump Bucks' websites taken down after being exposed by NBC News for selling bogus currency
Corky Siemaszko and Brandy Zadrozny - NBC News
The companies that appear to have swindled supporters of former President Donald Trump out of tens of thousands of dollars by peddling bogus "Trump Bucks" no longer have active websites just days after their businesses were exposed by NBC News. The websites where the Colorado-based Patriots Dynasty, Patriots Future and USA Patriots companies were selling Official Trump 2024 Gold Cards to Trump Rebate Banking System (TRB) membership cards purportedly issued "by Donald Trump" himself are no longer active.
/jlne.ws/3WQ3bMU
A House Bill Would Make It Harder for the SEC to Argue Crypto Tokens Are Securities
Tuongvy Le and Khurram Dara - CoinDesk
A new bill introduced in the House would clarify that a digital asset that is sold as part of an "investment contract" does not necessarily become a security. If passed, the Securities Clarity Act would help settle one of the most debated legal questions in the crypto space and make it more difficult for the U.S. Securities and Exchange Commission (SEC) to argue that many existing tokens are unregistered securities.
/jlne.ws/43dROAA
Bill Ackman calls on JPMorgan CEO Dimon to run for US president
Reuters
Billionaire hedge fund manager Bill Ackman said Jamie Dimon should run for president in the next U.S. elections after the JPMorgan Chase & Co CEO expressed his interest in pursuing a public office. "I love my country, and maybe one day I'll serve my country in one capacity or another," Dimon said in an interview with Bloomberg TV earlier on Wednesday, when asked if he would ever consider public office.
/jlne.ws/43h1WIY
Debt deal would lift pause on student loan payments. That's great news for SoFi.
Josh Schafer - Yahoo! Finance
Students will need to start paying back their debt for the first time in more than three years as part of the new debt ceiling deal. The prospect sent shares of SoFi (SOFI), one of the nation's leading student loan lenders, soaring on Wednesday as Wall Street becomes increasingly confident the deal will be signed.
/jlne.ws/3N635ND
A House Bill Would Make It Harder for the SEC to Argue Crypto Tokens Are Securities
Tuongvy Le and Khurram Dara - CoinDesk
A new bill introduced in the House would clarify that a digital asset that is sold as part of an "investment contract" does not necessarily become a security. If passed, the Securities Clarity Act would help settle one of the most debated legal questions in the crypto space and make it more difficult for the U.S. Securities and Exchange Commission (SEC) to argue that many existing tokens are unregistered securities.
/jlne.ws/43dROAA
Rishi Sunak touts leading role for Britain in AI regulation; PM eyes opportunity to become centre for companies developing artificial intelligence
George Parker and Cristina Criddle - Financial Times
/jlne.ws/3MCCyWY
How the Thatcherites lost their Brexit dream and their party; The trade-off the original Tory Leavers made with populists handed the Conservatives over to an alien worldview
Robert Shrimsley - Financial Times
/jlne.ws/3N73vU8
Nvidia founder Jensen Huang warns about China's resolve to build its own advanced semiconductors
South China Morning Post
/jlne.ws/45zT1UB
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| Regulation & Enforcement | | Stories about regulation and the law. | EU's Banking Regulator Highlights AML Risks in Privacy Coins, Self-Hosted Wallets
Jack Schickler - CoinDesk
Crypto companies should watch out for customers using privacy coins or self-hosted wallets as they try to spot potential money laundering activity, the European Banking Authority said in draft guidance published Wednesday. The plans, open for comment until August 31, follow a series of crackdowns on crypto tools which can enhance online privacy, but which lawmakers worry can be used to hide criminal or terrorist money.
/jlne.ws/3N5Zjnv
EBA consults on amendments to the Guidelines on money laundering and terrorist financing risk factors to include crypto-asset service providers
European Banking Authority
The European Banking Authority (EBA) launched today a public consultation on amendments to its Guidelines on money laundering and terrorist financing (ML/TF) risk factors. The proposed changes extend the scope of these Guidelines to crypto-asset service providers (CASPs). The consultation runs until 31 August 2023.
/jlne.ws/3MFJNxr
BaFin investigates Citytrade PLC
Federal Financial Supervisory Authority
The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) warns consumers about the company Citytrade PLC and the services it is offering. BaFin has information that the company is providing financial and investment services on its website citytrade.group without the required authorisation.
/jlne.ws/3WKKzxx
CFTC Warns Derivatives Clearinghouses against Expansion into Crypto; The derivatives watchdog raised concerns about crypto cyber security risks.; The CFTC tasked clearinghouses with identifying 'new, evolving or unique risks'.
Finance Magnates
US derivatives regulator, the Commodities Futures Trading Commission (CFTC), has warned Derivatives Clearing Organizations (DCOs) against the risk involved in the expansion of their clearing services into digital assets. DCOs are firms that match and settle derivatives contracts based on underlying assets, such as stocks, bonds or currency.
/jlne.ws/3oJkkuQ
Report on Use of 2022 Fine Monies
FINRA
FINRA is a not-for-profit, self-regulatory organization (SRO) dedicated to promoting investor protection and market integrity in a manner that facilitates vibrant capital markets. One of FINRA's tools for achieving this objective is fair and effective enforcement of member firms' compliance with securities laws and regulations.
/jlne.ws/43Ujj2j
CFTC to Hold an Open Commission Meeting on June 7
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the Commission will hold an open meeting on Wednesday, June 7 from 9:30 a.m. - 4:00 p.m. (EDT) at the CFTC's Washington, D.C. headquarters. Members of the public are free to attend the meeting in person or have the option to listen by phone or view a live stream at www.cftc.gov.
/jlne.ws/3qpxBJO
Commission Statement on the Passing of Former Chairman Harvey Pitt
SEC
We mourn the passing of Harvey Pitt, the 26th Chairman of the Securities and Exchange Commission. Harvey loved this agency, dating back to his time right out of law school serving as a staff attorney in the Office of General Counsel (OGC). He continued to serve the Commission for a decade, advising former Commissioner Francis M. Wheat, taking on important roles in OGC and the Division of Market Regulation, and serving in the front office of former Chairman Ray Garrett, Jr. After only seven years at the SEC, Harvey became the youngest General Counsel in the SEC's history. It was one of his greatest dreams to come back later in his career to chair the agency. As Chair, he oversaw the SEC's response to the September 11th attacks and led the Commission's rulemaking efforts in response to the corporate accounting crises of the 1990s. Even in the last year, he has made himself available to offer advice and continued to submit comment letters on our rulemaking proposals. Our hearts go out to Saree and Harvey's family.
/jlne.ws/3oGM0AF
SEC Charges Repeat Securities Law Violator with New Offering Fraud
SEC
The Securities and Exchange Commission today charged Greensboro, North Carolina resident Marshall E. Melton and a business Melton controls, Integrated Consulting & Management, LLC, with conducting an offering fraud that largely targeted older investors. Melton is a repeat securities law violator who was charged by the Commission in 1997 with securities fraud and misappropriation of investor assets.
/jlne.ws/3ISjFOy
SEC Charges Self-Proclaimed 'Queen of Mobile Homes' and Three Salespeople with Fraud in Mobile Home Investment Scheme
SEC
The Securities and Exchange Commission filed today a complaint in the U.S. District Court for the Western District of Texas charging Outstanding Real Estate Solutions, Inc. (ORES), its Chief Executive Officer and founder Chimene Van Gundy, and salespeople Michael Trofimoff, Santos Kidd, and Maria Tosta for their roles in raising approximately $18.5 million from at least 600 investors through a fraudulent mobile home investment scheme.
/jlne.ws/3oDKjEb
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bloomberg Wealth: Cliff Asness
David Rubenstein - Bloomberg
AQR Founding Managing Principal and Chief Investment Officer Cliff Asness says he thinks equities could be a "scary place" in the event of a US recession. The legendary quant investor also takes a victory lap on "Bloomberg Wealth with David Rubenstein" after AQR's bet on value finally paid off in 2022 after years of losing to growth stocks. This interview was recorded on April 24th in Greenwich, CT.
/jlne.ws/3MN42cz
ISDA Equity Swap Protocol - 2021 Definitions
International Swaps and Derivatives Association
At the request of members of the ISDA Equity Working Groups, ISDA plans to launch the 2023 ISDA Equity Swap Protocol in September 2023, allowing adhering parties to incorporate the 2021 ISDA Interest Rate Derivatives Definitions (the "2021 Definitions") to relevant Equity Swap documentation.
/jlne.ws/3owXFlG
Why UK Value Stocks Are Still the Trade of the Decade; Research Affiliates Founder Rob Arnott contends that, in the current inflationary environment, the best value is in international markets.
Sommer Saadi and Merryn Somerset Webb - Bloomberg
Famed contrarian investor Rob Arnott, co-founder of Research Affiliates, has said since the autumn of 2020 that UK shares are a great bargain-in particular so-called value stocks. In a conversation with Merryn Somerset Webb on this week's Merryn Talks Money, he contends that's still the case. The 2020s may be the "the decade for diversifiers," he says-those prepared to move out of mainstream stocks and bonds and into assets that haven't been talked about.
/jlne.ws/3OQuGE6
The Bull Market for Bad China Economic News Is Thriving; The bigger you get, the harder it is to keep posting numbers so much better than your peers.
Daniel Moss - Bloomberg
It looked like a typo - worth trillions. An august multilateral body, the type not prone to go out on a limb, projected that China's economic growth would slow to just a bit less than the US. It put the expansion in the range of 2% or a touch below in the long run. By that, the OECD meant in coming decades. The wide timeframe didn't detract from the power of the message. Pity people didn't pay more attention.
/jlne.ws/43c4Q1w
World's Biggest Gold Producer to Invest $540 Million in Argentina Mine
James Attwood - Bloomberg
Newmont Corp., the world's biggest gold producer, plans to invest a total of $540 million to extend the life of a key mine in Argentina, the government said. The project will extend the Cerro Negro operations in Santa Cruz province to 2034, the government said in an emailed statement Wednesday. The Denver-based company later confirmed the investment, saying it was expected to boost production to more than 350,000 ounces from 2024 and provide a platform for further exploration and additional expansions.
/jlne.ws/43tnNNa
Financial coaching: bridging the advice gap or a new danger? The lack of financial knowledge is a crisis of confidence
Moira O'Neill - Financial Times
/jlne.ws/3OV4UyB
The world's first meme bond (ish)? Evaporating half a yard is a good start at least
Robin Wigglesworth - Financial Times
/jlne.ws/43hobhI
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Exxon and Chevron shareholders cut support for climate resolutions; Annual meeting votes highlight differences between investors at US and European oil companies
Patrick Temple-West and Justin Jacobs - Financial Times
ExxonMobil and Chevron shareholders solidly rejected climate change proposals at the US oil majors' annual meetings on Wednesday, scaling back support from last year and splitting with results at peers in Europe where resolutions related to global warming have won stronger support. Only 11 per cent of Exxon shareholders supported a petition calling for the company to set emissions reduction targets that would be consistent with the goals of the 2015 Paris climate agreement. A similar proposal at Chevron received less than 10 per cent support.
/jlne.ws/42nKS2t
****More coverage from The Wall Street Journal, The New York Times, Reuters, and ESG Investor.
EU nature law hangs in the balance after lawmaker walk-out
Kate Abnett - Reuters
European Union plans to restore damaged natural ecosystems are hanging in the balance after the EU Parliament's biggest lawmaker group walked out of negotiations on the rules.
/jlne.ws/3MIAKfe
Brazil's Lula cuts losses after setbacks on environment and Indigenous front
Maria Carolina Marcello - Reuters
Brazilian President Luiz Inacio Lula da Silva has suffered a major defeat over important legislation protecting the Amazon rainforest and the Indigenous people who live in it, and he has had to cut his losses in a conservative Congress. Lawmakers backed by the powerful farm lobby in this agricultural powerhouse voted 283-155 on Tuesday night to pass a bill that would limit the recognition of new Indigenous reservations, a decision seen by environmentalists and human rights advocates as a setback.
/jlne.ws/3WNwO1o
Some Amazon employees walk out in Seattle to protest climate, office policies
Matt Mcknight - Reuters
Some Amazon.com Inc (AMZN.O) employees staged a walkout on Wednesday in protest of the e-commerce giant's changes to its climate policy, layoffs and a return-to-office mandate. More than 100 people gathered in the afternoon by the Spheres, the glass-dome monument at the heart of Amazon's Seattle headquarters, according to a Reuters witness. "Emissions climbing. Time to act!" the group chanted. "Stand together; don't turn back!"
/jlne.ws/3N4DODK
Climate change had no 'significant' impact on northern Italy floods in May 2023
Orla Dwyer - Carbon Brief
Climate change did not have a "significant" impact on the likelihood or intensity of recent "devastating" rainfall and flooding in a northern Italian region, new analysis shows. Over the course of a few days in May, extremely high rainfall levels led to severe flooding in Emilia-Romagna, one of the wealthiest regions in Italy. This one-in-200-year extreme weather event caused 17 deaths and displaced 50,000 people from their homes. But although the rain levels were "very unusual", a new study finds that climate change has not made high rainfall in this region at this time of year more likely to occur, or increased its intensity.
/jlne.ws/3MNw7AB
Environmentalists in Virginia and West Virginia Regroup to Stop the Mountain Valley Pipeline, Eyeing a White House Protest; The U.S. Forest Service's recent pipeline approval, coupled with Sen. Joe Manchin's unflagging support, help define the stakes in a long-running battle. One activist called the pipeline "a climate disaster."
Jake Bolster - Inside Climate News
/jlne.ws/3N8DvYG
Caribbean Island Nations Are Repealing Colonial-Era Anti-LGBTQ Laws; In the Caribbean, where LGBTQ people have few legal protections, some islands are overturning draconian sex bans.
Olivia Konotey-Ahulu and Kelsey Butler - Bloomberg
/jlne.ws/3MJMvlw
Stop violence against women: Commission welcomes the EU's accession to the Istanbul Convention
European Commission
/jlne.ws/3N4ho5x
'Safe and just' climate boundary has already been breached, says contested study
Ayesha Tandon - Inside Climate News
/jlne.ws/3MKCa91
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse-UBS Merger Derails China Bank Incorporation Plan
Akanksha Bakshi - Benzinga
Credit Suisse Group AG (NYSE: CS) has scrapped plans to set up a locally incorporated bank in China to avoid a potential regulatory conflict arising from its merger with UBS Group AG (NYSE: UBS). Credit Suisse had been planning to establish a local bank in China for years. The report added that a locally constituted bank would have expanded its onshore wealth management business and increased its presence in the country, reported Reuters, citing two sources.
/jlne.ws/3oDKNKk
Investment Bank Cowen Shuts Down Crypto Digital Asset Unit; TD Bank said in March it had completed acquisition of Cowen; Shutdown affects at least 11 people, according to email
Immanual John Milton and Vildana Hajric - Bloomberg
The boutique investment bank Cowen Inc. is shuttering a digital-asset unit that was launched to offer institutional clients access to cryptocurrency trading. "Today will be the last day for the team here at Cowen Digital," according to an email seen by Bloomberg News, which was addressed to clients, friends and colleagues. The note listed at least 10 employees and an intern as part of the group's team. A Cowen spokesperson declined to comment.
/jlne.ws/42bwWZu
Credit Suisse Bankers Sue Over AT1 Bonuses Wiped Out in UBS Deal; Some 50 employees split into three groups have filed appeals; Claimants argue that writedown of compensation was unfair
Hugo Miller and Marion Halftermeyer - Bloomberg
About 50 Credit Suisse Group AG bankers are suing Switzerland's financial regulator for rendering their bond-based bonuses worthless as part of the stricken lender's state-brokered takeover by UBS Group AG. The staff are suing over the writedown of so-called contingent capital awards based on a risky category of bonds known as Additional Tier-1s, according to a spokesman for the Swiss Federal Administrative Court, who declined to give details on timing of the claims.
/jlne.ws/3qq5rht
Philips Pensioenfonds adopts STOXX Index to align its emerging markets equity portfolio with several United Nations Sustainable Development Goals
Press Release - Qontigo
Philips Pensioenfonds, in collaboration with index and analytics provider Qontigo and asset manager BlackRock, has successfully aligned its EUR 370 million emerging markets equity portfolio with several Sustainable Development Goals (SDGs). The mandate, managed by BlackRock, tracks a custom equity benchmark, the iSTOXX® PPF Responsible SDG Emerging Markets Index.
/jlne.ws/3N8HX9R
Credit Suisse SPAC Head Stabinsky Leaves for Santander
Crystal Tse and Gillian Tan - Bloomberg
/jlne.ws/3C5Dj5X
Franklin Templeton to buy Putnam Investments for more than $1bn; Acquisitive California asset manager strikes deal that will expand business in alternatives and retirement plans
Brooke Masters - Financial Times
/jlne.ws/3MJJUrM
JPMorgan Builds Unit for World's Richest Families in Wealth Bet; 23 Wall focuses on 700 families worth more than $4.5 trillion; Andy Cohen leads the unit with offices in US, Europe and Asia
Benjamin Stupples - Bloomberg
/jlne.ws/42jIt9h
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | ZipRecruiter Cuts 20% of Workforce in Latest Tech-Sector Layoffs; CEO Ian Siegel will also see his base salary cut by 30%; Half of job cuts will come from sales, customer support roles
Matthew Boyle - Bloomberg
ZipRecruiter Inc., the job posting site, is eliminating about 20% of its workforce and giving its top executive a pay cut as it retrenches amid a broad slowdown in hiring. The Santa Monica, California-based company plans to cut about 270 roles, according to a filing Wednesday, in response to "current market conditions." The cuts, about half of which are in sales and customer support, will be mostly complete by the end of June.
/jlne.ws/3oL9jsX
Wall Street Banks Are Using AI to Rewire the World of Finance; Lenders are experimenting with artificial intelligence. Not even Warren Buffett is sure what happens next.
William Shaw and Aisha S Gani - Bloomberg
Deutsche Bank AG is using artificial intelligence to scan wealthy client portfolios. ING Group NV is screening for potential defaulters. Morgan Stanley says its bankers are "experimenting" in a "safe and contained environment." Meanwhile, JPMorgan Chase & Co. is hoovering up talent, advertising for more AI roles than any of its rivals.
/jlne.ws/43ifL9X
Can Workplace Ketamine Retreats Improve Vibes in the Office? In guided sessions, midcareer professionals are using the drug to seek improved job performance and better work-life balance.
Ellen Huet - Bloomberg
The group is warned that the drug will hit quickly. "Dr. John is going to give you a shot of ketamine, and you're going to feel it right away," says Kaia Roman, the session facilitator. For about 45 minutes "you will completely surrender to the experience," she tells them. "You might feel like you're floating out of your body, or are not even aware of where you are or who you are." She tells everyone not to be nervous, because "that's actually where the beauty and the release can come from."
/jlne.ws/3OQVgNo
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| Wellness Exchange | | An Exchange of Health and Wellness Information | New York Subways Have a Deadly Form of Long Covid; People are less likely to get robbed on the city's mass transit - but more likely to get raped or murdered.
Jessica Karl - Bloomberg
One strange thing about living in New York is that I will voluntarily make a dinner reservation at 11:30 p.m. if it's the only time slot available. That may sound insane to you - most of my relatives think I am sick and twisted for eating past 8 p.m. But in the city that never sleeps, there's really no need to abide by the natural laws of circadian rhythms or whatever.
/jlne.ws/3ISlsTP
An Inside Look at Covid's Lasting Damage to the Lungs
Jeremy White, Pam Belluck, Noah Bassetti-Blum, Eleanor Lutz and Hang Do Thi Duc - The New York Times
More than three years after the start of the pandemic, many Covid survivors continue to struggle. Some, especially those who became so severely ill that they were hospitalized and unable to breathe on their own, face lasting lung damage.
/jlne.ws/3MOl0qS
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Swoop on Cheap Global Coal Set to Drive Record Imports
Bloomberg News
Falling coal prices could drive Chinese imports to all-time highs, as fuel unwanted elsewhere in the world is diverted to the biggest consumer. China's purchases may hit 360 million to 380 million tons in 2023, according to its top industry association. That compares with 293 million tons last year, and a record of 327 million tons set in 2013. The nation's buying spree, particularly for the higher grades that its own miners struggle to produce, coincides with easing energy prices in the European Union after last year's spike caused by Russia's invasion of Ukraine. That's luring cargoes at discounted rates from as far afield as South Africa and Colombia.
/jlne.ws/45DBBX4
Investment Firm Hillhouse Can Now Help Rich Move to Singapore; Singapore names seven fund managers to residency program; B Capital, GGV, Insignia also among selected fund firms
David Ramli - Bloomberg
Hillhouse, the investment firm best-known for making its fortunes backing China's biggest startups, can now help the super rich obtain permanent residency in Singapore as part of a government program. The city-state's Economic Development Board runs a Global Investor Programme, which provides ultra-wealthy foreigners a path to getting permanent residency.
/jlne.ws/42dfdAN
Liechtenstein Applies for IMF Membership
International Monetary Fund
Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) today informed the Executive Board that the Government of the Principality of Liechtenstein has filed an application for membership in the IMF. The application for admission to IMF membership from the Principality of Liechtenstein will be considered in due course.
/jlne.ws/3CoFS3r
Petrobras Captures Carbon to Ramp Up Gas Production, and Calls It Green; Oil major recycles its own oil-field carbon to pump more crude; Carbon capture is part of deepwater natural gas expansion
Peter Millard - Bloomberg
Brazil's state-controlled oil giant Petrobras is capturing and storing a growing amount of carbon dioxide below the seabed in a strategy that helps it boost oil and natural gas production. It also calls it green.
/jlne.ws/3oGubSk
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| Miscellaneous | | Stories that don't quite fit under the other sections | A Week With the Wild Children of the A.I. Boom
Yiren Lu - The New York Times
The archbishop's mansion in San Francisco, built in 1904, is now a stately hotel at the northeast corner of Alamo Square Park. Since February, it has been rented out entirely to HF0, or Hacker Fellowship Zero, a start-up accelerator that provides 12-week residencies for batches of fellows from 10 different start-ups. Their experience, which culminates in a demonstration day, is supposed to be the most productive three months of the fellows' lives.
/jlne.ws/3MI7dSU
Goldman CEO Loves Summer Camp So Much He's Expanded His Portfolio; David Solomon, who already co-owned the New England property he once attended, purchased part of another last year where campers enjoy waffles, go-karts and-what else?-a DJ.
Max Abelson and Sridhar Natarajan - Bloomberg
Of all things one could say about running Goldman Sachs Group Inc., having fun doesn't spring to the front. Gus Levy famously died at his desk, and Lloyd Blankfein made joking comparisons between the lives of his wife and Mafia wives. So when David Solomon decides where to plonk down the eight figures his day job has brought him, he looks for a bit of ritz. He's cultivated an enviable wine cellar, snapped up stakes in trendy Manhattan restaurants and even grabbed a piece of a luxury real estate empire, a sort of timeshare for the super rich. But there's nothing quite like being a part owner of an idyllic New England children's summer camp-except, perhaps, co-owning two of them.
/jlne.ws/45Isc0w
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