| July 20, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Boston Regulation CEO Tony McCormick has written a book about his life titled "A Hundred Percent." The book is self-published and not for sale, but rather was written for his children and friends and family to tell his life's story. McCormick is related to Cyrus McCormick, who invented the mechanical reaper and founded the McCormick Harvesting Machine Company. That company became International Harvester. Col. Robert McCormick, the publisher of the Chicago Tribune, was another relative. The book is a good read, and I have not even gotten to the good parts of his career yet.
Interestingly, Tony attended Camp Shewahmegon in Hayward, Wisconsin, the same camp my brother-in-law Jeff Bergstrom attended. It can be a very small world.
How hot is it out there? This is the opening of a Bloomberg story titled "Sizzling 115F Heat Is Killing Phones in Italy's Sardinia Island.": "Mobile phones that die while shooting a video. Cars that roast on the inside. A thermometer needle that literally goes off the chart as temperatures exceed the maximum it was designed to record. Empty streets in what's usually a bustling tourist center."
Bloomberg reports that in the U.S. "Nearly a quarter of the population, or 80 million people, will experience actual temperatures or a heat index of 105F degrees through the weekend, the National Weather Service said.
FIA welcomed KOR Financial, a regtech software firm, as a new member of the trade association. KOR provides regulated and non-regulated data and compliance post-trade tools to derivatives market participants globally.
The Financial Times has published a video, actually an FT Film, titled "Crispin Odey: the fall of a hedge fund maverick." The description of the video says, "The Crispin Odey story is about greed, a culture of secrecy and alleged abuse. Odey was one of Britain's richest men and most successful hedge fund managers while allegedly getting away with assaulting and harassing women for decades. Odey Asset Management has started to unravel ever since an FT investigation into his behaviour."
The $1.08 billion PowerBall lottery has a winner from California. The winning numbers for Wednesday night's drawing were: white balls 7, 10, 11, 13, 24 and red Powerball 24, MarketWatch reported. Alas, there goes my financing of a Wicker Park mansion.
Connemara has launched a 25th anniversary rebrand of the custom software development firm that was launched as a one-man operation in 1998.
I am getting more and more spam payment email notifications. Some say I am sending money to Coinbase, while others say I am sending money to BestBuy. There are some that are notifications from Microsoft. The notifications are proliferating.
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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The Africa Climate Summit 2023, "Driving Green Growth & Climate Finance Solutions For Africa And The World," takes place September 4-6 in Nairobi, Kenya. The summit has four tracks: climate action financing; green growth agenda for Africa; climate action and economic development; and global capital optimization. Africa Climate Summit 2023 will focus on delivering innovative green growth and climate finance solutions for Africa and the World. Learn more and register here. ~SAED
"Super early bird" registration is now open for LME Week 2023, beginning with the LME Metals Seminar, which takes place on Monday, October 9 at the Queen Elizabeth II Centre, London. You can go here to register.~SR
Our most read stories yesterday on JLN Options were:
Wall Street Gets New ETF Offering 100% Downside Protection
Volatility Trading Set For Significant Growth
Over 75% of prop trading firms saw volatility trading strategies out-perform other markets in 2022 ~JB
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Eventus' Jonathan Dixon on regulation in the UK, EU and US, the impact of MiCA, and lessons from Eventus' recent paper
JohnLothianNews.com
JLN Correspondent Julie Ros interviewed Jonathan Dixon, director of regulatory affairs, EMEA, at Eventus, at IDX 2023 in London. They discussed the regulatory trends in the UK and the EU, in particular in the digital asset space, and how they differ from those in the U.S. Dixon talked about the importance of certainty and the possible impact of the Markets in Crypto Assets (MiCA) regulation on the compliance culture and function in Virtual Asset Service Providers (VASPs). He also discussed what lessons firms should learn from Eventus' paper on the UK Financial Conduct Authority's Market Watch release.
Watch the video »
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Meta unfriends the news industry in growing rift with publishers; Facebook's parent company downgrades current affairs on Threads app and refuses to engage with Canadian law designed to fund media groups
Hannah Murphy in San Francisco and Cristina Criddle in London - Financial Times
Meta is shunning the news business, giving lower priority to current affairs and politics on its social media platforms while refusing to engage with efforts from governments to make the US tech giant pay more to media organisations. Facebook's parent company, after years of attempting to placate powerful publishers by funding non-profit journalism projects and striking deals with groups like Rupert Murdoch's News Corp, is toughening its stance towards the sector, according to people familiar with the company's strategies.
/jlne.ws/3Y2HEBg
***** Not a smart move on Meta's part. But then maybe they are distracted getting ready for a match with Musk.~JJL
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AI in investment and financial services; Technology can improve customer service, ID checks and fraud prevention but concerns remain over decision making and impersonation
Siddharth Venkataramakrishnan - Financial Times
For years, the financial services industry has sought to automate its processes, ranging from back-end compliance work to customer service. But the explosion of generative artificial intelligence has opened up both new possibilities, as well as potential challenges, for financial services firms. "The entire world is in a discovery phase right now," says Saby Roy, a technology consulting partner at EY. "We're seeing many organisations trying to put it to real use."
/jlne.ws/44wJFYR
***** We are going to need to do an online blood sample in order to prove we are really who we say we are.~JJL
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Wheat Rises 9% as Russia Issues Warning on Ships Headed to Ukraine
Aine Quinn, Megan Durisin, and Michael Hirtzer - Bloomberg
Wheat futures soared as much as 9%, the biggest jump since 2012, as Russia threatened ships sailing to Ukrainian ports, escalating a conflict over exports from the key Black Sea region. Russia's defense ministry said that all ships headed to the ports from Thursday will be considered as potentially carrying military cargo. It also said flag countries of vessels sailing to Ukraine will be considered as on Kyiv's side in the conflict. Chicago wheat prices, the global benchmark, quickly shot higher, rising by as much as the exchange limit. Paris wheat closed up 8.2%, the biggest gain since February 2022.
/jlne.ws/44Ug37i
****** The wheat market is the most dynamic and resilient market in the world. There is a need to feed the people and we will find a way. ~JJL
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Wednesday's Top Three
Our top story Wednesday was In London, New York and Paris, a Giant Office Bet Is Going Wrong, from Bloomberg. Second was our MarketsWiki page for Jordan Melamed, who was the subject of an Open Outcry Traders History Project video which JLN turned into a podcast. Third was the link to the CFTC's YouTube channel, where you can watch the video of Tuesday's CFTC Technology Advisory Committee meeting.
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| Lead Stories | What End of Ukraine Grain Export Deal Means for the World
Aine Quinn, and Megan Durisin - Bloomberg
Russia's decision to quit the pact that allowed for safe passage of crops by sea out of the country it invaded, Ukraine, has again stoked worries about global food supplies and access. The accord had helped temper prices of wheat and vegetable oil that skyrocketed last year, when Russia's attack cut Ukrainian ports on the Black Sea off from international commodity markets. Ukrainian crops will still make it to market via other routes, but the higher transport costs could depress the next crop plantings due in just a few months - curtailing global supplies longer-term.
/jlne.ws/3pULiQS
Fed set to launch long-awaited instant payments service, modernizing system
Hannah Lang - Reuters
The U.S. Federal Reserve is due to imminently launch a long-awaited service which will aim to modernize the country's payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week. The "FedNow" service, which has been in the works since 2019, will seek to eliminate the several-day lag it commonly takes cash transfers to settle, bringing the U.S. in line with countries including the United Kingdom, India, Brazil, as well as the European Union, where similar services have existed for years. FedNow is launching with 41 banks and 15 service providers certified to use the service, including community banks and large lenders like JPMorgan Chase, Bank of New York Mellon, and US Bancorp, but the Fed plans to onboard more banks and credit unions this year.
/jlne.ws/3q0b6uX
Nasdaq halts plans for crypto custody service; Exchange operator cites regulatory uncertainty following crackdown by US authorities
Jennifer Hughes and Scott Chipolina - Financial Times
Nasdaq has halted plans to launch a cryptocurrency custody service, in the latest sign that a US regulatory crackdown is causing mainstream financial firms to hesitate before forging deeper links with the digital assets industry. The tech-focused US exchange operator has been among the leaders in established financial markets in trying to develop a crypto offering suitable for its institutional clients.
/jlne.ws/3K5LkfK
Banks Choosing Paris Over London Post Brexit Boost France's Exports; French financial services surplus swells as banks choose Paris; Bank of France chief says trend is still accelerating
William Horobin - Bloomberg
The shift of banking activities to Paris from London after Brexit is starting to have a measurable impact on France's trade in financial services, and the dynamic is likely to accelerate, according to the country's central bank. British and American banks relocating trading to the French capital have boosted exports by providing services to other European countries from Paris, while their sales within France no longer count as imports.
/jlne.ws/44OXyBi
State Street's ETF back-office dominance is a 'potential concern'; The bank acts as custodian for more than two-thirds of European ETF assets, Refinitiv Lipper data shows
Ed Moisson - Financial Times
State Street's dominance in servicing Europe's exchange traded fund market could be a problem for the sector, industry figures say. The US bank acts as custodian for more than two-thirds of European ETF assets, totalling over EUR830bn, figures from Refinitiv Lipper show.
/jlne.ws/3XWawep
Federal Reserve tries to make up for lost decades with real-time payments system; US central bank makes first significant upgrade to antiquated financial plumbing since 1970s
Joshua Franklin - Financial Times
The Federal Reserve will on Thursday launch a new real-time payments system, according to people familiar with the matter, the biggest advance in decades for the antiquated US money transfer network. FedNow will enable Americans to move money electronically in seconds, a significant step forward for a country where paper cheques and cash remain popular while bank transfers can take several days to complete. It is the first new government-backed US payments system or "rail" since the start of the Automated Clearing House network in the 1970s.
/jlne.ws/3K7derx
Myths are clouding the reality of our sustainable energy future; There are challenges to overcome in building a net zero system but we must allay groundless fears
Adair Turner - Financial Times
Heatwaves, floods and droughts across the world are a wake-up call. We need to cut fossil fuel use fast, reducing COâ‚‚ emissions to around zero by the middle of the century. To do that, we must electrify as much as possible, decarbonise electricity supply and use hydrogen, bioenergy, and carbon capture in applications where direct electricity use is not feasible.
/jlne.ws/44TOtHc
Nasdaq Delays Crypto Custody Until Regulatory Concerns Die Down
Mathew Di Salvo - Decrypt
Exchange operator Nasdaq today said it was halting its plans to launch a digital assets custodian service, citing the current regulatory environment in the States. But during its second-quarter earnings call Wednesday, Nasdaq CEO Adena Friedman said that the company would "remain committed to supporting the evolution of the digital asset ecosystem."
/jlne.ws/3OnUBCv
Bloomberg's Planned Takeover of Broadway Technology Faces UK Regulator Probe
Joe Hoppe - MarketWatch
The U.K.'s Competition and Markets Authority on Wednesday said it is considering whether Bloomberg's acquisition of Broadway Technology might substantially lessen competition within U.K. markets for goods and services. The regulator said it is considering whether the financial, software, data, and media company's acquisition of front-office fintech solutions provider Broadway for an undisclosed sum might create a relevant merger situation, and if it might result in a substantial lessening of competition.
/jlne.ws/44WwdgJ
US SEC accepts six spot bitcoin ETF proposals for review
Hannah Lang - Reuters
The U.S. Securities and Exchange Commission (SEC) has accepted applications to create spot bitcoin exchange-traded funds from six firms including BlackRock for review, the first step in the agency's process for deciding whether or not to approve the latest round of proposals.
/jlne.ws/3pYS7B1
Nadella's Microsoft Payouts Top $1 Billion on 1,000% Stock Boom; Figure includes equity grants, salary, bonuses and dividends; Haul puts executive in exclusive club of corporate titans
Pui Gwen Yeung and Anders Melin - Bloomberg
Microsoft Corp.'s AI-driven rally has pushed its stock to new highs and nudged Chief Executive Officer Satya Nadella's total windfall from the company past a gilded threshold: $1 billion. Nadella's boon includes all payouts he has collected from Microsoft that can be parsed from regulatory filings: equity grants, salary, bonuses and dividends. It's underpinned by Microsoft shares returning more than 1,000% since his first day in the top job.
/jlne.ws/3Dly8zv
DIGITEC Opens New Office in Singapore; Christopher Johnson joins as Head of Asia
DIGITEC
DIGITEC, the global standard for FX Swaps and NDF pricing and data, today announced the opening of its new office in Singapore, managed by Christopher Johnson. Christopher Johnson has joined as Head of Asia to lead new business in the region. Christopher has worked in FX sales and trading for more than 25 years. He joined DIGITEC from BNY Mellon in Singapore where he was Head of eFX and G10 Spot Trading for APAC. Previously he worked at LSEG/Refinitiv in Singapore and Switzerland, in FX sales and relationship management. During his career he has also worked in FX at UBS, WestLB, Raiffeisen Switzerland and Credit Suisse.
/jlne.ws/43toG7S
Wall Street says the worst is over for Wall Street
David Hollerith - Yahoo Finance
Wall Street is making the case that the the worst is over for Wall Street. So far investors agree. Top bank executives spent much of this past week pointing to "green shoots" in deal making or trading despite in most cases logging another disappointing quarter. Morgan Stanley (MS) Chief Financial Officer Sharon Yeshaya said that "sentiment and activity improved towards the end of the quarter, evidenced by green shoots that emerged across our businesses." Citigroup (C) CFO Mark Mason said "we are seeing green shoots" in the issuance of debt "as clients start to have a greater conviction" about the direction of interest rates.
/jlne.ws/46TVHgn
Popping Real Estate Bubbles Will Prove Painful; How long before politicians are tempted to soften the blow of rising interest rates on the property market?
Lionel Laurent - Bloomberg Opinion
Faith that interest rates would stay low forever fostered a "fool's paradise," according to former Bank of England boss Mervyn King. Nowhere is this more obvious than in the unraveling of the global real estate boom, which is now turning into bust as prices start to fall around the world. Fair enough: After so much speculation and overvaluation amid an undersupply of new homes, a healthy correction is exactly what a lot of societies need
/jlne.ws/3Q3O68Q
Russia-Ukraine war risks hampering transition to global low-carbon economy
Stu Robarts - Power Technology
Russia's invasion and continued occupation of Ukraine could disrupt efforts to transition the world to a low-carbon economy due to the significance of both countries in terms of critical minerals, suggests new analysis from Energy Monitor's parent company GlobalData. The supply of minerals critical to the manufacture of green energy technologies - such as wind turbines, electric vehicle motors and other electronic devices - is key to countries lowering greenhouse gas emissions and achieving net-zero targets.
/jlne.ws/3Q3jX9K
Money Managers Get State AG Subpoenas Related to Climate Work
Saijel Kishan - Bloomberg
At least three state attorneys general sent formal demands to Wall Street money managers asking for information about their climate work as GOP officials step up attacks on ESG investing. Indiana Attorney General Todd Rokita sent a subpoena this month, according to people with knowledge of the process, who asked not to be identified because the matter is private.
/jlne.ws/3Q6Ge6Q
Nasdaq Halts Launch of Digital Asset Custodian
Shanny Basar - Markets Media
Adena Friedman, chair and chief executive of Nasdaq, said the group has decided to halt the launch of Nasdaq Digital Assets, which aimed to start with providing custody. Friedman said on the second quarter results call on 19 July: "We have made the decision to halt our launch of the US digital assets custodian business and our related efforts to pursue a relevant licence."
/jlne.ws/44wysrf
The global order of digital empires is only just holding together; Democratic market economies need to work together to keep the free exchange of data alive
Alan Beattie - Financial Times
The lost tribe of disillusioned Twitter users, fleeing the barely-moderated brawl they say the app's new owner Elon Musk has fostered in their favoured public square, are roaming the fractured social media landscape in search of refuge. An obvious haven is Threads, a newly launched sister app to Instagram, owned by Mark Zuckerberg's Meta. But the EU's Twitter refugees are so far denied sanctuary. Threads remains unlaunched in the bloc, apparently until regulators implementing the EU's Digital Markets Act have sorted out whether the app's sharing of data with Instagram could create a dangerous concentration of market power.
/jlne.ws/3O1u3W5
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Blasts Hit Military Base in Russian-Occupied Crimea; Explosions prompt evacuation and follow Ukrainian attack on bridge linking peninsula to Russia
Isabel Coles, Jared Malsin and Anastasiia Malenko - The Wall Street Journal
Explosions tore through a military base in Russian-occupied Crimea on Wednesday-days after Ukraine targeted a bridge connecting the peninsula to Russia-reaching far behind the front lines as Kyiv's forces struggle to gain ground on the battlefield. Hours earlier, Russia targeted the Ukrainian port city of Odesa with a barrage of missiles and drones in a second consecutive night of strikes, after Moscow pulled out of an international agreement ensuring safe passage for Ukraine's grain exports through the Black Sea.
/jlne.ws/44MqjhO
Putin accuses West of 'perverting' grain deal but leaves door open to return
Reuters
President Vladimir Putin on Wednesday accused Western countries of perverting the expired Black Sea grain deal for their own ends, but said Russia would immediately return to the agreement if all its conditions were met. On Monday, Moscow had quit the deal, under which it had allowed Ukraine a year ago to export grain from its Black Sea ports despite the war to alleviate a global food crisis.
/jlne.ws/3pUhALN
Wagner Fighters Appear to Be in Belarus as Prigozhin Is Thought to Say Return to Ukraine Possible
Thomas Grove - The Wall Street Journal
Video footage purporting to show Wagner leader Yevgeny Prigozhin welcoming troops to Belarus was published on a Telegram channel linked to the private army on Wednesday, the clearest signal yet that the warlord's forces are relocating under a deal that curtailed their aborted insurrection. The video, which couldn't be independently verified, appeared on Razgruzka Wagnera, a vehicle for Wagner's statements in the past, and numerous channels linked to the group reposted it.
/jlne.ws/43toohn
Russia Could Attack Civilian Grain Ships in Black Sea, US Warns; Russia lays more mines near Ukrainian ports, White House says; Moscow makes threats after it cuts off grain trade accord
Jennifer Jacobs - Bloomberg
The Russian military could attack civilian shipping in the Black Sea as part of its effort to target Ukrainian grain facilities, Biden administration officials said Wednesday, citing new intelligence. "Our information indicates that Russia laid additional sea mines in the approaches to Ukrainian ports," National Security Council spokesman Adam Hodge said in a statement. "We believe that this is a coordinated effort to justify any attacks against civilian ships in the Black Sea and lay blame on Ukraine."
/jlne.ws/3XXK2sI
Russia warns against any ships traveling to Ukraine from Thursday
Reuters
Russia warned that from Thursday any ships traveling to Ukraine's Black Sea ports will be seen as possibly carrying military cargoes, after Ukraine said it was setting up a temporary shipping route to try and continue its grain exports.
/jlne.ws/43y2Srx
Military briefing: the mines stalling Ukraine's advance; No obstacle has been as daunting for Ukraine's counteroffensive as the fields of explosives laid by Russia
Christopher Miller - Financial Times
/jlne.ws/3DiemVH
Russia bombs Ukraine grain silos in 'barbarian' attack on food supplies; Third consecutive night of air strikes on ports follows threat to target grain ships
Roman Olearchyk and Henry Foy and Leslie Hook - Financial
/jlne.ws/3Y3KW75
Ukraine Weighs Dividend Repatriation Offer to Boost Investment
Volodymyr Verbyany - Bloomberg
/jlne.ws/3DlSnNv
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | EEX bourse sees recovery in European power futures in first half
Reuters
The European Energy Exchange (EEX) saw trading volumes in its flagship electricity futures contracts recover in the first half of 2023 amid significant rises in most product volumes, reflecting participants' rising preference for exchange marketplaces.
/jlne.ws/3Y3jre6
JSCC's IRS unit hit by record margin breaches; Interest rate volatility drives coverage level below CCP's risk appetite, triggering IM methodology review
Joshua Walker - Risk.net
The Japan Securities Clearing Corporation's (JSCC) interest rate swaps division reported the highest number of initial margin (IM) breaches on record in Q1 2023 amid interest rate volatility. The central counterparty (CCP) disclosed 216 backtesting deficiencies in the 12 months ending March 2023, almost four times the figure reported for 2022.
/jlne.ws/3q1jmuz
Taiwan Stock Exchange launches ESG information hub
Thomas Blott - ESG Clarity
The new hub is designed to help facilitate ESG investment and drive sustainable finance. The Taiwan Stock Exchange (TWSE) has announced the launch of a new ESG InfoHub, which allows investors to more easily compare ESG-related information on listed companies.
/jlne.ws/46U1Zwv
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels
TAIFEX
The Taiwan Futures Exchange (TAIFEX) has announced the temporarily increased margin levels of LQF and PSF due to its underlying being subject to disposition measures imposed by securities market. The margins will be effective after the close of the regular trading session on 2023/07/21 and will be restored to the current levels after the close of the regular trading session on 2023/08/02. (Margin levels will be increased from 2023/07/21 to 2023/08/02 and will be extended accordingly if the securities market is closed on any of the days.)
/jlne.ws/46TJWXl
Corporate Governance Committee; Reasonableness and proportionality in the evolution of the discipline of sustainability
Euronext
The Italian Committee for Corporate Governance, which met in Borsa Italiana SpA under the chairmanship of Prof. Lucia Calvosa, noted that the evolution of the European and Italian regulatory framework on sustainability will also have a significant effect on the corporate governance of companies that apply the Corporate Governance Code . In particular, it has been observed that an initial impact will already be achieved with the new European discipline on Sustainability Reporting (Directive (EU) 2022/2464, later also only "CSRD Directive"), which introduces stringent and detailed disclosure obligations on processes, controls and procedures adopted to manage sustainability issues, with specific reference to the strategy, the internal control and risk management system and the remuneration policy.
/jlne.ws/44PDa2U
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Hong Kong braces for a court ruling that could spell the beginning of the end of its open internet
Rachel Cheung - Fortune
Hong Kong is bracing for what could be the beginning of the end of its open internet, as the city government seeks to ban the online dissemination of a protest song. If a court agrees with the government, experts warn it could set a dangerous precedent for some U.S. tech giants.
/jlne.ws/3rD0uCP
Jan Marsalek claims third-party business survived Wirecard collapse; Former second-in-command turned fugitive says outsourced operations continue to be in operation
Olaf Storbeck - Financial Times
Former Wirecard executive turned fugitive Jan Marsalek has claimed the Asian operations at the heart of one of Europe's biggest accounting scandals survived the collapse of the payments group, a German court has been told.
/jlne.ws/43zUrMo
AI in banking, payments and insurance; Algorithms are already being used to check payment balances, detect suspicious transactions, and optimise insurance pricing
Moira O'Neill - Financial Times
Artificial intelligence is already widespread across banking, payments and insurance. Whether we know it or not, algorithms make decisions about our finances every day. At present, the technology is most commonly used to market products and to enhance customer service, where AI chatbots have become the first port of call for a growing number of customers.
/jlne.ws/3pOttTH
Startup Cerebras Takes on Nvidia With Chain of AI Supercomputers; Silicon Valley chipmaker is backed by Abu Dhabi's G42; Cerebras is counting on giant chips to help power AI workloads
Ian King - Bloomberg
Startup chipmaker Cerebras Systems Inc. announced that it's built the first of nine artificial intelligence supercomputers with money from Abu Dhabi, part of an effort to provide alternatives to systems using Nvidia Corp. technology.
/jlne.ws/3Y1dA91
An A.I. Supercomputer Whirs to Life, Powered by Giant Computer Chips; The new supercomputer, made by the Silicon Valley start-up Cerebras, was unveiled as the A.I. boom drives demand for chips and computing power.
Yiwen Lu - The New York Times
Inside a cavernous room this week in a one-story building in Santa Clara, Calif., six-and-a-half-foot-tall machines whirred behind white cabinets. The machines made up a new supercomputer that had become operational just last month.
/jlne.ws/3rGtBF3
KRM22 hits new recurring revenue milestone in first half of 2023
ProactiveInvestors.com
KRM22 PLC (AIM:KRM, OTC:KRMCF), the technology and software investment company focusing on risk management in capital markets, has reached a new milestone with its annual recurring revenue (ARR) surpassing £5mln for the first time since its IPO in 2018.
/jlne.ws/43ymQm4
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| Cybersecurity | | Top stories for cybersecurity | Kevin Mitnick, Hacker Who Once Eluded Authorities, Is Dead at 59; Best known for a crime spree during the 1990s that involved the theft of computer data and credit card numbers, he later became a security consultant, writer and public speaker.
Livia Albeck-Ripka and Orlando Mayorquin - The New York Times
Kevin Mitnick, a reformed hacker who was once one of the most wanted computer criminals in the United States, died on Sunday, according to a statement shared Wednesday by a cybersecurity training company he co-founded and a funeral home in Las Vegas. He was 59.
/jlne.ws/3O7UARQ
Microsoft is giving out free cybersecurity tools after an alleged Chinese hack
Sean Lyngaas - CNN Business
Microsoft is offering free cybersecurity tools to some government and commercial customers following criticism of the tech giant's handling of a major alleged Chinese hack that compromised US government email accounts. Starting in September, Microsoft cloud computing customers won't have to pay extra money to get access to critical data to help them spot cyberattacks, Microsoft said Wednesday. The Wall Street Journal first reported on Microsoft's policy change.
/jlne.ws/3Dn5zli
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| Cryptocurrencies | | Top stories for cryptocurrencies | A carpet and flooring company really wants us to write about bitcoin; And it's not our fault that you clicked
Bryce Elder - Financial Times
Sure, OK, why not: Worthing, 20th July 2023 - Flooring Hut, a forward-thinking online carpet and flooring retailer, announces its decision to include Bitcoin holdings on its balance sheet, embracing the integration of digital assets into its financial reporting. With this strategic move, Flooring Hut demonstrates its commitment to staying at the forefront of technological advancements and adapting to the evolving financial landscape.
/jlne.ws/3rFXaXm
Alex Mashinsky, Celsius 'Master Marketer,' Peddled Crypto Hope and Hype; DOJ says former Celsius head led scheme to defraud customers; He had a 'mystique' that drew people in, say industry watchers
Olga Kharif - Bloomberg
Alex Mashinsky claimed he was different. The 57-year-old was the affable, approachable adult of crypto. He boasted that he was an entrepreneur with a track record of success, even before launching digital currency lending platform Celsius Network. He called his customers "Celsians" and said he was on their side. With Celsius, they could stick it to the greedy banks and help the less fortunate.
/jlne.ws/46YsoJG
XRP Blockchain Still Faces Centralization Caveats as Ripple Regulatory Threat Recedes
Sam Kessler - CoinDesk
Last week's news that Ripple Labs had scored a partial court victory in its battle with the U.S. Securities and Exchange Commission lifted a regulatory cloud that had hung over the project for years. What remains, however, is the persistent criticism historically lobbed at XRP Ledger, the project at the heart of the case, by blockchain purists: that it's too centralized, in its technological design.
/jlne.ws/43x9wyn
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| Politics | | An overview of politics as it relates to the financial markets | The Digital Revolution Has Transformed Geopolitics; Seeing can no longer be equated with believing.
Dan Ciuriak - Centre for International Governance Innovation
In the late 2000s, a set of connected technological innovations resulted in the generation of truly astronomical amounts of data and provided the tools to exploit it. As the world emerged from the global financial crisis of 2008-2009, data was decisively transformed from what had once been a mostly valueless by-product of commercial transactions - "data exhaust" - to the "new oil," the essential capital asset of the qualitatively changed data-driven economy.
/jlne.ws/3pSJpnV
Rep. Ritchie Torres: We've Seen a 'Weaponization of the SEC' From Gensler Against Crypto Industry
CoinDesk
Rep. Ritchie Torres (D-NY) joins First Mover to discuss how the SEC is handling crypto regulation, noting that under SEC Chair Gary Gensler there has been a "weaponization" of the agency against the crypto industry. The Congressman goes on to argue why he thinks this is an "abuse of power."
/jlne.ws/3DjU8uA
Robert F. Kennedy Jr. Wants Bitcoin Backed U.S. Dollars and Tax Breaks for Investors
Stacy Elliott - Decrypt
Democratic Presidential hopeful Robert Kennedy Jr. has two daring new policies for his eventual administration: Exempt Bitcoin (BTC) holders from capital gains tax and back the U.S. dollar and Treasury Bills with a percentage of hard currencies, such as BTC. "Bitcoin is among the hardest currencies and the Kennedy administration is going to encourage its proliferation and propagation," said Kennedy at a political action committee (PAC) event dubbed Heal-the-Divide.
/jlne.ws/3K4XKEy
Biden widens war on junk fees, says US consumers tired of being treated as 'suckers'
Steve Holland and Andrea Shalal - Reuters
The White House on Wednesday expanded its war on junk fees to the rental housing market, announced a crackdown on price-fixing in food and agricultural markets, and unveiled draft merger guidelines as part of an ongoing push to aid U.S. consumers. President Joe Biden, who has made attacks on corporate greed and power a centerpiece of his presidency, explained the government's latest actions at the fifth meeting of his 18-agency Competition Council at the White House on Wednesday.
/jlne.ws/44R191B
Coconino official tells House 'anti-ESG' bills threaten public investments
Sydney Carruth - Cronkite News
Coconino County Treasurer Sarah Benatar told House lawmakers Tuesday that it's her job to get the best, and safest, return on public investments for taxpayers, but that "anti-ESG" legislation puts public dollars at risk. Anti-ESG legislation is an umbrella term for conservative-backed bills that limit consideration of environmental, social and governance - or ESG - factors in financial decision making.
/jlne.ws/3Q6GBhK
The U.S. Is Preparing To Put Billions Into High-Speed Rail
Alan Ohnsman - Forbes
/jlne.ws/3DjMY9R
US-China Climate Dealmaking Hinges on Two Diplomats' Deep Ties; US envoy Kerry and China's Xie have quarter-century history; Both nations must slash emissions to avoid perilous warming
Jennifer A Dlouhy - Bloomberg
/jlne.ws/3K4Xt4u
Finland Tells Russia to Close Its Consulate in Turku
Kati Pohjanpalo - Bloomberg
/jlne.ws/3rB7wbc
Egypt Criticizes Russia for Ending Ukraine Grain-Export Deal; Supply minister urges Moscow to reconsider its stance; Cairo in talks with UAE for $400 million to help buy wheat
Abdel Latif Wahba - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | US bans 14 Iraqi banks in crackdown on Iran dollar trade -WSJ
Reuters
The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported on Wednesday, citing U.S. officials.
/jlne.ws/3rB1JSS
Fed fines Deutsche Bank $186mn over failure to fix control flaws; German lender had pledged to deal with 'unsafe and unsound practices' on handling sanctions and money-laundering
Olaf Storbeck - Financial Times
Deutsche Bank has been fined $186mn by the US Federal Reserve over what the US central bank called a "material failure" to fix "unsafe and unsound banking practices" that the bank had promised to sort out as long ago as 2015.
/jlne.ws/3rx92el
CFTC to Hold a Commission Open Meeting on July 26
CFTC
Commodity Futures Trading Commission Chairman Rostin Behnam today announced the Commission will hold an open meeting on Wednesday, July 26 at 9:30 a.m. (EDT) at the CFTC's Washington, D.C. headquarters. Members of the public are free to attend the meeting in person, listen by phone, or view a live stream at CFTC.gov.
/jlne.ws/43DlaaW
SEC Charges Twice-Convicted Fraudster Eliyahu Weinstein and Five Others with $38 Million Ponzi-Like Scheme to Defraud Investors
SEC
The Securities and Exchange Commission today charged six individuals with a multi-million dollar Ponzi-like fraud scheme orchestrated by criminal recidivist Eliyahu Weinstein of Lakewood, New Jersey.
/jlne.ws/3Y1DpWp
Testimony at Hearing before the Subcommittee on Financial Services and General Government U.S. Senate Appropriations Committee
Chair Gary Gensler - SEC
Good afternoon, Chair Van Hollen, Ranking Member Hagerty, and members of the Subcommittee. Thank you for inviting me to testify today on the Securities and Exchange Commission's Fiscal Year (FY) 2024 budget request. As is customary, I'd like to note that my views are my own as Chair of the SEC, and I am not speaking on behalf of my fellow Commissioners or the SEC staff.
/jlne.ws/44UgC0U
SEC Charges Virginia Man in Fraudulent "Free-Riding" Scheme
SEC
The Securities and Exchange Commission today announced that it charged Chadd L. Evans of Fincastle, Virginia, with conducting a fraudulent "free-riding" scheme in which he attempted to profit by purchasing and selling stocks without paying for them.
/jlne.ws/3NWEj1X
Report From FINRA Board of Governors Meeting - July 2023
FINRA.org
FINRA's Board of Governors met on July 12-13 for the third time in 2023. During the meeting, the Board re-elected Eric Noll as Board Chair, re-appointed three public governors and approved three rulemaking items. The Board also continued its engagement with key stakeholders, hearing from Commissioner Hester Peirce of the Securities and Exchange Commission (SEC) on her priorities and perspectives regarding issues impacting the securities markets and the broker-dealer industry.
/jlne.ws/3DmF4MF
Financial watchdog cracks down on problem firms and supports struggling borrowers
FCA
In the past year, the FCA has reduced harm to consumers and businesses by stopping 627 firms, that failed to meet the minimum standards, from operating.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Josh Wolfe on Where Investors Will Make Money in AI; Everyone wants in. But the winners are TBD.
Tracy Alloway, and Joe Weisenthal - Bloomberg
We're in the midst of an AI mania of sorts. In public markets, investors are placing bets on the companies perceived as being the winners of this new wave of computing. Companies that aren't even in "tech" are touting their AI bonafides. And of course, in private markets, every venture capitalist suddenly seems to be pivoting to AI in some way or another. But who will actually win?
/jlne.ws/3Olrj7b
Onshore Investors Bought Most Hong Kong Shares in Over Two Years
Bloomberg
Mainland investors bought the most Hong Kong shares in almost two and a half years after the city's key equity indexes slumped on mounting growth concerns and disappointment at Beijing's pace of stimulus. Interest in the financial hub's equities from the mainland surged to the highest level since February 2021, with a net HK$16.5 billion ($2.1 billion) of Hong Kong shares purchased on Wednesday through the stock connect program.
/jlne.ws/3Ol0uA2
Distressed US Offices Jump to $24.8 Billion, More Than Malls
John Gittelsohn - Bloomberg
About $24.8 billion of US office buildings were in distress at the end of the second quarter, surpassing previous leading commercial real estate laggards - hotels and retail properties. The total value of offices that were financially troubled or already repossessed by lenders shot up about 36% from the first quarter, MSCI Real Assets reported Wednesday.
/jlne.ws/3NYcwxX
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Extreme heat indices above 105°F to hit 80 million people in U.S.
Jacob Knutson - Axios
Over 20% of the U.S.' population - 80 million people - are expected to face an air temperature or heat index above 105° Fahrenheit this weekend as a record-breaking heat wave persists over most of the South, the National Weather Service (NWS) warns. Why it matters: The extreme temperatures, which have been exacerbated by human-caused climate change, will come after several days of excessive heat and will be an immediate risk to public health. Extreme heat events are the top annual weather-related killer in the U.S.
/jlne.ws/46W9z9S
Europe heatwave: Nearly all major Italian cities on red heat alert
Sofia Bettiza and James Gregory - BBC News
Red alerts for extreme heat are in place in most of Italy's main cities as a heatwave intensifies in Europe. Temperatures are expected to peak on Wednesday, with 23 cities on high alert - from Trieste in the north-east to Messina in the south-west. The warnings mean the heat poses a threat to everybody, not just vulnerable groups. Wildfires are also raging across the continent, including in Greece and the Swiss Alps.
/jlne.ws/3OoGkp7
Iceberg Data Lab Launches AI Assistant for ESG Analysts; New tool aims to aid investor engagement by cutting through misleading and false information.
Jack Grogan-Fenn - ESG Investor
Fintech firm Iceberg Data Lab's newly launched tool Barbatus utilises generative artificial intelligence (AI) technology to assist ESG analysts in interpretating ESG-related data to improve benchmarking and assess corporates' environmental impact. The AI-powered tool generates real-time, text-based and fully sourced explanations in response to questions on the ESG data of portfolio companies.
/jlne.ws/3K54XEy
These 8 Countries Have Scaled Up Renewable Energy the Fastest
Joel Jaeger - World Resources Institute
Renewable energy has grown exponentially over the past two decades thanks to government policy and falling prices, far faster than many experts expected. Today, building new solar and onshore wind power on average costs around 40% less than coal or gas power. These cost declines have helped renewables reach a tipping point, meaning that the transition away from fossil fuels appears difficult to reverse.
/jlne.ws/46ZJ832
Q&A: The shipping industry climate goals backed - and blocked - by China
Anika Patel - Carbon Brief
Q&A: The shipping industry climate goals backed - and blocked - by China. Last week, the International Maritime Organization (IMO) set new climate goals for shipping, including a target of net-zero "by or around" 2050. However, it did not agree on fuel standards or a shipping carbon levy, to help drive and pay for the transition. China, seen as a key opponent of a levy, is a major player in the sector. It is home to the world's largest shipping fleet, biggest and most numerous ports and largest shipbuilding sector.
/jlne.ws/43wLBiI
Brazil's All-Powerful Sugar Industry Is Souring the Country on EVs
Dayanne Sousa, Leonardo Lara and Simone Preissler Iglesias - Bloomberg
/jlne.ws/46XsFwd
Truckers Eye Combustion Engine Future by Burning Hydrogen; Daimler Truck is trying to make the hydrogen combustion engine a viable alternative to batteries and fuel cells.
Stefan Nicola - Bloomberg
/jlne.ws/46ZKgUC
A German coal giant's unlikely conversion to clean energy; Leag says it is on a mission to reinvent itself and secure the future prosperity of a region in the country's former communist east
Laura Pitel - Financial Times
/jlne.ws/3DqZWlS
Audi Reaches Deal With China's SAIC to Work Together on EVs
Linda Lew and Danny Lee - Bloomberg
/jlne.ws/3PZgn0s
55. Population pressure: What do 8 billion people (and more) mean for the world's resources and development? (podcast)
United Nations Conference on Trade and Development
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wall Street Underdog Wells Fargo Grabs Highest Share in Years; Share of capital markets business hit 5.7% in second quarter; CEO Scharf is seeking to boost bank's trading, dealmaking heft
Hannah Levitt - Bloomberg
Wells Fargo & Co. grabbed the most trading and dealmaking market share in years, a key milestone for Chief Executive Officer Charlie Scharf's quest to build the fourth-largest US bank into a more formidable Wall Street player. The firm's share of the capital markets pie among the big six US banking giants hit 5.7% in the second quarter - the highest since the fourth quarter of 2019, when Scharf took over as CEO.
/jlne.ws/3Q0G9l1
Mervyn King Says the Bank of England Is Making a 'Big Mistake'; The former BOE governor contends central banks have been the victims of groupthink, and it's led to some major policy mistakes.
Sommer Saadi, and Merryn Somerset Webb - Bloomberg
Former Governor of the Bank of England Mervyn King says the central bank hasn't been covering itself in glory of late, and that's partly thanks to it falling victim to groupthink. The economics profession is jammed with brilliant people, he argues on this week's episode of Merryn Talks Money, but unfortunately, they've all been taught the same thing: money has absolutely nothing to do with inflation.
/jlne.ws/46UegB7
Mizuho Follows Japan Peers in Selling $1.9 Billion AT1 Bonds; Japanese banks have led the way in reopening AT1 market; Credit Suisse collapse still casts shadow over AT1s in Europe
Takahiko Hyuga - Bloomberg
Mizuho Financial Group Inc. raised 261 billion yen ($1.9 billion) by selling Additional Tier 1 bonds, becoming the third Japanese megabank to issue such notes this year after the collapse of Credit Suisse set off a global fire sale. The two-part sale to institutional investors came with coupons of 1.785% and 2.143%, according to the lead underwriter Mizuho Securities Co.
/jlne.ws/46WNtE3
Citi, UBS Defend Chinese Banks After Critical Goldman Sachs Report; Beijing has the incentive to keep bank payouts stable: Daiwa; Goldman remains the sole broker with a sell rating on ICBC
John Cheng - Bloomberg
Chinese banks are drawing a growing list of defenders against Goldman Sachs Group Inc.'s pessimistic report on the industry, highlighting how it stands out from consensus. Days after Goldman analysts said dividends from Chinese banks may fall short, peers at Citigroup Inc., UBS Group AG and Daiwa Capital Markets argued that the lenders will withstand the strains of bad local government debt and less fee income without cutting payouts.
/jlne.ws/3KtbERh
America's big banks are in rude health-with one exception
The Economist
From one perspective, it seems like a torrid time to be a banker. A handful of financial institutions failed in the first quarter of the year after their depositors fled, spooked by the impact of higher interest rates. After these failures, smaller banks struggled to keep hold of deposits, pushing up their interest costs. At the same time, the economy is cooling, owing to higher rates, raising the prospect of job losses and defaults. Higher rates have almost entirely shut down activity in capital markets. The climbing cost of debt has put off would-be acquirers in the business world, prompting firms to delay issuing bonds and encouraging startups to delay initial-public offerings.
/jlne.ws/3Q5Ps35
MUFG and Morgan Stanley to further collaborate on FX offerings; The so-called 'Alliance 2.0' builds on the banks' initial partnership announced back in 2010; Memorandum of Understanding expects implementation in H1 2024.
Claudia Preece - The Trade
Japan's MUFG and Morgan Stanley have signed a Memorandum of Understanding (MoU) to collaborate on their foreign exchange offerings in a bid to further enhance their respective trading businesses. Specifically, MUFG's main banking offshoot (MUBK) will link with fixed income at Morgan Stanley MUFG Securities (MSMS), utilising Morgan Stanley's global FX business platform.
/jlne.ws/3OjZdJJ
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Here's exactly how much I made as a JPMorgan trader and BuzzFeed account executive. I have no regrets leaving behind my $656K job to become my own boss.
Aria Yang - Business Insider
Vivian Tu is a former trader at JPMorgan who also worked in sales and marketing at BuzzFeed. She quit her cushy $656K job to start her own company and teach people about financial literacy. Tu says leaving Wall Street was one of the best decisions she's ever made. This as-told-to essay is based on a conversation with Vivian Tu, a content creator and author of the upcoming book "Rich AF: The Winning Money Mindset That Will Change Your Life." Insider has verified her income with documentation. The following has been edited for length and clarity. I wanted to go on to Wall Street because that's what everybody else was doing.
/jlne.ws/3Q43li4
Wall Street banks spend more than $1bn on severance costs amid sharp job cuts; Executives pay steep price to unwind overexpansion during Covid-19 pandemic
Stephen Gandel and Joshua Franklin - Financial Times
The biggest US banks spent more than $1bn on severance costs during the first six months of 2023, underscoring the steep price of unwinding Wall Street's overexpansion during the coronavirus pandemic.
/jlne.ws/3K1Gj7F
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Genetic cheat code might explain why some people catch Covid but never get sick
Megan Molten - STAT
In the earliest days of the Covid-19 pandemic, when the new coronavirus still appeared to be confined to China, public health authorities were divided over whether to declare the outbreak a global emergency. That changed once it became clear that the virus was silently spreading farther and faster than anyone realized - fueled by transmission among contagious people who didn't feel sick.
/jlne.ws/43zCIEQ
Insurers Deny Medical Care for the Poor at High Rates, Report Says; Investigators found that major companies overseeing Medicaid patients' health care frequently rejected doctors' requests for approval of treatments and procedures.
Reed Abelson - The New York Times
Private health insurance companies paid by Medicaid denied millions of requests for care for low-income Americans with little oversight from federal and state authorities, according to a new report by U.S. investigators published Wednesday. Medicaid, the federal-state health insurance program for the poor that covers nearly 87 million people, contracts with companies to reimburse hospitals and doctors for treatment and to manage an individual's medical care. About three-quarters of people enrolled in Medicaid receive health services through private companies, which are typically paid a fixed amount per patient rather than for each procedure or visit.
/jlne.ws/3Dp4kC9
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | A $6 Billion China-Built Railway Is on the Move With a Vast New Network Down the Track; People and investments flow into Laos, making it 'more like China'
Feliz Solomon - The Wall Street Journal
A few years ago, this small town on the border with China was a few dusty lanes surrounded by tropical forests. Now, a nearly $6 billion Chinese-built railroad cuts through it-and a city is rising. Dozens of half-constructed office towers and warehouses rise into the skyline. A Chinese developer, Yunnan Haicheng Industrial Group, is pitching the six-square-mile special economic zone where they stand as the gateway between China and Southeast Asia, a place where labor is cheap and exporting is easy, thanks to the new train.
/jlne.ws/46Ygqji
How Billionaire Backing Turned Kabaddi Into India's No. 2 Sport; On this episode of Next in Sports, we meet Anand Mahindra as he tries to push an ancient Indian sport into the Olympics and beyond.
Chris Kay - Bloomberg
Around the time of the 2008 launch of the Indian Premier League (IPL), billionaire Anand Mahindra was asked to invest in the now-hugely successful short-format cricket tournament that transformed the global fortunes of the sport. The tycoon, who heads the automotive and industrial conglomerate Mahindra & Mahindra Ltd., wasn't particularly interested in what he considered a dull, passive vanity project. But it did spark an idea.
/jlne.ws/44MLArM
China imports record volumes of Russian oil in first half of 2023; World's second-largest economy is stockpiling cheaper crude despite slowing growth
Andy Lin and Greg McMillan - Financial Times
China is importing record volumes of oil despite a weak economy as it takes advantage of cheap Russian crude to build stockpiles and export refined products. The rise in oil imports to record levels this year comes against the backdrop of a faltering recovery in the world's second-largest economy.
/jlne.ws/3NUJXBA
Defra and Natural England launch latest wave of nature recovery projects
Amber Rolt - Business Green
Six new projects backed by £7.4 million funding support government target to halt then reverse decline in nature
The government has today announced it is to invest £7.4m in a series of large-scale nature recovery projects across England covering 176,000 hectares of land, which are expected to expand natural carbon sinks, reduce flood risks, and boost biodiversity.
/jlne.ws/3DjFaom
Twenty Two Nations Apply for BRICS Membership, South Africa Says
S'thembile Cele - Bloomberg
Twenty two nations have formally applied to become members of the BRICS economic bloc, a South African diplomat said. An equal number have also informally sought to join the organization that groups Brazil, Russia, India, China and South Africa, Anil Sooklal, the bloc's ambassador from South Africa, told reporters on Thursday in Johannesburg.
/jlne.ws/44vXmXH
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| Miscellaneous | | Stories that don't quite fit under the other sections | T.J. Miller, Jon Heder to Star in Web3 Animated Comedy Inspired by Sam Bankman-Fried and FTX
Abbey White - The Hollywood Reporter
T.J. Miller and Jon Heder will lead a new animated, interactive social comedy based on Sam Bankman-Fried and the implosion of FTX. The latest series from Web3 story studio Toonstar FORTUN3 will see comedian and Silicon Valley actor Miller portray a character inspired by Bankman-Fried, the alleged fraudster and founder of cryptocurrency exchange FTX and the Alameda Research trading firm. Both companies collapsed in 2022 and filed for bankruptcy before its CEO faced more than 12 criminal charges related to fraud and conspiracy.
/jlne.ws/3O3u1gv
The TRADE welcomes Patrick Wright to commercial line-up; New appointment will work across The TRADE's full product suite, including print, digital, special projects, and events.
Editors - The Trade
The TRADE is delighted to welcome Patrick Wright to its commercial team as account executive, joining the publication on 17 July. Wright will help support the continued expansion of the business, working across the full product suite, including print, digital, special projects, and our renowned awards evenings.
/jlne.ws/3NUNPm6
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