| October 16, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The Commodity Futures Trading Commission's Division of Clearing and Risk has announced the participant list and agenda for its October 16 roundtable on clearing issues. The event will focus on topics such as the custody and delivery of digital assets, the use of digital assets as margin, 24/7 trading, non-intermediated clearing with margin, and conflicts of interest in vertically integrated entities. The roundtable will feature representatives from major financial institutions, trading firms, and regulatory bodies, including ABN AMRO, Citadel, CME Group, Goldman Sachs, Fidelity Digital Assets, and JP Morgan. The session begins at 9:00 a.m. EDT at CFTC headquarters in Washington, D.C.
The CFTC has filed a civil action against several individuals and companies for orchestrating a $280 million Ponzi scheme. Defendants, including Traders Domain FX and Ares Global, defrauded over 2,000 customers by misappropriating funds meant for commodity trading. A restraining order has frozen their assets, and a hearing is set for October 29. The CFTC seeks penalties, recovery of funds, and trading bans. The scheme collapsed in 2022 as customers were unable to withdraw funds, with false assurances given by the defendants. The CFTC urges customers to verify companies and report suspicious activities.
Here are the headlines from in front of FOW's paywall from some recent stories: European regulators 'raise concerns' over DORA implementation, ANALYSIS: Clearing models key as Treasury market transforms, ANALYSIS: DTCC recognises US Treasuries done-away clearing obstacles, EEX cuts deal to develop Indian hydrogen trading market, EEX to migrate subsidiary's Baltic-Finnish gas derivatives in May.
Ray Salvatore is starting a new position as senior foreign exchange dealer at ADM, he shared on LinkedIn.
Dr. Rick Cooper and Dr. Ben Van Vliet have been named co-editors-in-chief of Algorithmic Finance, Van Vliet shared on LinkedIn.
Chris Lee is starting a new role as chief commercial officer at Bilby.ai, he shared on LinkedIn. Lee was formerly a managing director at HKEX, though I met him when he was global head of execution services at ABN AMRO Clearing
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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Derek Haworth, the CEO of BornTec, posted a recap of the FIA's Washington Outlook Event titled "Pillars, Challenges, and Mentions" on the BornTec blog on Monday. The conversation was led by FIA President Walt Lukken and featured Jimmy Ryan of Avoq and Kyle Glenn, head of Government Relations for the FIA, and focused in part on the upcoming U.S. elections, "but the most valuable portion of the event, besides the opportunity to network with our industry peers, was Lukken's opening remarks," Haworth wrote. He gave a nice summary of Lukken's remarks that broke the topics down into the three mentioned in the event's title.~SR
Our most read stories from our previous edition of JLN Options were:
- Jane Street interns make more than Keir Starmer and Jay Powell from the Financial Times.
- How Bitcoin options trading will transform the crypto market from TheStreet.
- SEC Extends Review for Ethereum ETF Options from TradingView. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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From Code to Capital: A Tech Whiz's Journey to Fintech's Frontier
JohnLothianNews.com
When Ben Hurley took the helm at Devexperts, a trading software provider, he wasn't just changing jobs-he was diving headfirst into the choppy waters of fintech innovation.
Watch the video »
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Trading Technologies' Trade Surveillance, Regulatory Reporting and Compliance Solutions Ranked Among World's Best Risk Offerings in Chartis RiskTech100 2025
Trading Technologies
Trading Technologies International, Inc. (TT), a global capital markets technology platform provider, today announced the firm has been recognized as one of the world's top risk and compliance technology providers in the Chartis RiskTech100 2025 rankings. The report, released in conjunction with a virtual event on Oct. 9, highlighted TT as the fourth best new entrant among the 22 firms that debuted this year in the rankings. The honor from Chartis comes just months after TT's launch of TT Trade Surveillance, a multi-asset trade surveillance solution. TT Trade Surveillance combines new multi-asset coverage and dozens of new configurable models to supplement the machine learning-driven models from TT Score, the company's first-generation trade surveillance platform.
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****** What is the risk of winning too many awards? Is there an algorithm for that?~JJL
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Pillars, Challenges, and Mentions: Recap of the FIA's Washington Outlook Event
Derek Haworth - BornTec
When it comes to trade associations, few fields are as well served as the futures industry is with the Futures Industry Association (FIA). Outcomes-focused, professional, and relentlessly innovative, the FIA doesn't kowtow to the biggest exchanges or banks (generally, anyways) and maintains a strong international presence that is backed by their consistent integrity. These qualities were on display as they hosted a Washington Outlook panel in Chicago. Led by FIA President Walt Lukken and featuring Jimmy Ryan of Avoq and Kyle Glenn, head of Government Relations for the FIA, the conversation focused in large part on the upcoming U.S. elections, but the most valuable portion of the event, besides the opportunity to network with our industry peers, was Lukken's opening remarks.
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****** I really wanted to attend this event. I have not missed it in years, but alas I am down in Florida on hurricane repair duty.~JJL
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Tuesday's Top Three
Our top clicked item on Tuesday was Ben Hurley Appointed CEO of Devexperts, Driving New Wave of Innovation and Growth, a press release from Devexperts. Second was From Code to Capital: A Tech Whiz's Journey to Fintech's Frontier, John Lothian's new video interview with Ben Hurley. Third was How can emerging market exchanges capitalise on the global boom in listed derivatives trading?, a LinkedIn post from Acuiti sharing its whitepaper produced in collaboration with EP3 by Connamara Technologies.
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| Lead Stories | Why Wall Street Is Warming to the Tokenization of Assets
Olga Kharif and Elijah Nicholson-Messmer - Bloomberg
Cryptocurrencies were invented in the heat of the 2008-2009 financial crisis to provide an alternative to banks. Many banks and financial institutions on Wall Street that initially scoffed at the dreams of devotees known as "cypherpunks" some 15 years ago are now not only in the cryptocurrency business, they're also beginning to adopt the underlying blockchain technology. While this may strike crypto enthusiasts as undermining a fundamental reason for the technology, banks are looking at the bottom line and see money to be made. They are drawn to blockchain technology for its ability to "tokenize" traditional assets such as stocks and Treasury bills, which makes trading them faster and cheaper. Critics say Wall Street institutions aren't just adopting, but co-opting the technology to generate fees - similar to how financial firms turned low-cost, low-touch exchange traded funds into a healthy business.
/jlne.ws/3NtONWy
Bitnomial Announces US Perpetual Futures Trading Platform, Botanical, Backed by $25 Million Funding Round Led by Ripple
Bitnomial, Inc.
Bitnomial, Inc. ("Bitnomial"), a digital asset derivatives exchange company that operates CFTC-regulated exchange, clearinghouse, and brokerage subsidiaries, today announced the upcoming launch of its new US perpetual futures trading platform, Botanical. The launch of Botanical follows Bitnomial's successful $25 million funding round, led by Ripple, the leading provider of digital asset infrastructure for financial institutions, with participation from new and existing investors. Luke Hoersten, CEO of Bitnomial, commented on the launch and fundraise, "We are taking a bold step forward in our mission to provide a regulated and innovative trading experience by launching Botanical, which will provide an alternative to DEXes and VPN-based workarounds common in perpetual trading today. We are excited to partner with Ripple, whose investment demonstrates its shared belief in creating a robust regulated marketplace for digital assets in the US."
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Secondary sales of private equity stakes set for record levels amid cash crunch; Once-niche market sees surge in activity with investors looking for an exit from ageing assets as deal activity slumps
Antoine Gara, Sun Yu and Eric Platt and Alexandra Heal - Financial Times
Private equity investors are selling second-hand stakes in ageing funds at a blistering pace this year, as pensions and endowments find ways to get out of unlisted investments amid a slump in deal activity that has curtailed cash payouts. So-called secondary deals, in which investors in private equity funds sell their stakes to new investors for cash, or a PE firm arranges the sale of a company stake to a new fund, are forecast to smash all-time records, according to investors and advisers who spoke to the Financial Times.
/jlne.ws/4eO5OXM
New U.S. Merger Rules Would Weigh Heavily on Private Equity; Antitrust authorities will demand more information from buyout firms before greenlighting mergers
Chris Cumming - The Wall Street Journal
U.S. antitrust regulators have dialed back plans to collect a mass of data from companies planning mergers, but even the softened requirements will be a tough adjustment for private-equity firms, attorneys say. On Oct. 10, the Federal Trade Commission voted unanimously to expand the amount of information collected under the Hart-Scott-Rodino Act, which established the federal review process for mergers and acquisitions. The new rules, initially proposed more than a year ago, are slated to take effect next year.
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U.S. Anti-Money Laundering Laws Are Outdated. Regulators Are Struggling With How to Modernize Them; TD Bank's $3 billion settlement over money-laundering failures has underscored the difficulty banks have in preventing financial crimes. Banking groups say regulators haven't gone far enough with a proposal to reform the financial system's safeguards.
Dylan Tokar - The Wall Street Journal
When lawmakers passed legislation intended to modernize the U.S.'s anti-money-laundering rules, many banks hoped the changes would make complying with the rules less burdensome, allowing them greater flexibility in how they allocate resources when screening for suspicious activity by customers. As the adage goes, "Be careful what you wish for."
/jlne.ws/48bewNh
SEC's Grewal Moves to Wall Street After Turning Tough as Its Overseer
The regulator's former enforcement director becomes a partner at Milbank after three years pushing fines higher at the SEC
Dave Michaels - The Wall Street Journal
Gurbir Grewal started his tenure at the Securities and Exchange Commission by setting a lofty goal: improving trust in Wall Street and its regulators. Grewal said he delivered on that target during three years as enforcement director, when he ratcheted fines higher on Wall Street, oversaw an expansion of the SEC's litigation and sought to bar more wrongdoers from the securities industry.
/jlne.ws/3BMGO4u
Netting hurdles could decide the US Treasuries clearing race; Competing CCPs must resolve accounting and cross-margining obstacles to benefit from SEC mandate
Paulina Pielichata - Risk.net
When it comes to clearing US Treasuries and repo, the Fixed Income Clearing Corporation (FICC) has an obvious huge head start. One potential rival has already claimed they don't expect to make significant inroads into FICC's current monopoly. But the advent of the Securities and Exchange Commission clearing mandate at the end of 2025 could herald a major shake-up of market structure. As a result, the jury is still out on what proportion of trades subject to the mandate will eventually find a
/jlne.ws/4eC64ZH
SBA fund is out of money after Hurricanes Helene and Milton, Biden says
Jacob Bogage - The Washington Post
The Small Business Administration's disaster loan program, which provides low-interest lending to disaster survivors, has run out of money, President Joe Biden said Tuesday, slowing recovery operations for millions of hurricane victims. Get a curated selection of 10 of our best stories in your inbox every weekend. The agency, which assists renters, homeowners and businesses, will halt issuing new loans until Congress approves new funding. Individuals and businesses with existing loans will continue to receive payments.
/jlne.ws/4dQUx7I
Gambling Man - the remarkable, rollercoaster story of SoftBank's Masayoshi Son; Lionel Barber's pacy biography charts the tech investor's audacious career and gets a glimpse of the man behind the enigma
Felix Martin - Financial Times
At the very beginning of Gambling Man, his biography of Masayoshi "Masa" Son, the founder of Japanese investment firm SoftBank, Lionel Barber concedes that his subject is "probably the most powerful mogul of the twenty-first century who is not a household name". The rest of the book proceeds to prove how absurd a paradox this is. Son is, after all, a biographer's dream. His career is an almost surreal string of personal highs and lows. Zelig-like, he has been present at - and indeed often responsible for - almost every big turning point in global tech over the past four decades. This is a man, Barber, a former editor of the FT, reminds us, who has been "the single largest foreign investor in capitalist America and communist China; the biggest start-up funder in the world, and the boss of one of the top ten most indebted firms, continually threatening a financial implosion".
/jlne.ws/4dOkWCX
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | 'It's not a game. It's a war': Exclusive insight into a secretive Ukrainian drone unit targeting Russian territory
Sebastian Shukla, Daria Tarasova-Markina, Victoria Butenko, Frederik Pleitgen and Claudia Otto | Video by Julie Zink, Phil Clarke Hill, Oscar Featherstone - CNN
The spluttering roar of a propeller punctuates the perfect silence. Car headlights flick on, splitting the darkness. Their beams reveal not just a section of tarmac ahead, but one of Ukraine's most top-secret weapons, controlled by its most clandestine agency. Stuck to the nose of the gray machine is a yellow emblem of an owl, wings spread and grasping a sword - the unmistakable logo of Ukraine's defense intelligence, the GUR.
/jlne.ws/4hachxs
Opinion: Are Americans ready to give up on Ukraine? All the talk about a negotiated end to the war in Ukraine? It's designed mostly to appeal to Americans.
Robert Kagan - The Washington Post
As the war in Ukraine continues to drag on with no obvious good end in sight for Ukrainians, folks who are not Ukrainian have begun talking about and yearning for a negotiated settlement. As National Security Council spokesman John Kirby recently put it, "a negotiated end is the most likely outcome here." And we know what that means for Ukraine. As Czech President Petr Pavel, a longtime supporter of Kyiv, bluntly put it: Ukrainians "will have to be realistic" and understand that "the most probable outcome of the war will be that a part of Ukrainian territory will be under Russian occupation, temporarily."
/jlne.ws/40c5NbH
A Three-Step Plan for Stopping Putin's 'Shadow' Oil Tankers; The US and its European allies have the experience and training to board and seize ships smuggling Russian oil.
James Stavridis - Bloomberg
James Stavridis is a Bloomberg Opinion columnist, a retired US Navy admiral, former supreme allied commander of NATO, and dean emeritus of the Fletcher School of Law and Diplomacy at Tufts University. Sanctions imposed on Russia after its illegal and immoral invasion of Ukraine were never going to put a quick end to President Vladimir Putin's war. Economic punishments are always leaky and take years to have full impact - witness the decades that South Africa spent under international economic restrictions because of apartheid.
/jlne.ws/3BYghB2
Hurricane Milton payouts likely to hit $36bn, according to risk modellers; Storm underlines growing risks from extreme weather to southern states in US
Oliver Ralph and Joshua Oliver - Financial Times
Hurricane Milton, which tore through central Florida last week causing widespread damage, will lead to about $36bn of insurance payouts for the private sector, according to risk modeller Karen Clark & Company. The claims will come from damage caused by wind, storm surge, and inland flooding. The estimate is lower than early fears about the impact of the storm, but is well above the $6bn of claims that KCC estimates Hurricane Helene caused last month.
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Hezbollah vows to expand attacks in Israel after deadly strike in Lebanon's Christian heartland
Kareem Chehayeb and Bassem Mroue - Associated Press
The day after a deadly Israeli airstrike in northern Lebanon - far from Hezbollah's main area of influence - the militant group's acting leader said it would aim rockets into more areas of Israel. Naim Kassem said Hezbollah is focused on "hurting the enemy," and he signaled it would ramp up attacks further south in Israel. He mentioned the cities of Tel Aviv and Haifa, which have already been targets of attacks.
/jlne.ws/3BJv5nb
How Israel's bulky pager fooled Hezbollah; An invisible detonator and wafer-thin plastic explosives turned batteries into bombs
Maya Gebeily, James Pearson and David Gauthier-Villars - Reuters
The batteries inside the weaponised pagers that arrived in Lebanon at the start of the year, part of an Israeli plot to decimate Hezbollah, had powerfully deceptive features and an Achilles' heel. The agents who built the pagers designed a battery that concealed a small but potent charge of plastic explosive and a novel detonator that was invisible to X-ray, according to a Lebanese source with first-hand knowledge of the pagers, and teardown photos of the battery pack seen by Reuters.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Considerations for SGX from Bursa Malaysia's success; The Singapore bourse has been at a crucial juncture over the past few years, facing challenges in attracting new listings, IPOs and maintaining market liquidity
Ooi Chee Keong and Lee Soo Eng - Business Times
IN THE first half of FY2024, only one new initial public offering (IPO) was successfully listed on Singapore Exchange (SGX). However, in September 2024, SGX saw three companies lodge their offer documents. Could this signify a turning point for the Singapore bourse? SGX has been at a crucial juncture over the past few years, facing challenges in attracting new listings, IPOs and maintaining market liquidity. The formation of a review group in August by SGX and the Monetary Authority of Singapore (MAS) to strengthen and revitalise the equities market underscores the urgency of addressing these issues. Recent comments by Transport Minister Chee Hong Tat, who is also second minister for finance and deputy chairman of MAS as well as chairperson of the SGX-MAS review group, have highlighted that instead of going head-on with the larger exchanges, SGX should identify areas where Singapore can add value by playing to its strengths.
/jlne.ws/48hbHKr
Residencial Marina registers a new 50 million Euro Commercial Paper Programme on MARF
BME-X
Residencial Marina, the holding company of the Matutes Companies Group and Palladium Hotel Group, has registered a new commercial paper programme in the Spanish fixed income market of Bolsas y Mercados Españoles, MARF, for an amount of 50 million euros. The commercial paper to be issued under this programme will have unit notional amounts of 100,000 euros, will be aimed at qualified investors and will have maturities of up to 24 months.
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Eleving Group S.A. new in the Prime Standard of the Frankfurt Stock Exchange
Deutsche Borse
As of today, Eleving Group S.A. (ISIN: LU2818110020) is listed in the Prime Standard of the Frankfurt Stock Exchange. The initial price of the share was EUR1.75. The current share price is available via Borse Frankfurt. AS LHV Pank accompanied the IPO as lead manager and bookrunner. Joint bookrunners were Signet Bank, M.M. Warburg and Auerbach & Grayson. Designated sponsor on Xetra is M.M. Warburg. The specialist on the trading venue Börse Frankfurt is Bankhaus Scheich Wertpapierspezialist.
/jlne.ws/3Ud8khX
DTCC's Data Services Now Offers Corporate Fixed Income Premium Intraday Reference Data, To Increase Operational Efficiency; By accessing underlying security data already held at NSCC and DTC on a more frequent basis, firms can better prepare to meet T+1 and accelerated settlement timelines
DTCC
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced an enhanced fixed income security master file data offering, providing more data at a higher frequency. The enhanced security master file, known as Corporate Fixed Income Premium Intraday Reference Data, contains more than 20 new data elements, including security description, bond duration, interest rate, coupon frequency and details referencing whether the security is convertible, puttable or callable. DTCC serves a unique position in the market by being the lynchpin for reference data and corporate actions between issuers, custodians, and beneficial owners. The data is refreshed every 30 minutes, 23 times per day.
/jlne.ws/4f5QjtJ
EEX, IGX and GIZ to jointly develop hydrogen trading market in India
EEX
The European Energy Exchange (EEX) and the Indian Gas Exchange (IGX), in cooperation with the Gesellschaft für Internationale Zusammenarbeit (GIZ), have agreed to support the development of the hydrogen trading market in India. This cooperation project takes place under the International Hydrogen Ramp-Up (H2Uppp) program, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), which aims to promote projects and market development for green hydrogen in selected emerging countries.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | SAP Dethrones ASML as Europe's Most Valuable Technology Firm
Cagan Koc - Bloomberg
ASML Holding NV lost its place as Europe's most valuable technology company to software firm SAP SE after a guidance cut sent the Dutch chip-machine maker's shares plunging. ASML has lost more than EUR60 billion ($65.3 billion) in market capitalization after shocking investors on Tuesday by lowering its guidance, citing delays in chip plant constructions. It also booked only about half the orders analysts expected in the third quarter.
/jlne.ws/3U9Zstg
Why data centres are a bottleneck for the AI boom: podcast
Peter Thal Larsen - Reuters Breakingviews
Artificial intelligence tools like ChatGPT depend on chips and energy. But a $1 trln rush to build data centres faces constraints on planning and power. In this episode of The Big View podcast, Morgan Laughlin of asset manager PGIM explains the virtual frenzy's physical limits.
/jlne.ws/3Nt34ml
ASML's Plunge Shows the Diverging Fortunes of Chipmakers From AI; ASML lost more than EUR60 billion in market value since Monday; Earnings miss triggered a broad selloff in the chip industry
Cagan Koc and Ian King - Bloomberg
ASML Holding NV has lost more than EUR60 billion ($65.3 billion) in market value since it reported weak orders for its chipmaking machines, forcing investors to reevaluate the health of the industry. The Dutch company fell as much as 5.8% Wednesday, after plunging 16% - the most in 26 years - the day before. ASML, with a monopoly on machines that produce the highest spec semiconductors, acts as a barometer for the health of companies like Intel Corp., Samsung Electronics Co. and Taiwan Semiconductor Manufacturing Corp. The earnings miss triggered a broad selloff in the semiconductor industry.
/jlne.ws/4eKjAuo
ASML's lowered outlook suggests factory overcapacity, not chip doom
Max A. Cherney and Stephen Nellis - Reuters
Computer chip equipment maker ASML's deep cuts to its 2025 sales forecast sparked a sell-off in chip stocks on Tuesday over worries that global chip demand may be faltering. The weaker outlook could, instead, reflect some overcapacity at chip factories that had already stocked up on ASML's pricey tools during the pandemic and have become better at using them to produce a larger numbers of chips, analysts said.
/jlne.ws/3Y9w5s9
Elon Musk battles Indian billionaires over satellite internet spectrum; Starlink head in spat with owners of Reliance Jio and Bharti Airtel mobile networks who have called for space bandwidth auctions
Chris Kay - Financial Times
Elon Musk appears to have won a contest with Indian telecom tycoons Mukesh Ambani and Sunil Bharti Mittal over the way satellite spectrum should be awarded, as the billionaires battle over the introduction of space-fed internet to the world's most populous country. Ambani, Asia's richest man and chair of oil-to-digital services conglomerate Reliance Industries, along with Mittal's Bharti Airtel, have been trying to persuade India's government to auction satellite spectrum, in line with the usual competitive method in the mobile market they dominate, rather than just allocate it.
/jlne.ws/405TuNK
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| Cybersecurity | | Top stories for cybersecurity | EU markets watchdog pushes for extra cyber defences in new crypto rules; Esma asks for amendment to tighten regulation with demand for external audits of defences against hackers
Martin Arnold in Paris and Nikou Asgari in London - Financial Times
Crypto companies should be forced to hold external audits of their cyber defences, according to the EU's markets regulator, which is urging lawmakers in Brussels to amend the region's flagship regulation of the sector to better protect consumers. The European Securities and Markets Authority will on Wednesday say it considers tougher rules on cyber protection to be an essential part of the EU regime covering crypto companies, which is due to come into force fully from December.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Tesla Stirs Crypto Market With Unpredicted Bitcoin Wallet Activity
Hope C - Yahoo Finance
Tesla Stirs Crypto Market With Unpredicted Bitcoin Wallet Activity
Tesla, a pioneer in electric vehicles spearheaded by Elon Musk, reportedly transferred its entire Bitcoin holdings, 11,509 BTC valued at approximately $770 million, to new digital addresses. These transfers, occurring in a blitz of transactions over a few days, also mark the first time since 2022 that Tesla has touched its Bitcoin wallets after selling off much of its cryptocurrency investments.
/jlne.ws/3Nscwq9
Bitcoin Tops $68K, With Dominance Over Crypto Market Hitting New Cycle High; Ether has outperformed bitcoin in just seven of the last 23 months.
James Van Straten - CoinDesk
The cryptocurrency market as a whole continued moving higher on Wednesday, led by bitcoin (BTC), which extended its week-over-week gain to more than 12%, rising above $68,000 for the first time since late July. The broad market gauge CoinDesk 20 Index was higher by just 9% over the same time frame.
/jlne.ws/4h5vhNM
A pro-Trump PAC has received millions in crypto donations since June
Aditi Bharade and Kwan Wei Kevin Tan - Business Insider
A political action committee called Trump 47 has raised $7.5 million in cryptocurrency donations for former President Donald Trump's White House bid. According to Federal Election Commission filings on Tuesday, the Trump 47 PAC received donations in bitcoin, ether, XRP, and other cryptocurrencies.
/jlne.ws/4haMUvQ
'Big News'-Donald Trump Declares 'Crypto Is The Future' After Blowing Up The Bitcoin Price
Billy Bambrough - Forbes
BitcoinBitcoin has suddenly surged after rocketing into the new week on the back of a China earthquake. The bitcoin price has shot toward $70,000 per bitcoin, up from under $60,000 last week, as MicroStrategy founder Michael Saylor reveals his huge $100 trillion "endgame."
/jlne.ws/3A0Rbky
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| Politics | | An overview of politics as it relates to the financial markets | Elon Musk's $75 Million Gift Cements Role as a Top Trump Donor; Disclosure is first look into Musks' donations to Trump group; Super PAC spent $69 million to bolster Trump's ground game
Bill Allison and Dana Hull - Bloomberg
Elon Musk poured $75 million into the super political action committee he created earlier this year, launching the Tesla Inc. and SpaceX chief executive officer into the top tier of political donors as he pays for much of the ground game for Donald Trump's campaign. Musk's super PAC is paying for Trump's get-out-the-vote operations in battleground states in an effort to bolster turnout for the former president and Republicans in swing districts that could help the GOP win a House majority. The group, America PAC, is also spending on digital ad campaigns, some of which target young men, trying to get them to the polls to offset Harris' advantage among women voters.
/jlne.ws/4dINZb6
What could happen if Trump rejects the US election results
James Oliphant - Reuters
Republican presidential candidate Donald Trump says that if he does not win the Nov. 5 election, he will cry fraud and not accept the results - just as he did four years ago when he lost to Democratic President Joe Biden. "If I lose - I'll tell you what, it's possible. Because they cheat. That's the only way we're gonna lose, because they cheat," Trump said at a Michigan rally in September. After Trump lost the 2020 election, he and his allies attempted to overturn the result through dozens of lawsuits that ultimately failed to alter or delay the vote count.
/jlne.ws/3UaWeG4
Keir Starmer Aides Engage With 'Non-Doms' Amid Wealth Tax Fight; Labour officials to meet with foreign investors' lobby group; Treasury is considering tweaks to non-dom regime overhaul
Benjamin Stupples and Joe Mayes - Bloomberg
UK Prime Minister Keir Starmer's political aides plan to confer with advocates for the nation's so-called non-dom population of wealthy foreigners amid concerns his Labour Party's intended tax hikes may end up costing money. Business and investment advisers for 10 Downing Street are scheduled to meet with the head of Foreign Investors for Britain, a lobbying group for wealthy individuals created in response to proposals to change Britain's non-dom system, according to a person familiar with the matter.
/jlne.ws/3Y6VvGY
China won't renounce use of force over Taiwan; Xi visits frontline island
Joe Cash and Ben Blanchard - Reuters
China will never commit to renouncing the use of force over Taiwan, the government in Beijing said on Wednesday after another bout of war games and a visit by Chinese President Xi Jinping to the scene of a famous defeat for Taiwanese forces. China, which views democratically governed Taiwan as its own territory, staged a day of large-scale drills around the island on Monday that it said were a warning to "separatist acts" following last week's national day speech by Taiwan President Lai Ching-te.
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| Regulation & Enforcement | | Stories about regulation and the law. | Austrian Watchdog Orders Niche Bank With Adler Ties to Close; Euram Bank must halt operations, triggering deposit insurance; FMA cites lack of money-laundering checks, loan write-downs
Libby Cherry - Bloomberg
The Austrian financial regulator stepped in to shut down European American Investment Bank AG after finding anti-money laundering shortfalls and credit losses at the lender with ties to Adler Group SA's former chairman. Austria's Financial Market Authority banned Euram Bank from conducting business with immediate effect, according to a statement published Wednesday.
/jlne.ws/40pDA1d
Ex-Banker Dubbed 'Accidental Spy' by Judge Gets No Jail Time
Bob Van Voris - Bloomberg
A former Capital One Financial Corp. banker was given no jail time after a judge characterized him as a sort of "accidental spy" for Egypt. Pierre Girgis, 42, was forced to abandon his banking career after being arrested and charged in 2022 with acting as a foreign agent seeking non-public U.S. law enforcement information on critics of Egyptian President Abdel Fattah El-Sisi. The felony charges carried a potential 15-year sentence, but prosecutors agreed to allow Girgis to plead guilty to a misdemeanor with a maximum term of six months jail time.
/jlne.ws/3Nq7qL4
All signs point towards Europe aligning T+1 move with UK and Switzerland; A statement from ESMA comes a day after Task Force recommendations, claiming a coordinated approach across Europe is "desirable" while stressing the urgency in avoiding prolonging the negative impacts of settlement misalignment.
Jonathan Watkins - The Trade
Europe's top markets watchdog has signalled its intentions for moving EU markets to a T+1 settlement cycle through a statement outlining both the urgency of acting and the preference for aligning with the UK and Switzerland. The European Securities and Markets Authority (ESMA) acknowledged the benefits of reducing settlement times but highlighted how harmonisation, standardisation and modernisation will be needed and will require investments.
/jlne.ws/3UaqG30
Division of Clearing and Risk Announces Participants and Agenda for October 16 Staff Roundtable on Existing, New and Emerging Issues in Clearing
CFTC
The Commodity Futures Trading Commission's Division of Clearing and Risk today released the participant list and agenda for its upcoming staff roundtable on existing, new, and emerging issues in clearing being held Oct. 16 at 9:00 a.m. EDT in the Conference Center at CFTC's headquarters at Three Lafayette Centre, 1155 21st Street N.W., Washington, D.C.
/jlne.ws/3YpeXA0
CFTC Charges Several People and Companies in a $280 Million Ponzi Scheme; Court Issues Restraining Order to Protect Assets and Documents
CFTC
The complaint alleges that, among other things, the defendants individually, and at times working in conjunction, made material fraudulent representations to their customers and misappropriated customer funds. In sum, more than 2,000 customers deposited no less than $283 million in connection with the alleged fraud. The CFTC seeks disgorgement of ill-gotten gains, civil monetary penalties, restitution, trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.
/jlne.ws/4f9xbLH
Investor group warns SSGA-Apollo ETF filing 'raises red flags'; Consumer Federation of America says SEC should consider potential conflicts of interest
David Isenberg, Ignites - Financial Times
The US Securities and Exchange Commission should reject State Street Global Advisors' application for a private credit ETF because it poses liquidity, valuation and conflict-of-interest concerns, the Consumer Federation of America has warned. The fund's investment strategy "raises red flags" because it is unlikely that the fund will be able to sell certain assets within seven calendar days without significantly changing their market value, Micah Hauptman, director of investor protection at CFA, has written in a letter to the agency.
/jlne.ws/4h9cOju
Temporarily Terrified by Thomas: Remarks on Private Credit before the SIFMA/Mayer Brown Private Credit Forum
Commissioner Hester M. Peirce - SEC
Recently, a friend and I went for an evening walk in the neighborhood. When we turned around to head back, the path was deserted and dark. Ahead of us we saw the outline of a large animal. It sat motionless in the middle of the path and watched us approach. My friend and I debated what it might be. It must be something dangerous-a gigantic, rabid raccoon, a hungry coyote, a small bear? Why else was it just sitting there, waiting for us without any sign of fear? We discussed what to do. Though the walk had already lasted longer than I wanted, and turning away from the creature in our path would require a lengthy detour, fear of the beast ahead prevailed. We began to retrace our steps so that we could take an alternate route. Then a couple appeared with a dog in tow. They were heading down the path toward us and toward that terrifying creature, to which our backs were now turned. "May we walk with you?" we asked with quivering voices, "Because, you see, there is a dangerous animal on the path, and maybe your dog will scare him off." They acquiesced, but also informed us that the source of our terror was Thomas, their pet cat.
/jlne.ws/4eHHWoH
SEC Charges North Carolina Resident with Insider Trading in Massachusetts-Based Biopharmaceutical Company
SEC
The Securities and Exchange Commission filed insider trading charges today against North Carolina resident Matthew Groom, who allegedly avoided losses of about $13,000 by trading in advance of the May 3, 2022 announcement by the Cambridge, Massachusetts-based biopharmaceutical company Spero Therapeutics, Inc. that it was suspending commercialization efforts for its lead product candidate, Tebipenem Hbr, and downsizing the company. Groom has offered to settle the SEC's action. Among other things, he has agreed to pay a total of approximately $28,000 in disgorgement of ill-gotten gains, prejudgment interest, and civil penalties.
/jlne.ws/487KN7O
SEC Charges Promoter in Crackdown on Manipulation of Crypto Assets Offered and Sold as Securities
SEC
The Securities and Exchange Commission announced fraud charges against Vy Pham, a resident of California, for engaging in schemes to manipulate the markets for two crypto assets, "Saitama Inu" and "Robo Inu," being offered and sold as securities to retail investors. As alleged, the schemes were intended to induce investor victims to purchase the crypto assets by creating the false appearance of an active trading market for them.
/jlne.ws/3zOb26E
SEC Charges So-Called Market Maker and Its Employee in Crackdown on Manipulation of Crypto Assets Offered and Sold as Securities
SEC
The Securities and Exchange Commission announced fraud charges against United Arab Emirates entity CLS Global FZC LLC, a self-proclaimed crypto asset market maker, and its employee Andrey Zhorzhes for engaging in a scheme to manipulate the market for "NexFundAI," a crypto asset being offered and sold as a security to retail investors. As alleged, the scheme was intended to induce investor victims to purchase NexFundAI by creating the false appearance of an active trading market for it.
/jlne.ws/4dRqgWn
SEC Charges Four Promoters in Crackdown on Manipulation of Crypto Assets Offered and Sold as Securities
SEC
The Securities and Exchange Commission announced fraud charges against four individuals for engaging in schemes to manipulate the markets for two crypto assets, "Saitama Inu" and "SaitaRealty," being offered and sold as securities to retail investors. As alleged, the schemes were intended to induce investor victims to purchase the crypto assets by creating the false appearance of an active trading market for them.
/jlne.ws/4eMdslc
SEC Charges So-Called Market Maker and Its Employee in Crackdown on Manipulation of Crypto Assets Offered and Sold As Securities
SEC
The Securities and Exchange Commission announced fraud charges against Belize entity Gotbit Consulting LLC a/k/a Gotbit Hedge Fund, a self-proclaimed crypto asset market maker, and its employee Fedor Kedrov for engaging in a scheme to manipulate the market for "Robo Inu," a crypto asset being offered and sold as a security to retail investors. As alleged, the scheme was intended to induce investor victims to purchase Robo Inu by creating the false appearance of an active trading market for it.
/jlne.ws/3UbmlMR
Start-Up AI and Robotics Company and CEO Settle SEC Charges
SEC
The Securities and Exchange Commission today charged Destiny Robotics Corp., an artificial intelligence ("AI") and robotics start-up company formerly based in Miami, Florida, and Megi Kavtaradze, its founder and CEO, (collectively "Defendants") with making false and misleading statements regarding the company's operations and products, including a robot that would be manufactured and sold as a home companion.
/jlne.ws/3BVzCmp
SEC Charges So-Called Market Maker and Two Employees in Crackdown on Manipulation of Crypto Assets Offered and Sold as Securities
SEC
The Securities and Exchange Commission announced fraud charges against British Virgin Islands-registered entity ZM Quant Investment Ltd., a self-proclaimed crypto asset market maker, and its employees Baijun Ou and Ruiqi Lau for engaging in schemes to manipulate the markets for "Saitama Inu," "SaitaRealty," and "NexFundAI"-crypto assets being offered and sold as securities to retail investors. As alleged, the schemes were intended to induce investor victims to purchase the crypto assets by creating the false appearance of an active trading market for them.
/jlne.ws/4f7AO4u
The expectation gap: Remarks to the Insurance Council of Australia 2024 Annual Conference
ASIC
Speech by ASIC Commissioner Alan Kirkland at the Insurance Council of Australia 2024 Annual Conference, 16 October 2024.
/jlne.ws/3BYfKiw
A new approach to financial advice regulation; In the constantly shifting world of financial advice, embracing difference isn't just important - it's crucial for future success.
Nick Hulme - FCA
FCA
The financial advice sector is adapting to profound shifts: an ageing adviser and client population, a massive transfer of wealth, the rise of defined contribution (DC) pensions over defined benefit (DB). In addition to a younger generation that engages with financial advice very differently from their parents, often through apps and social media. We're also facing geopolitical and climate uncertainties, changing interest rates, and industry consolidation, not to mention the growing impact of artificial intelligence (AI).
/jlne.ws/40dwtbI
FCA launches premium finance market study alongside new Government insurance taskforce
FCA
The FCA has announced a package of work in the insurance market amid concerns about rising prices, alongside the launch of the Government motor insurance taskforce. The FCA has launched a review, known as a competition market study, to see whether people who borrow to pay for motor and home insurance are receiving fair, competitive deals.
/jlne.ws/4dMzpzl
Written reply to Parliamentary Question on talent needs within the single family office sector
Yip Hon Weng - MAS
To ask the Prime Minister and Minister for Finance (a) whether the Ministry views the single family office (SFO) sector as a continuing growth area for Singapore; (b) if so, what steps are being taken to prepare the local workforce with the specialised skills and expertise needed to effectively service this sector; and (c) what is the estimated number of Singaporean citizens currently employed within the SFO sector.
/jlne.ws/4eK93PT
Written reply to Parliamentary Question on updates to the Shared Responsibility Framework
Ms Sylvia Lim - MAS
To ask the Prime Minister and Minister for Finance (a) whether there are any updates on when the Shared Responsibility Framework for certain types of phishing scams will come into operation; and (b) whether there are any updates on a compensatory framework for other types of scams such as those perpetrated by malware fraud.
/jlne.ws/3NoFnvE
Written reply to Parliamentary Question on funds collected by payment service providers and e-commerce platforms
Chua Kheng Wee Louis - MAS
To ask the Prime Minister and Minister for Finance (a) with regard to funds collected by payment service providers and e-commerce platforms, whether current legislation restricts the settlement period to vendors and customers; and (b) whether current legislation requires customer funds to be separately managed for platforms with stored values.
/jlne.ws/400FzJ0
Oral reply to Parliamentary Questions on the increase in the number of bankruptcies
Mr Derrick Goh and Melvin Yong Yik Chye - MAS
To ask the Prime Minister and Minister for Finance (a) what is the Government's assessment of the root causes of the rise in bankruptcies in the first half of 2024 amid an improving economic climate; (b) whether there is a cause for concern that bankruptcy has increased when the economy is supposedly improving; and (c) whether the Ministry can provide an update on the plans to further strengthen the measures for promoting financial prudence and counselling.
/jlne.ws/4dQVFbs
Written reply to Parliamentary Question on payments being wrongly credited to the previous subscriber of a mobile phone number via PayNow
Mr Gan Thiam Poh and Ang Mo Kio - MAS
To ask the Prime Minister and Minister for Finance (a) whether the Ministry monitors the number of cases where payment have been wrongly credited to the previous subscriber of a mobile phone number via PayNow; (b) if so, in 2023, how many cases of payment have been wrongly credited after the mobile phone number has been recycled for use; and (c) whether the Ministry will require PayNow accounts linked to mobile phone numbers to be unlinked once there is a change of the mobile phone subscriber.
/jlne.ws/4eQxriY
Insurance (Amendment) Bill - Second Reading Speech by Mr Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Deputy Chairman of MAS, on behalf of Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Minister-in-charge of MAS, on 16 October 2024
MAS
In his Ministerial Statement on Monday, Minister Edwin Tong spoke about MCCY's concerns on the proposed transaction between Allianz Europe B.V (Allianz) and NTUC Enterprise (NE) to enable Allianz to acquire a majority stake in Income Insurance Limited (Income), and the reasons why it would not be in the public interest for the transaction, in its current form, to proceed.
/jlne.ws/4f47dZV
Written reply to Parliamentary Question on guidelines for stateless persons holding Special Passes to open bank accounts
Ms Hazel Poa - MAS
To ask the Prime Minister and Minister for Finance whether MAS can issue guidelines to permit stateless persons holding Special Passes in Singapore to open bank accounts and, if not, why not.
/jlne.ws/3BFqSkj
Written reply to Parliamentary Question on single family offices from emerging markets
Yip Hon Weng and Yio Chu Kang - MAS
To ask the Prime Minister and Minister for Finance (a) whether there is a recent trend of single family offices (SFOs) from emerging markets, such as the Middle East and China, being set up in Singapore; (b) if so, whether an update can be provided on the trend; and (c) whether there are specific considerations in ensuring the transparency and legitimacy of funds from these SFOs.
/jlne.ws/3Y6ED3g
SFC welcomes Chief Executive's measures to boost Hong Kong capital markets
SFC
The Securities and Futures Commission (SFC) welcomes the initiatives in the Chief Executive's Policy Address to further cement Hong Kong's position as a globally competitive international financial centre (IFC). In particular, as a Mainland China gateway, Hong Kong will benefit from the broad array of initiatives to deepen mutual market access including enhancement to Wealth Management Connect and to support its development as an offshore renminbi (RMB) business centre through improved RMB fixed income market infrastructure and more investment products denominated in RMB.
/jlne.ws/4eHJjDR
Process improvements under SEBI's initiative make sale proceeds available to Foreign Portfolio Investors (FPIs) on settlement day itself
SEBI
In a move to enhance operational efficiency and respond to concerns raised by Foreign Portfolio Investors (FPIs), SEBI has introduced measures to speed up the availability of sale proceeds for FPIs, bringing them on par in this regard with domestic institutional investors.
/jlne.ws/48818JI
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Gold Industry Sees Bullion Surging 10% in a Year to Record High; LBMA survey includes top traders, refiners and miners at event; Silver expected to outpace gold with advance to $45 an ounce
Yvonne Yue Li and Joe Deaux - Bloomberg
Gold is expected to climb to record highs over the next year, according to a survey of the bullion industry at a major annual gathering. Delegates at the London Bullion Market Association event in Miami expect the precious metal to rise to $2,917.40 an ounce by late October next year, about 10% above current levels. The number is based on an average of forecasts from traders, refiners and miners, who were surveyed over two days by the LBMA at the conference.
/jlne.ws/3BNY9tR
The 'mundane economics' of trading at the speed of light; Professor Donald MacKenzie talks high-frequency trading
George Steer - Financial Times
High-frequency trading firms rule everything around us. But their current dominance was never inevitable, according to Donald MacKenzie, a sociologist at the University of Edinburgh. A sociologist might seem like an odd person to ask about HFT, but professor MacKenzie specialises in science and technology, and how they shape the world. In particular, he's fascinated by the "mundane economics" of things like nuclear missile guidance systems and financial models. Years ago he got deep into ultrafast algorithmic trading outfits, and eventually wrote Trading at the Speed of Light, which was published in 2021.
/jlne.ws/406UfGp
Don't sleep on emerging markets fixed income; As the industry turns its collective attention to the potential for a rebounding of emerging markets in the fixed income sphere, Claudia Preece takes a look at the current state of play, unpacking how both firms and providers are keeping EM bonds front of mind to maximise opportunities in the space and the key motivations for desks going forward.
Claudia Preece - The Trade
With the advent of an ever-more technologically innovative and globally connected capital markets sphere, fixed income emerging markets (EM) have demonstrably become an increasingly appealing area of interest for investors. As trading of these assets has become easier and market conditions are predicted to fall in line, the industry has seen a swathe of new EM-focused hires, increased attention paid to developing markets' performance, and enhanced offerings from providers.
/jlne.ws/3YrjOB1
The World's Central Banks Aren't Following the Fed's Lead Anymore; Diverging paths on interest rates are a sign that America's global influence is diminishing.
Tom Orlik - Bloomberg
All politics, the saying goes, is local. Is the same true of economics? In the past, not so much. Right now, more and more. Cast your minds back to the 1990s and early 2000s-the era of go-go globalization, and the unipolar moment for US economic heft and geopolitical power. Stock markets around the world marched to the beat of Wall Street's drum. Central banks moved in line with the Federal Reserve or faced the consequences as hot money flooded in or fled out, placing currencies and price stability at risk. America's friends benefited from access to US markets, investment and technology, all of which helped propel their prosperity. America's foes labored under the weight of sanctions and export controls that kept them isolated, technologically backward and poor. The diverging fortunes of the Soviet Union, a foe that collapsed, and China, a friend (at least back then) that boomed, are a case in poi
/jlne.ws/3NwQ0MI
Barclays Sees Risks Ahead For British Stock Market; Global economy and rates outlook seen favoring other markets; London shares lifted by data showing UK inflation cooled
Joe Easton - Bloomberg - Bloomberg
The defensive attraction of UK-listed stocks is unlikely to endure, as falling interest rates spur investment in riskier parts of the equity market, strategists at Barclays Plc said. The FTSE 100 has recently outperformed European peers amid global economic concerns, aided by companies with non-cyclical earnings like Unilever Plc and British American Tobacco Plc. That's unlikely to last "if we do see a soft landing into 2025 on rate cuts and falling uncertainty post the US election," the team led by Emmanuel Cau wrote in a note.
/jlne.ws/3BYi6hm
Four investment mistakes you really don't want to repeat; It's not easy, but the best investors learn from their errors
Jonathan Guthrie - Financial Times
Some people collect classic cars. Others collect Chinese porcelain. I collect mistakes. My own and those of others. It can be uncomfortable seeing how fallible we are. But errors help show us how our brains work. My aim in writing this new column is to investigate financial thinking, good and bad, particularly in relation to investment.
/jlne.ws/4f5Q1D9
Don't sleep on emerging markets fixed income; As the industry turns its collective attention to the potential for a rebounding of emerging markets in the fixed income sphere, Claudia Preece takes a look at the current state of play, unpacking how both firms and providers are keeping EM bonds front of mind to maximise opportunities in the space and the key motivations for desks going forward.
Claudia Preece - The Trade
/jlne.ws/3YrjOB1
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Investors Are Gambling on Climate-Linked Catastrophes; "These market-driven solutions don't quite cut it in the poorer parts of the world," Bloomberg's Gautam Naik, says on this week's Zero.
Akshat Rathi and Mythili Rao - Bloomberg
When Hurricane Milton made landfall in Florida last Wednesday, it was a category 3 hurricane. As the storm battered central Florida, carrying away the top of the roof of the Tropicana Field stadium in St. Petersburg, it left millions of households without power. Early estimates put the cost of loss and damages as up to $75 billion. One group of investors was watching Milton's path with particular interest: Catastrophe bond investors. The market for specialized financial instruments designed to pay out in the event of hurricanes like Milton is worth $46 billion. In 2023 cat bonds were the most profitable strategy for hedge funds.
/jlne.ws/3UaM7Ry
Banks Keep Plowing Billions Into Clients Threatening Rainforests
Natasha White - Bloomberg
Banks and asset managers are continuing to channel tens of billions of dollars into companies whose operations directly threaten the future of tropical rainforests including the Amazon, according to a new study. The finance industry has allocated at least $77 billion to such clients over the past two years, Rainforest Action Network and nine other nonprofits in the Forest and Finance Coalition said on Wednesday. The findings are being made public as negotiators from around the world prepare to meet in Colombia to take stock of progress made on protecting biodiversity since their last summit in 2022.
/jlne.ws/4084wSW
A Billionaire Family Fueled by Green Debt Faces Deforestation Claims; The Tanotos' Royal Golden Eagle, which helps make household products from P&G's Head & Shoulders shampoo to Unilever's Fudgsicles, denies the allegations while touting its sustainability efforts.
Tom Maloney - Bloomberg
Anderson Tanoto, the scion of an Indonesian billionaire whose vast empire supplies companies from Procter & Gamble Co. to Unilever Plc, has been on a green blitz of late. He spoke about sustainability at Davos this year, after previously addressing the flagship United Nations' climate-change conference in Glasgow. He's helped his family's timber and palm oil conglomerate forge relationships with global banks to become one of Asia's biggest borrowers in the green loans market.
/jlne.ws/48dug2i
Almost two-thirds of EU water in bad condition, report shows; Pressure rises on agriculture and industry to reduce pollution and cut its share of use from 59%
Alice Hancock and Alan Smith - Financial Times
Water scarcity affects a fifth of EU land and almost a third of its population each year, according to the biggest survey yet of the state of its water, and as much as two-thirds of its water bodies are in bad condition. The rising stress on supply puts industries such as textiles and agriculture at risk and increases the deadly effects of extreme weather, the European Environment Agency said in a major report released on Tuesday.
/jlne.ws/4f5NAjZ
EU sticks to 2035 deadline for ban on sale of new petrol-driven cars
Alice Hancock - Financial Times
Brussels is sticking to its controversial plans for curbs on combustion engines in the EU from 2035, according to internal documents, despite heavy pressure from the car industry to water down the incoming rules. Answers prepared for the bloc's climate chief Wopke Hoekstra for when he faces parliamentary hearings next month and seen by the Financial Times say the EU "cannot and should not roll back" its plan to outlaw the sale of new cars powered by fossil fuels. The law, announced in 2021, has come under fire from Europe's carmakers as they struggle with flagging electric vehicle sales and intense competition from Chinese manufacturers.
/jlne.ws/4eXtqZK
Air conditioning to be major driver of electricity demand, says IEA; Higher temperatures and rising incomes could boost power demand coming from home cooling units by 280% by 2050
Malcolm Moore - Financial Times
A huge increase in the use of air conditioning will have one of the biggest and most unpredictable impacts on the world's electricity grids in the coming decade, the International Energy Agency has said. Researchers at the IEA, an organisation dedicated to ensuring energy security, said a combination of rising incomes in the developing world and higher temperatures from climate change meant that power used for home air conditioning units would rise by an amount greater than the entire Middle East's electricity use today.
/jlne.ws/3UaNTCc
Global Electricity Demand Is Rising Faster Than Expected, I.E.A. Says; A surge in power use worldwide could make it harder for nations to slash emissions and keep global warming in check.
Brad Plumer - The New York Times
Demand for electricity around the world is rising faster than expected, making it harder for countries to slash their emissions and keep global warming in check, the International Energy Agency said on Wednesday. Over the next decade, the world is poised to add the equivalent of Japan's annual electricity demand to grids each year, driven by surging power needs for new factories, electric vehicles, air-conditioners and data centers, according to the agency's annual World Energy Outlook, a comprehensive report on global energy trends.
/jlne.ws/407SKrM
Mass bird deaths in botulism outbreak are linked to climate crisis; More than 94,000 birds have died at Tule Lake wildlife refuge in northern California, its worst recorded epidemic
Douglas Main - The Guardian
/jlne.ws/3UduznL
A US university has a new requirement to graduate: take a climate change course; UC San Diego has added an innovative prerequisite to 'prepare students for the future they really will encounter'
Katharine Gammon - The Guardian
/jlne.ws/3YriCh0
US Offers EV Battery Parts Maker $671 Million For Georgia Plant; Loan would fund new factory for key battery component; Biden is pushing to create entire US battery supply chain
Ari Natter - Bloomberg
/jlne.ws/3NtxXqY
Nuclear renaissance must still solve for spent fuel
Ross Kerber - Reuters
/jlne.ws/3Y6H4mq
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman's Saudi Arabia CEO Set to Leave After Decade in Role
Matthew Martin - Bloomberg
Goldman Sachs Group Inc.'s top executive in Saudi Arabia is set to leave the bank after nearly a decade running its operations in the Middle East's biggest economy, people familiar with the matter said. Khalid Albdah, chief executive officer of the firm's Saudi operations since 2015, will depart in coming weeks, according to one of the people, who asked not to be named as the information is private.
/jlne.ws/4f7msBa
Investment banking surge at Morgan Stanley solidifies Wall Street revival
David Hollerith - Yahoo Finance
An investment banking surge at Morgan Stanley (MS) solidified a dealmaking revival across Wall Street, as the firm's profits in the third quarter exceeded analyst expectations. Fees from investment banking jumped 56% from a year ago, the largest leap among big banks, to nearly $1.4 billion.
/jlne.ws/3zPYPyl
Morgan Stanley's profit jumps 32% on bumper dealmaking
Reuters
Morgan Stanley's third-quarter profit surged 32%, fueled by a rebound in dealmaking that had also buoyed its rivals, sending its shares up 3% before the market open. The investment bank posted a profit of $3.19 billion on Wednesday, or $1.88 per share, for the three months ended Sept. 30. That compares with $2.41 billion, or $1.38 per share, a year earlier.
/jlne.ws/4eMdxFw
'Signature bites' and free umbrellas: Inside JPMorgan's plan to lure more rich people to its branches
David Hollerith - Yahoo Finance
"Signature bites." Free umbrellas. Library rooms instead of teller windows. These are among the features of a new "financial center" branch concept JPMorgan Chase (JPM) is rolling out in New York City and San Francisco on Wednesday, part of a larger strategy to reach a new band of wealthy customers known as the "mass affluent."
/jlne.ws/3YnLOoS
Jamie Dimon charts JPMorgan expansion plan into Africa
Nupur Anand - Reuters
JPMorgan Chase, the largest U.S. lender, plans to enter Kenya and Ivory Coast this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters. International markets are a growth area for JPMorgan, which has more than $4.2 trillion in assets and operates in over 100 countries. That compares with Citigroup, which does business in almost 180 countries and has the largest global footprint among U.S. banking giants. "We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so," Dimon said by phone from New York on Friday before departing on a trip to Africa. The countries and pace of expansion have not previously been reported.
/jlne.ws/3BFqhPB
How this money manager's one-of-a-kind fund beats the market without Nvidia and other tech stocks; Cambria Investment's Meb Faber tells MarketWatch how he makes shareholders money by owning high-quality, dividend-paying stocks that most investors overlook.
Philip van Doorn - MarketWatch
A money manager might bash competitors or lament the state of the financial-services industry when promoting their own business, but Meb Faber, CEO and co-founder of Cambria Investment Management, had something to say during recent interview with MarketWatch that might surprise you. "This is the best time ever to be an investor," he said, because of how easy it can be to set up a diversified portfolio without spending a lot of money on management and other fees.
/jlne.ws/3BLk1pz
JPMorgan Opens Offices in Kenya, Ivory Coast in Africa Expansion; US lender hires ex-central banker to run business in Kenya; Ex-central banker Montet managed Kenya's foreign reserves
Loni Prinsloo - Bloomberg
/jlne.ws/3YrNuh2
New Zealand Big Bank Bosses Say 'Bring On' Kiwibank Competition; CEOs of four largest lenders speak at INFINZ conference;l Respond to finance minister's criticism of 'cosy' rivalry
Tracy Withers - Bloomberg
/jlne.ws/4dUCywV
Klarna sells loans to hedge fund Elliott to free up £30bn for growth; Firm founded by US financier Paul Singer will take on risks and returns of the 'buy now, pay later' portfolio
Akila Quinio, Costas Mourselas, Ivan Levingston and Robert Smith - Financial Times
/jlne.ws/3YnqlfU
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | JPMorgan CEO Jamie Dimon Says We Shouldn't Put Our Heads In The Sand, 'We Have To Find A Better Way To Help The People Who Get Hurt By AI'
Adrian Volenik - Benzinga
During a recent interview with Bloomberg, Jamie Dimon, CEO of JPMorgan Chase (NYSE:JPM), had a lot to say about technology and artificial intelligence and how these advances could affect people's jobs. With years of experience heading one of the biggest banks in the world, Dimon offered a cautious but optimistic assessment of the ongoing tech boom.
/jlne.ws/401JlSo
Chinese finance professionals switch careers as industry crackdown dims prospects
Samuel Shen and Selena Li - Reuters
Disillusioned Chinese bankers and fund managers are giving up careers in a finance sector where government campaigns and regulation have coloured prospects to the extent that areas as varied as education and even stand-up comedy seem preferable. Tightening scrutiny of trading, financing and dealmaking as well as a slump in stock turnover in a sluggish economy has dried up private equity and venture capital and decimated the market for stock market listings, bringing pay and job cuts.
/jlne.ws/3BJo7yp
Brexit 'disaster' cost London 40,000 finance jobs, City chief says
John O'Donnell, Elisa Martinuzzi and Andy Bruce - Reuters
Britain's departure from the European Union cost London's financial centre about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates. Michael Mainelli said Dublin had gained most, attracting 10,000 positions, while cities such as Milan, Paris and Amsterdam had also benefited from jobs migrating from London after Britain voted to quit the EU trading bloc in 2016.
/jlne.ws/4habY5S
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Quantum computers makes things happen 'like magic'
Daisy Stephens and Sophie Law - BBC News
The development of quantum computers will make everything "happen better", a researcher at a top university has said. A team from Oxford University's department of physics are among researchers from across the world racing to develop quantum computers, which are more advanced than current computers. Dr Christopher Ballance, from the department, said the new technology had the potential to improve many aspects of our lives, from weather apps to drug development.
/jlne.ws/4084D0O
A Fentanyl Vaccine Is a Long Shot That Just Might Work; It wouldn't cure opioid addiction but could prevent a lot of accidental deaths.
Robert Langreth and Lizette Chapman - Bloomberg
Fentanyl is ridiculously cheap and roughly 100 times more potent than morphine. Mexican cartels and other producers of illicit drugs add small amounts of it to cocaine, counterfeit versions of Adderall and other pills, methamphetamine and synthetic cannabis as an extremely cost-efficient filler that hooks customers. In slightly larger amounts-the equivalent of 10 to 15 grains of salt-it stops brain functions that regulate breathing. Fatal overdoses from fentanyl-laced drugs in the US and Canada have increased so rapidly over the past five years that some health officials classify it as an epidemic.
/jlne.ws/400FNQm
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Hong Kong to Ease Mortgage Rules, Cuts Liquor Tax in Growth Push
Kiuyan Wong and Shirley Zhao - Bloomberg
Hong Kong will loosen mortgage rules on homes and slashed the tax on spirits as the government seeks to stimulate an economy impacted by China's slowdown. The maximum loan-to-value ratio for properties will be set at 70% for all homes, the city's leader John Lee said on Wednesday as part of his annual policy address. He also broadened an investment immigration program to include homes as qualified assets.
/jlne.ws/3BIm51w
China to Extend Record Aluminum Output Amid Ample Power
Bloomberg
China's record-breaking run of aluminum output is likely to extend through the rest of the year as supply risks dissipate at a key production base in the south of the country. National output is expected to rise 3% in the fourth quarter from a year ago to 11 million tons, according to Shanghai Metals Market. The forecast assumes that smelters in Yunnan will escape production cuts for the first time in four years due to abundant electricity supplies.
/jlne.ws/3YorAeQ
Vietnam's Vingroup intends to sell stakes in its AI firms to global tech giants including Nvidia: sources; The US AI chipmaker is said to be urging related parties to finalise its acquisition of Hanoi-based VinBrain
Jamille Tran - Business Times
Vingroup, the largest private conglomerate in Vietnam, is in the process of selling its stakes in two artificial intelligence(AI) -focused firms, VinBrain and VinAI. This is according to three sources with knowledge of the matter, who shared the information with The Business Times on condition of anonymity. US AI chipmaker Nvidia is said to be urging related parties to finalise its acquisition of VinBrain, a Hanoi-based company that specialises in AI-powered healthcare solutions, said one source who is involved in the negotiations.
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| Miscellaneous | | Stories that don't quite fit under the other sections | The unexpected return of point-and-click adventures; Titles such as 'Phoenix Springs' are bringing the genre to a new generation
Tom Faber - Financial Times
Iris has a mystery to solve. Her brother has gone missing and there's nobody better to crack the case than her: a brusque, gimlet-eyed reporter straight out of a hard-boiled detective novel. She is the star of Phoenix Springs, a new game with a strikingly original visual style that looks as if it has been screen-printed straight on to your TV. Iris tracks her brother to a university campus where he once worked, and from there the trail gets complicated. You must examine a specific detail of a picture on the wall, inspect some meticulously alphabetised bookshelves, then click on an innocuous projector - twice - in order to progress. In short, stunning graphics, sharp writing and frustratingly oblique puzzles - all the hallmarks of a point-and-click adventure game.
/jlne.ws/4f7By9M
Football Needs to Avoid a Tyranny of the Rich; A dispute between the Premier League and Manchester City has both sides claiming victory.
Matthew Brooker - Bloomberg
The Premier League is a staggeringly successful product. Broadcasts attract a global average of more than 600 million viewers a match, almost double the combined audience for the next two biggest European soccer leagues, Spain and Germany. That's also close to 10 times the number who watched this year's Super Bowl outside the US - the showpiece event of America's most popular sport. With that level of dominance, and the revenue that goes with it, squabbles over money are inevitable.
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