| December 22, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2022 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Yesterday JLN noted that combining the role of CEO and chairman is somewhat controversial these days, while in the past it was very much standard practice. Our good friends at Nasdaq, where Adena Friedman took on the role of chair in addition to her job as Nasdaq CEO, offered us some perspective on the practice and asked us to share it with our readers.
Nasdaq said, "Nearly half (41%) of U.S. public companies have their current CEO serving as Chair, according to Spencer Stuart Board Index." They also said, "The combined Chair & CEO role is even more prevalent when looking at financial services companies in the S&P 500."
And let's not forget that Nasdaq's three principal U.S. exchange competitors (ICE, CME, and Cboe) all have a combined chair & CEO.
And, to give additional support to Friedman on the board, "Michael R. Splinter has been named Lead Independent Director, an important governance feature that ensures the Board maintains effective oversight of the company, management, and performance," Nasdaq said.
And last, but not least, Nasdaq shared, "Adena becomes the tenth woman CEO in the S&P 500 to take on the combined CEO/Chair role."
Personally, I think if anyone can pull off the role of chairman and CEO with integrity, fairness and good governance, it is Adena Friedman.
If the press wants to interview Sam Bankman-Fried, they won't be headed to the Bahamas any more as he left for New York today where he has a date with a New York judge.
But the big story today is not SBF, but his associates who pleaded guilty to criminal charges. The CFTC also weighed in yesterday with charges against Caroline Ellison, Alameda CEO, and Gary Wang, Alameda and FTX co-founder.
Some used to refer to Chicago as the "Windy City" because of its long-winded politicians. Perhaps that is a benefit to the UK this year as they have switched prime ministers a couple of times. Bloomberg reported that the UK produced a record amount of wind power in 2022, which has eased the need for gas.
As egg prices surge to record highs, sometimes I wish Chicago had a butter and egg exchange.
Cary Musser has joined Citizens Bank as a senior vice president, senior liquidity specialist. He is a former head of strategic asset management for Marex North America. He has also been with Wells Fargo and R.J. O'Brien & Associates
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
++++
++++
Tony Trzeciak at FIA Expo 2022 Talks About Making Sense of All the Data to Trade Better
JohnLothianNews.com
Tony Trzeciak is the CEO of Dialect (dialect.app), which he founded in August of 2021. JLN spoke with Trzeciak at the FIA Expo 2022 in Chicago about creating an analytics model to make sense of data and translate it into better trading and investment decisions.
Watch the video »
++++
How Changing Diets Leave Us Exposed to War, Extreme Weather and Market Turbulence; The convergence of global diets means just three crops provide 50% of the world's calories. When shocks come, they hurt.
Bloomberg News
Bagels in New York. Cakes in Beijing. Instant noodles in Jakarta. Daily habits for billions, yet just a generation or so ago Indonesians would have likely reached for a bowl of rice or the Chinese a sweet potato. A combination of rising incomes, the impact of Western culture and industrial farming focused on specific crops means we are all eating increasingly alike. And that means more of us than ever depend on imported food.
/jlne.ws/3WDQELa
***** Fascinating look at the diets of the world and how they have changed in recent years and the implications of that.~JJL
++++
What this year in crypto has taught us; Saying I told you so is not much use, but the market implosion holds some real lessons
Jemima Kelly - Financial Times
At various points over 2022 - particularly since the collapse of the terra/luna ecosystem in May, and then the FTX exchange in November - people have suggested I take some sort of virtual victory lap for calling out, over several years, the steaming pile of horse manure that is crypto. And I guess I do feel a certain sense of vindication at seeing the market start to implode, having stood my ground against numerous crypto bros telling me to "have fun staying poor". But I have been reluctant to write an "I told you so", because I'm not sure that I really did.
/jlne.ws/3POBVuo
****** Jemima is worth listening to.~JJL
++++
NBA Player Udonis Haslem Claims He Was 'Gypped Out Of $15 Million' As A Result Of His FTX Deal
Samantha Dorisca - AfroTech
Miami Heat player Udonis Haslem claims he's been "gypped" as a result of his FTX deal. As AfroTech previously told you, Sam Bankman-Fried's FTX is now a defunct company. The company was endorsed by familiar names such as Shaquille O'Neal, Stephen Curry, Naomi Osaka, and more - all of whom are now named in a class action lawsuit that is seeking $11 billion in damages.
/jlne.ws/3WweRTs
****** Sometimes taking a piece of the company works, sometimes it does not. A certain Chicago proprietary trader who backed GETCO had the choice of taking cash or a percentage of the firm. He took the cash. The percentage of the firm would have been over $100 million, he said. Sometimes it works, sometimes it does not.~JJL
++++
Wednesday's Top Three
Our top story Wednesday was OCC Announces Two Executive Leadership Promotions: Dan Busby to succeed retiring COO Scot Warren; Mike Hansen to become Chief Clearing and Settlement Services Officer, from the OCC. Second was It's Time for New Yorkers to Mask Up Again, Mayor Adams Says, from The New York Times. Third was the Wall Street Journal's How to Tell if Your Symptoms Are Flu, Covid, RSV or Strep.
++++
MarketsWiki Stats
27,106 pages; 242,093 edits
MarketsWiki Statistics
++++
|
| | | |
| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
| | | Jeff Bergstrom
Editor
| | |
|
| |
|
|
| Lead Stories | Caroline Ellison, Associate of FTX Founder Sam Bankman-Fried, Pleads Guilty to Criminal Charges; The Alameda Research ex-CEO and former FTX executive Gary Wang pleaded guilty for roles in fraud leading to exchange's collapse
Corinne Ramey and Dave Michaels - The Wall Street Journal
Two associates of FTX founder Sam Bankman-Fried have pleaded guilty for their roles in fraud that contributed to the cryptocurrency exchange's collapse and are cooperating with federal investigators. Caroline Ellison, the former chief executive of Alameda Research, a trading firm tied to FTX, and Gary Wang, FTX's former chief technology officer, both pleaded guilty to criminal offenses similar to those Mr. Bankman-Fried was charged with last week.
/jlne.ws/3HSF5LN
****** Here are the Financial Times, The New York Times, New York Post and The Trade versions of this story.~JJL
SEC Heightening Scrutiny of Auditors' Crypto Work; Regulator concerned about cryptocurrency companies overstating audit firms' narrow reports
Jean Eaglesham - The Wall Street Journal
The Securities and Exchange Commission is stepping up scrutiny of the work that audit firms are doing for cryptocurrency companies, concerned that investors may be getting a false sense of reassurance from the firms' reports, a senior official at the regulator said. "We're warning investors to be very wary of some of the claims that are being made by crypto companies," Paul Munter, the SEC's acting chief accountant, said in an interview.
/jlne.ws/3v8ZNPZ
Egg Prices Surge to Records as Bird Flu Decimates Poultry Flocks; While worst outbreak in U.S. history tightens supplies, grocers avert shortages
Jaewon Kang and Patrick Thomas - The Wall Street Journal
Egg prices are hitting records, driven by an avian-influenza outbreak that has killed tens of millions of chickens and turkeys this year across nearly all 50 states. Wholesale prices of Midwest large eggs hit a record $5.36 a dozen in December, according to the research firm Urner Barry. Retail egg prices have increased more than any other supermarket item so far this year, climbing more than 30% from January to early December compared with the same period a year earlier, and outpacing overall food and beverage prices, according to the data firm Information Resources Inc.
/jlne.ws/3YJ0kFV
New York Flags Climate Risks for Banks; Powerful banking regulator puts forward guidance for banks of all sizes to handle climate-related risks
Richard Vanderford - The Wall Street Journal
Banks both big and small should pore over how climate change could impact their business, New York's influential state banking regulator said in a proposal that would heighten risk management expectations for financial institutions. Financial institutions of all sizes-including foreign-based banks with operations in New York-would be expected to evaluate climate risks throughout their business under guidance released Wednesday by the New York State Department of Financial Services. Banks would be called upon to look at climate-related risks when bringing on new clients and when extending credit.
/jlne.ws/3YCWe2h
Suddenly Everyone Is Hunting for Alternatives to the US Dollar
Michelle Jamrisko and Ruth Carson - Bloomberg
King Dollar is facing a revolt. Tired of a too-strong and newly weaponized greenback, some of the world's biggest economies are exploring ways to circumvent the US currency. Smaller nations, including at least a dozen in Asia, are also experimenting with de-dollarization. And corporates around the world are selling an unprecedented portion of their debt in local currencies, wary of further dollar strength.
/jlne.ws/3vb3DYU
Sam Bankman-Fried leaves Bahamas for the US; FTX founder expected to appear in New York court as soon as Thursday morning to face criminal charges
Joshua Oliver and Joe Miller - Financial Times
Sam Bankman-Fried has left the Bahamas for New York after waiving his right to challenge an extradition to the US, where he faces multiple fraud charges over the collapse of the FTX cryptocurrency exchange.
/jlne.ws/3YBXeDL
Former FTX, Alameda execs Gary Wang, Caroline Ellison plead guilty to DOJ charges
David Hollerith and Alexis Keenan - Yahoo!Finance
FTX co-founder and former CTO Gary Wang and former Alameda Research CEO Caroline Ellison have pleaded guilty to charges related to their roles in fraud that contributed to the collapse of FTX, U.S. Attorney Damian Williams said Wednesday night.
/jlne.ws/3FQN35u
Traders' $129 Billion Commodities Exodus Marks a Historic Shift; Sharp daily fluctuations in prices have market players bowing out.
Devika Krishna Kumar and Isis Almeida - Bloomberg
In just one year, investors' bullish exuberance for commodities has turned into a spectacular retreat. It's one of the biggest shifts in sentiment in history for raw materials. This time around, wild price swings have helped spur a rush for the exits that's taken $129 billion out of the global market - a record for any annual period up to mid-December, according to JPMorgan Chase & Co. The latest exodus comes after money poured into commodities in the first two months of this year.
/jlne.ws/3BUMsyD
Did This Couple Steal Billions in Bitcoin?; The historic Bitfinex hack led to charges against a would-be rapper called Razzlekhan and her startup-guy husband. But it was their life online that made them famous.
Gloria Cheung and Katharina Glanz - Bloomberg
In the crypto world, lack of experience isn't always a barrier to fortune or notoriety. Take the 2016 Bitfinex hack, which led to charges against a rapper named Razzlekhan and her startup-guy husband. In this episode of Bloomberg Storylines, we meet Heather Morgan and Ilya "Dutch" Lichtenstein, who are accused of stealing billions of dollars worth of Bitcoin.
/jlne.ws/3YC9FQ1
Where Did FTX's Missing $8 Billion Go? Crypto Investigators Offer New Clues
Mario Duncanson - TIME
Large chunks of the money went to pay off risky bets made by Alameda Research-the hedge fund started by FTX's founder Sam Bankman-Fried. But increasing evidence suggests that the collapse of the highly controversial TerraUSD stablecoin-which some critics likened to a Ponzi scheme-months earlier may have started a chain reaction financial crisis that brought down FTX and Alameda.
/jlne.ws/3WfQDxh
Judge pauses SEC case in alleged NJ deli stock fraud in favor of criminal probe
Rebecca Picciotto - CNBC
A federal judge granted the Justice Department's request to pause the Securities and Exchange Commission's civil case regarding alleged fraud involving a small-town New Jersey deli whose parent company was once valued at $100 million in the stock market. Federal prosecutors had requested earlier in December that the judge postpone the SEC case due to considerable overlap with their criminal litigation. They argued that postponing the civil case would "preserve the integrity" of the prosecution by preventing the defendants from seeing the extent of the government's evidence against them.
/jlne.ws/3HUVsaE
Investors lose billions as Isa fund 'superstars' crash back to earth
Harvey Jones - Express.co.uk
Investors have lost billions of pounds as three "superstar" Isa fund managers have struggled to live up to their stellar reputations. Terry Smith, manager of Fundsmith Equity, Nick Train at Lindsell Train Global Equity, and Tom Slater, who manages the Scottish Mortgage Investment Trust, will all be hoping to do a lot better in 2023. Fundsmith Equity was the UK's biggest selling investment fund last year, making Smith the undisputed star of the asset management world.
/jlne.ws/3Wg9Lv2
India's central bank says cryptocurrencies could spark the next financial crisis
Mimansa Verma - Quartz
The Reserve Bank of India (RBI) has warned that cryptocurrencies could cause the next global financial crisis if allowed to grow, even in a regulated manner. "It (cryptocurrency) should be prohibited, because if it is allowed to grow...say it's regulated and allowed to grow...please mark my words that the next financial crisis will come from private cryptocurrencies," RBI governor Shaktikanta Das said yesterday (Dec. 21).
/jlne.ws/3HZFuMz
Why Is Eating Meat Bad For the Environment and Climate Change?
Rachel Graham - Sentient Media
The devastating effects of climate change are impossible to ignore - sea levels rising, temperatures soaring and extreme weather events of all kinds are now commonplace. Many of the factors that contribute to climate change might be difficult for us to control, but there is one action we can take that has the potential to make a significant difference - we can reduce our meat consumption. Why Is Eating Meat Bad for the Environment? Meat production accounts for 57 percent of the greenhouse gas emissions of the entire food production industry. It also results in widespread deforestation and loss of biodiversity, and each of these means that it significantly contributes to climate change. This is especially true of meat production from factory farming operations.
/jlne.ws/3hDLMa8
Coal, No Longer Shunned, Keeps Europe's Lights on Through Frigid Weather; European demand, especially in Germany and Poland, is one reason why the world is on track for record coal consumption in 2022
Joe Wallace and Karolina Jeznach - The Wall Street Journal
Europe passed its first winter test without Russian energy, keeping the lights on through this month's cold blast. The secret to its success: burning more coal than it has in years. Consuming large amounts of coal represents a difficult choice for European nations that had promised to ditch the carbon-intensive fuel to contain climate change. Russia's cut to natural-gas supplies after invading Ukraine and outages at French nuclear plants have spurred the revival.
/jlne.ws/3Wt8KiS
The UK Produced a Record Amount of Wind Power in 2022, Easing Gas Crisis; Britain has some of Europe's best conditions for wind power; Wind is essential to easing gas crisis, reaching climate goals
Will Mathis - Bloomberg
Britain's wind farms generated a record amount of electricity this year as gusty weather and a growing fleet of turbines softened the impact of soaring natural gas prices.
/jlne.ws/3hFPznj
Wells Fargo Is in Trouble Again; Also Elon Musk on the Elon Markets Hypothesis, Coinbase on crypto regulation, and taxi front-running.
Matt Levine
Oh Wells Fargo
I think often about the time I wrote: If you have U.S. dollars in a bank account at JPMorgan Chase & Co., and I have U.S. dollars in a bank account at JPMorgan Chase & Co., and I want to send you 100 of my dollars, what we do is I tell JPMorgan to subtract 100 from the number of dollars in my bank account and add 100 to the number of dollars in your bank account. This gets dressed up in a lot of procedures, because it would be bad if JPMorgan got the math wrong or if it moved money from one account to another without getting the proper authorizations, but as a matter of, like, computer science, it is dead easy. JPMorgan keeps a list of people and how many dollars they have, and you and I both trust JPMorgan to keep that list (that's what it means that we bank there!), and so we just tell JPMorgan to update the list to reflect the transaction between us.
/jlne.ws/3VqV9ry
Germany Returns to Coal as Energy Security Trumps Climate Goals; Nation increased coal burning for power by 13% from last year; EU, Turkey only major energy users set to boost coal imports
Josefine Fokuhl and Todd Gillespie - Bloomberg
Germany is set to boost its reliance on coal as it battles an unprecedented energy crisis - even at the expense of its ambitious climate goals. Europe's largest economy is burning the fossil fuel for electricity at the fastest pace in at least six years, data compiled by Bloomberg show. It's also poised to be one of the few nations to increase coal imports next year.
/jlne.ws/3jmNlcO
Insurance industry pushes back on US climate risk data demand; Treasury wants underwriting details to assess 'vulnerabilities' to extreme weather losses
Aime Williams - Financial Times
Insurers are resisting efforts by the US government to probe whether hurricanes and wildfires are making insurance unaffordable for American homeowners, as financial regulators sharpen their scrutiny of climate-related risks.
/jlne.ws/3BUQuqy
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Biden task force investigating how US tech ends up in Iranian attack drones used against Ukraine
Natasha Bertrand - CNN
The Biden administration has launched an expansive task force to investigate how US and western components, including American-made microelectronics, are ending up in Iranian-made drones Russia is launching by the hundreds into Ukraine, multiple officials familiar with the effort tell CNN. The US has imposed tough export control restrictions and sanctions to prevent Iran from obtaining high-end materials, but evidence has emerged that suggests Iran is finding an abundance of commercially-available technology.
/jlne.ws/3POELQs
Russia's Draft Patched Holes but Also Exposed Flaws in War Machine; Soldiers mobilized to fight in Ukraine say inadequate training and faulty equipment abound
Thomas Grove - The Wall Street Journal
Yevgeny Chavelyuk recalls receiving a phone call in October telling him to report for duty in Cherepovets, north of Moscow, where he was working at steelmaker Severstal. Within days he was transferred to a military base in Nizhny Novgorod, east of the capital, where he said training mainly consisted of standing for hours on the parade grounds and learning to make a bed.
/jlne.ws/3WhLrJ9
Investors Trapped in Russian Bonds Find Saviors in Kazakh Buyers; Kazakh firms bought Russian government debt at steep discount; Sanctions, other curbs complicated market exit for foreigners
Nariman Gizitdinov - Bloomberg
Kazakh financial firms have been scooping up Russian government debt at a steep discount from investors unable to exit the market because of sanctions and other restrictions imposed after the invasion of Ukraine, according to people familiar with the matter. In recent months, some Kazakh brokerages and banks have been purchasing or making offers for Russian sovereign securities including so-called OFZ bonds, the people said, asking not to be named because the information is private.
/jlne.ws/3BV2h8l
Russia's resources for Ukraine war are unlimited despite 'issues', says Vladimir Putin; President's remarks come amid Kremlin-sanctioned criticism of its armed forces
Anastasia Stognei and Polina Ivanova - Financial Times
Vladimir Putin has hit back at claims the Kremlin has left Russia's armed forces fighting without key equipment, saying the war in Ukraine could be financed without "limits" and ordering the military to be open to criticism as his full-scale invasion of the country nears the 10-month mark
/jlne.ws/3v8wUn6
U.S. Aid Is 'Not Charity,' Zelensky Tells Congress as a Lengthy War Looms; President Volodymyr Zelensky described military assistance for Ukraine as an investment in global security and democracy in the face of Russian aggression.
Michael D. Shear and Zolan Kanno-Youngs - The New York Times
President Volodymyr Zelensky of Ukraine delivered an emotional wartime appeal to a joint meeting of Congress on Wednesday night, telling Americans that "your money is not charity" and vowing that his people would eventually secure an improbable victory against Russia on behalf of all free nations.
/jlne.ws/3WEOivm
Putin's War: The Inside Story of a Catastrophe
Michael Schwirtz, Anton Troianovski, Yousur Al-Hlou, Masha Froliak, Adam Entous and Thomas Gibbons-Neff - The New York Times
They never had a chance. Fumbling blindly through cratered farms, the troops from Russia's 155th Naval Infantry Brigade had no maps, medical kits or working walkie-talkies, they said. Just a few weeks earlier, they had been factory workers and truck drivers, watching an endless showcase of supposed Russian military victories at home on state television before being drafted in September. One medic was a former barista who had never had any medical training.
/jlne.ws/3Gc113r
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe Clear Europe selects former SWIFT executive to replace departing Nagel as president; Cecile Nagel confirmed she would be stepping down from her role as president of EuroCCP - now Cboe Clear Europe - in September.
Annabel Smith - The Trade
Cboe Clear Europe has selected a former SWIFT executive to become its new president following the departure of Cecile Nagel in October earlier this year. Vikesh Patel is set to join Cboe Clear Europe at start of next year, subject to regulatory approval. He joins the clearing house as its president after serving at SWIFT for the last five years, most recently as its head of securities.
/jlne.ws/3YGaPKe
Women in Securities Finance rings closing bell at NYSE
SecuritiesFinanceTimes
Women in Securities Finance (WISF) culminates its five-year anniversary celebration by ringing the closing bell at the New York Stock Exchange (NYSE). Celebrating the milestone, 100 guests - including active members of the group and supportive allies - gathered on the NYSE floor to watch as WISF leaders rang the closing bell to signal the end of the trading day.
/jlne.ws/3WFrZ8L
Cboe Appoints Vikesh Patel as President of Cboe Clear Europe
Cboe
Cboe Global Markets Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced the appointment of Vikesh Patel as President of Cboe Clear Europe, its leading pan-European clearing house. Mr. Patel will join the company in early 2023, subject to regulatory approval. Mr. Patel replaces Cécile Nagel, who stepped down from the role in September this year.
/jlne.ws/3HTZqjT
Unscheduled change in the SDAX
Deutsche Boerse Group
STOXX Ltd., the global index provider of Qontigo, has announced an extraordinary change in the index composition of the SDAX. Uniper SE is deleted from the SDAX because the free float has fallen below ten percent in connection with a takeover. According to the rules of the " Guide to the DAX Equity Indices ", Chapter 5.1.2, the company no longer meets the basic criteria for remaining in the index (free float of at least ten percent).
/jlne.ws/3G9xQxV
NYSE Group Announces 2023, 2024 and 2025 Holiday and Early Closings Calendar
Intercontinental Exchange
NYSE Group, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced today the 2025 holiday calendar and early closing dates for its cash equity markets: New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, and NYSE National, as well as the NYSE American Options, NYSE Arca Options and NYSE Bonds markets. The 2023 and 2024 holiday and early closing dates are also set forth below.
/jlne.ws/3WGV3Nr
JPX Group Moves Toward Carbon Neutrality with Renewable Electricity Supplied by CHANGE THE WORLD and DIGITAL GRID
JPX Group
Japan Exchange Group, Inc. (JPX) announces that from October 2022, its contractor CHANGE THE WORLD Inc. has begun providing JPX Group's offices with 100% renewable energy in collaboration with DIGITAL GRID Corporation. This brings JPX closer to its target of carbon neutrality across the Group by FY2024, as part of the Green Strategy set out in its Medium-Term Management Plan 2024.
/jlne.ws/3Wx5kvo
Notice of corporate action schedule for spin-off
KKR
Change of Constituents; The original company will remain in the KRX Constructions Index; The spin-off company will be added to KRX Constructions Index.
/jlne.ws/3VxYB3H
The first deposit from Yandex Bank is presented on the Finuslugi platform; Yandex Bank joined the personal finance platform Finuslugi of the Moscow Exchange and became the nineteenth partner bank.
MOEX
Especially for Finuslug clients, Yandex Bank has developed the "First" deposit, which can only be opened on the platform's official page. The minimum deposit amount is 100 thousand rubles, the maximum is 10 million rubles. The term of placement of funds is 3, 6 or 12 months. The rate is up to 8.5%. Yandex Bank is included in the register of banks participating in the mandatory deposit insurance system.
/jlne.ws/3jmQGsz
Disciplinary Decision - Offer Of Settlement Credit Suisse Securities (Usa) Llc
TMX
On December 2, 2021, following an investigation conducted by its Regulatory Division, Bourse de Montréal Inc. (the "Bourse") filed a complaint against Credit Suisse Securities (USA) LLC ("CSSU"), a foreign approved participant of the Bourse. This complaint stated the following: Between the period from May 19, 2011 to September 10, 2020, CSSU contravened article 6366 A) (article 3.4 from January 1, 2019) - "Access to Electronic Trading" and article 7403 (article 3.400 from January 1, 2019) - "Application for Approval as an Approved Person" of the Rules of the Bourse (the "Rules"), by providing access to five (5) of its employees, for various periods varying between 45 days and 3,258 days, to the electronic trading system of the Bourse without having obtained the prior approval of the Bourse.
/jlne.ws/3Ge0PAs
Self-Certification: Proposed Amendments To The Rules Of The Bourse Regarding The Three-Month Canadian Bankers' Acceptance Futures (Bax) And Inter-Group Strategy Block Thresholds
TMX
The Rules and Policies Committee of Bourse de Montréal Inc. (the "Bourse") approved amendments to the Rules of the Bourse regarding the minimum volume threshold for block transactions on the Three-Month Canadian Bankers' Acceptance Futures("BAX") during regular hours, as well as the inter-group strategy block thresholds for Short-Term Interest Rate Futures during regular trading hours.
NSE to set up Social Stock Exchange (SSE) as a separate segment
NSE
National Stock Exchange of India (NSE) received in-principle approval from the Securities Exchange Board of India (SEBI) on December 19, 2022, to set up a Social Stock Exchange (SSE) as a separate segment of the NSE. Earlier, Hon'ble Finance Minister, Smt. Nirmala Sitharaman, in her Union Budget speech of 2019-20 had proposed creation of a Social Stock Exchange, under the regulatory ambit of Securities and Exchange Board of India (SEBI) for listing social enterprises and voluntary organizations working for the realization of a social welfare objective, so that they can raise capital as equity, debt or as units like a mutual fund.
/jlne.ws/3GadDbi
NYSE Arca Options: Changes to the maximum number of Complex Strategies
NYSE
NYSE Arca Options: Pillar Updates - Changes to the maximum number of Complex Strategies. On December 22, 2022, NYSE Arca Options (the "Exchange") will change the maximum number of new complex strategies per MPID to 35,000. As per Rule 6.91P-O (g), the Exchange imposes a limit on the maximum number of new complex strategies that may be requested to be created per MPID. Currently the maximum is 25,000. As of today, that limit has been increased to 35,000 new complex strategies per MPID.
/jlne.ws/3Wx8bV8
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Elon Musk Offers Worst Job in Tech; Twitter owner hunts for new CEO, with many strings attached
Laura Forman and Dan Gallagher - The Wall Street Journal
Wanted: Chief executive officer of a flailing tech company who will have no control over that company's product or distribution. Hours: All. No free lunch. Must be willing to suffer public ridicule and disdain from the company's owner. It is not exactly the ad that is going to light up LinkedIn. But it is basically what Elon Musk is searching for in his quest for a new "Chief Twit." Late Tuesday, Mr. Musk said that he will resign as CEO of the social network he bought barely two months ago "as soon as I find someone foolish enough to take the job!" He added that he still plans to run Twitter's software and servers teams.
/jlne.ws/3vaEPjH
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Top Biden cybersecurity adviser to step down
Sean Lyngaas - CNN Politics
One of President Joe Biden's most senior cybersecurity advisers is expected to step down in the next two months, three people familiar with the decision tell CNN.
Chris Inglis, who has decades of government cybersecurity experience, has served as national cyber director in the White House since July 2021.
/jlne.ws/3WkLvrq
Corporate Tech Leaders Untangle Their Cybersecurity Roles
Belle Lin - WSJ
Information technology and cybersecurity chiefs grew closer than ever in 2022, a dynamic allowing for more comprehensive threat mitigation, but raising new questions over responsibilities.
Many executives now say that as their roles around cyber appear to converge, they are working to sort out the dividing lines between their shared security and IT responsibilities.
/jlne.ws/3WDQbZq
Enhancing Your Cybersecurity Posture Without Breaking The Bank
Apu Pavithran - Forbes
"Permacrisis" is defined as an extended period of instability and insecurity. It's a harsh but accurate way to sum up the events of 2022. The geopolitical conflicts, the slowing economic growth and the rising prices all point toward an inevitable truth: The world is heading toward another global recession. Consequently, for businesses to survive, they need to cut corners and reduce their expenses. Sadly, for SMBs, cybersecurity has always been on the lower end of their spectrum of boardroom priorities, and the forthcoming recession will most likely make no change on this front. However, with the number of attacks against SMBs increasing daily, cybersecurity can no longer take a backseat. Recession or not.
/jlne.ws/3jonYHJ
Guardian hit by suspected ransomware attack; Media group urges staff to work from home and avoid accessing shared networks
Alex Barker and Arjun Neil Alim - Financial Times
The Guardian has been hit by a suspected ransomware attack across its offices, prompting the media group to tell staff to work from home this week and avoid accessing shared networks.
/jlne.ws/3PKJS3U
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | FTX says it has $1 billion in cash, as new management team tries to track down funds to pay back creditors
Carla Mozee - Business Insider
Bankrupt crypto exchange FTX has at least $1 billion in cash, new management told creditors at a hearing as they work to retrieve funds from bank accounts. CoinDesk reported on Wednesday that new executives told creditors at a hearing that they have identified more than $1 billion in assets. The hearing was part of bankruptcy proceedings that have been taking place in recent weeks following the company's implosion in early November. FTX has tracked down about $720 million in cash in US financial institutions authorized to hold funds by the Department of Justice. Nearly another $500 million is already being held in US institutions, the report said.
/jlne.ws/3hIHGNM
FTX's collapse mirrors an infamous 18th century British financial scandal
Amy Froide, University of Maryland - The Conversation
In modern capitalism, it seems as if stories of companies and managers who engage in fraud and swindle their investors occur like the changing of the seasons. In fact, these scandals can be traced back to the origins of publicly traded companies, when the first stockbrokers bought and sold company shares and government securities in the coffee houses of London's Exchange Alley during the 1700s. As a historian of 18th century finance, I am struck by the similarities between what's known as the Charitable Corporation Scandal and the recent collapse of FTX.
/jlne.ws/3va0Y1D
Associates of FTX founder plead guilty to criminal charges
Ken Sweet, Rebecca Blackwell and Larry Neumeister - Associated Press
Two of Sam Bankman-Fried's top associates secretly pleaded guilty to criminal charges in the collapse of the cryptocurrency exchange FTX and are cooperating with investigators, a federal prosecutor announced Wednesday as the digital coin entrepreneur was being flown in FBI custody to the U.S. from the Bahamas.
/jlne.ws/3ViypJS
A global drug cartel used Binance to launder millions, the DEA says. Here's how the world's largest crypto exchange is reportedly working with investigators to track them down.
Morgan Chittum - Business Insider
A global drug cartel used Binance to funnel millions of the gang's illicit profits, an ongoing US Drug Enforcement Action investigation alleges. Between $15 million to $40 million has been laundered through the largest cryptocurrency exchange in the world, according to Forbes, citing a search warrant it obtained.
/jlne.ws/3jsfUp6
Caroline Ellison, who has pleaded guilty to fraud in the FTX collapse, left behind a trail of hot takes about crypto, race science, and polyamory. Here are some of the most striking quotes.
Lakshmi Varanasi,Yoonji Han,Cheryl Teh - Business Insider
Following the implosion of cryptocurrency exchange FTX, the world is scrambling to learn more about Caroline Ellison. Ellison was the CEO of Alameda Research, a trading firm that borrowed customer funds from FTX to cover its losses and make risky bets. She was fired when FTX and Alameda Research filed for bankruptcy.
/jlne.ws/3vh44kl
SEC, Ripple get extensions to exclude expert testimony in XRP lawsuit
Timmy Shen - Forkast
The federal judge in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. has granted a joint motion from all parties to extend the deadline for the Daubert Motions that would exclude certain expert testimonies.
/jlne.ws/3hOkjT1
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | One of Crypto's Favorite US Senators Drops Swan-Song Bill on Eve of Retirement
Jesse Hamilton - CoinDesk
Crypto ally U.S. Sen. Pat Toomey (R-Pa.) used one of his final days in office to send a last legislative message on regulating stablecoins. The final stretch of the waning Congress hasn't produced any crypto surprises, and the industry's lobbyists have been standing down, but Toomey decided to introduce a bill as a guide for next year's lawmakers who'll be under pressure to do something about digital assets.
/jlne.ws/3G9ub39
Sen. Boozman wants the SEC and CFTC to sign off on crypto legislation
Leo Schwartz - Fortune
Before November's collapse of FTX, Congress had a chance to pass crypto legislation before the end of the year. Different committees and lawmakers were hungry to implement regulations that would establish guardrails for the turbulent industry, but there was consensus that one bill led the pack: the Senate Agriculture Committee's Digital Commodities Consumer Protection Act, introduced by chair Debbie Stabenow (D-Mich.) and ranking member John Boozman (R-Ark.)
/jlne.ws/3vcyN2i
Russia proposes 30% increase in size of armed forces
Reuters
Russian President Vladimir Putin gave his backing on Wednesday to a plan to boost the size of the armed forces by more than 30% as he said Moscow needed to learn from and fix the problems it had suffered in Ukraine. At an end-of-year conference of Russia's top military brass, Defence Minister Sergei Shoigu proposed beefing up the armed forces to 1.5 million combat personnel from 1.15 million.
/jlne.ws/3YIduTB
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | U.S. SEC heightening scrutiny of auditors' crypto work - WSJ
Reuters
The U.S. Securities and Exchange Commission (SEC) is heightening the scrutiny of the work audit firms do for cryptocurrency companies, a senior official of the regulator told the Wall Street Journal on Thursday. "We're warning investors to be very wary of some of the claims that are being made by crypto companies," said Paul Munter, SEC's acting chief accountant in an interview with the journal.
/jlne.ws/3hLIe5y
Crypto Regulations and Politics: Year in Review (Podcast); The digital-asset industry's mounting losses and bankruptcies are leading to increased calls for stepped-up regulations and laws.
Bloomberg News
Many crypto watchers expected 2022 to be the year that digital-asset regulations expanded. But like so much within the sector this year, things went a bit sideways.
/jlne.ws/3hLG59X
CFTC Charges Alameda CEO and Alameda and FTX Co-Founder with Fraud in Action Against Sam Bankman-Fried and his Companies
CFTC
The Commodity Futures Trading Commission today filed fraud charges against Caroline Ellison, Alameda CEO, and Gary Wang, Alameda and FTX Co-Founder, in an amended complaint filed in the U.S. District Court for the Southern District of New York. The CFTC initially filed this fraud action on December 13 against Samuel Bankman-Fried, FTX Trading Ltd. (FTX), and Alameda Research LLC (Alameda), charging a fraudulent scheme that caused the loss of over $8 billion in FTX customer deposits.
/jlne.ws/3BQkJ27
Federal Court Orders California Precious Metals Firm and Its Owners to Pay $38 Million for Commodity Fraud and Registration Violations
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Central District of California entered a consent order for permanent injunction, monetary sanctions, and equitable relief against Monex Deposit Company, Monex Credit Company, Newport Services Corporation, and their owners Louis Carabini and Michael Carabini.
/jlne.ws/3WvjjSI
Statement of Commissioner Summer K. Mersinger Regarding the Consent Orders of Judgment on Liability against Defendants Caroline Ellison and Zixiao "Gary" Wang
CFTC
Today, the Commission filed an Amended Complaint[1] to add Defendants Caroline Ellison ("Ellison") and Zixiao "Gary" Wang ("Wang") to the Complaint against Samuel Bankman-Fried ("Bankman-Fried"), Alameda Research LLC ("Alameda"), FTX Trading Ltd. d/b/a FTX.com ("FTX Trading") and various subsidiaries, affiliates and related entities, collectively doing business as "FTX.com" or simply "FTX".[2] Both Wang and Ellison played critical roles in perpetrating an international fraudulent scheme that caused the loss of over $8 billion in FTX customer deposits[3] and must be held accountable.
/jlne.ws/3YHL7VH
SEC Charges Caroline Ellison and Gary Wang with Defrauding Investors in Crypto Asset Trading Platform FTX
SEC
The Securities and Exchange Commission today charged Caroline Ellison, the former CEO of Alameda Research, and Zixiao (Gary) Wang, the former Chief Technology Officer of FTX Trading Ltd. (FTX), for their roles in a multiyear scheme to defraud equity investors in FTX, the crypto trading platform co-founded by Samuel Bankman-Fried and Wang. Investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.
/jlne.ws/3BUp707
Sarah ten Siethoff Named Deputy Director of the Division of Investment Management
SEC
The Securities and Exchange Commission announced today that Sarah ten Siethoff has been named Deputy Director of the Division of Investment Management. In addition to serving as Deputy Director, Ms. ten Siethoff will continue serving as the Associate Director of the Division's Rulemaking Office, a position she has held since 2018.
/jlne.ws/3hQ1BdB
SEC Wins $10.2 Million Judgment Against Unregistered Penny Stock Dealer
SEC
On December 20, 2022, Judge Beth Bloom of the United States District Court for the Southern District of Florida entered a final judgment against Justin W. Keener d/b/a JMJ Financial. The SEC's complaint alleged that Keener failed to register as a securities dealer with the SEC, or to associate with a registered dealer, when he bought and sold billions of newly issued shares of penny stock from at least January 2015 through January 2018. Keener obtained the shares directly from issuers after converting debt securities known as convertible notes. By failing to register, Keener avoided certain regulatory obligations for dealers that govern their conduct in the marketplace, including regulatory inspections and oversight, financial responsibility requirements, and maintaining books and records.
/jlne.ws/3Q1L0R3
SEC Charges Issuer, CEO, and Former CTO for $2.6 Million Unregistered Crypto Asset Securities Offering
SEC
The Securities and Exchange Commission today charged Thor Technologies, Inc., David Chin, Thor's co-founder and CEO, and Matthew Moravec, Thor's co-founder and former CTO, with conducting an unregistered offering of securities through an initial coin offering.
/jlne.ws/3PM6DV6
SEC Obtains Final Judgments Against Individual and Entity in Multi-Million Dollar International Fraud Scheme
SEC
The Securities and Exchange Commission announced that it obtained final judgments against Roger Knox and an entity he controlled for their role in an international scheme that generated more than $165 million of illegal sales of stock on the U.S. markets in at least 50 microcap companies. The final judgments impose multiple injunctions against Knox and his entity Wintercap SA and find them liable for over $6 million in disgorgement and prejudgment interest.
/jlne.ws/3WGYTpP
FMA suspends crowdfunding licence of The Property Crowd
Financial Markets Authority
The Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko has suspended the crowdfunding provider licence of The Property Crowd after the entity materially contravened its licensee obligations.
The Property Crowd (TPC) has had financial reporting failures, been deregistered from the Financial Service Providers Register (FSPR) and has had ongoing compliance issues. Consequently, the FMA concluded TPC was likely to materially contravene its licensee obligations, may not be able to effectively perform the services under its licences, and the conditions were satisfied for suspending TPC's licence.
/jlne.ws/3PK49GX
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors lose billions as Isa fund 'superstars' crash back to earth
Harvey Jones - Express.co.uk
Investors have lost billions of pounds as three "superstar" Isa fund managers have struggled to live up to their stellar reputations. Terry Smith, manager of Fundsmith Equity, Nick Train at Lindsell Train Global Equity, and Tom Slater, who manages the Scottish Mortgage Investment Trust, will all be hoping to do a lot better in 2023. Fundsmith Equity was the UK's biggest selling investment fund last year, making Smith the undisputed star of the asset management world.
/jlne.ws/3Wg9Lv2
Pummeled Pot ETFs Face Worse Ahead After Senate Banking Letdown; Pot stocks part of 'speculative bubble' that popped, says Sohn; Cannabis ETFs suffered sharp drawdowns since early December
Peyton Forte - Bloomberg
Cannabis ETFs endured steep losses this year alongside other risky bets, but the onslaught accelerated in December after a regulatory disappointment. Both the $467 million AdvisorShares Pure US Cannabis ETF (ticker: MSOS) and $1.4 million Roundhill Cannabis ETF (WEED) are down nearly 50% from Dec. 5 highs after rallying on an end-of-year push by Senate lawmakers to attach a marijuana banking bill to a must-pass government funding package, which ultimately failed. MSOS, the largest pot exchange-traded fund, lost $7.4 million of assets in its latest session, the biggest outflow since April.
/jlne.ws/3ViKMpF
Morningstar CEO's message to meme stock investors
Brian Sozzi - Yahoo!Finance
The meme stock frenzy may have died down from its fever-pitch levels during the COVID-19 pandemic, but there continues to be a wide swath of supporters for companies that are far from fundamentally sound and trade with heightened volatility. To that end, Morningstar CEO Kunal Kapoor has a reminder to the growing retail investor community still playing stocks such as AMC (AMC), GameStop (GME), and Bed Bath & Beyond (BBBY) in the hopes of quick and easy gains: Please use extra caution and think about long-term investing approaches.
/jlne.ws/3hP9v71
Japan's Yield Curve Control Is a Tool Worth Keeping; The Bank of Japan unsettled markets by raising its cap on bond yields, but this policy has still proven more successful than many of the experiments attempted by central banks since 2008
Jon Sindreu - The Wall Street Journal
Like a heavy power drill, the Bank of Japan's policy of capping bond yields seems to be difficult to use without cracking the wall. Unlike many of the tools tested by central banks since 2008, though, it may be worth keeping in the box.
/jlne.ws/3HXHQeW
Huge Winter Storm Upsets US Air Traffic and Threatens Commodities; High winds and snow target Chicago, while cold grips Texas; New York and East Coast could get flooding along the coast
Brian K Sullivan - Bloomberg
A monster winter storm is driving frigid weather across the Great Plains and Texas and threatening livestock there, while airline disruptions are mounting during the busy travel period. Snow, blizzard, freezes and flood warnings and advisories now stretch from Washington state to Maine and down to the Gulf of Mexico coast. The first major US winter storm and arctic blast has descended as millions take to the road and air before Christmas.
/jlne.ws/3PK4HN1
Carlyle: the buyout pioneer in need of a CEO; Struggle to find new chief executive comes as rising interest rates spell tougher times for private equity
Antoine Gara and Kaye Wiggins and Harriet Agnew -Financial Times
When Carlyle went public in 2012, it was blessed with the ideal economic backdrop and an impressive record but there was one notable absence: a formal succession plan for the co-founders who had made the firm one of the buyout industry's pioneers.
/jlne.ws/3Wvmh9O
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Two Indicators: The fight over ESG investing
Mary Childs, Wailin Wong, Keith Romer and Sam Yellowhorse Kelser - WBEZ Planet Money
Fifteen years ago, ESG (Environmental, Social, and Governance) investing was in its Wild West era. Few companies tracked or released data on the social or environmental impact of their operations, or even bothered to keep track in the first place. But since then, ESG investing has become the hot topic in the financial industry. By making investment choices that emphasize social and environmental responsibility alongside profits, money managers claim to put their morals on the same level as their bottom lines.
/jlne.ws/3YBLD7H
Towards a net-zero future - Act Now; The UN Campaign for Individual Action
United Nations
To preserve a livable climate, greenhouse-gas emissions must be reduced by half by 2030 and to net zero by 2050. Bold, fast, and wide-ranging action needs to be taken by governments and businesses. But the transition to a low-carbon world also requires the participation of citizens - especially in advanced economies. ActNow is the United Nations campaign for individual action on climate change and sustainability. Every one of us can help limit global warming and take care of our planet. By making choices that have less harmful effects on the environment, we can be part of the solution and influence change. Use the app to log your actions and contribute to the global count.
/jlne.ws/3YH4YUO
New Study Says World Must Cut Short-Lived Climate Pollutants as Well as Carbon Dioxide to Meet Paris Agreement Goals; Cutting only CO2 emissions, but failing to rein in methane, HFCs and soot, will speed global warming in the coming decades and only slow it later this century.
Phil McKenna - Inside Climate News
Climate policies that rely on decarbonization alone are not enough to hold atmospheric warming below 2 degrees Celsius and, rather than curbing climate change, would fuel additional warming in the near term, a study published Monday in the Proceedings of the National Academy of Sciences concludes. The study found that limiting warming in coming decades as well as longer term requires policies that focus not only on reducing emissions of carbon dioxide, but also of "short-lived climate pollutants"-greenhouse gases including methane and hydrofluorocarbons (HFCs)-along with black carbon, or soot.
/jlne.ws/3Wx0I8y
A New Shell Plant in Pennsylvania Will 'Just Run and Run' Producing the Raw Materials for Single-Use Plastics; In company emails, Shell executives admit "we do have questions to answer" about the plastic waste the company's new plant will produce over its 30-year lifespan.
James Bruggers - Inside Climate News
Internal documents unearthed by congressional Democrats reveal an apparent moment of candor two years ago from Shell public relations executives discussing their company's environmental responsibilities related to the massive plastics manufacturing plant they were building 30 miles northwest of Pittsburgh.
/jlne.ws/3HWvrIm
2022: A Tumultuous Year in ESG and Sustainability
Andrew Winston - Harvard Business Review
It was another tumultuous year for humanity and business. Inflation, supply chain problems, the first war in Europe in 80 years, and much more came together to challenge us all. The existential challenges we face - which the business community is increasingly being asked to help solve - got worse this year. We experienced climate-change-driven extreme weather: with record heat waves in Europe, India, and the earth's poles; sprawling fires in the U.S.; and the shocking summer floods in Pakistan that covered one-third of the country. In the largest context of all - how many people live on this planet - took a symbolic step forward as we hit 8 billion people. (And no, the fusion energy breakthrough will not save us all).
/jlne.ws/3Vj65Hp
5 Takeaways on the State of ESG Investing; ESG investing is hot. But what does it actually deliver for society and for shareholders?
Kellogg Insight
Based On Insights From Aaron Yoon. For the past several years or so, major funds, managers, and institutional investors have been stocking their portfolios with investments in firms that claim to be engaged in positive environmental, social, and governance (ESG) activities.
/jlne.ws/3YGOT1x
Does Every Little Bit of ESG Integration Help?; A new report calls into question the future of ESG integration.
Harald Walkate - Sanford Social Innovation Review
Since it was launched in 2006, thousands of corporations and organizations have signed the "Principles for Responsible Investment" (PRI), committing to "incorporate ESG issues into investment analysis and decision-making processes," more commonly known as ESG integration. In that time, ESG integration has been enshrined in thousands of pension fund and asset manager ESG policies, while regulations such as the EU Sustainable Finance Disclosure Regulation (SFDR) now require the practice of financial market participants. This has come at significant expense: ESG integration requires resources (most PRI signatories have dedicated ESG teams with as many as 80 specialists), data (most signatories work with one or more external data providers with the global annual market estimated at $1-2 billion), and training & education (many PRI signatories have sent their staff to ESG conferences or have worked with PRI or other organizations to train their staff on ESG concepts). The effort and expense associated with ESG integration is impossible to calculate, but my back-of-the-envelope guestimate would be in the range of $50-100 billion.
/jlne.ws/3HSCstp
The new top House Republican overseeing markets isn't as 'anti-ESG' as some in GOP want
Tim Mullaney - CNBC
The incoming Republican leader of the House Financial Services Committee, North Carolina's Patrick McHenry, told executives at the recent CNBC CFO Council Summit in Washington, D.C., that he will focus on oversight of new SEC climate disclosure rule, but he pushed back against being branded as anti-ESG.
/jlne.ws/3VhklR5
The Boom Times for ESG Debt Looks Over as Scrutiny to Cap 2023 Sales Recovery; Exponential growth of past decade set to end this year; Greater scrutiny, lack of greenium to limit sales outside Asia
Priscila Azevedo Rocha, Ayai Tomisawa, David Caleb Mutua, and Greg Ritchie - Bloomberg
The gold rush for greener debt may be over. Global sales of ethical debt are set to suffer their first drop this year, as volatility and higher rates deter borrowers. Next year may see a slight recovery, yet arrangers and analysts aren't predicting a return to the exponential growth of the past decade that turned a fringe concept into a $5.6 trillion asset class.
/jlne.ws/3PLWLuw
Understanding ESG Ratings and How to Measure for Them
EisnerAmper
With an alphabet soup of ESG standards and no final word yet from the SEC on their proposed disclosure rules it's really easy to get confused. It's normal to ask, what do I need to measure? Do I need to measure everything? And to feel completely overwhelmed. Listen in as Lourenco Miranda, Managing Director, Danielle Barrs, Director, and Charles Waring, Partner, of EisnerAmper's ESG and Sustainability services discuss what you really need to measure and give some tips on how to do it.
/jlne.ws/3jjTwhQ
Predictions for ESG in 2023: Stronger regulations and intensifying competition will fail to end sustainable investing boom
Will Paige - Insider Intelligence
The predictions: The rise of environmental, social, and governance (ESG) investing has continued in 2022 due to surging consumer demand which is helping to accelerate uptake among banks and money managers. We take a look at what the next year could hold for sustainable finance and ESG.
/jlne.ws/3hRjfxD
Climate disinformation back to denying it exists, says UN's Melissa Fleming
GZERO
People are a lot more worried about climate change than they used to be. And they are also very concerned about disinformation related to climate. "We're seeing a disturbing spike in disinformation around climate change," Melissa Fleming, the UN's Under-Secretary-General for Global Communications, says during a Global Stage livestream conversation hosted by GZERO in partnership with Microsoft.
/jlne.ws/3YKlUK4
Shipping Industry Balks at Green Energy Transition; Shipowners order greener vessels but are deterred by limited fuel supplies, costs and the long route to emissions targets
Costas Paris - The Wall Street Journal
Ocean shipping is making its biggest energy transition since switching to oil from coal decades ago, but the shift to low- or no-carbon fuels so far has been messy. Shipowners are split on which fuel should be the new industry standard and how soon they can recoup investments to meet environmental targets established by governments and industry regulators. The price tag on investments needed in new ships, alternative fuel production and other infrastructure has been pegged at $3 trillion over the next few decades, according to shipping-services provider Clarksons.
/jlne.ws/3VbSEJq
JPMorgan Announces New Climate Targets Covering Aviation, Cement; The largest US bank also includes iron ore and steel companies in latest plan to meet emissions-reduction goals.
Alastair Marsh - Bloomberg
JPMorgan Chase & Co. is upping its climate ambitions, announcing a slew of new emissions reductions targets for its financing to carbon-intensive businesses, including airlines and cement manufacturers.
/jlne.ws/3joqr4X
Bond Traders Push EU Rebels Into Deals They Long Rejected; Surging yields raise costs of EU defiance for Hungary, Poland;l Nations are moving closer to unfreezing billions in EU funds
Maciej Onoszko and Marton Kasnyik - Bloomberg
In the span of 18 hours last week, years of rigid intransigence from the European Union's two most rebellious nations melted away. First Hungary and then Poland agreed to take steps to address shortcomings in their democracies in exchange for billions of euros of funding that the EU is withholding.
/jlne.ws/3YxQ2Z8
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Two equity bankers lose their Morgan Stanley broker licenses - U.S. regulator
Saeed Azhar and Chris Prentice - Reuters
Two Morgan Stanley (MS.N) equity syndicate bankers, Pawan Passi and Charles Leisure, are no longer listed as registered brokers at the Wall Street firm, according to industry regulator FINRA's website. Passi, a managing director at the bank, was no longer registered as a broker with the Financial Industry Regulatory Authority (FINRA) as of Dec. 16. His FINRA profile includes a disclosure about a pending customer dispute that alleges "misrepresentation with respect to block trading" in 2021.
/jlne.ws/3FMMda2
Unscheduled change in SDAX
Press Releases - Qontigo
Qontigo's global index provider STOXX Ltd. has announced an unscheduled component change in the SDAX index. In connection with a takeover, the free float of Uniper SE has dropped below ten percent and the company will be deleted from the SDAX. According to the "Guide to the DAX Equity Indices", section 5.1.2, the company no longer meets the basic criteria required to remain in the index (minimum free float of ten percent). SFC Energy AG will replace Uniper SE in the SDAX index. This change will become effective on 27 December 2022.
/jlne.ws/3WgUXMt
Wells Fargo Shares Keep Rolling; Despite the bank's regulatory settlement this week, the stock remains among the least-bad performers in the sector
Telis Demos - The Wall Street Journal
The stagecoach rumbles on. Wells Fargo WFC 0.34%increase; green up pointing triangle's settlement with the Consumer Financial Protection Bureau, over issues related to mortgages, auto loans and deposit accounts, is a big number: $3.7 billion. For shareholders, another number to pay attention to is what will change in earnings. Wells said this week it now expects a $3.5 billion operating loss expense in the fourth quarter.
/jlne.ws/3WH8ixH
Citadel, Other Hedge-Fund Winners in 2022 to Return Some Profits to Clients; Gains mark sharp divergence with growth-oriented funds that have stumbled badly
Juliet Chung - The Wall Street Journal
Citadel expects to return about $7 billion in profits to its clients on the back of what is expected to be its most profitable year ever, said people familiar with the firm, highlighting the banner year some hedge funds have had even as others nurse deep wounds. Citadel's flagship fund gained about 32% for the year through November, benefiting from bets across the firm's strategies, the people said. The firm plans to return some profits from all four of its funds in early January but still expects to start 2023 with more than $50 billion in assets under management, one of the people said.
/jlne.ws/3FFRaBq
The Two-Word Mantra That Changed Bank of America's Risk Culture; Being No. 1 in trading or dealmaking requires taking chances the bank would rather avoid.
Katherine Doherty - Bloomberg
At the time, the two words seemed like a passing thought. Bank of America Corp. Chief Executive Officer Brian Moynihan uttered them seven years ago as he outlined plans for the bank after settling a slew of financial-crisis-era probes and lawsuits. But the words have come up again and again, including on 30 consecutive earnings calls. Moynihan repeated them 12 times in US Senate testimony in September, and his lieutenants invoke them whenever they address the public. The mantra is "responsible growth." It means that "market share is not the only thing," says Moynihan. What's more important is profitable market share and profitable customers, he says. "It's customers that stick with you. That's responsible growth."
/jlne.ws/3Ga4nDU
Cathie Wood's Ark sheds almost $50bn in assets since 2021 peak; Flagship innovation strategy represents 'canary in the coal mine' for regime shift in markets, says Morningstar
Harriet Agnew - Financial Times
Cathie Wood's Ark Investment Management has lost almost $50bn in assets from its stable of exchange traded funds since its 2021 peak, highlighting the scale of this year's losses in speculative tech stocks.
/jlne.ws/3jno8z3
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | Nasal Vaccines Are Here; Now they're being used in China. But do they work?
Katherine J. Wu - The Atlantic
Since the early days of the coronavirus pandemic, a niche subset of experimental vaccines has offered the world a tantalizing promise: a sustained slowdown in the spread of disease. Formulated to spritz protection into the body via the nose or the mouth-the same portals of entry most accessible to the virus itself-mucosal vaccines could head SARS-CoV-2 off at the pass, stamping out infection to a degree that their injectable counterparts might never hope to achieve.
/jlne.ws/3WAYWDn
Fact check: Belief COVID-19 vaccines are not effective comes from misinterpreted data
Nate Trela - USA Today
The latest data shows people vaccinated for COVID-19 make up about 60% of those dying from the disease, according to the Kaiser Family Foundation. Those findings, highlighted in a Nov. 23 Washington Post article, became fodder for vaccine skeptics who said it proved the vaccines did not protect people from COVID-19. "This is what happens when you rush ineffective and dangerous vaccines," wrote the author of a Nov. 23 Substack post. The post was shared more than 1,000 times in 12 days according to social media analytics tool CrowdTangle.
/jlne.ws/3jnAibd
China Market's Trading Plunges as Covid Keeps Investors at Home
Bloomberg
Trading in China's stocks has plummeted to the lowest in more than two months as investors deal with fast-spreading Covid infections, squeezing time and attention from portfolios. Stock exchange trading value in Shanghai and Shenzhen fell for a seventh consecutive session on Tuesday to 642 billion yuan ($92.1 billion), the longest losing streak since at least 2010 as traders call in sick. Several equity fund managers contacted by Bloomberg this week were infected or recovering from the virus.
/jlne.ws/3YCa2dn
China Is Likely Seeing 1 Million Covid Cases, 5,000 Deaths a Day
Bloomberg News
China is likely experiencing 1 million Covid infections and 5,000 virus deaths every day as it grapples with what is expected to be the biggest outbreak the world has ever seen, according to a new analysis. The situation could get even worse for the country of 1.4 billion people. This current wave may see the daily case rate rise to 3.7 million in January, according to Airfinity Ltd., a London-based research firm that focuses on predictive health analytics and has been tracking the pandemic since it first emerged. There'll likely then be another surge of infections that will push the daily peak to 4.2 million in March, the group estimated.
/jlne.ws/3PJ2j9j
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Albanese plan has 'dealt a blow' to east coast gas supply
Samantha Hutchinson - Financial Review
A federal government plan to lower energy bills by capping the price of gas and coal has been attacked as a heavy-handed and "radical" move that puts at risk more investment beyond Senex Energy's decision to pause its $1 billion expansion plan in Queensland. A day after the NSW Parliament passed coal price-capping legislation that functions as a central plank of the federal government plan, energy and gas players have blasted the legislation as rushed and damaging to the country's prospects for new supply.
/jlne.ws/3GegSyy
'Ice thaws, but slowly': Experts optimistic on China trade
Gus McCubbing - Financial Review
Foreign minister Penny Wong's meeting with her Chinese counterpart Wang Yi demonstrates China is ready to rebuild its relationship with Australia and will provide clear air for trade and investment, according to business figures. The chairman of the Business Council of Australia's global engagement committee, Warwick Smith, described Senator Wong as a "consummate diplomat" who, alongside Australia's ambassador to China, Graham Fletcher, had steered the nation's relationship with China back on track.
/jlne.ws/3jigCW1
Hong Kong property developers mourn demise of 'coffin homes' boom; Slump reflects the waning fortunes of HK as the gateway to a China wracked by coronavirus
FT Opinion
Dwellings the size of parking spaces have proliferated in overcrowded Hong Kong since the 1950s. These are referred to politely as "nano apartments" while subdivided flats have the grim nickname "coffin homes". Despite this, they have been popular with cash-strapped Hong Kongers. A rare downturn here is a warning for local developers.
/jlne.ws/3GmkAGt
Dark Christmas Signals Tough Times for a Prosperous City in Hungary
Andrew Higgins - The New York Times
Its fortunes lifted by a huge German-owned auto plant, the largest city in northwestern Hungary has unusually high wages, virtually no unemployment and a deep pool of voters who, grateful for their relative prosperity and well-funded municipal services, support Viktor Orban, the country's long-serving nationalist prime minister. So it came as a shock at the start of Advent in late November - only seven months after national elections in which the city, Gyor, gave Mr. Orban's governing Fidesz party a thumping majority - that the city's annual Christmas market, usually dazzling with festive lights and laser shows, opened in near darkness.
/jlne.ws/3WiLBjv
Deloitte fined by UK watchdog over SIG audit work; Firm and one of its partners ordered to pay more than £1mn for failures in 2015 and 2016 audits
Akila Quinio in London and Michael O'Dwyer - Financial Times The UK accounting watchdog has ordered Deloitte and one of its partners to pay more than £1mn for failures in its audits of insulation and construction group SIG six years ago. The Financial Reporting Council said on Thursday it had fined Deloitte £906,250 and handed audit partner Simon Manning a £36,250 penalty. It also ordered the auditors to pay £120,000 to cover costs of the investigation, which was launched in 2018.
/jlne.ws/3VkaiL9
|
| | | |
|
| Miscellaneous | | Stories that don't quite fit under the other sections | Sotheby's Auction Sales of Wine and Spirits Hit Record $150 Million in 2022
Fang Block - Barron's
Sotheby's sales of wine and spirits-which excludes private sales and retail sales in this category-achieved a record US$150 million in 2022, a 14% increase from last year's high of US$132 million. The solid performance reflects both the growing interest in this collecting category and the auction house's push to reach more potential buyers. It hosted 69 auctions of wine and spirits throughout the year, up more than 30% from 2021, Sotheby's said.
/jlne.ws/3PLGtlk
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2022 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
