| September 20, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
I had just landed in Charlotte, NC yesterday morning on my way to Bermuda and the WFE's General Annual meeting and I turned off airplane mode on my phone. The first text quickly flashed on my phone with the message, "Ed Tilly has resigned as CEO of Cboe in a scandal, do you want to comment for the newsletter?" No! I said.
I was shocked, saddened and hurt inside for my friend and industry colleague Ed Tilly. After reading the press release, the emotion that emerged was one of anger. Anger not at Ed Tilly for his all too common human moral failing, but for the Cboe board of directors for the harsh way they disposed of a man who gave 35 years to the Cboe and led it through many of its most important contemporary strategic and corporate changes. He deserved much better. Tilly had too much goodwill in the company and industry for the Cboe to send him to the trash heap with a message like that. The harshness was a mistake.
Much will be made of the Cboe's stock rallying 2.75% yesterday amid a down stock market, I believe signifying the exchange's transformation from a shark to bait.
What the Cboe board did yesterday in naming 68-year-old Fred Tomczyk as CEO is to undeniably declare it as an organization in transition, open to a transaction. Instead of naming someone from the deep Cboe bench to the role of CEO, signifying continuity for the Cboe's dynamic growth strategy, they said, wait, we think we need to go in a different direction. That different direction may be someone finally swooping in and buying the Cboe. Or it may just be organizational chaos as it finds a new direction, but in the meantime good people leave the company for one with greater clarity and better opportunities.
Despite the reasons given for the leadership change, the CEO displacement showed deep fissures in the Cboe board about the direction of the company. This message was about more than just naming a new CEO, setting the ethical record straight and moving on from Ed Tilly. I believe the underlying unstated harshness of the press release towards Tilly unfortunately reflected poorly on the new leadership. This press release did not seem to be crafted by the Cboe corporate communications or human resources department; instead it had board of directors conflicts with the CEO about more than relationship indiscretions written all over it.
The question for the Cboe is how fast they are going to get the new team in front of the world and the press to get their message out. David Howson, president, Cboe Global Markets, is scheduled to give a fireside chat at FIA's EXPO. But we need to hear from Tomczyk and Bill Farrow, the new Cboe non-executive chairman. The FIA EXPO would be a great venue for a Cboe press conference to introduce the new leaders. If there was one thing that Tilly was a master of, that was communication. His work at industry press conferences with his team was exceptional. His composure under fire from my best off-the-wall questions were always spot on. Because he was a friend, I hit him harder with questions. I never pulled any punches.
Ed Tilly was a great leader at the Cboe. He helped the exchange transition from open outcry to electronic trading, made the jump from member to staff and then to CEO. He saw the exchange's weaknesses and addressed them in a transformative deal with BATS, leading to a new, younger, more aggressive Cboe. He has led the company into strategic acquisitions in new exchanges, data and analytics and brought incredibly bright people onto the Cboe team. He has continued the Cboe tradition of civic leadership in Chicago and beyond, blazed by former CBOE Chairman and CEO William Brodsky. Cboe has become a truly global exchange group during his tenure.
If the market is right, Fred Tomczyk won't have to worry about fitting into Tilly's shoes for very long. Right now, the Cboe looks like bait for another player. Maybe another Chicago institution led by a former floor trader will finally leave the docks and go fishing.
During my stopover in Charlotte, I talked to Jennifer Hughes of the Financial Times, who asked to talk about the leadership change. She quoted me in the FT article saying this:
"It's a big deal. He was a really good leader for the company," said John Lothian, publisher of an industry newsletter and formerly a futures broker in Chicago. "Ed represented a continuation of the Cboe culture even as that changed when it bought Bats and it became much more aggressive and less of a member-led exchange."
Ralf Roth is starting a new position as managing director, digital assets at BNY Mellon.
Geneva Trading is hiring a new discretionary trader in Dublin, County Dublin. You can view the details for the job HERE.
The next FIA Expo Innovators Pavilion participant FIA included in its countdown on Linkedin is Bond. Bond is an overnight facility for client deposits.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
The U.S. Treasury yesterday released Principles for Net-Zero Financing & Investment. The voluntary principles put the spotlight on best practices in net-zero commitments for private financial institutions. In tandem, leading philanthropies committed $340 million to help financial institutions develop voluntary net-zero commitments. Learn more from the U.S. Treasury website. ~SAED
Our most read stories yesterday on JLN Options were:
- Cboe's CEO Resigns Over Undisclosed Personal Relationships from Bloomberg.
- The Most Popular Options Trade Turns a $1 Investment Into a $1,000 Stock Bet from Bloomberg.
- Chicago is testing its trillion-dollar derivatives cash cow with an eye-watering $800 million tax bill: 'We don't want to leave' from Fortune. ~JB
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Stanford University says it will return all gifts from bankrupt crypto exchange FTX
Ramishah Maruf - CNN
Stanford University said it will be returning gifts it received from bankrupt crypto exchange FTX "in their entirety," after a lawsuit against founder Sam Bankman-Fried's parents alleged the school received millions of dollars in donations. The school said it received the gifts from the FTX Foundation and its related companies "for pandemic-related prevention and research," a Stanford spokesperson said. "We have been in discussions with attorneys for the FTX debtors to recover these gifts and we will be returning the funds in their entirety," the spokesperson said.
/jlne.ws/3t85aB9
***** "We ate all the best chocolates you sent but we're sending the mystery chocolate ones back." ~JB
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AI: the answer to everyday finances? A range of apps link to accounts to assist with spending, saving, debts and more
Martha Muir - Financial Times
Most ordinary consumers don't have access to a personal financial adviser, but a growing number of AI services are promising to change that by offering tools to help spenders track their expenditure and give advice on how best to manage their money.
/jlne.ws/46ko71M
***** John to AI: Should I have a donut for breakfast? AI: No, John, but you should invest in a broad group of stocks of companies that make donuts if you are going to keep eating them.~JJL
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Tuesday's Top Three
Our top clicked item on Tuesday was of course Bloomberg's Cboe's CEO Resigns Over Undisclosed Personal Relationships. Second was our MarketsWiki page for Ed Tilly. And third was The Wall Street Journal's Cboe Stock Closes at New High After CEO Resigns.
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| Lead Stories | Cboe CEO Ed Tilly rose from the trading pit to exit the C-suite in scandal; Executive resigns after probe into undisclosed relationships; Move raises questions about firm's future after global growth
Katherine Doherty - Bloomberg
When Ed Tilly walked onto the Chicago Board Options Exchange floor in 1987 - where trading pits teemed with sweaty men barking orders and flashing signals - the recent college graduate was hooked. More than two decades later, he was running the place, overseeing a spate of deal-fueled expansion that ushered Cboe into the electronic age, transforming it from a small options exchange into a global powerhouse offering everything from the fear index, VIX, to zero-day options. By Saturday, it had all unraveled.
/jlne.ws/3rhETQz
Nasdaq and NYSE fight closest listings contest in five years; Instacart and Arm IPOs boost tech-heavy exchange as market stirs back to life
Jennifer Hughes - Financial Times
Instacart's flotation this week will inch Nasdaq further ahead of the New York Stock Exchange in their closest fight for new listings in five years - less than a week after the bourse's $5bn initial public offering of chip designer Arm put it back in the game at all. Including Instacart's sale of up to $660mn in stock as well as other deals under way, Nasdaq has helped companies raise $9.3bn this year compared with $8bn for NYSE, according to Dealogic data and Financial Times calculations.
/jlne.ws/3RtGv4d
Fund industry braced for SEC crackdown on deceptive product labels; Overhaul would require 80% of a fund's portfolio to match its name
Brooke Masters and Stefania Palma - Financial Times
US financial watchdogs are pushing ahead with a crackdown on deceptive fund names, despite industry warnings that it will discourage stock picking, violate free speech protections and force funds to sell assets at a loss when markets are volatile. Consumer groups say the proposed change, which would require a broad swath of funds to prove that 80 per cent of their holdings match their names, is badly needed to prevent funds from drifting away from their stated purpose. They say investors who opt to buy a fund labelled "value" or "sin stocks" or "small cap" should get exactly what they are paying for.
/jlne.ws/3RsSnne
FTX sues Sam Bankman-Fried's parents over 'misappropriated funds'; Collapsed cryptocurrency exchange's new management claims money was funnelled to pet charitable causes
Joe Miller - Financial Times
FTX has sued the parents of Sam Bankman-Fried, claiming they enriched themselves by siphoning off millions of dollars in "fraudulently transferred and misappropriated funds" from the cryptocurrency exchange their son founded. In a court filing late on Monday evening, the FTX debtors said Joseph Bankman and Barbara Fried, both of whom are tenured professors at Stanford Law School, used their influence to funnel money from the business to their pet charitable causes.
/jlne.ws/3rofLaP
Global debt pile hits record high of $307tn; IIF warns countries will have to allocate more to interest expenses as debt as a share of GDP starts to rise again
Mary McDougall - Financial Times
The world economy's debt pile hit a fresh high in the first half of this year, while borrowing as a share of gross domestic product is rising again after nearly two years of declines, according to the Institute of International Finance. Total debt - spanning sovereigns, corporates and households - rose by $10tn to about $307tn in the six months to June, the IIF said in its global debt monitor report published on Tuesday. The previous peak for global debt was in early 2022, before central banks started aggressively raising interest rates.
/jlne.ws/3LwyJD3
UK regulator pledges to look more deeply into bank account closures; FCA incurs backlash after initial review finds no evidence of politicians being 'de-banked' over their views
Laura Noonan and George Parker - Financial Times
The UK's top financial regulator has promised further work on bank account closures as a fierce backlash erupted over its initial assessment that politicians were not being denied access to services because of their views. The Financial Conduct Authority on Tuesday said that none of the 34 banks, payments companies and building societies it examined had closed a single account "primarily because of a customer's political views" in the 12 months to June 2023. Instead, it found that dormant accounts and concerns about financial crime were the main reasons for closures.
/jlne.ws/3t8aapp
Cboe stock rises as CEO's sudden exit fuels CME merger speculation
Steve Daniels - Crain's Chicago Business
It's a rare sight when a well-regarded CEO resigns abruptly over a controversy and the stock rises on the news. But that's the case with the sudden resignation, announced today, of Cboe Global Markets Chairman and CEO Edward Tilly, who left after an internal probe that uncovered undisclosed "personal relationships with colleagues." The stock, which already had climbed more than 20% so far this year as trading volumes keep topping previous highs, rose 2.75% Tuesday, closing at $155.87 a share. Volume was about 2.8 times its daily average.
/jlne.ws/3EJ2hJI
Cboe chief resigns over undisclosed relationships with colleagues; Edward Tilly to be replaced as boss of Chicago exchange group by board member Fredric Tomczyk
Steff Chávez and Jennifer Hughes - Financial Times
The chief executive of Cboe Global Markets has resigned after the exchange operator said he failed to disclose personal relationships with colleagues. The Chicago-based group said in a statement on Tuesday that the failure by Edward Tilly to disclose the ties "violated Cboe's policies and stands in stark contrast to the company's values".
/jlne.ws/3ELYqeR
Japan's top currency diplomat says Tokyo in close contact with US on FX moves
Tetsushi Kajimoto - Reuters
Japanese authorities are always in close communication with U.S. counterparts on currencies and share a mutual understanding that excessive volatility is undesirable, Tokyo's top foreign exchange official said on Wednesday. Masato Kanda, vice minister of finance for international affairs, speaking to reporters at his office, was responding to the comments by U.S. Treasury Secretary Janet Yellen a day earlier.
/jlne.ws/46aBMJ6
Odey Urged Woman He Groped at Work to Downplay Incident, FT Says
Tom Metcalf - Bloomberg
The latest woman to accuse Crispin Odey of sexual harassment said he groped her and later asked her to downplay the incident to the UK markets watchdog, according to the Financial Times. The woman, the 20th to come forward to the newspaper, said the financier assaulted her in Odey Asset Management's Mayfair office one evening in 2005. After screaming at him, Odey apologized and left, she said.
/jlne.ws/46hMnSj
Hong Kong to scrutinize cryptocurrency regulation after arrests linked to JPEX exchange
Zen Soo - Associated Press
Hong Kong's leader said Tuesday that the territory will scrutinize the regulation of digital assets after police arrested eight people over allegations of fraud at an unlicensed cryptocurrency exchange that impacted more than 1,600 investors and over $150 million in assets.
/jlne.ws/3PUZKCR
FTX sues Sam Bankman-Fried's parents
Allison Morrow - CNN
Bankrupt crypto exchange FTX is suing founder Sam Bankman-Fried's parents, accusing them of siphoning millions of dollars in company funds to enrich themselves and their "pet causes." The lawsuit aims to recover funds that the company claims were "fraudulently transferred and misappropriated" by Bankman-Fried's parents.
/jlne.ws/3PKtDWb
Exclusive-UBS names South Korea, India, others as 'slow' on Credit Suisse approval
Engen Tham and Selena Li - Reuters
UBS has identified at least four countries, including South Korea and India, as being "slow" to grant the regulatory approvals needed to complete its takeover of Credit Suisse, an internal document reviewed by Reuters shows.
/jlne.ws/46j7qUI
Banks scramble to find leaders equipped for today's economic realities
Nicole Goodkind - CNN
A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. Wall Street has a knowledge hole.
/jlne.ws/3ELXneV
FTX sues Sam Bankman-Fried's parents, claiming they received millions in gifts
Lauren Aratani - The Guardian
FTX is suing the parents of Sam Bankman-Fried, two longtime Stanford Law School professors, alleging that the couple inappropriately used company funds to enrich themselves through gifts and donations. The cryptocurrency company, now operating under CEO John Jay Ray III, an expert in helping companies recover after bankruptcy, claims Joseph Bankman and Barbara Fried received funds from their son's company in the form of gifts and donations to specific causes.
/jlne.ws/48kphwh
Leaders in Trading 2023: Outsourced Trading Awards shortlists revealed; Shortlists are based on The TRADE's inaugural Outsourced Trading Survey; winners announced during The TRADE's flagship Leaders in Trading awards ceremony on 8 November.
Annabel Smith - The Trade
The TRADE is delighted to announce the shortlisted nominees for this year's Outsourced Trading Awards, a new category set to be presented at our annual awards gala in November alongside our other prestigious awards.
/jlne.ws/3PJZbeG
Overbond unveils new artificial intelligence-based smart order routing system; The system was developed with both buy- and sell-side partners; offering utilises AI-enhanced routing logic to provide traders with a complete view of order break downs.
Claudia Preece - The Trade
Overbond has launched a new artificial based-smart order routing (SOR) system, following on from the recent launch of its bid-ask liquidity scoring model. The buy-side can utilise the automated process of SOR for online trading specifically, working for best execution through allocating based on price and liquidity. The algorithm also, when needed, has the capacity to determine optimal methods of breaking up (or chunking) a trade.
/jlne.ws/3PK3WF7
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Imprisoned Russian ultranationalist claims Putin's regime is near 'collapse' due to failures in Ukraine and can't be saved
Erin Snodgrass - Business Insider
A prominent Russian pro-war blogger is predicting the downfall of Russia from his prison cell just two months after he was arrested for criticizing President Vladimir Putin as a "cowardly mediocrity." Igor Girkin, a former FSB security operative who goes by the nom de guerre Stelkov, which is Russian for shooter, dictated a doomsday-esque diatribe to his Telegram via his attorney this week, warning that Russia is on the brink of collapse and offering himself up as a uniting force for remaining "patriots."
/jlne.ws/3EN8FzQ
US charges Hong Kong based-Russian with smuggling military technology to Russia
Jonathan Stempel - Reuters
A Russian man who has lived in Hong Kong has been taken into U.S. custody and charged with smuggling large quantities of American-made, military-grade microelectronics to Russia, the U.S. Department of Justice said on Monday. Maxim Marchenko, 51, and two unnamed Russian co-conspirators were accused of using his shell companies to conceal the fraudulent procurement of so-called OLED micro-displays.
/jlne.ws/3LSMSe3
Ukrainian grain ship leaves Odesa despite Russian blockade; The vessel is the first to dock in and set sail from Ukraine since Moscow reneged on international deal
Roman Olearchyk - Financial Times
A cargo ship left a Ukrainian port near Odesa on Tuesday carrying 3,000 tonnes of wheat bound for international markets, despite Russia's ongoing blockade in the Black Sea.
/jlne.ws/3ZF3ZWp
Ukraine Has Gained Ground; But It Has Much Farther To Go.
Thomas Gibbons-Neff and Lauren Leatherby - The New York Times
In June, Ukraine prepared to launch its counteroffensive facing immense risks: Without a decisive victory, Western support could weaken, and Kyiv could face pressure to negotiate a ceasefire.
/jlne.ws/3EJu8tp
How to Make Russia Really Pay for Invading Ukraine
Bret Stephens - The New York Times
Volodymyr Zelensky will visit Washington this week to give thanks to the United States for its generosity - while asking for $24 billion more, which is what the Biden administration is seeking from Congress in additional military and humanitarian aid to Ukraine. That will bring the total amount of American aid to $135 billion, which so far has been $223 million a day since the war began, according to one calculation.
/jlne.ws/3Zpiz3U
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Bursa Malaysia collaborates with Indonesia, Thailand stock exchanges on ESG-linked ecosystem
The Star
Bursa Malaysia Bhd has inked a memorandum of understanding with the stock exchanges of Indonesia and Thailand to explore the establishment of an inter-regional environmental, social and governance (ESG)-linked ecosystem that drives business value creation and fosters sustainable development in Asean. In a statement, Malaysia's stock exchange operator said the MoU marks a significant milestone in enhancing regional cooperation and advancing sustainability in Asean.
/jlne.ws/46g5sV5
Deutsche Boerse announces preliminary results of the acquisition of SimCorp
Deutsche Boerse
After the offer period expired yesterday, Deutsche Boerse today announced the preliminary results for the public takeover of SimCorp. Accordingly, around 94 percent of all shares (excluding treasury shares from SimCorp) were tendered to Deutsche Boerse. The final result will be published no later than September 22, 2023. After publication, the offer will be processed and concluded within a maximum of five days.
/jlne.ws/3F59YdD
Arteche, Axon Partners and Sngular, from BME Growth, nominated for the European Small and Mid-Cap Awards
BME
The awards, promoted by the European Commission, European Issuers and the Federation of European Stock Exchanges (FESE), will be presented in November in Bilbao, Spain Arteche, Axon Partners and Sngular, listed on BME Growth, have been nominated for the European Small and Mid-Cap Awards 2023. These awards, created in 2013 by the European Commission, European Issuers and the Federation of European Stock Exchanges, (FESE), seek to promote best practices and success stories among European small and mid-cap companies.
/jlne.ws/3t1oVum
ICE, Gitterman Asset Management and Accenture Host ICE Climate & Capital Conference to Discuss Emerging Climate-related Challenges and Opportunities
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and operator of the world's most liquid environmental markets, announced that it will co-host the Climate & Capital Conference with Gitterman Asset Management and Accenture on Wednesday, September 20, 2023, at the NYSE, coinciding with New York City's Climate Week. The event will be livestreamed by Fintech.TV. This year's event is centered around three interconnected themes: adaptation, innovation, and regulation ("AIR"). Over the next decade, industry professionals will face increasing exposure to both known and emerging risks, including physical climate risk, biodiversity loss, large-scale human migration, and changing regulatory frameworks. Advances in environmental technologies and new ideas for improving the effectiveness of government policies are likely to shift the landscape still further.
/jlne.ws/3t13z02
JSE Lists Six New AMCs For South African Portfolio Managers
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE) is pleased to announce the listing of six Actively Managed Certificates (AMCs) which will provide investors with access to local and offshore equity strategies. In particular, it is an exciting event to launch Unum Capital's Small and Mid-Cap AMCs which will provide investors with access to local and offshore Small and Mid-Cap shares. This follows the successful listing of the Unum Capital Quadmatic Equity (UUQUAD) AMC, a systematic, rules-based general equity solution in June 2023.
/jlne.ws/3re4F8n
Final Decision for Extension of Trading Hours.
Tokyo Stock Exchange
Tokyo Stock Exchange, Inc. (TSE) has finally decided that the trading hours will be extended in conjunction with the launch of the next generation trading system (arrowhead 4.0) scheduled for November 5, 2024. As a result, the closing time of the afternoon session for arrowhead trading will be extended by 30 minutes to 12:30 - 15:30.
/jlne.ws/48j67qt
Trading schedule on the Moscow Exchange during holidays 2024
The Moscow Exchange has determined the rules for the operation of markets during public holidays in 2024. Trading on the foreign exchange market and the precious metals market, the stock market, the deposit market and the loan market, on the derivatives market, on the market of standardized derivative financial instruments (SDFIs) will be held on official holidays on January 3-5 and 8, April 29 and 30 , 10 May and December 30, 2024.
/jlne.ws/3PM4QBe
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The Salvation of Domain Ownership May Lie in Tokenization, and One Firm Is Pressing Hard to Make This a Reality
Sam Reynolds - CoinDesk
Domains, the gateway to the internet, have been a fairly lucrative source of money making for almost half a century. However, these digital assets have a big problem: their lack of liquidity, which is why one company is trying to tackle this problem with the help of tokenization.
/jlne.ws/3ZEXJOp
Ericsson CEO Says He's the First to Tap a $20 Billion API Market
Rafaela Lindeberg - Bloomberg
Ericsson AB and Deutsche Telekom AG announced a partnership to offer communication and network APIs to developers and enterprises, in what the Swedish company called a milestone in its goal to help operators make money from network investments. The deal will let Deutsche Telekom offer a portal for APIs, which are programs that allow different applications or systems to communicate, from Vonage, Ericsson said in a statement on Wednesday.
/jlne.ws/3RvgzFC
WhatsApp launches in-chat payments service for businesses in India; Parent company Meta seeks to tap its messaging service's biggest market to boost revenue
Chloe Cornish and Hannah Murphy - Financial Times
Hundreds of millions of WhatsApp users in India will be able to pay for products and services through the chat app, as its parent company Meta seeks to generate more revenue from the messaging service in its biggest market. Shoppers from Wednesday will be able to buy products and services from businesses using credit and debit cards, WhatsApp Pay and India's public digital payments network UPI, the company said. Companies will not be charged for the in-app payments but Meta stands to benefit from an increase in businesses using WhatsApp, who pay to message their customers.
/jlne.ws/3Zm739D
FIX Trading Community launches new messaging capabilities for real-time settlement; New message types will support the acceleration of post-trade settlement cycles as the US prepares for its shift to T+1 and other regions assess whether to follow suit.
Annabel Smith - The Trade
The FIX Trading Community has launched a new real-time messaging type aimed at supporting the industry in its shift to accelerated settlement cycles. The four new message types are set to improve operational efficiency and reduce risk with real-time settlement updates. Markets globally are at varying stages of preparation for the shift to accelerated settlement.
/jlne.ws/450ix3y
Britain invites China to its global AI summit
William James - Reuters
Britain has invited China to its global artificial intelligence (AI) summit in November, with foreign minister James Cleverly saying the risks of the technology could not be contained if one of its leading players was absent. "We cannot keep the UK public safe from the risks of AI if we exclude one of the leading nations in AI tech," Cleverly said in a statement on Tuesday.
/jlne.ws/3RtAp3J
Emerging AI risks require vigilance from in-house legal counsel; Privacy and accuracy concerns are front of mind for chief legal officers as companies experiment with the technology
Patrick Temple-West - Financial Times
/jlne.ws/48gndp7
AI is a turbo-charger for the $1.4tn side hustle economy, apparently; The future contains multitudes
Bryce Elder - Financial Times
/jlne.ws/3ZnBlZE
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| Cybersecurity | | Top stories for cybersecurity | German minister faces questions over sacking of cybersecurity chief
Kate Connolly - The Guardian
Germany's interior minister will face a parliamentary committee on Wednesday to answer questions over her decision to fire the country's cybersecurity chief over allegations he had ties to Russia. Nancy Faeser will appear before an interior affairs select committee amid accusations the dismissal was unfounded.
/jlne.ws/3ELhZUH
Recent attacks highlight need for better cybersecurity
Susan Campbell - AZ Family
When you go to the store, you may notice some Clorox products are in short supply. The company says its manufacturing operations are still not up to speed following a cybersecurity attack that was detected last month. Last week, a cyber attack hit MGM Resorts - slot machines went down, as well as the company's computers and phone lines. Ceasar's Entertainment was also hit by the attack. The company said attackers got some customer data, including driver's licenses and social security numbers.
/jlne.ws/45WUa8x
NIST Cybersecurity Framework Overview
Wolters Kluwer
The Securities and Exchange Commission's (SEC) recent decision to require cybersecurity risk management, strategy, and governance disclosures has many audit leaders revisiting their organization's use of cybersecurity frameworks. One common area of confusion is the relationship between the most frequently used IT security frameworks and programs concerning cybersecurity: The NIST Cybersecurity Framework (CSF), NIST 800-53, FedRAMP, and StateRAMP. While all of these are related to the National Institute of Standards (NIST), they each have unique applications.
/jlne.ws/3PqiatF
18 free Microsoft Azure cybersecurity resources you should check out
Help Net Security
Far exceeding a traditional public cloud platform, Azure is a comprehensive suite of over 200 products and cloud services engineered to solve current challenges and pave the way for the future. Whether you're looking to build, run, or manage applications, Azure's extensive offerings span multiple clouds, on-premises setups, and even the edge, allowing you the flexibility to use the tools and frameworks you're most comfortable with. Here's a list of free Azure cybersecurity resources that Microsoft offers to anyone interested in learning.
/jlne.ws/4600OL0
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX Sues Sam-Bankman Fried's Parents for Stealing Millions From the Failed Exchange
Hope C - CoinMarketCap
Debtors of the defunct cryptocurrency exchange FTX have filed a lawsuit against FTX founder Sam Bankman-Fried's (SBF) parents, accusing them of misappropriating millions of dollars through their role in the exchange. Joseph Bankman and Barbara Fried, according to the plaintiffs, used their position inside FTX to profit themselves at the expense of FTX's debtors. They contend that, contrary to SBF's statements, SBF's parents were actively involved in the firm, with SBF describing the FTX Group as a "family business."
/jlne.ws/3t2csqg
FTX sues Sam Bankman-Fried's parents for allegedly 'siphoning' millions of dollars for their 'own personal benefit'
Leo Schwartz - Fortune
In a late court filing on Monday, the bankruptcy estate of FTX sued the parents of founder Sam Bankman-Fried, seeking to recover millions of dollars that it alleges were fraudulently transferred and misappropriated. In the 63-page lawsuit, the estate alleges that FTX was a self-described "family business" despite its appearance as a sophisticated cryptocurrency exchange, that was "fueled by fraud." Allan Joseph Bankman, Bankman-Fried's father, is a top tax law professor at Stanford Law School, and the lawsuit alleges that he played a key role in "perpetuating this culture of misrepresentations and gross management" and in covering up allegations that would have exposed the fraud.
/jlne.ws/44YfQQe
Binance's Bitcoin Trading Volume Plunges 57% as Regulatory Pressure Mounts
Krisztian Sandor - CoinDesk
Bitcoin (BTC) trading volumes on Binance have tumbled this month as lawsuits and regulatory scrutiny mount on the world's largest crypto exchange. According to K33 Research, Binance's 7-day average spot BTC volume is down 57% since the beginning of September versus roughly flat readings at a number of other exchanges. Volumes at U.S.-based competitor Coinbase are higher by 9% over this period.
/jlne.ws/45YswIe
Arguments to free FTX founder Sam Bankman-Fried get rough reception from federal appeals panel
Larry Neumeister - Associated Press
A federal appeals court in Manhattan seemed unreceptive Tuesday to arguments that FTX founder Sam Bankman-Fried should be released on bail before his trial starts in two weeks so he can better prepare for trial. The 2nd U.S. Circuit Court of Appeals heard arguments in Manhattan, and all three judges were dismissive of his lawyer's claims that the First Amendment protects him from a judge's conclusion that his actions while confined to his parents' home in Palo Alto, California, for eight months violated the conditions of his $250 million bail.
/jlne.ws/3PoqcTM
Does Coinbase Have a Diversification Problem?
Daniel Kuhn - CoinDesk
Coin Metrics latest "State of the Network" report takes a deep dive into Coinbase's revenues, a perennially interesting subject for those looking to understand the crypto exchange market in the U.S. According to the latest figures, Coinbase has seen cash inflows diversify away from trading fees, which for years accounted for upwards of 90% of the exchange's revenues.
/jlne.ws/45Pvtux
Justin Sun Pitches Crypto Project That Casts a Shadow Over Huobi
Sidhartha Shukla and Suvashree Ghosh - Bloomberg
Back in June, Justin Sun had a pitch for yield-hungry crypto investors: a new project that promised 5% returns tied to low-risk securities like government bonds. By sheer numbers alone, it appears to be a big hit. In just 2 1/2 months, investments in the product - known as stUSDT - grew to $1.8 billion, a massive amount compared with similar decentralized-finance platforms. But its expansion also added a layer of risk for Huobi Global, the crypto exchange Sun runs.
/jlne.ws/44W2PGN
Ex-Crypto CEO Caught Up in Partying Claims at Bitcoin Conference; Miami crypto partying scene fuels job dispute at trading firm; Former B2C2 CEO Gillespie says allegations are 'pure hearsay'
Yueqi Yang - Bloomberg
/jlne.ws/3rbaAeo
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| Politics | | An overview of politics as it relates to the financial markets | Pro-crypto nonprofit targets lawmakers ahead of SEC showdown
Taylor Giorno - The Hill
A pro-crypto nonprofit is launching an advertizing blitz ahead of a key regulator's anticipated appearance before a congressional committee next week. Dozens of crypto company founders - including Coinbase CEO Brian Armstrong - will also head to Capitol Hill as part of the organization's Stand With Crypto Day on Sept. 27.
/jlne.ws/44YyQOG
Coinbase kicks off grassroots campaign to advance US legislation
Hannah Lang - Reuters
Coinbase, the largest U.S. cryptocurrency exchange, is stepping up its grassroots advocacy campaign in a bid to advance legislation that will provide regulatory clarity for the industry, the company said. A congressional committee in July advanced a crypto bill that would define when a cryptocurrency is a security or a commodity. The industry wants that bill to go to a full vote in the U.S. House of Representatives.
/jlne.ws/469A8Hw
Republican candidates race for Texas oil money; Trump is losing favour among fossil fuel bosses, opening the field for his rivals
Myles McCormick, Alex Rogers and Jamie Smyth - Financial Times
Republican presidential hopefuls are courting wealthy US oil donors as they seek to tap a rich seam of campaign funds that remains up for grabs, reflecting what executives say is a shift in support away from former president Donald Trump. Florida governor Ron DeSantis is leading the charge with a visit on Wednesday to the energy hub of Midland, West Texas, to tout his support for American oil and gas and intention to unpick President Joe Biden's green agenda.
/jlne.ws/3RKY8gj
NatWest's Howard Davies urges BoE to take in 'national interests' over bank capital; Chair of state-backed lender points to US backlash over new global rules
Laura Noonan - Financial TImes
NatWest chair Sir Howard Davies has called on UK regulators to embrace a bank-friendlier approach when setting rules on capital requirements, which would take in "legitimate national interests". Watchdogs at the Bank of England should "carefully" watch the fierce US backlash against hiking capital before finalising their own version of the latest global rules, Davies said on Tuesday.
/jlne.ws/3LwSXwu
Denmark to Resume Own Munitions Production as War Drains Stocks; Nordic country's only ammunition maker closed in 2020; Denmark is boosting defense spending after Russia's attack
Christian Wienberg - Bloomberg
Denmark wants to buy back and reopen its only munition factory, which traces it roots back to 1676, to counter a shortage of supplies due to Russia's war on Ukraine, broadcaster DR reported, citing Defense Minister Troels Lund Poulsen.
/jlne.ws/3LwvECZ
The billionaire who backs Argentina's Javier Milei - but not dollarisation; Airport magnate Eduardo Eurnekian has longstanding links with the libertarian presidential candidate
Ciara Nugent - Financial Times
/jlne.ws/3ENdol4
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| Regulation & Enforcement | | Stories about regulation and the law. | Ex-Deutsche Bank investment banker pleads guilty to crypto fraud
Kanishka Singh - Reuters
A former Deutsche Bank investment banker, who was charged in April with misappropriating funds from investors he wooed with promises of big returns from cryptocurrency trading, pleaded guilty on Tuesday, the U.S. Justice Department said.
/jlne.ws/44W0Dix
Credit Suisse ordered to pay $742.7m in ongoing legal dispute
Investing.com
In a noteworthy development in an ongoing legal dispute, a unit of Credit Suisse has been ordered by a Singaporean court to pay $742.7 million to billionaire Bidzina Ivanishvili on Tuesday. The ruling is based on the court's confirmation that the bank's trust failed to protect its client's assets.
/jlne.ws/453ziuO
SEC will load more charges on crypto exchanges and DeFi, says enforcement chief
Danny Park - Forkast
The U.S. Securities and Exchange Commission will expand its regulatory enforcement beyond Coinbase and Binance.US onto other cryptocurrency exchanges, intermediaries and decentralized finance (DeFi) entities, the agency's head of crypto assets and cyber unit David Hirsch said Tuesday at a forum in Chicago.
/jlne.ws/3LrHy0M
Barr's Battle Over US Bank Capital Rules Looks Lonely; Industry pushes back amid the backdrop of a presidential campaign.
Paul J. Davies - Bloomberg
Banks are never fans of tougher regulation, but they really don't like the overhaul of US capital rules proposed at the end of July by the Federal Reserve and other finance authorities. Lenders and their lobbyists have come out fighting.
/jlne.ws/3Rvfz4k
Crispin Odey urged woman he groped at work to downplay incident to FCA; Financier admits grabbing woman who is the 20th to come forward to the FT with claims of sexual misconduct
Antonia Cundy - Financial Times
Crispin Odey urged a woman he groped at the headquarters of his hedge fund to downplay the incident to the financial watchdog while it considered whether he should retain his regulatory approval as a "fit and proper person". The woman, who is the 20th to come forward to the Financial Times with claims of sexual misconduct against the financier, said she was assaulted by Odey in 2005 when she was an employee at his hedge fund firm. She told Odey Asset Management's longstanding lawyers about the incident during an internal inquiry in 2021, the findings of which were also shared with the UK's Financial Conduct Authority.
/jlne.ws/48oQca2
SEC Charges Investment Adviser Linked to Russian Oligarch Roman Abramovich; Concord Management invested billions of dollars on behalf of its sole client, the SEC says
David Smagalla andRichard Vanderford - The Wall Street Journal
New York-based investment adviser Concord Management and its owner face Securities and Exchange Commission charges for operating as an unregistered investment adviser to a single client, a wealthy Russian with connections to the Russian government.
/jlne.ws/3LrcbDF
SEC Fines Real-Estate Firm CBRE Over Violations of Whistleblower Protections; The settlement is part of a wider SEC sweep into agreements companies ask employees to sign that could contain language preventing the reporting of possible federal securities law violations to the regulator
Mengqi Sun - The Wall Street Journal
CBRE Group agreed to pay a fine to the Securities and Exchange Commission to settle allegations the commercial real-estate investment firm's separation agreements prevented potential whistleblowers from reporting to the regulator.
/jlne.ws/3roho8r
Archegos founder Bill Hwang to face SEC fraud charges over $36B firm's epic collapse
Reuters
A federal judge on Tuesday rejected Bill Hwang's bid to dismiss a Securities and Exchange Commission lawsuit accusing him of fraud that led to the March 2021 collapse of his $36 billion firm Archegos Capital Management. US District Judge Paul Oetken in Manhattan said the SEC plausibly alleged that Hwang and Archegos, which is also a defendant, intentionally concealed the risks they were taking in their bid to illegally manipulate markets and artificially inflate the value of their largest stock holdings.
/jlne.ws/45ZmvuT
CFTC Grants Two Whistleblower Awards Totaling Over $15 Million
CFTC
The Commodity Futures Trading Commission today announced whistleblower awards totaling over $15 million to two whistleblowers who provided significant information and assistance that led the CFTC to bring separate successful enforcement actions. Because the whistleblowers immediately provided reliable information, the CFTC opened the respective investigations shortly after each whistleblower submitted a Form TCR.
/jlne.ws/3PIARdl
SEC Charges California Resident with Multimillion Dollar Ponzi Scheme Targeting Tongan American Community
SEC
The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States.
/jlne.ws/3LwdwJv
SEC Charges CBRE, Inc. with Violating Whistleblower Protection Rule
SEC
The Securities and Exchange Commission today announced settled charges against CBRE, Inc. (CBRE), a Dallas-based commercial real estate services and investment firm and subsidiary of publicly traded CBRE Group, Inc., for using an employee release that violated the SEC's whistleblower protection rule.
/jlne.ws/3PLsTA6
SEC Investor Advisory Committee to Discuss Exempt Offerings and Accredited Investors at September 21 Meeting
SEC
The Securities and Exchange Commission's Investor Advisory Committee will hold a public, in-person, meeting on September 21 at 10 a.m. ET at the SEC Headquarters in Washington, D.C. The meeting will also be webcast on the SEC website.
/jlne.ws/48jAFZl
SEC Charges New York Firm Concord Management and Owner with Acting as Unregistered Investment Advisers to Billionaire Former Russian Official
SEC
The Securities and Exchange Commission today announced charges against Concord Management LLC of Tarrytown, New York, and its owner and principal, Michael Matlin, for operating as unregistered investment advisers to their only client-a wealthy former Russian official widely regarded as having political connections to the Russian Federation.
/jlne.ws/3Pt3tpG
Remarks before the Small Business Capital Formation Advisory Committee
Chair Gary Gensler - SEC
Small businesses make up such an important part of our economy. It's often through a small business that those who have a dream or want to take a risk can make a go for it. That's why it is critical that the capital markets help facilitate capital formation for businesses, small and large-and that our agency helps small businesses navigate the capital raising process.
/jlne.ws/3EJuTmf
Remarks at the Meeting of SEC Small Business Capital Formation Advisory Committee
Commissioner Hester M. Peirce - SEC
From today's full agenda, I would like to focus on smaller venture-capital funds and emerging fund managers, a topic central to the conversation about meeting the early-stage financing needs of small businesses. Asset management should be a dynamic, low-barriers-to-entry industry in which new entrants compete for investor assets alongside their more established peers. Regulation, however, is inhibiting competition and fostering consolidation.
/jlne.ws/44YH6ya
SEC Charges California Resident with Multimillion Dollar Ponzi Scheme Targeting Tongan American Community
SEC
The Securities and Exchange Commission today charged Richmond, California resident Tilila Walker Sumchai with raising approximately $11.8 million from more than 1,000 investors through a fraudulent securities offering targeting members of the Tongan American community across the United States.
/jlne.ws/3rk7CnE
SEC Charges Florida Resident with Operating a $1.8 Million Ponzi Scheme Targeting Haitian American Community
SEC
The Securities and Exchange Commission today charged MFB 111 Investment, LLC and its president, Monise François Bien Aimé, alleging that they fraudulently raised approximately $1,800,000 from at least 170 investors through an unregistered securities offering, targeting members of the Haitian and Haitian American community in South Florida and elsewhere.
/jlne.ws/3PLtpOy
SEC Charges Adviser Who Made Misstatements to Fund Investors
SEC
The Securities and Exchange Commission today announced charges against William E. Miller in connection with misstatements he made to two investors, a charter school and a real estate fund, in Woodstock Capital Partners, L.P. ("Woodstock Partners"), a pooled investment vehicle. Miller solicited investors for Woodstock Partners on behalf of Woodstock Capital, LLC ("Woodstock Capital"), the unregistered investment adviser that managed Woodstock Partners, and Woodstock Master Capital, Ltd. (the "Woodstock Fund"), the master fund into which Woodstock Partners invested all of its assets.
/jlne.ws/451Zk1s
SEC Charges California Resident with Multimillion Dollar Offering Fraud
SEC
The Securities and Exchange Commission announced today that it filed charges against Faiz M. Chowdhury and two entities that he controls, DTI Holdings, Inc. ("DTI") and Quantum Age Corporation ("QAC") (collectively, "Defendants"), for allegedly misappropriating investor funds and perpetrating a multi-year offering fraud, raising over $25 million from more than 50 investors. The SEC's complaint alleges that, since at least 2018, Defendants engaged in a scheme to raise money from investors through a series of material misrepresentations and other deceptive acts. As alleged in the complaint, Defendants told investors they were investing in a global enterprise of groundbreaking, IP-rich, start-up companies, but misled investors about the assets, technologies, and finances of DTI and QAC, as well as Chowdhury's own experience and credentials.
/jlne.ws/46hQk9x
SEC Charges Former SPAC Accounting Consultant with Insider Trading
SEC
The Securities and Exchange Commission today charged Robert Del Prete with insider trading in the shares of HighCape Capital Acquisition Corp. ("HighCape"), a special purpose acquisition company, on the basis of material non-public information relating to its merger with Quantum-Si Incorporated ("QSI").
/jlne.ws/46BKbp9
SEC Charges New York Firm Concord Management and Owner with Acting as Unregistered Investment Advisers to Billionaire Former Russian Official
SEC
The Securities and Exchange Commission today announced charges against Concord Management LLC of Tarrytown, New York, and its owner and principal, Michael Matlin, for operating as unregistered investment advisers to their only client-a wealthy former Russian official widely regarded as having political connections to the Russian Federation.
/jlne.ws/45W42PD
Interactive Brokers pays $832,500 penalty for 'negligent' and 'reckless' conduct
ASIC
Market participant Interactive Brokers Australia Pty Ltd (ACN 166 929 568) (Interactive Brokers) has paid a penalty of $832,500 to comply with an infringement notice from the Market Disciplinary Panel (MDP).
/jlne.ws/48kwa0B
FCA calls on insurers to take action as it publishes latest fair value data
FCA
In letters sent to all insurance firms, the regulator reminded them of its expectations to make sure they're checking their products are providing fair value to their customers. The FCA also identified further evidence that some Guaranteed Asset Protection (GAP) products may be failing to provide fair value to customers.
/jlne.ws/3PLrWru
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Instacart Founder Exits With $1.1 Billion Fortune After IPO
Biz Carson and Natalie Lung - Bloomberg
Instacart co-founder Apoorva Mehta is checking out with a $1.1 billion fortune following the grocery-delivery company's initial public offering. Mehta, 37, who stepped down as chief executive officer in August 2021, relinquished his board position as executive chairman as part of the IPO proceedings to current CEO Fidji Simo, a former Meta Platforms Inc. executive. The transition marks the end of Mehta's 11-year tenure with the company he co-founded in 2012.
/jlne.ws/4500nPH
Only Fund Beating Nasdaq Long-Term Is Defying Stock-Picking Odds; Top manager Baron Capital has beaten index with focused bets; Concentration is usually futile when a few winners dominate
Justina Lee - Bloomberg
For active managers, the math is stark. Out of thousands of mutual funds, literally only one beat the Nasdaq 100 over the last five, 10 and 15 years. It did so by boiling down stock picks to about two dozen companies and riding almost all of them to gains. Ron Baron, the 80-year-old Wall Street veteran who still oversees the fund, says his secret is combining an unwavering faith in entrepreneurs like Elon Musk with just enough paranoia to call firms in his portfolio almost every day to make sure nothing is amiss.
/jlne.ws/455jaZH
Monzo clients rush to sign up for BlackRock offering; New service will offer online retail bank customers access to three multi-asset funds of funds
Ed Moisson and Anna Devine - Financial Times
More than 200,000 Monzo customers have joined a waiting list to use a BlackRock investment offering when it launches in the "coming weeks". Tens of thousands of customers signed up "within hours" of the initial announcement by the UK challenger bank on September 12, with the waiting list growing to 200,000 within two days.
/jlne.ws/3t2GZV3
Basis trade freakout (low key); Why is everyone so worried about Treasury futures?
Financial Times Podcast
Hedge funds are piling into the basis trade - a bet on the difference between the price of Treasuries and the price of Treasury futures - and they are levering up, too. Today on the show, we ask: Are we watching genius at work? And if not, how much is this all going to cost? Also, we go long all the other central banks and short comedians from Sacramento.
/jlne.ws/3RunvCL
Trafigura trims senior team in biggest reshuffle since 2015; Restructure comes as trader posts record earnings but is hit by alleged $590mn nickel fraud
Tom Wilson - Financial Times
Commodity trader Trafigura has restructured its leadership team as it prepares for the retirement of its longtime chief operating officer Mike Wainwright in March. The changes represent the largest reshuffle at the top of the business since its founder Claude Dauphin died in 2015. It follows a period in which the company has reaped record earnings, particularly from its energy trading business, but suffered setbacks elsewhere, including an alleged $590mn nickel fraud by a counterparty in February.
/jlne.ws/3rlbeG5
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How regulators have relinquished their work to corporate executives; Also in today's newsletter, is the World Bank ready to embrace radical reform for blended finance?
Gillian Tett and Simon Mundy - Financial Times
Greetings from New York, where the frenzy around the UN General Assembly and Climate Week is heating up with the arrival of US president Joe Biden and Ukrainian leader Volodymyr Zelenskyy (among others) in New York. However, away from the police motorcades and staged UN speeches, interesting developments are also occurring on the fringe. Take an event I attended at the New York Stock Exchange for the Taskforce on Nature-Related Financial Disclosures. When this initiative was set up a couple of years ago, modelled on the better-known Task Force on Climate-Related Financial Disclosures, it attracted interest mostly from diehard sustainability activists. But this week, when the TNFD unveiled its final recommendations, the NYSE room was completely packed with a crowd of investors, corporate executives and regulators.
/jlne.ws/45Vrpcn
Yellen Pressing Companies on Net Zero Emissions
Giuseppe Macri - Bloomberg Law
Treasury Secretary Janet Yellen unveiled a set of principles she's asking financial companies to follow to lower greenhouse gas emissions. They include establishing credible metrics and assessing the alignment of the firms' clients with their own targets, Christopher Condon reports. The principles are aimed at companies that have already made so-called net zero commitments.
/jlne.ws/3t77U1D
Big Food Runs Greenwash Risks Over Regenerative Farming Push; Agrifood industry has been touting regenerative farming; But most green initiatives lack clear targets: FAIRR study
Agnieszka de Sousa and Dasha Afanasieva - Bloomberg
The food industry's efforts to shift farming away from environmentally damaging practices are being hobbled by the absence of established targets. Many of the world's biggest food suppliers - from Nestle SA and Unilever Plc to Walmart Inc. and PepsiCo Inc. - are pursuing "regenerative" agriculture that seeks to reduce the environmental and social impact of conventional farming approaches. But that revolution, embracing everything from crop rotation and carbon capture to improving water quality and preserving biodiversity, lacks clear goals and a single definition, according to FAIRR, a network supported by investors with total assets exceeding $70 trillion.
/jlne.ws/3t0IVgz
COP28's Biggest Conflicts Are on Display at the UN General Assembly; Declaring the "fossil fuel age has failed," the UN secretary general called for phasing out oil and gas. World leaders don't seem ready to rally behind that.
Zahra Hirji - Bloomberg
As world leaders gathered at the United Nations General Assembly in New York City this week, everyone seemed to agree on one thing: Climate change is among the biggest problems facing the planet. US President Joe Biden walked through a laundry list of climate calamities in his UN speech on Tuesday, and Colombian President Gustavo Petro said climate change "has shown its teeth like never before." In passionate opening remarks, UN Secretary-General Antonio Guterres noted that the world has just survived its hottest summer on record.
/jlne.ws/3Zpi75I
Elements for the First Global Stocktake Outcome
World Resources Institute
This expert note presents suggestions for how the Global Stocktake at COP28 can deliver transformational action to keep the global goal of limiting temperature rise to 1.5 degrees C alive and address the impacts of climate change.
/jlne.ws/3ENjTUI
Singapore Financial Firms Shrunk Gender Pay Gap by Nearly Half
Harry Suhartono - Bloomberg
/jlne.ws/46lGgwv
Carbon Prices Should Be 20-Times Higher, The Two Congos Say; Congo Basin nation presidents speak at UNDP event in New York; Gap in price between voluntary and regulatory market 'unfair'
Michael J Kavanagh - Bloomberg
/jlne.ws/3sXdP9D
An Inside Look at Exxon's White House Push to Subsidize Hydrogen From Gas; Campaign seeks to influence how the IRA rules are hashed out; Company memo lays out plan to target 'key decision makers'
Ari Natter - Bloomberg
/jlne.ws/3LsE5io
Can Europe go green without China's critical minerals? The EU's increasing demand for rare earths is causing problems for policymakers
Ian Johnston, Alice Hancock, Harry Dempsey - Financial Times
/jlne.ws/3Prqc5f
Citigroup and BNP Are Among Banks Exploring $15 Billion Indian Ocean Project; Citi, BNP Paribas, StanChart among banks that have held talks; Indian ocean program to announce $200 million in new funding
Antony Sguazzin and Natasha White - Bloomberg
/jlne.ws/3LuvV9q
Limits on banking permits to also be eased under changes
Heesu Lee - Bloomberg
/jlne.ws/452mrsV
Goldman Sachs in Advanced Talks to Sell GreenSky in Big Step in Consumer Retreat; Bidding group includes Sixth Street, Pimco, KKR
AnnaMaria Andriotis, Peter Rudegeair, and Laura Cooper - The Wall Street Journal
/jlne.ws/3ZrhvN4
COP28 will be a make-or-break moment for climate finance
Grant Harrison - GreenFin Weekly
/jlne.ws/3EJ6q0r
Newsom Commits To Sustainability/ ESG Reporting In California By 2026
Jon McGowan - Forbes (contributor)
/jlne.ws/45WRZ4R
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Raises $14 Billion For Private Equity Secondaries Fund
Swetha Gopinath - Bloomberg
Goldman Sachs Asset Management has raised $14.2 billion for a new vehicle to buy stakes in private equity funds. The US investment firm closed the Vintage IX fund with commitments from institutional investors, high-net worth individuals and Goldman Sachs employees, according to a statement Wednesday.
/jlne.ws/3PILXz0
Citi expands digital asset services with tokenized deposit trial and BondbloX partnership
Investing.com
In a move to further digitize its financial services, Citi has partnered with BondbloX Bond Exchange and launched a tokenized deposit trial program, according to an announcement. The global banking leader is enhancing its digital asset portfolio in an effort to adopt advanced technologies and cater to the evolving needs of its institutional clientele.
/jlne.ws/3Proy3z
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Unions Fight in the States to Make Biden's Climate Agenda Work for Workers; Labor leaders worry that some federal incentives for renewable energy do not come with strict standards on pay. In Maine, they added their own.
Jim Tankersley - The New York Times
President Biden's labor and environmental goals are colliding in the auto industry, where concerns over the electric vehicle transition underpin an autoworkers strike. But in states like Maine, unions and environmental groups have teamed up in an attempt to make a central promise of the president's green agenda come true for workers. Mr. Biden has a favorite phrase when talking about the expansive climate bill he signed into law last year: "When I think climate - not a joke - I think jobs," he said last month at the White House. "When I say climate means jobs, I mean good-paying union jobs."
/jlne.ws/3PMzSsK
Work stress can double men's risk of heart disease, study shows
Megan Cerullo - CBS News
Work-related stress is bad for more than just your mental health, especially if you're a man. While research has long shown that job strain can take a toll on workers' psychological and physical well-being, a new study finds that it actually increases men's risk for heart disease. Job stressors, including heavy workloads, tight deadlines and environments that take autonomy away from workers, constitute job strain that's severe enough to hurt workers' heart health. Putting effort into a job where you don't feel you are appropriately rewarded, a predicament referred to as "effort-reward imbalance," also has serious negative effects on heart health.
/jlne.ws/46ifvcd
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Sepsis often missed as 50% of screening tools don't work, study finds; Research uncovers flaws in two of four tools used by health workers worldwide to diagnose condition
Denis Campbell, Health policy editor - The Guardian
Paramedics and A&E doctors often miss signs of sepsis and two of the four ways health professionals screen for the killer condition do not work, a new study claims. Sepsis, which is often described as blood poisoning, is estimated to be involved in the deaths of about 48,000 people a year in the UK.
/jlne.ws/3Pt8MWd
How Much Do Patients Need to Know About a Potentially Risky Treatment? An unapproved product made from umbilical cord blood was used at a prominent New York hospital. After an F.D.A. warning came an internal complaint: Patients should have been told.
Ellen Gabler, Steve Eder and Allie Pitchon - New York Times
A visiting researcher at NewYork-Presbyterian/Weill Cornell Medical Center was startled when he read the warning from the Food and Drug Administration about a product that had been used in spine surgeries at the esteemed Manhattan hospital. The fluid, derived from umbilical cord blood, was not approved for such procedures, the agency cautioned, and its Idaho manufacturer had been cited for possible contamination problems and inadequate screening of donors, making the product potentially unsafe.
/jlne.ws/44ZckFa
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Brokers Woo Japan's Rich Worth $2 Trillion With Private Debt
Ayai Tomisawa - Bloomberg
Japanese brokerages are planning to offer more alternative assets to the nation's growing number of wealthy investors. Mizuho Securities Co. expects more sales this fiscal year after selling about 15 billion yen ($102 million) of funds focused on private assets in the year ended March 31, in its first 12-month period of making those offerings to wealthy individuals, according to Miho Migita, head of private placement fund development division. The Tokyo-based brokerage is expanding its suite of products such as private credit, which are non-bank loans to borrowers including risky companies.
/jlne.ws/45XKqLb
Shell Suffers Unplanned Outage at Europe's Biggest Refinery; Disruption at Pernis plant could curb production of diesel; Diesel's premium to Brent crude oil is already elevated
Jack Wittels and Bill Lehane - Bloomberg
Shell Plc has been forced to halt a unit at Europe's biggest oil refinery, potentially curbing supply of diesel in a tight market. A gas leak occurred in part of the Rotterdam plant this week, according to a local authority. While the refinery will continue to operate, the halt of what's known as the Hycon unit will complicate production of oil products, particularly diesel. Shell doesn't comment on refinery operations.
/jlne.ws/3ZnXqqS
Banks Open Bond Floodgates for Turkey Inc. and Find Eager Market
Beril Akman and Kerim Karakaya - Bloomberg
A flurry of international debt sales by Turkish banks helped jolt the country's corporate eurobond market into life, as companies seize on investor demand after the government's shift to more orthodox economic policies. In the first corporate offering in nearly a year, household appliances maker Arcelik AS this week issued $400 million of bonds. Four major Turkish banks - Turkiye Vakiflar Bankasi TAO, Yapi ve Kredi Bankasi AS, Turkiye Is Bankasi AS and Turkiye Sinai Kalkinma Bankasi - also sold eurobonds this month.
/jlne.ws/3PrnU69
Russian Diamond Giant Alrosa Stops Sales as Prices Tumble
Thomas Biesheuvel - Bloomberg
Russian diamond miner Alrosa PJSC has taken the almost unprecedented step of halting all diamond sales in an attempt to prop up plunging prices. Diamond demand across the board has weakened after the pandemic, as consumers splash out again on travel and experiences, while economic headwinds eat into luxury spending. However, in recent weeks prices have started to tumble putting pressure on the big miners to reign in supply.
/jlne.ws/3ZpeJrw
Egypt Swaps Out Russian Wheat After Moscow Objects to Pricing; State-owned buyer struck deal below Moscow's price floor; Egypt to source wheat from France and Bulgaria instead
Abdel Latif Wahba and Aine Quinn - Bloomberg
Egypt will switch to sourcing almost half a million tons of wheat from France and Bulgaria, after Moscow blocked the supply of Russian grain, according to people familiar with the matter. Moscow objected to the pricing of the bumper deal, the people said, asking not to be identified as the matter is private. It's the second time in the past few months that the purchase of Russian wheat by Egypt's state-run buyer has been thrown into turmoil as authorities in Moscow try to enforce an unofficial price floor.
/jlne.ws/3sS8j87
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