| May 24, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
My nephew Andrew Lothian, whose musical stage name is Wallace Tallman, has produced a lyric video version of the "Dear Marjorie" song he wrote and performed. The backdrop to the video is our family home in Williams Bay, Wisconsin, then down to the lakefront where the piers are still stacked up for the winter, then along the southwest shoreline of Williams Bay. He ends up at a location known to many as simply "Big Rock." The video was produced by a high school friend of Andrew's, Keegan Snyder, a frequent video collaborator. You can watch the video on YouTube HERE.
The CME Group reported that open interest across WTI-linked futures has surpassed 500,000 contracts, attesting this to the global significance of U.S. oil. The CME also said open interest in Argus-settled contracts has also increased 49% year-to-date, crediting the inclusion of U.S. oil into the Dated Brent pricing mechanism.
The Federal Reserve is tracking all of us, using an Elon Musk tool to do so. According to Bloomberg, the Fed is tracking credit and financial market sentiment to help forecast changes in the stance of monetary policy with a new index built from 4.4 million tweets. It is called the Twitter Financial Sentiment Index and it uses natural language processing on Twitter and can help estimate next-day stock-market returns, according to a paper expected out this month.
Reuters reports that Binance commingled customer funds and company revenue, citing insiders. Binance blasted the Reuters report as "desperate," according to a CoinDesk story. Some of the mystery appears to be evaporating from Binance, it seems, or not, depending on who you believe.
The U.S. Securities and Exchange Commission on Tuesday shut down an alleged Ponzi-like scheme which raised $62 million from investors for a sham cannabis business. Let's just say the SEC blunted this scam.
Bloomberg has a provocative story titled "What If AI Makes All of Us Dumb?" To which I reply, "What?"
The global Covid-19 pandemic is over, right? However, Covid is still killing one person every four minutes amid a decline in the vaccine rate, Bloomberg reports. The virus is less threatening to most of the population, but it remains very dangerous to vulnerable people and under-vaccinated countries.
In case you missed the 2023 NFA Town Hall Webinar, you can read the transcript HERE.
Good guy and long time industry professional Steve Chivers is starting a new position as Institutional Prime Services at ADM Investor Services.
The Wall Street Journal reports Netflix is cracking down on password sharing for its streaming platform and that only one household can watch per account. That means you and your college student kids can't watch Netflix at the same time. It might be highly unlikely those hours would coincide anyway.
I am glad to see there are other Ray Stevenson fans among the JLN readership besides me. The story about his passing in Variety was tied for the third most read story of the day.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The top three stories in JLN Options yesterday were: Retail Investors are in Love with Same Day Options and Modernizing Market Infrastructure: OCC on Reaching a Key Milestone in its Journey to the Cloud and The White House has warned stocks will plunge 45% and a deep recession will strike in the 3rd quarter if the US defaults. ~JB
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SMALL CAPS TELL US MORE. The Russell 2000 Index provides live index tracking data, with historical performance dating back to January 1984. Academic and practitioner research confirms that large-cap stocks behave differently to small-cap stocks and performance is variable. There are sub-periods during which the Russell 1000 outperforms the Russell 2000 and vice versa. Quarterly performance assessments provide valuable datapoints for understanding market sentiment and US economic activity. Read now: Russell 2000 Index Quarterly Chartbook Q1 April 2023 (ftserussell.com)
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FCA finds young investors are more likely to have long-term goals in mind when dating than when investing
FCA
New research from the FCA has found that young investors think longer-term and are less influenced by social media when dating compared to their investing behaviours. The findings come a week before the FCA hosts an event alongside Celebs Go Dating's Anna Williamson and a panel of money and dating experts. The event will bring young investors together and encourage them to adopt the same principles when investing as they do when dating.
/jlne.ws/3IFeEZH
***** It is amazing the power oxytocin, dopamine, and serotonin have on your long-term goals.~JJL
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Don't treat crypto like gambling - even if it is largely pointless; Governments are struggling with the question of how to regulate the sector to protect investors
Helen Thomas - Financial Times
Even the heat of Miami can't warm a crypto winter. The faithful descended on Florida last weekend for the world's "biggest bitcoin event". Only half as many made the journey as in 2022. Some of the buzz and meme coins were gone. So was the sense of indestructibility, after a year in which some of the crypto world's biggest names cratered and US agencies launched a slew of enforcement actions in the sector.
/jlne.ws/3q9i1ln
***** Good article by the always readable Helen Thomas.~JJL
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Bank Stocks Are the New Meme Stocks: 'You Can Create Real Panic'; Shares of banks such as PacWest used to be too boring for active traders. That was before March.
Gunjan Banerji - The Wall Street Journal
This is the year that bank stocks became meme stocks. Shares of banks such as PacWest have seesawed wildly since March. Bad news, including lost deposits, has sent them spiraling. Good news, like hints of greater government support, has sent them soaring. The sharp turns have been exaggerated by the same forces that turbocharged GameStop and AMC a couple of years ago: the lightning-fast spread on social media of both fact and rumor, strong interest from individual investors and the use of options and other tools that can amplify the impact of trades.
/jlne.ws/427jndz
****** I am not sure I want some Gamestop in my bank stock, even if I do own some.~JJL
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Around 50% of prop trading firms are considering leaving European markets due to Mifid complexity, Acuiti report finds; The new report found that only 12% of respondents polled believe that the new regulatory regime correctly reflects the prudential risks firms pose
Claudia Preece - The Trade
Almost half of proprietary trading firms are considering the move out of the EU or UK to avoid regulatory hurdles, according to the report, which also found that a quarter of the firms are looking at potentially giving up their Mifid II licenses and exiting European markets altogether.
/jlne.ws/3ot85Te
****** This is called bluffing through a survey.~JJL
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Tuesday's Top Three
Our most clicked story Tuesday was Chicago's new Mayor Brandon Johnson is already bad for business, an opinion piece from the New York Post. Second was MarketWatch's If you invested $1,000 in this one stock just 10 years ago, you'd be $575,000 richer. Can you guess what it is? The answer might surprise you. Third was a tie between Ray Stevenson, Actor in 'Punisher: War Zone,' 'RRR' and 'Thor' Films, Dies at 58, from Variety, and Iosco calls on global regulators to be faster and bolder on crypto markets, from the Financial Times.
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MarketsWiki Stats
27,328 pages; 244,894 edits
MarketsWiki Statistics
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| Lead Stories | Cboe prepares for European stock market listings grab; US trading venue operator to take on Euronext and Deutsche Borse for IPOs
Nikou Asgari - Financial Times
Cboe Global Markets is planning to start trying to lure companies to list on its markets in Europe, aiming to reverse a trend that has seen many companies desert the continent for the US. The group, which runs the largest pan-European share trading venue, is preparing to take on companies like the London Stock Exchange, Euronext, Nasdaq and Deutsche Borse, which dominate the market for primary listings. Cboe is aiming to launch listings in the coming weeks, from a base in Amsterdam.
/jlne.ws/45rMkDM
EU sticks with post-Brexit clearing trade deadline despite objections; Brussels insists on wresting lucrative business from London as derivatives houses fear threat to stability
Sam Fleming and Jim Pickard - Financial Times
Brussels has rebuffed industry calls to rethink its plan for grabbing lucrative clearing business from the City of London, saying it needs to proceed to ensure robust markets in Europe. Mairead McGuinness, the financial services commissioner, defended the EU strategy to build up euro-denominated clearing, saying this proposal was vital to the bloc's "financial resilience".
/jlne.ws/3WtzrFm
Five banks broke competition law over UK government bonds, watchdog says; Provisional CMA finding shows gilt traders exchanged sensitive information on pricing and strategies
Yasemin Craggs Mersinoglu - Financial Times
Five of the world's largest banks broke UK competition law by sharing sensitive information when trading British government bonds in the five years after the global financial crisis, according to the country's competition regulator. A small number of traders at Citigroup, Deutsche Bank, HSBC, Morgan Stanley and Royal Bank of Canada unlawfully shared sensitive information, including on pricing and strategies, in chatrooms on Bloomberg terminals, according to a provisional finding published by the Competition and Markets Authority on Wednesday.
/jlne.ws/45vKxOj
Almost 200,000 Job Cuts in Tech Pushes New Grads to Wall Street; With prominent companies culling workers and cutting pay for new hires, more young workers are reconsidering finance jobs.
Paulina Cachero and Misyrlena Egkolfopoulou - Bloomberg
Not long ago, tech seemed to promise more than virtually any other industry - more freedom, more perks and, for the lucky ones, more money. That made the calculus for young professionals easy. Forget 100-hour weeks. In tech, employees could work less for the same paycheck.
/jlne.ws/3WtrUX3
'SEC Has No Intention' of Providing Clear Rules for Crypto: Coinbase
Andrew Asmakov - Decrypt
Coinbase accused the U.S. Securities and Exchange Commission (SEC) of deliberately ignoring its petition for adopting clear rules for the crypto industry, even though the decision has not been made public. In its latest filing to the Third Circuit of the U.S. Court of Appeals, Coinbase also pointed to public comments previously made by SEC Chair Gary Gensler, saying that "the SEC's and its Chair's words and actions leave no doubt of the agency's plans."
/jlne.ws/3MvlYbl
Crypto's aversion to anti-money laundering standards is only hurting itself
Slava Demchuk - Forkast
Money laundering has always been one of regulators' biggest concerns that has held back the evolvement of the crypto industry. To alleviate these concerns, there needs to be a greater collaborative regulatory effort among jurisdictions across the globe. Recently at a meeting held by the Financial Action Task Force (FATF), over 200 jurisdictions agreed in principle that establishing and following standards to combat financial crime is of utmost priority. But adopting FATF standards globally remains a challenge.
/jlne.ws/43pRiPU
What Form of Magic Will Keep Citadel Happily Ensconced in Chicago?
Rich Miller - River Cities' Reader
From Illinois law: "No unit of local government shall levy any tax on stock, commodity, or options transactions." That statute has long been targeted for elimination by the Chicago Teachers Union and its allies. The CTU reliably shuns any proposal to increase property taxes across the board, instead pushing often-times "magical" solutions as alternatives. It's one way the union has maintained its popularity among Chicago voters.
/jlne.ws/3MT2HlC
U.S. Treasury Sanctions North Korean-Owned Binance Wallets; Says Entities Used Funds to Support WMD Programs
Elizabeth Napolitano, Amitoj Singh and Nikhilesh De - CoinDesk
U.S. officials on Tuesday sanctioned a swath of crypto-holding wallets with alleged ties to the North Korean government, according to a statement from the Treasury's Office of Foreign Assets Control (OFAC). The blacklisted wallets - which contained bitcoin, ether, Tether's USDT and Circle's USDC - belonged to an individual named Sang Man Kim, a 58-year-old North Korean citizen, OFAC alleged. The wallets were hosted by crypto exchange Binance.
/jlne.ws/45sW00L
Credit Suisse managers' 2022 bonuses cancelled or cut by Swiss government
Reuters
Credit Suisse senior managers will have their outstanding bonus payments for 2022 either cancelled or reduced following an order issued on Tuesday by the Swiss Finance Ministry. The order affects the top three levels of Credit Suisse management and follows the multi-billion franc state rescue of Switzerland's second biggest bank.
/jlne.ws/41YF9QN
Heat Wave and Blackout Would Send Half of Phoenix to E.R., Study Says
Michael Levenson - The New York Times
If a multiday blackout in Phoenix coincided with a heat wave, nearly half the population would require emergency department care for heat stroke or other heat-related illnesses, a new study suggests. While Phoenix was the most extreme example, the study warned that other cities are also at risk. Since 2015, the number of major blackouts nationwide has more than doubled.
/jlne.ws/3qdUCyU
No way to police all cryptocurrency fraud, CFTC commissioner says
Luc Cohen - Reuters
A top U.S. regulator said on Tuesday there is no way to police all cryptocurrency fraud because there is so much, though her agency is working on several big cases. Christy Goldsmith Romero, one of five commissioners at the Commodity Futures Trading Commission (CFTC), said cryptocurrency cases account for about 20% of the agency's portfolio, including recent civil cases against the exchanges Binance and FTX.
/jlne.ws/3OCO0o7
Acuiti Avelacom Insight Report Q2 2023 - A Quarter Of Global Proprietary Trading Firms Considering Giving Up Mifid II Licenses And Leaving European Markets
Mondovisione
Proprietary trading firms in Europe are considering giving up their Mifid II licenses and/or moving operations outside the continent in order to mitigate the impact of new capital and other Mifid II-related rules, the latest Acuiti Proprietary Trading Management Insight Report has found.
/jlne.ws/3BTqZFO
JPMorgan accuses US Virgin Islands of harboring Jeffrey Epstein for two decades
Jonathan Stempel - Reuters
JPMorgan Chase & Co on Tuesday sought to shift blame for failing to snuff out sex crimes committed by the late Jeffrey Epstein, accusing the U.S. Virgin Islands of harboring and shielding the disgraced financier as he abused young women and girls over two decades.
/jlne.ws/3osAwke
Bitcoin HODLing Has Never Been More Popular
Lyllah Ledesma - CoinDesk
Investors are hanging onto their bitcoin (BTC) longer than ever - HODLing in industry parlance - according to data from Glassnode. The proportion of BTC that's been held for at least a year has climbed to a record 68%, Glassnode data shows, while 55% of bitcoin has been held for at least two years and 40% for three years.
/jlne.ws/45qYqgA
Credit Suisse Withdraws Appeal Over AT1 Writedown, Court Says
Hugo Miller - Bloomberg
Credit Suisse Group AG withdrew an appeal over the writedown of AT1 bonds by Switzerland's banking regulator, a Swiss court said. Credit Suisse had argued that the wipeout of the junior debt, part of an emergency rescue and takeover by UBS Group AG, should not apply to so-called contingent capital awards made to some bankers because they were not issued by the lender itself "but awarded instead by other group companies to their respective employees," the Swiss Federal Administrative Court said on Tuesday.
/jlne.ws/43pQWsy
JPMorgan Says U.S. Virgin Islands Failed to Stop Jeffrey Epstein; Bank alleges in new court filings that the U.S. territory's government took gifts and funds from the convicted sex offender
David Benoit - The Wall Street Journal
JPMorgan Chase, facing allegations it enabled the crimes of Jeffrey Epstein, claimed on Tuesday that the U.S. Virgin Islands' government protected the convicted sex offender at his private compound. The bank's filing is the latest twist in a legal fight that has helped reveal Epstein's connections to JPMorgan and how he used cash and accounts to operate.
/jlne.ws/3qdVQKw
FSB Europe Group Discusses Risks To Financial Stability, Including Recent Banking Sector Stress, DeFi And Climate Change
Financial Stability Board
The Financial Stability Board (FSB) Regional Consultative Group for Europe met today in London. The group discussed global and regional financial market developments and financial stability risks arising from decentralised finance (DeFi) and from climate change. Members discussed the challenging outlook for financial stability, including recent stress in the banking sector.
/jlne.ws/3OAVdoA
Russia Extends US Reporter's Detention on Spying Charges; Court orders Gershkovich held for three more months to Aug. 30; American journalist was arrested in March in Yekaterinburg
Bloomberg
A Moscow court on Tuesday extended the detention of Wall Street Journal reporter Evan Gershkovich by another three months on allegations of espionage, in a case that's stoked tensions between Russia and the US. Gershkovich, 31, will remain in custody until Aug. 30, the Lefortovo court ordered in response to a request by investigators at a closed-door hearing, the Interfax news service reported.
/jlne.ws/43i7EcY
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Anti-Putin Russians say they launched a cross-border attack from Ukraine. Here's what we know
Rob Picheta and Nathan Hodge - CNN
The images are arresting: Russian fighters aligned with Ukraine crossing the border into Russia's Belgorod region, seizing a checkpoint and sowing confusion and anger in Moscow. Residents of the settlements under attack in Russia's Belgorod region have been resettled in other areas as authorities continue "clearing the territory" after the cross-border incursion that launched in Ukraine, regional governor Vyacheslav Gladkov said on Tuesday.
/jlne.ws/3ICKxSM
Russia pleads with India for help avoiding financial black list, warning oil and weapons deals are at risk, report says
Filip De Mott - Business Insider
Russia is asking for India's support to avoid getting on a black list that would further isolate Moscow from global finance, Bloomberg reported. The pressure comes as the Financial Action Task Force - an intergovernmental group focused on combating money laundering and terrorist financing - prepares for a June meeting, during which members could implement restrictions on Russia.
/jlne.ws/3oBaKtX
Wagner Chief's Feud With Russian Military Cracks Putin's Image of Control; Prigozhin's public criticism of Moscow's generals and defense minister reveals strains in the mighty leadership structure the Russian president built
Yaroslav Trofimov - The Wall Street Journal
The owner of Russia's Wagner paramilitary organization, Yevgeny Prigozhin, stood amid the ruins of the conquered Ukrainian city of Bakhmut on May 20 and unleashed a tirade against his foes. Their names: Sergei Shoigu, Russia's minister of defense, and Valeriy Gerasimov, Russia's top general.
/jlne.ws/43oIERv
Russian Indicted in U.S. Lobbies for Freedom Through a Prisoner Swap; Bitcoin exchange operator, facing money-laundering charges, pushes to be part of any deal that could free WSJ reporter Evan Gershkovich
Louise Radnofsky and Dustin Volz - The Wall Street Journal
A Russian citizen facing U.S. money-laundering charges is mounting a campaign to be included in any prisoner exchange between the two countries that could free detained Wall Street Journal reporter Evan Gershkovich. The effort is similar to a playbook used by Viktor Bout, the convicted Russian arms dealer who won his freedom in a prisoner swap after public pressure for a deal.
/jlne.ws/3Wuk3Zo
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Tradeweb to use trading platform data to launch closing prices for European government bonds in partnership with FTSE; Closing prices will be created for Euro-denominated nominal bonds issued by Austria, Belgium, Finland, European Union, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal and Spain.
Annabel Smith - The Trade
Tradeweb and FTSE Russell have set out plans to collaborate over benchmark closing prices for European government bonds. The Tradeweb FTSE Euro Government Bond Closing Prices will be calculated in accordance with the EU benchmark regulation. Tradeweb will be the calculation agent - using data from its dealer-to-dealer trading platform - and FTSE Russell will be the benchmark administrator.
/jlne.ws/3q9lvUZ
Q2 2023 Options Update
Chicago Mercantile Exchange
Options has started off 2023 from a strong position, with 360M contracts traded and ADV of 5.6M making for a record quarter. In addition to this overall options growth, we have seen a number of records across the Options complex with Weekly Options experiencing continued momentum hitting a record weekly ADV of 1.44M for Q1 2023. Equity Index and Interest Rates also reached records of 1.3M and 3.8M concurrently.
/jlne.ws/3OBZ8Bv
Open Interest Across WTI-Linked Futures Surpasses 500,000 as Global Significance of U.S. Oil Grows
Chicago Mercantile Exchange
CME Group, the world's leading derivatives marketplace, today announced that open interest across its suite of WTI-linked futures, which include WTI Houston (HTT), WTI Midland (WTT) and Mars (YV) spread futures contracts, surpassed 500,000 contracts on Friday, May 19, 2023. Average daily open interest in the Argus-settled contracts has also increased 49% year-to-date as the inclusion of U.S. oil into the Dated Brent pricing mechanism begins.
/jlne.ws/433TQmW
ICE Marks Latest Evolution for Brent as Midland Joins the Largest and Most Liquid Oil Contract in the World
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that ICE Brent, the largest crude oil futures and options market in the world, has undergone its latest evolution with the addition of Midland WTI into the Brent basket, creating a new Midland exposure for the oil market to manage. ICE Brent withstood the volatility across markets in 2022. Liquidity has consistently grown through 2023 with open interest up 31% since the start of the year at over 5 million contracts and ADV of approximately 1.2 million contracts. Brent options represent the primary crude oil options market in the world in terms of open interest and volume. This month, Midland-origin WTI crude became an additional deliverable grade into the Brent basket creating a link between the price for U.S. Gulf Coast (USGC) Midland barrels and the settlement of ICE Brent futures.
/jlne.ws/3MsIfGZ
Investortools Adds ICE's Streaming Evaluated Bond Prices to the Investortools Dealer Network in Perform
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today announced that its streaming Continuous Evaluated Pricing (CEPâ„¢) for fixed income securities will now be available on the Investortool's Dealer Network (IDN) in Perform, offering institutional investors and private wealth managers streaming evaluations and related trading analytics to help drive trading strategies and investment decision-making.
/jlne.ws/45uNsXu
The Tel-Aviv Stock Exchange Reports the Results of the Financial Statements for the First Quarter Of 2023
The Tel Aviv Stock Exchange Ltd.
Ittai Ben Zeev, CEO of TASE, said today: "We are opening the year with strong results in the quarter, including record figures in revenues, profits and EBITDA, and continued organic revenue growth. We moved forward with the implementation of TASE's strategic plan, among others, by integrating innovative technologies and developing products that strengthen our direct engagement with the public, and by continuing to foster and develop future revenue engines.
/jlne.ws/3MU8ur8
NYSE Member Firms Report First Quarter Results
New York Stock Exchange
New York Stock Exchange member firms that conduct business with the public reported a first-quarter 2023 after-tax profit of approximately $6.9 billion and revenues of approximately $97 billion, compared with approximately $7.7 billion after-tax profit on revenues of about $53 billion in the first-quarter of 2022.
/jlne.ws/3IEstHI
TMX Group and Clearstream announce plans to launch new Canadian Collateral Management
TMX
TMX and European post-trade services provider Clearstream join forces to launch Canadian Collateral Management Service (CCMS). Exclusive domestic tri-party repo capability to increase liquidity and minimise exposure risk. Platform launch planned for third quarter of 2023
/jlne.ws/3IyKMhF
Candidate for Director of Japan Securities Clearing Corporation
Japan Exchange Group
Japan Exchange Group, Inc. (JPX) hereby announces that its subsidiary Japan Securities Clearing Corporation has nominated a candidate for director to be put forth for approval at the Annual General Shareholders Meeting to be held on June 14, 2023.
/jlne.ws/3oqeRJr
Nasdaq announces semi-annual changes to the OMX Helsinki Benchmark Index
Nasdaq
Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Helsinki Benchmark Index, (Nasdaq Helsinki: OMXHB), which will become effective at market open on Thursday, June 1, 2023.
/jlne.ws/45FwLJ5
Shanghai International Energy Exchange has released its Announcement of Market Makers for Futures and Options
Shanghai Futures Exchange
Shanghai International Energy Exchange has released its Announcement of Market Makers for Futures and Options as follows:
/jlne.ws/45wnNNV
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | FlexTrade adds artificial intelligence functionality to FlexTRADER EMS; New offering will help simplify the interaction between traders and their trading technology platform, while also aiding pre-trade decision-making and speeding up workflow.
Wesley Bray - The Trade
FlexTrade Systems is set to launch artificial intelligence-driven (AI) functionality within its multi-asset solution FlexTRADER EMS. FlexTrade stated that the new interface layer is designed to revolutionise how trading teams interact with their data and trading technology solutions.
/jlne.ws/3MsNdU9
Symphony and Euroclear's Taskize to join software offerings to boost post-trade landscape; Inter-company workflow business, Taskize, is being integrated into the Symphony platform in a bid to speed up both front and back-office processes
Claudia Preece - The Trade
Markets' infrastructure and technology platform Symphony and Euroclear's workflow platform, Taskize plan to enhance post-trade operations by allowing real-time collaboration between front office users of Symphony and operations teams using Taskize.
/jlne.ws/4263WCv
T+1 risks a surge in fails for FX-dependent trades, says GFMA; Report by the association has found that T+1 could put pressure on funding of securities transactions involving FX.
Claudia Preece - The Trade
A paper from the Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) suggests the move to a T+1 settlement timeframe poses a risk to the funding of cross-border securities settlements, and explains how existing systems and infrastructures can navigate the challenges posed.
/jlne.ws/3MPlMFj
Fed Tracks Market Sentiment With New Index Built from 4.4 Million Tweets
Molly Smith - Bloomberg
Federal Reserve researchers have developed a new measure of credit and financial market sentiment from Twitter Inc. data that they say can help forecast changes in the stance of monetary policy. The Twitter Financial Sentiment Index uses natural language processing on the social media platform and can help estimate next-day stock-market returns, the economists said in a paper out this month.
/jlne.ws/45qyNfT
TP ICAP announces first live trade through Fusion Digital Assets with GMEX trading and post-trade technology
GMEX via Mondovisione
Fusion Digital Assets - TP ICAP's wholesale marketplace for spot cryptoassets - is now live and has successfully completed its first XBTUSD pairs trade with the associated settlement processed by Fidelity Digital Assets. GMEX Technologies ("GMEX"), a subsidiary of GMEX Group, is pleased to announce that TP ICAP, the world's largest interdealer broker, has gone live with its Fusion Digital Assets wholesale cryptoasset exchange, powered by GMEX trading and post trade technology.
/jlne.ws/3q3bIQ9
Num Finance Raises $1.5M, Will Expand Stablecoins in Latin America, Middle East
Krisztian Sandor - CoinDesk
/jlne.ws/3orh9I6
BOX Options Market: June Fee Changes
BOX Options Market
/jlne.ws/3OBkMG0
Bank of American leads $35 million Series D funding round for OpenFin; Pivot Investment Partners, ING Ventures, Barclays, JP Morgan and Wells Fargo Strategic Capital provided additional investment.
Wesley Bray - The Trade
/jlne.ws/3qcVGDd
Justin Sun Moves $4.3M of MakerDAO's Tokens to Binance: Blockchain Data
Krisztian Sandor - CoinDesk
/jlne.ws/45p22Q5
EU Banks Could Access Stablecoins More Easily Under Leaked Plans
Jack Schickler - CoinDesk
/jlne.ws/3MornRq
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| Cybersecurity | | Top stories for cybersecurity | Chinese hackers attacked Kenyan government as debt strains grew
Aaron Ross, James Pearson and Christopher Bing - Reuters
Chinese hackers targeted Kenya's government in a widespread, years-long series of digital intrusions against key ministries and state institutions, according to three sources, cybersecurity research reports and Reuters' own analysis of technical data related to the hackings.
/jlne.ws/43lIPNA
The Trend Continues: Increased Regulatory Focus on Privacy & Cybersecurity for Private Funds
JDSupra
Recent enforcement actions highlight the increased regulatory scrutiny that private funds may face with respect to internal cybersecurity protocols and responses to cyber-crimes and cyber incidents under new and updated cybersecurity laws.
/jlne.ws/3Mrb6vc
SoSafe Adds Two US Cybersecurity Luminaries to Its Board Amidst Rapid Go-to-market Expansion
Press Release
SoSafe, Europe's leading vendor for security awareness and training, today announced it has appointed two world-class cybersecurity industry leaders to its board: Tech executive Zeynep Inanoglu Ozdemir, former CMO at Palo Alto Networks, and Bhagwat Swaroop, experienced executive in the cybersecurity space and current President of Digital Security Solutions at Entrust.
/jlne.ws/3omYUUr
Finding The Right Fit: Point Versus Consolidated Cybersecurity Solutions
Liat Hayun - Forbes
As a CISO, you're responsible for ensuring your organization's security posture. With new threats that existing security solutions are unable to resolve emerging every day, it's crucial to choose the right solution to address your most pressing security needs.
/jlne.ws/3BUIHJg
Cyber criminals are exploiting out-of-office emails to scam small businesses
David Adams - Smart Company
Something as simple as including holiday details in your out-of-office email could give cyber criminals an edge over your business, SME experts warn, as the methods used by digital crooks become increasingly advanced.
/jlne.ws/3OyKsDp
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| Cryptocurrencies | | Top stories for cryptocurrencies | Millions Worth of Bitcoin and Tether Used to Pay Chinese Companies Involved in Fentanyl Crisis, Says Elliptic
Andre Beganski - Decrypt
Chinese businesses selling the chemicals used to make Fentanyl are accepting payment in Bitcoin and Tether, according to an investigative research report published Tuesday by Elliptic. The blockchain analytics firm specializes in risk management and regulatory compliance. It said an overwhelming majority of pharmaceutical chemical companies it contacted in China that can ship precursors for fentanyl overseas accept cryptocurrencies as a form of payment.
/jlne.ws/3WvvUpW
Ex-BNP director to lead crypto exchange's Hong Kong arm
Alex McMurray - efinancialcareers
As new cryptocurrency regulation positions Hong Kong as one of the focal hubs for the digital asset economy in the near future, crypto firms are hoping to flesh out their teams there in preparation for a potential crypto boom. One firm doing so is Gate.io, which has recruited a former BNP Paribas director to act as CEO for its Hong Kong subsidiary.
/jlne.ws/3IEUoaK
Crypto Startup Says It Found Path to Register With SEC Under a Broker Rule; Prometheum says it won special purpose broker dealer approval; License would let firm to custody digital assets securities
Yueqi Yang and Allyson Versprille - Bloomberg
A crypto startup said it has received the first special purpose broker-dealer license under US Securities and Exchange Commission guidelines that would allow it to custody digital assets securities. But there's a catch: it can't support Bitcoin. Prometheum Ember Capital, a New York-based firm founded in 2021, said the approval allows it to safekeep digital asset securities on behalf of individual and institutional clients as a qualified custodian.
/jlne.ws/3q6DH1k
Binance Blasts 'Desperate' Reuters Report It Commingled Customer and Company Funds
Sandali Handagama - CoinDesk
Binance is firing back at a Reuters special report from Tuesday that said the crypto exchange commingled customer funds with company revenue.
The report, citing unnamed "former insiders," said the funds in question "ran into billions of dollars" and that "commingling happened almost daily" in accounts the exchange had at collapsed U.S. lender Silvergate Bank. It also said Reuters did not find evidence that clients' funds were "lost or taken."
/jlne.ws/3WtgXEY
Crypto giant Binance commingled customer funds and company revenue, former insiders say
Angus Berwick and Tom Wilson - Reuters
The world's largest cryptocurrency exchange, Binance, commingled customer funds with company revenue in 2020 and 2021, in breach of U.S. financial rules that require customer money to be kept separate, three sources familiar with the matter told Reuters. One of the sources, a person with direct knowledge of Binance's group finances, said the sums ran into billions of dollars and commingling happened almost daily in accounts the exchange held at U.S. lender Silvergate Bank.
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| Politics | | An overview of politics as it relates to the financial markets | How the Pentagon falls victim to price gouging by military contractors
Aliza Chasan - CBS News
Military contractors overcharge the Pentagon on almost everything the Department of Defense buys each year, experts told 60 Minutes over the course of a six-month investigation into price gouging. In March, Deputy Defense Secretary Kathleen Hicks announced the largest Pentagon budget ever: $842 billion. Almost half will go to defense contractors.
/jlne.ws/3ICrB6s
Biden Administration Developing National AI Strategy; White House seeks public input on rules for AI tools like ChatGPT
Ryan Tracy - The Wall Street Journal
The Biden administration took another step Tuesday toward regulating new artificial intelligence tools such as ChatGPT, asking for public input as it seeks to develop a national AI strategy to guard against misinformation and other potential downsides of the technology. The public input-on issues such as "standards, regulations, investments, and improved trust and safety practices"-will be used by the White House Office of Science and Technology Policy to forge the strategy that will help guide federal agencies as use of the technology spreads, the White House said.
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Acting Comptroller Discusses Financial Inclusion
Office of the Comptroller of the Currency
Acting Comptroller of the Currency Michael J. Hsu today discussed the Office of the Comptroller of the Currency's (OCC) commitment to a fair and inclusive financial system in remarks at the Bank On National Conference. In his remarks, the Acting Comptroller discussed progress made by the CFE Fund and Bank On partners in improving access to bank accounts and how banks can further expand financial access to unbanked and underbanked populations.
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EU and US Discuss Aligning Investment Controls With Eye on China; Allies are mapping out role of some public investment funds; Progress made on semiconductors, draft TTC statement says
Jorge Valero, Alberto Nardelli and Jillian Deutsch - Bloomberg
The European Union and the US are discussing working closely to address risks from investing in sensitive technologies in countries like China as they develop new tools to cope with an increasingly hostile economic environment. Both partners will seek to align their approaches for outbound investment screening "to prevent our companies' capital, expertise, and knowledge from supporting the technological advances of strategic rivals in ways that threaten our national security," according to the latest draft statement for a high-level meeting next week in Lulea, Sweden.
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| Regulation & Enforcement | | Stories about regulation and the law. | UBS Chairman Says Regulators Must Tackle Unprofitable Banks
Margot Patrick - The Wall Street Journal
UBS Chairman Colm Kelleher said financial regulators need to tackle the risks of unprofitable banks after they failed to prevent Credit Suisse's meltdown in March. The former Morgan Stanley executive said regulators missed alarm bells in October, when Credit Suisse forecast it would make only marginal returns on equity even after a planned, three-year restructuring.
/jlne.ws/43kIc6O
Cayman Islands Regulator Exploring Legal Options After FDIC Seized SVB Deposits; Government official meets with Chinese depositors whose accounts were drained after SVB's collapse
Frances Yoon - The Wall Street Journal
The Cayman Islands Monetary Authority has engaged lawyers to assess its legal options after deposits at Silicon Valley Bank's branch in the territory were seized by the Federal Deposit Insurance Corp., a government official told affected depositors.
/jlne.ws/3BU1fcu
Court Questions Criteria for Carson Block's $14 Million SEC Whistleblower Award; Appeals court upholds SEC's decision to deny a second claimant's petition for a whistleblower payout, but also raises issues with regulator's reasoning
Mengqi Sun - The Wall Street Journal
An appeals court upheld the U.S. Securities and Exchange Commission's decision to deny a whistleblower award in a case involving short seller Carson Block, while at the same time broadly questioning how the agency decides who receives awards from its cash-for-tips program.
/jlne.ws/3OyMGm3
Statement of Commissioner Kristin N. Johnson in Support of Enforcement Action Involving Fraudulent Precious Metals Scheme Targeting Elderly and Retirement-Aged Persons
Commodity Futures Trading Commission
Last month, the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the Eastern District of New York against Alexander Spellane and two companies he controlled, Fisher Capital LLC and AMS Consulting Solutions LLC, which he collectively operated together as Fisher Capital Group.
/jlne.ws/45w1tnB
US securities regulator shuts down 'sham' marijuana offering
Chris Prentice - Reuters
The U.S. Securities and Exchange Commission (SEC) on Tuesday said it obtained an order to shut down an alleged Ponzi-like scheme run by two individuals who raised nearly $62 million from investors for a sham cannabis business. Since at least June 2019, Rolf Max Hirschmann and Patrick Earl Williams promised investors returns as high as 36% on funds they said would go toward expanding facilities for Integrated National Resources, or WeedGenics, in California and Nevada, the SEC said in a statement and court filing.
/jlne.ws/3OC5CR9
SEC Shuts Down WeedGenics $60 Million Cannabis Offering Fraud
SEC
The Securities and Exchange Commission obtained an emergency order to halt an alleged ongoing offering fraud and Ponzi-like scheme by Integrated National Resources Inc. (INR), which does business as WeedGenics, and its owners, Rolf Max Hirschmann and Patrick Earl Williams, who have raised more than $60 million from investors to expand their cannabis operations, but have instead used the majority of funds to make $16.2 million in Ponzi-like payments and to enrich themselves.
/jlne.ws/3MzPuNl
ESMA seeks input on rules for long term investment funds
European Securities and Markets Authority
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, is consulting on draft regulatory technical standards (RTS) under the revised ELTIF Regulation. Interested stakeholders are invited to provide input by 24 August 2023. The RTS will specify the way the new requirements of the revised ELTIF regulation, in particular on the redemption policy and matching mechanism, will apply.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The new gold boom: how long can it last? Periods of inflation have often boosted the precious metal. This time it is also being bought by central banks worried about geopolitical risk
Harry Dempsey and Leslie Hook - Financial Times
In a high-security vault in London's Mayfair, where the glass is thick enough to resist automatic gunfire and four control rooms keep watch around the clock, some of the world's wealthiest individuals have been rushing to store gold. The small safes inside, which cost as much as £12,000 annually, are set to be full by the end of the year as clients resort to securing more hard assets, a sign of the troubled times.
/jlne.ws/3BQKEX9
US money market fund assets hit record highs despite debt-ceiling fears
John McCrank - Reuters
U.S. money market fund assets hit a new record of $5.8 trillion this week as yield-hungry investors continued to turn to the short-term debt securities - a stark contrast to the 2011 debt- ceiling standoff when there were large outflows from the funds.
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In defence of the sellside analyst; It is hard to justify this research as a revenue generator nowadays - it is more likely a marketing expense
Robert Buckland - Financial Times
Let me take you back to September 1989. It was my first day at a long-forgotten UK securities house. The head of equity research asked my father's profession - a farmer. Perhaps inevitably, I was assigned to the Food Manufacturing team. It was my job to get the coffee, help spread the load on busy results days, prepare stock notes and pore through industry statistics, very much in that order.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Big food and fashion companies are setting science-based nature targets for the first time; H&M, Kering, LVMH, AB InBev, Nestlé, and Tesco are among the 17 companies taking part in the pilot
Sofia Lotto Persio - Quartz
Seventeen companies have signed up to a pilot project to set the first- ever science-based nature targets (SBNTs), so as to halt and reverse the impact of industrialization on biodiversity and the natural environment. The pilot project is led by the Science-Based Target Network, a global coalition of environmental NGOs and mission-driven organizations. The network has encouraged companies to work towards emissions targets backed by the best available science, and it is now expanding to other areas of the natural environment affected by climate change.
/jlne.ws/3onqOQa
*****Also see coverage from The Guardian, GreenBiz and Vogue Business.
Making sense of the rift over COP28
Ben Geman - Axios
The new effort to jettison the head of upcoming United Nations climate talks will likely fail, but it's a revealing - and maybe even consequential - moment nonetheless, Ben writes. Catch up fast: Over 130 Capitol Hill Democrats and European parliament members are seeking the removal of Sultan Ahmed Al Jaber, the United Arab Emirates official who is president-designate of this year's annual summit. The letter from progressives - addressed to President Biden, European Commission head Ursula von der Leyen, and top UN officials - attacks Al Jaber's role as head of state oil giant ADNOC.
/jlne.ws/3My49IN
Companies Object to Proposed SEC Rule Requiring Them to Track Emissions Up and Down Their Supply Chains; Industry and lawmakers argue that the "Scope 3" requirement would consume immense amounts of time and money and result in wildly inaccurate estimates. Backers say the disclosures would be invaluable to investors and to speeding action on climate change.
Emma Ricketts - Inside Climate News
As accusations of "green hypocrisy" are flung back and forth in the corporate world, the U.S. Securities and Exchange Commission has been inching toward a standard to help conscientious investors make informed choices. But the effort is facing plenty of opposition from industry, not to mention Republican lawmakers who oppose President Biden's climate agenda.
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BlackRock, Vanguard Among Firms Blocking Key ESG Votes: Study Planet Tracker reviews investor voting history on biodiversity; Nonprofit finds 38% support for diversity in 26,500 votes
John Ainger - Bloomberg
The world's biggest asset managers are consistently voting against proposals intended to protect biodiversity, as one of the fastest-growing corners of ESG falls flat at shareholder meetings, according to a report by environmental nonprofit Planet Tracker.
/jlne.ws/43imqAs
Will Fiduciary Fog Clear for Trustees?
Heather McKenzie - ESG Investor
The thorny question of whether impact should be considered as a part of fiduciary duty is being revisited in the UK with another review by the Financial Markets Law Committee. Despite many words written on the topic, along with regulatory and legal reviews and reports, there is still confusion and caution among some pension fund trustees about how ESG factors affect their fiduciary duty obligations. Further clarification may be on the way as the UK government's updated Green Finance Strategy 2023 includes a commitment to review pension trustees' fiduciary duties and stewardship activities.
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Pets pollute as much as private jets, executive says; Luxaviation chief Patrick Hansen suggests carbon emissions data must 'be put into perspective'
Silvia Sciorilli Borrelli - Financial Times
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Zanzibar Archipelago Seeks Energy Independence With Solar Plan
Fumbuka Ng'Wanakilala - Bloomberg
/jlne.ws/45tbGkD
Ancient History Teaches Humanity How to Face a Hotter Future; Historian Peter Frankopan's new book seeks to reveal the lesser discussed climatic moments that have shaped our world.
Laura Millan - Bloomberg
/jlne.ws/3qbPbRq
Spotlight turns to coal at Glencore as pressure mounts on climate plans; Swiss miner's investors call for disclosures on energy transition strategy ahead of annual meeting
Leslie Hook - Financial Times
/jlne.ws/3Izmbcs
Canada Wildfires Raise Threat of Another Oil-Sands Shutdown; Energy analyst counsels clients to "pray for rain," while Fort McMurray residents rehearse lessons learned from the 2016 blaze.
Kevin Orland - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse managers' 2022 bonuses cancelled or cut by Swiss government
Reuters
Credit Suisse senior managers will have their outstanding bonus payments for 2022 either cancelled or reduced following an order issued on Tuesday by the Swiss Finance Ministry. The order affects the top three levels of Credit Suisse management and follows the multi-billion franc state rescue of Switzerland's second biggest bank.
/jlne.ws/41YF9QN
Banks Are Roaring Back in Xi's New China; A government push to upgrade key manufacturing will need financing that the inefficient, largely state-owned lenders are best positioned to provide-for better or worse.
Shuli Ren - Bloomberg
Optimism was everywhere in China's finance circles back in 2014. E-commerce giant Alibaba Group Holding Ltd. wowed the world by raising $25 billion in New York. A new cross-border trading link let Chinese investors buy Hong Kong-listed stocks and foreigners trade mainland shares. Global index providers raced to include Chinese bonds and stocks in their benchmarks.
/jlne.ws/434r6Kz
UBS in talks with Swiss authorities over Credit Suisse deal protections
Reuters
UBS Group AG said on Tuesday it was in negotiations with Swiss authorities about loss protections related to its takeover of Credit Suisse Group AG and its regulatory capital requirements. The disclosure underscores how some aspects of the tie-up between the two banks, arranged hastily over a weekend in mid-March by the Swiss government to stave off a broader banking crisis, have yet to be ironed out.
/jlne.ws/3BPFkTQ
FTSE UK Index Series - Indicative Annual Review Changes June 2023
FTSE Russell
FTSE Russell, the global index provider, advises of the following indicative changes to the FTSE 100 and 250, based on data as at Friday 19th May 2023.
/jlne.ws/43sn6Uh
No Rebalancing Away From Japanese Stocks Yet: Qontigo
Bloomberg
Olivier d'Assier, head of Asia Pacific applied research at Qontigo, discusses the outlook for stock markets in Japan and the US. He speaks with Shery Ahn and Haidi Stroud-Watts on "Bloomberg Daybreak: Asia."
/jlne.ws/45t9tpt
US regional banks swap $220bn in deposits to soothe insurance nerves; Use of 'reciprocal' accounts jumped as turmoil enveloped financial sector
Stephen Gandel - Financial Times
/jlne.ws/3orz7u2
Citigroup abandons long-planned sale of Banamex to pursue IPO; US bank reverses course on previous effort to sell Mexican retail bank it bought in 2001
Stephen Gandel And Christine Murray - Financial Times
/jlne.ws/3BPG0Zo
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | What If AI Makes All of Us Dumb?; ChatGPT and its ilk can make you laugh, make you more productive, and make you think the Pentagon just got blown up.
Jessica Karl - Bloomberg
Yesterday a friend sent me this TikTok with over 700,000 views, where someone snagged last-minute tickets to Taylor Swift's MetLife show this weekend on Ticketmaster for only $17 each. "TAYLOR HERE WE COME," the caption reads: If you go on StubHub, resale tickets for the same show are going for as much as 800 times that - $13,691, or the price of a 2017 used Toyota Camry. So how can it be that someone could find one for $17?
/jlne.ws/3OHti6J
Why Tipping Prompts Are Suddenly Everywhere; Shoppers encounter more requests for extra money from businesses they never expected
Rachel Wolfe - The Wall Street Journal
Tacking a 20% tip on top of a $4 croissant is one thing, but now tip requests are showing up for locksmiths, baby formula and wedding dresses. A range of business owners adding the option for gratuity to transactions say these nontraditional tips help them stay afloat in a competitive job market. Moreover, they say the revenue generated from gratuity can help them avoid raising prices further. Consumers appear to be skeptical but are paying, for now.
/jlne.ws/3BRps31
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Covid Kills One Person Every Four Minutes as Vaccine Rates Fall
Michelle Fay Cortez - Bloomberg
After more than three years, the global Covid emergency is officially over. Yet it's still killing at least one person every four minutes and questions on how to deal with the virus remain unanswered, putting vulnerable people and under-vaccinated countries at risk. A key question is how to handle a virus that's become less threatening to most but remains wildly dangerous to a slice of the population.
/jlne.ws/422YOyL
Do you need to get another COVID booster shot? What to know about the vaccine in NC.
Teddy Rosenbluth - The News & Observer
Earlier this month, the federal government officially ended the coronavirus public health emergency. But the virus has not stopped spreading in North Carolina and the rest of the country. In April, more than 2,000 North Carolinians were hospitalized due to COVID complications. Here's what you need to know about COVID-19 booster shots and whether you qualify for more shots.
/jlne.ws/3BS8Ubf
Social Media Could Pose 'Profound Risk of Harm' to Young People's Mental Health, Surgeon General Warns
Jennifer Calfas - The Wall Street Journal
The U.S. surgeon general warned Tuesday of the potential risks of social media to young people, and urged policy makers and technology companies to strengthen standards for adolescents. Dr. Vivek Murthy's office said a growing body of research shows the detrimental effects of social media on adolescents. The office's public advisory said more research is needed to better understand the effects of social media on children and teens.
/jlne.ws/3qcBotx
Sorry, stevia: Artificial sweeteners get more bad PR
Carly Mallenbaum - Axios
The World Health Organization isn't sweet on non-sugar sweeteners, the agency announced. It advised against using sugar substitutes like Splenda, stevia and Sweet'n Low for weight loss - and warned about potential long-term health risks of too much intake.
/jlne.ws/432ajYQ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Spends Billions on Risky Bets to Lock Down World's Lithium; Beijing's quest to secure supplies of the metal is leading it to buy up stakes in mines throughout the developing world
Sha Hua and Alexandra Wexler - The Wall Street Journal
Chinese companies have long dominated lithium refining, but their hunt to secure a greater share of the world's supplies of the metal is leading them to buy up stakes in mines throughout the developing world as they face increasing resistance in Western countries.
/jlne.ws/3MrdwtM
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