| September 18, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
CFTC Commissioner Christy Goldsmith Romero will be honored by the National Asian Pacific American Bar Association (NAPABA) with the Daniel K. Inouye Trailblazer Award, NAPABA's highest honor recognizing lifetime achievement. The award celebrates the outstanding accomplishments, commitment, and leadership of lawyers who have paved the way for the advancement of Asian American, Native Hawaiian, and Pacific Islander (AANHPI) attorneys. She and four other recipients will be recognized at the 2024 NAPABA Convention, held November 7-10 in Seattle, WA.
The CME Group hosted its annual CME Precious Metals Dinner in New York, marking the 50th anniversary of the event with keynote speaker Gary Cohn. Cohn is the former president of and COO of Goldman Sachs who started his career on the COMEX floor trading silver.
As part of ICE's September 2024 Fixed Income Monthly Report, ICE's President of Fixed Income & Data Services, Chris Edmonds, and Blackrock's Global CIO of Fixed Income, Rick Rieder, met at the NYSE to discuss strategies for maintaining strong investment returns in a slowing economy. Key topics included a new allocation strategy, the role of Treasury bonds and debt, the importance of data, and fixed income investment opportunities. You can watch the video feature HERE.
Nodal Exchange launched new environmental futures contracts yesterday, including Alberta TIER Emission Performance Credits, various Wind RECs for M-RETS and ERCOT, and California Book and Claim RECs. These additions expand Nodal's environmental product offerings to over 120 products.
The Hazlet, NJ-headquartered Velocity Clearing announced last week that it has opened a new office in Chicago to expand its execution, clearing, and custody operations, particularly in the options markets. To celebrate, the firm will ring the closing bell at Cboe Global Markets on September 23. Options trading is a key growth area for the firm and in a press release President Brian Schaeffer emphasized the need for a Chicago presence to meet growing demand. Velocity Clearing already has offices in New York, New Jersey, Florida, and Texas, and is a member of major exchanges and clearing organizations.
The virtual reality firm Get Real is hiring for two key positions to support its project timelines. They are looking for a data-science developer with experience in AI/ML modeling, including knowledge of common models like Linear/Logistic Regression and Random Forest. The ideal candidate should be able to manage large datasets, perform data analysis, and use tools like Python, Jupyter Notebooks, and Pandas. Familiarity with deep learning frameworks such as PyTorch or TensorFlow is a bonus. They are also seeking a full-stack developer with experience in both front-end and back-end development. Candidates should know TypeScript and modern frameworks like Tailwind for responsive web apps, while back-end tasks involve Python for building REST APIs and PostgreSQL for data management. Interested candidates can contact Edward Haravon via LinkedIn or email [email protected] for more information.
Cathryn Lyall is starting a new position as non-executive director at Swyftx, she shared on LinkedIn.
Several publications, including The Wall Street Journal, are reporting that hedge fund manager and Mets owner Steven Cohen is to stop trading his hedge fund. He is 68 years old and will focus on mentoring and strategy, the stories say. Normally when hedge fund managers stop trading it is because they are losing money, which could help the Mets afford a new starting pitcher or two.
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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Our most read stories from our previous edition of JLN Options were:
- Vermiculus launches its VeriTrade trading product from Vermiculus.
- Bets on wild stock-market swings boom as traders face most uncertain Fed rate decision in recent memory from MarketWatch.
- IEX to Expand into Options from MarketsMedia. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Pizza Hut will put your resume on a pizza box to help you get a job
Chris Morris - Fortune
It's one thing to get a resume in front of a potential employer. It's another thing entirely to get that employer's attention. Pizza Hut, though, has an idea. The chain is offering a handful of pizza-loving job seekers the chance to put their curriculum vitae on a pizza box (yes, with a pizza included, because a little bribery never hurts when you're trying to land a job).
/jlne.ws/3ZsshVc
***** How did you make your way to the top? With the help of a pizza box? How rich are you? Before I was rich, I was rolling in dough. I know, you hate cheesy puns.~JJL
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Steve Cohen Stops Trading for Point72, Marking End of an Era; Billionaire Mets owner will focus on growth, mentoring talent; Multistrategy hedge fund managed $35.2 billion as of July 1
Nishant Kumar and Katherine Burton - Bloomberg
Steve Cohen has stepped away from the trading floor. While the billionaire hedge fund founder remains Point72 Asset Management's co-chief investment officer along with Harry Schwefel, he's no longer investing clients' capital. Cohen, 68, is instead focused on driving the firm's growth and mentoring and developing talent, the firm said in an emailed statement. Cohen has been one of the dominant forces in the industry for more than three decades and rebuilt his hedge fund into one of the world's biggest after a costly insider-trading scandal. Even as he grew his firm into one with more than 185 trading teams and branched out into other interests, including his 2020 purchase of the New York Mets, he retained a small book that he traded regularly.
/jlne.ws/4e8qglx
***** Cohen is reinventing himself again, which is a very healthy sign for a company and a human being.~JJL
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'Pig-Butchering' Scams Cost Americans Billions. This Lawyer Is Taking Them On; Prosecutor Erin West has been one of the few to have any success against the criminals perpetrating a new type of fraud
Feliz Solomon - The Wall Street Journal
In 2022, an unusual case came across the desk of Erin West, a California prosecutor who specializes in cybercrime. The victim was a 30-year-old man who thought he had met his soul mate on a dating app until he realized he had been conned out of $300,000. He was so ashamed that at times he was suicidal. West and her investigative task force pulled off something of a miracle: They recovered about 70% of the man's money by tracing the funds to a wallet on a cryptocurrency exchange and then obtaining a warrant to freeze and seize it. It was the first time anyone was known to successfully claw back money stolen through a new type of fraud called "pig butchering," in which scammers build victims' trust and convince them to invest in bogus schemes.
/jlne.ws/3Zvd3iy
****** I am so old and have been in the markets for so long that I can remember when pig-butchering referred to barrows. Barrows are young males who have been castrated before reaching sexual maturity. Castration is typically done to prevent unwanted breeding and to improve the quality of meat by reducing aggression and eliminating certain undesirable odors.~JJL
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Tuesday's Top Three
Our top clicked item Tuesday was Vermiculus launches its VeriTrade trading product, built from the ground up on a microservice architecture with an ultra-low latency high performance matching engine and extensive business functionality, a Vermiculus press release. Second was Best Business School Rankings 2024-25, from Bloomberg. And third was CCP Global's CCP Public Quantitative Disclosure Quarterly Trends Report and Public Quantitative Disclosure Newsflash for 2024 Q2.
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| Lead Stories | CFTC Is Scrutinizing Offshore Betting Platforms With US Traders; Agency chairman vows to take action against any violators; CFTC grappling with popularity of election derivatives markets
Lydia Beyoud - Bloomberg
A top financial regulator is closely monitoring offshore, unregulated companies that allow Americans to trade on US election outcomes. "We are observing any activity that's occurring offshore and providing exposure to US customers," Rostin Behnam, chairman of the US Commodity Futures Trading Commission, said Tuesday at a conference hosted by Georgetown University's Psaros Center for Financial Markets and Policy. Behnam was asked what the agency intended to do about Polymarket, a crypto-betting platform with about $1 billion in trading volume tied to dozens of US election outcomes. "If anyone, Polymarket or otherwise, conducts themselves in a way that breaks the law, we will use our civil enforcement authority to make sure that conduct stops," Behnam said.
/jlne.ws/3B1R7B9
Hedge Fund Titans Breed a $14 Billion Pack of Startup Cubs; The hedge-fund startups have a lot of investor cash, but no guarantee of replicating their parent firms' success.
Nishant Kumar - Bloomberg
Once, it was Julian Robertson, the founder of Tiger Management, who got to play godfather to a generation of hedge fund stars. Now, it's Ken Griffin's Citadel and Izzy Englander's Millennium Management who are taking up that role - whether they want to or not. With the multistrategy hedge fund titans closed to outside cash amid a dearth of talent able to manage their money, Citadel and Millennium traders are seizing the chance to go it alone. And investors are backing them with an avalanche of assets.
/jlne.ws/4gs1ApQ
Switzerland's SIX explores launching crypto exchange; Stock exchange operator says digital coins becoming 'recognised asset class'
Nikou Asgari - Financial Times
The Swiss stock exchange is exploring the creation of a venue in Europe for trading cryptocurrencies, in a bid to muscle in on a market dominated by long-standing digital assets firms such as Binance, OKX and Coinbase. The group is considering using its reputation and Switzerland's advanced crypto laws as a hook for large traditional investors who are growing interested in trading digital assets.
/jlne.ws/3B65Rip
Miami International Holdings Announces Index Licensing Agreement with Bloomberg
MIAX
Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has entered into a licensing agreement with Bloomberg Index Services Limited (Bloomberg Indices) to develop a suite of index futures, options on futures, and cash options products based on Bloomberg Indices' portfolio of benchmarks. MIH will initially offer a number of equity index products which will be exclusively listed and traded on MIH's exchanges, subject to regulatory approval.
/jlne.ws/3XnwhUs
Ex-Coinbase Workers Start Stablecoin Focused Crypto Exchange; TrueX will settle trades in PYUSD, the stablecoin from PayPal; Founders previously worked at Coinbase, Circle and Goldman
Muyao Shen - Bloomberg
Two former high level Coinbase Global Inc. employees are launching a cryptocurrency platform called TrueX that will use PayPal Holdings Inc.'s stablecoin as its preferred token for transactions. Prior to co-founding TrueX, Vishal Gupta was the head of exchange at Coinbase. He oversaw the launch of the USDC stablecoin while at Circle Internet Financial Ltd. Patrick McCreary previously served as a senior staff engineer at Coinbase. Both also worked at Goldman Sachs Group Inc.
/jlne.ws/4e9dsve
German debt: finance agency; Company now eyeing opportunities in bond markets across Europe
William Shaw, Katherine Doherty, and Nicholas Comfort - Bloomberg
The market-making powerhouse Citadel Securities LLC is planning to become a direct buyer of German debt as part of its push to expand across Europe. The German finance agency on Wednesday added Citadel Securities to its bund issues auction group, whose members are authorized to participate in primary auctions of German debt, the ministry said on a conference call with journalists.
/jlne.ws/4eq8JVH
Citadel Securities Shelves Plan to Join Fed's Bond-Dealer Ranks; Firm opts not to pursue primary dealership for now, people say; With trading business booming, no need seen to take that step
Liz Capo McCormick and Katherine Doherty - Bloomberg
Citadel Securities has quietly shelved plans to join one of Wall Street's most prominent clubs: The ranks of bond dealers that trade directly with the Federal Reserve. For nearly a decade, the firm's executives had seen that move as a step toward its goal of becoming a dominant force in the trading of Treasuries.
/jlne.ws/3XYd4dH
Steve Cohen to step back from trading at hedge fund Point72; Billionaire investor will focus on 'running the firm' he founded and 'mentoring and coaching' new talent
Costas Mourselas and Amelia Pollard - Financial Times
Steve Cohen, the billionaire founder of US hedge fund Point72, is stepping back from trading to focus on running the firm he founded a decade ago. Cohen was "taking a break from trading his own book and he feels he can have a greater impact by focusing on running the firm, driving strategic initiatives, and mentoring and coaching to the next generation of talent", Point72 said on Tuesday.
/jlne.ws/4e6AlQ9
SEC says FTX auditor did not understand the crypto market; Regulator's case against Prager Metis details alleged failures in examining the exchange before its collapse
Stephen Foley - Financial Times
The US Securities and Exchange Commission has charged the auditor of collapsed cryptocurrency exchange FTX with misconduct, saying the firm took on Sam Bankman-Fried's company as a client without properly understanding the crypto market. Prager Metis, an accounting firm that ranks outside the top 50 US firms by revenue, gave a clean bill of health to FTX's financial results for the two years before it collapsed in November 2022 with an $8bn hole in its balance sheet.
/jlne.ws/4e4i9qj
Archegos' Banks Had Some Chats; Antitrust, private credit, muni-bond texting and World Liberty Financial.
Matt Levine - Bloomberg
Archegos antitrust
A lot of problems in finance come from fire sales and contagion, and a lot of regulation is organized around preventing them. Most classically, there is bankruptcy law: When a company runs into financial trouble, all of its creditors have an incentive to demand their money back and grab collateral to get paid back before everyone else, but if they all do that then the company will collapse and there won't be much value left for anyone. So bankruptcy law gives the company the ability to stall its creditors and pay them all back equally, which prevents a rushed fire sale and preserves more value for all of them.
/jlne.ws/3MRGWlv
FDIC announces rule forcing banks to keep fintech customer data in aftermath of Synapse debacle; Enhanced records would help bankruptcy courts determine who is owed what when firms become insolvent.
Hugh Son - CNBC
The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo.
/jlne.ws/3MQZzWQ
Brexit deal impact in UK is worsening, warn economists
Faisal Islam and Mitchell Labiak - BBC
Brexit red tape on British businesses has caused goods trade between the UK and EU to slump and the problem is getting worse, a study has warned. Many smaller UK producers have given up exporting small amounts to the EU after facing more rules and regulations, a report by Aston University Business School has found. Between 2021 and 2023, the study calculated that UK goods exports to the EU were down 27% and imported goods were 32% lower than where they would have been had Brexit not happened.
/jlne.ws/47uDab0
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukrainian drones strike a large military depot in a Russian town northwest of Moscow=
Hanna Arhirova - Associated Press
Ukrainian drones struck a large military depot in a town deep inside Russia overnight, causing a huge blaze and prompting the evacuation of some local residents, a Ukrainian official and Russian news reports said Wednesday. Meanwhile, a senior U.S. diplomat said that Ukrainian President Volodymyr Zelenskyy's recently announced - but still confidential - plan for winning the war "can work" and help end the conflict that is now in its third year.
/jlne.ws/4gxnW9E
***** Here is the Bloomberg version of this story.~JJL
Ukraine attack on Russian missile depot triggers mini earthquake
Joe Barnes - The Telegraph
Ukraine has blown up a Russian ammunition dump triggering an explosion so powerful it was picked up by earthquake monitors. A huge explosion and mushroom cloud was seen coming from a vast warehouse complex in the city of Toropets, about 300 miles over the border from Ukraine, believed to house North Korean missiles and some of Russia's most advanced weaponry including guided bombs, artillery and S-400s.
/jlne.ws/3XCBxUu
Russia says Ukraine has made new attempts to pierce its Western border
Reuters
Russia said on Tuesday it had repelled five new attempts by Ukrainian forces to smash through its border into the Kursk region, bringing the total number of reported attacks on the border to 26 in just the past six days. Ukraine on Aug. 6 launched the biggest foreign attack on Russia since World War Two, bursting through the border into the region of Kursk with thousands of troops supported by swarms of drones and heavy weaponry, including Western-made arms.
/jlne.ws/4edaZ31
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | How Israel may have turned pagers into a weapon to attack Hezbollah
Matthew Field - Bloomberg
Hundreds of explosions that erupted from handheld pagers across Beirut may have been the result of booby-trapped devices rather than a cyber attack, security experts have suggested. The pagers, which were being used by Hezbollah officials to communicate privately, detonated across the Lebanese capital on Tuesday, reportedly injuring thousands of people, including civilians and militant fighters. Nobody has claimed responsibility for the explosions, but the dramatic attack triggered an obvious question: how did they do it?
/jlne.ws/4d9N3wi
Hezbollah Pager Attack Looks Like a Decapitation Strike; Sabotage hits Hezbollah's top command as speculation is rife that Netanyahu may expand the Gaza war to Lebanon.
Marc Champion - Bloomberg
In what must count as one of the more extraordinary acts of sabotage of all time, as many as 2,800 people, including hundreds of Hezbollah officials, were injured and several killed across Lebanon on Tuesday, according to the country's health ministry, when the pagers they use to communicate exploded. Somebody transformed the devices into bombs before their distribution, and the Iranian ambassador to Lebanon was among those wounded.
/jlne.ws/4evYPlH
Hezbollah Pager Attack Details Point to Supply-Chain Infiltration by Israel; Initial assessment is the pagers detonated because an explosive device was planted in the new models
Adam Chamseddine, Rory Jones and Joyu Wang - The Wall Street Journal
A picture began to emerge Wednesday of a highly complex attack carried out by Israel, after thousands of pagers carried by members of Lebanese militant group Hezbollah exploded around the same time a day earlier. Many of the affected pagers were from a new shipment that Hezbollah had received recently, part of a nearly yearlong process to swap out older devices. The group said they detonated in rough unison at 3:30 p.m. Survivors reported hearing the pagers beep and display a series of numbers on their screens about five seconds before they detonated.
/jlne.ws/4grZAxP
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ADM Investor Services Singapore Becomes Abaxx Exchange's Third Clearing and Trading Member
Abaxx
ADM Investor Services Singapore ("ADMIS Singapore"), an affiliate of ADM Investor Services Inc. ("ADMIS Inc"), and Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) ("Abaxx"), today announced that ADMIS Singapore has become the third approved clearing and trading member of Abaxx's indirectly held, majority-owned Singapore-based exchange ("Abaxx Exchange") and clearinghouse ("Abaxx Clearing"), introducing centrally cleared, physically-deliverable futures contracts, and licensed respectively as a Recognised Market Operator ("RMO") and Approved Clearing House ("ACH") with the Monetary Authority of Singapore ("MAS").
/jlne.ws/47z90DS
CCP Global - The Global Association of Central Counterparties - CCPs Participate in an
International Cyber Resilience Exercise ("CCP Global CRE").
CCP Global
CCP Global successfully held a coordinated cyber tabletop exercise among nineteen participating CCPs worldwide. The exercise aimed to test the industry's collective response to a large-scale cyber incident where a hypothetical clearing member ("CM") was the focal point of such a cyber event, in order to compare and contrast the immediate reactions and typical practices of participants.
/jlne.ws/4dbdwt2
Performance Bond Requirements: Interest Rate Margins - Effective September 18, 2024
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below. The rates will be effective after the close of business on September 18, 2024.
/jlne.ws/3Xs87rP
ICE and IPC Systems Launch ICE Voice - A New Cloud-Based Audio Solution for Traders and Professional Investors
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, and IPC Systems, a leading provider of trading communications solutions, announced today the launch of ICE Voice. This cloud-based audio solution is now live through ICE Chat , ICE's industry-leading instant messaging system for commodities, offering a seamless communications platform for traders and global market participants. ICE Voice leverages IPC's Connexus Unigy private cloud platform to integrate always-on, persistent open connections with ICE Chat's extensive network of over 120,000 users. ICE Chat can support full audio recording with configurable retention and anywhere, anytime playback of archived calls. Integrated chat and voice logs can create a single record of communications, helping to aid in trading desk or firm-wide compliance programs.
/jlne.ws/4eol24W
LSEG Announces The Launch Of DataScope Warehouse
Mondovisione
London Stock Exchange Group (LSEG) today announces the launch of DataScope Warehouse, a cloud- based ready -to- use enterprise data solution. DataScope Warehouse provides customers with cloud-based access to LSEG's comprehensive fixed income and equity data records. The solution supports Structured Query Language (SQL), enabling users to explore and query the Pricing and Reference database. It also facilitates cloud collaboration, granting customers access to LSEG data via any cloud partner.
/jlne.ws/3MQ4aZ6
Confidence in the availability of ESG data grows among asset owners according to FTSE Russell global survey
LSEG
FTSE Russell, the global index provider, has today published the results of its annual global asset owner survey1 analysing how SI is perceived, considered and used by asset owners across the world. SI implementation and evaluation is directionally down globally (falling from 80 per cent in 2023 to 74 per cent in 2024). There is a variance between small and large asset owners with SI implementation being higher for larger asset owners (86 per cent), but smaller asset owners (63 per cent) are seeing a downward trend.
/jlne.ws/3zqDDyy
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Axoni Sells Post-Trade Technology Business to LSEG
Axoni
Axoni, a leading provider of trade workflow applications and real-time data replication technology announced today the sale of its Veris post-trade processing business and related intellectual property to the London Stock Exchange Group (LSEG), a global provider of financial markets data and infrastructure. The transaction remains subject to closing conditions and is expected to complete in Q4 2024. Axoni built and operates the Veris network, a post-trade reconciliation and lifecycle management platform for equity swaps. Axoni launched Veris in 2020 and has since onboarded leading banks and asset managers.
/jlne.ws/3ZunjY1
Microsoft, BlackRock to launch $30 billion fund for AI infrastructure
Reuters
BlackRock and Microsoft plan to launch a more than $30 billion fund to invest in artificial intelligence infrastructure to build data centers and energy projects, the companies said on Tuesday. AI models, especially those used for deep learning and large-scale data processing, require substantial computational power, leading to higher energy consumption.
/jlne.ws/4ephsaM
***** Here are The Wall Street Journal and the Financial Times versions of this story.~JJL
All About Nvidia Chips, AI Hype and What Lies Ahead
Ian King - Bloomberg
The blistering stock rally that's made Nvidia Corp. one of the world's three most valuable companies is based on a number of assumptions. One is that artificial intelligence applications made possible by its semiconductors will become features of the modern economy. Another is that Nvidia, and the patchwork of subcontractors upon which it relies, can meet the exploding demand for its equipment without a hitch.
/jlne.ws/3Xx3UmD
Decentralized AI Society Launched to Fight Tech Giants Who 'Own the Regulators'; Eight founding member projects include Morpheus and Filecoin Foundation, with Michael Casey, CoinDesk's former chief content officer, as chairman of the new industry group.
Amitoj Singh - CoinDesk
Industry leaders have launched a non-profit organization called the Decentralized AI Society (DAIS), dedicated to tackling the probability of the monopolization of the artificial intelligence (AI) industry. The group is headed by Michael Casey, formerly CoinDesk's chief content officer and chair of Consensus, the crypto media company's annual conference.
/jlne.ws/4euemSO
Our digital lives need massive data centers. What goes on inside them?
Antonio Olivo and William Neff - Bloomberg
The concrete black-paneled building known as DC12 looks like a regular corporate office, its tinted lobby windows reflecting the surrounding suburban landscape in Northern Virginia. But beyond a double-locked entry chamber are the computer servers, fiber-optic cables and other technology that make up the infrastructure of our digital lives.
/jlne.ws/4d9c4HY
Google says it will rethink its plans for a big data center in Chile over water worries
Associated Press Finance
Google on Tuesday said it would halt plans to develop a major $200 million data center in Chile to address environmental concerns, a decision reflecting growing worries about the impact of power-thirsty projects around the world. The U.S. technology company first obtained permits in 2020 to construct the vast project in Chile's capital, Santiago, as demand for the server farms skyrocketed across the globe, fueled by a surge in cloud-based technologies and a craze for generative AI.
/jlne.ws/3ZqDBkH
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| Cybersecurity | | Top stories for cybersecurity | Gang Got $75 Million for Cencora Hack in Largest Known Ransom; Payment made through three Bitcoin installments in March; Dark Angels hacking gang pursues high prices and low profile
Katrina Manson - Bloomberg
The hackers behind a cyberattack against the drug distributor Cencora Inc. received a total of $75 million, the largest known cyber extortion payment ever made, according to people familiar with the matter. The payment made for the Cencora hack occurred in three installments in Bitcoin in March, according to people familiar with the matter who declined to be named in order to discuss sensitive details. The initial ransom demand was $150 million, according to two of the people. Cencora learned that data was stolen from its systems in February, according to a regulatory filing.
/jlne.ws/3TzW5vz
'Ghost' cybercrime platform dismantled in global operation, 51 arrested
Noemie Olive and Charlotte Van Campenhout - Reuters
An international law enforcement operation has dismantled an encrypted communication platform, known as Ghost, notorious for enabling large-scale drug trafficking and money laundering, Europol said on Wednesday. The investigation led to the arrest of 51 suspects from multiple countries, with more arrests expected. The platform had gained popularity among criminal organisations for its advanced security features and its dismantling marks a significant blow to global organised crime networks.
/jlne.ws/3znPXzw
Craigslist Founder Pledges $100 Million to Boost U.S. Cybersecurity; Donation brings Craig Newmark's charitable commitments to around $400 million
Juliet Chung - The Wall Street Journal
Craigslist founder Craig Newmark believes hacking by foreign governments is a major risk to the U.S. and plans to donate $100 million to bolster the country's cybersecurity. Half the money will go toward protecting infrastructure such as power grids from cyberattacks. The other half will go toward educating people about the importance of simple safeguards that are often ignored, such as using password managers and updating software.
/jlne.ws/47AHVzV
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| Cryptocurrencies | | Top stories for cryptocurrencies | Caroline Ellison, Star Witness in FTX Case, Should Receive Lenient Sentence, Prosecutors Signal; Ms. Ellison, Sam Bankman-Fried's former girlfriend and a top executive in his empire, is set to be sentenced on Sept. 24 for her role in the collapse of the crypto exchange.
David Yaffe-Bellany and Matthew Goldstein - The New York Times
Caroline Ellison, a close colleague of the disgraced cryptocurrency mogul Sam Bankman-Fried, provided "extraordinary cooperation" to the government, federal prosecutors said on Tuesday, signaling that she should receive a lenient sentence for her role in the sweeping fraud that led to the collapse of the FTX crypto exchange. Ms. Ellison, 29, who was also Mr. Bankman-Fried's on-and-off girlfriend, pleaded guilty to fraud shortly after FTX collapsed in November 2022, alongside two other members of his inner circle. In a court filing this month, Ms. Ellison's defense lawyers asked the judge overseeing the case, Lewis A. Kaplan, to sentence her to three years of supervised release, with no prison time.
/jlne.ws/47tnnJN
China crypto trading thrives in 'OTC' market despite restrictions; Report shows investors hungry for alternative assets as stock market slumps
Echo Wong - Nikkei Asia
Cryptocurrency trading activity is on an upswing in China despite regulators' tight grip on the market, a new report shows, as investors look for alternatives to sluggish stocks in a slowing economy. Trading volume in the China-based "over the counter" market -- where crypto buyers and sellers are connected directly through often concealed networks -- more than tripled to $23.7 billion in the second quarter of 2024 from the same period of 2021, New York-headquartered blockchain data platform Chainalysis said in a study released Wednesday.
/jlne.ws/4eu8LMi
Coinbase and Goldman Sachs alum launch TrueX, a new crypto exchange built on stablecoins
Leo Schwartz - Fortune
As the crypto industry seeks to regain its footing after the collapse of FTX in late 2022, digital asset trading remains dispersed among a global cohort of exchanges, from public companies such as Coinbase to decentralized applications like Uniswap.
/jlne.ws/3BjT2RF
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| Politics | | An overview of politics as it relates to the financial markets | Gavin Newsom is trying to wrestle gas prices to the ground
Wes Venteicher - Politico
California Gov. Gavin Newsom is trying to get his state off of oil and gas - but the path is littered with political tripwires. His plan to manage gas prices has drawn attacks from the National Republican Congressional Committee, criticism from neighboring governors and pushback from Democratic moderates at home.
/jlne.ws/4dcG71t
Crypto spending on 2024 election hits $190 million, led by Winklevoss twins
MacKenzie Sigalos - CNBC
Cameron and Tyler Winklevoss are the biggest individual crypto donors this election cycle, giving a combined $10.1 million, or slightly over $5 million each, according to Federal Election Commission data compiled by crypto market and blockchain analyst James Delmore and independently verified by CNBC. With 50 days to go until the November general election, political donations from, or in support of, the crypto industry are up to around $190 million, as some of the biggest names in the sector open their digital wallets to help elect candidates sympathetic to their interests.
/jlne.ws/3XNcEGH
Judge rules Trump Media breached stock contract with early investor; The order came just three days before insiders - including majority owner Donald Trump - will be free to start selling their shares.
Kevin Breuninger - CNBC
Trump Media breached an agreement with one of the investors that helped the company go public, and must grant the investor a larger share of its stock, a judge ruled. The order in Delaware Chancery Court on Monday came just three days before the investor, ARC Global, and other insiders - including majority-owner Donald Trump - will be free to start selling their shares in the company behind Truth Social.
/jlne.ws/47tmP6H
California Passes Election 'Deepfake' Laws, Forcing Social Media Companies to Take Action
Stuart A. Thompson - The New York Times
California will now require social media companies to moderate the spread of election-related impersonations powered by artificial intelligence, known as "deepfakes," after Gov. Gavin Newsom, a Democrat, signed three new laws on the subject Tuesday. The three laws, including a first-of-its kind law that imposes a new requirement on social media platforms, largely deal with banning or labeling the deepfakes.
/jlne.ws/4ea5hyU
Trump's Pet-Eating Rant Was an Effective Act of Misdirection; The former US president knows how to get everybody talking-for better or worse.
Joshua Green - Bloomberg
It's doubtful anybody anticipated that the enduring story coming out of the Sept. 10 US presidential debate would be a hair-raising piece of misinformation: Donald Trump's claim that Haitian immigrants in Ohio are eating their neighbors' dogs and cats. But a week after more than 67 million people tuned in to watch Trump and Kamala Harris square off on a Philadelphia debate stage, the charge has sparked hundreds of stories and additional news cycles, as partisans fight over the validity of the claim and reporters swarm Springfield, Ohio, to document the local fallout. Trump's struggles during the debate to explain his views on abortion or elucidate his "concepts of a plan" to replace Obamacare have been mostly forgotten.
/jlne.ws/3MU0XYo
US delays decision on Nippon Steel's $15bn takeover of US Steel; Japanese group wins extension to probe of deal that is opposed by Biden, Harris and Trump
Demetri Sevastopulo in Washington and David Keohane in Tokyo - Financial Times
The US government has extended its national security review of Nippon Steel's proposed $15bn acquisition of US Steel, in a surprise move given that the deal has been opposed by President Joe Biden and vice-president Kamala Harris. The Committee on Foreign Investment in the US, the government panel that vets inward investment for security risks, granted the Japanese group a 90-day extension, said two people familiar with the situation. The decision means the deal's fate will almost certainly not be decided until after the US election on November 5.
/jlne.ws/4esoUlp
China hits 9 US firms with property freeze over weapons sales to Taiwan
Reuters
China announced steps against nine U.S. military-linked firms on Wednesday over U.S. weapons sales to Taiwan, freezing their property within China, in the latest move to put added pressure on the United States to halt its arms sales to the island. China has repeatedly called on the White House, an important international backer and arms supplier for democratically-governed Taiwan, to refrain from formal dealings with the island's leadership.
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| Regulation & Enforcement | | Stories about regulation and the law. | B.C. Securities Commission Bans Unregistered, Offshore Crypto Trading Platform From Operating In B.C.
Mondovisione
The B.C. Securities Commission (BCSC) has banned the operator of an unregistered and unauthorized crypto trading platform from trading in or purchasing securities and derivatives on behalf of British Columbians. The BCSC panel also prohibited LiquiTrade Ltd., which is incorporated in the Cayman Islands, from engaging in any promotional activities in B.C., and ordered it to pay an administrative penalty of $500,000. The BCSC's prohibition of LiquiTrade's trading in or purchasing derivatives effectively means it can no longer legally facilitate B.C. residents' trading in crypto assets under its current model.
/jlne.ws/4e8RIj8
SEC Charges Multiple Individuals and Entities in Relationship Investment Scams; Schemers allegedly used WhatsApp, LinkedIn, and Instagram to lure investors to fake crypto asset trading platforms before stealing their money
SEC
The Securities and Exchange Commission today charged five entities and three individuals in connection with two relationship investment scams involving fake crypto asset trading platforms NanoBit and CoinW6, respectively. The SEC's two complaints allege that the defendants solicited investors via social media apps, lied to them to gain their trust and confidence, and then stole their money. These charges are the SEC's first enforcement actions alleging these types of scams.
/jlne.ws/3zrOJ6n
SEC Charges 11 Institutional Investment Managers with Failing to Report Certain Securities Holdings; Two of the firms also charged with failing to report large trader transactions
SEC
The Securities and Exchange Commission today announced charges against 11 institutional investment managers for failing to file reports, known as Forms 13F, that they were required to file because they have discretion over more than $100 million in certain securities. Two of the entities, Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A. (Nationale-Nederlanden) and NEPC, LLC, were also charged with failing to file Forms 13H as required for large traders who trade a significant amount of exchange-listed securities. All 11 firms agreed to settle the SEC's charges. Nine of the firms will pay more than $3.4 million in combined civil penalties. Two firms were not ordered to pay any civil penalties because they self-reported the violations at issue and otherwise cooperated with the SEC's investigations, and another (NEPC, LLC) was not ordered to pay a civil penalty for its failure to file Forms 13H because it self-reported those violations and otherwise cooperated with the SEC's investigations.
/jlne.ws/47DMvxp
SEC Charges 12 Municipal Advisors With Recordkeeping Violations
SEC
The Securities and Exchange Commission today announced charges against 12 municipal advisors for failures by the firms and their personnel to maintain and preserve certain electronic communications. The firms agreed to pay combined civil penalties of more than $1.3 million to settle the SEC's charges.
/jlne.ws/3XMQhB9
Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits and for Violating Auditor Independence Requirements
SEC
The Securities and Exchange Commission today announced that Prager Metis CPAs, LLC (Prager) and its California professional services firm, Prager Metis CPAs LLP, (collectively, the Prager Entities) agreed to pay $1.95 million to resolve two actions alleging misconduct in its audits of the now-defunct crypto asset trading platform, FTX, and auditor independence violations.
/jlne.ws/4daqJm0
SEC Charges Two Israeli Residents with Manipulative Spoofing Scheme
SEC
The Securities and Exchange Commission today announced settled charges against Israeli residents Joel David Castro Leon and Shmuel A. Sherr for carrying out a manipulative trading scheme that netted them over $415,000 in profits.
/jlne.ws/3B9MfKo
ASIC readies to wield a big stick against boards lax on cybersecurity
The regulator is talking about investigating directors who have been remiss in guarding against hackers. Not everyone thinks that's the best approach.
Paul Smith - AFR
The air chilled in the ballroom hosting The Australian Financial Review Cyber Summit on Tuesday when the Australian Securities and Investments Commission's Simone Constant began talking about investigations underway into directors and executives at organisations deemed to have neglected their duties to guard against hackers.
/jlne.ws/47xbti7
ASIC's proceedings against Rest alleging misleading member representations are dismissed
ASIC
The Federal Court has dismissed ASIC's case against superannuation trustee, Retail Employees Superannuation Pty Ltd (Rest), for allegedly making misleading representations about limitations on members' rights to transfer superannuation funds out of the Retail Employees Superannuation Trust between March 2015 and May 2018. ASIC Deputy Chair Sarah Court said, 'Superannuation portability and choice of superannuation fund are important member rights.'
/jlne.ws/3XprNN4
Former Berndale director pleads guilty to dishonest conduct and misuse of company funds
ASIC
Mr Kirby was previously a director of collapsed retail over-the-counter derivatives provider Berndale Capital Securities Pty Ltd. He entered the guilty plea on the first day of a four-day committal hearing.
/jlne.ws/3MPY3nz
ASIC urges businesses to prepare for mandatory climate reporting
ASIC
From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual sustainability reports containing mandatory climate-related financial disclosures, following the passage of a major bill through Parliament.
/jlne.ws/3XOli86
New FCA rules to protect access to cash already having an impact
FCA
New rules from the FCA to protect access to cash have come into force and are already having a positive impact in local communities. Since the rules were confirmed in July, LINK, which manages the UK's cash access and ATM network, has reassessed the needs of local areas where banking services are changing.
/jlne.ws/3TAwDG9
FCA publishes update on cash savings market and fair value
FCA
We have published an update on the actions we have taken since our July 2023 cash savings market review, and the work we have done with the largest 9 firms on the value they provide. The average interest paid on easy access savings accounts rose to 2.11% in June 2024, up from 1.66% in July 2023 when we published our review. We estimate savers are £4bn a year better off from higher interest rates as a result.
/jlne.ws/47s8wiN
Major retail banks to introduce Singpass Face Verification, further strengthening resilience against phishing scams
MAS
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today announced that major retail banks in Singapore will progressively implement Singpass Face Verification (SFV) over the next three months to strengthen the digital token (DT) setup process for retail banking customers.
/jlne.ws/3MN66Sa
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Trump Media lockup deadline leaves Trump with a choice: trigger a fire sale or hold a meme stock
Paolo Confino - Fortune
Presidents can move entire markets with a single sentence. Donald Trump, a former president, sent a single stock soaring with just three words: "I'm not selling," he pronounced at a press conference on Sept. 13, when asked whether he would offload the millions of shares he owns in his social media company. Buoyed by this declaration of faith from its largest shareholder, the stock shot up 27% to $20.76, before closing the day at $17.97. Later this month, for the first time since Trump Media & Technology Group (TMTG)-which owns Truth Social-went public, Trump will be allowed to sell his shares in the company. As the former chair of TMTG and a major insider, Trump is subject to a "lockup" provision that prevents insiders from selling stock in the newly public company before a certain date.
/jlne.ws/3zzTTgy
India overtakes China in world's biggest investable stock benchmark; Red-hot Indian equities propel country past China weighting in MSCI All-Country index
Arjun Neil Alim, Chris Kay and Joseph Cotterill - Financial Times
India has overtaken China's weighting in one of the world's biggest stock market benchmarks, as share sales and rising liquidity in Indian companies make the country more open to investors. India's share of the free-float, "investable", version of the MSCI All-Country World index, which tracks almost all global stocks that can be bought on the open market, rose to 2.33 per cent this month, eclipsing China's 2.06 per cent.
/jlne.ws/3Tx7yMe
BTFD revisited; Timing the market versus time in the market
Robin Wigglesworth - Financial Times
The US stock market has been choppy this summer, but once again it looks like it would have paid off to buy the dip. But has it always been this way? No, according to Goldman Sachs. At least not in the long run, if you're simply mechanically buying whenever equities have fallen 10 per cent.
/jlne.ws/3Zu8BjP
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Chevron boss blames Joe Biden for pushing up energy prices; Mike Wirth says White House's 'attacks' on natural gas threaten energy security for US allies
Myles McCormick and Jamie Smyth - Financial Times
Chevron boss Mike Wirth has attacked the Biden administration's oil and gas policy, saying it was pushing up prices and "undermining energy security" for US allies. Wirth, chief executive of the US's second-biggest oil producer, said President Joe Biden's "attacks on natural gas" and freeze on new export permits for liquefied natural gas terminals had put "politics over progress" and would hurt climate efforts.
/jlne.ws/4gnwXlz
How Colorado Cowboys and Conservationists Joined Forces to Stop Drilling; The members of a self-described ragtag group had little in common, but their campaign could serve as model for future environmental efforts.
Zoe Rom - The New York Times
The drilling leases in a pristine corner of Colorado seemed like a done deal. But then an unlikely alliance of cowboys and environmentalists emerged. And things changed. The members of the group - a self-described ragtag organization that included ranchers, cyclists and snowmobilers - had little in common aside from a desire to protect the expanse, almost a quarter-million acres of public land known as the Thompson Divide. But they ultimately developed a novel legal strategy that helped win a 20-year pause on new oil and gas development across the area. That strategy could serve as a model for future conservation efforts.
/jlne.ws/3Zv1ac5
Biden's green policies will save 200,000 lives and have boosted clean energy jobs, data shows; Two separate reports find policies will save Americans from pollution in coming decades and added nearly 150,000 jobs
Oliver Milman - The Guardian
The environmental policies of Joe Biden's administration will save approximately 200,000 Americans' lives from dangerous pollution in the coming decades and have spurred a surge in clean energy jobs, two independent reports outlining the stakes of the upcoming US presidential election have found. The first full year of the Inflation Reduction Act, the sprawling climate bill passed by Democratic votes in Congress in 2022, saw nearly 150,000 clean energy jobs added, according to a new report by nonpartisan business group E2.
/jlne.ws/4d93PLR
Wall Street Wants You to Know Profit Comes Before Net Zero; Banks say their first priority is delivering financial returns for clients-and that means energy-transition investments need to be profitable.
Alastair Marsh - Bloomberg
Ever since a short clause in the 2015 Paris Agreement called for private funding to support a reduction in global greenhouse gas emissions, the role of the finance sector in delivering climate action has been subject to increasing scrutiny. Today, so many of the world's biggest banks and assets managers have promised to reach net zero that one would think these financial firms would go most of the way to covering the price tag for decarbonizing the global economy. But that type of optimism is both wrongheaded and dangerous, according to the Institute of International Finance (IIF), an industry group which counts the likes of BlackRock Inc., Goldman Sachs Group Inc. and UBS Group AG as members. It just published a corrective of what it sees as harmful misunderstandings.
/jlne.ws/47xrUuH
Al Gore warns US election outcome will determine pace of climate action; Former vice-president says voters face 'clearest choice ever' in November poll
Attracta Mooney - Financial Times
The US faces a "Manichaean choice" over climate action in the presidential election, according to former vice-president Al Gore, joining scientists and green business leaders in warning a Donald Trump victory "would be very bad". Gore, who won an Oscar and Nobel Peace Prize for his 2006 film An Inconvenient Truth on global warming, said that voters who cared about climate change faced the "clearest choice ever" at the November election. "The contrast actually could not be any clearer. It's a choice between a candidate who believes the climate crisis is real and has been very vigorous in acting accordingly...and another candidate who regularly spreads falsehoods about the reality of the crisis, the efficacy of the solutions and much else."
/jlne.ws/3XnvEKA
German gas industry warns over wavering support for hydrogen ramp-up
Reuters
German gas and water association DVGW on Wednesday warned that a ramp-up in low-carbon hydrogen technology could fall behind as participants feel discouraged by regulatory and political indecision. A survey taken from across hydrogen stakeholders in Europe's biggest economy found that the desired transition from carbon- emitting natural gas to hydrogen from renewable electricity via electrolysis is feared to be slowing.
/jlne.ws/3XJCgnT
Corporate decarbonisation levels stall, but leading companies reap $200m annually
edie
/jlne.ws/3MTYEoc
UK Gas Plants Are Hardly Running as Renewable Power Floods Grid; Running hours at the lowest since 2017: Kilowatt.io analysis; Germany plans new capacity mechanism to subsidize gas plants
Eva Brendel - Bloomberg
/jlne.ws/3Zv7NeO
US to seek 6 million barrels of oil for reserve, amid low oil price
Timothy Gardner - Reuters
/jlne.ws/47s8ibr
BP's US wind sale will not clear its strategic fog; UK oil major has underperformed its rivals as oil prices have started to sink; BP has announced plans to sell its US onshore wind energy business
Opinion Lex - Financial Times
/jlne.ws/3Zxv6V5
US Offers $1.6 Billion in Financing for Ammonia Plant
Ari Natter - Bloomberg
/jlne.ws/3XN8X3X
Africa Floods Prompt Warnings of Disease Outbreaks, Dam Bursts; Flooded cemeteries, toilets in Guinea pose health concern; Chadian dams could overflow as Cameroon boosts relief aid
Ougna Camara, Pius Lukong, and Yinka Ibukun - Bloomberg
/jlne.ws/4esZKDf
BP's US wind sale will not clear its strategic fog; UK oil major has underperformed its rivals as oil prices have started to sink
Financial Times
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | SEB Changes Organizational Structure to Support Long-Term Strategy; Jonas Ahlstrom, currently head of the large corporates & financial institutions, was appointed COO and deputy chief executive
Dominic Chopping - The Wall Street Journal
Skandinaviska Enskilda Banken is implementing a new organizational structure as it works to support delivery of its long-term strategy. The Sweden-based bank said a new chief operating officer role will strengthen customer focus and business impact, increasing the pace of new technology adaptation, improve time to market and ensure that the prioritization of development is aligned with business.
/jlne.ws/3MOXk69
Fortress, Goldman Seek to Tap Wealthy People for New Debt REITs; REITs aim to meet rising demand for commercial-property debt; Firms look to individual investors as institutions pull back
Miles Weiss and Natalie Wong - Bloomberg
Fortress Investment Group is preparing to raise money from individual investors for a vehicle that finances commercial real estate debt, as money managers seek to meet an expected spike in demand for such loans. Fortress - which has traditionally catered to large institutions - filed with regulators this month to set up a nontraded, perpetual-life real estate investment trust. The Fortress Credit Realty Income Trust will finance loans for a range of real estate ventures, including multifamily, hospitality and industrial properties.
/jlne.ws/3B7Kw8B
How some hedge funds would trade a rate cutting cycle
Nell Mackenzie - Reuters
While many investors hope falling interest rates will usher in a soft economic landing, others forecast a calm before the storm. Here are hypothetical trading ideas shared by three hedge funds on what is next for the U.S. and global economies at the start of a U.S. easing cycle. They said regulations prevented them from revealing their actual trading positions or making recommendations.
/jlne.ws/3TzYdDz
Virtus and BondBloxx join SSGA in private credit ETF queue; All three managers have filed for private markets retail funds within days of each other
Joe Morris - Financial Times
Virtus and BondBloxx have followed State Street Global Advisors with filings for actively managed private credit exchange traded funds, joining the race to be first to market. Both Virtus and BondBloxx filed this month for funds focused on investing in credit collateralised loan obligations composed mostly of loans to private companies. BondBloxx was first, filing on September 12, a day before Virtus.
/jlne.ws/3zwiT8r
The questions over Commerzbank's stake sale; Deal is a textbook example of how not to create price tension in a capital markets offering
Craig Coben - Financial Times (opinion)
When governments divest shares in quoted companies, two objectives reign supreme: maximise taxpayer returns and ensure procedural transparency. The recent sale of Commerzbank shares to UniCredit has failed on both counts, offering a textbook example of how not to create price tension in a capital markets offering. The EUR700mn disposal of shares, orchestrated by Germany's federal finance agency, has ignited a firestorm of recriminations and raised questions about who knew what and when, and why crucial information seemed to fall through the cracks. It also wrongfooted the German government in dealing with UniCredit's broader strategic ambitions.
/jlne.ws/4enlbGt
State Street launches new FX trading tool; Named BestXecutor, the new tool offers FX Connect clients actionable pre-trade analytics to optimise request-for-stream and algo execution.
Wesley Bray - The Trade
State Street has launched a new decision augmentation tool leveraging BestX transaction cost analysis and its FX Connect trading platform to optimise clients trade execution. Named BestXecutor, the new tool offers FX Connect clients actionable pre-trade analytics to optimise request-for-stream and algo execution, embedded into a client's FX Connect workflow and integrated with its GlobalLink Digital platform.
/jlne.ws/4esp2Bp
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Blanked or rejected: is finding a job harder than ever? White-collar candidates report endless interviews and few responses but employers are also struggling to fill roles
Bethan Staton - Financial Times
Dominic Joyce had applied for more than 100 jobs by the time he reached the final round for a maternity cover HR position this summer. After two online interviews, he attended an assessment day that included meetings with senior bosses at the tech company where he hoped to work. So when Joyce received a short rejection email, he was extremely disappointed. He seemed no closer to finding a job than when he was made redundant in March. Worse, the company provided no constructive feedback. Half the 156 jobs he has applied for gave no response at all.
/jlne.ws/3XCEFjc
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Two or three cups of coffee a day is linked to a lower risk of heart and metabolic disease; People who consumed 200 to 300 milligrams of caffeine a day were less likely to develop coronary heart disease, Type 2 diabetes or stroke.
Kaitlin Sullivan - NBC News
There are certain studies that coffee lovers, well, love. This is one of them: Drinking several cups of caffeinated coffee or tea a day may protect against Type 2 diabetes, coronary heart disease and stroke. The findings, published Tuesday in the Journal of Clinical Endocrinology & Metabolism, add to existing research suggesting that daily coffee drinkers have better heart health than nondrinkers - provided they don't drink too much caffeine.
/jlne.ws/3XyL6n8
The Foods That Fight Inflammation; Chronic inflammation can be a silent killer, but your diet can play a role in tamping it down.
Jillian Pretzel - The New York Times
Experts sometimes describe inflammation as a necessary evil. On one hand, this essential immune system response helps you stay safe and heal from illnesses, though it isn't always pleasant: often causing symptoms like redness, swelling and soreness. But when inflammation levels in your body remain high for months or years at a time - even in the absence of a threat - it can create health risks of its own. Untreated, chronic inflammation can increase the risk of serious health issues like cancer, cardiovascular disease, arthritis and metabolic conditions like Type 2 diabetes.
/jlne.ws/4dcy2cQ
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Why 'chaos wheat' may be the future of bread; It's time to look beyond all-purpose flour.
Michael J. Coren - The Washington Post
Farms were once a riot of biodiversity. A single field might have contained five different varieties of corn, a mix of oats and barley or whatever jumble of grains suited farmers from France to Ethiopia. These offered a hedge against hardship: plant mixes in the field shifted with the weather. More rye one year, less wheat another. The French even had names for such flours with shifting ratios of grains, from "grande meteil" to "ble ramé," each one rising into a delicious bread all its own.
/jlne.ws/4e6n3mI
India plans to keep buying cheap Russian oil, oil minister says
Curtis Williams - Reuters
India is prepared to keep buying oil from Russian companies that are allowed to make such sales, since prices are cheap, oil minister Hardeep Singh Puri said on Tuesday. Western sanctions on Russia over its war with Ukraine have capped the price Russia can charge for its crude oil, and India is prepared to buy oil and gas at the lowest possible prices from anyone, Puri told Reuters in an interview at the GasTech conference in Houston.
/jlne.ws/3ZsN4rG
Russian Oil Earnings Slide as Waning Prices Counter Higher Flows; The value of Russia's crude exports has plunged by almost 30% since the end of June
Julian Lee - Bloomberg
A further slump in weekly average oil prices more than offset a small increase in flows from Russian ports, intensifying pressure on Moscow as it grapples with a weakening global market. Four-week average crude volumes rose to 3.21 million barrels a day in the week to Sept. 15, up by 80,000 barrels a day compared with the previous period. Weekly flows, which are more volatile, also increased, rising by about 110,000 barrels a day.
/jlne.ws/3XvxLfx
Singapore rolls out facial verification for online banking; Major retail lenders step up security measures to tackle phishing scams
Tsubasa Suruga - Nikkei Asia
Bank customers in Singapore will need to use facial verification in an online process to approve their transactions, the country's financial regulator and banking association announced on Wednesday in an effort to prevent online phishing scams. Over the next three months, major retail banks will progressively require face scanning to verify a customer's identity using national records when setting up digital tokens, according to the Monetary Authority of Singapore and the Association of Banks in Singapore.
/jlne.ws/3MOpXjW
India Mulls Easing Rice Export Limits, Aiding World Supply
Rakesh Sharma - Bloomberg
India is considering relaxing curbs on overseas sales of non-basmati rice, days after scrapping a floor price for exports of a premium grade, potentially boosting global supply of the grain that feeds billions of people. The nation - which ranks as the world's biggest rice shipper - has limited sales abroad for more than a year in a bid to contain domestic prices. Bloomberg News reported in July that India was planning to relax curbs on some varieties to avoid a glut in the country before the new crop arrives in October.
/jlne.ws/4d6geQR
London's Mansions Are Struggling to Sell; Real estate company Knight Frank says there were 22% fewer transactions above £10 million in the past year. Blame the uncertainty around the budget and possible tax hikes.
Sarah Rappaport - Bloomberg
London's most expensive homes are having a tough time selling, with both demand and deals down. According to a new report from real estate company Knight Frank, there were 22% fewer sales above £10 million ($13.2 million) in the 12 months to July, compared with the same time period from 2022-23.
/jlne.ws/3ZsxNam
Africa Floods Prompt Warnings of Disease Outbreaks, Dam Bursts; Flooded cemeteries, toilets in Guinea pose health concern; Chadian dams could overflow as Cameroon boosts relief aid
Ougna Camara, Pius Lukong, and Yinka Ibukun - Bloomberg
Floods in Africa that are displacing millions of people from Guinea on the west coast to the Central African Republic more than 2,000 miles to the east are prompting warnings of dam bursts and disease. In Chad, rising waters in the Chari and Logone dams could cause "catastrophic floods," a United Nations agency warned, and Cameroon's government boosted its financial response more than fivefold.
/jlne.ws/3XKu4Uu
Broker Returns $10 Million in Profit From Argentine Ghost Bonds; Max Capital took advantage of loophole in March debt auction; Broker repaid money to treasury after government complaint
Ignacio Olivera Doll - Bloomberg
A local brokerage that was among investors who made 20% gains in Argentina's record peso debt swap this year returned the nearly $10 million in profit it made from the deal to the government. Max Capital SA, one of the largest fixed-income traders in Argentina, reneged on its pledge to deliver eligible bonds in a March auction of 42.6 trillion pesos ($34.2 billion at today's parallel exchange rate) in debt. Instead, it and others realized that a loophole in the issuance terms would make paying in cash cheaper than giving up the bonds the government was trying to swap.
/jlne.ws/4d9OHhl
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