| October 05, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
|
| | | | First Read | | |
| | 2022 Newsletter Subscriptions: | |
Hits & Takes
John Lothian & JLN Staff
Today marks the 11th anniversary of the death of Steve Jobs, the co-founder of Apple Computer Company, now simply Apple Inc. I type these words on a MacBook Pro while wearing an iWatch, all from Apple. I wasn't an original Apple convert, but once the iPhone came out, I switched from my BlackBerry to an iPhone and never looked back. I have become an Apple person since then, especially after I bought my first MacBook. Don't get me wrong, I still have and use a Windows computer every day. My desktop computer is a powerful Windows machine my son Robby built for me to edit video and audio. This is the same computer he used to surreptitiously mine bitcoin when he was 15. But I have a great appreciation for Steve Jobs for the company and the products he built, but also for the fantastic marketer he was.
In the early days of Apple Computer, there were some key trading companies that used their computers in their operations, including O'Connor & Associates, I was once told. In fact, I was told a story about how once in the early days of Apple Computer when their financial picture was rather grim, it was an order from O'Connor that saved Apple.
The CBOT's first attempt at an electronic trading match engine was built on an Apple platform, with icons representing different traders in the pit and showing the prices they were bidding or offering. This system fundamentally misunderstood electronic trading and created so much data from the graphical user interface that the data pipes were not big enough to support it. That is why the Aurora trading platform was never implemented and why Project A, which used a local area network in downtown Chicago that could handle the data, was what was eventually deployed.
Where is the best bar in the world? Well if you asked someone in Chicago where to get the stiffest drink, that would be Ceres Cafe in the CBOT Building. But, according to a Bloomberg story, "The Best Bar in the World Is Hidden Behind a Barcelona Pastrami Shop."
The New York Times has an article titled "How to Time Your Leaf-Peeping Trip This Fall" with the subtitle "From New England to California, and points in between, the symphony of colors that accompanies the arrival of a snap in the air is playing out differently in 2022." Watching the fall colors is one of my favorite things of the season.
In not so good news, the New York Times has a story titled "Talk of 'Civil War,' Ignited by Mar-a-Lago Search, Is Flaring Online." The story says that after the FBI searched Donald Trump's Florida home, posts on Twitter "that mentioned 'civil war' had soared nearly 3,000 percent in just a few hours as Mr. Trump's supporters blasted the action as a provocation." I don't know the base from which the 3000% jumped, but still, 3000% is not a good number.
Another Donald Trump social media trending topic is "Defund the S.E.C.," according to a Matt Goldstein story in The New York Times titled "'Defund the S.E.C.' Becomes a Rallying Cry on Trump's Social Media Site; The nation's top securities regulator has been investigating the Trump SPAC deal for a year. Some small investors are upset."
Former Cboe SVP Head of US Sales Bryan Christian has joined LMAX Digital as a director of US institutional sales. He was just previously head of exchange with CrossTower.
Jon Regan, who was the CEO of PhillipCapital UK, has left the financial services industry and joined Nico, a technology provider in the ESG arena, as CEO. Regan has also been with Patsystems, Refco and Gerald Metals Ltd.
The CME Group is celebrating 10 years of having a team in Belfast, Northern Ireland.
ICE's FTSE 250 futures open interest hit at an all-time high, up 76% since the start of September. The FTSE 250 Index comprises mid-cap companies not covered by the FTSE 100 Index.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
++++
++++
MWE SHORT: Duncan Niederauer - Everyone Can't Be the Best
JohnLothianNews.com
In this video from MarketsWiki Education's World of Opportunity event in New York in 2017, former NYSE CEO Duncan Niederauer discusses the importance of being self aware, how to determine if you're moving in the right direction, why it matters and how you'll know as you embark on your career if you are following the "script."
Watch the video »
++++
FINRA Foundation Awards 2022 Ketchum Prize to Cesar Escalante; University of Georgia Professor Recognized for Pioneering Research and Advocacy to Advance Financial Inclusion and Alleviate Racial and Gender Bias in Agricultural Lending
FINRA
The FINRA Investor Education Foundation (FINRA Foundation) today awarded Cesar Escalante the 2022 Ketchum Prize—its highest honor—in recognition of his outstanding service and research to advance financial capability and inclusion in the U.S.
/jlne.ws/3M5znX4
***** FINRA shining a light on a very important issue with the Ketchum Prize.~JJL
++++
Could these plans revive LaSalle Street?; A city-commissioned panel lays out ideas to breathe new life into the outmoded LaSalle Street corridor.
Danny Ecker - Crain's Chicago Business
Painted asphalt, compelling light displays, closing off blocks for pedestrians, and even a street-sheltering glass canopy are among the ideas that could help revive vacancy-ridden LaSalle Street and boost the Loop's post-pandemic comeback, according to a city-commissioned panel. In a 36-page report set to be published this week, a group convened by the Urban Land Institute recommended an overhaul for the historic thoroughfare to dramatically break from its past as a hub of financial giants. The main conclusion: LaSalle Street needs to become all about foot traffic. Read the full report below.
/jlne.ws/3SVHgk3
****** I am trying to decide which building I would want to rent an apartment in. I like what I see of the plans for LaSalle Street.
++++
"We're not sort of in — we're all in:" A look at Ken Griffin's plans to reshape Miami; Griffin said he will personally pitch companies like Apple
The Real Deal
Billionaire Ken Griffin revealed details of his plans to put his stamp on Miami — including a waterfront office tower with a helipad, marina and restaurants — that could cost the Citadel founder and CEO $1 billion to develop. It's well known that Griffin and his companies, Citadel and Citadel Securities, are relocating from Chicago to Miami. The office tower, which Chicago-based Sterling Bay will build for Citadel, is expected to rise on the bayfront site at 1201 Brickell Bay Drive. Citadel paid $363 million for the lot, and another $286.5 million for the nearby office building at 1221 Brickell Avenue, this year. The company, which leases office space at Southeast Financial Center in downtown Miami, also signed a lease for space at the 830 Brickell office tower that is under construction.
/jlne.ws/3CyjCoi
****** But what about Frond G?~JJL
++++
This 34-year-old family-owned car auction brought in a record $675 million last year—by finally embracing the internet
Tom Huddleston Jr. - CNBC
Despite the popularity of websites like eBay, the world's largest auction house for collector cars never really embraced online bidding. Not until the Covid-19 pandemic stepped in. What started as a survival tactic — a failsafe in case live events never came back — turned into a strategy that helped Mecum Auctions bring in a record $675 million in revenue last year, according to CEO Dave Magers.
/jlne.ws/3V5YcWQ
***** The car auction learned a lesson I figured out as soon as I got involved with electronic trading. You can get more people involved, more trading, more competitive markets, better price signals.~JJL
++++
Tuesday's Top Three
Our top story Tuesday was Chuck Mackie's take on The Trading Show Chicago 2022: Nine Takeaways, at Medium. Second was CFTC Brings Enforcement Action against Digital Exchange and Natural Person Controller Suggesting Native Cryptoasset is a Commodity and Not a Security, from the law firm Katten. Third was SIX launches municipal bond pricing data through Tradeweb's Ai-Price, from The Trade.
++++
MarketsWiki Stats
27,024 pages; 241,034 edits
MarketsWiki Statistics
++++
|
| | | |
| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
| | | Jeff Bergstrom
Editor
| | |
|
| |
|
|
| Lead Stories | Chicago to Convert Famous Business District Office Buildings to Apartments; City plans to provide tens of millions of dollars in subsidies to revitalize the LaSalle Street corridor
Peter Grant - The Wall Street Journal
Chicago is offering financial help to developers willing to convert aging office towers into residential buildings, a new program that could become a test case for other cities looking to promote these office conversions. City officials said last week they would provide tens of millions of dollars in subsidies to revitalize the LaSalle Street corridor whose landmark office buildings made up the thriving center of Chicago business for decades. Since the pandemic, though, the strip's mostly vacant streets and towers have come to symbolize the slow pace that employees have been returning to office buildings.
/jlne.ws/3M9H3ra
Ray Dalio hands over reins at Bridgewater; Billionaire hedge fund founder jettisons all his voting rights, ending drawn-out transition of power
Ortenca Aliaj - Financial Times
Ray Dalio, the billionaire founder of hedge fund Bridgewater Associates, has given up control of the firm, ending a drawn-out transition of power that had come to define the industry's succession problems. The 73-year-old, who until last month was one of three co-chief investment officers at the firm and sat on its investment committee, has transferred all of his voting rights to the board of directors, said people familiar with the details. Dalio will remain on the board as founder and CIO mentor.
/jlne.ws/3SC048r
Ray Dalio Gives Up Control of Bridgewater in Final Succession Step; Billionaire hedge fund founder also stepped down as co-CIO; Firm's flagship Pure Alpha strategy has gained 34.6% in 2022
Erik Schatzker - Bloomberg
After 12 years of trying, Ray Dalio is finally letting go. The billionaire founder of Bridgewater Associates has given up control of the firm he built into the world's largest hedge fund, entrusting its future and $150 billion in assets to a younger generation of leaders with their own ideas about investing. On Sept. 30, he transferred all of his voting rights to the board of directors and stepped down as one of Bridgewater's three co-chief investment officers. "Ray no longer has the final word," co-Chief Executive Officer Nir Bar Dea said in an interview. "That's a big change."
/jlne.ws/3yc7lUb
SWIFT sets out blueprint for central bank digital currency network
Marc Jones - Reuters
Financial messaging system SWIFT has laid out its blueprint for a global central bank digital currency (CBDC) network following an 8-month experiment on different technologies and currencies. The trial, which involved France and Germany's national central banks as well as global lenders like HSBC, Standard Chartered and UBS, looked at how CBDCs could be used internationally and even converted into fiat money if needed.
/jlne.ws/3e8QpXG
EU Backs Russia Sanctions Package Including Oil Price Cap; Deal includes measures for countries with big shipping sector; New package also targets range of individuals, entities
Ewa Krukowska, Jan Bratanic, and Natalia Drozdiak - Bloomberg
The European Union backed a new package of sanctions against Russia that includes support for a price cap on oil sales to third countries. The agreement includes measures to mitigate the impact the sanctions will have on countries with large shipping industries, such as Greece, Cyprus and Malta, according to people familiar with the matter who asked not to be identified because the discussions were private.
/jlne.ws/3SBYjYQ
Working From Home Is Sticking in US as Office Occupancy Stalls; New York City's results hurt by last week's religious holidays; RTO mandates at some big employers delayed by worker pushback
Matthew Boyle - Bloomberg
America's return to the office remained in limbo last week as occupancy across big cities was little changed, while New York City's push to get workers back got sidetracked by religious holidays. Average office occupancy in ten US cities for the week ending Sept. 28 declined slightly from 47.3% to 47.2% the previous week, according to card-swipe data from security company Kastle Systems. Half of the cities Kastle tracked showed declines over the period, in particular the New York metro area, where just 43.5% of workers showed up, down from 46.1% the week earlier. The Big Apple's results were likely skewed by the Jewish holiday of Rosh Hashanah, which closed the city's schools for two days last week.
/jlne.ws/3yhl787
LMAX Digital continues its expansion with senior institutional sales appointments in the US and Europe
LMAX Digital
LMAX Digital, the leading institutional spot cryptocurrency exchange and part of LMAX Group, has appointed Bryan Christian as Director of US Sales and Cassandra Cox as Director, Institutional Sales in Europe, as it continues to build its presence globally. Bryan will be based in New York and Cassandra in London. Both executives report to Jenna Wright, Managing Director of LMAX Digital.
/jlne.ws/3EfEQJ7
The Bank of England Promotes Moral Hazard — Again; Recent moves by the central bank to stabilize markets could encourage more risky trading.
Marc Rubinstein - Bloomberg
Back in the 20th century, banks formed the foundation of the global financial system. No more. If there were any doubts about the shifts that have taken place in finance in the past several decades, recent events in the UK should dispel them.
/jlne.ws/3Cwf4yX
Commodity-Trading Hedge Funds Are Having a Strong Year; Funds are among the notable winners from market turbulence. Some have pared bets as prices have retrenched.
Julie Steinberg - The Wall Street Journal
Some hedge funds that trade raw materials have generated blockbuster returns this year, making them among the major beneficiaries of exceptionally volatile commodity markets. Prices for oil, natural gas, metals and grains ripped higher earlier this year as economies reopened from lockdown and the Ukraine war disrupted flows of energy and raw materials. The flagship fund of e360 Power LLC, a Texas firm that uses futures and options to trade power, natural gas and emissions, has more than doubled, rising about 125% so far this year through September. The oil-focused fund of London-based Westbeck Capital Management LLP is up about 41% in the same period, while separate Westbeck funds concentrating on the energy transition are up around 14% and 15%.
/jlne.ws/3yjtNuq
Fossil-Fuel Financing Poses Growing Risks to Biggest Banks; Nonprofit group estimates banks need as much as $210 billion in additional capital to address climate crisis.
Tim Quinson - Bloomberg
The steady flow of financing to fossil-fuel companies is posing increasing risks for banks around the world. In a report published Tuesday, nonprofit Finance Watch estimates that the 60 largest global banks have about $1.35 trillion of credit exposures to fossil-fuel assets. The potential climate-related losses associated with these assets aren't covered by the companies' existing capital, according to Finance Watch. To address the shortfall, the research group estimates the banks will require additional capital of $157 billion to $210 billion, which equals about three to five months of the companies' 2021 net income.
/jlne.ws/3SCctJp
Elon Musk Suggests Buying Twitter at His Original Price; The billionaire's surprise move came months after he tried to back out of a $44 billion deal to acquire the company.
Kate Conger, Lauren Hirsch and Andrew Ross Sorkin - The New York Times
The monthslong battle over Elon Musk's bid to buy Twitter has been massive in scale and drama. One of the tech industry's biggest deals in recent years, it has captured the public's imagination, with cinematic twists that have been closely followed even by people who have never written a tweet. Now Mr. Musk, in a surprise move, has added another plot turn. After months of trying to get out of a deal that he struck in April, the billionaire made a proposal on Monday night that could bring the acrimonious legal fight to an end.
/jlne.ws/3yhwn4g
Shell CEO Says Governments Need to Tax Energy Firms to Help Poor
Will Mathis - Bloomberg
Governments need to tax energy producers to help the poorest people deal with the soaring cost of fuel, said the boss of Shell Plc. "One way or another there needs to be government intervention," Shell Chief Executive Officer Ben van Beurden said at the Energy Intelligence Forum, a major conference for oil and gas producers in London on Tuesday. "Protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it."
/jlne.ws/3fBOyLn
The Taliban Crushed Afghanistan's Crypto Market, Study Says; Chainalysis report says value of crypto received has plunged; Taliban set to prosecute crypto brokers in the coming weeks
Eltaf Najafizada - Bloomberg
A crackdown by the Taliban has led to a collapse in cryptocurrency use in Afghanistan following a surge last year when the nation was cut off from global banking and international aid, according to a study. The value of crypto received in the country has fallen to an average of less than $80,000 a month since November, down from a peak of more than $150 million in September last year just after the Taliban swept back to power, according to a report by blockchain research firm Chainalysis.
/jlne.ws/3T0lSKm
EU Puts Crypto at Top of List for IMF Meetings, McGuinness Says
Lyubov Pronina - Bloomberg
The European Union is looking to exchange views on the development of crypto legislation with US officials during next week's International Monetary Fund-World Bank annual meetings, as calls grow for a more coordinated global regulatory framework. "We have a crowded agenda for the US next week, and one of the items that won't be bottom of the list, it will be in there right around the top is crypto," EU Commissioner for financial services Mairead McGuinness said Tuesday at a media roundtable hosted by Bloomberg News in Brussels.
/jlne.ws/3e2oby4
'Defund the S.E.C.' Becomes a Rallying Cry on Trump's Social Media Site; The nation's top securities regulator has been investigating the Trump SPAC deal for a year. Some small investors are upset.
Matthew Goldstein - The New York Times
The Securities and Exchange Commission is corrupt. The S.E.C. is politically motivated. Defund the S.E.C. Some shareholders of Digital World Acquisition Corp. have had it with the commission, the nation's top securities cop, and they are airing their views loudly. Last October, the blank check company agreed to merge with Trump Media and Technology Group, the parent company of Truth Social, the Twitter-like social media platform backed by former President Donald J. Trump. Within weeks, the S.E.C. announced an investigation. One year later, the deal still hasn't closed.
/jlne.ws/3EfziON
Pakistan Currency-Crisis Odds Exceed 50% as Floods Undo Progress; Bloomberg Economics releases results of currency-risk model; Finance chief says rupee to strengthen to below 200 per dollar
Faseeh Mangi - Bloomberg
The odds of Pakistan facing a currency crisis in the next 12 months now exceed 50% following floods that killed thousands of people and displaced millions more, a Bloomberg Economics risk model showed. The probability of a currency-crisis episode involving a very large depreciation of the nominal exchange rate and extensive depletion of foreign-exchange reserves could climb to about 59% by June 2023 from 29% in August, economist Ankur Shukla wrote in a note. Shukla used a currency risk model initially applied to Pakistan but will be expanded to other emerging markets.
/jlne.ws/3SPxOPq
U.S. National Debt Tops $31 Trillion for First Time; America's borrowing binge has long been viewed as sustainable because of historically low interest rates. But as rates rise, the nation's fiscal woes are getting worse.
Alan Rappeport and Jim Tankersley - The New York Times
America's gross national debt exceeded $31 trillion for the first time on Tuesday, a grim financial milestone that arrived just as the nation's long-term fiscal picture has darkened amid rising interest rates. The breach of the threshold, which was revealed in a Treasury Department report, comes at an inopportune moment, as historically low interest rates are being replaced with higher borrowing costs as the Federal Reserve tries to combat rapid inflation. While record levels of government borrowing to fight the pandemic and finance tax cuts were once seen by some policymakers as affordable, those higher rates are making America's debts more costly over time.
/jlne.ws/3e8evlA
Celsius Says Co-Founder Daniel Leon Has Resigned From Crypto Lender
Olga Kharif - Bloomberg
Celsius Network Ltd., the crypto lender that filed for bankruptcy, said that co-founder Daniel Leon resigned this week. "We confirm that Daniel Leon resigned from his position at Celsius and is no longer part of the organization," the company said in a statement Tuesday to Bloomberg News.
/jlne.ws/3SYCQsQ
Asset managers may regret becoming the new banks; Alphabet soup of LDI and ESG puts BlackRock and others in the financial hot seat
Brooke Masters - Financial Times
Asset managers are the new bankers, and they are finding it decidedly uncomfortable. Before the 2008 financial crisis, bankers were the undisputed kings of the financial hill, making markets, taking risks and cooking up complex financial products such as CDOs, CLOs and MBSs (collateralised debt and loan obligations and mortgage-backed securities, in case you've forgotten).
/jlne.ws/3RCoGMT
Former head of equities at LCH takes on CEO role at Kuwait Clearing Company; New role at the helm of Kuwait CCP, CSD and trustee services businesses for post-trade expert who had held roles with JP Morgan, Soc Gen and Citi.
Jon Watkins - The Trade
The Kuwait Clearing Company (KCC) has named experienced securities services executive Alex Krunic as its new CEO. In the role he will head up the group's CCP, CSD and trustee services. Krunic left his role as head of equities at LCH in the summer after just over three years in the role.
/jlne.ws/3EfNRSo
FILS 2022: Buy-siders highlight key themes of liquidity, technology and connectivity; The opening buy-side keynote of Fixed Income Leaders 2022 from BNP Paribas Asset Management and Axa trading heads focused on how data and connectivity are influencing an evolving marketplace.
Laurie McAughtry - The Trade
In the opening session of the Fixed Income Leaders Summit 2022 (FILS) in Nice this week, buy-side keynote interviewees identified key themes including technology, connectivity, liquidity and diversity as the defining elements of the year for the fixed income market.
/jlne.ws/3Ejr6gc
Associations Respond to Basel Crypto Consultation
ISDA
ISDA, along with the Global Financial Markets Association, the Futures Industry Association, the Institute of International Finance, the International Securities Lending Association, the Bank Policy Institute, the International Capital Markets Association and the Financial Services Forum, have responded to the Basel Committee on Banking Supervision's (BCBS) second consultation on the prudential treatment of crypto-asset exposures.
/jlne.ws/3rxQlUw
|
| | | |
|
| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia: annual grain harvest to grow 5 million tonnes thanks to 'new territories'
Kevin Liffey - Reuters
Russia's grain harvest is set to grow by about 5 million tonnes a year thanks to its incorporation of four Ukrainian territories, Agriculture Minister Dmitry Patrushev said on Tuesday. "Considering the arable land that exists there, I think at least 5 million tonnes of grain will be added to the Russian savings box. I also think that we'll get other crops," he was quoted as saying by the state news agency TASS. The Kremlin said that President Vladimir Putin was likely to sign laws on Tuesday to annex the Donetsk, Luhansk, Kherson and Zaporizhzhia regions, representing about 18% of Ukraine's internationally recognised territory.
/jlne.ws/3fG6xAs
Russian troops retreat from front lines in southern Ukraine; Moscow official in Kherson region says armed forces are 'regrouping' to strike back
Max Seddon and Mehul Srivastava and Roman Olearchyk - Financial Times
Russia's armed forces are retreating from the front lines in southern Ukraine after losing significant swaths of territory in recent days, a Moscow-appointed official has said. Kirill Stremousov, appointed on Wednesday by President Vladimir Putin as Russia's acting governor of the Kherson region, said Russia's troops in the area were "regrouping to get their strength together and strike back", reported state newswire Ria Novosti.
/jlne.ws/3yeRmVu
Ukraine's New Offensive Is Fueled by Captured Russian Weapons; Tanks, howitzers and ammunition left behind by retreating Russian forces are now being used against their former owners
Yaroslav Trofimov - The Wall Street Journal
Captured and abandoned Russian tanks, howitzers and fighting vehicles—quickly scrubbed of their Z tactical markers and repainted with Ukrainian crosses—are being turned against their former owners as Ukraine's military advances in the eastern part of the country.
/jlne.ws/3e5zMwi
Russians Fleeing the Draft Find an Unlikely Haven; Tens of thousands of men have ended up in places like Kyrgyzstan, a former Soviet territory, that normally see few refugees but are willing to take them.
Andrew Higgins - The New York Times
Rents are skyrocketing, luxury hotels and grimy hostels don't have beds to spare. And on the dusty, sunny streets of Bishkek, the capital of Kyrgyzstan, bands of young migrants, nearly all men, wander aimlessly, dazed at their world turned upside down — and their hasty, self-imposed exile to a poor, remote country that few could previously place on a map.
/jlne.ws/3C8Yuni
|
| | | |
|
| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Alcoa Urges LME Not to Accept Russian Metal to Avert 'Crisis'; Company letter to bourse comes amid hot debate among traders; Concern that a wave of Russian deliveries could depress prices
Joe Deaux and Jack Farchy - Bloomberg
Alcoa Corp., the largest US aluminum producer, told the London Metal Exchange that Russian metal shouldn't be traded on the benchmark industrial metals bourse, according to people familiar with the matter. The company's Chief Commercial Officer Kelly Thomas wrote in a letter to the LME that the exchange shouldn't be used as a market of last resort for Russian metal, said the people, who asked not to be named because the information isn't public. The letter urged the LME to take action to "avert an impending crisis." Some market participants are concerned that a wave of Russian metal could be delivered to the LME, depressing the price that is used as a global benchmark.
/jlne.ws/3Eirzzd
Nasdaq to Wait for Regulation Before Launching Crypto Exchange; "Market is fairly saturated" on retail side, says Tal Cohen; Nasdaq announced last month it would focus on crypto custody
Carly Wanna - Bloomberg
Nasdaq Inc. will likely wait until there is greater regulatory clarity and institutional adoption around crypto exchanges before debuting plans to launch one of of its own, says Tal Cohen, the company's executive vice president and head of North American markets. "Those are discussions we are happy to have," Cohen told Bloomberg TV on Tuesday. "But right now, on the retail side, the market is fairly saturated," he added. "There's a number of exchanges servicing the retail customer base."
/jlne.ws/3RElTTc
Farmer sentiment drifts lower, rising interest rates contribute to uneasiness
CME
The Purdue University/CME Group Ag Economy Barometer farmer sentiment index declined 5 points to a reading of 112 in September. The decline in farmer sentiment was primarily the result of producers' weakened perception of current conditions, as the Current Conditions Index declined 9 points to 109. The Index of Future Expectations also weakened slightly, declining 3 points from a month earlier to a reading of 113. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted between September 19-23.
/jlne.ws/3EbSZaa
Cboe Joins Pyth Network to Bring Market Data to Blockchain; Cboe is the first major global exchange operator to join the Pyth Network; Plans to contribute real-time, derived market data to serve the global DeFi community, starting with 10 symbols from one of its four U.S. equities markets; Reflects Cboe's broader commitment to help grow and mature the digital asset ecosystem
Cision
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced it has joined the Pyth network, a decentralized financial market data distribution platform for aggregated data. Cboe plans to begin publishing limited derived equities market data for certain symbols from one of its four U.S. equities exchanges to the Pyth network in fourth-quarter 2022, providing real-time, institutional-grade pricing information to help further grow the network.
/jlne.ws/3ykkf2p
EACH Responds To The CPMI-IOSCO Consultation "A Discussion Paper On Central Counterparty Practices To Address Non Default Losses"
Mondovisione
The European Association of CCP Clearing Houses (EACH) has responded to the CPMI-IOSCO consultation "A discussion paper on central counterparty practices to address non default losses". As a general comment, EACH Members overall support the content of the discussion paper and welcome the thorough analysis performed by CPMI-IOSCO and the CCPs that responded to the questionnaire that led to this paper. Similar to previous CPMI-IOSCO work on client clearing, we consider this fact-finding exercise by CPMI-IOSCO very useful, understanding of course the limitations in terms of the number of CCPs covered.
/jlne.ws/3M6D8vj
SET Launches, The ESG Data Platform, First Sustainability Data Management System For Listed Firms, In October
Mondo Visione
The Stock Exchange of Thailand (SET), together with Thai General Education Network, has encouraged universities across the country to embrace "Social Entrepreneurship" subject as a general education course starting from the academic year 2023 onwards, under a specially designed project called Social Enterprise (SE) @General Education (GE) to groom social entrepreneurs at university level so as to lay the entrepreneurship foundation early, to cultivate the understanding of sustainability values, while creating "change" leaders in the future.
/jlne.ws/3V1TXf8
ICE Global Network Expands Wireless Service in Europe; New offerings planned in Bergamo and London
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced it is expanding its wireless offering in Europe. ICE plans to offer market data and private bandwidth services over wireless between Bergamo, Frankfurt, London and within the London metro area. These new wireless networks are designed to provide market participants with a lower latency solution for connectivity between trading venues. Following Euronext's migration to Bergamo, ICE is planning to expand its wireless network and will connect markets in London and Frankfurt to the new Euronext location.
/jlne.ws/3CztMFh
How Can Crypto Exchanges Meet the Demands of Market Participants?
Johan Toll - Nasdaq
As cryptocurrency markets continue to grow in popularity among institutional and retail investors alike, it is crucial that they can meet the heightened demands of market participants with the proper technology, governance controls, and processes in place. In our experience, both as a market operator and as a mission-critical technology partner to 130+ market infrastructure organizations around the world, institutionalization is key to creating stability and longevity with investors. There are two areas that must be addressed for crypto exchanges to achieve institutionalization: having trusted, transparent and scalable market infrastructure and having market monitoring mechanisms to ensure that the exchange is operating with fairness and integrity.
/jlne.ws/3rzuaNG
Nasdaq to Wait for Regulation Before Launching Crypto Exchange; "Market is fairly saturated" on retail side, says Tal Cohen; Nasdaq announced last month it would focus on crypto custody
Carly Wanna - Bloomberg
Nasdaq Inc. will likely wait until there is greater regulatory clarity and institutional adoption around crypto exchanges before debuting plans to launch one of of its own, says Tal Cohen, the company's executive vice president and head of North American markets.
/jlne.ws/3TfzzWj
SGX Orb Awards winners unveiled, with eyes on growing collaboration in Asian financial markets; Collaboration and partnerships strengthen Singapore's position as global financial hub; Fifth edition of awards part of SGX Group's efforts to foster financial education and empower investors
SGX
Singapore Exchange (SGX Group) has unveiled the winners of SGX Orb Awards 2022, with a focus on the growing trend of collaboration in Asian markets that is strengthening Singapore's position as an international financial centre. Content producers submitted work on a range of topics such as volatile conditions in the equity and interest-rate markets, financial innovation - including technology centred on food - as well as the growth of sustainability opportunities in Singapore.
/jlne.ws/3SFmzsP
Cboe Global Markets Announces Date of Third-Quarter 2022 Earnings Release and Conference Call
Cboe
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today said it will announce its financial results for the third quarter of 2022 before the market opens on Friday, November 4, 2022. A conference call with remarks by the company's senior management will begin at 7:30 a.m. Central Time (CT), 8:30 a.m. Eastern Time (ET).
/jlne.ws/3CwlpdC
Intercontinental Exchange Reports September and Third Quarter 2022 Statistics
ICE
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported September 2022 trading volume and related revenue statistics, which can be viewed on the company's investor relations website.
/jlne.ws/3EiVSWx
CME Group Reports 36% ADV Growth in September 2022 and 26% Rise in Q3; All-time record monthly ADV for Equities and FX; Record SOFR futures and options ADV, OI in September and Q3
CME
CME Group, the world's leading derivatives marketplace, today reported its September and Q3 2022 market statistics, showing average daily volume (ADV) increased 36% to 25.7 million contracts in September, representing the company's highest September ADV on record. Q3 ADV increased 26% to 22.4 million contracts, the company's fourth-highest quarterly volume ever. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3M2bGyY
Cash market sales statistics for September
Deutsche Börse
A trading volume of EUR113.63 billion was achieved on Deutsche Börse's cash markets in September (previous year: EUR135.11 billion / previous month: EUR99.23 billion). Of this, EUR111.11 billion was attributable to Xetra (previous year: EUR131.14 billion / previous month: EUR96.65 billion), which means that the average daily Xetra turnover was EUR5.05 billion (previous year: 5.96 EURbn / previous month: EUR4.2bn). Turnover on the Frankfurt Stock Exchange was EUR2.51 billion (previous year: EUR3.97 billion / previous month: EUR2.58 billion).*
/jlne.ws/3UXBd0l
HKEX Names Chief Enterprise Architect
HKEX
Hong Kong Exchange & Clearing Limited (HKEX) is today (Wednesday) pleased to announce that Mr Mark Carr has joined the Group as Managing Director and Chief Enterprise Architect. In his new role, Mr Carr will help ensure HKEX's vision to build the Marketplace of the Future is fully reflected in its groupwide technological and digital roadmap. He will play a pivotal role in HKEX's technology investment strategy, as well as working as part of the senior technology and transformation teams to deploy and optimise the Group's enterprise-wide digital and process architecture.
/jlne.ws/3RCn99B
Suspension of accepting new USD Basis Swaps referencing USD LIBOR and new THB NDIRS referencing THBFIX
HKEX
With effect from 3 October 2022, OTC Clearing Hong Kong Limited will suspend accepting new Single Currency Basis Swaps referencing USD-LIBOR and new Non-deliverable Interest Rate Swaps referencing THB-THBFIX for clearing until further notice. For the avoidance of doubt, OTC Clearing Hong Kong Limited will continue to support, amongst others, the outstanding cleared Single Currency Basis Swaps referencing USD-LIBOR until the respective maturity dates.
/jlne.ws/3rxFf1O
Notice of Disciplinary Action
CME
Member: Jeffery Michael Miulli. CME Rule Violations: CME Rule 521. Requirements for Open Outcry Trades (in part)In open outcry trading, bidding and offering practices must at all times be conducive to the competitive execution of transactions. All open outcry transactions, including spread and combination transactions, shall be made openly and competitively in the pit designated for the trading of the particular transaction. No bid or offer shall be specified for acceptance by a particular trader. Transactions may take place only at the best price available in the open outcry market at the time the trade occurs.
/jlne.ws/3CbQcLj
Notice Of Disciplinary Action
CME
Non-Member: Monick Llc
CME Rule Violations: Rule 432. General Offenses (in part)
It shall be an offense: W. for any party to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange.
/jlne.ws/3CbQL7T
Financial education is necessary to strengthen investor protection
JSE
As the financial services industry intensifies efforts to grow the number of individual investors further, so has the need to bolster financial and investor education, says the Johannesburg Stock Exchange (JSE) ahead of global World Investor Week (WIW) from 3 to 9 October 2022.
/jlne.ws/3ygD5HE
|
| | | |
|
| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | End-to-end zero-touch automated bond trading is now possible with Overbond's integrated AI-driven margin optimization model; Sell-side fixed income desks can optimize their hit ratio and pricing margin with respect to market risk, trade size, inventory capacity and various other factors in automated corporate bond trading
Overbond Ltd.
Overbond, the leading API-based credit trading automation and execution service in the global capital markets, has integrated an AI-powered margin optimization function into its existing automated trading system. As a result, traders can now train Overbond's automated system to optimize their hit ratio according to the desired trading parameters of the desk. This increases the number of trade inquiries that traders can respond to without trader intervention.
/jlne.ws/3L4ciC4
'Hard Fork': A New Technology Podcast from The New York Times
The New York Times
Hosts Kevin Roose and Casey Newton explore stories from the bleeding edge of tech. What's real? What's hype? "Hard Fork" is here to help you make sense of it. Tune in on Friday, Oct. 7. Kevin Roose is an award-winning tech columnist for The New York Times, the host of the "Rabbit Hole" podcast and the best-selling author of three books, most recently "Futureproof: 9 Rules for Humans in the Age of Automation." His Times column, "The Shift," explores changes at the heart of technology, business and culture.
/jlne.ws/3rwMjM5
Bitfinex Pay Launches 'Auto-Convert' Feature, Minimizing the Volatility Risk of Digital Token Payments
Bitfinex
Bitfinex, a state-of-the-art digital token trading platform, has launched a merchant dashboard for Bitfinex Pay, a payment technology that allows online merchants a means of receiving contactless and borderless digital token payments. The dashboard offers vendors a suite of features including Auto-Convert, which enables Bitcoin (BTC) payments to be converted automatically into Tether tokens (USDt), thereby minimising volatility risk.
/jlne.ws/3RwvDz7
Biden's AI Bill of Rights Is Toothless Against Big Tech; The draft's tenets include allowing citizens to opt out of algorithmic decisionmaking, which could reshape federal government—but not the private sector.
Khari Johnson - Wired
Last year. the White House Office of Science and Technology Policy (OSTP) announced that the US needed a bill of rights for the age of algorithms. Harms from artificial intelligence disproportionately impact marginalized communities, the office's director and deputy director wrote in a WIRED op-ed, and so government guidance was needed to protect people against discriminatory or ineffective AI.
/jlne.ws/3V0MXz9
FILS 2022: Execution Management Systems still need to evolve further to meet needs of the fixed income market; According to panelists, EMS' need to do more than replicate what's been done in the equities market to truly provide value in the fixed income space.
Wesley Bray - The Trade
During a panel discussing the value of Execution Management Systems (EMS) and how they have evolved to meet client demands, panellists shared varying opinions on how they perceive the worth of these platforms to be.
/jlne.ws/3rCq0oc
FILS 2022: Could the buy-side be forced to sell their data to mitigate rising costs? Buy-side panellists were united in their agreement that the rising cost of data was impacting them most heavily.
Annabel Smith - The Trade
Buy-side firms could be forced to sell their data to mitigate rising costs, a panel moderated by The TRADE's Laurie McAughtry at the Fixed Income Leaders Summit has found. The rising cost of sourcing and aggregating data was a key topic discussion, with all buy-side panellists in agreement that this was the most poignant issue surrounding market data.
/jlne.ws/3rtg8xj
FILS 2022: Algo and portfolio trading set to grow on the back of the surge in bond ETFs; According to panellists, ETFs now represent 10% of the total credit market and this is only expected to grow further.
Annabel Smith - The Trade
Algo and portfolio trading have seen a sharp rise in usage in the last few years, but this growth spurt is likely to be spurred on further by the rise to fame of fixed income ETFs. The growth of the fixed income ETFs market is set to be a key theme at this year's Fixed Income Leaders Summit (FILS), having seen a sharp increase in usage by traders as a lower risk strategy amid market conditions.
/jlne.ws/3ygLbA2
FILS 2022: All-star panel makes the case for balance in diversity; In a discussion around how to upskill your desk to remain competitive, speakers from BlackRock, LSEG, MarketAxess and Euronext argued that while coding is important, trading expertise remains paramount.
Laurie McAughtry - The Trade
The world is changing, and the demands from the desk are changing with it. The market for talent is getting wider, and it can seem as if all people want are data scientists and coding whizz kids. But in an 'All Star' FILS panel discussing the importance of upskilling your desk to remain competitive, speakers from leading fund managers, venues and industry providers argued that in fact, the crucial element was balance.
/jlne.ws/3yhk7Rs
|
| | | |
|
| Cybersecurity | | Top stories for cybersecurity | Rise in Cyberattacks Stretches and Stresses Defenders
James Rundle - The Wall Street Journal
Cybersecurity specialists who respond to hacks say they are stretched thin as ransomware and other attacks proliferate, often working on multiple cases at once while trying to avoid burnout.
The stress of the job is magnified by the amount of work incident-response teams are asked to undertake, industry veterans say. International Business Machines Corp.'s X-Force incident response unit estimates that it performed 25% more jobs in 2021 than in 2020.
/jlne.ws/3Cu9ps7
How to launch your cybersecurity career using LinkedIn Learning courses
Sydney Lake - Fortune
While earning a master's degree or another advanced degree can be a great way to make a career switch or earn a higher salary, these programs often require a significant investment of both time and money. For example, a master's degree in cybersecurity from the University of California—Berkeley, which Fortune ranks as having the No. 1 program in the U.S., costs about $75,000 to complete.
/jlne.ws/3SVsZE3
FBI, CISA, and NSA Reveal How Hackers Targeted a Defense Industrial Base Organization
Ravie Lakshmanan - The Hacker News
U.S. cybersecurity and intelligence agencies on Tuesday disclosed that multiple nation-state hacking groups potentially targeted a "Defense Industrial Base (DIB) Sector organization's enterprise network" as part of a cyber espionage campaign. "[Advanced persistent threat] actors used an open-source toolkit called Impacket to gain their foothold within the environment and further compromise the network, and also used a custom data exfiltration tool, CovalentStealer, to steal the victim's sensitive data," the authorities said.
/jlne.ws/3CAJkc7
|
| | | |
|
| Cryptocurrencies | | Top stories for cryptocurrencies | Keeping Up With the Crypto Influencers; Also, a group of regulators put together after the financial crisis weighs on how risky digital currencies are to the economy.
Andrew Ross Sorkin, Bernhard Warner, Vivian Giang, Sarah Kessler, Stephen Gandel, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
Kim Kardashian's $1.26 million crypto-related settlement yesterday with the S.E.C. was designed to get maximum exposure. Instead of just a dry press release, though the agency released one of those, Chair Gary Gensler announced the settlement on social media and even posted an influencer-style video warning the public about crypto investment schemes and scams. One of the many questions raised by the settlement that Gensler didn't address in the video: Was it fair?
/jlne.ws/3Vet8oa
Crypto and Climate Change: How IMPT.io is Revolutionizing the Industry
Bitcoinist
Blockchain has long been accused of aggravating the climate crisis. But things are starting to look up now, with the industry's move to energy-efficient consensus mechanisms. The recent Ethereum Merge further instills confidence in the future of blockchain technology.
/jlne.ws/3SF56kv
Crypto Lender Celsius Co-Founder, Chief Strategy Officer Leon Resigns: Report
Nikhilesh De - CoinDesk
Crypto lender Celsius Network co-founder and Chief Strategy Officer S. Daniel Leon resigned Tuesday. He is the latest executive to depart the company after now-former CEO Alex Mashinsky. Leon is stepping down amid Celsius's ongoing bankruptcy proceedings, the Financial Times reported. Mashinsky resigned exactly a week ago. Celsius filed for bankruptcy in New York in July, and now faces an inquiry from an investigator appointed by the U.S. Trustee's office and authorized by the Bankruptcy Court for the Southern District of New York.
/jlne.ws/3RBVIN2
He saved credit cards, and now he's inspiring crypto enthusiasts
Emily Bary - MarketWatch
As cryptocurrency enthusiasts look to build out the future of money, some are looking back for inspiration. Dee Hock, the Visa Inc. founder who died this summer at 93, has a fervent fan club among people developing cryptocurrency products. They devour Hock's writings about organizational theory and the notion of electronic value exchange, while drawing lessons about how Visa's history can inform the future of digital finance.
/jlne.ws/3rzpbg9
Kim Kardashian, EthereumMax and the SEC's Publicity Grab
Daniel Kuhn - CoinDesk
Monday, before the market opened, the U.S. Securities and Exchange Commission (SEC) announced it settled with celebrity influencer Kim Kardashian for $1.26 million related to her paid endorsement of a cryptocurrency called EthereumMax. Just as when Kardashian first shilled the token in June 2021 (and failed to disclose the $250,000 she was paid to do so), the news raises the question ... why? Why did Kardashian get involved in the first place, and why is the SEC fining her now?
/jlne.ws/3RyuqHn
SEC opposes motions from two firms seeking to back Ripple in XRP lawsuit
Timmy Shen - Forkast
The U.S. Securities and Exchange Commission (SEC) has objected to motions from two firms that had requested to file amicus briefs in support of Ripple Labs Inc., in the lawsuit that the SEC filed in 2020 against Ripple.
/jlne.ws/3CwLTfc
What's Going On With Ethereum's MEV-Boost?
Margaux Nijkerk - CoinDesk
Soon after the U.S. Treasury's Office of Foreign Asset Control (OFAC) blacklisted the Tornado Cash mixer program in August, Ethereum research and development firm Flashbots announced that it would, in accordance with U.S. Treasury Department sanctions, begin censoring transactions by means of a key piece of infrastructure used by many of the validators that run Ethereum's proof-of-stake blockchain.
/jlne.ws/3V4HEig
SWIFT Says It's Proved It Can Be the Way Forward for Global CBDCs
Jamie Crawley - CoinDesk
SWIFT, the interbank messaging system facilitating cross-border payments, has presented a framework for a global central bank digital currency (CBDC) system, claiming to have solved the challenge of interoperability between different networks. Following experiments involving the central banks of France and Germany as well as HSBC, NatWest, Standard Chartered, UBS and Wells Fargo, SWIFT said it has carried out transactions between different blockchain networks, using both CBDCs and fiat currencies.
/jlne.ws/3EkpW4e
Landmark CBDC Test Backed by China, Thailand and Hong Kong Deemed Success, BIS Says
CoinDesk
The Bank for International Settlements (BIS) said a project involving multiple Asian central bank digital currencies (CBDC) has been deemed a success, facilitating over $22 million in foreign-exchange transactions. Josh Lipsky, Senior Director at Atlantic Council GeoEconomics Center, discuses CBDC progress in China and around the globe.
/jlne.ws/3Cua6BJ
Crypto Hedge Fund Focused on ESG Buys Algorand, Polkadot; Modular's fund studies some 25 ESG metrics when picking coins; Algorand, Polkadot have fallen along with market since May
Joanna Ossinger - Bloomberg
Modular Asset Management's crypto hedge fund has been buying tokens like Algorand and Polkadot in a bet that coins with stronger sustainability characteristics will outperform after a $2 trillion shakeout in digital assets.
/jlne.ws/3M5vi5n
Fidelity and Citadel-backed exchange EDX Markets taps Paxos for custody
by Adam Morgan McCarthy - The Block
In the latest institutional play in crypto, digital asset exchange EDX Markets (EDXM), announced today it will work with Paxos as its custodian. Paxos is regulated by the New York Department of Financial Services and will hold all EDXM customer assets in a bankruptcy-remote trust, in fully segregated U.S. accounts, it said in a release.
/jlne.ws/3SW5E4Z
Cryptoverse: Trading names in a mind-boggling crypto craze
Lisa Pauline Mattackal and Medha Singh - Reuters
A new NFT trading craze where names are bought and sold for eye-popping sums is providing a multi-million-dollar lifeline for speculators shivering in the bleak crypto winter. "Domain" names such as coin.crypto (which has sold for $100,000) and beer.eth (which fetched $39,000) are a new breed of NFTs that owners can use to replace the jumble of 16 random numbers and letters that form their digital wallet addresses.
/jlne.ws/3e4Jj6O
Hundreds of NFTs moved from Three Arrows Fund, tracker says
The Business Times
More than 300 non-fungible tokens (NFTs) were moved out of a crypto address associated with Starry Night Capital, a NFT-focused fund launched by the co-founders of the now-bankrupt crypto hedge fund Three Arrows Capital. It's the first time the NFTs have been transferred since the main crypto wallet belonging to Starry Night Capital shifted almost all of digital tokens to a new address about four months ago. Blockchain data firm Nansen tweeted on Tuesday (Oct 4) that some of the NFTs that moved include "Pepe the Frog NFT Genesis", which was sold for 1,000 Ether, or about US$3.5 million, on Oct 5, 2021. Ether has since dropped about 62 per cent.
/jlne.ws/3RHnoAa
Treasure NFT Goes Online Worldwide: Creating the World's First Comprehensive Trading Platform for NFTs Based on Pricing Algorithms
Treasure NFT
Treasure NFT is the world's first comprehensive trading platform for NFTs based on pricing algorithms for trading. Through algorithmic aggregation and the release of NFT liquidity, a one-stop income generation platform has been created.
/jlne.ws/3ye9iiQ
Three Arrows Capital Liquidators Take Possession of Starry Night NFT Wallet
Sam Reynolds - CoinDesk
The move of Starry Night Capital's NFTs to a Gnosis Safe wallet was Three Arrows Capital's liquidators taking control of the digital assets, a filing from Teneo confirmed. Crypto hedge fund Three Arrows Capital filed for bankruptcy in July citing "extreme fluctuations" in the cryptocurrency markets. As part of the bankruptcy proceedings liquidators are working to recover all of its assets, including this NFT collection.
/jlne.ws/3RDV2ab
Meta Stock: Zuckerberg May Be a One-Hit Wonder; Sure, Facebook is a big hit, but so was "I'm Too Sexy," and nobody has high hopes for the next Right Said Fred album.
Daniel Kline - The Street
For a few years seemingly everyone thought 3D television would become the next big thing. Networks raced to create 3D programming and while it all looked cool, it turned out that two dimensions were plenty for most people and 3D television essentially disappeared. You can make a next big thing argument for 3D printing, smart homes, voice assistants, and a few other things. All of those exist, but they're largely niche products. Now, Mark Zuckerberg, creator of Facebook and CEO of what's now called Meta Platforms (META) has bet a big piece of his company's future that people want to be in the metaverse.
/jlne.ws/3SBfiKT
|
| | | |
|
| Politics | | An overview of politics as it relates to the financial markets | Endowment Tax on Wealthiest Universities Netted a Fraction of Predictions in 2021; Many of the 33 schools taxed won't disclose how much of the $68 million they paid
Melissa Korn and Richard Rubin - The Wall Street Journal
Wealthy colleges argued for years that a federal tax on their endowment income would limit their ability to provide financial aid—and represent a dangerous government overreach. Internal Revenue Service figures show the actual impact of such a tax has so far been minimal: Last year, 33 schools paid a total of just $68 million, far short of the schools' dire projections and the government's official estimate, according to data recently published by the agency.
/jlne.ws/3yhxC3q
Why the Treasury Department Is Worried About Cryptocurrency
Katherine Ross - The Street
The scale of crypto-asset activities has increased significantly in recent years. Although interconnections with the traditional financial system are currently relatively limited, they could potentially increase rapidly. Participants in the crypto-asset ecosystem and the traditional financial system have explored or created a variety of interconnections. Notable sources of potential interconnections include traditional assets held as part of stablecoin activities.
/jlne.ws/3M955m9
Republican Attacks on ESG May Be Overlooking US Workers; The "S" includes blue collar issues ranging from compensation to health and safety.
Saijel Kishan - Bloomberg
With ESG increasingly in the crosshairs of Republican politicians—be it over the strategy's efforts to address climate change or the lack of diversity in C-suites—one beneficiary of sustainable investing that the attacks seem to have overlooked is the American worker.
/jlne.ws/3Ca8o8d
Quebec Sets Record as Voters Choose Women for 46% of Legislature
Mathieu Dion - Bloomberg
Voters in Quebec set a record by electing women to 46% of the seats in the legislature, the highest ever for a Canadian province. The previous record was 43% in British Columbia's election in 2020, according to Equal Voice, a Canadian non-partisan group dedicated to encouraging political participation by women. At the national level, 30% of the electoral districts in the country's House of Commons are represented by women.
/jlne.ws/3UYTESp
UK Seeks 20-Year Gas Deal With Norway to Avoid Winter Blackouts; Discussions may lead to locking in gas price for two decades; Energy regulator warned of 'significant risk' of gas shortages
Kitty Donaldson and Ellen Milligan - Bloomberg
The UK is on the cusp of securing a natural-gas contract with Norway for as long as 20 years in a bid to stave off the risk of winter blackouts, people familiar with the matter said. A deal is expected to be secured next week, though ministers are still locked in negotiations with their Norwegian counterparts on price, the amount of gas and the length of the contract, according to one of the people, who asked not to be named discussing sensitive matters.
/jlne.ws/3V1Hlo6
EU Strikes Russia Sanctions Compromise That Adds Oil Price Cap
Ewa Krukowska, Alberto Nardelli and Natalia Drozdiak - Bloomberg
European Union countries reached a compromise on a new package of Russia sanctions that includes support for a price cap on oil sales to third countries, with a formal agreement expected on Wednesday, according to people familiar with the matter. EU ambassadors on Tuesday night discussed ways to mitigate the impact the new package would have on countries with large shipping industries, said the people, who asked not to be identified because the talks were private.
/jlne.ws/3V2o5ab
Poland demands $1.3 trillion in war damages from Germany
Monika Scislowska - Associated Press
Poland's foreign minister on Monday signed an official note to Germany requesting the payment of about $1.3 trillion in reparations for the damage incurred by occupying Nazi Germans during World War II. Zbigniew Rau said the note will be handed to Germany's Foreign Ministry. The signing comes on the eve of Rau's meeting in Warsaw with German Foreign Minister Annalena Baerbock, who will attend a security conference. Rau said the note expresses his view that the two sides should take action "without delay" to address the effects of Germany's 1939-45 occupation in a "lasting and complex, legally binding as well as material way."
/jlne.ws/3V3VwJp
EU Likely to Approve G-7 Cap on Russian Oil Price in Two Steps; Diplomats advance work on cap, but will need fresh approval from the bloc as some member nations are hesitant
Laurence Norman - The Wall Street Journal
The European Union has advanced work on a price cap for Russian oil under an approach that keeps the U.S.-led effort on track but holds off on final approval. EU member states have agreed on a two-stage approach to the international price cap on Russian oil, which is being developed within the Group of Seven industrial economies. EU officials are preparing legislation needed to implement the measure, but will hold off fully approving it until the rest of the G-7 is ready, diplomats and officials said.
/jlne.ws/3Czvwyj
OPEC and Russia meet today, with a big cut in oil output on the table.
Stanley Reed - The New York Times
OPEC and its allies, including Russia, are widely expected to approve a sizable cut in oil production in order to bolster prices when officials meet in Vienna on Wednesday. Among those attending the meeting is Russia's deputy prime minister, Alexander Novak, who has played a key role in fostering cooperation with the Organization of the Petroleum Exporting Countries. The presence of Mr. Novak, who is subject to U.S. sanctions, could come as an embarrassment to European officials when their citizens face what could be a tough winter because of Russia's war in Ukraine.
/jlne.ws/3RCPsog
|
| | | |
|
| Regulation & Enforcement | | Stories about regulation and the law. | ISDA, FIA And IIF Respond To CPMI/IOSCO Discussion Paper On NDL
International Swaps and Derivatives Association
FIA, IIF and ISDA (the Associations) applaud CPMI/IOSCO for the discussion paper "A discussion paper on central counterparty practices to address non-default losses", (the Discussion Paper). The Discussion Paper is a helpful stock-take of CCP practices, including identification where practices seem inconsistent with the PFMIs. We also welcome that notable practices are highlighted.
/jlne.ws/3rzpVSt
U.K. Regulator Pushed Pensions to Load Up on LDIs; The rush into the derivatives-based investment strategies concentrated risks in the market, sparking a Bank of England bond-market rescue
Caitlin Ostroff, Jean Eaglesham and Chelsey Dulaney - The Wall Street Journal
The derivatives-based investment strategy that tipped the U.K.'s pension sector into crisis started with good intentions: Help companies fulfill promises they made to employees to pay a steady income through retirement. Behind the push into that strategy, say pension trustees and their advisers, was the Pensions Regulator, the U.K.'s powerful watchdog, charged with safeguarding the savings of millions of private-sector workers. The regulator steered private pension funds to adopt liability-driven investments, known as LDIs, linked to returns on U.K. government bonds, according to pension trustees and consultants.
/jlne.ws/3SGOfxM
ISDA Annual Legal Forum, October 4, 2022, Opening Remarks, Katherine Tew Darras, General Counsel, ISDA
Mondovisione
Good morning, everyone. Welcome to ISDA's Annual Legal Forum. This is the first time we've been able to run this particular event in person since before the pandemic, so it's great to have you all here in the room. I certainly missed having the ability to interact and engage with fellow lawyers at events like these - being able to network, share ideas and collaborate with others is extremely valuable, so thank you all for coming.
/jlne.ws/3SEOCsC
CFTC Commissioner Goldsmith Romero to Participate in a Regulatory & Policy Roundtable at the Financial Markets Quality Conference 2022
CFTC
CFTC Commissioner Christy Goldsmith Romero will participate in a Regulatory & Policy Roundtable at the Financial Markets Quality Conference 2022 hosted by the Psaros Center at Georgetown University's McDonough School of Business.
/jlne.ws/3yaJGDB
Chairman Behnam to Participate in a Fireside Chat at DC Fintech Week 2022
CFTC
Chairman Behnam will participate in a fireside chat on, The CFTC and Crypto: An Early Look into 2023, at DC Fintech Week 2022 hosted by the Georgetown University Law Center.
/jlne.ws/3fLWslL
FINRA Fines UBS Securities $2.5 Million for Regulation SHO Violations and Supervisory Failures
FINRA
FINRA announced today that it has fined UBS Securities LLC (UBS) $2.5 million for Regulation SHO (Reg SHO) violations and supervisory failures spanning a period of nine years. Reg SHO is intended to address concerns regarding persistent failures to deliver and potentially abusive "naked" short selling (the sale of securities that an investor does not own or has not borrowed). The rule requires firms to take affirmative action to close out "failure to deliver" positions resulting from short sales in equity securities by borrowing or purchasing the securities by the beginning of regular trading hours the day after the settlement date. Limit orders or other delayed orders do not satisfy the close-out requirement. When a firm does not close out a failure to deliver, the rule prohibits the firm from accepting additional short sale orders in the security without first borrowing or arranging to borrow the security (commonly known as the "penalty box").
/jlne.ws/3e1DMxS
SEC Is Kardashian's Worst Headache Since Kanye
Michael P. Regan - Bloomberg
The Securities and Exchange Commission sent a message by fining Kim Kardashian $1.26 million for shilling a cryptocurrency without disclosing she was being paid. Of course, the actual fine was likely equivalent to the market cap of one of Kim's shoe closets, though less well-heeled celebrity crypto shills likely are "quaking in their boots." For the rest of us citizens or mere tourists in crypto land, the exact message is more confusing.
/jlne.ws/3RHENsl
SEC Charges Southern California Firm with Operating a Ponzi-Type Scheme
SEC
The Securities and Exchange Commission filed fraud charges against JMJ Capital Group and its president and chief executive officer, Richard Lee Ramirez, with fraudulently raising millions of dollars from investors in Southern California.
/jlne.ws/3SXjJ2h
SEC Obtains Final Judgment Against Former Dewey & Leboeuf, LLP Executive
SEC
The Securities and Exchange Commission announced today that on October 3, 2022, the Honorable Valerie E. Caproni of the United States District Court for the Southern District of New York entered a final judgment against former Dewey & LeBoeuf, LLP executive Joel Sanders, Esq., in an SEC enforcement action arising from his role at the now-defunct international law firm's fraudulent $150 million bond offering.
/jlne.ws/3SFpTEn
ASIC sues Latitude Finance Australia and Harvey Norman Holdings for allegedly misleading interest free advertising
ASIC
ASIC has launched legal action against Latitude Finance Australia (Latitude) and Harvey Norman Holdings Ltd (Harvey Norman) over the promotion of interest free payment methods.
/jlne.ws/3Ee5emC
FCA publishes review of business interruption insurance claims handling
FCA
A Financial Conduct Authority (FCA) review of business interruption claims handling has welcomed insurers quickly paying out interim payments, reallocating resources quickly and proactively communicating with policyholders to help them with claims following the test case judgment handed down by the Supreme Court last year.
/jlne.ws/3CBDvew
Singapore Official Says Some Crypto Activities Aren't Regulated
Joanna Ossinger - Bloomberg
Singapore said not all crypto-related activities are regulated and that its monetary authority wouldn't know about the number of people interested in setting up crypto firms unless they sought a central-bank license. Companies that provide services involving buying, selling or facilitating the exchange of digital payment tokens would be governed by the Payment Services Act, Monetary Authority of Singapore Chairman Tharman Shanmugaratnam said in a reply to questions from a member of parliament.
/jlne.ws/3yiWlV4
|
| | | |
|
| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Short Sellers Pounded Anew in Latest Trial for Market Timers; Most-shorted stocks lead market, jumping almost 6% as a group; Hedge funds, CTAs added bearish bets when S&P 500 hit new lows
Lu Wang and Tassia Sipahutar - Bloomberg
One by one, short sellers are being forced to capitulate as market expectations grow for a slower pace of central bank tightening. Whether in stocks or bonds, bearish bets are being dealt a blow as US data begin to reflect the fallout from the Federal Reserve's aggressive rate hikes. A dovish pivot by the Reserve Bank of Australia on Tuesday is also fanning speculation that policy makers may be about to soften their hawkish stance.
/jlne.ws/3e6e4bm
Markets Are Stuck in Overreaction Mode; Every little data point has the potential to create huge swings and changes in directions
James Mackintosh - The Wall Street Journal
Investors are behaving like sugar-starved children offered a lollipop, grasping for it with delight only to scream when it is taken away again. On Monday, the sweeties came in the form of some mild bad news on the economy. The Institute of Supply Management's manufacturing index came in a little weaker than forecast. This prompted an extraordinary rush to buy bonds and stocks as bets mounted that the Federal Reserve would raise interest rates less aggressively.
/jlne.ws/3rtHtzg
Global Uncertainty and Demographic Shifts are Changing the Client Experience
Investments & Wealth Institute
The Investments & Wealth Institute's 2022 Client Research shows that investor preferences, expectations about the future and engagement styles have changed and continue to change. The study, conducted by Absolute Engagement, has been published in partnership with the Institute annually since 2017 and asks clients to tell us what they need, want and expect from their advisors. Responses are analyzed to uncover how advisors can best adjust to the changing landscape.
/jlne.ws/3M7iBH6
Former Glencore CEO Contender to Run Metals Trader IXM; Kenny Ives will replace Paul Akroyd as IXM chief executive; Glencore's former nickel-trading head departed last year
Jack Farchy - Bloomberg
Kenny Ives, who left Glencore Plc after losing out in the race to succeed Ivan Glasenberg, will join metals trading house IXM as chief executive officer. IXM, the former metals trading unit of Louis Dreyfus Co., is one of the largest merchants of refined metal and ores. It is owned by China's CMOC Group Ltd., a leading producer of cobalt and tungsten, and a substantial copper supplier.
/jlne.ws/3SNcXfs
Yale's Endowment Gains 0.8% in First Year for CIO Mendelsohn
Francesca Maglione - Bloomberg
Yale University's endowment returned 0.8% in the first year under Chief Investment Officer Matthew Mendelsohn, who took the reins after the death of predecessor David Swensen. The fund earned $266 million in the period and was valued at $41.4 billion on June 30, "after $1.6 billion of spending distributions to the operating budget," the Ivy League school in New Haven, Connecticut, said Tuesday on its website. The S&P 500 tumbled 12% in the same span.
/jlne.ws/3ru0KAE
|
| | | |
|
| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How the world's whitest paint can tackle climate crisis; Paint has potential to cool exteriors of airplanes, cars and trains, scientists point out
Vishwam Sankaran - Independent
A new formulation of the world's whitest paint is thinner and lighter enough to be used on cars and airplanes for radiating heat away, according to a new study. The world's whitest paint, seen in this year's edition of Guinness World Records as well as the The Late Show With Stephen Colbert, can keep surfaces cool and reduce the need for air conditioning, said scientists, including those from Purdue University in the US.
/jlne.ws/3Cb860J
Coal Revival Threatens to Push Power Sector Emissions to Record Droughts, heatwaves pushed countries to coal power, Ember says Renewable growth saved $40 billion in fuel costs in first half
Shoko Oda - Bloomberg
Global carbon emissions from power plants may be headed for a record high this year after summer droughts and heatwaves boosted coal- and natural gas-fired generation. The jump in fossil fuel use pushed emissions from electricity production up 1.7%, or 133 million tons, in the first eight months of this year, climate think-tank Ember said in a report Wednesday. Most of the increase was in July and August, as fossil generation was unchanged in the first half from a year earlier.
/jlne.ws/3EjrCuX
Empty ESG Pledges Ensure Bonds Benefit Companies, Not the Planet; Sustainability-linked bonds let companies borrow cheaply if they meet environmental, social, and governance targets. A Bloomberg News analysis found those goals are weak.
Priscila Azevedo Rocha, Akshat Rathi, and Todd Gillespie - Bloomberg
Fashion giant Chanel, known for its iconic perfume and tweed suits, keeps up to date with changing tastes. These days that means showing consumers—and investors—that it's doing its part to combat climate change. So when the company needed to borrow money two years ago, it turned to a hot new financial product: sustainability-linked bonds, or SLBs. The investors who purchased Chanel's EUR600 million ($589 million) of bonds also got a promise: If the company didn't meet certain climate goals, it would pay them millions of euros more. In other words, they'd pay a penalty for not being green.
/jlne.ws/3fKyUgM
Fund Managers, Regulators Wrestle Over Plans to Tighten ESG Rules; Financial firms and data providers skeptical of proposed rules to clarify environmental, social and governance standards
Shane Shifflett - The Wall Street Journal
Regulators in the U.S. and Europe are trying to tighten rules on popular environmental, social and governance investment products, triggering a backlash from investors and businesses. ESG funds have boomed in recent years, exceeding $350 billion in net assets in 2021 in the U.S., as investors look to fund companies that are addressing climate change and other issues. But murky disclosures and lax standards are driving regulators to tighten the rules. Proposed regulations from the Securities and Exchange Commission would establish a common benchmark for how sustainable investment products are labeled, marketed and reported. That could lead to investors pulling cash from funds that don't appear to be taking the standards seriously.
/jlne.ws/3M72CbY
How mining & metals companies can make ESG work in a downturn
White & Case LLP - JD Supra
Mining & metals companies have been increasingly focusing on enhancing their environmental, social and governance credentials in recent years as part of the energy transition. But with a global recession looming, will they be able to maintain their commitment? The mining & metals industry, often considered a villain in the context of environmental sustainability, is now seen as a critical part of the solution.
/jlne.ws/3C7nb3z
Top Source Of Ocean Oil Pollution Isn't The Leaky Tanker, Pipeline Or Offshore Rig—It's Your Car
Jeff McMahon - Forbes
All the petroleum spilled by leaky oil tankers, broken pipelines and toppled drilling rigs—including the Deepwater Horizon—pales in comparison to the amount that washes into the sea from land-based sources, primarily motor vehicles, according to a new report from the National Academies of Sciences, Engineering, and Medicine.
/jlne.ws/3rutGse
2% of the world's rarest zebras wiped out in Kenya's relentless drought
Nimi Princewill - CNN
A grueling two-year drought in Kenya has wiped out 2% of the world's rarest zebra species and increased elephant deaths as well, as the climate crisis takes its toll on the east African nation's wildlife. Animal carcasses rotting on the ground - including giraffes and livestock - have become a common sight in northern Kenya, where unprecedented dry spells are chipping away at already depleted food and water resources. The Grevy Zebra, the world's rarest of the zebra species, has been the worst hit species by the drought.
/jlne.ws/3yi2z7L
|
| | | |
|
| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse Stock Lending Clients Retreated Amid Market Swings; Bank had to reverse transactions as some clients were spooked; Outflows have since reversed, with no material revenue impact
Donal Griffin, Marion Halftermeyer, and Dawn Lim - Bloomberg
A Credit Suisse Group AG business that lends out shares reversed some of those transactions in recent days after investors that provided the securities pulled back over concern about the bank's financial health. The Zurich-based lender told borrowing clients at the stock-loan unit that some counterparties temporarily stopped dealing with it because of mounting market pressure, forcing it to withdraw shares, according to people with knowledge of the matter. The unit saw less than 5% of the total pool pulled, and there was no funding impact for Credit Suisse, one of the people said.
/jlne.ws/3rzkTW5
Bill Foley Is Latest SPAC Titan to Shut Down and Return Billions; Pair of blank check firms raised $2.1 billion in February 2021; Foley joins Palihapitiya, Ackman and Zell in liquidating SPACs
Bailey Lipschultz - Bloomberg
Serial SPAC dealmaker Bill Foley is the latest industry heavyweight to call it quits as he seeks to give investors back the roughly $2.1 billion he raised for a pair of vehicles. Austerlitz Acquisition Corporation II, which raked in $1.38 billion and was among the largest outstanding blank-check firms, and Austerlitz Acquisition Corporation I, which raised $690 million, are looking to shut down before the end of the year, according to a filing with the US Securities and Commission on Monday. The two had set March deadlines to complete mergers when they debuted last February.
/jlne.ws/3SRTCts
Bridgewater Founder Ray Dalio Hands Over Control of Firm; Billionaire steps down as co-investment chief of hedge-fund firm, remains on board
Juliet Chung - The Wall Street Journal
Bridgewater Associates founder Ray Dalio stepped down as co-investment chief of the largest U.S. hedge fund firm, nearly five decades after he started it in his Manhattan apartment. The move, finalized Friday following a tumultuous yearslong succession process, leaves a handful of Dalio associates in charge of the firm, which has $150 billion under management. Mr. Dalio remains on the Bridgewater board. The apparent winners in the Bridgewater succession drama are co-investment chiefs and Bridgewater veterans Bob Prince and Greg Jensen, who had a public falling out with Mr. Dalio, and co-chief executives Nir Bar Dea and Mark Bertolini, newer entrants on the scene who were named to their posts in January. But some cast Mr. Dalio as a winner, too, effecting a transition on his terms and timeline.
/jlne.ws/3ryCTjs
Exclusive-Banks divert gold supply from India to China, Turkey - sources
Rajendra Jadhav - Reuters
Gold-supplying banks have cut back shipments to India ahead of major festivals in favour of focusing on China, Turkey, and other markets where better premiums are offered, three bank officials and two vault operators told Reuters. That could create scarcity in the world's second-biggest market for gold, and force Indian buyers to start paying hefty premiums for supplies in the approaching peak-demand season.
/jlne.ws/3SByp7j
JPMorgan Holds Off on Adding India to Bond Index, Keeps on Watch; India lingers on watch for inclusion in JPM's key EM gauge; Investors warned of hurdles involving bond-trading process
Sydney Maki and Subhadip Sircar - Bloomberg
JPMorgan Chase & Co. is keeping Indian government bonds off its emerging-market sovereign bond index for now, citing investment hurdles that must be resolved for the inclusion to take place. The decision to refrain from adding the bonds to the JPMorgan Government Bond Index-Emerging Markets -- while keeping them under review for inclusion -- was based on investor feedback, the index provider said Tuesday.
/jlne.ws/3M5gBPI
JPMorgan declines to add India to widely followed bond index; Bank's decision follows investor concerns over country's market infrastructure
Jonathan Wheatley and Hudson Lockett - Financial Times
JPMorgan has declined to include India in a widely followed bond index until at least next year after investors raised concerns about the domestic market's ability to handle the large volume of capital inflows expected to follow the move.
/jlne.ws/3ygfQxi
Robinhood Markets, Inc. to Announce Third Quarter 2022 Results on November 2, 2022
Robinhood - Globe Newswire
Today, Robinhood Markets, Inc. (NASDAQ: HOOD) announced that it will release its third quarter 2022 financial results on Wednesday, November 2, 2022 after market close. An earnings conference call will be held at 2:00 PM PT/5:00 PM ET on the same day. A live webcast of the call and supporting materials will be available at investors.robinhood.com. Following the call, a replay and transcript will also be available on the same website.
/jlne.ws/3EgClWK
Odey's Hedge Fund Gains Surge to 193% on UK Market Turmoil; His fund has benefited from short bets against gilts, pound; His hedge fund's best annual performance was 60% in 1993
Nishant Kumar - Bloomberg
Crispin Odey's best year ever went to a new level amid tumultuous markets last month. His hedge fund soared about 25% in September, benefiting from his long-running short bets against UK government bonds and pound amid wild volatility sparked by Prime Minister Liz Truss's plans to enact large-scale tax cuts.
/jlne.ws/3ST5vPW
Citadel's Flagship Hedge Fund Gains 29% in Year of Market Turmoil; Firm's four hedge funds enjoy double-digit returns this year; Ken Griffin's firm is outperforming peers in rocky 2022
Lulu Yilun Chen - Bloomberg
Citadel's four hedge funds all generated double-digit returns this year, according to people familiar with the matter, outshining peers in turbulent markets. The company's flagship Wellington multi-strategy fund returned 2.5% in September, bringing year-to-date performance to about 29%, the people said, asking not to be named because the information is private.
/jlne.ws/3SwfURP
BlueCrest doubles money in bond market rout; Michael Platt's private investment group outperforms peers with bets on interest rates
Laurence Fletcher - Financial Times
BlueCrest Capital, the investment firm co-founded by billionaire bond trader Michael Platt, has more than doubled its money this year after betting that inflation and rising interest rates would pummel debt markets.
/jlne.ws/3Eebr1U
|
| | | |
|
| Wellness Exchange | | An Exchange of Health and Wellness Information | Another COVID-19 variant could emerge this winter, Fauci says
Erin Doherty and Sareen Habeshian - Axios
NIAID director Anthony Fauci said Tuesday that "we should not be surprised" if a new COVID-19 variant emerges this winter. "We should anticipate that we very well may get another variant that would emerge that would elude the immune response that we've gotten from infection and/or from vaccination," Fauci said during an event with the USC Annenberg Center for Health Journalism.
/jlne.ws/3rwUhVy
New research points to health benefits of eating earlier in the day and within a 10-hour window
Aria Bendix - NBC News
New research suggests there may be an ideal window of time to eat during the day. Eating relatively early may be beneficial for weight loss, and keeping meals within a 10-hour period could improve blood sugar and cholesterol levels, according to two small studies published Tuesday in the journal Cell Metabolism. The first study found that eating on a later schedule made people hungrier over a 24-hour period than when they consumed the same meals earlier in the day. Late eating also led the study participants to burn calories at a slower rate, and their fat tissue seemed to store more calories on a later eating schedule than an early one. Overall, the study suggests that eating later can increase a person's obesity risk.
/jlne.ws/3RI6D7Y
|
| | | |
|
| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Xi Jinping's third term is a tragic error; China's macroeconomic, microeconomic and environmental difficulties remain largely unaddressed
Martin Wolf - Financial Times
Xi Jinping will shortly be confirmed for a third term as general secretary of the Communist party and head of the military. So, is his achievement of such unchallengeable power good for China or for the world? No. It is dangerous for both. It would be dangerous even if he had proven himself a ruler of matchless competence. But he has not done so. As it is, the risks are those of ossification at home and increasing friction abroad.
/jlne.ws/3ygB9iq
China Restricts Exports of Corn Starch, Signaling Supply Worries
Hallie Gu - Bloomberg
China has curbed exports of corn starch in a signal that the world's biggest corn importer is likely worried about local supplies. The government has asked companies to suspend shipments to stabilize corn prices and contain inflation risks, according to Ma Wenfeng, a senior analyst at the Beijing Orient Agribusiness Consultant Co. Corn starch is commonly used as an ingredient to thicken soups and sauces or for paper products and adhesives.
/jlne.ws/3fxIL9G
Malaysia Palm Oil Stockpiles May Surge to Largest in Three Years; September inventories seen rising 8% from prior month: survey; Prices may stay volatile amid rising supplies, macro headwinds
Anuradha Raghu - Bloomberg
Palm oil inventories in Malaysia likely climbed to their biggest in nearly three years after rising production in the world's second-largest grower outpaced a recovery in export demand. Stockpiles jumped about 8% in September from a month earlier to 2.26 million tons, according to the median of 10 estimates in a Bloomberg survey of analysts, traders and plantation executives. That would be the fourth straight monthly increase, lifting reserves to their highest since October 2019.
/jlne.ws/3CyZZww
Chinese EV battery maker CALB raises US$1.26 billion in Hong Kong's third-largest IPO this year as local investors shun 79 per cent of allocation
China Aviation Lithium Battery (CALB), the country's third-largest electric vehicle (EV) battery maker, has raised HK$9.9 billion (US$1.26 billion) from its initial public offering, after pricing the shares at the bottom of the marketed range. The Jiangsu-based company offered the shares at between HK$38 and HK$51 apiece, and settled for floor price after gauging investor demand, according to a Hong Kong exchange filing on Wednesday. The proceeds will still rank the CALB IPO as the third-largest in the city this year after China Tourism Duty Free raised US$2.1 billion in August and Tianqi Lithium's issue generated US$1.7 billion in July.
/jlne.ws/3CzsEl7
High Gas Prices Cloud Asia's Push for LNG; Soaring LNG prices are delaying the growth of natural-gas imports in Asia's emerging markets
Benoît Morenne and Phred Dvorak - The Wall Street Journal
Some emerging Asian countries are slashing imports of liquefied natural gas as competition, especially from Europe, grows for the fuel. Asia is still expected to drive global demand for LNG, but Russia's halt of most pipeline gas to Europe has spurred the continent to increase LNG imports. Intense competition for cargoes has pushed up Asian benchmark prices roughly 12 times from early 2021 to roughly $70 per million British thermal unit this year, casting a cloud over broader adoption of LNG in the region.
/jlne.ws/3M9TKlP
Traders Are Fighting South Africa's Central Bank on Policy Path; Money markets have curbed rate-hike bets over next year; Reserve Bank's hawkish rhetoric signals more tightening ahead
Robert Brand - Bloomberg
Wall Street's mantra "Don't fight the Fed" -- or its local equivalent -- is falling on deaf ears in South Africa, where traders are rapidly curbing rate-hike bets even as the country's central bank maintains its hawkish rhetoric. Forward-rates agreements are now pricing in about 183 basis points of rate increases over the next 12 months, down from as high as 250 basis points less than two weeks ago. That's after South Africa's central bank lifted its policy rate by 75 basis points for a second consecutive meeting last month and warned on Tuesday that there's more to come.
/jlne.ws/3eaRXR5
UAE set to support Saudi Arabia and Russia on oil output cuts; Influential Gulf state's backing ahead of Opec+ meeting could hinder US efforts to stop deal
David Sheppard - Financial Times
The UAE is likely to support substantial oil production cuts proposed by Saudi Arabia and Russia at Wednesday's Opec+ meeting in a blow to US efforts to try to stop the deal.
/jlne.ws/3fLjmtl
Brazil Has So Much Fertilizer That Cargo Is Being Rerouted; Record imports, easing demand drive down fertilizer prices; One fertilizer-laden vessel was re-routed to the US last month
Tarso Veloso Ribeiro and Elizabeth Elkin - Bloomberg
Fertilizer firms are starting to see farmers in one of the world's biggest food suppliers pushing back on high prices for crop nutrients. Brazil has so much fertilizer that shipments are getting turned away. Case in point: Swiss-based fertilizer producer Ameropa AG diverted a shipment of 17,416 metric tons of monoammonium phosphate -- commonly known as MAP -- to the US last month due to Brazil's full silos and dwindling demand for chemicals from farms.
/jlne.ws/3fwUlSr
Winter Jitters Spur Firewood Cost Cap as Romania's Poor Struggle
Andra Timu and Irina Vilcu - Bloomberg
Romania capped firewood prices for six months to combat what it calls "artificial hikes" in an effort to protect about a third of the population that relies on it for heating during the approaching winter. The government approved an emergency decree setting a price ceiling for firewood at 400 lei ($80) per cubic meter and at 2,000 lei per ton of wood pellets. The decision comes months after price caps for gas and power bills were introduced to help citizens and companies cope with surging costs.
/jlne.ws/3ruralZ
One More Reason the Dollar Doom Loop Is So Hard to Break; And why the Fed might actually want a weaker currency.
Tracy Alloway - Bloomberg
There's oodles of research about what a strong dollar means for the rest of the world. Most of it is based on historical conditions of low inflation and fully-functioning global trade. But with prices trending up and much of the world experiencing an energy crisis or other disruptions, normal conditions might not apply. That's the message from Steven Englander, Standard Chartered Plc's global head of G-10 foreign-exchange research, who argues that the unusualness of the current economic environment might make it difficult to break the so-called ' dollar doom-loop.'
/jlne.ws/3RDLqw3
Americans Tap 401(k) Plans After Hurricanes and Natural Disasters; More people are taking emergency withdrawals from retirement plans due to natural disasters, but it should be a last resort, financial advisers say
Anne Tergesen - The Wall Street Journal
Florida residents who suffered financial losses from Hurricane Ian might be able to tap their retirement accounts to cover emergency expenses, a last resort more victims of natural disasters are using. Though 401(k) plans are set up to keep Americans' nest eggs out of reach until retirement age, the Internal Revenue Service allows savers to pull money out for certain economic hardships, including buying a first home, preventing foreclosure and covering high medical bills. Since the IRS added natural disasters to the list of sanctioned reasons for hardship withdrawals in 2020, thousands of workers have tapped their retirement savings for that purpose.
/jlne.ws/3SBweAF
Thousands of California wells dry up amid megadrought
Terry Chea - Associated Press
As California's drought deepens, Elaine Moore's family is running out of an increasingly precious resource: water. The Central Valley almond growers had two wells go dry this summer. Two of her adult children are now getting water from a new well the family drilled after the old one went dry last year. She's even supplying water to a neighbor whose well dried up.
/jlne.ws/3M7kx2k
Much-Needed Grain Piles Up in Canada Due to Overwhelmed Railways; Disruptions come amid supply uncertainty from Ukraine war; Canada farmers harvest the third biggest wheat crop on record
Jen Skerritt - Bloomberg
The world sorely needs more grains, and Canada has a bin-busting harvest this year. Unfortunately, there aren't enough rail cars to transport it all. There were almost 2,400 outstanding grain-car orders for the nation's two major carriers, Canadian National Railway Co. and Canadian Pacific Railway Ltd. in the latest data from Ag Transport Coalition.
/jlne.ws/3SF7ZSn
|
| | | |
|
| Miscellaneous | | Stories that don't quite fit under the other sections | Return-to-Office Push? These Staffers Like the Pull; Many firms set September as a deadline to start enforcing in-person work policies. Not everyone is upset.
Charlie Wells - Bloomberg
Returning to the office is supposed to be a drag. But for many employees, the recent push to resume in-person work is proving to be something unexpected: a positive experience. Call them the office evangelists. They say they are thriving one month into a new era of stricter return-to-work policies that took effect around Labor Day, the US holiday that marks the unofficial end of summer. Meanwhile, the call to come back in is growing louder across the white-collar world, hitting employees at companies ranging from Apple Inc. and Peloton Interactive Inc. to the big Wall Street banks.
/jlne.ws/3Cvwr2T
|
| | | |
|
Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
© 2022 John J. Lothian & Company, Inc. All Rights Reserved. |
|
|
