| October 13, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
BMLL has published a post to its blog titled "The LIBOR to SOFR transition: managing best execution for futures trading." To perform this analysis, BMLL dug into Level 3 Order Book data on the CME, and looked at two different ways the LIBOR transition has been seen in the futures markets.
Rich Mackey has been promoted to the CEO role at Prime Trading, LLC. He was previously a managing director. JLN recently shared the MWE WOO Short: Rich Mackey: From Golfing to Trading: Decision-Making is Key.
CME Group has named Jonathan Marcus as general counsel.
September was a good month for the Nodal Exchange. First, open interest in environmental products ended September at 206,138 contracts, up 33% from 154,823 a year earlier. Secondly, in their carbon products (CCAs and RGGI), they hit a new record of 42,231 contracts, and open interest for the products was 39,606, up 179% from the 14,175 contracts of a year earlier.
The Environmental Finance "The Future of ESG Data" conference in London will be held on October 17 at the Hilton London Tower Bridge. ICE will be represented on the conference panels by ICE Head of Climate Transition Finance Girish Narula and Global Head of Environmental Markets Gordon Bennett.
If you followed last weekend's Chicago Marathon, you might have caught one guy running the 26.2 miles in a business suit. That was Tim Carey, a senior project manager of Cboe Global Markets, who wore the suit to raise awareness for the National Domestic Violence hotline. He was interviewed by CBS News in this story.
Speaking of the Cboe, if you would like to get a peek at their new trading floor, here is your chance. Cboe is participating in the Chicago Architecture Center's Open House Chicago program on Saturday, October 15 from 10 a.m. to 5 p.m. CT. The Cboe trading floor visit is part of a tour of the CBOT Building at 141 West Jackson. Visitors will only be able to see the Cboe floor from the 8th floor viewing gallery and will not be allowed on the main trading floor. The Chicago Architecture Center's Open House Chicago program features behind-the-scenes access to more than 150 buildings across Chicago.
The law firm of Jones Day is looking for a financial markets associate for a job in Washington, DC.
The Greenwood Project is looking for a development associate in a hybrid position in Chicago.
Scott Caudell, the former chief information officer at Pico Quantitative Trading and the former chief technology officer for infrastructure at Interactive Data and former chief technology officer at 7Ticks, has started a new position at Google as a customer engineer, infrastructure modernization. He has been working for Google more recently as a contractor.
In a podcast at The Block, Frank Chaparro interviewed Brevan Howard's Peter Johnson and Colleen Sullivan, co-heads of ventures at the firm. The title of the podcast is "Crypto adoption is seeing brands like Gucci take center stage, say co-heads of Brevan Howard Digital."
The Chicago Regional Office of the U.S. Securities and Exchange Commission today is holding a special program of the SEC Historical Society and the Northwestern University Pritzker School of Law about the evolution of the Chicago Regional Office. The moderated conversation will feature current and former leaders of the office who will discuss a range of topics.
HKEX last night celebrated in Hong Kong in a gathering of industry friends at the Happy Valley horse racing course and the running of the HKEX Cup Race. This annual cup race has been held since 1986 to celebrate the merger of four Hong Kong stock exchanges.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The United Nations Environment Programme (UNEP) and the Green Finance Institute (GFI) are partnering to host Financing Nature: COP27 Special, a podcast series to highlight the role of finance and natural climate solutions in the run up to the United Nations Climate Change Conference (COP27) next month in Egypt. The special series began October 5 and runs through November 2, 2022. You can listen on Spotify or here. ~ SAED
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MWE SHORT: Kristin Boggiano -- It's a Jungle Out There
JohnLothianNews.com
When Kristin Boggiano was finishing college, she admittedly had no clue what she wanted to do. So when she got an opportunity to spend three weeks in the jungles of Ecuador working with indigenous tribes, she jumped at the chance. When she returned, she still had no conclusions, except that she really enjoyed indoor plumbing, air conditioning and American food.
Watch the video »
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Options Discovery Episode 9: Protective Put Basics; Michael J. Oyster Breaks Down How to Use Options to Manage Risk With JLN's Alex Teng
JohnLothianNews.com
In this episode of Options Discovery, JLN's Alex Teng Breaks down the basics of a protective put strategy where an investor is long a put option while owning the underlying asset. Alex also gets a chance to sit down with the chief investment officer of Options Solutions, Michael Oyster. In this Options Discovery interview, Oyster discusses how options can be used for risk management and navigating a declining stock market.
Watch the video »
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A Shocking Number of Baby Boomers and Generation X Plan to Work Past 70--or Forever
Jessica Hall, MarketWatch - Barron's
Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at all, highlighting the need for backup plans in case life's unexpected events get in the way of such goals. According to a study by nonprofit Transamerica Center for Retirement Studies in collaboration with the Transamerica Institute, 49% of baby boomers expect to, or already have, extended their working lives past 70 or do not plan to retire. Their reasons for doing so are most as likely to be their health (78%) or their finances (82%).
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****** I am not sure I know how to stop working. ~JJL
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The Rise and Fall of Bitcoin Culture; Crypto's first token created a culture and then a monster.
Paul J. Dylan-Ennis - CoinDesk
Bitcoin maximalism has become so desperately unhinged I consider it a cultural Chernobyl. The situation was not always so. Bitcoin culture was not maximalist for most of its history. The zealots infecting modern Bitcoin culture are usurpers. I arrived into the world of Bitcoin in 2012. I had heard about the dark net marketplace Silk Road and its then-elusive leader, the Dread Pirate Roberts (DPR). As a fan of subcultures, I was enthralled and I still think nothing has come close to that era for sheer intrigue.
/jlne.ws/3RVBLRG
******* They had me at "The Rise and Fall..."~JJL
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The Beef Industry Is Trying to Sell Us Bullsh*t; Like the oil and gas industry once did, Big Meat is slowly ramping up its PR spin on climate.
Molly Taft - Gizmodo
A few weeks ago, a friend sent me a link to an event that was part of New York's Climate Week. The panel's title was "Choosing a climatarian diet: the case for including beef"; the description promised a discussion of the "role beef production plays in a climate-smart food system." I've never clicked a "register" button so fast in my life.
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****** Nothing like some good storytelling.~JJL
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SEC Chair Gary Gensler Answers Your Questions
The Problem With Jon Stewart Podcast - YouTube
SEC Chair Gary Gensler is back! Jon throws some of the 3000+ audience questions we got at him and they dive into the issue of whether the SEC is doing enough to ensure market transparency, why there's not more accountability for the market's biggest players, and what the limits on SEC power mean in a practical sense. Plus we set a record for most acronyms in a single episode -- PFOF, DRS, PSA, UBS! You name it, we got it.
/jlne.ws/3EAIKfK
***** Gensler is a master communicator, but what is his relationship with Congress? ~JJL
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Wednesday's Top Three
Our most-clicked story on Wednesday was Business Insider's I toured the Miami neighborhood where Ken Griffin is moving Citadel, his $51 billion hedge fund. I can see why he chose it -- 'Wall Street South' lives up to the hype. Second was The New York Post's Kevin Bacon talks losing âEUR˜most' of fortune to Bernie Madoff: âEUR˜There's obvious life lessons', which was our most-clicked story Tuesday. Third was Bloomberg's Look at All the Money Cargill Made.
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| 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
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Editor
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| Lead Stories | Crypto Hackers Set for Record Year After Looting Over $3 Billion; Consultancy Chainalysis has detected 125 hacks so far in 2022; Losses undermine confidence in crypto-based financial services
Sunil Jagtiani - Bloomberg
Cryptocurrencies may have crashed this year but they remain a digital cash-machine for one potent constituency: hackers. At least $718 million has been stolen so far in October alone, taking the gross tally for the year past $3 billion and putting 2022 on course to be a record for the total value hacked, according to blockchain specialist Chainalysis Inc. Most of the targets are so-called decentralized finance -- or DeFi -- protocols, which deploy software-based algorithms to enable crypto investors to trade, borrow and lend on digital ledgers without using a central intermediary.
/jlne.ws/3CSPxA1
The UK credibility crisis risks tainting the Bank of England; Counter-productive messaging is hindering efforts to calm financial markets
The editorial board - Financial Times
Some long-dated gilts have crashed more than bitcoin this year. UK 10-year borrowing costs are near those of Italy. A deeply unhelpful rift -- more reminiscent of emerging markets than a G7 economy -- is growing between ministers and the central bank over who caused turbulence in financial markets. In short order, Liz Truss's government has presided over less Britannia Unchained -- the book she and her chancellor, Kwasi Kwarteng, co-authored -- and more Britannia Unhinged.
/jlne.ws/3T19SZy
Crypto Advocacy Group Sues U.S. Treasury Over Tornado Cash Sanctions; Coin Center, a Washington, D.C.-based crypto research and advocacy group, filed suit against the Treasury, asking it to remove Tornado Cash from its sanctions list
Mengqi Sun - The Wall Street Journal
A cryptocurrency research and advocacy group has filed a lawsuit challenging the U.S. Treasury Department's sanctions against cryptocurrency mixer Tornado Cash. Coin Center, a Washington, D.C.-based crypto-focused think-tank, along with three individuals, filed suit against the Treasury Department Wednesday in federal court in the Northern District of Florida, asking it to remove Tornado Cash from the sanctions list.
/jlne.ws/3g3Hk3g
CME Group confirms Eurodollar fallbacks conversion; The derivatives exchange will convert all eligible Eurodollar futures and options to SOFR by April 2023.
Laurie McAughtry - The Trade
CME Group has confirmed plans to convert its giant Eurodollar pool to SOFR equivalents by 14 April, 2023 -- a good two months ahead of the 30 June deadline for the final death of Libor, reflecting industry preference for an early (and orderly) exit. The 14 April deadline was not unexpected, but has now been confirmed by client validation, with all eligible Eurodollar futures and options to be converted to SOFR equivalent contracts.
/jlne.ws/3VpR3kE
CME Group volumes jump as derivatives maintain momentum; The group has seen ADV rise by 21% year on year as investors pile into derivatives in an attempt to navigate the current climate of volatility.
Laurie McAughtry - The Trade
CME Group has seen its quarterly international average daily volume (ADV) jump to 6.1 million contracts in Q3 2022, up 21% year on year. âEURœMarket conditions in the third quarter of the year continued to create a heightened need for risk management globally as clients worked to navigate volatility caused by ongoing geopolitical tensions and economic uncertainty,âEUR said Derek Sammann, senior managing director and global head of commodities, options and international markets at CME Group.
/jlne.ws/3Vlr4ux
Crypto Attack Swipes $100 Million From DeFi Service Mango; Incident comes just days after $100 million Binance Coin hack; Mango says attackers indicated a willingness to communicate
Sidhartha Shukla - Bloomberg
An attacker spirited away about $100 million from decentralized finance provider Mango by manipulating the price of its token in an exploit that wiped out depositors on the crypto platform. The heist began with two accounts funded with the stablecoin USD Coin, the platform said Wednesday on Twitter. The accounts took large positions in Mango perpetual futures, causing the price of the Mango token to spike.
/jlne.ws/3CVvi52
âEUR˜Was This Too Much?': Ethanol King Shocks With $4.3 Billion Bet; Brazil's Rubens Ometto buys a minority stake in iron-ore miner Vale as he seeks an edge in race to supplant fossil fuels.
Vinicius Andrade and Felipe Marques - Bloomberg
Rubens Ometto gained a reputation as Brazil's âEURœEthanol KingâEUR after turning his family's sugarcane fields into one of the world's largest biofuel companies. Now he's making a $4.3 billion wager that could permanently reshape his empire. The 72-year old billionaire is buying a minority stake in the world's second-biggest iron-ore producer, Vale SA, capping a years-long effort to diversify into everything from gas stations to railways to hedge funds.
/jlne.ws/3TfVhZX
Binance made âEUR˜grossly inaccurate' UK filings, joint venture partners allege; Corporate statements raise questions about crypto exchange's operations in Britain
Joshua Oliver and Scott Chipolina - Financial Times
Binance has been accused by the co-owner of a UK subsidiary of filing a âEURœgrossly inaccurateâEUR annual report for one of the British entities associated with the world's largest crypto exchange. The directors of Dimplx, a UK company formed as part of a joint venture with Binance, said the 2020 financial statements for one of Binance's UK companies âEURœdo not accurately reportâEUR the nature of its business, its turnover, assets and liabilities, âEURœincluding potential tax liabilitiesâEUR.
/jlne.ws/3yz0iFi
Bank of England says âEUR˜lessons must be learned' from pensions crisis; Action needed to mitigate similar risks in other parts of financial sector, says committee
Laura Noonan - Financial Times
The Bank of England has said âEURœlessons must be learnedâEUR from the pensions crisis that triggered an unprecedented intervention in the UK gilt markets, and stressed the need for action to mitigate similar risks in other parts of the financial sector.
/jlne.ws/3eqbsFm
US venture capital market proves resilient this year; Investors have poured $151bn into VC funds in the first nine months of 2022 despite market turmoil
Richard Waters and Elaine Moore - Financial Times
Venture capital dealmaking in the US has stayed at historically high levels in recent months, despite a partial retreat from the coronavirus pandemic-era boom in start-up financing that has followed this year's decline in tech stocks. The surprising resilience in the VC market, revealed in the latest quarterly data from PitchBook and the National Venture Capital Association on Thursday, comes as cash has continued to flood into the sector. Investors poured $151bn into venture funds in the first nine months of this year, topping the previous full-year record of $147bn set in 2021.
/jlne.ws/3T0M1t0
Citi's $500 Million Win Holds, With Revlon Lenders Denied Review; Appeals panel had ruled lenders had to give back errant funds; Creditors then asked court for a wider review of that decision
Chris Dolmetsch - Bloomberg
Some of the Revlon Inc. creditors who were accidentally sent more than $900 million by Citigroup Inc. were denied a bid for a wider review of an appeals court ruling that they had to give the money back. The lenders -- which include Brigade Capital Management LP, HPS Investment Partners LLC and Symphony Asset Management -- asked the 2nd US Circuit Court of Appeals last month to have a larger group of judges review the decision by a three-judge panel. The panel had reversed a lower-court ruling that they could keep $504 million the bank mistakenly wired them in 2020. Some lenders had already given back the money they received.
/jlne.ws/3g5LSpP
Gazprom CEO Says Europe Could Freeze Even With Full Gas Storage
Bloomberg
European households could still freeze during a severe cold snap this winter, despite the continent having almost filled its gas storage facilities, said the head of Gazprom PJSC. âEURœWinter can be relatively warm, but one week or even five days will be abnormally cold and it's possible that whole towns and lands, god forbid, will freeze,âEUR Gazprom Chief Executive Officer Alexey Miller said at Russian Energy Week in Moscow on Wednesday.
/jlne.ws/3Tilnvv
SEC Finds a Way to Keep Up With the Kardashians; Is the regulator's latest action a warning shot that stricter adherence to the rules is on the way?
Victoria Vergolina - Bloomberg
It seems that the Securities and Exchange Commission has finally found a way to keep up with the Kardashians. The US markets regulator announced last week that Kim Kardashian had agreed to pay $1.26 million to settle allegations that she broke US rules by touting a crypto token. The SEC said Kardashian did not disclose that she was paid $250,000 to post on her Instagram account about EMAX tokens, a crypto asset offered by EthereumMax. That allegation meant she had, in SEC speak, illegally touted a crypto security. The law requires anyone who touts a security, such as a stock or even some types of cryptocurrencies, to not only say they are getting paid to do so, but also to disclose the amount, the source, and the nature of those payments. Kardashian settled without admitting or denying the SEC allegations. And she agreed to refrain from touting any additional digital assets for three years.
/jlne.ws/3VqPcf4
Biden Is Walking a Tightrope as the World Clamors for US Oil and Gas; High prices pose a political risk at home, but allies abroad are desperate for aid.
Jennifer A Dlouhy - Bloomberg
The message from President Joe Biden's administration to oil executives was familiar, but the tone was more urgent than ever. Help us protect consumers at home by sending less American-made fuel overseas and boosting stockpiles, US officials pleaded during a virtual meeting in late September, one in a series of similar gatherings held this year with companies including Exxon Mobil Corp. and Marathon Petroleum Corp. Yet again, industry leaders didn't budge.
/jlne.ws/3fYWGWB
Why UK Bond Market Is in Growing Chaos Over Pensions
Loukia Gyftopoulou and Greg Ritchie - Bloomberg
An investment strategy used by UK pension funds to protect themselves from falling government bond yields backfired in late September when yields jumped, exposing a major risk at the heart of the country's financial system. Funds following the approach, known as liability-driven investment, or LDI, were left scrambling to post more collateral to cover losses. While the Bank of England has stepped in repeatedly to stabilize the market, the selling pressure on bonds has continued.
/jlne.ws/3g7AN7L
Municipal CUSIP Request Volumes Fall for Third Straight Month in September
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for September 2022. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly decrease in request volume for new municipal identifiers, while corporate request volume increased.
/jlne.ws/3RTmQqV
Sustainable Trading industry association adds seven new members; Barclays, Liquidnet, Mizuho International, Rand Merchant Bank, Schroders, State Street and Telehouse sign up to support initiative for positive E S and G change
The Realization Group
Sustainable Trading, the non-profit organisation dedicated to transforming environmental, social and governance (E, S and G) practices in the trading industry, today strengthens its membership network with the addition of seven new firms from across the trading industry.
/jlne.ws/3VrJ3PO
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Baltic nations long warned about Russia. Now, maybe the West is listening.
Robyn Dixon - The Washington Post
Since the start of Russia's full-scale invasion of Ukraine, Kyiv's strongest allies against President Vladimir Putin have been the nations that know his Soviet playbook best: Estonia, Latvia, Lithuania and Poland, all invaded and brutalized by the Soviet Union and historically wary of Russia. Their warnings about Russian aggression and calls for stronger Western action to deter Putin were long brushed aside by many in Europe, even after Russia's 2008 invasion of Georgia and the Kremlin's 2014 invasion and annexation of Crimea.
/jlne.ws/3CTIJSY
How Ukrainian Strategy Is Running Circles Around Russia's Lumbering Military; Classic military operations and nimble battlefield decision-making are exploiting the incompetence and top-down command of Russian forces
Stephen Fidler, James Marson and Thomas Grove - The Wall Street Journal
Eight months into Ukraine's war with Russia, its emerging strategy is combining classic military operations with opportunism on the battlefield to exploit the incompetence of Russian forces--and is changing the course of the battle. Ukraine's command structure encourages junior officers to make in-the-moment battlefield decisions, an authority that they have used to seize opportunities and quickly take advantage of enemy weaknesses. Russians, by contrast, have been slowed by a Soviet-era decision-making structure, in which orders trickle down the chain of command from Moscow, and troops at the front lines take little initiative.
/jlne.ws/3CrjlT3
Toilet Paper Is Going to Get Costlier. Blame Russia; Pulp production expected to fall due to ban on Russian birch; Suzano in Brazil sees pulp demand surging from Europe
Dayanne Martins Sousa and Kati Pohjanpalo - Bloomberg
Add toilet paper to the list of products facing higher costs and fragile supply chains in the wake of Russia's invasion of Ukraine. A ban on Russian birch exports, whose wood consists of the short fibers that make sanitary products softer, has touched off a scramble for pulp, paper's primary ingredient. The cascading effects are rippling around the globe in the form of slimmer, more expensive rolls of toilet paper.
/jlne.ws/3T4RCPi
Russia Sanctions Spur Buying Frenzy for Ice-Breaking Oil Tankers; Cost of ice-class Aframax vessels has doubled, shipbrokers say; EU set to curb shipping, insuring, financing of Russia cargoes
Serene Cheong and Sharon Cho - Bloomberg
The cost of oil tankers that can navigate icy waters has surged ahead of looming European Union sanctions on the export of Russian crude. Some ice-class Aframax vessels have recently been sold at between $31 million and $34 million, double the price compared with a year earlier, said shipbrokers. The bids for tankers have been aggressive and most buyers are preferring to keep their identities secret, they added.
/jlne.ws/3CvnZ2v
Russia Earns Less Amid Falling Oil Flows in September, IEA Says; Revenue from oil exports fell $3.2 billion from August: agency; EU share in Russia's exports fell to 35% in September
Bloomberg News
Russia's oil-export revenue shrank to $15.3 billion in September, the lowest so far this year, amid falling crude exports and prices, according to the International Energy Agency. That's a drop of $3.2 billion, or 17.3% from a month earlier, the IEA said in its monthly Oil Market Report. A drop in crude exports of 260,000 barrels a day contributed to the steepest decline in Russia's revenue this year, the agency estimated.
/jlne.ws/3D3DGQ1
Vladimir Putin suggests Nord Stream gas exports to Europe could be restored; Russian leader says supplies could be resumed if âEUR˜economically viable' while praising Opec+ output cuts
Polina Ivanova, Max Seddon in Riga and David Sheppard - Financial Times
Vladimir Putin has suggested Russia could supply gas to Europe this winter using one section of the Nord Stream pipelines that remains intact, and that the other lines could be repaired if their future use were guaranteed, while also suggesting rerouting volumes via Turkey. In a speech railing at western plans to introduce a price cap on Russian oil in response to Moscow's invasion of Ukraine, Russia's president blamed the EU for rising global energy prices and hailed a recent decision by the Opec+ producers' cartel to cut oil output in order to keep prices high.
/jlne.ws/3MuLYTL
G7 Finance Ministers and Central Bank Governors' Statement on the global economic impact of Russia's war of aggression against Ukraine and G7 support to Ukraine
U.S. Department of Treasury
We, the G7 Finance Ministers and Central Bank Governors, met in Washington D.C. We were honoured to be joined by the Ukrainian Finance Minister. We were also joined by the Heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board.
/jlne.ws/3rRuXKb
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Rusal to Meet With LME Over Opposition to Possible Metal Ban; Metals giant steps up lobbying to avert ban on new deliveries; Rusal says it has no plans to deliver large volumes to depots
Joe Deaux and Mark Burton - Bloomberg
Aluminum giant United Co. Rusal International PJSC will make its case against a potential ban on deliveries of new Russian metal into the London Metal Exchange's warehouse network when it meets the bourse Friday. Rusal plans to tell the world's largest industrial metals exchange that such a step would destabilize metal markets around the globe, according to people familiar with the matter who asked not to be identified because the information is private. The meeting comes as the LME began a formal discussion on a ban, which could have massive repercussions on the aluminum, copper and nickel markets.
/jlne.ws/3CTimwf
CME Group's Sunil Cutinho: 'Setting up in Belfast was a big milestone... the teams have done wonderful things for us'; Northern Ireland's talent pool and our time zone have powered the growth of CME Group in Belfast, writes Margaret Canning
Belfast Telegraph
Live cattle and frozen pork bellies don't sound like they would have much in common with the world of software engineering in Belfast. But CME (Chicago Mercantile Exchange) Group, which started out as an exchange for trading agricultural commodities before branching out into futures and derivatives, has had a significant operation in Belfast for a decade.
/jlne.ws/3CixJxU
CME Group Names Jonathan Marcus as General Counsel
CME Group
CME Group, the world's leading derivatives marketplace, today announced it has named Jonathan Marcus as Senior Managing Director and General Counsel. Marcus will serve as the chief legal advisor for CME Group and will oversee the company's compliance, enterprise risk management, legal and market regulation functions. He will report to CME Group Chairman and Chief Executive Officer Terry Duffy. Marcus most recently worked in private practice as a partner at Reed Smith, LLP, where he specialized in derivatives regulation, litigation and enforcement. He previously served as General Counsel of the U.S. Commodity Futures Trading Commission (CFTC) from 2013 to 2017, advising the commission on a wide range of issues, including implementation of the Dodd-Frank Act and digital asset regulation.
/jlne.ws/3g2UNZ3
ASX Rings the Bell for Financial Literacy
ASX
Today, ASX joined more than 80 securities exchanges and clearing houses globally to âEUR˜ring the bell' for financial literacy. This global event is coordinated by the World Federation of Exchanges (WFE) and aims to bring awareness to the goal of raising financial literacy in communities worldwide.
/jlne.ws/351gPmZ
ICE Data Services Named Market Data Vendor of the Year in Asia Pacific Region by Asia Risk
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that Asia Risk has selected ICE Data Services as Market Data Vendor of the Year in the Asia Pacific region. This award comes after significant enhancements to ICE's indices, sustainable finance data and ICE Global Network offerings in Asia.
/jlne.ws/3SYjqVk
At UN, top business leaders deliver bold solutions to unlock long-term investment in sustainable development for countries most in need; Trillions are needed to accelerate SDGs implementation, the roadmap to a more peaceful and inclusive world.
JSE
More than 20 top business executives met with UN Secretary-General António Guterres yesterday at the Fourth Annual Meeting of the Global Investors for Sustainable Development (GISD) Alliance to present transformative solutions for bridging the annual financing gap of $4.3 trillion US to achieve the Sustainable Development Goals (SDGs) in developing countries.
/jlne.ws/3etlB4c
Addition of U.S. Dollar/South African Rand Spot FX Basis Spreads on CME
FX Link
CME Group
Effective Sunday, November 20, 2022, for trade date Monday, November 21, 2022, and pending all relevant Commodity Futures Trading Commission (âEURœCFTCâEUR) regulatory review periods, Chicago Mercantile Exchange Inc. (âEURœCMEâEUR) will extend the listings of CME FX Link on the CME Globex electronic trading platform (âEURœCME GlobexâEUR) to include spot foreign exchange (âEURœFXâEUR) basis spreads against the South African Rand /U.S. Dollar (ZAR/USD) futures contract.
/jlne.ws/3rSIGAA
Eurex FX update; Market update -- Another one for the record books
Eurex
FX Futures at Eurex hit another record quarter with more than 410,000 contracts traded in Q3. This follows up on previous record quarters established in Q2 (392k contracts) and Q1 (374k contracts) this year. The open interest remains stable at ca. 77k contracts being held predominantly in EUR/USD and related Euro-pairs.
/jlne.ws/3Cph3no
United Nations Sanctions (Yemen) Regulation 2019
HKEX
Holders of Stock Exchange Trading Rights and Exchange Participants are requested to note the following information published in the website of Commerce and Economic Development Bureau (âEURœCEDBâEUR) on 6 October 2022:(1) the list of individuals and entities under the United Nations Sanctions (Mali) Regulation 2019; and (2) the list of individuals and entities under the United Nations Sanctions (Yemen) Regulation 2019.
/jlne.ws/3g4e78i
Invesco Expands QQQ Innovation Suite to Include Small-Cap ETF; Invesco NASDAQ Future Gen 200 ETF (QQQS) will screen smaller-cap companies by estimated patent value to select 200 Nasdaq-listed companies for investmentNDAQ
Nasdaq
Invesco Ltd. (NYSE: IVZ), a leading global asset management firm, announced today the expansion of the Invesco QQQ Innovation Suite to include a new exchangeâEUR'traded fund (ETF) that will access smaller-cap companies screened by a key marker of innovation -- high quality patents. The Invesco NASDAQ Future Gen 200 ETF (QQQS) will add an efficient overlay to small-cap and micro-cap companies listed on The Nasdaq Stock Market that are not included in the Nasdaq 100 Index® or Nasdaq Next Generation 100 Indexâ„¢. High quality and high value patents may be an indicator of future innovation potential in a smaller-cap company.
/jlne.ws/3TfJYB8
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Crypto Data Science Shop Gauntlet Launches Treasury Management System for DAOs
Ian Allison - CoinDesk
Aera, a rewards-based treasury management system for leaderless decentralized autonomous organizations (DAO) has been launched by the team behind cryptocurrency data science shop Gauntlet. The Aera protocol aims to make DAOs play a more agile and risk-aware role when it comes to investing in the fast-moving world of decentralized finance (DeFi). The hope is to create organic demand for the sort of structured products or derivatives used for hedging risk and improving capital efficiency in traditional finance.
/jlne.ws/3RVoo3F
Buy Side Look to Implement More Electronic Credit Trading Tools
Anna Lyudvig - Traders Magazine
Adopting an electronic workflow allows credit market participants to streamline each step of the trading process, according to Iseult Conlin, Head of U.S. Institutional Cash Credit at Tradeweb. âEURœClients are increasingly turning to electronic tools and protocols to access deeper pools of liquidity, streamline their workflow, reduce costs and increase transparency,âEUR Conlin told Traders Magazine.
/jlne.ws/3SW6GyA
World's top chip equipment suppliers halt business with China; New US export controls force toolmakers to suspend sales and services to Chinese semiconductor companies
Qianer Liu, Kathrin Hille and Yuan Yang - Financial Times
Leading chip equipment suppliers have suspended sales and services to semiconductor manufacturers in China, as new US export controls disrupt the Chinese tech industry and global companies' operations.
/jlne.ws/3MqNOoR
Fintechs have made people's lives unnecessarily complicated The proliferation of products creates confusion rather than clarity
Bill Harris - Financial Times
Money is too complicated, and we're to blame. Banks created a bewildering array of financial products. Fintechs made it worse. I should know. I've started several financial technology companies that built a number of new products. Together with those created by thousands of other financial start-ups, we've complicated people's money beyond comprehension.
/jlne.ws/3rV3OGh
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| Cybersecurity | | Top stories for cybersecurity | Hacker steals $100 million from crypto project Mango, then things get weird; Never a boring day in decentralized finance.
Stan Schroeder - Mashable
There's never a boring day in decentralized finance, but today's news reads like a crypto-infused episode of Seinfeld. On Tuesday, a hacker stole roughly $112 million from cryptocurrency exchange Mango Markets, which lives on the Solana crypto platform. They did it by purchasing a large amount of MNGO tokens on the exchange on two separate accounts, going long (betting on price going up) on one, and going short (betting on price going down) on the other. Then they used more funds to manipulate the price of MNGO to sharply go up and cashed out on the account that was long, effectively draining essentially all of the liquidity on Mango Markets.
/jlne.ws/3VqVg7F
Cybersecurity Needs Its Own Sarbanes-Oxley; Corporate executives require far more incentives to take information security seriously. The threat of jail may help.
Tim Culpan - Bloomberg
Two decades ago, a cascade of accounting scandals in the US led to one of the most comprehensive packages of financial rules of the past century. Now, it's time for regulators to act on escalating cybersecurity breaches to offer similar protections to consumers and investors. Within the span of just two years, the names Enron, Tyco and Worldcom became synonymous with fraud, greed, and corporate excess. Executives had doctored financial reports, stolen money, and conspired to keep shareholders in the dark, all the while receiving âEURœalmost embarrassingly bigâEUR pay packages.
/jlne.ws/3VobKNz
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto Think Tank Coin Center Sues US Treasury Over Tornado Cash Sanctions
Nikhilesh De - CoinDesk
Think tank Coin Center is alleging the U.S. Treasury Department's sweeping sanctions against crypto mixer Tornado Cash harmed Americans and their ability to transact privately using the Ethereum network. Coin Center filed a lawsuit against the Treasury Department and the Office of Foreign Asset Control (OFAC), its sanctions watchdog, on Wednesday, marking the second suit the advocacy group has filed against the Treasury Department, as well as the second lawsuit filed against Treasury over its Tornado Cash sanctions.
/jlne.ws/3EzuXWR
DeFi Discovers New Market Manipulations; Also Bored Ape securities and unlikely Musk/Twitter outs.
Matt Levine - Bloomberg
The simplest form of market manipulation is: 1. Buy a lot of Thing X, pushing its price up. 2. Sell it at the new high price, for a profit. This, I frequently point out, should not work. In Step 1, you push up the price of X by buying it; therefore, in Step 2, you will push the price down by selling it. There are no free lunches that are this simple.
/jlne.ws/3MqoDCO
Coinbase just launched a think tank. Meet the SEC veteran leading it.; Hermine Wong, director of the Coinbase Institute, says she's trying to create a source of rigorous research about cryptocurrencies.
Benjamin Pimentel - Protocol
It was a quirky dig at the SEC. âEURœI've decided not to set any curfew for my teenager. I'll just ground her if she comes home later than I'd like. Regulation by enforcement,âEUR Coinbase chief legal officer Paul Grewal wrote on LinkedIn last week, referencing what his company feels is the SEC's heavy-handed approach to crypto. Hermine Wong, director of the newly launched Coinbase Institute, acknowledged the off-the-wall post was âEURœcheeky.âEUR But she also said it was indicative of Coinbase's growing annoyance with the regulator. âEURœYou're going to see frustration sometimes when there aren't public and transparent and open engagements,âEUR Wong told Protocol. âEURœEveryone's trying to be like, âEUR˜Where can we have a really public transparent engagement on these issues?' That's not happening.âEUR
/jlne.ws/3S5CwaY
Crypto Group Sues Janet Yellen, US Treasury Over Tornado Cash Sanctions; Coinbase backed a similar suit challenging OFAC in September; Tornado Cash, sanctioned in August, obfuscates traces of coins
Yueqi Yang - Bloomberg
The US Treasury Department faces a second lawsuit over its August decision to sanction Tornado Cash, a crypto-mixing service that obscures sources of coin transactions. The lawsuit filed Wednesday claims the Treasury's sanctions overstepped its authority and punishes US cryptocurrency investors. A crypto advocacy group, Coin Center, and a group of users who relied on Tornado Cash for normal privacy reasons named Janet Yellen, secretary of the Treasury, among the defendants.
/jlne.ws/3RXYRH9
Crypto Is Unlikely to Replace Traditional Money, Fed's Barr Says
Katanga Johnson - Bloomberg
The top US bank regulator says that crypto tokens are unlikely to replace traditional currency and that banks should proceed cautiously when they experiment with the asset class. âEURœBecause crypto assets have proved to be so volatile, they are unlikely to grow into money substitutes and become a viable means to pay for transactions,âEUR Federal Reserve Vice Chair for Supervision Michael Barr said on Wednesday in remarks prepared for a DC Fintech Week event. âEURœBanks looking to experiment with these new technologies should do so only in a controlled and limited manner.âEUR
/jlne.ws/3TzEkKv
âEUR˜Crypto Dad' predicts that few digital coins will survive; Chris Giancarlo, former chair of the US futures trading commission, says economic turmoil will wipe out most of the 20,000 digital currencies now in circulation
Lorcan Allen - Business Post
The next decade is likely to result in massive consolidation in the digital assets industry, with just a handful of digital currencies surviving for the long term, the former chair of the US futures trading commission has predicted. Chris Giancarlo, who served as a Commissioner of the Commodity Futures Trading Commission (CFTC) from 2014 to 2019, predicted that, of the more than 20,000 digital currencies currently in circulation, just three or four such as bitcoin, ethereum and cardano would survive in the long run. âEURœI think the change of the credit cycle, the end of the easy money, is definitely going to lead to some consolidation in the sector. It will probably be through a combination of both [acquisitions and certain crypto assets failing],âEUR Giancarlo told the Business Post.
/jlne.ws/3T1gIhO
It Isn't Just Crypto Tokens. It Looks Like SEC Scrutiny Will Extend to NFTs.
Jack Denton - Barron's
The Securities and Exchange Commission's view that many crypto tokens are in fact securities has caused regulatory headaches across the digital asset industry this year. It now looks like the pain is spreading to nonfungible tokens, or NFTs. The SEC is investigating Yuga Labs, the creator of the iconic Bored Ape Yacht Club series of NFTs and issuer of the ApeCoin token, Bloomberg reported Tuesday, citing an anonymous source. The probe focuses on whether NFTs are more akin to securities such as stocks and should face the same disclosure rules, the report said, in addition to the issuance of the ApeCoin token to owners of Bored Apes and other NFTs.
/jlne.ws/3ELiejE
Bitcoin Becoming Less Volatile Than Stocks Raises Warning Flag; Low volatility, low volume is not a good mix, ARK analyst says
Crypto's not a retail asset class anymore, says Galaxy's Grant
Vildana Hajric - Bloomberg
At first blush, Bitcoin becoming less volatile than stocks might appear like a positive development. But crypto traders are warning that in a low-volume environment, that might not be a great thing. The coin's 30-day realized volatility has âEURœdropped sharplyâEUR in recent days, according to Noelle Acheson, author of the âEURœCrypto is Macro NowâEUR newsletter. It's currently at around 52% after spending the past month above 64% on an annualized basis, according to Coin Metrics data compiled by Acheson. Meanwhile, Jake Gordon at Bespoke Investment Group points to a volatility gauge called BitVol, which has âEURœbegun to break down,âEUR falling to near its lowest levels since the spring. The index currently clocks in at a little above 69, down from more than 111 in May.
/jlne.ws/3rSYyTo
How to Fix the Lack of Trust in the NFT Market; Four ways to improve the experience for NFT consumers.
Girri M Palaniyapan - Entrepreneur
In 2021, Non Fungible Tokens exploded in popularity with trading volumes nearing $17 billion. However, in the past year, NFT gains have dropped sharply. By some estimates, trading volumes are now down over 90 percent from their peak in January 2022. A number of indicators suggest that the industry is currently viewed as a low-trust environment. OpenSea, the largest NFT marketplace, reported that over 80% of tokens minted for free on its platform were fake, plagiarized, or spam. A survey by GetWizer found that only 28% of respondents viewed NFTs as a good investment, while 44% viewed them as a bad investment. This figure has been on the rise in recent years as awareness of NFTs has grown. Worryingly, this suggests that as more people become involved, trust is declining. If adoption is to pick up, concerns that users' concerns about trust have to be addressed.
/jlne.ws/3rSg8qK
NFT Infrastructure Company Gomu Closes $5M Seed Round; The fundraise included participation from Coinbase Ventures, DeFiance Capital and Saison Capital, among others.
Tracy Wang - CoinDesk
Gomu, a non-fungible token (NFT) infrastructure company, has closed a $5 million seed round, the company announced Wednesday. The fundraise included participation from venture capital firms Coinbase Ventures, DeFiance Capital, Saison Capital and others. A spokesperson for Gomu declined to disclose the company's valuation. Founded earlier this summer, Gomu has launched two products, NFT Hub and Collection.xyz, which make it easier to grow NFT communities.
/jlne.ws/3g17pQj
NFT and Web3 Documentary TO BOLDLY GO in the Works From Director Erin Derham
Joey Paur - Geek Tyrant
I've been deep in the NFT and Web3 world now for a little over a year now, I've been learning so much about it and the future of the Internet, and it's absolutely fascinating. Everything involving Web3 is still so young, but the future is looking incredible. Anyway, Mike Medavoy's Phoenix Pictures and History Boutique Films have teamed to produce a documentary titled To Boldly Go and it will explore the explosion of NFTs and the digital Web3 future. In 2020, the U.S Patent and Trademark Office received three trademark applications for NFTs. In 2021, the number of trademark applications jumped to more than 1,200. To Boldly Go will dive into this new cultural wild west, and follow the most innovative leaders and creators in that space.
/jlne.ws/3S2yBeF
CNN faces accusations of an NFT rug pull; CNN says its Vault NFT program, which launched more than a year ago, was only a "six week experiment," and now it's closing.
Andy Chalk - PC Gamer
CNN's foray into the world of NFTs has come to an untimely end with an announcement that Vault(opens in new tab), which promised to let users "collect NFTs of historic CNN moments and artistic representations," is closing. "The Vault team is honored to have partnered with amazing journalists, producers, artists, photojournalists, and collectors from all over the world during our time together, but we have decided that it's time to say goodbye to Vault by CNN," Vault said in a message posted on Twitter.
/jlne.ws/3CPUvxA
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| Politics | | An overview of politics as it relates to the financial markets | Texas Crypto Miners Face Inquiry From Warren Over Power Use; Lawmakers seek details on miners' impact on climate, bills; Texas grid asked to disclose crypto electricity use data
Naureen S Malik - Bloomberg
US Senator Elizabeth Warren is leading a group of Democratic lawmakers pressing Texas officials for details on how crypto currency miners may be straining the state's power grid, impacting climate change and profiting from programs to ensure the lights stay on. In a letter Wednesday, the lawmakers asked the Texas grid operator to provide details on almost six years of crypto miners' electricity usage, their carbon-dioxide emissions and how consumers' energy bills will be impacted as they expand. They're also asking the grid operator, the Electric Reliability Council of Texas, to disclose payouts to miners for curtailing power use during extreme demand periods.
/jlne.ws/3T0eVcI
White House Weighs Ban on Russian Aluminum Over Ukraine War Escalation; Crucial consumer metal was shielded from earlier US sanctions; Move could force key industries into rush for replacements
Joe Deaux and Jenny Leonard - Bloomberg
The Biden administration is considering a complete ban on Russian aluminum -- long shielded from sanctions due to its importance in everything from automobiles and skyscrapers to iPhones -- in response to Russia's military escalation in Ukraine. The White House is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning the company that produces the nation's metal, United Co. Rusal International PJSC, according to people familiar with the decision-making.
/jlne.ws/3RVBw9e
The Right Way to Pull Back on Covid Spending; Transitioning coverage to the private sector makes sense for the US. But the government still needs to prepare for future pandemics.
Bloomberg
By early next year, the US government will likely run out of money to pay for Covid-19 vaccines, tests and treatments. Although President Joe Biden has requested an additional $22 billion from Congress, Republicans are in no mood to continue splurging on the pandemic -- not least because so much relief money has already been misspent. Shifting more costs to the private sector makes sense, but some level of government funding is still necessary to protect the vulnerable and stay ahead of future threats. The administration and lawmakers should agree on a more limited approach that focuses on those most in need and ensures that the US is still prepared to fight the next pandemic.
/jlne.ws/3yB72CA
How Not to Punish the Saudis on Oil Prices; The Democratic ideas for revenge would hurt the U.S. economy and national interests.
The Wall Street Journal
President Biden and Democrats in Congress are furious at Saudi Arabia for pushing the OPEC cartel to reduce oil production, and they're threatening âEURœconsequences.âEUR The ingenious plan seems to be to tell the Saudis that unless they do what Mr. Biden wants, the U.S. will shoot itself in the head. The Saudis last week joined OPEC, Russia and other oil producers in cutting their output by two million barrels a day. As the Journal reported this week, Saudi Crown Prince Mohammed bin Salman made the decision despite U.S. entreaties to wait at least until after the November election.
/jlne.ws/3RVXt8a
Chevron chief blames western governments for energy crunch; Mike Wirth points to âEUR˜unintended consequences' of pivot away from fossil fuels
Derek Brower - Financial Times
Western governments have made a global oil and gas crunch worse by âEURœdoubling downâEUR on climate policies that will make energy markets âEURœmore volatile, more unpredictable, more chaoticâEUR, the head of US supermajor Chevron has warned. Mike Wirth, Chevron's chief executive, said a premature effort to transition from fossil fuels had resulted in âEURœunintended consequencesâEUR, including energy supply insecurity from crisis-hit Europe to California.
/jlne.ws/3g3WhCr
Europe Lines Up Floating Power Plants to Bolster Winter Supplies; Governments seek oil, gas-fired powerships for use this winter; Nations seek more energy sources in face of security worries
Alex Longley and Petra Sorge - Bloomberg
European governments are in talks to hire giant floating power plants as the continent scrambles for energy supplies this winter. So-called powerships burn liquefied natural gas, low-sulfur fuel oil or biodiesel and could be set to dock off European ports in December, according to Istanbul-based Karpowership, which owns a fleet of the vessels. âEURœWe are in discussions with four of the leading economies of the European Union,âEUR Zeynep Harezi, chief commercial operations officer said in an interview. âEURœIf we can get over the bureaucracy, the documentation, then hopefully we will be generating electricity at a very low cost while within EU environmental regulations.âEUR
/jlne.ws/3yCEPv8
Putin to Attend APEC Summit in Thailand, Bangkok Post Reports
Anuchit Nguyen
Russian President Vladimir Putin has accepted Thailand's invitation to attend the Asia-Pacific Economic Cooperation summit in Bangkok next month, Bangkok Post reported, citing an unidentified security official. Thailand's Foreign Ministry has asked security agencies to make security arrangement for the Nov. 18-19 meeting, the newspaper said. While US President Joe Biden will send a representative for the meeting, Chinese President Xi Jinping's attendance is still pending confirmation, it said.
/jlne.ws/3yCCiB8
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| Regulation & Enforcement | | Stories about regulation and the law. | Top U.S. banking regulator warns of âEUR˜cross-contagion' between crypto, traditional financial system
Chris Matthews - MarketWatch
The foremost U.S. federal banking regulator put the digital-asset industry on notice Tuesday, warning in a speech that he plans a skeptical stance toward attempts to integrate crypto and the traditional financial system. âEURœUntil crypto matures, we need to be careful and cautious in how we allow crypto and [traditional finance] to interact,âEUR Michael Hsu, Acting Comptroller of the Currency,âEUR told an audience at the DC Fintech Week conference. As head of the Office of the Comptroller of the Currency, Hsu oversees the nation's largest federally chartered banks, including including Goldman Sachs Group Inc., Wells Fargo & Co. and Bank of America Corp.
/jlne.ws/3CU4yBI
Why Biden's SEC chief is enraging Wall Street; Securities and Exchange Commission Chair Gary Gensler is expected to propose major changes to the rules governing the stock market.
Declan Harty - Politico
Wall Street's top regulator is pursuing the biggest overhaul of the $51 trillion U.S. stock market in two decades. First he'll have to fend off a major industry resistance campaign. Securities and Exchange Commission Chair Gary Gensler -- a former Goldman Sachs partner turned progressive icon -- is set to launch a regulatory broadside in the coming weeks against brokerage and trading giants including Charles Schwab, Robinhood and GOP megadonor Ken Griffin's Citadel Securities, according to interviews with more than a dozen executives, lawmakers, regulators and investor advocates.
/jlne.ws/3Tkq5Zw
The SEC is going after the biggest NFT project; First, it was Kim Kardashian. Now the SEC is coming for NFTs enjoyed by Snoop Dogg, Jimmy Fallon, and Madonna
Zack Guzman - Crypto Uncomplicated
Anyone who has been reading Crypto Uncomplicated this year already knows the Bored Ape Yacht Club as one of the most influential NFT projects in the world. In fact, even if you haven't been reading my newsletter, it'd be hard to avoid the cartoon apes. Jimmy Fallon talked about his Bored Ape NFT on his own show. Eminem and Snoop Dogg performed as Apes at the MTV VMAs. They have become the hottest NFT project by capturing the imagination of cultural elites and commoners alike (so long as the commoners want to spend hundreds of thousands of dollars buying the cartoon monkey art.)
/jlne.ws/3yyHp5q
IOSCO Issues Regulatory Measures To Address Increasing Risks And Challenges From Digitalisation Of Retail Marketing And Distribution
International Organization of Securities Commissions
The Board of the International Organization of Securities Commissions (IOSCO) today published measures that members should consider when determining their policy and enforcement approaches to retail online offerings and marketing. The measures outlined in the Final Report on Retail Distribution and Digitalisation aim to assist IOSCO members in adapting their regulatory and enforcement approaches, consistent with their legal and regulatory frameworks, to meet the growing challenges posed by rapidly evolving digitalisation and online activities.
/jlne.ws/3yFEebZ
Commissioner Johnson to Deliver Distinguished Jurist Lecture at the University of Pennsylvania Law School Institute for Law & Economics
CFTC
Commissioner Kristin N. Johnson will deliver the Distinguished Jurist Lecture at the University of Pennsylvania Law School Institute for Law & Economics - Regulating Digital Assets: Law, Policy, and Economic Implications.
/jlne.ws/3yBbz8a
SEC Adopts Rule Amendments to Modernize How Broker-Dealers Preserve Electronic Records and Enhance the Electronic Recordkeeping Requirements for Security-Based Swap Entities
SEC
The Securities and Exchange Commission today voted to adopt amendments to the electronic recordkeeping, prompt production of records, and third-party recordkeeping service requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs). The amendments are designed to modernize recordkeeping requirements given technological changes over the last two decades and to make the rule adaptable to new technologies in electronic recordkeeping. The amendments will also facilitate examinations of broker-dealers, SBSDs, and MSBSPs.
/jlne.ws/3TcYHg6
Statement on Final Rule Amendments to Electronic Recordkeeping Requirements
Chair Gary Gensler - SEC
Today, the Commission will consider whether to adopt final rule amendments to modernize the electronic recordkeeping requirements for intermediaries such as broker-dealers and security-based swap dealers. I am pleased to support these rule amendments because, if adopted, these updates would bring the Commission's electronic recordkeeping requirements in line with technological innovation.
/jlne.ws/3ThrpfP
Statement on Electronic Recordkeeping Requirements for Broker-Dealers, Security-Based
Swap Dealers, and Major Security-Based Swap Participants
Commissioner Mark T. Uyeda - SEC
Thank you, Chair Gensler. I appreciate the staff's presentation on the recommendation to finalize amendments to the Commission's recordkeeping rules applicable to broker-dealers, security-based swap dealers, and major security-based swap participants.
/jlne.ws/3eofC0F
Burying the Technologically Primitive WORM: Open Meeting on Broker-Dealer Electronic Recordkeeping Requirements
Commissioner Hester M. Peirce - SEC
The Commission finally is considering the adoption of a rule that will allow broker-dealers[1] to retire the antiquated systems using CD-ROMs or other similar write-once-read-many (or, appropriately primitive, WORM) technology that our current rules require.
/jlne.ws/3yE6Zpv
Statement on Amended Recordkeeping Requirements
Commissioner Jaime Lizárraga - SEC
In 1997, Netscape was the dominant web browser and the hottest tech item was a Tamagotchi -- a virtual pet on a keychain. Sony marketed a data storage product called the Minidisc that was quickly overtaken by CD-R technology.
/jlne.ws/3EGe9gY
Statement on Updates to Electronic Recordkeeping Requirements for Broker-Dealers and Security-Based Swap Entities
Commissioner Caroline A. Crenshaw - SEC
Recordkeeping is not an especially flashy topic. However, for regulators, a robust recordkeeping regime is fundamental to our ability to oversee our regulated entities. Without accurate and complete records, it is difficult or impossible to assess compliance with our rules.
/jlne.ws/3yF0mDn
Totem Wealth financial adviser permanently banned from providing financial services
ASIC
ASIC has permanently banned Totem Wealth Pty Ltd director James Carlos Reynolds, of Robina, Queensland, from providing financial services.
From 2017 to the time of banning, Mr Reynolds was the sole director of Totem Wealth, an advisory firm that purported to offer âEUR˜lifestyle' financial advice.
/jlne.ws/3rPTwXU
SFC reprimands and fines Asia Research & Capital Management Limited $1.75 million and bans former senior executive Billy Wong Yim Chi for two months
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) has reprimanded and fined Asia Research & Capital Management Limited (ARCM) $1.75 million for failures relating to its non-compliance with the European Union's short selling reporting requirements (EU Regulation) and to promptly notify the SFC of its material regulatory breaches (Note 1).
/jlne.ws/3yC5Kau
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Cathie Wood: Algorithms Are Dominating the Market
Bloomberg
Cathie Wood, Ark Investment Management CEO, talks about why her flagship ARK Innovation ETF is heading toward its lowest since March 2020. Wood speaks to Bloomberg's Erik Schatzker at the Greenwich Economic Forum in Greenwich, Connecticut.
/jlne.ws/3Cuv2IL
Feeling Pinched? Sometimes Your 401(k) Can Help; It's far from ideal, but there are times when it's better to dip into your retirement savings than take on debt.
Alexis Leondis - Bloomberg
With rents, food prices and child-care costs all rising, coming up with the cash to cover unexpected expenses is becoming more difficult. Even among wealthy Americans, the stock market downturn means plenty of them also find it tough to come up with the cash to pay for things like surprise home repairs or dental work. When interest rates were low, borrowing money to make up for a temporary shortfall was relatively easy and didn't come at such a price. That's changed. Credit-card rates are approaching 20%, personal loan rates are north of 10% and home equity lines of credit can be hard to come by.
/jlne.ws/3CtOllo
Aluminum, Producer Stocks Surge as Biden Administration Weighs Russia Ban; Metal traded in London records one of largest intraday moves; Potential ban could force consumers into a rush for material
Yvonne Yue Li - Bloomberg
Aluminum and shares of metal producers soared following news the Biden administration is considering a ban on Russian aluminum in response to Russia's military escalation in Ukraine. Metal products from Russia have so far been shielded from sanctions due to their importance in everything from automobiles and skyscrapers to iPhones. The White House is eyeing three options: an outright ban, increasing tariffs to levels so punitive they would impose an effective ban, or sanctioning the company that produces the nation's metal, United Co. Rusal International PJSC, according to people familiar with the decision-making.
/jlne.ws/3COaLhx
Hedge Fund Managers Paid for Stockpicking Genius Aren't Showing Much of It; The traditional strategy of mixing long and short equity bets hasn't provided the bear market buffer that clients hoped for.
Nishant Kumar - Bloomberg
Even in the high-pressure, high-pay world of hedge funds, the âEURœlong-shortâEUR stockpicker is supposed to be somebody special. The style, pioneered seven decades ago by Alfred Winslow Jones, gave hedge funds their name. In addition to betting on their favorite stocks going up (or being long, in Wall Street's argot), they wager on other stocks falling (selling short) and use leverage to juice their gains. The idea is that an investor with true skill at spotting both good and bad companies will be hedged against broader market declines, as long as their shorts fall more than the longs do. And that clients would be willing to pay enormous fees--traditionally 2% of assets per year, plus 20% of profits--for that kind of magic touch.
/jlne.ws/3RVV79k
As Markets Go âEUR˜Crazy,' Ariel Touts Old-School Value Strategy; John Rogers looking for stocks selling at âEUR˜low multiples'; His view is counter to what David Einhorn said this week
Vildana Hajric - Bloomberg
Markets are going âEURœcrazyâEUR right now amid historic volatility, and this can turn out to be an opportunity to scoop up beaten-down value stocks, according to John Rogers at Ariel Investments. âEURœI'm trying to find stocks that are selling at low multiples, that are selling at significant discounts to private-market value, companies that have strong balance sheets and strong moat around them,âEUR the firm's chairman said on Wednesday at the Bloomberg Invest conference. âEURœWe really are sticking to our tried-and-true principles, and that value really hasn't changed.âEUR
/jlne.ws/3Cly4Pa
Why a Hedge Fund Manager Is Betting on Pickleball With Tom Brady; Knighthead Capital Management co-founder Tom Wagner sees increased viewership and participation catapulting the sport's value.
Claire Ballentine - Bloomberg
Hedge fund manager Tom Wagner used to joke with friends about buying a pickleball team. Then, the opportunity came along -- and he called up his old buddy, Tom Brady. Knighthead Capital Management, the firm co-founded by Wagner that manages about $9 billion of assets, led an ownership group that includes the NFL superstar and former world No. 1 tennis player Kim Clijsters that purchased a team for the 2023 Major League Pickleball season.
/jlne.ws/3VAFmrt
Ken Griffin Makes First Donation in Miami Since Moving Citadel; Hedge fund billionaire is giving $250,000 to a scholarship program for STEM students at local colleges and will match another $1 million.
Nur Dayana Mustak - Bloomberg
Ken Griffin is making his first donation in Miami since moving the global headquarters of his Citadel and Citadel Securities to the city from Chicago earlier this year. Griffin, Florida's richest man, donated $250,000 to the Venture Miami Scholarship Program, a new fund to provide tuition support for city residents who were accepted into science, technology, engineering and math programs at a handful of local colleges, according to a statement. He pledged to match another $1 million through a âEURœchallenge grant.âEUR
/jlne.ws/3rN5mlH
Turmoil Returns to the U.K. Bond Market; The Bank of England started a bond-buying program last month to stabilize financial markets. But its plan to end the program this Friday is only making investors more nervous.
Joe Rennison - The New York Times
British financial markets plunged into turmoil on Wednesday following mixed messages over whether the Bank of England would continue to provide support to pension funds and other investors, introduced after a bungled policy announcement by the new government last month shocked investors. The uncertainty led to a rapid sell-off in British government bonds. The yield on the 30-year government bond, or âEURœgilt,âEUR rose more than 0.2 percentage points on Wednesday, a big move for an asset that usually moves in hundredths of a percentage points. The yield pierced 5 percent for the second time in a month -- resuming a sell-off that has taken its yield from just 3 percent at the start of September -- before easing back to roughly where it started the day. Yields rise when bond prices drop.
/jlne.ws/3CsxtLF
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Buyout Giants Draw More Than 200 Investors to a Key ESG Effort
Sonali Basak - Bloomberg
A year after California Public Employees' Retirement System and Carlyle Group Inc. started an effort to collect sustainability data on private equity, 215 investors have joined as they seek to determine how it will shape returns moving forward. Information has been collected from more than 2,000 companies owned across the investors' portfolios. And while some areas of environmental, social and governance efforts have seen progress -- others have stalled.
/jlne.ws/3VkUads
Japan's Top Refiner Is Gearing Up for the Oil Industry's Decline; Eneos forecasts domestic fuel use to drop 50% by 2040; Company preparing to close some of its 10 refineries in Japan
Shoko Oda and Tsuyoshi Inajima - Bloomberg
Japan's biggest oil refiner is drawing up plans to consolidate production as domestic demand slumps because of a shrinking population and efforts to cut emissions. Eneos Holdings Inc. has an outline for fusing operations but is still discussing which of its refineries to shutter when, President Takeshi Saito, who took over the helm of the Tokyo-based company in April, said in an interview. Eneos, which expects domestic fuel demand to slump 50% by 2040, has already announced a plan to close one of its 10 refineries next year.
/jlne.ws/3BLVfDm
Westinghouse Deal Latest Signal of a Nuclear Power Revival; Climate concerns and geopolitics have brought nuclear back to the forefront
Jennifer Hiller - The Wall Street Journal
A deal by Brookfield Renewable Partners and Cameco Corp. to buy nuclear-services firm Westinghouse Electric Co. is the latest sign of revival in the nuclear-power industry after years of decline. The matchup would create something of a Western nuclear powerhouse, pairing a key nuclear-power service provider with the largest publicly traded uranium company and one of the world's biggest owners of wind and solar projects. The transaction is a bet that nuclear will play an important role in the energy transition away from fossil fuels. Brookfield and Cameco announced the deal Tuesday, saying the total enterprise value for Westinghouse is roughly $7.88 billion.
/jlne.ws/3TexfyA
UK Voluntary Carbon Markets Need Better Oversight, Watchdog Says; Credits shouldn't be a substitute for emissions cuts: CCC; Businesses should disclose reliance on credits, says committee
Olivia Fletcher - Bloomberg
The UK must better regulate voluntary carbon markets to ensure that companies don't use credits as a substitute for curbing emissions, according to the government's climate watchdog. Politicians should provide a clear definition of what a net-zero business is and tell firms to disclose their reliance on carbon offsets in order to increase transparency, the independent Climate Change Committee said in a report Thursday.
/jlne.ws/3VmPu6Q
Sustainable Trading adds seven new members as network continues to gain momentum; Barclays, Liquidnet, Mizuho International, Rand Merchant Bank, Schroders, State Street and Telehouse are the latest names to join the non-profit industry initiative.
Annabel Smith - The Trade
Sustainable Trading has added seven new members to its network as the initiative continues to gain momentum following its launch earlier this year. Barclays, Liquidnet, Mizuho International, Rand Merchant Bank, Schroders, State Street and Telehouse are the latest names to sign up to the initiative, joining founding members Aegon Asset Management, AllianceBernstein, ArchES, AXA Investment Managers, Bank of America, big xyt, BMLL Technologies, BMO Capital Markets, BTIG, Credit Suisse, Equinix and Euronext.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | El-Erian Says Economy Is Starting to âEUR˜Go Through the Windshield'; Central banks are âEURœslamming the brakesâEUR to control inflation; Considering inflation transitory was a mistake by the Fed
Elaine Chen - Bloomberg
Allianz SE chief economic adviser Mohamed El-Erian said that aggressive monetary tightening by the Federal Reserve will not only damage the US economy, but will have an impact on the rest of the world. The rapid pace of interest-rate hikes in response to inflation âEURœis not stepping on the brakes, this is slamming the brakes,âEUR El-Erian said on Bloomberg Television Tuesday, in response to an earlier remark by Bob Michele, chief investment officer of J.P. Morgan Asset Management. Michele had spoken about the ripple effects the Fed's recent actions could have on the economy. âEURœThe economy is starting to go through the windshield, the financial system is starting to go through the windshield,âEUR El-Erian said.
/jlne.ws/3RVoOXN
What Credit Suisse and Three Arrows Capital Have in Common
David Z. Morris - CoinDesk
Credit Suisse could be $8 billion short of its required capital ratio by 2024, according to a recent analysis by JPMorgan. The math here is beyond the ken of mere mortals, but as summarized by Seeking Alpha, the projected shortfall is thanks to a mix of weak projected earnings, rising inflation, a risk-heavy balance sheet , lawyer fees as well as costs if Suisse is forced to restructure. A Jefferies analyst speaking to Bloomberg agreed, saying Suisse needed to raise around 9 billion Swiss francs (about US$9 billion) in the next two to three years. So Suisse must either sell assets or issue new stock, at a moment in the business cycle when you definitely, really don't want to be doing either of those things. Especially if you're Credit Suisse.
/jlne.ws/3MuuKpy
U.K. Pension Funds Rush to Raise Cash as Central-Bank Deadline Looms; Bank of England says it will stop buying bonds on Friday
Julie Steinberg - The Wall Street Journal
Pension funds, used to thinking in decades, have been thrown into real-time firefighting mode by the crisis roiling British markets. Many U.K. pensions are rushing to raise cash to satisfy collateral calls triggered by rapid moves in usually staid government bonds. Adding to the urgency: the Bank of England's plans to end its emergency bond-buying this Friday, after which many fear volatility could surge again. Andrew Bailey, the central bank's governor, reiterated to pension funds on Tuesday that they had just days left to act, warning: âEURœYou've got to get this done.âEUR
/jlne.ws/3g6GUsZ
Yen Falls to 24-Year Low as Kuroda Vows Loose Policy; Currency falls past level that prompted recent intervention; Widening interest rate differentials signal more pain for yen
Mary Biekert - Bloomberg
The yen weakened to a fresh two-decade low after Bank of Japan Governor Haruhiko Kuroda vowed to keep monetary policy loose in order to support an economic recovery, fueling speculation over whether Japanese authorities would step in once more to prop up the currency. The yen quickly fell to 146.86 per dollar after Kuroda's comments on Wednesday, surpassing the 145.90 level that had previously prompted Japan's nearly $20 billion intervention to buy the yen in September, the first intervention to support the currency since 1998.
/jlne.ws/3yDBDzr
Bank of England Ultimatum Puts New Pressure on U.K. Markets; Central bank vows to end bond buying Friday, causing borrowing costs to surge briefly
Anna Hirtenstein, Caitlin Ostroff and Paul Hannon - The Wall Street Journal
The Bank of England said Wednesday that its program of bond purchases to support pension funds and prevent a possible financial market crisis would end Friday as planned, causing a brief surge in bond yields and setting the stage for a tense few days on U.K. financial markets. The move was seen by investors as a strong signal by the central bank and Gov. Andrew Bailey that its priority remains fighting inflation, even if that raises the likelihood of deeper turmoil in U.K. financial markets in the coming days and weeks, jitters that have also hit some U.S. markets such as junk bonds.
/jlne.ws/3esSnCC
Who Blew Up Britain's Pension Funds?; A crisis probably was inevitable after a decade of too-low interest rates.
The Wall Street Journal
Britain's newest parlor game is assigning blame for the country's exploding pension funds. Wobbly balance sheets at some of the United Kingdom's largest defined-benefit pension managers have triggered a mini financial panic with ripples abroad. The causes of this crisis are worth relating because they may be coming to a financial instrument near you.
/jlne.ws/3emxTeR
Exchanges In Retreat Amid Worries About Inflation Impact On Global Economy - FTSE Mondo Visione Exchanges Index Down 8.8% in September, Down 10.2 % In Q3 2022
Mondovisione
Stock markets tumbled on growing recession fears, with central banks ramping up interest rates to fight decades-high inflation. As a result, the three months to the end of September saw the FTSE Mondo Visione Exchanges Index down by 10.2%. B3 was the best-performing exchange in the quarter, with HKEX the worst.
/jlne.ws/3CPW8eG
Monte Paschi Sets Terms on Rights Offer as Banks Back Deal; Bank, Treasury secured commitments from a number of investors; Paschi capital position to be boosted by €2.5 Billion offer
Sonia Sirletti - Bloomberg
Banca Monte dei Paschi di Siena SpA said it will proceed with its €2.5 billion ($2.4 billion) rights offer, with the ailing lender gaining enough support from investors to persuade underwriting banks to back the deal. The bank will sell the shares at 2 euros each and offer 374 new shares for every 3 held in a sale starting Oct. 17, the Siena-based bank said in a statement on Thursday. Italy's finance ministry will sign up for 64% of the proposed offering, or €1.6 billion euros, in line with its stake in the bank.
/jlne.ws/3rSHCN6
Monte dei Paschi di Siena set for €2.5bn rights issue; Eight banks including Mediobanca, JPMorgan, Credit Suisse and BofA to underwrite fundraising
Silvia Sciorilli Borrelli - Financial Times
Struggling Italian bank Monte dei Paschi di Siena will launch its €2.5bn rights issue on Monday, after a group of banks agreed to underwrite the fundraising. After days of frantic negotiations, the bank said a pool of banks including Mediobanca, Bank of America and and Credit Suisse had agreed to guarantee €807mn of the share issue. Milan-based alternative investments fund Algebris has guaranteed an additional €50mn.
/jlne.ws/3RWizD5
Franklin Templeton portfolio-shielding ETF to become transparent; ClearBridge Focus Value ESG ETF will start to disclose all of its holdings in December
Sonya Swink - Financial Times
Franklin Templeton's only portfolio-shielding exchange traded fund will make its holdings fully public by the middle of December, filings show. The fund's board voted to change the $3.2mn ClearBridge Focus Value ESG ETF from an ActiveShares non-transparent ETF to a conventional transparent ETF by December 16, the firm has disclosed. A Franklin Templeton spokesperson said the fund's underlying strategy and portfolio management would not change.
/jlne.ws/3MvoDBm
BlackRock Profit Falls 16%; Firm's assets under management decreased to $8 trillion, from $8.5 trillion in the second quarter
Angel Au-Yeung - The Wall Street Journal
A souring market weighed on investing giant BlackRock Inc. BLK -0.01%â - ¼ in the third quarter, pushing profit down 16%. The world's largest asset manager reported net income of $1.41 billion, down from $1.68 billion in the same period a year earlier. Earnings amounted to $9.25 a share. That exceeded the $7.06 expected by analysts polled by FactSet.
/jlne.ws/3TfsC7q
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| Wellness Exchange | | An Exchange of Health and Wellness Information | âEUR˜We are in trouble': Study raises alarm about impacts of long covid
Frances Stead Sellers - The Washington Post
A new long-covid study based on the experiences of nearly 100,000 participants provides powerful evidence that many people do not fully recover months after being infected with the coronavirus. The Scottish study found that between six and 18 months after infection, 1 in 20 people had not recovered and 42 percent reported partial recovery. There were some reassuring aspects to the results: People with asymptomatic infections are unlikely to suffer long-term effects, and vaccination appears to offer some protection from long covid.
/jlne.ws/3CToVPv
Forget Weed, Wine and Xanax: Science Has Better Ways to Treat Anxiety
Dan Hurley - Newsweek
Angie Landeros knew her daughter had always been shy. "Very, very shy," she says. "She always felt awkward talking to other kids her age." Then came the COVID-19 lockdowns in March, 2020. Ten years old, Landeros' daughter began feeling unbearably self-conscious seeing herself on the computer screen during Zoom lessons. When her elementary school went to a hybrid format that required most kids to attend in person, some days she'd refuse to go. Once she had a full-blown panic attack in the car and began kicking and screaming. On another day, says Landeros, "she literally ran out the door to hide from us."
/jlne.ws/3D2MYvD
Pandemic Travel Has Reached a Turning Point; Japan's reopening is major news, but the bigger story is more countries have ended Covid travel restrictions than those that still have them.
Allison Nicole Smith - Bloomberg
Covid-19 vaccines and boosters are losing their importance for world travelers. There are now more countries and territories--118, according to Kayak.com data--that welcome any US traveler without restrictions. Of the 109 destinations that still require testing, quarantines, or both for unvaccinated travelers, 17 don't allow US tourism anyway. It's a welcome turn for a global tourism economy that's been hammered by the novel coronavirus, and a bright note for those looking for signs of the pandemic's end.
/jlne.ws/3Mrc61U
Pfizer Says Booster Lifts Antibodies for Omicron Variants
Marthe Fourcade - Bloomberg
Pfizer Inc. and its German Covid vaccine partner said their booster shot tailored to the latest omicron variants appears to offer better protection than the original against currently dominant versions of the virus. Blood from volunteers collected seven days after the booster shot showed a substantial increase in neutralizing antibodies against the BA.4/BA.5 subvariants in a study, Pfizer and BioNTech SE said in a statement Thursday.
/jlne.ws/3g3iCQm
Covid Mutation Helped by Slow US Booster Uptake: Moderna
Bloomberg TV
October 13th, 2022, 4:36 AM CDT
Moderna co-founder and Chairman Noubar Afeyan discusses the latest Covid-19 vaccine booster, US vaccine resistance, and the next steps on the Moderna-Merck cancer vaccine plan. He speaks with Francine Lacqua on âEURœBloomberg Surveillance Early Edition.âEUR
/jlne.ws/3SRlC0N
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Shanghai Quietly Shuts Down Schools, Gyms, Bars as Covid Returns; Slow rollout of restrictions across city sparks lockdown fears; Entertainment venues in at least five districts have closed
Bloomberg
Shanghai is quietly shutting down schools and a raft of other venues as officials try to rein in a flareup that's hit the financial hub just days before one of China's most important political events. Several schools dotted throughout the city have suspended in-person classes as the fear of infection spread grows, according to parents and social media posts. At least five districts have closed entertainment venues, including cinemas, bars and gyms, in an effort to stamp out transmission, according to statements issued by Covid prevention offices.
/jlne.ws/3Tmjnm9
China Set to Import Brazilian Corn in Challenge to US Supply; Shipments will help fill gap left by lack of Ukraine cargoes; Move to diversify given urgency by surging corn and dollar
Tarso Veloso Ribeiro - Bloomberg
China may start importing corn from Brazil as early as December, part of a drive by the world's top buyer to reduce dependence on the US and replace supplies from Ukraine cut off by the Russian invasion. Some 45 facilities owned by companies including Bunge Ltd., Cargill Inc. and Archer-Daniels-Midland Co. have been pre-approved by Brazil to export to China, according to a list seen by Bloomberg. The final total will be higher because of a large number of requests, said a person familiar with the matter, who asked not to be identified as talks continue. The final list is likely be sent to China in November.
/jlne.ws/3CUKdvW
China's State Support Is Helping to Ease Credit Market Stress; China Credit Tracker
Alice Huang and Ailing Tan - Bloomberg
China credit is showing signs of recovery after months of distress sparked by a property debt crisis, with the already better insulated onshore market improving further after defaults declined. Authorities have been stepping in with more concrete measures to aid the real estate sector, following unprecedented mortgage boycotts, slumping home sales and mounting debt failures. A key part of the support was a new scheme that emerged last month to provide state guarantees for bonds issued by a small group of developers. Longfor Group Holdings Ltd. and Seazen Holdings Co. were among the first to price such securities, while at least three others plan offerings.
/jlne.ws/3SZyTV3
London Homes in Financial Districts Saw Double-Digit Price Drops
Damian Shepherd - Bloomberg
London's two major financial districts saw double-digit home price declines even before rising rates threatened to slam the brakes on the property market. House prices in the City of London slumped 17% in the 12 months through June, the biggest of any London borough in the period, according to analysis of UK Land Registry data by Bloomberg News. Tower Hamlets, the borough where the financial district of Canary Wharf is based, saw values drop 12% in the same period.
/jlne.ws/3rRs38f
Mississippi River levels are dropping too low for barges to float; Water levels are approaching their lowest in a generation, forcing emergency dredging to keep commerce flowing
Scott Dance - The Washington Post
The Mississippi River is flowing at its lowest level in at least a decade, and until rain relieves a worsening drought in the region, it's becoming increasingly difficult to maintain water levels high enough to carry critical exports from the nation's bread basket. Areas of persistent and developing drought stretch across much of the Mississippi basin, which itself covers 41 percent of the contiguous United States. Though record-setting storms caused catastrophic flooding in parts of the watershed this summer, the past few months have been among the driest on record in parts of the Heartland, at a time of year when river levels are normally hitting their low points. And long-term forecasts suggest that unusually dry weather is likely to continue.
/jlne.ws/3fWChBn
Florida Orange Crop Set to be Smallest Since Second World War; USDA estimates Florida's output at 28 million boxes for season; Impacts from Hurricane Ian will be included in December report
Marvin G Perez - Bloomberg
Florida is set to have the smallest orange crop in almost eight decades even before factoring in the full impacts of Hurricane Ian's devastation on the state's citrus groves. The state will produce 28 million boxes for the current season, down 32% from the prior year, the US Department of Agriculture said Wednesday in a report. That's the lowest harvest since 1943. A box weighs 90 pounds or 41 kilograms.
/jlne.ws/3MuvuuQ
Americans Will Pay the Most in 25 Years to Stay Warm This Winter; Households to see nearly 30% increase in natural gas, oil cost; This winter expected to be colder than last year, EIA says
Julia Fanzeres - Bloomberg
Americans trying to keep warm this winter are poised to spend the most on heating in at least 25 years. US households face an average power bill of $1,359 this winter, the highest since at least 1997, according to the Energy Information Administration. While much of that spike is driven by higher natural gas costs, homes that rely on oil for heat -- such as in the Northeast -- will be hit even harder, with an average bill of $2,354.
/jlne.ws/3SYGjrK
Wheat Is Piling Up in the US Even as World Food Crisis Alarm Blares; American farmers will export least amount of wheat in 50 years; World depends on more affordable grains amid inflation
Jen Skerritt and Kim Chipman - Bloomberg
The world desperately needs more grains to help temper rampant food inflation, yet there are signs that the US, a key producer, will ship the smallest amount of wheat in 50 years. American wheat is too expensive and sales have been slow, the US Department of Agriculture said in its monthly supply-and-demand report. Adverse weather across parts of the US breadbasket have limited harvests, and low water levels along the Mississippi River are making it slower and more expensive to get crops to export terminals. Corn, soybean and rice export outlooks were also weaker.
/jlne.ws/3VpZjRk
NYC Tech Boom Helped Offset Pandemic Job Losses, DiNapoli Says
Deante Washington - Bloomberg
New York City's booming tech industry helped offset job losses in other sectors during the Covid-19 pandemic, according to report by state Comptroller Thomas DiNapoli. The tech industry grew by 9.4%, or 14,340 jobs, in 2020, the largest growth since 2012, the report said. In the same period, total private-sector employment declined by 12.6%, or 494,810 jobs. In 2021, growth in tech slowed to 3.1%, though the gain was still larger than the total private sector's growth of 2.4%.
/jlne.ws/3yB7PU4
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| Miscellaneous | | Stories that don't quite fit under the other sections | The End of the Great Chinese Love Affair With French Vineyards; China's frenzied buying of Bordeaux vineyards has all but fizzled out as limits on capital outflows and the pandemic curbed investments.
Alexandre Rajbhandari and Evelyn Yu - Bloomberg
Perched on the banks of the Gironde estuary in southwestern France, the pink mansion of Chateau Loudenne is surrounded by 116 acres of planted vines that run downhill toward the water. Until recently, a pole on its bay-facing terrace carried the corporate flag of its then-owner -- mainland China's largest listed company.
/jlne.ws/3RYNZZB
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