| February 02, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
The FIA today announced announced the 2023 honorees of the FIA Hall of Fame. The new members will be honored during an awards ceremony during FIA's International Futures Industry Conference in Boca Raton, Florida on March 15. There are 12 honorees this year and I am pleased to have played a part in the process, having served on the Hall of Fame committee that considered the nominees and agreed on this year's class. Among the honorees is the man who helped bring me into the futures industry, Thomas J. Cashman, a 50-year member of the Chicago Board of Trade who was a soybean broker and trader at the CBOT.
The other honorees include John Davidson, Gary DeWaal, Dan Driscoll, Scott Early, Gedon Hertshten, Nick Carew Hunt, John O'Brien Sr., James Oliff, Elizabeth Sam, Caroline Silver, and Rosalyn Wilton.
It is an impressive list of people who have contributed greatly to the futures industry during their careers. It is dominated by men, with only three women, but that is part of the demographics of the industry from the 1970s and 1980s when these people became active, though Tom Cashman started in the 1960s.
John O'Brien, Sr. passed away this last year and Nick Carew Hunt recently passed away, so they are being honored posthumously. Thomas Cashman recently moved into a memory care unit and will be unable to attend, but will be represented at the ceremony by his sons Thomas F. Cashman and Brendan Cashman, both former CBOT members.
John Lothian Productions will again be producing the FIA Hall of Fame videos for the ceremony and longer videos for the FIA website, based on interviews the FIA conducts with each of the honorees. We are going to use the interview we did with Thomas J. Cashman for a John Lothian Profiles video to produce his. We will work with RJO on a video for John O'Brien, Sr. and FIA for the Nick Carew Hunt video.
Congratulations to all of the new honorees and thank you for all you have done for the futures industry and more.
OCC announced that year-to-date average daily volume through January 2023 was 46.2 million contracts, up 2.9 percent compared to year-to-date average daily volume through January 2022. Total volume was 923.2 million contracts, up 2.9 percent compared to January 2022 and the third highest month in OCC's history.
There is a new Japanese company trading on Nasdaq as a result of a SPAC that is a real flier, if I may say so myself. Tokyo-based ALI Technologies Inc. is going public through a merger with the blank-check firm Pono Capital Corp. and it is a maker of flying motorbikes, Bloomberg reported.
In Pennsylvania, on Groundhog Day 2023, Punxsutawney Phil saw his shadow. But the question The Wall Street Journal asks is "How Often Are His Predictions Right?"
The Derivatives Forum Frankfurt takes place at the Congress Center Messe Frankfurt on March 22-23. Focused on trading and clearing for derivatives and securities financing across asset classes, the event is in person and virtual and features more than 35 panels, discussions and keynotes. Sessions in the main room (Harmonie) will be made available virtually. Review the agenda and register here.~SAED
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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'Bitcoin is a hyped-up fraud, it's a pet rock': says JP Morgan CEO Jamie Dimon
Anushree Dave - MarketWatch
In an interview on Thursday morning on CNBC, billionaire Jamie Dimon, Chairman and chief executive of JP Morgan Chase, shared his thoughts regarding crypto and, more specifically, bitcoin. "Bitcoin itself is a hyped-up fraud, it's a pet rock," said Dimon, adding that it's different from blockchain technology. "Blockchain is a technology ledger system that we use to move information... we use it to move money. So that is a ledger that we think will be deployable."
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****** Jamie Dimon must have something against pet rocks.~JJL
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How Stockpickers Finally Beat the Index Funds; With less riding on slumping tech stocks such as Amazon, Tesla and Microsoft, many active fund managers finally surpassed their benchmarks in 2022.
Suzanne Woolley - Bloomberg
For one type of investor, 2022 was the best year in a long time. A large number of active managers of equity mutual funds-the ones who select specific stocks rather than track an index-beat the S&P 500. Measuring the relative performance of fund managers is trickier than it sounds, so not all the data are in. (Number crunchers have to decide which index each fund can be fairly compared with.) But early indications show that a key group of stockpickers eked out an edge. According to an analysis by advisory company Strategas Securities, 62% of active large-company "core" funds-those that buy a mix of growth and value stocks-beat the market. That's the highest percentage of active portfolios to notch a win since 2005.
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****** Even a broken watch is right twice a day, unless of course it is a digital watch, then it is never right if it is broken.~JJL
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FIA comments on ION Group cyber incident
FIA
FIA is aware of network issues caused by a cyber incident on certain ION Group systems which are impacting the trading and clearing of exchange traded derivatives by ION customers across global markets. We are working with impacted members, including clearing firms and exchanges, as well as market regulators and others, to assess the extent of the impact on trading, processing, and clearing.
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***** No comment necessary.~JJL
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Wednesday's Top Three
Our top story Wednesday was ION suffers cyber attack on derivatives platform, from The Trade. Second was How ChatGPT Will Destabilize White-Collar Work, from The Atlantic. Third was Traders See AI Tech Shaping Their Future, JPMorgan Finds, from Bloomberg.
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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
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| Lead Stories | FIA announces 2023 Hall of Fame honorees
Futures Industry Association
FIA has announced the induction of 12 new members to the FIA Hall of Fame. The new members will be honored at an awards ceremony during FIA's annual International Futures Industry Conference in Boca Raton, Fla., on March 15. "We established the FIA Hall of Fame to recognize the people who have made exceptional contributions to the growth and development of the futures, options and listed derivatives industry," said President and CEO of FIA Walt Lukken. "This year's inductees represent business leaders, advocates, policymakers, and visionaries who have provided the leadership and support necessary to keep our industry growing. We are grateful for their service and honored to present them with this recognition."
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Chicago Is Seeking Its Own Jamie Dimon After Griffin's Exit; Lightfoot is urging business leaders to be champions for city; Mayor has been meeting CEOs to discuss how to tackle crime
Isis Almeida, Shruti Singh and Kim Chipman - Bloomberg
As Chicago struggles with rising crime and high-profile corporate departures, Mayor Lori Lightfoot has a message for business leaders: It's time to be a cheerleader for their city. The Democratic mayor, seeking reelection this month, is urging executives who have "profited mightily" to tell their success stories, she said in an interview at Bloomberg's office in Chicago. While New York has renowned business giants such as JPMorgan Chase & Co.'s Jamie Dimon, Lightfoot said her city has an opportunity for its leaders to promote its economic competitiveness and bolster its reputation.
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Cyber attack at financial data group Ion affects derivatives trading; Industry working with clearing houses, platforms and regulators to assess hit to trade processing and clearing
Nikou Asgari, Harry Dempsey and Stephen Morris and Nicholas Megaw - Financial Times
Financial data group Ion Markets has suffered a cyber attack that has affected parts of the vital financial plumbing that underlies the vast derivatives trading industry. The Dublin-based company said its cleared derivatives unit was hit by a "cyber security event" on Tuesday. It said the incident was "contained to a specific environment, all the affected servers are disconnected, and remediation of services is ongoing". The cyber attack at Ion affected derivatives that trade on exchanges, according to the Futures Industry Association, which said on Wednesday it was working with clearing houses, trading platforms and regulators to assess the extent of the impact on trading, processing and clearing. Last year, volume in exchange traded derivatives reached 83.9bn contracts, according to FIA data.
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ION cyber concerns continue - US Treasury steps in; Rumours abound regarding ransom demands, and the US Department of the Treasury has convened to discuss the implications of the attack.
Laurie McAughtry - The Trade
The cyber attack on ION Markets continues to make waves, with unconfirmed rumours suggesting that the firm may be in a stand-off with the hackers with regards to a ransom. ION responded with no comment. The malicious ransomware has been involved in numerous high-profile hacks in recent years: including US rail giant Wabtec in March 2022, the Port of Lisbon in December 2022, and the UK's Royal Mail in January 2023. In each case, the hackers demanded a ransom to prevent them leaking sensitive data.
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US Plays Down ION Cyberattack, Sees No 'Systemic Financial Risk'; Cyberattack tied to notorious ransomware gang LockBit; Incident affects processing of trades in derivatives markets
Isis Almeida, Mark Burton and Katherine Doherty - Bloomberg
The cyberattack on a UK-based software firm that upended some derivatives trading doesn't pose a "systemic risk to the financial sector," a senior official in the US Treasury Department said Wednesday. The attack of ION Trading UK, first reported on Tuesday, affected 42 of its clients and forced several European and US banks and brokers to process trades manually.
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NYSE Glitch Caught Up in Fight Over SEC Rewrite of Trading Rules
Katherine Doherty and Lydia Beyoud - Bloomberg
Last week's glitch at the New York Stock Exchange has become a pawn in the ongoing battle over a rewrite of stock-trading rules proposed by US regulators. The manual error, which caused wild market swings when trading opened on Jan. 24, is now being cited as an example of why more trading shouldn't be pushed onto exchanges such as NYSE and Nasdaq Inc. Major broker-dealers Charles Schwab Corp. and Robinhood Markets Inc. contend that the incident was a reason for concern and an argument against exchange-run auctions.
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LME Responsible Sourcing team visits project communities in the DRC and Zambia
London Metal Exchange
In November 2022, the LME's Responsible Sourcing team visited Zambia and the Democratic Republic of Congo (DRC) to find out more about our charity partner projects, which aim to tackle child labour and children's rights issues in mining communities. Here are some highlights from the team's trip to visit The Impact Facility's project sites in the DRC.
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Goldman Traders Reaped More Than $3 Billion in Commodities Boom; Unit records biggest revenue gains since at least 2009; Desk emerges as bright spot in a year when profit tumbled
Sridhar Natarajan and Jack Farchy - Bloomberg
Goldman Sachs Group Inc.'s commodities traders reeled in one of their largest hauls ever last year, solidifying their renewed status inside the firm's center of power. Revenue from the desk soared past $3 billion in 2022, according to people with knowledge of the matter, dwarfing windfalls closer to $2 billion in each of the previous two years. After deducting expenses tied to the business, the unit led by Ed Emerson emerged as a key profit engine in a year when the firm's net income was cut in half to $10.8 billion.
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What Adani's Downfall Tells Us About India's Crony Capitalism
Astha Rajvanshi - Times
In January, Gautam Adani appeared in a rare televised interview on a Hindi news channel, India TV, to answer a host of questions from a fawning show anchor about how he became Asia's richest man. When asked about his strong rapport with Indian Prime Minister Narendra Modi and if the government had played a role in helping build his wealth, Adani responded, "I don't chase numbers. For me, the bigger question is, 'What can I do for the nation?'" His answer was met with thunderous applause from the crowd, and later, he added, "This balloon will keep flying as long as India is progressing."
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Blockchain Analytics Firm Chainalysis to Cut Jobs in Reorganization
Jamie Crawley - CoinDesk
Blockchain analytics company Chainalysis is cutting headcount as it reorganizes to adjust to challenges in the crypto market. The New York-based firm, which specializes in analyzing and tracking crypto transactions for risk-management purposes, said the reorganization will primarily effect its "go-to-market" team.
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Crypto Investors Can Purchase Bankruptcy 'Put Options' to Protect Funds on Binance, Coinbase, Kraken
Krisztian Sandor - CoinDesk
Bankruptcy-focused investment firm Cherokee Acquisitions has started offering what it calls "put options" to crypto investors to protect their funds on crypto exchanges Binance, Coinbase and Kraken in the event of a bankruptcy, CoinDesk learned Wednesday from the company. The put options will protect account holders' deposits on the listed exchanges, paying back 100% of the assets in the account if the exchange files for bankruptcy protection within the contract period. Large institutional investors and hedge funds will sell the options and compensate investors in the event of bankruptcy filings, Brian Ferrara, sourcing and trading specialist at Cherokee, told CoinDesk.
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Ex-Barclays CEO Antony Jenkins Wants to Disrupt the Dinosaurs; After three turbulent years at a huge institution, he started a fintech company aimed at automating the slow-moving industry.
Sommer Saadi - Bloomberg
Antony Jenkins is building technology he wanted when he ran Barclays. The former chief executive served at the big bank for three very turbulent years, spending a lot of time wondering why there wasn't a better way to automate its operations. When he left, he decided to find a way to do just that for everyone else.
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An alleged $500 million Ponzi scheme preyed on Mormons. It ended with FBI gunfire.
Lizzie Johnson - The Washington Post
The FBI arrived at the only house on this stretch of Ruffian Road at 1:25 p.m., parking out front of the $1.6 million property, hedged by empty lots of scrub and dust. The three agents approached the camera-equipped doorbell at the home's perimeter, pressing it once. Then they pushed past an unlocked gate, cut through the courtyard and rapped against the glass French doors of Matthew Beasley's home.
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Billionaire Charlie Munger Reveals The Reason Berkshire Hathaway Is Sitting On $88 Billion in Cash
William Dahl - Benzinga
The S&P 500 dipped by 19% in 2022, but stocks still don't seem cheap to Charlie Munger, Warren Buffett's billionaire partner at Berkshire Hathaway. "In my whole adult life, I have never hoarded cash, waiting for better conditions," Munger said in an interview in late 2022. "I've just invested in the best thing I could find." Yet he acknowledged that Berkshire Hathaway is sitting on billions of dollars in cash. The reason isn't that Buffett and Munger think they can wait for stocks to get even cheaper - the wager known as "timing the market."
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Rich Russians' Art Buying Is Target of US Crackdown on Trade-Sanction Cheats; New York auction houses get subpoenas for years of records; US task force expands focus on 'professional sanction evaders'
Ava Benny-Morrison - Bloomberg
The US crackdown on trade-sanction violators is turning to the art world as authorities track down works bought or sold by ultra-rich Russian tycoons. Through a series of subpoenas, federal prosecutors in New York are demanding high-end auction houses in the US turn over years of records as they seek to determine if art was smuggled offshore or if proceeds from sales were transferred illegally, according to a person familiar with the investigation.
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Adani Abruptly Abandons $2.4 Billion Stock Sale as Crisis Mounts
P R Sanjai and Filipe Pacheco - Bloomberg
The flagship company of beleaguered Indian tycoon Gautam Adani pulled a record 200 billion-rupee ($2.4 billion) share sale after a selloff triggered by a US short seller's report engulfed his group in turmoil. Adani Enterprises Ltd. decided not to go ahead with its follow-on public offer of shares, according to a statement late on Wednesday. India's Mint newspaper reported earlier that Adani was considering withdrawing the share sale, even though it was fully subscribed with backing from prominent Indian and Gulf investors.
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Texas Bitcoin Miners Face Damage, Higher Power Costs From Ice Storms; More than 250,000 customers lose electricity amid downed lines; Curtailment doesn't affect long-term prospects: JDK's Zhao
David Pan - Bloomberg
Bitcoin miners in Texas are suffering from yet another storm as they scale back operations due to spiking electricity costs while facing damages on their machines from the extreme weather. A winter storm dumping ice across parts of the state left more than a quarter million power consumers in the dark on Wednesday, boosting energy prices over the last few days. That has led some Bitcoin miners to switch off their machines and send electricity back to the local power grid. Last year, they took similar measures during the historic heat wave in Texas and a winter storm across North America.
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Deutsche Bank Misses as Debt Traders' Winning Streak Snaps; Profit, revenue miss estimates in final quarter of turnaround; CEO Sewing raises outlook as higher rates lift lending income
Steven Arons - Bloomberg
Deutsche Bank AG vowed to increase profit and revenue further this year, after snapping a long streak of market share gains in trading in the final quarter of Chief Executive Officer Christian Sewing's turnaround plan. Fourth-quarter pretax profit and revenue fell short of analysts' estimates as gains in fixed income trailed Wall Street for the first time in 10 quarters.
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Diamond Raids Deliver Carlyle-Backed Fund EUR50 Million Gem Haul; Investment firm aims to recover debts with raids in Belgium; Eurostar Diamond debts once owed to UK bank Standard Chartered
Thomas Biesheuvel, Aaron Kirchfeld and April Roach - Bloomberg
Raids across more than a dozen properties around the Belgian diamond enclave of Antwerp seized roughly EUR50 million ($55 million) of the precious stones in an attempt to recover debts tied to the collapse of one of the country's largest traders. The raids were conducted by bailiffs and police at offices and private houses last month in a bid to recover debts once owed by Eurostar Diamond Traders NV to Standard Chartered Plc, people familiar with the matter said, asking not to be identified discussing confidential information.
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Shell profits more than double to record $40bn; Oil major beats expectations for fourth quarter thanks to gas trading profits
Tom Wilson - Financial Times
Shell made a record annual profit for 2022 of almost $40bn after a tumultuous year in energy markets that drove up costs for households and highlighted many of the challenges involved in the world's transition away from hydrocarbons. Europe's largest oil and gas company said on Thursday that adjusted earnings had more than doubled to $39.9bn, smashing the previous record of $28.4bn set in 2008.
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'Pride returned to the organisation': Deutsche Bank smashes expectations; The bank sees positive momentum, with net profit more than doubling year-on-year to its highest since 2007.
Wesley Bray - The Trade
Deutsche Bank has released its Q4 2022 earnings, reporting results which exceeded expectations, with net profit the highest in 15 years. Net revenues at the bank grew 7% year-on-year to EUR27.2 billion, while noninterest expenses were down 5% to EUR20.4 billion, resulting in the increased profit margins.
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The TRADE Close Roundtable: Episode 3 - Lights out for continuous trading; Watch the third instalment: in which we unpack the impacts of the migration to the Close on the continuous trading day.
Annabel Smith - The Trade
In the third of four episodes, senior reporter Annabel Smith and panellists across venues and the buy- and sell-side unpack the impacts of the migration of volumes to the Closing Auction on the continuous trading day, including liquidity, market impact, and the daily volume profile curve.
/jlne.ws/3HTf7Yq
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | China Is Learning From Putin's War in Ukraine, NATO Chief Warns
Natalia Drozdiak and Isabel Reynolds - Bloomberg
Beijing is closely watching Russia's war in Ukraine and learning lessons that may influence future decisions, NATO Secretary General Jens Stoltenberg said, stressing warnings about China's behavior including its threats toward Taiwan. "If President Putin wins in Ukraine, this would send a message that authoritarian regimes can achieve their goals through brute force. This is dangerous," Stoltenberg said at a joint press conference with Japanese Prime Minister Fumio Kishida in Tokyo. "What is happening in Europe today could happen in east Asia tomorrow."
/jlne.ws/3HMY3Dh
Tank for a Franc? Swiss Weigh Fire Sale of Arms Over Debate on How to Help Ukraine; Mothballed vehicles could replace tanks going to Ukraine; Nature of Swiss neutrality shifting amid war in Europe
Bastian Benrath and Hugo Miller - Bloomberg
In a bunker in mountainous eastern Switzerland, nearly 100 Leopard 2 tanks have been mothballed for almost a decade, destined for decommissioning in the belief that armored warfare in Europe was a thing of the past. Their re-emergence into the public eye last weekend, following the announcement that Germany and other European states would send their tanks to Ukraine to defend against Russian attacks, has intensified a debate in the capital Bern about how and when the famously-neutral country can step up its own aid.
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Norway Set to Tap Its Oil Wealth to Finance War Aid for Ukraine
Ott Ummelas - Bloomberg
Norway plans to use its $1.3 trillion sovereign wealth fund to pay for a planned long-term aid program to Ukraine, Prime Minister Jonas Gahr Store said. After reaping the benefits from a surge in oil and gas revenues following Russia's war, the Nordic nation will finance a package of military and civilian assistance to Ukraine as it's fighting the invasion. The plan, which entails "temporarily" increasing reliance on its rainy-day fund, is set to be outlined by the minority government next week, the prime minister said in a speech to lawmakers in Oslo on Thursday.
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Battle of Bakhmut nears tipping point as Russia intensifies offensive; Kyiv insists eastern city has not been cut off but may soon face agonising choice over whether to withdraw
Christopher Miller - Financial Times
The battle of Bakhmut is approaching a tipping point, with Russia throwing waves of fresh troops into the fight as it tries to break Ukraine's grip on the eastern city and secure President Vladimir Putin's first significant battlefield victory since early summer.
/jlne.ws/3XZJlOL
How to Forge Shells for Ukraine's Artillery?
John Ismay, Natalie Keyssar, Lyndon French, Marisa Schwartz Taylor and Rebecca Lieberman - The New York Times
Every day for months, Ukrainian soldiers have fired thousands of American-made artillery shells at Russian troops, and all of that ammunition begins its journey to the battlefield at factories in northeastern Pennsylvania. The oldest of those plants, in Scranton, first began making steel shells in the early 1950s for the Korean War.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | OCC Clears 923M Contracts in January 2023, Third Highest Month on Record
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through January 2023 was 46.2 million contracts, up 2.9 percent compared to year-to-date average daily volume through January 2022. Total volume was 923.2 million contracts, up 2.9 percent compared to January 2022 and the third highest month in OCC's history.
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Intercontinental Exchange Reports Strong Full Year 2022 Results
ICE
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, today reported financial results for the fourth quarter and full year of 2022. For the quarter ended December 31, 2022, consolidated net income attributable to ICE was $425 million on $1.8 billion of consolidated revenues less transaction-based expenses. Fourth quarter GAAP diluted earnings per share (EPS) was $0.76. Adjusted net income attributable to ICE was $698 million in the fourth quarter and adjusted diluted EPS was $1.25. For the full year of 2022 consolidated net income attributable to ICE was $1.4 billion on $7.3 billion of consolidated revenues less transaction-based expenses.
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Intercontinental Exchange Announces 11% Increase to its Quarterly Dividend
ICE
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced board authorization of its first quarter 2023 dividend of $0.42 per share, up 11% from its previous $0.38 per share quarterly dividend in 2022. The first quarter cash dividend is payable on March 31, 2023 to stockholders of record as of March 17, 2023. The ex-dividend date is March 16, 2023. ICE expects the annual total dividend for 2023 to be $1.68 per share. The expected record and payable dates for the balance of the year are expected to be as noted below, subject to board authorization.
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CME Group Reports January 2023 Monthly Market Statistics; Record SOFR options volume and open interest
CME Group
CME Group, the world's leading derivatives marketplace, today reported its January 2023 market statistics, showing an average daily volume (ADV) of 21.7 million contracts during the month. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume. January 2023 ADV across asset classes includes.
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CME Group Declares Quarterly Dividend
CME Group
CME Group Inc., the world's leading derivatives marketplace, today declared a first-quarter dividend of $1.10 per share, a 10% increase from the prior level of $1.00 per share. The dividend is payable March 27, 2023, to shareholders of record as of March 10, 2023.
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Cash market sales statistics for January 2023
Deutsche Boerse
A trading volume of Euro 106.95 billion was achieved on Deutsche Boerse's cash markets in January (previous year: Euro 155.77 billion / previous month: Euro 92.01 billion).Of this, Euro 103.93 billion was attributable to Xetra (previous year: Euro 151.14 billion / previous month: Euro 89.82 billion), meaning that the average daily Xetra turnover was Euro 4.72 billion (previous year: 7.20 Euro bn / previous month: Euro 4.28bn). Turnover on the Frankfurt Stock Exchange was Euro 3.01 billion (previous year: Euro 4.62 billion / previous month: Euro 2.19 billion).
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ASX Continues Board Renewal, Announces Changes To Directors
ASX
ASX Limited (ASX) Chairman Damian Roche welcomes two new non-executive directors, continuing the Board's commitment to refresh talent, skills and experience of its directors. Vicki Carter and Luke Randell will join as non-executive directors with Ms Carter's appointment effective from 2 February 2023 and Mr Randell's from 3 April 2023. Ms Carter and Mr Randell will stand for election at ASX's Annual General Meeting on 19 October 2023.
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SIX Exchanges Figures: January 2023
BME-X
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
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Changes To The Market Regulation Assessment Fees
TMX
The mission of the Regulatory Division (the "Division") of Bourse de Montréal inc. (the "Bourse") is to ensure the integrity of the derivatives markets and promote a culture of compliance. In order to adequately and effectively execute this public interest mandate, there must be changes to the regulatory fee structure.
/jlne.ws/3wR9zY4
NSE Indices launches Nifty SDL Jul 2033 Index
NSE
NSE's index services subsidiary, NSE Indices Limited today launched a new target maturity index Nifty SDL Jul 2033 Index. The Nifty SDL Jul 2033 Index follows a target maturity structure with maturity date of July 29, 2033. It includes State Development Loans maturing twelve month ending July 29, 2033.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Why the cloud will be critical to US competitiveness in world finance
Michael B. Greenwald - Forkast
The Russo-Ukrainian war has bred an opportunity for stablecoins to be used as a store of illicit value as well as a store of legitimate value for people interested in maintaining savings through crisis. A recent Chainalysis report highlights this trend, finding that the share of stablecoins' transaction volume on primarily Russian services grew from 42% in January to 67% in March last year after the invasion and has continued to increase since. However, taking into account illicit uses of stablecoins and blockchain-based currencies, we also note the demand for robust financial systems that can operate during times of geopolitical stress, sanctions and high throughput. These issues have also incentivized governments to speed up their exploration of central bank digital currencies (CBDCs) that can increase efficiency, decrease transaction costs and speed up settlement times. But the continued and future operation of CBDC and stablecoin networks - which will be integral to the financial system of tomorrow - will require the expansion of resilient and secure cloud-based infrastructures, no matter whether the architecture is centralized or based on a distributed ledger template.
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| Cybersecurity | | Top stories for cybersecurity | Andreessen-Backed Cybersecurity Software Firm Tanium Taps Next CEO; Dan Streetman to be CEO, Hindawi named executive chairman; Tanium has entertained prospects of going public since 2016
Kamaron Leach - Bloomberg
Tanium Inc., a cybersecurity software maker that was valued at more than $9 billion in 2020, has chosen Dan Streetman to succeed co-founder Orion Hindawi as chief executive officer. As part of the plan and in support of Streetman, Hindawi will remain active in the business and become executive chairman, according to a statement confirming a Bloomberg News report earlier Wednesday. Hindawi, who previously had apologized for being "hard-edged," will focus on strategy and tech innovation in his new role.
/jlne.ws/3WZg9pM
FBI's Hive Sting Generates Buzz, Other Ransomware Gangs Swarm; Cops, victims and competitors rejoice after Hive ransomware group 'disruption'
Margi Murphy - Bloomberg
Austin Berglas, then an FBI agent in New York City, watched as the computer screen loaded on callservice.biz. The site provided English speakers who could help scammers thwart bank security screenings and ultimately commit identity theft. It was April 2010 at the time, and Berglas was sitting with a case agent who'd been working to take down the service. "Up pops this seizure banner," Berglas tells me now, describing the graphic the FBI places on a website when it's under the bureau's control.
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British cybersecurity firm NCC Group to cut workforce by 7%
Reuters
Cyber security firm NCC Group (NCCG.L) said on Thursday it plans to cut more than 125 jobs as part of an ongoing strategic review, while flagging tough market conditions in the second-half period of the current fiscal year. Shares of the Manchester-headquartered FTSE Mid Cap (.FTMC) firm were down about 10% to an over two-and-a-half-year low of 147 pence in morning trade.
/jlne.ws/3jjvcx7
The $10 Trillion Case For Decentralized Cybersecurity
Lawrence Wintermeyer - Forbes
With historic inflation, rising prices, the escalating Ukraine conflict, and massive job losses in banking and tech, policymakers and executives are stretched to deliver a recovery agenda to get the world back to normal. Most have little bandwidth for yet more problems to solve, like the impending perils faced by cyber threats. Sadie Creese, a Professor of Cyber Security at the University of Oxford, said, "There's a gathering cyber storm and it's really hard to anticipate just how bad that will be."
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bankman-Fried barred from contacting FTX employees, using Signal
Luc Cohen - Reuters
A U.S. judge on Wednesday temporarily barred FTX founder Sam Bankman-Fried from contacting current or former employees of the cryptocurrency exchange or his Alameda Research hedge fund, and from using encrypted messaging tools including Signal. The ruling by U.S. District Judge Lewis Kaplan came after federal prosecutors in Manhattan said Bankman-Fried might tamper with witnesses or destroy evidence in his criminal fraud case. He was arrested in December on charges of looting billions of FTX customer funds, and lying to investors and lenders.
/jlne.ws/3JEfqYp
Alameda Research Wallet Receives $6M From Bitfinex Hot Wallet
Oliver Knight - CoinDesk
An Ethereum wallet that belongs to bankrupt trading firm Alameda Research quietly received $6 million worth of tether (USDT) from Bitfinex's hot wallet overnight, according to Nansen data. The wallet also received $4.5 million worth of USD Coin (USDC) from an unknown entity as it appears to be consolidating assets in line with bankruptcy proceedings, bringing the total to $10.5 million in the last 24 hours.
/jlne.ws/3jiM9I0
Coinbase wins dismissal of lawsuit claiming it sold tokens illegally
Jonathan Stempel - Reuters
A U.S. judge on Wednesday dismissed a proposed class action lawsuit by Coinbase Global Inc customers who accused the cryptocurrency exchange of selling unregistered securities and failing to register as a broker-dealer.
/jlne.ws/3XYdvlE
U.S.-based cryptocurrency exchange Bittrex lays off 83 employees
Danny Park - Forkast
Seattle-based cryptocurrency exchange Bittrex is laying off 83 employees, according to the U.S. Employment Security Department's layoff alert. Bittrex has 284 staffers according to LinkedIn's database.
/jlne.ws/3HwfAhP
India's Crypto Tax Amendment Could Punish Evaders With Jail Time, Attorneys Say
Amitoj Singh - CoinDesk
India has maintained its restrictive crypto tax rules from 2022 in 2023, while adding a potential fine or jail time for non-compliance to the provision around tax deducted at source (TDS), according to three attorneys speaking to CoinDesk.
/jlne.ws/3JB9BLk
India's retail giant Reliance to accept CBDC at stores
Manish Singh - TechCrunch
Reliance Retail, India's largest retail chain, will start accepting retail payments in digital rupee in a move that could supercharge the adoption of the country's recently launched CBDC. The Mukesh Ambani-led firm said it has partnered with ICICI Bank, Kotak Mahindra Bank and fintech Innoviti Technologies to launch the in-store support for digital rupee. Customers who wish to pay with the country's CBDC (Central Bank Digital Currency), called e₹-R, will be provided with a dynamic digital rupee acceptance QR code for scanning at the store, the retail giant said Thursday.
/jlne.ws/3DzMU68
What's Next for Galaxy Digital CEO Mike Novogratz? (Podcast); While his firm is still standing after the fallout from FTX, it was not left unscathed.
Sharon Beriro - Bloomberg
The digital-asset industry is reeling from challenges that many blame on a handful of so-called crypto bad actors and wayward CEOs. Of course, we're talking about the Do Kwons, the Alex Mashinskys, the Su Zhus... Oh, and yes, the Sam Bankman-Fried.
/jlne.ws/3WZb299
GIC-Backed Chainalysis Cuts Jobs in Latest Crypto Layoffs; Layoffs affect less than 5% of the GIC-backed firm's staff; Teams will be built out under refocused strategy: spokesperson
Olga Kharif - Bloomberg
Chainalysis Inc., a company that specializes in tracking crypto transactions and the entities behind them, said it's made layoffs affecting less than 5% of staff. The company, whose backers include Singapore's sovereign wealth fund GIC, has about 900 employees following the job cuts, a Chainalysis spokesperson said Wednesday.
/jlne.ws/3HAmpiq
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| Politics | | An overview of politics as it relates to the financial markets | FBI investigating George Santos' animal rescue 'charity'
Sarah K. Burris - Raw Story
More bad news surfaced for Rep. George Santos (R-NY) on Wednesday, according to disabled U.S. Navy veteran Richard Osthoff. According to a Politico report, two FBI agents contacted him as part of the U.S. Attorney's office in the Eastern District of New York to ask about their conversations around a GoFundMe scheme. Osthoff said that he turned over all of the text messages that the two exchanged and any other pertinent details.
/jlne.ws/3wKvgsN
Germany Plans to Spend Up to EUR17 Billion on Anti-Missile Shield; Berlin is in talks to procure as many as eight IRIS-T systems; Financing will come from Germany's EUR100 billion defense fund
Michael Nienaber and Kamil Kowalcze - Bloomberg
Germany is in talks with several defense manufacturers to build a multi-layered, anti-missile shield that could cost as much as EUR17 billion ($18.5 billion), according to people familiar with the matter. Chancellor Olaf Scholz's coalition government is in negotiations with Bavarian-based manufacturer Diehl Defence to procure up to eight IRIS-T anti-missile systems with a contract volume of EUR2 billion to EUR3 billion, said the people, who asked not to be identified because the talks are private.
/jlne.ws/3wKVkUC
Shell's 'Obscene' Profits Face Backlash in Its Own Backyard; British politicians, unions criticize profits, share buybacks; Big Oil could face steeper windfall taxes after next election
Will Mathis - Bloomberg
Shell Plc's blockbuster earnings last year are triggering the ire of British politicians, unions and policy analysts, who say they're outraged the oil major made so much money while customers struggled through a cost-of-living crisis driven partly by soaring energy prices.
/jlne.ws/3XWbvKP
Why India's Billionaires Banded Together for Adani; With their compatriot in the crosshairs of an American short seller, the nation's uber-rich came to the last-minute defense of a fellow tycoon.
Andy Mukherjee - Bloomberg
The world's biggest democracy now has a brotherhood of billionaires. One of them gets into trouble, the others rally to save him. That's one explanation for how Indian tycoon Gautam Adani's $2.5 billion share sale scraped through. No doubt the heavy lifting was done by a $400 million check from Abu Dhabi. But that was along expected lines - the Middle East royals have backed Adani in the past, too. The bigger surprise is how the other uber-rich came to the last-minute defense of their compatriot in the crosshairs of an American short seller.
/jlne.ws/3jpkNzO
Jo Johnson, the investment bank and the Adani allegations; Peer quits Elara Capital role following FTAV questions
Louis Ashworth and Cynthia O'Murchu - Financial Times
Well, well... Lord Jo Johnson has abruptly resigned as a director of an investment bank with links to Indian business magnate Gautam Adani, after less than a year on its board. Lord Johnson, the younger brother of former prime minister Boris Johnson (and a former FT journo), resigned from Elara Capital on February 1st, according to Companies House records. That was after FT Alphaville contacted him for comment and visited Elara's offices on Tuesday, and was politely but swiftly shown the door.
/jlne.ws/3JBykPE
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| Regulation & Enforcement | | Stories about regulation and the law. | CFTC Partners with SEC and DOJ to Bring Coordinated DeFi Enforcement Action Targeting Oracle Manipulation
JonesDay
On January 9, 2023, the CFTC initiated a civil enforcement action against the defendant, who came under scrutiny in October 2022 when he allegedly employed a manipulative strategy across three digital asset exchanges, and Mango Markets, a DeFi protocol, that yielded over $110 million in digital assets. The DOJ and SEC also brought parallel charges. In its complaint, the CFTC alleges that on October 11, 2022, the defendant misappropriated more than $110 million in digital assets from Mango Markets through oracle manipulation. An oracle is a data feed that moves data on and off a blockchain.
/jlne.ws/3HPuXmy
Commissioner Johnson To Deliver Remarks and Participate in Fireside Chat at the Berkeley Cryptocurrency Regulation Virtual Conference
CFTC
Commissioner Kristin N. Johnson will deliver remarks and participate in fireside chat on cryptocurrency regulation.
/jlne.ws/40puejx
SEC Charges CEO of Microcap Public Company for Defrauding Investors
SEC
The Securities and Exchange Commission announced today that it charged Stamford, Connecticut-based Seong Yeol Lee and Ameritrust Corporation, a public company Lee controls, with stealing at least $4 million from investors in the United States and the Republic of Korea. The SEC is seeking immediate emergency relief, including an order freezing assets of Lee, Ameritrust, and their associated entities.
/jlne.ws/3DvjC8T
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Indian Tycoons Bought Adani Shares During Short Seller Fight
P R Sanjai and Baiju Kalesh - Bloomberg
At least two of India's biggest business families participated in Adani Enterprises Ltd.'s $2.5 billion share sale, according to people familiar with the matter, in a sign of solidarity with Gautam Adani as the tycoon fights short seller allegations that sent the value of his empire plummeting. Tycoons Sajjan Jindal and Sunil Mittal subscribed to the follow-on offering in a last-minute push that helped Adani's flagship firm complete the sale on Tuesday, said the people, who asked not to be identified as the information is not public.
/jlne.ws/3DvpX4g
Barclays Fixed-Income Traders May Be a Getting 15% Bonus Increase; FICC traders may see bonus pools increase as much as 15%; Executives still in discussions over 2022 compensation
Jennifer Surane and Harry Wilson - Bloomberg
Barclays Plc is weighing an increase in the bonus pool for its fixed income trading division, with the unit expected to produce record revenue after 2022's wild market swings. The British bank is considering boosting the overall incentive compensation for fixed income traders by as much as 15%, according to people familiar with the matter. The proposals are still under discussion and could change.
/jlne.ws/3kQwBLJ
Adani Enterprises calls off $2.4bn share sale; Indian group says 'unprecedented situation' and market volatility behind its decision
Benjamin Parkin, Adam Samson and Oliver Ralph - Financial Times
Adani Enterprises has called off its $2.4bn equity fundraising in the latest blow to Indian billionaire Gautam Adani, who has seen shares in his industrial empire tumble after a short seller made allegations of fraud and stock manipulation. The decision to pull the share sale and refund investors marks an abrupt turn after Adani Enterprises' shares fell 27 per cent on Wednesday, taking them well below the deal price range.
/jlne.ws/3HP7iCN
Hindenburg bet against India's Adani puzzles rival U.S. short sellers
Shankar Ramakrishnan, Svea Herbst-Bayliss and Carolina Mandl - Reuters
When Hindenburg Research revealed a short position in Adani Group last week, some U.S. investors said they were intrigued about the actual mechanics of its trade, because Indian securities rules make it hard for foreigners to bet against companies there.
/jlne.ws/40lveVM
How Extreme Bets Fueled an $11.4 Billion Fortune; A look inside BlueCrest reveals Michael Platt's many acts - including outsize returns and some harrowing losses
Nishant Kumar, Tom Maloney and Benjamin Stupples - Bloomberg
Michael Platt made his first billion charging hedge fund clients fees until ditching them seven years ago. Now, without the same constraints, he's spun that bundle into one of the biggest fortunes in the world. But just how much Platt commands - and how much he deploys into markets - remains a source of intrigue across Wall Street. He stoked it a few years ago by sliding into the backseat of New York's "cabbie to the stars" and boasting he was the highest-earning person in finance. Platt later dismissed the viral social-media interview as spoof.
/jlne.ws/3Hle5CU
Bank of England to set out 'steady state' measures for LDI market; Financial stability chief says further steps needed to boost sector's resilience after September liquidity crisis
Josephine Cumbo - Financial Times
The Bank of England has promised measures to better safeguard a key investment strategy used by pension funds, almost six months after a liquidity crisis in the sector threatened to destabilise the wider financial system.
/jlne.ws/3Jxt4wj
Peel Hunt agrees deal with rivals to launch RetailBook platform; UK broker's venture with Rothschild, Numis, Hargreaves Lansdown and Jefferies to offer retail investors access to capital raisings
Daniel Thomas - Financial Times
UK broker Peel Hunt has agreed a deal with rivals Rothschild, Numis, Hargreaves Lansdown and Jefferies to create a company that will offer retail investors access to initial public offerings and other listed company fundraisings. Peel Hunt will relaunch an existing platform, Rex, that allows retail investors to buy into company capital raisings, which are often dominated by or offered exclusively to large institutions.
/jlne.ws/3l1O9EQ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Factbox: What's in the EU Green Deal Industrial Plan?
Reuters
European Commission President Ursula von der Leyen set out its Green Deal Industrial Plan on Wednesday, designed to ensure the European Union does not lose ground in the green tech race and can counter massive subsidies by the United States and China. This is what it contains.
/jlne.ws/3HwCq8O
Europe unveils $270 billion response to US green subsidies
Hanna Ziady - CNN
Stung by the Biden administration's huge green subsidy program, the European Union unveiled plans for its own "Green Deal" Wednesday to cut red tape and deliver tax breaks. The Green Deal Industrial Plan will "enhance the competitiveness of Europe's net-zero industry" by simplifying regulation, speeding up access to finance, enhancing skills and building "resilient" supply chains through new trade deals, the European Commission said in a statement.
/jlne.ws/3XXs3SF
T-Mobile sets out science-based net-zero targets for 2040; T-Mobile has announced plans to achieve net-zero carbon across its value chain by 2040, verified by the Science-Based Targets Initiative (SBTi).
Sarah George - edie
The US-based telecommunications giant has pledged to reduce emissions across all scopes, including indirect (Scope 3) emissions, by 90% by 2040. It has set a 2020 baseline year for this target. Scope 3 emissions covered by the target include those generated in the supply chain; those generated by customer device usage; materials and fuel needed to ship products and employee travel. These emissions represent around two-thirds of T-Mobile's absolute annual carbon footprint.
/jlne.ws/3XYkr2a
Coca-Cola bottlers ramp up carbon capture research for supply chains; Coca-Cola Europacific Partners (CCEP) has announced two additional partnerships with universities across Europe to research carbon capture technologies with a view to utilising them across the company's supply chain.
Matt Mace - edie
Last year, the company announced plans to explore and scale methods to capture carbon and convert it into key materials for its products, including sugar and plastics. CCEP Ventures (CCEPV) set up a collaborative partnership with the University of California, Berkeley (UCB) to explore novel methods of capturing carbon and then using it as a feedstock. CCEP is financing the three-year research programme that will be led by the Peidong Yang Research Group at the University of California, Berkeley, which will first and foremost focus on the production of sugar from onsite carbon at an industrial scale.
/jlne.ws/3HSUWKa
Wells Fargo Announces $50 Million Grant to NAACP; The grant is the single largest donation the civil rights organization has received to date
BusinessWire via Yahoo
Today, Wells Fargo announced a $50 million grant to support the nation's largest civil rights and social justice organization in its continued efforts to advance racial equity in America. Wells Fargo's grant will both strengthen the NAACP's local units and support the organization's plans to develop a new national headquarters.
/jlne.ws/3RzenL5
1 big thing: Companies zip it
Axios AM
Companies that were once very vocal on human rights and societal issues have held statements close to the vest or stayed completely silent following the recent streak of tragedies in America. Why it matters: This is a major shift in the way leaders communicate during heightened moments of tragedy and crisis, Eleanor Hawkins writes in her popular new weekly newsletter, Axios Communicators. More CEOs are opting for internal correspondence in place of public pledges - and some are saying nothing at all.
/jlne.ws/40pEkko
A sea change for carbon capture; How much more CO2 can the ocean swallow, without harming sensitive ecosystems?
Heather Clancy - GreenBiz
There are many things we don't know about the ocean, the most unexplored part of Earth, but there are two things we do know: Water covers almost 70 percent of the planet, and the ocean is 96 percent plus of that. And the ocean absorbs about 30 percent of atmospheric carbon dioxide, a feat for which it doesn't receive much credit. How much more CO2 can the ocean swallow, without harming sensitive ecosystems and further accelerating the acidification endangering coral reefs, mollusks and other sea life? A school of early-stage entrepreneurs is fishing for answers, through both technological and biological means.
/jlne.ws/3HsEQFx
Woman-Owned Buoyant Closes $76 Million VC Fund to Spur Climate Tech; Backers of Chicago-based Buoyant include the Microsoft Climate Innovation Fund and Bank of America
Kim Chipman - Bloomberg
Buoyant Ventures raised $76 million to back climate-technology startups, marking the biggest ever debut of a woman-owned US venture fund not based on the coasts. The fund also drew $5.7 million in co-investments. Backers of Chicago-based Buoyant include the Microsoft Climate Innovation Fund, Bank of America Corp., Xcel Energy Inc. and the Office of the Illinois State Treasurer, according to a statement.
/jlne.ws/3JAV8i9
The Next ESG Frontier Is Genetically Modified Food; War in Ukraine has tested ESG resolve on defense and energy companies. Food security now poses an equally tricky dilemma.
Chris Hughes - Bloomberg
Russia's invasion of Ukraine has challenged ESG opposition to defense and conventional energy stocks. The next test for the ESG purists is likely to be food security, where reconciling environmental and social goals poses a challenge to existing dogma.
/jlne.ws/3WXADzo
Black Families Shrink the US Wealth Gap But Still Have 70% Less; Net-worth gains for Black households have outpaced other groups since the pandemic
Kelsey Butler - Bloomberg
Black families are closing the US wealth gap, but still lag far behind other groups in net worth. Since the end of 2019, the average net worth for Black households rose 32% through the third quarter of last year, according to a Wells Fargo & Co. report. That compares with a 21% increase for non-Black households.
/jlne.ws/3Y9wZDA
Want People to Use Less Water? Tell Them It's Going to Cost More; A new study finds that warning people about an imminent increase in water prices is even more effective at reducing consumption than the increase itself.
Carly Wanna - Bloomberg
When people hear that their water is going to cost more, they start to use less of it. That seemingly obvious finding comes from a new study led by researchers at the National University of Singapore and published this week in the peer-reviewed journal Nature. But the researchers also stumbled across an interesting nuance: The announcement of a water price hike, more than the increase itself, can have a bigger impact on consumption. The conclusion points to the need for effective policy communication when it comes to water-conservation efforts.
/jlne.ws/3wPjwVP
Shell CEO Sees a World 'Desperately in Need' of Natural Gas; New CEO Sawan sees the gas business growing, volatile markets; It's too early to say worst of Europe's energy crisis is over
Will Mathis and Francine Lacqua - Bloomberg
Shell Plc's natural gas business can continue to grow after making record profits in 2022, as the global thirst for the fuel no signs of slowing, said Chief Executive Officer Wael Sawan. After years of questions over how oil and gas producers can deliver strong returns to shareholders while also cutting carbon emissions, Shell's new boss gave an early insight into how he sees Russia's invasion of Ukraine reshaping both global markets and the opportunities for his company.
/jlne.ws/3JE2h1h
How Backlash Reversed a Florida City's Reforms to Allow Denser Housing; The swift about-face of Gainesville's plan to end single-family zoning shows that pro-housing advocates still face tough local battles.
Patrick Spauster - Bloomberg
Just hours after being sworn in, commissioners in the Florida college town of Gainesville voted to reverse a zoning plan that sought to increase housing supply in the city. That plan, passed by a lame duck city commission in August, had made Gainesville the first city in Florida to eliminate single-family only zoning citywide. Gainesville has long been a liberal enclave in an increasingly red Florida, but the zoning plan drew the ire of many local residents and caught the attention of Republican state leaders, who threatened state preemption and legal challenges in the wake of its passage late last year. Now local Democrats are poised to repeal the plan before it can be implemented.
/jlne.ws/3RsUaGD
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse Weighs Splitting China Team in First Boston Revamp; The bank may fold offshore China business into CS First Boston; Bank to keep onshore China unit to avoid license delay
Cathy Chan - Bloomberg
Credit Suisse Group AG is weighing a plan to carve up its investment bank in China by retaining a domestic unit and shifting the overseas operation to the new CS First Boston division, people familiar with the matter said. The securities and wealth businesses in mainland China is likely to be kept under the Swiss lender, while Hong Kong staff focusing on offshore deals would be transferred to Credit Suisse First Boston, the people said, asking not to be identified because the matter is confidential.
/jlne.ws/3wTmKYc
Goldman to fund meagre payouts to banks hammered by Archegos collapse; Lenders that lost billions will get back as little as 5 cents on the dollar from restructuring
Tabby Kinder, Ortenca Aliaj and Owen Walker - Financial Times
Banks that lost billions from the meltdown of Archegos Capital Management will get back as little as 5 cents on the dollar from its restructuring, with brokers such as Goldman Sachs funding the payouts using cash left in the family office's trading accounts. Global banks, including Credit Suisse and Morgan Stanley, that lost more than $10bn from the blow-up of Archegos, are expecting to recoup between 5 per cent and 20 per cent of their losses, according to people familiar with the matter.
/jlne.ws/3Y2soTZ
Deutsche Bank CEO won't rule out job cuts
Tom Sims and Marta Orosz - Reuters
Deutsche Bank CEO Christian Sewing on Thursday refused to rule out job cuts as the bank strives to lower costs, in a sign of the uncertainty facing the global financial industry as economic growth slows. Sewing, who heads Germany's top lender that reaches from New York to Sydney, said the bank was looking to reduce expenses and may cut here and there.
/jlne.ws/3DzTgSW
Deutsche Bank Profit Rises on Booming Lending Business; Lender posts its strongest year since 2007
Patricia Kowsmann - The Wall Street Journal
Deutsche Bank AG's net profit rose in the fourth quarter on the back of higher interest rates and a tax gain, driving the lender to post its strongest year since 2007. However, the fourth-quarter pretax results missed analysts' expectations as the investment-banking performance disappointed. Deutsche Bank shares fell as much as 4% Thursday in German trading, though remained up around 40% over the past six months.
/jlne.ws/3Hruwxu
Deutsche Bank Leans on Lending Units as Investment Bank Sputters
Steven Arons - Bloomberg
In the final quarter of Deutsche Bank AG's four-year turnaround, the businesses that were supposed to be the centerpiece of Christian Sewing's overhaul are finally coming into their own.
/jlne.ws/3HRdF8N
Credit Suisse's Asia Investment Banking Vice Chairman Hung Exits; Hung stepped aside last year as Asia investment bank co-head; Credit Suisse has seen senior bankers exits amid reshuffle
Cathy Chan - Bloomberg
Credit Suisse Group AG's Zeth Hung has left the bank, the most senior departure for Asia-Pacific investment banking, as the Swiss lender continues to reshuffle its operations, according to an internal announcement.
/jlne.ws/3X3BSNs
Tradeweb Reports January 2023 Total Trading Volume of $23.2 Trillion and Average Daily Volume of $1.15 Trillion
Tradeweb
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for January 2023 of $23.2 trillion (tn). Average daily volume (ADV) for the month was $1.15tn, an increase of 2.8 percent (%) year-over-year (YoY).
/jlne.ws/3JxeCV5
Citigroup Wealth Unit Halts Margin Loans on Adani Securities; Private bank unit removes lending value with immediate effect; Move comes after Credit Suisse stopped accepting some bonds
Denise Wee and Joyce Koh - Bloomberg
Citigroup Inc.'s wealth arm has stopped accepting securities of Gautam Adani's group of firms as collateral for margin loans as banks ramp up scrutiny of the Indian tycoon's finances following allegations of fraud by short seller Hindenburg Research.
/jlne.ws/3wRvNJg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Japan Trading House Says Workers Can Be YouTubers to Top Up $100,000 Salaries
Low De Wei and Grace Huang - Bloomberg
A major Japanese trading company has relaxed its rules to allow employees to pursue side careers, such as being a YouTuber or an artist, aiming to retain workers who are demanding more flexible work rules. Mitsui & Co. lifted its ban on side jobs and will now let employees earn money elsewhere, a spokesperson for Japan's third-largest trading house told Bloomberg News.
/jlne.ws/3XYaOAn
Wall Street Is Obsessed With ChatGPT. These Are the AI Stocks to Watch; Stocks linked to artificial intelligence have soared this year; Speculative frenzy recalls those fueled by blockchain tech
Jeran Wittenstein - Bloomberg
A $480 billion chipmaker whose processors are used for complex computing tasks. A digital-media company seeking to mine nascent technologies for content. A tiny software firm whose shares traded below $1 for most of December. These are some of the disparate businesses whose stocks are benefiting from euphoria swirling around artificial intelligence - the latest buzzword to whip traders into a speculative froth - and evoking memories of past bubbles.
/jlne.ws/3HPXNU1
OpenAI launches ChatGPT subscription plan for $20 per month
Chavi Mehta - Reuters
ChatGPT owner OpenAI said on Wednesday it is launching a pilot subscription plan for its popular AI-powered chatbot, called ChatGPT Plus, for $20 per month. Subscribers will receive access to ChatGPT during peak times, faster responses and priority access to new features and improvements.
/jlne.ws/3DBpD3Y
These jobs are most likely to be replaced by ChatGPT and AI
Megan Cerullo - CBS News
Chatbots and artificial intelligence tools like ChatGPT that can almost instantly produce increasingly sophisticated written content are already being used to perform a variety of tasks, from writing high school assignments to generating legal documents and even authoring legislation. As in every major cycle of technological innovation, some workers will be displaced, with artificial intelligence taking over their roles. At the same time, entirely new activities - and potential opportunities for employment - will emerge.
/jlne.ws/3jw1HrH
Nomura Sees Dealmaking Rebound as Profit Beats Estimates
Daybreak Asia - Bloomberg
Japan's biggest brokerage Nomura Holdings Inc. signaled an end to job cuts in investment banking and an eventual bounce back of the business after it reported profit that exceeded analyst expectations. Russell Ward reports on Bloomberg Television.
/jlne.ws/3JzOlpa
New York property tycoon to give worn-out offices 'back to the bank'; A new era of remote work and rising interest rates has changed the equation for some developers
Joshua Chaffin - Financial Times
Scott Rechler ploughed billions of dollars into Manhattan office properties after the 2008 financial crisis, amassing one of the city's biggest portfolios through a flurry of deals. Now Rechler, the chief executive of property developer RXR, is preparing to surrender some of his offices to lenders.
/jlne.ws/3HRFvld
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| Wellness Exchange | | An Exchange of Health and Wellness Information | BioNTech Boosts German Investment With Expansion of Vaccine Hub; $44 million project should be fully running later this year;p Pharma CEOs have expressed dismay about European prospects
Tim Loh - Bloomberg
BioNTech SE has completed construction at a German facility for making a key ingredient in its messenger-RNA vaccines, the sort of investment that pharma leaders fear is becoming less attractive in Europe. The EUR40 million ($44 million) project at the company's Marburg site should be fully operational later this year, allowing BioNTech to make most of the plasmid DNA it needs for its mRNA-based drugs for cancers and infectious diseases, the company said.
/jlne.ws/3DCz56W
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | US Detains Chinese Aluminum, a Suspected Product of Forced Labor; Aluminum becomes fourth product targeted from Xinjiang region; China says US is destabilizing industrial supply chains
Joe Deaux - Bloomberg
The US is beginning to detain imports of aluminum products suspected of being made through forced labor, particularly from China's Xinjiang region, according to one of the world's biggest shipping firms. US Customs and Border Protection has begun issuing "detention notices" for such products, AP Moller-Maersk A/S said Tuesday on its website, adding that the action will most likely target aluminum used in automotive parts.
/jlne.ws/3wQ88Je
Australia to replace British monarch on banknotes; Plans to adopt indigenous design for A$5 note follows republican calls to remove symbols of monarchy
Nic Fildes in Sydney - Financial Times
Australia will remove the British monarch from its banknotes after it opted to use an indigenous design for its A$5 note rather than an illustration of King Charles. British royals have appeared on the country's currency dating to the days of the Australian pound, but the death of Queen Elizabeth II last year prompted calls from supporters of an Australian republic to remove the monarch's face from the A$5 note.
/jlne.ws/3l4pIXq
Brevan Howard Joins Hedge Fund Shift With 100-Person UAE Outpost
Nishant Kumar, Ben Bartenstein and Dinesh Nair - Bloomberg
Brevan Howard Asset Management is opening an outpost in Abu Dhabi, joining a string of peers expanding in the Middle East region that's fast becoming a major hub for hedge funds. The Jersey, Channel Islands-based investment firm, best known for macro trading and a recent push into digital assets, plans to have about 100 people in the region, according to people with knowledge of the matter. Some of the staff will be supporting Brevan Howard's digital currency fund, the people said, asking not to be identified because the details are private.
/jlne.ws/3jv1x3N
Saudi Arabia Replaces Central Bank Governor
Matthew Martin - Bloomberg
Saudi Arabia has replaced central bank governor Fahad Al Mubarak, bringing to an end his second stint in the role. Al Mubarak, a former Morgan Stanley banker, has been replaced by vice governor for investment and research Ayman Alsayari, according to the state-run Saudi Press Agency.
/jlne.ws/3wMh2HQ
Turkish Lira Options Show Currency at Breaking Point After Vote; Authorities have kept lira stable for past six months; Market pricing implies more volatility, steep drop after vote
Netty Idayu Ismail - Bloomberg
For months, the Turkish lira held the unfamiliar title of dullest currency in emerging markets. With pivotal elections looming, investors are bracing for a return to form. Whether President Recep Tayyip Erdogan extends his two-decade rule, or if the opposition prevails in a tight race, traders ultimately expect volatility to come back and the lira to weaken. Options are pricing an almost 60% probability that the Turkish currency will slump 25% to a new low of 25 against the dollar by the end of the year.
/jlne.ws/3WY2TSo
New York's Jet Fuel Shortage Heralds a Volatile Year for Flying; Russia ban may tighten supplies just as China demand picks up; US East Coast jet fuel inventories are at record seasonal low
Chunzi Xu - Bloomberg
Surging premiums and dwindling supplies are just the beginning of a volatile year for the jet fuel market, with rebounding Chinese demand and the EU ban on Russian fuels set to further roil prices. Nowhere is the market more vulnerable than New York, where jet prices are more than 70% higher than diesel. It's a stark reversal from a month ago, when the aviation fuel was trading at a discount to the heating and trucking fuel. For now, the price spike is supply driven: East Coast inventories are at the lowest seasonal level ever due to refinery outages and declining shipments.
/jlne.ws/40oP8Pv
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| Miscellaneous | | Stories that don't quite fit under the other sections | Billionaire Ken Griffin Wants to Move a Historic Home Off His Miami Property. Preservationists Aren't Happy; The Citadel founder and CEO is considering relocating the circa-1913 house built by William Jennings Bryan to another location where the public can view it. Locals are concerned about moving an old structure and 'redacting history.'
Katherine Clarke - The Wall Street Journal
When hedge-fund billionaire Ken Griffin announced plans to relocate his company Citadel to Miami last year, some predicted his presence-and subsequent bet on the local real-estate market-would shape the future of the city. Now, some local preservationists say Mr. Griffin is being cavalier about protecting the city's past.
/jlne.ws/3DC8IhH
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