| March 12, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Walt Lukken officially opened FIA Boca 2024 with his opening comments titled "Competing with conviction, respecting the contest." I captured this picture of Walt in front of this video wall, where we have Big Walt and Little Walt, and it left me a little scared. Big Walt was awfully BIG!
At its annual meeting in Boca Raton, Florida, the FIA introduced three newly elected directors: Susan Gaughan from Societe Generale, Nelson Neale from CHS Hedging LLC, and Harris L. Kay from Davis Wright Tremaine LLP. Additionally, the organization re-elected several directors for two-year terms, including primary and associate member directors from firms such as Deutsche Bank, Goldman Sachs, and Morgan Stanley, among others. The board confirmed the continued roles of its officers, with Alicia Crighton of Goldman Sachs serving as chair. Mark Bortnik of Morgan Stanley International was also appointed to represent the Europe Advisory Board on an ex-officio basis.
JLN's video operations were busy yesterday, though we had two no-shows, one an interviewee who did not make the conference due to a family issue and another who had a last minute conflict. We interviewed 20 people in 16 separate interviews on Monday. Today we have 15 interviews and 16 interviewees. Wednesday we have another nine interviews scheduled. And then the weary shall rest.
This afternoon at 5 pm is the FIA Hall of Fame ceremony where the twelve inductees of this year's class, of which I am one, will be honored at the conference. From the sounds of it, I will have many supporters and longtime JLN readers at the ceremony.
SGX announced yesterday during its FIA Boca media lunch that it was launching short-term interest rate futures. Among the media outlets covering the story is The Wall Street Journal with a story titled "Singapore Exchange to Launch Short-Term Interest Rate Derivatives" and a subheadline "SGX said the futures would allow investors to hedge and trade fluctuations in interest rates in a cost-effective manner."
How is your Swedish? Vermiculus' Nils-Robert Persson was interviewed by Breakit and the interview is in Swedish. According to my friend ChatGPT, the title of the story is "The veteran's new success - and now he will give away (almost) the entire billion-dollar company."
Maggie Sklar announced on LinkedIn the founding of Sklar Strategies LLC, a derivatives, securities, and/or crypto regulatory, policy, crisis management, and strategy firm. Sklar has formerly been with the CFTC, the Chicago Federal Reserve and in private law practice.
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 March newsletter from the Sustainable Stock Exchanges Initiative features updates from prominent exchanges including the Amman Stock Exchange, Bursa Malaysia, BME, IDX, and others. The highlights curated by the SSE offer a comprehensive overview of sustainability developments in capital markets, along with insights into SSE academy workshops, exchange updates, regulatory and standard-setting developments, new ESG indices and products, and initiatives promoting gender equality. The SSE initiative, a UN Partnership Programme, is organized by UNCTAD, the UN Global Compact, UNEP FI, and the PRI. Read the SSE newsletter HERE. ~SAED
Our most read stories from our previous edition of JLN Options were:
- One of the Most Infamous Trades on Wall Street Is Roaring Back from Bloomberg.
- BlackRock to Buy SpiderRock as Firm Expands Wealth Management from Bloomberg via Yahoo Finance.
- Eighty Percent of the World's Stock Options Aren't Traded Where You Think from The Wall Street Journal. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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The Lesson of Prometheus - A Special Purpose Broker Dealer May Cause Havoc in TradFi by Unilaterally Declaring ETH To Be A Security
Gary DeWaal, Daniel J. Davis, Alexander C. Kim and Robert Bourret - Katten
As referenced in the opening scene of the 2023 Oscar-winning film Oppenheimer, Prometheus, the Greek god of forethought, is best known for stealing fire from the gods to give to humanity. As punishment, Zeus had Prometheus bound to a rock and created Pandora's box, which eventually released suffering and despair upon humankind.1 Prometheus serves as a reminder of the risk of unintended consequences from well-meaning actions. In December 2020, the Securities and Exchange Commission (SEC) created a new type of broker-dealer known as
a "special purpose broker-dealer" (SPBD). Under the SEC's statement on the "Custody of Digital Asset Securities by Special Purpose Broker-Dealers" (Statement), if an SBPD is approved by the Financial Industry Regulatory Authority (FINRA), it can transact in and custody digital asset securities. The SEC clarified that an SPBD following the requirements in the Statement would not be subject to an enforcement action for a period of five years. Since 2020, it appears that only one SPBD has been approved by FINRA to maintain custody of and transact in digital asset securities.
/jlne.ws/3VfCOB8
***** Katten slapping Prometheum across the face with a trout.~JJL
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Telegram: social media giant or the new 'dark web'? As the messaging platform gears up for a potential stock market flotation, it is under pressure to curtail use by criminals
Hannah Murphy - Financial Times
Every day, the Telegram channel Gun Shop America posts a steady stream of photographs of illicit wares for sale to its near 26,000 subscribers. Recently these included a 9mm Glock with ammunition for $500, Bolivian cocaine for $1,000 an ounce and fraudulently cloned bank cards for $5,000. "Keep your orders coming," the anonymous channel owner writes on his public feed, inviting his followers to message him directly to make a purchase in bitcoin or US dollars. He intersperses his adverts with photos of piles of cash and screenshots of messages of appreciation from happy customers. "Don't sleep guys it's Christmas around the corner let's get on it!!!" he exclaims.
/jlne.ws/3PhYCse
****** I am sure the criminals will stop using it so Telegram can float its stock. They are normally nice that way.~JJL
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Monday's Top Three
Our top clicked item on Monday was the CQG press release, CQG Unveils New First-of-its-Kind AI / Machine Learning Trading Toolkit for Predicting Futures Market Moves. Second was Bloomberg's BlackRock to Buy SpiderRock as Firm Expands Wealth Management. And third was the picture of John Lothian with Leo Melamed at this year's FIA Boca conference.
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| Lead Stories | FIA releases report on derivatives industry trends
FIA
Report authored by Coalition Greenwich based on more than 200 responses to joint research study; Need for capital and operational efficiency is top priority for respondents; Economic uncertainty and market volatility key variable for trading volume over next five years; Regulatory reporting, allocations and give-ups ranked as top pain points in trading operations; Standardization and tokenization seen as potential game-changers for clearing workflow
FIA today announces the release of a report authored by Coalition Greenwich on how participants in the global listed and cleared derivatives markets view current issues facing the industry as well as the key trends shaping the industry's future. The 14-page report, Derivatives Market Structure 2024: Focusing on Capital and Workflow Efficiency, provides a unique perspective into the key drivers for the global clearing business. The report is based on findings from research of market participants conducted jointly by FIA and Coalition Greenwich, a provider of strategic benchmarking, analytics and insights to the financial services industry. The study was conducted in November and December 2023 and received responses from more than 200 people working at a wide range of firms, including brokers, clearing firms, asset managers, hedge funds, exchanges, and technology vendors.
/jlne.ws/3VikC9Z
Singapore Exchange to Launch Short-Term Interest Rate Derivatives; SGX said the futures would allow investors to hedge and trade fluctuations in interest rates in a cost-effective manner
P.R. Venkat - The Wall Street Journal
Singapore Exchange plans to launch short-term interest rate derivatives to cater to a market increasingly seeking to hedge in an uncertain rate environment. The exchange will introduce short-term rate futures linked to the Singapore Overnight Rate Average and the Tokyo Overnight Average Rate, which would allow investors to hedge and trade fluctuations in interest rates in a cost-effective manner, SGX said Tuesday.
/jlne.ws/3Th7G1s
Risks grow for investors as a new economic framework emerges; Policies to address issues such as climate change and national security are piling up without a coherent strategy
Angel Ubide - Financial Times (opinion)
Issues such as climate change, energy independence and national security plans are piling up for investors - and no one is certain where the pieces will fall. Before the global financial crisis of 2008, the economic policy framework was largely more transparent and predictable: manage demand by stabilising inflation while controlling public debt. It required fewer policy instruments and benefited from expanding globalisation and growing capital flows. It was a strategy that blossomed under the World Trade Organization's rules-based system.
/jlne.ws/43adCy1
Stock markets undergo 'risk reset' as indices notch new records; Belief grows in further gains with recession fears abating and improved corporate earnings
Jennifer Hughes and George Steer - Financial Times
Growing optimism about the world economy and improved corporate earnings is driving stock markets to record highs, prompting analysts to forecast further gains in what some describe as a "risk reset". Wall Street's S&P 500, the tech-dominated Nasdaq Composite, Japan's Nikkei 225, Germany's Dax and France's Cac 40, among other indices, have all hit their highest-ever levels in recent weeks, amid hopes that central banks have succeeded in taming inflation without triggering a downturn.
/jlne.ws/3T83roW
FIA announces new board members at Boca 2024
FIA
FIA today announced the election of three new directors at its annual meeting in Boca Raton, Florida. Susan Gaughan, Societe Generale; Nelson Neale, CHS Hedging LLC; Harris L. Kay, Davis Wright Tremaine LLP. Susan Gaughan is a managing director at Societe Generale and branch manager for SG Americas Securities in Chicago. She is also a principal of the bank's futures commission merchant. Nelson Neale is president of CHS Hedging, the futures commission merchant subsidiary of CHS Inc. Harris Kay is a partner in the law firm of Davis Wright Tremaine and the partner-in-charge of the firm's Chicago office. Gaughan and Neale represent primary members of FIA. Kay represents an associate member.
(via email)
Hypocrisy is everywhere with crypto and the banks; Capital flows from institutional investors are driving up the price of tokens such as bitcoin
Jemima Kelly - Financial Times
In case you hadn't heard (or choose to ignore such things), bitcoin is back. The original - and still biggest - cryptocurrency surged to a record high of more than $72,000 on Monday, having more than tripled in value in the space of a year. Other crypto tokens, such as ethereum and dogecoin - beloved by Elon Musk - have also been rallying, with the estimated value of the market climbing to above $2.7tn for the first time in more than two years. The funny thing is, though, that there's a chance you have actually not heard. There's not so much talk about which token is next going "to da moon" or so many instances of "Wen Lambo?" this time around. Newspapers aren't running stories about how hilariously rich everyone is getting apart from you. Worldwide search traffic for "bitcoin" and "crypto" has climbed in recent days but it is still only about half the level it was the last time a record was hit in 2021, according to Google Trends.
/jlne.ws/3T83K34
Bitcoin Jumps Over $71K as UK's FCA Lets Institutional Investors Create Crypto ETNs
Parikshit Mishra, Omkar Godbole - CoinDesk
Bitcoin {{BTC}} crossed $71,000 for the first time ever during the Asian trading hours on Monday. The leading cryptocurrency has been steadily rising since the approval of the spot bitcoin exchange-traded funds in the U.S. The token crossed $70,000 for the first time ever last week. Ether {{ETH}} also crossed $4,000 on Monday. Meanwhile, the broader CoinDesk 20 index (CD20) jumped nearly 1%. The rally has lifted the annualized three-month futures premium on major exchanges, including Binance, to above 25%. The elevated premium could attract cash and carry traders, boosting overall market liquidity.
/jlne.ws/3TcLQMK
Crypto Product Inflows Soar to Record High, CoinShares Says
Elijah Nicholson-Messmer - Bloomberg
A wave of investor interest is driving billions of dollars into cryptocurrency assets this year, pushing inflows to record-breaking levels, according to CoinShares International Ltd. A record $2.7 billion flowed into crypto assets last week, according to a Monday report from the digital asset manager and crypto research firm. The bulk of the flows went toward Bitcoin, reads the report. Earlier on Monday, Bitcoin topped $72,000 for the first time ever, and has now notched six straight days of gains.
/jlne.ws/48Rp2YF
ADM says employees received DOJ subpoenas amid probe over accounting practices
Reuters
Global grains merchant Archer-Daniels-Midland said on Tuesday some of its employees have received subpoenas from the Department of Justice amid an ongoing investigation over its accounting practices. Shares of ADM rose almost 2% in premarket trading. The investigations have brought more uncertainty to ADM's high-margin nutrition segment, which has struggled to meet lofty revenue targets and faces slowing demand for meat alternatives and supply chain problems.
/jlne.ws/3TwMcPx
Crypto Gets Blamed for a Real-Life Currency Crisis; Nigeria detained two senior Binance employees and accused the crypto exchange of undermining the nation's plunging currency
Patricia Kowsmann, Caitlin Ostroff and Alexandra Wexler - The Wall Street Journal
Tigran Gambaryan, Binance's head of financial-crime compliance, flew to Nigeria's capital to solve a problem: The government had blamed the world's largest crypto exchange for crashing the currency. The American, a former Internal Revenue Service special agent, left his wife and children at home in Georgia in late February with a small suitcase for what he thought was a quick business trip. He hasn't come back.
/jlne.ws/3VeRaBL
Online Investing Platform Webull Adds Futures and Commodities Trading
Katherine Doherty - Bloomberg
Webull Financial is now offering futures and commodities trading as investors look for more ways to hedge price moves without owning an underlying asset. The online brokerage application, which is preparing to go public, is offering the service just to US investors at first with plans to expand globally in the future, it said Monday in a statement.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Strengthens Front Line Defenses to Halt Russia's Advance; CIA chief says Ukraine may lose significant territory in 2024; Zelenskiy tells French TV Russian advance halted for now
Aliaksandr Kudrytski - Bloomberg
Ukraine's armed forces are trying to fortify their defenses along the front line as Russia seeks to press home its advantage in manpower and ammunition. President Volodymyr Zelenskiy said late Monday that Ukraine is digging trenches and erecting barriers along the 2,000 kilometer (1,200 mile) front where his forces are struggling with an acute shortage of ammunition.
/jlne.ws/3wQp3Pn
Russia May Have Targeted Ukrainian Civilians. And That's a Crime; The indictments of two Russian military commanders by the International Criminal Court in The Hague are a reminder to all combatants that war has rules.
James Stavridis - Bloomberg
Two Russian flag officers - a general and an admiral - were accused last week of war crimes and had warrants issued for their arrests by the International Criminal Court. The warrants made a strong case, pointing out the indiscriminate use of weapons. In particular, the prosecutor's case rests on the willful use of aerial bombardment, both air-dropped bombs and long-range cruise missiles, to attack civilian infrastructure. This may leave a lot of people scratching their heads: Isn't this simply what happens in war? The answer is no - what Russia is doing in Ukraine falls outside the rules of warfare and someone needs to be held responsible.
/jlne.ws/48PW0IT
Ukraine drone hits one of Russia's biggest oil refineries; Wave of overnight strikes targets at least seven regions across Russia
Polina Ivanova and Christopher Miller - Financial Times
Ukraine has mounted one of the most wide-ranging attacks inside Russia in months, hitting energy sites and a major oil refinery in drone strikes on at least seven regions. More than two dozen drones were reported over central Russia, with the defence ministry on Tuesday claiming to have intercepted most over regions bordering Ukraine. But the strikes also caused big fires at two major energy infrastructure sites inside Russia, significantly damaging one of the country's biggest oil refineries.
/jlne.ws/3TwlFSl
'Jamming': How Electronic Warfare Is Reshaping Ukraine's Battlefields; Drones have become a critical weapon for both sides, but a lack of coordination among troops has put Ukraine at a disadvantage.
Thomas Gibbons-Neff and Yurii Shyvala - The New York Times
The Ukrainian soldier swore and tore off his headset. His video monitor had gone blurry at first, the landscape of shattered trees and shell craters barely visible, before blacking out completely. The Russians had jammed the signal of his drone as it was flying outside the town of Kreminna in eastern Ukraine. "Some days everything goes smoothly, other days the equipment breaks, the drones are fragile and there is jamming," said the soldier, who goes by the call sign DJ and was speaking from his underground outpost a few miles from the front line.
/jlne.ws/3wT1SE0
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Hezbollah Fires Wave of Missiles at Israel in Escalating Battle
Omar Tamo - Bloomberg
Hezbollah launched more than a hundred missiles at Israeli military sites in one of the Lebanon-based group's heaviest assaults in recent months. The Tuesday morning rocket barrage was in response to an Israeli strike on the Lebanese city of Baalbek that killed one person, Iran-backed Hezbollah said in a statement. The latest exchange is likely to increase concerns the near daily trading of fire between the two sides could escalate into a full-blown conflict, opening up a new front to Israel's ongoing war against Islamist opponents. Hezbollah, one of the most powerful militias in the Middle East, and Hamas are both supported by Tehran and have the destruction of the Jewish state among their goals.
/jlne.ws/4cbtxjs
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | London Stock Exchange To Accept Bitcoin and Ethereum ETNs Applications Starting Next Quarter
Davier M - CoinMarketCap
The London Stock Exchange (LSE) has announced plans to accept applications for Bitcoin and Ether crypto exchange-traded notes (ETNs) in the second quarter of 2024. However, the exact date has yet to be confirmed. According to the LSE's Crypto ETN Admission Factsheet, eligible ETNs must be physically backed and non-leveraged. They must also be backed by Bitcoin or Ether and have a market price or value measure of the underlying asset that is publicly available.
/jlne.ws/4a9Wta0
First transactions successfully processed via crypto spot platform DBDX; ICF Bank and Bankhaus Metzler pilot customers with first trading activity; DBDX offers trading, settlement and custody of crypto assets from a single source
Deutsche Boerse Group
Trading on the Deutsche Boerse Digital Exchange (DBDX) has started successfully. During the first transactions by ICF Bank and Bankhaus Metzler on the DBDX, the crypto asset Ether was traded and settled against euros (ISIN: EU000A2YZK75). The crypto spot platform will initially offer trading in Bitcoin and Ether. ICF Bank and Metzler are the first pilot customers to use DBDX, which is aimed at institutional market participants, via Deutsche Börse's T7 trading architecture.
/jlne.ws/48Sfmgk
DTCC's FICC Treasury Clearing Volumes Grow 31%, Now Represent USD$7 Trillion in Daily Average Activity; FICC Sponsored Service also experiences growth, with Sponsored Service buyside volumes increasing by 74% and Sponsored Member Firms increasing by 60%
DTCC
DTCC, the premier post-trade market infrastructure for the global financial services industry, today announced that its Fixed Income Clearing Corporation (FICC) Treasury clearing volumes have grown 31% year over year, processing a daily average volume of USD$7.019 trillion. This growth comes at a time when market participant firms are assessing the impact of the U.S. Securities and Exchange Commission's (SEC) new requirements that expand the application of central clearing to certain U.S. Treasury repo and secondary market cash transactions.
/jlne.ws/48L2LM0
JSE welcomes the Satrix JSE Global Equity ETF
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE) today announced the listing of the Satrix JSE Global Equity Exchange Traded Fund (ETF) (STXJGE), offering investors an opportunity to tap into local equities with a pronounced global exposure. The Satrix JSE Global Equity ETF is designed to track the FTSE/JSE Global Investor Index, renowned for its focus on companies that generate a substantial portion of their earnings from offshore investments, thereby serving as a strategic Rand hedge when compared to our local broad market index.
/jlne.ws/43iCH9R
Launch of PoC for "JPX Market Explorer," a generative AI-powered service to disseminate Japanese market information
Japan Exchange Group
Today, JPX Market Innovation & Research, Inc. (JPXI) announced the launch of a proof of concept (PoC) for "JPX Market Explorer," a new service that uses the technology of Bridgewise, a generative AI provider, to disseminate information on the Japanese market. The service will enable investors to easily obtain information on all companies that are listed on Tokyo Stock Exchange (TSE). JPX Market Explorer is a free service website for investors both inside and outside Japan. Investors can easily search for business overviews of listed companies and summaries of their most recent financial results as well as analyze their financial conditions and compare them with the financial conditions of their competitors.
/jlne.ws/48T28QH
New Equity Option Class
Bourse de Montreal
Bourse de Montreal Inc. (the Bourse) and Canadian Derivatives Clearing Corporation (CDCC) hereby inform you that at the opening of trading on Tuesday March 12, 2024, the following new option class will be listed: MDA Ltd. (MDA). The associates symbol and strike prices for this options will be listed as follows:
/jlne.ws/49OyAES
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date February 29, 2024
Nasdaq
At the end of the settlement date of February 29, 2024, short interest in 3,142 Nasdaq Global MarketSM securities totaled 10,786,577,263 shares compared with 10,714,388,932 shares in 3,153 Global Market issues reported for the prior settlement date of February 15, 2024. The end of February short interest represent 2.69 days average daily Nasdaq Global Market share volume for the reporting period, compared with 2.83 days for the prior reporting period.
/jlne.ws/3VlFuNs
NYSE Group - Functionality Enhancements and Technical Changes on NYSE Pillar
NYSE Group
Beginning March 25, 2024, pending effectiveness of regulatory filings, the NYSE Group equity markets will introduce the following enhancements and technical changes on NYSE Pillar:
/jlne.ws/4c4dILs
SGX Group to launch interest rate derivatives in 2H 2024
SGX Group
Derivatives franchise will expand to include futures linked to Singapore and Japan's overnight interest rate benchmarks, to support strong emerging demand for more risk management tools in an uncertain interest rate environment. Singapore Exchange (SGX Group) will introduce short-term interest rate futures linked to the Singapore Overnight Rate Average (SORA)[1] and Tokyo Overnight Average Rate (TONA)[2], as global investors increasingly seek more transparent and cost-effective tools to hedge and trade fluctuations in interest rates.
/jlne.ws/3TgOUHs
Moscow Exchange expands trading hours for yuan and Hong Kong dollar
MOEX
From March 18, 2024, trading hours for the Chinese yuan and Hong Kong dollar will be extended on the Moscow Exchange foreign exchange market. Trading will be conducted in a single session without interruption, which will allow all financial market participants and investors to carry out transactions more freely.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Telegram hits 900mn users and nears profitability as founder considers IPO; In rare interview, Pavel Durov says secretive messaging app is making 'hundreds of millions of dollars' from ads business
Hannah Murphy - Financial Times
Telegram has 900mn users and is nearing profitability, according to the owner of the secretive messaging app, as the company moves closer to a potential blockbuster stock market listing. Pavel Durov told the Financial Times that Dubai-based Telegram had grown to become one of the world's most popular social media apps while making "hundreds of millions of dollars" in revenues after introducing advertising and premium subscription services two years ago.
/jlne.ws/3VfEVVA
Broadridge launches global futures and options trading platform; The platform offers a distributed architecture that enables operations from any jurisdiction; a top three futures commission merchant has signed as an anchor client.
Claudia Preece - The Trades
Broadridge has launched a global futures and options (F&O) software-as-a-service (SaaS) platform, aimed at expanding derivatives trading capabilities. The full hosted platform has been designed for futures commission merchants (FCMs) and agency brokers. The move comes in response to "a lack of customised solutions for each workflow, leading to fragmented experiences for buy-side clients and challenges for sell-side firms in gaining a comprehensive view of trading activity and risk management," said the firm.
/jlne.ws/3wT2ae4
Stifel taps Virtu Financial for new algorithmic trading and execution services hire; New appointment previously spent 20 years at Virtu Financial and ITG UK.
Wesley Bray - The Trade
Stifel Financial Corporation has appointed Aviad Axelrod in an algorithmic trading and execution services related role, The TRADE can reveal. Axelrod joins Stifel from Virtu Financial, where he spent the last five years, most recently in an execution services, business development and market structure position. Prior to that, Axelrod spent 15 years at ITG (UK), most recently serving as director for algorithmic trading and smart order routing as well as product management.
/jlne.ws/3TuH6mW
SteelEye expands Asia-Pacific footprint; The move comes as the Monetary Authority of Singapore (MAS) continues to step up its enforcement actions across the industry.
Claudia Preece - The Trade
SteelEye has incorporated in Singapore, enhancing its reach across Asia-Pacific as it aims to enable closer collaboration with clients and regulatory authorities in the region. Matt Smith, chief executive of SteelEye, explained: "Fortifying our presence in APAC underscores our commitment to providing unparalleled support to our clients in the region. By leveraging our extensive experience, SteelEye's market-leading trade and communications surveillance solutions are ideally placed to enable financial firms operating in APAC to meet their regulatory obligations effectively."
/jlne.ws/3vb4ooz
AI compared to nuclear weapons and could potentially lead to human extinction: report
Stephen Sorace - Fox Business
The US government has a "clear and urgent need" to act as swiftly developing artificial intelligence could potentially lead to human extinction through weaponization and loss of control, according to a government-commissioned report. The report, obtained by TIME Magazine and titled, "An Action Plan to Increase the Safety and Security of Advanced AI," states that "the rise of advanced AI and AGI has the potential to destabilize global security in ways reminiscent of the introduction of nuclear weapons."
/jlne.ws/3TgALu9
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| Cybersecurity | | Top stories for cybersecurity | 5 of the highest-paying cybersecurity jobs right now
Rich Griset - Fortune
The field of cybersecurity is seeing incredible demand. Cybersecurity Ventures, a researcher and publisher that covers the international cyber economy, estimates that there are currently 3.5 million unfilled cybersecurity jobs globally, and that "the disparity between demand and supply will remain through at least 2025."
/jlne.ws/3uZqElk
Biden budget request includes $13B for cybersecurity, continuing upward trend; CISA would get $3 billion under the Biden admin's budget request, including funding to implement new cyber incident reporting rules.
Justin Doubleday - Federal News Network
While Congress still hashes out the details of cybersecurity spending for fiscal 2024, the Biden administration's budget request outline several increases for key cyber programs and initiatives in 2025. The Biden administration is seeking $13 billion in cybersecurity funding across civilian departments and agencies, according to the White House's fiscal 2025 budget overview released today. That would represent a major increase over the $11.8 billion pegged for civilian agency cybersecurity spending in fiscal 2024 and the $11.3 billion spent on the same activities in fiscal 2023, according to the White House's analysis of IT and cybersecurity spending.
/jlne.ws/43guPph
China: A Deep Dive Into The Proposed Cybersecurity Incident Reporting Framework
Samuel Yang, Chris Fung and Bill Zhou - Mondaq
In an era dominated by digital connectivity, safeguarding the integrity of networks and information systems has become a global imperative. China, recognizing the critical importance of cybersecurity, has introduced the draft Management Measures for Cybersecurity Incident Reporting (the Measures). The Measures outline a comprehensive approach to reporting cybersecurity incidents, aiming to minimize losses, incentivize legal compliance, protect national cybersecurity, and align with existing legal frameworks. Samuel Yang, Chris Fung, and Bill Zhou, from AnJie Broad Law Firm, explore key provisions in the Measures, shedding light on the intricacies of China's evolving cybersecurity landscape.
/jlne.ws/3wTvVeH
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| Cryptocurrencies | | Top stories for cryptocurrencies | MicroStrategy Buys 12,000 More Bitcoin for $821.7 Million
Muyao Shen - Bloomberg
MicroStrategy Inc. bought another 12,000 Bitcoin for $821.7 million, the second-largest purchase by the enterprise-software maker since it began acquiring the cryptocurrency almost four years ago. The fresh hoard raised MicroStrategy's total Bitcoin holdings to around 205,000 tokens, or to more than $14 billion. The tokens were bought from Feb. 26 through March 10, according to a US Securities and Exchange Commission filing by the Tysons Corner, Virginia-based company. The Bitcoin was acquired mostly with the proceeds from the sale of $800 million of convertible notes through a private sale that was completed March 8.
/jlne.ws/3wXFKIm
Bitcoin Futures Open Interest Reaches All-Time Highs as Leverage Surges
Hope C - CoinMarketCap
Bitcoin (BTC) has rallied past its all-time highs, reaching an unprecedented $72,000 on March 11. This 9.5% surge over the past week has been volatile, marked by a 4.8% intraday jump followed by a 5.9% dip. Despite the milestone, Bitcoin bulls remain cautious due to a concerning rise in leverage through Bitcoin futures contracts. The current open interest in Bitcoin futures sits at a staggering $35.8 billion, raising concerns about overreliance on leveraged positions. While this data reflects investor interest, it doesn't guarantee a bullish trend. However, this does signal potential volatile swings in the price of Bitcoin.
/jlne.ws/3v7m2tj
Bitcoin Mining Daily Revenue Hits Record as Token's Price Surges
Sidhartha Shukla - Bloomberg
Bitcoin miner earnings hit all-time highs last week as the price for the largest cryptocurrency continues to trade around record levels. Daily miner revenue reached $78.6 million on March 7, data from CryptoQuant show, surpassing the peak set in April 2021 during the last crypto bull market. Bitcoin miners earn money in the form of new coins awarded to them for validating and adding transactions to the blockchain network, as well as from fees paid to them by users. The spike in miner revenues comes amid a 70% rally for Bitcoin so far this year. The token set a record high of almost $72,881 on Monday and changed hands at $72,668, as of 11:31 a.m. in Singapore on Tuesday.
/jlne.ws/48Ql963
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| Politics | | An overview of politics as it relates to the financial markets | A TikTok Ban May Be Easier in Theory; America has squeezed Chinese companies before-but TikTok is a thornier issue
Jacky Wong - The Wall Street Journal
The move to ban TikTok or force a sale is gaining steam in Congress again. Carrying through with it would mean opening several cans of worms-practical, legal and political. Discussion of a U.S. ban for TikTok-owned by China's Bytedance-has dragged on for years. But a new fast-track House bill, now set for a vote Wednesday, appears to have caught the short-video platform off guard. The company has appealed to its users to contact their congressmen but that seems to have backfired by raising hackles on both sides of the aisle.
/jlne.ws/3Tal5Zj
Donald Trump's legal woes add new twist to Wall Street tower's tangled story; New York's attorney-general could force former developer to sell one of his best investments
Joshua Chaffin - Financial Times
It was with barely concealed menace that Letitia James, the New York attorney-general, mentioned one of Donald Trump's buildings after winning a nearly half-billion-dollar fraud judgment against the former president. "We are prepared to make sure the judgment is paid to New Yorkers," James told ABC News after the February judgment. "And yes, I look at 40 Wall Street each and every day."
/jlne.ws/3PemsVF
US steel unions urge Joe Biden to open probe into Chinese shipbuilding; President expected to back trade investigation as industry becomes 2024 election issue
Demetri Sevastopulo - Financial Times
The United Steelworkers union will on Tuesday ask President Joe Biden to open a trade investigation into alleged Chinese unfair economic practices in the shipbuilding and maritime logistics sectors. The USW and other unions will file a petition with the US Trade Representative outlining alleged discriminatory practices that have helped China dominate global shipbuilding, according to people familiar with the move.
/jlne.ws/3wYlfeB
Across the Nation, Lawmakers Aim to Ban Lab-Grown Meat; Restricting the sale of protein cultured from animal cells, developed as a way to raise meat without the climate impacts of livestock, has become a trendy right-wing legislative focus in states from Arizona to Florida.
Wyatt Myskow, Lee Hedgepeth - Inside Climate News
Months in jail and thousands of dollars in fines and legal fees-those are the consequences Alabamians and Arizonans could soon face for selling cell-cultured meat products that could cut into the profits of ranchers, farmers and meatpackers in each state. State legislators from Florida to Arizona are seeking to ban meat grown from animal cells in labs, citing a "war on our ranching" and a need to protect the agriculture industry from efforts to reduce the consumption of animal protein, thereby reducing the high volume of climate-warming methane emissions the sector emits.
/jlne.ws/4cfIUYr
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Obtains Default Judgment Against Friend of Former Coinbase Manager for Insider Trading in Crypto Asset Securities
SEC
On March 1, 2024, the U.S. District Court for the Western District of Washington entered a final judgment against Sameer Ramani, who was previously charged for engaging in insider trading through a scheme to trade ahead of multiple announcements regarding at least nine crypto asset securities that would be made available for trading on the Coinbase platform.
/jlne.ws/3IzpEYb
FCA updates position on cryptoasset Exchange Traded Notes for professional investors
FCA
The Financial Conduct Authority (FCA) will not object to requests from Recognised Investment Exchanges (RIEs) to create a UK listed market segment for cryptoasset-backed Exchange Traded Notes (cETNs). These products would be available for professional investors, such as investment firms and credit institutions authorised or regulated to operate in financial markets only.
/jlne.ws/4a4yFUM
Trial of British hedge fund trader accused of £1.4bn fraud begins
Theo Leggett - BBC News
The fraud trial of a British hedge fund trader renowned for throwing extravagant parties and hosting stars such as Prince at charity concerts has begun. Sanjay Shah is one of nine British and US nationals accused of defrauding Denmark out of $1.8bn (£1.4bn) through major tax evasion and avoidance schemes. The so-called cum-ex schemes were designed to exploit weaknesses in national tax laws and focused on huge share trades, which were carried out with the sole purpose of generating multiple refunds of a tax that had only been paid once.
/jlne.ws/3PkbDkR
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Strong start for Europe's IPO market lifts recovery hopes; Companies have raised $3.2bn since January, more than double last year, but challenges remain
Ivan Levingston - Financial Times
Europe's market for initial public offerings has made its strongest start to a year since the pandemic, as new highs for stocks and the prospect of interest rate cuts raise hopes for a sustained recovery in listings. Companies have raised $3.2bn in European IPOs since January, more than double the amount over the same period last year, a performance that puts the market on track for the best first quarter since 2021, according to data from the London Stock Exchange Group. The market was given fresh momentum last week after two private-equity owned companies set out IPO plans in a bid to take advantage of the more benign conditions.
/jlne.ws/43dkaf6
'Bond King' Bill Gross Is Selling His Stamp Collection, With One Expected to Fetch up to $5 Million
Eric Grossman - The Wall Street Journal
A one-cent postage stamp from 1868 is expected to become the most expensive U.S. stamp ever sold when it heads to auction in June. Known as the "Z-grill," the stamp is the most-valued piece of what some industry observers have called the most complete and significant collection of American postage stamps ever assembled, one that was built over decades by a man nicknamed the "Bond King." William Hunt "Bill" Gross-a 79-year-old investor and fund manager best known for co-founding Pacific Investment Management Co.-has been selling off a stamp collection that he's amassed over decades.
/jlne.ws/3uYgAch
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Germany launches green subsidies for industry
Reuters
Germany on Tuesday launched a bidding process for subsidies to support energy-intensive firms switching to green production in a 4 billion euros ($4.37 billion) funding round, the economy ministry said on Tuesday. As part of Germany's ambitions to become climate-neutral by 2045, Berlin plans to award companies in sectors such as steel, glass, paper and chemicals 15-year subsidies in return for reducing carbon emissions in production.
/jlne.ws/3IT4Vil
SBTi axes net zero commitments of 200+ companies; Sustainability heavyweights are among those to have their climate pledges 'removed' by initiative
Sophie Robinson-Tillett - Real Economy Progress
More than 200 companies had their net zero commitments "removed" by the Science-Based Targets initiative (SBTi) last week, including some of the best-known names in corporate sustainability. Diageo, Vestas Wind Systems, innocent drinks, Unilever and Proctor & Gamble are among 239 firms that missed the deadline to set full net-zero targets, or have chosen not to use SBTi's standard. The companies, along with more than 1,000 others, were members of the Business Ambition for 1.5°C (BA1.5°C) campaign, launched in 2019 to help mobilise the private sector as part of the UN's Race to Zero initiative.
/jlne.ws/4c8OJ9V
Academics Question ESG Studies That Helped Fuel Investing Boom; A growing number of scholars say research showing companies can do well by doing good relies on shaky evidence.
Saijel Kishan - Bloomberg
As Wall Street's passion for sustainability began surging about five years ago, Andy King looked on with apprehension. Academics at Harvard University, the London Business School and other institutions were churning out research asserting that doing good for people and the planet was also good for company profits. The papers have been quoted in US Senate testimony, cited by regulators crafting corporate climate rules and invoked by Wall Street firms marketing funds valued at billions of dollars. King, a professor of business strategy at Boston University, questioned the studies' conclusions.
/jlne.ws/3Txr2Rk
Forget Offsets. What If Companies Had Carbon Swear Jars? Applying a carbon fee to business units can speed up corporate emissions reductions and the global energy transition, a new report says.
Akshat Rathi - Bloomberg
The life of a company's chief sustainability officer is not easy. She needs to not just convince the various departments in the business to take on actions that will reduce emissions, but also convince the treasury to fund those activities. For the emissions that she hasn't been able to cut, such as air travel, she has to find carbon offsets to help meet the company's climate goals. Finally, she helps the marketing team with materials to burnish the firm's credentials. Only after all that she can rest easy knowing that her organization is doing its part for the climate and enjoy the reputational gains that may come.
/jlne.ws/4a9Ewbr
After Massive Bust, Global Lithium Market Shows Signs of Life; Spot carbonate prices in China back at highest since December; The market is 'rebalancing,' while caution remains, UBS says
Annie Lee - Bloomberg
After a spectacular bust, battery-metal lithium is showing tentative signs of life on speculation the retracement that convulsed the market last year has forced the conditions for a recovery. The spot price of lithium carbonate in China - the key material used to power electric vehicles - has rebounded to the highest level since December following its 80%-plus collapse in 2023. On the Guangzhou Futures Exchange, meanwhile, the most-active contract has jumped by more than a fifth over the past month.
/jlne.ws/4aa7d8g
US-based CarbonCapture raises $80 mln from Saudi Aramco, others
Valerie Volcovici and Simon Jessop - Reuters
/jlne.ws/3TxLqSj
UK backs gas-fired power plants in latest shift in green policy; Rishi Sunak says he will 'not gamble with energy security' despite plans to decarbonise the power system by 2035
Rachel Millard - Financial Times
/jlne.ws/3uYeo4x
Why the Paris Olympics Will Be a Modest Showcase of Wood Architecture; Seeking to boost sustainability rather than build grand monuments as host of the 2024 Summer Games, Paris has turned to flexible, reusable timber.
Feargus O'Sullivan and Jenny Che - Bloomberg
/jlne.ws/4cpTpZl
With microplastics, scientists are in a race against time; Microplastics are in our blood, lungs, the air we breathe. But their effects are still largely a mystery.
Shannon Osaka - Washington Post
/jlne.ws/3V9faGt
Reforming Corporate Governance Is a Path to Better ESG Strategy
Aisha Saad - Bloomberg Law
/jlne.ws/3TywEuP
Google Billionaire's Family Office Hires GIC Alum for ESG; Teo was GIC's head of sustainability and an 18-year veteran; Bayshore Global Management set up office in Singapore in 2020
Lulu Yilun Chen - Bloomberg
/jlne.ws/4abiLZ0
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Marex strengthens board with appointment of John W. Pietrowicz
Marex
Marex, the diversified global financial services platform, today announces that John W. Pietrowicz has been appointed to the Group Board and is expected to join later this year. John will serve as a member of the Audit & Compliance Committee. John was Chief Financial Officer of CME Group, the world's leading derivatives marketplace, from 2015 until 2023, having joined CME Group in 2003. His responsibilities included oversight of the company's corporate finance, accounting, investor relations, treasury, real estate and procurement functions.
/jlne.ws/3v6ZGbk
StanChart CEO Contender Cooper Set to Leave in Broad Overhaul; Hoornweg and Kaushal are replacing Simon Cooper, bank says; Cooper was seen as leading candidate to replace CEO Winters
Harry Wilson and Ambereen Choudhury - Bloomberg
A frontrunner to replace Standard Chartered Plc Chief Executive Officer Bill Winters is set to depart as the emerging markets lender pushes through a broader management reshuffle to boost returns. Simon Cooper, who has led the firm's corporate, commercial and institutional banking division for eight years, will leave Standard Chartered to "pursue other interests," according to a statement. Roberto Hoornweg and Sunil Kaushal will replace him as they take charge of the newly-renamed corporate and investment banking unit, the bank said.
/jlne.ws/3PelA3l
After SVB's Failure, Its Attempted Rescuer Charged $285 Million in Fees; US rules let home-loan banks recoup costs for early repayment; SVB fees were highest paid for failed bank since at least 2006
Noah Buhayar - Bloomberg
US banking regulators confronted an unusually large penalty when they seized Silicon Valley Bank last year: $285 million in fees to prematurely wind down emergency financing from the Federal Home Loan Bank system. That was the price tag to retire billions in financing that the firm obtained in a last-ditch attempt to survive a run on deposits, according to an internal Federal Deposit Insurance Corp. document obtained by Bloomberg.
/jlne.ws/3TbWa7v
UK banks to be given more time to investigate fraudulent payments; Ministers want to maximise financial institutions' chances of halting criminal transactions
Michael O'Dwyer - Financial Times
Banks will be given more time to investigate potentially fraudulent payments under anti-scam legislation to be published by the UK government on Wednesday. Banks must currently process payments by the end of the following business day in most cases even if they suspect wrongdoing, which limits their chances of halting transactions involving fraudsters.
/jlne.ws/3TyORZc
Hedge funds ramp up leverage to near record highs to juice returns
Carolina Mandl - Reuters
Hedge funds' use of leverage in equities trading is near record levels after debt-fueled strategies ballooned in recent years and an upturn in financial markets prompted riskier bets, according to two banking sources and recent client notes from major banks. Fresh data compiled by Goldman Sachs, JPMorgan and Morgan Stanley, the three largest global prime brokerages, seen by Reuters in notes distributed to a restricted group of clients, show that leverage used to juice up returns is at or close to historical highs, depending on the bank.
/jlne.ws/3TcKL7E
George Weiss Searched for a Buyer Before Shutting His Hedge Fund
Hema Parmar - Bloomberg
/jlne.ws/48LpBTT
Nvidia ETF That Delivers Double Gains Sees Record Flows
Emily Graffeo - Bloomberg
/jlne.ws/4aadL6y
VanEck Temporarily Cuts Bitcoin ETF Fee to Zero After Lagging in Assets
Helene Braun - CoinDesk
/jlne.ws/3v6TyQm
Emerging market ETFs chalk up new record inflows in February; China 'national team' activity and interest in India emerge as clear trends in otherwise 'messy' picture from analysts
Emma Boyde - Financial Times
/jlne.ws/3IxxeSX
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Can a chief happiness officer improve workplace morale? Research shows a hard-nosed rationale behind boosting corporate cheer
Oliver Balch - Financial Times
At The Happiness Camp Foundation in Portugal, meeting rooms carried labels such as "Playful Pitstop" and "Dopamine Hub". The two-day conference on "workplace happiness" in September could easily be dismissed as corporate whimsy. But the list of international companies in attendance - Ikea, Lidl, Adidas, among others - shows more businesses are taking the theme seriously. "We all know happy employees are more productive, more creative and more motivated, and yet study after study shows happiness levels at work are often very low," says António Pinto, the 26-year-old founder of the conference. Some companies are creating a role to fix the problem: the chief happiness officer.
/jlne.ws/3wR4T7E
More than a fifth of UK adults not looking for work
Michael Race - BBC News
More than a fifth of adults in the UK are deemed not to be actively looking for work, official figures suggest. The UK's economic inactivity rate was 21.8% between November and January, marginally higher than a year earlier. It means 9.2 million people aged between 16 and 64 in the UK are not in work nor looking for a job. The total figure is more than 700,000 higher than before the coronavirus pandemic. Concerns have been raised over worker shortages affecting the UK economy.
/jlne.ws/4adoCwV
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| Wellness Exchange | | An Exchange of Health and Wellness Information | UK Moves Ahead in Vaccine Race With 6.3 Million RSV Shots; EU's purchase plans are still in 'exploratory' stage; GSK, Pfizer, Astra compete in new market for RSV protection
Ashleigh Furlong - Bloomberg
The UK is looking to purchase as many as 6.3 million vaccines and treatments to protect babies and elderly people against a common respiratory virus as countries race to secure supplies in time for next winter. The government has put out a tender notice with its planned orders for drugs that are only currently sold by GSK Plc, Pfizer Inc. and AstraZeneca Plc together with Sanofi, suggesting it's getting ahead of the European Union, which is still scoping out member states' interest in joint purchases.
/jlne.ws/3IBCHZb
How and why does gut health influence heart health?
Medical News Today
Lately, there has been a lot of research looking at the link between the brain and the gut. We wanted to know: Is there a similar link between the heart and the gut? Doctors agree there most certainly is, and mostly it is mediated by the health and balance of the gut microbiome. A popular adage has it that "you are what you eat." And every year new research continues to suggest that this idea may, in fact, be correct. Recently, scientists have been focusing on a potential link between the health of the gut and that of the heart.
/jlne.ws/49TeHN5
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Has Never Canceled This Many Shipments of US Wheat
Michael Hirtzer and Tarso Veloso - Bloomberg
China canceled another batch of US wheat export shipments, adding to an already record number of cancellations that have weighed on Chicago futures. The US Department of Agriculture in a Monday statement said private exporters exited purchases of 264,000 metric tons of US soft red winter wheat to China. It was the third straight session with such an announcement, bringing the cancellation total to 504,000 tons, the most in USDA data going back to 1999.
/jlne.ws/3IA32Ha
China Issues Draft to End Up to 220% Australia Wine Tariffs; Trade minister Farrell welcomes interim recommendation; Australia wine industry cautiously optimistic, executive says
Bloomberg News
China has released an interim proposal to lift the punitive tariffs imposed on Australian wine, signaling that a three-year trade campaign against Canberra is about to end as both nations seek to strengthen ties. "The interim recommendation to remove tariffs on Australian wine is a welcome development," Australia's Trade Minister Don Farrell said in a statement on Tuesday. Treasury Wine Estates Ltd. was the first to call attention to China's plan in an exchange filing, adding that the final decision will be made in the "coming weeks."
/jlne.ws/3TgIM1U
Greta Thunberg, other climate activists block Swedish parliament entrances
Ilze Filks - Reuters
Greta Thunberg and dozens of other environmental campaigners blocked the main entrances to Sweden's parliament on Monday in a sit-down protest against the effects of climate change and what they said was political inaction. "We are a group of young people who are blocking entrances to the Swedish Parliament, the Riksdag, to protest against the ongoing destruction of our life-supporting systems and of people already being killed as a result of the climate crisis," Thunberg said.
/jlne.ws/49LHFON
German shipowners want clarity from Berlin on carbon trading
Reuters
German shipowners' group VDR on Tuesday urged the Berlin government to provide legislation implementing European Union requirements to include the sector in the bloc's carbon trading system. The government is behind in transforming an EU agreement late in 2022 to require shipowners to buy EU carbon permits to trigger investment in greener technologies, into national legislation, VDR said at its annual press conference.
/jlne.ws/43cqSSw
US, Canada to review pollution of US waters by British Columbia coal mines
Kanishka Singh - Reuters
Canada and the United States have agreed to review a long standing cross-border dispute that involves pollution from coal mines in the Canadian province of British Columbia flowing into U.S. waters, the two countries said on Monday. The deal was announced, in a joint statement by U.S. ambassador to Canada David Cohen and his Canadian counterpart Kirsten Hillman. It includes the American and Canadian governments working with British Columbia, the U.S. states of Idaho and Montana, and six indigenous communities on both sides.
/jlne.ws/3VgLBD2
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| Miscellaneous | | Stories that don't quite fit under the other sections | Our faith in technology officially died this week; The 2010s bubbly optimism about technology is now mixed with mistrust and resentments
Shira Ovide - Washington Post (analysis)
I felt relieved when I started writing about technology full time more than 12 years ago. Many industries and people were still reeling from and angry about the Great Recession. The technology industry felt like an island of bubbly optimism about its future and ours. Faith in the magic of technology was painfully earnest - and refreshing. But we've changed and the technology industry has changed. There has been a slow metamorphosis of America's technology industry from David to Goliath. Along with it, the zesty confidence of the early 2010s has curdled. Our bubbly faith in technology is now tempered by mistrust and resentments.
/jlne.ws/4a4nLOO
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