| June 01, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today's lead story is about the Intelligent Medicine Exchange, a new futures exchange offering health care-oriented futures contracts, something that has been predicted for a long time. The list of people advising or on the board for the exchange is impressive and features some veteran CME Group executives and a former CFTC division head. Eileen Flaherty is the latter, as she is a former FCM executive who served as director of the Division of Swap Dealer and Intermediary Oversight at the CFTC.
Also serving on the board are former CME Group CEO Phupinder Gill and former CME Group President Kim Taylor, as well as former CME Group Executive Director Felix Carabello. Ken Grant is another former CME Group connection as he serves as the IMX risk management director and was a member of the CME Group Risk Committee.
While I am in London, the AFM is also having its annual meeting, and its chairman, often referred to here as The Most Interesting Man in the World, Pat Kenny, asked me to be an after-lunch speaker. Thus, I will give a 20 minute after-lunch recap of the issues of the conference and some of the challenges of the industry.
The Association of Futures Markets Annual Meeting is set for Wednesday, June 8, which is actually the second day of IDX. The issues the AFM conference will address include: The future of the exchanges, products and services of tomorrow, efficiency improvement, crypto and low carbon emission contracts, commodity boom and its impact on clearing and settlement, Blockchain, smart contracts and automatized exchanges. You can find the program for the conference HERE.
The other speakers at the AFM annual meeting include: Patrick Young (Valereum), Hirander Misra (GMEX Group), Chris Sturgess and Anelisa Matutu (JSE), Brian Browne (Euronext), Philip Simons (EUREX), Andy Jennings and Pat Kenny (CQG), Will Mitting (Acuiti), Dr. Chakkaphan Tirasirichai (Thailand Futures Exchange), Oluwafunto Olasemo (AFEX Nigeria), Denise Huang (TAIFEX), Kristian Möller (ACE Africa), Sebastian Gawenda and David Klotz (Crypto.com), Martyn Bain (Avenir), Michael Smith (Exactpro), Magnus Almqvist (Exberry).
John Shettle, the father of my best friend from college, passed away at the age of 89. John was an incredible story, a great leader and true inspiration. While I was at Purdue, I met his son Pat and daughter-in-law Manet. They are the Godparents of my son Timothy. John Shettle was the superintendent of the Indiana State Police while I was at Purdue and one of the most sought after people for volunteer positions in the state because of his reputation of integrity, fairness and leadership skills. I learned a lot from the short time I spent with him about managing work and volunteer work.
I have been approached to take John J. Lothian & Company public in a new alternative means similar to a SPAC. This one is called a SPLAT, though the backers won't tell me what it's an acronym for. I am taking a pass on being the first SPLAT.
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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Bevon Joseph Updates JLN on Greenwood Project Progress at OIC
JohnLothianNews.com
Greenwood Project Founder and Executive Director Bevon Joseph was interviewed by John Lothian News at the 2022 Options Conference in San Antonio, TX about the progress of the program and the success the young people in it are experiencing.
Watch the video »
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Plot Twist! Movie Theaters Fear Popcorn Shortfall Will Be a Spoiler; Film fans are returning to the cinema after two years of dark screens, but supply-chain issues foreshadow shortages at the concession stand
Erich Schwartzel - WSJ
Now playing at a theater near you: a suspense drama over whether there will be enough popcorn for the summer moviegoing season. The plot was palpable at CinemaCon, an annual convention for movie-theater operators this spring. The Las Vegas event floor had a festive vibe, coming after two years of pandemic-darkened screens. A-list vendors such as Mars Wrigley (M&M's, Snickers, Twix) hawked sugary wares near makers of polyester theater-worker vests and seating experts modeling the latest in auditorium recliners.
/jlne.ws/3M6jKwQ
***** The bad news: not enough popcorn. The worse news: way too much butter.~JJL
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Ken Griffin gives $5 million to help Miami prepare for disasters; The billionaire hedge fund mogul is so far the biggest donor to a new fund meant to help the city in the event of a hurricane.
Crain's Chicago Business
Citadel's Ken Griffin is the biggest donor so far to a new fund that will help Miami respond to disasters such as hurricanes. Griffin, 53, a Florida native and chief executive officer of Chicago-based Citadel, has given $5 million to help launch the Miami Disaster Resilience Fund. The goal is to raise $20 million, nonprofit groups supporting the effort said Tuesday in a statement.
/jlne.ws/3N9V2gD
****** I don't think this is enough money to prepare Miami for 3PTS Communications' Drew Mauck relocating there. He is a whirlwind in the PR business - not quite a hurricane, though. ~JJL
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As Crypto Losses Hit Investors, Litigation Picks Up; Lawyers see rise in suits targeting issuers of digital coins and tokens
James Fanelli - Bloomberg
Lawsuits over cryptocurrency losses are mounting across the country, as investing in digital tokens and coins has become mainstream and the money at stake has increased significantly. Even before the recent plunge in crypto prices, the industry already was seeing an uptick in lawsuits, which have come in several forms. Many of the cases have been fueled by investors who allege some digital coins were hyped and sold under false pretenses. Some proposed class-action suits allege pump-and-dump schemes involving celebrity promoters. Others allege that some digital tokens are unregistered securities or that cryptocurrency issuers were deceitful in their marketing.
/jlne.ws/3M1y4qF
****** Good luck - the crypto exchanges have hired all the lawyers that understand crypto already.~JJL
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Tuesday's Top Three
Our top story Tuesday, by a wide margin, was the Chicago Tribune editorial, Improbably, downtown Chicago gets a new open-outcry trading floor, about Cboe Global Markets' new floor-trading venue scheduled to open June 6 in the Chicago Board of Trade Building. Second was VJ Angelo's essay in City A.M., There is a fundamental flaw in the crypto economy. Third was A Timely Object Lesson on the Dangers of Tight Coupling in Financial Markets, and Hence the Lunacy of Fetishizing Algorithms, from Professor Craig Pirrong, aka The Streetwise Professor.
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MarketsWiki Stats
26,844 pages; 238,648 edits
MarketsWiki Statistics
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
Publisher | | | Sarah Rudolph
Editor-in-Chief
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Editor
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| Lead Stories | First futures exchange aimed at health care economy has filed for regulatory approval
IMX press release
Intelligent Medicine Exchange (IMX)TM to offer new risk management, investing tools based on underlying health care data
CHICAGO, June 1, 2022 - Intelligent Medicine Exchange (IMX)TM today announced its plans to launch the first financial exchange focused on the health care economy. IMX has filed for regulatory approval with the U.S. Commodity Futures Trading Commission (CFTC) to be a Designated Contract Market (DCM) - a futures exchange focused on contracts that will enable individual and institutional market participants to manage risk and invest in multiple components of the health care ecosystem.
/jlne.ws/3NdzkZ1
Crypto Goes Shopping for a Regulator It Can Push Around; The industry is concerned about how, not whether, it's regulated.
Max Chafkin - Bloomberg
Sam Bankman-Fried, the chief executive officer of FTX, the cryptocurrency exchange, has been getting a lot of attention lately for his wealth, his scruffy aesthetic—he drives a Corolla! He lives with roommates! In a $3,000-a-night resort in a tax haven, but never mind that!—and for his grand ideas about saving us with his money.
/jlne.ws/3x0eKEG
Regulators approve Hong Kong-China ETF Connect after long delays; Six years after scheme was proposed, investors will soon be able to trade eligible ETFs on each other's exchanges
John Sedgwick and Peter Ortiz - FT
Hong Kong and mainland Chinese regulators have announced they finally have come to an agreement for the long-awaited inclusion of exchange traded funds into the Stock Connect programme after years of multiple missed deadlines. Initial eligibility requirements have been outlined, including limiting Hong Kong-listed ETFs to those with at least HK$1.7bn ($217mn) in assets over the past six months, and only including products that track indices that primarily track Hong Kong-listed stocks.
/jlne.ws/3Q5DVOW
DWS chief resigns after police raid over greenwashing claims; Asoka Wöhrmann to step down from Germany's top asset manager with effect from June 10
William Langley and Joe Miller - FT
The chief executive of Germany's top asset management firm DWS Group has resigned hours after the company's offices in Frankfurt were raided by police over allegations of greenwashing. DWS said in a statement on Wednesday morning that Asoka Wöhrmann, chief executive since late 2018, would step down as of June 10, the day after the group's annual shareholders' meeting.
/jlne.ws/3abH4ft
Europe Seeks G-7 Coordination on Russian Oil Insurance Ban
Ewa Krukowska and Alberto Nardelli - Bloomberg
The European Union is working to coordinate a ban on providing the insurance services needed to ship Russian oil anywhere in the world with some Group of Seven members, according to people familiar with the matter, in a move that could further hit Moscow's ability to finance its war in Ukraine.
/jlne.ws/3mm7TRb
Russia's Lavrov Hails OPEC+ Cooperation on Visit to Saudi Arabia
Bloomberg News
Russia said Saudi Arabia hailed their oil-market cooperation in the OPEC+ alliance as Foreign Minister Sergei Lavrov visited the kingdom for talks with Gulf officials. The trip comes as Moscow faces growing pressure from the US and its allies over its invasion of Ukraine. Oil-exporting Gulf nations have maintained ties with Moscow and haven't joined in the sanctions imposed by the US and its allies.
/jlne.ws/3m1kgBM
China a 'very important customer', says Saudi Arabia, as global oil supply worries grow
South China Morning Post
Saudi Arabia is committed to supplying crude oil to China and interested in collaborating with the world's No 2 economy on issues ranging from climate change to curbing inflation, says the Gulf state's economic minister. The comments by Faisal al-Ibrahim come as the world braces for a new round of oil price hikes following a Western embargo on Russian oil over its invasion of Ukraine. China, which relies on imports for 70 per cent of its requirements, is trying every means possible to keep its massive industrial system humming and its slowing economy on track.
/jlne.ws/3x4110Q
CFTC Considers FTX's Democratized Clearing Proposal
Peter Malyshev - JD Supra
On May 25, 2022, the U.S. Commodity Futures Trading Commission ("CFTC") conducted a public hearing to consider a request from LedgerX, LLC, d.b.a. FTX US Derivatives ("FTX"), to amend its order of registration as a derivatives clearing organization ("DCO") to allow direct clearing of listed futures contracts on Bitcoin and Ethereum and other digital assets by retail participants. This is a dramatic departure from a traditional clearing model where retail participants can trade and clear futures only through professional intermediaries - registered and heavily-regulated futures commission merchants ("FCMs").
/jlne.ws/3GAxhfa
Goldman Sachs Is Eyeing a Derivatives Trading Deal with Crypto Exchange FTX
Jack Denton - Barron's
Goldman Sachs GS +0.08% is in talks with crypto exchange FTX to integrate some aspects of their derivatives businesses, according to a person familiar with the matter. FTX is one of the world's largest crypto exchanges. It currently offers crypto trading to U.S. investors through an arm called FTX.US, and recently acquired a U.S.-regulated derivatives exchange. Now, the company is seeking a license modification from the Commodity Futures Trading Commission (CFTC) to act as both an exchange and middleman between counterparties in leveraged derivatives trades—handling the collateral and margin requirements in-house when borrowed money is in play.
/jlne.ws/3NIMNrG
Cryptoverse: Will you grow old with bitcoin?
Jamie McGeever - Reuters
If you assumed crypto was just a young person's game, think again. More people in the United States than ever before are turning to cryptocurrencies to help fund their retirement, it seems, even as the recent market carnage provides a stark reminder that this wild market is not for the faint-hearted. Some 27% of Americans aged 18-60 - around 50 million people - have owned or traded crypto in the past six months, a poll published last week by crypto exchange KuCoin found. Yet older folk are more devoted to the young asset class than the general population, according to the survey carried out at the end of March, with 28% of those aged 50 and above betting on crypto as part of their early retirement plans.
/jlne.ws/3GGBDRR
New York couple accused of laundering $4.5 bln in crypto still in plea talks
Sarah N. Lynch - Reuters
A New York couple accused of laundering $4.5 billion in cryptocurrency tied to the 2016 hack of digital currency exchange Bitfinex are still negotiating a possible plea deal while reviewing more than 1.1 gigabytes of evidence in the case, prosecutors said. Ilya "Dutch" Lichtenstein, 34, and his wife, Heather Morgan, 32, the self-proclaimed "Crocodile of Wall Street," were due to appear in a federal court in Washington this coming Friday. But in a court filing on Monday, U.S. Memorial Day, federal prosecutors asked to postpone the hearing until Aug. 2, citing "discussions regarding possible resolutions of the case short of trial" and the need for the defendants to review "voluminous financial records" turned over by the government.
/jlne.ws/3M57gWy
Some of Private Equity Look Like a Ponzi, Amundi CIO Says; Vincent Mortier says private markets are in a 'big bubble'; Executive also says 'good opportunities' remain in industry
Will Louch - Bloomberg
Some parts of the private-equity market are beginning to resemble a Ponzi scheme, according to Amundi SA's chief investment officer. Vincent Mortier said in a virtual press briefing Wednesday that the volume of money raised in recent years by private-equity houses had driven up valuations and incentivized firms to buy assets from one another at inflated prices.
/jlne.ws/3m5JmPU
Russia Has Some Dollars Somewhere; Also Twitter's board, SEC v. Musk, greenwashing raids and murder insider trading.
Matt Levine - Bloomberg
Russian bond payments
The rough theoretical situation is that the government of Russia owns a lot of US dollars, it owes some of those US dollars to foreign bondholders, it would like to pay the bondholders their dollars, and the bondholders would like to receive them. But the US government has declared that US banks can't move money on behalf of the Russian government; there was an exception for payments on Russia's bonds, but that exception has ended. Russia's bonds involve big US banks as paying agents, and if those banks won't move the money then the money won't move. And then Russia will be in default on its bonds, an outcome that it would prefer to avoid.
/jlne.ws/3aeHpOG
Turkish Quest to Hedge Inflation Fuels World-Beating Stocks Boom; Domestic demand for equities jumps as consumer prices increase; Surging inflation leaves local investors with limited options
Tugce Ozsoy - Bloomberg
Turkish stocks have outpaced every equity market in the world this year in local currency terms as domestic investors clamor for assets that can shield against soaring inflation. The Borsa Istanbul 30 index of blue-chip firms has surged 39% so far in 2022, just shading out Lebanon's Blom Index. The Borsa Istanbul 100 Index, Turkey's benchmark, is up 37%.
/jlne.ws/3z7GOZq
Janet Yellen admits she was 'wrong' about inflation threat; US Treasury secretary's comments come as Biden signals seriousness about tackling rising prices
James Politi - FT
Janet Yellen, the US Treasury secretary, conceded she was "wrong" last year about the threat posed by rising inflation while insisting that Joe Biden's administration has quickly focused on taming soaring prices. "I think I was wrong then about the path that inflation would take," Yellen told CNN on Tuesday, in a rare admission of error from a senior US official.
/jlne.ws/3abXVPi
The crypto plan to save our souls; Imagine a Web3 blocktopia where 'souls and communities convene bottom-up'
George Steer - FT
Packed with references to DAO-on-DAO "vampire attacks" and sentences like "we also do not assume non-transferability of Souls across humans", a whimsical paper on the future of Web3 from Eric Glen Weyl, Puja Ohlhaver and Ethereum co-founder Vitalik Buterin makes for quite the ride.
/jlne.ws/3aeVuLK
Spiking interest rates sees listed derivatives volumes reach record highs; According to options market maker Mako, rates have seen substantially more two-way trading compared to the systematic trading from a few years ago.
Annabel Smith - The Trade
Listed derivatives volumes have continued to reach record highs throughout the course of this year on the back of spiking interest rates and fears of inflation. Energy prices caused by the Ukrainian conflict, the rising cost of living and supply shortages post-pandemic have forced monetary policy decision makers to turn to interest rate hikes to counteract the threat of inflation and a recession.
/jlne.ws/3x8yFSU
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia Extends Control Over Key Ukraine City as U.S. Plans to Boost Kyiv's Firepower; The Biden administration plans to provide Ukraine with precision-guided rocket systems, which could arrive within weeks
Thomas Grove - WSJ
Russian forces took parts of the eastern Ukrainian city of Severodonetsk on Tuesday after street fighting with Ukrainian defenders, boosting Moscow's control over one of Kyiv's most important strongholds in the Donbas area, the recent focus of its Ukraine offensive. Russia has intensified its push to take the strategically important city as Western leaders have taken new measures to punish Moscow for its invasion. The Biden administration said that it will provide Ukraine with a guided-rocket system capable of striking targets from as far as 48 miles.
/jlne.ws/3NNDCGi
Consumers Squeezed Even More Between Russian Oil Ban and Chinese Reboot
Jana Randow, Sherry Su and Ewa Krukowska - Bloomberg
Europe's planned ban on Russian oil imports and the easing of Covid-19 restrictions in China threaten to add a fresh jolt to surging consumer prices. European Union leaders agreed on Monday to pursue a partial ban on Russian oil imports to punish the Kremlin for the invasion of Ukraine. The move will continue a process of Europe buying less and less from Moscow and further redraw global flows of the commodity, just as inflation in the euro area hit an all-time high.
/jlne.ws/38BYrWv
Gas Wars Deepen as Russia Curbs Supplies to More European Buyers
Elena Mazneva, William Mathis and Morten Buttler - Bloomberg
Gazprom PJSC halted pipeline shipments to the Netherlands and Denmark this week, and then surprised markets by also cutting off a small contract supplying Germany. Shell Plc and wind giant Orsted A/S had refused to comply with President Vladimir Putin's demand for payments to be made in rubles, and Gazprom responded by halting flows. Russia is keeping its grip on the European Union's gas market just as the bloc moved to impose its harshest energy sanctions so far in response to the invasion of Ukraine.
/jlne.ws/3M6WPBR
Russian Military Is Repeating Mistakes in Eastern Ukraine, U.S. Says
Helene Cooper - NY Times
The Russian military, beaten down and demoralized after three months of war, is making the same mistakes in its campaign to capture a swath of eastern Ukraine that forced it to abandon its push to take the entire country, senior U.S. officials say. While Russian troops are capturing territory, a Pentagon official said that their "plodding and incremental" pace was wearing them down and that the military's overall fighting strength had been diminished by about 20%. Since the war started, Russia has lost 1,000 tanks, a senior Pentagon official said last week.
/jlne.ws/3NlcIWo
Russia's central bank says it's open to using cryptocurrency for international payments as a way to counter Western sanctions
Carla Mozée - Business Insider
The Russian government is willing to consider allowing the use of cryptocurrency for international payments, Reuters reported Tuesday, and moving forward with that idea could help the country blunt the impact of Western sanctions imposed on Moscow. "In principle, we do not object to the use of cryptocurrency in international transactions," Ksenia Yudaeva, first deputy governor at the Central Bank of the Russian Federation, said in a Tuesday briefing with reporters, according to Reuters.
/jlne.ws/3M9dJPY
Putin Needs Help From China and India on Oil Europe Doesn't Want; European Union moves closer to ban on Russian seaborne imports; Top Asian buyers can still handle a little more Urals: Traders
Serene Cheong - Bloomberg
President Vladimir Putin may need to count even more on China and India should the European Union ban Russian oil, with few other takers in Asia able to process the type of crude Europe typically buys. EU leaders agreed to pursue a partial embargo on Russian crude oil shipped on sea, potentially costing Putin up to $10 billion a year in lost export revenue.
/jlne.ws/392SeTt
Ukraine war sparks rush for potash as global food fears grow; Producers of crucial crop fertiliser look to boost output after sanctions hit supply from Russia and Belarus
Neil Hume and Emiko Terazono and Michael Pooler - FT
For the best part of a decade the potash market struggled with overcapacity and low prices. But as sanctions throttle supplies of the fertiliser from Russia and Belarus, which account for almost 40 per cent of global supply, buyers are scrambling for cargoes and warnings are growing of a global food crisis. In Brazil, an agricultural powerhouse, prices have surged 185 per cent over the past year hitting records above $1,100 a tonne, according to commodities consultancy CRU. In Europe they are up 240 per cent to EUR875 a tonne.
/jlne.ws/38Gs9ts
UK and EU hit Russian oil cargoes with insurance ban; Deal would shut Moscow out of key Lloyd's of London market
Andy Bounds and Sam Fleming, and Jim Pickard and Ian Smith - FT
The UK and EU have agreed a co-ordinated ban on insuring ships carrying Russian oil, shutting Moscow out of the vital Lloyd's of London insurance market and sharply curbing its ability to export crude, according to British and European officials.
/jlne.ws/3GC3Pp9
How the EU's ban on Russian oil will rock global markets; Refiners will face fierce competition to secure supplies as Brussels imposes sanctions on seaborne exports
David Sheppard and Harry Dempsey, and Sam Fleming - FT
In the early hours of Tuesday morning, leaders of the EU's 27 member states agreed to ban seaborne Russian oil imports. To placate landlocked countries such as Hungary, pipeline shipments will continue for now. But Germany's and Poland's willingness to taper their pipeline purchases by 2022's close should, combined with the seaborne ban, see Russian oil exports to the EU decline by 90 per cent by the end of the year.
/jlne.ws/3x1AK1R
Ukraine's Citizen Soldiers Learn Battlefield Skills From Private Drillmasters; With authorities in Kyiv stretched thin, nongovernmental organizations are training volunteers in the basics, from shooting to first aid
Vivian Salama - The Wall Street Journal
Ivan Zdorovets closely inspected the tourniquet applied to a soldier's arm by men in his unit. "Congratulations, you're dead," he said to the patient, before moving on to the man lying on the ground next to him. After completing his inspection he offered this assessment: "70% of you are dead; 30% will survive."
/jlne.ws/3N74AJ6
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | AMERIBOR® IN THE NEWS
AFX
Indiana Bankers Association Magazine, The Hoosier Banker, "Post-LIBOR Landscape, A New Era in Business Loans."
/bit.ly/3x3ybfR
The Spanish stock market trades 32.2 billion euros in May
BME-X
Monthly trading statements for BME's markets
- The volume traded in Equities is up 16% so far this year
- Fixed Income trading in May is 41% higher than in April
- Trading in IBEX 35 index futures contracts to May increases 16.4%
/bit.ly/3t8t5hh
Magellan, Enterprise and ICE Announce Update on Terminal Transfers of Midland WTI AGC Futures
Intercontinental Exchange
Magellan Midstream Partners, L.P. (NYSE: MMP), Enterprise Products Partners L.P. (NYSE: EPD) and Intercontinental Exchange, Inc. (NYSE: ICE) today announced that the "no-charge" arrangement between the Magellan East Houston ("MEH") and the Enterprise Crude Houston ("ECHO") terminals to transfer crude oil delivered through the Midland WTI AGC futures contract (ICE: HOU) has been expanded to include deliveries conducted via ICE's Exchange for Physical ("EFP") and Alternative Delivery Procedure ("ADP") mechanisms.
/jlne.ws/3m9Vorr
OTC FX Production Advisory - USD/RUB NDF Fixing Change - Effective June 6, 2022
CME Group
Please be advised that CME will amend the USD/RUB Non-Deliverable FX Forward ("USD/RUB NDF") fixing rate from RUB MOEX (RUB05) at approximately 12:35pm Moscow to WM/Refinitiv MID (WMR03) at 10am London in Production effective Monday, June 6, 2022. This change has been live in New Release since May 13, 2022.
/bit.ly/3M7hZ2F
Notice of disciplinary action
CME Group
Gold Street Trading Limited
COMEX rules:
Rule 526.f. Block trades (in part)
[I]n the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within the time period and in the manner specified by the Exchange. The report must include... the time of execution[.]
/bitly.is/3GEVaSX
Deutsche Börse Group Investor Day 2022 on 29 June
Deutsche Börse
Deutsche Börse Group will host an Investor Day on 29 June at its headquarters in Frankfurt (Eschborn) at 13:00 CEST. During the event Deutsche Börse's management team will give an update on the execution of its mid-term plan "Compass 2023" and dive deeper into selected businesses. The presentations are expected to conclude at approximately 16:00 CEST.
/bit.ly/3NM6G18
SMG European Recovery SPAC SE listed on the Frankfurt Stock Exchanges' Regulated Market since today
Deutsche Börse
As of today, SMG European Recovery SPAC SE (ISIN: LU2380749676) has been listed on the Regulated Market (General Standard) of the Frankfurt Stock Exchange. The company is a SPAC - a Special Purpose Acquisition Company.
/bit.ly/38X6bCG
A well-founded pension fund uptake in central clearing
Eurex
Commentary by Eurex's Frank Odendall and Ricky Maloney, first published in IPE Magazine June 2022.
Pension funds play an important role in the financial industry and the lives of European pensioners. Regulatory changes such as the mandatory clearing of over-the-counter financial instruments (OTC IRS) and the increase in capital requirements for banks pose major challenges for European pension funds.
/bit.ly/3x3Zhok
Navigating a New Era of Cross-Asset Volatility
Eurex
Eurex spoke with Hugo Bernaldo De Quiros, Senior Cross Asset Trader at Optiver about the landscape of volatility in 2022 and how easy it is to find opportunities.
/bit.ly/3x8kMEC
Inclusion of ETFs in Stock Connect - Practice Session and End-to-End Testing
HKEX
/bit.ly/3m1MNqK
Terms and Conditions as Determined by Japan Exchange Group for the Issuance of the Digitally Tracked Green Bonds, the First Digital Green Bonds in Japan
JPX
Japan Exchange Group, Inc. (JPX; Director & Representative Executive Officer, Group CEO: Akira Kiyota) announces its decision made on the condition of issuing the 1st Unsecured Bonds (with special pari passu clause among specified bonds and transfer restrictions) (Digitally Tracked Green Bond,) the corporate bond-type security tokens that utilize a blockchain platform (hereinafter, the "digital bond,") as follows.
/bit.ly/3m1MNqK
NSE, India's Largest Stock Exchange Leverages Qlik
National Stock Exchange Utilizes Qlik For Managing Compliance Monitoring Over Regulated
Entities
NSE
Qlik® announced that National Stock Exchange of India Ltd.
(NSE), based in Mumbai, is utilizing Qlik to support and augment its regulatory capabilities.
Qlik supports multiple teams within NSE to drive efficiencies and provide insights for
facilitating data-informed decisions.
/bit.ly/3x6oZsf
OTC FX Production Advisory - USD/RUB NDF Fixing Change - Effective June 6, 2022
CME Group
Please be advised that CME will amend the USD/RUB Non-Deliverable FX Forward ("USD/RUB NDF") fixing rate from RUB MOEX (RUB05) at approximately 12:35pm Moscow to WM/Refinitiv MID (WMR03) at 10am London in Production effective Monday, June 6, 2022. This change has been live in New Release since May 13, 2022.
Subject - Consolidated Audit Trail (CAT) Full Customer Account Information System (CAIS) Production Certification and Compliance Deadlines Extended
NYSE
MARKET: NYSE, NYSE AMERICAN, NYSE AMERICAN OPTIONS, NYSE ARCA EQUITIES, NYSE ARCA OPTIONS, NYSE CHICAGO, NYSE NATIONALSERVICETRADING
The Participants have determined to delay the full Customer Account Information System ("CAIS") compliance deadline from July 11, 2022, to a new date projected to be in Q4 2022, which will be subsequently announced.
/bit.ly/3NM9V8D
SGX CDP makes available Marketnode's DLT-enabled direct-to-depository service for debt issuers
SGX
OCBC Bank's US$100 million Euro Commercial Paper was successfully digitalised from issuance to settlement on Marketnode's platform
Marketnode's platform offers efficiencies through automation and digitalisation across the entire bond lifecycle from issuance, clearing and settlement to asset servicing, bringing benefits to diverse participants within the ecosystem
/bit.ly/3M6luGG
TMX Group CEO John McKenzie and CFO David Arnold to Present at the Piper Sandler Global Exchange and FinTech Conference
TMX
TMX Group CEO John McKenzie and CFO David Arnold will present at the Piper Sandler Global Exchange and FinTech Conference taking place at the Lotte New York Palace in New York on Wednesday, June 8, 2022 at 2:30 - 3:00 p.m. ET.
/bit.ly/3tcOCoT
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Pyth Network Deploys on BNB Chain and Partners With Decentralized Lending Protocol Venus
Business Wire
The Pyth network, a specialized oracle solution for latency-sensitive financial data that is typically kept behind the "walled gardens" of centralized institutions, today announced the deployment of its first-party financial data on BNB Chain, a leading community-driven, decentralized and censorship-resistant blockchain, and integration with BNB Application Sidechains (BAS), which enable developers to easily create sidechains dedicated to specific applications in the BNB Chain ecosystem. This deployment allows data from the Pyth oracle to be instantly accessible to developers and decentralized applications (dApps) on BNB Chain, thereby enabling developers in the BNB ecosystem to build robust and complex applications leveraging high-fidelity financial data. Pyth's use of confidence intervals, which serve as a measure of reliability and precision, translates data into easily digestible value that protocols can use to further customize their applications for better, safer, and more accurate operations.
/jlne.ws/3m1JLmx
Tech Experts 'Counter-Lobby' Washington Criticizing Crypto, Blockchain: Report
A letter from 26 technologists refers to crypto as risky, flawed and unproven.
Jamie Crawley - CoinDesk
A group of tech experts and academics wrote to U.S. lawmakers criticizing cryptocurrency and blockchain technology in the first concerted attempt to counter lobbying by the crypto industry, the Financial Times reported Wednesday.
The 26 signatories include Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and principal engineer at Google Cloud, Kelsey Hightower, the FT said.
"We urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments," the letter says, according to the report.
/jlne.ws/392z1Bx
Brazilian Development Bank Launches Blockchain Network
Brazilian Blockchain Network
The Brazilian Development Bank has officially launched the Brazilian Blockchain Network, a structure designed to aid other institutions in the country in increasing public transparency. The launch, which was also assisted by the Court of Accounts of the Union, serves to call more institutions to adhere to this project, which aims to have its first applications ready for 2023.
/jlne.ws/3z7M2En
Stuart Lawrence: Automation of the trading desk; Head of UK equity trading at UBS Asset Management, Stuart Lawrence, speaks to The TRADE about the importance of automation and the ways in which it will provide benefits.
Wesley Bray - The Trade
Why is streamlining end-to-end workflows using automation so important?
At UBS Asset Management the equity trading desk executes for all strategies. As with our peers, a decent percentage of the flow is small in notional value and/or ADV and there is little value-add a trader can provide to these orders. However, without automation, they must spend time dealing with this subset and this comes with the opportunity cost of them being unable to focus on trades for which they can provide more value. Automating the execution process for these order types reduces the 'white noise' on the desk which, in turn, improves efficiency and provides space for innovation. Traders are no longer just button pushers.
/jlne.ws/3N7gPFN
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| Cybersecurity | | Top stories for cybersecurity | Chinese Firm That Accused NSA of Hacking Has Global Ambitions
Jamie Tarabay and Sarah Zheng - Bloomberg
For years, the US government and American cybersecurity companies have alleged that China is behind brazen hacks that have pilfered troves of sensitive documents. Chinese government officials have denied the claims and repeatedly accused the US of its own cyber-espionage, without providing evidence. That changed in February, when a well connected Chinese cybersecurity firm went public with what it claimed was a US National Security Agency campaign aimed at computers in 45 countries and regions, including China. US officials didn't respond to requests for comment at the time.
/jlne.ws/3N7mQSL
Why Commerce Went Against Microsoft on Rule to Control Cyber Exploits
Mariam Baksh - Nextgov
A new rule at the Commerce Department regarding China's access to cyber vulnerabilities that could harm national security has been put in effect without a major change, despite opposition from Microsoft.
The rule, finalized with a notice of publication in the Federal Register Thursday, requires entities sending potential cyber exploits across borders to get a license if they're dealing with any organization or individual associated with governments like China's—unless the activity is for legitimate cybersecurity purposes, such as public vulnerability disclosure or incident response.
/jlne.ws/3z7Frdj
Seemplicity raises $26 million for productivity platform for cybersecurity teams
Meir Orbach - Ctech
Seemplicity, which has developed a risk reduction and productivity platform for cybersecurity teams, announced on Tuesday that it has completed a $26 million Series A led by Glilot Capital Partners through its early growth fund, Glilot+, with participation from new investors NTTVC and Atlantic Bridge and existing investors S Capital and Rain Capital. The company previously raised a $6 million Seed round led by S Capital. Renowned cybersecurity investors including René Bonvanie, Tom Banahan, Mark Smith, Elad Yoran, and Kevin Mahaffey also participated in the financing rounds.
/jlne.ws/3t65IoA
Cybersecurity startup Ordr nabs $40M to monitor connected devices for anomalies
Kyle Wiggers - TechCrunch
In 2015, there were approximately 3.5 billion internet of things (IoT) devices in use. Today, the number stands around 35 billion, and is expected to eclipse 75 billion by 2025. IoT devices range from connected blood pressure monitors to industrial temperature sensors, and they're indispensable. Yet every device increases an organization's attack surface, along with the potential for a cybersecurity attack.
/jlne.ws/3Q6ZL4H
Nearly One-Third of Cybersecurity Professionals Aim to Shift Gears: Trellix
Nancy Liu - SDX Central
Thirty percent of surveyed global cybersecurity professionals plan to change professions in the future, and 85% stated that the talent shortage is impacting their companies' security posture, according to a recent survey commissioned by Trellix.
/jlne.ws/3PQEV9o
Microsoft Office zero day leaves researchers scrambling over the holiday weekend
David Jones - Cybersecurity Dive
The Cybersecurity and Infrastructure Security Agency urged administrators and users to review Microsoft's guidance on a workaround to the Follina vulnerability, which affects the Microsoft Support Diagnostic Tool in Windows.
/jlne.ws/3zd4try
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| Cryptocurrencies | | Top stories for cryptocurrencies | Elon Musk Responds to Dogecoin Co-Creator Calling Him a 'Grifter' Who Is 'Good at Pretending'
Jason Duaine Hahn - People
Elon Musk and the co-creator of Dogecoin are at odds. The public feud began when Jackson Palmer, a co-creator of the popular cryptocurrency, criticized Musk in an interview published this week by the Australian outlet Crikey. "He's a grifter, he sells a vision in hopes that he can one day deliver what he's promising, but he doesn't know that," Palmer said in part, according to Crikey. "He's just really good at pretending he knows. That's very evident with the Tesla full-self-driving promise."
/jlne.ws/3x2AQGq
The Next Stablecoin Collapse Could Be a Lot Worse; Regulate stablecoins now, before another crash triggers the next financial crisis.
The Editors - Bloomberg
Thanks to the spectacular demise of TerraUSD, a cryptocurrency that promised to be always worth a dollar but was suddenly worth a lot less, the world is better acquainted with the term "stablecoin" — and aware of how unstable they can be.
/jlne.ws/3an9u6f
Podcast: Tether's path to the spotlight
FT
From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world. See acast.com/privacy for privacy and opt-out information.
/jlne.ws/3m3056x
'Pure Gambling' Prompts Wild Swings in New Luna Cryptocurrency; Relaunched token was distributed to investors on Saturday; New token is still relatively 'illiquid,' market maker says
Muyao Shen - Bloomberg
Terra's new Luna token is taking holders on a wild ride just days after being distributed to investors who saw the value of their cryptocurrencies tied to the failed blockchain destroyed. Various trading platforms showed differing prices after the tokens were awarded on Saturday in what's referred to in the crypto industry as an airdrop. Kraken data show that the price opened at around $17, and swung between $30 and $4.80. OKX listed an opening price of $1, with extremes of $20 and $5. Luna 2.0, as the new token is known, was up about 30% to around $9 on Tuesday, according to pricing data from TradingView and Kraken.
/jlne.ws/3an6jeP
First Crypto ETFs in Australia See Trading Evaporate
Tanzeel Akhtar - Bloomberg
Australia got its first exchanged-traded products linked to Bitcoin and Ether last month, and investors reacted with a shrug. Three ETFs (tickers: CBTC, EETH and EBTC) that launched on May 12 have seen trading volumes collapse since they started trading. The Cosmos Purpose Ethereum Access ETF (CPET), which started trading on Tuesday, saw just 2,073 shares change hands on its debut day.
/jlne.ws/3mmaZoh
Binance's Venture Capital Arm Raises $500 Million Crypto Fund; Binance Labs wants to invest in startups at all stages; The firm previously invested in Terra before its collapse
Hannah Miller and Yueqi Yang - Bloomberg
Binance Labs, the venture capital arm of the world's biggest crypto exchange, launched a $500 million fund to invest in digital-asset projects, the latest capital injection into an industry that's reeling from plunging prices and the collapse of the TerraUSD stablecoin. The announcement followed Andreessen Horowitz's $4.5 billion raise for a crypto fund last week, the industry's largest to date, bringing the Silicon Valley investment firm's total digital-asset-focused efforts to $7.6 billion. The recent rout in cryptocurrency markets have been no deterrent for some venture capitalists, who still see promises in the boom-and-bust industry.
/jlne.ws/3PW8Cpu
Nomura M&A Banker Chung Joins Crypto Firm Riot Blockchain; Jason Chung has joined Riot as head of corporate development; He will help oversee strategic transactions across the company
Manuel Baigorri - Bloomberg
Riot Blockchain Inc., a Bitcoin infrastructure company, has hired investment banker Jason Chung from Nomura Holdings Inc. as its head of corporate development. Chung, until recently a Hong Kong-based managing director at Nomura, has joined Castle Rock, Colorado-based Riot Blockchain, the crypto firm said in a statement on Wednesday, confirming an earlier Bloomberg News report. He will also help on financing strategy.
/jlne.ws/3GB8yHD
Oman Backs U.S. Firm Mining Crypto to Cut Natural Gas Flaring; Crusoe Energy says it plans to open an office in Oman; Middle East, North Africa account for 38% of global flaring
Naureen S Malik - Bloomberg
Oman's sovereign wealth fund took an equity stake in a U.S. firm that helps fossil-fuel producers cut flaring by using stranded natural gas to power cryptocurrency mining instead.
/jlne.ws/3tb6gcN
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| Politics | | An overview of politics as it relates to the financial markets | Is Breaking Up Russia the Only Way to End Its Imperialism? Overcentralization hasn't worked to make the country peaceful and prosperous.
Leonid Bershidsky - Bloomberg
Vladimir Putin's attack on Ukraine showed the world that a resurgent Russia means, of necessity, an imperialist Russia. And it revived discussions about whether Russia needs to be "decolonized," or perhaps "defederalized," to bury its imperialist ambitions and subdue its military threat. A breakup of today's Russia, similar to the dissolution of the Soviet Union, is seen as a possible, for some even the most desirable, outcome of a failed Ukraine invasion. Regrets are voiced that the US didn't make it a goal in the 1990s, when post-Soviet Russia lay in ruins and struggled to hold onto one, tiny secessionist region: Chechnya.
/jlne.ws/3wZUWBo
How the World Is Paying for Putin's War in Ukraine; Russia is still taking in billions from sales of oil, gas and other commodities
Bloomberg News
In early March, as the US and its allies unleashed a wave of sanctions on Russia, President Joe Biden stood in the White House and said they wanted to deal a "powerful blow to Putin's war machine." But as the war in Ukraine approaches its 100th day, that machine is still very much operational. Russia is being propelled by a flood of cash that could average $800 million a day this year — and that's just what the commodity superpower is raking in from oil and gas. For years, Russia has acted as a vast commodity supermarket selling what an insatiable world has needed: Not just energy, but wheat, nickel, aluminum and palladium too. The invasion of Ukraine has pushed the US and the European Union to rethink this relationship. It's taking time, though the EU took a further step this week by hammering out a compromise agreement on Russian oil imports.
/jlne.ws/3x3it5B
Biden Says US Will Provide Ukraine Advanced Rocket Systems; Weapons package includes MLRS system with limits on its use; US says Ukraine agreed not to use weapons to hit inside Russia
Jennifer Jacobs and Chelsea Mes - Bloomberg
President Joe Biden said he'll give Ukraine advanced rocket systems and other US weaponry to better hit targets in its war with Russia, ramping up military support as the conflict drags into its fourth month. "I've decided that we will provide the Ukrainians with more advanced rocket systems and munitions that will enable them to more precisely strike key targets on the battlefield in Ukraine," Biden wrote in a New York Times article published Tuesday evening in Washington.
/jlne.ws/3a8OWhP
Euro Hopeful Croatia to Get Verdict on Bid to Join Currency Bloc; ECB, EU Commission to issue progress reports on Wednesday; Positive assessment would pave way for Jan. 1, 2023 switch
Alexander Weber and Jasmina Kuzmanovic - Bloomberg
Croatia is about to find out whether it's in good enough shape to become the euro zone's 20th member. Progress made by the Adriatic country of 3.9 million people will be assessed in reports due Wednesday from the European Central Bank and the European Union's executive arm.
/jlne.ws/3PWTCI8
Wells Fargo Told by Senator to Fix Its Risk-Management Practices; The chairman of the U.S. Senate Banking Committee said Wells Fargo Chief Executive Charles Scharf needs a plan to improve the bank's internal controls
Richard Vanderford - WSJ
Wells Fargo & Co. must fix its governance and risk-management issues, the chairman of the U.S. Senate Banking Committee said, highlighting what he called a "laundry list" of consumer abuses and compliance breakdowns. The bank has been plagued by weaknesses in its governance and risk-management practices for nearly a decade, Sherrod Brown (D., Ohio) said in an open letter sent Tuesday to Wells Fargo Chief Executive Charles Scharf.
/jlne.ws/3NPDtlE
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| Regulation & Enforcement | | Stories about regulation and the law. | ICYMI: CFTC Commissioner Pham Discusses Crypto Regulation and Customer Protections with CNBC and Yahoo! Finance
CFTC
Commodity Futures Trading Commissioner Caroline D. Pham discussed crypto regulation and customer protections with CNBC at the DC Blockchain Summit on May 24 and with Yahoo! Finance Live last week.
/jlne.ws/38AIgIO
CFTC Charges Florida Man with Fraudulent Solicitation of Over $800,000 and Misappropriation in Futures Scheme; Federal Court Ordered Cox to Pay Over $900,000 in Restitution and Penalties in Prior CFTC Fraud Action
CFTC
The Commodity Futures Trading Commission today announced that it filed a civil enforcement action in the Southern District of Florida against Rico Cox of Fort Lauderdale, Florida. The complaint alleges that, for a second time, Cox fraudulently solicited and accepted funds, this time at least $842,900 that was intended for commodity futures trading. Cox has never been registered with the CFTC. In litigation, the CFTC seeks restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA), as charged.
/jlne.ws/3GAAxXY
PODCAST: AML Update: The Latest Trends and Effective Practices
FINRA
Money laundering looks different in the securities industry and that poses its own challenges. But add to that a landscape of constantly evolving threats and it is a lot to keep up with. On this episode, Jason Foye, Senior Director of the National Cause and Finance Crimes Detection Program's Special Investigative Unit joins us once again to tell us about the latest trends, emerging threats and how firms can ensure their AML program remains strong and effective.
/jlne.ws/3x3fSau
TRACE Portfolio Trades
FINRA
Beginning May 15, 2023, as described in Regulatory Notice 22-12, members must report transactions in TRACE Corporate securities which are part of a portfolio trade with an appropriate modifier. The Sale Condition 4 modifier, available via the TRAQS secure web browser and the TRACE FIX protocol (Tag 22004), will be available for this designation.
/jlne.ws/38GqzYw
SEC Charges Company and Former CEO with Misleading Investors about Sale of Covid-19 Test Kits
SEC
The Securities and Exchange Commission today charged New York-based SCWorx Corp. and its former Chief Executive Officer and Chairman of the Board, Marc S. Schessel, with making false and misleading statements about SCWorx's plans to distribute COVID-19 rapid test kits in April 2020. SCWorx has agreed to settle the SEC's charges and will pay a $125,000 civil penalty.
/jlne.ws/3M8n5M6
ASIC
ASIC is urging directors, preparers of annual and half-year reports and auditors to assess whether companies' 2022 annual and half-year financial reports provide useful and meaningful information for investors and other users, as it highlights key focus areas for reporting by companies for the reporting period ending 30 June 2022.
/jlne.ws/38C6uT4
The ESAS Publish The Joint Report On The Withdrawal Of Authorisation For Serious Breaches Of AML/CFT Rules
ESMA
The European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published a joint Report, which provides a comprehensive analysis on the completeness, adequacy and uniformity of the applicable laws and practices on the withdrawal of license for serious breaches of the rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
/jlne.ws/3N8M9ns
Richard Lloyd becomes Interim Chair of the FCA
UK FCA
Richard Lloyd OBE has become Interim Chair of the Financial Conduct Authority, as previously announced on 4 February 2022.
/jlne.ws/3zbnoCX
Publication of the Key Results of the Survey on JBA TIBOR Exposures by JBA TIBOR Administration
FSA Japan
On May 31, 2022, JBA TIBOR Administration ("JBATA"), which is "Specified Financial Benchmark Administrator", released a summary of the results of the Survey on JBA TIBOR Exposures (as of December 31, 2021).
/jlne.ws/3m1aakm
Shri Ashwani Bhatia takes charge as Whole Time Member, SEBI
SEBI
Shri Ashwani Bhatia took charge as Whole Time Member, Securities and Exchange Board of India,in Mumbai,today. Prior to this assignment, Shri Bhatia held the position ofManaging Directorin State Bank of India.
/jlne.ws/3NOJnDW
Wealth Manager to UK Expats is Fined and Banned In South Africa
Benjamin Robertson - Bloomberg
One of the biggest financial advisers to British expatriates has been fined by a South African regulator. The South African operations of the deVere Group, along with the group's Chief Executive Officer Nigel Green, were fined a combined 12.5 million rand ($800,000) on May 27 for breaching various financial sector laws, according to the country's Financial Sector Conduct Authority.
/jlne.ws/3GF74w7
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Zombie Firms Face Slow Death in US as Era of Easy Credit Ends; Rising rates are reshaping the corporate borrowing landscape; Companies kept alive by cheap, plentiful debt face reckoning
Lisa Lee - Bloomberg
They are creations of easy credit, beneficiaries of central bank largesse. And now that the era of unconventional monetary policy is over, they're facing a challenge like never before. They are America's corporate zombies, companies that aren't earning enough to cover their interest expenses, let alone turn a profit. From meme-stock favorite AMC Entertainment Holdings Inc. to household names such as American Airlines Group Inc. and Carnival Corp., their ranks have swelled in recent years, comprising roughly a fifth of the country's 3,000 largest publicly-traded companies and accounting for about $900 billion of debt.
/jlne.ws/3GAnk1n
Buying the Bond Dip? Pay Attention to Tactics; Confusing them with strategic shifts can be painful — just ask hedge funds that rode the FANG pandemic rally.
John Authers - Bloomberg
From TINA to TARA
There's a difference between strategy and tactics. It's as well not to get them mixed up. This applies to central bankers, stock and bond investors, politicians, and military leaders. The distinction is important to keep in mind at a time like this.
/jlne.ws/38DgPhH
Forbes abandons plans to list via Spac; Media group's intention to go public falters amid dwindling enthusiasm for blank-cheque vehicles
Ortenca Aliaj, James Fontanella-Khan and Antoine Gara - FT
Forbes, the media business known for chronicling the fortunes of the ultra-rich, has abandoned plans to list through a merger with a special purpose acquisition company as investor interest in the market has cooled, according to people familiar with the matter.
/jlne.ws/3zd8HPW
MSCI rebalance sees closing auction volumes soar by 800%; Euronext, the London Stock Exchange, Deutsche Borse's Xetra, SIX Swiss Exchange and Nasdaq's OMX took the top five spots with the former reporting EUR16.6 billion in volumes.
Annabel Smith - The Trade
Closing auction volumes rose by up to 800% yesterday off the back of the quarterly rebalancing of the MSCI Equity Index. Euronext accounted for around 30% of the market share at the Close, reporting over EUR16.6 billion, up from around EUR2 billion from the day prior. The London Stock Exchange (LSE) took second place reporting EUR9.5 billion, up from just over one.
/jlne.ws/3x5swXK
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate Change Is Behind Weird Rainfall Patterns in Europe; New study shows for the first time that greenhouse gas emissions are directly responsible for extreme rain and dry spells across the continent in winter.
Laura Millan Lombrana - Bloomberg
Emissions of planet-warming greenhouse gases caused by human activities are directly responsible for long-term dry conditions in the Mediterranean basin and the increasing rainfall over the rest of Europe during winter, according to a study by the UK's Met Office. The research, published in Journal of Climate, is the first to show the direct link between seasonal rainfall trends in Europe and climate change, the Met Office said in a statement. Scientists compared climate scenarios with and without human influence.
/jlne.ws/3x58tbV
US LGBTQ Community Is Geographically Spread, More Educated
Alexandre Tanzi - Bloomberg
US states clustered in the West and Northeast hold the largest share of people who identify as gay, lesbian, bisexual or transgender, according to a new analysis of Census Bureau data by Wells Fargo & Co.. Members of the LGBTQ+ community tend to be more highly educated than the overall population, which helps to boost their households' incomes above the average for those that are headed by a heterosexual person.
/jlne.ws/33sAADr
A $97 Million Shortfall Leaves COP26 ETF on Brink of Liquidation; NTZO launched at UN's Glasgow summit with major backers; Fund has just $3 million in 'failure of collective action'
Elaine Chen - Bloomberg
A climate ETF started by a group of major financial institutions is set to close after less than a year because none of the backers pitched in with anticipated funding. The Impact Shares MSCI Global Climate Select ETF (ticker NTZO) launched in November at the United Nations' COP26 summit in Glasgow, and since then has accumulated only about $3 million of assets.
/jlne.ws/3O58D99
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Deutsche Bank Replaces DWS's Woehrmann After Greenwash Raid; Woehrmann will be replaced by Deutsche Bank executive Hoops; Deutsche Bank and DWS offices were raided on Tuesday
BySteven Arons, Sheryl Tian Tong Lee, and Ambereen Choudhury - Bloomberg
Deutsche Bank AG's embattled DWS Group Chief Executive Officer Asoka Woehrmann resigned hours after a police raid at the asset manager, the culmination of months of controversy surrounding the executive.
/jlne.ws/3GHPVld
FTSE China Index Series Quarterly Review - Q2 2022
FTSE Russell
FTSE Russell, a leading global index provider, has today announced the results of the FTSE China Index Series quarterly review for June 2022. Anhui Conch Cement (A) (SC SH), China Citic Bank (A) (SC SH) and Tongwei (A) (SC SH) will be added to the FTSE China A50 Index. Simultaneously, Chongqing Zhifei Biological Products (A) (SC SZ), Gree Electric Appliances Inc of Zhuhai (A) (SC SZ) and PetroChina (A) (SC SH) will be deleted from the index.
/jlne.ws/3NHTx98
Northern Trust and Commcise collaborate to bolster outsourced trading; The move will provide buy-side participants with web-based tools to manage research and commission budgets.
Wesley Bray - The Trade
Northern Trust has collaborated with cloud-based software solutions provider, Commcise, to streamline the commission management process for its Integrated Trading Solutions (ITS) clients. Commcise originally launched its buy-side commission management-as-a-service platform in September 2019, offering asset managers a full view of unbundled trading activity, alongside a technology-based trade reconciliation engine.
/jlne.ws/3GLr0gH
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Third mRNA Shot Offers Best Covid-19 Immunity, Study Says; Taiwan Reports Record Cases as Covid-Free Status Crumbles
Clara Hernanz Lizarraga - Bloomberg
A third dose of messenger RNA Covid-19 vaccine provides a key boost to immunity against the coronavirus, regardless of the original type of immunization, researchers said. An mRNA booster following an initial course of two shots of the same type is the most effective way to prevent non-severe Covid infections, according to an analysis of studies published Wednesday in the BMJ medical journal. Adding a third mRNA shot to other primary vaccination regimens raises protection to almost the same level, the authors from the Chinese University of Hong Kong said.
/jlne.ws/3M5trf5
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Europe's dash for gas puts Australia's LNG import plans at risk
Sonali Paul and Florence Tan - Reuters
Europe's race to replace Russian gas supply has threatened Australia's plans for five gas import terminals as they compete for key infrastructure, raising the risk of a supply shortfall in Australia's populous southeast in the next two years.
/jlne.ws/3zaGJnD
Saudi Arabia's Chief Oil Whisperer Spills Some of His Secrets; A new book lifts the veil on Saudi Arabia's efforts to steer oil prices in the past four decades.
Javier Blas - Bloomberg
Wall Street has Fed-speak - a turgid dialect of English, a mixture of obfuscation and cryptic messaging. The oil market has Saudi-speak - a language of smoke-and-mirrors, a combination of bewildering and byzantine communication typically delivered behind closed doors. A new book provides a lexicon of four decades of verbal intervention in the price of crude by the world's biggest oil-producing nation.
/jlne.ws/3x8mINo
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