| February 08, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Today is the 113th anniversary of the founding of Scouts BSA in the United States. I have always been intrigued by the fact that it was founded by a Chicago publisher and others. The founder, William D. Boyce, was also a relative of former FIA President John Damgard
If you would like to make a difference in the lives of girls and boys in the Chicago and Northern Indiana area by donating to Scouting, you can do so HERE. Even a small donation makes a difference. Celebrate all that Scouting has done for the U.S. and even in your life, whether you know it or not, by making a donation. Two people who helped me during my life, a church choir director and my father's best friend, turned out to be Eagle Scouts. I had no idea until much later in life that they were. You never know if you have been impacted by an Eagle or someone else who has been positively developed by Scouting.
The U.S. Treasury has a report that warns cloud computing poses risks to the financial sector, The Wall Street Journal reported. The Treasury says, "reliance on Amazon, Microsoft or Google could have broad consequences." The Journal said, "Financial regulators from across the government are expected to discuss the report at a meeting this week of the Financial Stability Oversight Council."
Sam Bankman-Fried and prosecutors cut a bail deal and brought it to a judge for his blessing, but the judge said nope and so SBF is headed to a hearing to talk about his efforts to contact potential witnesses in his case, the Associated Press reported.
Also, a group of news organizations has sued to find out who are the backers of the $250 million bail bond for Bankman-Fried, and a Manhattan district court judge's January 30 decision to unseal the names was blocked by an appeal by Bankman-Fried's lawyers. His lawyers are asking for the decision to be decided by the Second Court of Appeals, Yahoo Finance reported. My guess is that Binance founder Changpeng Zhao is not on the list of bail money founders, but stranger things have happened.
The Wall Street Journal is reporting that the U.S. Internal Revenue Service is suggesting to some taxpayers to hold off on filing their returns until the IRS clears up confusion this week about whether certain state tax refunds are taxable income.
The Nodal Exchange is the biggest under-the-radar success story for exchanges in the U.S. Yesterday Nodal announced it achieved a January trading record in power and environmental markets. The exchange said it "achieved a calendar month trading record for January 2023 with 270.8 million MWh of traded power futures volume in the month, up 22% from the prior year. Nodal continues to be the market leader in North American power futures having the majority of the open interest with 1.13 billion MWh at the end of January."
The Trade's Fireside Friday chat is with Euronext's CEO Stephane Boujnah.
Happy second anniversary to The FullFX and congratulations to Colin Lambert and his team on their great work.
Nick Grossi has been promoted to executive director, software engineering, development, support and governance at the Options Clearing Corporation.
Bhas Nalabothula has been promoted to head of US institutional rates at Tradeweb. He previously served as global head of emerging markets. The Trade has a story about his promotion.
Cboe Global Markets is looking for a director of US equities sales in Chicago.
Los Angeles Laker basketball great LeBron James has broken Kareem Abdul-Jabbar's NBA scoring record in a game last night in Los Angeles in the Crypto.com Arena against the Oklahoma City Thunder, ESPN reported. Abdul-Jabbar's record of 38,387 career points had stood for 34 years, since he retired in 1989 at age 42. The story says the record was set in 1984, which may have been when Abdul-Jabbar broke the previous record.
With the SuperBowl to be played on Sunday, the teams are getting ready, but so are the advertisers. And as is the tradition, some have released short versions of their commercials on YouTube prior to the big game to get the maximum buzz. Here are some of the commercials you can expect to see. Budweiser, Budweiser's Busch Light Guy, Crown Royal, Popcorners featuring Breaking Bad characters, Rakuten Super Bowl commercial, Downy Unstoppables, Hellmann's Mayonnaise Super Bowl commercial, Michelob Ultra Super Bowl commercial and the M&Ms Super Bowl commercial.
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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Russell 2000 Index Quarterly Chartbook January 2023
The Russell 2000 Index Quarterly Chartbook provides an overview of the performance of US small-cap equities in 12 data exhibits. Drill down to get the intel you value most. Explore now: http://ow.ly/5lBF50MFPhZ
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Turkey Halts Stock Market Trading After $35 Billion Wipeout
Tugce Ozsoy and Taylan Bilgic - Bloomberg
Turkey's stock exchange suspended trading for the first time in 24 years, following a selloff that erased $35 billion from the value of its main equities gauge in the wake of two devastating earthquakes. "Our stock exchange has decided to halt trading in equities, futures and options markets," Borsa Istanbul said in a statement on Wednesday morning, following two market-wide circuit breakers. It didn't say when trading would resume.
/jlne.ws/3xd2O2F
****** A humanitarian disaster spills over into Turkey's financial markets.~JJL
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US Prosecutors Ask for Postponement of SEC, CFTC Cases Against Sam Bankman-Fried
Nelson Wang - CoinDesk
U.S. prosecutors have asked that the civil fraud cases brought by the Securities Exchange Commission and the Commodity Futures Trading Commission against FTX founder Sam Bankman-Fried be postponed until after the criminal case against him has concluded, according to a filing on Tuesday. In their filing, prosecutors said the stay will save time and resources because the outcome of the criminal case "is likely to have a significant impact on what issues are ultimately in dispute in the Civil Cases."
/jlne.ws/40HhpB2
****** We don't want Sam to get any information that can help him. ~JJL
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Quant Funds Shed Billions as Wall Street's Hottest Trends Falter; Systematic strategies are being hit by return of risk appetite; Smart-beta ETFs post biggest monthly outflow in four years
Denitsa Tsekova and Justina Lee - Bloomberg
The triumphant comeback of quant-investing strategies on Wall Street is suddenly on shaky ground as virtually all of 2022's hottest market trends get derailed in the new year. Investors have been rushing to price an end to monetary tightening and a potential soft landing for the US economy, defying hawkish messages from the Federal Reserve. All that has revived megacap tech stocks and curbed broad-based gains in equity benchmarks.
/jlne.ws/3RMdzCS
******* I saw this headline and thought back to 2007 and 2008 and my reading of Scott Patterson's "The Quants." Deja Vu all over again.~JJL
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Investors obsessing over AI is latest symptom of the 'Amazon disease': Morning Brief; The stock market hype machine has come for artificial intelligence
Myles Udland - Yahoo Finance
Another day, another newsletter about artificial intelligence. As my colleague Julie Hyman wrote yesterday, the market's obsession with anything "AI" is starting to feel a little 2017, the year when anyone and everyone began tacking "blockchain technology" onto an idea. The speed of the infatuation with AI, chatbots, and all associated "innovations" has been stunning.
/jlne.ws/3XgdXdJ
******* Don't get the Bezos itch either.~JJL
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Tuesday's Top Three
Our most read story yesterday was Seth Thomson has joined Geneva Trading, on LinkedIn. Second was Bloomberg's story, NYSE Plans to Pay in Full Majority of Claims Tied to Glitch. Third, also from LinkedIn, was Trading Technologies is hiring for an internal communications manager position in Chicago.
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MarketsWiki Stats
27,195 pages; 242,787 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
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| Lead Stories | 'Flash Boys' Improve $7.5 Trillion Currency Trading, Watchdog Says; High-frequency traders provide better average liquidity: study; Such firms are taking greater share of global FX market
Eva Szalay - Bloomberg
High-frequency traders are often singled out as the culprits behind a lack of prices when markets get jumpy. But the activities of these controversial companies have gained a stamp of approval from the UK's regulator, at least in currency markets. According to a new study published by the Financial Conduct Authority in January, computer-driven trading firms are better at handling a pick-up in volatility than banks and contribute the "dominant" share of new information into exchange rates. "It turns out that HFTs' price-changing limit and cancel orders contribute nearly half of overall price discovery," the study's authors wrote in a paper. "On average or during normal market times, we find HFTs provide better order-book liquidity than dealers," the authors added.
/jlne.ws/3DT9K93
How FTX built its network of stars; Talent agents and agencies invested alongside their celebrity clientele in the once-promising crypto exchange
FT Reporters - Financial Times
Some of the world's biggest talent agencies and their executives held shares in the collapsed crypto exchange FTX, alongside their celebrity clients, many of whom took equity as part of deals to promote Sam Bankman-Fried's now-bankrupt company. Endorsements from celebrities and athletes such as American football player Tom Brady, basketball star Steph Curry and comedian Larry David played a key role in the rapid rise of FTX to a $32bn company, before its spectacular collapse and bankruptcy late last year amid accusations of fraud with client money. Behind the star-studded facade, court documents reveal a web of personal and financial relationships involving talent agents, some of whom represented FTX's top endorsers, taking shares in the crypto group.
/jlne.ws/40E9ogg
Treasury Says Cloud Computing Poses Risks to Financial Sector; Department says reliance on Amazon, Microsoft or Google could have broad consequences
Andrew Duehren - The Wall Street Journal
The Treasury Department is warning about potential vulnerabilities caused by financial institutions relying on a small number of providers for cloud-computing services, convening a group of U.S. officials to study the issue. The Treasury said in a report released Wednesday that banks and other financial institutions are increasingly using remote computing services known as the cloud, part of a broader shift in how businesses manage their technology needs. Many are using these services for software such as email, and a smaller number are relying on it for more sensitive infrastructure such as data storage.
/jlne.ws/3loW9QE
ETFs following US lawmakers' stock trades go live; NANC and KRUZ will be aligned with either Democratic or Republican Congress members' own transactions
Emma Boyde - Financial Times
Investors who believe that members of the US Congress have access to information that could give them a trading advantage can now trade two exchange traded funds that follow members' stock transactions. Subversive Capital Advisor, an asset manager, and Unusual Whales, an option flow platform and data provider, on Tuesday launched the Unusual Whales Subversive Democratic ETF (NANC) and the Unusual Whales Subversive Republican ETF (KRUZ).
/jlne.ws/3HMn5kM
Turkey stock market trading suspended after benchmark index falls 7%; Borsa Istanbul declines to say when share dealing will resume after earthquake and aftershocks trigger slide
Adam Samson and George Steer - Financial Times
Trading on Turkey's stock market was suspended on Wednesday morning after the country's benchmark index fell 7 per cent, extending a steep slide from the previous day triggered by this week's devastating earthquake. The Bist 100 fell 7.1 per cent in morning dealing, twice tripping a "circuit breaker" that is in place to smooth tumultuous activity. Trading typically resumes following a brief suspension, but Refinitiv data showed no movement in the index from around 10.40am local time (7.40am GMT).
/jlne.ws/3xd9aix
DIY multi-strategy hedge funds; What could possibly go wrong?
Robin Wigglesworth - Financial Times
Jefferies recently released its annual "State of Our Union", which is about hedge funds rather than politics (yeah we don't get it either). It contained a fascinating nugget on the rise and rise of multi-strategy hedge funds. "Multistrats" basically combine a lot of different hedge fund strategies under one roof, and manage risk centrally. Powered by the success of the likes of Citadel and Millennium (technically "multi-manager" multistrats where each trading pod works almost autonomously) it's been one of the hedge fund industry's hottest corners in recent years.
/jlne.ws/3x6qXIl
Binance's dominance of crypto trading grows after FTX collapse; Exchange scoops more than half of global volumes as digital assets rebound
Scott Chipolina - Financial Times
Binance has taken its largest share to date of the market for trading cryptocurrencies after scooping up the majority of the business from defunct rival exchange FTX. The controversial exchange hosted 55 per cent of the world's spot crypto trading in January, an increase of seven percentage points since the collapse of FTX in November, according to data from research provider CryptoCompare.
/jlne.ws/3XjNNXw
SEC Directs Examiners To Focus on How US Broker-Dealers Are Pitching Crypto
Jesse Hamilton - CoinDesk
U.S. broker-dealers and investment advisers that deal in crypto will get extra scrutiny from Securities and Exchange Commission examiners this year, according to the agency's annual examination priorities announced Tuesday. The SEC-registered investment firms offering or advising about cryptocurrencies will be a focus, and the regulator will make sure the companies "followed their respective standards of care when making recommendations, referrals, or providing investment advice," according to a statement.
/jlne.ws/3x8Amiu
Russia Survived a Year of Sanctions by Investing as Never Before
Bloomberg News
Russia is seeking to spend its way out of the self-inflicted economic crisis that threatened to deliver the deepest recession of President Vladimir Putin's more than two-decade rule. Roaring exports of commodities funneled capital into the coffers of the government and companies, feeding an upswing in business investment that was without precedent during previous economic contractions and proved crucial to powering the war effort in the year since the invasion of Ukraine.
/jlne.ws/3lo1Wph
Main Street's Brokers Earn Big Revenues in Retail-Options Boom; Day-trader demand for short-dated equity derivatives has grown; Options largely absent in SEC payment-for-order-flow proposal
Eva Szalay - Bloomberg
With the meme-stock army in retreat and crypto fervor cooling, the booming marketplace for stock options proved a lucrative substitute for US retail brokers last year. Now the explosion in short-term derivatives trading is showing no signs of easing, a boon for major online brokers as they gear up to report earnings.
/jlne.ws/3Yw7nRq
NYC judge refuses to sign off on new bail terms reached between Sam Bankman-Fried and the feds
Molly Crane-Newman - New York Daily News
A Manhattan judge rejected a request Tuesday from embattled crypto entrepreneur Sam Bankman-Fried to modify the conditions of his $250 million bail. Lawyers for the one-time golden boy of digital currency wrote Federal Judge Lewis Kaplan on Monday to say they agreed with the feds allowing him to use Zoom, WhatsApp, FaceTime and send text messages while under house arrest. But Kaplan declined to sign off on that agreement and told the parties they must appear in court Thursday.
/jlne.ws/3Yh80i1
FTX founder Sam Bankman-Fried heads to court after judge rejects bail request
Associated Press
FTX founder Sam Bankman-Fried will head to a New York courtroom Thursday to face a federal judge who said his effort to contact a likely trial witness against him seemed designed so they would "sing out of the same hymn book." On Tuesday, Judge Lewis A. Kaplan rejected Bankman's-Fried's lawyers' request that oral arguments about his bail be cancelled because lawyers on both sides have settled their differences on necessary changes to his bail package in order to prevent inappropriate contact with witnesses or damaging encrypted social media communications.
/jlne.ws/3DRVVYn
Central bank test lab to trial 'stablecoin' monitoring system
Marc Jones - Reuters
A global central bank test lab run out of London is designing a 'stablecoin' monitoring system aimed at giving authorities a clearer picture on how they work and how to regulate them in future. Stablecoins are a type of cryptocurrency which aim to maintain a 1:1 peg with a fiat currency such as the dollar. The collapse last year of a widely-used stablecoin pair, Luna and TerraUSD, sparked widespread turmoil in crypto markets. In a bid to ensure there is more oversight going forward, the Bank for International Settlements (BIS), often dubbed the central bank for the world's central banks, is to begin work in its London 'innovation hub' on a tool to keep tabs on them.
/jlne.ws/3YAOgG4
Court keeps secret for now who backed bail for FTX's Bankman-Fried
Alexis Keenan - Yahoo Finance
The names of wealthy backers who guaranteed a $250 million bail bond for indicted former FTX CEO Sam Bankman-Fried will remain a secret - for now. On Tuesday, Bankman-Fried's lawyers filed court documents indicating their plan to appeal a Manhattan district court judge's January 30 decision to unseal the names. They are asking that the matter be decided by the Second Circuit Court of Appeals.
/jlne.ws/3lj41TI
Credit Suisse plans $380mn bonus scheme for top staff tied to overhaul; Swiss bank's board will seek shareholder approval for awards if executives can execute a radical restructuring
Owen Walker - Financial Times
Credit Suisse's top executives will share a SFr350mn ($380mn) bonus pool if they pull off a radical restructuring designed to restore the fortunes of the scandal-hit bank, according to people familiar with the matter. The board of the Swiss lender has devised the bonus plan for the top 1 per cent of staff, equivalent to around 500 senior managers, in a bid to sustain morale during a bruising period for the bank as it embarks on a sweeping overhaul.
/jlne.ws/3lljjas
Credit Suisse at a make-or-break moment; A radical restructuring could give the scandal-plagued bank new momentum - but deep losses in 2022 could yet prove to be the last straw
Owen Walker and Stephen Morris - Financial Times
The renowned banker Michael Klein has a new deal in his sights. Compared with his record of megadeals bringing together Barclays and Lehman Brothers, Dow Chemical and Dupont, and Glencore and Xstrata, this will be a small one. But if successful, it might do something few in the investment banking industry think is possible: take the dysfunctional, scandal-plagued lender Credit Suisse and turn it into a banking powerhouse.
/jlne.ws/3I4Ktv3
Wall Street finds it easier to raise money despite rising interest rates; Loosening of financial conditions suggests buoyant markets are at odds with the Federal Reserve
Kate Duguid and Nicholas Megaw - Financial Times
Raising money on Wall Street has become cheaper and easier despite the Federal Reserve lifting interest rates to the highest level in 15 years, suggesting an ongoing and deep disconnect between investors and central bank officials. Measures of financial conditions - the ease with which companies can access funding - have tumbled in recent months, with one closely watched index returning to the level it was at shortly after the Fed started raising rates last March.
/jlne.ws/3x82zWO
TotalEnergies puts $4bn hydrogen investment with Adani on hold; French group will not sign planned deal until there is 'clarity' on allegations facing the Indian conglomerate
Sarah White and Benjamin Parkin - Financial Times
TotalEnergies has paused a planned $4bn investment in a green hydrogen project with embattled Adani Group, saying it was waiting for more clarity on the Indian conglomerate's situation before proceeding. The French oil and gas group is one of the biggest foreign investors in businesses connected to the Indian group, which is under fire following a US short seller's report highlighting the group's debt pile and alleging accounting fraud and stock manipulation, which Adani denies.
/jlne.ws/40D3xb5
Anthony Scaramucci says his experience with FTX and 'sociopathic' founder SBF was 'extremely disappointing.' He's now investing in a company run by a former exec of the imploded exchange
Chloe Taylor - Business Insider
Wall Street veteran Anthony Scaramucci was badly burned by the downfall of crypto exchange FTX and its disgraced founder Sam Bankman-Fried-but he isn't letting it deter him from the cryptocurrency industry, even when former FTX executives are involved. "The FTX experience overall was extremely disappointing," Scaramucci told Fortune in a recent conversation.
/jlne.ws/3leydz7
Biden Is Looking To Regulate Crypto, And That's Great News for Investors
Caleb Naysmith - Benzinga
Government regulation is generally considered bad for an industry. It often results in increased costs around compliance and increased restrictions that inhibit growth. This isn't necessarily a bad thing - for example, creating restrictions on where manufacturers can dump dangerous chemicals means cities have cleaner drinking water.
/jlne.ws/3Xnb62Y
Tradeweb names new head of US institutional rates; Incoming US rates head had been global head of emerging markets at Tradeweb before his promotion.
Annabel Smith - The Trade
Tradeweb has promoted one of its longstanding employees to become its new head of US institutional rates, The TRADE can reveal. Bhas Nalabothula has been appointed head of US institutional rates, according to an update on his social media. Nalabothula has been with Tradeweb for almost a decade, joining in 2013 as a director in US rates product strategy and since holding roles such as head of European interest rate derivatives, head of European institutional rates and his most recent role as global head of emerging markets.
/jlne.ws/3I90XT6
Financial Institutions Are Still Betting on Crypto-Even After Getting Rekt in 2022
Andre Beganski - Decrypt
As Bitcoin hovered around $38,000 last April-down 45% from its peak-Fidelity Investments announced its customers could soon add the digital asset to their retirement accounts through a first-of-its-kind offering. By the time the firm's 401(k) product launched the following fall, the value of Bitcoin had sunk even more, hammered throughout the summer by a tightening economy and fallout from the $60 billion implosion of cryptocurrencies Luna and TerraUSD. Bitcoin was changing hands at $20,000 by early November.
/jlne.ws/40Fkrpt
FTX Lawyers Sullivan & Cromwell Bill $7.5M for First 19 Day's Bankruptcy Work
Jack Schickler - CoinDesk
Law firm Sullivan & Cromwell billed $7.5 million for work on the FTX bankruptcy case in November, a period covering just 19 days, a Tuesday court filing shows. The firm - whose appointment raised qualms from U.S lawmakers as well as the executive branch and FTX founder Sam Bankman-Fried - had more than 150 staff working on filings, investigating hacks and reestablishing corporate governance arrangements for a network of over 100 entities.
/jlne.ws/3HLer5X
Musk Prepares Tesla 'Master Plan' for March 1 Investor Day
Aradhana Aravindan and Sean O'Kane - Bloomberg
Tesla Inc. will present a third version of Elon Musk's "master plan" next month, almost a full year after the chief executive officer said he was working on a next edition. The electric-car maker will outline "the path to a fully sustainable energy future for Earth" during its March 1 investor day, Musk tweeted. Tesla has already said its expansion plans and next-generation platform for cheaper vehicles will be on the agenda.
/jlne.ws/3llvqEv
The Digital Pound Moves Forward: HM Treasury and Bank of England Launch Consultation on CBDC, No Decision on DLT
JD Alois - Crowdfund Insider
HM Treasury and the Bank of England have announced a new consultation on the possibility of a digital pound. According to a joint statement, The consultation is being launched as the UK government wants to ensure the public has access to "safe money" while supporting private sector innovation and efficiency. The UK is one of many jurisdictions that is reviewing the possibility of issuing a central bank digital currency or CBDC. A decision regarding a digital pound will not take place until "the middle of the decade."
/jlne.ws/40Ha04E
UK Plans £20,000 'Britcoin' Limit for Individuals Holdings Digital Pounds; Britcoin would be a cash-like alternative to banknotes; Central Bank wants instrument that works for online payments
Lucy White - Bloomberg
The UK will probably impose a limit of £10,000 to £20,000 ($12,017 to $24,033) for holdings of a new digital currency once it comes into existence, a Bank of England official said. The central bank and Treasury stepped up work on how to issue the pound in a digital form as early as the end of this decade. But the government will impose a cap on how much of the currency people can hold to prevent money draining out of traditional bank accounts.
/jlne.ws/3jAJycx
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine to Get as Many as 178 Leopard 1 Tanks From EU Allies
Arne Delfs and Cagan Koc - Bloomberg
Germany, Denmark and the Netherlands will supply Ukraine with as many as 178 older generation Leopard 1 battle tanks in the latest shipment of heavy military equipment as Kyiv braces for an expected intensification of fighting with invading Russian forces. In a joint statement on Tuesday, the defense ministers said the first deliveries would arrive in Ukraine in "a few months" in a package that includes training, spare parts and ammunition. Belgium has also shown interest in participating, they said.
/jlne.ws/3YDisAl
US Plans to Sell Poland $10 Billion in Himars Rocket Launchers and Ammunition; Poland has been seeking Himars to bolster its defenses; Congress has been notified of the proposed weapons sale
Peter Martin and Courtney McBride - Bloomberg
The US plans to sell Poland about $10 billion in weapons including 18 Himars rocket launchers and ammunition for the highly accurate mobile platform, the Pentagon announced Tuesday, shoring up a crucial NATO ally as Russia presses its war in neighboring Ukraine. The package will also include the ATACMS long-range missile system and the Guided Multiple Launch Rocket System, according to a Defense Department statement.
/jlne.ws/3x9ySVn
Russia Pays a Bloody Price for Small Gains on Eastern Front; Russia is relying on masses of troops to overrun Ukrainian positions, producing heavy casualties and incremental gains.
Marc Santora, Matina Stevis-Gridneff and Shashank Bengali - The New York Times
As Russia makes slow, bloody gains in a renewed push to capture more of eastern Ukraine, it is pouring ever more conscripts and military supplies into the battle, Ukrainian officials say. Still it remains far from clear that Moscow can mobilize enough forces to sustain a prolonged offensive. The Ukrainian military said on Tuesday that Russian forces were attacking in five different directions along the crescent-shaped front line in the east, relying on masses of troops to try to overrun Ukrainian positions.
/jlne.ws/3x9zaLX
Ammunition supply chain crisis: Ukraine war tests Europe in race to rearm
Sylvia Pfeifer and Patricia Nilsson - Financial Times
Ukraine's battle against Russia is consuming ammunition at unprecedented rates, with the country firing more than 5,000 artillery rounds every day - equal to a smaller European country's orders in an entire year in peacetime. The huge shift to a war footing is creating a supply chain crisis in Europe as defence manufacturers struggle to ramp up production to replenish national stockpiles as well as maintain supplies to Ukraine.
/jlne.ws/3jzkEKo
Zelenskiy Hails UK Support in London Ahead of Russian Offensive; UK extends training to Ukrainian marines, fighter jet pilots; Zelenskiy speaks to Parliament, due meet King, visit troops
Kitty Donaldson - Bloomberg
Ukrainian President Volodymyr Zelenskiy made a surprise visit to the UK, only his second confirmed trip outside the country since the war began, as Prime Minister Rishi Sunak announced more training for Ukrainian troops and new help for fighter jet pilots. Zelenskiy arrived on a Royal Air Force plane before heading into London to meet Sunak in Downing Street and speaking to UK lawmakers in Parliament. He will also meet King Charles III and visit Ukrainian troops training in southwest England.
/jlne.ws/3YhbOQi
Scholz Says Russia Faces New EU Sanctions on War's One-Year Mark; Tougher measures will provide 'a clear signal' to Putin; Chancellor calls on allies to stick together to thwart Kremlin
Arne Delfs - Bloomberg
German Chancellor Olaf Scholz said the European Union will impose a new round of sanctions against Russia this month to mark the one-year anniversary of President Vladimir Putin's invasion of Ukraine. The tougher measures will provide "a clear signal to Putin that he is not succeeding with his imperialist plans," Scholz told German lawmakers on Wednesday. He didn't provide details of the measures to punish Russia, which launched its full-scale attack on Ukraine on Feb. 24 last year.
/jlne.ws/3YiXx5K
UK pledges to give Ukraine fighter pilot training as Volodymyr Zelenskyy visits; Leader greeted by Rishi Sunak and addresses parliament as Britain steps up aid
Jasmine Cameron-Chileshe and John Paul Rathbone and Christopher Miller and Roman Olearchyk - Financial Times
Britain promised more aid for Ukraine - including fighter pilot training - during a historic visit by President Volodymyr Zelenskyy to London, as debate rages over how much further the west should go in arming Kyiv. In only his second foreign trip since Russia launched its full-scale invasion of his country nearly a year ago, Zelenskyy thanked the UK for its role in cajoling other allies to provide more support.
/jlne.ws/3HMKMsX
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | TMX Group Limited Announces a Proposed Five-for-One Share Split
TMX Group
TMX Group Limited [TSX:X] announced today that its Board of Directors will seek regulatory and shareholder approval of a five-for-one split of TMX Group's common shares. The Board of Directors will recommend that shareholders approve the proposed share split at the next annual and special meeting of shareholders on May 2, 2023. The share split is also subject to approval from Toronto Stock Exchange.
/jlne.ws/3DTaJ9f
Nodal Exchange Achieves January Trading Records In Power And Environmental Markets
Nodal Exchange - Business Wire
Nodal Exchange today announced it achieved a calendar month trading record for January 2023 with 270.8 million MWh of traded power futures volume in the month, up 22% from the prior year. Nodal continues to be the market leader in North American power futures having the majority of the open interest with 1.13 billion MWh at the end of January.
/jlne.ws/3DQrXE8
CME Group Inc. Reports Fourth-Quarter and Full-Year 2022 Financial Results
CME Group
CME Group Inc. (NASDAQ: CME) today reported financial results for the fourth quarter and full year of 2022. The company reported revenue of $1.2 billion and operating income of $668 million for the fourth quarter of 2022. Net income was $638 million and diluted earnings per common share were $1.75. On an adjusted basis, net income was $698 million and diluted earnings per common share were $1.92. Financial results presented on an adjusted basis for the fourth quarter of 2022 and 2021 exclude certain items, which are detailed in the reconciliation of non-GAAP results.
/jlne.ws/3DNGCjG
January 2023 figures at Eurex; Interest rate derivatives continued their positive trend (up 21 percent) in January; Traded volume in GC Pooling increasing nearly fivefold to EUR 35.8 billion y-o-y; Notional outstanding in OTC interest rate swaps up 15 percent
Eurex
Eurex began the year with an 8 percent increase in total traded volume to 144.6 million contracts in January, compared to 133.4 million in the same month last year. Interest rate derivatives again recorded the largest increase, up 21 percent year-on-year in January from 45.2 million to 54.7 million. Index derivatives increased by 5 percent, from 65.7 million to 68.7 million contracts traded. Trading in equity derivatives fell by 6 percent year-on-year in January, from 22.3 million to 20.9 million contracts.
/jlne.ws/3I3WJMx
HKEX Signs Cooperation Agreement With Nanjing Financial Affairs Office
Hong Kong Exchanges
Hong Kong Exchanges and Clearing Limited (HKEX) and the Financial Affairs Office of Nanjing Municipal People's Government (Nanjing FAO) today (Wednesday) signed a Memorandum of Understanding (MOU) to strengthen cooperation, and in particular support Nanjing-based companies that are interested in seeking a listing in Hong Kong. Under the MOU, HKEX and the Nanjing FAO will jointly host seminars on relevant topics for Nanjing-based organisations, as well as exchange ideas on the latest developments in the capital markets of Hong Kong and Nanjing.
/jlne.ws/3jOckpU
NGX Appoints Advisory Panel on Digital Technology Products
Nigerian Exchange Limited
As it advances on its digital transformation agenda, Nigerian Exchange Limited ("NGX" or "The Exchange") has set up the NGX Digital and Technology Products Advisory Panel ("The Panel"). The Panel would provide a forum for the Exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX's digital product offerings.
/jlne.ws/3YwT1QT
BME brings 12 small and medium-sized Spanish companies together with German investors in Frankfurt; The listed companies present at the Frankfurt Midcap Event have a combined market value of 7 billion euros; 65 face-to-face meetings between the companies and 25 institutional investors are planned
BME-X
Tomorrow, February 9, the sixteenth edition of the Frankfurt European Midcap Event will be held, an annual meeting in which BME is a regular sponsor and which this year returns to the face-to-face format, after several editions in which it was not possible due to the health situation. The event aims to put Spanish small and mid-cap companies in contact with 25 European investors, mainly German, interested in this profile of issuers, mainly fund managers and family offices.
/jlne.ws/3JQ21wa
Cboe Global Markets to Present at the Credit Suisse Financial Services Forum on February 15
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today announced that Ed Tilly, Chairman and Chief Executive Officer, and Brian Schell, Executive Vice President, Chief Financial Officer and Treasurer, will present at the Credit Suisse Financial Services Forum on Wednesday, February 15 at 8:35 a.m. ET.
/jlne.ws/3xcZQLz
Barchart Brings Cutting-Edge European Power Futures Data to Market
Colleen Sheeren - Barchart.com
Barchart, a commodity data and technology leader, is proud to announce the integration of Power Futures Data, from the European Energy Exchange (EEX) into their global market data and commodity price inventory. This integration provides clients with real-time, end-of-day and historical access to vital information and analysis for electricity and natural gas futures markets across Europe.
/jlne.ws/3xcxvoF
Improvement in farmer sentiment carries over into 2023
CME Group
Following a sharp increase to close out 2022, the Purdue University/CME Group Ag Economy Barometer had only a modest increase in January, up 4 points to a reading of 130. The rise in sentiment was primarily attributable to better expectations for the future as the Future Expectations Index improved by 5 points to 127. The Index of Current Conditions rose only 1 point to a reading of 136. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted from January 16-20.
/jlne.ws/40wCtdD
IONOS Group SE new in the Prime Standard of the Frankfurt Stock Exchange
Deutsche Boerse
IONOS Group SE (ISIN: DE000A3E00M1) has been listed in the Prime Standard of the Frankfurt Stock Exchange since today. The share's first price was EUR18.40. The IPO was accompanied by a consortium of JP Morgan, Berenberg, Deutsche Bank, BNP Paribas (each Joint Global Coordinators and Joint Bookrunners), Barclays, Goldman Sachs (each Joint Bookrunners), Commerzbank, DZ Bank and Landesbank Baden-Württemberg (each co-lead managers). Berenberg has been mandated as designated sponsor in Xetra trading, execution is carried out by Baader Bank, which also acts as a specialist on the Frankfurt Stock Exchange.
Disciplinary Action: Marex Financial
London Metal Exchange
Summary 1. This Notice records a settlement between the London Metal Exchange (the "LME") and Category 1 Member, Marex Financial ("MFL"), which includes a financial penalty of £2,000.
/jlne.ws/3vimcfa
Appeal to investors
Moex
Due to the high volatility in a number of equity market instruments, the Moscow Exchange draws the attention of investors to the need for balanced investment decision-making, taking into account available official information from issuers and professional participants in the securities market.
/www.moex.com/n54411/?nt=106
Companies with highest number of complaints pending
NSE
Out of the companies whose securities are traded on NSE, there is one company with the number of complaints greater than or equal to 10, pending for more than 2 months OR the aggregate value of the complaints pending for more than 2 months is equal to or greater than Rs.5 lakhs for 5 or more complaints as on January 31, 2023.
/jlne.ws/40zAs0l
NYSE US Exchanges to Close in Observance of Washington's Birthday
NYSE
In observance of Washington's Birthday, the New York Stock Exchange, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, NYSE National, NYSE American Options, NYSE Arca Options, and NYSE Bonds markets will be closed on Monday, February 20, 2023.
/jlne.ws/3JS3vpH
Notice on Investigation and Penalties for Violations of Relevant Rules and Regulations in January 2023
Shanghai Futures Exchange
Shanghai Futures Exchange (hereinafter referred to as "The Exchange") has been on continuous efforts in investigating and penalizing violations of relevant rules and regulations, so as to strengthen the risk management of the futures market, regulate the futures trading activities and protect the legitimate rights and interests of futures market participants. The enforcement against such violations in January 2023 are listed as follows.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Apple Expands Testing of 'Buy Now, Pay Later' Service to Retail Employees
Mark Gurman - Bloomberg
Apple Inc. has expanded an internal test of its upcoming "buy now, pay later" service to the company's thousands of retail employees, a sign the long-awaited feature is finally nearing a public release. The tech giant contacted retail staffers this week to offer them a test version of the service, according to Apple workers who asked not to be identified.
/jlne.ws/3lin6VV
BlackRock first to adopt Tradeweb's new ETF iNAV service; The service calculates real-time indicative net asset values (iNAVs) for equity, fixed income, fund of fund and commodity exchange-traded funds (ETFs).
Laurie McAughtry - The Trade
Electronic marketplace Tradeweb has today launched a new market data service to calculate real-time iNAVs for ETFs, with BlackRock becoming the first issuer to use the service for its iShares ETF suite in Europe.
/jlne.ws/3DU1fL4
Bloomberg enhances RFQ service's ETF trade efficiency through list trading; New functionality will allow clients to compare quotes from multiple sources to ensure they are trading at the best available price.
Wesley Bray - The Trade
Bloomberg has launched ETF list trading via its ETF request for quote service (RFQe), enhancing existing functionality to allow clients to trade multiple securities with a single click. The new service integrates existing client workflows with Bloomberg's broader infrastructure and array of trading solutions thanks to its full integration with EMSX, the company's equities execution management system.
/jlne.ws/3RKE4sf
Rival Systems Fulfills SOC 2 Type I Compliance
Rival Systems
Rival Systems (Rival), a leading provider of trading and risk management software, has announced they have fulfilled SOC 2 Type I security compliance. The American Institute of Certified Public Accountants (AICPA) developed the SOC 2 (System and Organization Controls) report to establish benchmark criteria of industry standards and best practices for platform and data security processes. Rival Systems' SOC 2 Type I examination was conducted by IS Partners, LLC.
/jlne.ws/3YxB9W6
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| Cybersecurity | | Top stories for cybersecurity | The State of the Union was light on cybersecurity
Tim Starks - The Washington Post
President Biden used his State of the Union address Tuesday evening to discuss some cyber-related topics like online privacy, but he steered clear of addressing cyber directly.
It's part of a recent trend in the annual speech - which is widely seen as a signal of every White House's priorities - where the subject usually hasn't been explicitly mentioned.
/jlne.ws/3YAVQ3u
The norms of cyber insurance are unsustainable in today's landscape
Terry Olaes - SC Media
During the pandemic, threat actors capitalized on cyber insurance policies to hold businesses for ransom, collect payouts and, in some cases, threaten lives. Insurance coverage often makes it possible to pay hackers large sums of money to free seized networks. Unfortunately, these funds do more than just reward hackers; they also support and encourage additional attacks.
/jlne.ws/40HMtRa
Cybersecurity teams, beware: The defender's dilemma is a lie
David J. Bianco - TechCrunch
Practically every security professional has run across "the defender's dilemma" sometime in their career. It goes like this: "Defenders have to be right every time. Attackers only need to be right once." The idea that attackers have all the advantages and that defenders must be passive and wait for something to respond to is practically an axiom of cybersecurity. It is also a lie.
/jlne.ws/3RKX6P7
Atlanta area cybersecurity giant Secureworks announces layoffs
Drew Kann and Michael E. Kanell - The Atlanta Journal-Constitution
Metro Atlanta cybersecurity giant Secureworks said Tuesday it would cut nearly one-tenth of its global workforce, citing the need to reduce spending and shift the focus of its business. "... Our business is evolving with our partners and customers in support of their security needs," Secureworks CEO Wendy Thomas said in a note to staff announcing the layoffs Tuesday morning. "This demands an agile footing, and a smaller, more focused team."
/jlne.ws/3Yhn9jx
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| Cryptocurrencies | | Top stories for cryptocurrencies | Revolut Launches Crypto Staking for Ethereum, Cardano, Polkadot, and Tezos
Will McCurdy - Decrypt
Revolut is back with another crypto update. Challenger bank Revolut announced the launch of its crypto staking service for a variety of proof-of-stake (PoS) tokens: Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Tezos (XTz). Staking is the process by which users can deposit PoS-based tokens to a blockchain in order to help secure the network. Staking on Ethereum, for example, requires users to deposit 32 Ethereum to join. There are also alternative services that let users earn rewards for staking less, like Lido Finance and Rocket Pool.
/jlne.ws/3x3Vwyr
Here are 3 obstacles facing crypto in 2023 as the market looks to move on from the FTX disaster
Morgan Chittum - Bloomberg
Nearly three months after FTX filed for Chapter 11 bankruptcy, the crypto industry is attempting to move forward from founder Sam Bankman-Fried's mess, but new potential headwinds are looming. For now, crypto markets are continuing to claw back losses since FTX's liquidity crisis, with the industry regaining a $1 trillion market cap. Bitcoin and ethereum rallied 34% and 28% in the past month, but are still over 66% off from record highs in November of 2021.
/jlne.ws/3YAR1XW
FTX has chased politicians like Nancy Pelosi to return donations given before the crypto giant's collapse. They now have a deadline of February 28 to pay.
Pete Syme - Insider
Bankrupt FTX is asking politicians and political action committees to return donations made by company employees by the end of the month. The bankrupt crypto exchange said Sunday that it is contacting anyone who received payments made by Sam Bankman-Fried, other FTX executives, or any of the affiliated companies that have filed for bankruptcy. In total, FTX employees donated $90 million to politicians, per The New York Times, and the debtors are trying to claim that back to reimburse customers.
/jlne.ws/3RLvZUk
Crypto Lender SALT Raises $64.4M to Resume Operations
Brandy Betz - CoinDesk
SALT Lending has closed a $64.4 million Series A funding round from a share sale to accredited investors less than three months after its planned sale fell through due to the implosion of centralized crypto exchange FTX. SALT will use the capital toward new products and its growth strategy, according to a draft press release provided to CoinDesk.
/jlne.ws/40HwG55
DCG sells shares in Grayscale crypto trusts in push to raise funds; Digital assets conglomerate sells down holdings in prized investments at a discount to pay creditors
Nikou Asgari and Ryan McMorrow - Financial Times
Crypto conglomerate Digital Currency Group has begun to sell shares in several of its most prized cryptocurrency funds at a steep discount, as it seeks to raise capital to pay back creditors of its bankrupt lending arm. SoftBank-backed DCG has started to offload its holdings in several investment vehicles run by its subsidiary Grayscale, according to US securities filings seen by the Financial Times.
/jlne.ws/3RHhFvK
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| Politics | | An overview of politics as it relates to the financial markets | SBF Lobbied Congress to Benefit FTX, Not Crypto, Says Blockchain Exec
Stacy Elliott - Decrypt
FTX founder Sam Bankman-Fried spent more time lobbying lawmakers in D.C. than any other executive that Blockchain Association executive director Kristin Smith has seen in her 20-year career. So it's hardly surprising, in the wake of his crypto empire going bust amid claims of fraud and misappropriated funds, that the tone of conversations facilitated by the crypto lobbying group has had to change.
/jlne.ws/3Xkvdi2
Chinese balloon part of vast aerial surveillance program, U.S. says; Spy balloon effort operates in Hainan province off China's south coast and has for years collected information on military assets in several countries, officials said
Ellen Nakashima, Shane Harris, John Hudson and Dan Lamothe - The Washington Post
The U.S. intelligence community has linked the Chinese spy balloon shot down on Saturday to a vast surveillance program run by the People's Liberation Army, and U.S. officials have begun to brief allies and partners who have been similarly targeted.
/jlne.ws/40Ca3Pf
President Biden calls out stock buybacks in State of the Union address
Brian Sozzi - Yahoo Finance
Just as stock buyback activity heats up as some execs look for easy ways to pump up sagging stock prices, President Joe Biden is pushing back. "Corporations ought to do the right thing," Biden said in Tuesday night's State of the Union address. "That's why I propose we quadruple the tax on corporate stock buybacks and encourage long-term investments. They'll still make considerable profit."
/jlne.ws/3I9UUh8
Hold Off on Filing Your Return, IRS Tells Millions of Taxpayers; The Internal Revenue Service says it would clear up confusion this week about whether certain state refunds count as taxable income
Ashlea Ebeling - The Wall Street Journal
The Internal Revenue Service told millions of taxpayers to hold off on filing their returns until it issues guidance on whether several state refund and rebate payments issued last year count as taxable income. California sent out more than 16 million special Middle Class Tax Refund payments, worth $9 billion, to help counter inflation and high gas prices last year. It is still unclear if those payments should be treated as taxable federal income, as taxpayers are starting to file their 2022 tax returns.
/jlne.ws/3DQyb6S
India ignored the concerns of its own finance ministry to favor Adani
Niharika Sharma - Quartz
The crisis in India's Adani group has revived allegations that the conglomerate has had the backing of prime minister Narendra Modi's government for years, the latter's noticeable silence on the matter notwithstanding. A key area of focus among India's opposition parties now is Adani's winning bid a few years ago to manage six major airports, making the company the country's largest airport operator. Interestingly, it had no prior experience in airport management at that time, sparking allegations of undue favors and crony capitalism.
/jlne.ws/3I9OEpE
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| Regulation & Enforcement | | Stories about regulation and the law. | Saudi Arabia to Launch 2nd Edition of Financial Sector Conference (FSC) March 15-16, 2023 in Riyadh
Ministry of Finance Saudi Arabia
The 2nd Edition of the Financial Sector Conference (FSC 2023) organized by the Financial Sector Development Program partners (Ministry of Finance, Saudi Central Bank, and Capital Market Authority) will be held March 15-16, 2023 at the King Abdulaziz International Conference Center in Riyadh. It will be attended by decision-makers in the financial sector and senior executives in local, regional, and international financial institutions, as well as international investors, entrepreneurs, and prominent academics.
/jlne.ws/3HE2A9M
Argentina's National Securities Commission to Set Requirements and Rules for Crypto Companies
Andrés Engler - CoinDesk
Argentina's National Securities Commission (CNV) will establish and regulate requirements to be followed by crypto companies in that country, the agency told CoinDesk on Tuesday. The jurisdiction of the CNV over virtual asset service providers is specified in a reform of the money laundering prevention law that is being discussed in the Argentine Congress.
/jlne.ws/3X9ZZKB
SEC Approves Finra Proposal to Tag Problem Firms as 'Restricted' in BrokerCheck
Kenneth Corbin - Barron's
Investors could soon start seeing bright red flags warning them about problematic firms when they go online to research brokers. Brokerage industry self-regulatory organization Finra has won approval for its proposal to start identifying firms with significant disciplinary histories as "restricted" in its BrokerCheck database.
/jlne.ws/3jEDJuD
CFTC Commissioner Pham Announces Additional Staff Appointment
CFTC
CFTC Commissioner Caroline D. Pham today announced Brigitte Weyls will serve as Interim Senior Counsel. Commissioner Pham stated, "I am thrilled to have Brigitte's wealth of markets and enforcement knowledge on my team, and to add another first-ever appointment, now from our Chicago Regional Office. I appreciate Brigitte contributing her wide-ranging expertise on emerging issues as we work to fulfill the Commission's mandate and provide oversight of our markets."
/jlne.ws/3HJjC6u
The Global Markets Advisory Committee Announces Agenda for February 13 Meeting
CFTC
The Commodity Futures Trading Commission's Global Markets Advisory Committee (GMAC) today released the agenda for its meeting on February 13 from 9:30 a.m. to 3:00 p.m. (EST) at the CFTC's Washington, D.C. headquarters. Commissioner Caroline D. Pham is the sponsor of the GMAC. Members of the public can watch the live meeting via webcast on cftc.gov.
/jlne.ws/3Eee9DV
SEC Warns That Retirement Accounts' Crypto Stakes May Be Unregistered Securities
Jesse Hamilton - CoinDesk
The U.S. Securities and Exchange Commission (SEC) again made its case Tuesday that crypto assets are often unregistered securities being traded on unregistered exchanges, issuing an investor alert warning that people should be wary of crypto in individual retirement accounts (IRA). Self-directed IRAs sometimes offer crypto investments, the SEC said, and those "may be securities that are offered without SEC registration or a valid exemption from registration, and may not be accompanied by complete or accurate information to aid investors in making informed decisions."
/jlne.ws/3YcwmcI
SEC Division of Examinations Announces 2023 Priorities
SEC
The Securities and Exchange Commission's Division of Examinations today announced its 2023 examination priorities. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets.
/jlne.ws/3x2VuH7
SEC Seeks Applicants for Public Company Accounting Oversight Board Seat
SEC
The Securities and Exchange Commission today announced the start of the selection process to fill a seat on the Public Company Accounting Oversight Board (PCAOB) that will become vacant in October. The PCAOB appointment is for a five-year term from October 2023-October 2028. Under the current composition of the PCAOB Board, the candidate selected must be or have been a Certified Public Accountant (CPA).
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Prepared Remarks Before the Small Business Capital Formation Advisory Committee
Chair Gary Gensler - SEC
Good morning. It is good to join the advisory committee for your first meeting of the year. As is customary, I'd like to note that my views are my own and I am not speaking on behalf of the Commission or SEC staff. I want to start by thanking the members-13 of you-who are concluding your terms with the committee. Further, I appreciate that at the end of today's meeting a number of you will be sharing your parting perspectives.
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Remarks at the Small Business Advisory Committee Meeting
Commissioner Jaime Lizarraga - SEC
Good morning, and thank you to Carla and the rest of the Committee for your time and input today. This will be the last meeting for several Committee members who have reached the end of their terms. Thank you for your service and for the time and contributions you've made over the past several years.
/jlne.ws/3XgE0RW
Remarks to the Small Business Capital Formation Advisory Committee
Commissioner Mark T. Uyeda - SEC
Thank you, Carla [Garrett]. Good morning and welcome. I would like to start by thanking the committee members whose term will be ending. Your commitment to spend time outside of your "day jobs" and your input on the challenges faced by small businesses, emerging companies, and smaller public companies have been greatly appreciated. Your discussion and advice on today's panels will also be important. On that point, I wanted to share some of my preliminary thoughts on each panel.
/jlne.ws/3lmO5Q2
Former Convicted Felon to Pay $24 Million to Settle SEC Charges for Operating a Ponzi and Pyramid Scheme
SEC
The Securities and Exchange Commission today announced the resolution of its fraud action against Eric J. "EJ" Dalius and the business he owned, Saivian LLC. Dalius and Saivian LLC have agreed to pay $24 million in disgorgement, prejudgment interest and penalties to settle the SEC's claims against them for operating a multi-million dollar Ponzi and pyramid scheme, and offering fraud. The SEC's litigation against Ryan Morgan Evans, a top executive in the Saivian scheme, is ongoing.
/jlne.ws/3JOaVu7
SEC Charges Las Vegas Resident in Crypto Fraud Targeting Filipino Community in California
SEC
The Securities and Exchange Commission charged Las Vegas, Nevada resident Emiliano S. Ryn and his company GexCrypto Corp. with defrauding members of the Filipino community in a scheme involving crypto assets.
/jlne.ws/3jOjeeO
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | You Can Tell AI Investing Is Full of Froth Because the Crypto Bros Are Piling In
Jack Denton - Barron's
Investors have worked themselves up into a frenzy over opportunities in artificial intelligence. You can tell the froth is reaching peak levels because crypto bros are piling in with big bets on small and speculative cryptocurrencies linked to AI.
/jlne.ws/3YgFEEz
Wall Street Goes Risk-On Without Powell's Pushback: Markets Wrap; Fed chief's remarks less aggressive than feared by investors; Kashkari says strong jobs data show need for more rate hikes
Rita Nazareth - Bloomberg
Stock traders bracing for Jerome Powell to push back against the powerful rally that led to a loosening in financial conditions didn't really get that, with the market finding encouragement to move higher. What the Federal Reserve's chief said Tuesday wasn't that much different from his remarks last week, noted JPMorgan Chase & Co.'s Michael Feroli.
/jlne.ws/40Fr3nH
Hertz Has Less Than Half the Teslas It Planned to Order by Now; Order of 100,000 cars sent Tesla stock soaring in October 2021; Hertz had fewer than 50,000 Tesla cars in its fleet last year
Craig Trudell and David Welch - Bloomberg
Hertz Global Holdings Inc. ended last year with far fewer Tesla Inc. vehicles in its fleet than planned when the rental-car company was plotting its late 2021 stock listing. In an annual regulatory filing Tuesday, Hertz said its rental fleet in the Americas peaked at 428,700 vehicles last year, and that Teslas were 11% of its fleet. That means Hertz had fewer than 50,000 Teslas in its fleet - less than half the 100,000 the company said it would order by the end of 2022.
/jlne.ws/3x3VG8U
Germany's First IPO in Months Disappoints as Ionos Drops; Ionos shares drop below their IPO price on first trading day; 'Other IPOs are in trouble,' Finncap's Patrick Basiewicz says
Aggi Cantrill and Swetha Gopinath - Bloomberg
Shares in United Internet AG's web hosting arm Ionos SE dropped following the company's debut on the Frankfurt Stock Exchange, the first test of the German exchange this year. Ionos fell to EUR18.10 at 11:57 a.m. in Frankfurt. That compared with a 0.9% gain in the Stoxx Europe 600 Index.
/jlne.ws/3jHIQdq
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Three Climate Takeaways From Biden's Second State of the Union; "Let's face reality. The climate crisis doesn't care if you're in a red or blue state," the president told members of Congress.
Jennifer A Dlouhy and Ari Natter - Bloomberg
US President Joe Biden delivered his second State of the Union address to a divided Congress on Tuesday night, a speech widely seen as a test run for his reelection pitch next year. Over 73 minutes punctuated by heckles and outbursts from some lawmakers, Biden talked about issues ranging from inflation to police reform to the annoying "junk fees" added to the cost of airline tickets and hotel rooms, which he promised to crack down on.
/jlne.ws/3Yfo3gm
Coal Ash Along the Shores of the Great Lakes Threatens Water Quality as Residents Rally for Change; More than 100 coal ash waste sites, many unregulated, sit just feet from the Great Lakes, raising concerns for nearby communities and the 30 million people who rely on the lakes for drinking water.
Grace van Deelen - Inside Climate News
Just four miles up the shore from the public beach in Waukegan, Illinois, sits the Waukegan Generating Station, a formerly coal-powered electricity plant. According to Dulce Ortiz, a Waukegan resident, the coal ash-a byproduct of coal power generation-left behind by the plant is a "ticking bomb" that threatens not only her community's water supply, but all of Lake Michigan, as well. Ortiz, a founder of the environmental justice nonprofit Clean Power Lake County, has worked for a decade to ensure that the coal ash waste at Waukegan Generating Station gets cleaned up. In June 2022, they completed the first task: closure of the plant's last two coal-burning units.
/jlne.ws/3JNOqFO
What Is Permitting Reform? Here's a Primer on the Drive to Fast Track Energy Projects-Both Clean and Fossil Fuel; It's a return to Washington's biggest energy debate, with Democrats and climate advocates divided among themselves, and mostly at odds with Republicans.
Dan Gearino, Kristoffer Tigue - Inside Climate News
The construction of a new interstate power line near Phoenix has become the latest symbol in the debate over federal permitting reform. At a groundbreaking ceremony last month for the Ten West Link transmission line, Vice President Kamala Harris praised the project for what it means for the fight against climate change. "To create our clean energy future," she said, "we must construct thousands of miles of new high-voltage transmission lines all across our country."
/jlne.ws/3XhZOwJ
European Officials Push for Joint Effort With U.S. on Green-Technology Minerals; In Washington, German and French ministers also press U.S. on including European businesses in clean-energy projects
Yuka Hayashi - The Wall Street Journal
Representatives of Europe's two top economies proposed new efforts with the U.S. to strengthen supply chains for critical minerals used in electric vehicles and other green-technology products, even as they continued to press the U.S. about its clean energy legislation. Robert Habeck, German vice chancellor and minister for economic affairs and climate action, proposed Tuesday creating a "critical minerals club" with the U.S. during a trip to Washington where he met with Treasury Secretary Janet Yellen; Commerce Secretary Gina Raimondo; and Brian Deese, director of the White House National Economic Council, among others. Bruno Le Maire, French minister for finance, economy and industry, also attended the meetings.
/jlne.ws/3DTMqYW
Twice as Much Land in Developing Nations Will be Swamped by Rising Seas than Previously Projected, New Research Shows; More accurate mapping of terrain in coastal regions will allow countries to better assess flood risk.
Bob Berwyn - Inside Climate News
Rising seas will swamp farmlands, pollute water supplies and displace millions of people much sooner than expected, scientists said last week, as they released new research that accurately calculates the vulnerability of coastal areas, especially in developing countries that have not had access to expensive coastal mapping technologies. Sea level rise keeps speeding up, and "many coastal areas are lower than scientists thought they were," said Ronald Vernimmer, lead author of the new study published last week in Earth's Future, a journal of the American Geophysical Union.
/jlne.ws/3YcUzzC
How to Solve High Battery Prices and Other Electric-Car Quandaries; BloombergNEF analysts address some of the biggest questions facing countries and companies trying to decarbonize transport.
Andrew Grant - Bloomberg
BloombergNEF just convened its annual San Francisco summit focused on the challenges and opportunities for the transport, energy and technology industries. BNEF's analysts raised some of the biggest questions facing these sectors and offered some answers. https://jlne.ws/3Yj1RSG
House GOP Is About to Beat the ESG Drum Even Harder; In America, the right's political onslaught on sustainable investing is beginning in earnest
Tim Quinson - Bloomberg
In the US, the political onslaught by the right on sustainable investing has begun in earnest at the federal level. Over the past week, House Republicans have said they plan to vote on a suite of bills by July aimed at undermining those who track environmental, social and governance-risk factors as part of their investment process. House Financial Services Committee Chairman Patrick McHenry of North Carolina picked Michigan's Bill Huizenga on Friday to head a working group focused on investigating and reining in ESG.
/jlne.ws/3XgNgps
Europe's Hottest New Year's Day Is Another Climate Warning; Temperatures in Europe in January were 2.2C higher than the 30-year average, according to the European Earth observation satellite.
Laura Millan Lombrana - Bloomberg
A winter heat wave over most of the northern hemisphere made New Year's day the hottest on record for Europe, with temperatures on the snowless hills of Austria higher than those across North Africa and Spain. This January was 2.2C hotter in Europe than the 1991-2020 average, according to Copernicus, the European Earth observation agency. The Balkans, eastern Europe, Finland, north-western Russia and the Svalbard region registered the continent's highest temperatures above the seasonal average.
/jlne.ws/3YkPtBt
BP, in a Reversal, Says It Will Produce More Oil and Gas; The company said global concerns about energy security had prompted the change, as it reported record profits for 2022.
Stanley Reed - The New York Times
BP's chief executive, Bernard Looney, said on Tuesday that the company would pare back its plans to reduce oil and gas production in the coming years, a move that would result in higher-than-expected carbon emissions. The shift appeared to be a response to changes in the geopolitical environment, at least partly caused by the war in Ukraine, which has sent oil and, especially, natural gas prices soaring.
/jlne.ws/3jEUXIa
Farmers Roll Hundreds of Tractors to Paris to Protest Pesticide Ban; EU ban on neonicotinoids threatens to hurt sugar production
Mumbi Gitau and Jenny Che - Bloomberg
French farmers drove hundreds of tractors to Paris to protest a European ban on controversial pesticides that threatens sugar output, as well as other agricultural regulations. France has backtracked on a plan to allow the continued use of neonicotinoids - a type of pesticide considered harmful to bees - after last month's European Union court ruling against such exemptions. Growers say that the ban and implementation of other environmental measures will make crop production more difficult.
/jlne.ws/40HuCty
Deal to curb harmful fishing devices a 'huge win' for yellowfin tuna stocks; Agreement to restrict use of aggregating apparatus in the Indian Ocean is hailed as a 'giant step forward' for species conservation
Karen McVeigh - The Guardian
Coastal nations and conservation groups have described an agreement to restrict fishing vessels from using devices that contribute to overfishing as a "huge win" for tuna populations and marine life. The adoption by fishing nations of tough proposals to restrict "fish aggregating devices" (FADs) in the Indian Ocean, follows warnings to EU officials from retailers, including Marks & Spencer, environmentalists and coastal nations that the tools are one of the main contributors to overfishing of Indian Ocean yellowfin tuna, because they catch high numbers of juveniles.
/jlne.ws/3x8AD50
Shell's Grand Plan to Fight Climate Change (and Continue to Cause It); The company is investing billions of dollars in zero- and low-carbon energy solutions, but selling oil and gas at record profits is a hard habit to break.
Drake Bennett and Will Mathis - Bloomberg
In 1902 the Royal Dutch Petroleum Co. built a refinery in Rotterdam, on the river running to the nearby North Sea. The facility would later relocate a few miles downstream to the village of Pernis, where it processed crude from the company's distant concessions on the island colony of Sumatra, in modern-day Indonesia. At the time, petroleum was mostly refined into kerosene to be burned for heat and light. But the young company's Sumatran crude was particularly light and low in sulfur, and thus suited to a newer use: powering the automobiles that were growing in popularity as playthings for the wealthy. Five years later, to compete with the American juggernaut Standard Oil, the Dutch company merged with an English competitor run by brothers Marcus and Samuel Samuel, who'd developed a new type of ship to carry crude in bulk. The brothers named each tanker in their growing fleet after kinds of seashells-an homage to their father's import-export business, which had brought shell-encrusted curios into England from East Asia.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Goldman Sachs Asset Management closes $5.2 billion growth equity fund
Reuters
Goldman Sachs Asset Management said Tuesday it had closed a $5.2 billion direct private markets fund that invests in high-growth businesses. The fund, one of the largest growth funds of its kind, seeks to buy minority stakes with an average investment size of about $50 million in businesses that are in the early or middle stages of their growth. The West Street Global Growth Partners fund attracted $3.7 billion from institutional and high net worth investors, as well as commitments from Goldman Sachs Group Inc (GS.N) and its employees.
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Credit Suisse Tells Some Bankers Bonuses Will Be in Installments; It's the latest twist in the firm's handling of compensation; Troubled Swiss lender due to report results on Thursday
Gillian Tan and Crystal Tse - Bloomberg
Credit Suisse Group AG will pay some of its junior and mid-level banker bonuses in installments, adding to turmoil in the firm's handling of employee compensation as it seeks to overhaul its operations after a series of scandals and deep losses. Selective associates and vice presidents at the Zurich-based lender were told on Tuesday that the much-anticipated rewards will be doled out in chunks, according to people familiar with the matter.
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Banks' Golden Deposits Could Turn Back to Lead; Lenders confront challenge of customer money shifting out of zero-interest accounts
Telis Demos - The Wall Street Journal
Bank stocks have been sizzling this year, but they should be handled with care. The latest earnings season for banks was marked by rising loss reserves and depressed Wall Street revenue, plus the view in some corners that interest rates might not keep rising for long-a trifecta of what is typically rough news for bank stocks.
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Most fund managers are above average*; *as long as they can pick the timeframe
Ed Moisson - Financial Times
Ed Moisson is a journalist at Ignites Europe, an FT service covering the asset management industry, and the author of The Economics of Fund Management. Former UK education secretary Michael Gove once claimed that every UK school could be above average, to widespread derision. But what seemed somewhat surprising for schools turns out to be possible for fund managers.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Microsoft's New AI Search Adept at Restaurant Recommendations, Backs Away From Politics
Dina Bass - Bloomberg
Microsoft Corp.'s new OpenAI-powered Bing search fares pretty well with a conversation about choosing a Seattle restaurant and queries that involve combining two different pieces of information to get a single answer. It does less well with questions about politics. Here's what we got when we tried various queries in the search and chat functions of the new Bing, which was released Tuesday in limited preview.
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Microsoft Unveils Bing Search Engine Using OpenAI Technology; Software giant aims to gain on Google with chat-based search; Generative AI has sparked a wave of new products across tech
Dina Bass - Bloomberg
Microsoft Corp. showed off plans to use new tools from startup OpenAI to improve its little-used internet search and browsing services, seeking to gain ground against market leader Google by being first to offer conversational responses powered by artificial intelligence. The company unveiled a new version of its Bing search engine and Edge browser that incorporate technology from OpenAI, maker of the viral chatbot ChatGPT, a revamp designed to make it easier for users to create content and find answers on the web.
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Zoom Joins Tech Giants in Announcing Layoffs; The company is cutting 15 percent of its work force, or about 1,300 jobs, citing "the uncertainty of the global economy."
Isabella Simonetti - The New York Times
Zoom, the videoconferencing giant that grew rapidly during the pandemic, said on Tuesday that it was laying off 15 percent of its work force, or about 1,300 employees, becoming the latest tech company to cut back amid looming concerns about the economy. Eric Yuan, Zoom's chief executive, cited the company's rapid hiring during the pandemic as well as "the uncertainty of the global economy" as factors in the company's decision to cut labor costs.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Problems With Covid-19 Nobody Is Talking About
Omer Awan - Forbest
Public discourse surrounding Covid-19 has largely centered around deaths, hospitalizations, treatments, and the efficacy of vaccines in its prevention. Despite these important issues, there are equally impactful aspects of this virus that deserve just as much attention. Below are three that you should consider.
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Superbugs are a leading global health risk: UN report; Microorganisms have become resistant to treatments once effective.
Dr. David Oczos - ABC News
Superbugs are now a leading global health risk, according to a major U.N. report published Tuesday. Major industries like the pharmaceutical and agricultural industries are largely responsible for this growing threat, inadvertently driving dangerous pathogens to evolve to outsmart currently available medications, the report said.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Philippine Poultry Firm Bounty Considers $500 Million IPO in Manila; First-time share sale could take place as early as end of 2023; Bounty's takeaway brands include Chooks-to-Go, Uling Roasters
Elffie Chew - Bloomberg
Bounty Agro Ventures Inc., a Philippine poultry firm, is exploring an initial public offering in Manila that could raise $400 million to $500 million, according to people with knowledge of the matter. The company is having discussions with potential advisers on the planned listing, said the people, who asked not to be identified as the information is private. A first-time share sale could take place as early as the end of this year, the people said.
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Japanese Make Record Foreign Bond Sales as Hedging Costs Rise; Sales also fueled by speculation BOJ will allow higher yields; 'Hedge costs are likely to stay high': NLI Research Institute
Masaki Kondo and Hiroko Komiya - Bloomberg
Japanese investors offloaded a record amount of overseas debt last year as hedging costs rose and speculation the nation's central bank would normalize policy fueled bets on higher local yields. Money managers in the Asian nation cut holdings of foreign fixed-income securities by ¥23.8 trillion ($181 billion) over the period, according to balance-of-payments data published by the Ministry of Finance on Wednesday. That was an all-time high in the data that starts in 1996.
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Farmers Roll Hundreds of Tractors to Paris to Protest Pesticide Ban; EU ban on neonicotinoids threatens to hurt sugar production; French farmers protest against ban, other environmental rules
Mumbi Gitau and Jenny Che - Bloomberg
French farmers drove hundreds of tractors to Paris to protest a European ban on controversial pesticides that threatens sugar output, as well as other agricultural regulations. France has backtracked on a plan to allow the continued use of neonicotinoids - a type of pesticide considered harmful to bees - after last month's European Union court ruling against such exemptions. Growers say that the ban and implementation of other environmental measures will make crop production more difficult.
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Egypt in Talks to Buy Serbian Wheat in Push to Expand Suppliers; Serbia to also supply wheat and corn from Romania, Bulgaria; However, timeline remains unclear; Serbia is minor exporter
Abdel Latif Wahba and Salma El Wardany - Bloomberg
Egypt - one of the world's top wheat importers - is in talks to buy 1 million tons from Serbia, showing how its push to expand suppliers is turning even to minor global shippers. The move aims to "diversify sources of wheat imports," Supply Minister Aly El-Moselhy said in a statement Wednesday, following a Serbian official visit to Egypt. The country will also supply Egypt with corn for poultry feed, he said.
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Taliban Tighten Currency Controls After Dollar Smuggling Report
Eltaf Najafizada - Bloomberg
The Taliban imposed fresh restrictions on people carrying foreign currency out of Afghanistan via a rare directive from the prime minister's office after a report that millions of dollars were being smuggled in each day from Pakistan, shoring up its battered economy.
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Supreme Court Halts Nigerian Plan to Ban High-Value Banknotes
Ruth Olurounbi - Bloomberg
Nigeria's top court blocked the central bank from ending the use of higher-denomination naira notes, a policy that has disrupted banking in Africa's biggest economy. The Supreme Court ruling bars the central bank from halting the use of 200- 500- and 1,000 notes from Feb. 10. The matter was adjourned until the Feb. 15 hearing of a lawsuit brought by three state governors challenging the central bank plan.
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Coal Miners Brace for 'Awful Spring' as Mild Weather Crimps Demand; Miners already sold out for 2023 but utility burn set to slide; Coal companies facing sharp reversal after two record years
Will Wade - Bloomberg
The dramatic turnaround of the US coal industry that's sent share prices soaring and provided a lifeline for miners is running out of steam. Milder-than-expected weather that weakened demand has allowed stockpiles to swell, and coal prices are falling. The power-plant fuel also is facing competition from natural gas, which hasn't been this cheap since late 2020. There are concerns that coal-fired US utilities will seek to delay contracted deliveries this year.
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Florida Farmers Rush to Save Oranges as Juice Price Hits Records; Major citrus grower says recovery may take 2-plus years; Hurricane Ian worsened fruit drop triggered by disease
Marvin G Perez and Dayanne Martins Sousa - Bloomberg
Florida's citrus growers are racing to collect what's left from one of the worst seasons ever after hurricane blows sent production plunging and juice prices toward fresh records. The state's crop will plunge 56% this season after damage from Hurricane Ian, which hit the state in September just a many groves were recovering from Hurricane Irma in 2017.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Why Companies Are Setting Prices Wrong, and How to Do It Right; Inflation has companies charging customers more, but experts say it offers businesses a chance to rethink their entire pricing model.
Arianne Cohen - Bloomberg
Each month, I shell out $6.99 for word processing software, $9.99 for a transcription app and $7.99 for a note-taking organizer. I'm what you might call a power user, often logged in to all of them for more than 40 hours a week. But my total cost is less than $1 a day-the same price occasional users pay. This kind of pricing drives experts bananas. "A subscription, in a nutshell, is a quantity discount," says Oded Koenigsberg, professor of marketing at the London Business School, who says he sees this and other pricing "inefficiencies" everywhere he shops.
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