| June 27, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
In derivative plumbing news today, ICE announced it has connected LiquidityBook with ICE ETF Hub for straight-through ETF primary market and portfolio management workflows. The ICE press release says, "The LBX suite is connected to ICE ETF Hub's FIX application programming interface (API), which allows third-party platforms and ETF market participants to connect to the ICE ETF Hub platform to seamlessly and systematically manage their creation and redemption orders."
Yesterday Chicago lost a great civic and philanthropic leader when James Crown, president of Henry Crown & Co. and the longest serving board member of J.P. Morgan Chase & Co., Inc., died in a single car accident in a crash at a racetrack in Woody Creek, Colorado while celebrating his 70th birthday, Bloomberg reported.
The death of LIBOR approaches in three days. In anticipation, DTCC's Ann Marie Bria, executive director of asset services, issued the following statement:
"The cessation of LIBOR on June 30th is the first wholesale discontinuation of a benchmark index. With just a few days left before the deadline, firms must remain focused on updating the benchmark rate information on impacted transactions and communicating the fall back rate indexes to appropriate parties. DTCC has worked closely with the ARRC and other industry organizations to deliver a centralized process to capture and disseminate standardized benchmark replacement via its LENS service. LENS holds thousands of submissions, and many still require updating. Firms should update this information as soon as possible."
The Financial Times editorial board has an editorial titled "Helping poorer countries fund the climate transition" with the subheadline "Raising investments to $2tn a year will require smart forms of financing." The editorial says, "In emerging market and developing countries excluding China, more than $2tn in investments each year is estimated to be needed to tackle climate change and its impacts by 2030; current investments are running at about $500bn." It looks like we have some creative work to do to meet this challenge.
Silicon Valley may be misnamed. The Wall Street Journal has a story titled "Magic Mushrooms. LSD. Ketamine. The Drugs That Power Silicon Valley" with the subheading "Entrepreneurs including Elon Musk and Sergey Brin are part of a drug movement that proponents hope will expand minds, enhance lives and produce business breakthroughs." Magic Mushroom Valley? LSD Valley? Drug Valley?
The month-to-date percentage of SOFR options volume on the CME trading floor is 67.3%. Find out more about why SOFR options trading floor volume has increased by listening to my interview with MarkIV broker Mark LeeMaster about the Smart Confirm technology being used by fifty percent of the broker groups in the SOFR options pit.
Are you looking for a nice little $100 million chateau in the South of France? Well, the French government is selling off Cap d'Antibes, the century-old mansion of a long-dead Russian tycoon, Bloomberg reports.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The U.S. Department of the Treasury's Federal Insurance Office (FIO) on June 27 released a report titled, "Insurance Supervision and Regulation of Climate-Related Risks." The report, a response to President Biden's Executive Order on Climate-Related Financial Risk, assesses climate-related issues and gaps in the supervision and regulation of insurers. While the states are the primary regulators of the insurance business in the United States, the FIO is the only federal entity with a mandate focused on monitoring all aspects of the nation-wide insurance industry. The report found that efforts to assess climate-related risk to the insurance sector are fragmented across states and limited in several critical ways. You can read and download the report here. ~SAED
The top three JLN Options stories from Monday were: Traders Rushing to Undo Massive Bets Whipsaw Gas Prices and The economy was supposed to cave in by now. It hasn't - and GDP is set to rise again. and Larry Ellison Scores $482 Million Gain by Cashing in Expiring Options.~JB
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Spider Rock's Annabelle Baldwin on block trading tools, a new options platform, becoming an ATS, and options on futures
JohnLothianNews.com
JLN spoke with Annabelle Baldwin, the chief revenue officer of Spider Rock, a Chicago-based proprietary trading firm, at the OIC Conference in Nashville. She spoke about how the company is building the next generation of trading tools as well as a new options platform to serve a broader set of institutional clients.
Watch the video »
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Businessman James Crown Killed in Racetrack Accident in Colorado at Age 70; Crown's family is one of Chicago's wealthiest benefactors; He also was president of investment firm Henry Crown & Co.
Guillermo Molero and Isis Almeida - Bloomberg
James Crown, the longest-serving board member of JPMorgan Chase & Co. and a scion of one of Chicago's wealthiest families, died Sunday in a crash at a racetrack in Woody Creek, Colorado. Crown, president of Henry Crown & Co., was celebrating his 70th birthday. He was killed in a single-vehicle collision - ruled an accident - at the Aspen Motorsports Park, according to a statement from the Pitkin County Coroner's Office.
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****** The Crown family is so much a part of the civic and philanthropic fabric of Chicago that you don't even think about it because it is so ubiquitous.~JJL
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Financial storm bears down on US commercial real estate; Long-awaited reckoning arrives as building loans come due at time of scarcer credit
Joshua Oliver and Joshua Chaffin - Financial Times
The 20-storey tower at 529 Fifth Avenue stands out from the other buildings around Grand Central Station for the surreal pink designs of an Alice in Wonderland-inspired art exhibit installed to fill vacant retail space on its ground floor.
/jlne.ws/43gBXRf
****** Storm? It is a reckoning.~JJL
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Lithium-Ion Battery Co-Creator John Goodenough Dies at 100
Jim Vertuno - Associated Press
John Goodenough, who shared the 2019 Nobel Prize in chemistry for his work developing the lithium-ion battery that transformed technology with rechargeable power for devices ranging from cellphones, computers, and pacemakers to electric cars, has died at 100, the University of Texas announced Monday.
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*****Strangely, the Energizer Bunny is not one of the pallbearers at the funeral.~JJL
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Mark Zuckerberg and Elon Musk Aren't Going to Fight. Wait, Are They Going to Fight? The tech moguls tease a mixed-martial arts match. There's no way this stunt is going to happen, until it does.
Jason Gay - The Wall Street Journal
No, I don't think Mark Zuckerberg is going to fight Elon Musk in a steel cage. And yes, this is why I worry Mark Zuckerberg is going to fight Elon Musk in a steel cage. It's foolish, it'd be the nadir of tech moguldom, it shouldn't happen, it makes no sense-but what makes sense anymore in this strange, mad world?
/jlne.ws/3plNOzt
****** What would happen if one of these billionaires broke the other's neck? Would they still be considered so bright?~JJL
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Monday's Top Three
Our top story Monday was FTX's Final Days Were Pure, Unadulterated Chaos, a crypto podcast from Bloomberg. Second was The Smart Confirm Trading Floor Renaissance is Bringing New Life to the CME Trading Floor, a podcast interview and story from John Lothian in John Lothian News. Third was Only Half of People Stay Employed Through Their 50s. How to Prepare, from Barron's.
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MarketsWiki Stats
27,350 pages; 245,437 edits
MarketsWiki Statistics
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| Lead Stories | FTX's New Management Recovers $7 Billion in 'Substantial Progress'; Exchange commingled client funds since inception, new CEO says; Current management has recovered $7 billion in liquid assets
Yueqi Yang and Allyson Versprille - Bloomberg
Sam Bankman-Fried's crypto conglomerate made "false statements" to banks about accounts commingling customer funds and fired an employee who raised concerns about the practice, the new management of bankrupt FTX alleged in a report Monday.
/jlne.ws/44kwY2B
Hong Kong exchange chief upbeat on drawing foreign listings; Aguzin highlights greater access to Chinese retail market as lure for overseas companies
Jennifer Hughes - Financial Times
Stronger connections with China's vast army of retail investors will help Hong Kong's stock exchange lure more international companies to list despite flaring tensions between Beijing and the west, its chief executive has said. Nicolas Aguzin told the Financial Times that Hong Kong was working to rebuild its connections after three years of Covid-induced isolation but that the lure of tapping mainland Chinese money would remain a big draw for the exchange.
/jlne.ws/43YlHp1
Brokerage Firm Prometheum Wants to Use Exemption to Trade Crypto; Rule 144, used to trade restricted stock, has never been used in the digital-asset market
Dave Michaels - The Wall Street Journal
A small brokerage firm thinks it has a blueprint to bring crypto trading into the regulated market. Prometheum's plan involves the use of an exemption that U.S. regulators created 50 years ago to permit trading of shares that were restricted, such as those given as compensation to a corporate insider or sold to an early investor. The exemption is used daily in the stock market to sell millions of shares.
/jlne.ws/3PyZt8H
SEC advisory group calls for leveraged ETFs name change; Regulator's advisory committee says non-traditional ETFs risk being confused with traditional funds
David Isenberg - Financial Times
Single-stock ETFs should change their names, an advisory group to the Securities and Exchange Commission said. Single-stock ETFs, leveraged ETFs and other non-traditional ETFs, which were allowed to be created under streamlined rules created by the 2019 ETF rule, are "functionally not the same product" as traditional ETFs, according to the agency's Investor Advisory Committee.
/jlne.ws/43XhXUE
Step Aside 'Blockchain Technology', IMF and BIS Have a New Crypto Buzzword
George Kaloudis - CoinDesk
Last week the International Monetary Fund (IMF) - a United Nations organization that effectively operates as a global lender of last resort - and the Bank for International Settlements (BIS) - a super-governmental central banking agency - published separate reports about the future of the monetary system. Both reports mentioned crypto and central bank digital currencies (CBDCs) and were generally positive about the potential for tokenization.
/jlne.ws/42V65Bi
Strange Extremes Come to Foreign Exchange Markets; Latin America's carry trade and the weakening Chinese currency are running counter to previous expectations. And then there's Japan.
John Authers - Bloomberg
All remains remarkably calm for risk assets as the great recovery from last year's interest rate shock has now lasted almost six months. For a sign that strange things are afoot, however, look to the foreign exchange market. It's hitting extremes.
/jlne.ws/3XtJIlp
Hong Kong's crypto push puts HSBC and StanChart in a bind; Regulators keen for banks to take on exchanges as clients but that might expose lenders to money-laundering risks
Kaye Wiggins - Financial Times
HSBC has had a history of money-laundering lapses. It was fined a decade ago in the US for its role in enabling Latin American drug cartels, and in the UK in 2021 for a string of failures including serving the leader of a criminal gang. So it is understandable that the bank and its peer Standard Chartered might not be keen to take crypto exchanges as clients in Hong Kong.
/jlne.ws/3XtLWRN
Robinhood Lays Off About 7% of Its Full-Time Employees; About 150 employees are being laid off, according to an internal company message
Hannah Miao and Angel Au-Yeung - The Wall Street Journal
Robinhood Markets is cutting about 7% of its full-time staff, the online brokerage's third round of layoffs in just over a year as the company adjusts to a slowdown in customer trading activity. About 150 employees are being laid off, according to an internal company message seen by The Wall Street Journal. The layoffs were made to "adjust to volumes and to better align team structures," Chief Financial Officer Jason Warnick said in the message.
/jlne.ws/3NpWiNX
Senior Attorney Helped FTX Founder Misuse Customer Funds, Report Says; Unnamed lawyer in document appears to be crypto exchange's former chief regulatory officer, Daniel Friedberg, people say
Caitlin Ostroff and Alexander Osipovich - The Wall Street Journal
FTX Chief Executive John J. Ray III released a report that alleged an unnamed senior lawyer assisted the crypto exchange's founder, Sam Bankman-Fried, in misusing customer deposits. Based on the actions that the report alleges, the unnamed lawyer in the document appears to be FTX's former chief regulatory officer, Daniel Friedberg, people familiar with the matter said.
/jlne.ws/46mrvdw
FTX Creditor Uses NFT to Collect Money From a Bankruptcy Claim; A FTX bankrupcy claim was 'tokenized' and sold at a discount; Claim's buyer borrowed $7,500 against the NFT for five days
Muyao Shen - Bloomberg
One creditor of bankrupted cryptocurrency exchange FTX decided not to sit and wait to get their money back. Instead, the unidentified creditor of a FTX bankruptcy claim worth $31,307 converted the claim to a token on the Ethereum blockchain and sold it to a buyer who on June 23 used the token to borrow $7,500 worth of stablecoin USD, according to nonfungible token lending platform Arcade.
/jlne.ws/44o0jJJ
FTX Spent Big on Celebrity; Also Bittrex customer claims, expert networks in China and fractional art trading.
Matt Levine - Bloomberg
For a while crypto was probably the highest bidder for celebrity and influence. A ton of money flowed into crypto over the last few years. Margins were high; it's not like crypto firms had to build a lot of factories and hire a lot of workers to make new tokens. Crypto went up based on social adoption, on widespread respectability, on the prospect of increasing legality. If you were a crypto firm in 2022, funneling gobs of money to politicians and former regulators and celebrities was a really good investment in making your firm popular and respectable, and it didn't really compete that much with other investments. If you are Apple Inc., it is good to have regulators on your side and celebrities endorsing your products, but also you make phones and if you spend a lot of money making the phones better then customers will want more of them. For large parts of the crypto ecosystem that, uh, was not really an option. Influencer marketing and political lobbying were valuable and viable; making useful products that appealed to consumers in an immediate and intuitive way was not.
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FTX Bankruptcy Team Says the Exchange Owed Customers $8.7B; Commingling and misuse of customer funds occurred from the start at FTX, says current CEO John J. Ray III, and senior executives knew of the shortfall as early as August 2022.
Jesse Hamilton - CoinDesk
A new report from the FTX team that's digging through the financial guts of the failed exchange said the company owed its customers $8.7 billion after commingling and misusing their deposits, and senior executives started hiding that trouble as early as August 2022. About $6.4 billion of the money the FTX.com exchange owed its customers was "in the form of fiat currency and stablecoin that had been misappropriated," according to the report filed on Monday. About $7 billion in liquid assets have been recovered so far, and those searching the company's assets "anticipate additional recoveries."
/jlne.ws/3qVi6JC
Russia Set to Overtake Saudi Arabia in Battle for China's Oil Market; As Riyadh's push to boost prices falls flat, Moscow keeps gaining ground with world's biggest buyer
Summer Said and Benoit Faucon - The Wall Street Journal
Russia is on the cusp of overtaking Saudi Arabia as the biggest oil supplier to China, in a shift that shows the limits of the kingdom's influence over global markets that have been turned upside down by the Ukraine war.
/jlne.ws/44oak9N
Europe's Banking Champion Has 7.6 Billion euro to Spend; BNP Paribas bank CEO Jean-Laurent Bonnafe has dodged the drama that ruined peers, but now faces the question of what's next.
Alexandre Rajbhandari - Bloomberg
The man who runs the bank widely seen as the European champion-in-waiting has all he needs to take center stage with a major merger. Jean-Laurent Bonnafe has built an $8.3 billion war chest and the biggest corporate and investment bank in Europe in his 12-year stretch atop BNP Paribas SA. The CEO has seized on rivals' stumbles and cost-cut his way to record earnings, and he has extensive knowledge of how to pull off the cross-border marriages that every bank executive says must happen to compete with the encroaching American giants.
/jlne.ws/3r7MFvE
Mizuho Rolls Out Generative AI to All 45,000 Bank Staff in Japan; Japanese bank plans to use Microsoft's Azure OpenAI service; Firm seeking ideas from workers in Japan on how to use tech
Taiga Uranaka - Bloomberg
Mizuho Financial Group Inc. is giving all its Japan bank employees access to Microsoft Corp.'s Azure OpenAI service this week, making it one of the country's first financial firms to adopt the potentially transformative generative artificial intelligence technology.
/jlne.ws/3PtZGtR
Digital Asset Inflows Highest in a Year After BlackRock's Spot-Bitcoin ETF Filing; Crypto-based products saw $199 million in inflows last week; Rush of ETF filings is renewing insitutional investor interest
Sidhartha Shukla - Bloomberg
Digital-asset investment products added $199 million last week, the biggest weekly inflows in nearly a year, as a flurry of applications for spot-Bitcoin exchange-traded funds in the US sparks renewed interest in the space. The inflows are the highest since July 2022 and follow nine consecutive weeks of outflows, according to a report from digital asset manager and crypto research firm CoinShares. About $187 million, or 94% of the total flows, went to Bitcoin. Total assets under management now stand at $37 billion - the highest since before the collapse of Three Arrows Capital, the data shows.
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Demand for integrated surveillance doubles as regulators up pressure; Surge comes as SEC logged a record $6.4 billion in penalties last year.
Claudia Preece - The Trade
Integrated trade and communications surveillance has seen a 100% increase over the last year as regulators continue to ramp up enforcement actions, a SteelEye report has found. The report's findings come as regulators up their enforcement actions related to communications and trade surveillance on both sides of the Atlantic. In 2022, the UK Financial Conduct Authority (FCA) issued almost triple the number of fines compared the previous year.
/jlne.ws/3r8aQKs
Over a third of asset managers are planning to renegotiate fees with vendors to lower costs; Asset managers see financial market volatility as a top industry challenge for the next three years; yet 84% expect AUM to grow irrespective of market valuation fluctuations, finds Northern Trust report.
Claudia Preece - The Trade
Asset managers are turning to third party vendor relationships as a means of reducing costs, a report from Northern Trust and Coalition Greenwich has found. Around 37% of the 151 asset managers surveyed by Northern Trust confirmed plans to renegotiate fees with vendors to reduce costs and increase efficiencies.
/jlne.ws/44hM74P
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Wagner Is Preparing to Hand Over Heavy Weapons, Russian Military Says; Moscow drops charges against mutineers as Belarus leader says there were 'no heroes' in the crisis
Yaroslav Trofimov - The Wall Street Journal
Russia's Ministry of Defense said Tuesday that the Wagner paramilitary group that launched a mutiny last week was preparing to hand over its heavy weapons, an indication that it could be disbanded as an autonomous force in coming days.
/jlne.ws/3XvRbAy
'Traitors must be shot': Vladimir Putin's truce with Wagner teeters on edge; Yevgeny Prigozhin defends mutiny as his group continues to recruit and fighters linger in southern Russia
Max Seddon and Polina Ivanova - Financial Times
Armed Wagner fighters roam Voronezh in southern Russia eating shawarmas. Yevgeny Prigozhin is back to ranting against the defence ministry - while treason charges against the warlord still stand. Two days after the Kremlin struck a deal to end Wagner's armed uprising, the truce is teetering on the edge, with growing questions in Russia over whether the bargain will hold.
/jlne.ws/3NOwNHv
Russians Appeared to Seek Refuge in Crypto During Wagner Revolt; Ruble-denominated Tether trading volume rises, CCData shows; The Wagner group initiated a short-lived revolt in Russia
Muyao Shen - Bloomberg
Russians appeared to have sought to exchange rubles for the crypto stablecoin Tether as a refuge during the short-lived mercenary rebellion that shook the nation over the weekend.
/jlne.ws/3NrNwiy
Russian agents' threat to family made Prigozhin call off Moscow advance
Ben Riley-Smith - The Telegraph
Russian intelligence services threatened to harm the families of Wagner leaders before Yevgeny Prigozhin called off his advance on Moscow, according to UK security sources. It has also been assessed that the mercenary force had only 8,000 fighters rather than the 25,000 claimed and faced likely defeat in any attempt to take the Russian capital.
/jlne.ws/3psvm88
Putin Says Russia Avoided 'Civil War' as Wagner Mutiny Case Ends; Defense Ministry says Wagner to transfer heavy weapons to army; Putin agreed not to prosecute Wagner in deal to end rebellion
Bloomberg News
President Vladimir Putin said Russia averted "civil war" following the armed rebellion by Wagner leader Yevgeny Prigozhin, in a public display of support for his military leadership that the mercenary chief had sought to overthrow.
/jlne.ws/3poLkjL
Russia and its propagandists strive for normality after Wagner uprising; Ordinary residents rattled by mutiny as Kremlin cheerleaders seek to dismiss paramilitary group's insurrection
Courtney Weaver, Anastasia Stognei, and Polina Ivanova and Max Seddon - Financial Times
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Mutiny in Russia blurs the line between patriots and traitors; Putin faces a choice between protecting or purging an elite widely suspected by the public of corruption and betrayal
Alexander Baunov - Financial Times
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | ICE integrates ETF Hub with LiquidityBook's OEMS to bolster primary market and portfolio management workflows; Integration will allow users to receive ETF creations and redemptions in real time, allowing their portfolios to be managed within the OEMS for portfolio and trade management.
Wesley Bray - The Trade
Intercontinental Exchange (ICE) has integrated its ETF Hub with LiquidityBook's order and execution management system (OEMS) LBX to offer efficient access to the primary market, where new shares are created and redeemed.
/jlne.ws/46qBVc3
LiquidityBook Connects With ICE ETF Hub for Straight-Through ETF Primary Market and Portfolio Management Workflows
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that LiquidityBook's Order and Execution Management System (OEMS), LBX, has been integrated with the ICE ETF Hub to offer efficient access to the ETF primary market, where new ETF shares are created and redeemed. The LBX suite is connected to ICE ETF Hub's FIX application programming interface (API), which allows third-party platforms and ETF market participants to connect to the ICE ETF Hub platform to seamlessly and systematically manage their creation and redemption orders.
/jlne.ws/44mukt4
MAS and SGX Group to collaborate with the Climate Data Steering Committee to strengthen global access to climate transition-related data
SGX Group
The Secretariat of the Climate Data Steering Committee (CDSC), Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX Group) have signed a Memorandum of Understanding (MoU) to collaborate on strengthening access by stakeholders around the world to key climate transition-related data[1].
/jlne.ws/3NAlZvs
Amid Record Demand, CME Group Announces Expansion of WTI Options
CME Group
CME Group, the world's leading derivatives marketplace, today announced plans to expand WTI Crude Oil options to include Monday and Wednesday expiries. Pending regulatory review, the new contracts will begin trading on July 31, 2023.
/jlne.ws/3XoHDHv
Nasdaq to Hold Second Quarter 2023 Investor Conference Call
Nasdaq
Nasdaq (Nasdaq: Ndaq) Has Scheduled Its Second Quarter 2023 Financial Results Announcement. Who: Nasdaq's Ceo, Cfo, And Additional Members Of Its Senior Management Team; What:Review Nasdaq's Second Quarter 2023 Financial Results; When: Wednesday, July 19, 2023; Results Call: 8:00 Am Eastern
Senior Management Will Be Available For Questions From The Investment Community Following Prepared Remarks.
/jlne.ws/3PrHmBA
Moscow Exchange starts trading in gold futures in Russian rubles
MOEX
On June 28, 2023, trading in settled futures contracts for gold will begin on the Moscow Exchange. Trades and settlements will be held in Russian rubles.
/jlne.ws/3NtaNR1
India markets Eid holiday moved to Thursday
Reuters
India's equity market will be shut on Thursday for the Eid holiday, instead of Wednesday as scheduled, the stock exchange said on Tuesday, while traders said the holiday was also moved for the bond, money and foreign exchange markets. The shift comes after the government of Maharashtra, the state that is home to the country's financial capital Mumbai, changed the date for the Eid holiday late on Monday.
/jlne.ws/3Xua7iN
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | AI's Explosive Growth Exposes Gaps Between EU, US Regulation; While industry leaders have been sounding the alarm in the US, they've been pushing back on oversight in the European Union
Jillian Deutsch - Bloomberg
OpenAI Chief Executive Officer Sam Altman surprised everyone last month when he warned Congress of the dangers posed by artificial intelligence. Suddenly, it looked like tech companies had learned from the problems of social media and wanted to roll out AI differently. Even more remarkably: They wanted politicians' help.
/jlne.ws/43YaGE1
Britcoin May Not Actually Be On Blockchain, BOE Exec Says; All options on the table for digital pound, UK CBDC chief says; The central bank plans to trial various types of ledgers
Emily Nicolle - Bloomberg
A digital pound developed by the Bank of England could end up running on software that is not a blockchain, the distributed database technology underpinning cryptocurrencies and other digital coins issued by central banks. All options are on the table as the UK plugs ahead with research to figure out if a digital pound - which has been dubbed "Britcoin" - is worth building, according to Tom Mutton, who heads the Bank of England's central bank digital currency (CBDC) project. At a recent meeting of technologists hosted by the Bank to discuss how a digital pound might be designed, "none of them agreed with each other at any point," Mutton said in a podcast interview with Bloomberg News.
/jlne.ws/3r1Lm1A
MTS and Wematch launch new risk netting service for interest rate swaps; New functionality builds on MTS Swaps, the trading venue for the interest rate swaps market, launched earlier this year.
Claudia Preece - The Trade
European electronic fixed income platform MTS and fintech Wematch.live have run their first session of The MTS Swaps Risk Netting Service - their session-based trading functionality for interest rate swaps (IRS). The session was run on 20 June and was a 3 month vs 6 month EURIBOR (3m/6m) basis session, which executed trades across several participants and tenors.
/jlne.ws/46oz4jS
KRM22 ramps up client base and hits recurring revenue targets in latest earnings
Proactiveinvestors.com
KRM22 PLC's 2022 financial results show that the technology and software company is successfully ramping up its client base while leveraging its relationship with major shareholder Trading Technologies International.
/jlne.ws/441mGVh
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| Cybersecurity | | Top stories for cybersecurity | New rules to boost cybersecurity in EU institutions
European Commission
The Commission welcomes the political agreement reached between the European Parliament and the Council of the EU on the Regulation proposed by the Commission laying down measures for a high common level of cybersecurity at the institutions, bodies, offices and agencies of the Union. Negotiations have now concluded, paving the way for final approval of the legal text by the European Parliament and the Council.
/jlne.ws/435qaou
Cybersecurity recommendations-strengthening the government posture and engagement
CSO Online
Nearly 60% of 335 cybersecurity recommendations the General Accounting Office has made for federal agencies since 2010 have not been implemented. Effective oversight must be implemented.
/jlne.ws/3Xv7ldu
GOP-led House panel accuses cybersecurity agency of violating citizens' civil liberties
Catherine Herridge and Nicole Sganga - CBS News
The federal government agency charged with protecting critical infrastructure and guarding against cybersecurity threats is accused of "exceeding its statutory authority" in its post-2016-election efforts to monitor domestic social media for evidence of misinformation, disinformation and malinformation, according to a House Republican-led committee's interim report.
/jlne.ws/3CMFsUD
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| Cryptocurrencies | | Top stories for cryptocurrencies | HSBC Offers Trading in Crypto ETFs to Customers in Hong Kong
Denise Wee - Bloomberg
HSBC Holdings Plc is offering trading of crypto-linked exchange traded funds to customers in Hong Kong amid a push by the city to establish itself as a hub for the alternative asset class. HSBC, which is the Chinese territory's largest bank, is offering trading such ETF's via its app to customers in the city. The product comes with requirements to read through educational materials and disclosures. It's unclear when the lender started offering such services.
/jlne.ws/3NMxaSO
Circle's Allaire Says Bitcoin ETFs Likely to Be Approved: Bloomberg; Allaire spoke with Bloomberg at the World Economic Forum in Tianjin, China.
Sam Reynolds - CoinDesk
Circle's co-founder and CEO, Jeremy Allaire, expects the new wave of Bitcoin exchange-traded funds (ETFs) to be approved as "past concerns" of regulators are being addressed "I believe progress is being made with more mature market structures that would support something like that. You have mature spot markets, well-regulated custody infrastructure, and good market surveillance," he said during an interview with Bloomberg at the World Economic Forum. "Many of the past concerns are being addressed, suggesting that these kinds of products are more likely to be approved for general investor access."
/jlne.ws/3r5tAul
Crypto Exchange OKX Goes Live With 'Nitro Spreads,' Allowing One-Click Basis Trading; Basis traders attempt to earn returns by trading the difference in an asset's price on two separate markets.
Lyllah Ledesma - CoinDesk
OKX has launched "Nitro Spreads," a feature on its over-the-counter (OTC) institutional liquid marketplace that allows traders to make complex basis trades in one-click. Basis trading refers to trading the difference between an asset's price on two separate markets in an attempt to generate returns, for example, trading the difference of an asset on spot markets vs. futures markets. OKX's Nitro Spread automates this kind of trade into one-click. Traders can apply this feature across any combination of spot, perpetual and futures contracts listed on the exchange, said the company.
/jlne.ws/44mmxvk
Crypto Exchange Huobi Delists Tokens Using Justin Sun's Tron Stablecoin; Huobi halts trading between major altcoins and stablecoin USDD; Many of the tokens were called securities in SEC lawsuits
David Pan - Bloomberg
Crypto exchange Huobi Global Ltd. said it will remove 10 "trading pairs," primarily ones involving tokens used in transactions with the USDD stablecoin issued by the TRON DAO Reserve that is supported by digital-asset entrepreneur Justin Sun.
/jlne.ws/3XuDKR2
Two Whale Wallets Move $3 Million in Bitcoin After 13 Years of Inactivity
Mathew Di Salvo - Decrypt
More than $3 million worth of Bitcoin just moved after 13 years of dormancy. Two wallets holding 50 BTC each, mined back in 2010, were moved to different wallets. It is unclear who the owners of the cryptocurrency are but they are the sixth and seventh whales to have moved large quantities of BTC this year. The movements come as the price of the largest digital asset soars following renewed institutional investor interest. At the time of writing, Bitcoin was up nearly 15% in seven days, trading hands for $30,381, according to CoinGecko.
/jlne.ws/46hlUoK
Swiss CBDC Will Be 'Real Money Equivalent to Bank Reserves', Says Central Bank Chair
Andre Beganski - Decrypt
/jlne.ws/3CPLC6s
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| Politics | | An overview of politics as it relates to the financial markets | EU Strikes Deal on Bank Capital Rules Years in the Making; Tougher standards are response to 2008 financial crisis; Europe sought to water down its version of the new rules
Kevin Whitelaw and Nicholas Comfort - Bloomberg
The European Union reached a tentative deal Tuesday on toughening up capital rules for banks to help prevent a repeat of the taxpayer-funded bailouts that followed the 2008 financial crisis. EU member states agreed with the European Parliament on how to implement long-awaited global standards known as Basel III as part of a wider package of reforms that also touch on cryptoassets and sustainability risks.
/jlne.ws/3NvHNbu
Germany Eyes Critical Materials Fund of as Much as $1.1 Billion; Berlin wants to reduce dependence on China for raw materials; Habeck says KfW Development Bank may join mining projects
Petra Sorge - Bloomberg
Germany plans to set up a state fund worth between EUR500 million and EUR1 billion ($546 million to $1.1 billion) to support the mining of raw materials critical to accelerate the country's green transition, Economy Minister Robert Habeck said.
/jlne.ws/44mxXzA
Russia's Mutiny Underscores Oil's Fragility; There is increasing peril to relying on a commodity with a disproportionate number of unstable producers when spending on alternatives is suppressed.
Liam Denning - Bloomberg
Last Friday morning, one of the more diverting headlines about Russia concerned one of its diplomats apparently squatting on a plot of land in Canberra, defying the Australian government in a dispute over a new embassy. Nonplussed, Prime Minister Anthony Albanese dismissed this minion of Moscow as "some bloke standing on a blade of grass." Ah, Russia.
/jlne.ws/3Jz9cbr
Swiss say dozens of Russian spies disguised as diplomats are active in the Alpine nation
Associated Press
Switzerland's main intelligence agency says Russia continues to have dozens of spies disguised as diplomats at its embassy in Bern and its mission to the United Nations in Geneva, making the Alpine nation a hotspot for Russian espionage activity in Europe.
/jlne.ws/3prGFh1
The Russian Mutiny Through a Chinese Lens; What does the 8th century have to do with the road not taken in Moscow? Perhaps a lot, in the eyes of Xi Jinping
Howard Chua-Eoan - Bloomberg
One of the more notable observations from this past weekend of Russian chaos emerged from Chinese social media. It doesn't go anywhere toward explaining what happened on the road to Moscow, but it does say a lot about the way ordinary Chinese regard the chaos in their immense neighbor and ally. That popular perspective will likely factor into how Xi Jinping recalibrates his "friendship without limits" with Vladimir Putin.
/jlne.ws/3PxO8G0
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| Regulation & Enforcement | | Stories about regulation and the law. | Swiss regulators need to face up to Credit Suisse failures; As the country prepares for the challenge of supervising an enlarged UBS, rule changes are not the answer
Daniel Davies - Financial Times
In their reaction to what global regulators are euphemistically referring to as "the recent market turmoil", there could hardly be more contrast between the approach taken by the Swiss National Bank and the US Federal Reserve.
/jlne.ws/3CM23k2
Commissioner Pham Announces CFTC Global Markets Advisory Committee Meeting on July 17
CFTC
CFTC Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), announced that the GMAC will hold a public meeting on Monday, July 17, from 9:00 a.m. (EDT) to 4:00 p.m. (EDT) at the New York Stock Exchange, 11 Wall Street, New York, New York.
/jlne.ws/42Vyyac
SEC Charges Florida Resident for Operating $112 Million Ponzi Scheme That Targeted Haitian-American Community
SEC
The Securities and Exchange Commission charged Broward County, Florida resident Sanjay Singh and his trucking and logistics company, Royal Bengal Logistics Inc., with fraudulently raising approximately $112 million from 1,500 investors through an unregistered securities offering that primarily targeted Haitian-Americans.
/jlne.ws/3NQK3eT
SEC Obtains Final Judgment Against Vuuzle Media Corp. and Affiliated Individuals and Entities in Connection with Over $25 Million Offering Fraud
SEC
On June 22, 2023, the U.S. District Court for the District of New Jersey entered final judgment against U.S. entity Vuuzle Media Corp. ("Vuuzle US"), UAE entity Vuuzle Media Corp Limited ("Vuuzle UAE," and with Vuuzle US, "Vuuzle"), and U.S. citizens Ronald Shane Flynn and Richard Marchitto. Vuuzle, Flynn, and Marchitto were previously charged with fraudulently raising over $25 million from investors across the United States as part of a boiler room scheme.
/jlne.ws/3Xv7AoU
Parliamentary Joint Committee Opening Statement, 27 June 2023
ASIC
I am pleased to appear before the Committee today. I am joined today by Deputy Chairs Sarah Court and Karen Chester, Commissioner Danielle Press, Chief Operating Officer Warren Day and our General Counsel Chris Savundra. Also here today for questions relating to CHESS are Executive Director of Markets, Greg Yanco and Senior Executive Leader of Market Infrastructure Nathan Bourne. We appreciate the Committee's continuing interest in the CHESS replacement project, and I wanted to make a few opening remarks on this matter.
/jlne.ws/3r4IBwo
MAS Proposes to Increase Deposit Insurance Coverage
The Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) today published a public consultation paper on proposals to increase deposit insurance (DI) coverage per depositor to S$100,000, and to improve the clarity and operational efficiency of the DI Scheme.
/jlne.ws/3CLGDDM
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Iron Ore to Copper Jump as China Stimulus Optimism 'Runs Rife'; Premier Li says more support measures are due to be rolled out; BHP CEO Henry calls for more help for the key housing market
Bloomberg News
Iron ore rallied along with copper after Chinese Premier Li Qiang said that growth has picked up this quarter and more stimulus was in store, boosting the outlook for consumption in the biggest metals importer.
/jlne.ws/3Pz3pq6
US dollar to maintain dominance over next decade, say central banks; OMFIF survey points to only 'gradual' decline in dollar's share of global reserves, despite calls for alternatives
Mary McDougall - Financial Times
The dollar will maintain its position as the world's dominant reserve currency over the next decade, confounding growing calls from some countries for the adoption of alternatives, according to a closely watched annual survey of central banks.
/jlne.ws/44iz3fn
Time Is Running Out to Avoid Cuts to Social Security Benefits; Experts in how the program works share their ideas on how to modernize the safety net and make it sustainable.
Suzanne Woolley - Bloomberg
Social Security has long been considered the "third rail" of US politics - the implication being that if you touch the program, you'll suffer a nasty shock. But time is running out to implement changes that would avoid benefit cuts for Americans already struggling to save for retirement.
/jlne.ws/3Jy3SVJ
Harry Markowitz, Father of Modern Portfolio Theory, Dies at 95; Shared 1990 Nobel Prize in Economics for investment analysis; He 'dramatically changed the way nearly all wealth is managed'
David Wilson - Bloomberg
Harry Markowitz, a Nobel Prize-winning economist who redefined money management by showing that diversification could reduce investment risk while maximizing returns, has died. He was 95.
/jlne.ws/3CPLe80
Superstar Stocks Are Getting Rarer in the Winner-Take-All Market; In nearly 100 years, three stocks drove 10% of market's wealth; 'A few firms will dominate' over next 30 years: Bessembinder
Lu Wang and Carly Wanna - Bloomberg
For people looking on anxiously as stock wealth converges in an oligarchy of high-tech juggernauts, some perspective: It's nothing new. That's the upshot of six years of research by Hendrik Bessembinder, whose work shows how unevenly the stock market's rewards are apportioned over time. The Arizona State University finance professor is back with a new study, Shareholder Wealth Enhancement, 1926 to 2022, saying that not only do bizarrely few stocks make up the lion's share of returns in the last century, but that the pool of superstar companies may be shrinking.
/jlne.ws/3NOKxlx
What Are Brokered CDs and Should You Buy One?
Tanza Loudenback - The Wall Street Journal
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Striking' new NASA videos show CO2 emissions rapidly building up in atmosphere
Ayesha Tandon - Climate Brief
Fast-rising concentrations of carbon dioxide in the atmosphere are the main driver of human-caused global warming. Working out how to reduce these emissions is a cornerstone of international climate negotiations. However, unlike some other forms of pollution, this greenhouse gas is invisible to the human eye. This makes it harder to communicate the challenge of global warming to the public. But dramatic new visualisations by the US National Aeronautics and Space Administration - better known as NASA - show CO2 emissions build up in the atmosphere over the course of a year.
/jlne.ws/3COx4E1
'Profit Over the Public's Health': Study Details Efforts by Makers of Forever Chemicals to Hide Their Harms; After examining decades of once-secret files, researchers find that DuPont and 3M waited at least 20 years before disclosing dangers of PFAS.
Victoria St. Martin - Inside Climate News
He was born with only one nostril, and a keyhole-shaped pupil in his right eye covered by a deformed lid. His condition was so grave that physicians warned his mother that he might not survive more than a few hours after his birth. He survived, and his early childhood was marked by dozens of surgeries to address the birth defects that his mother, a worker at a DuPont plant in West Virginia, initially struggled to explain.
/jlne.ws/42YZ82g
Helping poorer countries fund the climate transition; Raising investments to $2tn a year will require smart forms of financing
The Financial Times Editorial Board
Opening his "Summit for a New Global Financial Pact" late last week in Paris, French president Emmanuel Macron told delegates the world needed a "public finance shock" to tackle the ever more urgent and interlinked goals of combating climate change and global poverty, and protecting nature. In emerging market and developing countries excluding China, more than $2tn in investments each year is estimated to be needed to tackle climate change and its impacts by 2030; current investments are running at about $500bn. Mobilising such sums will entail huge efforts from multilateral development banks, governments, and the private sector. But as well as being more ambitious in raising finance, global actors must be cleverer about how they do it.
/jlne.ws/3NvMO3O
Tropical forest loss increased by 10% in 2022; Tree cover the size of Switzerland destroyed globally last year with Brazil top of the list for largest decline
Camilla Hodgson, Steven Bernard and Bryan Harris - The Financial Times
The loss of the world's tropical primary forests increased 10 per cent year-on-year in 2022, with tree cover equivalent to the size of Switzerland destroyed globally, according to new research. The increase came despite a pledge made by 145 countries the previous year to halt deforestation by 2030, according to the report published on Tuesday by the University of Maryland and the World Resources Institute's Global Forest Watch.
/jlne.ws/3qZBNjz
****More coverage from The Guardian.
An Industry That Actually Welcomes Regulation; Big things are happening in the carbon removal industry, but more work needs to be done to create trust.
Lara Williams - Bloomberg
Big things are happening in the carbon dioxide removal (CDR) industry. JPMorgan Chase recently agreed to spend $200 million on various technologies. The US is funding several research and development efforts, including its $3.5 billion Regional Direct Air Capture Hubs initiative. Both a United Nations supervisory body and a European Commission group are developing carbon-removal methodologies, and it's clear that the industry over the next few years will enter the mainstream. Thus, every effort should be made to ensure that we can trust it.
/jlne.ws/3JW8F3x
India's June Heat Wave Deaths Are a Harbinger of Worse to Come; As heat waves breaching the human survivability threshold loom in the not-too-distant future, experts question whether the country is properly prepared.
Rajesh Kumar Singh, Bibhudatta Pradhan and Bhuma Shrivastava - Bloomberg
/jlne.ws/3XtKtLh
Anti-ESG Movement Feeds Anxiety Among UK Investors Watching US; UK govt called on to make clear ESG is part of fiduciary duty; Climate reporting must be 'embedded' in investment, PLSA says
Frances Schwartzkopff - Bloomberg
/jlne.ws/3PAYgO7
ESG Advocates Say GOP Backlash Gives Industry an Opportunity; Delaware treasurer says conversation focuses on future of ESG; Professor Eccles says 'start making friends with Republicans'
Saijel Kishan - Bloomberg
/jlne.ws/3CMwvuz
A Renowned Economist's New Idea for Stopping Climate Change
Peter Coy - The New York Times
/jlne.ws/432BeD0
America's Biggest Power Source Wasn't Built for Extreme Weather; Natural gas plants, now the top source of electricity in the US, are to blame for a disproportionate share of outages when the weather gets rough.
Naureen Malik - Bloomberg
/jlne.ws/3r1Ks5c
EU must speed up emissions cuts to meet net zero climate target, says report; Decarbonisation drive hampered by poor progress in finance and forestry, says scientific advisory group
Camilla Hodgson and Alice Hancock - The Financial Times
/jlne.ws/3CL1zLb
'We could lose our status as a state': what happens to a people when their land disappears; Small island countries press for guarantees as rising sea levels risk leaving their citizens stateless; Facing extinction, Tuvalu tries to create digital 'twin' to survive
Jonathan Watts - The Guardian
/jlne.ws/3Juo3Ur
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Odey Suspends Two Hedge Funds After Redemption Requests Surged; Firm gates Odey European Inc. fund and OEI Mac Inc. fund; Crispin Odey managed the flagship fund until his recent ouster
Nishant Kumar - Bloomberg
Odey Asset Management suspended two more funds, including its flagship hedge fund, after being hit by redemption requests from investors fleeing the firm following multiple sexual assault allegations against founder Crispin Odey.
/jlne.ws/435wH2y
Odey Asset Management suspends flagship hedge funds; UK hedge fund manager seeks to deal with investors' withdrawal requests following FT investigation into founder
Emma Dunkley - Financial Times
Odey Asset Management has suspended two of its hedge funds after investors sought to pull money following revelations of sexual misconduct allegations against founder Crispin Odey.
/jlne.ws/3JybU0P
HSBC Quitting Canary Wharf for the City Rocks Docklands District; Bank plans to move its headquarters to the City of London; New office will sport a swimming pool and a rooftop restaurant
Jack Sidders - Bloomberg
HSBC Holdings Plc's decision to quit the 1.1 million square foot skyscraper that bears its name in Canary Wharf in favour of a smaller office in the City of London is the latest blow to the east London financial district that's becoming a less popular choice for businesses navigating a world reshaped by the pandemic.
/jlne.ws/3XtPgfx
HSBC exit a sign of Canary Wharf's post-pandemic woes; Bank's departure is latest blow to the east London financial district that rose in the wake of Thatcher's 'Big Bang' reforms
Akila Quinio, Owen Walker and Will Louch - Financial Times
For more than two decades, 8 Canada Square, the London skyscraper that houses HSBC's global headquarters and bears its logo, has been a symbol of Canary Wharf's status as a global financial centre.
/jlne.ws/3piqNgT
BlackRock Debuts Retail Private Credit Fund at Tricky Time; Economists warn of a recession this year or next year; Weakness in the US economy could spur private-credit defaults
Silla Brush and Miles Weiss - Bloomberg
BlackRock Inc. is embarking on a crucial test of its ability to muscle into one of Wall Street's most competitive growth areas - pitching private assets to small investors. The world's largest money manager began rolling out the BlackRock Private Credit Fund this month, targeting mom-and-pop investors while vowing to keep "an eye on risk." The fund, dubbed BDEBT, primarily makes floating-rate loans to middle-market, private US companies, an area that's expected to grow as banks rein in lending. The fund arrives at a challenging moment.
/jlne.ws/3JydjnP
Former Fed official and ex-SVB risk officer team up to launch bank; Randal Quarles and Vivek Tyagi are setting up Currency Reserve to sell and deliver dollars outside the US
Stephen Gandel - Financial Times
/jlne.ws/3JzfWpL
JPMorgan Chase $290 million settlement with Epstein accusers wins preliminary approval
Luc Cohen and Jonathan Stempel - Reuters
A U.S. judge on Monday granted preliminary approval to JPMorgan Chase's $290 million settlement with women who said Jeffrey Epstein abused them, and that the largest U.S. bank turned a blind eye to the late financier's sex trafficking.
/jlne.ws/430wKg0
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | New York office market bolstered by sale valuing tower at $2bn; SL Green shares jump 20% after deal with Japan's Mori Trust for stake in Park Avenue building
Joshua Chaffin and Harriet Clarfelt - Financial Times
New York City's largest office landlord has agreed to sell a stake in a prominent tower that gives it a $2bn valuation, a modest markdown from its previous price that came as a relief to a commercial property market beset by vacancies. SL Green will sell the 49.9 per cent stake in Manhattan's 245 Park Avenue building to Japan's Mori Trust, supplying much-needed cash to the real estate investment trust.
/jlne.ws/3NPpn6L
Disability as a Source of Competitive Advantage; Employing people with disabilities can significantly improve an organization. by Luisa Alemany and Freek Vermeulen
La Casa de Carlota - Harvard Business Review
Summary. Many companies realize the value of diversity, equity, and inclusion. But most focus on gender and ethnicity, paying less attention to people with disabilities. Employing people with disabilities is usually seen as a social cause-one best suited to nonprofits or the public.
In recent years many companies have become sensitized to the value of diversity, equity, and inclusion. But in most organizations, DEI initiatives focus largely on gender and ethnicity. A group that has received less attention is people with disabilities, and that has led to disparities in the workplace. In the United Kingdom, for example, the employment rate for people with some form of disability (who make up 20% of the working-age population) is just 53%, far less than the 81% rate for people without disabilities.
/jlne.ws/43Y7LLz
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Pickleball Injuries May Cost Americans Nearly $400 Million This Year, According to UBS; More physical activity is a good thing right?
Joe Weisenthal - Bloomberg
Earlier this month, shares of big health insurance companies fell after UnitedHealth Group Inc. warned that healthcare utilization rates were up. At a conference the company had said that it was seeing a higher-than-expected pace of hip replacements, knee surgeries and other elective procedures.
/jlne.ws/46mOK7f
Column: U.S. government debunks COVID lab-leak conspiracy theory, enraging conspiracy theorists
Michael Hiltzik - LA Times
That sound you may have detected rising from the ether of social media this weekend was the gnashing of teeth by COVID conspiracy-mongers, outraged by a U.S. government report debunking their most cherished claims. The long-awaited report released Friday by the Office of the Director of National Intelligence, or ODNI, put the lie to the theory that the Sars-CoV-2 virus, which causes COVID, leaked from a virology lab in Wuhan, China, where the disease was first detected in humans.
/jlne.ws/3CTzFwg
Anthony Fauci to Join Georgetown University Faculty; Longtime infectious-disease expert left government role last year
Jennifer Calfas - The Wall Street Journal
Anthony Fauci, the government's longtime top infectious-disease expert known for guiding the nation through the Covid-19 pandemic, is joining the faculty at Georgetown University. Fauci will take the title of distinguished university professor at Georgetown's School of Medicine in the infectious diseases division, and will also join the university's McCourt School of Public Policy, the university said Monday. He will begin at the university July 1.
/jlne.ws/3NOCCVb
Malaria Spreads Within the US for the First Time in 20 Years
Alex Millson - Bloomberg
Malaria has spread from mosquitoes to humans inside the US for the first time in 20 years, the Centers for Disease Control and Prevention (CDC) has warned. Four cases of mosquito-transmitted Plasmodium vivax malaria have been reported in Florida within the last two months, and a single case was also found in Texas. All patients were said to be improving after receiving treatment.
/jlne.ws/3r3HoFE
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Prepares to Sell Cotton From Reserves on Supply Concerns; Government may announce cotton sale as soon as this week; Extreme weather may have reduced production in Xinjiang
Bloomberg News
China is planning to release cotton from state stockpiles to boost supplies, people familiar with the matter said, underscoring concerns that the crop to be harvested later this year has been hit by poor weather.
/jlne.ws/440AGPk
Japan Reinstates South Korea as a Preferred Trading Partner; South Korea says trust has been restored on export controls; Move comes ahead of trilateral summit expected in the US
Yoshiaki Nohara and Isabel Reynolds - Bloomberg
Japan decided to restore South Korea to its list of preferred trading partners, the latest step toward bolstering relations that will help them strengthen cooperation with the US. The restored status will take effect on July 21, Japanese trade minister Yasutoshi Nishimura said Tuesday. The return to Japan's so-called white list of trading partners will smooth out export procedures to South Korea and comes about three months after Seoul made a similar move.
/jlne.ws/441x2o8
Australia Put a Lid on Rising Energy Prices. Some Warn It Was a Mistake; Lawmakers say experiment with price controls has helped consumers, but natural-gas producers argue it is stifling investment
Rhiannon Hoyle - The Wall Street Journal
When energy prices rose following Russia's invasion of Ukraine, Australia adopted a tactic the U.S. hasn't used in decades: It capped natural-gas prices. The strategy appeared to work. Wholesale electricity prices have fallen since the cap was introduced six months ago, in a fillip to consumers wrestling with other cost-of-living pressures and rising interest rates. Australia's center-left government is so pleased with the outcome that it recently said it would extend the cap by about 18 months to mid-2025.
/jlne.ws/3r8gwo4
Russia's Crude Shipments Slump on Halt at Major Export Terminal; Maintenance at Primorsk loading site is most likely cause of sharp drop in seaborne flows
Julian Lee - Bloomberg
Russia's seaborne crude oil flows to international markets slumped last week but maintenance work, rather than output cuts, is the most likely cause. Crude flows through Russian ports fell by about 980,000 barrels a day in the week to June 25. Lower shipments were seen from all regions, but hardest hit was the Baltic, where fewer than half the normal number of tankers were loaded at Primorsk. The port accounted for more than half of the week-on-week drop in the country's total seaborne crude exports.
/jlne.ws/3COq1Lv
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