| March 18, 2024 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
How has AI helped with background noise during interviews? Here is a clip I posted to LinkedIn that we shot of an interview with CFTC Chairman Rostin Behnam at the recent FIA International Futures Conference in Boca Raton, FL. The first part of the clip has the background noise; in the second, the AI tools of Adobe take out or throttle back the noise. It is pretty amazing.
The CME Group today launched Micro Bitcoin Euro and Micro Ether Euro futures (Feb 20 press release) and has published a FAQ, Frequently asked questions: Cryptocurrency futures that includes "What are Micro Bitcoin Euro and Micro Ether Euro futures?
The 12th Euronext Annual Conference is set to be held at Pavillon Gabriel in Paris on Tuesday, March 19, 2024. This event will also mark the celebration of Euronext's 10-year anniversary since its initial public offering (IPO). As a flagship event, it will convene close to a thousand executives, advisors, and investors.
Peter Borish, the Chairman and CEO of Computer Trading Corporation, was on Bloomberg Television to talk about the markets. His comments included references to fatal attractions, the seven Cs, and similar trends in cocoa and Nvidia as a sign of inflationary pressures. BTW, the seven Cs are cotton, coffee, cocoa, copper, crude, corn and cattle.
Abu Dhabi is introducing incentives to attract traders, including help with elite school admissions for their children and exclusive country club memberships, aiming to boost its financial center status, Bloomberg reported.
AsiaNext, a digital asset trading platform for institutions co-founded by Japan's SBI Digital Asset Holdings and Switzerland's SIX Group, was welcomed by FIA on LinkedIn as a new FIA member. Based in Singapore, AsiaNext offers services including tokenizing, listing, trading, clearing, settlement, and custody of various securities and non-bankable assets.
The inversion of the U.S. 2-year and 10-year yield spread, known as the 2s10s spread (FRED T10Y2Y), has reached a historical milestone. It has now remained inverted for 424 days, surpassing the previous record inversion period of 423 days observed between 1978 and 1980, making it the longest inversion in history, CME Group's interest rate team tweeted.
Patrick Young has written a commentary for the Vermiculus newsletter titled "Moving To T+1" with the subheadline "At first thought it all looks so much less risky if settlement is merely an overnight novation but on second thoughts, #Itscomplicated."
Mike Ossowski shared to LinkedIn that he is starting a new position as vice president of business development, institutional markets at Bakkt. Ossowski has previously been head of trading operations for Valkyrie Trading / Sigrun Research LLC, as well as chief strategy officer at Hehmeyer.
Brett Harrison, the founder and CEO of Architect and former president of FTX US, returned to X/Twitter after a break and offered some insights into the crypto markets. A nugget he shared included that the "CME clearing house has overnight margin levels set to greater than 100% for BTC futures contracts."
The most interesting female Olympian in Great Britain, or the most successful one, is calling it a career. Dame Laura Kenny has decided to retire rather than compete in the upcoming Paris Olympics, which saw her win six medals across three Olympics, "tying her with dressage rider Charlotte Dujardin for most decorated British female Olympian of all time," The Telegraph reported.
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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Our most read stories from our previous edition of JLN Options were:
- Hedge Funds, PE Firms Aim to Temper SEC's WhatsApp Probe from Bloomberg via Yahoo Finance.
- Phony Billionaires on Facebook Are Scamming Americans Out of Their Life Savings from The Wall Street Journal.
- Gold Options Look Up from tastylive. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Fenergo's Tracy Moore on Basel III's Impact and the Future of Banking Compliance
JohnLothianNews.com
In a recent interview with John Lothian News, Tracy Moore, director of thought leadership and regulatory affairs at Fenergo, explored the complexities and ramifications of Basel III regulations on the banking sector. Moore, with her extensive experience in regulatory compliance and financial technology, provided insightful perspectives on how Basel III could reshape banks' operations and strategies.
Watch the video »
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IMC Trading Invites Top STEM Students to Compete in Global Trading Challenge; Innovative competition mimics real-life trading on virtual island archipelago, with a $50,000 USD prize pool up for grabs
IMC
Global market maker IMC today announced the return of its unique market simulation challenge, Prosperity. 'The world's most innovative trading challenge', Prosperity invites STEM university students worldwide to put their trading skills to the test in a virtual tropical island archipelago. Taking place from April 8-23, participants will take part in five trading rounds, where they will be tasked with a series of challenges designed to mimic many of the dynamics encountered in the trading industry. Players must compete alone or on a team to out-trade their competition, demonstrating positional and algorithmic trading skills and basic Python knowledge, in order to grow their island and put their team on the path to Prosperity.
/jlne.ws/49U9F33
****** IMC is running its trading challenge again. Are you ready to compete, win and vacation?~JJL
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From Wall Street to Chicago, why stock exchanges ring bells
Krystal Hur - CNN
The New York Stock Exchange opens every workday morning at 9:30 am ET with the fast-paced bang-clang of a gleaming brass bell. The stock exchange, the largest in the world by market capitalization, has opened with sonic fanfare for more than 150 years. The sound, so iconic it is trademarked, reverberates across the trading floor again just before 4 pm ET, when the stock market closes. Once a hubbub of screaming floor brokers and countless sheets of paper strewn on the ground, much of the trading is now electronic in NYSE's hybrid market. The mayhem has largely died down.
/jlne.ws/3v6tp4n
****** The closing bell survived because the proposal to end the trading session with an electric shock to all the traders was voted down for some reason.~JJL
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The Scottish presence in Dubai is making a difference - Jeremy Grant; For the first-time visitor to Dubai, a ride on the elevated metro that runs parallel to Sheikh Zayed Road, one of the Emirate's main road arteries, is eye-opening.
Jeremy Grant - The Scotsman
Glass and concrete office towers crowd the financial district and, as you head south, your eye is drawn to vast billboards promoting ultra-luxury residential developments sprouting on the outer rim of the 16-lane highway. "All Dreams Lead to Atlantis The Royal" proclaims one. Another, "Iconic Tower", has enlisted Pininfarina of Italy to add some designer chic to the architectural lines of its 60 storeys.
/jlne.ws/43Ch2Kd
****** The Scottish are still going forth teaching and helping to build a better world.~JJL
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Friday's Top Three
Our top story Friday was Bloomberg's China Urges US to Stop 'Unreasonably Suppressing' TikTok. Second was the JLN video Options Discovery Episode 30: Risk Management For Options Portfolios; Hilary Till, Principal At Premia Capital Management, Discusses This And More With JLN's Asma Awass. Third was The Wall Street Journal's JPMorgan Hit With Nearly $350 Million Fine for Compliance Failures in Trading.
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| Lead Stories | Global Commodity Trading Profits Topped $100 Billion for Second-Best Year Ever
Archie Hunter - Bloomberg
The commodity trading industry reaped its second-best year ever in terms of profits, banking over $100 billion and building up a mountain of cash to spend on assets and breaking into new markets. While earnings fell from 2022's blockbuster records, profits across the sector still easily eclipsed prior highlights such as in 2008-2009, according to analysis from consultancy Oliver Wyman LLC. "We saw pretty good margins overall and that is practically because things continue to be a little bit tight on the supply-demand side," consultant Adam Perkins said in an interview.
/jlne.ws/3IGcs3H
Prediction Market Kalshi to Take Bets on Crypto (Settled in Dollars)
Marc Hochstein - CoinDesk
Kalshi, the lone regulated prediction market platform in the U.S., is moving to grab a piece of the crypto action as digital currencies bounce back from a two-year slump. Starting Monday, the New York-based company will let clients bet on five different cryptocurrency price outcomes, a company spokesperson told CoinDesk. Examples include when bitcoin {{BTC}} will reach $100,000 and the highest price Ethereum's ether {{ETH}} will reach in 2024. Additional markets are set to launch on Tuesday. To be clear: While these bets are about crypto, they will be placed in U.S. dollars, like all other markets on Kalshi. Traders on the platform have bet on questions such as how many rate cuts the Federal Reserve will make this year, how many inches of snow will fall in New York in March, and who would win the Oscar for best screenplay.
/jlne.ws/3TG08XG
Record low US options skew shows investor confidence on stock market rally; 'No one is really worried about small downturns,' say investors
George Steer - Financial Times
A closely-watched gauge of stock market sentiment has hit its most extreme level since 2008, as options traders increasingly focus on capturing further gains in soaring indices rather than worrying about a potential sell-off. An almost 25 per cent rise for Wall Street's benchmark S&P 500 index since the start of November has wrongfooted traders who had expected high interest rates to trigger a recession.
/jlne.ws/3wRXS6w
Commodity traders sitting on up to $120bn in cash after years of record profits; Gas and power trading has overtaken oil as the biggest source of profits in the sector, report finds
Tom Wilson - Financial Times
The commodity trading industry has accumulated as much as $120bn in cash reserves after five years of record growth, building a war chest that the biggest traders are set to reinvest to strengthen their dominance. The industry reserves, estimated at between $70bn and $120bn in a study by consultants Oliver Wyman, are the result of a huge rise in profits across almost all parts of the industry.
/jlne.ws/3Pqdo06
Crypto ETN providers head for UK but urge rethink on retail ban; The FCA has said it will allow listing requests but only give access to 'professional investors'
Steve Johnson - Financial Times
A rash of cryptocurrency exchange traded products are likely to be listed in London after regulators softened their hardline opposition to allowing domestic access to funds with cryptocurrency exposure. However, industry figures have criticised the UK's Financial Conduct Authority for limiting their availability to "professional investors" and continuing with its ban on retail investors buying crypto ETPs.
/jlne.ws/3PrWwpH
Hedge Fund Veteran Pitches First-Ever Emissions Risk Transfers; Emissions transfers pitched as way for banks to cut CO2 risk; Climate activists say such financial engineering won't cut CO2
Natasha White - Bloomberg
A veteran of alternative investment management has started pitching a new type of securitization he says would allow banks to cut the carbon footprint of their balance sheets. Andrew Hohns, a former managing director at hedge fund Mariner Investment Group who now runs Newmarket Capital, says he's currently in talks with a number of banks to construct such novel transfers. For banks, repackaging and transferring the credit risk from their loan books to less-regulated private fund managers is nothing new. The appeal for investors on the other side of such deals is that they get double-digit returns, while banks get capital relief, freeing them up to do more business.
/jlne.ws/49QNYRg
Bitcoin's halving is unlike others before it: A supply shock colliding with a demand tidal wave
Phil Rosen - Business Insider
Bitcoin's fourth halving is weeks away. Investors have been looking forward to it as a pivotal moment for the cryptocurrency's supply dynamics. Yet, like prior halvings, the event itself has been on the calendar for over a decade. A bitcoin halving - when the number of tokens rewarded to miners gets cut by 50% - happens reliably every four years. This time, however, supply will slow within months of an unprecedented demand shock, fueled by the approval of 11 spot bitcoin ETFs from asset management titans including BlackRock and Fidelity.
/jlne.ws/49QMAOy
Hot New Bitcoin Funds Are Still Waiting for Buy-In from Financial Advisers; Individual investors, shifting their bitcoin holdings from more expensive crypto products, appear to be driving the ETF demand
Vicky Ge Huang - The Wall Street Journal
Bitcoin exchange-traded funds have drawn billions of dollars from investors since they launched in January, but their target market-financial advisers who oversee trillions in client assets-has remained largely out of reach. Fans of the world's largest cryptocurrency had hoped that the bitcoin funds would open the floodgates to a wave of new buyers, specifically U.S. financial advisers who collectively oversee $30 trillion in client assets.
/jlne.ws/4cmnedg
FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say; Judge will sentence crypto founder later this month
Corinne Ramey and James Fanelli - The Wall Street Journal
Federal prosecutors on Friday asked a judge to sentence Sam Bankman-Fried to 40 to 50 years in prison and order him to pay a more-than-$11 billion judgment. They said in a court filing that the FTX founder victimized tens of thousands of people while orchestrating one of the largest financial frauds in history. Bankman-Fried has shown no remorse for his crimes, prosecutors said. The MIT graduate had a privileged upbringing and a promising future but instead chose to steal from customers of the crypto exchange and deceive investors, they said.
/jlne.ws/3Tk6ESn
***** Here are the Financial Times and Bloomberg versions of this story.
How Basel III leaves banks with weak points on both sides of the Atlantic; Compromises on regulation will mean more vulnerabilities in a crisis
Patrick Jenkins - Financial Times
Basel III: if ever there were three syllables that could bring a grown banker to tears, these are they. In the 15-plus years since the financial crisis, the western world has been through a protracted process of rewriting regulations to protect against another 2008. The last pieces of that puzzle - conceived by the Basel Committee on Banking Supervision and known as Basel 3.1 - are now close to being slotted into place across the western world.
/jlne.ws/3TktwBh
Reddit IPO reveals the reality check for Silicon Valley; Companies and their backers are starting to show more signs of acceptance of valuation cuts in 'down round' financing
Tabby Kinder - Financial Times
When Reddit lists on the New York Stock Exchange next week, the social media platform is expected to carry a valuation of up to $6.4bn - well down on the $10bn it was worth in 2021. It will be the first high-profile tech start-up to list since Instacart, which was valued at $10bn in its initial public offering in September, just a quarter of the eye-watering valuation placed on it by investors in 2021.
/jlne.ws/43kQbBU
Reddit Fueled Meme-Stock Mania. Now Its CEO Is Overseeing His Own Company's IPO; Steve Huffman built the social-media platform nearly two decades ago while in college. Now he's taking it public, adding investors to the list of personalities he needs to juggle.
Sarah E. Needleman - The Wall Street Journal
Reddit Chief Executive Steve Huffman recently went public with his own experience in describing how people use the social-media platform. "They might turn to r/stopdrinking for help quitting drinking," he wrote to investors, using shorthand for one of the site's 100,000 communities, "as I did more than four years ago." For Huffman, 40 years old, running the company he co-founded in 2005 has long been an unusual blend of personal and professional.
/jlne.ws/48RYQx2
Bond vigilantes snooze as Treasury market shrugs off vast US borrowing; Yields have fallen in recent months despite warnings over rising deficit
Kate Duguid - Financial Times
When hedge fund billionaire Ken Griffin told an industry conference this week that the US bond market was due some discipline, he was voicing the concerns of many investors about the impact of the government's huge spending and debt issuance plans. US government spending "is out of control", he told the Futures Industry Association's gathering in Florida. "And unfortunately, when the sovereign market starts to put the hammer down in terms of discipline, that can be pretty brutal."
/jlne.ws/43otPPX
Germany Is Suddenly Doing Better on Its Climate Goals; Targets within reach even as industrial activity picks up; Nation set to miss targets in transport and housing sectors
Petra Sorge - Bloomberg
Germany is likely to reach its overall climate goals by 2030 even as it struggles to comply in the transport and building sectors, according to the Federal Environment Agency. By the end of the decade, the country will be within reach of curbing greenhouse gas emissions by 65% from 1990 levels, the agency said in a report published Friday. Just a year ago, a reduction of 57% was expected. The prediction is particularly surprising because the government says it can cut emissions even if the economy grows steadily.
/jlne.ws/3vdWyue
Brevan Howard Cuts About 10% of Traders Amid Hedge Fund Losses; Firm is slashing jobs after main fund lost about 3% this year; Employees asked to leave for underperformance, people say
Nishant Kumar, Donal Griffin, and Liza Tetley - Bloomberg
Brevan Howard Asset Management, the hedge fund co-founded by billionaire Alan Howard, is cutting about two dozen traders, or about 10% of the total, people familiar with the matter said. The Jersey, Channel Islands-based firm eliminated a batch of traders for underperformance as part of its twice-a-year review, the people said, asking not to be identified discussing internal matters. A representative for Brevan Howard, which employs roughly 210 traders, declined to comment.
/jlne.ws/3TBbdsY
Jump Trading Joins Vienna Stock Exchange
MarketsMedia
The Vienna Stock Exchange welcomes Jump Trading Europe B.V. as a new international trading member. Thus, a total number of 70 members, including 21 Austrian and 49 international banks and securities firms, are currently connected to the Viennese trading venue. "We welcome Jump Trading to the Vienna Stock Exchange and are pleased to further strengthen our global reach. The majority of the trading turnover is generated by international trading participants. Together with our local bank partners, they ensure the best trading quality for Austrian shares - to the benefit of the listed companies and all investors," says Christoph Boschan, CEO of the Vienna Stock Exchange.
/jlne.ws/48Vy6vu
Wall Street Lawyer Who Held Executive Power to Account: 'It Was Nearly a Revolution'; Ira Millstein, senior partner at Weil, Gotshal & Manges, helped shape corporate boards
Erin Mulvaney - The Wall Street Journal
In the 1980s, Ira Millstein's push to shake up General Motors' corporate structure was far from the norm. As the man behind the scenes, he navigated a board coup that would influence corporate boardrooms and C-suites nationwide. He would become one of Wall Street's most powerful lawyers.
/jlne.ws/3vm7kP5
FTX Bankruptcy Trade Mints 200% Windfall and Sparks Legal Battle
Lucca De Paoli and Emily Nicolle - Bloomberg
The profits were multiplying at a dizzying clip: 50%, 100%, then suddenly almost 200%. Even for long-time veterans at Attestor Ltd., a boutique London firm that specializes in trading distressed assets, this had the makings of a score to remember. The trade - targeting the remains of Sam Bankman-Fried's once-vast cryptocurrency empire - became a popular one in distressed investing circles last year.
/jlne.ws/4cjhgK0
Humanity International Investments Launches Groundbreaking ESG Blockchain Index; Dubai's Humanity International Investments launches a groundbreaking watchdog index for crypto, emphasizing ESG impact.
EIN Presswire
Humanity International Investments (HII), the Dubai-based social impact fund, has announced the creation of an unprecedented watchdog index for the crypto and blockchain ecosystem. The index will serve as a barometer for assessing the socio-economic impact of cryptocurrencies and blockchain projects worldwide, with a keen focus on Environmental, Social, and Governance (ESG) impact. In a push for ethical investment within the crypto sector, HII's initiative introduces a rigorous ESG framework. The index is designed to evaluate and rate blockchain entities, crypto tokens and crypto funds based on a multifaceted methodology, incorporating market performance, technology robustness, regulatory compliance, and community engagement, alongside a keen ESG analysis.
/jlne.ws/3wZfUnA
Swiss bank UBS targets US deals, says chairman
Reuters
Swiss banking giant UBS will look for merger and acquisitions opportunities in the United States in the years to come, its chairman told the NZZ newspaper on Sunday. UBS, which took over former rival Credit Suisse last June, wants to expand its U.S. wealth-management business through potential M&A in three or four years, Colm Kelleher said. "Only in wealth management and not yet," he added.
/jlne.ws/3x7XSPR
Cherry Blossoms Are Blooming Early From Tokyo to Washington; A tourist draw in Japan and the US, cherry blossom season is starting earlier as climate change makes winters warmer.
Shoko Oda, Zahra Hirji, and Brian K Sullivan - Bloomberg
Iconic cherry trees in Japan and the US are blossoming earlier as climate change brings warmer temperatures, upending a fixture of the spring calendar in major cities. No country is more associated with blossoming cherry trees, or sakura, than Japan, and tourists from overseas often try to time their visits to see the delicate pink petals. The average date at which they start to bloom has moved up 1.2 days per decade since 1953, said Daisuke Sasano, a climate risk management officer at the Japan Meteorological Agency.
/jlne.ws/490uE2E
Dan Loeb Enters the Chip Wars; The hedge fund mogul has been bankrolling a European patent fight against Intel, Dell, Amazon and other tech giants.
Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
A different kind of battle for Third Point
A small computer chip design company, R2 Semiconductor, has been notching wins in a potentially big patent fight against Intel over the past few months - a dispute that could force Intel to stop selling several chip lines in Europe. Behind R2's legal war is one of the biggest names in hedge funds, DealBook is first to report: Dan Loeb's activist hedge fund Third Point, the company's majority owner, is bankrolling the lawsuits, including two new ones against Amazon Web Services and Fujitsu that haven't been previously reported.
/jlne.ws/3Pq5ROA
Eurex partners with Wematch.live on basket total return futures; Roll-out will be staggered in strategic phases over the coming months, with the full integration across pricing, execution and lifecycle management targeted for a Q3 2024 launch.
Chris Lemmon - The Trade
European derivatives exchange Eurex has partnered with Wematch.live to improve access in the synthetic securities finance industry through basket total return futures (BTRFs). The tie-up will enable interoperability between Wematch's total return swaps (TRS) module, which automates trade matching and collateral optimisation, with Eurex's BTRF products. The 'futurisation' of synthetic equity financing is designed to provide portfolio margining efficiencies and streamlined operations.
/jlne.ws/3IGmSjP
GCEX launches new margin trading for institutional and professional traders; Named XplorTrader, the new platform offers enhanced charting functionalities, deposit and withdrawal processes, alongside improved monitoring and management of trading instruments and positions.
Wesley Bray - The Trade
Digital brokerage GCEX has launched a new margin trading platform, offering increased flexibility and control for operational efficiency. Named XplorTrader, the new offering sets a new benchmark for margin-based CFD and foreign exchange platforms, according to GCEX.
/jlne.ws/3VnR5Ma
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia claims it used 'vacuum bomb' to kill large number of Ukrainian soldiers
Brad Lendon, Manveena Suri, Josh Pennington and Sophie Jeong - CNN
Russia says it killed large numbers of Ukrainian soldiers with a so-called "vacuum bomb", a powerful munition that sucks in oxygen from the surroundings to sustain an explosion. The deputy chief of the General Staff of the Russian Armed Forces told Russian Defense Minister Sergei Shoigu during a meeting that up to 300 soldiers were killed "as a result of an accurate strike by an aerial munition," Russia's Defense Ministry said on Saturday.
/jlne.ws/3wVpZSz
Europe Will Tap Frozen Russian Assets for Ukraine Arms, Germany's Scholz Says; Shift in Berlin's stance on using windfall profits increases chance that $300 billion held in West will help Kyiv
Laurence Norman - The Wall Street Journal
European countries would use the windfall profits generated by nearly $300 billion in frozen Russian assets to support weapons purchases for Ukraine, the first time Berlin has voiced support for the idea. Western countries have been discussing how to deploy the frozen Russian central bank assets for more than a year. Hurdles remain in tapping the funds, but Scholz's shift opens the way for action in coming months.
/jlne.ws/4aa6p3L
Ukraine war briefing: another Russian oil refinery burns after drone strikes; More than 75 also wounded after second missile strike in residential area hits responders to initial attack. What we know on day 752
The Guardian
Ukrainian drones struck two Rosneft oil refineries in Russia's Samara region, leaving one facility on fire on Saturday, the region's governor said. The Volga river region's Syzran refinery was on fire, Dmitry Azarov said on Telegram. His comments also confirmed an attack on the Novokubyshev refinery. Workers at both plants had been evacuated and there were no casualties, Azarov claimed. Unverified footage posted online showed what appeared to be a major fire at the Syzran refinery, with emergency services working at the scene.The Samara region is closer to Kazakhstan than to Ukraine.
/jlne.ws/3VrFvjj
Ukraine's Victories Over Russia's Black Sea Fleet Reopen Vital Grain Corridor; Ukrainian farmers have sharply increased sales since Russian warships were pushed back by attacks with naval drones
James Marson - The Wall Street Journal
SOKOLIVKA, Ukraine-Farmers like Oleksandr Kosenyuk in this central Ukrainian village are ramping up exports of grain thanks to a surprising military success that has subdued the Russian Black Sea Fleet hundreds of miles away. Ukrainian naval drones have sunk a series of Russian warships, putting swaths of the Black Sea all but off limits to the Russian Navy and allowing Ukraine to increase grain exports close to prewar levels from its main ports in Odesa.
/jlne.ws/3vek5LE
Russia's air force is back. Now is the time to finish it; Help for Ukraine is help for ourselves
David Axe - The Telegraph
In early 2022, the Russian air force was the world's second or third best, after the US and maybe Chinese air forces. But only on paper. In reality, the massive air arm - with more than a thousand front-line fighters and at least a hundred bombers - suffered from serious, but mostly invisible, flaws. These included a lack of experience, shortages of key munitions and a rigid command structure.
/jlne.ws/3PpfHQM
More Russian Oil Refineries Are Attacked by Ukrainian Drones
Bloomberg
/jlne.ws/3Tk4G4p
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israeli Troops Target Gaza City Hospital, Citing Hamas Activity; Al-Shifa hospital showed signs of terrorist activity: Israel; International focus has been on prospect for cease-fire soon
Fares Alghoul - Bloomberg
Israel's military made its deepest incursion into Gaza City in about two weeks, saying its troops were undertaking a "precise operation" targeting the main hospital in the northern metropolis that bore the brunt of the first weeks of fighting in the conflict. Early Monday's raid at Al-Shifa hospital, which has been largely dysfunctional since November, came after intelligence emerged "indicating the use of the hospital by senior Hamas terrorists to conduct and promote terrorist activity," the military said in a statement.
/jlne.ws/3wYl96Z
Netanyahu Vows to Continue War, Pushes Back on Schumer Criticism; US Senate leader called for elections, new Israeli leadership; Israeli troops will be sent to Rafah in southern Gaza, he says
Alisa Odenheimer - Bloomberg
Prime Minister Benjamin Netanyahu shot back Sunday at comments by US Senate Majority Leader Chuck Schumer, who last week called for elections in Israel to remove the current government. "What he said is totally inappropriate," Netanyahu said on CNN's "State of the Union," in his first public comments to the Senate floor speech by Schumer, the highest-ranking elected Jewish American in history. "It's inappropriate for a - to go to a sister democracy and try to replace the elected leadership there." "We're not a banana republic."
/jlne.ws/3TENQyt
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | DTCC Appoints Sharon Biran As Chief Client Officer - Biran Brings To DTCC More Than Two Decades Of Experience In Client Engagement, Global Transformations And Operational Resilience
DTCC via Mondovisione
DTCC, the premier post-trade market infrastructure for the global financial services industry, today announced the appointment of Sharon Biran as Managing Director and Chief Client Officer, effective March 25. Ms. Biran joins the DTCC Executive Committee and will report to Francis J. La Salla, President, Chief Executive Officer and Director. Ms. Biran succeeds Timothy Keady, who announced he will leave the firm at the end of March. As Chief Client Officer, Ms. Biran will lead the firm's global client management and engagement strategy, including sales, relationship management, partners, and marketing and communications. She will also lead DTCC's Consulting Services business.
/jlne.ws/4ajGSEW
Nasdaq Exchange Says Premarket Tech Glitch Is Resolved
Sagarika Jaisinghani - Bloomberg
Nasdaq Inc. said a technology glitch that disrupted premarket trading for almost three hours is now resolved. "The Nasdaq Stock Market has resolved its earlier matching engine issues and all systems are operating normally," it said in a statement on its website. "Nasdaq will provide a full postmortem when available."
/jlne.ws/4chKzg1
The Johannesburg Stock Exchange (JSE) and Amazon Web Services (AWS) collaborate to evolve technology, enable and transform Capital Markets
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE), Africa's largest stock exchange continues on its technology enablement journey and is collaborating with Amazon Web Services (AWS) to modernise its technology, leverage edge computing infrastructure, explore AI to deliver innovative market solutions and drive operational efficiencies. This move will also revolutionise the delivery of real-time market data in the cloud and drive industry innovation leveraging artificial intelligence (AI), machine learning (ML), generative AI and blockchain technologies. The transformative journey will focus on market infrastructure and the enablement of evolutionary trading enablement technologies for seamless connectivity with clients. The JSE will start by embarking on upgrading its Broker Dealer Administration (BDA) system. https://jlne.ws/3vfvUBd
Osaka Exchange Launches JPX Prime 150 Index Futures
Japan Exchange Group
Today marks the launch of JPX Prime 150 Index Futures on Osaka Exchange. With the emergence of financial products linked to JPX Prime 150 Index, OSE has listed these futures with the aim of providing the hedging tools for creating and managing the financial products linked to this index. We hope that our trading participants will use JPX Prime 150 Index Futures to smoothly manage assets, including ETFS, together with JPX Prime 150 Index. OSE will continue to contribute to the expansion of Japan's financial market by improving the convenience of its derivatives market.
/jlne.ws/3TDASRQ
Eurex launches futures contract on semiconductor industry
Eurex
STOXX Semiconductor 30 Index Futures listed at Eurex as of today; New sector futures contract is complementing Eurex's eco-system for sector investing; First semiconductor index futures listed in Europe. Eurex, Europe's leading derivatives exchange, is expanding its suite of sector index futures. As of today, Deutsche Boerse's derivatives arm launched its first futures contract based on a semiconductor index. Eurex is thus responding to the growing relevance of the semiconductor industry during recent years.
/jlne.ws/43kHQOE
SE's 2023 annual financial results show strong performance in line with long-term targets; JSE's diversification strategy bolsters financial resilience and competitive position
Johannesburg Stock Exchange
The Johannesburg Stock Exchange (JSE) delivered a strong revenue performance in 2023, in difficult market conditions. Headline earnings per share (HEPS) increased by 12,2% year-on-year (YoY) to 1029.8 cents per share from 917.7 cents in 2022, while net profit after tax (NPAT) increased 11% to R831 million in the same period (2022: R749 million). These results demonstrate the JSE's robust operational performance and ability to innovate in response to market changes to deliver value to its stakeholders. Return on equity rose by 19.4% up from 17.8% and in line with the organisation's long-term financial targets.
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Regular Constituents Change in KRX Post IPO Index
KRX
There will be regular consituents change in KRX Post IPO Index. Effective date : March 22nd, 2024. Please refer to the index website menu or index data product file for details and target weight.
/jlne.ws/49XFGqX
Caution for Investors
Multi-Commodity Exchange of India
It has been brought to the notice of the Exchange that an entity named 'Bull Eye Trade' located at 42/9, Mhatre Bridge, Opp. Siddhi Gardens, Vakil Nagar, Pune, Maharashtra - 411 052, is operating with the help of website www.bulleyetrade.com, and email id: [email protected]. The entity is misusing the Multi Commodity Exchange of India Ltd. (MCX) brand name on their website.
/jlne.ws/48Ytvss
Position Limits - Government Of Canada Bond Listed Products (All Months)
Montreal Exchange
The applicable position limits for the Government of Canada Bond futures and options on the Government of Canada Bond futures have been updated and are reflected in the position limit file. The position limit file is retrievable here. The position limits will apply as follows:
/jlne.ws/4a9mbvm
Margin Requirements and Adjustment of Routine Intra-day Variation Margin Calls during Easter Holidays and Special Working Day
Hong Kong Exchange
Please be advised that pursuant to Chapter 4 of the OTC Clearing Hong Kong Limited Clearing Procedures, the following risk management measures will be applied by OTC Clearing Hong Kong Limited to cover potential market volatility during Easter Holidays and Special Working Day:
/jlne.ws/3VoVEGc
Moscow Exchange expands opportunities for over-the-counter bond transactions
Moscow Exchange
The Moscow Exchange has introduced a continuous counter auction mode for over-the-counter bond transactions with a central counterparty. Thus, banks, brokers and their clients will be able to perform over-the-counter transactions with bonds in the order book interface that is familiar to them. Previously, only targeted bond transactions were available to trading participants and their clients in this segment.
/jlne.ws/43pflPO
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Social Capital AI Startup Deal Led Palihapitiya to Fire Partners; The dramatic firings highlight unusual structure at firm; Social Capital scrapped efforts to raise outside funding
Lizette Chapman - Bloomberg
Venture capital firm Social Capital suddenly fired two of its partners after they tried to raise outside money for an artificial intelligence startup - an endeavor that provoked the ire of the firm's leader, high-profile investor Chamath Palihapitiya. After it fired Jay Zaveri and Ravi Tanuku on Sunday, the firm offered no details other than that high-wattage law firm Wachtell, Lipton, Rosen & Katz had been hired just days earlier to investigate a "situation," Bloomberg first reported.
/jlne.ws/3VfmEI1
Nvidia fever is here. Why the chipmaker is the world's hottest stock; Nvidia used to be a gaming company. Now it's getting rich selling the picks and shovels of the AI gold rush.
Gerrit De Vynck, Danielle Abril and Taylor Telford - The Washington Post
In high school, all Pablo Nava Barrera knew about Nvidia was it made the graphics card inside his video gaming computer. But as he began looking for internships last fall, the computer science sophomore at San José State University discovered the company's chips were behind "generative" AI tools like ChatGPT and self-driving cars. Now Nava, 19, not only has a summer internship at Nvidia, he's also a stockholder. Using cash saved from gifts and part-time jobs, he bought an undisclosed amount of Nvidia shares last month. He's already seen a 15 percent gain.
/jlne.ws/3wUnQqf
Either Nvidia Is the Next Boo.com or AI Takes Over the NFL; The 2000 tech bubble that wiped out many an E-Trade portfolio may repeat itself with artificial intelligence.
Tobin Harshaw - Bloomberg
No she wasn't the lead guitarist for Metallica. Nor was she a trucker-hat-wearing hipster - another example of generational appropriation by millennials from Gen X1. Which leads us (yes, it's a stretch) to other kinds of bubbles, and whether they may also succumb to the sorts of centrifugal forces of the early 2000s that devastated Fogdog, Webvan and Boo.com - and shredded poor Mr. Bubble in the washer.
/jlne.ws/3TjpCJ2
Nvidia AI developer conference kicks off with new chips in focus
Max A. Cherney and Stephen Nellis - Reuters
Artificial intelligence semiconductor powerhouse Nvidia kicks off its annual developer conference on Monday, with investors focused on new chip announcements from Chief Executive Jensen Huang in an afternoon keynote address. Nvidia's new chip and software announcements at GTC 2024 will help determine whether Nvidia can maintain its leadership position as the dominant seller of the tools needed to fuel the past year's frenzy around AI. Nvidia dominates the data center AI chip market, capturing roughly an 80% share last year.
/jlne.ws/3PpzqzL
Microsoft tells European regulators Google has an edge in generative AI
Eric Revell - Fox Business
Tech giant Microsoft told European antitrust regulators that rival Google has a competitive edge in generative artificial intelligence (AI) due to its trove of data and AI-optimized chips. Microsoft's comments were in response to a consultation launched by the European Commission in January on the level of competition between tech companies in generative AI.
/jlne.ws/3IIjwgs
Apple Is in Talks to Let Google Gemini Power iPhone AI Features; Companies considering AI deal that would build on search pact; Apple also recently held discussions with OpenAI about deal
Mark Gurman - Bloomberg
/jlne.ws/48Z7eKY
Nvidia Backs Little-Known Upstart in India's Biggest AI Bet Yet; Yotta and its 52-year-old CEO are buying thousands of Nvidia chips to offer AI capabilities in the country
Saritha Rai - Bloomberg
/jlne.ws/4achjoU
Software Company HashiCorp Is Weighing a Potential Sale; HashiCorp working to gauge interest from possible buyers; Company has held exploratory talks with industry players
Ryan Gould, Katie Roof, and Dinesh Nair - Bloomberg
/jlne.ws/3x60WvR
Payments Startup Zilch Expects to Be Profitable in Months, Seeks IPO Next Year; The firm has held discussions with Nasdaq, NYSE and LSE; Zilch CEO joins Unicorn Council to lobby for UK fintechs
Vinicy Chan - Bloomberg
/jlne.ws/49PrLmC
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| Cybersecurity | | Top stories for cybersecurity | IMF reports cybersecurity incident
Justinas Vainilavicius - Cybernews
The IMF said the breach was detected on February 16th. A subsequent investigation carried out with the assistance of independent cybersecurity experts determined the nature of the breach, and "remediation actions were taken," the organization said. The 11 IMF email accounts that were compromised during the breach were re-secured following the probe. "We have no indication of further compromise beyond these email accounts at this point in time," the IMF said in a statement.
/jlne.ws/49WRCce
3 Ways Businesses Can Overcome the Cybersecurity Skills Shortage; With budget constraints and a limited supply of skilled talent, businesses need to get creative to defend against rampant cybersecurity threats.
Jesper Trolle - DarkReading
Globally, cybersecurity threats continue to accelerate in pace and scale with rising malware and deepfake attacks. Over a third of organizations worldwide suffered a material cyber incident from malicious actors in the past year, while 73% were affected by ransomware attacks in 2023. With these cyberattacks come serious financial costs - global damages total an astonishing $8 trillion each year. As attack surfaces continue to expand and cybercrime emerges as the world's third-largest economy, trailing only the US and China, the time to act is now.
/jlne.ws/4953wiZ
Understanding Cybersecurity Validation And Exposure Management
Seemant Sehgal - Forbes
Cybersecurity validation and exposure management are terms that may have originated from industry analysts but are based on a foundational need for improved and integrated technology voiced by organizations and security professionals worldwide.
/jlne.ws/3TETL6P
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| Cryptocurrencies | | Top stories for cryptocurrencies | Want to Be 'Certified Crypto Expert?' You Need 11 Hours and $229; Spot-Bitcoin ETFs linked to rise in demand for courses; Many are 'just money grabbing gimmicks,' says Duke's Harvey
Olga Kharif - Bloomberg
To pass the chartered financial analyst exams and put the "CFA" letters on your resumè, at least 900 hours of study are recommended. Hitting the books for 300 to 400 hours is advised for the certified public accountant exam, which is usually taken by prospective CPAs who have completed an undergraduate degree in the subject. However, to become a "Certified Cryptocurrency Expert," or CCE, all you need is $229 and time for 11 hours of online coursework offered by Blockchain Council. If that's too much of a time commitment, you can receive a "Cryptocurrency and Blockchain Certificate" elsewhere by taking just four hours of coursework, passing a 20-question test and shelling out $795.
/jlne.ws/3Pl69q7
Bitcoin Miner Marathon Plans to Make Purchases to Offset Rewards 'Halving'; CEO estimates the Bitcoin break-even cost is around $43,000; Marathon just bought a 200-megawatt data center in Texas
David Pan and Katie Greifeld - Bloomberg
Marathon Digital Holdings Inc., one of the largest US Bitcoin mining companies, plans to acquire more power infrastructure and plug in new machines to keep costs low after a Bitcoin code update set to drastically reduce revenue for miners. "We have the need for more capacity, we are reaching that limit now as we speak but we will continue to be acquisitive in this space," Fred Thiel, Marathon's chief executive, said Friday in an interview on Bloomberg Television. "That has a direct impact on our cost to mine, which lowers our break-even point."
/jlne.ws/4chYtPa
Binance Tightens Token-Listing Process as Regulators Keep Close Watch; Crypto exchange extends "cliff period" to at least one year; One large market maker has complained to Binance about changes
Suvashree Ghosh and Olga Kharif - Bloomberg
Binance Holdings Ltd. has tightened requirements for listing new digital tokens, stepping up efforts to bolster investor protections on its platform. Crypto projects seeking to list tokens on Binance must now agree to a significantly longer so-called "cliff period" during which no coins can be sold, set aside more coins for market makers and make a security deposit, said people with knowledge of the matter, who asked not to be identified discussing confidential information. The changes started taking effect late last year, the people said.
/jlne.ws/3TDn0ad
What Meltdown? Crypto Comes Roaring Back in the Philippines; Two years after the cryptocurrency market crashed, internet cafes for playing crypto-earning video games are opening and farmers have started harvesting virtual crops from the games for income.
Eli TanPhotographs by Jes Aznar - The New York Times
On a recent Tuesday night, around 20 people crowded into the second floor of Joniel Bon's newly opened internet cafe in Quezon City, 10 miles from Manila. Seated at computers with 34-inch curved monitors, they began playing video games such as Heroes of Mavia and Nifty Island, as music from Taylor Swift and Maroon 5 hummed from the speakers.
/jlne.ws/3VpCTSO
Bitcoin's Success May Be Its Downfall
OilPrice.com
Bitcoin faces a "sell-side liquidity crisis" by September if institutional inflows continue, an industry analyst says. In a thread on X on March 12, Ki Young Ju, founder and CEO of on-chain analytics platform CryptoQuant, predicted a BTC supply watershed "within six months."
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Vanguard CEO Tim Buckley Says "Bitcoin Is Too Volatile And It's Not A Store Of Value" - Asks If It Belongs In A Long Term Portfolio
Caden Pok - Benzinga
/jlne.ws/3Pq8Ne2
Bitcoin Fog is a ghost of the past; Plus, an update on Binance's troubles in Nigeria
Scott Chipolina - Financial Times
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Bitcoin's sudden 7% retreat sees $660M in liquidations in 1 day; Some suggest a waning ETF narrative and economic data from the United States may have sparked the sudden crypto sell-off.
Martin Young - Cointelegraph
/jlne.ws/3vhhn8b
Could Bitcoin soar all the way to $100,000? A key crypto booster says yes; The rise of Bitcoin ETFs and a closely watched "halving" event coming soon have Bitcoin bulls as optimistic as ever
Vinamrata Chaturvedi - Quartz
/jlne.ws/43l8Ayx
Binance CEO Teng Sees Bitcoin Topping $80,000 on ETF Inflows; Teng says Bitcoin ETF launch drawing institutional investors; Fund flows into Bitcoin ETFs "just getting started," Teng says
Anuchit Nguyen - Bloomberg
/jlne.ws/3ViW4h1
Memecoin Billionaires Are Back With Bets on Being the 'First Idiot In'; Tokens with no inherent value have surged more than Bitcoin; It's like 2020 and 2021 but with very different macro backdrop
Emily Nicolle - Bloomberg
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| Politics | | An overview of politics as it relates to the financial markets | Senators urge SEC to halt crypto ETF approvals amid concerns
Forkast
U.S. Senators Jack Reed and Laphonza Butler have called on the Securities and Exchange Commission (SEC) to refrain from approving further crypto exchange-traded products (ETPs), particularly those linked to cryptocurrencies other than Bitcoin. In a letter to SEC Chair Gary Gensler dated March 11, the senators highlighted the lack of sufficient trading volumes and integrity in cryptocurrencies like Ethereum, which they believe could expose retail investors to risks of fraud and market manipulation.
/jlne.ws/49Q70Hs
To Defend Democracy, Time To Revamp America's Military-Industrial Base
Ariel Cohen - Forbes
America's defense industrial base is not ready for the dangerous global environment in which the U.S. and the West find themselves. For the White House, the Pentagon, and the U.S. Congress, continuing to neglect this situation is no longer an option. The Center for Strategic and International Studies recently conducted and reported on a series of U.S.-China wargames -in nearly all of them, U.S. forces ran out of some precision-guided munitions within a week.
/jlne.ws/3x7fc7B
ByteDance Investors Could Win in TikTok Sale, GOP Lawmaker Says
Alicia Diaz - Bloomberg
Investors in TikTok's Chinese parent company stand to benefit if it sold the app because divestment would remove a source of uncertainty, a Republican lawmaker said. "It would be in the financial interest of ByteDance's investors to effectuate a forced sale," Representative Mike Gallagher, who spearheaded a House-passed bill aimed at making the company divest TikTok to allow its continued operation in the US, said on CBS's Face the Nation on Sunday.
/jlne.ws/3VnpcUp
Blinken Warns of Disinformation Threat to Democracies; At an international forum, the secretary of state said artificial intelligence's ability to disrupt the global flow of information could prove politically perilous during a year of elections.
Michael Crowley - The New York Times
Secretary of State Antony J. Blinken warned on Monday that a malicious "flood" of disinformation was threatening the world's democracies, fueled in part by the swift rise of artificial intelligence, which he says sows "suspicion, cynicism and instability" around the globe.
/jlne.ws/3vi57o4
Germans thought they were immune to nationalism after confronting their Nazi past. They were wrong
Kirsten Grieshaber - Associated Press
When Sabine Thonke joined a recent demonstration in Berlin against Germany's far-right party, it was the first time in years she felt hopeful that the growing power of the extremists in her country could be stopped. Thonke, 59, had been following the rise of the Alternative for Germany, or AfD, with unease. But when she heard about a plan to deport millions of people, she felt called to action. "I never thought such inhuman ideas would be gaining popularity in Germany again. I thought we had learned the lessons from our past," Thonke said. Many Germans believed their country had developed an immunity to nationalism and assertions of racial superiority after confronting the horrors of its Nazi past through education and laws to outlaw persecution. They were wrong. If an election were held today, the AfD would be the second largest party, according to polls. But national polls camouflage an important division: the AfD has disproportionate support in the formerly communist and less prosperous eastern states of Germany.
/jlne.ws/3TiwiXP
UAE in 15-Year Germany Gas Deal in Boost to Energy Security; Adnoc to supply SEFE with 1 million tons of LNG per year; Supply from Adnoc's planned Ruwais LNG plant to start in 2028
Anthony Di Paola - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a License; Last year, regulators in Japan and Germany also alerted consumers the exchange was unlicensed.
Camomile Shumba - CoinDesk
Hong Kong's Securities and Futures Commission (SFC) warned the public Friday that crypto exchange MEXC was operating in the territory without a license. "The SFC will not hesitate to take enforcement action against unlicensed platforms where appropriate," the SFC said in an emailed statement. This is not the first time MEXC has fallen foul of regulators. Last April Japan's Financial Services Agency said the exchange had been operating in the country without registration, as did Germany's Federal Financial Supervisory Authority as recently as October.
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Court Temporarily Halts S.E.C.'s New Climate Rules; Two fracking companies had challenged requirements that some businesses disclose more information about the risks they face from climate change.
Hiroko Tabuchi - The New York Times
A federal court on Friday temporarily halted new rules from the Securities Exchange Commission that require public companies to disclose more about the business risks they face from climate change, siding with two oil and gas companies that criticized the requirements as costly and arbitrary. Approved by the S.E.C. this month, the rules require some publicly traded companies to disclose their climate risks, and how much greenhouse gas emissions they produce. Industry groups, as well as their political allies, have filed numerous lawsuits challenging the regulation.
/jlne.ws/49VAO5F
FTC Probes Reddit's Plan to License User Content to AI Firms
Priya Anand - Bloomberg
The Federal Trade Commission is probing Reddit's plans to license user-generated content to other firms to train artificial intelligence models, the company said in a regulatory filing on Friday, the week before its planned initial public offering. The social media company said it received an inquiry Thursday from the agency "advising us that the FTC's staff is conducting a non-public inquiry focused on our sale, licensing, or sharing of user-generated content with third parties to train AI models." Reddit has said such licensing agreements could become an important revenue stream for the company.
/jlne.ws/3wXekT6
UK Fines Trader Over $99 Million Danish 'Sham' Tax Scheme
Donal Griffin - Bloomberg
The UK financial watchdog banned a trader from operating in the industry and fined him £6 million ($7.6 million) for his alleged role in a Cum-Ex tax trading scheme that obtained tens of millions of dollars of sham refunds from the Danish exchequer. Nailesh Teraiya, who owned and ran a small London-based brokerage called Indigo Global Partners Ltd., is alleged to have played a key role in what the Financial Conduct Authority described as a "sham trading scheme" that received EUR91.2 million ($99.4 million) in tax refunds from the Danish tax authority. Teraiya received millions of dollars in fees for his role, some of which was used to buy a £3 million house in Dubai, the FCA said.
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Federal Court Orders Unregistered Florida Commodity Pool Operator to Pay Over $64 Million in Monetary Sanctions for Fraudulent Scheme
CFTC
The Commodity Futures Trading Commission today announced the U. S. District Court for the Southern District of Florida entered a consent order today imposing a permanent injunction, restitution, and civil monetary penalty against Empires Consulting Corp., a Florida corporation that operated commodity pools under the name EmpiresX. The order finds, among other things, Empires Consulting defrauded participants in unlawfully operated commodity pools without being registered as required and commingled participant funds. The order resolves the CFTC's June 30, 2022 claims against Empires Consulting. [See CFTC Press Release No. 8551-22.]
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Opening Statement of Commissioner Kristin N. Johnson Before the Market Risk Advisory Committee Future of Finance Subcommittee Meeting
CFTC
Good morning. It is my pleasure to welcome you to the Market Risk Advisory Committee's (MRAC) Future of Finance (FoF) Subcommittee meeting.
The Promise and Peril of AI
Increasingly, diverse industries and sectors of our economy identify opportunities to integrate aspects of the assemblage of technologies that we commonly describe as artificial intelligence or AI technologies. AI enables doctors to diagnose and map diseases earlier, faster, and with greater accuracy than ever before in the history of medicine.[1] Farmers who cultivate crops that feed our nation may integrate AI to better manage access to vital resources such as freshwater, enabling more efficient irrigation, fertilization, and crop rotation leading to more sustainable farming.
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Statement of Commissioner Kristin N. Johnson Regarding Proposed Consent Order against Empires Consulting Corp.
CFTC
Today, the Commodity Futures Trading Commission (CFTC or Commission) announced the filing of a Proposed Consent Order to resolve claims against a Ponzi-scheme operator that fraudulently solicited more than $41.6 million from at least 12,500 individuals in the U.S. and abroad.
/jlne.ws/3VjCb9A
Statement of Commissioner Caroline D. Pham on Administrative Proceedings
CFTC
The appropriate use of agency administrative proceedings has generated much debate. I have previously shared my views on the Commission's use of administrative proceedings before a hearing officer in the absence of an Administrative Law Judge (ALJ) and in lieu of filing an action in federal court.[1] I now turn to other uses of the Commission's agency adjudication authority. The federal courts serve as an essential part of the checks-and-balances inherent in the separation of powers embodied in the United States Constitution, and therefore the use of administrative proceedings that bypasses the courts merits scrutiny.
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SEC Charges Two Investment Advisers with Making False and Misleading Statements About Their Use of Artificial Intelligence
SEC
The Securities and Exchange Commission today announced settled charges against two investment advisers, Delphia (USA) Inc. and Global Predictions Inc., for making false and misleading statements about their purported use of artificial intelligence (AI). The firms agreed to settle the SEC's charges and pay $400,000 in total civil penalties.
/jlne.ws/3TEJGXp
SEC Obtains Final Judgment Against Defendant Imran Parekh for Accounting Violations
SEC
On March 15, 2024, the U.S. District Court for the District of Rhode Island entered a final judgment against Evoqua Water Technologies Corp.'s former division-level finance director, Imran Parekh, in a case the Commission previously filed alleging improper accounting practices. Evoqua is based in Pennsylvania and has a major division located in Rhode Island. Parekh is a resident of Massachusetts.
/jlne.ws/49V1hAl
Report From FINRA Board of Governors Meeting - March 2024; Board Approves Rule Proposal, Receives Update on Scheduling Tool for Examinations and Continues Discussion Around FINRA's Long-Term Financial Planning
FINRA
FINRA's Board of Governors met on March 6-7 for the first time in 2024. The Board approved a rule proposal, received a briefing on examinations and investigations-including an update on the automation of a scheduling tool for exams as part of a multi-year initiative to enhance the exam program-and continued discussions around FINRA's long-term financial planning.
ASIC issues new legislative instrument for exchange traded funds
ASIC
ASIC has released a new legislative instrument ASIC Corporations (Relief to Facilitate Admission of Exchange Traded Funds) Instrument 2024/147. It replaces [CO 13/721] ASIC Corporations (Relief to facilitate quotation of exchange traded funds on the AQUA Market) 13/721 ([CO 13/721]) which was due to sunset on 1 April 2024.
/jlne.ws/4aAr0ht
FCA joins other regulators to warn firms on debt collection
FCA
Together with Ofgem, Ofwat and Ofcom, we've set out our expectations for firms across markets, as many consumers feel the strain from cost of living pressures. We've joined forces with other regulators to call on firms to improve debt collection practices. This is especially important as many consumers continue to feel the strain from cost of living pressures and risk falling into arrears.
/jlne.ws/4a3aYNe
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Cocoa Futures Have Their Best Day Ever
Ryan Dezember - The Wall Street Journal
Cocoa futures capped off a big week Friday, rising by $630 a metric ton, the biggest single-day jump ever in dollar terms for chocolate's key ingredient. In a surge reminiscent of pandemic lumber prices, cocoa has soared 94% this year to shocking heights. A puny crop in West Africa and speculators who have piled into the hottest trade this side of artificial intelligence have fueled the rally.
/jlne.ws/4ah7TbO
Realtors' proposed settlement could lower cost of home sales; The proposed agreement with the National Association of Realtors could dramatically change how much consumers pay during real estate transactions
Julian Mark and Aaron Gregg - The Washington Post
The National Association of Realtors has agreed to settle litigation that accused the real estate group of artificially inflating real estate commissions, a move that could dramatically change how much consumers pay during real estate transactions. Under the proposed deal, the group representing 1.5 million real estate agents would pay $418 million over four years to settle several cases, and change rules that plaintiffs alleged supported 5 to 6 percent commissions paid by home sellers. The association said it continues to deny wrongdoing.
/jlne.ws/3Pn2hVC
National Association of Realtors agrees to abandon its commission standards
Dennis Rodkin - Crain's Chicago Business
The National Association of Realtors will drop the long-held policy on broker commissions that has been the target of several lawsuits, the Chicago-based professional association announced March 15. It's the end of a Chicago-born standard of real estate sales, where the agents for buyer and seller agree to split in half a commission of around 5% to 6%. Lawsuits seeking to kill the standard have argued the sharing rule amounts to collusion to keep prices high by preventing buyers' agents from competing against one another on price.
/jlne.ws/4afx7HO
Reddit's IPO as Much as Five Times Oversubscribed, Reuters Says
Alicia Diaz - Bloomberg
Reddit Inc.'s initial public offering is between four and five times oversubscribed, Reuters reported, citing people familiar with the matter. That signals that the company is poised to at least reach its targeted price range of $31 to $34 per share when the IPO prices in New York on Wednesday, Reuters said.
/jlne.ws/3ICZ8NE
Cocoa Prices Double From Start of 2024, Extending Historic Rally
Mumbi Gitau and Megan Durisin - Bloomberg
Cocoa futures have doubled in less than three months as a landmark price run-up intensifies, boosting sweet costs for consumers and sending chocolate makers scouring for supply. The most-active contract in New York rose to $8,394 a metric ton, the highest on record. Crops in West Africa - the heavyweight growing region - have been battered by diseases and a series of weather extremes, putting the world on track for a third straight supply deficit. Processing plants there are already suffering shutdowns, and new environmental regulations looming in European importers are adding to the hurdles to source beans.
/jlne.ws/3vmvIjC
They're Reddit Die-Hards. Do They Want to Be Shareholders, Too? The social-media platform offers IPO shares to users in an unusual pitch to individual investors
Hannah Miao and Sarah E. Needleman - The Wall Street Journal
/jlne.ws/3IFMu07
Gold Miners, Enjoying Record Prices, Are Wary of Hedging Their Bets; Gold prices are trading around record highs after climbing by about 20% since early October
Rhiannon Hoyle - The Wall Street Journal
/jlne.ws/4aflW1v
America's Office Fire Sale Has Barely Begun; Only 3.5% of offices sold last year came from a distressed seller, thanks to optimism and forgiving lenders
Carol Ryan - The Wall Street Journal
/jlne.ws/3VmsRlh
How I Got Hooked on the Hottest Trade in Markets-and Bagged a 2,000% Return; A WSJ reporter tried her hand at trading the explosive short-dated options bets that have made financial markets riskier than ever
Gunjan Banerji - The Wall Street Journal
/jlne.ws/3vi7fvT
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate graphic of the week: Oceans set heat records for more than 365 days in a row; Scientists alarmed about consistent off-the-charts increase in sea temperatures since March 2023
Jana Tauschinski and Emiliya Mychasuk - Financial Times
Oceans marked 365 straight days of record-breaking global sea surface temperatures this week, fuelling concerns among international scientists that climate change could push marine ecosystems beyond a tipping point. The consistent climb in temperatures reached a peak on Wednesday when the new all-time high was set for the past 12 months, at 21.2C.
/jlne.ws/3vhYG4d
Comment: The pushback against ESG has hit Europe. Here's how investors can ride out the storm
Niall O'Shea and Hugh Wheelan - Reuters
Ignored, ridiculed, embraced, sanctified, attacked. If you've been living it for long enough, it's hard not to see the grim humour in the parable of ESG. That catch-all term, which covers "sustainable", "responsible" and "impact" investment, is nursing a splendid hangover, and having to contemplate the consequences of over-indulgence. In the U.S., ESG faces outright hostility from political enemies, and the pushback is arriving in Europe, where newly emboldened sceptics have let rip on ESG's pieties and promises.
/jlne.ws/3TFj2Ol
Why you're about to see more CFOs in charge of corporate sustainability goals; The SEC's mandatory climate disclosure rules may force CFOs into the ESG realm. Experts say they belong there.
Talib Visram - Fast Company
For more than a decade, the biggest companies in the world, from Coca-Cola to AT&T, have had chief sustainability officers on staff. Part of the CSOs' job has included running various pilot programs-whether producing a few thousand gallons of sustainable aviation fuel, or to replacing 20 trucks in a city with cargo bikes. Now, businesses want to scale and speed up these innovations, realizing that integrating ESG (environmental, social, and governance issues) into everyday practices has proven to be financially lucrative. That requires a lot more money-and the authorization of the chief financial officer, who appears to be increasingly overseeing ESG practices as they become more mainstream.
/jlne.ws/48Z6A00
Pressure builds for charge on global shipping sector's CO2 emissions
Kate Abnett - Reuters
The European Union, Canada, Japan and climate-vulnerable Pacific Island states are among 47 countries rallying support for a charge on the international shipping sector's greenhouse gas emissions, documents reviewed by Reuters showed. The documents, being discussed at an International Maritime Organization (IMO) meeting now entering a second week, outline four proposals with a combined 47 backers for imposing a fee on each tonne of greenhouse gas the industry produces.
/jlne.ws/4aeYd1F
ESG Data Market Should Exceed $2bn in 2024
MarketsMedia
Following two years of unprecedented growth, the market for ESG data continued its winning streak in 2023, albeit with a more modest year-on-year growth rate of 17%. In a new report - The Market for ESG Data in 2024 - Opimas finds that the global market for ESG data should exceed the US$2 billion mark in 2024. The blockbuster growth in 2021 and 2022 can largely be attributed to the EU's Sustainable Finance Disclosure Regulation (SFDR) - what Opimas deems "the SFDR effect" - highlighting the importance of regulation as a key demand driver.
/jlne.ws/3Vk7pgU
Shell just showed why Big Oil is reluctant to give up on fossil fuels
Ines Ferre - Yahoo Finance
/jlne.ws/3vgBJi0
Exxon Chief Goes on the Offensive as Wall Street Sours on ESG
Kevin Crowley - Bloomberg
/jlne.ws/3Tjp3io
Scientists Hack Weather Satellite Data to Quantify Methane Leaks; The innovation could have far-reaching consequences for fossil fuel operators because it allows researchers to estimate a leak's total emissions.
Aaron Clark - Bloomberg
/jlne.ws/3TplM0X
'Greenhushing' Is On the Rise as Companies Go Silent on Climate Pledges; Facing backlash from both the left and right, companies are backing away from climate initiatives-at least publicly.
Kiley Price - Inside Climate News
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World Bank lender to poorest nations seeks record funding haul; Debt and climate-change-related crises increase need for International Development Association's assistance
Joseph Cotterill and Aiden Reiter - Financial Times
/jlne.ws/3vgTYUo
Starbucks Drops Executive Pay Package Tied to DEI Amid Conservative Pressure; Coffee chain to set aside more pay for financial performance; Conservative groups are challenging the legality of DEI goals
Daniela Sirtori-Cortina and Jeff Green - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge funds buy largest bulk of bank stocks in a year, Goldman says
Nell Mackenzie - Reuters
Hedge funds piled into bank and financials stocks at the fastest pace in a year, Goldman Sachs said in a note, just in time to catch highs seen European and U.S. banking indices. Financial stocks in North America, Europe, and emerging-market Asia were among the most sought-after stock sectors for the second week running last week, according to the note tracking hedge fund trades for the week ending Friday.
/jlne.ws/491VMhI
PNC's CEO is learning a lot of lessons from the 2023 banking crisis
David Hollerith - Yahoo Finance
PNC (PNC) CEO Bill Demchak is not happy that he is still paying for the March 2023 banking crisis. The boss of the nation's sixth-largest bank recently learned that PNC Financial Services Group will have to shell out another $130 million to the FDIC to cover losses associated with the seizures of Silicon Valley Bank and Signature Bank - on top of $515 million it already paid in the fourth quarter.
/jlne.ws/3vja4gj
Barclays Eyes Sovereign Wealth Funds in Investment Banking Push
Jenny Surane, Jonathan Ferro and Lisa Abramowicz - Bloomberg
Barclays Plc is seeking to expand its relationships with sovereign wealth funds and private equity giants as it broadens its footprint in advisory and equity underwriting. The bank already has the talent it needs to make the shift after going on a hiring spree last year, Chief Executive Officer C.S. Venkatakrishnan said in an interview with Bloomberg Television.
/jlne.ws/3IEN66r
Citadel's relocation to Miami was a success. But can Ken Griffin get the rest of Wall Street to do it?
Dan DeFrancesco - Business Insider
Ken Griffin is used to making big bets as the founder of two of the most powerful firms on Wall Street, but one of his most ambitious wagers took place outside the markets. Nearly two years ago the billionaire uprooted his hedge fund, Citadel, and market maker, Citadel Securities, from their Chicago headquarters to Miami. South Florida always held a financial presence, and more so during the pandemic, but it's far from a major hub like New York or London. A key industry fueling Miami's glow-up - crypto - was also imploding at the time of Griffin's announcement in June 2022.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | US climate rule will boost sustainable accounting industry
Ross Kerber - Reuters
New U.S. climate-disclosure regulations should boost demand for services of the Big Four accounting firms and more specialized reviewers, and could sharpen a rivalry between the two camps, executives and analysts said. The U.S. Securities and Exchange Commission (SEC) on March 6 approved a new rule for public companies to disclose emissions and other climate-related details. The SEC estimates the rule will increase spending by filers on external service providers like assurance firms by as much as $907 million a year, an 18% increase over current levels.
/jlne.ws/3THQN1z
Trust in AI to fix Japan's worker shortage, says top recruiter; Job agency chief warns that while the latest tech tools are producing more candidates, public mistrust is hindering progress
Kana Inagaki and Leo Lewis - Financial Times
The head of Japan's biggest recruitment agency says artificial intelligence will resolve the country's labour shortages, but has warned its usefulness will be limited until people gain more trust in the technology. Hisayuki Idekoba, chief executive of Recruit Holdings, said Japan "needs to go all in on AI", in a Financial Times interview, pointing to successes achieved by employers using its AI tools to attract more job candidates.
/jlne.ws/48YgYp1
Stephanie Cohen Is Latest Senior Goldman Executive to Depart; Cohen, one of the most senior women at Goldman, is joining tech company Cloudflare
AnnaMaria Andriotis - The Wall Street Journal
Stephanie Cohen, one of the most senior executives at Goldman Sachs, is joining an exodus of top female talent from the Wall Street firm. Cohen has been tapped for the new role of chief strategy officer at cloud-services provider Cloudflare, according to people familiar with the matter.
/jlne.ws/4cnisfe
These College Seniors Locked In Job Offers. Here's How They Did It; Landing a first job after graduation takes unexpected connections, industries and tactics
Lindsay Ellis - The Wall Street Journal
First, the bad news: College seniors are facing tough competition for jobs after graduation. Now, some good: Many companies are still hiring. And unlike recent years, when numerous employers wrapped campus hiring in the fall, this year lots of businesses are recruiting into spring and summer, according to college career officers.
/jlne.ws/3PrALWP
Dell workers can stay remote - but they're not going to get promoted
Polly Thompson - Business Insider
Dell has had a hybrid working culture in place for more than a decade - long before the pandemic struck. "Dell cared about the work, not the location," a senior employee at Dell who's worked remotely for more than a decade, told Business Insider last month. "I would say 10% to 15% of every team was remote." That flexibility has enabled staff to sustain their careers in the face of major life changes, several employees told BI. It has also helped Dell to be placed on the "Best Place to Work for Disability Equality Index" since 2018. But in February Dell introduced a strict return-to-office mandate, with punitive measures for those who want to stay at home.
/jlne.ws/3PpCOec
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Healthy habits may shield against dementia even after brain changes; Diet, exercise and other habits could boost older adults' 'cognitive reserve,' study finds
Erin Blakemore - The Washington Post
Healthy lifestyles are associated with better cognitive function in older adults - even those whose brains show signs of dementia, according to research published in JAMA Neurology last month. The study suggests a healthy lifestyle could buffer older adults against cognitive decline and boost their "cognitive reserve." Researchers used data from the Rush Memory and Aging Project, a long-term study that looked at patients' lifestyles and health and analyzed autopsy data from 1997 to 2022.
/jlne.ws/491nUlf
What eating bread really does to your body - and the healthiest supermarket loaves to buy; The nation's favourite carb can be bad for weight loss and blood sugar - but these selections from the UK's top supermarkets are safe bets
Sue Quinn - The Telegraph
When I was a child, a stack of sliced white bread took centre stage on our dinner table, an essential accompaniment to every meal. We smothered the cottony slices in margarine and dunked them into soups and stews or gobbled them like a side dish. Such was our family's dependence on bread, we invariably ate toast for breakfast and sandwiches for lunch, too.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Gold Beans All the Rage With China's Gen Z as Deflation Bites; Young people look to gold for adornments and investments; Gold sales soar as Chinese seek alternative for nest eggs
Bloomberg News
With China's deflation at its worst in 15 years, a volatile stock market and bank interest rates too low for her liking, 18-year-old Tina Hong is placing her financial security in gold beans. Weighing as little as one gram, the beans - and other forms of gold jewelry - are increasingly viewed as the safest investment bet for young Chinese in an era of economic uncertainty. It's part of a larger consumer trend for all things gold - from bullion to beans and bracelets - that has gripped the mainland.
/jlne.ws/3vclqCM
Goldman Now Sees BOJ Scrapping Negative Interest Rate Tuesday
Malcolm Scott - Bloomberg
Goldman Sachs Group Inc. now expects the Bank of Japan will raise interest rates for the first time since 2007 at Tuesday's meeting, after stronger wage outcomes and a number of news articles over recent days suggested a move is afoot. "These developments imply that the BOJ probably no longer needs more data for the policy change, nor to wait to justify the policy change with the quarterly Economic Outlook report in April," economist Tomohiro Ota wrote in a note dated March 18.
/jlne.ws/49ZMPqO
Taiwan Retail Investors' Fervor for ETFs Drives Sales to Record
Chien-Hua Wan and Sangmi Cha - Bloomberg
A record rally in Taiwan stocks is luring retail investors to pile into exchange-traded funds, as local regulators stepped up warnings on the herding behavior. Two new stock ETFs this month raised a combined NT$223 billion ($7 billion), with the latest one which ended subscriptions Friday setting a record. This brings the total inflows into equity ETFs to some NT$340 billion, more than half of last year's, underscoring how the global market frenzy around artificial intelligence is spurring local demand for exposure to a technology-heavy market. Taiwan's central bank governor last week described the investors as "a swarm of bees," warning the rapid gains in stocks could be a bubble and they need to "think calmly." That is set to be a challenging job, as local stocks are powered by a record rally in Taiwan Semiconductor Manufacturing Co., which supplies the majority of the advanced chips used for AI.
/jlne.ws/49WI1SK
Australia to Miss 2030 Climate Goal by Couple Years, Oxford Says
Emma Partis - Bloomberg
Australia's carbon emissions aren't dropping fast enough to reach its 2030 climate target, Oxford Economics said, as the rollout of renewable energy takes longer than initially anticipated. Australia is set to miss the goal by a couple of years, Oxford said Monday in an analysis contained in its bi-annual economic outlook. Australia is aiming to reach emissions levels of 43% below 2005 levels by 2030.
/jlne.ws/4a1pgh9
Kenyan Stocks Have Shilling to Thank for World-Beating Returns
Eric Ombok and Bella Genga - Bloomberg
In the space of less than three months, Kenya's stock benchmark has swung from rock bottom to being the world's best performer. The Nairobi Securities Exchange All-Share Index has returned almost 30% for dollar investors this year, the most out of more than 90 benchmarks monitored by Bloomberg. That follows a loss of more than 40% in 2023.
/jlne.ws/4ajFbHA
Polish Farmers Block Key Highway Near German Border
Wojciech Moskwa - Bloomberg
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Norway begins inaugural offshore wind auction
Nora Buli - Reuters
/jlne.ws/3vqvQi2
Florida's Not So Cheap Compared With New York These Days; Surge in Sunbelt real estate prices erodes financial benefits for those attempting to relocate away from Manhattan.
Francesca Maglione and Paulina Cachero - Bloomberg
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