| September 28, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today we have a two-part video of an interview I shot two days ago with Cboe's John Hiatt and S&P Dow Jones Indices' Tim Edwards about the new S&P 500 Dispersion Index, which started being distributed yesterday. In the interview, I talked to Hiatt and Edwards about where the idea came from, when we can expect to see a tradable product, how it can be used and what its nickname will be. Edwards suggested it might be called the "Opportunity Index," but that it is the market that decides these things, not the creators.
A friend and wine expert recommended to me that Malort (umlauts removed for editing purposes) goes well with crow. Malort, also known as Jeppson's Malort, is a type of alcoholic beverage that is classified as a wormwood liqueur. It is known for its extremely bitter and polarizing taste. Malort has a long history, particularly in the city of Chicago, where it has gained a cult following. A proper oenophile, however, told me that the proper wine to drink with crow would be a bottle of wine from the cellar of Russell Wasendorf, Sr. From the sounds of it, I think Malort is the one.
The WFE Communications Team has published a report that sets out six principles to promote sound marketplaces in crypto-trading titled "Improving Crypto Trading: Regulated Exchanges Recommend Six Principles to Build Trust & Stability."
Today, Acuiti released the Asset Management Insight Report for the third quarter of 2023, a quarterly publication derived from a survey of high-level executives with a focus on derivatives in the asset management industry. You can access the complete report by clicking HERE.
I have not bought the Apple iPhone 15 Pro Max yet, but it seems it is a hot item in more than one way. Some of the first owners of the 15 Pro and Pro Max are complaining that the new devices gets too hot during use or while charging, Bloomberg reports.
Here is news that is bound to make my son Tim very sad. The U.S. is about to lose all its pandas as all the pandas in American zoos are being taken back to China next year, Bloomberg reports. My trip with Tim to Washington, DC over the 4th of July weekend to see the Chicago Cubs play the Washington Nationals also included a visit to Washington, DC's National Zoo, where there are pictures of giant pandas everywhere and three giant pandas live in the zoo's $50 million Asia Trail.
And if that is not enough to make Tim and my other children sad, Michael Gambon, the esteemed actor renowned for his depiction of Hogwarts headmaster Albus Dumbledore in six out of the eight "Harry Potter" films, has passed away at the age of 82, as confirmed by his publicist on Thursday, the Associated Press reported.
Do you want to participate in the Open Outcry Traders History Project? Or maybe you want to tell some stories for The Path to Electronic Trading or The History of Financial Futures, or maybe even The History of Environmental Trading? FIA EXPO can be your chance to sit for an interview with John Lothian News and do just that. Contact us to schedule an interview if you are interested.
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 yesterday on JLN Options were:
Reddit User Risks And Loses $600,000 Inherited Home That Didn't Fully Belong To Him In High-Stakes Options Gamble: 'My Life's Over, Here's My Final Advice' from Benzinga via MSN.
Exotic Stock Trade Beloved by Hedge Funds on Wall Street's Radar from Bloomberg.
Cboe Position Regarding Court Decision Striking Down SPIKES Exemptive Order from Cboe (PDF) ~JB
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Cboe and S&P Dow Jones Unveil Innovative Cboe S&P 500 Dispersion Index
JohnLothianNews.com
In a recent video interview with John Lothian News, John Hiatt, vice president, Cboe Labs, and Tim Edwards, managing director at S&P Dow Jones Indices, provided valuable insights into the upcoming launch of the Cboe S&P 500 Dispersion Index, set to debut today, September 27, 2023. The index, jointly developed by Cboe Labs and S&P DJI, promises to add another tool for traders in the world of equity indices.
Watch the video »
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Cboe and S&P Dow Jones Unveil Innovative Cboe S&P 500 Dispersion Index in Exclusive Interview, Part Two
JohnLothianNews.com
In Part Two of an exclusive video interview with John Lothian News, John Hiatt, vice president, Cboe Labs, and Tim Edwards, managing director at S&P Dow Jones Indices, provided further insights into the forthcoming launch of the Cboe S&P 500 Dispersion Index. This groundbreaking index, scheduled to make its debut today, September 27, 2023, was jointly developed by Cboe Labs and S&P DJI and promises to give new ways for traders to analyze markets and manage risk.
Watch the video »
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| Sponsored Content |
Navigating Uncertainty: JPX Launches New Derivatives Amid Global Challenges
In a year shadowed by the Ukraine conflict, soaring inflation, environmental and geo-political crises, Japan Exchange Group (JPX) is fortifying its offerings with new derivatives products. This strategic move coincides with the 35th anniversary of Equity Index Futures trading in Japan, spotlighting the Nikkei 225 and TOPIX indices as enduring financial tools.
This milestone anniversary underscores the resilience of JPX's flagship products, which continue to offer investors risk-hedging opportunities amid geopolitical and economic volatility.
Nikkei 225 Micro Futures: Inflation Hedge
While the Nikkei 225 soars to new decade highs, JPX's newly launched Nikkei 225 Micro Futures cater to individual investors, offering a cost-effective way to navigate inflation and market volatility. The micronized contracts provide an accessible and affordable hedge against global economic unpredictability.
Nikkei 225 Mini Options: Geopolitical Risk Management
With geopolitical tensions in mind, JPX has introduced Nikkei 225 Mini Options. These instruments open risk management strategies to a broader audience, offering adaptability in a swiftly changing global landscape.
3-month TONA Futures: Addressing Rate Uncertainty
JPX's 3-month TONA Futures assist institutions in managing liquidity during an unstable interest rate environment. As TONA emerges as a key rate benchmark, these futures serve as a strategic tool for financial adaptability. The offering completes the already robust JGB futures and vibrant JSCC IRS markets, cross margin efficiencies across the whole fixed income playbook are available through the JSCC clearing house.
Futureproofing and ESG
JPX is also preparing to implement Value-at-Risk (VAR) clearing in November 2023, offering a best-in-class margining methodology to further unleash portfolio efficiencies for market participants.
To deliver our part to global ESG concerns, JPX has launched a carbon credit market under the TSE brand, this offering will complement the already actively trading TOCOM Power market in the future. These anticipatory measures ensure JPX stays aligned with global sustainability initiatives.
These product launches, along with the upcoming VAR clearing system, cement JPX's role as a resilient, forward-thinking player in the global financial landscape and to further stride to remain your exchange of choice!
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Author: Matthias Rietig, Senior Officer of OSE Contact: Osaka Exchange / Tokyo Commodity Exchange Derivatives Business Development E-mail: [email protected] |
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How Elon Musk Came to Influence the Fates of Nations; Musk's control of key technologies has made him an independent actor on the global stage-except in China
Greg Ip - The Wall Street Journal
Most business leaders go a lifetime without creating an international incident. Elon Musk has done it twice this month. First, he drew Ukraine's ire over revelations in Walter Isaacson's biography that he declined to activate his satellite service, Starlink, over Crimea, thereby foiling a Ukrainian attack on the Russian navy.
/jlne.ws/3LG9sWO
***** One man. Stop and think about that.~JJL
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Cushing oil hub's low levels spur quality, operational, price worries
Arathy Somasekhar and Stephanie Kelly - Reuters
U.S. crude stockpiles at the key Cushing, Oklahoma, storage hub are at their lowest in 14 months due to strong refining and export demand, prompting concerns about the quality of the remaining oil and the potential to fall below minimum operating levels, traders and analysts said.
/jlne.ws/3rmmphX
***** Here is a quote from the story: "If you let the crude (level) drop too low, the crude can get sludgy and you can't get it out. What does come out - you won't be able to use," said Carl Larry, a sales director at energy consultants Wood Mackenzie.
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| Sponsored Content |
The Full FX at FIA Expo
The Full FX at FIA Expo on Wednesday October 3 takes place at the Sheraton Grand Riverwalk in Chicago on the sidelines of FIA Expo. We have a full day of discussion lined up including fireside chats, panels, one-on-one interviews and, to close things out, The Chat Show - For FX' Sake. Join us for a full day of lively debate with speakers from leading buy and sell side institutions as well as innovative technology providers.
We will be talking FX liquidity and execution; the evolution of FX swaps; how the post-trade evolution is looping back to the front office, and how close (or not) we are to the genuine institutionalisation of crypto markets.
With sustained volatility making a return to FX markets and regulation changing the way we have to think about our business, there is no better way to keep up with the latest trends than coming to The Full FX at FIA Expo to meet with your peers, your clients and hear from industry leaders as we drive thought leadership to help the FX industry evolve and succeed. View the agenda and sign up here for The Full FX sessions.*
*Please note that registration for The Full FX does not grant admission to FIA Expo.
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Vermiculus' Real-Time VaR calculations down to microseconds
Vermiculus
Vermiculus' risk microservices within VeriClear have pressed down time for historical Value At Risk (VaR) calculations with 10 years' worth of scenarios to just microseconds. As part of Vermiculus´ state-of-the-art product development, the real-time clearing and risk management product, VeriClear, can now compute historical Value at Risk (VaR) for a derivative portfolio with thousands of positions using a 10-year lookback period in microseconds.
/jlne.ws/3ETmMU8
****** I can just hear the Tom Cruise-fan risk managers saying, "I have a need for speed."~JJL
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Ultra-Rare Imperial 1982 Chateau Petrus to Sell in Billionaire Pierre Chen's Wine Auction; Some 25,000 bottles of the collector's rare wine will hit the market over the course of a year.
James Tarmy - Bloomberg
Two years after selling $11.4 million worth of wine from his cellar, the Taiwanese billionaire Pierre Chen is set to sell an even bigger tranche starting this fall. Some 25,000 bottles, worth an estimated $50 million, will go to auction at Sotheby's in five dedicated auctions over the next 12 months. The first will be staged in Hong Kong in November.
/jlne.ws/3EVHL8M
****** Imperial 1982 Chateau Petrus goes well with a lot of things, just not crow.~JJL
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Wednesday's Top Three
Our top clicked item Wednesday was Cboe's statement, Cboe Position Regarding Court Decision Striking Down SPIKES Exemptive Order. Second was Why Exchange Rebate Tiers Are Anti-Competitive, a commentary from IEX's John Ramsay which was published in June. Third was the all-important question, How Much Coffee Is Too Much Coffee? from The New York Times.
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| Lead Stories | Greg Abbott trying to lure CME out of Chicago
Shelly Hagan and Julie Fine - Crain's Chicago Business
Texas Governor Greg Abbott has his eyes on Chicago. The Republican leader said he's spoken to CME about relocating to the Lone Star State. CME and other Chicago-based firms have complained about a pickup in violent crime since the pandemic as well as potential tax increases floated by the mayor. "I actually have approached the CME," Abbott said Wednesday in an interview with Bloomberg Television in New York.
/jlne.ws/48zUAU6
Trading Firms Make Contrarian Bets on Downtown Chicago Offices; Market maker Optiver is the latest firm to expand footprint; Volatility, changes in trading habits are a boost for firms
Isis Almeida - Bloomberg
Chicago's top trading firms are questioning their commitment to the city in the face of proposed taxes and rising crime. That's not stopping some of them expanding their footprint. Optiver, a market maker employing about 400 people in the city, has just moved into new offices at One Prudential Plaza in downtown Chicago.
/jlne.ws/3Zz5ftP
Crypto exchange Kraken plans to offer trading in US-listed stocks
Anna Irrera and Olga Kharif - Bloomberg
Kraken plans to offer trading in US-listed stocks and exchange-traded funds, marking the 12-year-old company's first foray outside its cryptocurrency roots. Kraken will initially offer trading in the US and UK through a service built by a new division called Kraken Securities, according to a person with knowledge of the matter who asked not to be named discussing private information. It already holds the required regulatory permits in the UK and has applied with the Financial Industry Regulatory Authority for a broker-dealer license in the US, the person said.
/jlne.ws/3ETjXT0
JPMorgan 'Options Whale' Worries Resurface as Stocks Extend Drop; Hedged vehicle holds tens of thousands of puts expiring Friday; Benchmark equity gauge is falling toward strike price of 4,210
Lu Wang - Bloomberg
To Wall Street worrywarts, a large options position owned by a JPMorgan Chase & Co. equity fund has the potential to add fuel to this sweeping US stock selloff. The $16 billion JPMorgan Hedged Equity Fund (JHEQX), a long-stock product that uses derivatives to protect its portfolio from declines and volatility, holds tens of thousands of protective put contracts expiring Friday with a strike price not far below the current level of the S&P 500.
/jlne.ws/3RASi0C
Citadel Might Fight for Its Texts; Also Sculptor sweeteners, Binance troubles, late 13D filings and the end of the volcano bond.
Matt Levine - Bloomberg
The US Securities and Exchange Commission has a rule that, if you work in the financial industry, you are only allowed to communicate about work with your colleagues and customers using systems - like your firm email account or Bloomberg messaging - that your firm can archive and review. You are not allowed to use WhatsApp or Signal or iMessage or text messaging from your personal phone. Financial industry employees have to "conduct their communications about business matters within only official channels, and they must maintain and preserve those communications," as SEC Chair Gary Gensler put it last year, when he fined 15 banks a total of $1.1 billion for using WhatsApp.
/jlne.ws/46vz80j
MEMX expands offering with launch of US options exchange; Following approval from the SEC last year, MEMX Options will offer traders passive and active risk management capabilities, building off its existing equities exchange.
Wesley Bray - The Trade
MEMX, the member's exchange, has launched its platform for trading listed options following approval from the US Securities and Exchange Commission in August last year. Named MEMX Options, the new exchange was built to extend the firm's remit following the success of its equities exchange and member-aligned market model to the options community.
/jlne.ws/48yY4pO
DTCC names new president of clearing and securities services; Individual has previously held various senior positions at Goldman Sachs.
Claudia Preece - The Trade
Brian Steele has been appointed president of clearing and securities services at the Depositary Trust and Clearing Corporation (DTCC), set to leverage his two decades of experience in clearance, settlement and middle office operations. Steele's position is effective from 2 October 2023, at which time he will also join the DTCC management committee, management risk committee and investment management committee, as well as becoming chair of the ITP board of managers.
/jlne.ws/3PscW0c
GameStop Names Ryan Cohen, Darling of Retail Traders, as CEO; Billionaire investor joined board in early 2021 after pushing for overhaul at the videogame retailer
Will Feuer - The Wall Street Journal
GameStop's board named Chairman Ryan Cohen chief executive officer, ending a monthslong stretch during which the videogame retailer pursued turnaround efforts without a CEO. Cohen, who has reported a roughly 12% stake in GameStop, won't receive compensation for serving as CEO and chairman, the company said Thursday.
/jlne.ws/46ta8H7
A power grab against private equity threatens the US economy; Lina Khan is using a radical new antitrust theory to choke off much-needed investment
Drew Maloney - Financial Times
The writer is president and chief executive of the American Investment Council. The US is a beacon for global investment and innovation. And private equity plays a vital role in building better businesses, employing millions and delivering strong returns to support the retirements of millions of working Americans. Approximately 85 per cent of private equity investments support small businesses with fewer than 500 employees.
/jlne.ws/45bR2o3
Risks but potential rewards remain in private company investing; The easy money era for private equity is over
David Stevenson - Financial Times
Over the past few years, I've written about why private investors might want to invest in private assets and especially equity, usually through a listed investment trust. At its very simplest, there are more high-growth businesses that are choosing to avoid the public markets and opting to stay private for longer, aided by private equity funds.
/jlne.ws/3ZztlVk
Want to Spur Green Energy in Wyoming? Aim for the Billionaires; One man's quest to lure climate investment from the wealthy enclave of Jackson underscores how the climate law works: It runs on rich people.
Jeanna Smialek - The New York Times
If the area around Jackson, Wyo., boasts two things, they're natural resources and very rich locals. Nathan Wendt is trying to use the Biden administration's clean energy incentives to bring the two together. Mr. Wendt, the president of the Jackson Hole Center for Global Affairs, has spent years working on issues related to climate change and local economic development. And as President Biden pushed one climate-related policy after another through Congress - first the infrastructure law, and then the Inflation Reduction Act - and a dizzying array of tax credits, loans and grants became available, he sensed an opportunity.
/jlne.ws/46tztko
A Futuristic Plan to Make Steel With Nuclear Fusion; Helion Energy and Nucor are teaming up to build a power plant at one of Nucor's U.S. steel mills
Jennifer Hiller and Amrith Ramkumar - The Wall Street Journal
America's largest steel company is betting nuclear fusion can help it eliminate carbon emissions and power one of the world's most energy-intensive manufacturing processes. In a first-of-its-kind partnership between a major industrial company and a fusion startup, Nucor and Helion Energy plan to develop a 500-megawatt fusion power plant that would be placed at one of Nucor's U.S. steel mills by 2030, the companies said.
/jlne.ws/3PV4qsc
If Gold Surges 140,000-Fold, Then Asteroid Mining Works; The latest victory in space innovation should be lauded, but the profitability and expense of industry-driven scouting deservedly require circumspection.
Javier Blas - Bloomberg
I confess: I'm a Star Trek nerd - and commodities enthusiast, too. Thus, asteroid mining should be my personal heaven. On Sunday, I watched with the excitement of a five-year old how a NASA space probe brought back the largest-ever stash of asteroid rubble to Earth. But was this feat a step closer to commercial space mining? Not even close.
/jlne.ws/48y6ygF
Europe Won't Make Net Zero With Reforms Like This; The EU managed to preserve its electricity market even amid Russia's energy war. Meeting the bloc's climate goals may prove just as challenging.
The Editorial Board - Bloomberg
The European Union has long been in the vanguard of the global transition to greener energy. Now, after a winter in which Russia put extreme strains on its power supply, the EU is facing a moment of truth: Will it keep leading the way to carbon neutrality, or will it allow one crisis to knock it off course?
/jlne.ws/48tTXLF
Cryptocurrency exchange Binance to exit Russia; World's largest crypto marketplace sells local business to a venue that launched on Tuesday
Anastasia Stognei and Nikou Asgari - Finance
Binance, the world's biggest cryptocurrency exchange, is exiting Russia by selling its business in the country to a venue that launched only a day ago. Binance on Wednesday said it intends to cease all exchange services and business operations in the country over the coming months and would sell the assets for an undisclosed sum to CommEX.
/jlne.ws/3RDRWGS
Binance sells Russian operation to crypto exchange that officially launched hours prior to announced deal
Ben Weiss - Fortune
The world's largest crypto exchange continues to shrink its global operations amid heightened scrutiny from regulators and prosecutors. On Tuesday, Binance announced it was selling its Russian entity to CommEX, another crypto platform whose X (formerly Twitter) account says-as well as its website-that the exchange officially launched the same day. Neither party disclosed financial details.
/jlne.ws/46t8Mw1
Central Banks Successfully Test Cross Border Trading of Wholesale CBDC Using DeFi
Camomile Shumba - CoinDesk
The Bank for International Settlements (BIS) and the central banks of France, Singapore and Switzerland successfully tested out cross-border trading of wholesale central bank digital currencies (wCBDC), according to a report on Thursday.
/jlne.ws/3ZDr6jR
UBS Invites Bidders for Credit Suisse's China Brokerage Business
Bloomberg News
UBS Group AG has reached out to a number of financial firms to gauge their interest in buying the Chinese brokerage venture of Credit Suisse, according to people familiar with the matter.
/jlne.ws/468D0EY
S&P 500 Options Quirk Mints Billions, Stirring Manipulation Talk; Researchers say price used for settlement jumps at expiration; Study suggests 'manipulators' may be at work in low liquidity
Justina Lee and Lu Wang - Bloomberg
The fate of stock options with a face value of trillions of dollars is being influenced by unusual trading activity in the S&P 500 outside regular market hours, new research has found. A monthly pattern sees key prices jump just before the expiration of derivatives tied to the benchmark US gauge, directly affecting which contracts will pay out, according to a study posted online last week.
/jlne.ws/3PUmKlj
The changing role of the buy-side in fixed income price making; As the liquidity landscape increasingly turns buy-side firms to the role of price maker in fixed income, Annabel Smith explores the current technology available to them to do so and the role data will play in giving the buy-side the confidence to cement this trend as mainstream.
Annabel Smith - The Trade
The current macroeconomic backdrop has left many fixed income buy-side traders wanting when it comes to sourcing liquidity using the traditional methods. Increasingly fragmented liquidity paired with dwindling volatility and divergent rate hikes globally have discouraged the already shrinking number of traditional liquidity providers from offering up balance sheet, particularly in size. In this environment, those still willing to make prices are choosier with who they will trade with and are likely to charge a wider bid offer spread.
/jlne.ws/48wD2rK
FX traders double down investment in data capabilities to improve execution; Around 57% of surveyed FX professionals believe their own data management efforts in FX execution need improvement, Coalition Greenwich study finds.
Claudia Preece - The Trade
As the global foreign exchange market evolves and desks aim to enhance trade execution, data and workflow management have become the cornerstone of investments aimed at reaching this goal, says Coalition Greenwich. Investments are being made with efficiency in mind, with ambitious targets set out across the market. The study found that of the top five overall investment priorities for FX desks, three relate to the theme of data and two to workflow.
/jlne.ws/48yDzJW
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Drones Everywhere: How the Technological Revolution on Ukraine Battlefields Is Reshaping Modern Warfare
Yaroslav Trofimov - The Wall Street Journal
Wearing video goggles, a Ukrainian trooper crouched on the top floor of a gutted high-rise and piloted a small drone into the nearby Russian-occupied city of Bakhmut. With a swoosh, the first-person-view drone-which cost roughly $300 to assemble-sped after a target of opportunity, blowing up a pickup truck full of Russian troops.
/jlne.ws/48vUNay
Who's Gaining Ground in Ukraine? This Year, No One; Although both sides have launched ambitious offensives, the front line has barely shifted. After 18 months of war, a breakthrough looks more difficult than ever.
Josh Holder - The New York Times
The front line in Ukraine changed little last winter. Russia aimed to capture the entirety of the Donbas, but it only inched forward.
/jlne.ws/45e19IO
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | TSE carbon credit market sets October opening; Major Japanese business corporations, financial institutions, local governments sign up
Tom King - The Asset
The Tokyo Stock Exchange (TSE) will open its carbon credit market on October 11, a day on which it expects 188 currently registered entities to participate and will be open to receiving further participant applications. Major Japanese business corporations, financial institutions and local governments, the TSE notes, are among the list of current registered participants.
/jlne.ws/3F26OXH
Union Investment executes first FX futures trade through Deutsche Boerse's 360T and will implement its EMS; Implementation of the product is expected to enhance Union Investment's execution capabilities; Deutsche Bank was the inaugural liquidity provider.
Claudia Preece - The Trade
Union Investment has executed its first block foreign exchange (FX) futures trade through Deutsche Boerse Group's FX trading platform 360T and is also set to implement the 360T EMS. The trade - requested and priced through 360T - was processed directly into Eurex for clearing.
/jlne.ws/3PBhdP7
Happy Birthday Eurex! 25 days meet 25 years in 25 questions
Eurex
Eurex was founded on September 28, 1998. What started as one of the first fully electronic exchanges with an integrated clearing house, has since developed into one of the world's leading derivatives exchanges and, with Eurex Clearing, one of the world's leading central counterparties. Many employees have also been with the company since the beginning. One of them is Jutta Frey-Hartenberger. She works in the FIC ETD Product Design department and has experienced many highs and challenges over the past 25 years. But what were the most memorable events and what were her personal highlights?
/jlne.ws/3te4FG0
MEMX's Options Exchange Successfully Launches; 3 symbols are now live as part of the first phase of the rollout
The Members Exchange
MEMX, a technology-driven exchange operator founded by members to benefit all investors, today announced the successful launch of its options exchange. MEMX Options was created to extend the proven success of MEMX's equities exchange and member-aligned market model to the options community. MEMX Options leverages the strength of MEMX's data-centric exchange architecture and state-of-the-art infrastructure, while providing traders with both passive and active risk management capabilities.
/jlne.ws/465g21m
OCC Welcomes MEMX Options
OCC
OCC, the world's largest equity derivatives clearing organization, today announced that MEMX LLC has become an OCC participant exchange. MEMX LLC began operating its options trading facility, MEMX Options, on September 27, 2023, bringing the total number of OCC's participant exchanges and trading platforms to 20.
/jlne.ws/467kFIs
TMX Group Limited announces release date for Q3 2023 financial results and analyst conference call
TMX Group
TMX Group Limited will announce its financial results for the third quarter ended September 30, 2023 in the evening of Monday, October 30, 2023. An analyst conference call to review the results will be held on Tuesday, October 31, 2023 at 8:00 a.m. ET.
/jlne.ws/48qH8BP
Financial Services and NIFI are developing cooperation to improve financial literacy of the population
MOEX
On September 28, 2023, the Moscow Exchange and the Research Financial Institute (NIFI) of the Ministry of Finance of the Russian Federation signed a strategic partnership agreement at the Moscow Financial Forum. The official signing ceremony of the agreement was attended by the managing director of the Finuslugi project Igor Alutin and the director of NIFI Vladimir Nazarov.
/jlne.ws/3EXy2Pe
The Moscow Exchange approved its development strategy until 2028 and updated its dividend policy
MOEX
On September 27, 2023, the Supervisory Board of the Moscow Exchange approved a new development strategy for the group of companies until 2028 and a new dividend policy. As part of the new strategy, the Group sees its mission as transforming the financial market to increase the well-being of everyone, expecting to become the first choice for free and effective financial management.
/jlne.ws/3Pz2hRI
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | ChatGPT can now browse the internet, no longer limited to info from 2021
Tristan Greene - Cointelegraph
ChatGPT can now browse the web and integrate up-to-date information into its responses, according to a Sept. 27 post on X (formerly Twitter) from artificial intelligence (AI) firm OpenAI. The updates are available immediately for Plus and Enterprise users using the GPT-4 model, according to the post. The web browsing feature will be available for other users "soon," but OpenAI didn't specify whether that meant GPT-4 would be enabled for non-premium users or if browsing would be implemented for the GPT 3.5 model.
/jlne.ws/3RDN30i
IBM, Microsoft, others form post-quantum cryptography coalition; The coalition includes Google's sibling company SandboxAQ and the University of Waterloo.
Tristan Greene - Cointelegraph
IBM Quantum and Microsoft have formed a coalition to tackle post-quantum cryptography alongside not-for-profit research tank MITRE, United Kingdom-based cryptography firm PQShield, Google sibling company SandboxAQ and the University of Waterloo. Post-quantum cryptography (PQC) addresses the potential threat posed by quantum computers of the future. Current cryptography schemes rely on mathematical problems to stymie decryption attempts.
/jlne.ws/3LBiuVh
EU official urges crypto industry to 'up your game' and help build blockchain for 450 million inhabitants
Inbar Preiss - DL News
A senior European Union official said Wednesday that the bloc is committed to building a blockchain-based ledger that would help manage the lives of its 450 million inhabitants. Yet even with policy support from Brussels, the buildout will largely rely on the blockchain industry itself to provide expertise and technological innovation, said Pearse O'Donohue, director for the future networks at the European Commission's department for communications networks, content and technology.
/jlne.ws/3ryJHB5
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| Cybersecurity | | Top stories for cybersecurity | Your Online Account May Have Been Breached? Don't Just Sit There. Do Something.
Rajendran Murthy - The Wall Street Journal
How do consumers respond when their online accounts are exposed to hackers? Many of them simply don't. Data breaches at major firms have become all too common, with more than 110 million user accounts exposed in just the second quarter of 2023. Yet our research found that nearly two-thirds of U.S. consumers would return to a site after they were notified of a breach-with only the bare minimum of precautions, like changing their passwords.
/jlne.ws/3tcX5eL
US, Japan authorities warn of China-linked hacking group BlackTech
Kantaro Komiya - Reuters
U.S. National Security Agency, Federal Bureau of Investigation and Japanese police jointly warned multinational companies of China-linked hacker group BlackTech in a cybersecurity advisory late on Wednesday. The joint advisory, which also came from the U.S. Cybersecurity and Infrastructure Security Agency and its Japanese counterpart, urged firms to review the internet routers at their subsidiaries to minimise the risk of potential attack from the group.
/jlne.ws/3EVd6bJ
Russian zero-day seller offers $20M for hacking Android and iPhones
Lorenzo Franceschi-Bicchierai - Tech Crunch
A company that acquires and sells zero-day exploits - flaws in software that are unknown to the affected developer - is now offering to pay researchers $20 million for hacking tools that would allow its customers to hack iPhones and Android devices. On Wednesday, Operation Zero announced on its Telegram accounts and on its official account on X, formerly Twitter, that it was increasing payments for zero-days in those platforms from $200,000 to $20 million.
/jlne.ws/3PyLNJk
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX CEO's Asset Recovery Efforts Accelerate Before Sam Bankman-Fried Trial; On Monday, the fallen crypto exchange sued founder's parents; Four former Hong Kong employees sued to return $153 million
Teresa Xie - Bloomberg
FTX Chief Executive and Restructuring Officer John J. Ray, whose team is overseeing a mammoth asset recovery task after the crypto exchange's collapse, is accelerating efforts to recoup billion of dollars just weeks before FTX founder Sam Bankman-Fried heads to trial for what has been called one of the biggest financial frauds in American history.
/jlne.ws/468hbW2
Inside Sam Bankman-Fried's Bahamas Penthouse, Before It All Came Crashing Down
Tracy Wang - Rolling Stone
The inside of the $40 million Bahamas penthouse where Sam Bankman-Fried lived was like a cross between a luxury dorm room and a jury-rigged trading floor. The curved marble living room was rimmed with computer desks, each supporting various configurations of conjoined monitors. Kitschy beach-themed decor lined the built-in display shelves. In the center of the room, a lumpy black beanbag lay tucked beneath a baby grand piano; it was tough to say whether the beanbag or the piano seemed more out of place.
/jlne.ws/465qy95
Sam Bankman-Fried's Biggest Grift? His 'Best In Class' Exchange
Shaurya Malwa - CoinDesk
At least WeWork had flashy buildings to flaunt for the billions of dollars ex-CEO Adam Neumann raised. But what did Sam Bankman-Fried have to show? SBF, as he was often called, is a pathological liar, an alleged fraud and market manipulator and also a really horrible ex-boyfriend who's pinning his entire downfall on his on-and-off girlfriend Caroline Ellison, who headed Alameda Research.
/jlne.ws/3EYFgTj
CZ Denies He Owns CommEX, Binance Russia's New Owner
Jack Schickler - CoinDesk
Changpeng "CZ" Zhao on Thursday denied that he is the owner of CommEX, the mysterious company that has bought Binance's business in Russia. Binance, of which CZ is founder and chief executive officer, this week announced it was quitting Russia after reports of a U.S. Department of Justice investigation into sanctions violations.
/jlne.ws/3EUf4cf
Ethereum futures ETFs could start trading next week - Bloomberg analyst
Martin Young - Cointelegraph
On Sept. 28, Bloomberg Intelligence analyst James Seyffart said in an X post that it was "looking like the SEC is gonna let a bunch of Ethereum futures ETFs go next week potentially." His comments were in response to fellow ETF analyst Eric Balchunas, who said he was hearing that the U.S. Securities and Exchange Commission wanted to "accelerate the launch of Ether futures ETFs."
/jlne.ws/3RDx6Hn
A 'Boring' CEO Bucks Crypto's Wild Playbook at Bankrupt Celsius; Finance industry veteran guided Celsius through Chapter 11; Celsius won key support for launch of new creditor-owned firm
Jonathan Randles - Bloomberg
/jlne.ws/3LDTf4C
Bitcoin's Refuge Appeal Being Touted Again With Shutdown Prospects Rising; US federal government funding is set to lapse on Oct. 1; Bitcoin rallied around 25% during March US banking turmoil
Teresa Xie - Bloomberg
/jlne.ws/453MmQY
ETH Staking Has a Bright Future, Despite Regulatory Uncertainty
Jason Hall - CoinDEsk
/jlne.ws/3REmoAv
SEC Begins Consideration of Franklin, Hashdex Crypto ETFs, Delays Decision on VanEck, ARK Ether ETFs
Sam Reynolds - CoinDEsk
/jlne.ws/48y4PYJ
Winklevoss twins secretly withdrew $280M in assets before crypto firm collapsed: sources
Thomas Barrabi - NY Post
/jlne.ws/3ZBfPR7
Meta Unveils New Mixed Reality Headset in Push for Traction on Metaverse; Facebook-parent also showcases AI assistants for social apps, new Ray-Ban smart glasses
Salvador Rodriguez - The Wall Street Journal
/jlne.ws/3RIXaBb
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| Politics | | An overview of politics as it relates to the financial markets | SEC Chair Gensler faces bipartisan backlash over strict crypto regulations
Forkast.News
It takes a lot for U.S. Democrats and Republicans to come together these days - particularly given the Trump-trance into which the latter have fallen in recent years - but congratulations are in order for Securities and Exchange Commission Chair Gary Gensler for having united lawmakers from the two sides.
/jlne.ws/46tOt1K
SEC's Gensler Throws More Crypto Punches in Congressional Hearing
Jesse Hamilton, Nikhilesh De - CoinDesk
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler continued his combative stance against crypto "hucksters" in congressional testimony on Wednesday, declining to answer the industry's most urgent questions while arguing that digital assets companies have been dangerously careless with customer assets. In remarks before the House Financial Services Committee, Gensler maintained his consistent criticism of the way crypto companies manage customers' funds, saying that commingling assets "is a recipe that's not led to good results."
/jlne.ws/45bOExB
'The SEC needs to do its job': Warren presses Gensler on climate risk; The letter is the latest sign of mounting anxiety among Democrats and investor advocates about the fate of the SEC's proposed rule.
Declan Harty - Politico
Sen. Elizabeth Warren is stepping up the pressure on SEC Chair Gary Gensler to push out a strong climate risk reporting rule, saying voluntary disclosures by Wall Street firms can't be trusted. In the Massachusetts Democrat's latest plea for the agency to finalize the landmark proposal, Warren pressed Gensler on Tuesday to stand by the SEC's plans to require that certain public companies report data on the greenhouse emissions generated throughout their supply chains - so-called Scope 3 emissions - along with other disclosures.
/jlne.ws/46eAlty
A Last-Minute Deal Averting Government Shutdown Is Unlikely; Republican disarray weakens ability get concessions from Biden; Shutdown set to begin Oct. 1 with no clear way out of impasse
Erik Wasson and Michelle Jamrisko - Bloomberg
A late deal to avert a US government shutdown beginning this weekend isn't likely - with House Speaker Kevin McCarthy making big demands of President Joe Biden and bringing little leverage to the clash. The Republican leader counts as one of his proudest achievements an agreement on long-term spending cuts he extracted from Biden in last spring's showdown over a potential US debt default and now he wants to use a shutdown to get more concessions.
/jlne.ws/3tgWAQE
In the Race for President, It's All About Party
Timothy L. O'Brien - Bloomberg Opinion
Have voters, politicos, analysts and the media ever focused with such intensity on a US presidential race more than a year before the actual vote? Perhaps. But I'm willing to say: probably not. The reasons the 2024 race is so magnetic are overt: Donald Trump and Trumpism are in the air. Democracy is on the table.
/jlne.ws/3tfCTJi
UK Risks Power Supply Crunch in January as Nuclear Plants Halt; Small blackout risk remains for the winter, National Grid says; Power supply margins are tighter than previously expected
Rachel Morison and Elena Mazneva - Bloomberg
/jlne.ws/3t6q3g5
Hong Kong Finance Chief Hints at Easing Property Market Curbs
Shawna Kwan - Bloomberg
/jlne.ws/4569Chb
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| Regulation & Enforcement | | Stories about regulation and the law. | Odey Joked About Accusers, Blamed Woke Brigade for Downfall; Hedge fund manager discussed 'witch hunt' with investigator; Odey was ousted from his firm after claims he assaulted women
William Shaw - Bloomberg
Crispin Odey approached a private investigator who had done work for disgraced movie producer Harvey Weinstein to discuss the "massive witch hunt" he faced after fresh claims of sexual misconduct.
/jlne.ws/3rudxqm
Dissenting Statement of Commissioner Caroline D. Pham on Misappropriation Theory in Derivatives Markets
Commodity Futures Trading Commission
I respectfully dissent from the consent order in CFTC v. Xie,[1] because it has a material omission of the applicable legal precedent. The consent order inexplicably omits the only court opinion on the misappropriation theory of liability for this violation under section 6(c)(1) of the Commodity Exchange Act (CEA) and CFTC Rule 180.1.
/jlne.ws/3PVShDt
Commissioner Pham to Keynote at the North American Millers' Association 2023 Annual Meeting
Commodity Futures Trading Commission
Commissioner Caroline D. Pham will deliver a keynote address at the North American Millers' Association 2023 Annual Meeting.
/jlne.ws/3ERZNJc
Federal Court Orders Chinese National to Pay More than $350,000 for Fraudulent Scheme to Trade Against Employer
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced the U.S. District Court for the Northern District of Illinois entered a consent order on September 26 imposing a permanent injunction, disgorgement, and civil monetary penalty against Dichao Xie, a resident of China. The order resolves a CFTC action filed on March 28, 2023. [See CFTC Press Release No. 8682-23.] The order finds, among other things, that Xie defrauded his former employer by misappropriating its confidential information to enter noncompetitive trades against it.
/jlne.ws/3rxlVpe
CFTC Awards Whistleblower More Than $300,000
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced an award of more than $300,000 to a whistleblower whose particularly informative tip caused the Division of Enforcement (DOE) to open an investigation that led to an underlying enforcement action. That tip precisely and accurately described the misconduct at issue.
/jlne.ws/3taMlgV
CFTC Charges Mosaic Exchange Limited and Sean Michael with a Fraudulent Solicitation and Digital Asset Commodities Trading Scheme
CFTC
The Commodity Futures Trading Commission today announced it filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against Mosaic Exchange Limited, a Pennsylvania limited liability company, and its owner and Chief Executive Officer Sean Michael, presently or formerly of Boca Raton, Florida, for running a fraudulent digital asset commodity scheme.
/jlne.ws/3EX3kFY
Miami Federal Court Enters Preliminary Injunction Order Against Certified Public Accountant in Connection with $58 Million Foreign Currency Fraud and Misappropriation Scheme
CFTC
The Commodity Futures Trading Commission today announced the Honorable Darrin P. Gayles of the U.S. District Court for the Southern District of Florida entered a preliminary injunction order against Timothy F. Stubbs on September 22. The court's decision stems from the CFTC's January 27, 2022 complaint charging Stubbs, together with four other individuals and five companies, with fraud, misappropriation, and registration violations in connection with a fraudulent foreign currency (forex) scheme.
/jlne.ws/3RV9lLl
Gensler Reminds Hedge Funds He's Still Sheriff of Wall Street; The SEC is snooping on the alternative-investment industry's use of WhatsApp.
Paul J. Davies - Bloomberg Opinion
Gary Gensler is much more curious about what private equity and hedge fund chiefs are texting to each other and their clients than he was about bankers. The chair of the Securities and Exchanges Commission has asked staffers to pore over thousands of messages collected from investment firms as part of its probe into industry use of WhatsApp and other non-official messaging channels, according to Reuters.
/jlne.ws/3ZDfvBl
SEC Charges Three Southern California Siblings with Insider Trading
U.S. Securities and Exchange Commission
The Securities and Exchange Commission today filed charges against siblings Marco A. Perez (aka Marc), Pedro Perez, Jr. (aka Peter), and Olivia P. Durbin for insider trading before the April 2021 announcement of an offer by storage company United Rentals Inc. to acquire General Finance Corp. The three defendants, all of whom reside in Southern California, realized a combined total of $650,000 in illegal profits from their trading.
/jlne.ws/46a44n8
Coinbase Role in Crypto Firm Celsius's Bankruptcy Plan Questioned by SEC; Regulator objects to Coinbase distribution agreements; Coinbase, Celsius each face separate lawsuits from the SEC
Olga Kharif and Jonathan Randles - Bloomberg
The US Securities and Exchange Commission said it has concerns about Coinbase Global Inc.'s proposed involvement in Celsius Network's plan to emerge from bankruptcy. Under the proposed plan, Celsius agreed to engage Coinbase to distribute assets to international customers. In a filing on Friday, the SEC - which charged Coinbase earlier this year with operating as an unregistered securities exchange, broker and clearing house - said the agreements "go far beyond the services of a distribution agent, contemplating brokerage services and master trading services that implicate many of the concerns" raised in its suit.
/jlne.ws/458wm06
SEC Finalizes Settlements on Wall Street WhatsApp Probe: Reuters; Regulators have said probes discovered recordkeeping lapses; Reuters says settlements are with broker dealers, advisers
Adam Haigh - Bloomberg
The Securities and Exchange Commission is finalizing settlements with about two dozen Wall Street firms to resolve probes into lapses in record keeping, Reuters reported. The settlements are with investment advisers and broker dealers, according to the report, which cited people familiar with the matter. It marks the latest enforcement action in the regulator's two-year crackdown on Wall Street's use of WhatsApp and other messaging apps.
/jlne.ws/46qVlwx
SEC Appoints George Botic to the Public Company Accounting Oversight Board
SEC
The Securities and Exchange Commission today announced the appointment of George Botic, CPA to a term as a Board Member of the Public Company Accounting Oversight Board (PCAOB).
/jlne.ws/3LEz46L
Testimony Before the United States House of Representatives Committee on Financial Services
Chair Gary Gensler - SEC
For 90 years, the federal securities laws and the SEC's work to oversee them have played a crucial role for the public both in good times and in times of stress. The core principles of U.S. securities markets regulation have contributed to America's economic success and geopolitical standing around the globe.
/jlne.ws/459y7Kj
Statement on Jury's Verdict in Trial of Zhiying Yvonne Gasarch and Jackson Friesen
Gurbir S. Grewal: Director, Division of Enforcement - SEC
Today, after a nine-day trial, a jury in the United States District Court for the District of Massachusetts found Canadian residents Zhiying Yvonne Gasarch and Jackson Friesen liable for their roles in long-running fraudulent schemes involving trading in microcap securities.
/jlne.ws/45cmUZs
SEC Obtains Judgment Against Former SPAC Accounting Consultant Charged with Insider Trading
SEC
On September 25, 2023, the U.S. District Court for the District of New Jersey entered judgment against Robert Del Prete for engaging in insider trading when he purchased shares of HighCape Capital Acquisition Corp. ("HighCape"), a special purpose acquisition company, in advance the company's announcement that it would merge with Quantum-Si Incorporated ("QSI").
/jlne.ws/3PDmt4T
SEC Charges Hydrogen Vehicle Co. Hyzon Motors and Two Former Executives for Misleading Investors
SEC
The Securities and Exchange Commission announced settled fraud charges against Hyzon Motors Inc., an upstate New York-based company that builds hydrogen fuel cell electric vehicles (FCEVs), for misleading investors about its business relationships and vehicle sales before and after a July 2021 merger with a publicly-traded special purpose acquisition company, or SPAC. The SEC also charged Craig M. Knight, Hyzon's former CEO, and Max C.B. Holthausen, former managing director of Hyzon's European subsidiary, for their roles in the fraudulent scheme.
/jlne.ws/3Px4IEh
SEC Charges Private Real Estate Funds' Managers and Investment Adviser for Fraudulent and Unregistered Securities Offering
SEC
The SEC brought charges against defendants Charles Tralka, Thomas Braegelmann, Matthew Sullivan, Jordan Goodman, investment adviser Good Steward Capital Management, Inc. ("Good Steward") and its owner Robert Barr, and relief defendants Secured Real Estate Income Fund I, LLC ("Income Fund") and Secured Real Estate Income Strategies, LLC ("Income Strategies") in connection with an alleged offering fraud that raised over $7.3 million from about 147 investors from April 2016 through March 2021.
/jlne.ws/3ZxUh86
SEC Settles Actions Against Executives of Two Reg A Issuers for Involvement in Scheme To Fraudulently Promote Securities Offerings
SEC
The Securities and Exchange Commission today announced charges against Hightimes Holding Corp. Executive Chairman Adam Levin and Cloudastructure, Inc. Chief Executive Officer Rick Bentley for their involvement in separate fraudulent schemes to promote securities offerings that Hightimes and Cloudastructure were conducting pursuant to Regulation A, which, if certain conditions are met, provides an exemption to the Securities Act's registration provisions. Levin and Bentley have agreed to settle the SEC charges.
/jlne.ws/3M33zDF
SEC Charges Los Angeles Man and His Related Entities with Ponzi-Like Scheme
SEC
Today, the Securities and Exchange Commission charged Los Angeles resident Pedram Abraham Mehrian and two companies he controlled with conducting a multi-year Ponzi-like scheme and misleading investors who purchased more than $17.5 million in promissory notes.
/jlne.ws/3ZDdqpg
New Zealand and UK audit authorities agree mutual recognition of audit qualifications
Financial Markets Authority
New Zealand and the UK have signed a first of its kind agreement to recognise audit qualifications in both the UK and NZ so that auditors can more easily work between both countries. The Memorandum of Understanding on Reciprocal Arrangements (MOURA) was signed by the UK's Financial Reporting Council (FRC) and the NZ Financial Markets Authority (FMA) - the competent audit authorities for each country.
/jlne.ws/3tczTxa
Enhancements to the Cross-boundary Wealth Management Connect Pilot Scheme Strengthening Financial Market Connectivity in the GBA
Securities & Futures Commission of Hong Kong
To implement the national strategy of developing the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), deepen the financial cooperation between the Mainland, Hong Kong and Macao, and facilitate their synergistic economic development, the People's Bank of China, the National Administration of Financial Regulation, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the Hong Kong Monetary Authority, the Securities and Futures Commission of Hong Kong and the Monetary Authority of Macao have decided to further enhance the Cross-boundary Wealth Management Connect Pilot Scheme (the Scheme) in the GBA as follows:
/jlne.ws/466lW2d
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Flow Traders bullish about threat from big banks
Bernard Goyder - Risk.net
Ramon Balje joined Flow Traders back in 2019 fresh from stints as managing director at Nomura and JP Morgan, with a mandate to build out the firm's secondary market-making activities for corporate bonds.
/jlne.ws/3ZxEyG6
VIX Index's Lone Rival Faces Extinction With Petition Denied
Katherine Doherty - Bloomberg
The financial market's only competitor to Cboe's Volatility Index was dealt a blow in its fight for survival. Miami International Holdings Inc., owner of Spikes futures, won't be able to defend its product in court after a federal judge denied the company's petition for a panel rehearing. The decision, filed Monday, means the exchange operator may have to shut down Spikes futures by year-end.
/jlne.ws/3Zw8rqh
Costco's 1-ounce gold bars selling out 'within a few hours' - again
Bill Peters - MarketWatch
Costco Wholesale Corp. sells lots of things you might or might not expect from a big-box retailer: caskets, caviar, six-pound tubs of Nutella. Add to that list 1-ounce bars of gold, which the company on Tuesday said were selling out within a matter of hours. "I've gotten a couple of calls that people have seen online that we've been selling 1-ounce gold bars," Chief Financial Officer Richard Galanti said on Costco's quarterly earnings call on Tuesday.
/jlne.ws/3ETojJI
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Portugal's Gen-Z sues dozens of governments over climate change; Six plaintiffs aged 11-24 have taken legal action at the European Court of Human Rights
Alice Hancock - Financial Times
Six Portuguese youngsters have taken 32 governments to Europe's top human rights court in the continent's largest case yet linked to failures to address climate change. The EU's 27 member states along with Norway, Turkey, the UK and Switzerland were at the European Court of Human Rights (ECHR) in Strasbourg on Wednesday to answer to accusations that they have failed to adequately cut emissions in the case brought by Portuguese nationals aged between 11 and 24.
/jlne.ws/46r87Lv
UK wildlife continues long-term decline in diversity and abundance; Comprehensive assessment finds little sign of overall improvement in health of Britain's ecosystems
Clive Cookson - Financial Times
Wildlife in Britain, already one of the world's most nature-depleted countries, is continuing its long-term decline, according to the most comprehensive assessment ever carried out of UK biodiversity. The State of Nature report, compiled by 60 conservation bodies in the public and charitable sectors and based on years of monitoring by thousands of volunteers, found that 16 per cent of the 10,000 species of plants and animals surveyed in Britain were threatened with extinction. This figure is much higher for birds (43 per cent) and reptiles and amphibians (31 per cent).
/jlne.ws/3LJOpmn
One Investor's Uphill Battle to Turn Rewilding Into a Multi-Billion Dollar Industry; Jeremy Leggett is betting that the biodiversity restoration sector will soon be worth a fortune. Not everyone is convinced.
Natasha White - Bloomberg
On a remote peninsula of Scotland, there's an experiment underway to put a dollar value on nature restoration - the first step to turning stunning landscapes around the world into assets that some investors hope will soon be worth fortunes. Highlands Rewilding earlier this year bought a 1370-hectare estate called Tayvallich on a tongue of land on the country's west coast for £10.5 million ($13 million). The company plans to restore native fens, juniper heath and fragments of temperate Atlantic rainforest that have been lost due to decades of overgrazing by sheep and deer. Funds for the project were gathered together from varied sources - there's Boston-based MFS Investment Management and wealthy individuals, but also small-time investors from a crowdfunding campaign and a £12 million loan from the UK Infrastructure Bank.
/jlne.ws/3RDkoIT
Analysis: How some of the world's largest companies rely on carbon offsets to 'reach net-zero'
Josh Gabbatiss - Carbon Brief
Two-thirds of the world's biggest companies with net-zero targets are using "carbon offsets" to help meet their climate goals, Carbon Brief analysis reveals. The world's top fossil-fuel producers, carmakers and tech firms have used tens of millions of carbon credits to claim they have "cancelled out" large chunks of their emissions in recent years, the analysis shows.
/jlne.ws/3EVVHQ8
EPA Rolls Out Training Grants For Environmental Justice Communities; Sixteen technical assistance centers, created jointly by EPA and the Department of Energy, are expected to play a key role in helping facilitate funding under the Biden administration's Justice40 initiative.
Aman Azhar - Inside Climate News
A year ago, when Adam Ortiz, the Environmental Protection Agency's Mid-Atlantic administrator, met with Shawn Scott here in the predominantly Black Ivy City neighborhood, she asked him a question with more than a little urgency. "'Adam, can you smell it?'" he remembered her asking him, referring to a chemical manufacturer next door to her home that neighbors had complained about for years. He could.
/jlne.ws/46eRgMA
ESG-friendly US equities have been underperforming. Why? Measuring the value of virtue
Bryce Elder - Financial Times
/jlne.ws/3ZxSgc2
Got Plastic With a No. 2 Recycling Symbol? Beware a Toxic Problem; A little-known American company has been giving plastic a special touch called fluorination for 40 years. After the EPA discovered treated containers can leach "forever chemicals," the company refused to stop.
Esme E Deprez - Bloomberg
/jlne.ws/46nEKtu
Bank Climate Liabilities Increasingly Likely to Hit Capital; Industry is slow in adapting to global warming, Boissinot says; The financial risks for banks are becoming 'very material'
Frances Schwartzkopff - Bloomberg
/jlne.ws/3t2zwVJ
The Evolving Role of ESG in M&A: Balancing Risks and Opportunities
Lande Alexandra Spottswood, Jon Solorzano, Josh Rutenberg and Chloe Schmergel - Vinson & Elkins LLP
/jlne.ws/466SwRP
Biden ESG rule survives challenge in court. 'Tonal shift' may be biggest victory, lawyer says
Greg Iacurci - CNBC
/jlne.ws/3PD7U1e
The litigation risks that companies face in an age of ESG
Steve Blonder - Reuters (commentary)
/jlne.ws/46LWNKr
A Single ESG Fund Category Has Soared More Than 300% in the US; Climate transition funds are increasing in popularity; Europe remains the industry's biggest market for such funds
Frances Schwartzkopff and Saijel Kishan - Bloomberg
/jlne.ws/3t8VZ3I
SEC Issues Record Penalty for ESG Greenwashing Violations
JD Supra
/jlne.ws/3LGE8HL
Changes to the SEC Fund Names Rule Impacts ESG Investments
Dentons
/jlne.ws/3Py40GJ
Sustainable Investing: Shifting Focus to Active Management
Jorge Diaz - Clayton County Register
/jlne.ws/45a0fwX
How Seeding the Oceans With Minerals Could Grab Carbon From the Atmosphere; A startup views the Middle East as the ideal location to deploy its carbon removal technique that relies on speeding up a natural ocean process.
Verity Ratcliffe and Michelle Ma - Bloomberg
/jlne.ws/3thsaO9
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Citi Planning to Sell China Retail-Wealth Unit to HSBC, Source Says; The deal is part of Citi's broader exit from consumer banking outside of its home market
Elaine Yu and Matthew Thomas - The Wall Street Journal
Citigroup is in talks to sell its retail-wealth business in China to British rival HSBC, according to a person familiar with the matter. The deal, which is likely to be announced next month, is part of Citi's broader exit from consumer banking outside of its home market. The U.S. bank had announced that it was scaling back at overseas retail banking business in 2021, and said last year that it would wind down the consumer-banking business in China.
/jlne.ws/46pObsz
UBS seeks last-ditch settlement in Credit Suisse 'tuna bonds' case; Trial at London's High Court over Mozambique scandal is due to start next week
Owen Walker, Stephen Morris, Jane Croft and Joseph Cotterill - Financial Times
UBS is seeking a last-minute deal with the government of Mozambique to avoid a bruising courtroom battle over Credit Suisse's involvement in the $2bn "tuna bonds" scandal, according to people briefed on the discussions.
/jlne.ws/3ZAIUMD
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Biking to Work Isn't Gaining Any Ground in the US; Despite growth in New York and a few other big cities, commuting by bicycle is less popular nationwide than it was a decade ago.
Justin Fox - Bloomberg Opinion
After increased investments in bicycle infrastructure, big experiments with urban bike sharing, an explosion in electric-bike sales and an overall pandemic bike-buying boom, the latest news on bike commuting in the US from the Census Bureau's annual American Community Survey is not impressive. An estimated 731,272 Americans used bicycles as their chief means of transportation to work in 2022, up from 2021 but down almost 75,000 from before the pandemic and 175,000 from the peak year of 2014.
/jlne.ws/3rA9HvO
Why the end of federal child care funding matters - whether or not you have young kids; Experts are warning of families falling off a "child care cliff" as day care centers may be forced to close, waitlists grow and parents consider leaving the workforce altogether.
Erik Ortiz - NBC News
While government subsidies allowed Jordyn Rossignol to keep her child care center in northern Maine afloat during the pandemic, she finally made the wrenching decision in August to shutter because of rising operational costs. That federal aid, which may not have fixed the industry but served as a critical lifeline, is set to expire at the end of this month, putting other day care providers across the U.S. in jeopardy in what industry advocates are calling a "child care cliff." Rossignol, 35, envisions an even more dire scenario.
/jlne.ws/3LGdI8K
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| Wellness Exchange | | An Exchange of Health and Wellness Information | What happens to health programs if the federal government shuts down?
Julie Rovner - NPR
For the first time since 2019, congressional gridlock is poised to at least temporarily shut down big parts of the federal government - including many health programs. If it happens, some government functions would stop completely and some in part, while others wouldn't be immediately affected - including Medicare, Medicaid and health plans sold under the Affordable Care Act. But a shutdown would complicate the lives of everyone who interacts with any federal health program, as well as the people who work at the agencies administering them.
/jlne.ws/3ZBXXWv
She's a health policy expert. She still had trouble getting her Covid-19 vaccine
Brenda Goodman - CNN
Like many people across the US who've gone to a pharmacy in the hopes of getting one of the newly updated Covid-19 vaccines, Cynthia Cox walked away disappointed, but it wasn't for lack of trying. Cox happens to be an insurance expert. At the nonprofit health policy think tank KFF. she specializes in knowing the ins and outs of the Affordable Care Act, which mandates insurance coverage for preventive services including vaccines. "I study health care costs and access to care, particularly for people with private insurance," said Cox, who lives in Washington. "And I still couldn't work the system."
/jlne.ws/3PBKh93
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Glencore To Stop Funding Its Struggling Koniambo Nickel Mine
Thomas Biesheuvel - Bloomberg
Glencore Plc said it will only keep funding its struggling Koniambo Nickel mine until February, as the commodity behemoth loses patience with a project that's failed to make money for years. Glencore is one of the world's biggest nickel producers, but its New Caledonia mine has been a constant source of frustration as it continues to lose money in a market transformed by a surge in supply from Indonesia.
/jlne.ws/48tQywm
Malaysia grapples with rice shortage amid global price surge
Norman Goh - Nikkei Asia
Rising prices for imported rice in Malaysia have consumers flocking to cheaper locally grown products, squeezing the budgets of households that find it difficult to afford higher food prices. With local rice able to meet only 70% of domestic demand, the Malaysian government has begun implementing programs to increase local production.
/jlne.ws/3LG6Fxb
Weary China Traders Look to Golden Week for Buying Opportunities; Airline, hotel, consumer shares to benefit from the holidays; Golden Week is an important gauge of consumer recovery: BI
John Cheng - Bloomberg
Traders are looking to the upcoming Golden Week for fresh catalysts after deepening worries over China's property sector extended a selloff in the nation's shares. Bright spots are already emerging in parts of the consumer sector, with food and travel-related spending rebounding strongly despite the market turmoil. More than 21 million people are expected to travel by planes during the holidays, while retail sales have started picking up.
/jlne.ws/459hgHC
China's Ailing Pork Demand Another Sign of Economic Distress; Industry has yet to recover from the effects of the pandemic; Focus switches to consumption in run up to Lunar New Year
Hallie Gu - Bloomberg
The fall holidays in China are usually boom-time for pork consumption, as parties and cooler weather entice households to splurge on the nation's favorite meat. The Mid-Autumn Festival on Friday typically gathers friends and family over celebratory fare like braised pork belly or sweet and sour ribs. This year, the lunar holiday is followed in short order by the weeklong National Day break, which should extend demand for the more expensive meatier dishes beloved by Chinese.
/jlne.ws/459Mtuf
Finally, There's More Money Than Fools in China; Investors have become risk averse, shunning the markets in favor of bank deposits.
Shuli Ren - Bloomberg Opinion
For years, China's netizens joked that the country was home to millions of fools with a lot of money. They were called "chives," a healthy crop that can flourish soon after harvesting, and keep coming up again and again. This characterization was not entirely unjustified. After all, China's fervent day traders did propel the stock market to dare-devil levels in 2015. The equally spectacular crash did not seem to leave long-lasting trauma.
/jlne.ws/46bhpMe
Mideast Oil Gets Tighter as Refineries in Oman, Bahrain Expand; Oman's Duqm, Bahrain's Sitra plants to make diesel for export; Refineries add more than 300,000 barrels of new daily capacity
Anthony Di Paola - Bloomberg
/jlne.ws/46vV0Jh
Bulgaria Bans Russian Oil in Blow to Lukoil Refinery; Parliament backs gradually stopping Russia supply by Oct. 2024; Lukoil's Neftohim site is southeast Europe's biggest refinery
Slav Okov - Bloomberg
/jlne.ws/46pwObm
Oil Rally Gets Fresh Impetus From Shrinking Stockpiles at US Hub; Inventories at Cushing are close to operational minimums; Brent at $100 a barrel is only a matter of time, ING says
Bloomberg
/jlne.ws/3LDSTuO
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| Miscellaneous | | Stories that don't quite fit under the other sections | Satellites Show Mysterious Fairy Circles in More Parts of the World; Researchers say that the rings of vegetation, which had mostly been studied in Namibia and Australia, may exist in 15 countries.
Rachel Nuwer - The New York Times
Fairy circles inspire wonder in viewers and fuel contention among experts. For decades, scientists have hotly debated the origin of the strange, polka-dot-like patterns of barren earth, which have been found in the Namib Desert, stretching from Angola to northern South Africa. Some researchers also say they occur in the Australian outback. Now, there's something new to argue about: To what extent are fairy circles found around the world?
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