| September 26, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Tomorrow Cboe Global Markets and S&P Dow Jones Indices are launching the Cboe S&P 500 Dispersion Index, jointly developed by Cboe Labs, the company's innovation arm, and S&P DJI. Cboe says this "new index is the latest addition to Cboe's volatility index suite and aims to provide deeper insights into U.S. equity market volatility."
What I am wondering is what is the nickname for the dispersion index? My guess is the "Dispersion Gauge." Something like the DisPer would be more fun, or even the DeeGEE.
Today Acuiti.io published a new study in partnership with Trading Technologies titled "European Attitudes to Trading in APAC." You can download the study HERE. Acuiti issued a press release about the study titled "European Trading Firms Set to Expand Derivatives Trading in APAC."
On Thursday, JLN will be publishing an interview I conducted with former Trumid and Cboe executive Bryan Harkins, who will update us about the Wall Street Rides FAR organization, which is now just Rides FAR. That name change and more is part of the interview.
Don't forget to reach out to schedule an interview with John Lothian News at FIA's EXPO, where our video team and podcasting team will be set up to conduct interviews. Also, FIA yesterday sent out a reminder to use the EXPO app, which includes the agenda for EXPO as well as the whole attendee list. It is a great tool for seeing who is going to be there and scheduling your meetings.
What does work from home cost? Well, for Meta, the owner of Facebook, it cost 149 million pounds to break its lease at a major London office. That is the equivalent to seven years of rent, The Telegraph reported.
The Wall Street Journal has a new seven week email series, "Seven Financial Crimes That Rocked the U.S." Now you can "relive some of the most scandalous corporate misdeeds of the past 100+ years," the Journal says.
Are you willing to be bad at something? The actor Ryan Reynolds says you can't be good at something unless you are willing to be bad, which is a lesson in risk-taking for all of us. Benzinga has a story about how Reynolds has sold two companies for nearly $2 billion in less than 4 years, so maybe he is worth a listen.
Simon Sinek, the author of one of my favorite Ted Talks, has a new one about what he learned in college.
My wife likes to call my daughter, who is very busy between holding a full-time job and going to school full-time. I prefer to text her to see if she is available for a call. The new phone call etiquette is my style, text first and never leave a voicemail. There are different rules depending on your relationship with the person. The Washington Post has a story detailing the new etiquette titled "The new phone call etiquette: Text first and never leave a voicemail."
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The International Energy Agency has updated its Net Zero Roadmap. The report found that record growth in clean energy technologies is making it possible to drive greenhouse gas emissions to net zero and limit global warming to 1.5 °C, but greater momentum and deeper commitments are needed. The IEA's 2021 report was groundbreaking and has served as a benchmark for policymakers, industry, the financial sector, and civil society. Learn more and download the report here. See links to news coverage in our ESG section. ~SAED
Our most read stories yesterday on JLN Options were:
- Traders Get Fast-Tracked Options in Volatile IPO Market from Bloomberg.
- Zero-day options now account for 50% of S&P options volumes from the Financial Times.
- Wall Street Exchanges Shorten Options Trading Wait Period for New Listings from Investing.com. ~JB
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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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CFTC Announces Technology and Fraud Virtual Event to Explore Social Media Investment Fraud and AI
CFTC
The Commodity Futures Trading Commission's Office of Customer Education and Outreach (OCEO) and Office of Technology Innovation (OTI) today announced Technology and Fraud: Stopping Scams in a Digital World, a virtual event on Wednesday, October 4, as part of World Investor Week-October 2-9. The week is a global effort to raise awareness about the importance of investor education and protection. Registration is now open for the event. Financial educators, innovators, regulators, and anyone with interest in these issues are encouraged to register to hear discussions from experts on two panels discussing social media-driven investment fraud and the role artificial intelligence (AI) may play in accelerating online fraud. Registration for Technology and Fraud: Stopping Scams in a Digital World is free and open to the public. The panels begin at noon EDT, Wednesday, October 4. Register here.
/jlne.ws/3rkHl91
***** This might be the most important event the CFTC's Office of Customer Education and Outreach (OCEO) and Office of Technology Innovation have ever held. It is not one to miss.~JJL
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Ken Griffin joins Paul Marshall's bid for Telegraph Group; Hedge fund founders in consortium seeking to buy UK media organisation at auction expected within weeks
Harriet Agnew and Daniel Thomas - Financial Times
Ken Griffin, founder of Citadel hedge fund, has joined a consortium of investors led by Sir Paul Marshall to prepare a bid for the Telegraph Group, according to people familiar with the situation. Marshall, co-founder of London-based hedge fund Marshall Wace, is gearing up to bid for the UK news company through his UnHerd Ventures media group ahead of an auction that is expected to begin in the next few weeks.
/jlne.ws/3PyD5KR
****** I am sure the journalists at The Telegraph are wondering if they should start to look for apartments and condos in Miami if Ken Griffin ends up as one of the owners of the Telegraph Group. ~JJL
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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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Monday's Top Three
Our top story Monday was Bloomberg's This Fall's 10 Most Anticipated New Books to Put on Your List. (I'm looking forward to reading Zadie Smith's latest.) Second was the CFTC notice CFTC Disapproves KalshiEX LLC's Congressional Control Contracts. (Kalshi was also our MarketsWiki Page of the Day Monday.) Third was the SEC release SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations.
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| Lead Stories | High-Frequency Traders Want Low-Frequency Radio Waves
Aaron Brown - Bloomberg Opinion
A group of high-frequency traders, market makers and service providers calling themselves the Shortwave Modernization Coalition has asked the Federal Communications Commission for access to the shortwave band of the radio spectrum, seeking to shave crucial milliseconds off the transmission of data between major financial sectors.
/jlne.ws/3ZuNL1U
The World's Biggest Crypto Firm Is Melting Down; 'Every battle is a do-or-die situation,' Binance co-founder Yi He writes
Patricia Kowsmann, Caitlin Ostroff and Angus Berwick - The Wall Street Journal
After FTX crashed, the world of crypto seemed to belong to the largest exchange, Binance. Less than a year later, Binance is the one in distress. Under threat of enforcement actions by U.S. agencies, Binance's empire is quaking. Over the past three months, more than a dozen senior executives have left, and the exchange has laid off at least 1,500 employees this year to cut costs and prepare for a decline in business. And while Binance still looms large in crypto, its dominance is dwindling.
/jlne.ws/462ADU0
Wall Street's Need for Speed in Stocks Is Reshaping the FX World; Looming move to T+1 equity settlement causes currency headache; Foreign investors will have a day less to find cash for trades
Greg Ritchie - Bloomberg
A looming shift in the way US equity trades are settled is sending unintended shock waves through the $7.5 trillion-a-day global market for foreign exchange. At major financial institutions including banks, brokers and investment houses, currency desks are preparing for the world's biggest stock market to halve the time it takes to settle equity transactions to just one day. That switch - due in May next year - will put US stocks out of step with the world of foreign exchange, where trades typically take two days to complete. It means many overseas institutions trying to buy American assets will need to secure dollars in advance to ensure they can make settlement - or face a desperate scramble to find the cash in time.
/jlne.ws/3PAOiuu
Glencore traded thousands of tonnes of Russian copper through Turkey; Shipments via third countries obscure Europe's true reliance on Russian commodities
Harry Dempsey, Silvia Sciorilli Borrelli and Adam Samson - Financial Times
Commodity trading giant Glencore brought thousands of tonnes of Russian copper routed through Turkey to Italy in July this year, highlighting how shipments via third countries obscure Europe's true reliance on Russian commodities.
/jlne.ws/48wCLF6
Net zero was never going to be an easy win for workers; The green transition will be hard and involve trade-offs policymakers would rather not talk about
Sarah O'Connor - Financial Times
For several years now, politicians have insisted that the road to net zero is paved with jobs. "When I think climate, I think jobs," US president Joe Biden is fond of saying. Not just any jobs, mind you, but good jobs that will revive deprived communities. Sir Keir Starmer, the Labour opposition leader in the UK, joined this chorus recently when he said the green transition could "bring back hope to communities that got ripped apart by deindustrialisation in the 1980s".
/jlne.ws/3PxLkqP
Hong Kong fraud probe tests city's pro-crypto stance; Regulators accuse trading platform JPEX of misleading investors
William Langley and Chan Ho-him in Hong Kong - Financial Times
The teal-and-white advertisements of cryptocurrency group JPEX, or Japan Exchange, were inescapable in Hong Kong last year on building walls, taxis and trams. The company's slogan "investment: more than just stocks", was advertised for weeks on a massive billboard in the centre of the city's financial district.
/jlne.ws/3RAAQtf
Fossil fuel demand must fall by a quarter by 2030 to limit global warming, IEA says; Governments need to step up clean energy supply to avoid shortages and price jumps, agency warns
Rachel Millard - Financial Times
Fossil fuel demand must fall by a quarter by the end of this decade if governments want to limit the rise in global warming to 1.5C since the pre-industrial period, the International Energy Agency has concluded. Coal, oil and natural gas will all need to be replaced by clean energy at a rapid rate to keep the world on track to cut greenhouse gas emissions to net zero by 2050, the OECD-funded energy watchdog said in its annual assessment. The projections are the latest warning for the oil and gas sector since the IEA stunned the industry in 2021 when it said there was no room for new exploration projects if global warming limits thresholds were to be met.
/jlne.ws/3ET6dYo
Peak Oil Is Near, Energy Agency Says, but Climate Change Is Far From Solved; Despite the rapid growth of electric vehicles and solar power, other efforts to tackle warming are lagging, according to the International Energy Agency.
Brad Plumer - The New York Times
Cleaner energy technologies like electric cars and solar panels are spreading so rapidly that the global use of oil, coal and natural gas could peak this decade, but countries will still need to pursue more aggressive measures if they want to limit global warming to relatively safe levels, the world's leading energy agency said Tuesday.
/jlne.ws/3PAtqU2
Asia-Pacific holds untapped derivatives trading potential if local regulatory and counterparty challenges can be overcome; Key local challenges cited in the Trading Technologies and Acuiti report include finding the right local partners, understanding local rules and regulations and gaining access to regional markets via preferred clearing firms.
Wesley Bray - The Trade
Derivatives volumes in Asia-Pacific (APAC) are growing at a considerable rate - contrasting declines in Europe and marginal growth in the US - presenting increased opportunities for European proprietary trading firms and hedge funds. A report by Acuiti, commissioned by Trading Technologies, found that trading in APAC holds significant potential for firms if challenges unique to markets within the region can be overcome.
/jlne.ws/3PvdCC5
Exegy and BMLL enter into new data and analytics partnership; Partnership will help free up time spent on data analysis, allowing for algos to be enhanced and for clients to derive alpha.
Wesley Bray - The Trade
Trading infrastructure provider Exegy has entered into an introducer partnership with Level 3 historical data and analytics provider BMLL Technologies. The partnership will offer qualitative traders the ability to manually take granular, historical data to enhance algos and derive alpha by using the data in Exegy's back-testing and simulation solutions.
/jlne.ws/3PysfVj
Crypto Funds Could Jump From $50 Billion in Assets to $650 Billion in Next 5 Years: Analysts
Joe Light - Barron's
Funds that hold Bitcoin and other digital tokens are hardly a blip on the radar in the multi-trillion-dollar investment product industry. That will start to change soon-and rapidly, according Bernstein Research. Analysts, led by Gautam Chhugani, expect the crypto asset management industry to hold from $500 billion to $650 billion within the next five years, up from about $50 billion today.
/jlne.ws/3t4sUGt
Sam Bankman-Fried's trial to test dueling explanations for collapse of crypto exchange
Luc Cohen - Reuters
In U.S. prosecutors' telling, Sam Bankman-Fried embezzled money from depositors in his FTX cryptocurrency exchange ever since he launched it in 2019, and the resulting shortfall led directly to its collapse as crypto prices swooned last year. But in his own version and in explanations put forth by his lawyers, Bankman-Fried thought FTX, like a bank, could make investments with customers' money as long as they were able to withdraw it - and he did not know that actions taken by his closest colleagues had jeopardized the availability of funds.
/jlne.ws/3PvvTPN
Sam Bankman-Fried spent house arrest at a desk cluttered with items including cinnamon gum, a mini fan, and a bottle of Adderall
Lakshmi Varanasi - Business Insider
Until August, disgraced crypto mogul Sam Bankman-Fried had apparently been living a relatively humdrum life at his parents' home in Palo Alto, California. Of course, that's despite the fact that he was there under house arrest for 13 criminal charges, including securities fraud and money laundering, in the wake of his collapsed crypto empire. During his time at home, Bankman-Fried said he spent his days engaged in "case prep" because "there's not a lot else that I can be doing," according to a recent profile of him in The New Yorker. (Bankman-Fried's trial is set to begin in early October.)
/jlne.ws/46hbl4m
Column: Jeffrey Epstein reaches from the grave to expose how JPMorgan profited from his sex trafficking
Michael Hiltzik - LA Times
You can place the top executives of JPMorgan Chase & Co. high on the list of people who wish they had never heard the name of Jeffrey Epstein. The giant bank has been struggling for years with accusations that it was complicit with Epstein's horrific criminal record of sex trafficking and sex slavery.
/jlne.ws/48HDXG7
Ken Griffin in Talks With Paul Marshall Over Telegraph Bid
Nishant Kumar, Thomas Seal and David Scheer - Bloomberg
US billionaire Ken Griffin may provide financial backing to a consortium led by fellow hedge fund manager Paul Marshall in a bid to take over the UK's Telegraph Media Group. The two financiers have discussed Griffin supporting the potential bid which Marshall is preparing to make through his UnHerd Ventures media group, according to people familiar with the matter. Any auction is expected to kick off in the coming weeks.
/jlne.ws/3RA90gQ
Statistics, and Not Lying With the Damned Things; No one says statistics can't be wrong, but reflexively treating them as agenda-driven lies usually is. Our perceptions mislead us more.
John Authers - Bloomberg Opinion
Darrell Huff has a lot to answer for. The author of the classic How to Lie With Statistics, still in print 69 years after it was first published, demonstrated plentiful reasons to question the statistics that are presented to us. It's a great book with plenty of invaluable and correct insights. And he was writing in a well-established tradition; ever since Mark Twain, who attributed the phrase to the Victorian Prime Minister Benjamin Disraeli, there are "lies, damned lies, and statistics.''
/jlne.ws/3rk1s7f
Emerging-Market ETF Traders Flee China as Property Angst Builds; EM ETFs extend $1.2 billion losing streak for third week; Investors yanked $180 million from Chinese stocks last week
Leda Alvim - Bloomberg
Investors are yanking cash out of exchange-traded funds that invest in China as concern mounts about the investability of the nation's assets as its property crisis deepens. Money managers withdrew more than $180 million from US-based ETFs with expsoure to Chinese equities in the week ended Sept. 22, contributing to outflows across emerging markets, according to data compiled by Bloomberg.
/jlne.ws/451ns4B
Dimon Warns World Not Ready for 7% Fed Rate: Times of India
Yi Wei Wong and Swati Pandey - Reuters
The world may not be prepared for a worst-case scenario of Federal Reserve benchmark interest rates hitting 7% along with stagflation, JPMorgan Chase & Co. CEO Jamie Dimon said in an interview with the Times of India.
/jlne.ws/3Q2qh17
Why Amazon's Online Marketplace Drew FTC Scrutiny
Anna Edgerton and Leah Nylen - Bloomberg
Amazon.com Inc. and Lina Khan have a fraught history. Khan made her name as a law student in 2017 with an article in The Yale Law Journal that made an example of Amazon to argue for a broad re-imagining of US antitrust law. Now she's the chair of the US Federal Trade Commission, which has already sanctioned Amazon for privacy lapses and is expected to sue the company for antitrust violations this week, after a multiyear investigation.
/jlne.ws/3ZwpqZo
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia tortured some Ukrainian victims to death, UN inquiry says
Reuters
Russia's torture methods in parts of Ukraine it occupied have been so brutal that it tortured some of its victims to death, the head of a U.N.-mandated investigative body said on Monday. Erik Møse, Chair of the Commission of Inquiry on Ukraine, told the U.N. Human Rights Council in Geneva his team had "collected further evidence indicating that the use of torture by Russian armed forces in areas under their control has been widespread and systematic".
/jlne.ws/3RGbB97
Money for Ukraine at Center of Senate Bid to Avert Shutdown
Carl Hulse and Catie Edmondson - The New York Times
With the House in chaos over its spending plans, senators of both parties were deep in negotiations on Monday over efforts to head off a government shutdown this weekend through a stopgap measure and whether to include additional aid to Ukraine in the legislation. Senators and senior staff members engaged in intense discussions over the past few days on how to proceed given the House impasse, officials said, with the Senate taking steps toward an emergency spending bill that would keep dollars flowing to federal agencies after the current fiscal year ends at midnight Saturday.
/jlne.ws/46parmj
First US Abrams tanks arrive in Ukraine
The Telegraph
The first batch of US Abrams tanks have arrived in Ukraine in a move that Kyiv hopes will precipitate a counteroffensive "breakthrough". It was unclear exactly how many units were delivered, but US defence officials said they were the first of the 31 tanks that Washington had pledged.
/jlne.ws/46qbjqN
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LSE Boss Warns UK Firms of Risk to Value by Listing in US; International firms generally underperform in US, Hoggett says; FCA executive says media 'very negative' about UK issuers
William Shaw - Bloomberg
The chief executive of the London Stock Exchange warned companies against listing in the US rather than their local market. Out of 23 British firms that have raised over $100 million in the US over the past decade, six have delisted and 13 are trading down, Julia Hoggett told a City & Financial Conference in London on Monday. Only four are trading above their initial value, one being newly-floated chip designer Arm Holdings Plc, she said.
/jlne.ws/46nX5a6
Cboe Global Markets and S&P Dow Jones Indices to Launch the Cboe S&P 500 Dispersion Index on September 27
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, and S&P Dow Jones Indices (S&P DJI), the world's leading index provider, today announced plans to launch the Cboe S&P 500 Dispersion Index (DSPX) on Wednesday, September 27. Jointly developed by Cboe Labs, the company's innovation arm, and S&P DJI, this new index is the latest addition to Cboe's volatility index suite and aims to provide deeper insights into U.S. equity market volatility.
/jlne.ws/3ZtC37J
Fintech platform raising private capital: JSE Private Placements secures a sizeable debt facility for Pace Car Rental
JSE
Pace Car Rental has raised sizeable debt on the JSE Private Placements (JPP) platform to refinance the business at a more favourable rate, while also investing in further fleet assets. JSE Private Placements - a subsidiary of JSE Limited - is an innovative way of raising private capital. To date, JPP has onboarded 36 deals raising over R6.1bn and investors who have over R18bn of capital to deploy.
/jlne.ws/3RElofF
Introduction of JPX Prime 150 Index Futures
JPX
JPX Market Innovation & Research, Inc. (JPXI), a subsidiary of Japan Exchange Group, Inc., began calculating and distributing the JPX Prime 150 Index on July 3, 2023. The JPX Prime 150 Index is designed to highlight the top value-creating Japanese companies with the highest market capitalization on the TSE Prime Market. We hope that this index and its component stocks will become the focus of medium- to long-term investment by institutional and individual investors in Japan and abroad, thereby contributing to the spread of value-creating management among listed companies and the enhancement of the Japanese stock market's appeal.
/jlne.ws/3PRYHDt
Yield Book and Sust Global partner to integrate pricing impact of physical climate risks in US MBS portfolios
London Stock Exchange Group
Yield Book, an LSEG business and leading provider of fixed-income models, analytics, and data products, announced today that it has partnered with specialist climate analytics provider Sust Global to launch tailored physical climate risk analytics for US mortgage-backed securities (MBS). The partnership combines Yield Book's best-in-class analytics and asset-level data with Sust Global's satellite-augmented global climate models across multiple asset classes to create a holistic solution. The end result is a quantitative view into the pricing impact of physical climate risks, such as hurricanes, wildfires, rising sea levels and in-land flooding, to clients' US MBS portfolios.
/jlne.ws/45X1f8Z
Independent Chair appointed for ASX Business Committee
ASX
The ASX Business Committee welcomes its first independent chair following the appointment of experienced financial markets executive Paul Rayson.
Mr Rayson, who was formerly the managing director of Australia's largest retail broker CommSec, has worked in the financial services industry for over 20 years and has extensive experience in investment markets, technology, retail banking, risk management and governance. He is currently CEO of Hearts & Minds Investments Ltd.
/jlne.ws/46R1Cme
Changes in Nifty Fixed Income indices
The Index Maintenance Sub-Committee (Debt) of NSE Indices Limited has decided to make changes as listed hereunder. These changes shall become effective from September 29, 2023.
/jlne.ws/48swLgM
SGX Securities today welcomed the secondary listing of TSH Resources Berhad (TSH Group) to Mainboard under the stock code "TSH".
SGX
TSH Resources Berhad, which is primary listed on Bursa Malaysia, is principally engaged in oil palm cultivation and processing of fresh fruit bunches into crude palm oil and palm kernel. Its oil palm plantations and palm oil mills are located in Sabah, Malaysia, and Kalimantan and Sumatera in Indonesia. The company is headquartered in Kuala Lumpur, Malaysia.
/jlne.ws/3ZwvUaF
Moscow Exchange begins trading in Softline shares
MOEX
On September 26, 2023, trading in shares of Softline PJSC started on the Moscow Exchange, trading code - SOFL. Managing Director of the Moscow Exchange Vladimir Krekoten and CEO of Softline PJSC Vladimir Lavrov took part in the official ceremony for the start of trading in shares. The shares are included in the second-level quotation list of the Moscow Exchange; trading and settlements are carried out in Russian rubles.
/jlne.ws/46tfn9Z
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Exegy selects BMLL for historical data & analytics partnership
Elegy
Exegy, the expert provider of end-to-end, front-office trading solutions for the capital markets, is today announcing that it has signed a partnership agreement with BMLL Technologies (BMLL), the leading, independent provider of harmonized, Level 3 historical data and analytics to the world's financial markets. This new alliance is unique in providing low latency, real-time data, now with access to high-grade, global historical data and market-leading analytical tools.
/jlne.ws/3PQxfpM
Elon Musk Warned, 'We're Running Out Of Dead Dinosaurs, And Betting Against Science Is the Dumbest Experiment In History' Amid One Of The Biggest Challenges The World Has Ever Faced
Jeannine Mancini - Benzinga
In 2018, billionaire Elon Musk vocalized his concerns for a sustainable future. His public messages have been a call for decisive action against climate degradation for years. When Michael E. Mann, a renowned climate scientist, stated that climate change was intensifying events like droughts, heatwaves and fires, Musk responded with urgency on X, formerly Twitter.
/jlne.ws/48tWLYX
Onchain leverage trading platform Avantis Labs raises $4M seed round led by Pantera Capital
Jacquelyn Melinek - TechCrunch
Avantis Labs, a decentralized finance (DeFi) derivatives ecosystem, has raised $4 million in a seed funding round led by Pantera Capital, the company's co-founder and CEO Sehaj Singh exclusively told TechCrunch.
/jlne.ws/456xrp6
Beeks Analytics gets a major update with version 11.1
Finextra
Beeks Group, a leading managed cloud computing and analytics provider for the global financial markets is pleased to announce the release of version 11.1 of the Analytics powered by Beeks product line.
/jlne.ws/3ZDuxHu
Good Judgment Is a Competitive Advantage in the Age of AI
Elisa Farri, Paolo Cervini, and Gabriele Rosani - Harvard Business Review
/jlne.ws/3taV82s
Generative AI Is Replacing Remote Work in the Future of Work Debate; The arrival of ChatGPT turbo charged our understanding of how fast work is changing and ushered in an identity crisis we are only just comprehending.
Julia Hobsbawm - Bloomberg
/jlne.ws/3t9vkDO
Fintech Funding: Curve raises $163M as fintech funding dries up; Funding, valuations drop amid high interest rates, uncertain conditions
Vaidik Trivedi - Bank Automation News
/jlne.ws/3PR8wkZ
PayPal's stablecoin is a big step forward for crypto's legitimacy but not much yet for the cause
Danny Chong - Forkast
/jlne.ws/3PEUWQG
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| Cybersecurity | | Top stories for cybersecurity | New SEC cybersecurity disclosure rules: What you need to know to stay in compliance
Cinthia Motley and Matthew Hays - TechCrunch
The Securities and Exchange Commission (SEC) has taken a significant step in bolstering cybersecurity disclosures for public companies by adopting new rules that aim to provide investors with comprehensive and standardized information on cybersecurity risk management, strategy, governance, and incidents.
/jlne.ws/3ZMiPuh
iOS 17 update secretly changed your privacy settings; here's how to set them back
Graham Cluely - Bitdefender
Many iPhone users who upgraded their iPhones to the recently-released iOS 17 will be alarmed to hear that they may have actually downgraded their security and privacy. That's because Apple took the opportunity to make a change to users' privacy settings - without asking for permission, and without even notifying users it was doing so.
/jlne.ws/464dfpm
Huobi Global's HTX Hit by $7.9 Million Crypto Heist, Offers Hacker "White-Hat Deal"
Jared Kirui - Finance Magnates
Huobi Global's HTX exchange fell victim to a major hack on September 24, resulting in the loss of $7.9 million worth of digital assets. The breach was brought to light by the blockchain analytics platform Cyvers, sending shockwaves through the crypto community. However, what sets this incident apart is the exchange's claim to have unmasked the hacker's identity and a surprising offer of a "white-hat bonus" to the culprit, provided they return most of the stolen funds.
/jlne.ws/3EQDAez
Essential Guide to Cybersecurity Compliance
The Hacker News
SOC 2, ISO, HIPAA, Cyber Essentials - all the security frameworks and certifications today are an acronym soup that can make even a compliance expert's head spin. If you're embarking on your compliance journey, read on to discover the differences between standards, which is best for your business, and how vulnerability management can aid compliance.
/jlne.ws/3LBLYCi
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Halving 85% Complete, Long-Term Holders' Supply Nears All-Time High
Investing.com
The process of Bitcoin halving is reportedly 85% complete as of Monday, with the supply of the digital tokens held by long-term holders (LTHs) nearing its record high, according to cryptocurrency expert @therationalroot. Historically, this has signaled the approach of a macro bottom in past cycles, followed by the start of a new cycle. The long-term holders' Bitcoin supply has traditionally served as a reliable indicator of the state of the digital currency market and has had an inverse correlation with Bitcoin's long-term price movement.
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Bitcoin gains legal recognition in Shanghai despite China's crypto ban
Investing.com
The Shanghai No. 2 Intermediate People's Court has officially recognized Bitcoin as a unique digital currency, according to a recent announcement by Tron network founder Justin Sun. Sun shared this development on social media, emphasizing the court's acknowledgment of Bitcoin's scarcity and inherent value.
/jlne.ws/462zrQw
Hong Kong crypto network Mixin loses US$200 million in hack
Danny Park - Forkast
Mixin Network, a Hong Kong-based peer-to-peer transactional network for digital assets, announced Monday on X that the database of its cloud service provider was hacked, resulting in the loss of approximately US$200 million. This is the second major crypto hack in Hong Kong this month despite the region's efforts to protect digital asset investors.
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Michael Saylor's MicroStrategy Spends $150 Million to Add to Bitcoin Stockpile; Firm bought almost $150 million of Bitcoin since Aug.1: filing; Firm held more than 158,000 Bitcoin, worth about $4.1 billion
Muyao Shen - Bloomberg
MicroStrategy Inc., the company best known as the largest publicly traded holder of Bitcoin, added to its hoard of the world's largest cryptocurrency in the past two months, using stock sales to help fund the almost $150 million worth of purchases. The enterprise-software maker co-founded by crypto proponent Michael Saylor bought 5,445 Bitcoin between Aug. 1 and Sept. 24 at an average price of $27,053 per token, according to a filing Monday with the US Securities and Exchange Commission.
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| Politics | | An overview of politics as it relates to the financial markets | Conservative activist uses Civil War-era law to challenge US corporate diversity
Nate Raymond - Reuters
The anti-affirmative action activist behind the successful U.S. Supreme Court challenge to race-conscious college admissions policies is trying to use a Civil War-era law designed to protect formerly enslaved Black people from racial bias to dismantle American corporate diversity programs. In a trio of lawsuits filed since August, Edward Blum's American Alliance for Equal Rights organization has challenged grant and fellowship programs designed by a venture capital fund and two law firms to help give Black, Hispanic and other underrepresented minority groups greater career opportunities.
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Moody's warns federal shutdown would be 'negative' for US debt rating; Report comes as hopes for congressional deal to avert crisis fade
Kate Duguid and Lauren Fedor - Financial Times
A US government shutdown would threaten the country's triple A credit rating, Moody's warned on Monday, amid a stand-off in Congress that risks leaving the federal government without funding. Moody's, the last major rating agency yet to have downgraded the US's debt, on Monday said a shutdown would be "credit negative for the US sovereign".
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Pentagon Plan to Buy Thousands of Drones Faces Looming Snags; Booming jetliner and air-taxi markets leave shortages of parts and skilled labor, causing a production crunch
Doug Cameron - The Wall Street Journal
The Pentagon wants to acquire thousands of drones over the next two years that can fly to their targets, confuse radar, overwhelm enemy defenses, fire missiles and gather intelligence. But making the uncrewed aircraft quickly and cheaply is another matter. Mass production of large and small drones is crucial to the Pentagon's plan to build big stocks of weapons and ammunition to deter China, which the Defense Department describes as the U.S.'s prime strategic competitor.
/jlne.ws/3PRaamC
The West's India Problem Isn't Getting Any Easier; The backlash against Canada reveals a hyper-masculine new national identity, forged out of old feelings of humiliation, helplessness, and insecurity.
Pankaj Mishra - Bloomberg Opinion
Canadian Prime Minister Justin Trudeau has yet to make public any evidence supporting his sensational allegation that India was behind the killing of a Canadian citizen this June. But strident counter-accusations by the Indian government, and ferocious denunciations of Canada and its Western allies in India's civil society, already point to an extremely volatile factor in geopolitics today: Narendra Modi's India.
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Trudeau's Oil Pipeline Averts Delay After Regulator Approved Route Change
Robert Tuttle - Bloomberg
An expansion of Canada's only oil pipeline connecting Alberta to the Pacific coast won regulator approval to alter a section of the route, putting the project back on track for completion by early next year. The Canada Energy Regular approved the company's proposal to replace a tunneling project along a roughly 1.3 kilometers (0.8 miles) section of the line with a cheaper but more intrusive ditch.
/jlne.ws/48rI4G1
Fund Managers in 'Complete Shock' After Sunak's Green Pivot
Gautam Naik and Leonard Kehnscherper - Bloomberg
Some of the world's biggest green investors are voicing dismay and bewilderment as they struggle to digest the UK government's stated intention to wind back key climate commitments. "It was a complete shock," said Ian Simm, founder and chief executive of London-based Impax Asset Management Group Plc, a low-carbon fund investor overseeing close to $50 billion in assets.
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France Plans to Curb Power Prices to Boost Green Investment; French government due to present new regulations next month; Macron says production of heat pumps will be tripled by 2027
Francois De Beaupuy - Bloomberg
France will introduce a law to curb power prices by the end of the year to encourage the billions of euros of investment needed for its energy transition, President Emmanuel Macron said. "We will regain control of our electricity at the French and European level," Macron said in a speech in Paris on Monday during which he outlined his country's strategy to fight climate change.
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Musk's X Is Biggest Outlet of Russia Disinformation, EU Says; Big tech must do more to combat disinformation, Jourova says; Many online platforms have joined new voluntary EU code
Stephanie Bodoni - Bloomberg
Elon Musk's X was cited as the biggest outlet for peddlers of disinformation as the European Union urged Silicon Valley platforms to step up their vigilance to combat Russia's "war of ideas."
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| Regulation & Enforcement | | Stories about regulation and the law. | NFA permanently bars Chicago-based commodity pool operator Tyche Asset Management LLC and its principal Phillip Moncel Galles from membership
NFA
NFA has permanently barred Tyche Asset Management LLC, a former NFA Member commodity pool operator (CPO) located in Chicago, Illinois, and Phillip Moncel Galles, a former NFA Associate and principal of Tyche Asset Management LLC, from NFA membership status and from acting or being listed as a principal of an NFA Member.
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Securities Commission Malaysia, SME Corp. Malaysia Sign MoU On Capital Market Financing For MSMEs
MondoVisione
The Securities Commission Malaysia (SC) has signed a Memorandum of Understanding (MoU) with SME Corporation Malaysia (SME Corp. Malaysia) to facilitate greater access to capital market financing for micro, small and medium enterprises (MSMEs).The three-year MoU paves the way for mutual cooperation in building a strong pipeline of capital market-ready MSMEs, which would also include enhancing their sustainability and corporate governance awareness and readiness. Under the MoU, the SC and SME Corp. Malaysia aim to create about 200 capital marketready MSMEs by 2026 and to strengthen the familiarity of 300 MSMEs with sustainability disclosures and corporate governance best practices.
/jlne.ws/3M0c4iP
FCA bemoans lax response to new crypto promotion rules
Finextra
The UK's Financial Conduct Authority has fired off a warning to unregistered overseas cryptoasset firms, threatening fines and imprisonment for those who fail to comply with new rules for financial promotions. In June, the regulator set out a series of tough new rules for the marketing of crypto assets by companies - wherever they are based globally.
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Commissioner Johnson to Provide Opening Remarks at the CFTC's Technology and Fraud: Stopping Scams in a Digital World Virtual Event
Commodity Futures Trading Commission
Commissioner Kristin N. Johnson will provide opening remarks at a CFTC Office of Customer Education and Outreach and Office of Technology Innovation virtual event on social media investment fraud and artificial intelligence for World Investor Week.
/jlne.ws/3PRQ4ZC
Technology and Fraud: Stopping Scams in a Digital World; Join the CFTC for a two-panel virtual event about investment fraud on social media and whether AI is ready to make your financial decisions.
Commodity Futures Trading Commission
Join the Commodity Futures Trading Commission's Office of Customer Education and Outreach (OCEO) and Office of Technology Innovation (OTI) for a two-panel virtual event featuring discussions about the growing losses caused by social-media enabled investment fraud and whether artificial intelligence is ready to start making financial decisions or if you will be able to spot AI-generated fraud.
/jlne.ws/3ESo8OX
Commissioner Johnson to Participate in a Fireside Chat at the Fordham Law Blockchain Regulatory Symposium
Commodity Futures Trading Commission
Commissioner Kristin N. Johnson will participate in a fireside chat with former CFTC Chair J. Christopher Giancarlo at the Fordham Law Blockchain Regulatory Symposium.
/jlne.ws/3rBjXUy
SEC Fines Deutsche Bank Fund Unit for ESG Claims, Money Laundering Allegations
Mengqi Sun - The Wall Street Journal
Deutsche Bank's investment arm agreed to pay $25 million for overstating how it used environmental, social and governance factors in its funds, one of the first cases that questioned ESG claims by money managers. The investment arm, DWS, also settled allegations from the Securities and Exchange Commission that it failed to comply with anti-money-laundering rules for its mutual funds.
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SEC Charges Cash Flow King Podcast Host with Perpetrating $11 Million Ponzi Scheme
SEC
The Securities and Exchange Commission today charged Matthew Motil, host of the podcast, "The Cash Flow King," for fraudulently raising approximately $11 million from more than 50 investors in a Ponzi scheme involving notes that were purportedly backed by residential properties.
/jlne.ws/3Zv0pOq
SEC Charges GTT Communications for Disclosure Failures
SEC
The Securities and Exchange Commission today charged GTT Communications, Inc. with failing to disclose material information about unsupported adjustments the company made in several Commission filings, which increased GTT's reported operating income by at least 15 percent in three quarters from 2019 through 2020. The SEC's order credits GTT with promptly self-reporting, undertaking affirmative remedial measures, and providing substantial cooperation to the SEC, and does not order a civil penalty against GTT.
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SEC Sues Texas-based Oil-and-Gas Promoter for Multi-Million Dollar Fraud
SEC
The Securities and Exchange Commission today charged oil-and-gas promoter Stephen L. Bailey and two companies that he controls, Sapphire Exploration LLC (Sapphire) and Harris Exploration, Inc. (Harris), for orchestrating a series of fraudulent oil-and-gas offerings and for misusing $5 million of the $7.8 million raised from investors.
/jlne.ws/3Zym9bX
SEC Charges Connecticut Resident with Fraudulent Statements in Press Releases
SEC
The Securities and Exchange Commission today filed charges against Michael Caridi, a resident of Greenwich, Connecticut, and a former director and officer of Tree of Knowledge International Corp. ("TOKI"), in connection with fraudulent press releases issued by the company that touted its ability to respond to the COVID-19 pandemic.
/jlne.ws/3Zv0EJk
SEC Charges Adviser and Its CEO with Making Material Misrepresentations in Form ADV Filings
SEC
The Securities and Exchange Commission today announced charges against Vista Financial Advisors LLC ("Vista") and Ruben Cedrick Williams ("Williams"), who co-owns Vista and serves as its Chief Executive Officer and Chief Compliance Officer, for making material misrepresentations in Vista's 2022 and 2023 Form ADV filings regarding Vista's regulatory assets under management ("RAUM") and owners.
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SEC Charges Investment Adviser and His Investment Advisory Firm with Multi-Year Cherry Picking Fraud
SEC
The Securities and Exchange Commission today filed settled fraud charges against Douglas MacWright and Highlander Capital Management, LLC ("HCM"), an SEC-registered investment adviser, for perpetrating a long-running cherry-picking scheme that reaped more than one million dollars of illicit gains. MacWright and HCM have agreed to pay nearly two million dollars to settle the charges.
/jlne.ws/45fglpm
SEC Charges Two Utah Fund Managers and Their Principals with Securities Fraud
SEC
The Securities and Exchange Commission today announced settled charges against two Utah fund managers, Phoenix Outsourced Development and Edger Solutions Management, and their principals, including a securities law recidivist, for allegedly orchestrating a fraudulent high-yield Forex trading program through two investment funds resulting in approximately $2.1 million in investor losses.
/jlne.ws/3RAtRAH
FCA Final Warning for Cryptoasset Firms Publishing Financial Promotions in the UK
Neil Robson, Christopher Collins and Sara Portillo - Katten
On 21 September 2023, the Financial Conduct Authority ("FCA") published a letter ("Letter") setting out a "final warning" to cryptoasset firms marketing to UK consumers, and those supporting them, to get ready for the cryptoasset financial promotions rules coming into force on 8 October 2023. For the purpose of this article, "consumer" means a retail client who is acting for purposes which are outside their trade, business or profession.
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U.K. Regulator Tackles Bullying and Harassment in the Financial Services Sector
David Smagalla - The Wall Street Journal
The U.K.'s top financial regulator has proposed actions aimed at increasing diversity and inclusion in the nation's financial services market, including measures aimed at combating bullying and sexual harassment in the workplace. The Financial Conduct Authority published a consultation paper Monday that, among other things, outlined new proposals for financial services firms.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Oil Headed for $150 Without US Support for More Drilling, Shale CEO Says
Kevin Crowley, Alix Steel and David Wethe - Bloomberg
Oil is headed as high as $150 a barrel unless the US government does more to encourage exploration, according to Continental Resources Inc., the shale driller controlled by billionaire Harold Hamm. Crude output in the Permian Basin will one day peak as it already has in rival shale fields such as the Bakken region of North Dakota and the Eagle Ford in Texas, Continental Chief Executive Officer Doug Lawler said during an interview with Bloomberg TV.
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All of Schwab's Bond ETFs Now Cost Just Three Basis Points
Katie Greifeld - Bloomberg
Schwab Asset Management is making an aggressive attempt to offer some of the cheapest bond exchange-traded funds on the market. The asset manager announced Monday that will cut fees on the $50 million Schwab High Yield Bond ETF (ticker SCYB) and the $11.6 billion Schwab U.S. TIPS ETF (SCHP) to just three basis points, bringing all nine of its fixed-income funds below that threshold, according to a press release Monday.
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Beauty Company Coty Offers 33 Million Shares Ahead of Paris Listing
Swetha Gopinath - Bloomberg
US beauty and fragrance company Coty Inc. launched an offering of 33 million shares as part of a plan to list in Paris, boosting the French bourse's appeal as a global hub for luxury stocks. Coty has applied to list its class A common stock on the professional segment of Euronext Paris, it said in a statement Monday. Investors will have the option to purchase Coty shares in euros for the Paris-listed stock or in US dollars for the New York-traded stock.
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A Bond Win Is Good, But India Needs a Credibility Boost; Funds will flow in - and so will investor scrutiny - after JPMorgan includes the nation's sovereign debt in its EM index.
Andy Mukherjee - Bloomberg Opinion
The bond market is so often portrayed as a vigilante on the prowl that it's easy to miss those rare occasions when the nemesis becomes a friend. India is experiencing one such moment. Global debt investors are coming to its aid after a tumultuous couple of weeks in which the most-populous nation's relationship with the rest of the world has been on a rollercoaster ride.
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Oil Near $90 as Scarce Supplies Vie With Buying Exhaustion; West Texas Intermediate settled below $89 after drop last week; Banks are increasingly making predictions Brent will hit $100
Julia Fanzeres - Bloomberg
Oil's rally continued to cool with investors in search of a new catalyst to support more buying. While some physical crude cargoes are commanding hefty premiums and prompt time-spreads are at the widest in a year - signaling supply scarcity - macro headwinds are capping gains. The dollar has surged to an eight-month high, diminishing the appeal of commodities priced in the currency, and rate-hike expectations are fueling risk-off sentiment across markets.
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Pimco Targets Returns Matching Private Equity With Bespoke Deals; Sees opportunity in lending to companies hit by rising rates; Asset manager adding headcount within its private strategies
Laura Benitez - Bloomberg
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Traders Piling Into Floating-Rate ETFs Are Warned Best Days Are Over; Steeper rates are attractive to income-oriented investors; But could be tough for leveraged borrowers to handle
Emily Graffeo and Katherine Greifeld - Bloomberg
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Rogue traders, lower profits and investor-day flops; Reaction to SocGen presentation might have been downbeat but such events foster strategic focus and transparency
Patrick Jenkins - Financial Times
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Long-Treasury ETF Plunges Record 48% as Market Meltdown Worsens; The $39 billion fund is trading at its lowest point since 2011; 'It's all about interest-rate expectations,' says Todd Sohn
Vildana Hajric - Bloomberg
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A 1,900% Index Surge Draws Regulator Action on Tiny India Stocks; Firms listed on SME platforms brought under surveillance rules; 135 firms have debuted on SME segment in 2023 amid IPO boom
Ashutosh Joshi
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Fossil fuel demand must fall by a quarter by 2030 to limit global warming, IEA says; Governments need to step up clean energy supply to avoid shortages and price jumps, agency warns
Rachel Millard - Financial Times
Fossil fuel demand must fall by a quarter by the end of this decade if governments want to limit the rise in global warming to 1.5C since the pre-industrial period, the International Energy Agency has concluded. Coal, oil and natural gas will all need to be replaced by clean energy at a rapid rate to keep the world on track to cut greenhouse gas emissions to net zero by 2050, the OECD-funded energy watchdog said in its annual assessment.
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***** Read coverage of the IEA report from Bloomberg, The Guardian and The New York Times.
New York's composting law could set a national example
Jennifer A. Kingson - Axios
New York City's new mandatory composting law could usher in an era when organic waste collection becomes commonplace in U.S. cities, just as its bottle and can recycling program sparked a nationwide movement after it passed in 1989. Why it matters: Composting food and outdoor waste instead of burying it in landfills reduces methane emissions, which are a major contributor to climate change and are increasing.
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Uranium is the new gold as the world goes nuclear once again
Zahra Tayeb - Markets Insider
Global nations' push to go green and reduce reliance on fossil fuels has now sent them chasing a commodity that had been uncool for quite a while: uranium. Demand for the heavy metal has surged as countries from China to India and Russia pursue more nuclear programs to balance the needs of meeting their increasing energy needs and reducing carbon emissions.
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Scientists found the most intense heat wave ever recorded - in Antarctica
Kasha Patel - The Washington Post
In March 2022, temperatures near the eastern coast of Antarctica spiked at least 70 degrees Fahrenheit (39 degrees Celsius) above normal - making it the most intense recorded heat wave to occur anywhere on Earth, according to a recent study. At the time, researchers on-site were wearing shorts and some even removed their shirts to bask in the (relative) warmth. Scientists elsewhere said such a high in that region of the world was unthinkable. https://jlne.ws/3LE4nyy
SEC Fines Deutsche Bank Fund Unit for ESG Claims, Money Laundering Allegations; Commission says investment arm misled investors in how it incorporated ESG factors into its investment process
Mengqi Sun - Wall Street Journal
Deutsche Bank's investment arm agreed to pay $25 million for overstating how it used environmental, social and governance factors in its funds, one of the first cases that questioned ESG claims by money managers. The investment arm, DWS, also settled allegations from the Securities and Exchange Commission that it failed to comply with anti-money-laundering rules for its mutual funds.
/jlne.ws/48rBBLc
Singapore Weighs Novel Carbon Credits for Coal Phaseout in Asia; New 'transition credits' could attract banks, private capital; Coal plants account for a third of Asia's total emissions
Ishika Mookerjee and Sheryl Tian Tong Lee - Bloomberg
/jlne.ws/3PxmXt9
Hydro-rich Tajikistan plans to produce 1 mln tons of hydrogen by 2040
Katya Golubkova - Reuters
/jlne.ws/3LC1qhH
Fund Managers Turn to Lawyers as Old ESG Playbook Falls Flat; Businesses increasingly face lawsuits in next phase of ESG; Trend has led to proliferation of litigation finance firms
Natasha White - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Hedge Funds Cut Stock Leverage at Fastest Pace Since 2020 Crash
Lu Wang and Denitsa Tsekova - Bloomberg
As the cross-asset selloff engulfed Wall Street last week, hedge funds ramped up their bets against stocks while one measure of their market positioning plunged the most since the March 2020 crash. From retail investors to rules-based systematic traders, appetite for equities is subsiding after a 20% rally this year that's fueled by euphoria over artificial intelligence.
/jlne.ws/3LB4CKC
Fund Managers in 'Complete Shock' After Sunak's Green Pivot
Gautam Naik and Leonard Kehnscherper - Bloomberg
Some of the world's biggest green investors are voicing dismay and bewilderment as they struggle to digest the UK government's stated intention to wind back key climate commitments. "It was a complete shock," said Ian Simm, founder and chief executive of London-based Impax Asset Management Group Plc, a low-carbon fund investor overseeing close to $50 billion in assets.
/jlne.ws/465BJhY
Hedge Funds Cut Stock Leverage at Fastest Pace Since 2020 Crash; Wall Street prime brokers say clients ramped up short selling; Bears benefit as the most-shorted stocks led the market rout
Lu Wang and Denitsa Tsekova - Bloomberg
As the cross-asset selloff engulfed Wall Street last week, hedge funds ramped up their bets against stocks while one measure of their market positioning plunged the most since the March 2020 crash. From retail investors to rules-based systematic traders, appetite for equities is subsiding after a 20% rally this year that's fueled by euphoria over artificial intelligence.
/jlne.ws/454rB7S
ABN Moves Closer to Private Ownership as Government Resumes Sale; Dutch state cuts stake below 50% after five-year hiatus; Lender has been seen as a potential takeover target before
Cagan Koc - Bloomberg
ABN Amro Bank NV moved a step closer to full private ownership as the Dutch government cut its stake to just below 50%, a step that could revive interest among potential suitors. The sale announced late Monday ends a five-year hiatus in the government's gradual exit from the lender that it bailed out during the financial crisis. Before the transaction, the state held a stake of 56.3%, split into 49.9% shares and 6.4% depositary receipts.
/jlne.ws/466yI0J
Long-Treasury ETF Plunges Record 48% as Market Meltdown Worsens; The $39 billion fund is trading at its lowest point since 2011; 'It's all about interest-rate expectations,' says Todd Sohn
Vildana Hajric - Bloomberg
The largest long-dated bond ETF is suffering its biggest drawdown on record as the Federal Reserve's higher-for-longer interest rates start to sting. The $39 billion iShares 20+ Year Treasury Bond ETF (ticker TLT) has lost 48% from its 2020 all-time high and is trading at its lowest point since 2011, according to data compiled by Bloomberg.
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Schwab slashes fees on more fixed income ETFs
Suzanne McGee - Reuters
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29-Year-Old Targets Market Gap for Rich Individuals 'Not Wealthy Enough for UBS'; Alexis Augier to launch digital platform Vega on Tuesday; Firm to offer service for wealthy finance, tech professionals
Irene Garcia Perez - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How to Evaluate a Job Candidate's Critical Thinking Skills in an Interview
Christopher Frank, Paul Magnone and Oded Netzer - Harvard Business Review
Hiring is one of the most challenging competencies to master, yet it is one of the most strategic and impactful managerial functions. A McKinsey study quantified that superior talent is up to eight times more productive, showing that the relationship between talent quality and business performance is dramatic.
/jlne.ws/3rxTUxx
How a Four-Day Workweek Actually Works, From the Companies Pulling It Off; Fewer meetings, busier days and other ways to fit a week's work into 32 hours
Vanessa Fuhrmans - The Wall Street Journal
Working less takes a lot of work. Just ask the companies trying four-day schedules. At ThredUp, an Oakland, Calif.-based online clothing reseller, moving its nearly 300 salaried employees to a Monday-to-Thursday week meant culling meetings, focusing on the most important work and curtailing lengthy email exchanges. The shorter week can get hectic, and work sometimes spills into Fridays, but employees say having more time to recharge is worth it.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Covid Boosters Aren't Reaching People Who Want Them; CVS asks corporate employees to volunteer in pharmacies once a week
Brianna Abbott and Anna Wilde Mathews - The Wall Street Journal
The shift in responsibility for Covid-19 shot distribution from federal agencies to the commercial market is off to a rocky start. People eager to get updated Covid-19 vaccines are having their appointments canceled or encountering confusion over insurance coverage. CVS has asked corporate workers to volunteer in pharmacies to ease staffing shortages. Walgreens paused online scheduling at some stores because of delayed vaccine deliveries.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan Finance Minister warns markets as yen nears intervention danger zone
Tetsushi Kajimoto - Reuters
Japan's finance minister said on Tuesday that authorities won't rule out any options in dealing with excessive currency volatility, underlining a warning that has kept traders on alert for intervention to prop up the weak yen. nPressured by Japan's ultra-easy monetary policy, the currency has slipped in recent days towards 150 per dollar, a level seen by financial markets as a red line that would spur Japanese authorities to intervene, like they did last year.
/jlne.ws/46scmqc
China Scoops Up Cheap Indian Iron Ore in Bid to Trim Steel Costs
Swansy Afonso - Bloomberg
Indian iron ore exports have surged this year as steel mills, mainly in the biggest buyer China, switched to lower-grade, cheaper feed in the face of dwindling profits. Combined outbound shipments of iron ore and pellets from the South Asian nation more than doubled in the first eight months of 2023 to almost 28 million tons from a year earlier, according to researcher and rating agency ICRA Ltd., far surpassing the total exports of 2021 and 2022. India will continue to sell about 3 million tons a month to global markets for rest of the year, CRU Group said.
/jlne.ws/3RHLPku
European Trading Firms Set to Expand Derivatives Trading in APAC
Press Release from Trading Technologies and Acuiti
European proprietary trading firms and hedge funds are set to expand trading across the Asia-Pacific (APAC) region as opportunities and volumes grow, a new study by Acuiti and Trading Technologies has found. European Attitudes to Trading in APAC, which was commissioned by Trading Technologies ahead of its inaugural TT Connect: Asia Insight event taking place tomorrow in London, was based on a survey of senior executives at 53 European based proprietary trading firms and hedge funds.
/jlne.ws/3LxJJA8
Asia-Pacific holds untapped derivatives trading potential if local regulatory and counterparty challenges can be overcome; Key local challenges cited in the Trading Technologies and Acuiti report include finding the right local partners, understanding local rules and regulations and gaining access to regional markets via preferred clearing firms.
Wesley Bray - The Trade News
Derivatives volumes in Asia-Pacific (APAC) are growing at a considerable rate - contrasting declines in Europe and marginal growth in the US - presenting increased opportunities for European proprietary trading firms and hedge funds. A report by Acuiti, commissioned by Trading Technologies, found that trading in APAC holds significant potential for firms if challenges unique to markets within the region can be overcome.
/jlne.ws/3PvdCC5
Saudi Arabia Takes a Step Closer to Achieving Nuclear Power
Jonathan Tirone - Bloomberg
Saudi Arabia took a key step toward advancing its nascent nuclear power program, telling international inspectors they'll have wider access to facilities in order to account for atomic materials. The Gulf Arab power is implementing broader monitoring guidelines with the International Atomic Energy Agency and rescinding an outdated set of rules that have hindered its nuclear program, Energy Minister Prince Abdulaziz Bin Salman Al Saud said Monday in Vienna.
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Egypt Is in Talks to Buy 1 Million Tons of Wheat From Russia; Talks are for a government-to-government deal, people say; Egypt now allows government deals in shift from tender process
Isis Almeida and Abdel Latif Wahba - Bloomberg
/jlne.ws/462OWIr
An El Nino winter is coming. Here's what that could mean for the US
Mary Gilbert - CNN
/jlne.ws/48FwbfQ
Even a Booming Economy Can't Save Atlanta's Office Market; Sunbelt city offers warning to others hoping to fill up office towers
Peter Grant and Deborah Acosta - The Wall Street Journal
/jlne.ws/3PvDSwc
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| Miscellaneous | | Stories that don't quite fit under the other sections | DraftKings Gets an Upgrade. It Can Be a Winner in 'Appealing' Gambling Sector.
Angela Palumbo - Barron's
DraftKings stock should continue to climb as the online sports betting company has an attractive business model that puts it in a strong competitive position, according to one J.P. Morgan analyst.
/jlne.ws/3LCGtDt
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