| November 02, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
There is an intriguing story from Bloomberg this morning titled "Outside China, "'Everything Apps' Haven't Worked. Why Would Musk's?" Back when I was an electronic trading broker clearing Man Financial, I did not want to use MTrade, the inhouse offering from Man. Instead, I wanted tools that offered my clients the best way to manage a particular type of trade execution. I was responsible for putting Patsystems into Man and later CQG. With Pats, my clients needed the point and click capability to be able to interact with the market quickly. Pats also had a more retail friendly cost structure than other products available that offered equal or even better market access. With CQG, I needed a platform to be able to trade options online. CQG had the best risk management system of any of the trading platforms I had seen, which was essential for the complex world of options trading. The point was, clients wanted the right tool for the right job, not the one tool that did everything, albeit in the same way for everything. So I really wonder whether this plan of Mr. Musk's will really work. Based on my experience, it won't.
The London Metal Exchange (LME) today announced John Williamson as LME's Chairman effective immediately under a new fixed-term contract through to April 28, 2026. Williamson had been serving as interim chairman since April, when in the fallout of the nickel crisis Gay Huey Evans stepped down.
The latest episode of the YouTube video series "Office House with Gary Gensler" is titled "What Does the SEC Division of Examinations Do?" The explanation of the episode is "When Congress passes laws or the U.S. Securities and Exchange Commission enacts rules for market participants, you need someone to check for compliance. That's where our Division of Examinations comes in: checking on investment advisers, investment companies, broker-dealers, & other market participants."
Intercontinental Exchange reported its financial results for the third quarter ended September 30, 2023, noting a consolidated net income of $541 million. This figure was derived from consolidated revenues of $2.0 billion after accounting for transaction-based expenses. The quarter saw a GAAP diluted earnings per share (EPS) of $0.96. When adjustments were made, the net income attributable to ICE stood at $824 million, and the adjusted diluted EPS reached $1.46. The net revenues for the quarter marked a record high for the company, showing an 11% year-over-year increase. While GAAP diluted EPS was reported at $0.96, the adjusted diluted EPS was significantly higher at $1.46. The operating income for the quarter was at $845 million, showing a 7% decline from the previous year; however, the adjusted operating income rose by 10% year-over-year to $1.2 billion. The operating margin was reported at 42%, with the adjusted operating margin higher at 59%. Additionally, the quarter was notable for ICE's strategic completion of the Black Knight acquisition on September 5, 2023.
TMX Group has announced its financial results for the third quarter of 2023. For the first three quarters of the year, the company has observed consistent revenue increases when compared to the same period last year. The reported revenue for this quarter is $287.3 million, which is an 8% rise from the $266.8 million recorded in the third quarter of 2022. Diluted earnings per share (EPS) for Q3 2023 stand at $0.31, showing a 7% increase from the $0.29 EPS in the third quarter of the previous year. Additionally, the adjusted diluted EPS is $0.35, a 3% increase from the $0.34 in Q3 of 2022.
The HKEX Foundation Impact Funding Scheme 2023 is now open to applicants. Building on the momentum of the HKEX Charity Partnership Programme, the HKEX Foundation has introduced a HK$10 million HKEX Impact Funding Scheme in 2021 to extend its charitable outreach. Collaborating with The Hong Kong Council of Social Service (HKCSS), the foundation aims to provide financial backing to a broader range of non-government-funded charitable organizations and accredited social enterprises. This initiative will facilitate the execution of various short-to-medium term projects aimed at assisting diverse groups within the community who require aid.
Breakit, a tech magazine, has recognized Vermiculus Financial Technology as one of Sweden's leading Scaleup companies.
Steven Hamilton has joined the board of directors of Tower Research Capital Europe B.V. as an independent non-executive director.
The red-sweatered nemesis of Purdue basketball, Bobby Knight, the former coach of the Indiana Hoosiers, has died at the age of 83, the Wall Street Journal reported. The story is titled "Bob Knight, Champion Basketball Coach With Fiery Temper, Dies at 83" with the subheading "At Indiana, he won national titles and had an undefeated season before losing his job." He was a great coach and always entertaining. RIP.
Speaking of basketball, St. John's basketball coach Rick Pitino brought his team to the New York Stock Exchange yesterday to ring the opening bell and to create some buzz around the school's men's basketball program, Bloomberg reported.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
*****
Our most read stories yesterday on JLN Options were:
- Bitcoin options market signals potential price surge beyond $36,000 from Investing.com.
- CME Expands Suite of Options On U.S. Treasury Futures press release from CME Group.
- How Does the World's Largest Hedge Fund Really Make Its Money? from The New York Times. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Former CFTC Commissioner Dawn Stump Discusses Crypto, Carbon Markets, and the Future of Trading at FIA EXPO 2023
JohnLothianNews.com
At FIA EXPO 2023, John Lothian News interviewed former CFTC Commissioner Dawn Stump, the head of Stump Strategic. In the sit-down, Stump was probed on several critical matters central to the futures industry and the larger financial landscape.
Watch the video »
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Saylor's MicroStrategy Posts Loss After Writing Down Bitcoin Holdings
Olga Kharif - Bloomberg
MicroStrategy Inc., the enterprise-software maker that is the largest publicly-traded holder of Bitcoin, posted a third-quarter loss after taking a writedown because of a decline in the value of the cryptocurrency. The Tysons Corner, Virginia-based company's net loss widened to $143.4 million, or $10.09 a share, from $27 million, or $2.39, in the year-ago period. Revenue from the software business rose about 3% to $129.5 million, above the average forecast of $125.8 million of analysts surveyed by Bloomberg.
/jlne.ws/49b7Crc
*****"From the Bloomberg article: "The $33.6 million impairment loss for the quarter brings the cumulative total to over $2.2 billion, meaning the company has written off almost half the Bitcoin purchases it has made, according to Bloomberg calculations."~JJL
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Ex-Goldman banker sentenced to 3 years for insider trading with squash partner; Prosecutors had accused Brijesh Goel of colluding to trade on information gleaned from his work at investment bank
Joshua Franklin - Financial Times
A former Goldman Sachs investment banker has been sentenced to three years in US prison for insider trading and obstruction of justice in a case in which he was accused of passing sensitive market information to his squash partner. Brijesh Goel was accused of colluding with Akshay Niranjan, a New York-based trader at Barclays, to trade on information Goel gleaned from his work as a vice-president at Goldman's financing group inside its investment bank. He was convicted following a seven-day trial earlier this year.
/jlne.ws/49fBfYp
***** Here is another good reason to never play squash.~JJL
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Wednesday's Top Three
Our top story Wednesday was The New York Times' How Does the World's Largest Hedge Fund Really Make Its Money? Second was Sam Bankman-Fried denies messy hair part of 'tech genius' persona during trial, from The Guardian via Yahoo! Third was JLN's video interview, Suzanne Sprague talks to JLN at FIA Expo 2023 about changes and challenges for clearing and post-trade services.
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| Lead Stories | HSBC Takes Stab at Using Blockchain to Modernize London's Antiquated Gold Market; System creates tokens representing gold in bank's vault; Blockchain allows investors to more easily track gold they own
Anna Irrera - Bloomberg
One of the world's top bullion banks is bringing blockchain to the antiquated London gold market. HSBC Holdings Plc has launched a platform that uses distributed ledger technology to tokenize ownership of physical gold held in its London vault, Mark Williamson, global head of FX and commodities partnerships and propositions, said in an interview. The new system creates digital tokens that represent gold bars, which can then be traded through the bank's single-dealer platform.
/jlne.ws/3QQEvCF
Nothing Worries CEOs Right Now as Much as Geopolitics; Business leaders everywhere are speaking up about the dangers of geopolitics.
Erik Schatzker - Bloomberg
If you've been troubled lately by a sense of foreboding, a vague but unmistakable feeling that the planet is teetering on the edge of some precipice, you're not alone. Jamie Dimon is there with you. "This may be the most dangerous time the world has seen in decades," the chief executive officer of JPMorgan Chase & Co. said recently. World Bank President Ajay Banga calls it a "dangerous juncture" for the global economy. Larry Fink, CEO of BlackRock Inc., envisions a future of "less hope and a lot more fear." What alarms them, and increasingly leaders everywhere in business, finance and government, can be summed up with a single word: geopolitics.
/jlne.ws/46XM4Ni
Nasdaq Completes $10.5 Billion Adenza Deal in Fintech Bet; Firm folds Adenza management, sales team into fintech division; Thoma Bravo gets board seat and nearly 15% Nasdaq equity stake
Katherine Doherty - Bloomberg
Nasdaq Inc. completed its biggest ever acquisition, adding software provider Adenza to help transform the trading and markets firm into a full-fledged financial-services company. The exchange, which agreed to buy Adenza from Thoma Bravo for $10.5 billion in June, will fold Adenza's management and sales team into a newly formed financial-technology division, the company said in a statement Wednesday. That business now sits alongside the market-services and the capital access platforms divisions, as part of an overhauled structure following the acquisition.
/jlne.ws/3MON4LR
China regulators probe liquidity stress that sent rates to record 50% - sources
Reuters
China's financial regulators are investigating a month-end liquidity crunch that saw short-term money rates surge to as much as 50%, asking some institutions to explain why they borrowed at extremely high rates, three sources said. The overnight rate for pledged repo - a short-term financing business - hit a record high of 50% on Oct 31, as a month-end scramble for cash and a flood of government bond sales caused stress in money markets.
/jlne.ws/3MpZIR4
A Record Number of Firms Are Going Public in India This Year; India has hosted 184 IPOs in 2023, more than any other year; Share sales are mostly small in size, unlike previous years
Julia Fioretti and Ashutosh Joshi - Bloomberg
A record number of small- and medium-sized companies going public amid an equities rally has made India one of the world's busiest listings markets this year. So far in 2023, 184 firms have gone public in the South Asian nation, more than in any other full year, according to data compiled by Bloomberg. October saw 30 companies start trading in India, beating the US, China and Hong Kong, to name a few locations, the data show.
/jlne.ws/47jZgfj
"Carbon Bomb" Financiers Threaten World's Ability to Curb Warming; US banks alone have invested more than $500 billion in megapolluting firms.
Ajit Niranjan - Mother Jones
This story was originally published by the Guardian and is reproduced here as part of the Climate Desk collaboration. Banks pumped more than $150 billion last year into companies whose giant "carbon bomb" projects could destroy the last chance of stopping the planet heating to dangerous levels, the Guardian can reveal.
/jlne.ws/3Ql7XPu
Experts underestimate how fast Earth is warming, top climate scientist says in new study
Doyle Rice - USA TODAY
Legendary climate scientist James Hansen, in a new study published Thursday, predicts that the Earth's temperature rise will accelerate in the upcoming decades and will reach 2 degrees Celsius above pre-industrial temperatures by 2050. This is significantly more than the most common current estimates from groups such as the Intergovernmental Panel on Climate Change (IPCC), typically considered the planet's gold standard for climate forecasts.
/jlne.ws/462BCCJ
As climate disasters mount, the world isn't spending nearly enough to adapt; This so-called "adaptation finance gap" is between $194 billion and $366 billion per year, United Nations experts said in a new report
Maxine Joselow - The Washington Post
As climate change makes extreme weather events more intense and frequent, the world must spend hundreds of billions more a year - 10 to 18 times more than it currently spends - helping vulnerable people adapt to mounting devastation, United Nations experts said Thursday.
/jlne.ws/3QEoboa
HSBC and Abu Dhadi Securities Exchange partner to develop digital fixed income securities; ADX's investment product knowledge and HSBC's investment baking and blockchain capabilities will be leveraged to broaden the Middle East's capital market use cases.
Wesley Bray - The Trade
Abu Dhabi Securities Exchange (ADX) and HSBC Bank Middle East are collaborating to develop digital fixed income securities, with the aim to broaden capital market use cases in the Middle East. The collaboration will leverage ADX's investment product knowledge and HSBC's investment banking, capital markets and blockchain capabilities.
/jlne.ws/3QpDi3L
Court Sends Stock-Buyback Rule Back to SEC; Judges give the agency 30 days to fix 'defects' in new rule aiming to help investors understand the reason for share repurchases
Paul Kiernan - The Wall Street Journal
A conservative appeals court dealt a setback to the Securities and Exchange Commission's plan to give investors more information about stock buybacks after business groups challenged the rule. Responding to a May lawsuit by the U.S. Chamber of Commerce and two Texas-based business groups, a three-judge panel on the Fifth Circuit Court of Appeals ruled that the SEC's new requirements for share repurchases were "arbitrary and capricious." The judges agreed with the groups' assertion that the SEC didn't adequately explain the rule's costs and benefits.
/jlne.ws/3shBJN6
Gary Gensler and the SEC Lose Again; The Chairman's stock-buyback rule takes a drubbing in court.
Editorial Board - The Wall Street Journal
Is Gary Gensler ever going to win a case? On Tuesday the Fifth Circuit Court of Appeals handed the Securities and Exchange Commission Chairman another legal defeat by scuttling the agency's stock-buyback rule (U.S. Chamber of Commerce v. SEC.) The SEC in May finalized a rule requiring public companies to disclose their daily share repurchases and the reason for buying back their stock. Mr. Gensler claimed companies might buy back their stock to boost executive compensation, which is sometimes tied to accounting metrics such as earnings per share.
/jlne.ws/3QjVwUg
Why Jamie Dimon Changed His Mind on Europe; After shunning overseas retail banking, JPMorgan is expanding in the U.K. and preparing to launch in other European countries
Josh Mitchell and David Benoit - The Wall Street Journal
Not long ago, JPMorgan Chase Chief Executive Jamie Dimon insisted the Wall Street giant would never get into retail banking in Europe. Now, he's all in. Chase is preparing to launch a digital-only consumer bank in the first of multiple European countries in the next two years, said Sanoke Viswanathan, the bank's global strategy chief. It is also expanding its fledgling retail operations in the U.K., established two years ago as a beachhead for the region.
/jlne.ws/3Sw7750
DOJ Policy on M&A to Encourage Extra Scrutiny of Target Companies' Compliance; A one-year 'safe harbor' provision for disclosing wrongdoing at companies being acquired could prompt businesses to move more quickly on due diligence
David Smagalla - The Wall Street Journal
A Justice Department policy shift around the disclosure of possible wrongdoing uncovered in mergers and acquisitions reinforces the need for buyers to dive deep into a target's compliance efforts, both before and after a deal closes, corporate advisers said.
/jlne.ws/46V1DW4
Sam Bankman-Fried's lawyers make final appeal for acquittal in FTX trial; US government claims crypto exchange's founder built a 'pyramid of deceit' while defence says he did not commit crimes
Joe Miller and Joshua Oliver - Financial Times
Sam Bankman-Fried is an "awkward high-school math nerd" unfairly depicted by the government as "some sort of monster", his lawyers argued in their final pitch to convince jurors to acquit the former cryptocurrency mogul on trial in New York. Addressing the 12-person jury on Wednesday afternoon, Mark Cohen acknowledged his client may have made "bad business judgments" in the run-up to the implosion of his FTX exchange, which collapsed last November with an $8bn hole in its balance sheet. But he argued those were "not a crime".
/jlne.ws/46SWFsF
Sam Bankman-Fried built 'pyramid of deceit', jurors hear in closing arguments
Victoria Bekiempis - The Guardian
Sam Bankman-Fried's crypto fraud trial neared its end with closing arguments on Wednesday in Manhattan federal court following weeks of testimony that lifted the veil of FTX's stunning collapse - and a broader murkiness surrounding digital currency markets. The prosecution quickly painted Sam Bankman-Fried as an unabashed scammer rather than the image of the wayward math nerd proffered by the defense throughout the trial, saying he created a "pyramid of deceit" with his cryptocurrency exchange, FTX.
/jlne.ws/3Qe1mWU
SBF Was Apparently Told to "Stop Asking Questions" About Where $8 Billion Went
Noor Al-Sibai - Futurism
During his last day of testimony, which just so happened to fall on Halloween, FTX's disheveled ex-CEO Sam Bankman-Fried told a spooky story about his apparent disinterest in where billions of dollars went under his watch. As The Verge reports, the defrocked crypto king gave some pretty confusing answers on his final day on the stand when asked about all those billions of dollars that were funneled from FTX to its sister firm, Alameda Research.
/jlne.ws/3tVDO1R
Sam Bankman-Fried's fraud trial testimony: six key takeaways
Blake Montgomery - The Guardian
Nearly a month after the start of his fraud trial, Sam Bankman-Fried, the one-time cryptocurrency mogul, took the witness stand in his own defense in a risky move that exposed him to prosecutors' probing. Bankman-Fried, the founder of crypto exchange FTX, spent three days answering questions before a jury, in an 11th-hour attempt to counter the damning, detailed testimony against him from members of his inner circle.
/jlne.ws/47bNkMw
CFI Announces Key Leadership Promotions: Karim Malas Appointed as Group COO, and Loay Azar Takes Charge as MENA CEO
Business News This Week
Globally renowned financial services provider, CFI Financial Group is delighted to announce the strategic promotion of two accomplished leaders within the organization. In line with the company's commitment to nurturing and elevating talent from within its ranks, Karim Malas has been appointed as Group Chief Operating Officer (COO), while Loay Azar steps into the role of Chief Executive Officer (CEO) for the MENA region.
/jlne.ws/3FIaFd8
Wealth Manager Left Bankrupt After Bad Bets on Crypto, Surfing; Francis Menassa's JAR Capital was wound up earlier this year; Holding company owed almost £10 million to creditors
Benjamin Stupples - Bloomberg
A former Credit Suisse banker is facing personal bankruptcy in the fallout from several soured investments, adding to the rapid downfall for a once-feted London money manager. Francis Menassa is now listed as bankrupt and has his assets frozen under a court order, according to recent UK registry filings. A holding company for the onetime banker's investments owed almost £10 million ($12.1 million) to more than a dozen creditors through late April, while a shareholder's loan account for Menassa was also overdrawn by about £950,000, the filings show.
/jlne.ws/3FFoqt1
Stuff Happens - War Makes Being Brave on Oil Risky; As Iran and the US trade rhetoric over the conflict in Gaza, there is some alignment, but that's no justification for too much market bravery on crude oil.
Javier Blas - Bloomberg
I instinctively fill up my car whenever war breaks out in the Middle East, yet it appears my better-safe-than-sorry anxiety is premature. Nearly a month after Hamas attacked Israel, oil prices have barely inched higher.[The reason? For now, despite ample rhetoric on both sides, Tehran and Washington are trying to prevent an energy crisis on top of the diplomatic one.
/jlne.ws/3sgfOpE
Vanguard Takes Final Step to Exit China, Dismantling Last Team; Severance agreements have been signed with staff, people say; Move follows sale of stake in Ant advisory venture last month
Bloomberg News
Vanguard Group Inc. is taking its last steps to exit China and shut down its office in the 29 trillion yuan ($4 trillion) mutual fund market. Vanguard has signed severance agreements with the remaining staff of about 10 people in Shanghai, including country head Luo Dengpan, according to people familiar with the matter. Most of the team will leave by early next year and the office will be closed, the people said, asking not to be identified as the decision is private.
/jlne.ws/46cBYqR
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Energy companies turn to Ukraine to store gas as EU nears capacity
Shotaro Tani and Alice Hancock - Financial Times
The EU's stores of natural gas are nearing full capacity, leading the bloc's energy companies to park excess reserves in Ukraine ahead of the peak demand of the winter months. According to figures from Gas Infrastructure Europe, the EU's chambers are now almost 99 per cent full, surpassing Brussels' target of 90 per cent of storage capacity by November.
/jlne.ws/47jy4xj
Russian Pranksters Trick Meloni Into Admitting Ukraine Fatigue; Pranksters impersonated African leader in call with premier; Comedians have deceived many public figures in recent years
Antonio Vanuzzo - Bloomberg
Giorgia Meloni became the latest prank victim of a pair of notorious Russian comedians, who tricked the Italian premier into a phone call during which she said that Ukraine's allies are growing weary of the war. The duo known as Vovan and Lexus impersonated an African politician in order to set up the telephone call, which took place in mid-September. Meloni told them that she saw a "lot of fatigue" from "all the sides" over Russia's war on its neighbor and Ukraine's counteroffensive was "maybe not going as they were expecting," according to an audio file published on the pranksters' social media page and by Italian newspaper Il Foglio.
/jlne.ws/49uyym6
What To Expect For The Russia-Ukraine War As Winter Approaches
Vikram Mittal - Forbes
The Eastern European winter has a long and storied history of wreaking havoc on military operations. Indeed, since ancient times, militaries in this region had to plan for the extreme cold, heavy snowfall, and icy terrain associated with winter, or risk facing major setbacks to their operations. This will definitely be the case for Ukraine and Russia as winter is approaching. Since this is the second winter of the war, both countries are prepared to handle the hardships of the season and exploit it to their advantage.
/jlne.ws/49mID4f
Ukraine Labels Nestle 'Sponsor of the War' for Staying in Russia; International sponsor of war list has no legal consequences; Nestle stopped investment, scaled back product range in Russia
Dasha Afanasieva - Bloomberg
Ukraine's anti-corruption agency has accused Nestle of being an "international sponsor of war" for continuing to sell goods and pay taxes in Russia. The world's biggest food maker has been added to a list that includes rival consumer companies Mondelez International Inc., PepsiCo Inc. and Unilever Plc, the National Agency on Corruption Prevention told Bloomberg.
/jlne.ws/3QIFiWa
Ukraine says more than 260 civilians killed after stepping on mines since beginning of Russian invasion; Mines and explosives have significantly stalled Ukraine's advances on the battlefield
Arpan Rai - Independent
Extensive mines and explosives in Ukraine have killed more than 260 civilians and injured another 571 during Russia's 20-month-old invasion, Kyiv's military officials have said. Around 174,000sq km of Ukraine, making up about a third of its territory, has been potentially strewn with mines or dangerous war detritus, estimates from Kyiv officials showed.
/jlne.ws/47k0S8V
Clearing Landmines Is Critical to Ukraine's Survival; Hidden explosives are slowing the military's advances and preventing normal economic activity. More outside help is needed to remove them.
The Editorial Board - Bloomberg
/jlne.ws/3SpOZtJ
Putin Death Rumors Were Spread by Russian Officials: Ukraine Intel
Jon Jackson - Newsweek
/jlne.ws/3skUTld
Senior US Republicans urge long-range missiles for Ukraine
Patricia Zengerle - Reuters
/jlne.ws/3s73l7K
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | Israel's New Calculus: Strike Hamas at All Costs; Israeli strikes on Jabalia neighborhood is latest in a broader, more aggressive war against Hamas
Dov Lieber, David S. Cloud, Chao Deng and David Luhnow - The Wall Street Journal
Airstrikes on a densely populated neighborhood in Gaza this week show Israel is waging a broader and more ferocious war against Hamas, an approach that aims to destroy the Palestinian militant group but has sparked an international backlash. The repeated strikes on the Jabalia neighborhood-a refugee camp that has turned into a warren of permanent homes and apartment buildings-come amid a three-week-long air campaign by Israel that is the most intense in its history and rivals any aerial bombardment this century, military analysts say.
/jlne.ws/3QIr0Va
Biden Urges 'Pause' So Hostages Can Leave Gaza
Bloomberg News
US President Joe Biden said Israel and Hamas militants ought to "pause" fighting in order to allow time to free hostages being held in the Gaza Strip, but stopped short of supporting a full cease-fire. Biden earlier credited "intense and urgent American diplomacy" with the opening of the Rafah border crossing into Egypt, allowing an initial group of refugees - including some Americans - to flee fighting in Gaza. A Qatar-mediated deal allowing the departures required agreement between Hamas, Egypt and Israel.
/jlne.ws/46RxZB9
Iran Doesn't Want Hezbollah Fighting Israel; Opening a second front against the Israel Defense Forces would just create two more for Tehran to deal with.
Bobby Ghosh - Bloomberg
What's holding up Hezbollah? From the moment Israel began to retaliate against Hamas for the Oct. 7 terrorist attack, the world has been expecting the Lebanese militia to join the war, opening a second front in Israel's north. That prospect has repeatedly been raised by Iran, which counts Hamas and Hezbollah as vital nodes in its network of proxy militias across the Middle East.
/jlne.ws/3QmKjCn
Netanyahu Fights for His Political Survival; In the face of a devastating intelligence failure, a hostage crisis and the launch of a brutal, grinding war, the Israeli Prime Minister struggles to rally the public to his side
Rory Jones - The Wall Street Journal
Israel's Prime Minister Benjamin Netanyahu issued a rare apology Sunday that inadvertently framed the political crisis that has engulfed him. A few hours earlier, facing mounting criticism for the Hamas attacks that killed 1,400 Israelis, he publicly blamed the security failures on Israel's defense and intelligence services. He hadn't been warned of Hamas's intention to start a war, he wrote in a tweet on X, saying that defense and intelligence officials had "assessed that Hamas was deterred."
/jlne.ws/3QGQyRJ
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LME confirms Chairman
London Metal Exchange
The London Metal Exchange (LME) is today pleased to announce that John Williamson, currently LME Interim Chairman, will become the LME's Chairman, effective immediately under a new fixed-term contract through to 28 April 2026.
/jlne.ws/46TOe0x
SIX Exchanges Figures: October 2023
BME
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain
/jlne.ws/46XNXcQ
HKEX Plans To Develop Integrated Fund Platform For Distribution Of Hong Kong Retail Funds
Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) that it is developing an integrated fund platform for the distribution of retail funds, supporting Hong Kong's continued role as a regional and global wealth management centre. The platform, currently in development, will cover the full distribution cycle and value chain for retail funds in Hong Kong, helping to lower the barriers of entry to the industry and allowing market participants to better distribute fund products to their clients. This in turn will give investors access to a broader range of products, offering great choice and enhancing overall market efficiencies. The platform will cover funds authorised by the Securities and Futures Commission.
/jlne.ws/45XszTy
BME Scaleup approves the incorporation of three new Registered Advisors
BME
With this new three additions there are already ten new Registered Advisors in the new market, which will weigh the suitability of the companies and will coordinate the incorporation process. BME has agreed the access to the condition of Registered Advisor of BME Scaleup of Abbaco Markets, PFK Attest and Solventis, three companies with proven expertise in capital markets. They join seven other firms whose incorporation was authorised a month ago (Armabex Asesores Registrados, Deloitte, GVC Gaesco Valores, Impulsa Capital, Orbyn Capital Markets, Renta 4 Corporate y VGM Advisory Partners), which make a total of ten Registered Advisors in this new market.
/jlne.ws/3QupC7E
SIX collaborates with the Swiss National Bank to pilot wholesale CBDC issuance in Switzerland
SIX
Switzerland, a global leader in financial innovation, is taking a significant leap forward with the collaborative efforts of financial markets participants to develop the digital financial markets of the future. SIX, the Swiss National Bank (SNB) and six commercial banks, will collaborate on a ground-breaking pilot focused on tokenized central bank money for financial institutions (referred to as wholesale central bank digital currency or wCBDC).
/jlne.ws/3FHUGM1
The 17th Meeting Of The Organization Of Islamic Cooperation (OIC) Exchanges Forum Was held
Mondovisione
The 17th Meeting of the Organization of Islamic Cooperation (OIC) Exchanges Forum (Forum) was held online on October 31th, 2023. Representatives from 14 exchanges, 6 clearing, settlement and custody institutions and 7 sectoral institutions attended the meeting that was hosted by Borsa Ä°stanbul.
/jlne.ws/3s9Z8QG
CME Group Reports Highest-Ever October ADV of 25.2 Million Contracts
CME Group
Overall volume grew 11% over October 2022. Strongest October in company history for interest rate ADV. Record equity index options volume driven by E-mini S&P 500 contracts. Continued growth across SOFR and U.S. Treasury complexes. CME Group, the world's leading derivatives marketplace, today reported its October 2023 market statistics, reaching an average daily volume (ADV) of 25.2 million contracts during the month, an increase of 11% over 2022 and the company's highest-ever October ADV on record. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/jlne.ws/3snyUdh
Dalian Commodity Exchange And Bursa Malaysia Derivatives Sign Soybean Oil Futures Settlement Price Licensing Agreement
Mondovisione
Dalian Commodity Exchange (DCE) and Bursa Malaysia Derivatives Berhad (BMD) officially signed the soybean oil futures settelement price licensing agreement on November 2, 2023, during the 17th China International Oils and Oilseeds Conference (CIOC). Yan Shaoming, CEO of DCE, and Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia and Chairman of BMD, signed the agreement on behalf the two exchanges. Ran Hua, Chairman of DCE, attended the signing ceremony, which was presided over by Cheng Weidong, Vice President of DCE.
/jlne.ws/3tRsyTU
Spot market sales statistics for October 2023
Deutsche Boerse Group
A trading volume of euro 95.58 billion was achieved on Deutsche Boerse's cash markets in October (previous year: euro 98.16 billion / previous month: euro 95.07 billion). Of this, euro 92.79 billion was accounted for by Xetra (previous year: euro 96.02 billion / previous month: euro 92.55 billion), meaning the average daily Xetra turnover was eurp 4.22 billion (previous year: 4.57). euro billion / previous month: euro 4.41 billion). At the Frankfurt Stock Exchange, turnover amounted to euro 2.80 billion (previous year: euro 2.14 billion / previous month: euro 2.52 billion).
/jlne.ws/45ZpiTM
Intercontinental Exchange Reports Strong Third Quarter 2023
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported financial results for the third quarter of 2023. For the quarter ended September 30, 2023, consolidated net income attributable to ICE was $541 million on $2.0 billion of consolidated revenues, less transaction-based expenses. Third quarter GAAP diluted earnings per share was $0.96. Adjusted net income attributable to ICE was $824 million in the third quarter and adjusted diluted EPS was $1.46. Please refer to the reconciliation of non-GAAP financial measures included in this press release for more information on our adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income, adjusted diluted EPS and adjusted free cash flow.
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Intercontinental Exchange Approves Fourth Quarter Dividend of $0.42 per Share
Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE), a leading global provider of data, technology, and market infrastructure, announced today a $0.42 per share dividend for the fourth quarter of 2023, which is up 11% from the $0.38 per share dividend paid in the fourth quarter of 2022. The cash dividend is payable on December 29, 2023 to stockholders of record as of December 14, 2023. The ex-dividend date is December 13, 2023.
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JPX Monthly Headlines - October 2023
JPX Group
JPX Group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users.
Every month, we showcase the highlights of these efforts in short and concise summaries just for you.
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Brooklyn Investment Group Launches Innovative American Depositary Receipts (ADR) Index in Partnership with Nasdaq
Nasdaq
Brooklyn Investment Group, LLC in partnership with Nasdaq (Nasdaq: NDAQ), today announced the launch of the Nasdaq-Brooklyn ADRâ„¢ Index, designed specifically for direct indexing and tax-loss harvesting strategies implemented in separately managed accounts (SMAs) to address their greater liquidity requirements. The index leverages a liquidity-adjusted weighting methodology to scale index weights down for American Depositary Receipts (ADRs) with liquidity below the underlying stock's market value. ADRs give investors the opportunity to diversify into international equities within the domestic U.S. equity market.
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NSE's consolidated Q2 operating revenue up by 24% YoY at Rs.3,652 crores
NSE
NSE's consolidated Q2 profit up by 13% YoY at Rs.1,999 crores. NSE Contributed Rs.18,744 crores to the exchequer in H1 FY24 which comprised of STT Rs.14,858 crores, Stamp duty Rs.1,156 crores, GST Rs.975 crores, Income tax Rs.1,252 crores and SEBI Rs.503 crores.NSE, India's leading exchange, reported consolidated revenue from operations at Rs.3,652 crores for Q2 FY 24, up by 24% on a year-on-year basis. Apart from trading revenue, the revenue from operations was also supported by other revenue lines which includes clearing services, listing services, index services, data services and colocation services.
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NGX Group's nine months profit up 606.2% on improved revenue, limited personnel expenses; transaction, listing fees account for 60.8%, 11.9% of revenue
Iheanyi Nwachukwu - Business Day
Nigerian Exchange Group Plc (NGX Group) has announced its unaudited results for nine months ended September 30, 2023. The results for the nine months ending September 2023, according to NGX Group underscore its steadfast commitment to progress, operational acumen, and delivering enhanced value to its stakeholders.
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Shenzhen Stock Exchange Issues Guidelines For Interim Report On Infrastructure REITs To Improve The Information Disclosure System In Line With The Characteristics Of REITs
Mondovisione
On October 27, under the guidance of CSRC, SZSE issued the Guidelines for Public Offering of Infrastructure Real Estate Investment Trusts (REITs) Business No. 5 - Interim Report (for Trial Implementation) (hereinafter referred to as the "Guidelines"). This is a specific measure taken by SZSE to implement the requirements of the Notice on Further Promoting the Normal Issuance of Real Estate Investment Trusts (REITs) in the Field of Infrastructure issued by CSRC. It is conducive to further improving the construction of the duration rule system for infrastructure REITs with "asset management" as the core, constantly enhancing the timeliness, effectiveness and standardization of information disclosure, and effectively urging market participants of infrastructure REITs to return to their positions and fulfill their responsibilities.
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Face-To-Face Communication With "Backbone Technological Forces" And "New Forces" In The Shenzhen Stock Exchange Market - SZSE Organizes The "Innovation-Driven Breakthroughs" Centralized Roadshow For Listed Companies In 2023
Mondovisione
The report to the 20th National Congress of the CPC proposes to accelerate the implementation of the innovation-driven breakthroughs strategy and the realization of sci-tech self-reliance and self-strengthening at higher levels. It also proposes to strengthen the dominant position of enterprises in technological innovation, give full play to the leading and supporting role of backbone technology-based enterprises and promote the deep integration of innovation chain, industrial chain, capital chain and talent chain. SZSE puts the implementation of the innovation-driven development strategy in a more prominent position, undertakes the mission of "gathering innovative capital, stimulating growth momentum" and gives full play to the functions of direct financing and resource allocation of the capital market. We strive to strengthen the dominant position of listed companies in technological innovation, with focus on three key areas of advanced manufacturing, digital economy and green and low-carbon industry and promote the realization of high-level self-reliance in science and technology.
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The Moscow Exchange began trading in Henderson shares
MOEX
On November 2, 2023, trading in shares of PJSC Henderson Fashion Group (Henderson), a leader in the men's clothing market in Russia, began on the Moscow Exchange. This is the fifth IPO on the Moscow Exchange in 2023 and the first among players in the Russian fashion market in the entire history of exchange trading. The stock trading code is HNFG. As part of the deal, the company offered about 4.9 million shares, which is equivalent to 3.8 billion rubles. As a result of the IPO, the share of Henderson shares in free float was 13.9%.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | ADX partners with HSBC to develop digital assets
WAM
Abu Dhabi Securities Exchange (ADX) and HSBC Bank Middle East Limited are working together in the first regional collaboration of its kind to develop digital fixed-income securities, paving the way for the introduction of a broader array of capital market use cases in the Middle East.
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Musk's Ad-Free X Is Too Expensive - and Still Filled with Ads; The platform formerly known as Twitter is going to find its Premium+ plan is a losing proposition. Meanwhile, failure is part of Mark Zuckerberg's devious plan.
Jessica Karl - Bloomberg
Nobody Needs It to Be Ad-Free
You know how in The Sixth Sense, that one kid can see dead people? Yeah, well I have a special sense of my own, and it might be even more impressive: I don't see ads. After years and years of suffering through that one sponsored post about how two MIT grads created a patented algorithm to help me find my perfect wine match, I've trained my brain to simply stop computing them.
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There can be no AI regulation without corporate transparency; AI companies are growing ever more secretive as their power and profiles blossom
Marietje Schaake - Financial Times
The writer is international policy director at Stanford University's Cyber Policy Center and special adviser to the European Commission Hardly a day goes by without a new proposal on how to regulate AI: research bodies, safety agencies, an idea from the International Atomic Energy Agency branded 'IAEA for AI'...the list keeps growing. All these suggestions reflect an urgent desire to do something, even if there is no consensus on what that "something" should be. There is certainly a lot at stake, from employment and discrimination to national security and democracy. But can political leaders actually develop the necessary policies when they know so little about AI?
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Generative AI Use Grows in Financial Services
Shanny Basar - MarketsMedia
The majority of financial firms are planning for pilots or deployment of generative artificial intelligence according to a webinar hosted by Broadridge Financial Services, the fintech provider. In a Broadridge webinar on 26 October, Generative AI: Lessons From the Front Line, a poll found that only 8.2% of attendees have no plans to use the technology. Just under one fifth, 17%, are already using generative AI for multiple live use cases, with the remainder either planning pilots or deployment.
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What's Gone Wrong With Online Payment Companies?
Jennifer Surane and Aisha S Gani - Bloomberg
Payment companies such as PayPal Holdings Inc. and Worldline SA lie at the heart of today's digital economy. By offering secure channels linking sellers, customers and their banks in exchange for a fee, they were among the biggest winners from the online shopping boom during the pandemic. As central banks around the world raise interest rates to crimp inflation, that breakneck growth is coming to an abrupt halt. At the same time, pressure is bearing down on the industry from regulators concerned that a complex web of competing payment platforms is making it harder to fight fraud and money laundering.
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EU consolidated bond tape: Technology comes back into focus
The Trade
Following successful technical talks on Mifir/d and the imminent release of final texts, it now looks like most of the Level 1 requirements for an EU consolidated tape have been agreed. Parliament should vote to pass this through in the coming weeks, paving the way for a consolidate tape provider (CTP) selection process at the end of next year.
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| Cybersecurity | | Top stories for cybersecurity | Is state intervention needed for cyber insurance? A systemic attack could be too large, too widespread, to be insured
Ian Smith - Financial Times
Hackers sneak malicious code into global payments software that spreads rapidly to tens of thousands of partner networks at banks and throughout the financial sector. This opens a back door for the attackers to siphon off customer funds, disrupting clearing and even interbank lending. It takes months to repair all the breaches, and shakes confidence in the system, driving up business costs as regulations stiffen.
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Cybersecurity workforce shortages: 67% report people deficits
HelpNetSecurities
While this is the highest workforce ever recorded, the report shows that demand is still outpacing the supply. The cybersecurity workforce gap has reached a record high, with 4 million professionals needed to safeguard digital assets adequately.
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It may be time for new office to oversee cyber rules, some industry groups say
Tim Starks - The Washington Post
The federal government might need to create an entity to oversee the burgeoning number of conflicting cybersecurity regulations, some industry groups told the Office of the National Cyber Director this week.
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Accenture Acquires Innotec Security, Spain-Based Leading Cybersecurity Company
Press Release
Accenture (NYSE: ACN) has acquired Innotec Security, a privately held company specializing in cybersecurity-as-a-service, cyber resilience and cyber risk management, expanding its capabilities and footprint in Spain. Innotec Security was previously owned by parent company Entelgy Group. Financial terms were not disclosed.
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German firms, local govts must invest more against ransomware -report
Reuters via Daily Mail
German companies, particularly small ones, and local governments need to invest far more in cyber security as increasingly organised hackers see them as easy targets for ransomware attacks, the BSI information security office said on Thursday.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Turkey to toughen law on crypto assets - minister
Reuters
Turkey is preparing new legislation covering crypto-assets to persuade an international crime watchdog to remove it from a "grey list" of countries that have taken insufficient action to prevent money laundering and terrorist financing. The Financial Action Task Force (FATF) downgraded Turkey to a so-called grey list in 2021. Addressing a parliamentary commission late on Tuesday, Finance Minister Mehmet Simsek said a FATF report found Turkey fully compliant with all but one of the watchdog's 40 standards. "The only remaining issue within the scope of technical compliance is the work related to crypto assets," Simsek said.
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Hong Kong's HashKey launches first crypto trading app for retail investors, gives away new token
South China Morning Post
Hong Kong cryptocurrency firm HashKey Group, one of two virtual asset exchanges in the city approved to serve retail investors, has launched the first trading app to get approval from the Securities and Futures Commission (SFC) since the JPEX scandal rocked the local industry. The HashKey Exchange app went live on Wednesday after receiving approval from Hong Kong's securities regulator last Friday to offer "full mobile trading capabilities", the company said on Wednesday.
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CoinChanger - The Cryptocurrency Exchange Platform for Swapping, Trading, and Exchanging Assets
News Direct
CoinChanger has announced the launch of their state-of-the-art cryptocurrency exchange platform, offering the most advanced and reliable trading services available in the market. The company's new platform was designed to meet the highest standards of security, reliability, and convenience when it comes to trading cryptocurrencies.
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SEC says SafeMoon executives withdrew $200 million from crypto project to spend on McLarens and luxury homes
Marco Quiroz-Gutierrez - Fortune
The company behind SafeMoon promised astronomical returns, but instead the cryptocurrency imploded mid-flight. And now those behind the controls are facing the consequences. In a Wednesday complaint, the Securities and Exchange Commission charged the company behind the coin, SafeMoon LLC, along with creator Kyle Nagy, CEO John Karony, and CTO Thomas Smith, with violating securities laws in "a massive fraudulent scheme."
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Hong Kong greenlights tokenized securities in further digital push; Regulators demand is there for blockchain-based trading of real-world assets
Pak Yiu, Echo Wong - Nikkei
Hong Kong says it will allow tokenization of securities and regulated funds as it attempts to bolster its standing as a global virtual asset hub. The Securities and Futures Commission issued a circular on Thursday laying out guidelines for regulated intermediaries such as fund managers to issue tokenized securities, which the commission describes as "blockchain-based tokens that represent or aim to represent ownership in an investment product."
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What Is Bitcoin 'Halving' and Does it Push Up the Cryptocurrency's Price?
Vildana Hajric - Bloomberg
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| Politics | | An overview of politics as it relates to the financial markets | Schumer and other Senate Democrats call for a federal probe of huge oil deals by Exxon and Chevron
Matthew Daly - Associated Press
Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump.
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Anti-ESG takes a leap across the pond
Jordan Wolman, Charlie Cooper And Allison Prang - Financial Times
Tea Time - Leaders of the U.S. campaign against environmental, social and governance investing descended on London this week looking to spread their "anti-woke" gospel and spur a similar movement on the other side of the Atlantic. Republican presidential candidate Vivek Ramaswamy and State Financial Officers Foundation CEO Derek Kreifels were among those gathered for the inaugural conference of the newly-formed Alliance for Responsible Citizenship, along with other U.S. conservative luminaries including House Speaker Mike Johnson, former Speaker Kevin McCarthy and Sen. Mike Lee (R-Utah), some of whom appeared virtually.
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House Judiciary Subpoenas Two Pro-ESG Investor Advisory Groups
David Hood - Bloomberg
The committee subpoenaed As You Sow and GFANZ. Other pro-ESG organizations may also face subpoenas. House Judiciary Committee Chairman Jim Jordan (R-Ohio) subpoenaed two shareholder-advisory organizations Wednesday, seeking documents and communications with other shareholder groups over their support for environmental, social, and governance issues. Jordan subpoenaed environmental and social advocacy group As You Sow saying in a cover letter that CEO Andy Behar didn't submit documents the committee requested in multiple communications this year. The conservative firebrand said As You Sow "entered into apparently collusive agreements with Climate Action 100+ and other ESG cartels" that potentially violate anti-trust laws. Jordan also hit Glasgow Financial Alliance for Net Zero (GFANZ) with a similar subpoena Wednesday.
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US upstages Rishi Sunak with AI regulation plan; Gina Raimondo announces new safety institute on day UK prime minister begins Bletchley Park summit
Madhumita Murgia, Anna Gross and Cristina Criddle - Financial Times
The US has said it is setting up its own institute to police artificial intelligence, on the day that UK prime minister Rishi Sunak hosted a summit to help shape global rules and scrutiny for AI. Wednesday's announcement, by Gina Raimondo, US commerce secretary, came despite the UK's own plans to set up an international AI Safety Institute - a move she said she "welcomed and applauded".
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| Regulation & Enforcement | | Stories about regulation and the law. | PayPal Receives SEC Subpoena Focused on Stablecoin Work; PayPal cooperating with SEC, which requested documents; Consumer Financial Protection Bureau also probing the company
Jennifer Surane - Bloomberg
PayPal Holdings Inc. received a subpoena from the US Securities and Exchange Commission's division of enforcement related to its work on a dollar-linked stablecoin. The subpoena asked PayPal to produce documents tied to the project, according to a regulatory filing on Thursday. The company is cooperating with the probe, the filing said.
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ASIC's new website takedown capability knocks out over 2,500 investment scam and phishing websites
ASIC
At a press conference today, Assistant Treasurer Stephen Jones outlined a new scam website takedown capability implemented by ASIC. The takedown capability removes or limits access to fraudulent and malicious websites on the internet and expands on a three-week trial ASIC conducted in 2022.
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CTRL Investments Limited issued infringement notice for late financial statements
FMA NZ
The Financial Markets Authority (FMA) - Te Mana TÄtai Hokohoko - has issued an infringement notice to derivatives issuer CTRL Investments Limited (CTRL) for failing to file financial statements by the due date.
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Guidance for crypto firms to help them comply with marketing rules
UK FCA
Following a change in legislation, cryptoassets promotions targeting UK consumers now fall within our remit. We have introduced rules that are designed to give people a better understanding of what they are investing in, and the risks involved.
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SEC Charges Crypto Company SafeMoon and its Executive Team for Fraud and Unregistered Offering of Crypto Securities
SEC
The Securities and Exchange Commission today charged SafeMoon LLC, its creator Kyle Nagy, SafeMoon US LLC, and the companies' Chief Executive Officer, John Karony, and Chief Technology Officer, Thomas Smith, for perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security, SafeMoon. According to the SEC's complaint, the Defendants promised to take the price of the token "Safely to the moon," but instead of delivering profits, they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.
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SEC Charges Crypto Company SafeMoon and its Executive Team for Fraud and Unregistered Offering of Crypto Securities
SEC
The Securities and Exchange Commission today charged SafeMoon LLC, its creator Kyle Nagy, SafeMoon US LLC, and the companies' Chief Executive Officer, John Karony, and Chief Technology Officer, Thomas Smith, for perpetrating a massive fraudulent scheme through the unregistered sale of the crypto asset security, SafeMoon. According to the SEC's complaint, the Defendants promised to take the price of the token "Safely to the moon," but instead of delivering profits, they wiped out billions in market capitalization, withdrew crypto assets worth more than $200 million from the project, and misappropriated investor funds for personal use.
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SFC welcomes new financial infrastructure for retail fund distribution in Hong Kong
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today welcomed the plan to establish an integrated platform for retail fund distribution as part of the government's initiatives to foster co-development of fintech and the real economy in Hong Kong (Note 1). The integrated fund platform, which will be developed and operated by the Hong Kong Exchanges and Clearing Limited (HKEX), will provide a business-to-business service model initially and will cover the front-to-back distribution life cycle and value chain for distribution of SFC-authorised funds in Hong Kong (Note 2).
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Way You Pay to Buy or Sell a Home Is About to Change; Changes could range from commission system tweaks to a more radical restructuring of residential real-estate industry
Nicole Friedman and Laura Kusisto - The Wall Street Journal
Home buyers and sellers face the prospect of major changes to how much and in what way they pay their real-estate agents, following Tuesday's historic verdict against the National Association of Realtors and large residential brokerages. Those changes could range from minor tweaks to the commission system to a more radical restructuring of the residential real-estate industry, such as more people buying homes without using agents or buyers paying their agents by the hour.
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Americans Can Stick More Cash in Their 401(k)s Next Year, Thanks to Inflation; IRS sets annual adjustments to maximum retirement-plan contributions
Richard Rubin - The Wall Street Journal
Most workers will be able to put up to $23,000 into their 401(k)s and similar workplace retirement plans in 2024, up $500 from this year, the IRS said Wednesday. The tax agency announced the inflation-adjusted limits for retirement plans, following formulas set out in the law.
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Shell posts $6.2bn profit as oil prices rise again
BBC
Oil and gas giant Shell has posted strong profits helped by oil prices rising again. The energy giant reported earnings of $6.2bn (£5.1bn) between July and September, up sharply on the previous quarter. Profits were down from $9.4bn in the same period last year, however, when Russia's invasion of Ukraine caused a spike in oil and gas prices.
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Former Google CEO Eric Schmidt Bets AI Will Shake Up Scientific Research; Future House, a nonprofit, plans to build an AI system that can analyze research papers and respond to scientific questions.
Jackie Davalos, Nate Lanxon, and David Warren - Bloomberg
Eric Schmidt is funding a nonprofit that's focused on building an artificial intelligence-powered assistant for the laboratory, with the lofty goal of overhauling the scientific research process, according to interviews with the former Google CEO and officials at the new venture.
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UBS Sees Ultrarich Abandoning $1 Million-Plus Art in Report; A new report finds that the highest end of the art market is thinning out.
James Tarmy - Bloomberg
Ultra-high-net-worth art collectors are pulling back, according to a new report conducted during the summer by Art Basel and UBS. Of roughly 2,800 collectors surveyed, those who commonly buy artworks priced at $1 million or more fell from 12% in 2021 to 4% in 2022, a nearly 67% decline. The median expenditure on art and antiques actually rose 19% from 2021 to 2022, to $65,000 total, and the median level for the first half of 2023-also $65,000-could still point to further growth. "It indicates that the high end is there, but it's thinning out," says Clare McAndrew, who founded the research and consulting firm Arts Economics and prepared the report."In 2021, people were back and spending with a vengeance, and budgets were out the window," she continues. "We've seen that decline."
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FX hedging behaviours shifting as firms take an ever more proactive approach to risk; Hedging strategies can reap the benefits of increased volatility - turning it into a friend rather than a foe - with a flexible and dynamic approach, expert tells The TRADE.
Claudia Preece - The Trade
As the market increasingly turns its attention to FX hedging, not only is the market hedging more (an overhang reaction to last year's highly volatile market), but the strategies around FX hedging are also undergoing change as participants take an increasingly proactive approach.
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Leaders in Trading 2023: Meet the nominees for ... Best Innovation at the Close; Learn more about the four firms shortlisted for The TRADE's 2023 Editors' Choice Award for Best Innovation at the Close, including Aquis Exchange, Cboe Global Markets, SIX Swiss Exchange and Turquoise.
Editors - The Trade
Next up in our Leaders in Trading 2023 Editors' Choice Awards write up series, we bring you the shortlisted candidates for Best Innovation at the Close, recognising those venues going above and beyond to support participants when trading at the Close.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Uncharted Waters. A Tangle of Rules to Protect America's Water Is Falling Short
The Times asked all 50 states how they manage groundwater. The answers show why the country's aquifers are in trouble.
Dionne Searcey and Delger Erdenesanaa - New York Times
Part of a series on the causes and consequences of disappearing water. America's Stewardship of one of its most precious resources, groundwater, relies on a patchwork of state and local rules so lax and outdated that in many places oversight is all but nonexistent, a New York Times analysis has found. The majority of states don't know how many wells they have, the analysis revealed. Many have incomplete records of older wells, including some that pump large volumes of water, and many states don't register the millions of household wells that dot the country.
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Bistate Battle Over Congestion Pricing Escalates With New Lawsuit; The mayor of Fort Lee, N.J., is suing New York to halt what he says is the harm the new tolling system will do to his city.
James Barron - The New York Times
Good morning. It's Thursday. We'll find out about a second lawsuit from New Jersey challenging New York's congestion-pricing plan. We'll also look at a wristwatch that belonged to Andy Warhol, who said everyone would be famous for 15 minutes. A new lawsuit from New Jersey signaled an escalation in the cross-border fight over New York's congestion-pricing plan, which would generate money for mass transit with tolls on drivers entering Manhattan below 60th Street. Suburbanites complain that congestion pricing would cause more traffic on their roads and more pollution in their communities. Gov. Philip D. Murphy of New Jersey sued the federal government last summer to block the plan, saying it would create unfair financial and environmental burdens for his state's residents.
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As Climate Shocks Grow, Lawmakers Investigate Insurers Fleeing Risky Areas; Insurers are already pulling back from California, Florida and Louisiana. Senate Democrats are trying to find out which states could be next.
Christopher Flavelle - The New York Times
Faced with growing losses from hurricanes, floods and wildfires, major insurance companies are pulling out of California, Florida and Louisiana - a shift that threatens to undermine the economies of those states. Now Senate Democrats are demanding that insurers tell them which places could be next.
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Developing countries need up to $387bn a year to adapt to extreme weather, says UN;
Finance flows shrink even as climate-related disasters rise
Attracta Mooney - Financial Times
Developing countries need up to $387bn a year to adapt to climate change but flows of international public cash are faltering at the same time as the effects of global warming become more disastrous, the UN has said. The amount needed had increased by some $47bn since the last annual assessment by the UN Environment Programme, with the updated report released ahead of the COP28 climate summit where the question of funds for countries to cope with global warming is high on the agenda.
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Extreme Weather Makes Climate 'Adaptation Gap' More Urgent: UN; Developed countries pledged to double their finance for adaptation by 2025 - a feat that would reduce the shortfall by 10% at best.
Eric Roston - Bloomberg
Global finance for climate adaptation measures around the globe is so minimal that doubling its current rate would reduce the sum of what's needed by only 5% to 10%, according to a new analysis by the UN Environment Program. Rising greenhouse gas emissions are fueling more extreme weather around the world, increasing the need for funding to insulate communities from the impacts. Researchers found an annual gap of between $194 billion and $366 billion for projects that could help society adapt to climate change. That's 50% higher than previous estimates and 10 to 18 times higher than the current level of global public finance, which was $21 billion for 2021. The number of new projects funded through the UN climate process - roughly 300 to 450 a year - leveled off within the last decade after consistent prior growth since 2007.
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Rich Nations Cut Aid for Climate Shocks, Even as Risks Grow; Poor countries need far more money to adapt to climate change, according to a new United Nations report.
Christopher Flavelle - The New York Times
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Definitions for responsible investment approaches
Principle for Responsible Investment
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China Is Winning in Solar Power, but Its Coal Use Is Raising Alarms; China is building as much clean energy capacity over four years as it had promised to build in 10 years, but continues to add coal-fired power plants.
Keith Bradsher and Lisa Friedman - The New York Times
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A Solar Expert Shares Her Opinions, and Isn't Afraid to Change Them; BloombergNEF analyst Jenny Chase has built a following for her blunt pronouncements on clean energy.
Nathaniel Bullard - Bloomberg
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Advocates Question Biden Administration's Promises to Address Environmental Injustices While Supporting Fossil Fuel Projects
Aman Azhar - Inside Climate News
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Concrete Has a Big Carbon Footprint. Can Green Tech Fix It? New mixtures store carbon dioxide while reducing emissions
Eric Niiler and Amrith Ramkumar - The Wall Street Journal
/jlne.ws/40iwbi1
'A game changer': Environmental principles come into force for UK policymakers
Cecilia Keating - BusinessGreen
/jlne.ws/46UAliB
Oil and Gas Companies Face an Era of Credit Downgrades, Fitch Warns
Gautam Naik - Bloomberg News
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Charles Schwab CEO Says No Further Layoffs Planned
Hannah Miao - The Wall Street Journal
Charles Schwab CEO Walt Bettinger said the company isn't planning further layoffs after cutting roughly 2,000 employees this week. "What I can assure everyone is that there are no additional meaningful position eliminations under consideration at this point in time. Circumstances can change, but there is nothing in the works at this point," Bettinger said in a video to employees Wednesday, a transcript of which was seen by The Wall Street Journal.
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Apollo reworks pay for executives among 'next generation' of leaders; Heads of private equity, credit and insurance will give up current packages for $550mn in stock grants
Eric Platt and Antoine Gara - Financial Times
Apollo Global Management plans to grant roughly $550mn in stock to four senior executives, reworking their pay structure as future top leaders at the $631bn asset manager. nThe stock grants to the four executives will align their pay structure with arrangements held by Apollo chief executive Marc Rowan and co-presidents Scott Kleinman and Jim Zelter. The four executives will give up their existing packages, receiving pay based on the performance of Apollo's listed stock instead of returns from its private funds.
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JPMorgan Is Seeking Out a Partner to Accelerate Its Private Credit Push; Bank seeks outside cash to bolster private credit lending; Discussions are in early stages as JPM builds out strategy
Gillian Tan and Paula Seligson - Bloomberg
JPMorgan Chase & Co. is searching for a potential partner to grow its private credit business and accelerate its push into one of the hottest areas in leveraged finance, according to people with knowledge of the matter.
/jlne.ws/3sjc6M0
Barclays CEO Says Asia Largely Spared From Global Job Cuts; CEO Venkatakrishnan strikes a cautious note on China expansion; Comments were made in a Bloomberg interview on Thursday
Jan-Henrik Foerster and Haslinda Amin - Bloomberg
Barclays Plc's chief executive officer plans to spare its Asia business from the bulk of job cuts as the British bank embarks on a reduction in its global workforce. "It is a reduction in workforce generally speaking," CEO C.S. Venkatakrishnan said in a Bloomberg TV interview Thursday in Singapore. "Proportionally, it is far less likely to impact" Asia, he added, citing the growing businesses there.
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Texas Adds Five Banks to List Barred From State-Backed Investment
Danielle Moran Bloomberg
Texas added five financial firms to its list of companies it says "boycott" the oil and gas industry, state Comptroller Glenn Hegar said in a release Wednesday. Hegar added AMP Ltd., Credit Agricole SA, Impax Asset Management Group, Rathbone Investment Management and Societe Generale SA to the divestment list, which means state-run entities like pension funds will have to sell if they have current holdings of the companies, unless they seek an exemption.
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TradeStation Securities Sponsors the Florida Securities Dealers Association's 90th Anniversary Celebration
TradeStation Securities, Inc.
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Barclays Doubles Africa Private Bank, Adds Credit Suisse's Wealthy Clients; UK-lender added team of 20 people from Credit Suisse agreement; Bank to focus on expansion in Nigeria, S. Africa, Kenya, Ghana
Loni Prinsloo - Bloomberg
/jlne.ws/3QIRvK8
Nomura Hires 'Mr. JGB' Saito as BOJ Tweaks Revive Bond Market; Former Ministry of Finance official joins Nomura research unit; Japan's rock-bottom rates are rising for first time in years
Takako Taniguchi and Takashi Nakamichi - Bloomberg
/jlne.ws/3QGO5qr
MSCI's Non-China Emerging Markets ETF Bigger Than China ETF For The First Time; iShares MSCI Ex-China ETF's assets top those of MSCI China ETF; Ex-China ETF value at $6.8 billion versus $164 million in 2020
Abhishek Vishnoi - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Don't use LinkedIn's 'open to work' sign, says former Google recruiter: It feels 'like desperation'
Gili Malinsky - CNBC
As many as 117 job applications are submitted on LinkedIn every second, according to the site. To stand out from the pack and land your dream job, there are a number of steps experts recommend. Use your banner to show off professional accomplishments. Use featured links to give examples of your work. Update your profile regularly to ensure it reflects your many skills. But when it comes to what not to do, "the biggest red flag on LinkedIn is the 'open to work' symbol," says former Google recruiter Nolan Church, now the CEO of talent marketplace Continuum. It's a "hot take," he says, but here's why he stands by it.
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Singapore's Rich Are the Most Unhappy in Asia With Work-Life Balance; Thailand topped ranking in private banking group's survey; Lombard Odier surveyed high-net-worth people in Asia-Pacific
Yoojung Lee and Venus Feng - Bloomberg
Singapore's wealthy are the least satisfied with their current work-life balance when compared with their peers in other parts of Asia Pacific, according to a survey from a Geneva-based private bank. Only 30% of people with an investable wealth of more than $1 million in Singapore find themselves happy with their work-life balance, the lowest among high net-worth individuals in the region surveyed by Switzerland's Banque Lombard Odier & Cie SA.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Infant Deaths Have Risen for the First Time in 20 Years; The increases were particularly stark among babies born to Native American, Alaska Native and white mothers in 2022. Rates among Black infants remained highest of all.
Roni Caryn Rabin - The New York Times
The number of American babies who died before their first birthdays rose last year, significantly increasing the nation's infant mortality rate for the first time in two decades, according to provisional figures released Wednesday by the National Center for Health Statistics. The spike is a somber manifestation of the state of maternal and child health in the United States. Infant and maternal mortality, inextricably linked, are widely considered to be markers of a society's overall health, and America's rates are higher than those in other industrialized countries.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Australia Signals Stepped Up Energy Overhaul Amid US Splurge; Treasurer says more needs to be done for renewable transition; Government rejects calls to mimic US Inflation Reduction Act
Ben Westcott - Bloomberg
Australia needs a whole-of-government approach to bolster spending and investment in clean energy, Treasurer Jim Chalmers said, citing estimates a further A$225 billion ($145 billion) is required by 2050 to achieve its net zero targets.
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China's Food Is Soft Power Waiting to Happen; A book explores the People's Republic's immense and diverse traditions, raising the question: Why isn't Beijing a culinary superpower?
Howard Chua-Eoan - Bloomberg
More than 2,000 years ago, a premonition of soft power was set down as nomadic intruders raided Chinese territory. An astute observer (and obvious gourmand) suggested that the "barbarians" might be tamed by culinary arts. Indeed, he wrote, a "craving" for the rice, roasts, stews and wines of China could subjugate the invaders with a gustatory addiction that would "become their fatal weakness."
/jlne.ws/3MnodhR
French Trader Sucden to Buy 10% Stake in Morocco Sugar Refinery; Deal comes as Wilmar exits its 30.5% stake in Cosumar; Transaction is expected to close before the end of the year
Isis Almeida, Dayanne Sousa, and Souhail Karam - Bloomberg
French commodity trader Sucres et Denrees SA is set to buy a stake of about 10% in Morocco's sole sugar refinery, according to people familiar with the matter. The deal for the stake in Cosumar SA was agreed with local investors and is expected to close before the end of the year, said the people who asked not to be identified because the information is private.
/jlne.ws/3tXBkjk
Nigerian Central Bank Clears Matured FX Forwards With Some Banks; Step is seen as key to stabilizing the Nigerian currency; The naira's official rate fell to a record this week
Emele Onu - Bloomberg
Nigeria's central bank cleared matured forward foreign-exchange contracts with an unspecified number of banks in the West African nation, a key step targeted by the government to help stabilize the naira. The amount of overdue forward payments is estimated at about $6.7 billion, according to government officials. Clearing that backlog has weighed on the naira, which fell to a record low of almost 1,000 per dollar on the official market this week.
/jlne.ws/3sgdQWg
New Swiss Rules Set to Spur $20 Billion Overhaul in Junior Bonds; Insurers will buy back bonds as they require new capital notes; Swiss Re buyback triggered price jump on secondary market
Tasos Vossos - Bloomberg
Insurance companies in Switzerland are set to repay billions in mostly discounted old-style bonds over the next decade as changes to the country's capital rules take effect next year. There are nearly $20 billion of subordinated notes that Swiss insurers have been able to use as capital under a previous regime that will be grandfathered until the end of 2033, based on data compiled by Bloomberg. Swiss Re AG has kickstarted the process of dealing with them, buying back hundreds of millions of its bonds.
/jlne.ws/3sejpVb
Worst of Nigeria's Naira Devaluation Over, Airtel Africa Boss Says; Firm recorded $471 million forex loss in the first half; Says foreign exchange challenges won't impact capex commitment
Anthony Osae-Brown - Bloomberg
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