| May 23, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
From our friends at Cboe Global Markets:
The Cboe's Options Institute recently became a sponsor of the Big Shoulders Fund's Stock Market Program, which provides the opportunity for eighth grade students to learn about the financial markets, personal savings and investing concepts, and careers within the financial industry. This interactive learning project is taught by volunteer teachers, including professionals from the financial industry, with an interest in sharing their expertise and mentoring talented and committed children who otherwise would not have the benefit of being exposed to such concepts. Significantly, students in the program are able to build a virtual portfolio tied to actual financial incentives for their school - benefitting both the school and the students.
For more than 35 years, Big Shoulders Fund has helped Chicago's children in need achieve their dreams through access to a quality, values-based education.
Earlier this month, Big Shoulders Fund held a capstone event for the Stock Market Program. Students participated in a mock investors meeting, heard from industry professionals about careers in finance and planning for the future, and also marked the occasion with a trophy ceremony.
Gina DeRaimo, head of the Options Institute at Cboe, states: "The Options Institute believes experiential learning transforms both students and teachers alike. When the team at the Big Shoulders Fund Stock Market Program invited us to sponsor, teach, and engage with their community of 8th grade students, we were thrilled to say yes and get started. By introducing students to financial concepts and career possibilities early, we hope to nurture their interests, empowering them to explore and leverage their many talents in a supportive, structured environment."
FIA President & CEO Walt Lukken opened the FIA Forum in Brussels with comments titled "Keeping derivatives markets 'open and safe for the real economy.'" In his comments he reminded everyone of why our markets exist in the first place. He said, "Our markets allow everyday businesses to hedge risk and free up capital for investments in jobs and equipment. Our markets also discover prices for these businesses, offering transparency into what's happening in the broader economy as well as specific industries. Even companies that do not use our markets benefit from prices discovered on our markets-whether that's through mortgage interest rates, the price of food and gasoline or even the price of a carbon offset."
And in case you missed it (I did), here is Walt's commentary in FIA MarketVoice titled "Viewpoint - Why "price discovery" matters to everyone."
The SEC Historical Society shared on LinkedIn today that "This week in 1969, broker Donaldson, Lufkin & Jenrette, aware of 'major shifts in the forces influencing equity markets,' filed for an IPO, despite a NYSE rule against public company membership. With many broker-dealers starved for cash, the NYSE changed its rule, touching off a period of modernization."
ADM announced an agreement to acquire D.C.A Finance B.V., a global leader in human and animal nutrition, subject to required regulatory approvals.
In 2011 on my trip to IDX I traveled with my son Tim and two associates to Oxford to stay with some friends. It was a lovely college town, with lots of history. Now according to Bloomberg, Oxford has been named as the best place to live and work in the UK, "based on a survey of economic wellbeing by PricewaterhouseCoopers LLP." Maybe my friends were on to something.
Less than half the number of people showed up in 2023 than in 2022 for the Bitcoin 2023 conference in Miami, Yahoo Finance reported. Maybe there is something to this "crypto winter."
Ananda Radhakrishnan has been promoted to senior vice president at the American Bankers Association and executive director and general counsel at the ABA Securities Association. He was previously the vice president of derivatives policy of the ABA.
In case you hadn't noticed it, the media is starting to pay attention to GOP presidential candidate Vivek Ramaswamy. The New York Times has a story today titled "Vivek Ramaswamy vs. the Void."
We have had just too much death and dying lately, especially reported here in JLN. Yesterday one of my favorite actors, Irish actor Ray Stevenson, died at the age of 58. I first noticed Stevenson in his breakout role of Titus Pullo in the HBO series "Rome." He later was cast in the Marvel movies as one of Thor's "Allies Three," Volstagg. He had great range as an actor, which I appreciated.
The New York Times published an obituary for Buddy Melges, the world class sailor from the shores of Geneva Lake, who was a resident of Fontana, Wisconsin, whose village president is the most interesting man in the world, Pat Kenny
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our top three stories in JLN Options yesterday were, If you invested $1,000 in this one stock just 10 years ago, you'd be $575,000 richer. Can you guess what it is? The answer might surprise you. The Game Theory of the Debt Limit Points Toward Settlement and The Debt-Ceiling Fight Bores the Stock Market. That Could Change Fast. ~JB
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SMALL CAPS TELL US MORE. The Russell 2000 Index provides live index tracking data, with historical performance dating back to January 1984. Academic and practitioner research confirms that large-cap stocks behave differently to small-cap stocks and performance is variable. There are sub-periods during which the Russell 1000 outperforms the Russell 2000 and vice versa. Quarterly performance assessments provide valuable datapoints for understanding market sentiment and US economic activity. Read now: Russell 2000 Index Quarterly Chartbook Q1 April 2023 (ftserussell.com)
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Lee Beng Hong on SGX's acquisitions and partnerships and bringing price discovery to the Asian markets
JohnLothianNews.com
JLN spoke at FIA Boca 2023 with Lee Beng Hong, head of FICC at SGX Group in Singapore, about its initiatives over the past couple of years, which include the launch of an FX ECN in 2022, the acquisition of MaxxTrader, and other partnerships.
Watch the video »
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Chicago's new Mayor Brandon Johnson is already bad for business
Matt Paprocki - New York Post
The Chicago Mercantile Exchange (CME) has been operating in the Loop since 1898, just 27 years after the Great Chicago Fire. The exchange was part of the city's rebirth and helped establish Chicago as a financial hub. Now, we see the opposite of rebirth with Chicago's population shrinking. And the $66 billion CME may not be around to help with future renewal: The company has rewritten the terms of its lease so it can leave the city if politicians pursue "ill-conceived" public policy.
/jlne.ws/43lAZU1
***** The New York Post regurgitated lots of old news in order to generate a scare headline to dishonor the new Chicago mayor. The CME Group is not going anywhere, though they are strategically positioned to move if they have to as far as their lease goes. But moving the hundreds of employees out of state, not so much. We need more time to tell whether Mayor Brandon Johnson is bad for business in Chicago, at least more than one week.~JJL
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Chinese Citizens Sue Florida Over Ban That They Won't Let Them Buy Homes in State; ACLU says law is unconstitutional, based on race, ethnicity; DeSantis says law will protect against Beijing's influence
Erik Larson - Bloomberg
The American Civil Liberties Union sued Florida over a law championed by Governor Ron DeSantis that bars most Chinese citizens from buying homes in the state. The law, set to take effect July 1, violates the equal protection and due process guarantees under the Constitution by prohibiting landownership based on "race, ethnicity, color, alienage, and national origin," according to the suit filed Monday in federal court in Tallahassee.
/jlne.ws/3MPSqGV
****** Talk to the NAACP, they can tell you all about how Florida politicians are treating people of color and other minorities.~JJL
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China's New Covid Wave Set to See 65 Million Cases a Week; Infections set to rise as immunity from previous illness wanes; Country also set to roll out vaccines that target XBB strain
Bloomberg News
China is likely to see its Covid-19 wave peaking at about 65 million infections a week toward the end of June, according to a senior health adviser, while authorities rush to bolster their vaccine arsenal to target the latest omicron variants. XBB has been fueling a resurgence in cases across China since late April and is expected to result in 40 million infections a week by the end of May, before peaking at 65 million a month later, local media outlet the Paper reported Monday, citing a presentation by respiratory disease specialist Zhong Nanshan at a biotech conference in the southern city of Guangzhou.
/jlne.ws/3BTtBUh
****** Here we go again?~JJL
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Emails, Chat Logs, Code and a Notebook: The Mountain of FTX Evidence; Prosecutors investigating Sam Bankman-Fried, the cryptocurrency exchange's founder, have accumulated more than six million pages of documents and other records.
David Yaffe-Bellany and Matthew Goldstein - The New York Times
Snippets of computer code. More than six million pages of emails, Slack messages and other digital records. And a small black notebook, filled with handwritten observations. For months, federal prosecutors building the criminal case against the fallen cryptocurrency executive Sam Bankman-Fried have assembled a vast and unusually varied array of evidence. The documents include crypto transaction logs and encrypted group chats from Mr. Bankman-Fried's collapsed exchange, FTX, as well as strikingly personal reflections recorded by a key witness in the case.
/jlne.ws/43l3bq9
****** So much for the encrypted group chats.~JJL
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Monday's Top Three
Our most clicked item on Monday was the Facebook post from Sean Smith saying that his brother Kevin passed away this week, with a picture of Sean and his two brothers. Condolences to Sean and his family and friends for their loss. Second was the MarketsWiki page for Sean Smith. Third was Rigging of Libor was 'state-led', from The Times of London.
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MarketsWiki Stats
27,327 pages; 244,876 edits
MarketsWiki Statistics
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| Lead Stories | Iosco calls on global regulators to be faster and bolder on crypto markets; Secretary-general Martin Moloney urges watchdogs to 'just push ahead'
Laura Noonan and Scott Chipolina - Financial Times
Regulators should be faster and bolder in taming cryptocurrency markets and should break up companies with intractable conflicts of interest, the global securities watchdog said as it unveiled a blueprint to rein in the "wild west" of finance. Iosco, the umbrella group for global markets regulators, on Tuesday published guidelines for authorities toughening their standards in the wake of a string of industry blow-ups, notably crypto exchange FTX. The 18-point plan covers areas including conflicts of interest, disclosure rules and governance.
/jlne.ws/3oju7b3
US Congress: how investment funds became the new insider trading risk; Lawmakers are subject to strict reporting requirements on stocks, but the rules on funds are lighter thanks to a decades-old exception
Nicholas Megaw and Caitlin Gilbert - Financial Times
In March last year, Steve Daines, a Republican politician from Montana, discussed the growing role of India at a hearing of the Senate banking committee. He encouraged the US trade representative to start negotiating a trade deal with New Delhi and cited a recent visit to encourage exports and meet "leading technology companies". What he did not mention is that during that trip in November 2021, on the day he met the country's commerce minister, he also put at least $65,000 into funds that specialise in Indian stocks. He added at least another $50,000 to one of them in early February 2022.
/jlne.ws/3ICIIoS
JPMorgan Makes One of the Biggest Bets Ever on Carbon Removal; Bank wants to neutralize its environmental footprint and score new business in burgeoning industry
Amrith Ramkumar - The Wall Street Journal
The biggest U.S. bank is making one of the biggest bets ever to remove carbon from the atmosphere as a way to fight climate change. JPMorgan Chase has agreed to invest more than $200 million to purchase credits from several companies in the nascent industry, company officials said. The money and JPMorgan's endorsement are a boost to businesses that have removed only small amounts of carbon so far.
/jlne.ws/3Wvf0b5
US Needs More Bank M&A. Somebody Pick Up the Phone; Deal activity among regional lenders has been lackluster in large part because of so-called social issues. Put more simply, few want to give up control.
Ed Hammond - Bloomberg
The US has too many banks, particularly regional ones. There are historical reasons for this, not least of which were laws that at one time prohibited lenders from operating out of more than one building. While obstacles to consolidation have dropped over time, deal activity has been lackluster in large part because of so-called social issues. Put more simply, few want to give up control.
/jlne.ws/422zadH
Exodus of US investment advisers sparked by mergers and bank turmoil; Business of managing $31tn in US retail assets is shaken up as managers launch independent operations
Madison Darbyshire and Joshua Franklin - Financial Times
A fevered round of job-hopping is under way in the US investment adviser business, with teams switching firms or striking out on their own in response to mergers and turmoil in the banking sector. More than 26,000 advisers switched firms in 2022, according to Cerulli Associates, representing 9.2 per cent of the US total. Industry executives say they expect the number to grow this year.
/jlne.ws/4216B04
China widens foreign access to swaps after $130bn bond sell-off; New market link-up scheme in 'test mode' as Chinese bond yields continue to lag behind US Treasuries
Hudson Lockett and Cheng Leng and Thomas Hale - Financial Times
China has opened the door for more overseas investors to access its prized $5tn interest rate swaps market, a move Beijing hopes can help stem a protracted sell-off of local debt as US rates rise. The market link-up, known as Swap Connect, launched on May 15 and is similar to existing programmes in Hong Kong that allow offshore investors to trade bonds and stocks in Shanghai and Shenzhen. Eddie Yue, chief executive of the Hong Kong Monetary Authority, said during a meeting in Beijing that allowing foreign investors to hedge the interest rate risk on their renminbi bonds "can prevent heavy sell-offs for bonds, decrease market volatility and improve financial stability".
/jlne.ws/3MQGULp
The AI Gold Rush Will Take Humanity to Some Dark Places; Encoding iris scans on the blockchain shows a need to curb Silicon Valley's savior complex.
Lionel Laurent - Bloomberg
Scanning humanity's eyeballs in exchange for cryptocurrency and assigning the encoded results to a blockchain is the kind of dystopian idea that might have stoked a speculative boom during the pandemic, before eventually crashing to earth and leaving a trail of angry investors behind. But with interest in artificial intelligence reaching fever pitch, this risky solution to proving personhood in the digital world is gaining new impetus.
/jlne.ws/3OxJ1VA
An MIT Verdict on Artificial Intelligence; In an important new book, two leading economists survey 1,000 years of tech history to discover the likely impact of AI
Adrian Wooldridge - Bloomberg
Getting the regulation of artificial intelligence right is one of the most urgent problems facing our species, and also one of the most delicate. AI has the potential to improve most aspects of our lives - Alphabet Inc.'s Chief Executive Officer Sundar Pichai argues that its impact will be "more profound than electricity or fire." It also has the potential to damage them profoundly - in one survey of AI researchers, 48% thought that there was at least a 10% chance that its impact would be "extremely bad," that is, lead to human extinction.
/jlne.ws/3q4HV9Q
Google CEO: Building AI responsibly is the only race that really matters; Fulfilling the technology's potential is not something that one company can do alone
Sundar Pichai - Financial Times
This year, generative AI has captured the world's imagination. Already, millions of people are using it to boost creativity and improve productivity. Meanwhile, more and more start-ups and organisations are bringing AI-powered products and technologies to market faster than ever.
/jlne.ws/431BF1a
Carl Icahn Is $15 Billion Poorer After Hunter Becomes the Hunted; Tucked away in South Florida's Billionaire Bunker, The Lone Wolf of Wall Street is ready for a fight after Hindenburg Research's report. "If you're going to be bothered by this, you shouldn't be in this business," he says.
Tom Maloney and Amanda L Gordon - Bloomberg
Carl Icahn doesn't care what people think. He doesn't care, he says, that some hotshot is trash-talking him. He doesn't care that he, the legendary Carl Icahn, billionaire Lone Wolf of Wall Street, just got Carl Icahn-ed. That someone is doing to him what he's done to so many for so long: publicly accusing him of mismanaging his company and failing stockholders.
/jlne.ws/3IBNmTU
AIG to Offload Reinsurance Business for $3 Billion to Free Up Capital; RenaissanceRe set to pay cash and shares for Validus unit; AIG's CEO says deal frees up capital, simplifies the insurer
Max Reyes - Bloomberg
American International Group Inc. said it will sell virtually its entire reinsurance business to RenaissanceRe Holdings Ltd. in a deal worth roughly $3 billion as Chief Executive Officer Peter Zaffino continues his effort to streamline the New York-based firm. RenaissanceRe will pay $2.74 billion in cash and $250 million of common shares for AIG's Validus Re unit as well as the AlphaCat and the Talbot Treaty reinsurance business, AIG said Monday in a statement.
/jlne.ws/3MOa65M
The Son of a Murdered Tycoon Who Grew Up to Become a Ponzi Scheme Fugitive; FX boss Constantinou convicted of fraud and money laundering; Sham firm CWM sponsored sports teams including Chelsea FC
Katharine Gemmell - Bloomberg
As a young child in the 1980s, Anthony Constantinou lost his father, Aristos, a fashion tycoon who was shot dead in a still-unsolved murder on a London street known as Billionaires' Row. Three decades later, Constantinou junior appeared to have bounced back from the tragedy, heading up a fast-growing trading firm on the 21st floor of a new skyscraper at the heart of the City.
/jlne.ws/43465zO
Allen & Overy closes in on American dream with $3.4bn Shearman deal; Merger between US and UK firms would create a legal giant with almost 4,000 lawyers worldwide
Kate Beioley and Joe Miller - Financial Times
Allen & Overy has been seeking to crack the US legal market for decades. On Sunday partners at the London firm joined hastily convened calls to learn it had finally struck a transformative deal - a $3.4bn merger with New York law firm Shearman & Sterling.
/jlne.ws/43jjcNo
Prometheum Ember Capital is the First SEC Qualified Custodian for Digital Assets Securities; First-ever SEC registered Special Purpose Broker-Dealer approved to custody digital asset securities
Prometheum Ember Capital LLC
Prometheum Ember Capital LLC ("Prometheum Capital"), a subsidiary of parent company, Prometheum Inc., announced today it has received a first-of-its-kind approval from the Financial Industry Regulatory Authority ("FINRA") to operate as a special purpose broker-dealer ("SPBD") for digital asset securities. This approval permits Prometheum Capital to custody digital asset securities on behalf of retail and institutional clients.
/jlne.ws/3Ou08I2
DRW Executes Intraday Repo Transactions with Societe Generale and Another Global Tier 1 Bank, Expanding Broadridge's DLR Platform; Bi-lateral intraday repo trade executions paving the way for broader adoption of repo for intraday funding
Broadridge Financial Solutions, Inc.
Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR), today announced that DRW, Societe Generale and another global tier 1 bank have successfully executed intraday repo transactions on Broadridge's Distributed Ledger Repo (DLR) platform. These latest transactions build on the momentum of DLR's first intraday repo transaction in April 2023 and further expands the network across the global repo community.
/jlne.ws/3OBoaRw
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Orban Says Ukraine Can't Win War as He Justifies Blocking EU Aid; Premier says Ukraine cannot beat back Russia's invasion; Hungary will continue to oppose EU aid and further sanctions
Zoltan Simon and Veronika Gulyas - Bloomberg
Hungarian Prime Minister Viktor Orban dug in his heels over crucial European Union aid to Ukraine, offering sympathy for his neighbor but nothing more to help it fight off Russia's invasion. Speaking in a Bloomberg interview at the Qatar Economic Forum, Orban argued that Ukraine's military effort is doomed and sending further aid will only lead to more deaths.
/jlne.ws/3OtE00q
Hungary Seeks Gas From Qatar to Cut Russia Reliance, Orban Says
John Micklethwait and Zoltan Simon - Bloomberg
Hungary is in talks with Qatar to purchase gas to reduce the eastern European Union nation's reliance on Russia for energy, Prime Minister Viktor Orban said. Talks are still ongoing with the Gulf nation and any supplies wouldn't arrive before 2026, Orban said in a Bloomberg interview on Tuesday at the Qatar Economic Forum.
/jlne.ws/3MQFaBH
Europe Seeks to Speed Up F-16 Training for Ukrainian Pilots; EU ministers hold talks in Brussels after green light from US; Formalities could be finalized as soon as June, Denmark says
Natalia Drozdiak, Natalia Ojewska and Niclas Rolander - Bloomberg
European allies aim to finalize plans as soon as June to start training Ukrainian pilots on F-16 fighter jets, Denmark's acting defense minister said, after the US gave its support. "First we need to talk about training and reeducation and after that we can discuss donations of F-16s," Troels Lund Poulsen, who is also economic affairs minister, told reporters Tuesday ahead of a gathering of defense counterparts in Brussels.
/jlne.ws/3MtMTEC
Russia Pushes India for Help to Avert Global Financial Isolation; The Financial Action Task Force suspended Russia's membership over the invasion of Ukraine. Moscow is trying to avoid being blacklisted next month.
Alberto Nardelli and Sudhi Ranjan Sen - Bloomberg
The Kremlin is pressuring governments including India behind the scenes, threatening to upend defense and energy deals unless they help block expected moves aimed at turning Russia into a financial pariah state over its invasion of Ukraine.
/jlne.ws/3q0BV1H
Putin's War in Ukraine Gets Closer to Home
Bloomberg News
Two places - Bakhmut and Belgorod - sum up the state of Russia's war in Ukraine after almost 500 days of fighting. Russia said it has finally taken Bakhmut, though Ukraine continued to dispute the claim and said its forces were also advancing around the outer edges of the eastern Ukrainian city that's been devastated by months of intense warfare.
/jlne.ws/3IwfjN5
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Intercontinental Exchange Announces Results from 2023 Annual Meeting of Stockholders
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced the results of the Company's 2023 Annual Meeting of Stockholders, which was held Friday, May 19. A replay of the meeting is available at www.ir.theice.com. Each of the ten director nominees received a majority of the votes cast "for" their election. Each director was elected to a one-year term. Stockholders approved an advisory resolution on executive compensation, with a majority of the votes cast "for" the proposal.
/jlne.ws/3IApsbx
DTCC Collaborates With Nomura Research Institute To Bring Greater Post-Trade Automation And Efficiency To Japan
The Depository Trust & Clearing Corporation
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced its collaboration with Nomura Research Institute (NRI) to provide automated central matching capabilities for cash securities transactions in Japan. NRI provides various financial services to Japan's financial services firms. Through this partnership, regional firms in Japan will be able to leverage CTM, DTCC's platform for the central matching of cash securities transactions, directly from NRI's SmartBridge Advance offering to streamline and enhance the post-trade process, enabling users to achieve a shorter time to settlement and increased efficiency.
/jlne.ws/45nNIr8
ASX appoints Tim Whiteley as Chief Information Officer
ASX
ASX today announced the appointment of Tim Whiteley as Chief Information Officer (CIO), effective 1 July 2023. As CIO, Tim will be responsible for the Group's enterprise technology functions, technology and data security, data governance, technology infrastructure and delivering ASX's multi-year technology modernisation program and capability uplift.
/jlne.ws/351gPmZ
ADM announces agreement to acquire D.C.A. Finance B.V.
ADM Investor Services, Inc.
ADM (NYSE: ADM), a global leader in human and animal nutrition, today announced that it has reached an agreement to acquire D.C.A. Finance B.V. (DCA), subject to required regulatory approvals. DCA, located in Lelystad, the Netherlands, provides commodity derivative broking services to a broad range of agricultural customers in Europe.
/jlne.ws/3BQKQ8I
Welcome Address by Loh Boon Chye, CEO, SGX Group, at Singapore International Ferrous Week 2023
SGX Group
Guest of Honour, Minister of State for Trade and Industry, Ms Low Yen Ling, our strategic partner Enterprise Singapore, event partners Fastmarkets, S&P Global Commodity Insights and TradeWinds, sponsors, distinguished guests, ladies and gentlemen, good morning.
/jlne.ws/3ohQgGM
SGX Group to launch Depository Receipts under DR Linkage with Stock Exchange of Thailand
SGX Group
Singapore Depository Receipts (SDR) will be available for trading by retail and institutional investors on 30 May 2023; Thailand-Singapore DR Linkage intensifies pan-ASEAN connectivity and promotes stock market collaboration. Singapore Exchange (SGX Group) today announced it will be launching a new product, Singapore Depository Receipts, (SDR[1]) under the Thailand-Singapore DR Linkage on 30 May 2023. A Memorandum of Understanding (MOU) will also be signed to mark the partnership between SGX Group and the Stock Exchange of Thailand (SET) on the DR Linkage.
/jlne.ws/3Mw4Ylf
On the termination from June 1, 2023 of the calculation of bond indices according to the scale of international rating agencies
MOEX
The Moscow Exchange reminds that, in accordance with previously published reports, from June 1, 2023, the calculation of bond indices segmented according to the scale of international rating agencies will be terminated.
/jlne.ws/3WACX0M
Moscow Exchange announces financial results for the first quarter of 2023
MOEX
PJSC Moscow Exchange (MOEX) announces financial results for the first quarter of 2023 based on consolidated IFRS financial statements. Unless otherwise indicated, all figures are for the first quarter of 2023, and the dynamics are in comparison with the first quarter of 2022.
/jlne.ws/3ooRqA3
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | DTCC and Nomura Research institute collaborate to improve post-trade automation and efficiency in Japan; The move comes as firms prepare for the 2024 implementation of T+1 settlement cycles in the US; addresses domestic and cross-border transactions.
Wesley Bray - The Trade
The Depository Trust & Clearing Corporation (DTCC) has announced its collaboration with Nomura Research Institute (NRI) to provide automated central matching capabilities for cash securities in Japan. The partnership will offer regional firms in Japan the ability to leverage CTM, DTCC's platform for the central matching of cash securities transactions, directly from NRI's SmartBridge Advance offering, allowing users to achieve accelerated settlement times and increased efficiency.
/jlne.ws/3olfNii
BMLL expands data coverage to include Hong Kong Stock Exchange; New offering compliments data from Tokyo Stock Exchange as well as recently added coverage from Cboe Global Markets Japan, Japannext Co. and SGX Group.
Wesley Bray - The Trade
Historical Level 3 data provider BMLL has expanded its data coverage to now include Hong Kong Stock Exchange (XHKG). The expanded offering compliments data from Tokyo Stock Exchange which is already offered in its product suite.
/jlne.ws/3q4zKu9
Bloomberg, MarketAxess and Tradeweb sign joint venture agreement to provide a fixed income consolidated tape in the EU; The three venues confirmed plans to apply to become the tape provider in June last year via a public procurement process organised by ESMA; have selected FINBOURNE as their infrastructure provider.
Wesley Bray - The Trade
Fixed income trading venues and data providers Bloomberg, MarketAxess and Tradeweb have signed a joint venture agreement to become the fixed income consolidated tape provider (CTP) in the EU, subject to regulatory approvals.
/jlne.ws/3q3J4yv
HSBC launches new artificial intelligence global markets service for institutional investors; New service is available via HSBC's execution platform Evolve, third-party platforms or directly through an API.
Annabel Smith - The Trade
HSBC has today launched a new artificial intelligence service to enhance the way institutional investors connect to the markets globally. Named AI Markets, the service uses natural language processing (NLP) to enhance institutional interaction with the markets including allowing them to generate bespoke analytics and gain access to HSBC's cross-asset data sets.
/jlne.ws/45CzfYC
Ledger's Hard Lesson: Being Right Isn't Good Enough; Public communication doesn't work like computer code. The French hardware wallet maker learned that the hard way.
David Z. Morris - CoinDesk
Ledger, the Paris-based hardware wallet maker, has had a terrible week. And in large part, it seems they have themselves to blame. Things started out badly enough. Ledger's May 16 introduction of the "Ledger Recover" seed phrase recovery service was greeted with skepticism from the crypto community, who worried about new security risks being introduced to one of the most widely-trusted hardware wallets on the market.
/jlne.ws/435RsvR
TradeStation® Collaborates with Plaid to Enhance Financial Account Connectivity Capabilities; TradeStation integrates with Plaid to create a more secure and efficient client experience
TradeStation Group, Inc.
TradeStation Group, Inc. ("TradeStation"), a Florida-based company whose operating subsidiaries provide award-winning*, self-clearing online brokerage services for trading stocks, ETFs, options, futures, and crypto that aim to offer the ultimate trading experience, has announced its integration with Plaid, a data network powering the digital financial ecosystem.
/jlne.ws/3MTDTtX
Dash Blockchain Halts, Binance Pool Suspends Mining Rewards
Anna Baydakova - CoinDesk
/jlne.ws/3BQkraY
Tokenized Securities on Ethereum, Polygon, Gnosis Hit $225M Market Cap
Liam J. Kelly and Nivesh Rustgi - Decrypt
/jlne.ws/3IwjcS4
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| Cybersecurity | | Top stories for cybersecurity | Crypto Hacks Are Down and Hackers Tend to Return Stolen Money: TRM Labs Report
Anna Baydakova - CoinDesk
Hacker stole around $400 million from crypto projects during 40 attacks in the first three months of 2023, blockchain intel firm TRM Labs said in a new report. This is a 70% decline from the Q1 of 2022. The average hack size also got smaller, according to TRM, from $30 million in 2022 to $10.5 million for the same period in 2023.
/jlne.ws/43n7Rf2
Students Battle Hackers on the Cybersecurity Front Lines; A class at UC Berkeley offers hands-on experience protecting NGOs from online attackers.
Margi Murphy - Bloomberg
In the decades he's spent combating human trafficking, Austin Shamlin has developed an expert's understanding of the gruesome business of kidnapping and enslaving people. He's seen horrors such as women held prisoner in brothels in the Dominican Republic, girls confined to cages in Haiti and predators at the Polish-Ukrainian border circling women and children fleeing the war. But the former cop knows less about shielding himself and the group he helms, an anti-trafficking nonprofit called the Traverse Project, from hackers.
/jlne.ws/43iHqar
This Is Why I Teach My Law Students How to Hack
Scott J. Shapiro - The New York Times
In the movies, you can tell the best hackers by how they type. The faster they punch the keys, the more dangerous they are. Hacking is portrayed as a highly technical feat, a quintessentially technological phenomenon.
/jlne.ws/3OzSMTf
China Bans U.S. Chip Giant Micron, Citing "Serious Cybersecurity Problems"
Ravie Lakshmanan - The Hacker News
China has banned U.S. chip maker Micron from selling its products to Chinese companies working on key infrastructure projects, citing national security risks.
The development comes nearly two months after the country's cybersecurity authority initiated a probe in late March 2023 to assess potential network security risks.
/jlne.ws/424dE8a
Cybersecurity firms' earnings set to benefit from growing threat of hacks
Samrhitha A and Vansh Agarwal - Reuters
Top U.S. cybersecurity companies are expected to report another quarter of strong growth as high-profile hacks and a shift in client preference for bigger players with better integrated offerings help support their businesses in a turbulent economy.
Palo Alto Networks (PANW.O), the largest player in the space by market share and valuation, will kick off sector earnings on Tuesday with what analysts polled by Refinitiv estimate to be a near 24% increase in quarterly revenue.
/jlne.ws/45stFrG
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| Cryptocurrencies | | Top stories for cryptocurrencies | Hidden Road becomes first partner onboarded by Crossover for spot cryptocurrency prime brokerage services; Hidden Road's clients will now have access to Crossover's CROSSx, which is designed to decrease trading costs, improve execution quality and enhance market data capabilities.
Wesley Bray - The Trade
Digital asset trading technology firm Crossover Markets Group has partnered with global credit network Hidden Road to offer clients the ability to execute spot cryptocurrency transactions through CROSSx. CROSSx is Cossover's execution-only cryptocurrency electronic communication network (ECN) which was launched in March, designed to decrease trading costs, improve execution quality and enhance market data capabilities.
/jlne.ws/3oqR7ow
BLOCKCHAIN-N.Y. AG fines Brooklyn crypto company Coin Cafe $4.3 million in investor fraud case, (May 19, 2023)
Suzanne Cosgrove - Vitallaw.com
An investigation by New York's Office of the Attorney General found the company charged investors high and undisclosed fees to use its wallet storage, despite marketing the service as free. The OAG said Thursday that Brooklyn-based cryptocurrency trading platform Coin Cafe has agreed to pay restitution to investors who were misled about the company's fee structure, agreeing to make payments of more than $508,000 to more than 340 New York investors who were charged fees without their knowledge.
/jlne.ws/3OyyKZm
Why the Biggest Emerging Markets Are Turning to Crypto
Noelle Acheson - CoinDesk
With the U.S. mired in political stasis while other regions build crypto frameworks, it's worth looking at the evolution of, and outlook for, on-the-ground demand for crypto assets. This is getting more and more relevant as many large countries struggle with skyrocketing inflation, shaky currencies and autocratic control over financial access, and as populations become increasingly crypto-aware and a lack of trust in centralized institutions grows.
/jlne.ws/45nbV0K
Bankrupt Crypto Company Celsius Could Get New Life From Wall Street; Investors that buy and turn around downtrodden companies have largely shunned crypto
Peter Rudegeair and Alexander Saeedy - The Wall Street Journal
Two Wall Street heavyweights are locked in a bidding war for bankrupt cryptocurrency lender Celsius Network. Apollo Global Management and senior executives at distressed-debt specialist Fortress Investment Group are each backing competing groups that aim to restart Celsius under new management, people familiar with the matter said. Each proposal would kick in around $50 million to help Celsius resume some operations as a publicly traded company owned mostly by its creditors, according to people familiar with the matter and investor presentations viewed by The Wall Street Journal.
/jlne.ws/3Mw37wN
At Bitcoin Conference, 'No Bears Allowed'; Scaled-down gathering reflects crypto industry's hardships in the past year
Caitlin Ostroff and Deborah Acosta - The Wall Street Journal
This year's annual bitcoin conference was for the die-hards. At the entrance, a sign proclaimed, "No bears allowed." It seems the bears stayed home. Organizers expected only half as many people to attend compared with last year when attendance hit a record 26,000. "The conference is a physical manifestation of the industry," said Christian Keroles, the general manager of Bitcoin Magazine, which puts on the conference.
/jlne.ws/3MO3VP8
Veteran crypto traders raising 1,000 Bitcoin for BTC-denominated fund
Leo Schwartz - Fortune
While the world of finance still revolves around fiat currency, the crypto hedge fund BXB Capital is taking a different approach with its latest fund: It's raising capital exclusively in Bitcoin, which will also be the sole instrument for its trading strategy. In an exclusive interview with Fortune, founders J.J. Petersen and Alex Friedberg said they already have around 400 Bitcoin-worth roughly $10 million-committed from investors, with a plan to raise up to 1,000 Bitcoin and launch the fund in July.
/jlne.ws/423xcJQ
The Making of the Doge Documentary; One of the funnest stories in crypto history - Dogecoin - is getting a documentary. Jeff Wilser checks in with Tridog, one of the producers.
Jeff Wilser - CoinDesk
/jlne.ws/3BPpOat
Bitcoin conference attendance plummets by 50% as crypto gloom persists
Brian McGleenon - Yahoo! Finance
/jlne.ws/3MrUrb2
Bitcoin Pizza Day Turns Sour as Meme Coin Shysters Profit Over $200K in Rug Pulls
Oliver Knight - CoinDesk
/jlne.ws/3MRfght
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| Politics | | An overview of politics as it relates to the financial markets | Sen. Warren's Bill Signals Crypto Is Headed for a Clash With National Security Interests
Chris Grieco - CoinDesk
The anti-money-laundering bill sponsored by Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-KS) purports to close loopholes in the risk of cryptocurrencies being used for illicit activity that even the Biden administration agrees is small. But the ill-conceived bill is a useful harbinger for the crypto community of a coming conflict between the community's desire for blockchain privacy and law enforcement's responsibility for national security.
/jlne.ws/43k3D7V
Shareholder Activists Drag Companies Into U.S. Culture Wars; Businesses face proposals on abortion, guns and climate change as groups with various viewpoints strive to get their agendas heard at this year's annual meetings
Richard Vanderford - The Wall Street Journal
A backlash against companies taking on issues ranging from climate change to abortion rights is helping to push shareholder proposals to record numbers this year. More advocacy groups are using these resolutions to try to inject their voices into the corporate agenda, questioning companies' adoption of policies that some view as being overly political. One group, for example, put forward a resolution requesting that Eli Lilly report on the risks of supporting abortion. Last year, the drugmaker expressed its opposition to Indiana's near-comprehensive abortion ban.
/jlne.ws/3MQ5H25
Veteran crypto traders raising 1,000 Bitcoin for BTC-denominated fund
Leo Schwartz - Fortune
While the world of finance still revolves around fiat currency, the crypto hedge fund BXB Capital is taking a different approach with its latest fund: It's raising capital exclusively in Bitcoin, which will also be the sole instrument for its trading strategy. In an exclusive interview with Fortune, founders J.J. Petersen and Alex Friedberg said they already have around 400 Bitcoin-worth roughly $10 million-committed from investors, with a plan to raise up to 1,000 Bitcoin and launch the fund in July.
/jlne.ws/423xcJQ
The Fear Premium in Bills Is Growing as Debt-Cap Fight Drags On; Yields on most at-risk securities leaped ahead of Biden-McCarthy meeting
Alex Harris and Mark Tannenbaum - Bloomberg
Investors have jacked up sharply the premium they demand to hold US paper that's most at risk of default if Congress and the White House fail to strike a deal on the debt ceiling. While broader financial markets remained relatively sanguine still about the prospect of a resolution eventually being found, the yields on securities maturing in early June have leaped once more.
/jlne.ws/3MQmyli
Follow Goldman Sachs Beyond London, Tory Mayor Tells City Giants; Interview: Andy Street hails new finance hub in West Midlands; Former John Lewis boss criticizes the beleaguered retailer
Sabah Meddings - Bloomberg
Shortly after we arrive at Andy Street's office, he insists on bundling into a taxi. Darkening rain clouds aren't going to stop the mayor of the West Midlands from showing off his proudest new achievement: luring Goldman Sachs to Birmingham. Minutes later, Street marches across the city's new financial district and plants himself in front of Goldman's offices for our interview. "When they initially came, they committed to 150, they're already at 400, and they've taken space for 1,000!" he says, hailing the bank's local headcount.
/jlne.ws/45rptIt
Japan Has Its Best Times Since Your Last Walkman; Corporate governance is far better and sustained growth may finally be here, but how high the sun rises this time depends much on the yen.
John Authers - Bloomberg
/jlne.ws/43jXDMv
South Africa Opposition Pleads for Market Access as US Ties Fray; Democratic Alliance leaders make case on visit to Washington; DA controls areas highly dependent on trade with American
Antony Sguazzin - Bloomberg
/jlne.ws/3q77pU9
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| Regulation & Enforcement | | Stories about regulation and the law. | Mutual funds hold key to a genuine capital union in Europe; Radical reform of current EU markets will give investors more choice for their money, at lower cost
Karel Lannoo - Financial Times
Not a week goes by without EU policymakers repeating the need for more capital markets financing in Europe. They argue that the huge costs of the green and digital transitions cannot be financed with state funds alone. They are correct - but that's where it stops. Concrete proposals are lacking.
/jlne.ws/3IBBTDR
SEC's Gensler Calls for More Disclosure, Transparency in Alts Space
Kenneth Corbin - Barron's
he Investment Company Act of 1940 created a durable framework for the Securities and Exchange Commission to oversee the fund industry, but that more than 80-year-old law hasn't kept up with the evolution of a massive and increasingly complex private-fund industry that touches virtually every facet of the modern economy, according to Securities and Exchange Commission Chairman Gary Gensler.
/jlne.ws/3BQZ49A
SEC Obtains Final Judgment Against Investment Adviser Thomas Carter Ronk in Microcap Stock Trading Scheme
SEC
On April 14, 2023, the U.S. District Court for the Central District of California entered a final consent judgment against Thomas Carter Ronk imposing injunctive relief, a five-year officer-and-director bar, a five-year penny stock bar, and a civil penalty.
/jlne.ws/3WwEC7C
India regulator proposes curbs on derivative-linked share moves
Reuters
India's market regulator proposed measures to contain extreme price movements in shares on which futures and options trade, including longer trading suspensions and restricting price movements. The Securities and Exchange Board of India (SEBI) proposed in a consultation paper late on Sunday that if a share in the futures and options segment falls or rises by 10% a day, trading would be suspended for an hour, up from the current 15 minutes, and then allowed to move only a further 2%, down from the current 5%.
/jlne.ws/45rOhAk
SFC concludes consultation on regulation of virtual asset trading platforms
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) today released the Consultation Conclusions on the Proposed Regulatory Requirements for Virtual Asset Trading Platform Operators Licensed by the SFC (Note 1). During the consultation period, the SFC received 152 written submissions from industry and professional associations, professional and consultancy firms, market participants, licensed corporations, individuals and other stakeholders. Respondents generally welcomed the proposed requirements, while a number of them sought clarifications. Taking into consideration the wide-ranging comments and suggestions provided by respondents, the SFC has modified or clarified some of the proposed requirements.
/jlne.ws/432HgUR
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | How Fake AI Photo of a Pentagon Blast Went Viral and Briefly Spooked Stocks
Davey Alba - Bloomberg
A falsified photograph of an explosion near the Pentagon spread widely on social media Monday morning, briefly sending US stocks lower in possibly the first instance of an AI-generated image moving the market. Just past 10 a.m. New York time, when the photo was circulating, the S&P 500 declined by about 0.3% to a session low. As news emerged that the image was a hoax, the index quickly rebounded.
/jlne.ws/43DuP1V
Citi Says Buyers Plow $21 Billion Into US Stocks; Some $21 billion new long positions added to S&P futures: Citi; S&P 500 is near a key breakout level of 4,200 points
Ksenia Galouchko and Jan-Patrick Barnert - Bloomberg
Investors are boosting their bullish bets on US equities, making positioning increasingly "one-sided," according to Citigroup Inc. strategists. Market participants have added $21 billion in new long positions on S&P 500 futures, Citi's data showed, even as talks in Washington to resolve the debt-ceiling impasse drag on. The weekly flow of new longs was one of the largest seen in recent years, it added.
/jlne.ws/3BSiOtk
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Montreal Protocol has slowed loss of Arctic sea ice, say scientists
Ayesha Tandon - Carbon Brief
The Montreal Protocol - which aims to reduce emissions of ozone-depleting gases - has had the unexpected benefit of slowing Arctic sea ice loss, according to new research. In 1987, nearly 200 countries signed the landmark Montreal Protocol, promising to limit their emissions of "ozone-depleting substances" in an effort to slow the thinning of the planet's ozone layer.
/jlne.ws/3q46pzV
Boeing boss cools hopes for sustainable aviation fuels; David Calhoun tells transport executives there is no cheap way of decarbonising air travel
Derek Brower, Brooke Masters and Claire Bushey - Financial Times
Boeing's boss has warned that new climate-friendly biofuels will "never achieve the price of jet fuel", pouring cold water on a central pillar of the aviation sector's strategy to slash emissions.Airlines say sustainable aviation fuels (SAF) - made from food waste such as cooking oil and plants - can bring rapid decarbonisation by replacing the kerosene-type fuels, such as Jet A, used in aircraft today.
/jlne.ws/3Wxt6ZE
JPMorgan Spends $20 Million to Suck Carbon From the Sky; The deal with Swiss startup Climeworks is among the biggest corporate carbon removal purchases on record.
Michelle Ma - Bloomberg
JPMorgan Chase & Co. has made one of the largest single corporate purchases to pull carbon from the air: The bank will pay Swiss startup Climeworks $20 million for removal services, JPMorgan announced on Tuesday.
/jlne.ws/3MTO81q
UK power group Drax in US push to take advantage of green tax credits; Company to spend $4bn on two new biomass plants in southern US with potentially more to follow
Rachel Millard - Financial Times
UK power generation business Drax is planning a big push into the US, lured by President Joe Biden's green energy tax incentives under the Inflation Reduction Act. Will Gardiner, chief executive, said the tax breaks were the "icing on the cake" as he set out plans to spend $4bn building two new power plants in the southern US, with the potential for more to follow.
/jlne.ws/432zIBq
Climate Activist Choir Tells Shell Board to 'Go to Hell' in Song
Will Mathis - Bloomberg
/jlne.ws/3BOjq3p
Shareholder Activists Drag Companies Into U.S. Culture Wars; Businesses face proposals on abortion, guns and climate change as groups with various viewpoints strive to get their agendas heard at this year's annual meetings
Richard Vanderford - The Wall Street Journal
/jlne.ws/3IwV9Cw
More Than 100 US, EU Politicians Want Oil CEO Removed as COP28 Head; Dozens of members of the US Congress and European Parliament called for Sultan Al Jaber to be removed as COP28 president-delegate.
Akshat Rathi and John Ainger - Bloomberg
/jlne.ws/432zp9P
Zimbabwe Carbon Credit Programs Get Two Months to Meet New Rules; Attorney-General will sign new contracts with investors; African nation is 12th largest creator of carbon offsets: BNEF
Godfrey Marawanyika and Ray Ndlovu - Bloomberg
/jlne.ws/43jkB6l
Swiss Re Becomes Fourth Insurer to Leave Net Zero Group
Alastair Marsh - Bloomberg
/jlne.ws/3IzMHT6
More Than 100 US, EU Politicians Want Oil CEO Removed as COP28 Head; Dozens of members of the US Congress and European Parliament called for Sultan Al Jaber to be removed as COP28 president-delegate.
Akshat Rathi and John Ainger - Bloomberg
/jlne.ws/3MvsrmJ
A Guardian of Federal Lands, Lambasted by Left and Right; From oil and gas leases to missed climate targets, Interior Secretary Deb Haaland has become a lightning rod for the Biden administration's compromises on energy policy. A recent Senate hearing underlined the steady criticism she faces from conservatives.
Grant Schwab - Inside Climate News
/jlne.ws/45tgWoH
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Jamie Dimon Says He Has No Plans to Retire
Andrew Welsch - Barron's
JPMorgan Chase CEO Jamie Dimon affirmed Monday that he has no intention of retiring any time soon. "I'm not going to play golf," Dimon, 67, said in response to an analyst question during JPMorgan's investor day. Responding to the analyst, Dimon said he is still passionate for the top job. "I won't do this forever," Dimon said. "But I have the same intensity. If I didn't, I should step away. I think CEOs should retire when they don't have that intensity."
/jlne.ws/3MwTnCN
First Citizens sues HSBC for hiring away Silicon Valley Bank staff
Daniel Wiessner - Reuters
First Citizens BancShares Inc , which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC on Monday, accusing it of illegally poaching more than 40 of the failed bank's employees. The lawsuit filed in San Francisco federal court says HSBC violated federal law by hiring away the workers in order to improperly gain access to Silicon Valley Bank's (SVB) trade secrets.
/jlne.ws/3WsRdIM
JPMorgan's Dimon says bank's plans regarding his tenure are unchanged
Reuters
JPMorgan Chase & Co CEO Jamie Dimon said he still approaches his job leading the largest U.S. bank with the same intensity, when asked by analysts about his retirement plans on Monday. Succession plans of Wall Street giants have come into focus after Morgan Stanley chief James Gorman outlined steps last week to hand over reins in twelve months. Asked how many more years he wanted to stay as CEO, Dimon said, with a laugh, "three and a half."
/jlne.ws/425G2a2
Credit Suisse bankruptcy event has not occurred - CDS panel
Herbert Lash - Reuters
A derivatives committee ruled on Monday that a bankruptcy credit event had not occurred in relation to Credit Suisse, quashing investors' efforts to trigger a payout on credit insurance linked to the Swiss lender. The ruling was in response to an investor question about $17 billion in senior and subordinated bonds issued by Credit Suisse whose holders were wiped out when the Swiss bank was taken over by UBS in March in a state-assisted deal.
/jlne.ws/3WsThk0
JPMorgan's Jamie Dimon Still Isn't Going Anywhere
David Benoit - The Wall Street Journal
Jamie Dimon maintained Monday he was going nowhere soon as the head of JPMorgan Chase, a week after another big bank CEO said he would be stepping down. In what's become an annual ritual, Dimon was asked by analyst Mike Mayo at the bank's investor day for an update on when he'd be retiring. "Three-and-a-half-years," Dimon said before Mayo had even finished the question.
/jlne.ws/43223b2
CDS Panel Rules Credit Suisse Takeover Not a Bankruptcy Event; All 11 members of CDDC voted credit event had not occurred; Panel dismissed another question on Credit Suisse last week
Libby Cherry and Giulia Morpurgo - Bloomberg
/jlne.ws/3Wqn0tT
Banks Got Rising Rates Wrong; Deposit franchises, Mizuho/Greenhill, SoftBank lending, Credit Suisse AT1s, Libor and fractional horses.
Matt Levine - Bloomberg
/jlne.ws/3IAGXsp
Mizuho Becomes Third Japan Bank to Sell AT1s After Crisis; Lender's debt plan follows offerings by SMFG, MUFG since April; Pace of sales shows Japan's local credit market resilience
Ayai Tomisawa - Bloomberg
/jlne.ws/3Wqzgus
Bankers See Asia-Middle East Dual Listings as a Budding Trend; Olam Agri is planning dual listing in Singapore and Riyadh; Saudi Arabia has been fostering Singapore, HK exchange ties
Julia Fioretti - Bloomberg
/jlne.ws/423CqoW
JPMorgan plans 'unmatched' $15.7bn spending spree on new initiatives; US bank boosts 2023 forecast for net interest income by $3bn following First Republic deal
Joshua Franklin - Financial Times
/jlne.ws/3BPve5j
Mizuho agrees $550mn deal for boutique investment bank Greenhill; Japanese group is paying significant premium as it seeks to quicken US expansion
Sujeet Indap and Leo Lewis - Financial Times
/jlne.ws/3WpEQ09
SocGen Holders Eye Stock Revival After 15 Miserable Years; Axiom's Roman boosts stake after lender's shares trailed peers; Stock is one of cheapest in Europe; analysts still skeptical
Julien Ponthus - Bloomberg
/jlne.ws/3BQ9Vk1
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | CFPB should encourage the use of AI to reduce lending discrimination
Yolanda D. McGill - American Banker
On March 30, 2023, Patrice Ficklin, head of the Consumer Financial Protection Bureau's Office of Fair Lending, publicly clarified for the first time that consumer lenders have an affirmative duty to monitor, refine and update lending models in order to ensure that there are no less-discriminatory models available.
/jlne.ws/3Wvt5Fe
Mizuho Buys a Boutique Past Its Prime in Greenhill; The Japanese company will need to worry about how much talent is left at the merger advisory firm and how much it will have to pay to attract more.
Ed Hammond - Bloomberg
The problem with buying a business based on talent is that talent can leave. Technologies, pharmaceuticals, oil, airlines: You buy them, you own them. People, not so much. In acquiring Greenhill & Co., Mizuho Financial Group Inc. is making a $550 million bet that it can persuade the investment bank's talent to stay put. That's great, but it should worry about how much of it has left already.
/jlne.ws/3WvpOGj
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The unexpected force that may make us get less sleep; A study estimates people are already losing an average of 44 hours of sleep per year
Kasha Patel - The Washington Post
Nick Obradovich couldn't fall asleep, again. And now he was getting grumpy. It was October 2015, and San Diego was experiencing historically warm fall temperatures in the mid-70s. The normally cool and dry city logged its three warmest October nights on record at the time during an unprecedented heat wave. The area had experienced its warmest October on record at about 7.7 degrees above average.
/jlne.ws/43mMZVw
The Health-Care System Is Running Out of Everything; The US is facing a shortage of drugs, nurses and reproductive care, while in the UK there aren't enough doctors.
Jessica Karl - Bloomberg
Businessweek's Ashlee Vance has a story today about a rather peculiar family ritual: "On April 3, the tech entrepreneur Bryan Johnson, 45, turns up at a health services clinic near Dallas with his 70-year-old father Richard and 17-year-old son Talmage. They arrive early in the morning, and, over the course of several hours, the men (and boy) engage in a tri-generational swapping of their blood plasma" (italics very much mine).
/jlne.ws/45oQRqy
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore's High Costs Won't Dethrone the Money Center... Yet
Daniel Moss - Bloomberg
Singapore's post-Covid bull run has brought more than its fair share of grousing. The city-state basks in its status as Asia's destination of choice, a beneficiary of disillusion with magnets such as Hong Kong. That's come with a big caveat: High costs that push workers to consider packing for the suburbs - of another country. Happily for Singapore, one very proximate would-be competitor needs to work a lot harder to be a serious rival.
/jlne.ws/3oqiwqB
As China Gains in Farm Tech, the US Falls Behind; American farmers have depended on the supremacy of US agriculture technology to win in global trade, but they've rested on their laurels too long.
Adam Minter - Bloomberg Opinion
China has opened a new front in the chip war with the US - but it's not about dominating the future of computing. It's about the future of pork chops, and the key to winning is homegrown "pig chips." That's not a reference to actual silicon chips, but tongue-in-cheek Chinese shorthand for technology-driven swine breeding. China's leadership believes that national security depends on weaning itself from imported food, especially from the US.
/jlne.ws/42YOIQJ
China's fishing fleet embroiled in rising tensions with US; Washington has cracked down on Beijing's vessels over illegal fishing and 'grey-zone operations' in South China Sea
Edward White - Financial Times
From the waters of the Pacific Ocean to the coasts of Antarctica and Africa, China's fishing fleet is emerging as a new geopolitical flashpoint between Washington and Beijing. The Chinese distant water industry is by far the world's biggest in terms of catch volume and fleet size, and is estimated to have about 10,000 vessels worldwide.
/jlne.ws/3WuYLe1
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