| December 13, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
CFTC Commissioner Dawn Stump issued a vaguely titled statement on December 9 that failed to fully capture our attention, although we published it, in which she announced she would not be "seeking another five-year appointment at the upcoming conclusion of my current term." Stump will continue to serve the remainder of term while the Senate and the president "consider the nomination of others to fill the position."
With Stump leaving, this will turn over the entire commission, except for Acting Chairman Rostin Behnam, who is awaiting confirmation as chairman. This would open up a second Republican spot to be replaced, along with the two Democratic spots that are proposed to be filled with Kristin Johnson and Christy Goldsmith Romero, and Behnam as the third Democrat. This could ease the process, if the Republicans can agree on nominees, and the two Democrats and two Republicans can be advanced at the same time.
The FT is reporting that HSBC and Wells Fargo are disintermediating CLS in the settling of some foreign exchange trades by using blockchain to settle the trades. The FT's Eva Szalay and Philip Stafford report the banks will "cut out CLS from dollar, euro and sterling transactions."
The New York Times is reporting that one in 100 older Americans have perished from the Covid-19 virus and that of the nearly 800,000 deaths, people who are 65 years and older make up about three-quarters of the U.S.'s coronavirus death toll.
In this week's John's Take for The Spread video series, I reflect on moving out of our offices in the CBOT Building, a bittersweet farewell to our office on LaSalle Street in Chicago.
Business Insider has a story that says Bill Gates predicts "most virtual meetings will move to the metaverse within 3 years, and workers will interact using VR headsets and avatars." I said maybe JJLCO's next office will be in the metaverse at the end of John's Take.
NYSE posted a video to LinkedIn of incoming NYSE President Lynn Martin sharing her thoughts on what it feels like to be back on the NYSE trading floor.
OptionsBrewTV's Kevin "Lex" Luthringshausen from Tradier had Cboe's Henry Schwartz on to talk about "Understanding Options Order Flow using Cboe's Trade-Alert." They talked about how options volume is out of the stratosphere, with Schwartz saying there are "ten million contracts a day in retail volume, that was not here 5 years ago." He also said he believes the U.S. options markets volume could reach 9.5 billion contracts this year. Schwartz attributed the increase in volumes to the perfect storm of people working from home and the reduction of friction from zero-cost brokerage offerings. Lex and Schwartz also discussed Cboe's Trade Alert offerings and how moving to the Cboe improved them. You can watch the interview HERE.
Vinson & Elkins has issued a report that evaluates a decade of private market investment trends in renewable energy. You can find more information about it HERE.
Sam Bankman-Fried is on the list of Most Influential 2021 for Coindesk. They said "His FTX juggernaut is naming sports stadiums and placing ads at the World Series. But the entrepreneur is remaining humble."
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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FinTech Rising's Collin Canright tackles the topic of supply chain snarls in his latest notes. One of the stories he brought to our attention is "How a Perfect Storm of Factors Led to 'The Mother of All Supply Chain Disruptions'" from the Wharton School. Read a discussion of their analysis here. It's particularly apt as we finish up our holiday gift buying. ~SC
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Risky Options Trading Worries Regulators; Bitcoin's Weekend Woes; CME Unveils Trading Challenge Winners - The Spread - December 10, 2021
JohnLothianNews.com
— FINRA seeks to more closely monitor options trading to protect new retail investors; Crypto volatility continues; MIAX notches another record; Top 5 winners of CME Group's trading contest include Loyola University Chicago, University of Illinois and Southern Illinois University; - "John's Take:" A bittersweet farewell to John J. Lothian & Co.'s office on LaSalle Street; - Jermal Chandler looks at American-style options' parameters in the "Term of the Week."
Watch the video »
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Women hold most non-executive director board seats in UK for first time; But almost nine in 10 executive directors are male across the top 150 FTSE companies
Daniel Thomas - FT
Women account for the majority of non-executive director positions across the UK's largest listed companies for the first time, according to a study by executive headhunter Spencer Stuart. But the report also revealed that almost nine in 10 executive directors are male across the top 150 FTSE companies, highlighting that men still dominate management roles.
/on.ft.com/3oOTqiv
***** It is a start, but there is lots of room for improvement.~JJL
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Return-to-Office Plans Are Turning 'Shybrid' With Ongoing Delays; Omicron throws another wrench in planning, while some companies have yet to even set a strategy.
Jeff Green - Bloomberg
A new wave of Covid uncertainty has again put millions of U.S. workers in limbo about when — or if — they need to return to the office. Lyft Inc. employees who were supposed to be back at their desks in February now won't be required to show up until 2023. Ford Motor Co. pushed back a January return to date to March, while Google and Uber Technologies Inc. shelved their plans indefinitely to see how the omicron variant plays out. Jefferies Financial Group Inc. this week told its staff to go back to remote work after offices had reached 60% attendance.
/bloom.bg/30naMK2
*****There is a new term for you. Also ZoomCan is a new way to fire people. ~JJL
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Zero Taxes, Golf and Beach Houses Create a Crypto Island Paradise; After a meteoric year, investors are relocating to Puerto Rico for its savings on individual and corporate taxes.
Francesca Maglione - Bloomberg
The St. Regis Bahia Beach Resort in Puerto Rico boasts a golf course and oceanfront residences in a 483-acre nature reserve, set along azure waters and lush rainforest. But what's perhaps most appealing to those who are now rushing to this property is the section on its website explaining tax benefits for island residents.
/bloom.bg/3yrZ6SU
***** I know of leaders of one principal trading group from Chicago who have moved to Puerto Rico. Looking smarter all the time, until the next hurricane.~JJL
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Men of leisure deflated by the great bicycle bubble; A brisk look back at a market mania from the late 19th century.
Jamie Powell - FT
A key part of any bubble are the participants. Remember the great Beanie Baby bubble of the late 1990s? Well, that particular slice of hysteria was set apart not just because the object was plush toys but because it was arguably the first one to be predominantly fuelled by female buyers. (If you would like to know more, do have a read of our piece on Zac Bissonnette's excellent book on the mania here.)
/on.ft.com/3ylnDsA
**** In 1895, not all the air being pumped was into bicycle tires, some was hot air into the stock prices of the bicycle companies.~JJL
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Why Hedge Fund Giant Ray Dalio Is Worried About China, Inflation, and a U.S. 'Civil War'
Jack Hough - Barron's
I'm not the doomsday reporter at Barron's, despite appearances. Last week, I shared a conversation with former Google CEO Eric Schmidt about artificial intelligence and the risk of a robo-nuclear attack. I didn't know whether to duck and cover or initiate emergency pants-wetting protocols. Now, hedge fund giant Ray Dalio tells me that an inflationary spiral will sink cash and Treasuries; that there's a 30% chance of a U.S. "civil war" in the next decade; and that there's also a 30% chance of a military conflict between the U.S. and China.
/bit.ly/3oQH5dE
***** Probabilities and guesses make good headlines.~JJL
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Friday's Top Three
Our top story Friday was As Libor Goes Away, U.S. Replacement Makes a Big Trader Uneasy, from Bloomberg via Yahoo Finance. (The big trader is Don Wilson, who was also our MarketsWiki Page of the Day on Friday.) Second was Crain's Chicago Business' CME loses key battle in potentially costly trader lawsuit, putting that story in our Top Three for three days in a row. Third was Where crypto 'anarchy' will end, a video from the Financial Times' Lex column.
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MarketsWiki Stats
26,675 pages; 236,552 edits
MarketsWiki Statistics
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| Lead Stories | Millions of Indians join pandemic-fuelled rush into retail investing; Soaring stock prices raise concerns a downturn could burn new investors
Chloe Cornish - FT
Inside a cramped photocopying kiosk in Mumbai, Umesh Khamkar was checking his phone every 30 minutes. He is the tiny shop's proprietor, but Khamkar was focusing on his other more lucrative business as a day trader. These days he earns more money trading stocks on an app than with his photocopying machine. Khamkar, a slight man in his fifties, began investing in Indian stocks after the country's punishing lockdowns in 2020 sent him down a rabbit hole of YouTube investment seminars.
/on.ft.com/3oLte8p
Libor limbers up for 'Y2K' walk into a $265 trillion sunset
Huw Jones and John McCrank - Reuters
Bankers and regulators will be at their screens on New Year's Eve to see if what was once dubbed the world's most important number slips quietly into the history books. The London Interbank Offered Rate, or Libor, is finally being switched off, ending its role pricing derivatives and loans ranging from mortgages and student loans to business funding and credit cards, which totalled $265 trillion globally as of the start of 2021. The rate is being scrapped a decade after banks were caught trying to rig it in what will be the biggest shake-up to markets since the introduction of the euro in 1999.
/yhoo.it/3ylIb46
HSBC and Wells Fargo to settle currency trades with blockchain; The two banks will cut out CLS from dollar, euro and sterling transactions
Eva Szalay and Philip Stafford - FT
HSBC and Wells Fargo are cutting out a key part of the currency market's infrastructure from some trades after the two banks agreed to settle transactions directly on blockchain technology.
/on.ft.com/31UbFdl
SEC Lures Top Enforcer Who Says Tougher Punishment Is Coming; Gurbir Grewal brings decades as prosecutor to Wall Street regulatory role
Dave Michaels - WSJ
The Securities and Exchange Commission often picks its top cop from the ranks of Wall Street's best defense lawyers. Its newest one hadn't worked on a securities case in almost six years until he took on the job in July. Gurbir Grewal became the director of the SEC's enforcement program after serving as New Jersey's attorney general for more than three years, during which he overhauled police use-of-force training and disciplinary transparency, spoke out against Asian-American hate crimes, and took personal heat for how state officials dealt with the coronavirus pandemic.
/on.wsj.com/3yjWlmy
To Fight the Global Covid-19 Pandemic, We Need a Global Game Plan; The U.S. makes a huge mistake if it thinks its fate can be walled off from the rest of the world
Larry Brilliant - WSJ
For many months in 2020, Covid-19 was the No. 1 cause of death in the U.S. And deaths this year have already surpassed last year. Americans tend to see this pandemic through the lens of American losses. But neither the original virus nor the five Greek-lettered variants of concern began in the U.S. Wherever the next more-infectious variants begin, they will inevitably circle the globe.
/on.wsj.com/3oPQKRS
Parthenon Capital to Buy Kroll Bond Rating Agency in $900 Million Deal; While sales of credit-ratings firms are relatively uncommon, this is the second in recent years
Miriam Gottfried - WSJ
Private-equity firm Parthenon Capital Partners has agreed to buy a majority stake in Kroll Bond Rating Agency LLC, in a rare instance of a credit-ratings firm changing hands, company officials said. The deal, which is expected to be announced later Monday, values KBRA at $900 million including debt.
/on.wsj.com/3dNstWc
Owner of Private-Equity Firm Backed by Coors and Other Wealthy Families Is Accused of Misusing Funds; The SEC has subpoenaed One Thousand & One Voices Management and a credit unit, documents show
Mark Maremont, Miriam Gottfried - WSJ
The Securities and Exchange Commission is investigating a private-equity firm backed by several ultrarich U.S. families after receiving complaints that its owner was using investor funds to cover personal expenses, documents show. The firm, One Thousand & One Voices Management, and a unit that manages one of its funds received subpoenas three months ago from the SEC's Division of Enforcement seeking a range of materials, according to documents viewed by The Wall Street Journal.
/on.wsj.com/3DPuHiu
Credit Suisse Fills Leadership Slots in Post-Archegos Reshuffle; Swiss banking giant rehires Francesco De Ferrari to run wealth management
Margot Patrick - WSJ
Credit Suisse Group AG CS -0.73% rehired Francesco De Ferrari to head its wealth-management arm catering to the world's rich, putting the veteran banker in charge of a broader revamp to make the business bigger and safer. Credit Suisse made Mr. De Ferrari's appointment Monday and filled other slots created in a broader restructuring announced in November.
/on.wsj.com/31WzgdB
Companies Upend Plans on Covid-19 Vaccines and Office Returns, Again; More employers say workers can now stay home for months longer, while some pause vaccine requirements as the Biden administration's directive is blocked
Chip Cutter, Emily Glazer - WSJ
Companies knew to expect pandemic surprises heading into winter. They just keep coming. The Biden administration's vaccine mandate is in limbo. The threat of the Omicron variant is still being studied. International travel is getting more restrictive again.
/on.wsj.com/3DQloi0
That Big Office Building? It's an E-Commerce Warehouse Now; More companies are making remote work permanent, forcing developers to convert old office buildings into warehouses, apartments and other uses
Chip Cutter, Konrad Putzier - WSJ
Allstate Corp.'s suburban campus outside Chicago, with its interconnected buildings, manicured grounds and acres of parking, represented a new vision for the U.S. office when it opened in 1967. That vision is now dead. The insurer reached a deal last month to sell most of the campus. The new owner plans to demolish the office buildings and convert the Northbrook, Ill., site into more than 3 million square feet of e-commerce warehouses and other logistics facilities.
/on.wsj.com/3ET6Csn
Hedge Funds Face Expansive Short-Selling Probe, Exciting Critics
Katia Porzecanski, Tom Schoenberg, and Matt Robinson - Bloomberg
Justice Department is examining numerous funds and researchers; Inquiry spanning dozens of stocks is cheered by small traders
The U.S. Justice Department has launched an expansive criminal investigation into short selling by hedge funds and research firms -- thrilling legions of small investors and other skeptics of the tactics that investigative firms use to bet on stock declines. The probe, run by the department's fraud section with federal prosecutors in Los Angeles, is digging into the symbiotic relationships between funds and researchers, hunting for signs that they improperly coordinated trades or broke other laws to profit, according to people familiar with the matter.
/bloom.bg/30mDsmh
Meme Stock Traders Thrilled by DOJ's Criminal Probe of Hedge Funds; Individual investors say they have been waiting too long for more aggressive steps by regulators to curb short selling by Wall Street powerhouses.
Claire Ballentine and Misyrlena Egkolfopoulou - Bloomberg
The horde of rambunctious individual investors across Reddit, Stocktwits and Twitter are thrilled with a sense of vindication. They've long demanded that authorities rein in hedge funds — who they see as part of the Wall Street establishment that bets against companies in a greedy pursuit of profits. Their voices have especially grown louder in the wake of the trading frenzy over meme-stocks such as GameStop Corp. and AMC Entertainment Holdings Inc. this year.
/bloom.bg/3ETWQ9i
Binance abandons plans for Singapore crypto platform; Exchange's efforts to set up operations in financial hub suffer latest blow after pushback from regulators
Joshua Oliver - FT
Binance will close its Singapore crypto trading platform after clashing with regulators in the city-state earlier this year, marking the latest blow to the exchange's efforts to establish operations in a major financial centre.
/on.ft.com/3EUzQqS
Daylight overdrafts must lose their stigma; Fed needs to wean financial system off use of excess reserves by banks
Izabella Kaminska - FT
Anyone covering financial markets in 2007 and 2008 will recall how the market went from not caring very much at all about arcane goings on in money markets, to being totally obsessed. After central banks threw the proverbial liquidity kitchen sink at the global monetary system to fend off the global financial crisis, public scrutiny over key market rates like three-month libor or the overnight funding level remained. The irony is, by this point the rates had become far less indicative of strain in the financial plumbing system. The quantitative easing programme of asset buying by central banks to support markets had, by design, damped much of their information value.
/on.ft.com/3dLQMUA
US small-cap stocks trade at historic discount to corporate titans; Analysts and investors find opportunities in companies more exposed to America's domestic economy
Adam Samson and George Steer - FT
Smaller US-listed companies are trading at a steep discount compared with their larger peers, highlighting how corners of the market remain relatively inexpensive despite the big rally from the depths of the coronavirus crisis.
/on.ft.com/3ESdLJq
The US is getting serious about tackling corruption; Allies should cheer and support the desire to clean up finance
The editorial board - FT
It must be a first: a US Treasury Secretary announcing that "there's a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States". Janet Yellen's remark at a US-hosted summit last week intended to shore up liberal democracies worldwide illustrates an important turn in US policy. The Biden administration's focus on corruption and money laundering may so far have attracted less notice than its other big policy decisions. But it is the most meaningful manifestation of the US president's argument that making the economy work for ordinary Americans is intimately connected to US national security and foreign policy interests.
/on.ft.com/30kWmdg
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Test & trace could run until 2025 under new consulting contracts; UK government lays ground for years of travel restrictions and contact tracing
Michael O'Dwyer and Jim Pickard - FT
The UK government is laying the groundwork to extend its Covid-19 test and trace system as far as 2025 in a sign of how long officials fear the pandemic could continue, according to recently published contracts.
/on.ft.com/3GDLzuo
New U.K. Omicron Cases Double as Country Plans Daily Tests
Sara Marley and Thomas Biesheuvel - Bloomberg
The U.K. confirmed 1,239 new omicron cases on Sunday, almost double the 633 cases reported the day before. Total cases of the latest variant now stand at 3,137, the U.K. Health Security Agency said on Twitter. The spike comes as the country plans to introduce new daily home testing for people who come into contact with someone who has contracted Covid-19.
/bloom.bg/3rXXNd3
U.K. to Focus on Boosters as Omicron Stalks Health Service
Ros Krasny - Bloomberg
Former vaccine minister says doubling rate now two-three days; Health services face huge backlogs that could become worse
U.K. Education Secretary Nadhim Zahawi said one-third of new Covid infections in London are now the omicron variant, and cases in the U.K. are doubling every two to three days.
/bloom.bg/3DM1LHR
A Fourth Shot Against Omicron? Don't Count It Out; Pfizer CEO Albert Bourla says we'll likely need another shot sooner rather than later. But what kind?
Therese Raphael and Sam Fazeli - Bloomberg
"No one should be in any doubt: There is a tidal wave of omicron coming, and I'm afraid it is now clear that two doses of vaccine are simply not enough," Boris Johnson said in a statement Sunday night. The Prime Minister's warning tallies with modeling by researchers at the London School of Hygiene and Tropical Medicine predicts between around 25,000 and 75,000 deaths from the new variant this winter in Britain. On Sunday, Johnson announced a plan to super-charge the country's booster program so that everyone over 18 will be offered a third shot before the end of the year.
/bloom.bg/3dO7h28
U.S. COVID-19 deaths reach 800,000 as Delta ravaged in 2021
Roshan Abraham and Aparupa Mazumder - Reuters
The United States on Sunday reached 800,000 coronavirus-related deaths, according to a Reuters tally, as the nation braces for a potential surge in infections due to more time spent indoors with colder weather and the highly transmissible Omicron variant of the virus.
/reut.rs/3ESkTpc
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | IEX Exchange appoints a new COO and business development head; Co-founder takes over from former COO who left the US regulated exchange to work for a crypto assets provider.
Anita Hawser - The Trade
IEX Exchange in the US has promoted co-founder Stan Feldman to the role of chief operating officer (COO) and appointed a new head of business development. Feldman, who will oversee the exchange's day-to-day operations, including business analytics, market operations and product development, succeeds Daniel Ciment, who has moved on from IEX to take up a role with institutional market access and trading platform for crypto assets, Elwood Technologies.
/bit.ly/3oQgldj
Equity derivatives: A. Introduction of Single Stock Futures, Equity Options and Single Stock Dividend Futures; B. Cancellation of admission to trading for Single Stock Futures and Equity Options
Eurex
Due to corporate actions, the Management Board of Eurex Deutschland took the following decisions with effect from 20 December 2021: A. Introduction of two Single Stock Futures and six Equity Options pursuant to Annex A, B and D of Attachment 2, B. Cancellation of admission to trading for 20 Single Stock Futures pursuant to Annex A, D and G, and cancellation of admission to trading for eleven Equity Options pursuant to Annex B of Attachment 2.
/bit.ly/3EUgYIg
ASX launches electronic CHESS statements
ASX
ASX is pleased to announce that from today shareholders in listed companies and investment products will have the option to receive their CHESS holding statements and notifications electronically, through a simple election process via their brokers. ASX is working closely with brokers to support the introduction of the new service and expects most to offer the option to their customers in 2022. At least one prominent retail broker has gone live today.
/bit.ly/2TwaCc9
HKEX Welcomes First MSCI China A 50 Connect Index ETFsHKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Monday) pleased to welcome the listings of the first Exchange Traded Funds (ETFs) to track the MSCI China A 50 Connect Index. A total of three new ETFs that track the MSCI China A 50 Connect Index are listing on HKEX on Monday and Tuesday, available in HKD, USD and RMB counters.
/bit.ly/3ER7u0F
Green Brick Partners Completes Listing Transfer to the New York Stock Exchange
Intercontinental Exchange, Inc.
The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, announced that Green Brick Partners, Inc. (NYSE: GRBK) has completed its listing transfer and will begin trading today as an NYSE-listed company.
/bit.ly/3ETxJTZ
ICE Integrates RIMES ETF Data Into Suite of ETF Workflows
Intercontinental Exchange, Inc.
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced it has integrated ETF Data managed by RIMES into several of its products, including ICE ETF Hub, ICE Portfolio Analytics and ICE FI Select. This enhancement will allow customers to access digestible and comprehensive equity and fixed income ETF data across ICE's suite of ETF workflows.
/bit.ly/30mfTdr
Regulator's Column: What Nominating Committees should consider for disclosures on investigations
SGX
Reports of directors of listed issuers being called in for questioning by police investigators surface every now and then. SGX RegCo is often asked following such reports, whether these directors should be allowed to continue to serve on boards or resume their duties in the listed companies.
/bit.ly/30kbXd0
MARF registers a 30 million euro bond issue from Insur
BME-X
BME's Fixed Income Market, MARF, today admitted a new bond issue from Insur Promoción Integral, a subsidiary company of Grupo Insur. The new bond features a volume of 30 million euros, a nominal value per unit of 100,000 euros, an annual interest rate of 4% and a maturity at par in December 2026. The bonds will be guaranteed by Inmobiliaria del Sur, with a first-ranking pledge on the account in which the funds are deposited and a first-ranking mortgage on the land and plots of land acquired with the proceeds of the issue.
/bit.ly/3dLYOwI
ARQUIMEA debuts on MARF with a commercial paper and a bond programme
BME-X
The technology company ARQUIMEA Group today registered a 75 million euro commercial paper (CP) programme and a 100 million euro bond programme in BME's Fixed Income Market, MARF. These two new programmes mark ARQUIMEA's debut in the fixed income market as it aims to access qualified investors to diversify its funding sources for the first time. The commercial paper program will allow to launch CP issues with maturities between 3 days and 2 years and the bond programme will allow to place medium and long term issues with fixed or variable coupons, depending on the conditions to be determined in each issue.
/bit.ly/31VZZqG
MIAX Exchange Group - Options Markets - iShares MSCI Taiwan ETF (EWT) Non-Tradable Effective For 12/13/2021
Mondovisione
The entire option class of iShares MSCI Taiwan ETF (EWT) will not be available for trading on the MIAX Options Exchange, MIAX Pearl Options Exchange and MIAX Emerald Options Exchange effective for today, Monday, December 13, 2021.
/bit.ly/31UVJYk
-- Product Modification Summary: Expansion of Strike Price Listing of all Options on E-mini Nasdaq-100 Index® Futures Contracts and Expansion of the Listing Schedule of the EuropeanStyle Weekly Options - Effective January 24, 2022 -- CME
-- Product Modification Summary: Amendment to Daily Settlement Procedure of the FOB Santos Soybeans Financially Settled (Platts) Futures Contract - Effective January 03, 2022 -- CME
-- Review of Collateral Haircuts -- CME
-- New Product: Initial Listing of Two (2) China Portside (Argus) Iron Ore Futures Contracts - Effective January 10, 2022 -- CME
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | DLT allows for first interbank riskless settlement outside of CLS; The move marks a change in FX settlements, allowing market participants to significantly reduce their settlement exposure and associated risks.
Wesley Bray - The Trade
HSBS and Wells Fargo have announced the first interbank payment vs payment (PvP) settlement outside of CLS, using Baton Systems' Core-FX solution, which is built on its proprietary distributed ledger technology (DLT) and governed by the Baton Rulebook.
/bit.ly/3DU4qzk
Reactive Markets and Tradefeedr partner to provide crypto and FX trade analytics; New partnership will allow Switchboard's clients to automatically stream their post-trade data to Tradefeedr's analytics platform.
Wesley Bray - The Trade
Switchboard provider Reactive Markets and data analytics provider Tradefeedr have partnered to offer crypto and FX trade analytics. As part of the partnership, clients of Switchboard can now choose to automatically stream their crypto and FX post-trade data to Tradefeedr.
/bit.ly/3dNwtpG
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| Cybersecurity | | Top stories for cybersecurity | Swiss Minister's Data Exposed After Buying Crypto, Paper Says
Andy Hoffman - Bloomberg
Swiss federal councilor Alain Berset was the victim of a data breach that made his address, private email and home phone number public after a company he used to buy cryptocurrency was hacked, Swiss newspaper Le Matin Dimanche reported.
/bloom.bg/3EPRj3A
Software Flaw Sparks Global Race to Patch Bug; Cybersecurity researchers say they have seen thousands of attempts to exploit the bug
Robert McMillan - WSJ
Companies and governments around the world rushed over the weekend to fend off cyberattacks looking to exploit a serious flaw in a widely used piece of Internet software that security experts warn could give hackers sweeping access to networks.
/on.wsj.com/30ml39j
German cybersecurity watchdog issues red alert warning on software
Reuters
Germany's federal cybersecurity watchdog, the BSI, on Saturday issued a red alert warning, its highest, on a flawed piece of widely-used software, saying it posed an "extremely critical threat" to web servers. A vulnerability in a Java-based library known as Log4j can be exploited to allow a complete takeover of the affected system, the BSI said in a statement on its website.
/yhoo.it/3lZ0J5k
SolarWinds hack one year later, cybersecurity experts say we're no better off
Bradford Betz - Fox Business
It's been one year since the U.S. government publicly acknowledged that SolarWinds, a widely used software in the public and private sector, had been hacked, compromising the data of thousands of users across the globe.
It was one of the worst data breaches in history. Now, one year later, what are businesses and the U.S. government doing to prevent a similar situation from happening again? When asked that question, cybersecurity experts who spoke with FOX Business were all unanimous in their answer: not a lot.
/fxn.ws/3ESsnsi
A Blueprint For Cybersecurity Investment In 2022
Ameesh Divatia - Forbes
From a funding standpoint, 2021 has been a banner year for cybersecurity startups. Through Q3 alone, new companies netted more than $14 billion in venture capital investments, nearly doubling the record of $7.8 billion in 2020. The need for stronger security has also appealed to, among others, the federal government. In August, President Joe Biden hosted a cybersecurity summit urging leaders from a number of tech giants to step up their security efforts. In addition, the proposed $1 trillion infrastructure bill includes $2 billion earmarked to improve a wide range of cybersecurity systems.
/bit.ly/3DMSbVf
Cybersecurity Stocks Could See More Upside From Ransomware Attacks
Reinhardt Krause - Investor's Business Daily
The threat from ransomware attacks persists as online extortion potentially costing millions of dollars besieges Corporate America. And that's good news for cybersecurity stocks.
Recent sell-offs have taken some of the air out of the sector, but many cybersecurity stocks have turned in a solid 2021 as client companies upped spending to fend off fast-evolving online threats. The coronavirus emergency expanded the cybersecurity battleground as companies shifted to remote work, opening up new targets for hackers.
/bit.ly/3EUGdui
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| Cryptocurrencies | | Top stories for cryptocurrencies | FTX's Bankman-Fried Says 'Messy' Crypto Regulations Need Fixes
Vildana Hajric and Michael P. Regan - Bloomberg
Market has to evolve on the regulatory side: Bankman-Fried; Barrier to entry for NFTs is high for average person: Harrison
The U.S. is actually only a minor player in cryptocurrencies and the removal of regulatory uncertainties could help the nation grow its influence on the industry, according to Sam Bankman-Fried, the billionaire founder and chief executive officer of the cryptocurrency exchange FTX. Bankman-Fried, 29, testified to Congress Wednesday about how the space should be regulated. He and FTX US President Brett Harrison joined Bloomberg's "What Goes Up" podcast to elaborate on their discussions in Washington and to talk about other hot topics in the industry.
/bloom.bg/3m0bcNT
Battle of the metaverses and a billion-dollar hack — 13 expert predictions of what's next for crypto in 2022
Shalini Nagarajan - Business Insider
Events in the crypto space are moving a mile a minute — and expect next year to keep up the pace as big business stakes out its turf, blockchains refine their tech, and easier points of entry let newcomers in. Consider what happened in 2021: El Salvador adopted the top cryptocurrency bitcoin as legal tender. Retail investors dived in. China cracked down on crypto mining. Facebook went all-in on the metaverse, which has Wall Street seeing dollar signs.
/yhoo.it/3ETAqoE
Bitcoin faces only one 'legitimate risk,' MicroStrategy CEO Michael Saylor says
Julie Hyman - Yahoo News
Bitcoin (BTC-USD) is down more than 20% from its record high and is set for its fourth straight weekly decline. Crypto bulls, as always, are keeping the faith. That includes MicroStrategy CEO Michael Saylor, who added bitcoin to his company's balance sheet last year. Since then, he's been an outspoken advocate. Right now, he doesn't see many — any? — long-term obstacles to prices going higher.
/yhoo.it/3dKKZhU
NFTs explode into $27B phenomenon as investors with 'bigger bags' put them to work
David Hollerith - Yahoo News
The non-fungible token (NFT) market has exploded this year into a $27 billion segment of the crypto market according to a new report from Chainalysis, which underscored what separates the most profitable digital collectors from the rest.m NFTs are a family of crypto assets that hold ownership of unique data linked to a blockchain — most often Ethereum (ETH-USD). They can be packaged as digital collectibles, works of art, music, video game items, real estate of virtual reality platforms, and even concert tickets.
/yhoo.it/3dHMQUP
Bitcoin Touches New Milestone With 90% of Total Supply Mined
Shaurya Malwa - Coindesk
90% of all bitcoins have been mined as of Monday morning, according to data from blockchain tracker Blockchain.com. The feat means 18.89 million bitcoins — of a maximum of 21 million — are now on the open market.
/yhoo.it/3lZ0Duu
Binance Drops Singapore Cryptocurrency Bourse Application
Chanyaporn Chanjaroen - Bloomberg
Fiat-to-crypto platform Binance.sg will wind down operations; Binance Singapore to refocus on blockchain development
Binance Asia Services Ltd., the Singapore affiliate of the world's largest cryptocurrency exchange, has withdrawn its application to run a bourse in the city-state, ending an effort that started last year to win approval from Singapore's authorities.
/bloom.bg/3ylvLcu
Tether Is Now Official Currency for Myanmar's Anti-Junta Groups
Bloomberg News
Shadow government accepts Tether stablecoin for 'domestic use'; Group also using a direct lending mechanism to raise funds
A parallel government led by the supporters of Myanmar's ousted leader Aung San Suu Kyi recognized Tether as an official currency for local use after the group began fundraising for a campaign that seeks to topple the military regime.
/bloom.bg/3DUe70K
Metaverse Riches Lure One of South Korea's Oldest Conglomerates
Sohee Kim - Bloomberg
One of South Korea's biggest conglomerates with roots firmly in traditional industries is taking a leap into the unknown with its next target for growth: the metaverse.
/bloom.bg/3ynmZen
Stablecoins steal the limelight from subdued bitcoin
Lisa Pauline Mattackal and Vidya Ranganathan - Reuters
As bitcoin, the world's largest cryptocurrency, struggles to recover after a massive crash, regulatory and private sector focus has turned to another part of the digital currency world: stablecoins.
/yhoo.it/3ESoXFW
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| Politics | | An overview of politics as it relates to the financial markets | Ackman Says SALT Tax Deduction Increase 'Makes No Sense'
Max Zimmerman - Bloomberg
Bill Ackman says that raising the state and local tax deduction -- known as SALT -- to $80,000 "makes no sense," joining the debate over a contentious issue in President Joe Biden's economic agenda. "Why should low tax states subsidize high tax states? How can it makes sense to increase the deduction to $80k in the BBB at a cost of $275B?" the Pershing Square Capital Management founder said in a tweet, referencing the Build Back Better Act.
/bloom.bg/3ESQkzJ
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Raj Rajaratnam Defends the Actions That Sent Him to Prison
Katherine Burton - Bloomberg
Raj Rajaratnam, the mastermind of what prosecutors called one of the largest hedge fund insider-trading rings in U.S. history, maintained his innocence, criticized the rules that convicted him and said he's back trading stocks.
/yhoo.it/3yitOOf
SEC's Gensler Says Crypto 'Fits in Our Broad Remit': Report
Jamie Crawley - Coindesk
Crypto fits into the "broad remit" of the U.S. Securities and Exchange Commission (SEC), Chairman Gary Gensler said in an interview with the Wall Street Journal
on Sunday. In the interview Gensler restated his desire for more robust measures to protect crypto investors. "The public's anticipating some profit based upon the efforts of some entrepreneur or computer-science group that's raised money from the public. That fits in our broad remit at the SEC," he said.
/yhoo.it/3dJsF8Q
FCA hires law firms and headhunters as staff vacancies mount
UK financial services watchdog rushes to plug staffing gaps as reforms spark backlash
Laura Noonan - FT
The Financial Conduct Authority is recruiting private law firms to help process applications and has spent almost £1m on headhunters this year as it battles to deal with almost twice its typical number of vacancies after a wave of departures.
/on.ft.com/3dK7gMT
ASIC seeks orders restraining Tyson Scholz from carrying on financial services without a license
ASIC
ASIC has filed proceedings in the Federal Court seeking orders restraining Tyson Scholz from promoting or carrying on any financial services business in Australia. ASIC suspects that Mr Scholz is carrying on a financial services business without holding an Australian financial services license by delivering training courses and seminars about trading in securities on the ASX. Mr Scholz promotes these courses and seminars on Twitter and Instagram using the handle '@ASXWOLF_TS'.
/bit.ly/3DLowf3
SEC Charges Three Canadian Citizens in Fraudulent Penny Stock Scheme
SEC
The Securities and Exchange Commission today announced it charged three Canadian citizens with carrying out a fraudulent scheme involving penny stocks which generated tens of millions of dollars in proceeds but left investors with nearly worthless shares of various public companies.
/bit.ly/3dOgjfz
Rat Farms and Rule Comments - Statement on Comment Period Lengths
Commissioner Hester Peirce - SEC
As the Securities and Exchange Commission embarks on an active period of rulemaking, we ought to do all we can to elicit broad-ranging public comment. Carefully delineating the nature of the changes we are proposing helps commenters to respond with helpful suggestions for improving the rules. Asking lots of questions, something we routinely do in our rulemaking releases, points the public to particular questions we have. Identifying the problem we are trying to solve, offering potential alternative solutions, setting forth the costs and benefits of the proposed and alternative solutions, and laying out the assumptions and data underlying our economic analysis together enable commenters to offer thoughtful responses. Essential to facilitating substantive input from a wide variety of interested parties is giving people enough time to comment.
/bit.ly/3ysMfjd
ESMA publishes 2021 ESEF XBRL taxonomy files and ESEF conformance suite
ESMA
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has today published the 2021 ESEF XBRL taxonomy files and an update to the ESEF Conformance Suite to facilitate implementation of the ESEF Regulation.
/bit.ly/3ER9PbX
Charitable Donations for Conservation: Are Investor Returns Beyond Belief?
FINRA
Syndicated conservation easements (SCETs), which are a common type of charitable conservation contribution, top the 2021 "Dirty Dozen" list of tax scams published by the Internal Revenue Service (IRS) in July.
/bit.ly/30mMS1h
CFTC Charges Puerto Rico Resident and His Firm for Misappropriation of Nonpublic Information and Fictitious Trading
CFTC
The Commodity Futures Trading Commission announced today that it has filed a civil enforcement action in the U.S. District Court for the Southern District of Texas against Peter Miller, a resident of San Juan, Puerto Rico, and his firm Omerta Capital LLC. The complaint charges the defendants for receiving tipped confidential block trade order information belonging to an energy company from a trader at that company, and in turn trading on the basis of this information, including entering into non-arm's length, fictitious block trades in natural gas futures on the basis of this information, in violation of the Commodity Exchange Act (CEA) and CFTC regulations.
/bit.ly/3ynE1IY
UBS Penalties Slashed by Around $3 Billion in French Tax Case; Court upholds Swiss bank's conviction in tax evasion case but cuts penalty
Margot Patrick and Nick Kostov - WSJ
A French appeals court ordered UBS Group AG on Monday to pay around $2 billion for helping wealthy clients in France evade taxes, reducing the size of an earlier penalty of around $5 billion. The case has hung over UBS for years. The Swiss banking giant is one of the world's biggest wealth managers. The original 2019 verdict was large enough to threaten its financial health and reputation as an institution entrusted with helping rich people care for their wealth.
/on.wsj.com/3oQkuOp
FMA cancels financial advice provider's transitional licence
New Zealand FMA
The Financial Markets Authority has cancelled a financial advice provider's transitional licence - the first time it has taken such an action against a provider.
/bit.ly/3dM4jeF
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | U.S. Corporate Bond Primary Markets Finally Enter Holiday Lull
Jack Pitcher - Bloomberg
High-grade supply will slow to drip after December record set; In high yield, Skillz dangles 11% yield on debut secured bond
The end-of-year lull for U.S. corporate debt markets appears to have finally arrived after high-grade companies set a December issuance record in just the first two weeks of the month.
/bloom.bg/3dQA8mp
Even the Smartest Investors Fall for Crypto FOMO; Regulation is coming. Freewheeling trading venues will have to adjust to a less hospitable world — and so will those throwing them money.
Lionel Laurent - Bloomberg
One of cryptocurrency's spiritual forebears, Timothy C. May, predicted in the 1990s that untraceable digital cash would allow online casinos, bank secrecy and money laundering to flourish. Although laws would be dodged, he said, the individual anonymity and freedom would be worth it — at least, until the inevitable government backlash.
/bloom.bg/3GB67Uj
Bond Traders Stare at Worst Real Returns Since Paul Volcker Era
Ye Xie and Liz McCormick - Bloomberg
Treasury returns trails CPI by most since the early 1980s; Negative real yields help government at expense of savers
Treasury investors are losing more money than they have in four decades, once inflation is taken into account. And if markets are right, they're unlikely to come out ahead for years.
/bloom.bg/3EQDEcH
Central Banks Are Redrawing the Map Out of the Crisis Era; Flashing amber at the BOE for withdrawing stimulus, with a green light at the Fed and red at the ECB.
Marcus Ashworth - Bloomberg
It all comes down to the final full week of 2021 business for the major western central banks to begin spelling out how they're going to unwind almost two years of extraordinary stimulus. It looks like a green light at the Federal Reserve, a blinking amber signal from the Bank of England and a shade of crimson from the European Central Bank. Their decisions in the coming days will create the template for a reset after pumping trillions into the global economy since Covid-19 hit last year.
/bloom.bg/3206lW1
Private equity pursues investment advisers for returns and fresh capital; Apollo purchase of Griffin is latest in wave of acquisitions
Dervedia Thomas - FT
Private equity firms, among the world's largest custodians of institutional money, have been buying up companies that advise individuals on their wealth. The number of private equity deals for registered investment advisers has surged to a record 223 so far in 2021, according to data from investment bank Echelon Partners. The sum is up almost two-thirds from 2020 and more than three times the number of deals five years ago.
/on.ft.com/31ULrHG
Brace yourself for a large tax hit from mutual-fund payouts; American Century, Vanguard among those passing on more than 20% of a fund through capital-gains distributions
Debbie Carlson - MarketWatch
Amid the holiday cards coming in the mail and inboxes this season is a potentially not-so-nice greeting for some mutual-fund investors: capital-gains distributions. It's not all bad news. A number of funds are paying out gains because stocks gained this year, with the S&P 500 index SPX, +0.95% up 22% through November (and has continued rising in December). International markets also performed well, with the MSCI ACWI index ACWI, +0.54% up 16.8% in the same 11 months.
/on.mktw.net/3ER2NE1
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Vinson & Elkins Report Evaluates a Decade of Private Market Investment Trends in Renewable Energy
Vinson & Elkins
According to a new report from Vinson & Elkins, Power Play: How Private Capital Is Shaping the Energy Evolution, multiple factors are combining to produce a dynamic dealmaking environment amid the backdrop of accelerating technological innovation and changing investor attitudes as the energy ecosystem evolves.
/bit.ly/3pPAAXZ
Tyson to Conduct Racial Audit After Outcry Over Workers
Saijel Kishan and Michael Hirtzer - Bloomberg
Meatpacker follows Citigroup, BlackRock in studying policies; Outside group to examine whether practices are discriminatory
Tyson Foods Inc., one of the meatpackers that came under fire during the height of the pandemic for its treatment of a largely minority workforce, will commission a detailed study to determine whether its practices contribute to racial inequities.
/bloom.bg/3oPfREq
Women Are Now Majority of Top U.K. Firms' Independent Directors
Eddie Spence - Bloomberg
Only one third of board seats are currently occupied by women; Two in five firms studied have no people of color on the board
Women make up the majority of non-executive directors for the U.K.'s biggest listed firms for the first time. More than 50% of independent directors at the top 150 U.K. public companies were women in April, compared with just 18% a decade ago, according to recruitment firm Spencer Stuart Inc. Women occupy over a third of board seats overall -- in line with U.K. government targets -- though 50 companies missed that benchmark.
/bloom.bg/3dJTwS3
Arctic Fires Are Melting Permafrost That Keeps Carbon Underground; A new analysis shows that fires in Alaska have an influence on landscape far beyond the area they burn.
Eric Roston - Bloomberg
Few things signal something's gone haywire on the planet quite like frozen land on fire. Now scientists have determined that Arctic fires, even milder ones, can reshape a landscape for decades, in ways that may make it even harder to keep global heating from eclipsing international goals.
/bloom.bg/30m5M8t
Bunge and Cargill linked to soya supply chains with deforestation risk; Agriculture traders named as France tries to cut greenhouse gas threat to environment
Emiko Terazono and Camilla Hodgson - FT
France has named agriculture traders Bunge and Cargill as the leading importers of soyabeans from areas at risk of deforestation, one of the main contributors to global warming.
/on.ft.com/3DSbCfg
Record EU carbon price boosts clean fuel economics; Rise in cost of polluting to more than EUR90 makes green energy technology more attractive
Camilla Hodgson and Neil Hume - FT
The price of EU carbon allowances hit a record high of more than EUR90 last week, with escalating prices transforming the economics of clean fuels such as green hydrogen and decarbonisation technology.
/on.ft.com/30kitAw
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Activists press Goldman over its handling of harassment cases; Shareholders are increasingly forcing companies to abandon mandatory arbitration as a remedy for staff complaints
Patrick Temple-West - FT
Goldman Sachs is under pressure from investors who accuse it of acting too slowly to address concerns over how it deals with employee harassment and discrimination claims. The Nathan Cummings Foundation has filed a second shareholder proposal at Goldman asking the bank for a public report on how it uses mandatory arbitration to deal with allegations of harassment and discrimination by its employees.
/on.ft.com/31Ua2MW
Credit Suisse seeks access to personal staff mobiles; Bank, which does not provide corporate devices, tells employees not to delete relevant messages
Joshua Franklin and Stephen Morris - FT
Credit Suisse is asking its employees to let the bank access their personal mobile phones and other devices if they use them to communicate with clients or colleagues, making it the latest big bank to tighten rules on electronic communications. The new policy has ruffled feathers inside the group, where some bankers have complained the policy is intrusive while others have questioned how it can be enforced.
/on.ft.com/3EU1Cnd
A baseball star in the 'shark tank': inside JPMorgan's client poaching row; A battle over who gets to manage Alex Rodriguez's wealth exposes a bitter turf war at the US bank
Joshua Franklin - FT
Behind the scenes of a Super Bowl party at the home of retired baseball star Alex Rodriguez in February last year, a battle was brewing over who would manage his multimillion-dollar fortune. On one side was Mary Erdoes, the powerful head of asset and wealth management at US banking giant JPMorgan Chase, which was sponsoring Rodriguez's party. On the other was Gwen Campbell, a financial adviser at Merrill Lynch who was overseeing much of Rodriguez's wealth.
/on.ft.com/3DMe5rJ
Credit Suisse Greensill Funds to Pay Back Another $400 Million
Jeff Black - Bloomberg
Credit Suisse Group AG said it plans to return another $400 million to investors in supply-chain funds affected by the failure of Greensill Capital, the sixth disbursement since the bank was forced to freeze the products earlier this year.
/bloom.bg/31T4y4W
Hedge Fund Accuses Adler of Overstating Proceeds From Sales
Jack Sidders - Bloomberg
Argonaut Capital CEO has complained to the German regulator; Adler CEO says sale was above book value after adjustments
Adler Group SA has been accused by a hedge fund of overstating the amount it received in a highly anticipated asset sale that sent the shares of the embattled property company soaring. Adler's management, discussing the sale on a conference call with analysts, gave a price that was about 130 million euros ($147 million) higher than the amount the buyer, LEG Immobilien SE, said it agreed to pay. The hedge fund manager is also questioning how Adler has incurred about 100 million euros of transaction costs.
/bloom.bg/30kQK2G
BFAM's $4 Billion Hedge Fund Heads for Annual Loss on China Bets
Bei Hu and Nishant Kumar - Bloomberg
Declines in October and November extend 11-month loss past 10%; Fund is said to suffer from sell-off in Chinese property bonds
BFAM Partners' more than $4 billion hedge fund is heading for the first annual loss in its nine-year history, caught out by the sell-off in China real estate credit.
/bloom.bg/3oLoK1z
Credit Suisse hires former AMP chief to lead wealth management; Francesco De Ferrari faced with turning around business that has fallen behind rival UBS
Owen Walker - FT
Credit Suisse has hired the former chief executive of Australian finance group AMP to run its revamped wealth management division, as the Swiss lender tries to win market share from its domestic rival UBS.
/on.ft.com/3yo7mU0
Cathie Wood's Ark: a tech-driven bull market on steroids; Plus, the next quant revolution, the sell-off in silliness, and Kehinde Wiley at the National Gallery
Harriet Agnew - FT
'Queen of the bull market' faces her toughest test
It's a familiar phenomenon in the hedge fund industry. A manager records big gains in the early years on a small asset base. Investors chase the performance and assets pour in. Returns plummet.
/on.ft.com/3DO9HZh
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Greece to make push for ECB to keep buying its bonds; End of pandemic emergency purchases risks leaving Greek junk bonds without European support
Eleni Varvitsioti and Martin Arnold - FT
The Greek central bank is planning an appeal for the country's bonds to remain eligible for new European Central Bank purchases after March when the vast bond-buying scheme launched in response to the pandemic is expected to end.
/on.ft.com/3oL1fpu
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| Miscellaneous | | Stories that don't quite fit under the other sections | Newsprint inflation puts the press under pressure; Production costs jump most since the 1990s and the UK has only one factory left to make the raw material
Alistair Gray - FT
In all the years of plummeting circulations, Britain's newspaper publishers had at least been spared one worry. The exodus of readers to digital media helped contain the cost of paper used in printing presses, among their biggest expenses.
/on.ft.com/3DINs7b
The Truth About Cats and Dogs During the Pandemic? Not What You Think; Adoptions of the pets from shelters and rescues actually fell in 2020. And it looks like the number fell again this year.
Beth DeCarbo - WSJ
Contrary to reports of all those "pandemic puppies," 2020 wasn't such a great year for animal shelters. And 2021 is shaping up to be even worse. Overall adoptions of dogs and cats—at least at shelters and rescues—fell in 2020 compared with 2019, according to Pethealth Inc., a pet-insurance company that created shelter-management software used by about 70% of animal shelters and rescues in North America.
/on.wsj.com/3ILbqCo
Subscription Companies Rethink Irksome Cancelation Practices; More firms are letting customers cancel online as the FTC clamps down on 'dark' user-experience design
Katie Deighton - WSJ
Signing up for a membership has always been easier than canceling it. While subscribing to an app, newspaper, gym or other service may now be as simple as pressing a button on a smartphone, many companies still push customers to dial a number and speak to an agent to cancel. But the common "click to subscribe, call to cancel" practice may be waning. Several companies say they plan to introduce easier ways for customers to cancel without the rigmarole of calling, as federal and state authorities home in on regulating deceptive and unfair user-experience designs.
/on.wsj.com/3DPGixV
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