| June 16, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
The JLN Team is stretched thin these days. I am on a trip to New Jersey with my wife and her brothers, including JJLCO CIO and JLN Options Editor Jeff Bergstrom. We were visiting relatives on my wife's side of the family. Jeff is jetting off today to Italy for a couple of weeks to attend a friend's wedding. I am headed back home, if the weather permits us a return flight today.
Tomorrow Robby Lothian (USA version), Nichole Price and Julie Ros fly to London for IDX. Meanwhile, Patrick Lothian is still on paternity leave, though he was kind enough to produce the NFA quarterly board update for them. You can watch the board update HERE.
JLN's Editor-in-Chief is home minding the store, doing her own job, plus publishing the newsletter and producing the JLN Options newsletter. So thank you Sarah for your steadfastness.
While visiting relatives I have not seen in 30 years, I talked to the husbands of two daughters of my wife's second cousin. One husband works for Merrill Lynch in compliance and started in the futures industry, including a stint at Vision Financial. Another is an IT professional who led the team that designed the TD Ameritrade trading interface. It is such a small world.
Happy Bloomsday to all you fans of James Joyce. According to Ireland.com, "Bloomsday is a celebration of James Joyce's modernist epic Ulysses, held on the anniversary of the day featured in the book, 16 June 1904. The festival takes over the streets of Dublin that inspired Joyce and his works."
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
Industry leaders from SIX Financial Information, SIX Digital Exchange, and AsiaNext will be speaking on the topics of ESG and Digital Assets at the Point Zero Forum June 26 through June 28, 2023, in Zurich, Switzerland. SIX is a silver sponsor of the event, which convenes more than 1,000 policymakers, financial leaders, and investors for dialogues on three innovative technologies shaping the future of financial services: digital assets, ESG technologies, and generative AI. View the agenda and register to attend here. ~SAED
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Corinne Boone of ACX talks about the Chicago Climate Exchange and how market innovation happens
JohnLothianNews.com
This is part 2 of our ESG-focused interview for John Lothian News with Corinne Boone, group head of Americas at AirCarbon Exchange, now known as ACX. In this interview, Boone talks about some market solutions from the past, the work of the Chicago Climate Exchange, how and why policy and regulation lead to market innovation, and how the carbon markets are evolving.
Watch the video »
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DMIST Publishes Trade Allocations Standard and Launches Consultation on Average Pricing
FIA
FIA and DMIST, the Derivatives Market Institute for Standards, jointly announce the publication of the Final Standard for Improving Timeliness of Trade Give-Ups and Allocations. DMIST also released a consultation paper on average pricing. This is the first standard finalized by DMIST and an important milestone in its work to improve operational efficiency in futures trading and clearing. DMIST was established by FIA in April 2022 as an independent standards body. Its purpose is to encourage widespread adoption of standards that will help make markets more efficient, resilient, and competitive.
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***** This is an average press release, but an important one.~JJL
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Lifelong friends create platform to teach financial literacy in the Black community
Nicquel Terry Ellis - CNN
Rashal Bilal and Troy Millings sat on a blue leather couch in a swanky tapas lounge in Atlanta's Castleberry Hills neighborhood. Famed Atlanta rapper 2 Chainz, who owns the place, sat across them as a female bartender walked over with their drinks. Around them, a swarm of camera crews, producers, and bar staff hastily moved into position to record a casual conversation with 2 Chainz about his journey from rapper to entrepreneur.
/jlne.ws/3p7XTjj
***** There are so many cool things going on to teach financial literacy to the black community and others who need the assistance. I am very excited by all the efforts. ~JJL
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The Unexpected Beyonce Effect: Hotter Inflation; As fans from around the world spent money to witness the kickoff of the star's tour in Sweden, they may have caused the country's inflation rate to stay higher than expected.
Eshe Nelson - The New York Times
In Europe's relentless battle against inflation, another culprit has apparently emerged: Beyonce. Last month, as the star kicked off her world tour in Stockholm, fans flocked from around the world to witness the shows, pushing up prices for hotel rooms. This could explain some of the reason Sweden's inflation rate was higher than expected in May.
/jlne.ws/42ENcm9
****** If Beyonce is driving up inflation in Sweden because of demand for hotel rooms, we need to stop the Taylor Swift concert tour before it bankrupts us all!~JJL
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Ticket Giants, Under Pressure From Biden, Promise Transparency on Fees; Live Nation and SeatGeek said they would show customers the full cost of concerts, after the White House's complaints that "junk fees" for tickets and hotel stays can mislead consumers.
Ben Sisario and Zolan Kanno-Youngs - The New York Times
Under pressure from the Biden administration, some of the biggest companies that handle ticketing for concerts and other live events announced on Thursday that they will make it easier for consumers to see the full price of tickets they want to buy, including the fees that can often add more than 30 percent to the total cost of an order.
/jlne.ws/440AfE8
****** More transparency in the concert business would greatly help keep us from inflationary ruin!~JJL
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Thursday's Top Three
Our top story Thursday was The seven companies driving the US stock market rally, from the Financial Times (...and the winners are: big tech). Second was Bloomberg's A $204 Million Mansion Is Dubai's Most Expensive House for Sale. (The subtitle is: With interiors covered in gold leaf and marble, the Versailles-inspired property is ideal for someone who wants to "show off." They are not kidding.) Third was The Paradigm Shift in Option Contracts (with Henry Schwartz, VP of Client Engagement at CBOE), from Money.net on YouTube.
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MarketsWiki Stats
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| Lead Stories | Nasdaq CEO Adena Friedman Pursues a Black Belt in Deal Making; She agreed to the largest deal in the company's history; 'I tend to take a competitive approach to life'
Alexander Osipovich - The Wall Street Journal
She's a second-degree black belt in taekwondo. She's a ferocious pickleball player. And she plays hard when urging companies to list at Nasdaq rather than her nemesis downtown, the New York Stock Exchange. "I tend to take a competitive approach to life," Adena Friedman, the 53-year-old chief executive of Nasdaq, said in an interview this week. Friedman now faces perhaps the biggest challenge of her career. Nasdaq said on Monday that it had agreed to buy software maker Adenza for $10.5 billion-the largest deal in her company's history. If completed, it would crystallize Friedman's vision of transforming Nasdaq into a financial-technology company, moving it far beyond its roots as a stock exchange.
/jlne.ws/3qQSihE
A new threat to financial stability lurks in the cloud; Regulators are getting nervous about the risks emanating from data storage and processing platforms dominated by a handful of big companies
Gillian Tett - Financial Times
Three weeks ago, the US Treasury announced the launch of a new oversight committee called the "Cloud Executive Steering Group." It received almost no public attention. No wonder: compared to the explosive controversies around cryptocurrencies, ChatGPT or Europe's new drive to break up Google's dominance of adtech, cloud computing - the public and private data storage and processing platforms run by Big Tech vendors - sounds achingly dull. So much so, that most Americans view Amazon as "just" an online retail giant, even though its cloud division now generates significant revenues.
/jlne.ws/3qE5oPi
Wall St bank job cuts set to surpass 11,000 as CEOs unwind hiring binge; Executives try to reverse pandemic recruitment spree that propelled headcounts to record highs
Joshua Franklin and Stephen Gandel - Financial Times
Job cuts at the largest US banks this year are on course to surpass 11,000 as Wall Street contends with the worst recruitment market since the financial crisis following a pandemic-era hiring binge.
/jlne.ws/3NvXlNs
Wall Street's China Dream Gets Frustrated-Again; China showing rather less promise than expected recently
Jacky Wong - The Wall Street Journal
Wall Street has been salivating over imagined riches in China for a long time. Now it finally has its chance-but things aren't exactly going to plan. After years of foot-dragging and half measures, China progressively opened up its financial markets in the past decade. First, foreign investors were allowed to buy stocks listed in Shanghai and Shenzhen through a trading link with Hong Kong. Then, in the wake of the 2018 and 2019 China-U.S. trade war, foreign firms were permitted to run their own wholly owned investment shops in the country, tapping into China's burgeoning demand for asset management.
/jlne.ws/3Cz2hLu
Forget What You Think You Know About Exchange Stocks; Companies such as Nasdaq do a lot more than trading these days
Telis Demos - The Wall Street Journal
There probably aren't many people who hear the name "Nasdaq" and don't immediately think about stock trading. But sharp investors should know more than that. Nasdaq this week announced its biggest acquisition ever, a $10.5 billion deal for financial technology provider Adenza, which provides software tools used by banks and brokerages for a variety of things, such as reporting regulatory data. Accounting for the deal, Nasdaq is projecting that it would derive less than a quarter of its revenue from its trading unit in 2023.
/jlne.ws/43Uu58C
Computer-driven trading firms fret over risks AI poses to their profits; Executives fear complex algorithms may not be able to differentiate fake data from genuine information
George Steer and Laurence Fletcher - Financial Times
Hedge funds and other computer-driven trading firms are growing increasingly concerned about the threat that artificial intelligence presents to their profits, after a fake image of an explosion near the Pentagon triggered a brief sell-off in US stocks.
/jlne.ws/43VJs0I
Rising Star: Christine Lee, Liquidnet
MarketsMedia
Traders Magazine spoke with Christine Lee, Head of Business Development at Liquidnet, who won Rising Star at the 2023 Markets Choice Awards.
Briefly describe your background and career to date.
/jlne.ws/3Nz3zwf
Excellence in Custody: Laure Ly, BNP Paribas
MarketsMedia
How can I continue to ensure the right level of connectivity with my team members and key stakeholders? GlobalTrading spoke with Laure Ly, Head of Greater China Sales and Relationship Management for Securities Services business at BNP Paribas, who won Best in Custody at the 2023 Women in Finance Asia Awards.
/jlne.ws/3qK0D6W
Fed, SEC Probing Goldman Sachs's Role in SVB's Final Days; Justice Department has subpoenaed Goldman over Silicon Valley Bank matter
AnnaMaria Andriotis, Corrie Driebusch and Dave Michaels - The Wall Street Journal
The Federal Reserve and the Securities and Exchange Commission are investigating Goldman Sachs's role in buying Silicon Valley Bank's securities portfolio while it was working on its doomed capital raise before the bank's failure, according to people familiar with the matter. The Justice Department has also subpoenaed Goldman as part of its investigation into SVB SIVBQ 54.28%increase; green up pointing triangle, some of the people said. The Wall Street Journal previously reported that the SEC and Justice Department are investigating the bank's collapse. The Goldman inquiries are part of the broader probes, some of the people said.
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JPMorgan says one deposition of Jamie Dimon in Epstein case is enough
Jonathan Stempel - Reuters
JPMorgan Chase urged a federal judge to reject the U.S. Virgin Islands' demand that Chief Executive Jamie Dimon sit for a second deposition for its lawsuit about the bank's long relationship with Jeffrey Epstein.
/jlne.ws/3NzTbo3
Carbon trading: a slow burn for investors; But is this asset class good for the environment or just speculation?
Alice Ross - Financial Times.
If you're an investor in the carbon market, are you helping the planet? Or are you just a ruthless speculator? Since 2021, it's been possible for UK retail investors to buy exchange traded funds that track the price of carbon in the EU's emissions trading system. By requiring polluters to hold an emissions allowance (EUA) to emit a tonne of carbon dioxide, the idea is that as the price rises, companies will be incentivised to cut emissions, for example by investing more in renewable energy. Companies that don't need their permits - ideally because they are emitting less - are free to sell them on the open market.
/jlne.ws/3N3Uwle
UN chief attacks oil and gas industry 'planet wreckers' over fossil fuel expansion; Guterres eyes COP28 hosts UAE saying carbon capture push undermines climate agenda
Attracta Mooney and Camilla Hodgson - Financial Times
UN secretary-general António Guterres attacked oil and gas industry attempts to justify fossil fuel expansion with carbon capture technology as "proposals to become more efficient planet wreckers", in a speech that appeared to be a thinly-veiled critique of the UAE hosts of COP28.
/jlne.ws/3JFrQyr
European gas prices double in 10 days as traders remain on the edge; TTF futures climb as high as EUR49 on renewed supply concerns
Shotaro Tani and David Sheppard - Financial Times
European gas prices have doubled in just 10 trading days, highlighting how the market still remains on the edge over the continent's gas supplies despite storage levels at record highs for the time of year. In Thursday trading the price of the European gas benchmark Title Transfer Facility (TTF) rose as much as 27 per cent on the day to EUR49.50 per megawatt hour, its highest level since early April. At the start of June, TTF had fallen to as low as a two-year low of EUR23/MwH.
/jlne.ws/3Jkm5pr
U.S. judge considers whether Terraform Labs' cryptocurrencies were securities
Jody Godoy - Reuters
A U.S. judge considered whether the digital assets created by Terraform Labs were securities at a hearing on Thursday, a question central to the U.S. Securities and Exchange Commission's fraud case against the company and its founder Do Kwon.
/jlne.ws/3Xd4tS9
Judge Splits Charges Against Sam Bankman-Fried, Sets Two Criminal Trials; Litigation in the Bahamas has thrown a wrench into FTX fraud case in U.S.
James Fanelli and Corinne Ramey - The Wall Street Journal
A federal judge ruled Thursday that the criminal charges against Sam Bankman-Fried should be split into two trials, after both prosecutors and the defense agreed that litigation in the Bahamas could delay the FTX founder's case. Bankman-Fried faces a total of 13 criminal charges connected to the implosion of cryptocurrency exchange FTX and was scheduled to go to trial on all the counts on Oct. 2. In his ruling, U.S. District Court Judge Lewis Kaplan ordered a separate trial on five of the charges that he tentatively scheduled for March 2024. The trial in October will proceed on the other charges.
/jlne.ws/3XfeqhV
JPMorgan Says Ex-First Lady of U.S. Virgin Islands Helped Epstein Traffic Women; Cecile de Jongh arranged visas for Epstein's alleged victims and asked him for political donations, court filings show
David Benoit and Emily Glazer - The Wall Street Journal
The former first lady of the U.S. Virgin Islands helped Jeffrey Epstein's victims get visas and lined up English-language classes for them, facilitating his alleged sex-trafficking scheme, JPMorgan Chase said in a new court filing. The bank released emails between Epstein and the former first lady, Cecile de Jongh, who was also an office manager for the convicted sex offender's businesses in the U.S. territory, as part of a lawsuit between the government and the bank over Epstein's connections to both.
/jlne.ws/43YpCCp
Crypto Exchange Binance Probed by France for Alleged Illegal Practices; French authorities looking at possible money-laundering issues; Probe adds to US SEC lawsuit, other regulatory scrutiny
Alexandre Rajbhandari and Anna Irrera - Bloomberg
Binance, the world's largest cryptocurrency exchange, is under investigation by French authorities for the alleged illegal provision of digital-asset services and acts of aggravated money laundering, according to an official for the Paris public prosecutor's office.
/jlne.ws/3XdasGG
Crispin Odey's One-Week Downfall Was Decades in the Making; Allegations of sexual abuse and harassment against its founder have triggered a spectacular break up of Odey Asset Management.
Nishant Kumar and Shelley Robinson - Bloomberg
"I have the ability to remain in an uncomfortable place for an uncomfortable amount of time," Crispin Odey told Bloomberg last year. It was a reference to his investing style and stunning comeback from years of successive losses. With the company that bears his name imploding, days after he was ousted amid allegations of sexual harassment and assault, that sentiment is about to be tested.
/jlne.ws/43IgGkp
Billionaire Reuben Brothers Sue Trafigura Over Nickel Fraud; Legal filings describe counterfeit shipping documents circulating in the nickel market and containers being shipped back and forth around the world without being unloaded.
Jack Farchy, Alfred Cang and Joe Deaux - Bloomberg
Trafigura Group is being sued by the billionaire Reuben brothers, as the fallout of a massive nickel fraud reverberates through global metal markets and ensnares some of the industry's best-known figures.
/jlne.ws/43JL4uG
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin Says Russia Loses Tanks as Ukraine Steps Up Offensive; Moscow needs to strengthen borders after attacks on its territory, Russian leader tells correspondents, bloggers
Georgi Kantchev - The Wall Street Journal
Russian President Vladimir Putin said Moscow had been able to fight off Ukraine's counteroffensive so far but acknowledged losing a significant number of tanks and missing key equipment such as drones as fighting in southern and eastern Ukraine heats up.
/jlne.ws/42ZoflD
'Mines Everywhere': Ukraine's Offensive Is Proving a Hard Slog; Dense Russian defenses and a lack of air cover add to the challenges facing Ukrainian troops
Marcus Walker - The Wall Street Journal
A few miles south of this village, at the tip of the deepest advance of Ukraine's counteroffensive, a platoon from the Ukrainian 68th Jaeger Brigade fought at close range with Russian marines. The Ukrainians took casualties from mortar and small-arms fire, but they inflicted more, and the Russians retreated.
/jlne.ws/3qIsRip
Kremlin says Putin open to any contacts on 'Ukrainian problem'
Reuters
The Kremlin said on Friday that Russian President Vladimir Putin is still open to any contacts to discuss a resolution of the Ukraine conflict, Russian news agencies reported. The comments came on the eve of a visit by African leaders to present a new peace initiative to Putin, nearly 16 months after he launched Russia's invasion of Ukraine.
/jlne.ws/3Cxn5CV
Ukraine Strikes Russian Logistics, Recaptures Village; Kyiv hits deep in Russian-occupied territory as its forces search for opportunities to break through enemy lines
Ian Lovett - The Wall Street Journal
Ukrainian forces conducted several strikes deep in the Russian-occupied south, as officials in Kyiv said they had recaptured another village in the eastern Donetsk region. The dual efforts showcase the Ukrainian strategy of probing for weaknesses in Russian defensive lines with Western armored vehicles while seeking to choke supplies to the Russian troops manning them.
/jlne.ws/3NfBWqu
Russia tries to signal normalcy as Ukraine forces advance
Vitalii Hnidyi - Reuters
Russia announced plans on Thursday to stage elections in occupied parts of Ukraine in just three months, Moscow's latest bid to signal it is in control even as a Ukrainian counteroffensive has pushed its forces back in some areas.
/jlne.ws/3Pmq0WR
Russia Nears Deals to Sell Gusher of Oil; State-controlled Rosneft is close to locking in buyers
Anna Hirtenstein, Joe Wallace and Costas Paris - The Wall Street Journal
Russia's state energy giant is close to striking long-term deals to sell substantial supplies of oil, a sign that Moscow can continue to count on petroleum exports to fund its war on Ukraine. Rosneft Oil is arranging the sales through a tender, a type of auction, that is aimed at locking in buyers for millions of metric tons of crude and refined products over the next year, people familiar with the sale said. The prospective buyers are trading firms competing to send the oil to end users in Russia's biggest export markets, such as China, India and Turkey.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | CME Group Inc. Announces Second-Quarter 2023 Earnings Release, Conference Call
CME Group
CME Group Inc. will announce earnings for the second quarter of 2023 before the markets open on Wednesday, July 26, 2023. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.
/jlne.ws/468B7Z5
EEX marks third anniversary of Japan Power Derivatives trading with unprecedented growth
European Energy Exchange
On the occasion of its third anniversary, the European Energy Exchange (EEX) reports to have seen triple-digit growth at trading volumes on its Japanese Power Derivatives market over the first three years of operations, with a total of 21.6 TWh traded up to May 2023. In addition to the steady expansion of trading volumes, the number of participants also quadrupled to 56. To mark the third anniversary, EEX welcomed over 250 industry experts at a dedicated hybrid event in Tokyo on 7 June.
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Regular Change in KRX Minimum Volatility Index
KRX
There will be regular constituent changes in KRX Minimum Volatility Index, effective from June 23, 2023.
/jlne.ws/3PfeGLQ
Delisting Of The Mid-Curve Options On Bax
TMX
Further to Advisory Notice A23-006 announcing the listing cessation of additional Options on the ThreeMonth Canadian Bankers' Acceptance Futures (BAX), Bourse de Montreal (the "Bourse") and the Canadian Derivatives Clearing Corporation wish to inform market participants that the serial mid-curve options (OBW), the one-year quarterly mid-curve options (OBY) and the two-year quarterly mid-curve options (OBZ) on BAX will be delisted at the close of business on June 23, 2023.
/jlne.ws/3NA1Zu7
SGX RegCo reprimands former directors of Nutryfarm International Limited, Cheng Meng, Terence Luk Chung Po, Ng Poh Khoon Jimmy, Neo Chee Beng, Lee Pih Peng, Levin Lee Keng Weng and Low Chin Parn Eric
SGX Group
Public Reprimand: Breach of Listing Rule
/jlne.ws/3X9EWt4
Moscow Exchange and Finam Group signed a cooperation agreement
MOEX
On June 16, 2023, at the XXVI St. Petersburg International Economic Forum, the Moscow Exchange and the FINAM Financial Group signed an agreement on cooperation in the development of information and analytical products.
/jlne.ws/460m0Rw
Moscow Exchange and the Russian Climate Partnership plan to jointly develop the market for carbon credits
MOEX
On June 16, 2023, at the XXVI St. Petersburg International Economic Forum, the Moscow Exchange signed a memorandum of commitment to the principles of the Russian Climate Partnership. The partnership unites the efforts of Russian business to reduce environmental impact and prevent climate change.
/jlne.ws/3p1Di0b
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Torstone Technology Partners With CGS-CIMB Securities To Streamline Post-Trade Processing Operations
Torstone Technology
Torstone Technology, a leading SaaS provider of post-trade securities and derivatives processing solutions, is pleased to announce a strategic partnership with CGS-CIMB Securities, a leading securities house in the Asia-Pacific region. CGS-CIMB Securities has gone live with Torstone's award-winning platform as a middle office replacement solution and continues to work with Torstone to improve automation and provide a single cloud solution for their Asia-Pacific operations.
/jlne.ws/3NIuZzX
AI and media companies negotiate landmark deals over news content; Google and OpenAI are discussing agreements to pay publishers over using content to train generative AI models
Cristina Criddle, Madhumita Murgia and Daniel Thomas, Anna Nicolaou and Laura Pitel - Financial Times
The world's biggest tech companies are in talks with leading media outlets to strike landmark deals over the use of news content to train artificial intelligence technology. OpenAI, Google, Microsoft and Adobe have met news executives in recent months to discuss copyright issues around their AI products such as text chatbots and image generators, according to several people familiar with the talks.
/jlne.ws/42OrFY2
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| Cybersecurity | | Top stories for cybersecurity | A US radioactive waste storage facility was one of the targets of the global CLOP hack; The Waste Isolation Pilot Plant was one of the two US Department of Energy entities affected
Ananya Bhattacharya - Quartz
US federal government agencies were among the target of the global ransomware hack that targeting file-transfer software MOVEit. Progress Software Corp., which made MOVEit, has warned of a third, new critical software vulnerability in the software that could give malicious actors "take control of an affected system," the US Cybersecurity and Infrastructure Security Agency (CISA) shared yesterday (June 15).
/jlne.ws/43KoySh
US energy department, other agencies hit in global hacking spree
Zeba Siddiqui and Raphael Satter - Reuters
The U.S. Department of Energy and several other federal agencies were hit in a global hacking campaign that exploited a vulnerability in widely used file-transfer software, officials said on Thursday. Data was "compromised" at two entities within the energy department when hackers gained access through a security flaw in MOVEit Transfer, the department said in a statement.
/jlne.ws/3p5evZ3
Google, one of AI's biggest backers, warns own staff about chatbots
Jeffrey Dastin and Anna Tong - Reuters
Alphabet Inc (GOOGL.O) is cautioning employees about how they use chatbots, including its own Bard, at the same time as it markets the program around the world, four people familiar with the matter told Reuters. The Google parent has advised employees not to enter its confidential materials into AI chatbots, the people said and the company confirmed, citing long-standing policy on safeguarding information.
/jlne.ws/3Pf7FdY
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| Cryptocurrencies | | Top stories for cryptocurrencies | Blackrock and Coinbase available for 24/7 trading on regulated DeFi
Swarm
Regulated blockchain platform Swarm today announces seven companies its community selected are live for trading. Following a community vote, seven real-world assets were selected to be tokenized and added to Swarm's decentralized trading platform. The selection includes Blackrock, Coinbase, Coupang, Intel, Microsoft, Microstrategy and NVIDIA.
/jlne.ws/3PbHtkA
U.S. judge considers whether Terraform Labs' cryptocurrencies were securities
Jody Godoy - Reuters
A U.S. judge considered whether the digital assets created by Terraform Labs were securities at a hearing on Thursday, a question central to the U.S. Securities and Exchange Commission's fraud case against the company and its founder Do Kwon. Kwon and Terraform Labs were behind two cryptocurrencies whose implosion roiled crypto markets around the world last year. They have asked U.S. District Judge Jed Rakoff in Manhattan to dismiss the SEC's case alleging they defrauded investors and sold billions of dollars in digital assets that were unregistered securities.
/jlne.ws/3Xd4tS9
BlackRock dives deeper into crypto as it files for bitcoin ETF with the SEC; If approved by the regulator, this would be the first publicly traded spot bitcoin ETF in the US.
Wesley Bray - The Trade
BlackRock has filed an application for a bitcoin exchange-traded fund (ETF) to the US Securities and Exchange Commission (SEC), which would allow investors to get exposure to the cryptocurrency. If the SEC approves the application, it would be the first publicly traded spot bitcoin ETF in the US.
/jlne.ws/3JjUV2a
CoinEx to Leave U.S. After Settling New York Lawsuit; The cryptocurrency company will turn over $1.8 million and exit the U.S. after a settlement with New York's attorney general
Richard Vanderford - The Wall Street Journal
Cryptocurrency platform CoinEx will wind down its U.S. operations after reaching a settlement with New York, said the state's attorney general, Letitia James, who had sued the company over its failure to properly register. Hong Kong-based CoinEx will also turn over about $1.8 million, partially in the form of refunds to customers, as part of the settlement announced Thursday. The deal resolves a lawsuit that James brought against CoinEx in February over its failure to register as a broker-dealer in New York, an allegation the company admitted, according to a settlement document.
/jlne.ws/3JjhVhL
Elon Musk denies owning Dogecoin wallets amid lawsuit alleging insider trading
Josh Kosman - NY Post
Elon Musk denied owning the crypto wallets allegedly used to make dodgy Dogecoin trades in a class-action lawsuit accusing him of manipulating his pet digital currency, according to a letter reviewed by The Post. The billionaire Tesla CEO, who has been embroiled in a year-long legal battle over the alleged pump-and-dump scheme, was accused of cashing in $95 million worth of Dogecoins in an amended complaint filed June 7 in Manhattan federal court.
/jlne.ws/43KsvX7
Cryptofinance: Arrested Development; Plus, updates on industry bellwethers Binance and Tether
Scott Chipolina - Financial Times
I've spent time this week in Amsterdam, at the FT's annual The Next Web conference, an event that sits at the intersection of technology and finance. The past 12 months have been an unprecedented time of crisis for digital tokens so I expected crypto's representatives to be fairly muted compared with last year, when Sam Bankman-Fried (remember him?) dialled in to preach the promise of crypto.
/jlne.ws/3CzPzfc
Binance Exits Netherlands After Failed Registration Attempt
Cagan Koc - Bloomberg
Binance Holdings Ltd. said it is leaving the Netherlands after failing to register with the country's financial authorities, as the world's largest cryptocurrency exchange faces escalating pressure from regulators across the globe. "With immediate effect, no new users residing in the Netherlands will be accepted," Binance said in a statement on Friday. Starting Saturday Binance will only process withdrawals for existing Dutch resident users, it said.
/jlne.ws/3CyqZLK
Three Arrows Capital's NFT collection sold for almost $11mn at auction; Record sale for collapsed crypto hedge fund's pieces comes despite broader downturn in market for digital assets
Joe Miller - Financial Times
A digital art collection previously owned by the collapsed cryptocurrency hedge fund Three Arrows Capital has brought in almost $11mn at Sotheby's in New York, setting a new auction record for works sold as non-fungible tokens despite a broader downturn in demand for similar assets. The 37 artworks, which bidders could pay for with cryptocurrency, included Dmitri Cherniak's "Ringers #879", known as "The Goose". It sold for $6.2mn to enthusiast @punk6529, which the auction house said made it the second-most valuable work of generative art ever sold, behind another of Cherniak's works.
/jlne.ws/43HilX7
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| Politics | | An overview of politics as it relates to the financial markets | Offensive Emails Among Businessmen, Donald Trump Jr. Spark Fight in Hedge Fund Case; A judge will decide whether to release unredacted emails that included derogatory remarks about Jews and Mexicans
Corinne Ramey and James Fanelli - The Wall Street Journal
The Texas financier Gentry Beach has made no secret of having close ties to Donald Trump Jr., serving as a groomsman at his wedding, fundraising for his father and once boasting to a former boss about his friendship with the former president's eldest son. Now Beach is seeking to keep the Trump name out of a long and bitter court fight with his former hedge-fund employer, litigation that has spawned a side battle over whether a judge should allow full public access to offensive emails exchanged among a group that included the two men and others who worked at prominent real-estate and financial firms.
/jlne.ws/3CzTWHo
F-16 Planes Are a Message to Putin: NATO Support Isn't Waning; Complex planes will tie Kyiv more closely to alliance; Ukraine's backers seek to show Russia help will continue
Iain Marlow and Natalia Drozdiak - Bloomberg
The F-16s that NATO allies may send to Ukraine aren't likely to arrive in time to help with Kyiv's current offensive. The used planes won't be enough to turn the tide in the air war against Russia, either. The alliance has a different message in mind.
/jlne.ws/3NyqJmc
Let the British Write AI's Rules; The UK is well placed to show how to regulate AI, but it mustn't ignore some of the field's most important experts.
Parmy Olson - Bloomberg
It's hard not to cringe at UK Prime Minister Rishi Sunak's pronouncement that Britain should "lead the way" on AI regulation. After all, AI will impact the globe in different ways, and Brexit hasn't exactly inspired confidence in British policymaking.
/jlne.ws/3Jh2qqq
Zelenskiy Asks Swiss Parliament to Allow Re-Export of Weapons; Ukrainian president invites Switzerland to host peace summit; Supporting Ukraine 'protects the world from war:' Zelenskiy
Paula Doenecke - Bloomberg
Ukrainian President Volodymyr Zelenskiy addressed Switzerland's parliament in a video speech to ask the country to allow the re-export of Swiss weapons, saying it would be 'vital.'
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| Regulation & Enforcement | | Stories about regulation and the law. | Atlanta Fed chief Raphael Bostic reports fresh trading violation; Money manager transacted on behalf of official and his spouse during forbidden 'blackout period'
Colby Smith - Financial Times
The head of the Federal Reserve Bank of Atlanta disclosed new transactions that violated the US central bank's trading guidelines, reviving one of the worst scandals to hit the institution. Raphael Bostic on Thursday revealed transactions involving 19 exchange traded funds made on May 2 of last year, just one day before the Federal Open Market Committee gathered for a two-day policy meeting. At that time, officials were in a so-called blackout period during which public communications were limited and trading prohibited.
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Competition regulation: moats create safety - not excellence; Boeing and Airbus duopoly appears to ground innovation
Financial Times
Antitrust regulators aim to prevent restrictive agreements between companies that prevent fair market competition and excessive market concentration. Despite their concerns, concentrated markets are not unusual. Indeed some typical protections, such as patent and trademark rules, can entrench the power of dominant companies. In other cases, the barrier to entry is high capital costs.
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Federal Court Orders Wisconsin Resident and Her Companies to Pay More than $24 Million for Forex Fraud Targeting Local Hmong Community
CFTC
The Commodity Futures Trading Commission today announced the U.S. District Court for the Eastern District of Wisconsin on June 5 entered an order of default judgment and permanent injunction against Kay Yang (Yang) of Mequon, Wisconsin and her companies, AK Equity Group LLC (AK Equity) and Xapphire LLC (Xapphire), for fraud in connection with retail foreign currency (forex) transactions that targeted the local Hmong community.
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Michele Layne, Director of Los Angeles Regional Office, to Leave SEC; Cindy Eson and Kate Zoladz Named Acting Co-Directors of Los Angeles Office
SWEC
The Securities and Exchange Commission today announced that Michele Layne, the Director of the Los Angeles Regional Office, is leaving the agency this month after more than 27 years of service. Cindy Eson and Kate Zoladz will become Acting Co-Directors upon Ms. Layne's departure.
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ASIC obtains travel restraint orders against Kristofer Ridgway
ASIC
On 11 June 2023, the Federal Court made interim travel restraint orders against Kristofer Ridgway, a Brisbane-based former financial adviser. These orders were made on an ex parte basis without Mr Ridgway's presence following an ASIC application. ASIC is concerned Mr Ridgway may have contravened financial services laws and requires Mr Ridgway to remain in Australia while it investigates his conduct.
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ASIC releases May 2023 financial adviser exam results
ASIC
ASIC has released exam results from the 21st Financial Advisers Exam cycle, held in May 2023. The exam has been continuously conducted by the Australian Council for Educational Research (ACER) since its inception and follows a rigorous process to ensure all candidates in all cycles are held to the same standard.
/jlne.ws/3XihLNq
ESMA launches Data Strategy for the next five years
ESMA
The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, has today published its Data Strategy for 2023-2028. Over the coming five years, ESMA will work to facilitate the use of new data-related technologies, reduce reporting compliance costs by regulated entities, enable the effective use of data at both EU and national level; and make data more broadly available to the public.
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IOSCO Marches Forward On Its Standard Setting And Inclusiveness Priorities
IOSCO
The International Organization of Securities Commissions (IOSCO) concluded its 48th Annual Meeting, this week. The meeting was hosted by the Securities and Exchange Commission of Thailand, in Bangkok.
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SIFMA Statement On Board Diversity Bill
SIFMA
SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. supporting legislation introduced by Congressman Gregory W. Meeks (D-NY) and co-sponsored by Senator Robert Menendez (D-NJ) that would require public companies to disclose the race, ethnicity, gender, and veteran status of their board members, nominees and executive officers.
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FMA warns New Zealanders of comparison website harvesting investor details
FMA New Zealand
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko - is urging New Zealanders to exercise extreme caution when dealing with a phony interest rates comparison website. The FMA believes the website is harvesting users' personal information for criminals to sell fake investments. The website "Compare Fixed Term Deposits (CFTD)" claims to offer consumers a way to compare all registered and regulated fixed income investments in New Zealand and find the highest rates.
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Consumer warning on Promethean Finance Limited
Financial Conduct Authority UK
We have removed several trading names relating to Promethean Finance Limited (Promethean) from the Financial Services Register. We explain what this means for you and what you should do next.
/jlne.ws/3PbZsaB
Overview of financial results of major insurance companies as of March 31, 2023
Financial Services Agency Japan
Following the announcements by major insurance companies of their financial results as of March 31, 2023, the FSA has compiled the figures, etc. announced by these insurance companies.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Cava Stock Soars 99% in Stock Market Debut, Lifting Hopes for New Listings; Mediterranean-style restaurant chain's shares nearly double from IPO price
Heather Haddon and Corrie Driebusch - The Wall Street Journal
The sleepy IPO market is perking up. Shares of Mediterranean-style restaurant chain Cava Group roughly doubled in their stock-market debut Thursday, a day after pricing well above expectations. The strong demand shows investors are once again interested in companies that are growing swiftly but not yet turning a profit, investors and IPO bankers and advisers said. That bodes well for what has been a historically quiet period for new listings, since such companies traditionally form a crucial segment of the IPO market.
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A brief history of US index diversification: What it means when equal-weight underperforms
Leon Serfaty - Qontigo
There have been numerous articles and features in the financial media over the last several weeks noting the narrowness of leadership in the US equity market since the start of 2023. Some articles cite the outperformance of the cap-weighted US indices vs. their equal-weighted counterparts; others cite the outsized contribution of the largest seven or eight stocks to the overall index performance. Whichever method is used to illustrate this phenomenon, the conclusions are the same: this level of concentration in the US equity market is unprecedented, and could be a harbinger of future market distress despite the otherwise healthy index returns year-to-date. In this article, we will take a closer look at the history of concentration in the US equity market and use Axioma risk models to try and understand the drivers and potential consequences.
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Why a Bull Market Is a Bad Time to Check Your 401(k); Your balance is likely up, but there are reasons to resist the urge to peek at your retirement savings
Anne Tergesen - The Wall Street Journal
Savers tempted to check their 401(k)s now that stocks are back in a bull market should hold off. When it comes to logging into your 401(k) to check the balance, less is always more whether the market's up or down. The quick dopamine hit of seeing a bigger balance can be habit forming and lead some to make risky moves with their money, behavioral economists say. Brokerage data suggests bull markets are also when savers seem most susceptible to developing an account-checking habit.
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A Bull or a Bear Market? It Doesn't Matter; Stocks still haven't returned to their last peak, and our columnist is in the camp that says this isn't a bull market yet. But he's buying stock anyway.
Jeff Sommer - The New York Times
The headlines and market analyses of the last few weeks, saying that stocks are in a bull market, may be a comfort even if they are potentially misleading. They are based on the unassailable fact that the S&P 500 has risen more than 20 percent from its last bottom, which occurred on Oct. 12. News that the Federal Reserve expects further interest rate increases this year has weighed on the market. Yet if inflation, which rose at an annual rate of 4 percent in May, drops substantially, the Fed might hold rates steady, or even start to reduce them - and the stock market might well keep rising.
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Debate over 60/40 portfolio rolls on despite BlackRock stance; Asset manager says current market conditions demand a new approach, but others keep the faith
Emma Boyde - Financial Times
Investors keen to keep an eye on their own investment portfolio can still rely on the basic wisdom of a 60/40 weighting to equities and bonds despite the recent souring of sentiment towards it, industry participants say.
/jlne.ws/440JNPw
Industry changes put smaller investment trusts at risk; Wealth management consolidation favours bigger trusts
Faith Glasgow - Financial Times
In markets, there's often an argument that more means better - as it leads to greater variety and choice. But with 380 investment trusts in existence has this popular investment sector gone too far, with too many small fish swimming around the pond? Is it perhaps time for a cull - for a slimmer, more streamlined and more efficient industry?
/jlne.ws/447VTqh
Generative AI is disrupting its own investment case; The very pace of transformative technology makes it tougher for start-ups - and for existing investment portfolios
John Thornhill - Financial Times
In the good old days, a couple of years ago, a start-up in search of money would slap "crypto" or "metaverse" on their pitch deck before circulating to venture capital investors in eager expectation of success. In the frothy markets of 2021, "pretty much anyone with an email address could raise money", one VC investor joked this week.
/jlne.ws/3Cxusu5
JPMorgan Says Stocks to Suffer $150 Billion Rebalancing Sales; Bank strategist expects an equities correction of up to 5%; Bond-equities performance gap expected to spark stock selling
Denitsa Tsekova - Bloomberg
The relentless rally in equities faces a fresh threat over the next few weeks with the world's biggest money managers set to unload as much as $150 billion of stocks.
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A $4.2 Trillion Options Event Looms for New Bull Market; Traders are chasing gains via derivatives as stocks rally anew; Doubts remain as strategists eye lower prices into year's end
Lu Wang - Bloomberg
The gravity-defying bull market is handing stock investors a fresh conundrum as an unusually big pile of options expires Friday: Chase gains via bullish derivatives or hedge with bearish bets?
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FLASH FRIDAY: The Evolution of Retail Options Trading
Editorial Staff - Traders Magazine
It can be said that a financial market hasn't truly arrived until it has been spotlighted, and quite possibly raked over the coals, by a mainstream, non-financial media outlet. To wit, The Economist, the revered British weekly periodical whose broad remit spans current affairs, international business, politics, technology, and culture, recently wrote about retail options trading.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Climate Talks Ahead of COP28 Raise Concerns of Weak Outcome; Familiar fights over emissions cuts and climate financing left some negotiators worried about progress before the year-end UN summit in Dubai.
John Ainger and Akshat Rathi - Bloomberg
Diplomats pushing for stronger climate action walked away from a two-week preparatory meeting for COP28 disappointed by inter-country bickering and what some said was a lack of ambition from the United Arab Emirates, this year's host nation. https://jlne.ws/3p5jBEF
UN chief to fossil fuel firms: stop trying to 'knee-cap' climate progress
Michelle Nichols - Reuters
U.N. Secretary-General Antonio Guterres said on Thursday that countries must start phasing out oil, coal and gas - not just emissions - and demanded fossil fuel companies "cease and desist" measures that aim to "knee-cap" climate progress.
/jlne.ws/3CuamRz
The World's Oceans Shattered Heat Records in April and May; Month of May was third-warmest ever for land and sea; Hotter oceans threaten to bring severe weather this summer
Brian K Sullivan - Bloomberg
The world's oceans were the warmest on record in April and May, a development that could mean more severe weather over the next few months and trigger a rise in sea levels. Ocean temperatures from March to May - meteorological spring in the Northern Hemisphere - were also the highest in the 174-year record, according to the US National Centers for Environmental Information. When land and sea temperatures were combined, the world had its third-hottest May ever.
/jlne.ws/445t91o
Brutal heat wave to scorch US South through holiday weekend
Reuters
An oppressive heat wave settled over a wide swath of the U.S. South on Thursday, bringing record-breaking temperatures that topped 100 degrees Fahrenheit (38 Celsius) in many spots and creating dangerously hot conditions from Texas to Florida. At midday, more than 35 million people in southern Texas, Louisiana and Florida were under excessive heat warnings, watches and advisories extending through the three-day Juneteenth weekend, the National Weather Service said.
/jlne.ws/43VFftW
Chinese cities break heat records, stressing electricity grid
Reuters
/jlne.ws/3p0nydP
Mexico swelters as 'atypical' heat wave grips nation
Brendan O'Boyle and Daniel Becerril - Reuters
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The Inconvenient Truth About Reaching Net Zero; Author Ed Conway joins Merryn Talks Money to discuss the six commodities we need to live, and how society must get dirty before it can go green.
Sommer Saadi and Merryn Somerset Webb - Bloomberg (podcast}
There's a material world people don't think about all that often. It's the one that provides the raw metals and chemicals that keep economies and societies moving.As Ed Conway explains, that's partly because the mining sector's increased productivity has meant fewer people work in the industry. Another reason is that developed nations have outsourced their material needs to far away countries (which many are beginning to regret). And finally, the whole industry is hugely disruptive and dirty-also something modern societies tend to avoid if they can.
/jlne.ws/3CxDk2N
Shell Challenged on Net Zero After Fossil-Fuel Investment Boost; The company's new investment strategy angers climate activists; CEO says approaching transition with 'humility, flexibility'
Alastair Marsh and Frances Schwartzkopff - Bloomberg
Legal & General Investment Management, the UK's largest asset manager, said it wants Shell Plc to explain how it thinks it can still reach net zero emissions by 2050 while ratcheting up investments in fossil fuels.
/jlne.ws/43YvED3
Climate law divides Swiss voters ahead of referendum
Emma Farge and Cecile Mantovani - Reuters
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Pipeline boss says US green energy shift will need more natural gas as a 'back-up'; Williams CEO claims clean electricity push will be boon for fossil fuel infrastructure
Derek Brower - Financial Times
/jlne.ws/3JgQapY
France Grants Aid to Help Build 1 Billion euro Green Jet-Fuel Plant; Macron announces aid for jet-fuel plant, R&D plane projects; Startup Elyse Energy leads green aviation fuel plant plan
Ania Nussbaum, Albertina Torsoli and Francois De Beaupuy - Bloomberg
/jlne.ws/3JeuWJi
EU Nature Plan Survives Lawmakers' Challenge in Green Deal Boost; Proposal to reject nature restoration law narrowly fails; Rest of the vote postponed to a meeting later this month
John Ainger - Bloomberg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Odey Asset Management halts trading in fourth fund; Hedge fund firm acts after 'sizeable level' of withdrawal requests following allegations against founder
Emma Dunkley - Financial Times
Odey Asset Management has suspended trading in a fourth fund following a "sizeable level" of withdrawal requests in the wake of sexual misconduct allegations against founder Crispin Odey, which have precipitated the break-up of one of London's oldest hedge fund firms.
/jlne.ws/4657pEz
JPMorgan claims Frank founder told staff to overstate user numbers; Latest allegation comes in lawsuit filed by bank over acquisition of student finance site
Joshua Franklin - Financial Times
The founder of a student finance platform acquired by JPMorgan Chase instructed her staff to change its website to show the business had far more users than it actually did, the US bank alleged in a court filing on Thursday. The filing submitted in Delaware federal court by JPMorgan alleged that as Charlie Javice was meeting an investment banker about a potential sale of her company, she directed her team to change the company's public-facing numbers to show it had 4.25mn student users. Javice argued internally that she was treating visitors to the Frank website as users, according to messages cited in the filing.
/jlne.ws/43XWkDa
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Oracle cuts hundreds of jobs, rescinds job offers in its health unit - Insider
Reuters
Software firm Oracle on Thursday laid off hundreds of employees, rescinded job offers and cut back open positions within its health unit, the Insider reported, citing three people familiar with the matter. The layoffs follow thousands of cuts in corporate America as companies wrestle with elevated levels of inflation and rising interest rates.
/jlne.ws/3CuO9CS
Wall St bank job cuts set to surpass 11,000 as CEOs unwind hiring binge; Executives try to reverse pandemic recruitment spree that propelled headcounts to record highs
Joshua Franklin and Stephen Gandel - Financial Times
Job cuts at the largest US banks this year are on course to surpass 11,000 as Wall Street contends with the worst recruitment market since the financial crisis following a pandemic-era hiring binge.
/jlne.ws/3NvXlNs
Working From Home Becomes a Once-a-Week Perk for Some Office Goers; Companies like Chipotle and Disney are testing the limits of the three-day in-office week that's emerged as the post-pandemic standard as 'RTO creep' sets in.
Jo Constantz - Bloomberg
A small but growing list of big-name companies like BlackRock Inc., Walt Disney Co. and Chipotle Mexican Grill Inc. are taking their return-to-office mandates up a notch, calling employees back to their desks four days a week.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | F.D.A. Panel Advises Vaccine Makers to Aim at Only One Covid Variant; An F.D.A. advisory panel told manufacturers to aim the latest coronavirus vaccine for the fall at the dominant SARS-CoV-2 variant.
Christina Jewett - The New York Times
Vaccine makers should target the XBB variant of the coronavirus in a shot to be available in the fall, moving away from the existing formula that protected against the Omicron variant and an early form of the virus, an advisory panel to the Food and Drug Administration agreed on Thursday.
/jlne.ws/3XaFejm
How a Toilet Plunger Improved CPR; The conventional method for chest compressions doesn't have a great success rate. Doctors are pumping it up with a high-tech plunger.
Joanne Silberner - The New York Times
In 1988, a 65-year-old man's heart stopped at home. His wife and son didn't know CPR, so in desperation they grabbed a toilet plunger to get his heart going until an ambulance showed up. Later, after the man recovered at San Francisco General Hospital, his son gave the doctors there some advice: Put toilet plungers next to all of the beds in the coronary unit.
/jlne.ws/43JhQvW
FDA advisers back updated COVID vaccine targeting dominant variant
Bhanvi Satija and Sriparna Roy - Reuters
Advisers to the U.S. Food and Drug Administration on Thursday unanimously recommended that updated COVID-19 shots being developed for a fall vaccination campaign target one of the currently dominant XBB coronavirus variants.
/jlne.ws/3p6BHpE
One Change Could Help U.S. Drugmakers Save 11 Million Trees a Year; The paper and pharmaceutical industries are clashing over legislation that would let prescription drug information pamphlets go digital
Dieter Holger - The Wall Street Journal
Doctors and pharmacists receive lengthy pamphlets for all prescription drugs that can stretch as long as a dining-room table. Efforts to go digital in this heavily regulated industry are finally making headway, offering drugmakers the chance to provide up-to-date information while also saving money, trees and greenhouse-gas emissions.
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What Is Hepatitis A and Can You Catch It From Eating Strawberries? All You Need to Know
Low De Wei - Bloomberg
A widening recall of frozen strawberries linked to a hepatitis A outbreak in the US has shone a light on the risk of contaminated food spreading potentially deadly diseases. The US Food and Drug Administration this week asked more firms to recall products, with items pulled from the shelves of grocery stores, including from Walmart Inc. and Costco Wholesale Corp. Here's everything you need to know about the hepatitis A outbreak and which products to avoid.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | M&G Investments appoints head of Japan as part of Asian expansion strategy; Incoming hire joins from Schroders Investment Management Japan, having previously held positions at Invesco Asset Management and Nippon Life Group.
Wesley Bray - The Trade
M&G's global asset management arm has appointed Manabu Fujita as head of M&A Investments Japan. Fujita joins from Schroders Investment Management Japan, where he spent the last 15 years, most recently serving as head of sales. Elsewhere in his tenure, he served as head of institutional sales and business development.
/jlne.ws/3Nwwhg7
Polish banks face billions of additional losses after ECJ ruling on Swiss franc loans; Court decided in favour of mortgage holders who say they were encouraged to take FX bet
Raphael Minder - Financial Times
Polish banks face billions of additional losses after the European Court of Justice ruled on Thursday in favour of mortgage holders who are suing their lenders for encouraging them to make a Swiss franc currency bet that went spectacularly wrong.
/jlne.ws/3pdbzJJ
Who's afraid of the gilt market? Governments shouldn't be spooked by a lobby whose financial interests are maximised when economic growth is absent
Toby Nangle - Financial Times
Governments have been in thrall to bond markets for centuries. But the term "bond vigilante" was coined just 40 years ago when the economist and Wall Street analyst Ed Yardeni argued that if policymakers failed to regulate the US economy, bond investors would step in.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Ken Griffin Pushed to Testify in Ron Perelman's $410 Million Art Fight; Ron Perelman seeking insurance payout after 2018 estate fire; Griffin has resisted testifying about a 2020 visit to see art
Tom Maloney and Chris Dolmetsch - Bloomberg
What do billionaire Ken Griffin, a Hamptons fire and Cy Twombly's painting Untitled (1971) have in common? The answer: Ron Perelman's three-year dispute with a group of insurers about a portion of his extensive art collection.
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