| July 05, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
During a Fourth of July parade in the town where I was born, Highland Park, Illinois, a mass shooting incident left six people dead and 31 more injured as a single shooter on the roof of a nearby building sprayed 60 bullets down upon the innocent gathered in celebration of our nation's founding. The shootings took place just three blocks from the home of a dear friend of mine, a former CBOT pit trader and reader of this newsletter, who lives in the north shore Chicago suburb. (WSJ), (NYT)
Many nearby communities canceled their 4th of July celebrations as a result of the shootings; several popular north shore beaches were closed. Police from nearby communities responded, as did the Illinois State Police and the FBI, news reports said.
Highland Park is the town where my mother taught high school for 35 years. It is also the town where both my brothers were born in the same hospital where the most serious shooting victims were sent. It is the community where I went to nursery school at Highland Park High School in a program my mom ran where the high school students ran the program. For me, this mass shooting is very personal. It is very sad. It is frustrating. It is a town where this kind of thing is not supposed to happen, yet it did.
There is a story in the Wall Street Journal titled "How to Peek at Your 401(k) Without Freaking Out." My answer to the question is simply, "FOR THE LOVE OF GOD, DON'T LOOK!"
Fidelity is opening to the masses something that was once only open to wealthy clients: direct indexing. Clients can build their own portfolios and take advantage of the Fidelity Solo FidFolios platform (for $4.99 per month), which will allow customers to rebalance, purchase and redeem an entire portfolio of stocks with a single click, Fidelity's announcement said, according to the FT.
"Crypto Dad" Chris Giancarlo was interviewed by Scott Melker of The Wolf of All Streets about "The Digital Dollar Experiment" in a YouTube video.
JLN's Alex Teng published his second episode of Options Discovery, this one featuring an interview with Tony McCormick of BOX.
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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Options Discovery - Intro to risk with Tony McCormick
JohnLothianNews.com
This week's episode of Options Discovery discusses risk and what it means in the world of options. Alex Teng sits down with Tony McCormick, the CEO of BOX Exchange - the self regulatory arm of Box Options - to discuss that topic.
Watch the video »
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JPMorgan Sees 'Stratospheric' $380 Oil on Worst-Case Russian Cut
Joe Carroll - Bloomberg
Global oil prices could reach a "stratospheric" $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the screws on Vladimir Putin's war machine in Ukraine. But given Moscow's robust fiscal position, the nation can afford to slash daily crude production by 5 million barrels without excessively damaging the economy, JPMorgan analysts including Natasha Kaneva wrote in a note to clients.
/jlne.ws/3ApRxPq
****** This is what makes markets, differing ideas on where prices can go.~JJL
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Citi Warns Oil May Collapse to $65 by the Year-End on Recession
Serene Cheong - Bloomberg
Crude oil could collapse to $65 a barrel by the end of this year and slump to $45 by end-2023 if a demand-crippling recession hits, Citigroup Inc. has warned.
/jlne.ws/3P7qxsj
****** This is what makes markets, differing ideas on where prices can go.~JJL
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Beer Made From Recycled Toilet Water Wins Admirers in Singapore; Local brewer makes ale with water from treatment plants; Nation's utility uses it to educate people about recycling
Sing Yee Ong - Bloomberg
"NEWBrew" is no ordinary beer. The new Singapore blond ale is made with recycled sewage. The alcoholic beverage is a collaboration between the country's national water agency, PUB, and local craft brewery Brewerkz. First unveiled at a water conference in 2018, NEWBrew went on sale in supermarkets and at Brewerkz outlets in April.
/jlne.ws/3uiVBxd
***** There are bad ideas, then there are ideas like this: really bad ideas.~JJL
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$12.8 Trillion In Gold Deposits Discovered In Uganda gold deposits uganda
GSIExchange-com.cdn.ampproject.org
EDITOR'S NOTE: Uganda just announced a major gold deposit worth $12.8 TRILLION! Uganda's President Yoweri Museveni recently announced the find in a speech at the UN General Assembly. This discovery has the potential to completely redefine everything in the global economy from the balance of geopolitical power to the foundation upon which the world's monetary system is built. Think about it: there is a total of $2.07 trillion US dollars in existence.
/jlne.ws/3AqxiBb
*****When all the Ugandans have gold teeth, I may believe it, but probably not.~JJL
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The world's first fintech sitcom is just what you'd imagine; Tragedy equals comedy plus information technology
Siddharth Venkataramakrishnan - FT
As streaming services battle for eyeballs and subscribers, a new name has entered the field of content on demand — Hewlett-Packard Enterprise. Where Netflix has Stranger Things, Disney+ has Obi-Wan and Apple TV+ Ted Lasso, HPE has Get Ahead, the "world's first fintech sitcom".
/jlne.ws/3bTH84A
***** How can the first fintech sitcom not be a tragedy?~JJL
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Friday's Top Three
Our most clicked story Friday was The Making of ICE Make The Connection, Intercontinental Exchange's video going behind the scenes of its first big ad campaign. Second was a tie between a job posting for Manager of Market Surveillance at BGC Partners in New York City and A hedge fund manager who moved to Miami from Chicago breaks down the pros and cons of living in the Magic City for employees of Ken Griffin's Citadel — from food to crime to the weather from Business Insider - its third time in the top three. Third was Crypto Lender BlockFi, in Talks With FTX, Also Gets Ledn Offer, from Bloomberg.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Natural Gas Soars 700%, Becoming Driving Force in the New Cold War
Gerson Freitas Jr, Stephen Stapczynski and Anna Shiryaevskaya - Bloomberg
One morning in early June, a fire broke out at an obscure facility in Texas that takes natural gas from US shale basins, chills it into a liquid and ships it overseas. It was extinguished in 40 minutes or so. No one was injured. It sounds like a story for the local press, at most — except that more than three weeks later, financial and political shockwaves are still reverberating across Europe, Asia and beyond.
/jlne.ws/3bSjZzl
HKEX Launches Hong Kong International Carbon Market Council, Unveils Carbon Market Plans
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is today (Tuesday) pleased to announce the launch of the Hong Kong International Carbon Market Council (the Council). HKEX is partnering with a number of leading corporates and financial institutions as inaugural Council members to explore carbon opportunities in the region.
/bit.ly/3NE0RlX
How Wall Street Escaped the Crypto Meltdown; As cryptocurrency prices plunged and funds failed, strict rules on risky assets helped Wall Street companies sidestep the worst. Retail investors weren't as lucky.
Emily Flitter - NY Times
Last November, in the midst of an exuberant cryptocurrency market, analysts at BNP Paribas, a French bank with a Wall Street presence, pulled together a list of 50 stocks they thought were overpriced — including many with strong links to digital assets.
/jlne.ws/3R4ra7A
Hong Kong Stock Market Sees Uncertain Future as China Sway Grows; Investors split over risks and rewards as Xi tightens his grip; Hong Kong has underperformed mainland peers and Wall Street
Jeanny Yu - Bloomberg
Under Chinese rule, Hong Kong's stock market has more than tripled. That still falls short of Shanghai. Hong Kong's benchmark stock index has delivered a total return of more than 230% since the handover in July 1997. That compares with 320% from the Shanghai Composite Index and 580% from the S&P 500 Index in the US.
/jlne.ws/3IfhZNJ
Liquidity strains in markets need structural fixes; It might be easier to target funds but broader remedies are required to deal with times of stress
Eric Pan - FT
While high inflation is making the headlines, another potentially worrisome development for markets this year has been the deterioration of liquidity in trading. As the US Federal Reserve discussed in its latest Financial Stability Report in May, liquidity has been falling since late 2021 in US Treasuries as well as in futures contracts on the S&P 500 index and oil. Liquidity — measured in the ease with which buyers and sellers can transact — is critical to a well-functioning market for everyday investors and borrowers. Seeing strains across these multiple markets ought to be raising real concerns.
/jlne.ws/3OMyoeS
Hong Kong's IPO market still lags behind other exchanges; The flow of deals has dried up and confidence is beginning to wane
Hudson Lockett - FT
In the global race to host initial public offerings, there has been a notable laggard this year — Hong Kong. The Asian financial hub has ranked first in IPO fundraising for four out of the past seven years. But the most recent year it did so was in 2019. And this year it has failed to even make it into the top 10 global exchanges. For a place that used to cite its IPO rankings as a sign of its vitality as a financial centre, it has been quite a come down, even in a global financial system where the value of IPOs has fallen 70 per cent in the first five months of the year. It is a decline felt particularly hard by the territory's bankers and financial advisers as the flow of deals in general has dried up.
/jlne.ws/3ylcisU
Beijing announces interest rate swaps with Hong Kong after Xi Jinping visit;Scheme to deepen financial connectivity with mainland coincides with expanded currency agreement
Cheng Leng - FT
International investors will be able to tap China's $3.1tn swaps market for the first time through a link with Hong Kong announced on Monday, as Beijing intensifies its efforts to modernise its domestic capital markets. nThe arrangement, which was announced on the same day as an expanded currency swap between China's central bank and Hong Kong's monetary authority, followed the 25th anniversary of the territory's return from Britain and a rare visit from Chinese president Xi Jinping.
/jlne.ws/3ai0yQ6
Cryptocurrencies are not the new monetary system we need; They proliferate uncontrollably and are objects of speculation rather than stores of value
Martin Wolf - FT
Money has already evolved from coins, to notes, entries in balance sheets and bits on computers. The institutions that provide, operate, guarantee and regulate money have evolved with it. So how should it evolve in the digital era? The invention of cryptocurrencies has forced everybody involved and above all the central banks — the agents of the state in managing the public good of money — to confront this question. If crypto is not the answer, what is?
/jlne.ws/3affVsx
Supreme Court ruling casts doubt on powers of US regulators; Rules governing financial markets and crypto could be open to legal challenge after EPA decision
Stefania Palma and Kiran Stacey - FT
A landmark ruling by the US Supreme Court will put the brakes on a swath of new business regulations, according to senior Republicans and top corporate lobbyists. Two Republican lawmakers told the Financial Times they believed the Court's decision to curtail the power of the Environmental Protection Agency would have broad consequences as industry representatives used it to argue against new rulemaking.
/jlne.ws/3NLCRgF
Crypto hedge fund Three Arrows files for US bankruptcy; Collapsed investment firm expected to face claims from 'significant number of creditors', court documents show
Scott Chipolina and Adam Samson - FT
Three Arrows Capital has filed for bankruptcy in the US, highlighting the scale and reach of the prominent crypto investment firm's borrowings across the industry before it collapsed into liquidation this week. The Chapter 15 bankruptcy filing in Manhattan federal court late on Friday came just days after Three Arrows was pushed into liquidation in the British Virgin Islands, following claims that it failed to pay $80mn it owed to digital asset exchange Deribit. The US bankruptcy petition was made to empower attorneys appointed to lead the unwinding of Three Arrows in the British Virgin Islands, the Singapore-based fund's legal domicile, to shield its US assets.
/jlne.ws/3P6GEGx
Troubled Crypto Lender Vauld Says It May Get Bought by Nexo; Vauld CEO says Nexo may buy as much as 100% of Vauld;
Philip Lagerkranser - Bloomberg
Vauld, the Singapore-based crypto lender that announced a freeze on withdrawals on Monday, said it has signed a tentative agreement to be acquired by rival Nexo. "We are working tirelessly to ensure your financials are protected," Vauld Chief Executive Officer Darshan Bathija said in a tweet on Tuesday. "To that end, we've signed an indicative term sheet with @Nexo to acquire up to 100% of Vauld."
/jlne.ws/3Ih0wof
Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals; Vauld is exploring a possible restructuring after becoming the latest crypto platform to freeze services
Caitlin Ostroff - WSJ
A cryptocurrency lender backed by Peter Thiel and Coinbase Global Inc COIN 4.30%?. suspended withdrawals, trading and deposits on its platform, citing volatile market conditions and financial difficulties facing key business partners.
/jlne.ws/3bTPDMY
Crypto Broker Voyager Digital Suspends Withdrawals; Firm says it is exploring strategic alternatives, after issuing notice of default to crypto hedge fund Three Arrows Capital
Vicky Ge Huang - FT
Crypto broker Voyager Digital VOYG -36.21%? said on Friday afternoon that it is temporarily suspending trading, deposits, withdrawals and loyalty rewards. "This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information at the appropriate time," Stephen Ehrlich, chief executive of Voyager, said in a statement.
/jlne.ws/3P0otlz
Bundesbank boss warns against 'fatal' assumptions in ECB crisis tool; Joachim Nagel reflects concerns over plan to counter divergence in eurozone borrowing costs
Martin Arnold - FT
The head of Germany's Bundesbank has warned it will be "virtually impossible" to decide if a divergence in borrowing costs between eurozone countries is justified, arguing it would be "fatal" for governments to rely on the European Central Bank's support. Joachim Nagel's comments in a speech on Monday were the first sign of serious disagreement at the ECB over its plan to develop a new asset purchase tool to counter any "unwarranted" surge in the bond yields of more vulnerable countries once it starts raising interest rates.
/jlne.ws/3ylU1Ml
Coinbase-backed Vauld halts withdrawals as crypto credit crisis intensifies; Digital asset lender says customers have pulled $200mn from its platform since mid-June
Adam Samson - FT
Vauld, a crypto lender backed by Coinbase and investor Peter Thiel, has halted withdrawals and trading on its platform as the credit crisis in the digital asset market intensifies. The company, which offered clients annualised returns of up to 40 per cent to lend out their crypto tokens, said on Monday clients had yanked almost $200mn from its platform in the past three weeks as high-profile failures ricochet through the industry.
/jlne.ws/3unN8Jf
Coal Makes a Comeback as the World Thirsts for Energy; Tight supplies following Russia's war in Ukraine lead countries back to the dirtiest fossil fuel, despite pledges to tackle climate change
Jenny Strasburg, Phred Dvorak - WSJ
An energy-starved world is turning to coal as natural-gas and oil shortages exacerbated by Russia's war against Ukraine lead countries back to the dirtiest fossil fuel. From the U.S. to Europe to China, many of the world's largest economies are increasing short-term coal purchases to ensure sufficient supplies of electricity, despite prior pledges by many countries to reduce their coal consumption to combat climate change.
/jlne.ws/3yF5g3w
FTX US reaches deal with BlockFi valuing crypto lender up to $680 million
David Hollerith - Yahoo Finance
U.S. subsidiary of Cryptocurrency exchange FTX has closed a deal with BlockFi that values the troubled lender at up to $680 million. BlockFi's valuation after its most recent series D funding round in March of last year stood at $3 billion, according to data from Crunchbase.
/jlne.ws/3IfrufL
BlockFi's deal with Sam Bankman-Fried's FTX will prioritize clients
Dylan Butts - Forkast
The crypto lender signed definitive agreements with FTX US for a US$400 million revolving credit facility that will be subordinate to all client funds. The crypto exchange also has an option to acquire BlockFi for about US$240 million based on performance targets.
/jlne.ws/3Aq3moI
DOJ's big crypto crackdown; The coinbro perps now facing some cold storage
George Steer - FT
No one could accuse the US Department of Justice of twiddling its thumbs. In the past three days alone the DOJ announced criminal charges against no fewer than six defendants in four separate cases for their alleged involvement in cryptocurrency-related fraud. Also indicted was a man in Nevada whose $45mn metaverse grift is alleged to have claimed a staggering 10,000 victims.
/jlne.ws/3uoTacj
Coinbase Launches Derivatives Product in Crowded—and Depressed—Market; While Coinbase looks for new lines of revenue, rival crypto exchanges dominate derivatives trade
Paul Vigna - WSJ
Coinbase Global Inc. just launched a derivatives product, its latest attempt to move into a new field and offset weakness in its core spot-trading business. It has a lot of competition. The largest U.S.-based crypto exchange acquired a U.S.-regulated derivatives exchange called FairX in February for $330 million, according to research firm PitchBook. This past week, it relaunched it with a focus on cryptocurrencies. Its first product is a "nano bitcoin" futures contract that will be offered through brokers while Coinbase awaits regulatory approval to offer them directly. Derivatives are financial instruments that are based on and allow traders to bet on the price of an underlying asset, like bitcoin.
/jlne.ws/3uo4V2Z
McGonigle Has Combined With Davis Wright Tremaine
Davis Wright Tremaine LLP
Effective July 1, 2022, McGonigle P.C. has combined with Davis Wright Tremaine LLP. The move joins McGonigle's deep expertise in securities regulation and enforcement, commodities, digital assets, white collar, and litigation with DWT's full-service national platform. From corporate, tech transactions, and litigation to consumer banking, payments, and FinTech, our combined firm will serve clients better than ever.
/jlne.ws/3AqejH6
Singapore Evaluates More Crypto Safeguards After Blowups; Steps may include leverage rules, retail participation limits; Assessment follows liquidation of Three Arrows Capital fund
Philip Lagerkranser and Low De Wei - Bloomberg
Singapore is considering new rules to protect consumers after plunging digital-asset prices triggered a series of high-profile crypto blowups, including firms based in the city-state. The Monetary Authority of Singapore "has been carefully considering the introduction of additional consumer protection safeguards," its Chairman Tharman Shanmugaratnam said in a written response to a question from parliament. "These may include placing limits on retail participation, and rules on the use of leverage when transacting in cryptocurrencies."
/jlne.ws/3nCKNGo
Trading Dries Up on India Crypto Exchanges as New Tax Kicks In; Trading at four exchanges plummets by 60% or more after tax; Market makers, high-frequency traders are 'gone:' executive
Sidhartha Shukla - Bloomberg
Warnings from Indian crypto exchanges that a controversial new transaction tax would erode trading are coming true, with volumes evaporating since the levy took effect. Three exchanges -- ZebPay, WazirX and CoinDCX -- suffered declines of between 60% and 87% in the value of daily trading immediately after the 1% tax deductible at source became effective on July 1, data from CoinGecko show. A fourth, Giottus, saw trading sink 70%, its chief executive said.
/jlne.ws/3nXRJ1b
'Doom Loop' Fears Are Putting Italian Banks to the Test; The European Central Bank is expected to unveil a program to shield indebted economies. Italian bank shares will be a test of the plan's success.
Patricia Kowsmann, Chelsey Dulaney - WSJ
Rising interest rates in Europe are making investors worry about an old ghost haunting Italy's banks: the "doom loop." The European Central Bank is expected to unveil a special bond buying program later this month to shield highly indebted eurozone economies—and their banks—from rising borrowing costs. The "anti-fragmentation" program is a response to a widening of bond yields in Italy in particular and a punishing selloff in bank stocks in the eurozone's third largest economy.
/jlne.ws/3bSCxiL
BGC Partners arranges Asia's first intermediated block trade of CME Group Bitcoin options; The move follows BGC's arrangement of the first ever block trade of Micro Bitcoin options offered by CME Group earlier this year.
Wesley Bray - The Trade
GFI (HK) Securities, a subsidiary of interdealer broker BGC Partners, has arranged its first ever intermediated block trade of CME Group Bitcoin options in Asia between Cumberland and Goldman Sachs. The transaction brought together major global market participants in the cryptocurrency space and falls in line with BGC's aim to remain a partner of choice in the digital assets' realm.
/jlne.ws/3ArTOcR
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Can Putin's Russia ever reopen for business? Get ready for some difficult conversations about shareholder value
Rui Soares - FT
Rui Soares is an investment professional for FAM Frankfurt Asset Management, an independent investment firm. Olaf Scholz, the German Chancellor, has said that a return to any kind of a normal relationship with "Putin's aggressive, imperialist Russia" would be "inconceivable". In other words: no regime change in Russia, no return to the German-Russia partnership.
/jlne.ws/3P0P0PY
Iran Slashes Cost of Its Oil to Compete With Russia in China
Bloomberg News
Iran is being forced to discount its already cheap crude even more as a top ally gains a bigger foothold in the key Chinese market.
/jlne.ws/3yfK0QD
Nervous staff and no bankers: Western firms struggle to exit Russia
Essi Lehto and Anne Kauranen - Reuters
For foreign companies still working out what to do with their stranded Russian assets, President Vladimir Putin's seizure of a major oil and gas project is a powerful warning: Move fast or else. Companies have been wrestling with how to exit in ways that limit the financial impact, do not put employees at risk and, in some cases, offer the opportunity to return in future.
/jlne.ws/3abfeAi
JPMorgan warns oil prices could surge 240% as Russia slashes output in response to Western sanctions
Harry Robertson - Business Insider
Oil prices could surge 240% to $380 a barrel if Russia dramatically slashes production in response to Western plans to cap the country's energy prices, JPMorgan has warned. G7 leaders last week announced they were working on plans to cap the price of Russian oil in an effort to keep up the pressure on Moscow over its invasion of Ukraine.
/jlne.ws/3nA8mzN
Credit Suisse Cuts Investment Banking Staff in Asia
Bloomberg
Credit Suisse Group AG is cutting more than two dozen front line roles at the investment bank in Asia as the Swiss lender grapples with losses and a weakening outlook for the global economy, people familiar with the matter said. Michael Moore reports on Bloomberg Television.
/jlne.ws/3a9W3Hj
Citi in talks with Russian buyers over sale of local operations; US bank in negotiations with groups including Expobank and insurer Reso-Garantia
Max Seddon and Stephen Morris - FT
Citigroup is in talks with several local buyers over a potential sale of its operations in Russia, making it the latest major foreign bank to exit the country following Vladimir Putin's invasion of Ukraine.
/jlne.ws/3R7jXDU
Russian Lawmakers Back Windfall Tax on Gazprom Amid Gas Rally; Lower house of parliament passes amendments to tax legislation; Gazprom set to pay an additional 1.25 trillion rubles to state
Bloomberg News
Russian lawmakers approved a temporary windfall tax on energy giant Gazprom PJSC, a move that will channel billions of dollars into state coffers as natural-gas prices soar.
/jlne.ws/3RaRZHn
Your Old Fridge Is Vladimir Putin's Friend. Dump It!; Incentives like negative electricity rates and subsidies for energy efficient appliances can help Europe store up gas for the winter.
Javier Blas - Bloomberg
Negative oil prices were one of the craziest moments ever in the energy market. At one point in April 2020, a seller paid a buyer $40 for a barrel of West Texas Intermediate. We're going to need another crazy moment if Europe is going to make it through the winter. How about this: Pay consumers not to consume electricity.
/jlne.ws/3yidKML
World War II Bombs Hamper Germany's Retreat From Russian Gas; Ordnance dumped in the Baltic and North Seas is hindering plans to build new gas terminals and offshore wind farms
William Boston - WSJ
A long-submerged problem is complicating Germany's attempts to wean itself off the vast pipelines pumping gas from Russia: Over a million tons of weapons and explosives rusting at the bottom of the sea. Berlin plans to build three liquefied-natural gas terminals along its northern coast to break its dependence on Russian energy as the war in Ukraine grinds on. The idea is to ship gas in from the U.S., Canada or Qatar instead, diversifying Germany's energy supplies as Moscow throttles deliveries, squeezing manufacturers and the rest of the German economy.
/jlne.ws/3uoHpCE
Sanctions Threaten Russia's Next Huge Oil Field; Vostok Oil, a vast patch spread across inhospitable terrain in Russia's far north, faces setbacks without Western cash and imported technology
Georgi Kantchev - WSJ
These are boom times for the Russian oil-and-gas industry. High energy prices are keeping the country's economy afloat and funding the war in Ukraine. How long it lasts will depend in part on a massive Arctic oil project that Russia promised would save the world from an energy crunch.
/jlne.ws/3bSK4Oz
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | BGC Partners Arranges First Intermediated Block Trade Of CME Group Bitcoin Options In Asia
BGC Partners, Inc.
GFI (HK) Securities LLC, a subsidiary of BGC Partners, Inc. (Nasdaq: BGCP) ("BGC"), a leading global brokerage and financial technology company, is excited to announce that it has arranged the first ever intermediated block trade of CME Group Bitcoin options contracts in Asia between Cumberland DRW LLC ("Cumberland") and Goldman Sachs.
/jlne.ws/3OMI9d1
OCC June 2022 Total Volume Down 7.4% Year-Over-Year
OCC
OCC, the world's largest equity derivatives clearing organization, announced today that year-to-date average daily volume through June 2022 was 41.2 million contracts, up 4.5 percent compared to year-to-date average daily volume through June 2021. Total volume was 806.0 million contracts, down 7.4 percent compared to June 2021.
Highlights
ETF options cleared contract volume up 64.1% year-over-year
Index options cleared contract volume up 51.9% year-over-year
Stock Loan transaction volume up 19.9% year-over-year
/jlne.ws/3IdYXY1
U.S. Stock Futures Drop Following Another Week Of Losses
Lisa Levin - Benzinga Editor
U.S. stock futures traded lower in early pre-market trade on Tuesday after Wall Street recorded losses for another week and closed one of the worst halves in decades on Thursday. However, the Dow Jones surged by more than 300 points on Friday.
/bit.ly/3NLnTY7
Southern China's First Futures Exchange Issues Rules Ahead of Opening
Yicai Global
Southern China's First Futures Exchange Issues Rules Ahead of Opening
June 7 -- The Guangzhou Futures Exchange, southern China's first and the mainland's fifth futures exchange, has revealed a slew of rules ahead of its imminent opening.
/bit.ly/3R9zbIy
Appendix 3x - Initial Director's Interest Notice - Dr Heather Smith
ASX
Attached is the Appendix 3X Initial Director's Interest Notice for Dr Heather Smith
/bit.ly/3sGw54D
BME and ISDE extend their collaboration agreement to Braindex
BME-X
The 100% online financial training platform owned by BME will now feature courses by ISDE; Braindex already offers 44 courses of different levels on Financial Markets and Products, Dissemination, Technology and Regulation applied to the sector
BME and ISDE today announced at the Palacio de la Bolsa de Madrid a collaboration agreement through which Braindex, BME's 100% online financial training platform, will expand its offering by adding ISDE's courses. BME and ISDE already signed an agreement in 2020 whereby Instituto BME would provide Law students with a Master's Degree in Stock Exchange in parallel with their university studies, thus offering students an exceptional knowledge.
/bit.ly/3IdZ4Ti
CME Group Reports Q2 and June 2022 Market Statistics
CME Group
Highest-ever June ADV, with Q2 volume up 25% year-over-year; Q2 Equity Index ADV grew 57%, including record Micro E-Mini S&P 500 futures volume; Record SOFR futures and options ADV, OI
CME Group, the world's leading derivatives marketplace, today reported its Q2 and June 2022 market statistics, showing average daily volume (ADV) increased 25% to 23.1 million contracts during the second quarter, the company's third-highest quarterly volume ever. June ADV increased 30% to 24 million contracts, representing the company's highest June volume on record. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume.
/bit.ly/3yh3rZs
Notice Of Summary Action; Member Firm: J.P. Morgan Securities, Llc
CME Group
Rule Violation:rule 576. Identification Of Golbex Terminal Operators
Each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If user IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique user ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than the individual's own unique user ID.
/bit.ly/3OLSR3C
Cash market sales statistics for June
Deutsche Börse
A trading volume of EUR144.1 billion was achieved on Deutsche Börse's cash markets in June (previous year: EUR146.8 billion).
/bit.ly/3uqKLVY
June 2022 figures at Eurex
Interest rate derivatives showing strongest growth among listed derivatives (up 42 percent); Total Repo volumes increasing by 54 percent y-o-y; Notional outstanding in long-dated OTC interest rate swaps up 24 percent
Deutsche Börse
Total traded derivatives contracts at Eurex grew by 26 percent in June, from 167.7 million to 210.9 million compared to the same month last year. Interest rate derivatives showed the strongest year-on-year growth, up 42 percent from 57.9 million traded contracts to 82.0 million, while index derivatives grew by 28 percent, from 77.9 million traded contracts to 99.3 million. Total contracts traded in equity derivatives fell by 8 percent to 29.2 million.
/bit.ly/3NJzve9
EEX to develop Hydrogen market transparency together with TYCHO Solutions
EEX
The European Energy Exchange (EEX) is entering into a partnership with the data solutions provider TYCHO Solutions to enhance transparency in the hydrogen markets. Both parties will bring in their
respective expertise to provide hydrogen-related data on the EEX Transparency Platform, by using TYCHO's business intelligence tool NOVA.
/bit.ly/3nHx9lw
Eurex Exchange Readiness Newsflash | T7: Introduction of additional currencies
Eurex
Dear Eurex Participant, With this Newsflash, Eurex would like to make you aware of the introduction of new currencies on the following dates: Simulation start. 14 July 2022; Production start. 29 August 2022.
/bit.ly/3ulTCbm
Order Routing System (ORS): Compliance with U.S. regulatory requirements by ORS Users located in the U.S.
Eurex
Eurex Circular 066/22 Order Routing System (ORS): Compliance with U.S. regulatory requirements by ORS Users located in the U.S. With this circular, we would like to inform you about a clarification regarding the use of the Order Routing System (ORS), as defined in § 60 of the Exchange Rules of Eurex Deutschland (Eurex), particularly for ORS Users located in the U.S. Further details regarding ORS usage were provided in Eurex Circular 061/21 and Eurex Readiness Newsflash as of 9 June 2021.
/bit.ly/3ur3L6z
New regulations in the Exchange Rules; Participate in trading from outside registered trading locations: Questions and Answers
Eurex
With effect from 13 June 2022, new provisions in the Exchange Rules of Eurex Deutschland (Exchange Rules) have entered into force, according to which participation in exchange trading is also permitted from outside the registered trading locations, provided that certain requirements are met and ensured.
/bit.ly/3yKhF6E
Eurex Exchange Readiness Newsflash | Updates July 2022
Eurex
Dear Eurex Participant,
With this Newsflash, we would like to draw your attention to the upcoming publications, events and necessary actions for the ongoing initiatives: Migration to new T7 GUI Download Servers and Landing Pages; All links to T7 GUIs for Simulation will be removed from the old servers; Introduction of Equity Options, Single Stock Futures and Stock Tracking Futures; T7 Release 10.1: Amendments to Transaction Size Limits; Regulatory Reporting Solution (RRS): Release 1.1.
/bit.ly/3OJmmTK
HKEX NAMES GROUP TREASURER
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) the appointment of Mr Kian Hoe Tan as Managing Director and Head of Treasury.
/bit.ly/3y9xP85
HKEX To Launch Swap Connect In Partnership With CFETS And SHCH
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) welcomes the joint announcement today (Monday) by the People's Bank of China (PBOC), Hong Kong Securities and Futures Commission (SFC), and Hong Kong Monetary Authority (HKMA), on the collaboration between HKEX, China Foreign Exchange Trade System (CFETS) and Shanghai Clearing House (SHCH) to develop Swap Connect, a new mutual access programme between Hong Kong and Mainland China's interbank interest rate swap markets.
/bit.ly/3NGf1mp
HKEX Celebrates Launch Of ETF Inclusion In Stock Connect
HKEX
Hong Kong Exchanges and Clearing Limited (HKEX) today (Monday) celebrates the successful launch of the inclusion of ETFs in Stock Connect with a virtual market open ceremony.
/bit.ly/3Ifa0A2
Trading Overview in June 2022 & First Half of 2022 (January to June)
JPX
Japan Exchange Group released Trading Overview in June 2022 & First Half of 2022 (January to June).
/bit.ly/3OUuwrT
General Launch of API Distribution Service "J-Quants API" (Beta) for Retail Investors
HPX
JPXI provides an environment to promote trading utilizing IT and data analysis for individuals interested in data science via the "J-Quants" project.
/bit.ly/3ReelYk
Moscow Exchange, together with market participants, creates an Investor Protection Club
MOEX
On July 1, 2022, the Moscow Exchange discussed with professional financial market participants the issues of protecting the rights of investors in the face of economic restrictions imposed by the European Union on the National Settlement Depository (NSD, part of the Moscow Exchange Group).
/bit.ly/3R1E1HL
Moscow Exchange resumes evening session on the derivatives market
MOEX
Drom July 12, 2022, the Moscow Exchange resumes trading in the evening session on the derivatives market due to high demand from clients. Trading on the futures market will be held according to the following schedule:
10:00 - 18:50 - main trading session;
19:05 - 23:50 - additional evening trading session.
/www.moex.com/n49786/?nt=106
The number of private investors on the Moscow Exchange exceeded 20 million
MOEX
At the end of June 2022, the number of individuals with brokerage accounts on the Moscow Exchange exceeded 20.4 million (+629.2 thousand in June), they opened 34.2 million accounts.
In June 2022, more than 1.9 million people made transactions on the stock market.
/bit.ly/3yK1O86
SSE Continues to Improve the Rules regarding Information Disclosure of Convertible Bonds to Facilitate the High-quality Development of the Convertible Bonds Market
Shanghai Stock Exchange
To further improve the procedures and information disclosure requirements regarding the listing, conversion to shares, redemption and selling back of convertible corporate bonds (hereafter referred to as the convertible bonds), and fully protect the legitimate rights and interests of investors, the Shanghai Stock Exchange (SSE), under the coordination and guidance of the China Securities Regulatory Commission (CSRC), will publicly solicit opinions on the Guidelines No. 12 of the Shanghai Stock Exchange for Self-regulation of Listed Companies — Convertible Corporate Bonds (Draft for Comment) (hereafter referred to as the Guidelines for Convertible Bonds) from today to July 8, 2022.
/jlne.ws/3ArEBZC
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Wirecard's former top accountant admits forging documents for KPMG special audit; Stephan von Erffa said fabricated payment authorisation was an isolated event
Olaf Storbeck - FT
Wirecard's ex-head of accounting has admitted to forging documents requested by KPMG during a special audit, ahead of a trial that is set for later this year, according to people familiar with the matter.
/jlne.ws/3OZmEp8
Digital banking start-up YAP raises $41 million, to expand into Saudi Arabia
Alexander Cornwell - Reuters
YAP, a digital bank in the United Arab Emirates, said on Monday it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans.
/jlne.ws/3ApBEIM
FTX Agrees Deal With BlockFi With Option to Acquire for $240 Million
Mohadesa Najumi - FX Empire
The deal provides BlockFi with a $400 million revolving credit facility; The final purchase value will depend on BlockFi's performance and other factors.; CEO Zac Prince claims that the deal will ensure client funds are protected.
Sam Bankman-Fried's cryptocurrency exchange FTX has inked a deal with troubled crypto lender BlockFi with the option to acquire for up to $240 million. The "definitive agreement" provides BlockFi with a $400 million revolving credit facility, with the total value of deal estimated to reach up to $680 million - subject to shareholder approval.
/jlne.ws/3unxY6w
Klarna valuation crashes to $6.5bn from $46bn; Swedish fintech's decline highlights how investors are souring on 'buy now, pay later' secto
James Fontanella-Khan, Ortenca Aliaj and Siddharth Venkataramakrishnan and Arash Massoudi - FT
Payments fintech company Klarna is set to raise fresh capital at a valuation of about $6.5bn, a fraction of the $46bn it was valued at just a year ago, three people with direct knowledge of the matter said.
/jlne.ws/3nE2LbC
UK Asset Managers Are Losing More Staff to Tech Over 'Inertia'
Leonard Kehnscherper - Bloomberg
UK asset managers are losing more employees to tech companies as the industry struggles to embrace new technologies, according to a survey. Over 70% of UK asset management executives saw a significant increase of employees leaving for technology firms in the past 12 months, according to consulting firm Accenture.
/jlne.ws/3AoJfHL
Maybe AI Isn't as Scary as We Thought; For now, the worry that artificial intelligence will deliver the world to totalitarianism seems overstated.
Tyler Cowen - Bloomberg
One of the longstanding worries about the technologies of artificial intelligence is that they will enable surveillance, autocracy and maybe even totalitarianism. These views no longer seem so convincing. The world's autocratic states are not exactly turning these technologies to their advantage, and meanwhile artificial intelligence is taking some individualistic turns.
/jlne.ws/3OIRMJD
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| Cybersecurity | | Top stories for cybersecurity | Hackers Claim Theft of Police Info in China's Largest Data Leak; Unknown cyberattackers claim to have info on a billion Chinese;
The claim triggered speculation online and in security circles
Sarah Zheng - Bloomberg
Unknown hackers claimed to have stolen data on as many as a billion Chinese residents after breaching a Shanghai police database, in what industry experts are calling the largest cybersecurity breach in the country's history.
/jlne.ws/3yfJmTd
Hacker claims to have stolen 1 billion records of Chinese citizens from police
Reuters
A hacker has claimed to have procured a trove of personal information from the Shanghai police on one billion Chinese citizens, which tech experts say, if true, would be one of the biggest data breaches in history. The anonymous internet user, identified as "ChinaDan", posted on hacker forum Breach Forums last week offering to sell the more than 23 terabytes (TB) of data for 10 bitcoin, equivalent to about $200,000.
/jlne.ws/3R20sfQ
Hackers broke into the British Army's Twitter and YouTube accounts, sharing apparent videos of Elon Musk and NFT promotions
Rosie Bradbury - Business Insider
The YouTube and Twitter accounts of the British Army were hacked on Sunday with hackers posting about NFTs and sharing a video of Elon Musk. Hackers changed the name of the Army's Twitter account to "BAPESCAN," a reference to the 'Bored Ape Yacht Club', a non-fungible token (NFT) series. The hackers also changed the description of the official Twitter account to, "#1 metavesto clan on the ETH chain with multi-billion dollar experience. Powered by @chaintchlabs," according to The Guardian.
/jlne.ws/3NGv4kf
Chinese hackers kept up hiring drive despite FBI indictment; Beijing-backed groups sought to recruit with job adverts from front companies that disguise nature of work
Eleanor Olcott and Helen Warrell - FT
Hackers with suspected links to China's intelligence agencies were still advertising for new recruits to work on cyber espionage, even after the FBI indicted the perpetrators in an effort to disrupt their activities.
/jlne.ws/3umVAZ0
Cyber Insurance And Cybersecurity Converge: How Smart Investments Cover All Bases
Vincent Weafer - Forbes
Organizations in nearly every industry deal with cyber risk on a daily basis, and the sophistication of attacks is only growing. As attack vectors evolve and risks increase, the need for organizations to find the best of both cybersecurity and cyber insurance is increasing in tandem. It is imperative for business leaders to understand these once distinct areas of investment and how the merging of the two has led to opportunities to make smarter investments.
/jlne.ws/3ulkV5J
Money Clinic podcast: I lost £17,000 to a fraudster; As fraud hits record levels, are banks doing enough to compensate innocent victims?
Claer Barrett - FT
Would you fall for a £17,000 scam? You might think you are too smart, but criminals keep coming up with frighteningly convincing ways of parting us from our hard-earned cash.
/jlne.ws/3OIPDxG
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| Cryptocurrencies | | Top stories for cryptocurrencies | CoinShares Completes Napoleon Acquisition, Can Now Promote Products Across EU
Jamie Crawley - Coindesk
Digital asset manager CoinShares (CS) has completed the acquisition of Napoleon Asset Management allowing it to promote its products and services across the European Union (EU).
/jlne.ws/3Ibesjo
Binance Chief Says Massive Hack Detected in Asia. There May Be Trouble in China.
Jack Denton - Barron's
The chief executive of Binance, the world's largest cryptocurrency exchange, said the group has detected evidence of a major hack in Asia compromising one billion people—and a report suggests the trouble may come from China.
/jlne.ws/3nFRcRf
Sam Bankman-Fried might be crypto's central banker as bailouts pile up, but others could step in as 'Sam was just the first'
Brian Evans - Business Insider
Sam Bankman-Fried is spending big money to save failing cryptocurrency ventures, pumping liquidity into an unregulated industry that lacks a central savior. He told NPR last month that he feels obligated to "stem contagion." And speaking to Forbes last week, Bankman-Fried said FTX, the cryptocurrency exchange he founded and helms, is "willing to do a somewhat bad deal here, if that's what it takes to sort of stabilize things."
/jlne.ws/3al1fIa
Hard Times in Crypto: the Unintended Consequences of Going Public
George Kaloudis - Coindesk
This week we'll take a look at public company risk. Public companies are widely misunderstood, especially among the bitcoin and crypto crowd. That's not really surprising. The whole thing is (enter: 100% of my cynicism) intentionally convoluted and confusing to make the investment bankers, lawyers and insiders on Wall Street feel smart.
/jlne.ws/3urqGPd
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
Sam Reynolds - Coindesk
The epic collapse (and now bankruptcy case) of the once-mighty crypto hedge fund Three Arrows Capital has roiled the digital-asset industry and contributed to a record first-half tumble in bitcoin's price. Yet for investors and enforcers following the money trail, the arrows point to an obscure legal entity that has so far mostly remained out of the headlines - while still aggressively trading - and possibly shielding some assets from recovery.
/jlne.ws/3P6BTg9
Indian crypto trading volume drops as much as 63% after new tax
Pradipta Mukherjee - Forkast
Trading volume in Indian cryptocurrency exchanges dropped by as much as 63% since July 1, when a 1% tax deducted at source (TDS) was imposed.
/jlne.ws/3yzXPtx
Top stablecoin Tether slashes commercial paper holdings amid crypto gloom
Reuters
Tether, the world's largest stablecoin, said on Friday it had cut its commercial paper holdings by around 58% as part of an earlier commitment to reduce its exposure to riskier assets.
/jlne.ws/3yFlWIc
Deribit claims crypto hedge fund Three Arrows failed to repay $80mn; Court filings show issues at investment firm at centre of digital asset credit crunch
Scott Chipolina - FT
Three Arrows Capital fell into liquidation this week after exchange Deribit claimed the crypto hedge fund failed to repay $80mn, highlighting the severity of the crunch at the prominent digital asset investment company.
/jlne.ws/3bQ8f0f
MicroStrategy's Bitcoin Holdings Take a Record $3.4 Billion Hit; Bitcoin drop sends value of coins tumbling in recent quarter; Firm faces a substantial quarterly impairment charge
Immanual John Milton - Bloomberg
When MicroStrategy Inc. began buying Bitcoin in bulk in the summer of 2020, CEO Michael Saylor said it was because inflation would make cash worthless. The crypto pile he has since accumulated was worth $3.4 billion less at the end of the second quarter than the previous one.
/jlne.ws/3NKslpK
Tether Fails to Calm Jittery Nerves as Short Sellers Circle; Tether's share of supply at Curve's 3pool platform is 65%; Tether CTO says its 'portfolio has never been stronger'
Sidhartha Shukla and Emily Nicolle - Bloomberg
Repeated assurances by the backers of Tether, the biggest stablecoin, that the token is backed by ample reserves and working smoothly haven't been enough to reassure markets. A so-called liquidity pool that allows traders to swap between the three biggest stablecoins still shows an elevated supply of Tether, with the token accounting for 65% of the total as of Friday. That's an indication that investors remain cautious about holding Tether, said Edul Patel, chief executive of crypto investment platform Mudrex.
/jlne.ws/3umTs3G
Turkey Renews Threat to Veto Sweden and Finland's NATO Bids; Turkish foreign minister reaffirms security concerns; NATO allies formally pave the way for membership in ceremony
Selcan Hacaoglu and Niclas Rolander - Bloomberg
Turkey is threatening to veto NATO membership for Sweden and Finland even as the military alliance formally paved the way for the two Nordic countries to join.
/jlne.ws/3uoCT7a
Crypto collapse reverberates widely among black American investors; Higher exposure to digital assets leaves owners vulnerable to downturn
Taylor Nicole Rogers - FT
The widespread losses caused by the cryptocurrency crash are even broader among black investors. A quarter of black American investors owned cryptocurrencies at the start of the year, compared with only 15 per cent of white investors, according to a survey by Ariel Investments and Charles Schwab. Black Americans were more than twice as likely to purchase cryptocurrency as their first investment.
/jlne.ws/3uq0fJG
China NFTs: Tencent and Ant Group join industry pledge to ban cryptocurrency and fight speculation
South China Morning Post
China's non-fungible token (NFT) industry has published a "self-discipline initiative" that promises identity checks for users, adherence to the country's ban on cryptocurrencies and a promise not to establish secondary marketplaces to fight speculation.
/jlne.ws/3R5vsvw
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| Politics | | An overview of politics as it relates to the financial markets | Bezos Slams Biden Over Call for Lowering of Gas Prices
Natalie Wong - Bloomberg
Amazon.com Inc. founder Jeff Bezos criticized a tweet from US President Joe Biden calling for oil executives to reduce gasoline prices. Bezos was responding to Biden's criticism of companies running gas stations and setting prices for consumers. "This is a time of war and global peril," the president tweeted on Saturday. "Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now."
/jlne.ws/3yF9iJe
Biden Close to Rollback of Chinese Tariffs to Fight Inflation; Move could include announcing new probe into China's subsidies; Easing tariffs seen as way to counter accelerating inflation
Jenny Leonard and Eric Martin - Bloomberg
President Joe Biden may announce as soon as this week a rollback of some US tariffs on Chinese consumer goods -- as well as a new probe into industrial subsidies that could lead to more duties in strategic areas like technology.
/jlne.ws/3NDYZcV
WNBA Star Griner Pleads With Biden to Get Her Out of Russia; Note sent to president on behalf of detainees in Russia; Griner on trial for hash oil possession in Moscow court
Akayla Gardner - Bloomberg
WNBA player Brittney Griner wrote to President Joe Biden, pleading with him to bring her and other Americans detained in Russia back home. Griner told Biden in the letter that she is "terrified I might be here forever," according to the Associated Press.
/jlne.ws/3yIrUbl
Argentines Take Refuge in Stablecoins After Economy Minister Resignation
Andrés Engler - Coindesk
Following the resignation Saturday of Argentina's economy minister Martin Guzmán amid an economic crisis, Argentines purchased between two and three times as many stablecoins as they do on a typical weekend, crypto companies in the country told CoinDesk.
/jlne.ws/3yPpAQ9
Argentines Seek Hedging in Crypto After Economy Minister Resigns; Price of Tether in Argentine pesos up 6.6% on Binance exchange; Argentina has one of the highest crypto adoption rates
Ignacio Olivera Doll - Bloomberg
The cost of buying Tether's stablecoin USDT with Argentine pesos surged Saturday after Economy Minister Martin Guzman resigned. The resignation marked the biggest departure of President Alberto Fernandez's government after infighting escalated within the ruling coalition. No replacement was immediately named.
/jlne.ws/3IdRqsd
US Ambassador Urges China to Stop Spreading Russian 'Lies'; Ambassador Burns reiterates no US bioweapons labs in Ukraine; Russian claim has been point of tension between China, US
Bloomberg News
The US ambassador to China called on the Foreign Ministry in Beijing to stop spreading Russia's "lies," in an unusually direct and public rebuke by the top American diplomat in the country.
/jlne.ws/3ab7ApC
Nato's revival: will the resolve withstand an economic crisis? Western governments put on a show of unity this week as they confront Russia. But leaders face growing pressure back home
Henry Foy and Sam Fleming - FT
For US president Joe Biden, it was "historic". France's Emmanuel Macron hailed it as "unprecedented for Europe since the second world war". "The most important conclusion that Vladimir Putin needs to draw from what's happened the last few days here in Nato and previously in the G7 is that we are totally united," said Boris Johnson, Britain's prime minister.
/jlne.ws/3IbL9x2
A Politically Bipartisan C-Suite May Benefit a Company's Stock Price; A study finds that when a company's leadership becomes less politically diverse, the stock suffers
Mark Hulbert - WSJ
Collaborating with those of differing political ideologies isn't just good for the health of our democracy. It's also beneficial to a portfolio's bottom line. This connection between investment performance and political diversity was discovered in a study by three finance professors: Vyacheslav Fos of Boston College, Elisabeth Kempf of Harvard Business School and Margarita Tsoutsoura of Washington University in St. Louis.
/jlne.ws/3OH8TM7
Does the Senate Crypto Regulation Bill Scratch The Itch? Critics of the proposed legislation from Senators Lummis and Gillibrand think it doesn't go far enough to protect consumers and hold firms accountable
Victoria Vergolina - Bloomberg
In June, Senators Kirsten Gillibrand and Cynthia Lummis introduced a sweeping Senate bill that would regulate crypto assets. Influential crypto insiders have hailed the proposal as a great starting point - a reception which suggests it might be perceived as relatively friendly to the digital asset community. Hilary Allen, a law professor at American University, is among those who think the proposed legislation doesn't go far enough, especially when it comes to consumer protection. She joins this episode for a critical look at the Gillibrand/Lummis bill.
/jlne.ws/3agw7tu
Election deniers are spreading misinformation nationwide. Here are 4 things to know
Allison Mollenkamp - NPR
Chet Strange/Getty Images; David Carson/St. Louis Post-Dispatch via AP; Jonathan Drake and Brian Snyder/Reuters
While the House select committee carefully lays out a timeline of the Jan. 6, 2021, attack on the U.S. Capitol and the events that led to it, false claims of a stolen election are still spreading. Now, a new strategy has emerged. Instead of trickling down from former President Donald Trump's Twitter account, the movement has gone grassroots, with election denial influencers traveling the country to share their conspiracy theories with politicians and voters. NPR's Investigations team used social media and news reports to track four key figures in the movement: MyPillow CEO and longtime Trump supporter Mike Lindell, former U.S. Army Captain Seth Keshel, former high school math and science teacher Douglas Frank, and former law professor David Clements. Here are four takeaways from that reporting.
/jlne.ws/3IdVh8F
On Conservative Radio, Misleading Message Is Clear: 'Democrats Cheat'; Election fraud claims from 2020 are widespread on talk radio, contributing to the belief that the midterm results cannot be trusted.
Stuart A. Thompson - NY Times
To hear more audio stories from publications like The New York Times, download Audm for iPhone or Android. November's midterm elections are still months away, but to many conservative commentators, the fix is already in. Democrats have cheated before, they say, and they will cheat again. Never mind that the claims are false.
/jlne.ws/3OIYkbx
BlockFi's head of US trading departs firm after two years; Departing head leaves BlockFi during a time of increased uncertainty within the digital assets space.
Wesley Bray - The Trade
Digital assets-focused investment firm BlockFi has seen its head of US trading, Jason Wilkinson, depart the firm after just over two years. Wilkinson's departure comes as part of BlockFi's broad-based restructuring of the firm, which has seen 20% of staff being cut in recent months. The recent widespread downturn of crypto has been attributed as the cause of the asset manager's decision to lay off workers.
/jlne.ws/3R9GVu6
UK to Force Internet Companies to Curb Foreign 'Disinformation'
Thomas Seal - Bloomberg
The UK will force owners of apps such as social media and search engines to curb "state-linked disinformation" or face fines with an amendment to its sweeping new upcoming online safety law.
/jlne.ws/3bKnibH
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| Regulation & Enforcement | | Stories about regulation and the law. | Supreme Court Climate Ruling Adds Obstacles to SEC Policies; Decision is regarded as potentially encouraging legal challenges to rules being drafted by financial regulators
Jan Wolfe - WSJ
The Supreme Court's decision to curb the Environmental Protection Agency's powers could provide legal ammunition for challenges to financial regulations envisioned by the Securities and Exchange Commission and other agencies.
/jlne.ws/3Ap8RUN
Most Countries Lack Crypto Information-Sharing Laws, Watchdog Says; Only about 30% of jurisdictions surveyed said they had passed travel-rule legislation to help prevent illicit use of crypto
Mengqi Sun - WSJ
Most countries lack "travel rule" laws that could help prevent illicit use of cryptocurrency by criminals and terrorists, a global anti-money-laundering watchdog said Thursday. The rules would require companies and service providers to share information about senders and recipients in cryptocurrency transactions. Only about 30% of jurisdictions surveyed by the Financial Action Task Force said they have passed such legislation, and only a small subset of the group has started enforcement of the laws.
/jlne.ws/3ylggBO
FCA launches consultation on how to improve UK equity markets; The consultation paper, seen by The TRADE, contains proposals aimed at improving the functioning of the equity secondary markets.
Laurie McAughtry - The Trade
The UK's Financial Conduct Authority (FCA) is consulting on proposals intended to improve how UK-based equity markets operate, The TRADE can reveal. The proposals are set to lower the cost of reporting for firms, improve post-trade transparency and remove restrictions preventing UK trading venues from competing with other markets.
/jlne.ws/3nKAsbi
FINRA Updates the OTC Equities High Price Dissemination List
FINRA
FINRA is publishing its quarterly OTC Equities High Price Dissemination List for the first quarter of 2022. This updated list of OTC equity securities eligible for trade report dissemination for trades of fewer than 100 shares is effective as of July 1, 2022. To view changes, visit the Daily List: Security Attribute Changes page, select the "Unit of Trades" filter and enter June 30, 2022 as the "Start" date and July 1, 2022 as the "End" date.
/jlne.ws/3Nz7kOT
Chief Compliance Officer Liability: Statement on In the Matter of Hamilton Investment Counsel LLC and Jeffrey Kirkpatrick
Commissioner Hester Peirce - SEC
I write in support of the settled administrative proceeding against Hamilton Investment Counsel LLC ("HIC") and Jeffrey Kirkpatrick.[1] Because Mr. Kirkpatrick was both a principal and the chief compliance officer ("CCO") of HIC, the action against him merits close consideration.
/jlne.ws/3IfR5oQ
Statement on Decision in Jury Trial of Bradley C. Davis
Gurbir S. Grewal, Director, Division of Enforcement - SEC
After a six day trial, a jury in the Central District of California found Bradley C. Davis, a former Vice President of Nordson Corporation, liable for insider trading in Nordson stock and options contracts.
/jlne.ws/3R5etJT
SEC Charges Multiple Defendants with Operating Multi-Million Dollar Ponzi Scheme
SEC
The Securities and Exchange Commission today charged Terry Nikopoulos of Aurora, Ontario, Canada and four entities he controlled, TKJ Investments Corp., TKJ Holdings Corp., Preeminent Trade Group Inc., and The Elyte Group Corp., and Justin R. Kimbrough of Plano, Texas and an entity that he controlled, Prosperity Consultants, LLC, with operating a Ponzi scheme that raised at least $3 million from at least 31 investors
/jlne.ws/3upvlkT
SEC Charges Georgia Investment Adviser with Misappropriating Over $1.7 Million from Retail Investors
SEC
The Securities and Exchange Commission yesterday charged Eric Hollifield of Winder, Georgia, with misappropriating at least $1.7 million from two advisory clients and one brokerage customer and using the funds to pay for personal expenses, including the purchase of a home.
/jlne.ws/3AA53zY
SEC Names Additional Defendants in Action Alleging $450 Million Ponzi Scheme
SEC
On June 29, 2022, the Securities and Exchange Commission filed charges against eight additional individuals-Larry Jeffery, Jason A. Jenne, Seth Johnson, Christopher M. Madsen, Richard R. Madsen, Mark A. Murphy, Cameron Rohner, and Warren Rosegreen-for allegedly promoting investments in a nearly half-billion dollar Ponzi scheme in the Las Vegas, Nevada area.
/jlne.ws/3NLIRpw
ESMA calls for regulation of ESG rating providers as shortfalls exposed
Move highlights data and transparency issues
Theo Andrew - ETF Stream
The European Securities and Markets Authority (ESMA) has said it is seeing "growing momentum" among regulatory bodies to address the issues of ESG rating providers after their shortcomings were again exposed in recent industry feedback.
In a call for evidence, in which the industry body received 154 responses, ESG rating providers were found to have several issues including insufficient granularity of data and complexity and lack of transparency around methodologies.
/bit.ly/3yH8u6I
FMA warns about suspected scam: nzglobaltrading.com
FMA New Zealand
The FMA is concerned that nzglobaltrading.com may be operating a scam. The website offers crypto currency trading, with unrealistically high returns, and claims a "zero chance of losing investments". The website is purporting to be a registered company in New Zealand, by using details of a legitimate New Zealand company - NZ Global Trading Company Limited (Company Number 1666186). FMA has confirmation that this company is not associated with the website nzglobaltrading.com.
/jlne.ws/3upEytl
High Court dismisses Du Val appeal against FMA direction order
FMA New Zealand
The Financial Markets Authority (FMA) - Te Mana Tatai Hokohoko has welcomed a High Court ruling upholding an FMA direction order against property development and investment company Du Val, dismissing all Du Val's grounds of appeal.
/jlne.ws/3af1955
Alexander David Securities Limited enters liquidation
UK FCA
On 1 July 2022 Alexander David Securities Limited (ADSL) entered creditors' voluntary liquidation and Shane Cooks, Emma Sayers and Malcolm Cohen of BDO LLP were appointed as joint liquidators.
/jlne.ws/3P3j2SX
FCA further bolsters its leadership team as it expands its headcount
UK FCA
The Financial Conduct Authority (FCA) has appointed six directors as it expands its headcount to meet a growing remit and to achieve its ambitious strategy, which launched in April. The appointments announced today, which fill a mix of new and existing roles, draw on the FCA's internal talent and external expertise. They add to the almost 500 new colleagues the FCA will have successfully recruited between January and the end of July this year.
/jlne.ws/3ykhIEI
We consult on proposals aimed at improving UK equity market
UK FCA
Today we published a Consultation Paper (CP) on proposals aimed at improving the functioning of equity secondary markets. The changes are part of the Wholesale Markets Review (WMR), which we have been conducting with the Treasury to improve the UK's regulation of secondary markets. The Treasury's consultation response to the WMR said that we would reform the parts of the regime that are set out in regulatory rules and guidance to ensure that the most burdensome and unnecessary regulatory requirements are removed as soon as possible.
/jlne.ws/3As044o
The Council of Experts Concerning the Follow-up of Japan's Stewardship Code and Japan's Corporate Governance Code
FSA Japan
/jlne.ws/3GUARkr
Reply to Parliamentary Question on family offices registered in Singapore
Monetary Authority of Singapore
To ask the Prime Minister in each of the last five years and year-to-date, what is (i) the number of family offices registered in Singapore (ii) their aggregate business spending (iii) the amount of assets under management (AUM) held and (iv) the amount of their AUM invested locally.
/jlne.ws/3aeeTgi
Reply to Parliamentary Question on the adoption of sustainable finance amongst financial institutions
Monetary Authority of Singapore
To ask the Prime Minister whether the Government intends to spur the adoption of sustainable finance amongst financial institutions with incentives or regulations to encourage active promotion of green financing and achieve basic competency standards in green financing.
/jlne.ws/3yIFDyY
SFC and Police joint operation on suspected corporate fraud
SFC Hong Kong
The Securities and Futures Commission (SFC) and the Commercial Crime Bureau of the Police today conducted a joint operation against suspected bogus transactions involving a company formerly listed on the Stock Exchange of Hong Kong Limited (SEHK).
/jlne.ws/3ORr6a0
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Richest Billionaires Lose $1.4 Trillion in Worst Half Ever; Musk, Bezos, Zuckerberg among those with steepest wealth drops; Global stock markets plunge as central banks fight inflation
Josephine Walker - Bloomberg
Elon Musk's fortune plunged almost $62 billion. Jeff Bezos saw his wealth tumble by about $63 billion. Mark Zuckerberg's net worth was slashed by more than half.
/jlne.ws/3OJXtaf
A potential 'black swan' for US oil prices is being overlooked: unreliable electricity grids
Zahra Tayeb - Business Insider
Electricity grid problems in the US are a potential "black swan" that could wreak havoc in energy markets, according to Cornerstone Futures research director Brynne Kelly. In an analyst note, the energy trader argues that failing power grids and electricity shortages could be the next vulnerability in the supply chain for oil and its products, such as gasoline.
/jlne.ws/3IdPT5q
When the 'Barbell' Investment Strategy Does—and Doesn't—Work; We ran the numbers and found the approach can juice returns when rates are rising, but doesn't add significant value over long periods
Derek Horstmeyer - WSJ
Professional asset managers often like to promote the virtues of a "barbell" strategy for one's portfolio, especially in a rising-rate environment. In the simplest sense, the strategy involves investing in the two extremes of a given variable, while avoiding anything in between. In the case of valuation, it would mean investing in only growth stocks and value stocks; in the case of credit quality, it would mean owning only high-yield bonds and low-yield bonds.
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When Donating to Charity From an IRA, Beware of These Tax Traps; The nuances are crucial, because if you mess it up, it can cost you
Leonard Sloane - WSJ
Using your individual retirement account to give to charity is a good thing. But tax snafus can ruin the good intentions. Traditional IRAs have long been used to make qualified charitable distributions. Eligible individuals can donate as much as $100,000 a year. Such gifts can make up part or all of the donor's required minimum distribution, or RMD. And amounts donated to qualified charities are excluded from the donor's taxable income for that year.
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How to Peek at Your 401(k) Without Freaking Out; Checking balances too frequently when markets decline can lead to some bad decisions—and more losses over time
Anne Tergesen - WSJ
With the S&P 500 down 21% in the first half of 2022, 401(k) balances are taking a hit. Just because you can check those numbers online to assess the damage doesn't mean you should. Taking a quick glance when stocks are down can cause investors to take steps that undermine their long-term financial security, increasing the temptation to sell stocks at fire-sale prices.
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While Big Stock Sales and IPOs Stall, Energy Investors Are Making Hay; Block trades and successful energy offerings have led to windfalls
Corrie Driebusch - WSJ
With stock indexes falling, interest rates rising and inflation running hot, it has become nearly impossible for companies or investors to sell big chunks of stock or go public at the price they want. Unless you're in energy, where business is booming.
/jlne.ws/3bOrozM
How to invest in copper, the most important metal in the world; As the world looks to electrify and try to move away from fossil fuels, copper looks set to be the biggest beneficiary. But how can you invest? Rupert Hargreaves analyses the sector.
Rupert Hargreaves - MoneyWeek
Worldwide spending on the shift to low-carbon energy rose by 27% to $755bn in 2021, according to a new report from research group BloombergNEF. This illustrates just how strong investor appetite was becoming for cleaner and greener technologies, even before Russia's invasion of Ukraine turned global energy markets upside down and pushed some of the world's largest consumers of fossil fuels to think seriously about renewable energy options.
/jlne.ws/3bOr9EN
Copper Sinks to 17-Month Low as Recession Fears Dominate Trade; Copper has fallen below $8,000 a ton as metals extend rout; China's shift to net zinc exporter to alleviate tightness: UBS
Bloomberg News
Copper fell to the lowest level in 17 months, with metals extending losses as global recession fears continue to damp the demand outlook for commodities.
/jlne.ws/3ArX9sn
BOE Leaders Say They Are Open to Possible 50-Year Mortgages
William Shaw and Marion Dakers - Bloomberg
Senior Bank of England officials said they are open to the possibility of mortgages lasting 40 or 50 years, an initiative that the UK government believes could help young people get onto the housing ladder.
/jlne.ws/3bPw9Jc
Trade funding costs hit by increasing interest rates and margin needs, finds research; Margin increases of more than 30%, as well as the UK base rates jumping from an historic low of 0.1% to 1.25%, are having a significant impact of the cost of funding for trading.
Wesley Bray - The Trade
Derivatives analytics firm OpenGamma has conducted research which finds that increasing margin requirements and rising interest rates are having a significant impact on the cost of funding for trading.
/jlne.ws/3NDYAqM
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | How to Convert Public Support for Climate Into Policies That Work; The UK's Climate Change Act shows what can be done if politicians follow the public's will to cut emissions.
Akshat Rathi and Oscar Boyd - Bloomberg
In 2021, President Joe Biden announced that the US will halve its emissions by 2030. That pledge turned the country from a laggard on green action to one that came close to matching the ambition of the climate-forward European Union.
/jlne.ws/3RbKjVd
Supreme Court Wages War on Public Sector Expertise; Conservative justices' assault on agencies like the EPA will be bad for the economy, public health and the well-being of every American.
Timothy L. O'Brien - Bloomberg
How valuable is expertise? What's the most efficient and effective way to tackle epic and urgent national challenges such as climate change or a pandemic? Are expertise and problem-solving related? The Supreme Court's conservative wing has responded to those questions in recent rulings. And its answers are so doctrinaire and divorced from reality that they will be bad for the economy, public health and, ultimately, the well-being of every American.
/jlne.ws/3up4Bki
How Reaching for the Clothes in Your Closet Helps Fight Climate Change; Buying new garments less frequently, washing your clothes in cold water and drying them on a line can all cut your carbon footprint.
Zahra Hirji - Bloomberg
A small, simple and cheap way to prevent some future climate pollution is to wear the clothes already in your closet roughly twice as many times as you might have otherwise before tossing them. People doing so could reduce the related emissions impact of clothing by 44%, according to a 2017 report from the charity Ellen MacArthur Foundation, later echoed by the United Nations Environment Programme (UNEP). Here's why: Wearing the stuff you already own likely means that you will buy less in the future, thus preventing the greenhouse gas emissions generated during the production of new items.
/jlne.ws/3Inis0s
Maine Farmers Dump Milk, Lose Crops as Forever Chemicals Taint Soil; Long-lasting toxins, traced to sludge spread years earlier as fertilizer, are linked to types of cancer
Kris Maher - Bloomberg
Katia and Brendan Holmes spend their predawn hours and evenings overseeing the milking of 60 cows, and then throwing the milk away. The couple found out earlier this year that their herd's milk contains long-lasting toxins known as forever chemicals. They traced the contamination to hay grown on ground near their farm in central Maine where material from wastewater-treatment plants was spread years earlier as fertilizer.
/jlne.ws/3yhm6UW
Nuclear Power Gets New Push in U.S., Winning Converts; With challenges in meeting clean energy goals and new electricity demands, politicians in both parties seek to prolong and even expand reactor use.
Ivan Penn - NY Times
Driven by the difficulty of meeting clean energy goals and by surging electricity demands, a growing number of political leaders are taking a fresh look at nuclear power — both extending the life of existing reactors and building new ones.
/jlne.ws/3R8ELef
Oil refiner Varo aims to stop selling carbon products by 2040; Carlyle and Vitol-owned company's net zero target goes further than many of its peers
Tom Wilson - FT
Refinery and fuel distribution company Varo Energy said it would sell no oil products by 2040 as it laid out plans to cut its emissions through investments in biofuels, hydrogen and electric vehicle charging.
/jlne.ws/3ykQVIe
Investors push companies for specific ESG actions
Proxy season sees record level of resolutions and wider focus
Mirza Baig - P&I
Mirza Baig saw shareholders push for executive compensation to be tied to ESG metrics.
Institutional investors filed a record number of shareholder resolutions this proxy season as they pushed companies to go both deeper and wider on ESG issues.
For recurring ESG concerns such as climate change and diversity, investors pushed public companies to go deeper by providing quantitative reporting and specific plans.
/bit.ly/3bRaLTL
Audit and Consulting Firms at Odds Over Who Should Verify Climate Data; The SEC's proposal to require new environmental disclosures from businesses has prompted some firms to claim they are more qualified to sign off on the information
Mark Maurer - WSJ
Firms that verify businesses' climate data are at odds over who is qualified to perform the work, a pivotal and potentially lucrative task under a proposal from the Securities and Exchange Commission that would require new disclosures on the topic.
/jlne.ws/3ykUoXg
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Credit Suisse struggles with backlog of new wealthy client accounts in Asia; Waiting list for applications underlines tension between lifting profits and avoiding future scandals
Stephen Morris - FT
Credit Suisse is struggling to reduce a backlog of hundreds of new wealthy clients waiting as long as eight months to open accounts in Asia, causing some to switch to rivals and hitting staff morale in a business at the heart of the bank's efforts to revive its fortunes.
/jlne.ws/3ae82n6
Credit Suisse Cuts Investment Banking Staff in Asia
Bloomberg
Credit Suisse Group AG is cutting more than two dozen front line roles at the investment bank in Asia as the Swiss lender grapples with losses and a weakening outlook for the global economy, people familiar with the matter said. Michael Moore reports on Bloomberg Television.
/jlne.ws/3a9W3Hj
EY wins share of BNP audit amid break-up planning; The Big Four firm will share the audit of the French bank with rival Deloitte
Michael O'Dwyer and Owen Walker - FT
EY has won a share of the EUR60mn-a-year contract to audit BNP Paribas, a significant victory for the firm despite criticism of its previous work as auditor of European financial services companies Wirecard and Danske Bank.
/jlne.ws/3uLheXl
UBS sublets London office 'grey space' as more staff work from home; Swiss bank has allowed two-thirds of 73,000 global employees to work flexibly permanently
Owen Walker and George Hammond - FT
Swiss bank UBS has decided to sublet two floors at its landmark London headquarters after its flexible working from home policy left it with too much office space, according to people with knowledge of its plans.
/jlne.ws/3nBlwMV
Fidelity to open direct indexing to the masses; Once limited to wealthy investors, the offering requires users to invest just $1 in each stock
Brian Ponte - FT
Asset manager Fidelity plans to roll out a direct indexing tool in the US that will require investment of as little as $1 per stock, in a significant move to open up the concept to small investors.
/jlne.ws/3P0Hc0w
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Secrets of Covid 'Brain Fog' Are Starting to Lift; Scientists are getting closer to understanding the neurology behind the memory problems and cognitive fuzziness that an infection can trigger.
Wired
ALLISON GUY WAS having a great start to 2021. Her health was the best it had ever been. She loved her job and the people she worked with as a communications manager for a conservation nonprofit. She could get up early in the mornings to work on creative projects. Things were looking "really, really good," she says—until she got Covid-19.
/jlne.ws/3bLo48o
Inside the Mind of an Addict; A behavior becomes entrenched through what social psychologist Albert Bandura called 'self-reinforced.'
Jackson Toby - WSJ
Nearly 108,000 Americans died from drug overdoses in 2021. That figure is an extraordinary increase in recent years: In 2016, it stood at just over 60,000. It's been called an epidemic, but its victims weren't unwitting. They opted into it. Ignoring this distinction has led to drug-addiction therapies that haven't capitalized on the psychological factors that underlie drug use.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China to Start Swap Connect With Hong Kong in Six Months
Bloomberg News
China will allow international investors to access its interest-rate derivatives market through Hong Kong, bolstering the city's status as a financial gateway to Asia's largest economy while giving foreign funds a new tool to hedge their holdings of Chinese bonds.
/jlne.ws/3yF5YxI
Sequoia China Raises $9 Billion as Investors Flock to Big Funds; Investment firm lured money from the US, Europe, Middle East; Sequoia will continue to invest in China tech with money
Lulu Yilun Chen - Bloomberg
Sequoia China, led by investment guru Neil Shen, has raised about $9 billion for investments in technology and healthcare, according to people familiar with the matter, overcoming the fundraising challenges that have beset the venture capital sector.
/jlne.ws/3P63lKM
Heavy Rains Hit Wheat and Canola Planting in Eastern Australia
Sybilla Gross - Bloomberg
Major cropping regions in some parts of eastern Australia are facing the prospect of reduced wheat and canola production after yet another bout of torrential rains.
/jlne.ws/3yeTCeA
Tussle Over $5 Billion in Wages Is New Risk to India Coal Supply; Unions warning of possible worker unrest at Coal India; Any stoppages would challenge miner's efforts to boost output
Rajesh Kumar Singh - Bloomberg
A key trade union at Coal India Ltd. has warned workers may strike over delays in finalizing salary increases, a move that would risk complicating efforts to meet soaring fuel demand.
/jlne.ws/3P7OBej
Shell Invests in Qatar's $29 Billion Liquefied Gas Project; Oil major will acquire 6.25% interest, joining Exxon and Total; LNG buyers in Asia may also take small stakes, Al-Kaabi says
Verity Ratcliffe and Simone Foxman - Bloomberg
Shell Plc became the latest international energy company to invest in Qatar's $29 billion liquefied natural gas project, clinching a 6.25% stake as Europe races to secure new supplies of the fuel.
/jlne.ws/3RdjcsQ
No guarantees Swiss will always have enough gas, minister says
Reuters
Swiss businesses would be first to have energy rationed in the event of supply shortages, Energy Minister Simonetta Sommaruga told the SonntagsZeitung, warning that the government cannot guarantee there will always be enough gas to go around.
/jlne.ws/3bCT4Hw
Egypt Seeks Wheat in Private Talks, Marking Shift From Tenders
Megan Durisin and Abdel Latif Wahba - Bloomberg
Egypt's state-run buyer is negotiating privately with traders to purchase wheat, making a rare shift from its usual tender process. The nation's General Authority for Supply Commodities is seeking direct offers for wheat on Monday, according to traders who asked not to be identified because the matter is private. The country is seeking supply for September and October and offers should be valid until Tuesday, three of them said.
/jlne.ws/3P3zse2
German Regulator Fears Breakdown of Russian Gas Deliveries
Alexander Kell - Bloomberg
Warning of a potential total breakdown of Russian gas supplies, Germany's top power grid regulator called for greater efforts to save energy.
/jlne.ws/3bO8ybI
Franklin Templeton-Backed Digital Lender Zand Gets UAE License
Archana Narayanan - Bloomberg
Zand, a digital bank helmed by Dubai property tycoon Mohamed Alabbar and backed by investors including Franklin Templeton, has been granted a banking license by the United Arab Emirates.
/jlne.ws/3utEYPl
Canadian Asset Giant Brookfield Pours Record $12 Billion Into European Deals; Firm has seen Europe AUM grow more than 20-fold in last decade; Brookfield wants to establish outposts in Germany, France
Dinesh Nair - Bloomberg
Brookfield Asset Management Inc. is heading into Europe's swelling market storm with its checkbook open. As many of its rivals refrain from committing capital to the region amid an ever-growing list of risk factors, the $725 billion Canadian investment giant is making plans to buy in sectors ranging from clean energy to technology, open new offices and raise fresh money.
/jlne.ws/3yJUvgG
Russia Tycoon Potanin Agrees to Nornickel-Rusal Merger Talks; Sanctions against Russia are weighing on both companies; Aluminum giant Rusal is Nornickel's second-biggest investor
Bloomberg News
Billionaire Vladimir Potanin, the biggest investor in MMC Norilsk Nickel PJSC, said he's ready to discuss merging the mining giant with United Co Rusal International PJSC as sanctions against Russia weigh on both companies. Potanin has headed Nornickel since striking a 2012 shareholder accord with aluminum producer Rusal, the company's second-largest investor. A merger would create a "national champion," the tycoon said in an interview with Russia's RBC TV channel on Tuesday. Rusal shares jumped 11% in Hong Kong.
/jlne.ws/3OM6Ypo
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| Miscellaneous | | Stories that don't quite fit under the other sections | London Modern and Contemporary Auctions: A Market Minus the Froth; The prices — $36.9 million for Monet paintings, and $52.8 million for a Francis Bacon — show that even as Britain's share of the global art market has decreased, it's an important player.
Scott Reyburn - NY Times
This week, while some of the world's top tennis players were in action at Wimbledon, and war continued to rage in Ukraine, Christie's, Sotheby's and Phillips held their traditional summer week of marquee modern and contemporary art auctions in the British capital.
/jlne.ws/3NJi9Oi
More Companies Start to Rescind Job Offers; The labor market remains hot. Yet businesses in a range of industries are pulling back job offers to recruits they were courting just a short time ago.
Katherine Bindley, Angela Yang - Bloomberg
Businesses in several different industries are rescinding job offers they made just a few months ago, in a sign the tightest labor market in decades may be showing cracks. Companies including Twitter Inc. , real-estate brokerage Redfin Corp. , and cryptocurrency exchange Coinbase Global Inc. have rescinded offers in recent weeks. Employers in other pockets of the economy are pulling away offers too, including some in insurance, retail marketing, consulting and recruiting services.
/jlne.ws/3IfqQyR
Brexit Has the UK Traveling the Wrong Way in Time; Even considering the disruptions of Covid and the war in Ukraine, leaving the EU has been an expensive divorce for Britain.
Niall Ferguson - Bloomberg
The idea of time travel is an old British preoccupation, from H.G. Wells's 1895 novel to the seemingly immortal television series "Doctor Who," which first aired in 1963, the year before I was born. Although I didn't travel by Tardis or encounter any murderous Daleks, returning to my native land last month felt more than usually like a "Doctor Who" episode.
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