| September 12, 2024 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Cboe Global Markets announced that it will launch the new Cboe S&P 500 Variance Futures on September 23, 2024. These futures offer a streamlined way to trade and hedge U.S. equity market volatility by allowing participants to manage the spread between implied and realized volatility. The launch comes at a critical time as markets face uncertainty due to geopolitical tensions, monetary shifts, and the U.S. election. The futures are designed to appeal to a broad range of investors, including volatility traders, institutional investors, and hedge funds. Cboe also plans to introduce options on VIX Futures in October.
Prometheum Ember Capital LLC, a subsidiary of Prometheum Inc., announced that it has launched a digital asset securities custody platform, allowing financial institutions, corporates, and institutional firms to securely custody digital asset securities. As a FINRA member and SEC-registered broker-dealer, Prometheum Capital adheres to federal securities laws, setting it apart from other crypto venues operating under state licenses. Initially, the platform supports assets like Optimism (OP) and The Graph (GRT), expanding on its existing offerings of Ethereum (ETH), Uniswap (UNI), and Arbitrum (ARB). Prometheum plans to extend custody services to retail investors and add traditional securities in the future.
The Commodity Futures Trading Commission's Office of Customer Outreach and Education (OCEO) announced that it has partnered with federal agencies and private organizations to combat cryptocurrency relationship investment scams, particularly "pig butchering" fraud. These scams target victims by building trust before defrauding them, costing Americans billions annually. OCEO's partnerships include the American Bankers Association Foundation, the SEC, FINRA, and others. They are distributing an infographic and investor alert to help consumers recognize scam tactics, warning signs, and how to report suspicious activity. The initiative aims to educate even experienced investors about the sophisticated methods used by scammers.
Gary Stevenson, a former Citigroup trader turned inequality campaigner, claims in his memoir "The Trading Game" to have been Citi's most profitable trader, making $35 million in 2011. However, former colleagues dispute this, saying his achievements were not exceptional, with some alleging he had "delusions of grandeur." While Stevenson insists his book is accurate, others argue that his claims of being the top trader are exaggerated. Despite doubts about his trading prowess, Stevenson's rise from humble beginnings and his critiques of economic inequality have gained him a significant following.
Here are excerpts from in front of FOW's paywall from some recent stories: Efforts to boost European derivatives markets are central to revitalizing the region's capital markets, as regulators push forward with long-term reforms. The European Energy Exchange (EEX) has seen a positive response to its Guarantees of Origin (GO) futures, signaling a strong start in its first trading days. Meanwhile, Intercontinental Exchange (ICE) is confident in its ability to rapidly build superior technology for improving U.S. Treasury clearing systems. Additionally, experts from Deutsche Boerse anticipate that global interest rates will remain above pre-hike levels, with inflation becoming more persistent and volatile.
The Deutsche Borse Photography Foundation will present the exhibition "Look at Us. 25 Years of Art Collection Deutsche Borse" starting 10 October 2024. The collection, established in 1999, features over 2,300 contemporary photography works by 160 artists from 35 nations. The exhibition highlights recent acquisitions, showcasing diverse artistic perspectives on the "conditio humana," or the human condition. Through themes of identity, community, belonging, and social inequality, the works explore the relationship between humans and their environment, reflecting both personal and broader cultural contexts. The exhibition emphasizes cooperation, dialogue, and diversity in visual narratives.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories from our previous edition of JLN Options were:
- Velocity Clearing expands options trading operations with new Chicago office from The Trade.
- Lake Geneva Yacht Club and Chicago's Futures Markets: A Shared Legacy from John Lothian News.
- 'Earnings and macro and VIX, oh my' from the Financial Times. ~JB
Subscribe to the JLN Options Newsletter HERE (it's free).
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Lake Geneva Yacht Club and Chicago's Futures Markets: A Shared Legacy
JohnLothianNews.com
The intertwined history of the Lake Geneva Yacht Club, the Chicago Board of Trade, and the City of Chicago traces back to the 19th century, with key figures like Julian Sidney Rumsey and Nathaniel Kellogg Fairbank establishing deep connections through sailing and business.
When I mentioned the news about my cousin Tom being hired as the new manager of the Lake Geneva Yacht Club ("LGYC") yesterday in JLN, I mentioned Thomas "T" Freytag, a co-founder of Geneva Trading, as a contemporary reference to give it relevance to the normal newsletter fodder. However, the history of Chicago's futures markets and the LGYC have a common founder in Julian Sidney Rumsey.
In fact, the City of Chicago, the Chicago Board of Trade (CBOT), and the LGYC share an intertwined history dating back to the mid-19th century, with the Sheridan Trophy serving as a symbolic link between these institutions.
Read more »
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LaSalle Street Racing to Move Scouts Forward Fundraiser
www.tinyurl.com/LaSalle4Scouts
On September 25, the Pathway to Adventure Council of the Boy Scouts of America is hosting the LaSalle Street Racing to Move Scouts Forward event at the Chicago Board of Trade Building. This annual tradition, dating back to 1971, brings together professionals from LaSalle Street to support Scouting in our community. The highlight of the evening will be a pinewood derby race. You'll have the opportunity to build your own car or lease one at the event. It's a fantastic way to tap into your competitive spirit while enjoying cocktails and delicious food with colleagues and friends. Your participation will directly benefit Scouting programs that help develop leadership skills and character in our youth. There are various sponsorship levels available to suit your preferences. The event will be held at Ceres, with plans to move outdoors if weather permits. It's a perfect opportunity to network, have fun, and make a difference.
Click Here to Register »
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Gary Stevenson claims to have been the best trader in the world. His old colleagues disagree; What is the truth behind the inequality campaigner's Citigroup memoir?
Robert Smith - Financial Times
For someone who rails against the inequities of modern capitalism, Gary Stevenson sure does spend a lot of time boasting about the money he made on the trading floor. For many fans of the trader-turned-inequality-campaigner, Stevenson's self-proclaimed success on Citigroup's foreign exchange desk is precisely what has made him such a compelling critic of the widening gap between the rich and the poor. Stevenson's straight-talking videos have earned him legions of followers online. His recent memoir, The Trading Game, has become a best-seller, and just last month made the longlist for a business book prize in a certain salmon pink-coloured newspaper.
/jlne.ws/3ZljRPm
***** No, I am the best trader in the world. No, I am. No, I am. OK, one of my personalities may be, or you have to be insane to claim this.~JJL
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The surprising truth about failure in business; Not everyone learns from things going wrong but progress depends upon it
John Thornhill - Financial Times
Silicon Valley likes to celebrate failure as a nursery school for success. That is a good thing given that failure is such a common feature of the start-up world. Some 90 per cent of start-ups fail - even in the good times. "Fail fast, fail often," is a phrase that often passes founders' lips. The latest venture capital winter, which saw global funding fall 61 per cent between 2021 and 2023, has led to a fresh wave of corporate deaths. The data firm CBInsights has tracked 483 recent start-up failures and identifies several reasons for their demise: running out of cash (never a good idea), being outgunned by competitors, feuding founders and/or investors, and exhaustion and burnout. Valley mythology suggests such failures can be a "learning moment" that teaches resilient entrepreneurs to be smarter next time. "Success is a lousy teacher," as the Microsoft co-founder Bill Gates once said. "It seduces smart people into thinking they can't lose."
/jlne.ws/4e1ujjD
***** Sometimes people will stick their tongue on the frozen flagpole a second time. We call this the survival of the fittest and the actions of people with parts missing from their tongues.~JJL
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SBF's Ex-Girlfriend Will Carry the Shame of FTX 'to Her Grave'
Ava Benny-Morrison and Robert Burnson - Bloomberg
Caroline Ellison was the star witness in the US government's fraud case against the onetime crypto wunderkind Sam Bankman-Fried, helping prosecutors unearth crimes they didn't know about at FTX. Now the former Alameda Research chief executive officer is pointing to her "extraordinarily impactful" cooperation in one of the biggest financial crime investigations in US history to convince a judge to spare her from spending a single day in prison.
/jlne.ws/3ZlUtcp
****** Was it the massive fraud or dating SBF? Which one is the shameful part?~JJL
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Wednesday's Top Three
Our top story Wednesday was Lake Geneva Yacht Club and Chicago's Futures Markets: A Shared Legacy by John Lothian, in JLN. Second was Jason Whittle can't shake a viral internet rumor. His actions after 9/11 should be the real story, from The Athletic. Third was Cantor Fitzgerald Bids Adieu to a 9/11 Survivor, about Harry Waizer, who retired from Cantor after 27 years, from The Wall Street Journal.
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| Lead Stories | New US stock exchanges seek to make a mark; Bourses hope to draw listings with pitches that draw on corporate aspirations, strategy or identity
Jennifer Hughes - Financial Times (Opinion)
When it comes to picking a listing venue in the US, there's been little choice but the New York Stock Exchange and its midtown rival Nasdaq. But some new entrants to the exchange game are seeking to carve out business with novel approaches. They hope to attract listings with pitches that partly draw on corporate aspirations, strategy or identity rather than purely on the level of fees or trading liquidity. In June, the Texas Stock Exchange caused a stir with its plans to enter the industry, seeking to appeal to companies "demanding more stability and predictability around listing standards and associated costs". Then in July, Green Impact Exchange submitted a regulatory application for an exchange that lists companies with a sustainability strategy.
/jlne.ws/3MJPcUy
Prometheum Capital Launches its Custody Platform for Digital Asset Securities; Onboards Optimism (OP) and The Graph (GRT) as supported digital asset securities
Prometheum Ember Capital LLC
Prometheum Ember Capital LLC ("Prometheum Capital"), a subsidiary of Prometheum Inc., announced today the launch of its digital asset securities custody platform. Financial institutions, corporates, and institutional investment firms can now custody digital asset securities through Prometheum Capital, a FINRA member firm and SEC-registered special purpose ("SPBD") broker-dealer for digital asset securities. As an SPBD, Prometheum Capital is a 'qualified custodian'. Unlike most crypto venues and other trading or custodial platforms in the U.S. that operate under state licenses, Prometheum Capital is tailored to meet the regulatory and compliance standards promulgated by the federal securities laws including the Securities and Exchange Act ("SEA") 15c3-3 Customer Protection Rule and reporting requirements under 17A-5.
/jlne.ws/4efKidA
Cboe to Launch New Cboe S&P 500 Variance Futures on Monday, September 23; New exchange-traded solution designed to hedge against and capitalize on U.S. equity market volatility moves; Product debuts at a critical time as market participants navigate uncertain macro environment; Reflects Cboe's ongoing efforts to expand access and functionality of its volatility product suite
Cboe Global Markets, Inc.
Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced that its new Cboe S&P 500 Variance Futures (Ticker: VA) are planned to begin trading on Monday, September 23, on the Cboe Futures Exchange, LLC (CFE). As investors continue to navigate an uncertain macroeconomic environment, the new Cboe S&P 500 Variance Futures will aim to provide market participants with an additional tool to calculate implied volatility of the U.S. equity market as measured by the S&P 500 Index, and to manage volatility risks and express directional views. The futures are designed to offer a streamlined approach to trading the spread between implied and realized volatility, enabling market participants to take advantage of discrepancies between market expectations and actual outcomes.
/jlne.ws/3ZihbC7
BlackRock, Partners to Offer Retail Investors 'One-Stop' Access; Firms to create portfolio to give access to range of markets; Investment managers globally are expanding retail offerings
Angela Cullen and Allegra Catelli - Bloomberg
BlackRock Inc. and Partners Group Holding AG are teaming up to offer retail investors access to a variety of private markets through a single portfolio, tapping into rising demand for alternative investments. The firms plan to create a "one-stop portfolio" to provide access to private equity, private credit and real assets, they said in a statement on Thursday, enabling advisers to offer clients numerous assets through a single subscription document. Partners shares rose as much as 5.6%, the most in over a year, as of 12:50 p.m. in Zurich.
/jlne.ws/4d56kPt
Private Markets Seem Out of Reach for Individual Investors. BlackRock Thinks It Has an Answer; Asset manager teams up with Partners Group to offer wealthy investors a preset portfolio
Miriam Gottfried and Jack Pitcher - The Wall Street Journal
It might be getting easier for individual investors to tap in to the opaque world of private markets. BlackRock plans to offer wealthy investors a way to access areas such as private equity and private credit in an attempt to build a new revenue stream. The asset manager is joining with private-equity firm Partners Group to create a so-called model portfolio that wealth advisers could use to help clients invest in a variety of private-market offerings in one fell swoop. The move is the latest push by BlackRock, which made its name managing publicly traded stocks and bonds, into the more lucrative business of private investments. Private funds tend to charge investors higher fees and are harder to sell than publicly traded investments. But investors are increasingly looking for ways to access the growing sector.
/jlne.ws/3MIuPa9
Industry hit by 'significant funding gaps' after switch to T+1, Citi says; Shorter settlement cycle in US is resulting in higher costs because of misalignment with EU and UK
Alf Wilkinson - Financial Times
Many asset managers are having to cover large funding gaps following the switch to a shorter settlement cycle in the US earlier this year and the resulting misalignment with Europe, according to research by the securities services arm of Citigroup. The reduction in settlement cycles in the US from two days after the trade date to one day, or T+1, has proved "harder than expected", Citi Securities Services has found.
/jlne.ws/3MKQ8bj
Wall Street Curbs Young Bankers' Hours After Overwork Outcry; JPMorgan adds 80-hour weekly cap and Bank of America revamps timekeeping after a Wall Street Journal investigation highlighted investment banking's work-obsessed culture
Alexander Saeedy - The Wall Street Journal
JPMorgan Chase and Bank of America plan to limit and more closely track young bankers' hours following a Wall Street Journal investigation that detailed a dangerous culture of overwork on Wall Street. JPMorgan will now cap junior investment bankers' hours at 80 a week in most cases, people familiar with the matter said. Meanwhile, Bank of America is implementing a new timekeeping tool that requires junior bankers to go into more detail about how their time is spent, other people familiar with the matter said.
/jlne.ws/3Znvc1n
FXPA Publishes White Paper Promoting Fair & Orderly FX Derivative Markets
FXPA
The Foreign Exchange Professionals Association (FXPA) has published a white paper entitled Regulated FX Derivatives Trading Venues: Promoting Fair and Orderly Markets. The paper is the outcome of several months' work by FXPA's Trading Platforms Working Group and explores the potential risks posed by the current, uneven playing field that exists between regulated and unregulated trading venues operating in over-the-counter FX derivatives markets. The paper focuses on the varying structures of trading venues, the potential impacts on market integrity, and the benefits of regulatory oversight for these venues. "While unregulated FX derivatives trading venues may, in some cases, offer higher leverage, lower deposit requirements to trade, lower fees for customers and less onerous onboarding requirements, when compared to regulated FX derivatives trading venues, those benefits may come at the expense of reduced customer protections resulting from lack of comprehensive regulatory oversight," the report states.
/jlne.ws/3zh9v8D
XTCC Partners with Carbonmark to Democratise and Scale Carbon Credit Market
XTCC
XTCC, a firm specialising in creating tradable financial instruments tied to high-integrity carbon credits announces a strategic partnership with Carbonmark, a global climate platform for buying, selling and retiring carbon credits. This industry collaboration aims to transform the integrity and efficiency of the Voluntary Carbon Market (VCM), making carbon credits more transparent, accessible and scalable for a broad and deep range of participants, including corporates, carbon brokers, commodity traders and individuals.
/jlne.ws/4gmzZGw
The TRADE announces Leaders in Trading New York awards shortlists; Algorithmic Trading, Execution Management Systems, Editors' Choice, and Outsourced Trading Awards announced today with Buy-Side Awards set to follow in the coming weeks.
Editors - The Trade
The TRADE is delighted to announce the first batch of shortlists for the upcoming Leaders in Trading New York Awards ceremony set to take place in November. "Our inaugural New York-based event is set to take place on 19 November at Chelsea Piers and we couldn't be more excited to be bringing the magic of Leaders in Trading over to the US for the first time in The TRADE's 20-year history," said The TRADE's editor Annabel Smith.
/jlne.ws/4d1zFdp
Bankman-Fried's ex-girlfriend Ellison urges judge to spare her prison for FTX fraud
Luc Cohen - Reuters
Former cryptocurrency executive Caroline Ellison urged a federal judge not to send her to prison after she pleaded guilty over her role in the theft of $8 billion from customers of Sam Bankman-Fried's bankrupt FTX exchange. In a court filing just before midnight on Tuesday, Ellison's lawyers told U.S. District Judge Lewis Kaplan in Manhattan that she deserves leniency for helping prosecutors build a successful criminal case against Bankman-Fried, her onetime boyfriend.
/jlne.ws/4eibAA8
Indian IPO Drawing $39 Billion of Bids Shows Insatiable Appetite; Bajaj Housing Finance sought to raise $781 million in its IPO; Institutional investors drove the frenzied demand for shares
Alex Gabriel Simon and Dave Sebastian - Bloomberg
An initial public offering by the home-loan unit of India's largest shadow lender was oversubscribed by more than 60 times, highlighting continued investor exuberance over listings in the nation. Bajaj Housing Finance Ltd., which sought to raise 65.6 billion rupees ($781 million) in the nation's biggest public offering of 2024, attracted bids for about $39 billion on the last day of the sale on Wednesday. That's more than 1% of the country's gross domestic product for the fiscal year ended 2024.
/jlne.ws/3XFZgEi
India Considers New Rules to Curb Risks as Tiny IPOs Boom; Micro-cap listings surge in India, driven by retail investors; SME market segment remains hot despite regulator's warnings
Chiranjivi Chakraborty - Bloomberg
India's securities regulator is considering tighter oversight on micro-cap firms going public, including monitoring the use of their funds and imposing stricter due diligence guidelines for merchant bankers, according to a person involved in the discussions. Mandating a longer track record of profitability and greater scrutiny of financial statements are the other potential steps under review, the person said, asking not be identified as the details are private. This follows incidents of fraud in this segment of the market, they added.
/jlne.ws/3MFpjFk
China Detains Investment Bankers, Takes Passports in Corruption Sweep; State-owned brokers have made staff hand in travel documents; Regulators are scrutinizing IPOs, capital raising activities
Bloomberg News
China is turning up the heat on its army of 8,700 investment bankers. After being forced to take big pay cuts and adhere to other belt-tightening measures under President Xi Jinping's years-long common prosperity campaign, the country's dealmakers are now in the crosshairs of the nation's top graft buster. At least three top investment bankers from different securities firms have been detained by Chinese authorities since August, sending a chill through the industry. One of them, who used to oversee dealmaking at Haitong Securities Co., fled the country and was arrested overseas about two weeks ago, before being repatriated back to China in an incident widely publicized on state media.
/jlne.ws/3XmCRun
Hertz Bankruptcy Was Too Good for Shareholders; Make-wholes, Goldman credit cards, SEC phone pings, an off-and-on merger, Jeff Bezos's house and a Vulfpeck album.
Matt Levine - Bloomberg
Here's a bad idea. You're a big public company, and you have some debt: A year ago, you sold $1 billion of bonds, due in 10 years, that pay, say, 7% annual interest. But now, a year later, things have changed. Specifically interest rates have gone down: Let's say that the 10-year US Treasury rate was about 4% when you issued the bonds, but a year later let's say it's 2%.1 Meanwhile your business has gotten better: When you issued the bonds last year, you had to pay an interest rate that was 300 basis points higher than Treasuries (7% vs. 4%), but if you issued today you'd only have to pay a 200 basis point premium, because your credit has improved. So if you issued $1 billion of 10-year bonds today, they would carry a total interest rate of only 4% (the 2% Treasury rate plus a 200 basis point spread), not 7%. If you could get rid of the old 7% bonds and replace them with new 4% bonds, you could save $30 million of interest per year.
/jlne.ws/3Tr0mBv
Robinhood CEO: These 2 trends will alter financial services
Brian Sozzi - Yahoo Finance
Yahoo Finance Executive Editor Brian Sozzi sat down with Robinhood (HOOD) CEO Vlad Tenev at the Goldman Sachs Communicopia and Tech Conference to discuss how artificial intelligence (AI) and crypto could change investing and how the online brokerage's customers are trading. "I think there are two big trends that could change how financial services are delivered: crypto and artificial intelligence," Tenev said, adding, "Robinhood intends to be a leader in both." The company has been growing and adding new products. Tenev says "Robinhood is looking less like a traditional brokerage. Of course, we have a big brokerage business, but we aim to be leaders in retirement, in wealth management over time. We think that there's a huge opportunity with owning the financials of an entire generation."
/jlne.ws/3XI4qjj
Two thirds of American millionaires don't consider themselves wealthy, survey says
Inshort News
A million dollars once symbolized wealth and financial security, but many American millionaires today don't consider themselves wealthy. According to a study by Northwestern Mutual, only one-third of individuals with at least $1 million in investible assets feel "wealthy." For the rest, wealth seems more subjective and influenced by personal circumstances, such as where they live and their family responsibilities.
/jlne.ws/47lElti
Lloyd's of London plans rules overhaul to tackle 'inherently unacceptable' behaviour; New byelaws proposed as insurance market battles poor reputation for participant conduct
Ian Smith - Financial Times
Lloyd's of London is consulting on changing its byelaws to crack down on misconduct in the centuries-old market as it seeks to dispel a reputation for sexual harassment and inappropriate behaviour by market participants. In a consultation published on Thursday, Lloyd's - made up of more than 50 insurers and hundreds of brokers - accepted its current processes for dealing with misconduct were "unclear". Its processes might cut across firms' own intervention processes and there needed to be "greater certainty" as to the potential outcomes, it added.
/jlne.ws/3MIzg4Q
Western Firms That Flocked to China Are Now Pulling Back; As China's growth slows and the difficulty of doing business there rises, Western companies have stopped plowing money into the country
Yoko Kubota and Liza Lin - The Wall Street Journal
Many global businesses are pushing China down on their list of investment destinations and consolidating operations in the country, citing slower growth and diminishing profits. The gloomy investment trend was the focus of twin reports this week from the European Union Chamber of Commerce in China and the American Chamber of Commerce in Shanghai. "The risk of doing business in China has gone up in the past few years and at the same time the market is slowing down," said Eric Zheng, president of the U.S. group. A poll by the U.S. chamber found the percentage of respondents ranking China as their headquarters' top investment destination fell to the lowest level since the annual survey began 25 years ago.
/jlne.ws/3TlBgDJ
Megamerger of European Banks Still Wouldn't Challenge Wall Street; A potential combination of Italy's UniCredit with Germany's Commerzbank would be big, but not big enough to create a European champion
Jon Sindreu - The Wall Street Journal
Technocrats in Brussels might finally get their wish for bigger European banks. But Wall Street still shouldn't expect any real competition to emerge from this. Shares in Germany's Commerzbank C shot up 17% Wednesday after its Italian peer UniCredit disclosed that it had acquired a 9% stake in it. Investors took this as a sign that a merger between the two banks, which has been the subject of speculation for years, might actually happen.
/jlne.ws/4dXRtHO
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia appears to have launched initial major counterattack against Ukraine in Kursk
Patrick Reevell - ABC News
Russia appears to have launched its first major counterattack to drive Ukrainian forces out of Russia's Kursk region more than a month after Ukraine began its surprise offensive, according to Russian and Ukrainian sources as well as independent military analysts. Russian forces appeared already to have some success on Tuesday -- retaking some territory and driving a wedge into Ukrainian lines in Kursk, analysts said.
/jlne.ws/3zethlk
Russia put SIM cards in its exploding one-way attack drones to use Ukraine's cellphone network for strikes, war expert says
Jake Epstein - Business Insider
Russia equipped its deadly attack drones with cellphone parts to help improve their targeting capabilities, a war expert noted in a new report. Jack Watling, a senior research fellow and a land warfare expert at the UK-based Royal United Services Institute think tank, highlighted in a report last week that Russia has placed SIM cards in its explosive Shahed-136 drones and mounted antennae on the wings.
/jlne.ws/3MHOS8U
Russian hawk pushes case for Putin to toughen policy on nuclear weapons
Mark Trevelyan - Reuters
Russia should clearly state its willingness to use nuclear weapons against countries that "support NATO aggression in Ukraine", according to an influential foreign policy hawk who is pressing President Vladimir Putin to adopt a more assertive nuclear posture towards the West. Sergei Karaganov told Kommersant newspaper in an interview that Moscow could launch a limited nuclear strike on a NATO country without triggering all-out nuclear war.
/jlne.ws/3zcAqCH
Russia faces stagflation threat as growth slows
AFP
Prices for bread have jumped so much over the last few years that Russian pensioner Oleg Ivanovich sometimes has to go without. But the 67-year-old says he doesn't mind having to make sacrifices for the sake of Russia's military offensive on Ukraine. "We'll bear with it. When the special military operation ends, prices will return to normal," he told AFP in Moscow, using the official Russian term for the offensive.
/jlne.ws/3Xqxj1M
US and UK discuss easing restrictions on Ukraine's use of western weapons; American and British officials use visit to Kyiv to consider whether missiles can be directed at targets far inside Russia
Isobel Koshiw and Felicia Schwartz - Financial Times
US secretary of state Antony Blinken and UK foreign secretary David Lammy held talks in Kyiv with Ukrainian officials on Wednesday about possibly lifting restrictions on Ukraine using western-made weapons to conduct attacks deep inside Russia. Blinken and Lammy highlighted how Russia had stepped up its attacks on Ukraine in recent months, as they accused Iran of sending ballistic missiles to Moscow for use in the war.
/jlne.ws/3zh5fGb
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| Israel/Hamas Conflict | | News about the recent (October, 2023) conflict between Israel and Hamas | Israel Needs More Soldiers as Reservists Tire of Constant War; Military relies on civilians to keep fighting on two fronts; Society split on lifting of exemption for ultra-Orthodox
Alisa Odenheimer - Bloomberg
Yoav Adomi has spent almost six months on army reserve duty since the start of Israel's war with Hamas, leaving behind his wife, children and insurance-technology job in Tel Aviv. As many as 350,000 of his fellow Israelis are in similar positions, putting family obligations, work and studies on hold to help wage the campaign in Gaza, or fend off aerial attacks from Iran-backed Hezbollah to the north.
/jlne.ws/3Xmroeb
US to Give Egypt $1.3 Billion Military Aid Amid Gaza Talks Role; Cairo has facilitated negotiations to halt Israel-Hamas war; Full package to be granted despite concerns over human rights
Iain Marlow - Bloomberg
The US State Department approved sending Egypt $1.3 billion in military financing this year, despite demands on Capitol Hill to withhold about a quarter of that over human rights concerns, as the Biden administration seeks Cairo's help ending the war in Gaza. The State Department told Congress Wednesday that its intention to provide the full package reflects Egypt's contributions to US national security priorities, particularly toward a cease-fire in Gaza, according to a department spokesman.
/jlne.ws/3ZkiGQk
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Cboe set to launch new Cboe S&P 500 Variance Futures; New offering is designed to hedge against and capitalise on US equity market volatility moves.
Wesley Bray - The Trade
Cboe Global Markets announced that its new Cboe S&P 500 Variance Futures are expected to begin trading on Monday 23 September on the Cboe Futures Exchange. The new futures aim to provide market participants with an additional tool to calculate implied volatility of the US equity market as measured by the S&P 500 Index, and to manage volatility risks and express directional views.
/jlne.ws/4ejS32h
SET Partners With Kasikornbank To Promote Social Enterprises Through K+ Market
Mondovisione
The Stock Exchange of Thailand (SET), commemorating its 50th anniversary, has joined forces with Kasikornbank (KBank) to provide social enterprises (SEs) with a new sales channel through K+ market on K PLUS app. This initiative aims to enhance customer experience and allow KBank's clients to support social causes through their purchases. Seven SEs from the SET social impact network are spearheading this initiative: Living Social Enterprise, Art Story by Autistic Thai (Artstory), Turn To Art Co., Ltd. (Witshulada), De Cours Co., Ltd., Dee Mee Sook (Mai) Co., Ltd., THC (Thailand) Co., Ltd. (Yorice), and Haze Free Limited Partnership (Haze Free).
/jlne.ws/4dXITJ6
SIFMA, ICI, and DTCC Release "T+1 After Action Report"; Industry Coordination Led to Successful Transition, Reducing Risk and Costs in the System
DTCC
The Securities Industry and Financial Markets Association (SIFMA), Investment Company Institute (ICI), and The Depository Trust & Clearing Corporation (DTCC) today released the "T+1 After Action Report," which reviews the general project timeline for the shortened settlement cycle, including its key milestones and achievements. It also discusses several of the obstacles overcome in the three-plus year transition, the groundswell of global participation with the U.S. move, and some of the initial data points and positive impacts of the shift.
/jlne.ws/3ZlYz4r
Deutsche Borse Photography Foundation presents the exhibition "Look at Us. 25 Years of Art Collection Deutsche Borse"
Deutsche Borse
From 10 October 2024, the Deutsche Borse Photography Foundation will present the exhibition "Look at Us. 25 Years of Art Collection Deutsche Borse". The collection of contemporary photography was established in 1999, it currently comprises more than 2,300 works by around 160 artists from 35 nations. Comprehensively showcasing new acquisitions from the last two years, "Look at Us" illustrates the ways in which these works enrich the body of the collection and enter into a dialogue with previously acquired groups of works. In reference to the guiding principles of the anniversary year - cooperation, dialogue and diversity - multifaceted visual languages and narratives by both emerging and established artists join forces in the exhibition. Each artistic position offers its own perspective on the central theme of the Art Collection Deutsche Borse, the "conditio humana" - the exploration of the conditions of human existence and its position in the world. The artists investigate how the medium responds to questions of identity and community - ranging from personal experiences as well as cultural and historical contexts to questions of belonging and social inequality. Furthermore, they address the complex relationship between humans and nature, be it in the form of human interventions in natural habitats or the reciprocal impact of urban landscapes on individuals and the community.
/jlne.ws/3Xr3oH1
Caution to Investors and Public
MCX
It has been brought to our notice that some unscrupulous persons / entities operating through Indian / International mobile numbers, social media platforms like WhatsApp, Telegram, giving false promises of fast money, and jobs with MCX. They are creating fake investment groups claiming affiliation to "Multi Commodity Exchange of India Ltd." and "MCX" brands. Some are impersonating as MCX employees, presenting fake documents, threating letters, advertisement, certificates, and other materials allegedly issued by MCX. These operators often use mobile numbers registered under false names, fake accounts and social media profiles, to orchestrate their schemes.
/jlne.ws/3Ts0UXI
Nasdaq Announces End of Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date August 30, 2024
Nasdaq
At the end of the settlement date of August 30, 2024, short interest in 3,037 Nasdaq Global MarketSM securities totaled 12,296,040,928 shares compared with 12,277,781,936 shares in 3,037 Global Market issues reported for the prior settlement date of August 15, 2024. The end of August short interest represent 3.38 days average daily Nasdaq Global Market share volume for the reporting period, compared with 2.62 days for the prior reporting period. Short interest in 1,668 securities on The Nasdaq Capital MarketSM totaled 2,103,446,709 shares at the end of the settlement date of August 30, 2024 compared with 2,136,281,640 shares in 1,669 securities for the previous reporting period. This represents a 1.27 day average daily volume; the previous reporting period's figure was 1.51.
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CME STP Notices: September 12, 2024
CME Group
CME Group is launching CME STP API services on Google Cloud. This API launch will happen in phases. As part of phase 1, CME STP FIXML service is now available on Google Cloud and clients may target the new service URL.
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CME Globex Notices: September 9, 2024
CME Group
CME Group and Google Cloud recently announced a new private Google Cloud Chicago region and co-location facility for CME Group listed derivative markets. Technical content to support clients throughout the migration is now available. Additional information will be published regularly on this site and announced via the CME Globex Notices.
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EBS Market on CME Globex Notice: September 12, 2024
CME Group
Central Post Trade (CPT) TOF and FIX will be decommissioned on December 31. All EBS clients must migrate to CME STP solutions before the decommission. Both CME STP and CME STP FIX currently support EBS trades as well as BrokerTec on CME Globex, BrokerTec Stream, and CME Group futures and options.
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Caution for Investors
NSE
The National Stock Exchange of India Limited ("NSE") hereby warn the investors regarding fraudulent activities perpetrated by Lazard Asset Management India. Exchange has received a compliant regarding a group on WhatsApp in the name "JO HAMBRO" luring retail investors to get discounted prices of shares, and this group has allegedly stated that the investors can buy such discounted shares after closure of market. This fraudulent group had allegedly collected money from retail investors under the garb of "Seat Trading Account". Further in the said WhatsApp Group, the entity Lazzard Asset Management India is misrepresenting itself as a registered stock broker with the Securities and Exchange Board of India ("SEBI") using a forged SEBI registration certificate.
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Consultation Process on the Instant Payments Bridge Until the End of September; Rough concept of a standard solution for connecting payment schemes to the SIC IP service
SIX
In the future, interested providers of payment solutions (e.g., payment schemes) should also be able to use the SIC IP service (Instant Payments service of the SIC system) for their account-to-account payments. To this end, SIX Interbank Clearing and the Swiss National Bank launched a project in the fall of 2023 to discuss with financial institutions and various market participants how to regulate standardized and non-discriminatory access for payment schemes. This resulted in a concept for an "Instant Payments Bridge" (IPB), which was submitted for consultation on 15 August 2024.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | New Research From SIX And Coalition Greenwich: Advanced Technologies To Revolutionize Market Data Landscape
Mondovisione
Technology is now the main factor shaping decisions concerning market data across both the buy-side and sell-side. This is a key finding of new research published today and conducted by SIX, the global financial information provider, and Coalition Greenwich. The market data study - carried out from April to July 2024 - spans 67 respondents at asset managers, wealth managers and broker dealers in the U.S., U.K., Europe, and Asia. First launched in 2023, this is the second in a series designed to better understand the trends and challenges of consuming market data. Adoption of cloud technology has increased significantly, with half of respondents now opting to receive data across both public and private cloud hosting applications, compared to a 30% adoption rate last year. The application of other advanced technologies - including API delivery formats - is also set to become more widespread, with 70% of institutions expecting a greater shift to APIs over the next three to five years.
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Intel Has Only Tough Options After Its Long and Stinging Fall From Grace; CEO Pat Gelsinger's plan to spend the chipmaker back to relevance nears the end of its runway.
Ian King - Bloomberg
A slow-motion disaster at one of the most important companies in the modern technology industry is reaching a pivotal moment this week. Over three days of meetings that began Tuesday, Intel Corp.'s board has been weighing how to move forward after an Aug. 1 earnings report in which Intel showed disappointing growth, shared a forecast that fell far short of Wall Street estimates, and announced plans to slash 15,000 jobs. The abysmal results sent share prices plummeting and shattered the last vestiges of confidence in a turnaround plan that Pat Gelsinger began when he took over as chief executive officer in 2021.
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Nvidia CEO says customer relations are 'tense' due to shortages
Ian King - Bloomberg
Nvidia Corp. (NVDA) Chief Executive Officer Jensen Huang, whose products have become the hottest commodity in the technology world, said that the scramble for a limited amount of supply has frustrated some customers and raised tensions. "The demand on it is so great, and everyone wants to be first and everyone wants to be most," he told the audience at a Goldman Sachs Group Inc. technology conference in San Francisco. "We probably have more emotional customers today. Deservedly so. It's tense. We're trying to do the best we can."
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Sequoia Sees Bigger Money in AI-Linked Software Than Models; The firm is investing more in makers of AI software than creators of foundational models like OpenAI.
Sarah McBride - Bloomberg
Venture capital giant Sequoia Capital believes the bulk of billion-dollar companies created in artificial intelligence will come from making applications rather than building models, although it is investing in both, partner Pat Grady said at a conference Wednesday. Speaking at a Goldman Sachs Group Inc. event in San Francisco, Grady said the firm had put about $150 million into companies building foundation models, such as Sam Altman's OpenAI, Ilya Sutskever's Safe Superintelligence Inc. and Elon Musk's xAI. These models, which serve as the building blocks for products offered by many of the latest AI companies, are extremely expensive to build.
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Two Chinese AI Chipmakers Seek IPOs to Mount Challenge to Nvidia
Pei Li - Bloomberg
Two of China's most prominent designers of AI chips are targeting initial public offerings in Shanghai as soon as this year, taking advantage of growing appetite for domestic players seeking to challenge Nvidia Corp. Shanghai Enflame Technology Co. aims to raise as much as 2 billion yuan ($280 million) in an IPO on Shanghai's STAR board, choosing a venue friendly to loss-making but fast-growth startups, the people said, asking to remain anonymous discussing private plans. Rival Shanghai Biren Intelligent Technology Co. plans to file for its own IPO on the same bourse, people familiar with the matter said. Both now aim to formally file documents this year, eyeing a 2024 or early 2025 debut.
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Google's AI Data Privacy Practices Probed by Irish Regulator; Inquiry to check if Google complied with EU privacy laws; Media regulator started separate review of social media firms
Jennifer Duggan - Bloomberg
The Irish Data Protection Commission has opened an inquiry into whether Alphabet Inc.'s Google complied with European Union privacy laws in the development of its artificial intelligence model. The DPC said in a statement on Thursday that the probe will look at whether Google carried out a data protection impact assessment, as required by the bloc's sweeping General Data Protection Regulation, before it processed EU residents' personal data used in its Pathways Language Model 2 (PaLM 2) foundational model.
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The World's Call Center Capital Is Gripped by AI Fever - and Fear
Saritha Rai - Bloomberg
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OpenAI aims to raise at least $5bn at $150bn valuation; ChatGPT maker's value set to nearly double as it seeks more investment to fund ambitious expansion
George Hammond and Cristina Criddle - Financial Times
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| Cybersecurity | | Top stories for cybersecurity | Chinese Cargo Cranes at U.S. Ports Pose Espionage Risk, Probe Finds; Chinese manufacturer ZPMC has pressured American ports for remote access to its machines, a congressional report says
Dustin Volz - The Wall Street Journal
Chinese cargo cranes used at U.S. seaports around the country have embedded technology that could allow Beijing to covertly gain access to the machines, making them vulnerable to espionage and disruption, according to a yearlong congressional investigation. The probe, conducted jointly by the Republican majorities of the House Homeland Security Committee and Select Committee on the Chinese Communist Party, found that the China-based manufacturer of the cranes, ZPMC, had at times pressured port operators to allow the company to maintain remote access.
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Mining Difficulty Hits Record With Pressure Mounting on Profit Margins; Miners compete to solve cryptographic puzzles to win rewards; Firms appear to be betting on a surge in the price of Bitcoin
Olga Kharif - Bloomberg
An industry metric of how challenging it is to mine Bitcoin climbed to a record high with competition intensifying among the companies that mint the cryptocurrency. Mining difficulty inched up 3.5% on Wednesday, according to data from crypto-mining tracker CoinWarz. The measure, which has been climbing steadily over time, tends to mirror expectations for directional price changes. Bitcoin has dropped about 10% in the aftermath of a software code adjustment in April known as the halving that slashed by half the possible revenue available to miners, pressuring the margins of many of the companies.
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Swift to test solutions interlinking fiat with various tokenized assets; Swift says its plans include testing different multi-ledger settlement methods for transacting tokenized securities.
Danny Park - The Block
Global financial messaging network Swift said it is building real-world solutions to interlink fiat currencies with different forms of tokenized assets as a part of its vision to offer its users access to existing and emerging asset types. This setup could enable securities buyers to simultaneously pay for and exchange tokenised assets in real time on our network, Swift noted in a blog post.
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| Politics | | An overview of politics as it relates to the financial markets | The AI bill driving a wedge through Silicon Valley; California's Gavin Newsom has until September 30 to decide whether to sign legislation that will reach far beyond the state
George Hammond and Cristina Criddle - Financial Times
California's bid to regulate artificial intelligence has riven Silicon Valley, as opponents warn that the legal framework could undermine competition and America's position as the world leader in the technology. Having waged a fierce battle to amend or water down the bill as it passed through California's legislature, executives at companies including OpenAI and Meta are waiting anxiously to see if Gavin Newsom, the state's Democratic governor, will sign it into law. He has until September 30 to decide.
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US Treasury sets rules for 15% minimum tax on biggest, most profitable companies
Reuters
The U.S. Treasury on Thursday announced new proposed rules for a new corporate alternative minimum tax that is expected to generate $250 billion in U.S. revenues over 10 years from about 100 large companies now paying an average rate of just 2.6%. The Treasury said in a statement that the tax would apply to companies with annual average adjusted financial statement income of $1 billion or more. These companies often use income deductions and other strategies to minimize their net income and federal income tax, in some cases to zero.
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Debate Shows Musk's X Drops Pretense of Political Balance
Kurt Wagner - Bloomberg
Donald Trump's meme machine
Tuesday night's debate between Vice President Kamala Harris and former President Donald Trump was, by most accounts, a demonstration of Harris' preparation and ability to bait Trump. CNN's Jake Tapper equated Trump's performance to "a 4Chan post come to life," a reference to the site known for spreading conspiracies. Even Fox News analysts were reluctant to declare Trump the winner, a reality that seemed impossible just hours earlier. If you followed the debate on X, however, this would come as a shock. I opened the social network formerly known as Twitter and was bombarded with posts about how well Trump had performed.
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Kamala Harris's endorsements show Republicans may be paying the price for their newfound anti-business rhetoric
Tevi Troy - Fortune
Tevi Troy is a senior fellow at the Bipartisan Policy Center and a former senior White House aide. Eighty-eight American business leaders have written a letter endorsing Kamala Harris for president. This development may surprise those who assume that corporate business leaders lean Republican. But a close look at the signers, as well as the history of the relationship between business and government, reveals that while this is not some kind of watershed moment in terms of big business' relationship with political leaders, it does signal that Republicans have some work to do in terms of their relationship with business.
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Trump Tariff Threat Bodes Badly for Stocks, Lazard Strategist Says; Ron Temple says tariffs could rekindle threat of stagflation; Recommends defensive plays, staples, infrastructure stocks
Sagarika Jaisinghani - Bloomberg
Donald Trump's plans to impose sweeping tariffs on foreign-produced goods are likely to reignite the risk of high inflation and low US economic growth, posing a threat to stocks, according to a Lazard strategist. "It's risky to not take Trump seriously in terms of the tariff policies discussed," Ronald Temple, chief equity strategist at the $205-billion asset manager, said in an interview in London. "The implications for inflation, growth, the dollar, rates, Fed policy and corporate earnings are all pretty material. If you end up with a stagflationary environment, it's hard to imagine an equity market that's higher."
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Meet the Billionaire and Rising GOP Mega-Donor Who's Gaming the Tax System; Susquehanna founder and TikTok investor Jeff Yass has avoided $1 billion in taxes while largely escaping public scrutiny. He's now pouring his money into campaigns to cut taxes and support election deniers.
Justin Elliott, Jesse Eisinger, Paul Kiel, Jeff Ernsthausen and Doris Burke - Bloomberg
One day in July 1985, three young men from Philadelphia, their lawyer and a burly Pinkerton guard arrived at a horse track outside Chicago carrying a briefcase with $250,000 in cash.
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Brexit Burned Both the UK and the EU, But This Relationship Can Be Saved; The current frayed state of affairs underserves both sides. Keir Starmer still has to make a bolder offer to galvanize a reluctant union.
The Editorial Board - Bloomberg
The election of a new UK government has brought a fresh focus on strengthening the country's battered relationship with the European Union. There are frequent ministerial visits, an air of bonhomie, and plans for bilateral agreements and broader reform. All this is welcome. Britain's economy is smaller than it would have been if it had stayed in the EU; businesses face more friction and fewer opportunities. But while Prime Minister Keir Starmer has recognized the importance of improved relations with Britain's largest trading partner, he will need a better plan for delivering it.
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Putin threatens to cut off West's nuclear industry from Russian uranium
Chris Price - The Telegraph
Russian president Vladimir Putin has said that Moscow should consider limiting exports of uranium in retaliation for Western sanctions. In televised comments addressed to Russian government ministers, Mr Putin said such restrictions could also be introduced for other commodities, and noted that Russia was a major producer of natural gas, diamonds and gold.
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Tech war: US-sanctioned Chinese AI chip rival to Nvidia, Biren Technology, plans IPO
South China Morning Post
Artificial intelligence (AI) chip start-up Biren Technology, one of China's best hopes for challenging Nvidia, has hired an investment bank to commence the required "tutoring" process, a precursor to an initial public offering (IPO) in the country. The Shanghai-based unicorn - valued at US$2.19 billion last November, according to venture deal tracker Pitchbook - has hired the city's largest brokerage, Guotai Junan Securities, to coach company executives on IPO-related issues, the China Securities Regulatory Commission (CSRC) said on Wednesday.
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| Regulation & Enforcement | | Stories about regulation and the law. | Top US Fed official broke central bank's trading rules, watchdog says; Raphael Bostic also created 'appearance' of benefiting from inside information, report concludes
Colby Smith - Financial Times
The Atlanta Federal Reserve bank president violated the US central bank's trading rules and created the "appearance" of benefiting from confidential information, an internal watchdog said in a report on Wednesday. The Fed's independent inspector general concluded that Raphael Bostic had repeatedly broken its trading policies since becoming president of the Atlanta Fed in 2017, including 154 trades executed on his behalf during communications blackouts ahead of Fed rate-setting meetings.
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UK regulator waters down new capital regime for banks after City pressure; Bank of England delays start date for revised framework by six months to beginning of 2026
Martin Arnold - Financial Times
The Bank of England has watered down plans to impose tougher capital rules on UK banks and delayed the introduction of the new regime until 2026. In a statement on Thursday, the BoE's Prudential Regulation Authority said the changes included easing capital requirements on small business lending, mortgages, trade finance and infrastructure loans. As a result, the key capital thresholds for the main banks would be "virtually unchanged", rising less than 1 per cent, the PRA said. That is a reduction from its earlier estimate of a 3 per cent increase.
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It's time to end creditor-on-creditor violence in sovereign restructurings; Cooperation offers Venezuela a way back
Jay Newman, Nicholas Kumleben and Richard Carty - Financial Times
Sovereign debt defaults are a disaster for private creditors, but folks owed money by Venezuela may soon have an opportunity to reset a dysfunctional process - and put an end to creditor-on-creditor violence. Over the last 25 years, a tag team comprised of sovereign debtors, the European Union, the G-20, the Paris Club, the IMF, and the professoriat has marginalised the role and influence of private creditors of sovereigns.
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CFTC Partners with Federal and Private Groups to Distribute Cryptocurrency Relationship Investment Scam Information
CFTC
The Commodity Futures Trading Commission's Office of Customer Outreach and Education (OCEO) today announced two partnerships to give customers targeted information about cryptocurrency relationship investment scams. Partnerships with multiple organizations are a cornerstone of OCEO's outreach efforts to expand its audience to include those people who trust the partner organizations and could benefit from OCEO anti-fraud information.
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Court sets trial date of four defendants for securities fraud via illegal short selling
SEC
The District Court today fixed the trial of Mr Li King Hong, Ms Chan Ngai See, Mr Lam Hin Fai and Ms Betty Hui Pui Yan for 8 to 17 December 2025 after they pleaded not guilty to offence of fraud (Note 1). The four defendants pleaded guilty to the alternative offence of illegal short selling (Note 2). It is alleged that between 23 June 2020 and 9 September 2020, the four defendants deceived an account executive at CVP Securities Limited (CVP) on several occasions by falsely claiming ownership of certain shares with an intent to defraud and induce CVP to place selling orders for those shares. This resulted in benefit of $3.3 million to the four defendants or in prejudice or a substantial risk of prejudice to CVP (Note 3).
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Statistics of Credit Card, Cash Card & Electronic Payment Institutions Business Operation as of July 2024
FSC
1. Credit Card：As of July 2024, thirty-two credit card issuing institutions were in operation in Taiwan. The number of effective cards totaled 58.58 million (58.87 million at the end of June 2024) among which the total active cards numbered in 38.36 million (38.24 million at the end of June 2024). The balance of revolving credit was NT$110.4 billion (NT$110.8 billion at the end of June 2024). The amount of undue balance of installment was approximately NT$232.8 billion (NT$234.7 billion at the end of June 2024). The amount of monthly retail sales was approximately NT$396.8 billion (NT$564.3 billion for June 2024). The amount of monthly write-off was approximately NT$ 0.64 billion (NT$ 0.63 billion for June 2024). Average ratio of delinquency credit (pass-due over three months) against account receivables (including non-accrual amounts) was 0.26% (0.23% at the end of June 2024 ) (Please see Attachment 1).
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Why a Roth IRA is the 'holy grail' retirement account-no matter your income
Alicia Adamczyk - Fortune
No matter your age or your income, financial experts there's a place in your investment planning for the retirement savings tool known as the Roth IRA. And right now is the ideal time to contribute to one.
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Rich Americans are buying investment properties abroad-but owners warn 'a lot of people lose a lot of money'
Alicia Adamczyk - Fortune
For Ashley and Dario Campolattaro, there's no beating the charm of Tuscany. The Campolattaros' primary residence is in Northern Virginia, but they travel frequently to Italy to visit Dario's family, and have long dreamed of buying a home there to make the trips easier and open doors in Europe for their three sons. The pace and quality of life appeal to them. So do the historic buildings, the lush countryside and the walkable nature of the cities. "We just love it and we want to spend more time there," Dario, 54, tells Fortune.
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Bearish Signals Flash in Risky Parts of $9.5 Trillion ETF Market
Isabelle Lee - Bloomberg
Signs of gloom are mounting in the $9.5 trillion ETF landscape, threatening to expose Wednesday's dip buying in stocks as a head-fake with traders cashing out of speculative trading vehicles. Trading activity shows growing demand for exchange-traded funds that profit from declines in megacap tech stocks, smaller companies and semiconductors.
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Private Equity Firm to Become Largest Shareholder of Korea Zinc; MBK Partners signs agreement with Young Poong Corp. and family; Korea Zinc is world's biggest producer of refined zinc, lead
Heesu Lee - Bloomberg
MBK Partners signed a deal that would make the private equity firm the largest shareholder in Korea Zinc Co., the world's biggest producer of refined zinc and lead. The firm signed the agreement with Young Poong Corp. and its founding family members, who collectively hold more than a 30% of stake in Korea Zinc. The deal will grant MBK a call option to buy a portion of the shares held by Young Poong and its founding family, according to a statement on Thursday from the private equity firm.
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Why Inheritance Tax Is Unnerving the Super-Rich; What's often deemed the most-hated tax in the UK is unpopular with the mega-wealthy too.
John Stepek - Bloomberg
Inheritance tax, the very wealthy, and you
I was listening to an excellent edition of the Bloomberg Voternomics podcast this morning, in which my colleagues Ben Stupples and Katherine Griffiths spoke to hosts Allegra Stratton and Francine Lacqua about why the super-rich and non-doms in particular are considering bailing out of the UK. It's well worth your time. You may not find the plight of the super-rich particularly relatable, but it is interesting in terms of the broader impact of the government's current tendency to take a "half-empty" view of the UK.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Standard Chartered to Provide Debt Financing for Carbon-Removal Project to Help Scale the Industry; Investment bank will loan to UNDO, an enhanced rock-weathering project developer, in an effort to make similar deals cheaper and more accessible
Yusuf Khan - The Wall Street Journal
Standard Chartered is to provide debt financing for a carbon-removals project in an effort to scale up the industry and bring down the cost of such projects long term. The British investment bank is making a loan to UNDO, an enhanced rock-weathering project developer, with the aim being that British Airways, the U.K. airline, purchases the carbon credits delivered from the financing. British Airways will purchase 4,000 tons of carbon credits through the transaction. The deal was created by CUR8, a carbon removals market maker, which brought the deal partners together and provided due diligence and structuring advice. Insurers CFC and WTW are to provide cover for the deal.
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The fragmentation of carbon markets must be fixed; Policymakers need to implement global standards if we are to scale up the role of credits
Vera Songwe - Financial Times
One of the thorniest talking points in climate right now is the carbon credit market. This remains a critical mechanism for funding projects that help offset greenhouse gas emissions at scale. Nevertheless, some areas - namely, the so-called voluntary credit markets - have an integrity problem, which is holding back adoption of the whole. Stakeholders can help supply a solution by moving the entire market towards a compliance-based approach.
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Broken Blades, Angry Fishermen and Rising Costs Slow Offshore Wind; Accidents involving blades made by GE Vernova have delayed projects off the coasts of Massachusetts and England and could imperil climate goals.
Stanley Reed and Ivan Penn - The New York Times
The collapse of a giant wind turbine blade off the Massachusetts coast confirmed Peter Kaizer's worst fears about the dangers a new clean energy business could pose to fishermen like him.
Jagged pieces of fiberglass and other materials from the shattered blade drifted with the tide, forcing officials to close beaches on Nantucket and leaving Mr. Kaizer worried about the threat the fragments might pose to his vessel and other fishing boats, especially at night when the debris would be harder to avoid.
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Big oil faces a rising number of climate-focused lawsuits, report finds; Communities, states and advocacy groups push to hold fossil fuel companies accountable for role in climate crisis
Dharna Noor - The Guardian
Big oil is facing a soaring number of climate-focused lawsuits, a new analysis has found. It's a sign that more communities are demanding accountability for the industry's contributions to the climate crisis. For the report, published on Thursday, Oil Change International and the climate research organization Zero Carbon Analytics pulled data from a Columbia University database, focusing on cases in which the world's 25 largest fossil fuel producers were named as defendants.
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US lawmakers push to exclude lucrative chemicals from official PFAS definition; Language in Senate defense bill is probably first step to shield widely used toxic F-gases from regulation
Tom Perkins - The Guardian
US lawmakers and the military are pushing for a new definition of toxic PFAS "forever chemicals" that would exclude a subclass of toxic compounds increasingly used across the economy and considered to be potent greenhouse gases. Language included in the defense bill by the Senate armed services committee asks the military to detail how it uses fluorinated gases, or F-gases, stating that the committee is "interested in learning more about how the [department of defense] may or may not be impacted by the definition" of PFAS.
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Why Fracking Remains a Lightning Rod for Controversy
David Wethe - Bloomberg
Hydraulic fracturing, or fracking, has been thrust back into the public spotlight as Vice President Kamala Harris' change of position on it comes under scrutiny given her campaign for the White House. The groundbreaking technique for oil and gas extraction that vaulted the US to energy independence has for years been a lightning rod for controversy. Many environmentalists oppose it because of its impact on water, carbon emissions and earthquakes, while proponents defend it as key to the US economy.
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Francine Knocks Out Power to Hundreds of Thousands in US South; Storm cames ashore Wednesday as a hurricane in Louisiana; Francine will fall apart as it moves through Mississippi
Brian K Sullivan - Bloomberg
Francine knocked out power to nearly half a million homes and businesses and canceled hundreds of flights across the US South after coming ashore as a hurricane. The storm has weakened to a tropical depression with winds of 35 miles (55 kilometers) per hour as it approached Jackson, Mississippi, the National Hurricane Center said in an advisory Thursday. Francine, which had winds of 100 mph when it made landfall Wednesday, is forecast lose strength throughout the day.
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Wall Street Quietly Turns Tail on Its Sustainability Commitments; Morgan Stanley shelved a commitment to finance the cleanup and prevention of plastic pollution. It's not retreating alone.
Alastair Marsh - Bloomberg
News emerged last week that Morgan Stanley had quietly shelved a central pillar of its sustainability strategy: a commitment to finance the cleanup and prevention of plastic pollution. Instead of opening up to investors and clients about the challenges in tackling such a pernicious problem, or revealing the lessons learned in five years of trying, the investment bank simply went silent. The news that the Wall Street giant no longer has an explicit financing goal to tackle plastic only came to light after Bloomberg Green asked the bank why-in contrast with previous versions-there was no mention of its Plastic Waste Resolution in its latest ESG report.
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'Weather Whiplash' Helped Drive This Year's California Wildfires
Caroline Marshall Reinhart - Inside Climate News
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G20 leaders announce new principles for a 'global bioeconomy': Here's what you need to know
edie
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Afghanistan says to begin work on huge gas pipeline
AFP
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Putin Asks Government to Consider a Cap on Nickel, Uranium Exports
Bloomberg
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World Oil Demand Growth Is Slowest Since Pandemic as China Cools, IEA Says
Grant Smith - Bloomberg
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Scotland's Only Oil Refinery to Close With Loss of 400 Jobs; Politicians and unions had hoped to extend refinery's life; Closure of Grangemouth refinery had been announced last year
Rachel Graham - Bloomberg
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China's Excess Solar Capacity Forces More Firms to Restructure
Bloomberg News
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Barclays Joins Push to Get Rid of Faxes in the Loan Market; British bank participated in Versana's $26 million fundraising; Versana now has data on $2.7 trillion worth of corporate loans
Jan-Henrik Foerster - Bloomberg
Barclays Plc is joining rivals in backing a firm that's looking to upend the way Wall Street keeps track of corporate loan data. The UK lender participated in a $26 million capital raise for Versana, a two-year-old platform that allows lenders to access data and information about $2.7 trillion worth of loans in one place, according to a statement. Existing investors including Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. also joined in the fundraising.
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Commerzbank May Just Be Start of European Bank M&A, Analyst Says; JPMorgan analyst says European bank valuations are set to rise; Abouhossein raises recommendation on Commerzbank to overweight
Macarena Munoz Montijano - Bloomberg
A possible Commerzbank AG takeover by UniCredit SpA may be the trigger for more M&A in European banking, which would boost stock valuations for lenders seen as takeover targets, according to analysts at JPMorgan Chase & Co. "Banking sector M&A historically has been triggered by momentum from deals being announced," wrote analysts led by Kian Abouhossein in a note Thursday. "We would expect more newsflow on European bank M&A going forward, which could be a positive for valuations for banks that have historically been seen as targets."
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U.S. Bancorp's Lagging Stock Puts Onus on Investor Day; Minneapolis-based bank holds first event in five years; USB's stock is the worst performer among S&P 500 banks in 2024
Eleanor Harmsworth and Bre Bradham - Bloomberg
As U.S. Bancorp holds its first Investor Day in five years on Thursday, investors will be listening for clues about how one of the biggest US lenders can turn its lackluster stock around. The Minneapolis-based company has been left out of the rally that has swept the broader banking sector this year - eking out only a 3.4% gain through Wednesday, the worst among its S&P 500 industry peers. The investor event is a chance for new executives to address the public, as well as for the lender to give an updated look into its financial targets.
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Goldman Is in Pole Position to Buy EUR450 Million Bankinter Loans; US bank is expected to close the deal in coming weeks
Jorge Zuloaga and Esteban Duarte - Bloomberg
Goldman Sachs Group Inc. is in pole position to purchase a portfolio of around EUR450 million ($497 million) of loans from Spanish bank Bankinter SA, according to people with knowledge of the matter. The US bank is poised to win a competitive process that has lasted months, and is expected to close the deal in the coming weeks, said the people, asking not to be named on private talks. The discussions are ongoing and Bankinter can still decide not to pursue the deal or select another investor, they added.
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UniCredit's Orcel Says Commerzbank Takeover Is an Option; UniCredit announced 9% stake in German lender this week; Takeover would create one of the largest banks in Germany
Sonia Sirletti and Francine Lacqua - Bloomberg
UniCredit SpA Chief Executive Officer Andrea Orcel said that a full takeover of Commerzbank AG is an option after announcing that it had acquired a 9% stake, a move that has jolted European banking. "Conversations about an M&A or a further combination are on top" of current discussions around the stake, Orcel said in an interview with Bloomberg Television on Thursday. "We can engage constructively as to whether we all want to create something more than just the value that can be created by Commerzbank standalone."
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UniCredit approach prompts doubt over Commerzbank's buyback plans; German lender puts 'everything under review' after Italian rival builds 9% stake
Olaf Storbeck, Guy Chazan and Owen Walker - Financial Times
Commerzbank has discussed the future of its share buyback programme after Italian lender UniCredit built a 9 per cent stake in the German bank in what could be the opening move of a full takeover bid. The boards of Germany's second-largest listed lender on Wednesday evening agreed to "put everything under review" while they tried to assess UniCredit chief executive Andrea Orcel's intentions towards the bank, according to people familiar with internal discussions.
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JPMorgan to Cap Junior Banker Hours, BofA Monitors Workloads; At JPMorgan, an 80-hour limit will have exceptions: person; A new platform at BofA will help spread tasks among trainees
Katherine Doherty and Denise Wee - Bloomberg
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | How CEOs Can Navigate These Politically Charged Times; Tomorrow's leaders face a world where any move will be reviled by someone. B-schools can help.
Paul Keegan - Bloomberg
In this volatile election year, hot-button issues, from immigration to reproductive rights, are dominating the headlines. What's a business leader to do? Taking sides in today's polarized environment risks alienating customers and other stakeholders. Staying quiet can make you look uncaring and out of touch. Carving out a middle ground can end up pleasing no one. Increasingly, MBA programs realize they have a key role to play in preparing future leaders for such challenges. Experts in corporate leadership and social impact say B-schools can go much further than they traditionally have. "These topics should be factored into more of the curriculum, because they're becoming a reality of how every executive needs to think," says Alison Taylor, clinical associate professor at New York University's Stern School of Business and author of Higher Ground: How Business Can Do the Right Thing in a Turbulent World.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Brawl Taking Shape Over Pfizer's Multibillion-Dollar Heart Monopoly; Drugmaker's fastest-growing blockbuster could soon face competition from two biotechs in treating little-known heart condition
David Wainer - The Wall Street Journal
Sometimes obscure diseases represent large opportunities for drug companies. Most people associate Pfizer with popular products such as Paxlovid for Covid-19. But the company's fastest-growing blockbuster, tafamidis, targets a relatively rare condition known as ATTR cardiomyopathy, in which abnormal proteins are deposited in the heart, impairing its function. The drug, marketed under the brand names Vyndaqel and Vyndamax, is expected by analysts to bring in nearly $6 billion in sales next year.
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Bavarian Explores Options to Boost Mpox Jab Supply by 50 Million; Danish vaccine-maker will deliver 2 million doses by year-end; So far, more than 250,000 doses have been shipped: Bavarian
Sanne Wass and Janice Kew - Bloomberg
Bavarian Nordic A/S, one of a few companies with an approved mpox vaccine, is increasing the number of jabs it could supply to deal with an outbreak in Africa. Bavarian, which has faced criticism over the high cost of its vaccines, is prioritizing supplying the inoculations to Africa with a plan to defer some other 2024 orders to next year, according to a statement on Thursday.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China Stock Selloff Pushes Benchmark to Lowest Since Early 2019; Economic gloom, lack of earnings recovery hurt sentiment; CSI 300 Index is headed for a record fourth year of losses
Abhishek Vishnoi and Winnie Hsu - Bloomberg
Chinese stocks fell to the lowest since January 2019, a grim reflection of how investors have lost faith over a recovery in the country's earnings and economy. The CSI 300 Index closed down 0.4% on Thursday, taking its slide since a May high to around 14%. The benchmark of onshore shares is also headed for an unprecedented fourth straight year of losses.
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Russia Plans Full-Scale Digital Ruble Operations in July 2025
Bloomberg News
The Bank of Russia has proposed launching widespread transactions in the digital ruble with free access to the new payment method for the country's citizens. Russia's biggest banks will have to provide their clients with the ability to conduct digital ruble operations by July 1, 2025, including opening accounts and allowing transfers of money, the central bank said Thursday in a statement. Large businesses should also be ready to accept payments in digital rubles for goods and services using QR codes, it said.
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Maldives hunts for bailout to avoid first Islamic sovereign debt default; Bond price tumbles as investors fret archipelago nation will miss October payment
Arjun Neil Alim, John Reed and Joseph Cotterill - Financial Times
The Maldives will test the global market for Islamic finance in the coming weeks, as the debt-burdened archipelago nation hunts for a bailout that will prevent it becoming the first country to default on a key form of sharia-compliant debt. The price of a $500mn bond-like sukuk issued by the government has collapsed to about 70 cents on the dollar over the past month ahead of a payment due in October, as its foreign reserves run low.
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Bangladesh seeks help from FBI, U.N. agency to recover laundered money; An estimated $100bn was siphoned abroad in past 15 years under Hasina regime
Syful Islam - Nikkei Asia
Bangladesh will collaborate with international agencies to bring back billions of dollars laundered out of the country during the past 15 years under the rule of ousted Prime Minister Sheikh Hasina. Officials of Bangladesh's Anti Corruption Commission (ACC) this week had meetings with officials from the FBI and the United Nations Office on Drugs and Crime (UNODC). Both organizations came up with offers of assistance in recovering laundered money. This would be the first time for the FBI to help Bangladesh.
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China Risks Public Backlash With Move Toward Retirement Age Hike
Foster Wong and Josh Xiao - Bloomberg
China's top lawmakers are reviewing a government proposal to raise the retirement age, paving the way for its approval as soon as Friday, in a move that would expand its shrinking workforce but risk spurring public discontent. The Standing Committee of the National People's Congress on Tuesday discussed motions including a draft decision by the State Council, China's cabinet, to gradually up the retirement age, the official Xinhua News Agency reported without giving details. If approved, it would be the first increase in the retirement age in over 40 years.
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Zimbabwe Central Bank Chief Plans Crackdown On Gold-Backed Currency Saboteurs; Governor says "unscrupulous" individuals drive ZiG's decline; Central bank to closely monitor parallel market activity
Ray Ndlovu - Bloomberg
Zimbabwe's central bank vowed to "double efforts" against currency saboteurs it blames for fanning the decline of the nation's bullion-backed unit on the parallel market. The ZiG, short for Zimbabwe Gold, is being quoted at between 16 and 26 to the dollar on the parallel market, according to ZimPriceCheck.com, a website that tracks both official and unofficial exchange rates. It's trading at 13.94 per dollar on the official market, according to data on the central bank's website on Thursday.
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EU Corn Crop to Fall to Third Lowest in Decade, Strategie Says
Celia Bergin - Bloomberg
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Sibanye to Slash Output to Turn Around US Palladium Mines; Company 'likely' to cut US PGM production by up to 45%; Johannesburg-based miner posts first-half loss of $397 million
William Clowes - Bloomberg
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| Miscellaneous | | Stories that don't quite fit under the other sections | The California Google deal could leave out news startups and the smallest publishers; "We don't know whether or how this nonprofit and its fund will operate, and likely won't for some months (nonprofit governance is many things, but fast is not one of them)."
Sophie Culpepper - Nieman Labs
Last month, Google and California struck a groundbreaking, controversial deal to funnel almost $250 million into the state's journalism over five years (while shoehorning in...an AI accelerator), sidestepping a more sweeping effort to force Google and Meta to pay news publishers. The closed-door deal has been covered, pragmatically praised, and excoriated here and elsewhere. But will any of this funding be accessible to the smallest newsrooms, and to startups?
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At Least Two Saudi Officials May Have Deliberately Assisted 9/11 Hijackers, New Evidence Suggests; Newly revealed information also raises questions about whether the FBI and CIA mishandled or downplayed evidence of the kingdom's possible ties to the plotters.
Tim Golden - ProPublica
From the start of U.S. investigations into the terrorist attacks of Sept. 11, 2001, the question of whether the Saudi government might have been involved has hovered over the case. The FBI, after the most extensive criminal probe in its history, concluded that a low-level Saudi official who helped the first two hijackers in California met them by chance and aided them unwittingly. The CIA said it saw no evidence of a higher-level Saudi role. The bipartisan 9/11 commission adopted those findings. A small FBI team continued to dig into the question, turning up information that raised doubts about some of those conclusions.
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