| October 13, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
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John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Options, options, options! With so much risk in the world, the limited risk of options appeals to many traders and investors. Today's lead story is "Options Are the Hottest Trade on Wall Street" with the subheading "Global trading in options has now overtaken futures volume."
Many times new products like crypto will bring new interest in markets and many new participants. However, as those participants' interests mature, they turn to more established products like equities, options and futures. Options are a fantastic product that can be used for investment, risk management, income generation, diversification, and are highly adaptable in terms of strategy. In certain cases there may be tax advantages too.
The proliferation of equity option exchanges gives multiple order execution possibilities and is so much more competitive than the era of a single listed venue trading a company's options.
Former New York City Mayor and one-time Democratic candidate for president Michael Bloomberg wrote an editorial on Bloomberg titled "Israel Should Not Fight Its War Alone" with the subheading "Anyone who professes to have the best interests of either Israelis or Palestinians at heart should work toward a short conflict and a long-lasting peace." This commentary offers sage advice.
The SEC Historical Society shared on LinkedIn that "This week in 1993, despite two-to-one opposition from bankers and brokers during the comment period, the Levitt Commission adopted Rule 15c6-1. The rule shortened the settlement cycle for securities transactions from five days after trade date to three days, reducing market risk to investors."
Mandy Xu, head of derivatives market intelligence at Cboe Global Markets, sat for a video about 0DTE options displayed on LinkedIn.
Tom Skilling, the dean of Chicago TV weathercasters, is stepping down, the Chicago Tribune reported. Skilling's forecasts were often market moving, particularly in years of drought when traders would make sure to catch his noon forecast before the ag markets at the CBOT closed. My son Tim wrote on Facebook about my post about this news: "When I visited the CBOT in high school, I was told that the agricultural markets depended on Tom Skilling's forecast, and that he was the most important person 'in the building' each day."
The Scoutmaster of the Boy Scout Troop I used to lead is a stagehand at WGN and he would always make sure to get a weekend forecast from Skilling ahead of Scout trips.
For you leaf peepers out there who are interested in a weekend trip with your family or just want to seek out the best fall colors 2023 has to offer, check out this fall foliage map from ExploreFall.com.
If you are Jeff Bezos living in Miami and you don't like your neighbor, or maybe even having a neighbor, what do you do? You buy their house from them for $79 million, that is what you do. Bloomberg has the story, "Jeff Bezos Buys His Florida Neighbor's Mansion for $79 Million." For what it is worth, Bezos did not pay list price, as the seven-bedroom mansion in Indian Creek was listed for $85 million.
A former IRS contractor has pleaded guilty to stealing data from the IRS about the taxes of thousands of individuals, including Citadel's Ken Griffin, Jeff Bezos and Elon Musk and former President Donald Trump, Blomberg reported.
Steve Scalise, who once compared himself to former Ku Klux Klan leader David Duke, withdrew from the U.S. House Speaker race, the Financial Times reported. The longer the House is unable to find a Speaker, the more problems this will create around the world, not just in the U.S. What we need is a coalition of Republicans and Democrats to put their country first, not their party, and form some sort of governing agreement and power sharing in the House in order to name a new Speaker.
Did you want to know more about the life of Ray Dalio? Well, according to the New York Post you can do that because a "Bombshell biography of billionaire Ray Dalio could become an Amazon TV series: sources."
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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A new report from the World Meteorological Organization finds that climate change is taking a heavy toll on the world's hydrological cycle - the continuous circulation of water in the Earth-atmosphere system. The WMO State of Global Water Resources Report 2022 says: "Droughts and extreme rainfall events are wreaking a heavy toll on lives and economies. Melting snow, ice and glaciers have increased hazards like floods and threaten long-term water security for many millions of people. ... We cannot manage what we do not measure." This year's report expands on a pilot from last year that seeks to measure the cycle by integrating data assessing water resources at the global scale. Download the report and watch an animation of the report's findings here. ~SAED
Our most read stories yesterday on JLN Options were:
- Options Are the Hottest Trade on Wall Street from Bloomberg.
- Chinese Bribes, Thai Prostitutes and an End to the Lies: Caroline Ellison's Explosive Second Day of Testimony Against Sam Bankman-Fried from Yahoo Finance.
- Contango from Cboe. ~JB
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Copy trading: a road to riches or risk? Following the portfolio choices of online 'experts' can lead to considerable losses
Martha Muir, Arjun Neil Alim and Rafe Uddin - Financial Times
Timo Nieminen, a 50-year-old from London, started financial trading six years ago and soon began mirroring other people's trades, in a practice known as copy trading. "At the start it was promising," Nieminen says. But then an equity trader, who Nieminen followed, abruptly abandoned his cautious strategy and opened up controversial short positions. "I emailed and asked [him], he said the market would turn around...People following his account started getting margin calls. He lost half of my account."
/jlne.ws/3Fe1S22
***** There are many reasons why this type of trading can be good or bad, but risk management and position sizing are really important. And that is normally up to the individual, not the person the investor is copying.~JJL
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Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny; Microsoft reported one site in Wyoming because of its proximity to a data center and nuclear missile base. Records show other cryptocurrency facilities have ties to the Chinese state.
Gabriel J.X. Dance and Michael Forsythe - The New York Times
When a company with Chinese origins broke ground last year on a crypto-mining operation in Cheyenne, Wyo., a team at Microsoft that assesses national security threats sounded the alarm. Not only was the site next door to a Microsoft data center that supported the Pentagon - it was about a mile away from an Air Force base that controlled nuclear-armed intercontinental ballistic missiles.
/jlne.ws/3FdOrzt
****** What is Chinese for Trojan Horse?~JJL
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Congressional stock trading has plunged more than 75% so far this year- here's why
Lydia Moynihan - NY Post
Congressional stock trading has fallen off sharply this year, according to an analysis by a popular financial news site - and some insiders believe it's because US lawmakers are feeling heat from a possible legislative clampdown. The volume of stock trades made by members of Congress tumbled more than 75% in the nine months of this year - to just 1,800 trades versus 8,000 a year earlier, according to data from Unusual Whales.
/jlne.ws/48OEWUT
****** The heat is turned up, but there is no legislation passed yet.~JJL
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Thursday's Top Three
Our top clicked item on Thursday was our MarketsWiki page for Arianne Adams, who Bloomberg reported has left Cboe Global Markets as head of derivatives, replaced by Catherine Clay. Second was the Bloomberg story about that departure, Cboe Shakes Up Top Leadership as Arianne Adams Leaves the Firm. Third was How Hedge Fund Clients Are Pioneering Sophisticated New Strategies with Automated Trading, from TradeWeb.
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| Lead Stories | Options Are the Hottest Trade on Wall Street; Global trading in options has now overtaken futures volume; As crypto hype wanes, investors are flocking to options market
Katherine Doherty, Isis Almeida, and Elena Popina - Bloomberg
Crypto may have grabbed headlines last year, but the talk on Wall Street these days is all about options. Retail investors are flocking to options, which give the holder the right to buy or sell a security, as a relatively cheap way to bet on stocks. Institutional investors are taking advantage too, as options offer a less expensive way to limit losses in times of volatile markets. But the pandemic's day-trading-frenzy morphed derivatives from the realm of professional traders only into tools for sophisticated retail investors, with global options trading setting record after record and overtaking futures volumes in 2021.
/jlne.ws/46sotUM
FTX Had Many Bad Spreadsheets; Also a new Sculptor deal, corporate FX customers, Adam Aron catfishing and more on coin flipping.
Matt Levine - Bloomberg
SBF Stuff
Aieeeeee: In June 2022, as crypto prices spiraled and Alameda's lenders were calling in their loans, [Caroline] Ellison said she prepared seven "alternative balance sheets" that would conceal Alameda's large borrowing from FTX customers, in response to a request for financial information from one of its lenders, Genesis. Alameda had borrowed around $10 billion from FTX customers and had loaned around $5 billion to FTX executives and affiliated entities. "He suggested I should prepare some alternative ways of presenting the information and send it to him," she said. "I understood him to be directing me to come up with ways to conceal things in our balance sheet we both agreed would look bad." Bankman-Fried told her to send Genesis her Alternative 7 - which didn't disclose money taken from FTX customers. It cut Alameda's liabilities from $15 billion to around $10 billion. She testified that the document was "dishonest."
/jlne.ws/3Fdfo6n
Elite Wall Street Firms Are Surrendering to $7 Trillion ETF Boom; Firms are quietly flipping SMAs into tax-friendly structure; Wealth managers give up gated access to tap rampant ETF demand
Justina Lee - Bloomberg
Getting John Beatson to pick stocks for you used to require a cool $25 million or thereabouts. Thanks to the newest trend in money management, these days it's more like $25. That's roughly the price of a share in the Bushido Capital US Equity ETF (ticker SMRI), an actively managed equity vehicle launched by Beatson's firm Sepio Capital LP last month. It means pretty much anyone can tap him for his stock-picking skills, and even those who don't invest can see every trade he makes in the ETF given its transparent design.
/jlne.ws/3M0n935
UK wealth manager St James's Place pushed by regulators to overhaul fees; Group has faced scrutiny over what critics say are opaque and expensive charges for financial advice
Sally Hickey, Stephen Morris and Robert Smith - Financial Times
St James's Place is under pressure from regulators to overhaul its fee structure to ensure it complies with the UK's new consumer duty, according to people familiar with the discussions. The UK's largest wealth manager has faced scrutiny over what critics say are opaque and expensive charges for financial advice and stiff penalties for early withdrawals.
/jlne.ws/3ZWcEDQ
CFTC Sues Former CEO of Bankrupt Crypto Lender Voyager
Allyson Versprille - Bloomberg
The co-founder and former chief executive officer of Voyager Digital Ltd. broke derivatives rules while at the helm of the crypto lender, leading to its bankruptcy and $1.7 billion in customer losses, US regulators alleged Thursday.
/jlne.ws/3ZVqZQW
Options traders see larger-than-usual stock swings as banks report results
Saqib Iqbal Ahmed - Reuters
Options traders are braced for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. Big banks, including JPMorgan, Wells Fargo and Citigroup Inc are set to report financial results on Friday, with others, including Goldman Sachs and Morgan Stanley, due next week.
/jlne.ws/45uGHn2
Is Sam Bankman-Fried a Sociopath?
Daniel Kuhn - CoinDesk
This week, as the criminal trial of Sam Bankman-Fried continues to unfold, there has been an emerging chorus of people willing to state, quite bluntly, that the founder of crypto exchange FTX and hedge fund Alameda Research is psychopathic. The former "golden boy" of crypto, aka SBF, is accused of multiple counts of fraud related to siphoning billions of dollars worth of his exchange customers' money to fund a litany of investments.
/jlne.ws/45o1jgU
'I felt trapped': Caroline Ellison steps out of Sam Bankman-Fried's shadow in star witness turn; FTX founder's close colleague and one-time girlfriend gives her testimony of the former crypto tycoon's rise and fall
Joshua Oliver - Financial Times
Cameras flashed through the courthouse windows as Caroline Ellison waited tensely in the security line, wearing sunglasses and a baseball cap pulled down to conceal her face. But when she entered the 26th floor half an hour later, she tried to show the jury that she had nothing left to hide.
/jlne.ws/3QdR7TY
Sam Bankman-Fried's Lawyers Fail To Shake Ellison's Account About FTX Crimes; Caroline Ellison was star witness in fraud case against SBF; Defense lawyers sought to blame Alameda CEO for FTX collapse
Bob Van Voris, Chris Dolmetsch, and Yueqi Yang - Bloomberg
Caroline Ellison emerged from hours of questioning by Sam Bankman Fried's lawyer with her story largely intact, as the defense struggled to shake her testimony that the FTX co-founder masterminded a multibillion-dollar fraud
/jlne.ws/45CcOSc
'That seems pretty bad': Bankman-Fried jury hears tape from Alameda's final days; Caroline Ellison told staff at meeting in Hong Kong office that the FTX founder authorised raid on exchange customers' money
Joshua Oliver - Financial Times
Alameda chief executive Caroline Ellison told her staff that Sam Bankman-Fried authorised a raid on FTX customer money to repay the trading firm's loans, according to recordings of an employee meeting from the company's final days played in court on Thursday.
/jlne.ws/3RXwQDw
Caroline Ellison Testifies That SBF's Strange Philosophy Justified Lying and Stealing
Noor Al-Sibai - Futurism
In her latest courtroom salvo, Sam Bankman-Fried's former colleague and romantic partner Caroline Ellison testified that her ex had what seems to be a pretty skewed moral compass. As transcribed by Bloomberg, the latest remarks from Ellison, the former CEO of FTX sister firm and alleged slush fund Alameda Research, show not only Bankman-Fried's philosophical tolerance for dishonesty, but his purported penchant for pushing others into it as well.
/jlne.ws/3M0MGct
SBF Tried to Blame Caroline Ellison for FTX. She Got Revenge on the Stand.
Nitish Pahwa - Slate
Had Caroline Ellison been anybody other than The United States v. Samuel Bankman-Fried's single most anticipated witness, she might have entered a Manhattan courthouse attracting far less notice on Tuesday. But she's Caroline Ellison-SBF's ex-GF, the former CEO of his Alameda Research crypto hedge fund, one of the first from his inner circle to flip. So, despite masking her gray-coat-and-red-dress fit with a light-blue baseball cap, a pair of shades, and a backpack, Ellison was recognized immediately by the hungry media crews who've been encircling the Southern District of New York court all month.
/jlne.ws/3FfYUdr
Sam Bankman-Fried approved use of customer funds, Caroline Ellison says in recording
Jody Godoy and Luc Cohen - Reuters
Jurors at Sam Bankman-Fried's trial heard a recording on Thursday of Caroline Ellison telling employees of his Alameda Research hedge fund that Bankman-Fried had approved using money that belonged to customers of his FTX cryptocurrency exchange to pay off the fund's loans.
/jlne.ws/3rHUQ2K
Sam Bankman-Fried's lawyer fails to hurt credibility of the government's star witness at fraud trial
Ken Sweet - Associated Press
Sam Bankman-Fried's lawyer did little to dent the credibility of the government's key witness in the former crypto mogul's fraud trial Thursday, meandering through a cross-examination of Caroline Ellison that at times left even the judge puzzled and impatient.
/jlne.ws/48O01ib
Caroline Ellison faces cross-examination at Sam Bankman-Fried's trial
Jody Godoy - Reuters
Sam Bankman-Fried's confidant Caroline Ellison took the stand again at the FTX founder's trial on Thursday, where she could face questions about why she cooperated with prosecutors against her former boss and romantic partner.
/jlne.ws/48Kce7H
Egypt Lines Up $1.5 Billion in Funding With Capital Markets Deals ; Finance minister lays out borrowing plan for rest of this year; Egypt was locked out of capital markets amid IMF review delays
Mirette Magdy - Bloomberg
Egypt expects to borrow at least $1.5 billion before the end of this year, Finance Minister Mohamed Maait said, largely by looking to tap Asian capital markets as part of debt issuance guaranteed by development institutions. The plans include $500 million in what would be Egypt's debut panda bonds and its second sale of Samurai debt worth the same amount, Maait told Bloomberg News in an interview in Marrakech, where he's attending the annual meetings of the International Monetary Fund and the World Bank.
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Today in Pictures, Oct 13, 2023; Fire and smoke in Gaza City, students in Manila evacuate due to an earthquake, and other photos from around the world in Today in Pictures.
Ong Wee Jin - The Straits Times
Fire and smoke rising above buildings in Gaza City during an Israeli air strike, on Oct 13, as raging battles between Israel and the Hamas movement continue for the sixth consecutive day. The United Nations was informed that Israel had ordered 1.1 million residents of northern Gaza to relocate to the south of the territory within 24 hours. Columbia University students participating in a rally and vigil in support of Israel in response to a neighbouring student rally in support of Palestine at the university on Oct 12 in New York City.
/jlne.ws/3RXNbYB
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | The US government sanctions two shipping companies for violating the Russian oil price cap
Josh Boak - Associated Press
The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. The United States, along with the European Union, countries in the Group of Seven and Australia, imposed a $60 a barrel limit last year on what Russia could charge for its oil. The cap was designed to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network.
/jlne.ws/3S4afVw
Russia suffers heavy losses in blitzkrieg failure
Joe Barnes - The Telegraph
Russia has suffered heavy losses in a large-scale armoured assault to encircle a strategically important town in Ukraine's eastern Donestsk region, open source analysis has shown. Analysts said Kyiv's forces took out dozens of tanks and other armoured vehicles during Moscow's two-day offensive operation to encircle the settlement of Avdiivka.
/jlne.ws/3txP4kM
Russian ruble surges after Putin ordered 43 companies to prop up the slumping currency by selling some of their foreign cash
Prarthana Prakash - Fortune
The ruble gained against the U.S. dollar on Thursday after Russian President Vladimir Putin moved to reintroduce currency controls in an effort to salvage his nation's tumbling currency. The Bank of Russia has endorsed the move, according to Reuters, after months of pushing back and favoring instead the adoption of higher interest rates to curb the ruble's devaluation. It said the measures could prop up the fluctuating currency and improve liquidity.
/jlne.ws/3PWuYrK
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| Israel/Palestine Conflict | | News about the recent (October, 2023) conflict between Israel and Palestine | By land, sea, air and online: How Hamas used the internet to terrorize Israel
Jessica Guynn and Will Carless - USA TODAY
The attacks came by land, sea, air - and online. Terror propaganda âˆ' violent videos and graphic images of kidnappings and murders of civilians and soldiers that flooded social media from the deadly cross-border incursion into Israel âˆ' was a key element in Hamas' military campaign, said Graham Brookie, senior director of the Atlantic Council's Digital Forensic Research Lab.
/jlne.ws/3RX9D49
US urges Israel to exercise restraint amid fears of regional war
James Shotter, John Reed in Jerusalem, Samer Al-Atrush in Dubai and Raya Jalabi - Financial Times
The US urged Israel to exercise restraint as Washington and Saudi Arabia stepped up efforts to prevent the war with the Palestinian militant group Hamas from spiralling into a regional conflict. US secretary of state Antony Blinken called on Israel to take steps to avoid civilian casualties at a press conference on Thursday with Prime Minister Benjamin Netanyahu, whose newly formed unity government is widely expected to launch a ground invasion into the Gaza Strip.
/jlne.ws/3QgYSIw
Postponement of the Academic Year Opening to the 5th of November; An update from the TAU rector, Prof. Mark Shtaif
Tel Aviv University
Due to the security situation in the country, the military draft, and the great distress experienced by many of our colleagues, the university administration has decided to postpone the opening of the academic year to Nov. 5 2023. Similar decisions have been made in other institutions as well.
/jlne.ws/3QgZNss
'Everything's come to a halt': Israel-Hamas war stops research; Evacuation of international staff and mass mobilisation of army reservists has left some labs operating on 'skeleton crews'
Ben Upton - Times Higher Education
Most research in Israel has stopped as the country switches to a war footing, with 360,000 army reservists called up and half of international staff at some universities evacuating. Israeli research universities have twice delayed the start of the academic year to 5 November following prime minister Benjamin Netanyahu's declaration of war in response to deadly attacks by the Gaza-based militant group Hamas, and now face more disruption as the ongoing violence escalates.
/jlne.ws/3ZSflX4
We just pray we're not next': Gaza's people fight to survive
Maryam Zakir-Hussain - Independent
"Oh my God. It's another attack. Oh my God." The sound of an Israeli air strike overhead was followed by a choking silence. The tremors in Motee' Masbah's voice momentarily settled as the Israeli plane continued to fly over him in Gaza. This air strike did not kill him, but he is fearing the worst. "No one would believe what is going on unless they live in the Gaza Strip," the father-of-four told The Independent. "Even now as I'm talking to you, any place could be hit.
/jlne.ws/46qGVwR
Iran Says New Front Against Israel Possible as Top Diplomat Visits Hezbollah; Iranian minister meets Hezbollah leader during Lebanon visit; Hezbollah part of Iran-backed regional 'axis of resistance'
Patrick Sykes - Bloomberg
/jlne.ws/48P4Pns
UN Calls Israel Army's Evacuation Order in Gaza 'Impossible'; Demand would create a 'humanitarian disaster,' UN warns; Request is latest sign a ground invasion may be imminent
Dana Khraiche - Bloomberg
/jlne.ws/3FfoBLf
Why Hezbollah Is a Wild Card as Israel Takes Aim at Hamas
Courtney McBride - Bloomberg
/jlne.ws/48UpQNu
US Gives First Iron Dome Interceptors to Israel; US to send more Tamir interceptors to Israel, official says; Interceptors are located in Israel but owned by the US
Anthony Capaccio - Bloomberg
/jlne.ws/3MnjOeX
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | XTCC Launches world's first exchange-traded high-quality voluntary carbon credit investment product on Bermuda Stock Exchange, Deutsche Bourse and SECDEX, eyeing 15x growth opportunity.
XTCC, the pioneer in exchange traded carbon credits, unveils the world's first multi-currency investment products for high-quality carbon credits. XTCC is the only product which allows for investors to access this growth opportunity and new asset class with a credible, transparent structure that offers exceptional liquidity across both digital and conventional capital markets.
/jlne.ws/45scW6E
SGX Group reports market statistics for September 2023; Record commodities and FX activity drives September, third-quarter volume gains; Singapore's largest equity ETF launched, focused on climate action
SGX
Singapore Exchange (SGX Group) today released its market statistics for September 2023. Major global equity markets faced downward selling pressures during the month amid a risk-off mood on the back of central bank meetings. Widening rate differentials, coupled with surging oil prices, drove derivative trading activity in foreign exchange (FX) and commodities, as global institutional investors leaned on SGX Group's multi-asset offering to manage portfolio risk.
/jlne.ws/46rx3CZ
Janus Henderson's Richard Worrell departs for LSEG role to kickstart new stage of growth; Worrell has been head of equity trading for EMEA at the asset manager for nearly seven years.
Annabel Smith - The Trade
Head of EMEA equity trading at Janus Henderson and markets stalwart, Richard Worrell, is set to leave the institution for a sales role at the London Stock Exchange Group (LSEG), The TRADE can reveal. He will join the exchange group as head of secondary markets sales and business development in January 2024, sources have confirmed.
/jlne.ws/3RZGgyk
Notice Of Disciplinary Action
CME Group
# CME 21-1488-BC-2. Effective Date 13 October 2023. MEMBER: Jeremy O'Keefe. CME Rule Violation: Rule 534 Wash Trades Prohibited. No person shall place or accept buy and sell orders in the same product and expiration month, and, for a put or call option, the same strike price, where the person knows or reasonably should know that the purpose of the orders is to avoid taking a bona fide market position exposed to market risk (transactions commonly known or referred to as wash trades or wash sales). Buy and sell orders for different accounts with common beneficial ownership that are entered with the intent to negate market risk or price competition shall also be deemed to violate the prohibition on wash trades. Additionally, no person shall knowingly execute or accommodate the execution of such orders by direct or indirect means.
/jlne.ws/48OGQVw
Notice Of Disciplinary Action.
CME Group
# CME 21-1509-BC. Effective Date 13 October 2023. NON-MEMBER: Jayaraj Perumalswamy.
CME RULE: Rule 534. Wash Trades Prohibited. No person shall place or accept buy and sell orders in the same product and expiration month, and, for a put or call option, the same strike price, where the person knows or reasonably should know that the purpose of the orders is to avoid taking a bona fide market position exposed to market risk (transactions commonly known or referred to as wash sales). Buy and sell orders for different accounts with common beneficial ownership that are entered with the intent to negate market risk or price competition shall also be deemed to violate the prohibition on wash trades. Additionally, no person shall knowingly execute or accommodate the execution of such orders by direct or indirect means.
/jlne.ws/40a51Kh
Equity Index Derivatives: Introduction of DAX Index EoD Options
Eurex
The Management Board of Eurex Deutschland took the following decision with effect from 13 November 2023: Introduction of DAX Index EoD Options (Product ID ODAP). Furthermore, the Executive Board of Eurex Frankfurt AG has decided the following with effect from 13 November 2023: Introduction of a Liquidity Provider Scheme for DAX® Index EoD Options (Attachment 4)
/jlne.ws/4015deI
Council of Experts Concerning the Follow-up of Market Restructuring
JPX
To improve the effectiveness of the market restructuring, TSE established the "Council of Experts Concerning the Follow-up of Market Restructuring" that will continuously follow up on progress of measures and investors' evaluation. The council will discuss additional measures regarding listed companies' efforts to increase corporate value, handling of the grandfathered rules, and supply of capital to venture businesses, etc.
/jlne.ws/45unPVm
Opening of the Carbon Credit Market and Start of Trading Today
JPX
We are pleased to announce the opening of the carbon credit market and the start of trading on Tokyo Stock Exchange today, October 11. To commemorate the opening of the market, a ceremony was held on the same day, which was attended by Mr. Nishimura Yasutoshi, Minister of Economy, Trade, and Industry, as well as other members of ministries and organizations involved in carbon credits. We received the following comments from Mr. Nishimura.
/jlne.ws/46wg7eW
The Moscow Exchange begins trading in Astra Group shares
MOEX
Today, October 13, 2023, trading in shares of PJSC Astra Group, one of the leaders of the Russian IT market and a leading manufacturer of infrastructure software (software), began on the Moscow Exchange. Trade code - ASTR . Investors showed increased interest in Astra's IPO: total demand exceeded supply by 20 times. As part of the deal, the company offered 10.5 million shares, which is equivalent to 3.5 billion rubles. As a result of the IPO, the share of Astra Group shares in free float was 5%.
/jlne.ws/3LZattu
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Broadridge Financial's proxy 'monopoly' faces challenge from start-ups; Fintechs face daunting task in taking business from the '800lb gorilla in the room'
Madison Darbyshire and Patrick Temple West - Financial Times
Start-up companies are moving to seize a slice of the lucrative business of distributing shareholder voting materials from Broadridge Financial Solutions, which for years has dominated the market in the US. Broadridge's services include emailing regulatory documents and counting shareholder votes on behalf of brokers. The company says it provides proxy services for about 80 per cent of outstanding shares in the US.
/jlne.ws/45q8Lbf
Cloud busting will mean a messy time for tech regulators; Tackling the lopsided competition in the industry will probably require micromanaging
Richard Waters - Financial Times
As regulators around the world try to get to grips with the lopsided competition in the cloud computing world, they face a difficult choice. Trying to open up the cloud market will require more detailed interventions than those seen in other tech markets, demanding things such as price controls and the setting of detailed technical rules.
/jlne.ws/3PTkd9G
Voya Financial's Technology Gets an Overhaul to Ready It for AI; Public cloud-computing has been slow to take hold at financial-services firms, but AI is pushing some to move faster in revamping their corporate technology
Belle Lin - The Wall Street Journal
Voya Financial, the financial services firm spun out of Dutch giant ING Groep in 2013, is revamping its technology platforms, services and staff to bring on more advanced artificial intelligence. The push by companies to increase their investments in generative AI has put longstanding information-technology projects like data management and cloud-computing upgrades back in the spotlight.
/jlne.ws/45KAbsR
Adobe May Be Tech's Biggest AI Bet Yet; Stock's run has outpaced Microsoft, Google and other major software names as new AI tools have revived growth prospects
Dan Gallagher - The Wall Street Journal
How hot is Adobe's artificial intelligence act right now? Hot enough that it makes financial analysts forget about finance. The maker of Photoshop and other popular media creation tools held its annual user's conference called Adobe Max this week, where it announced a host of new AI tools and services. The conference included a three-hour meeting for financial analysts that included deep dives into those services, but no financial reports or projections-save for Adobe's assurance that its fiscal fourth quarter that ends in six weeks will be "another really strong quarter."
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| Cybersecurity | | Top stories for cybersecurity | Russian hackers may be behind FTX hack: Elliptic
Zoltan Vardai - Forkast
Part of the US$400 million worth of digital assets stolen last November from the bankrupt FTX cryptocurrency exchange may have ties to Russian cybercriminal groups, according to analysis by blockchain intelligence firm Elliptic, shared with Coindesk.
/jlne.ws/3LWoLuE
FTX thief cashes out millions during Bankman-Fried trial
Joe Tidy - BBC
A thief who stole more than $470m (383m pounds) in cryptocurrency when FTX crashed is trying to cash it out while the exchange's founder is on trial. Sam Bankman-Fried's high-profile court case began last week. The former crypto mogul denies fraud. After lying dormant for nine months, experts say $20m of the stolen stash is being laundered into traditional money every day.
/jlne.ws/48Oo54x
UK regulator hits Equifax with 11mn pounds fine over cyber breach; Credit reporting agency failed to protect data of almost 14mn customers during 2017 breach
Ian Smith - Financial Times
The Financial Conduct Authority has fined credit reporting agency Equifax just over 11mn pounds for failing to protect the data of nearly 14mn UK customers caught up in one of the largest ever cyber security breaches. Names, dates of birth, phone numbers, addresses and some credit card details of UK consumers were all accessed by the hackers in 2017, in an attack that the FCA on Friday called "entirely preventable".
/jlne.ws/48RoNOo
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| Cryptocurrencies | | Top stories for cryptocurrencies | From FTX to Coinbase ventures, plenty of VCs have made big crypto bets that could actually pan out
Jeff John Roberts - Fortune
Good morning Term Sheet readers-it's Fortune Crypto editor Jeff Roberts tagging in. In recent weeks, an interesting storyline has emerged concerning the intersection of venture capital and crypto. Discussions on the topic have mostly revolved around VC firms getting burned by ill-advised crypto bets-most notoriously, Sequoia vaporizing $200 million on FTX-but there is another aspect to the story.
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| Politics | | An overview of politics as it relates to the financial markets | US and Qatar Will Hold Off Giving Iran $6 Billion in Funds; Money was to be distributed under prisoner exchange agreement; Iran says there's been no change in its access to funds
Daniel Flatley - Bloomberg
The US reached an informal understanding with Qatar to hold off distributing $6 billion in oil revenue that Iran was allowed to access under a prisoner exchange, as the Biden administration probes Tehran's potential involvement in last week's Hamas attack against Israel.
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Strive Asset Management plans move into model portfolios; Activist manager founded by US presidential candidate Vivek Ramaswamy aims to focus on its proprietary ETFs
Brian Ponte - Financial Times
Strive Asset Management, the activist exchange traded fund manager founded by Republican US presidential candidate Vivek Ramaswamy, plans to "imminently" roll out model portfolios and a collective investment trust, a regulatory filing shows.
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Senators Urge IRS to Speed Up Plan to Snag Crypto Tax Cheats; Two-year delay defers billions in tax revenue, senators say; Rules to require crypto brokers to report client transactions
Allyson Versprille - Bloomberg
A group of senators led by Democrat Elizabeth Warren and Independent Angus King is pushing US tax officials to move up the start date for crypto brokerages and exchanges to report information on their clients' transactions to the government.
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Steve Scalise withdraws from US House Speaker race; Republican fighting leaves party still unable to unite behind a candidate to replace Kevin McCarthy
Lauren Fedor - Financial Times
Steve Scalise has withdrawn from the race to become Speaker of the House of Representatives, in a surprise move that underscores the chronic dysfunction in the Republican party and raises fresh doubts about lawmakers' ability to elect a leader for the lower chamber of Congress. Scalise, a representative from Louisiana and the House majority leader, won the party's nomination in a closed-door meeting on Wednesday, defeating Ohio congressman Jim Jordan 113-99 in a secret ballot.
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EU opens probe into X over Israel-Hamas war misinformation; Investigation is first under bloc's Digital Services Act and comes after letter to Musk raising concerns about platform
Javier Espinoza - Financial Times
The EU has opened an investigation into X, formerly Twitter, over the way illegal content and disinformation of terrorist and violent content is spreading on its platform in the wake of the attacks by Hamas against Israel. EU officials have sent a series of questions that the social media platform must answer by next week, two people with direct knowledge of the matter said.
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EU's Top Diplomat Says China Trust 'Eroded' Over Ukraine; Josep Borrell warns trade surplus could lead to protectionism; Beijing has given Moscow diplomatic support since invasion
Bloomberg News
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Russia and China May Be Only Winners of Gaza War; The invasions launched in response to 9/11 gravely damaged Western power and credibility. A new one could have even more dire consequences.
Pankaj Mishra - Bloomberg
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| Regulation & Enforcement | | Stories about regulation and the law. | U.S. State Regulators Intervene in Coinbase's Unregistered Securities Case
Jack Schickler - CoinDesk
Coinbase's legal fight over the status of crypto met a new hurdle Tuesday, as U.S. state authorities and legal experts joined a campaign by federal securities regulators to argue the company unlawfully operated an unregistered exchange. The Securities and Exchange Commission's action against one of the country's biggest crypto exchanges has been seen as existential for the future of crypto, with the sector accusing the agency of regulating by enforcement in the absence of new laws from the U.S. Congress.
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Voyager Digital co-founder sued by US regulators for fraud
Chris Prentice and Hannah Lang - Reuters
U.S. regulators sued the former CEO and co-founder of Voyager Digital Ltd on Thursday, saying the executive and the crypto lender misled customers about the safety of their assets while taking "excessive risks" that led to the firm's demise.
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Singapore's MAS Is Set to Extend Policy Pause on Geopolitical Tensions
Claire Jiao, Low De Wei and Tomoko Sato - Bloomberg
Singapore's central bank is set to leave its monetary policy unchanged for a second straight meeting as core inflation wanes and economic growth remains fragile. The Monetary Authority of Singapore, which uses the exchange rate rather than interest rates to stabilize prices, will likely favor no action at its twice-a-year policy review Friday, according to all 18 economists polled by Bloomberg. This will extend the pause in tightening seen in April, after the central bank allowed the Singapore dollar to appreciate in five moves between October of 2021 and 2022 to blunt the impact of imported inflation.
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CFTC Director of Enforcement Ian McGinley Announces Updates to the CFTC's Corporate and Individual Enforcement Policies
CFTC
CFTC Director of Enforcement Ian McGinley Announces Updates to the CFTC's Corporate and Individual Enforcement Policies.
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Commissioner Pham to Speak at the Wharton Future of Finance Forum
CFTC
Commissioner Caroline D. Pham will participate in a fireside chat at the Wharton Future of Finance Forum, Paradigm Shift: Powering with Innovation & Financial Technology.
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Statement of Commissioner Kristin N. Johnson Regarding CFTC Charges against Voyager Chief Executive Officer
CFTC
Today the Commodity Futures Trading Commission (CFTC) announced the filing of a complaint in the United States District Court for the Southern District of New York against Stephen Ehrlich. Ehrlich was the co-founder and CEO of three companies bearing the name Voyager Digital (Voyager). According to the complaint, Voyager offered its customers a high-yield return-as high as 12%-on digital assets stored on its platform under the terms of a rewards program. Voyager promised customers a "safe haven" in a volatile market.
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Statement of Commissioner Caroline D. Pham Regarding Enforcement Action on Crypto Lending
CFTC
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham today released the following statement regarding the CFTC's complaint filed in the U.S. District Court for the Southern District of New York:
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CFTC Awards Whistleblower Over $18 Million
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced an award of over $18 million to a whistleblower who provided detailed information and assistance in a CFTC enforcement action and in a related action by another agency. The whistleblower provided assistance to the Division of Enforcement's (DOE) staff that was significant in amount and quality. The whistleblower's communications with the other agency led to a related action and were crucial to its resolution.
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SFC welcomes re-appointment of Non-Executive Directors
Securities & Futures Commission of Hong Kong
The Securities and Futures Commission (SFC) welcomes the re-appointment by the Financial Secretary of Mr Johnson Kong and Mr Dieter Yih as Non-Executive Directors for a term of two years, effective from 15 November 2023 (Note 1).
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Financial watchdog fines Equifax Ltd £11 million for role in one of the largest cyber-security breaches in history
FCA
The FCA has fined Equifax Ltd (Equifax) £11,164,400 for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and exposed UK consumers to the risk of financial crime.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Behind ExxonMobil's contrarian $60bn oil bet; Purchase of Pioneer Natural Resources boosts US group's Permian Basin inventory as fossil fuel debate heats up
Jamie Smyth and Amanda Chu and Myles McCormick - Financial Times
ExxonMobil chief executive Darren Woods has long contended that oil and gas will remain central to the world's energy mix despite efforts to drive down emissions created by burning them. This week he placed a $60bn bet on this proposition. The US energy supermajor's $59.5bn deal to acquire Pioneer Natural Resources will make it the dominant producer in the oil and gas-drenched Permian Basin of Texas and New Mexico.
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A $100 Billion Quant Firm Is Entering Lucrative World of Credit; Systematic money manager eyes up new trades in corporate bonds; Richardson's research uncovers fresh opportunities for quants
Justina Lee - Bloomberg
Acadian Asset Management is taking aim at traditional bond pickers as the $100 billion money manager enters the niche but growing world of quant-powered debt investing. The Boston-based firm is raising money for its new systematic strategies in corporate bonds, focusing on high-yield and investment-grade securities in developed markets. It also plans to add long-short credit trades to Acadian's multi-strategy offering.
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SPAC returns remaining $533 million raise for Trump social media deal
Helen Coster - Reuters
Digital World Acquisition Corp (DWAC), the blank-check acquisition company that plans to merge with former U.S. President Donald Trump's social media firm, said on Thursday it would return to investors $533 million raised for a cash infusion in the deal, after some already backtracked on another $467 million of commitments.
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US Investment-Grade Borrowers Hit $1 Trillion Mark, With More to Come; Another $200 billion expected until the end of the year: PGIM; Companies took one week more than in 2022 to surpass milestone
Tanaz Meghjani - Bloomberg
Blue-chip issuers in the US aren't slowing down on borrowing, despite recent increases in funding costs. Gross new issue in the US investment-grade market surpassed $1 trillion on Wednesday, one week later than in 2022, when issuance hit that milestone during the first week of October. That leaves about $200 billion in new high-grade bond sales to go for the remainder of the year, according to David Del Vecchio, co-head of investment grade research at PGIM Fixed Income.
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'As big as Saudi Arabia': the Permian oilman who sold Pioneer to Exxon; Scott Sheffield built the oil company into the biggest producer in Texas
Myles McCormick in Houston and Jamie Smyth - Financial Times
When Scott Sheffield began working for Parker & Parsley as a young petroleum engineer in 1979, he joined a company trying to make a go of a west Texas drilling play once dubbed "the graveyard of the oilman's hopes".
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China proposes stock stabilisation fund to lift economic confidence; Regulators' plan to boost domestic markets comes as inflation and trade data show recovery still fragile
Sun Yu and Joe Leahy and Cheng Leng, William Langley and Hudson Lockett - Financial Times
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The Fed Is Putting Too Much Faith in Markets; The idea that the central bank can skip rate increase because bond yields rose more than expected merits closer scrutiny
James Mackintosh - The Wall Street Journal
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The Oil Price Has a Safety Valve. Gas Doesn't; Even though oil flows are more likely to be disrupted by the tense situation in the Middle East, natural gas prices could be more volatile
Carol Ryan - The Wall Street Journal
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | 'Nothing's predictable': Extreme weather is ruining farmers' crops, and their finances; Natural disasters hit farmers with a $22 billion bill last year. Only half of that was covered by insurance.
Lois Parshley - Grist
This story is the last in a four-part Grist series examining how climate change is destabilizing the global insurance market. It is published in partnership with the Economic Hardship Reporting Project. When David Marchant looked at the weather forecast in early July, he had a bad feeling. His 50-acre farm sits in the bend of the meandering Lamoille River in northern Vermont. He watched its banks warily as a steady downpour soaked the landscape. Soon, the river began to rise. By 7:30 the next morning, he and his crew were out in the mud, trying to harvest all they could save. Two months' of rain fell in two days. Despite their efforts, Marchant's River Berry Farm quickly lost upward of 10 acres of crops, with lettuce and summer squash suddenly swimming in the flooded fields. He estimates the torrents cost him around $150,000 in just 48 hours.
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I Study Climate Change. The Data Is Telling Us Something New.
Zeke Hausfather - The New York Times Opinion
Staggering. Unnerving. Mind-boggling. Absolutely gobsmackingly bananas. As global temperatures shattered records and reached dangerous new highs over and over the past few months, my climate scientist colleagues and I have just about run out of adjectives to describe what we have seen. Data from Berkeley Earth released on Wednesday shows that September was an astounding 0.5 degree Celsius (almost a full degree Fahrenheit) hotter than the prior record, and July and August were around 0.3 degree Celsius (0.5 degree Fahrenheit) hotter. 2023 is almost certain to be the hottest year since reliable global records began in the mid-1800s and probably for the past 2,000 years (and well before that).
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Top House Republican Demands SEC Turn Over Documents on ESG; Republican House panel chair threatens to subpoena documents; GOP lawmakers say EU climate policies hurt US companies
Billy House - Bloomberg
A top House Republican is threatening to subpoena the Securities and Exchange Commission for any documents about US involvement in crafting European Union environmental, social and governance regulations that GOP lawmakers say harm American businesses. House Oversight Committee Chairman James Comer expressed concern to SEC Chairman Gary Gensler in a letter Thursday that the agency is trying to "stonewall" the Republican panel's investigation into whether the US cooperated with the EU on its climate directives.
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US Air Pollution Progress Is Slowing. Researchers Are Looking at Cities; Air pollution is falling, but the declines have started to lag. To examine how pollution varies across communities, a new project is pursuing more detailed measurements.
Kendra Pierre-Louis - Bloomberg
At first glance, the backpack - army green with a white North Face logo - looks at home on the campus of City College of New York. That is until you notice the tubes rising three feet into the air from its front-right corner. Those are for monitoring air pollution. The backpack's three latched-together monitors, developed by the National Oceanic and Atmospheric Administration and 2B Technologies, track GPS information alongside measures of ozone and a type of air pollution known as PM2.5.
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Offsetting projects with high forest loss still on the market; New investigation sparks calls for greater transparency in forestry offsets and raises questions over project monitoring
Joe Sandler Clarke - Unearthed
The Tumring project, in central Cambodia, is supposed to protect 68,000 hectares of rainforest, an area more than ten times the size of Manhattan, in one of the country's most important biodiversity hotspots. Bordering the Prey Lang wildlife sanctuary - home to Asian elephants, gibbons, and dozens of other threatened species - Tumring is designed to act as a corridor for endangered wildlife including clouded leopards and sun bears. It has been hailed by the Cambodian government, which runs it, as hugely successful.
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Banks in EU Get World's First ESG Rewrite of Capital Rules; EBA will require banks to include ESG risks in Pillar 1; New requirements will be rolled out in stages, EBA says
Frances Schwartzkopff - Bloomberg
In a global first, Europe's main bank regulator is revising the framework that sets capital requirements so that lenders reflect environmental and social risks in mandatory, industrywide buffers. The European Banking Authority has identified "some short-term fixes" to minimum requirements - known as Pillar 1 - "that can already be implemented," Chairman Jose Manuel Campa said in an interview. Others will be phased in over time, with some requiring new legislation, the EBA said.
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Korea Creates New Disclosure Standards for ESG Funds
Regulation Asia
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Amazon, Exxon Hydrogen Hubs to Get Slice of $7 Billion US Funds; Hydrogen projects in Pennsylvania, California win US funding; Biden has thrown weight behind nascent climate solution
Ari Natter - Bloomberg
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Raising capital now biggest risk to mining companies after ESG;
Frik Els - Mining.com
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Top Ethanol Maker Says States Should Embrace Carbon Pipelines
Kim Chipman - Bloomberg
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Five Ways the UK Is Falling Behind on Climate Goals; Britain slows on wind power while home insulation rates stall; Government says changes should help ease cost-of-living crisis
Jess Shankleman - Bloomberg
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Bill Gates-backed Breakthrough fund targets third $1bn capital raising; New investment pool expected to boost portfolio to 140 companies across sectors from energy to agriculture
Attracta Mooney - Financial Times
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BlackRock Fund Supports Middle Market Transition
Jack Grogan-Fenn - ESG Investor
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Marex offers choice in 'concentrated' Aussie futures market
Luke Jeffs - Global Investor Group
The London-based broker said has become the newest futures clearing and trading member of Sydney-based ASX which enables Marex to offer the full suite of futures and options services to Australian clients...
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Ex-Deutsche Bank Risk Manager Says He Relied on Trump Claims; James Haigh testifies in NY state civil fraud trial of Trump; Judge has already determined valuations were wildly inflated
Erik Larson and Patricia Hurtado - Bloomberg
A former Deutsche Bank AG risk manager testified at Donald Trump's civil fraud trial that he made decisions on hundreds of millions of dollars in loans to the real estate mogul for years based in part on financial statements that a judge has already ruled were wildly inflated. James "Nicholas" Haigh, who had the final say on loans to some of the bank's wealthiest US clients, including the former president, is the first witness affiliated with the German lender to testify at the trial over claims in a lawsuit brought by the state of New York.
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Hedge Fund Billionaire John Paulson Seeks Dismissal of 'Frivolous' Puerto Rico Lawsuit; Filings says ex-partner Ghaffar terminated for fraud, bribery; Ghaffar's lawyer says that Paulson's filing is 'unfounded'
Tom Maloney - Bloomberg
Hedge fund billionaire John Paulson responded to a federal lawsuit filed by his longtime business associate in Puerto Rico, Fahad Ghaffar, calling it frivolous, false and "utterly without merit." Paulson said in a court filing that Ghaffar's lawsuit had the "sole intent of gaining media attention to capriciously defame," and came after Ghaffar was terminated because of evidence he engaged in a "massive criminal enterprise permeating nearly every aspect of Paulson's businesses in Puerto Rico."
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Barclays Appoints Del Giudice Chairman of Financial Sponsors Group
Ryan Gould - Bloomberg
Barclays Plc has hired Michael Del Giudice, a former manging director in global asset management at Citigroup Inc., as chairman of its financial sponsors group, according to a statement reviewed by Bloomberg News.
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Archegos 'Friendship' With Nomura Ended in $3 Billion Loss; Archegos founder cultivated close ties at bank's top levels; Nomura tightened risk management after Hwang's fund imploded
Donal Griffin - Bloomberg
Not long before the implosion that would rock Wall Street and threaten Bill Hwang with life in prison, he tapped out an email to a bank that had been vital to the success of his investment fund, Archegos Capital Management.
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PNC Says 4% Workforce Reduction Will Save $325 Million in 2024
Max Reyes - Bloomberg
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JPMorgan Notches Another Net Interest Income Record, Lifts Guidance; Fixed-income traders post surprise third-quarter revenue gain; Dimon warns the world 'may be the most dangerous' in decades
Hannah Levitt - Bloomberg
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BlackRock Clients Pull $13 Billion From Long-Term Funds; This marks first outflow since onset of the pandemic; Clients added $15 billion to cash management, money market
Silla Brush - Bloomberg
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Deutsche Bank completes acquisition of Numis; Close follows reports of the deal back in April; new entity set to be known as 'Deutsche Numis'.
Claudia Preece - The Trade
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Fireside Friday with... Mobius Capital Partners' Mark Mobius; Emerging markets expert Mark Mobius, founder of Mobius Capital Partners, sat down with The TRADE to discuss the ever-evolving EM space, delving into who the global contenders are, the importance of embracing new technologies, and what he believes makes for an optimal trading strategy.
Claudia Preece - The Trade
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | The Annoying Person in Your Work Meeting Might Just Be You; AI bots join discussions to take notes; they also point out that we interrupt and hog the discussion
Te-Ping Chen - The Wall Street Journal
Josh Stir knew he had been talking for a long time during a recent virtual company meeting. But he didn't expect a robot to call him out on it. Stir was presenting from his Fort Wayne, Ind., office about a new software feature that would allow his colleagues to automate tedious tasks, such as copying and pasting data. Then a notification popped up on his laptop telling him he'd been talking nonstop for 30 minutes without letting anyone else say a word.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Kaiser Permanente Reaches Tentative Deal With Health Care Workers; The proposed settlement follows a three-day strike involving thousands of unionized workers in several states.
Reed Abelson and Emily Baumgaertner - The New York Times
Kaiser Permanente reached a tentative deal with more than 75,000 of its health care workers on Friday, one week after a three-day walkout that disrupted appointments and services at many hospitals and clinics, according to an announcement by union officials. The labor dispute was the latest in a series between health care organizations and their employees, many of whom reported feeling exhausted and frustrated by severe staffing shortages after the pandemic.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan's Top Brokers See Bond Sale Rush Stalling in Second Half; Companies may turn to loans if costs high: Nomura's Kawada; Geopolitical risks may weigh on longer yen bond sales
Ayai Tomisawa - Bloomberg
Japan's biggest brokerages expect yen corporate bond sales to slow in the fiscal second half started this month after a deal rush in the first half, as rising borrowing costs begin to discourage potential issuers.
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Asia Natural Gas Buyers Hold Back Purchases After War Risk Boosts Prices; LNG cargoes to Asia being offered at highest price in 8 months; Global prices rally on compounding risk to gas supply
Stephen Stapczynski - Bloomberg
Liquefied natural gas buyers in North Asia are pausing plans to procure additional fuel for winter after the conflict between Israel and Hamas compounded supply risks, boosting global prices. Following a jump in European prices, Asian spot LNG shipments are being offered in the range of the high-$10s per million British thermal units, according to traders. That is the highest price in about eight months.
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New York City's Finance Jobs Still at Highest Level in 20 Years
Max Reyes - Bloomberg
New York City is home to more securities-industry workers than at any point in more than 20 years, but job cuts triggered by a banking-sector slump could put more of them at risk. The city's securities industry accounted for 195,100 jobs on average for the first eight months of 2023, according to a report New York State Comptroller Thomas P. DiNapoli released Thursday. He attributed the strength to a hiring surge in response to record profits in 2021.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Soros Closes Offices Across $25 Billion Philanthropy Empire; The charity is shuttering half a dozen locations in Africa; OSF undergoing major changes with Soros' son now in charge
Sophie Alexander - Bloomberg
The $25 billion international network of foundations started by George Soros is shuttering offices around the world as it prepares to cut more than 40% of its staff. Employees of the Open Society Foundations' Africa operations received correspondence last week detailing the next steps of the process, which includes closing half a dozen offices on the continent in addition to its Baltimore and Barcelona locations, according to a copy of the emails seen by Bloomberg.
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