| July 19, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
One project JLN is working on is taking all of our Open Outcry Traders History Project videos and turning them into podcasts. Last night we published the second podcast in this series, which was the second video in the series, our interview with former Chicago Mercantile Exchange trader Jordan Melamed. This is a NSFW interview with the former trader who left Chicago to pursue his dream of becoming a filmmaker. Melamed, the son of CME Chairman Emeritus Leo Melamed, is very forthcoming in the interview about his successes and failures as a trader. This was one of the last interviews we shot in our CBOT Building office before the pandemic.
It was nice not to have to travel to Washington, DC for the CFTC's Technology Advisory Committee meeting yesterday, as I was dropped from membership from the committee when it was re-established under the leadership of Commissioner Christy Goldsmith Romero. You can watch the video of yesterday's CFTC Technology Advisory Committee meeting on the CFTC's YouTube channel, or with this LINK here.
Russia attacked Odesa for the second night in a row, targeting Odesa's grain terminals and other key infrastructure to ship food to the rest of the world, The New York Times reports.
Smoke from the Canadian wildfires has reached as far south in the U.S. as the Florida Panhandle, and Georgia and North Carolina saw smoky haze from the fires, The New York Times reports.
The Biden administration has issued updated guidelines on mergers with a focus on technology companies that "for the first time include a focus on digital platforms and how dominant companies can use their scale to harm future rivals," The New York Times reported.
There is a bipartisan bill from two U.S. senators to ban U.S. lawmakers and executive branch members from owning stocks, The Wall Street Journal reports. Kirsten Gillibrand and Josh Hawley are set to introduce "legislation to bar members of the federal executive branch and lawmakers from owning stock in individual companies, as new polling shows broad public support for such a measure." Mutual funds and broad industry and index funds would be allowed.
While we are on the subject, I have a conflict of interest to report. Yesterday I bought some shares in the new TUNE ETF from Clouty. My investment is less than $1000 in total. This is the new music ETF created by David Umeh, the young man that approached me and my team at FIA EXPO a couple of years ago when he saw my daughter Katherine's MarketsWiki Education World of Opportunity string backpack. David is a big fan of MarketsWiki and has used it to learn about the derivatives industry. He has launched an ETF that he says is the intersection of "data, music, and finance."
There was a story about TUNE back on June 22 titled "TUNE, a Music-Focused ETF, Debuts on the New York Stock Exchange" with the subheading "The exchange-traded fund contains 50 stocks spanning music and entertainment, including Universal Music, Warner Music, Spotify and Disney."
The Financial Times has a "Special Report: National Security" with an explainer paragraph that says, "US export controls risk fuelling Chinese innovation. Plus: defence chiefs fear running out of munitions; western business helps Ukraine confront Russian cyber; competition and climate security; US gains in energy transition; China's art of surprise."
ICE Managing Director of Utility Markets Gordon Bennett and his son Findlay's new video series "The Sustainability Sessions" have their own YouTube channel now and episode three was just published. The episode is titled "Net Zero in 90 Episode 378."
NFA's interns recently offered community service in Chicago and New York, spending an afternoon volunteering at the Night Ministry in Chicago and NY Common Pantry in New York, local organizations helping those in poverty. I see more of this kind of activity from different firms in the industry, empowering their interns to volunteer as part of their work experience. It is great to see.
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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The invitation-only general assembly and annual meeting of the World Federation of Exchanges will be September 19-21, in Bermuda, hosted by the Bermuda Stock Exchange. The annual meeting brings together leaders of global exchanges, regulatory authorities, buy-side executives, industry experts from academia, and members of the media for in-depth discussion on major issues surrounding the exchange industry. This year's speakers include Edward T. Tilly, chairman and CEO, Cboe Global Markets, and chairman, The World Federation of Exchanges; Summer Mersinger and Kristin N. Johnson, commissioners of the Commodity Futures Trading Commission; and Nandini Sukumar, CEO, The World Federation of Exchanges. The venue is the Hamilton Princess & Beach Club in Bermuda. Learn more about registration here. ~SAED
Our most read stories yesterday on JLN Options were:
- New zero-day options trend is captivating investors
- First ETF with 100% protection against losses launches in US
- Goldman Sachs shares 21 ETF option trades to make - including 3 it expects to return more than 500% - amid one of the most attractive options environments it's seen in 27 years ~JB
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Jordan Melamed - Open Outcry Traders History Project Podcast
JohnLothianNews.com
Jordan Melamed is a former trader at the Chicago Mercantile Exchange and a filmmaker. He is the son of CME Chairman Emeritus Leo Melamed. He followed his father's footsteps to the trading floor of the CME.
Listen to the podcast »
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GOP Lawmakers Suggest Gensler's SEC Is Gaming News Cycle to Thwart Crypto Legislation
Marc Hochstein - CoinDesk
Two Republican members of the U.S. House of Representatives criticized the Securities and Exchange Commission's (SEC) approach to regulating cryptocurrency and suggested the regulator's actions were timed to overshadow and undermine efforts to write comprehensive legislation. "While Congress works to close regulatory gaps, the SEC has opted to regulate by enforcement," Reps. French Hill (R-Ark.) and Dusty Johnson (R-S.D.) wrote in a letter sent Wednesday to the commission's chairman, Gary Gensler.
/jlne.ws/46Xxw0o
****** Gary Gensler is the most media savvy, or has the most media savvy team, of any SEC chairman I have seen. I am shocked a congressman would accuse him of gaming the news cycle. LOL!~JJL
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AI hits the music industry; Ludo Hunter-Tilney talks us through the implications of AI-generated music and the reaction from the industry
Financial Times
Note: We want to be clear that this episode does include material that has been generated by Financial Times journalists using AI tools ... we've done it to illustrate just how much AI is influencing the music industry.
AI has arrived in the music world, and the industry is being forced to wrangle with it. The technology is now sophisticated enough to create entirely new deepfake songs. This year, millions of fake covers, and songs that clone the voices of musical artists, have appeared online. The FT's pop critic Ludo Hunter-Tilney has fallen down a wormhole to make sense of how these programs work. He actually made a song of his own, an original fake song in the style of Tom Waits. He plays it for us, and it's pretty bad.
/jlne.ws/44NRMjp
******JLN recently used AI to change the voice of an interview subject who misspoke and said "millions" rather than "billions." By training the AI service in his voice using audio from the service, we were able to seamlessly produce the word without a problem. Here, they produced whole songs.~JJL
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Meeting Gensler's demands - how one crypto exchange took the 'long complicated route' to register with the SEC
Joanna Wright - DL News
Three-and-a-half years. Countless meetings. Legal fees. Filings. More meetings. And a fortuitous acquisition. That's what it took for Carlos Domingo to comply with Gary Gensler's wishes. And he's still not done. Domingo, the CEO of transfer agent and broker-dealer Securitize Inc., is one of the few crypto executives to register his company with the US Securities and Exchange Commission and hew to the demand that has driven the most intense regulatory crackdown in the crypto industry's history.
/jlne.ws/46Ubvj4
****** Playing by the rules is difficult and costly. Not playing by the rules is even more difficult and even more costly.~JJL
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Tuesday's Top Three
Our most-read story Tuesday was DRW's Don Wilson asks almost $7 million for Wicker Park house, from Crain's Chicago Business. Second was Acuiti's announcement of the Derivatives Industry Christmas Dinner organized by Acuiti with all profits going to Go Dharmic. Third was New zero-day options trend is captivating investors a CNBC video interview with Cboe CEO Ed Tilly.
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| Lead Stories | Preventing the Rising Threat of Financial Fraud
Abby Schultz - Barron's
Corporations and banks have boosted their security infrastructure and employee training to avoid getting hit by financial fraud, including cybercrime, but individuals and families often are less prepared and, as a result, are a softer target for criminals. "They're not giving due consideration to the scores of ways they're vulnerable and fraud can happen," says Mona Manahi, head of personal CFO services for Geller, an independent multi-family office firm.
/jlne.ws/3K27eQM
In London, New York and Paris, a Giant Office Bet Is Going Wrong
Neil Callanan, Jack Sidders and Kyungji Cho - Bloomberg
A trip to the restaurant that sits atop the No. 1 Poultry office block in London's financial district is a chance to experience firsthand the Tale of Two Cities that's upending the commercial real-estate market. From the vantage point of the Coq d'Argent you can gaze out at a forest of new skyscrapers that developers hope will bring in big rents and even bigger prices. For the South Korean owners of the older WeWork-occupied building down below, the future looks far bleaker.
/jlne.ws/3K3Q1GQ
How Dubai became 'the new Geneva' for Russian oil trade; When Switzerland joined sanctions against Moscow, a chunk of the world's oil trade relocated to the Middle East. Some predict it will stay there
Tom Wilson - Financial Times
For decades, the lakeside city of Geneva was home to many of the traders who sold Russia's oil to consumers around the world. But since Switzerland joined the embargo imposed on Moscow following its invasion of Ukraine much of that trade has shifted to Dubai and other cities in the United Arab Emirates. Companies registered in the small Gulf state bought at least 39mn tonnes of Russian oil worth more than $17bn between January and April - around a third of the country's exports declared to customs during that period - according to Russian customs documentation analysed by the Financial Times.
/jlne.ws/3rrgEio
US bank mergers frozen by capital rules, regulatory uncertainty
Tatiana Bautzer and Saeed Azhar - Reuters
U.S. banks will probably hold off on striking deals until the end of next year at the earliest as they await clarity on new rules on capital requirements, according to deal advisers and industry experts. Potential buyers and sellers are also being deterred by the long wait for deal approvals by regulators, the experts said. "Everyone's frozen in place until they know what the rules of the road are," said Timothy Adams, CEO of the Institute of International Finance, an industry group that represents about 400 members from more than 60 countries.
/jlne.ws/3OjD7a5
Jailed Crypto Tycoon Do Kwon's Company Appoints New CEO; Terraform Labs taps Chris Amani to run company as co-founder faces fraud charges
Alexander Osipovich - The Wall Street Journal
Terraform Labs has named a new chief executive officer to run the crypto company while its co-founder Do Kwon faces fraud charges stemming from the $40 billion collapse of the TerraUSD and Luna cryptocurrencies. The interim CEO is Chris Amani, who was previously the company's chief operating officer and chief financial officer, Terraform Labs told The Wall Street Journal.
/jlne.ws/44wtP02
Senators to Propose Ban on U.S. Lawmakers, Executive Branch Members Owning Stock; Kirsten Gillibrand and Josh Hawley to unveil bill as new poll shows strong public support for stock ban
Brody Mullins - The Wall Street Journal
Two U.S. senators are set this week to introduce bipartisan legislation to bar members of the federal executive branch and lawmakers from owning stock in individual companies, as new polling shows broad public support for such a measure. The bill from Sens. Kirsten Gillibrand (D., N.Y.) and Josh Hawley (R., Mo.) would permit the president, vice president, lawmakers, Capitol Hill aides and employees of the executive branch to own mutual funds and broad industry and index funds.
/jlne.ws/3pXj203
7 Financial Crimes That Rocked the U.S.
Liz Webber - The Wall Street Journal
We dug through The Wall Street Journal's archives to let you relive some of the most scandalous corporate misdeeds of the past 100+ years. These sordid stories are fun to revisit. They also offer a window into the history of financial regulation in the U.S. From more stringent SEC accounting rules in the 1940s to new Federal Reserve policing powers in the 1990s to the Sarbanes-Oxley Act and the establishment of the SEC's Office of the Whistleblower in the 2000s, regulators have tried to make sure frauds like these don't happen again.
/jlne.ws/44SnGLu
Are we on our way to 24/7 trading in equities? With growing technological advancements and potential regulatory changes, Wesley Bray explores whether the equities market is moving towards around-the-clock trading, the benefits it could provide and whether there is demand for it at all.
Wesley Bray - The Trade
Around-the-clock (24/7) trading is something we already see in the foreign exchange markets and the growing cryptocurrency landscape. Yet with equities, these markets are constrained by market hours which may be specific to a region and/or exchanges themselves.
/jlne.ws/44wHJ2u
The Economic Fallout From Extreme Heat Will Rise Over Time
Patricia Cohen - The New York Times
The economic impact of the pitiless heat wave that is scorching southern Europe, the United States and much of the Northern Hemisphere may be short-lived in most spots, with the temporary closure of tourist sites, the abandonment of outdoor dining and a rise in electricity use related to air-conditioning. But over the longer term, the economic fallout caused by climate change is likely to be profound.
/jlne.ws/44u8bcN
Harvesting Crews Hustle to Bring in Wheat Crop Hit by Drought, Late Rains; Seasonal outfits that work across breadbasket states lose business with slow start
Shannon Najmabadi - The Wall Street Journal
Rows of wheat fall like waves under the combine Laura Haffner drives in a 320-acre field in far west Kansas, leaving stalks stripped of kernels in its wake. It is among the most bountiful fields Haffner has cut in a harvest season marred by a yearslong drought expected to produce a historically poor wheat crop in the nation's breadbasket.
/jlne.ws/3XZoqMz
The World Bakes Under Extreme Heat; Warming oceans and heat domes are contributing to one of the hottest summers on record
Alyssa Lukpat, Joseph De Avila, Eric Niiler, Eric Sylvers and Margherita Stancati - The Wall Street Journal
Deadly heat waves are upending daily life in large parts of the U.S., Europe and Asia, as warming oceans and unprecedented humidity fuel one of Earth's hottest summers on record. Meteorologists say last month was the hottest June on record and 2023 could be the hottest year ever if July's record temperatures continue, straining businesses and threatening power grids.
/jlne.ws/3XWj1Gi
IRS Investigation Into Wealthy Americans Dodging Taxes Gets Help From Puerto Rico; Puerto Rican official says his office at 'disposal' of IRS; Cidre says ensuring compliance with tax rules is a 'priority'
Jim Wyss, and David Voreacos - Bloomberg
Puerto Rico's top economic development official says he's actively cooperating with US tax authorities as they investigate about 100 high-income individuals who are suspected of misusing the island's incentive program to dodge federal taxes. Manuel Cidre, Puerto Rico's Secretary of Economic Development and Commerce, said his office has been working with the Internal Revenue Service since 2021 to identify people who may be abusing the island's lucrative tax breaks.
/jlne.ws/44PB4jx
US SEC developing rules on AI 'conflicts of interest'
Reuters
Wall Street's top regulator is developing rules to govern the use of artificial intelligence on trading platforms, which poses a risk of conflicts of interest, the agency chief said in a speech on Monday. The U.S. Securities and Exchange Commission will also need "new thinking" to confront challenges to financial stability presented by the use of technologies such as predictive analytics and machine learning, according to Chair Gary Gensler.
/jlne.ws/3K0eJYH
A Warren Buffet Company Held Liable for Wildfires Is Spooking Utility Investors
Joel Rosenblatt - Bloomberg
Destructive wildfires are now an almost routine part of summer in the American West, and electrical utilities have likewise become used to having their power lines and equipment blamed for igniting the blazes. But a jury verdict last month ordering Warren Buffett's PacifiCorp to pay 17 owners of properties destroyed by a series of 2020 Oregon fires an average of $5 million each - setting up total liability for thousands of others in the billions - took investors by surprise and raised new fears about the scale of exposure utilities may be facing, and whether they will all survive.
/jlne.ws/3DqT9bT
AI Is No Easy Fix for NFT Selloff, Says Creator of Historic $69 Million Artwork; The market for digital collectibles crashed after a 2022 peak; Artist Beeple says AI isn't a quick fix for reviving NFT value
Sunil Jagtiani - Bloomberg
The intersection of artificial intelligence and nonfungible tokens provides no simple antidote for the slump in the market for digital collectibles, according to the artist Beeple. Proponents of AI-generated art claim it offers a new type of interactive creativity that can be tied to NFTs to potentially reignite interest in that marketplace, where activity has tumbled since a peak in 2022.
/jlne.ws/43xkfZB
Building an Economy for All; Economic growth must be built on the foundation of a strong and secure middle class so that all Americans benefit from growth.
Center for American Progress
Working toward a stronger and more equitable economy for everyone involves rebuilding, expanding, and strengthening America's social safety net to make it more comprehensive in eligibility and services as well as more flexible in how it can be accessed and used. A new social compact with business includes a regulatory vision that better aligns investors, companies, and the public interest on critical matters such as climate, workers' rights, and equality.
/jlne.ws/43wx86j
Agreement between India and the UAE to trade in local currencies set to optimise transaction times; The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed an MoU earlier this week to execute cross-border trades in local currencies; move would facilitate smoother settlement processes.
Claudia Preece - The Trade
The Reserve Bank of India (RBI) and the Central Bank of UAE (CBUAE) signed a memorandum of understanding (MoU) on 15 July, confirming the use of a new framework to utilise local currencies for cross-border trades.
/jlne.ws/3K6m2y6
Over 75% of prop trading firms saw volatility trading strategies out-perform other markets in 2022; Almost a half of futures commission merchants (FCM) surveyed in a new Acuiti report said they had seen an increase in interest from clients for trading volatility since 2020.
Claudia Preece - The Trade
More than three quarters of surveyed prop trading firms confirmed said volatility trading strategies had out-performed other markets last year, according to a new report from Acuiti. Of the respondents, 35% labelled volatility "significantly better" than other strategies, while 33% reported a "slightly better" performance.
/jlne.ws/3Y5HYz1
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukraine Adopts Slow Approach to Counteroffensive: 'Our Problem Everywhere Is the Sky'
James Marson - The Wall Street Journal
Six weeks into Ukraine's counteroffensive, Capt. Anatoliy Kharchenko and his reconnaissance company were supposed to be wreaking havoc miles behind Russian defensive lines pierced by Western-supplied armored vehicles. Instead, after many of the vehicles got bogged down in minefields, Kharchenko and his men are training how to advance methodically on foot, moving from one line of trees to another, faced with the prospect of taking back their country one field at a time.
/jlne.ws/3DpbSVe
Russia massing 100,000 troops for attack on Kharkiv
James Kilner - The Telegraph
Russia is building a force of 100,000 soldiers to attack the northern sector of the frontline as Ukrainian commanders start to admit that their counter-offensive has stalled. Col Serhi Cherevaty, a Ukrainian army spokesman, said that Russia had also ordered Storm-Z ex-convict battalions to prepare for battle and was firing more than 500 shells per day at Ukrainian forces around Kupyansk.
/jlne.ws/3K3JFHB
'Hellish night' in Odesa as Russian strikes target Ukrainian port city; Onslaught comes two days after Moscow withdrew from UN-brokered agreement to allow Black Sea grain exports
Roman Olearchyk - Financial Times
Russia pummelled the port city of Odesa with a second night of air strikes, described by Ukrainian officials as an attempt by Moscow to choke off grain exports to global food markets. The onslaught came two days after Russia withdrew from last year's UN-brokered agreement to allow Ukrainian Black Sea grain exports to continue despite the war.
/jlne.ws/3XXU7pA
The west must prepare for Vladimir Putin to weaponise energy again; Russia still has the capacity to cause disruption in oil and gas markets
David Sheppard - Financial Times
It would be easy for western policymakers to conclude that Vladimir Putin's attempt to weaponise energy supplies ended in failure. Europe avoided blackouts last winter, despite Russia slashing gas supplies that once met 40 per cent of demand. Prices have fallen more than 90 per cent from their peak last August, and European storage facilities are already brimming ahead of the coming winter.
/jlne.ws/44xM0m6
Russia targets western companies; Currency watchers are worried about a weaker US dollar
Financial Times
Big investment banks are turning more bearish on the dollar, and Europeans struggle with a near-record heatwave. Plus, the FT's Anastasia Stognei explains why Russia is starting to seize assets from food and beverage companies.
/jlne.ws/3Dk2SAR
Russia Puts Chechen Official, Local Businessman in Charge After Seizing Western Assets; Nephew of Putin ally is hired to run Danone Russia after Kremlin took control of conglomerate's assets
Georgi Kantchev, Mauro Orru and Saabira Chaudhuri - The Wall Street Journal
/jlne.ws/3PY2X4R
Putin Has Been Humiliated, Put Under Pressure, U.K. Spy Chief Says; MI6 head says Russia is now unlikely to regain momentum in Ukraine
Max Colchester - The Wall Street Journal
/jlne.ws/3pYH2Qg
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Reportlinker.com announces the release of the report "Global Securities Exchanges Market 2023-2027."
Globe Newswire via Yahoo Finance
The report on the securities exchanges market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by growing demand for investment opportunities, increasing demand for ETFs, and growing globalization and cross-border investing.
/jlne.ws/46X3JoQ
Webcast Details And Key Dates For 2023 Full-Year Results
ASX
ASX Limited (ASX) is scheduled to announce its financial results for the full-year ended 30 June 2023 on Thursday, 17 August 2023, prior to market open. After the results have been announced, ASX will hold a briefing: Date: Thursday, 17 August 2023. Time: 10:00am (Sydney time)Webcast: Register to view the briefing here. The webcast will be archived on ASX's website.
/jlne.ws/46R1Cme
MARF registers a new issue of MyInvestor Banco's Preferred Shares
BME
The BME's fixed income market, MARF, has admitted to trading a new issue of Preferred Shares eligible as Non-cumulative Additional Tier 1 Capital of MyInvestor Banco for an amount of 25 million euros. The new Preferred Shares have a coupon of 12%, payable quarterly, whose payment is subject to certain conditions and is at the discretion of the issuer, a unit par value of EUR100,000 and their maturity will be perpetual except in the situations of early redemption provided for in the terms and conditions of the issue and set out in EU Regulation 575/2013.
/jlne.ws/3XWy2YG
DTCC Comments On Appointment Of Yonesy Nunez As Managing Director And Chief Information Security Officer
DTCC
The Depository Trust & Clearing Corporation (DTCC) issued the following media alert: "Today, The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced that Yonesy Nunez has joined the firm as Managing Director and Chief Information Security Officer (CISO). Yonesy will lead Information Security and Technology Risk Management as the firm advances its technological modernization efforts. Yonesy joins DTCC from Jack Henry & Associates where he served as CISO. Before that, he held positions in cyber and information security at Wells Fargo, Citi and Price Waterhouse Coopers."
/jlne.ws/3ruyDEB
EEX Group reports strong growth in the first half of 2023
EEX
EEX Group reported significant growth in almost all markets in the first half of 2023. After declines in the previous year, trading on the European power derivatives markets increased significantly. The natural gas markets continued their growth course. With the introduction of new products in the power, natural gas and freight markets as well as the acquisition of a majority stake in GET Baltic, EEX Group further expanded its product range.
/jlne.ws/3rHd9o0
Changes in publication time of KRX derivative indices
KRX
Due to the 15-minute early opening of the KRX derivatives market, KRX intend to extend the publication time for the related derivative indices by 15 minutes (Target Indices) 65 indices, including F-KOSPI 200.
/jlne.ws/44x6Odt
LME appoints Nigel Dentoom as Non-Executive Director of the Board
London Metal Exchange
The London Metal Exchange (LME) is pleased to announce the appointment of Nigel Dentoom as Non-Executive Director of the Board. A highly respected industry executive, Nigel brings with him 40 years of experience in the metals sector - spanning both the financial and physical markets. Nigel most recently served as CEO and subsequently Non-Executive Director of the LME Ring dealing member CCBI/Metdist, before assuming his current role as CEO of Metdist Enterprises Ltd.
/jlne.ws/3K6lKqW
Nasdaq Announces Quarterly Dividend of $0.22 Per Share
Nasdaq
The Board of Directors of Nasdaq, Inc. (Nasdaq: NDAQ) has declared a regular quarterly dividend of $0.22 per share on the company's outstanding common stock. The dividend is payable on September 29, 2023 to shareholders of record at the close of business on September 15, 2023. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.
/jlne.ws/44NyCtV
Nasdaq Reports Second Quarter 2023 Results; Consistent Execution Drives Solid Revenue Growth
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2023. Second quarter 2023 net revenues increased 4% compared to the second quarter of 2022. Solutions businesses revenues increased 6% with organic growth also at 6%.
/jlne.ws/44SzVHU
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Waters Rankings 2023 Names Rival Systems Best Market Risk Solutions Provider for the Second Year Running
Rival Systems
Rival Systems, a leading provider of trading and risk management software, has been named the Best Market Risk Solutions Provider by Waters Rankings 2023 for the second year in a row. The accolade was given to Rival Systems in recognition of its enterprise risk management solution Rival Risk, further galvanizing its position as an industry leader.
/jlne.ws/3DfY3IZ
Morgan Stanley Moves 200 Tech Experts From China on Data Law; Shift impacts about a third of technology developers: sources; US bank overhauls data strategy after China tightens access
Cathy Chan - Bloomberg
Morgan Stanley is shifting more than 200 technology developers out of mainland China after the country tightened access to troves of data stored onshore, according to people familiar with the matter.
/jlne.ws/3NZ7ykL
Unveiling Our Next Chapter: Discover Connamara's Revamped Website and Brand Identity, Celebrating 25 Years of Excellence
Connamara
Since our founding in 1998 as a one-person operation in Chicago, Connamara has grown into a leading custom software development company renowned for its contributions to the financial technology landscape. As an early adopter of Agile and a co-originator of QuickFIX, our company's longevity is a testament to our deep understanding of trading and markets, establishing the company as a trusted partner in the industry.
/jlne.ws/3Q6iLm3
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| Cybersecurity | | Top stories for cybersecurity | European Spyware Firms Threaten Digital Security and Privacy, U.S. Says; Biden administration bans Cytrox and Intellexa from receiving U.S. technology amid rising concern over hacking tools
Dustin Volz - The Wall Street Journal
The Biden administration added two new foreign technology companies to its export prohibition list, accusing the firms of selling cyber intrusion tools that pose a global threat to digital privacy and security. The Commerce Department said it was adding Intellexa, with corporate holdings in Greece and Ireland, and Cytrox, with holdings in Hungary and North Macedonia, to its entity list that generally bars U.S. firms from engaging in trade activity with them.
/jlne.ws/46Tc1xW
Artificial Intelligence Continues To Revolutionize Cybersecurity
Christopher Prewitt - Forbes
For many years, artificial intelligence (AI) has been a vital cyber security tool, bolstering defenses and aiding analysts in their battle against ever-evolving threats. Today, most leading security technologies include at least some form of AI or machine learning. We have come to depend on these algorithms to identify patterns and anomalies in vast volumes of data, enabling us to quickly detect and respond to threats.
/jlne.ws/46W84s9
CISA Develops Cloud Environment Cybersecurity Factsheet
Christine Thropp - ExecutiveGov
The Cybersecurity and Infrastructure Security Agency has released the Free Tools for Cloud Environments factsheet to provide network defenders and incident response analysts with open-source tools, techniques and guidance to help them with critical asset and data security.
/jlne.ws/3K2PQvr
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| Cryptocurrencies | | Top stories for cryptocurrencies | Why BlackRock and Other Fund Companies Are Pushing Deeper Into Crypto
Joe Light - Barron's
Fund companies are making a renewed push into crypto, led by one of the biggest names in the industry: BlackRock. Overseeing $9.4 trillion, BlackRock (ticker: BLK) is the world's largest asset manager. It's now throwing its weight behind Bitcoin. The company in June filed an application for an iShares exchange-traded fund that would own Bitcoin directly. That isn't novel. But it may have found a way around some key regulatory objections. If BlackRock succeeds, it could open the floodgates to crypto ownership-part of a broader push by the fund industry to capitalize on digital assets.
/jlne.ws/3pTTiSg
Societe Generale Becomes First Company to Win French Crypto License
Jamie Crawley - CoinDesk
Societe Generale's (GLE) cryptocurrency division, SG Forge, has become the first company to receive a license to offer crypto services in France from the country's financial regulator. SG Forge is licensed to provide buying and selling, exchange and custody of digital assets as of July 18, according to the Autorité des Marchés Financiers (AMF)'s website.
/jlne.ws/3DilAbY
Crypto.com Adds Reddit's Moons Token as Kraken Listing Rumor Fades
Pedro Solimano - Decrypt
Moons, the native token of cryptocurrency users on Reddit, is now listed on Crypto.com, causing its price to soar for a second day straight. According to Coingecko, the token is up 141% on the day, trading hands at $0.41. Moons had already jumped triple digits on Monday on news that Kraken crypto exchange was considering a listing. Although Crypto.com is joining a number of other exchanges that already support the token-including MEXC, Gate.io, SushiSwap and RCP Swap-its size has given some Reddit users reason to be especially bullish. "It gets serious," posted one user.
/jlne.ws/3NT0ndI
Asset Managers Back Bitcoin But Hold More Ethereum in CoinShares Poll
Connor Sephton - Decrypt
Bitcoin has been tapped as the cryptocurrency with the most compelling growth outlook in a CoinShares poll of prominent asset managers-but Ether continues to hold the largest position in their portfolios. A total of 51 investors who collectively have $900 billion in assets under management took part in the quarterly survey, with 43% declaring that BTC's upside potential is superior to ETH.
/jlne.ws/3Q37VgP
Ex-FTX Chief Operating Officer Constance Wang Emerges at Sino Global; Wang worked at Credit Suisse and Huobi before joining FTX; Wang held COO position at FTX up until the exchange collapsed
Muyao Shen, and Hannah Miller - Bloomberg
Zhe "Constance" Wang, who served in several executive-level roles at Sam Bankman-Fried's FTX before the collapse of the digital-asset exchange, has joined crypto venture capital firm Sino Global Capital. Wang leads the gaming team at Sino Global, according to Matthew Graham, a Beijing-based investor who founded Sino Global in 2015 and had previously worked at China Bridge Capital.
/jlne.ws/3rujJy9
Crypto by Any Other Name Is Still Crypto
Hannah Miller - Bloomberg
/jlne.ws/44u15VV
Buyout Funds Buy From Themselves; Also BlackRock pleases everyone, Customers Bank banks crypto customers, what is X worth and email typos.
Matt Levine - Bloomberg Opinion
/jlne.ws/3K6ciDY
NFT Bro Laments That Nobody Is Buying Expensive JPGs Anymore
Victor Tangermann - Futurism
/jlne.ws/43wCcaP
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| Politics | | An overview of politics as it relates to the financial markets | Kennedy Clan Comes Out Against RFK Jr.'s Latest Outrage
Noah Kirsch - The Daily Beast
Presidential candidate Robert F. Kennedy Jr.'s own relatives are distancing themselves from his latest conspiratorial remark after he suggested at an event last week that COVID-19 may have been "ethnically targeted." Joe Kennedy III, a former U.S. representative from Massachusetts who is now special envoy to Northern Ireland for economic affairs, rebuked the comments in a Twitter post on Monday.
/jlne.ws/3OiAOnU
Tech Industry Titans Rally Behind Robert F. Kennedy Jr.'s Controversial Presidential Campaign
Bijay Laxmi - BNN Network
Several prominent figures from Silicon Valley's tech industry have thrown their support behind Robert F. Kennedy Jr.'s presidential campaign, despite the candidate's notoriety for spreading conspiracy theories related to vaccines and COVID-19. Kennedy's unlikely bid for the Democratic primary against President Biden's reelection campaign has captured the attention and backing of some wealthy tech executives.
/jlne.ws/3OkrXBW
Silicon Valley Money Men Are Buzzing About Robert F. Kennedy Jr.; Twitter co-founder Jack Dorsey and others are praising presidential candidate
Angel Au-Yeung and Berber Jin - The Wall Street Journal
Robert F. Kennedy Jr. says childhood vaccines are linked to autism and that the Central Intelligence Agency killed his uncle. He has wondered out loud whether Wi-Fi exposure leads to cancer. Some of tech's big stars are praising his campaign for president. Silicon Valley loves a contrarian, which is why some tech luminaries threw their support to Republican Donald Trump in 2016 and 2020.
/jlne.ws/3K55fv0
A Crypto Bill is Possible, Says Key Republican After Ripple Ruling; Glenn Thompson says decision very helpful for his bill; Court decision may bring Democrats to the table, he says
Allyson Versprille - Bloomberg
A key House lawmaker says he's optimistic that a recent court ruling widely seen as limiting the US Securities and Exchange Commission's power will bolster support for crypto legislation that he's been championing. Glenn Thompson, a Pennsylvania Republican who chairs the House Agriculture Committee, said Tuesday that he plans to formally introduce the bill this week with House Financial Services Committee Chairman Patrick McHenry, a North Carolina Republican.
/jlne.ws/3rze5ee
Congressman Torres Tells SEC Chairman to End Crypto 'Crusade' After Ripple Ruling
Andrew Throuvalas - Decrypt
New York Democrat Ritchie Torres has escalated his criticism of the U.S. Securities and Exchange Commission (SEC) for failing to issue "any clear guidance" to the crypto industry after the agency lost its legal battle to Ripple Labs on multiple fronts.
/jlne.ws/3pSzfU8
The debate over ESG and retirement plans continues
Nico McCrossan - GreenBiz
/jlne.ws/44CDAu0
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| Regulation & Enforcement | | Stories about regulation and the law. | SEC Declines to Share View on Leveraged Loan Securities Suit; Panel of judges had sought regulator's opinion in case; Changing treatment of loans could spark regulatory changes
Scott Carpenter - Bloomberg
The Securities and Exchange Commission said it is "not in a position to file" a brief giving its view on whether leveraged loans are securities, sidestepping a request to weigh in on a long-running lawsuit that may have major implications for the $1.4 trillion market for risky debt. A three-judge US Court of Appeals panel had sought the SEC's view on the question as it weighs a decision in a case that could upend the leveraged buyout machine and a decades-old market riskier companies rely on for financing.
/jlne.ws/44THDBR
Crypto Fund Fraudster Gets Nine Years in $249 Million Scheme; 'The fraud was vast' in Haitian-American community, judge says; Alexandre rewarded old investors who brought in new ones
Bob Van Voris - Bloomberg
The Long Island, New York, man who admitted swindling hundreds of millions of dollars from investors through his EminiFX cryptocurrency and foreign-exchange platform was sentenced to nine years in prison. Eddy Alexandre, who lives in Valley Stream, was sentenced Tuesday by US District Judge John Cronan in Manhattan. Alexandre pleaded guilty in February to commodities fraud and agreed to forfeit $248.8 million he earned illegally through his Ponzi scheme targeting mostly investors in the Haitian-American community in New York.
/jlne.ws/46SSPQV
SEC Charges Legendary Partners, LLC and Its President with Reality Tv Offering Fraud Targeting Mostly Elderly Investors
SEC
The SEC today charged California-based Legendary Partners, LLC and its founder and President Scott L. Snyder with conducting a nationwide offering fraud that raised approximately $391,000 from April 2018 to December 2021.
/jlne.ws/43vWjpI
Chairman Behnam Announces Agenda for July 19 Agricultural Advisory Committee Meeting
Commodity Futures Trading Commission
Chairman Rostin Behnam, sponsor of the Agricultural Advisory Committee (AAC), today provided further insight on planned discussion topics for the upcoming AAC meeting. The public meeting will be held on July 19, 2023 from 9:00 a.m. to 10:45 a.m. (EDT) at the CFTC's Washington, D.C. headquarters. Members of the public will also have the option to attend virtually.
/jlne.ws/3K5pR6r
CFTC Announces Agenda for the July 19 Voluntary Carbon Markets Convening
Commodity Futures Trading Commission
The Commodity Futures Trading Commission Chairman Rostin Behnam today released the agenda for the second voluntary carbon markets convening that will be held on July 19 at 11:30 a.m. (EDT) at the CFTC's headquarters in Washington, D.C. The convening is open to the public to attend in person, by webcast at CFTC.gov, and by telephone.
/jlne.ws/3K3BvyX
Opening Statement of Commissioner Kristin N. Johnson: Measuring Benefits and Mitigating the Risks of Integrating Artificial Intelligence
Commodity Futures Trading Commission
Good morning. Thank you, Commissioner Goldsmith-Romero, Tony Biagioli, the Technology Advisory Committee (TAC) Designated Federal Officer, and to the members of the TAC. It's a pleasure to be here at your second meeting. The agenda set out for TAC's Subcommittee workstreams addresses critical issues that will directly influence forthcoming regulation by the Commission as well as future regulation and legislation.
/jlne.ws/44NHSOE
MCE Insurance Limited enters administration
Financial Conduct Authority
Currently the MCE Insurance telephony service is experiencing technical difficulties. The administrators are working to rectify the issue and hope to restore full service as soon as possible. In the meantime, customers are directed to use the Self-Service portal. We will update this page once all technical issues have been fixed.
/jlne.ws/3NVvp4J
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bonds Are a Problem, and One Solution, for Bank of America; Trading bonds is working out better than holding them
Telis Demos - The Wall Street Journal
Bank of America's large bondholdings aren't helping it as interest rates rise. Its investment in its own bond traders, however, is paying off handsomely. Coming out of a regional banking crisis in which big paper losses on bonds were a major cause, there has been a lot of attention on the securities held by the country's second-largest bank by deposits.
/jlne.ws/43yIZkn
Spectrum Markets Becomes Supporting Member Of The German Derivatives Association (DDV)
Spectrum Markets
Spectrum Markets ("Spectrum"), the pan-European trading venue for securitised derivatives, has joined the German Derivatives Association (DDV), as a supporting member to underpin the association's work for structured products. The DDV represents the issuers of structured securities to improve the political and regulatory framework for structured products in Germany and Europe and to contribute to the increasing level of private investors opting for certificates and warrants.
/jlne.ws/3Q3nDsm
LNG Buyers Worry Australia Policies May Limit Exports, Woodside Says; Nation has set new rules to safeguard domestic resources; Woodside is in talks with Australian government on policies
Stephen Stapczynski - Bloomberg
Australia's liquefied natural gas buyers fear that recent policy changes to safeguard domestic resources and reduce emissions could limit exports, according to the nation's top seller. LNG buyers, including Japanese companies, told Woodside Energy Group Ltd. earlier this month that they are worried about future supply, said Chief Executive Officer Meg O'Neill.
/jlne.ws/3rFC4Z9
Crowdfunded Real Estate Deals Unravel as Funds Vanish
Amelia Pollard - Bloomberg
Hundreds of regular investors who together put up $63 million to buy pieces of Atlanta and Miami commercial real estate have allegedly seen their funds disappear. Two deals orchestrated by CrowdStreet Inc., a real estate investment company that crowd-sources funds from relatively wealthy individuals, have fallen apart as investors' money vanished from bank accounts earmarked to buy equity in buildings, according to bankruptcy court papers.
/jlne.ws/44ICgW8
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Media reaction: Extreme weather hits world's seven continents in July 2023
Multiple Authors - Carbon Brief (Media Analysis)
From Africa to Antarctica, all seven of Earth's continents have experienced extraordinary extreme weather events this month. The start of July saw Earth experience its hottest week on record. Extreme weather events across the globe this month have already featured on more than 114 frontpages in at least 84 newspapers, published across 32 countries, Carbon Brief analysis shows.
/jlne.ws/3rDQGIQ
HeavyFinance Partners With ClearBlue Markets To Generate 250,000 Carbon Credits
Mondo Visione
HeavyFinance, a European climate tech investment marketplace, has partnered with global carbon markets expert ClearBlue Markets (ClearBlue) with the goal of generating 250,000 carbon credits from 100,000 hectares of agricultural land. Based on HeavyFinance's projections, the project will generate the 250,000 offset credits by the end of the year. ClearBlue Markets will help market and sell at least 40 percent of the credits' total volume upfront.
/jlne.ws/3Y5svyX
BlackRock Forges a New Bond With Big Oil
Andrew Ross Sorkin, Ravi Mattu, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
BlackRock made a name for itself, and many conservative enemies, in recent years by publicly embracing environmental, social and corporate governance considerations - known as E.S.G. - in its decisions, and arguing that other companies should do the same. So the investment giant's decision on Monday to name Amin Nasser, the C.E.O. of Saudi Arabia's oil company Aramco, to its board feels like a major reversal, despite its claims that the move doesn't contradict its E.S.G. commitments.
/jlne.ws/3O1d8CY
Amazon sees carbon footprint fall for the first time
James Murray - Business Green
Global tech and retail giant reports modest fall in emissions, as investments in renewable power and green transport start to take effect.Amazon's carbon footprint has fallen for the first time since the global tech giant began reporting on its emissions in 2019, marking a major staging post on the journey towards the company's goal of achieving net zero emissions across its operations and value chain by 2040.
/jlne.ws/3XZC4iL
Experts Study Using Waste Plastic in Roads and More, but Find the Practice Isn't Ready for Prime Time; A National Academies of Sciences report identifies roadblocks to using plastic waste in infrastructure, including lack of data, disjointed policies and environmental concerns.
James Bruggers - Inside Climate News
Incorporating plastic waste into asphalt pavement and other types of infrastructure projects shows some limited promise, according to a new report published Tuesday by the National Academies of Sciences, Engineering, and Medicine.
/jlne.ws/3DkbCHd
Facing a Plunge in Salmon Numbers in the Kuskokwim and Yukon Rivers, Alaskans Seek a Voice in Fishing Policy; Rising temperatures and commercial trawling in the Bering Sea are making it harder for salmon to survive and swim back upriver. The reverberations are both cultural and economic.
Emma Ricketts - Inside Climate News
/jlne.ws/44UXobH
How much does American driving contribute to global climate pollution?
Clean Air - Environment America
/jlne.ws/3K6cZNA
Birmingham Public Transit Inches Forward With Federal Help, and No State Funding; Alabama, the only state that doesn't fund public transit, passed on another opportunity this legislative session. Thanks to car dependence, the state has the nation's highest per-capita gasoline use.
Marianne Lavelle - Inside Climate News
/jlne.ws/3Y0pSP5
West Texas gas operators released tons of excess emissions during June heat wave; When sizzling temperatures in June affected the air pressure in pipelines in West Texas, companies in five counties vented millions of pounds of natural gas and other toxins into the air.
Dylan Baddour, Alejandra Martinez - Texas Tribune
/jlne.ws/3XWwiP8
Chef Andrew Zimmern Is Fighting Hunger Caused by Climate Change; Food insecurity, waste and the climate crisis are all intertwined, says the chef, who is a UN World Food Programme Goodwill Ambassador.
Bloomberg News
/jlne.ws/46ROFbT
Opinion: Water injustice on display in the Southwest US
Valerisa Joe-Gaddy - Environmental Health News
/jlne.ws/3K3bNui
The future of Great Lakes stewardship
University of Michigan
/jlne.ws/3NYV4cT
The World Is Reeling From Record Heat and Flooding. Scientists Say It's the Cost of Climate Inaction; A record-hot June, followed by a disaster-packed July has climate scientists "shocked" by just how extreme the extreme weather has been, including some ocean waters feeling like "a hot tub."
Kristoffer Tigue - Inside Climate News
/jlne.ws/3YdMpbj
Multilateral lenders need reform to meet poverty, climate change challenges - G20 panel
Aftab Ahmed and Shivangi Acharya - Reuters
/jlne.ws/3Q1TfhK
Guest post: How 'locally led' adaptation can help address climate change
Multiple authors - Carbon Brief
/jlne.ws/3Q6sWXN
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Wall Street Can't Shake Off Investment-Banking Slump; Morgan Stanley's profit dropped 13%. Bank of America's rose 19%.
Ben Eisen and AnnaMaria Andriotis - The Wall Street Journal
Wall Street is having a tough time emerging from the doldrums. Morgan Stanleysaid Tuesday that second-quarter profit fell 13% from a year ago, driven by a 22% decline in trading revenue. Investment-banking fees were about flat after falling sharply in recent quarters.JPMorgan Chase and Citigroup last week both reported drop-offs in trading and investment banking.
/jlne.ws/3DgqeaJ
Goldman's profits plunged 58% in 2Q
David Hollerith - Yahoo Finance
Profits plunged at Goldman Sachs (GS) during the second quarter as the Wall Street giant struggled with its core businesses of dealmaking and trading while taking impairment charges on consumer and real estate holdings. Goldman's investment banking revenue declined 20% from a year ago and trading dropped 12%. That helped drag earnings down 58%, to $1.2 billion.
/jlne.ws/44xzi75
Blackstone's march to $1tn marred by trouble at flagship property fund; Executives forced to reassure investors as buyout group approaches significant milestone
Antoine Gara - Financial Times
Blackstone is on the cusp of surpassing $1tn in assets under management, a milestone that analysts predict will arrive as soon as Thursday when the private equity group reports second-quarter earnings.
/jlne.ws/3KrLGxx
Goldman profits hit by trading slowdown and retail banking retreat; Wall Street giant suffers from dearth of deals as testing quarter is marred by several charges
Joshua Franklin - Financial Times
Goldman Sachs has slumped to its lowest quarterly profit in three years, as a costly retreat from consumer banking deepened the pain of the industry-wide slowdown in deals and trading.
/jlne.ws/3pV2y8E
Morgan Stanley predicts assets under management will hit $20tn; US bank's wealth management business fails to offset industry-wide slump
Joshua Franklin - Financial Times
Morgan Stanley chief executive James Gorman predicted the Wall Street bank will eventually triple its assets under management to $20tn, even as an aggressive push into wealth management failed to make up for lacklustre trading activity in the second quarter. Gorman, who plans to step down as CEO by the middle of next year, has led Morgan Stanley's expansion into more stable businesses such as wealth and asset management in order to make it less reliant on volatile investment banking and trading.
/jlne.ws/3KrLSNh
Michael Moritz exits Sequoia Capital after 40 years to lead wealth fund
Tim Bradshaw - Financial Times
/jlne.ws/3O0lKK1
Axioma partners with Equity Data Science to deliver factor risk models
Qontigo
/jlne.ws/3K57tLf
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | OpenAI Worries About What Its Chatbot Will Say About People's Faces
Kashmir Hill - The New York Times
The chatbot that millions of people have used to write term papers, computer code and fairy tales doesn't just do words. ChatGPT, the artificial-intelligence-powered tool from OpenAI, can analyze images, too - describing what's in them, answering questions about them and even recognizing specific people's faces.
/jlne.ws/3rGXpRW
9 Ways to Say No to Busywork and Unrealistic Deadlines
Elizabeth Grace Saunders - Harvard Business Review
The difference between living a life of peace and productivity versus a life of stress and resentment could lie in one simple skill: Learning how to say no. Saying no makes the difference between a packed schedule and an open one. It makes the difference between having too many tasks and having just the right amount. It makes the difference between working crazy hours and hitting deadlines without stress.
/jlne.ws/3rAwh7m
Business and Labor Square Off Over AI's Future in American Workplace; ChatGPT investigation by FTC could be test of U.S. authority to regulate AI
Ryan Tracy - The Wall Street Journal
The Federal Trade Commission's investigation into the ChatGPT app points to an emerging conflict over how Washington should regulate artificial intelligence, one that could pit some of America's biggest businesses against labor unions and progressive advocacy groups.
/jlne.ws/3K3mflw
Thousands of Authors Ask AI Chatbot Owners to Pay for Use of Their Work; James Patterson, Margaret Atwood have joined call for compensation
Talal Ansari - The Wall Street Journal
More than 8,000 authors have signed a letter asking the leaders of companies including Microsoft, Meta Platforms META 0.46%increase; green up pointing triangle and Alphabet to not use their work to train AI systems without permission or compensation. The letter, signed by noteworthy writers including James Patterson, Margaret Atwood and Jonathan Franzen, says the AI systems "mimic and regurgitate our language, stories, style, and ideas." The letter was published by the Author's Guild, a professional organization for writers.
/jlne.ws/43rysr2
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| Wellness Exchange | | An Exchange of Health and Wellness Information | The Risks of Taking Drugs Like Ozempic When You're Over 65; Medications that cause drastic weight loss raise specific concerns for older adults.
Dani Blum - The New York Times
There are few constants within the world of weight loss, but one concept holds up: No matter how you lose weight - through restrictive eating, bariatric surgery or the new, buzzy class of injectable medications like Ozempic and Wegovy - you're also probably shedding muscle.
/jlne.ws/3OjFWb8
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Singapore Passport Is World's Most Powerful, Replacing Japan
Low De Wei - Bloomberg
Singapore has replaced Japan for having the world's most powerful passport, allowing visa-free entry to 192 global destinations, according to the latest Henley Passport Index. After five years at the top, Japan dropped to third place as the number of destinations its passport can access without a visa fell, according to the ranking published by London-based immigration consultancy Henley & Partners.
/jlne.ws/3O1FUUb
China Junk Bonds Suffer Worst Slide of 2023 as Defaults Mount
Dorothy Ma - Bloomberg
China's high-yield dollar bonds suffered their sharpest three-day selloff this year, with a fresh default from a state-backed developer underscoring how a liquidity crisis is worsening even for those with funding access.
/jlne.ws/43xLjI4
China's digital yuan transactions seeing strong momentum, says cbank gov Yi
Rae Wee - Reuters
Transactions using China's digital yuan hit 1.8 trillion yuan ($249.33 billion) at end-June, the country's central bank governor Yi Gang said on Wednesday, marking a jump from over 100 billion yuan as of August last year.
/jlne.ws/44UWvjn
Credit Suisse's Key CLO Unit Is Expanding After UBS Takeover
Lisa Lee, Giulia Morpurgo and Myriam Balezou - Bloomberg
Even as UBS Group AG plans extensive job cuts for Credit Suisse's workforce, there's at least one place where it's growing: the business of buying leveraged loans and bundling them into bonds.
/jlne.ws/3K2KeBn
Hong Kong Talent War Means New Bank Hires Get 30% Jump in Pay; Bank branches, insurers, wealth managers face staff shortages; Jobless rate drops to four-year low as economy rebounds
Denise Wee, and Ka Ho Cheuk - Bloomberg
An exodus of workers and a surge in new business from China have combined to spark a talent war among banks and insurers in Hong Kong, driving up wages for new recruits by as much as 30% in the Asian financial hub. While investment banks are cutting staff as China deal flow stalls, it's a different story for other parts of the sector, including insurance, bank branches, back office and wealth management. Natixis SA estimates there are roughly 4,000 unfilled jobs in the industry.
/jlne.ws/3XZCkhJ
So far, Europe's electricity systems are coping with the heat.
Stanley Reed - The New York Times
/jlne.ws/44wQ1Ht
Have a confidential tip for our reporters? Get in Touch; Before it's here, it's on the Bloomberg Terminal
Irina Anghel - Bloomberg
/jlne.ws/3pT7Y3Y
World's Second-Biggest Carbon Credit Project Halted by Legislative Hiatus; Zimbabwe scrapped agreements in May, yet to pass new law; Kariba REDD+ is operated by Carbon Green and South Pole
Godfrey Marawanyika - Bloomberg
/jlne.ws/3Q4hL1R
Peso Devaluation Would Be 'Very Damaging,' Argentina Leader Says; No signs of hyperinflation, President Alberto Fernandez says; Outgoing leader says IMF deal likely to be finalized this week
Manuela Tobias, and Scott Squires - Bloomberg
/jlne.ws/43wue1i
Extreme Heat Sends Nauseated, Comatose Patients to Hospitals Around U.S.; Ice, water and fans among the remedies for symptoms caused by high body temperatures
Melanie Evans - The Wall Street Journal
/jlne.ws/43yJMll
Phoenix's vulnerable residents suffer through record heat at night
Gabrielle Canon - The Guardian
/jlne.ws/3OleU3p
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