| October 02, 2023 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Welcome to FIA EXPO week in Chicago at the Sheraton Grand Riverwalk Hotel. The JLN team is there in full force. Look for us and say hello. Tell us your story.
The good news for this year's EXPO is that there is no need for white duct tape to white-wash out a disgraced sponsor, as last year FTX had to be eliminated from printed EXPO displays at the last minute with the innovative use of some white duct tape.
It was also during last year's EXPO, which was in mid-November, that my mother, Marjorie J. Lothian, passed away at the age of 92 the night before the last day of the conference. That was a tough day.
Congress has averted a shutdown and President Biden has signed the 45-day budget so the government can continue to work for the time being, so expect to see some government regulators at EXPO. However, as a result of the budget bill passing, with the help of the Democrats, Representative Matt Gaetz is threatening to call a vote to oust House Speaker Kevin McCarthy.] At the same time, some GOP members are looking to expel Gaetz from the House over ethics violations should he try to oust McCarthy. Call it a standoff.
The CFTC and the SEC unloaded on Friday, the last day of their fiscal year. The SEC issued nine press releases charging firms with violations or ordering them to pay, including one release that aggregated ten firms with widespread recordkeeping failures, including hitting Interactive Brokers with a $35 million fine. The CFTC issued eight press releases, seven of which were charges or orders to pay, including a $20 million order to pay against the above-mentioned Interactive Brokers.
The World Federation of Exchanges' (WFE) October issue of Focus is out. With the commencement of the seventh World Investor Week, the WFE is actively championing IOSCO's mission of investor protection, which encompasses initiatives like the global Ring the Bell for Financial Literacy. Pasquale Munafo, Chair of IOSCO's Committee 8, discusses the importance of financial education programs and enhancing investor protections within the regulatory framework.
Several exchanges worldwide are focusing on educating the younger generation of investors. Borsa Istanbul's Strategic Planning Manager, Banu Budayoglu Yılmaz, explores strategies for youth education as Turkey celebrates a significant anniversary. Clifford Akpolo, Head of Marketing and Corporate Communications at the Nigerian Exchange, emphasizes the importance of empowering marginalized communities and educating young investors. Abena Amoah, CEO of the Ghana Stock Exchange, highlights educational programs tailored for school children and students. Additionally, exchanges like Cboe Global Markets, the Taiwan Stock Exchange, the Egyptian Exchange, the National Stock Exchange of India, and Bursa Malaysia are actively engaged in various innovative financial education initiatives and programs aimed at promoting financial literacy and accessibility in their respective regions.
Kudos to Ian Allison, Tracy Wang, Nick Baker, Cheyenne Ligon, Sam Reynolds, Sam Kessler, Nikhilesh De, and Reilly Decker from Coindesk for their remarkable achievement in winning the prestigious Gerald Loeb Award. Their exceptional work exposed the fragile underpinnings of Sam Bankman-Fried's cryptocurrency empire and provided a vivid account of the industry giant's swift, tumultuous, and occasionally unconventional downfall. This award is widely recognized as the highest honor in the realm of financial and business journalism.
The Streetwise Professor, Craig Pirrong, has written a column titled "Come On Down! And Will the Last Business in Chicago Turn Off the Lights? Thanks" aimed at attracting the CME Group to Texas. My question is, why does Craig spend so much time in Chicago?
Vermiculus Financial Technology's latest newsletter is fresh off the press. In this edition, you can explore an insightful customer case study featuring Minneapolis Grain Exchange, LLC (MGEX) and their innovative new clearing platform. Or, dive into the world of real-time Value at Risk (VaR) calculations, now operating at the microsecond level. Plus, get to know Vermiculus' newest product owner, Sara Hagland, and uncover the "exciting vision" they have in store for their product lineup.
In a case of "Why did this take so long?" and why just a suspension, the police chief who led a raid of a small Kansas newspaper has been suspended. If you recall, the 98-year-old publisher died the next day after having her house raided by police. The stress of the situation contributed to her death, according to her son
With the regular baseball season over, and the Chicago Cubs eliminated on the penultimate day, and the St. Louis Cardinals looking for a rebuild, it was surprising news to hear of 21 new cardinals. However, these cardinals are cardinals appointed by Pope Francis on Saturday to the Catholic Church from the four corners of the world. These cardinals are not baseball players, but "Princes of the Church."
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 Climate Bonds Initiative is holding its CONNECT'23 Global Conference on Nov 9 - 10, 2023. This is a live and virtual event with limited in-person attendance; contact the event managers for more information. This year's theme is how to launch a credible and ambitious green global transition aligned with the Paris Agreement. Global investors, asset owners, financial leaders, and policymakers are expected to attend. Climate Bonds Training Day follows the conference on November 10. Learn more and register for Connect 23 here. ~SAED
Our most read stories last Friday on JLN Options were:
- How A Super-Cheap, Super-Volatile New Options Strategy Has Emerged To Help The Pros Cream The Little Guys
- Trading in Diesel Options Is Going Crazy
- FIA submits comments to CFTC on self-regulatory process and affiliations ~JB
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Intro to the Collar Strategy; Doug Ashburn, Executive Editor at Britannica Money, Discusses the Different Components of a Collar and Its Use in the Options Industry
JohnLothianNews.com
Intro to the Collar Strategy; Doug Ashburn, Executive Editor at Britannica Money, Discusses the Different Components of a Collar and Its Use in the Options Industry In this Options Discovery full interview, Asma Awass sits down with Doug Ashburn, executive editor at Britannica Money. Asma and Doug discuss Doug's career, the basics of a collar, when a collar is used, different versions of the strategy, and more. To learn more about an options collar, check out Doug Ashburn's article here: https://www.britannica.com/money/option-collar-strategy
Watch the video »
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| Sponsored Content |
Navigating Uncertainty: JPX Launches New Derivatives Amid Global Challenges
In a year shadowed by the Ukraine conflict, soaring inflation, environmental and geo-political crises, Japan Exchange Group (JPX) is fortifying its offerings with new derivatives products. This strategic move coincides with the 35th anniversary of Equity Index Futures trading in Japan, spotlighting the Nikkei 225 and TOPIX indices as enduring financial tools.
This milestone anniversary underscores the resilience of JPX's flagship products, which continue to offer investors risk-hedging opportunities amid geopolitical and economic volatility.
Nikkei 225 Micro Futures: Inflation Hedge
While the Nikkei 225 soars to new decade highs, JPX's newly launched Nikkei 225 Micro Futures cater to individual investors, offering a cost-effective way to navigate inflation and market volatility. The micronized contracts provide an accessible and affordable hedge against global economic unpredictability.
Nikkei 225 Mini Options: Geopolitical Risk Management
With geopolitical tensions in mind, JPX has introduced Nikkei 225 Mini Options. These instruments open risk management strategies to a broader audience, offering adaptability in a swiftly changing global landscape.
3-month TONA Futures: Addressing Rate Uncertainty
JPX's 3-month TONA Futures assist institutions in managing liquidity during an unstable interest rate environment. As TONA emerges as a key rate benchmark, these futures serve as a strategic tool for financial adaptability. The offering completes the already robust JGB futures and vibrant JSCC IRS markets, cross margin efficiencies across the whole fixed income playbook are available through the JSCC clearing house.
Futureproofing and ESG
JPX is also preparing to implement Value-at-Risk (VAR) clearing in November 2023, offering a best-in-class margining methodology to further unleash portfolio efficiencies for market participants.
To deliver our part to global ESG concerns, JPX has launched a carbon credit market under the TSE brand, this offering will complement the already actively trading TOCOM Power market in the future. These anticipatory measures ensure JPX stays aligned with global sustainability initiatives.
These product launches, along with the upcoming VAR clearing system, cement JPX's role as a resilient, forward-thinking player in the global financial landscape and to further stride to remain your exchange of choice!
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Author: Matthias Rietig, Senior Officer of OSE Contact: Osaka Exchange / Tokyo Commodity Exchange Derivatives Business Development E-mail: [email protected] |
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Evan Gershkovich | A Letter From His Family
The Wall Street Journal
It is difficult to believe that it has been six months since Evan was wrongfully imprisoned and almost a year since we were all together as a family. It's hard not to think about everything he is missing: close friends' weddings, holidays with family, his 32nd birthday, and the job he loves. We miss him terribly and today is another reminder that every day is a day too long without his freedom.
/jlne.ws/3ryIGJm
***** Release Evan Gershkovich NOW!~JJL
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Bankman-Fried Saw Missing FTX Billions as 'Rounding Error,' Biographer Says
Jack Schickler - CoinDesk
Crypto tycoon Sam Bankman-Fried saw billions of dollars in missing funds in his financial empire as a "rounding error," biographer Michael Lewis told CBS's 60 Minutes aired on Sunday. As Bankman-Fried prepares to stand trial on fraud charges this week, Lewis, who has previously chronicled the Wall Street misdealings that led to the 2008 financial crisis, set out allegations of management failings at FTX - and a plot to pay off Donald Trump to stand down from his 2024 U.S. presidential ambitions.
/jlne.ws/3ryITMy
***** This is a supposed genius who must think the rest of us are idiots.~JJL
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Friday's Top Three
Our top story Friday was Quirk of Bond Futures Threatens to Accelerate Surge in US Yields, from Bloomberg. Second was Chairman Behnam to Deliver the Keynote Address and Participate in a Fireside Chat at FIA Expo 2023, a CFTC event notice. (The keynote address is taking place at 9:20 a.m. CDT at the Sheraton Grand Chicago Riverwalk, at FIA Expo.) Third was Death of Dianne Feinstein: Newsom Faces Pressure to Quickly Appoint a Replacement, from The New York Times.
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| Lead Stories | SEC hands out $79mn in fines over latest round of messaging violations; Perella Weinberg Partners and Interactive Brokers among 10 firms caught up in latest enforcement action
Stefania Palma - Financial Times
Ten Wall Street businesses have agreed to pay a total of $79mn to the Securities and Exchange Commission in the latest round of penalties stemming from messaging by employees on platforms such as WhatsApp. The SEC on Friday charged broker-dealers and investment advisers - including Perella Weinberg Partners and Interactive Brokers - for "widespread and longstanding failures to maintain and preserve electronic communications".
/jlne.ws/3ZE0AXA
FTX founder Sam Bankman-Fried prepares for the fight of his life in US trial; One-time poster child of crypto faces a legal reckoning in proceedings that will lay bare the collapse of his empire
Joshua Oliver and Joe Miller - Financial Times
A year ago, billionaire Sam Bankman-Fried, then 30 years old, posted a 14-tweet thread on the balance of "safety vs freedom" in cryptocurrency regulation. Now, a different kind of freedom is on the line when he walks into a Manhattan courtroom to face criminal charges that carry a combined maximum sentence of more than a century in prison.
/jlne.ws/3rpPaKE
Trade in 'fear gauge' at high as investors hedge amid fragile markets; Vix trading is headed for a record amid uncertainty over rally and the impact of rising rates on economic growth
Nicholas Megaw - Financial Times
Trading in options tied to the Vix volatility index - popularly known as Wall Street's "fear gauge" - is on course to hit a record volume this year, as cautious investors look to protect themselves from the risk of a sudden stock market reversal. So far this year, investors have traded an average of 742,000 options tied to the Vix each day, according to exchange operator Cboe, up more than 40 per cent year on year and above the full-year record of 723,000 set in 2017.
/jlne.ws/45b29xn
US hedge fund provides record loan for environmental lawsuits; Gramercy's $552.5mn funding will support pollution cases against BHP and Vale, and 14 carmakers over 'dieselgate'
Brooke Masters - Financial Times
US hedge fund Gramercy has struck one of the largest ever litigation funding deals to back separate trials starting next year in mass environmental claims against miners BHP and Vale and 14 global carmakers. The $552.5mn funding is in the form of a secured loan to law firm Pogust Goodhead, and is the largest ever to a UK law firm in the nearly $16bn litigation funding market.
/jlne.ws/3LJm9jH
The Star Witness at Sam Bankman-Fried's Trial: His Top Deputy and Ex-Girlfriend; Caroline Ellison's testimony has the potential to be particularly personal and raw
Corinne Ramey and James Fanelli - The Wall Street Journal
When FTX founder Sam Bankman-Fried's crypto empire teetered on the brink of collapse, top lieutenant Caroline Ellison addressed a group of employees. One part of the empire, trading firm Alameda Research, had made risky bets using customer deposits from its sister crypto-exchange FTX and now the money was gone.
/jlne.ws/3tfYz7U
The Secret Behind the First $1 Billion Green Hydrogen Startup; Electric Hydrogen has produced a better electrolyzer that makes the clean fuel economic
Amrith Ramkumar - The Wall Street Journal
Hundreds of companies have promised to produce large amounts of green hydrogen, but none have succeeded. Electric Hydrogen believes the secret to success is finding a better way to split a molecule.
/jlne.ws/3ZCj36Q
Crypto Goes on Trial, as Sam Bankman-Fried Faces His Reckoning; The FTX founder's uphill court battle starts Tuesday, after he has come to symbolize everything that went wrong with the cryptocurrency industry.
David Yaffe-Bellany and Matthew Goldstein - The New York Times
A year ago, Sam Bankman-Fried was a fixture on magazine covers and in the halls of Congress, a tousle-haired crypto billionaire who hobnobbed with movie stars and bankrolled political campaigns. On Tuesday, the founder of the failed FTX digital currency exchange is set to leave the jail where he has been confined for more than seven weeks and stand trial in a Manhattan courtroom on federal charges of fraud and money laundering, capping one of the largest and swiftest corporate collapses in decades.
/jlne.ws/3PVDs3D
FTX sex orgies, role-playing and board games: Ex-employee responds to wild claims at doomed crypto digs
Thomas Barrabi - NY Post
Gossip that top executives at bankrupt crypto giant FTX were enmeshed in a sex-fueled "polycule" is exaggerated at best, according to a former employee - who claims they instead spent their free time on nerdy pursuits like board games, hackathons and role-playing sessions. Rumors of a polyamorous clique of crypto nerds at FTX have run rampant since last fall - particularly focused on Sam Bankman-Fried, the 31-year-old kingpin whose epic fraud trial is slated to begin Monday in Manhattan federal court; and his ex-girlfriend Caroline Ellison, the 28-year-old former boss of FTX's hedge fund Alameda Research who is expected to testify against him.
/jlne.ws/45usNBL
London on Cusp of Becoming Biggest Stock Market in Europe, Again; British market cap in dollar value nears that of France; Oil, pound moves favor UK stocks as Paris Luxury shares slip
Joe Easton and Michael Msika - Bloomberg
Britain's stock market is getting back on its feet. Less than a year after losing the crown of Europe's biggest equity market, London looks set to recapture it from Paris, as the rally in French luxury shares falters. The combined dollar-based market capitalization of primary British listings stands now at $2.90 trillion versus France's $2.93 trillion, according to an index compiled by Bloomberg. The gap between the two has narrowed steadily, primarily driven by a slide in France's value from last year's $3.5 trillion record as economic gloom in the key Chinese market deepens.
/jlne.ws/3PYBG1D
Sam Bankman-Fried's Trial Is a Reminder for Crypto Traders to Be Wary
Joe Light - Barron's
Crypto's been in a lull lately, stuck between disinterested traders on one hand and regulatory ire on the other. This week's trial of Sam Bankman-Fried is a stark reminder of how it got there, and why investors should be cautious. Last November, crypto trading platform FTX crashed in rapid fashion. Billions of dollars in customer funds went missing, and prosecutors alleged that founder Bankman-Fried and other senior executives diverted customer tokens to enrich themselves and support other projects.
/jlne.ws/48yJazN
Who's Rooting Hardest for a Sam Bankman-Fried Conviction? The Crypto Industry; Crypto insiders, who have been trying to distance themselves from the FTX founder, are united in their zeal to see Mr. Bankman-Fried held to account.
Erin Griffith - The New York Times
Travis Kling has spent a lot of time this year focusing on his mental, physical and spiritual health. That has been his coping mechanism since his cryptocurrency firm, Ikigai Asset Management, lost most of its assets from last year's collapse of the cryptocurrency exchange FTX, where he was a customer.
/jlne.ws/3RIUgw7
Wall Street's Most Hated Regulator Faces a Fundamental Threat
Stacy Cowley - The New York Times
Rohit Chopra became one of the most powerful financial regulators by pairing bark with bite. As director of the Consumer Financial Protection Bureau, he has attacked - often with a hammer - the perpetrators of what he considers injustices against everyday Americans. When the bureau slapped Wells Fargo last year with $3.7 billion in fines and damages for transgressions, including wrongfully seizing some borrowers' homes, Mr. Chopra accused the bank of a "rinse-repeat cycle of violating the law."
/jlne.ws/46QunPt
CME, DTCC lead CCPs on operational failures Analysis of 15 clearing houses shows outages lasting 34 hours in the past year - highest figure since 2019
Joshua Walker - Risk.net
CME Clearing and the Depository Trust & Clearing Corporation (DTCC) reported the highest number of operational failures among the top 15 central counterparties (CCPs) over the 12 months to end-June, Risk Quantum analysis shows. The Chicago-based clearing house disclosed eight failures during the period, and three in the second quarter of 2023 alone. On aggregate, the outages caused the CCP's systems to be offline for a total of 12 hours - the longest time since at least Q1 2019.
/jlne.ws/46zAEyA
Currency wars are not what they used to be; The impact of devaluations on trade, corporate earnings, prices and capital flows might now be more nuanced
Satyajit Das - Financial Times
Currency wars, like military conflicts, have changed. Conventional economics assumes that devaluation affects trade, corporate earnings, prices and capital flows. It does but the relationships are now more nuanced than some might expect.
/jlne.ws/3t8aIf2
Much of New York City is underwater as rain pounds city, prompting state of emergency declaration
Jake Offenhartz, Jennifer Peltz and the Associated Press - Fortune
A potent rush-hour rainstorm swamped the New York metropolitan area on Friday, shutting down some subways and commuter railroads, flooding streets and highways, and delaying flights into LaGuardia Airport. Up to 5 inches (13 centimeters) of rain fell in some areas overnight, and as much as 7 inches (18 centimeters) more was expected throughout the day, New York Gov. Kathy Hochul said Friday morning.
/jlne.ws/3tltQWY
A New Technology Is Helping To Save The Florida Citrus Industry With A "Shot In The Arm"
Steven Savage - Forbes
The Cambridge Dictionary defines the familiar idiom, "a shot in the arm" as "something that has a sudden, strong, positive effect on something." It apparently came into popular language as early as 1916, long before the connection between a "shot" became the delivery method for immunization with the introduction of the polio vaccine in 1955.
/jlne.ws/3ZAxTuR
Billionaire Bernard Arnault Reportedly Faces Money Laundering Probe Over Ties To Russian Oligarch
Robert Hart - Forbes
French billionaire Bernard Arnault, the world's second-richest person, is being investigated for alleged money laundering over his business ties to Russian oligarch Nikolai Sarkisov, the Paris prosecutor's office said late Thursday, according to news reports, with inquiries focused on a luxe ski resort in the French Alps.
/jlne.ws/3tfy3LV
Xbox Chat Was Used to Share Insider Trading Secrets, Says SEC
Kate Irwin - Decrypt
A former financial analyst used Xbox audio chat to conduct insider trading, the U.S. Securities and Exchange Commission (SEC) alleged Thursday. The SEC has charged four men with insider trading of securities based on insider knowledge of various business mergers and acquisitions, the government agency announced. The U.S. District Court for the Southern District of New York has also placed criminal securities fraud charges against three of the men, according to an SEC release.
/jlne.ws/3ZFBuHT
Deutsche Bank gets regulatory monitor after surge in Postbank complaints; Some customers left locked out of accounts after lender's problematic IT integration project
Stephen Morris and Donato Paolo Mancini - Financial Times
Germany's financial regulator has installed a special supervisor at Deutsche Bank, as the lender grapples with deepening customer service issues at its subsidiary Postbank after a botched IT integration.
/jlne.ws/3RIakxZ
Severe Crash Is Coming for US Office Properties, Investors Say
Scott Carpenter and Sarah Holder - Bloomberg
Office prices in the US are due for a crash, and the commercial real estate market faces at least another nine months of declines, according to Bloomberg's latest Markets Live Pulse survey. About two-thirds of the 919 respondents surveyed by Bloomberg believe that the US office market will only rebound after a severe collapse. An even greater majority says that US commercial real estate prices won't hit bottom until the second half of 2024 or later.
/jlne.ws/3LKISfc
Crypto prodigy to 'blame the lawyers' in the fraud trial of the century
Matthew Field - The Telegraph
"I would like to start by formally stating, under oath: I f***** up," wrote Sam Bankman-Fried, days after the implosion of FTX, the $36bn cryptocurrency exchange he founded. The entrepreneur had hidden away in a $30m penthouse in the Bahamas, preparing a statement to justify his actions to US politicians. Hours before he was due to give his evidence, Bankman-Fried was arrested by Bahamian police. Since then, he has had time - at home and more recently in a prison cell after his bail was revoked over allegations of witness tampering - to hone his line of defence.
/jlne.ws/3EZVrzF
FTX's Former Auditor Prager Metis Sued by SEC
Sandali Handagama - CoinDesk
Bankrupt crypto exchange FTX's former auditing firm Prager Metis has been accused of violating U.S. auditor independence rules by the Securities and Exchange Commission, a Friday court filing shows. The SEC alleges the firm helped its clients - including 62 entities registered with the regulator - to break federal securities laws. It seeks an injunction against the auditor and wants it to pay fines and give up any profits made from illegal activity.
/jlne.ws/3LLA60K
Arnault's Lawyer Says Money Laundering Allegations Are Unfounded
Benoit Berthelot - Bloomberg
Allegations of possible money laundering by Bernard Arnault are "as absurd as they are unfounded," the French billionaire's lawyer said in a statement on Saturday. The Paris public prosecutor's office said on Friday it is investigating possible money laundering involving Russian businessman Nikolai Sarkisov and Arnault, the chief executive officer of LVMH Moet Hennessy Louis Vuitton SE.
/jlne.ws/45uedu1
Crypto's New Darling Is Ready to Deploy $6 Billion in Treasuries; MakerDAO can now invest up to $6 billion in Treasuary Bills; The project's MKR is 2023's best-performing major token
Tanzeel Akhtar and Sidhartha Shukla - Bloomberg
One of crypto's biggest decentralized lenders has doubled down on its decision to invest billions of dollars in US governments bonds, propelling its token to a 18-month high, trouncing all other major cryptocurrencies like Bitcoin. MKR, the governance coin of the MakerDAO protocol, has soared 77% this quarter to reach its highest level since April 2022.
/jlne.ws/3LLqJho
The Harvard Professor and the Bloggers
Noam Scheiber - The New York Times
The day almost two years ago when Harvard Business School informed Francesca Gino, a prominent professor, that she was being investigated for data fraud also happened to be her husband's 50th birthday. An administrator instructed her to turn in any Harvard-issued computer equipment that she had by 5 p.m. She canceled the birthday celebration she had planned and walked the machines to campus, where a University Police officer oversaw the transfer.
/jlne.ws/46uT4AH
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Putin says Russian-held regions in Ukraine endorse their choice to join Moscow
Reuters
Kremlin leader Vladimir Putin said early on Saturday that residents of Moscow-held regions in Ukraine expressed their desire to be part of Russia in recent local elections, reaffirming referendums last year that Western countries denounced as illegal. In a video address released on the one-year anniversary of Russia's controversial announcement it was annexing four parts of Ukraine, Putin said the choice to join Russia was reinforced by this month's local elections that returned officials supporting Russia's annexation.
/jlne.ws/3tflgsZ
Bill Ackman Tweets a Lot of Big Ideas. His Biggest Might Be Combining With Twitter Itself.
Cara Lombardo - The Wall Street Journal
Bill Ackman has amassed nearly 800,000 followers on X, the social-media platform formerly known as Twitter, by broadcasting his thoughts on topics ranging from how to end the war in Ukraine to Robert F. Kennedy Jr.'s controversial stance on vaccines. Now, the investor might take his enthusiasm for the Elon Musk-owned platform to the next level.
/jlne.ws/3tgUEry
Finland hopes China will help end Russia's invasion of Ukraine
Rhyannon Bartlett-Imadegawa - Nikkei Asia
NATO's newest member, Finland, hopes that China will condemn Russia for its invasion of Ukraine and help to end the war, says Foreign Minister Elina Valtonen, as the Nordic nation considers stronger security ties in Asia. "Of course, we hope that China would also condemn the invasion," Valtonen told Nikkei Asia in an interview, adding that Beijing "could play a very significant role in ending the war" due to its influence over its ally Moscow, and as a member of the U.N. Security Council.
/jlne.ws/3thkVWN
Ukraine Ready to Load Five Grain Ships Despite Russian Threats; Vessels are heading toward Ukraine's Black Sea ports; Kyiv operating export corridor after Moscow exited grain deal
Kateryna Choursina - Bloomberg
Ukraine said five ships are heading to its Black Sea ports for loading, while three others recently have left with cargoes, as Kyiv seeks to overcome a Russian blockade of its commodity exports.
/jlne.ws/3rDoDJJ
It's Time to Scrap the Russian Oil Price Cap; Restrictions aren't hitting Russia's income, but they are raising environmental risks.
Julian Lee - Bloomberg
It gives me no pleasure to say this, but it's time to scrap the Russian oil price cap. The truth is, it isn't working, and, worse, by forcing ever more Russian oil onto rusting old tankers that are engaging in inherently risky operations like ship-to-ship transfers, it raises the likelihood of an environmental disaster.
/jlne.ws/3ZFf8q3
Ukraine's War of Drones Runs Into an Obstacle: China; As the war with Russia stretches on, so too does a contest to make more and deadlier flying machines. That means a fight over global electronics supply chains that run through China.
Paul Mozur and Valerie Hopkins - The New York Times
/jlne.ws/46sktUp
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Abaxx provides corporate update
Abaxx
/jlne.ws/3RNs8YV
SIX Exchanges Figures: September 2023
BME
SIX publishes the monthly key figures for SIX Swiss Exchange and BME Exchange about the trading and listing activity in Switzerland and Spain.
/jlne.ws/3PXiIIT
BME Scaleup authorizes the incorporation of its first Registered Advisors
BME
They will assess the suitability of the companies and coordinate the process of joining BME Scaleup. BME has agreed to allow seven firms with proven experience in capital markets to become Registered Advisors for BME Scaleup. The figure of the Registered Advisor is key in the development of this market, since each company must have one, who assesses the suitability of the companies for incorporation to BME Scaleup and assists them in the preparation of the information required at all times.
/jlne.ws/3PZP7hW
Cash market trading volumes in September 2023
Deutsche Boerse Group
Deutsche Boerse's cash markets generated a turnover of euro95.07 billion in September (previous year: euro113.63 billion / previous month: euro92.50 billion).
/jlne.ws/464te6J
After successful closing: Deutsche Boerse to initiate SimCorp squeeze-out - delisting requested
Deutsche Boerse Group
Following the successful closing of the SimCorp public takeover on Friday, 29 September 2023, Deutsche Boerse has today exercised its right to initiate a compulsory acquisition of all SimCorp shares held by the remaining minority shareholders.
/jlne.ws/3rsDkPV
The Government Pension Investment Fund of Japan Uses ICE for Impact Bond and Avoided Emissions Assessment of its Portfolio
ICE press release via Businesswire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced it was selected by The Government Pension Investment Fund of Japan (GPIF), the world's largest pension fund, to conduct an impact assessment of the fund's investment in impact bonds, which was used by GPIF in its recently published 2022 ESG Report. ICE conducted an impact assessment of the impact bonds in GPIF's portfolio, which covered various impact categories from emissions reduction and renewable energy generation to social impact, including job creation. GPIF published a report detailing ICE's impact assessment, which includes calculated impact metrics per US dollar amount invested.
/jlne.ws/46es3BE
ICE Completes First Delivery of London Cocoa Using Fully Electronic Warehouse Warrants Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, and home to the largest soft commodity futures and options markets in the world, today announced the successful delivery of London Cocoa using fully electronic warehouse warrants, replacing for the first time the paper-based systems historically used by customers in the delivery process.
/jlne.ws/3LLFroC
JSE Investment Challenge: Paving the way to financial freedom for SA youth
JSE
Crystal Park's ACUDEO College team named "ACCP-Red Bull Amaphiko Academy" arose as the August monthly winners of the Johannesburg Stock Exchange (JSE) Investment Challenge under the ETF/ETN Portfolio of the high school competition.
/jlne.ws/45gzaIL
Trading Overview in September 2023 & First Half of FY2023 (April to September)
JPX
Japan Exchange Group released Trading Overview in September 2023 & First Half of FY2023 (April to September). Cash Equity Market; In the first half of FY2023, the daily average trading value for the Prime Market (domestic common stocks) was JPY 3.9215 trillion. In the first half of FY2023, the daily average trading value for ETFs was JPY 246.7 billion. In September 2023, the daily average trading value for the Prime Market (domestic common stocks) was JPY 4.3424 trillion. The daily average trading value for the ETF market was JPY 219.9 billion.
/jlne.ws/3EYVeN5
Launch of the ToSTNeT Trading Information - Super-Block Execution of Single-Issue Trading and O/H/L/C Price (Carbon Credit) Service
JPX
JPX Market Innovation & Research, Inc. announces the launch of a new service to provide information on ToSTNeT Trading Information - Super-Block Execution of Single-Issue Trading and O/H/L/C Price (Carbon Credit) through its information distribution system. Please refer to the attachment for details.
/jlne.ws/3FjL4ah
SEBI inaugurates Common Investors Service Centre at Jammu with NSE & BSE
NSE
SEBI, NSE, and BSE have been actively involved in various initiatives and measures to enhance investor services and protection in India's securities market. To provide a comprehensive suite of securities market services to investors in the State of Jammu and Kashmir, SEBI along with Stock Exchanges - NSE and BSE have established a Common Investor Service Centre" (ISC) in Jammu.
/jlne.ws/3PI1o9t
The Most Powerful Women in Finance: No. 9, Lynn Martin, NYSE Group
Chana Schoenberger - American Banker
Since being named president of the world's largest stock exchange at the end of 2021, Lynn Martin has found herself in charge of a business whose very name stands for the equity markets and the flow of capital. It's a big responsibility, one that has her thinking about where to take the exchange next: "How do we build the NYSE for the next 231 years?" asked Martin, nodding to the exchange's last birthday this May.
/jlne.ws/3LJfwxS
SGX Cares Bull Charge Charity Futsal rallies financial community, local soccer legends and celebrities to raise close to $132,000
SGX
Aleksandar Duric, Nazri Nasir, Malek Awab and other local soccer legends were part of the action on the pitch; SGX Cares rallied the financial community, local soccer legends and celebrities this morning to raise close to $132,000 at the SGX Cares Bull Charge Charity Futsal. A total of 34 teams including all-women squads as well as youth players battled it out on the pitches for a good cause. Guest-of-Honour, Senior Parliamentary Secretary, Ministry of Culture, Community and Youth, and Ministry of Social and Family Development, Eric Chua, graced the event. Former Singapore international football legends such as Aleksandar Duric, Razali Saad, Malek Awab and Nazri Nasir, as well as a team of celebrities consisting of Charlie Goh from Ah Boys to Men fame and CNA news anchor Steve Lai, joined the action-packed day at Kick Off! in Kovan.
/jlne.ws/3Q0cKH5
TAIFEX Hosts the "2023 World Investor Week Taiwan Forum"in Support of the IOSCO and the WFE's Ring the Bell for Financial Literacy
TAIFEX
Taiwan Futures Exchange (TAIFEX), in collaboration with other organizations, hosts the "2023 World Investor Week Taiwan Forum" from October 2 to 6, to support the Ring the Bell for the Financial Literacy initiative as part of the World Investor Week (WIW) campaign launched by the International Organization of Securities Commissions (IOSCO) and the World Federation of Exchanges (WFE).
/jlne.ws/46zLRza
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Bill Ackman Tweets a Lot of Big Ideas. His Biggest Might Be Combining With Twitter Itself.
Cara Lombardo - The Wall Street Journal
Bill Ackman has amassed nearly 800,000 followers on X, the social-media platform formerly known as Twitter, by broadcasting his thoughts on topics ranging from how to end the war in Ukraine to Robert F. Kennedy Jr.'s controversial stance on vaccines. Now, the investor might take his enthusiasm for the Elon Musk-owned platform to the next level.
/jlne.ws/3tgUEry
TS Imagine and Cassini Systems announce partnership as firms seek to increase market share in the hedge fund and prime brokerage space; Strategic partnership will allow TS Imagine's users to benefit from Cassini Systems' intelligent analytics across OTC and ETD products, The TRADE can reveal.
Claudia Preece - The Trade
TS Imagine and Cassini Systems have today entered a strategic partnership, with Cassini's intelligent analytics across over the counter (OTC) and exchange traded derivatives (ETD) products now available via TS Imagine's offering, The TRADE can reveal.
/jlne.ws/3PwKgDi
Groupama AM integrates Virtu's EMS for fixed income; The EMS - Triton Valor - provides Groupama AM a single view across workflows, including electronic RFQs, automated execution, and negotiated trading.
Claudia Preece - The Trade
Groupama Asset Management is set to expand its use of Virtu's Triton Valor EMS to another asset class, now encompassing fixed income trading. The move comes off the back of continued electronification of the fixed income space, according to Eric Heleine, head of trading at Groupama AM, with the business' workflow moving away from chat and telephone and as a result seeking a more centralised approach to execution management.
/jlne.ws/3LGw6OY
Orient Futures Singapore to integrate end-to-end currency trading technology; Integral's fully integrated eFX trading solution applies to every stage of the workflow, allowing clients to streamline, automate and optimise at every stage.
Claudia Preece - The Trade
Global futures and foreign exchange brokerage services provider Orient Futures International (Singapore) is set to integrate currency technology provider Integral's end-to-end currency trading solution into its offering. The move has been made in a bid to fuel Orient Future Singapore's - owned by Shanghai Orient Futures - global growth and enhance its client base as well as streamlining trading operations.
/jlne.ws/46uYsnk
Bloomberg tackles all-to-all information leakage with launch of new anonymous liquidity discovery capabilities; Named Bridge AXE the new tool will expand users' ability to anonymously publish trading interests; follows the launch of Bloomberg's all-to-all platform in Q2 2022.
Annabel Smith - The Trade
Bloomberg has expanded the anonymous liquidity discovery capabilities of its all-to-all platform, Bloomberg Bridge, in a bid to help buy-side users reduce information leakage, The TRADE can reveal. The extension, named Bridge AXE, allows participants to anonymously post to other users of Bloomberg's all-to-all platform, Bloomberg Bridge, to identify trading interests.
/jlne.ws/3PYEJH7
Baton Systems Launches Automated Settlement Orchestration Platform
Baton Systems
/jlne.ws/3LGwtZS
Hallucinating machines; Or, how generative AI might be useful in asset management
Robin Wigglesworth - Financial Times
/jlne.ws/3LKLf1A
Staking Risks Are Vastly Misunderstood; There is a difference between staking and "staking," a poor facsimile that obscures the risks of one of crypto's lowest risk activities.
Jun Soo Kim - CoinDesk Opinion
/jlne.ws/3RZvXKH
Protocol Village: Google Cloud to Serve as Validator for Polygon PoS Network; The latest in blockchain tech upgrades, funding announcements and deals.
Bradley Keoun - CoinDesk
/jlne.ws/3Q10Xbq
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| Cybersecurity | | Top stories for cybersecurity | CISA Kicks Off Cybersecurity Awareness Month With New Program
Ionut Arghire - Security Week
To celebrate the 20th Cybersecurity Awareness Month, CISA has launched a new program, meant to promote four critical actions that businesses and individuals can take to improve cybersecurity. Since 2004, October has been dedicated to raising awareness on the importance of cybersecurity for both private and public sectors, as part of a collaborative effort between government and industry.
/jlne.ws/46ehsXr
Visa Partners with Expel to Enhance Cybersecurity Services
Elaine Mendonca - BestStocks
On October 2, 2023, Visa, a leading global payments technology company, made an exciting announcement regarding its strategic partnership with Expel, a renowned security operations provider. This collaboration aims to enhance Visa's Value-Added Services by venturing into the Managed Detection and Response (MDR) segment, benefiting clients worldwide. The primary objective of this partnership is to empower clients in anticipating and safeguarding against the ever-growing cyber threats that pose a significant risk to businesses. It is estimated that these threats will cost companies a staggering $10.5 trillion USD annually by 2025.
/jlne.ws/3RHwvEM
Preparing To Disclose Cyber Resiliency Readiness And Incident Lists
Simon Jelley - Forbes
Cyber resiliency refers to an organization's ability to withstand and recover from cyber incidents, such as ransomware, that target critical or sensitive systems and data. For almost as long as I can remember, enterprise technology experts have been banging on the cyber resiliency drum, encouraging business leaders to make it a top priority. We often speak of the consequences in terms of potential lost revenue as a result of system downtime combined with potential hard costs like system recovery.
/jlne.ws/45joIA2
Multibillion-dollar cybersecurity training market fails to fix the supply-demand imbalance
Samira Sarraf - CSO Online
The cybersecurity skills gap issue may be further from being solved than expected despite the large amount of money being invested around the world to train professionals, according to a report by the Information Systems Audit and Control Association (ISACA). While the volume of training has increased the number of entry-level professionals, organizations are looking for experienced cybersecurity personnel, the international IT governance professional association says.
/jlne.ws/46afffR
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| Cryptocurrencies | | Top stories for cryptocurrencies | We Asked New Yorkers if They'd Heard of Sam Bankman-Fried
Dilin Massand and Victor Chen - CoinDesk
To some, Sam Bankman-Fried's impending trial is one of the biggest stories in recent news, but to many New Yorkers, the name does not strike a chord. The FTX founder, who has pleaded not guilty to charges including wire fraud and conspiracy, will go on trial next week in a New York City federal courtroom. The jury for the case will consist of 12 randomly selected New York State residents and two alternates.‹
/jlne.ws/3rwiYoT
Sam Bankman-Fried in 'Disgusting' Jail That Housed Ghislaine Maxwell; FTX founder sent to Brooklyn facility after bail revoked; Attorneys complain that move means he can't help with defense
Ava Benny-Morrison - Bloomberg
For the last eight months, Sam Bankman-Fried has been cooped up in his childhood home in Palo Alto, a 3,000-square-foot house, with a backyard and the company of his parents. But the FTX co-founder is now locked up inside Brooklyn's Metropolitan Detention Center, a notorious facility for defendants awaiting trial on federal charges.
/jlne.ws/3PXnpCw
FTX Customers, Investors Will Testify Against Sam Bankman-Fried, DOJ Says
Nikhilesh De - CoinDesk
Federal prosecutors want to call former FTX customers, investors and employees in its upcoming trial against onetime crypto executive Sam Bankman-Fried, the Department of Justice confirmed in a pair of Saturday filings. The customers and investors who owned FTX shares can speak to their expectations of how FTX would hold their funds, while the cooperating witnesses can speak to "their interactions with the defendant and their understanding of the purpose of certain statements and actions of the defendant," a letter signed by Assistant U.S. Attorney Thane Rehn said.
/jlne.ws/48zGC4s
DOJ's Proposed Jury Questions 'Risks Tainting' Bankman-Fried's Panel, Defense Says
Nikhilesh De - CoinDesk
Some of the U.S. Department of Justice's proposed juror questions could bias either miss juror biases or prejudice potential jurors into thinking Sam Bankman-Fried was guilty before the trial begins, the FTX founder's defense team charged in a late Friday filing.
/jlne.ws/46dR53R
FTX's Bankman-Fried Cannot Blame Lawyers in Opening Statement: Judge
Nikhilesh De - CoinDesk
Sam Bankman-Fried cannot blame FTX's lawyers for its collapse or operations in his opening statements, though he can still try and make a so-called "advice-of-counsel" defense later, the federal judge overseeing his case ruled Sunday. Bankman-Fried's defense team told the Department of Justice and the court earlier this year that he intended to argue that FTX counsel "were involved" in certain decisions that the company made.
/jlne.ws/3F0Qeru
FTX Probing If Millions in Payments to Shaq, Naomi Osaka Can Be Reversed; FTX disclosed payments to Shaq, MLB, Mercedes racing team; Advisers probed if pre-bankruptcy payments can be returned
Jonathan Randles - Bloomberg
/jlne.ws/3ZGj9L1
Cofounder of bankrupt crypto hedge fund Three Arrows Capital arrested trying to flee Singapore
Marco Quiroz-Gutierrez - Fortune
/jlne.ws/45frXbQ
Circle Intervenes in Binance's SEC Case, Argues Stablecoins Aren't Securities
Jack Schickler - CoinDesk
/jlne.ws/48EcZ1O
Valkyrie Backs Off Ether Futures Purchases Until SEC ETF Approval Officially Effective
Lyllah Ledesma - CoinDesk
/jlne.ws/3RIfFWe
Ex-Crypto CEO Caught Up in Partying Claims at Bitcoin Conference; Miami crypto partying scene fuels job dispute at trading firm; Former B2C2 CEO Gillespie says allegations are 'pure hearsay'
Yueqi Yang - Bloomberg
/jlne.ws/3LJ2wsg
Crypto's First Year After the FTX Blowup: 'It's Been Miserable'; As Sam Bankman-Fried heads to trial, many digital-asset players remain in survival mode.
Michael P. Regan and Anna Irrera - Bloomberg
/jlne.ws/45hb4xn
Ethereum Is Becoming More Concentrated After a Key Infrastructure Provider Dropped Out; Infrastructure provider Blocknative stops operating as relay; Network validators and builders are also highly concentrated
Olga Kharif - Bloomberg
/jlne.ws/3LLKWDT
Gemini to Cease Offering Crypto Services in Netherlands in November
Jamie Crawley - CoinDesk
/jlne.ws/45dXj2j
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| Politics | | An overview of politics as it relates to the financial markets | With the CFPB's Future in Doubt, What Happens Next? The Supreme Court may well invalidate the financial watchdog's funding. Congress must ensure it can still function.
The Editorial Board - Bloomberg
Consumer financial protection is one of those phrases, like voting rights and universal health care, that's far more controversial than it sounds. In the dozen years since Congress created the Consumer Financial Protection Bureau, it has proved to be a partisan minefield, relentlessly contested by lawmakers, businesses and the courts.
/jlne.ws/3LF7ne4
Joint Statement on the U.S.-UK Financial Regulatory Working Group
U.S. Department of the Treasury
Officials and senior staff from HM Treasury and the U.S. Department of the Treasury were joined by representatives from independent regulatory agencies, including the Bank of England, Financial Conduct Authority, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission.
/jlne.ws/458QDml
The EATS Act Jeopardizes Animal Welfare And Human Health
Danielle Nierenberg - Forbes
A group of Congressional lawmakers are pushing to include the Ending Agricultural Trade Suppression Act as part of the 2023 Farm Bill. The legislation, known as The EATS Act, could have serious implications for animal welfare and cascading effects on farmer well-being, worker safety, the spread zoonoses, and pollution.
/jlne.ws/3ZAHSAh
US Weighing Record $1 Billion Loan for Massive Lithium Mine in Nevada; Thacker Pass was opposed by environmental, tribal groups; Loan would represent roughly half the cost of mining project
Jacob Lorinc, Ari Natter and Yvonne Yue Li - Bloomberg
The US Energy Department is in talks to lend a record $1 billion to the developer of one of the country's largest lithium deposits in a push to build out a domestic supply of critical minerals. The Biden administration and Lithium Americas Corp. are negotiating the terms of an agreement that would fund more than half of the cost of the Thacker Pass mine in Nevada, according to a person familiar with the matter who asked not to be identified discussing confidential information.
/jlne.ws/3ZDMl54
DOE Announces $35 Million to Accelerate Carbon Dioxide Removal
U.S. Office of Fossile Energy and Carbon Management
The U.S Department of Energy's (DOE) Office of Fossil Energy and Carbon Management (FECM) today announced up to $35 million, made available through President Biden's Investing in America agenda, to advance technologies that reduce emissions from hard-to-abate sectors such as aviation and shipping and legacy carbon dioxide (CO2) pollution by removing it directly from the atmosphere.
/jlne.ws/46d3ULY
Climate Disasters Drain US Emergency Fund, Adding to Government Shutdown Risk
Rachael Dottle and Leslie Kaufman - Bloomberg
/jlne.ws/3RCicBi
5 economic shocks are about to hit the U.S. all at the same time: 'There are storm clouds out there forming that we're all seeing and watching-fearfully'
Will Daniel and Alicia Adamczyk - Fortune
/jlne.ws/45eoCcT
US lawmakers pass short-term deal to avoid government shutdown
Lauren Fedor, Colby Smith and James Politi - Financial Times
/jlne.ws/3rybhyk
A last-second deal averts a government shutdown with 45 minutes to spare
Ben Werschkul - Yahoo! Finance
/jlne.ws/48v9RFD
Biden signs stopgap measure to avert shutdown ahead of midnight deadline
Clare Foran, Haley Talbot, Morgan Rimmer, Annie Grayer, Lauren Fox and Melanie Zanona - CNN
/jlne.ws/3EXHfqS
Climate change means New York City's flooding is 'new normal,' governor says
Kanishka Singh and Joseph Ax - Reuters
/jlne.ws/3tdqbL4
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| Regulation & Enforcement | | Stories about regulation and the law. | FCA Fines Archer-Daniels-Midland Unit for Shoddy Crime Controls; London brokerage was fined for shortcomings from 2014 to 2016; Failings continued even after 'clear warnings,' regulator says
Donal Griffin - Bloomberg
The UK Financial Conduct Authority fined a brokerage subsidiary of Archer-Daniels-Midland Co., one of the world's largest crop traders, for repeated failure to impose proper anti-money-laundering controls.
/jlne.ws/3ZGskLt
Frankfurt prosecutors charge German citizen with insider trading; German citizen allegedly received confidential information from Perella Weinberg banker
Olaf Storbeck - Financial Times
Frankfurt prosecutors have charged a 48-year-old German citizen with insider trading in one of the country's largest such cases, public prosecutors told the Financial Times, as German authorities seek to crack down on the practice. The defendant, who allegedly received confidential information about forthcoming M&A deals from a partner at boutique investment bank Perella Weinberg, is accused by prosecutors of having used inside information in 20 different trades between 2017 and 2021.
/jlne.ws/3ZEg8uw
Asset Management: The hedge fund bet that's scaring regulators; Plus, policymakers turn up heat on shadow banks, Afghan currency rallies, and walking the New River Path
Harriet Agnew - Financial Times
Inside the 'basis trade' on the Treasuries market
Over the past month, the Bank for International Settlements, a convening body for the world's central banks, and US Federal Reserve researchers have pointed to a rapid build-up in hedge fund bets in the $25tn US government bond market.
/jlne.ws/3Q0KZOQ
SEC fines 8 Wall Street firms over $100M in WhatsApp probe
Reuters
Regulators on Friday fined eight companies a combined $111 million over record-keeping lapses, the latest in a series of enforcement actions levied over Wall Street's use of WhatsApp and other unapproved messaging channels for discussing business.
/jlne.ws/3LJJPEW
CFTC Fines Goldman Over Swaps Reporting, Futures Controls; CFTC cites Goldman's swap dealer activities since 2013; Regulator also imposes fines on JPMorgan, Bank of America
Benjamin Bain - Bloomberg
Goldman Sachs Group Inc. has been fined by a US regulator over alleged swaps reporting failures and other violations. The US Commodity Futures Trading Commission on Friday ordered Goldman to pay a $30 million penalty for failing to "diligently" supervise its swap dealer activities and for failures relating to swap date reporting and so-called pre-trade mid-market marks.
/jlne.ws/3tcZTs9
Statement of Commissioner Kristin N. Johnson Regarding CFTC's Twentieth Offline Communications Case
Commodity Futures Trading Commission
Not two months ago, I issued a statement announcing that the Commodity Futures Trading Commission (CFTC) had surpassed $1 billion in civil monetary penalties imposed on financial institutions that failed to comply with CFTC recordkeeping requirements through the use of offline, unmonitored communications channels.
/jlne.ws/3rCC6S7
Statement of Commissioner Christy Goldsmith Romero In Support of Holding Interactive Brokers Accountable for Widespread Use of Whatsapp and Personal Text Messaging to Evade Regulatory Oversight
Commodity Futures Trading Commission
I support this enforcement action against Interactive Brokers, a Commission-registered broker, as another victory in holding Wall Street institutions accountable for their pervasive use of unauthorized communication methods, like private texts and in some cases Whatsapp, violating the law and evading regulatory oversight requirements.
/jlne.ws/3LIhO0i
Dissenting Statement of Commissioner Caroline D. Pham Regarding the Filing of Administrative Complaints for Enforcement Actions
Commodity Futures Trading Commission
I respectfully dissent on the Commission's use of administrative proceedings before a hearing officer in the absence of CFTC Administrative Law Judges (ALJs) and in lieu of filing in federal court without an appropriate regard for due process. This creative "shotgun" approach to administrative proceedings, first devised only a couple years ago, flies in the face of decades of Commission standard practice and rules, bypasses federal Article III courts, and is a misuse of the CFTC's adjudication authority.
/jlne.ws/3RZupQT
CFTC Charges Eight Entities for Fraudulently Claiming CFTC Registration
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today announced it filed charges against eight entities for fraudulently claiming to be CFTC-registered futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs). The entities, which all claim to be based in the Florida, are altux-fx-miner, AstroFXMinners, Avadigital-Miners.com, Globalbitasset, Gold Life Investment, Matchlessfxminer, PrimeCapitalTrade, and Trading-Extramining.
/jlne.ws/45dibXM
CFTC Charges Four Individuals and a Seychelles Company with Operating a Fraudulent Digital Assets Trading Scheme and Misappropriation
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the District of New Jersey charging fraud against Or Patreanu of Israel, Snir Hananya of Italy, Elijah Samson of Germany, Artem Prokopenko of Ukraine, and Expected Value Plus Ltd., a Seychelles company, all d/b/a Trade2Get, Coinbull, Cryptonxt, Tradenix, Cryptobravos, Nittrex, Pinance, and Wobit (collectively, Cryptobravos).
/jlne.ws/3ryxkVA
CFTC Vacates SEF Registration of SwapEx LLC
Commodity Futures Trading Commission
At the request of SwapEx LLC, the Commodity Futures Trading Commission today issued an order that vacates the registration of SwapEx as a swap execution facility (SEF) effective September 30. The CFTC registered SwapEx as a SEF on January 22, 2016. Under Section 7 of the Commodity Exchange Act and CFTC Regulation 37.3(g), a SEF may request its registration be vacated by filing a request with the CFTC at least 90 days prior to the requested date of vacation. On June 16, 2023, SwapEx requested the CFTC vacate its registration.
/jlne.ws/48AYaNy
CFTC Orders Goldman Sachs to Pay $3 Million for Supervision Failures and Material Omissions in a Letter to the CFTC's Division of Enforcement
Coommodity Futures Trading Commission
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Goldman Sachs & Co. LLC for failure to maintain adequate supervisory systems and controls to ensure its customers' trading was not disruptive and for material omissions in a letter to the CFTC's Division of Enforcement (DOE).
/jlne.ws/3Q0P5Xh
CFTC Orders Interactive Brokers to Pay $20 Million for Recordkeeping and Supervision Failures for Widespread Use of Unapproved Communication Methods
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Interactive Brokers Corp., an introducing broker, and Interactive Brokers LLC, a futures commission merchant, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to their businesses as CFTC registrants.
/jlne.ws/3EWuOeV
CFTC Orders Three Financial Institutions to Pay Over $50 Million for Swap Reporting Failures and Other Violations
Commodity Futures Trading Commission
The Commodity Futures Trading Commission today issued orders simultaneously filing and settling charges with affiliates of three financial institutions for a variety of swap dealer activities including failures related to swap data reporting and, in one case, failures related to the disclosure of Pre-Trade Mid-Market Marks (PTMMMs).
/jlne.ws/3rIvxgJ
Concurring Statement of CFTC Commissioner Christy Goldsmith Romero on CFTC v. Goldman Sachs Over and Over Again
Commodity Futures Trading Commission
I support this CFTC enforcement case against Goldman Sachs, the fourth case against Goldman in my 18-month tenure at the CFTC.[1] I commend our staff for uncovering the pervasive and persistent violations of the law by Goldman in its over-the-counter derivatives business known as swaps.
/jlne.ws/48ygfMj
Statement of Commissioner Christy Goldsmith Romero in Support of Enforcement Case Against JPMorgan Chase for Violating Reporting & Supervision Rules Designed to Identify Systemic Risk
Commodity Futures Trading Commission
As financial regulators, we have a responsibility to guard against post-crisis complacency towards Dodd-Frank Act rules-complacency that exposes the U.S. financial system to systemic risk. This case against JPMorgan Chase is an example of just such complacency, and I strongly support it. This case holds accountable a bank that received extraordinary taxpayer funded bailouts via the Troubled Asset Relief Program (TARP) after its unchecked risk taking contributed to the financial crisis.
/jlne.ws/3PVn0jT
Statement of Commissioner Kristin N. Johnson on Mitigating the Systemic Risks of Swap Data Reporting Compliance Failures and Enhancing the Effectiveness of Enforcement Actions
Commodity Futures Trading Commission
This week, the Commodity Futures Trading Commission (CFTC) issued three orders imposing civil monetary penalties of over $50 million combined in actions involving several of the largest financial institutions in our nation and several of the most significant institutions in global swaps markets-JP Morgan Chase Bank, N.A. and affiliated entities (JP Morgan); Bank of America, N.A. and Merrill Lynch International (BAML); and Goldman Sachs & Co. LLC (Goldman) (collectively, Respondents).
/jlne.ws/3PX2csn
SEC, MSRB, & FINRA to Hold Virtual Compliance Outreach Program
SEC
The Securities and Exchange Commission, Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals. The free webcast is open to the public and will take place on Thursday, December 7, 2023, from 10:30 a.m. to 4:30 p.m. ET.
/jlne.ws/3tby8Ad
SEC Proposes Tailored Registration Form for Offerings of Registered Index-Linked Annuities
Proposal would customize existing registration form and related processes currently used in connection with variable annuities
SEC
The Securities and Exchange Commission today proposed tailored disclosure requirements and offering processes for offerings of registered index-linked annuities (RILAs). The amendments would highlight key information about RILAs, allow insurance companies to conduct RILA offerings in the same way they conduct offerings of variable annuities, and enhance the investor protections that apply to RILA advertisements.
/jlne.ws/3ZEeoRP
SEC Charges International Accounting Firm Prager Metis with Hundreds of Auditor Independence Violations
SEC
The Securities and Exchange Commission today announced charges against accounting firm Prager Metis CPAs, LLC and its California professional services firm, Prager Metis CPAs LLP, (together, Prager) for violating auditor independence rules and for aiding and abetting their clients' violations of federal securities laws.
/jlne.ws/3LDKkQv
SEC Charges D. E. Shaw with Violating Whistleblower Protection Rule
SEC
The Securities and Exchange Commission today announced settled charges against New York-based registered investment adviser D. E. Shaw & Co., L.P. for raising impediments to whistleblowing by requiring employees to sign agreements prohibiting the disclosure of confidential corporate information to third parties, without an exception for potential SEC whistleblowers, and by requiring departing employees to sign releases affirming that they had not filed any complaints with any government agency in order for the employees to receive deferred compensation. D. E. Shaw agreed to pay $10 million to settle the SEC's charges.
/jlne.ws/3Pvpt3a
SEC Charges 10 Firms with Widespread Recordkeeping Failures
SEC
The Securities and Exchange Commission today announced charges against five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders and acknowledged that their conduct violated recordkeeping provisions of the federal securities laws.
/jlne.ws/3PJhP5w
SEC Charges Two Credit Rating Agencies, DBRS and KBRA, with Longstanding Recordkeeping Failures
DBRS also charged with disclosure and internal controls violations
SEC
The Securities and Exchange Commission today announced charges against credit rating agencies DBRS Inc. and Kroll Bond Rating Agency, LLC (KBRA) for longstanding failures to preserve electronic records, including off-channel communications on personal and work-issued devices. Additionally, the SEC charged DBRS with violating disclosure and internal control provisions of the federal securities laws in rating certain commercial mortgage-backed securities (CMBS). To settle the charges, DBRS agreed to pay $8 million in civil penalties and KBRA agreed to pay $4 million in civil penalties.
/jlne.ws/3Q1iIaY
SEC Charges Newell Brands and Former CEO for Misleading Investors About Sales Performance
SEC
The Securities and Exchange Commission today charged Newell Brands Inc., a Georgia-based consumer products company and its former CEO, Michael Polk, with misleading investors about Newell's core sales growth, a non-GAAP (Generally Accepted Accounting Principles) financial measure the company used to explain its underlying sales trends. Both parties agreed to settle the SEC charges.
/jlne.ws/3EWTDYb
Albemarle Corp. to Pay SEC More Than $103 Million to Settle FCPA Violations
SEC
The Securities and Exchange Commission today announced that Charlotte-based Albemarle Corporation, a global specialty chemicals company, agreed to pay more than $103.6 million to settle the SEC's charges that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).
/jlne.ws/45aZx2w
SEC fines Citigroup, former unit over customer disclosures
Reuters
Citigroup (C.N) and a former unit were fined $1.975 million by the U.S. Securities and Exchange Commission on Thursday for making securities recommendations to retail customers without complying with disclosure obligations.
/jlne.ws/46BVmy1
SEC Brings in $218 Million in a Day but Still Faces Shutdown
Dave Michaels - The Wall Street Journal
Wall Street's top regulator on Friday brought in $218 million in fines, roughly equal to 10% of its latest annual budget. It is still shutting down next week if lawmakers can't agree on a plan to fund the federal government.
/jlne.ws/3F0dMfW
SEC Fines Hedge Fund D.E. Shaw $10 Million For Whistleblower Protection Violations
Mengqi Sun - The Wall Street Journal
D.E. Shaw agreed to pay $10 million to settle allegations the hedge fund's employment agreements and separation releases with employees contained language preventing whistleblowers from coming forward.
/jlne.ws/3ZAHvFG
SEC, MSRB, FINRA to Hold Virtual Compliance Outreach Program
FINRA.org
The Securities and Exchange Commission (SEC), Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) today announced that registration is open for a virtual Compliance Outreach Program for municipal market professionals. The free webcast is open to the public and will take place on Thursday, December 7, 2023, from 10:30 a.m. to 4:30 p.m. ET.
/jlne.ws/46afzLB
It's time for an Enlightenment on financial inclusion
Financial Conduct Authority
It is fitting that today's event on financial inclusion is hosted in Scotland - the land that gave birth to the Enlightenment. For 3 centuries, also home to a thriving financial sector and - right now - also home of squeezed households. Some 43 per cent of - or 1.9 million Scots - told our researchers they could not cover bills for 3 months or more without their main income - 3 percentage points higher than in England and 2 more than the UK average.
/jlne.ws/3t9jSYG
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The 'Meme' Stock Market Fad Has Finally Washed Out
John S. Tobey - Forbes
The early 2021 meme stock fad had extremely fast and large runups. Additionally, the David vs. Goliath story was compelling. Therefore, even as the stocks pulled back, many supporters remained committed. Finally, though, the meme stocks have washed out (that is, returned to their pre-runup prices - or lower).
/jlne.ws/46zscPS
24-Hour Trading Trends in Equities
Jill Malandrino - Nasdaq
TradeTalks broadcasts live from MarketSite in Times Square, the historic Philadelphia Trading Floor and Global Industry Conferences and Events. Featuring conversations with top industry thought leaders on trends, news and education.
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GAIN Capital drops lawsuit against Forex trader
Maria Nikolova - FX News Group
GAIN Capital has agreed to voluntarily dismiss the lawsuit against Forex trader Justin LeBlanc, accused of taking advantage of an order execution error. On September 28, 2023, a stipulation of voluntary dismissal was filed with the New York Southern District Court.
/jlne.ws/3LIRKST
America's Debt Problem Is Too Big for the Bond Vigilantes
Spencer Jakab - The Wall Street Journal
Markets can scare even Washington bigwigs straight sometimes, but the latest tumult in stocks and bonds might not get the reaction investors want to see. One time they did was the early 1990s, when bond yields surged during the Clinton administration in response to budget deficits. In fiscal 1992, President George H.W. Bush's final full year in office, the shortfall hit a then-record $290 billion.
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Once Unthinkable Bond Yields Now the New Normal For Markets; Dramatic bond selloff reinforces shift from easy-money era; Larry Fink sees 'embedded inflation' pushing US 10-year to 5%
Alice Gledhill and Michael Mackenzie - Bloomberg
It was the week that bond markets finally seemed to grasp what central bankers have been warning all year: higher interest rates are here to stay. From the US to Germany to Japan, yields that were almost unthinkable at the start of 2023 are now within reach. The selloff has been so extreme it's forced bullish investors to capitulate and Wall Street banks to tear up their forecasts.
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China Stock Investors Say Worst Yet to Come in Property Crisis; Geopolitics is No. 2 concern in informal Bloomberg News poll; Cheap valuations spur optimism worst of foreign selling over
Bloomberg
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Ryan Cohen's GameStop Gambit Raises Specter of His Spotty Record; Appointment 'ensures GameStop's demise': Wedbush's Pachter; Bed Bath, Alibaba, Nordstrom stakes have had mixed results
Bailey Lipschultz - Bloomberg
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A New Interest-Rate Regime Has Begun. These Are the Market's Winners and Losers.
Hardika Singh - The Wall Street Journal
/jlne.ws/3Q0Srtl
Kenya's Stock Market Becomes World's Worst Performer; KCB Group leads the stock market to its fourth quarterly drop; Index posts the longest streak of quarterly losses since 2017
Eric Ombok - Bloomberg
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With Banks Offering 5% Returns, Financial Advisers Fight Irrelevance; As interest rates climb, fewer people see the point in shelling out for investment advice.
Claire Ballentine and Suzanne Woolley - Bloomberg
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VCs tell start-ups to delay IPO plans after Arm and Instacart underwhelm; Tech debuts were overshadowed by concern about interest rates, frustrating hopes for a rush of listings
George Hammond and Tabby Kinder and Ivan Levingston - Financial Times
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | 'We can't drink oil': how a 70-year-old pipeline imperils the Great Lakes; Tribes say Line 5 is a 'ticking time bomb' for the Great Lakes, which contain a fifth of the Earth's surface fresh water, and risks destroying their relationship with land and water
Oliver Milman - The Guardian
It's little known to the throngs of tourists who gawp at the wonder of the Great Lakes but at the meeting point of Lake Huron and Lake Michigan, a combined system that forms the largest lake in the world, there is a 70-year-old pipeline, battered and dented by dropped boat anchors. The pipeline pushes a million gallons of oil each hour through the heart of this vast ecosystem. The operators of this pipeline, which is called Line 5, now wants to embark upon an enormous tunneling project to burrow the exposed section that lies on the lakebed underneath the Great Lakes and prolong its life for another century, starting a labyrinthine battle that has enmeshed the governments of the US and Canada, the state of Michigan and various industry and fishing interests.
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Biden administration plans record-low number of offshore drilling leases
Five-year plan offers drastic reduction compared with Trump-era proposal despite industry lobbying
Amanda Chu and Jamie Smyth - Financial Times
The Biden administration on Friday unveiled plans to hold a record low number of offshore lease sales over the next five years, in a blow to the oil and gas industry. Just three lease sales are planned in the Gulf of Mexico from 2025 to 2029 under the final terms of a government programme, which was delayed for months amid bitter debate between climate and fossil fuel groups.
/jlne.ws/3ZDQVQN
Europe's War on Carbon Goes Global as Border Tax Comes Into Play; EU introduces carbon border adjustment mechanism from Oct. 1; Measure has already received pushback from EU trade partners
Ewa Krukowska - Bloomberg
The European Union has been accelerating its push to become the first climate-neutral continent. A new policy coming into force on Sunday will be a first step toward nudging other parts of the world to follow suit. The measure will eventually place a levy on carbon-intensive imports so that European companies forced to comply with the continent's strict climate laws won't face unfair competition from producers outside the bloc. From Sunday, the start of the first phase of the so-called Carbon Border Adjustment Mechanism, importers from six carbon-intensive industries will be required to start reporting on their emissions.
/jlne.ws/3PZjpkT
Climate Looms Large Over Middle East's Biggest Oil Gathering; UAE convenes producers ahead of UN's COP28 conference in Dubai; Nation looking to balance roles of oil state, voice on climate
Anthony Di Paola and Salma El Wardany - Bloomberg
At the biggest Middle Eastern energy conference this week, oil won't be top of the agenda. Ministers and business chiefs will gather in Abu Dhabi for the Adipec summit, an annual gathering where oil investment, production and markets have been dominant topics in the forum's long-running history. This time around, climate is likely to take over.
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The big idea: can we predict the climate of the future? We're pouring money into computer models - but could they lead us astray?
David Stainforth - The Guardian
Predicting the future lies at the heart of responding to climate change. We want to know what things will look like if we take certain actions to reduce greenhouse gas emissions - and what they will look like if we don't. The difference between the two provides the basis for weighing up the various climate policies that might be on the table. But we aren't drawn to predictions just because we're interested in policy choices. Climate change is scary.
/jlne.ws/3ZKYK7y
Who are UKSIF and what is Good Money Week?
Ethical Futures
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Shinhan Bank's U.S. Unit to Pay $25 Million Over Alleged Compliance Faults
Richard Vanderford - The Wall Street Journal
The U.S. unit of South Korea's Shinhan Bank has agreed to pay $25 million to settle investigations by U.S. regulators into alleged compliance problems. Shinhan Bank America, a New York-based subsidiary of one of South Korea's most important financial groups, entered into settlements with the U.S. Treasury Department's Financial Crimes Enforcement Network, the Federal Deposit Insurance Corporation and the New York State Department of Financial Services, the agencies said Friday.
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How China's Property Crisis Is Testing Its Too-Big-to-Fail Banks
Keith Bradsher - The New York Times
China's giant banking system, the world's largest, is heavily exposed to the real estate crisis: Nearly 40% of all bank loans are related to property. And pressure is building on those banks as dozens of real estate developers have defaulted or missed payments on overseas bonds, led by China Evergrande, the world's most indebted developer.
/jlne.ws/46wOTnR
Deutsche Bank Regulator Tightens Oversight in Setback to CEO; Watchdog BaFin appoints independent monitor in rare step; Move comes after flood of complaints from retail clients
Steven Arons - Bloomberg
One of Deutsche Bank AG's top regulators has tightened how it supervises the lender after it failed to fix widespread shortcomings at its consumer unit quickly enough. German financial watchdog BaFin on Monday said it has appointed an independent monitor to oversee Deutsche Bank's progress in resolving the issues. It's the second time BaFin has taken the unusual step since Chief Executive Officer Christian Sewing took office in 2018.
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China's CSI 2000 ETFs fail to make expected splash with investors; Assets raised by eight new funds have been dwarfed by capital being pulled from Chinese markets
Karen Lai - Financial Times
Initial asset raising for the first eight Chinese exchange traded funds tracking the newly launched CSI 2000 index has failed to live up to the hype that accompanied the launch of the index.
/jlne.ws/46C8FhX
New GAM board promotes Elmar Zumbuehl to chief executive; Swiss asset manager elevates chief risk officer after board was replaced last week
Sally Hickey - Financial Times
GAM's new board has appointed Elmar Zumbuehl as chief executive of the Swiss asset manager, after the previous board stepped down following the blocking by activist investors of a takeover bid by UK rival Liontrust.
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Another BP Executive Departs With US Head Resigning
Laura Hurst - Bloomberg
BP Plc.'s US president David Lawler is leaving the British oil giant, becoming the second top executive to quit this month after Chief Executive Officer Bernard Looney abruptly resigned. Lawler, who had been with BP for nine years, "has notified us of his intent to pursue new career opportunities outside of BP," according to a memo to employees confirmed by the company.
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Malcolm Gladwell's Pushkin Industries to Lay Off Over 30% of Staff; 'The Tipping Point' author will step into editorial director role as part of executive shakeup
Ashley Carman - Bloomberg
Bestselling author Malcolm Gladwell's company, Pushkin Industries, is laying off over 30% of its staff and shaking up its leadership team as the broader podcast industry continues to recalibrate after years of expensive deals and over-ambitious growth plans. Seventeen out of 54 employees are being let go, including members of the executive team, said Jacob Weisberg, chief executive officer and co-founder.
/jlne.ws/3ZGUJB6
A Conversation with Richard Buery, CEO of the Robin Hood Foundation
Martha Ramirez - Inside Philanthropy
As CEO of the Robin Hood Foundation, Richard Buery heads one of the leading antipoverty organizations in New York. Prior to joining Robin Hood in 2021, Buery served as the CEO of one of Robin Hood's partners, Achievement First, a network of charter schools across New York, Connecticut and Rhode Island.
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Robots Versus Workers Is No Zero-Sum Game; Robust spending on industrial automation is a nuanced response to labor shortages and innovation.
Brooke Sutherland - Bloomberg Opinion
The US population of industrial robots isn't growing as robustly as it was during the peak of the post-pandemic labor shortages, but it's still growing much faster than the ranks of the country's manufacturing workers. US factories installed nearly 40,000 robots in 2022, up 10% from the year earlier, according to a report released this week by the International Federation of Robotics.
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Looney accused of promoting BP women with whom he had undisclosed relationships; The relationships allegedly occurred before the former CEO took the helm of the oil giant
Tom Wilson and Anjli Raval - Financial Times
The allegations that prompted Bernard Looney's resignation from BP included an accusation that the chief executive promoted women with whom he had undisclosed past relationships, according to people familiar with the matter. The romantic relationships with BP colleagues that are in question all allegedly occurred before Looney became chief executive in 2020 but had not been disclosed to the company, the people said.
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BNP Paribas to track London staff to force office attendance
Penny Sukhraj - Financial News
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Science Strikes Back Against Long Covid Skeptics; People who have suffered a wide range of lingering symptoms after a bout with the virus share key biomarkers - and that's very good news.
Brooke Sample - Bloomberg Opinion
Finally, the hunt for answers about long Covid is yielding some clues. A new study, led by the Icahn School of Medicine at Mount Sinai and the Yale School of Medicine and published in Nature, defines some critical differences in certain biomarkers of people with long Covid. The next step is even more critical: coming up with a way to cure them.
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Your Will Alone Won't Guarantee Your Money Goes to Your Heirs
Ashlea Ebeling - The Wall Street Journal
When Dr. James Rocconi's third wife left him, he rushed to update his will and other estate-planning documents to ensure she would get nothing when he died. But since the handwritten change he faxed to his insurance company wasn't accepted, his three children from his first marriage ended up in a six-year legal fight with her over the benefits after he died in 2017. "He told me what he wanted. I wasn't going to let her win," said Dr. Tony Rocconi, a veterinarian like his dad, and executor of the estate.
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The US Deserves a Better Vaccine Rollout Than This; Canceled appointments and a lack of supply will hurt uptake of the updated shots.
Lisa Jarvis - Bloomberg
The rollout of this fall's Covid vaccine has been frustrating. When CDC authorized the Covid shots for everyone 6 months and older on Sept. 12, the expectation was they'd be available within days. That hasn't proven to be the case. Instead, appointments seem readily available, only to be cancelled at the last minute; surprise bills for vaccines touted as free abound; and the littlest children seem left out altogether.
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Nobel Prize Awarded to Covid Vaccine Pioneers; The physiology or medicine prize for Katalin Kariko and Drew Weissman recognized work that led to the development of vaccines that were administered to billions around the world.
Benjamin Mueller - The New York Times
Katalin Karikó and Drew Weissman, who together identified a chemical tweak to messenger RNA that laid the foundation for vaccines against Covid-19 that have since been administered billions of times globally, were awarded the Nobel Prize in Physiology or Medicine on Monday.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Planned financial transaction tax axed
Wichit Chantanusornsiri - Bangkok Post
The Ministry of Finance has scrapped a plan to collect a financial transaction tax, saying it could have a negative impact on the stock market. The tax was expected to bring in 14 billion baht in revenue in the 2024 fiscal year, according to calculations by Sirikanya Tansakul, a deputy leader of the opposition Move Forward Party.
/jlne.ws/3ZF2VSf
Australia swelters through 'scorching' heat lifting bushfire risk
Reuters
Australia's southeast on Sunday sweltered in a heat wave that raised the risk of bushfires and led authorities to issue fire bans for large swathes of New South Wales state. The nation's weather forecaster said temperatures would be up to 12 degrees Celsius (53.6 degrees Fahrenheit) above average in some areas, with Sydney, the capital of Australia's most populous state New South Wales, set to hit 36 C (96.8 F).
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Chocolate Could Get Even Pricier If Africa's Cocoa Crop Flops; New West African harvest is starting and output will be key; Tight supply risks more inflationary pressure for treats
Mumbi Gitau and Baudelaire Mieu - Bloomberg
Chocolate risks becoming even more expensive if West Africa's new cocoa harvest ends in disappointment. Cocoa prices have soared about 47% in the past year on fears that bad weather and crop disease will hurt output in Ivory Coast and Ghana, which make up two-thirds of world supply. An El Nino weather phenomenon could make matters worse, and analysts expect a third straight global shortage for the new season that's just starting.
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Ivory Coast Cocoa Price Increase Falls Short of Farmers' Hopes; Farmgate price for main crop to be raised by 11%: minister; Cocoa farmers wanted 44% increase to pay for new investments
Baudelaire Mieu - Bloomberg
Ivory Coast raised the price it pays cocoa farmers for their main crop by 11%, falling short of growers' hopes after futures rose to a 12-year high. The world's top grower of the chocolate ingredient will pay farmers 1,000 CFA francs ($1.61) per kilogram for the bigger of two harvest seasons in 2023-24, up from 900 CFA francs paid in 2022-23, Minister of Agriculture Kobenan Kouassi Adjoumani said at a ceremony in Abidjan, the capital.
/jlne.ws/3LLmW3H
Philippines Gives Rice Farmers $224 Million in Aid Amid El Nino
Cecilia Yap - Bloomberg
The Philippines said it will provide 12.7 billion pesos ($224 million) in financial assistance to about 2.3 million rice farmers to help them cope with El Nino and higher production costs. Rice farmers tilling below two hectares of land will receive 5,000 pesos each, President Ferdinand Marcos's communications office said in a statement. The fund will be sourced from the excess tariff collection from rice imports in 2022, it said.
/jlne.ws/3RIfxGe
Saudi Aramco Hunts for More LNG Deals to Meet Surging Demand
Matthew Martin and Anna Shiryaevskaya - Bloomberg
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Argentines' Love of Dollars Creates a Windfall for Local Brokers; Trading houses profit from helping Argentines skirt controls; They're rushing to hire staff and open offices to meet demand
Ignacio Olivera Doll - Bloomberg
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Mississippi River Waters Dip Toward Record Low in Threat to US Crop Exports
Michael Hirtzer - Bloomberg
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Climate change and NYC: Historic rains buckle city's infrastructure, again
Denise Chow and Evan Bush - NBC News
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'Monster Fracks' Are Getting Far Bigger. And Far Thirstier.
Hiroko Tabuchi and Blacki Migliozzi - The New York Times
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| Miscellaneous | | Stories that don't quite fit under the other sections | Apple identifies issues causing overheating in the iPhone 15
Juby Babu - Reuters
Apple (AAPL.O) on Saturday said it has identified a few issues which can cause new iPhones to run warmer than expected, including a bug in the iOS 17 software which will be fixed in an upcoming update. After complaints that the new phones are getting very warm, Apple has said that the device may feel warmer in the first few days "after setting up or restoring the device because of increased background activity."
/jlne.ws/3F1fjm2
Houston Oil Trader Aims to Snap Up More of Europe's Football Upstarts
Hugo Miller - Bloomberg
Yverdon Sport FC is not a household name in European football, but Jamie Welch is determined to make his purchase of the Swiss club earlier this year the start of something bigger. The former Credit Suisse banker turned Houston oil trader sees his purchase of Yverdon, a scrappy upstart, which just won promotion to the top-tier Swiss Super League this year, as a stepping stone to buying other undervalued clubs.
/jlne.ws/458TprG
The Foliage Fanatics Who Travel in Search of Peak Fall Colors-and What We Can Learn From Them
Jen Rose Smith - The Wall Street Journal
Only when Anthony Quintano felt his car start to slip off the road did he wonder: Had he finally gone too far in his annual hunt for fall foliage? Quintano, a 45-year-old adventure photographer, was driving the notoriously hairy route to Colorado's Crystal Mill, a historic wooden structure whose backdrop of golden aspens draws foliage seekers like catnip, when his back wheel briefly slipped off the edge.
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