| July 12, 2022 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
John Lothian & JLN Staff
Today is another day of sad news, as R.J. O'Brien reported yesterday that John W. O'Brien, Sr. has passed away after a long illness. The press release from RJO is below. JLN sends our condolences to the O'Brien family and the RJO team, and family and friends of Johnny O'Brien on his passing.
Also yesterday, Jacqueline Cashman, the wife of Thomas J. Cashman, passed away. She was the mother of Thomas F. Cashman, who is a member of the JLN Advisory Committee and one of my best friends. Thomas J. Cashman is a mentor of mine and former neighbor in Wisconsin for whom I worked as a driver. My condolences to the whole Cashman family on her passing.
Today we have a video we shot in San Antonio for the Open Outcry Traders History Project, which I have mentioned before. This video is part one of our interview with veteran trader Joe Corona. Corona and his partner Bruce Lawrence hired me as an off-the-floor futures trader in 1989, concerned about the viability of the trading floors because of electronic trading.
He gives a frank discussion about his experiences, starting as a runner at the Cboe trying to make some money while looking for a job for his real career that never happened. The markets captured Corona and we are better for it. You will enjoy his entry into the open outcry series.
SpiderRock today launched "Chart Tool" as a new way to visualize options volatility. They are offering a free demo for 30 days. For more information, click HERE.
My daughter Katherine is the assistant program director for the Summit Bechtel Reserve summer camp program for the Boy Scouts of America, and one of the things she does is lead the opening campfire program on Sunday night.
Because she has been on staff for five years at the Summit, her family gets a discount for staying here and the activity fee waived. We do have to pay the food fee. It is a great deal for our whole family to come and stay in one "glamping" tent and participate in the activities of the camp, which are the best of what Boy Scout camps have to offer.
Yesterday the family was at the rifle range and shot two different types of rifles. Today we get to shoot shotguns, though I will be forgoing that experience. Robby, Tim and Nichole are at the mountain biking course this morning. Everyone is having fun, though we are needing to regularly check for ticks.
One of the great things about coming to a place like the Summit is that you never know who you are going to meet. One of the first Scoutmasters I met is a gentleman from St. Louis leading a group of eight boys to the Summit. A former Eagle Scout from his troop is David Montgomery, the running back of the Chicago Bears. He was Montgomery's Scoutmaster from the time he was 10 years old all the way through to Eagle.
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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Veteran Trader Joe Corona Talks Freely In His Open Outcry Traders History Project Interview - Part One
JohnLothianNews.com
Joe Corona's Open Outcry Traders History Project story is a frank discussion of someone who stumbled into the markets as a temporary gig on his way to another career that never happened. Joe started a career in the markets after a friend of a friend helped him get a job as a runner at the Cboe in 1980 after he graduated from Northwestern University, and he never looked back.
Watch the video »
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R.J. O'Brien & Associates Reports the Passing of John W. O'Brien, Sr.; R.J. O'Brien & Associates (RJO) is the oldest and largest independent futures brokerage and clearing firm in the United States.
R.J. O'Brien & Associates
Chicago-based R.J. O'Brien & Associates (RJO) today announced the passing on Saturday evening of John W. O'Brien, Sr., following a long illness. RJO Chairman and CEO Gerry Corcoran said: "We're deeply saddened to lose Johnny, my dear friend, our long-time Board member, former Chairman as well as CEO, and beloved member of the family that founded our firm and that remains majority owner to this day. Johnny bravely fought his battle with cancer over the last four years. He was the architect of the RJO renaissance that began when he assumed the CEO position in the 1980s and laid the foundation for the global firm we are today. He was an inspirational leader who relished his role as a director and ensured that the O'Brien family's values of treating clients with respect, doing business the right way and embracing employees like family were instilled throughout the organization. On a personal note, I will forever be grateful for his mentorship, friendship and confidence. All of us at RJO extend our heartfelt condolences to his wife, Pat, their four children, his four siblings and the entire O'Brien family."
/jlne.ws/3yB79gD
***** Too many press releases like this recently from RJO.~JJL
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Citron's Left says crypto is a 'complete fraud'
Carolina Mandl - Reuters
Andrew Left, founder of Citron Research and one of the world's best known short-sellers, on Monday described cryptocurrencies as a "fraud." Asked at a conference about fraud in financial markets where he saw potential fraud, Left told the audience: "I think crypto is just complete fraud, over and over and over." He did not say whether he had investments in cryptocurrencies.
/jlne.ws/3uESL5S
***** Complete is a very strong word to describe fraud, but what is an incomplete fraud?~JJL
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Amazon's Cloud Unit Is What's on Sale This Prime Day; Analysts say cloud business worth more than entire company; Amazon has slumped 33% amid tech selloff, post-pandemic shift
Ryan Vlastelica - Bloomberg
Amazon.com Inc.'s Prime Day may grab headlines, but investors are much more focused on its fast growing cloud-computing and advertising services businesses. The two-day shopping event, which starts Tuesday, comes as the tech giant's retail business faces weaker consumer demand amid a looming recession. Bulls, however, say e-commerce headwinds have obscured the still-vibrant trends at cloud computing business Amazon Web Services (AWS) and the advertising services unit.
/jlne.ws/3uFLv9I
***** Amazon is using Big 10 math with a two-day prime day.~JJL
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France's great Dijon mustard crisis; A triple catastrophe has left chefs and ordinary shoppers scrambling to source the prized condiment
Victor Mallet - FT
Surgical masks and paracetamol for the fight against Covid-19. Microchips from Asia for European car manufacturers. Sunflower oil from Ukraine for restaurants and households. All have been in short supply at times since the start of the pandemic. But now — for French food lovers — it's getting serious: the country is running out of mustard.
/jlne.ws/3c6c6X4
***** This is a tragedy of unknown proportions that has left Sarah Rudolph shaking. She loves her mustard.~JJL
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The Business Lunch May Be Going Out of Business; Many upscale restaurants that catered to the nation's downtown office crowd are canceling the meal, as remote work persists and business deals are sealed online.
Brett Anderson - NY Times
Few people understand the power lunch better than Ashok Bajaj. The restaurateur began his career here in the waning days of Ronald Reagan's presidency, when he opened the Bombay Club a short walk from the White House. Eight of the 10 restaurants he operates today are, like his first, located downtown. They're conveniently clustered near one another, making it easier for Mr. Bajaj to preside over multiple dining rooms, and near customers who work on Capitol Hill, at the State Department and in the Eisenhower Executive Office Building — crucial sources of what Mr. Bajaj calls his "lunch crowd."
/jlne.ws/3Iyjfvx
***** I have a business lunch next week. It will be the first one in a long time. I hope I remember how to lunch.~JJL
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Monday's Top Three
Our top story Monday was Jump Trading Is All In on Crypto, Despite the Wintry Mix, from Bloomberg. Second was FTX Presses for Crypto Derivatives Approval, Agitating Legacy Exchanges, from The Wall Street Journal. Third, also from The Wall Street Journal, was Lumber Futures Are Getting a Makeover.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | The Former City Traders Battling to Become UK Prime Minister; Rishi Sunak and Sajid Javid both spent time in London finance; Pair are now competing to replace Boris Johnson as leader
Julian Harris - Bloomberg
When Rishi Sunak stood down as the UK's chancellor last week, he lamented that it "may be my last ministerial job." Yet within three days, the former hedge fund manager was a frontrunner to replace Boris Johnson as Prime Minister. He's been joined in the leadership race by Sajid Javid, another former highflyer in the City of London, after the pair's resignations, minutes apart, spelled the end of Johnson's tumultuous spell in Number 10.
/jlne.ws/3c4gmq4
Rishi Sunak launches leadership campaign with backing from top ministers; Former chancellor wins support from deputy prime minister Dominic Raab and transport secretary Grant Shapps
George Parker, Sebastian Payne and Valentina Romei - FT
Rishi Sunak, the UK's former chancellor, has officially launched his campaign to become the next prime minister in a bid to outpace his rivals, with cabinet endorsements by deputy prime minister Dominic Raab and transport secretary Grant Shapps. Sunak is the frontrunner in the battle to become Tory party leader, with more publicly declared support from MPs than any of the other remaining nine candidates. But he is seeking to head off opposition from the right of the party, notably from other contenders with more aggressive tax-cutting platforms.
/jlne.ws/3Ivhijk
Hedge funds cut back trading after LME nickel chaos; Exchange stepped in to halt a squeeze on a short seller and protect other users from heavy losses
Laurence Fletcher - FT
Hedge funds have cut back positions in some markets that they fear could suddenly become difficult to transact in, following the London Metal Exchange's decision to void thousands of nickel trades. The LME's move in March to cancel eight hours' worth of trades has pushed a number of hedge funds to reassess the risk they face across their portfolios from human interference upending their positions.
/jlne.ws/3RvTH6b
Wall Street Sounds Alarm on 20-Year Treasury Bond Dislocation
Liz Capo McCormick - Bloomberg
Mark Cabana knows he sounds like a broken record by now. Yet the head of US interest-rates strategy at Bank of America Corp. makes no apologies for repeatedly calling on Janet Yellen's Treasury Department this year to enact big reforms to the $23 trillion Treasury market as liquidity drops toward pandemic-era levels. Cabana's latest gripe: The 20-year Treasury bond issue, relaunched in 2020 after a near 35-year hiatus, is finding limited demand on Wall Street -- possibly costing the taxpayer and another sign that all is not well in the world's biggest bond market.
/jlne.ws/3cbl5qd
Singapore's crypto aspirations shaken by Three Arrows collapse
Alun John and Chen Lin - Reuters
Singapore's ambitious cryptocurrency sector, by some measures Asia-Pacific's largest, faces an uncertain future after the recent collapse of crypto fund Three Arrows Capital, a high-profile casualty of the global digital currency downturn.
/jlne.ws/3nTl7p4
ING Bank Spins Off Its Crypto Custody Platform to GMEX Group
Ian Allison - Coindesk
Netherlands-based ING Bank has spun off Pyctor, its cryptocurrency custody and post-trade infrastructure platform, to GMEX Group, a trading infrastructure firm that specializes in digital assets. GMEX CEO Hirander Misra was appointed chairman of Pyctor, which will continue to work with ING, according to a press release. Financial terms of the deal weren't disclosed.
/jlne.ws/3RtvugM
Robinhood Settles Class Action Lawsuit Over Data Breach
Andrew Welsch - Barron's
Robinhood Financial has agreed to settle a class-action lawsuit that accused the company of negligence with regard to a 2020 data breach that may have exposed thousands of customers' sensitive personal and financial information to hackers. The settlement could cost Robinhood approximately $20 million, according to documents filed July 1 by attorneys for investors who sued Robinhood last year on behalf of themselves and other customers of the popular trading app.
/jlne.ws/3ICpuyn
Bitcoin Miners Shut Off Rigs as Texas Power Grid Nears Brink
David Pan - Bloomberg
Nearly all industrial scale Bitcoin miners in Texas have shut off their machines as the companies brace for a heat wave that is expected to push the state's power grid near its breaking point. Miners such as Riot Blockchain Inc., Argo Blockchain Plc and Core Scientific Inc., who operate millions of energy-intensive computers to secure the Bitcoin blockchain network and earn rewards in the token, flocked to the Lone Star State thanks to its low energy costs and liberal regulations on crypto mining. The state has become one of the largest crypto-mining hubs by computing power in the world.
/jlne.ws/3nWERYQ
The founders of bankrupt crypto hedge fund Three Arrows Capital are reportedly not cooperating with liquidators and their whereabouts are unknown
Jennifer Sor - Business Insider
The founders of Three Arrows Capital, Kyle Davies and Zhu Su, are not cooperating with liquidators after their crypto hedge fund filed for bankruptcy, according to Bloomberg. In court documents, Teneo, the advisory firm expected to liquidate the remaining assets of Three Arrows, said that Davies and Zhu had not been giving "meaningful cooperation" throughout the liquidation process, and that their whereabouts were unknown.
/jlne.ws/3OYS4MF
Three Arrows Founders' Whereabouts Are Unknown, Foiling Liquidators; Fund founders hadn't engaged with liquidators as of Friday; Singapore office seen vacant with mail piling up under door
Jeremy Hill - Bloomberg
The founders of bankrupt crypto hedge fund Three Arrows Capital haven't been cooperating in the firm's liquidation process and their whereabouts were unknown as of Friday, according to court papers.
/jlne.ws/3Iw51uZ
European Heatwave Risks Curbing French Nuclear Power Production; Output from Golfech plant may be reduced from Thursday; That comes as Europe needs France's electricity more than ever
Lars Paulsson and Todd Gillespie - Bloomberg
The hot weather hitting Europe this week is set to reduce power output from France's fleet of nuclear reactors, risking even higher electricity prices as the continent endures its worst energy crunch in decades. Warm temperatures in the Garonne River mean that production restrictions are likely at the Golfech nuclear plant in the south of the country from Thursday, Electricite de France SA said in a filing with grid operator RTE. Temperatures in France and the Iberia region will be well above average over the next five days and even hotter next week, according to forecaster Maxar.
/jlne.ws/3PivKNU
Is Crypto's Volatility an Issue or an Asset? Depends Who You Ask; The crypto market's high volatility is sometimes viewed as a drawback. Some see it as its best feature.
Victoria Vergolina - Bloomberg
Depending on who you ask, crypto's volatility is either a bug or a feature. Wild and unexpected price swings make this an asset class ill suited to anyone who can't stomach risk. It's clear that these gyrations can be challenging, but is there a world in which they're perceived as a benefit? And if so, what's the upside? In this episode, Bloomberg Opinion columnist Lionel Laurent joins us to discuss whether there's any value to crypto's volatility.
/jlne.ws/3PfwnaQ
Activist investors wage record number of campaigns in Europe; British companies prove especially vulnerable to restive shareholders
Ortenca Aliaj - FT
Activist investors waged a record number of campaigns against European companies in the first half of the year, with British companies proving especially vulnerable to restive shareholders.
/jlne.ws/3RpA2F3
Bill Ackman winds down $4bn Spac after failing to find a target; Funds from record-breaking vehicle returned to investors as appetite for blank-cheque companies withers
Ortenca Aliaj - FT
Bill Ackman is returning to investors the $4bn he raised for his record-breaking special purpose acquisition company, in a blow to the billionaire hedge fund manager. In a letter to Pershing Square Tontine Holdings shareholders on Monday, Ackman said the quick economic recovery from the coronavirus pandemic had affected his ability to find a target.
/jlne.ws/3IwaNNb
ESMA stress test finds that concentration and operational risks should be reduced in CCPs; The regulators fourth test of Central Counterparties (CCPs) showed proof of resilience but found that there was room to improve risk management frameworks.
Wesley Bray - The Trade
The European Securities and Markets Authority (ESMA) has published the results of its fourth test exercise of Central Counterparties (CCPs), confirming the overall resilience of CCPs in the Bloc and third-country Tier 2 CCPs.
/jlne.ws/3uDnNe8
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Russia's War Machine Still Getting Plenty of Cash From Oil
Julian Lee - Bloomberg
Note to the G-7 and the US Treasury Secretary: Russia is still raking it in from oil, even if its exports are showing signs of ebbing. An increase in the rate of export duty charged on crude oil shipped out of Russia in July has helped the Kremlin to ride out a slump in flows in the first full week of the month.Duty rates increased by 23% between June and July, delivering an additional $1.42 a barrel to the Kremlin on every cargo shipped out of the country. That boost helped Russia shrug off a 15% drop in crude shipments in the week to July 8, with revenues edging down by just $3 million, or 2%.
/jlne.ws/3Rr3hav
Treasury Says Russian Oil Price Cap Key to Avoid New Cost Shock; Insurance ban without a price exception would trigger a spike; Yellen seeking support for the proposal during Asia tour
Christopher Condon - Bloomberg
A senior US Treasury official said a proposal being explored by several of the world's leading economies to cap the price of Russian oil exports will be crucial for preventing another global price spike to around $140 a barrel. The official spoke to reporters in Tokyo where US Treasury Secretary Janet Yellen has begun a 10-day trip to Asia. She'll also visit South Korea and will attend a gathering of finance ministers from Group of Twenty countries in Bali July 15-16.
/jlne.ws/3yYLnVp
Nord Stream Russian Gas Pipeline to Europe Shut Down for Maintenance
Energy officials worry the link with Germany could remain closed in retaliation for support of Ukraine
Bojan Pancevski - WSJ
The Nord Stream pipeline that channels Russian natural gas to Europe shut down for a scheduled maintenance on Monday, stoking fears across the continent that the Kremlin could end supplies in retaliation for sanctions against its invasion of Ukraine. The pipeline connecting Russia's Siberian gas fields with Germany under the Baltic Sea will remain closed for annual maintenance until July 21, the consortium behind the pipeline, which is majority-owned by Russia's energy giant PAO Gazprom, said. While the shutdown happens every year, European politicians including Germany's energy minister Robert Habeck and French Finance Minister Bruno Le Maire warned on Sunday that Vladimir Putin's regime could use the maintenance to stop gas supplies, and called on industry and households to prepare for gas shortages.
/on.wsj.com/3Rr1Wk0
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | KRX to unveil rules for corporate sustainability disclosures
Choi Si-young - The Investor
Korea Exchange CEO Sohn Byung-doo said Thursday that the bourse operator will set out guidelines on the way listed companies should report their progress on environmental, social and governance issues. The sustainability disclosures become mandatory in 2025. "The ESG initiative is one of the four goals we plan to see it take place. We will refer to the global guidelines when we roll out ours," Sohn said at a forum, held to discuss the ways Korean companies can better navigate the low-carbon transition to a greener future. Sohn was referring to the International Sustainability Standards Board, which published its first set of rules on sustainability disclosures in March this year. The Korea Sustainability Standards Board, launched a month later to work with the global body, has yet to unveil its own ESG reporting norms.
/bit.ly/3AG9aKW
GPW Group Publishes Integrated Report; The GPW Group has published its 2021 integrated report; The GPW Group presents the key financial and non-financial information in an integrated annual report for the fourth time
Mondovisione
The Warsaw Stock Exchange Group (GPW Group) has published its integrated annual report which provides a comprehensive presentation of both the financial and non-financial performance of all Group companies in 2021. The fourth edition of the report highlights the directions, goals and performance measures of the GPW Group's ESG activities. The GPW Group presents sustainability factors and shows how the company's strategy and value-building model influence its ESG activities and their results.
/bit.ly/3P0RiyV
SIX Digital Exchange successfully tokenizes private shares on its regulated blockchain-based Central Securities Depository in partnership with F10 and Aequitec
BME-X
Switzerland's SIX Digital Exchange (SDX), the world's first fully regulated digital asset exchange and Central Securities Depository (CSD), working in partnership with F10, a global FinTech and instruct Innovation Ecosystem and Aequitec, a digital share register and cap table company, announces the first-ever tokenisation of equity shares in a fully regulated CSD based on Distributed Ledger Technology (DLT).
/bit.ly/3NYpiuf
CME Group International Average Daily Volume Reached 6.3 Million Contracts in Q2 2022, Up 21% from Q2 2021
CME Group
CME Group, the world's leading derivatives marketplace, today announced that its quarterly international average daily volume (ADV) reached 6.3 million contracts in Q2 2022, up 21% year on year. Reflecting all trading reported from outside the United States, volume was driven largely by 43% growth in Equity Index products, a 28% increase in Interest Rate products, a 24% rise in Foreign Exchange products and a 44% growth in Equity Options.
/bit.ly/3ax9IZ3
Statement by CME Group Chairman and Chief Executive Officer Terry Duffy on John W. O'Brien, Sr.
CME Group
CME Group Chairman and CEO Terry Duffy today issued the following statement on behalf of the company: "The futures industry lost a great leader with the passing of John O'Brien, Sr., who was a Board member, former Chairman and former CEO, as well as a founding family member of RJO & Associates, the oldest and largest independent futures brokerage and clearing firm in the U.S.," said CME Group Chairman and Chief Executive Officer Terry Duffy. "John spent his career championing the U.S. futures industry and was instrumental in expanding its reach to customers around the world. As someone who literally grew up in this business, he fostered a culture of treating all clients and employees as family - a legacy that continues within RJO today. John was a friend and mentor to many within the business and will be deeply missed. On behalf of everyone at CME Group, our heartfelt condolences go out to his wife, Pat, their children, the entire O'Brien family and all of his RJO colleagues."
/bit.ly/3yFmCfM
Nasdaq June 2022 Volumes and 2Q22 Statistics
Nasdaq
Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for June 2022, as well as quarterly volumes, estimated revenue capture, number of listings and index statistics for the quarter ended June 30, 2022 on its investor relations website. A data sheet showing the monthly volumes and quarterly capture rates can be found at: http://ir.nasdaq.com/financials/volume-statistics.
/bit.ly/3aySOcA
SGX Group reports market statistics for June 2022
Strong June volume gains round off robust half-year for derivatives; Continued growth in listings on Asia's leading international bond marketplace
SGX
Singapore Exchange (SGX Group) today released its market statistics for June 2022. Derivatives trading activity rose strongly for the month, rounding off a robust half-year as sustained volatility in global markets drove institutional demand for portfolio risk management. With geopolitical uncertainty, elevated inflation and recession concerns a common theme across Asian markets, SGX Group continues to provide global investors with a trusted and highly liquid toolkit to manage risk over multiple asset classes. Derivatives traded volume increased 24% year-on-year (y-o-y) in June to 23.5 million contracts, the highest in three months. For January-June 2022 - a period where participants were challenged by severe market conditions - volume was up 13% from July-December 2021 at 116.7 million contracts, with derivatives daily average volume (DDAV) rising 18%.
/bit.ly/3uGNsCM
Extraordinary adjustment in the SDAX
Deutsche Börse
STOXX Ltd., the global index provider of Qontigo, has announced an unscheduled adjustment to ADVA Optical Networking SE in the SDAX.
As part of the takeover of ADVA Optical Networking SE by ADTRAN Holdings Inc., the class of shares in ADVA Optical Networking SE (ISIN DE000A3MQBT1) currently included in the index and submitted for exchange will be replaced by shares in ADTRAN Holdings Inc. (ISIN US00486H1059). The takeover is represented by a share split in the index. 0.8244 new shares are exchanged for each old share.
/bit.ly/3u40muS
Moscow Exchange is a laureate of the annual contest "Stock Market Elite"
MOEX
The Moscow Exchange's course on investment literacy "Investor's Way" became the winner in the nomination "Project for the Development of the National Stock Market" of the annual "Stock Market Elite" award of the National Association of Stock Market Participants (NAUFOR).
/bit.ly/3auuKYb
Caution for Investors
NSE
It has been brought to the notice of the Exchange that entity named "Shares Bazaar Private Limited" is offering investment plans with assured returns. It may be noted that the said entity named "Shares Bazaar Private Limited" is not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited. Investors are cautioned and advised not to subscribe to any scheme/ product offered by any entities offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law.
/bit.ly/3yz56tl
TMX Group Equity Financing Statistics - June 2022
TMX
TMX Group today announced its financing activity on Toronto Stock Exchange and TSX Venture Exchange for June 2022. TSX welcomed five new issuers in June 2022, compared with 11 in the previous month and 25 in June 2021. The new listings were one exchange traded fund, one special purpose acquisition fund, one mining company, one life sciences company and one technology company. Total financings raised in June 2022 increased 2% compared to the previous month, but were down 67% compared to June 2021. The total number of financings in June 2022 was 45, compared with 28 the previous month and 58 in June 2021.
/bit.ly/3PqobVD
TNS Launches Managed Hosting and Market Data Low Latency Trading Services in JSE; Continuing the expansion of TNS' highly engineered global trading network
Transaction Network Services
Transaction Network Services (TNS) is now directly connected to the Johannesburg Stock Exchange (JSE) from within the JSE colocation facility, providing managed hosting services, Layer 1 order routing and market data connectivity.
/jlne.ws/3uIktOW
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | SpiderRock Launches "Chart Tool" as a New Way to Visualize Options Volatility; Free to demo for 30 days, Chart Tool offers traders an easy, intuitive way to view single stock volatility trends and access data & analytics used by professional options traders
SpiderRock Gateway Technologies
SpiderRock Gateway Technologies ("SpiderRock"), a leading provider of analytical option data, announced today the release of "Chart Tool", a web application for visualizing historical and implied volatility trends. Utilizing SpiderRock's robust trading analytics, Chart Tool offers access to over ten years of volatility data on U.S. stocks, indexes, ETFs, and ADRs, all through a simple browser interface.
/jlne.ws/3Rnt97n
Payment Giant Has SWIFT Alternative for Indian Expats
Alex Gabriel Simon Thattil - Bloomberg
The company that built India's digital payments backbone plans to make it cheaper and easier for the nation's 32 million expatriates to bring their money home. Indians overseas remitted $87 billion last year, the biggest inflow for any country tracked by the World Bank. The remittances market, where it costs $13 on average to send $200 across borders, is ripe for disruption, according to Ritesh Shukla, chief executive officer of NPCI International Payments Ltd.
/jlne.ws/3NMidwQ
Klarna's Slashed Valuation Creates Losers and a Few Winners; The former fintech darling cuts its valuation to raise fresh funds, generating both paper losses and big gains for Silicon Valley's biggest players
Ben Dummett - WSJ
SoftBank Group Corp. 9984 -4.28%? and Silver Lake are poised to be among the biggest losers betting on Klarna Bank AB after the fintech company took a significant cut in valuation to raise fresh funds. Other investment firms proved more adept at navigating Klarna's rise and fall, cashing in before the startup's humbling comedown to reap hundreds of millions of dollars in profit, according to people familiar with the matter and PitchBook data.
/jlne.ws/3IwvSHm
How Elon Musk Damaged Twitter and Left It Worse Off; Mr. Musk swooped in and exposed Twitter's lack of business and financial prospects. After criticizing the company's weaknesses, he now wants to back out of buying it.
Kate Conger and Mike Isaac - NY Times
For years, Twitter was a runner-up social media company. It never grew to the size and scale of a Facebook or an Instagram. It simply muddled along. Then, Elon Musk, a power user of the service, stormed in. He offered $44 billion to buy Twitter and declared that the company could perform far better if he were in charge. He disparaged Twitter's executives, ridiculed its content policies, complained about the product and confused its more than 7,000 employees with his pronouncements. As Mr. Musk revealed the company's lack of business and financial prospects, Twitter's stock plunged more than 30 percent.
/jlne.ws/3Rsbxas
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| Cybersecurity | | Top stories for cybersecurity | WeChat Is China's Most Beloved (and Feared) Surveillance Tool; This one app became so powerful that it could have posed a real threat to Beijing's rule, the new book Influence Empire reveals.
Lulu Yilun Chen - Bloomberg
Imagine for a second life before smartphones. Simple tasks—ordering takeout, staying in touch—become frustratingly difficult, never mind dealing with emergencies. In China that's sort of what it's like to live without WeChat. Despite its name, which makes it sound like a messaging service, this one app dominates almost every facet of a person's daily online existence in China—banking, dating, gaming, music, shopping, social media. It's one of the largest social media platforms, with more people actively using it than Twitter and Snapchat put together.
/jlne.ws/3AIjTo9
How to break into cybersecurity, as told by Accenture's head of cyber
Sydney Lake - Fortune
Among the most in-demand industries is cybersecurity. Major companies, including those in the Fortune 500 are in desperate need of the talent, as previously reported by Fortune, but are running out of options of where to turn. One challenge? Cybersecurity requires a wide range of skills to be successful—and not all of them can be taught in a classroom setting.
/jlne.ws/3O2dEi9
What The C-Suite Needs To Know About Security
Mike Kijewski - Fortune
In the last five years, product security has become a board imperative, critical to sales, regulatory and commercial requirements. Yet, it's frequently a reaction to a vulnerability, customer request or regulatory expectation. This article strives to enable business leaders to better understand how to prioritize product security, scope spending and avoid costly reactions that are often insufficient and unsatisfactory.
/jlne.ws/3O8tYOA
Confronting the Cybersecurity Compliance Challenge
Jim Tiller - InformationWeek
Many companies struggle to balance compliance with security, especially in the face of limited budgets. Depending on the industry, non-compliance can result in substantial fines and even criminal charges, not to mention the impact on the business. But being compliant doesn't necessarily equate to being secure. Ultimately, most recognize that at the end of the day, compliance wins out. But it's not an easy road to get there.
/jlne.ws/3yXDG1z
How a VC Chooses Which Cybersecurity Startups to Fund in Challenging Times
Kevin Townsend - SecurityWeek
Despite plummeting valuations of companies in public markets and concerns over the economic climate, venture capital is still available, especially for cybersecurity startups.
It would be fair to say the VC market is nervous. In May 2022, the world's largest investor, Japan's SoftBank, posted a loss of about $27 billion to its Vision Fund for the latest fiscal year. Tiger Global is reported to have lost $17 billion. These figures are based on last year's performance largely from before the additional turmoil of the Russia/ Ukraine war.
/jlne.ws/3uFQbMV
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| Cryptocurrencies | | Top stories for cryptocurrencies | CoinFlex Begins Arbitration to Recover $84M in Delinquent Debt
Shaurya Malwa - Coindesk
Crypto trading platform CoinFlex has begun arbitration for the recovery of over $84 million in debt owed by a "large individual customer" as part of a broader revival strategy. "We have commenced arbitration in HKIAC (Hong Kong International Arbitration Centre) for the recovery of this $84 million as the individual had a legal obligation under the agreement to pay and has refused to do so," CoinFlex said in a post on Saturday. "His liability to pay is a personal liability, which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him."
/jlne.ws/3RtuysM
Voyager Clarifies USD Deposit Concerns in Update
Sam Kessler - Coindesk
In an update posted Monday morning, Voyager - the crypto exchange platform that declared Chapter 11 bankruptcy last week - assured customers that its "FDIC insured" USD deposits would be returned in full, pending a "reconciliation and fraud prevention process."
/jlne.ws/3yBblNv
Celsius Reclaims $172M Collateral From Aave, Compound
Krisztian Sandor - Coindesk
Celsius Network, the troubled crypto lender that has halted customer withdrawals because of liquidity troubles, paid down $95 million of its debt to the Aave and Compound decentralized finance (DeFi) platforms. The maneuver freed up $172 million of collateral that had been locked in the platforms as collateral. Celsius used a similar treasury-management tactic last week on the Maker platform to free up $480 million in collateral.
/jlne.ws/3NYG4to
Coinbase CEO says company has 'no risk of bankruptcy'
Weston Blasi - Marketwatch
"We have no risk of bankruptcy." That's a quote from Brian Armstrong, chief executive and co-founder of cryptocurrency exchange platform Coinbase COIN, -10.63%. In a series of tweets on May 10, Armstrong addressed a recent Coinbase 10-Q document filing with the Securities and Exchange Commission (SEC) that detailed potential risk factors with retail investors' crypto assets in the event that Coinbase files for bankruptcy — to be clear, Armstrong stated that bankruptcy is not likely.
/jlne.ws/3HpsPjK
Crypto Is Crashing. Where Were the Regulators?
Paul Krugman - NY Times
When the Federal Reserve speaks, it speaks in Fedspeak. A pithy turn of phrase or a striking metaphor can all too easily turn into a headline, causing big market moves and a public backlash. So dry technical language and euphemisms are usually the way to go. Given this reality, the bluntness of a recent speech on crypto regulation by Lael Brainard, the Fed vice chair, is almost shocking.
/jlne.ws/3caw9DW
GameStop launches NFT platform amid broader company shakeup
David Hollerith - Yahoo Finance
GameStop (GME) has launched its NFT marketplace, the company announced Monday. The marketplace is accessible for a crypto wallets such as MetaMask and GameStop's own recently created wallet. "The Company's NFT marketplace is a non-custodial, Ethereum Layer 2-based marketplace that enables parties to truly own their digital assets, which are represented and secured on the blockchain," GameStop said in its release. "Over time, the marketplace will expand functionality to encompass additional categories such as Web3 gaming, more creators and other Ethereum environments."
/jlne.ws/3uCnWyM
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| Politics | | An overview of politics as it relates to the financial markets | Musk Says Trump 'Too Much Drama,' Should Sit Out 2024 Race; The Tesla CEO sees Republican DeSantis easily defeating Biden; Tweets follow Trump lashing out at Musk over the weekend
Angus Whitley - Bloomberg
Elon Musk said Donald Trump should "sail into the sunset" rather than run for president again and predicted Florida Governor Ron DeSantis will easily beat Joe Biden if the two square off in 2024.
/jlne.ws/3Pivizc
The climate crisis is no excuse for backsliding on democracy; For progressives, the US Supreme Court's EPA ruling should have been a teachable moment
Oren Cass - FT
American elites might make greater progress securing the citizenry's commitment to democracy if they took it more seriously themselves. They consider climate change one of the highest stakes issues in the United States right now. "No challenge," intoned President Barack Obama in his 2015 State of the Union address, "no challenge, poses a greater threat to future generations than climate change." And yet it is here that democracy seems to have become most optional for some.
/jlne.ws/3IA9MUC
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| Regulation & Enforcement | | Stories about regulation and the law. | Ministers set to back next wave of City of London reforms; Austin review proposals will make it easier for companies to raise money in UK and draw retail investors post-Brexit
Daniel Thomas - FT
Ministers are poised to back the next wave of post-Brexit reforms to the City of London that will make it easier for listed companies to raise money in the UK and encourage retail investors to back them. A series of recommendations has been drawn up by Freshfields' lawyer Mark Austin, who has reviewed fundraising rules for companies in London on behalf of the Treasury. Austin's work follows a review into primary fundraising by Lord Jonathan Hill in 2020 and is part of a broader push by ministers to deregulate the City after Brexit. The measures aim to unlock investment and encourage companies to raise money in the UK rather than in competing cities in Europe and the US.
/jlne.ws/3AJ7h0g
Bitwise Exec on Suing SEC over ETF Rejection: 'It's Not Off the Table'
Coindesk
Bitwise Asset Management General Counsel & CCO Katherine Dowling discusses the SEC rejecting Bitwise's spot bitcoin ETF application and the possibilities of pursuing legal action. Plus, outlook for bitcoin as it struggles to hold over $20,500 amid the continued fallout from Three Arrows Capital's (3AC) liquidation crisis.
/jlne.ws/3O7gJ0A
Statement on Single-Stock Levered and/or Inverse ETFs
Lori J. Schock - SEC
Today and in the coming weeks, a new type of complex exchange-traded product will become available to investors in the U.S.: single-stock levered and/or inverse exchange-traded funds. For years, the Office of Investor Education and Advocacy, staff in other Divisions and Offices, and a number of Commissioners have warned that complex products present several risks to investors. These new products are no exception, as they provide levered and/or inverse exposure to a single security, which can present risks for investors.
/jlne.ws/3yqGD9C
Statement on Single-Stock ETFs
Commissioner Caroline A. Crenshaw - SEC
Last year, Commissioner Lee and I called for improvements to the regulatory framework for complex exchange-traded products to address concerns about investor protection and potential risks to the financial system.[1] A new type of complex product will arrive on the market shortly: so-called "single-stock ETFs." These newly engineered offerings provide leveraged, inverse or other complex exposure to one single security rather than the typical portfolio of multiple, more diversified securities. While I have expressed concern about leveraged and inverse ETFs before, I worry that these single-stock ETFs pose yet another, perhaps greater, risk for investors and the markets.
/jlne.ws/3PhWdLB
SEC Obtains Default Judgment Against Former Executive for Fcpa Violations
SEC
On June 27, 2022, the U.S. District Court for the Southern District of New York entered a final judgment against Jerry Li, the former managing director of a U.S.-based direct selling company in China who was previously charged with bribing government officials in China in violation of the Foreign Corrupt Practices Act.
/jlne.ws/3aukwqM
SEC Obtains Final Judgment Against New York Attorney Charged with Multi-Million Dollar Offering Fraud
SEC
On July 5, 2022, the United States District Court for the Eastern District of New York entered a final judgment against Shimon Rosenfeld, Esq., an attorney and resident of Brooklyn, New York whom the SEC alleged engaged in an illegal offering fraud scheme.
/jlne.ws/3yYHvDX
FCA tells banks to improve treatment of struggling small business borrowers
FCA
The FCA has provided feedback to the individual firms it reviewed. However, it wants to see the whole sector take action. It has written to the chairs of all retail banks with small business customers. The letter tells the boards of these banks to ensure that they are meeting the FCA's expectations and to inform the regulator if they are unable to do so.
/jlne.ws/3IxHIRN
Invitation for Public Comments regarding "the Code of Conduct for ESG Evaluation and Data Providers"
Financial Services Agency (Japan)
In the "Report by the Expert Panel on Sustainable Finance: Building A Financial System that Supports a Sustainable Society" published by the Expert Panel on Sustainable Finance in June 2021, several issues were pointed out with regard to ESG evaluation and data provision organizations, including transparency and fairness of evaluation, as the expected role of such organizations increases.
/jlne.ws/3IDIk8j
Report of the Technical Committee for ESG Evaluation and Data Providers
Financial Services Agency (Japan)
As announced before, the FSA established the Technical Committee for ESG Evaluation and Data Providers, etc. in February 2022 (chaired by Tetsuo Kitagawa, Professor Emeritus of Aoyama Gakuin University and Specially Appointed Professor of Tokyo Metropolitan University). The Technical Committee was held seven times to extensively discuss the current status of ESG evaluation and data, challenges faced by relevant parties in ensuring that ESG evaluation and data are appropriately provided and used, and future developments that are expected.
/jlne.ws/3P0af4Q
Reminder - TLS Upgrade
FINRA
Effective Monday, August 29, 2022, the FINRA TRACE, ADF and ORF Web API reference data downloads will no longer be accessible using the Transport Layer Security (TLS) 1.1 protocol. FINRA will disable TLS 1.1, and firms using that protocol will not be able to establish connectivity to FINRA's secure web servers to download the files. To gain access to the FINRA API reference data downloads, firms must migrate to TLS version 1.2 by August 29, 2022.
/jlne.ws/3c8tNVS
Episode 23: Turbulent Times
ISDA
The crypto market has experienced a period of significant volatility, with the value of major cryptocurrencies falling sharply in recent weeks. What impact will this have on the crypto derivatives market? Nicola White of B2C2 and Purvi Maniar of FalconX share their perspectives.
/jlne.ws/3AIQBpp
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Bill Ackman to wind up SPAC, return $4 billion to investors
Reuters
Billionaire investor William Ackman, who had raised the biggest-ever special purpose acquisition company (SPAC), said on Monday he would be returning roughly $4 billion to investors after failing to find a suitable target company to take public. The news signals a setback for the prominent hedge fund manager who had initially planned for the SPAC to take a stake in Universal Music Group at a time these vehicles were all the rage on Wall Street.
/jlne.ws/3uHlNSp
Fast SPAC Agrees to Merge With Entertainment Firm Falcon's Beyond
Gillian Tan - Bloomberg
Falcon's Beyond Global LLC, a company that develops entertainment experiences, agreed to go public through a merger with blank-check firm Fast Acquisition Corp. II, according to people with knowledge of the matter. A transaction, which values the combined entity at about $1 billion including debt, may be announced as soon as Tuesday, said the people, who asked not to be identified because the deal isn't yet public. Falcon's Beyond shareholders are rolling their equity positions in the company and are expected to own roughly 80% of the combined firm, assuming there are no redemptions, the people said. The company is set to trade on the Nasdaq under the ticker FBYD, they added.
/jlne.ws/3yYYoy4
Unicorn Stock Markets: A Lifeboat for Startup Employees? With IPOs and SPAC listings vanishing, companies like Forge give staff at private firms a way to sell equity.
Chris Bryant - Bloomberg
It's hard to close a SPAC deal right now, but former JPMorgan & Chase & Co. banker Blythe Masters pulled it off. Her Motive Capital Corp. completed a merger in March with Forge Global Holdings Inc., a marketplace that lets staff at startups sell shares before their employer has gone public. 1 The upshot is there's now a private securities market whose shares are traded on the New York Stock Exchange, providing more visibility into this opaque and less regulated world.
/jlne.ws/3ax7yZr
Corporate and Municipal CUSIP Request Volumes Rise in June; Short-Term CDs Extend Six-Month Growth Streak
CUSIP Global Services
CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for June 2022. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly increase in request volume for new corporate and municipal identifiers.
/jlne.ws/3ywbOQV
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Pressure grows on regulators to scrutinise ESG data providers; Influential member of European Commission advisory board calls for action amid rising criticism of greenwashing
Josephine Cumbo - FT
Pressure is growing on regulators to formally scrutinise the data and rating providers who award investments high or low scores on environmental, social and governance (ESG) principles. An influential member of an advisory board to the European Commission has added his voice to calls for ESG data and ratings providers to be regulated amid growing concerns about greenwashing in the asset management sector. Pierre Bollon, who serves on the European Economic and Social Committee (EESC) and is a general representative of AFG, the French Asset Management Association, said data providers were playing an increasingly important role in the investment industry and should be subject to the same regulatory scrutiny as other parts of the financial services sector.
/on.ft.com/3RmeOrP
Petrobras Debuts in Green Financing With $1.25 Billion Loan
Mariana Durao - Bloomberg
Petroleo Brasileiro SA debuted in the green financing market with a $1.25 billion sustainability-linked loan as Brazil's oil giant looks to court environmentally conscious investors. With strong cash-flow generation in the first quarter, the Rio de Janeiro-based company has no plans to tap the bond market in the short term as high volatility clouds the environment for new issuances.
/jlne.ws/3yTyH21
Shell Decides to Build Europe's Largest Green Hydrogen Plant; Plant in the Netherlands to supply Shell's Rotterdam refinery; The project is 10 times larger than Europe's biggest plant
Will Mathis - Bloomberg
Shell Plc has decided to proceed with building Europe's largest plant producing hydrogen from renewable power as oil majors bet the fuel could be key to cutting carbon emissions. Holland Hydrogen I will include 200 megawatts of electrolyzers, powered by a wind farm off the coast of the Netherlands, according to a statement from Shell on Wednesday. That's 10 times the size of the largest existing green hydrogen facility in Europe. Shell didn't disclose the value of the investment.
/jlne.ws/3AJ11FU
Natural Gas Is Gaining Ground, and the US Has Plenty of It
Justin Fox - Bloomberg
Natural gas still trails oil and coal in the amount of energy generated worldwide, but it's been gaining on both. As Europe struggles to break free from its dependence on Russian gas after the invasion of Ukraine, gas has become perhaps the most geopolitically important fuel of the moment.
/jlne.ws/3uGLQZQ
GE Scraps Plan for Offshore Wind-Turbine Blade Factory in UK; Planned Teesside blade factory could have created 750 jobs; UK government wants renewable jobs along with electricity
Will Mathis - Bloomberg
General Electric Co. canceled a plan to build a factory making wind-turbine blades in northeast England that would have created hundreds of jobs.
/jlne.ws/3IydUnZ
Female entrepreneurs may cope better in harsh investing climate; These founders have always had to fight harder for capital, an issue that many in finance have still not addressed
Kathryn Parsons - FT
In May, one of the world's most prominent venture capital firms, Sequoia, issued a 52-page memo titled Adapting to Endure. The message was clear: RIP the good times. The days of cheap cash are in the past and profitability, rather than growth, is now the focus. Costs must be cut, the note stressed, or a death spiral will ensue. And even after these changes, the recovery will be long.
/jlne.ws/3uC9GGb
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Unscheduled adjustment in SDAX - July 11, 2022
Qontigo
Qontigo's global index provider STOXX Ltd. has announced an unscheduled adjustment for ADVA Optical Networking SE in SDAX.
As a result of the acquisition of ADVA Optical Networking SE by ADTRAN Holdings Inc., the ADVA Optical Networking SE tendered shares (ISIN DE000A3MQBT1), which are currently in the index, will be replaced with the shares of ADTRAN Holdings Inc. (ISIN US00486H1059).
/jlne.ws/3aubfyY
Abrdn Launches First Hedge-Fund Index Trackers; The Eclipse platform will open investment access to HFR's hedge-fund indexes through passive vehicles
Eric Wallerstein - WSJ
Abrdn PLC is bringing index investing to the $5 trillion hedge-fund universe. The asset manager is launching a platform called Eclipse, which it says will be the first to give institutional investors passive exposure to hedge-fund strategies through indexes built by Hedge Fund Research Inc. The HFRI 500 family of indexes includes an equal-weighted index of 500 hedge funds with various strategies, as well as eight strategy-specific indexes.
/jlne.ws/3c6y50a
One of UK's Top Bankers Put on Leave by Citi Pending Probe
Dinesh Nair, David Hellier, and Stefania Spezzati - Bloomberg
Citigroup Inc. has suspended Jan Skarbek, one of the UK's most high-profile investment bankers, pending an investigation into allegations of misconduct, people with knowledge of the matter said. The bank is looking into a complaint about comments that Skarbek allegedly made to a female employee during a recent staff getaway, the people said, asking not to be identified because the information is private.
/jlne.ws/3O1NyvM
Former Goldman Sachs equities specialist joins Coinbase to expand hedge fund customer base; New hedge fund sales executive joins Coinbase after serving at Goldman Sachs, Citi, Bank of America Merill Lynch, and Pricewaterhouse Coopers.
Annabel Smith - The Trade
Digital asset exchange Coinbase has selected a sell-side equities veteran to expand its hedge fund client base. Tommy Doyle has joined Coinbase's institutional team focused on leading its efforts in hedge fund sales for EMEA, according to an update on social media.
/jlne.ws/3IuGJSa
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Hong Kong Suspends Some Hospital Services as Virus Cases Swell; There are about 1,000 Covid patients in public hospitals; Endoscopies, elective surgeries affected by resource shift
Jinshan Hong - Bloomberg
Hong Kong suspended some non-emergency services in public hospitals as a surge in Covid patients strains the health-care system, with authorities warning the city's virus situation continues to deteriorate. Some public hospitals have started to reduce non-urgent procedures including endoscopies and elective surgeries in order to shift resources to caring for the rising number of Covid patients, Hospital Authority Chief Manager Sara Ho said at a briefing on Tuesday. If the situation continues to worsen, more non-urgent operations and some day-time services will need to be adjusted too, she said.
/jlne.ws/3NWYoTD
As Sixth Covid Wave Hits, Many New Yorkers Shrug It Off; Once among the most vigilant, New Yorkers respond to a highly transmissible new wave of Covid cases with the most New York of attitudes.
Sharon Otterman and Joseph Goldstein - NY Times
New York City's Covid-19 test positivity rate is 15 percent, an intensity not seen since January. Transmission levels of the virus, according to federal guidelines, are high in every borough. Even hospitalizations, while far below previous peaks, are rising again, as the most transmissible Omicron variant yet, BA.5, spreads through the city and nation.
/jlne.ws/3AG8KEz
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India wants to save its forex reserves by allowing trade settlements in rupees
Mimansa Verma - Quartz
Record lows for the rupee in quick succession over the past few months have evidently ruffled the Reserve Bank of India's (RBI) feathers. It rolled out a mechanism yesterday (July 11) for domestic players to settle trade in rupees apart from dollars. This, it said (pdf), is aimed at promoting "growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the rupee."
/jlne.ws/3IuyEwI
China to Repay Bank Scam Victims After Protests Turn Violent
Bloomberg News
Chinese authorities will start repaying most of the victims in the nation's biggest bank scam after hundreds of angry customers took to the streets again over the weekend to ratchet up pressure on the government.
/jlne.ws/3P4VNZe
China Inc. Seeks Both Peace and Capital in Swiss IPO Rush; A dozen Chinese firms aiming to list in Europe amid US exits; Swiss neutrality more of a draw than London's finance hub
Evelyn Yu, Annie Lee, and Allegra Catelli - Bloomberg
Chinese firms, grappling with a delisting wave in New York, are heading for Zurich, drawn by its greater geopolitical certainty and wealthy investors. In the past 4 months, at least 10 Chinese firms, from battery maker Gotion High-Tech Co. to bio tech firm Lepu Medical Technology (Beijing) Co., have announced secondary listing plans on the SIX Swiss Exchange. The first Chinese firm is expected to sell shares in Zurich as soon as this month, according to Jos Dijsselhof, chief executive officer of the Swiss bourse Six Group AG.
/jlne.ws/3uFKYVg
China to Import More Palm Oil From Malaysia, Wang Yi Says
Ravil Shirodkar and Anuradha Raghu - Bloomberg
China, the world's second-largest palm oil buyer, will increase its purchases of the tropical oil from Malaysia, Bernama reported, citing Chinese Foreign Minister Wang Yi.
/jlne.ws/3yXxOFG
China-South Korea ETF cross-listing scheme stalls; The programme was announced last year but companies say there has been no progress
Lisa Kim and Echo Huang - FT
More than a year after Shanghai and South Korea stock exchanges signed an agreement to cross list exchange traded funds, issuers in China and South Korea say there has been no progress. They say there has been no movement on the regulatory front and investor appetite for prospective ETFs in the scheme has been questioned.
/jlne.ws/3PiE4x8
UK Gets Reminder From Norway of How Fragile Gas Supplies Are;; as flows from the Nordic country drop amid outages this week; UK can manage without Russian gas, but depends on Norway
Elena Mazneva - Bloomberg
The UK might be able to manage without Russian gas, but an outage at a facility in Norway is providing a stark reminder at just how vulnerable it is to other supply cuts.
/jlne.ws/3AFZ5hh
OPEC's First 2023 Outlook Shows No Relief for Oil Market Squeeze; Demand growth to surpass supply by 1 million barrels a day; OPEC members already falling far short of this year's targets
Grant Smith - Bloomberg
OPEC's first oil-market outlook for 2023 suggests no relief for squeezed consumers, with more crude needed from the group even though most members are already pumping flat out. The Organization of Petroleum Exporting Countries expects global oil demand growth to exceed the increase in supplies by 1 million barrels a day next year. To fill the gap, OPEC would need to significantly hike production, but members are already falling far behind the volumes needed right now due to underinvestment and political instability.
/jlne.ws/3PiIQe3
French Heat and Drought Shrinks Wheat Harvest in Key EU Exporter; The country's soft-wheat harvest is seen falling 7% this year; A smaller harvest risks adding to global supply strain
Megan Durisin - Bloomberg
Heat, drought and storms have shrunk the wheat harvest in France, the European Union's top exporter, further straining global supplies. The country's soft-wheat output will drop about 7% to 32.9 million tons this year, coming in below the five-year average, the agriculture ministry said Tuesday in its first forecast for the season. One of France's driest and warmest springs on record hurt yields during a crucial development period.
/jlne.ws/3uDCkXy
Polish Central Banker Says Economy Is Heading Into Stagflation; Inflation isn't going to peak over the summer, Kotecki says; Policy maker says latest central bank forecast 'scared' MPC
Piotr Skolimowski - Bloomberg
Poland is facing "stagflation" with rapidly slowing economic growth and inflation that may reach 20% next year, policy maker Ludwik Kotecki said, calling it the worst possible challenge for the central bank.
/jlne.ws/3axAkJi
Russian Gold Miner Petropavlovsk Files for Administration in London; Sanctions on lender Gazprombank drove company into default; Miner has notes due in November, a convertible bond in 2024
Irene Garcia Perez - Bloomberg
Russian gold miner Petropavlovsk Plc will file for administration as it negotiates the sale of its subsidiaries, after the company was hobbled by sanctions on a key partner.
/jlne.ws/3O2hS9v
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